Legrand''s Q4''24 conference call has just concluded . Guidance: Legrand messaging on its sales growth guidance was more confusing than we would have liked. Heading into the call the market''s expectations on the 6-10% (scope + organic) sales growth outlook would have been to assume that Legrand is guiding to 2-6% organic sales growth, after backing out the guidance on Scope in the release (4%). On the call, Legrand notes that this was a pure carryover impact and that deals yet to close could be a further 50-200bps of growth and that it is expecting organic sales growth of 2-4% in FY''25. That being said, further on into the call the CEO noted that he would be very disappointed if Legrand delivered 6% growth (organic + Scope) and that the Group was aiming for the high end of its sales growth range, which should reassure. . Data Centre (DC) growth: Legrand has good visibility on FY''25 growth from DC, driven by a growing backlog and strong demand, which should translate to double-digit growth. . Growth ex. DC: Legrand expects a slow start to FY''25, with a recovery in its core building markets anticipated towards the end of H2''25. . Price vs volume: Price growth was only 0.3% in FY''24, and Legrand expects it to be a maximum of +1% in FY''25, given the non-inflationary environment for raw materials and components. . Tariff impact: Tariffs on China represent a EUR30m headwind. If tariffs were implemented on Mexico, and ROW that would represent and additional EUR90/20m headwind that Legrand would have to contend with. Guidance today incorporates the China tariff but not possible tariffs on other regions. In any event, Legrand seemed confident that it would be able to contain the margin impact to the 10''s of bps, and that this would only be the transitory impact. BNPP Exane View: The communication on the sales growth detracted from what should from the core positive from today''s release - that is the 6-10% sales growth rate, comprising both organic and...