First half results on 31st July Legrand will report H1 numbers on 31st of July. Ahead of the print, we update numbers and our price target. Acquisitions and FX Legrand has been very busy acquiring businesses. We move to model recently announced deals such as Computer Room Solutions, Linkk Busway Systems and Performation. We now expect a scope effect in Q2 of close to 8% and over 4% for the full year. Group CEO Benoit Coquart attended our CEO conference in early June. During his fireside chat he reminded investors that Legrand tracks around 350 potential acquisitions, describing Legrand as a ''deal machine.'' We suspect more assets will be added during the second half of 2025. Our SOTP includes an element to reflect future deal driven value creation. Datacentres Legrand''s recent deals have focused on Datacentres, both in North America and elsewhere around the world. As a result of these transactions, on a proforma basis, Legrand is now c. 24% exposed to the space. We see this as a driver of strong sales growth in Q2, especially in North America. We suspect that Legrand can achieve another ahead-of-Consensus double digit organic sales growth print this quarter, although after the recent run in the shares, we think this may already be priced in. Updating estimates; TP to EUR125 p/s (from EUR110 p/s) We make minor changes to our estimates and roll forward our valuation framework to utilise a SOTP26, with a slightly higher target multiple. As a result, our TP rises to EUR125 p/s.