Thank you. Good morning to all of you, welcome to our first quarter 2021 sales call. I hope you are all safe and well. I'm together with Ludovic Debailleux this morning, our Head of Investor Relations. Q1 brought further confirmation of the relevance of our strategic choice and the adaptability of our teams amid continued disruptions linked to the pandemic, with certain end markets still deeply affected by the sanitary situation, strong price increases, and scarcity of some products. We saw further growth in digital in Europe and North America, and the recovery continues to gather steam in all geographies. This, combined with growing electrical usage, makes us confident in the strength of our business model and our ability to deliver our guidance. I will start by focusing on some key highlights, then take you through our geographical performance. I will then conclude with the reaffirmation of our guidance, and then hand over to you for our Q&A session. Let's start this presentation, and moving to slide three. Let's look at the key highlights of Rexel Q1 2021 performance. We had a strong start to the year, supported by underlying market growth, our robust business model, and the accelerating recovery. We posted same-day sales growth of 8.6%, with growth in all our geographies and a positive contribution of 2.9% from copper-based cables. I would specifically like to highlight our good performance in China, which grew by more than 60% as it emerged sooner than other countries from the pandemic and contribute 1.4% to our quarterly growth. The level of activity in Q1 was actually above the pre-COVID level. Our same-day sales were up 5.4% compared to Q1 2019. This is a remarkable performance, demonstrating our ability to adapt to a very challenging environment and confirming that Rexel's business model emerged strengthened from the pandemic. We were able to fully capture the recovery, notably thanks to an intact branch network throughout the crisis and to a strong rise in digital penetration, which accounts for 22.6% of our sales in Q1 at 242 basis points year-on-year. Increased electrical usage and the greater complexity of installed solutions helped offset the low level of spending in some end markets that remain deeply impacted by the pandemic, such as hotels, restaurants, entertainment, or the aerospace industry. We also benefited from favorable pricing environment in Q1 and expect that to accelerate in coming quarters from increasing raw material prices and scarcity of some components and products, notably those that use semiconductors. On slide four, we look at the structural factors that explain why our Q1 performance was above pre-COVID levels despite the deep recession in some key sectors. It can be explained by the factors that we largely described at our recent strategic update, namely an increase in electrical usage and the increasing complexity of products and solutions that we sell. A couple of example, the move from traditional heating system to new HVAC solutions, or the rapid growth of electric vehicle and the need to rapidly deploy charging station for them. This slide shows that this trend will continue to grow in the coming years, driven by the long-term shift towards green electricity. On slide five, you see that we continued to record growth in digital penetration in Q1, reaching now 22.6% of our sales. This growth was driven by Europe, where digital sales already represent almost 33% of sales, up 353 basis points, and to a lesser extent in North America. This is a very robust performance considering that we are growing on top of an unfavorable base as sales move quickly to digital in Q1 of last year as the pandemic hits. On slide six, we focus specifically on digital adoption in France to illustrate the rapid growth across the group. In Q1, digital sales were up by a very strong 489 basis points to 25% of sales. We saw an improvement both in web sales and in EDI. The conversion rate from search to cart improved and is now over 10%, helped by several factors. First, the increase in connected customer at 24%. Second, the improved navigation from better search engine and better personalization of web pages. Third, a higher value of digital basket, 37% higher than the value of an offline basket. This compares to a difference of 24% in Q1 of last year. Slide seven illustrates the improving trends we saw in all geographies since the low point in Q2. This show that the governments in the country where we operate learned the lesson from the first lockdown and managed to navigate better in the subsequent waves of health measures. Overall sales were up 8.6% in Q1. By geography, you see that Europe continued to its recovery after a strong pickup in Q3 and Q4, growing by 10.8% versus Q1 of last year. North America continued to show positive momentum, with sales up +1.2% in the quarter, but still lags with very diverging trends between region. I will come back to that later on. Asia Pacific's recovery was very solid at 23.7% growth in Q1. If you look at the two-year period to erase the effect of the pandemic, you see that our activity is strongly above pre-crisis levels in all our geographies except North America, with 13.8% growth in Asia- Pacific and 9.2% in Europe. This demonstrates how we have reinforced our business model in the crisis to benefit from the growing recovery. On slide eight, we look at our sales every 10 days since the start of the year. We were growing at a good single-digit pace through mid-March, and then saw strong pickup in growth as we benefited from a favorable base effect given the sudden drop in sales as of mid-March 2020, when lockdown measures came into effect in several markets. On slide nine, we wanted to share more with you on pricing and availability of products. In Q1, we started to see some price increases on certain categories of products, and notably the commodity ones, as illustrated by the region in the U.S., where price of products such as conduit increased very. We anticipate this pricing contribution to accelerate in coming quarters in other geographies and categories, and notably in Europe. Overall, price on non-cable products increased by 2.4% for the group in the quarter, largely due to North America, with price up 3.6%, while Europe was lagging at only 1.6%. This increase in prices is driven by two main factors, an increase in raw material price, notably copper, and scarcity of products in certain categories, partially resulting from pandemic-related disruptions. This is mainly the case in categories using semiconductors and electromechanical components, impacting supplier delivery delays on some categories, including cable management systems or motion control. This trend could continue in coming months, but it highlights the key role distributor plays in the value chain, both in maintaining a regular dialogue with suppliers and in helping customers to manage the situation, notably through our agnostic offer by proposing multiple different brands. On slide 10, we focus on the resumption of our M&A strategy in Q1 with the three bolt-on acquisitions we have already communicated on. These acquisitions are fully in line with the strategy presented at our Capital Market Day. Two of them involve acquiring complementary competencies, Freshmile and Trace Software International in France, and one is to grow our presence in key markets, the acquisition of the former WESCO Utility business in Canada. While the first two are relatively small in size, they offer stronger sales potential from scaling up geographically and deploying technology to other connected objects as illustrated by Freshmile currently specialized in connecting EV charging stations. The former WESCO acquisition bring us additional competencies in the utility space, resilience with two-thirds of its business through long-term contracts, and the opportunity for further rollout in the countries. Let's now move to the second part of the presentation relating to a deeper Q1 sales review. On slide 12, we take a look at our overall first quarter sales performance. Our Q1 sales of EUR 3.3 billion, were up 8.6% on a same-day basis or 3.3% on a reported one. Organic same-day sales growth was boosted by the positive copper cable impact of + 2.9%, showing an acceleration compared to Q4 2020. Sales were also impacted by unfavorable foreign exchange of -2.3%, mainly coming from the U.S. dollar depreciation, and scope effect of -0.7%, as you remember, Gexpro Services were deconsolidated as of mid-February 2020. We now anticipate for the full year 2021 a currency impact of circa -0.8% assuming spot rates remain unchanged, and a scope impact of -0.1%, reflecting the disposal of Gexpro Services and the acquisition of the utility business in Canada in 2021. Next slide 13, shows the geographical performance of our Q1 sales. I already largely commented on the trend by key region. Let me take the opportunity on this slide to show that our same-day sales are up 8.6%, an improvement for the third consecutive quarter. We anticipate the next quarter to be up again significantly, benefiting, as you can see, from a very favorable base effect as the first wave of restrictions had a significant impact on Q2 2020, down -17.7%. Let's now look at each geography in better detail. On slide 14, you see that overall trends are positive in Europe, with France outperforming, U.K. still lagging, mainly as a result of reinforced sanitary restrictions, and Scandinavia facing a less favorable comparable base than other European countries. On slide 15, we look more closely at our performance in Europe. Sales in France posted a solid +20.1% growth, driven by a clear increase in digital penetration at 25%, up 489 basis points, and by strong double-digit growth in all end markets. More specifically, residential was up almost 25%, notably benefiting from renovation activity. Scandinavia is down 1%, with a difficult base effect from lower sanitary restriction in 2020, a build-up in inventory in 2020 by utilities, and the very mild weather in winter in Q1 2020, mainly in Finland and in Norway. More specifically, Sweden was down also -0.4%, mainly from the non-renewal of a public contract, contributing to a - 290 basis points. In the Benelux was up 13.3%, largely benefiting from residential and the recovery of industrial markets. The Netherlands were up +7.3%, despite the challenging comparable base. In Germany, up +13.5%, we saw positive trends both in industry, with an acceleration in the last week of March, and also in residential. In the U.K., sales were down by 3.7%, improving over the -8.2% in Q4 2020, despite worsening sanitary restrictions. This performance was driven by a contract with the Justice Ministry and the benefits of the reorganizations focusing on digitalization and proximity, as illustrated by the good trend in the Denmans banner, up 9.4% in the quarter. Over a two-year period, we saw particularly strong in our most profitable country, including France, Benelux, and Austria. On slide 16, we turn now to North America. As the graph shows, trend has been diverging in the United States and in Canada, with an acceleration in Canada and a move into positive territory. The U.S. continues to improve in Q1, but still lags in term of recovery versus other geographies. Given the fast vaccine deployment, we anticipate a catch-up in coming months. By country, sales in the U.S. were down 0.4% in Q1 from -7.7% in Q4 2020, helped by positive momentum in our proximity business and pricing contribution, especially on commodities products, offsetting lower demand in a project. In Canada, sales are up 6%, improving over Q4 2020, which was down 8.2%, from positive pricing on cable and non-cable products, as well as better commercial activity, offsetting lower demand in industries such as oil and gas or transportation. Finally, when compared to Q1 2019, we see Canada at 7.5% and the U.S. down -6.2%, showing here the potential for recovery in the coming quarters. Slide 17 focus more specifically on the U.S. and show the very uneven recovery path by region, with sales evolution ranging from roughly -15% to +14%. We can identify two blocks of regions. On one hand, six regions showing resilience. Our biggest, Northwest, then Northeast, Mountain Plains, Southeast, California, and Florida, driven by good positioning in the proximity business and market share gains in region where we have invested. Overall, California, Northeast, Southeast, moved from laggards to good performers. I am particularly glad to see the Northeast in much better shape after the 2019 reorganization. On the other hand, there is another block of two regions that are still facing more challenging situation, the Midwest and Gulf Central, which continue to be impacted by their exposure to project business and more specifically, heavy industry or oil and gas. On slide 18, you see our performance now in Asia- Pacific. As shown on the graph, growth was particularly strong in China, up 60.1% compared to Q1 last year, and up 21% compared to Q1 two years ago. Australia continues to gradually improve. Slide 19 shows this in greater details. Let's focus on the two largest countries, Australia and China. In Australia, sales were up +3.5% in Q1 2021, the second consecutive quarter of organic growth. With the proximity business in residential and commercial offsetting the loss of one industrial contract, which had a negative impact of -2.7%. In China, growth was driven by strong underlying demand from better macro environments, positive pricing, and governmental spending in infrastructure and automation. As mentioned previously, we also benefit from a favorable base effect linked to the phasing of the pandemic and to its recovery, both of which started earlier in China. Let me now conclude on slide 21 with our 2021 outlook. After a strong start in the year, we confirmed the guidance we provided in February at our strategic update. Leveraging on our continuous efforts, we target for 2021 at comparable scope of consolidation and exchange rates and assuming an improvement in the sanitary situation as vaccines become available. Same-day sales growth between 5% and 7%, an adjusted EBITDA margin of circa 5%, free cash flow conversion above 60%. Thank you for your attention and I will now take your questions. Thank you, ladies and gentlemen. We will now begin the question- and- answer session. As a reminder, if you wish to ask a question, please press star and one on your telephone keypad. Your first question comes from the line of Lucie Carrier from Morgan Stanley. Your line is now open. Good morning, gentlemen, thanks for taking my question. I have three question and I will go one at a time. The first one, I think I wanted to understand a little bit better the sequential development of your sales. I was hoping you could maybe explain how it has evolved between the fourth quarter into the first quarter, but mostly also you are talking about accelerating trends. I was wondering if that acceleration that you are expecting is sequential from here or whether this is a year-on-year kind of reference, possibly on the back of a lower comp. I guess that this is tying in some extent with what you see right now in terms of current trading. That's my first question. Yeah. When we do the sequence of each month, January was up +3.2%, then Feb +1.8%, and March +20.2%. Of course, there are the gradual impact of the pandemic, especially the last two weeks of March. That's why on our baselining, we are comparing by region to the pre-COVID level of 2019 and this is what we presented where we see that gradually, except today in the U.S., we are better than the 2019 level. This is both a price and a volume impact, and I'm sure we will come back to that. What we are seeing, and it's also the case in April, that it is gradually improving month-over-month once we stated the last year base effect. Okay. What you're saying is April is sequentially better than March, even if you adjust for the base effect? Well, March was better than January and Feb and April is, yeah, globally in line with this recovery trend of March. Understood. My second question was around the supply chain constraint that you were mentioning and scarcity of some product. You're mentioning this as an opportunity for the company, and I guess I was curious to know if you could explain us why, because the concern maybe is that you have to supply at a higher cost or maybe you would be maybe struggling to supply some components. Is there a secret kind of Rexel stack of products that you're hiding somewhere that helps you to kind of transform this into an opportunity? Yeah. First, we are working that very closely and for already couple of months. Already, at the end of Q4, we decided in specific geography, to build up a bit of inventory. That's mostly in the U.S. and in the U.K., where we adapt at group level, we increase our inventory by roughly something like 5% on certain category of product to make sure we can execute contract in the second quarter. Second, as you know, we have strategic relationship with our supplier and we have a very close communication with them to make sure that we can phase our purchase of product. Today we don't see so much shortage but more quotas that start to be implemented and we phase our purchase with them. What we wanted to say is that as a distributor, we are selling multiple brands. Each time we are running out of one category of product from one supplier, we can offer the same product from another one. That's what is important in our model. As you know, with scarcity came inflation also, and this distribution model, like inflation, we are pushing a lot for already more than six months on this inflation trend that is unseen for probably the last 10 years. We train our sales people to be able to pass through inflation to our customer. Maybe my last question, if I may, is around the guidance for 2021. You're starting the year with an 8.6% same-day sales growth. Obviously, the second quarter has a much easier comp. The third quarter to some extent is also a slightly easier comp than the first quarter. Your guidance is 5%-7%. How should we think about that? Is that because you are still early maybe to make any change, or you are worried for maybe the later part of the year? Just your comment would be helpful. Yeah, the Excel spreadsheet calculation is easy, and you are totally right. The Q1 is the toughest quarter we had. We are running 26 countries. It's a bit early in the year compared to our distributor. We have limited visibility with no backlog. Again, the Q1, as you know, because of seasonality, winter months is also our smallest quarter. Also keep in mind that today we are benefiting from a high level of copper, which contribute to 2.9% in the top line. If you look at the evolution of copper last year, it increased in the second half of the year. If we stay at the current level of copper all year long, this impact of 2.9% will be reduced and will be only 2.5% on a full-year basis. On the other side, we are quite pleased with this first quarter, and again, we'll see how the coming months will chart. March is really a first indication of how the year is running. April is a kind of confirmation, and we'd like to have three months of reference to set up a trend. We'll see how we will continue to progress in the coming months. Yes, today is still a bit early. We need also to see our vaccination policy will go on. Scarcity of product, at this stage, nothing that should jeopardize our guidance, but we stay very focused. Yes, the main idea is a bit too early. Understood. Thank you very much. A lot of indicators are positive, yeah. Okay, cool. Understood. Thank you. Thank you. Your next question comes from the line of Martin Wilkie from Citi. Your line is now open. Thank you. Good morning. It's Martin from Citi. The first question was just to come back to pricing. I think your comment alludes that pricing is going to accelerate as the year progresses. Just to understand, are those announced prices that have effectively already been started, and if we should see the benefit starting in Q2, particularly given that you talk about the copper benefiting fading into the second half, just to understand exactly what you mean in terms of the non-cable pricing development throughout the year. Thank you. Thank you, Martin, for your question. Yes, as discussed just with Lucie, copper will fading assuming a current level of 9,000 will stay stable, which I don't know how it will evolve in the coming months. Here, we were talking on the rest, we see quite a lot of inflation in all kind of raw material. When we look at the price increase, it's something probably we have not seen over the last 10- 15 years. We have some price increase from our supplier ranging from 4%- 18%. You will have 18% on products that are embarking a raw material increase, like for example, a conduit in the North America, which are made of steel. When you look at what is happening on those products, we start to see some inflation coming in North America, and you see the impact, as described on slide nine, at + 3.6% in Q1. Europe is low at 1.6%, but when discussing with our countries, we know that price increase on non-cable product will be coming and will be ahead of us, and will come gradually in Q4 and after. This will, yes, help our top line in the coming months. Thanks. Just a follow-up question, just in terms of demand pattern. It looks like France was particularly strong for you. Given that some of the European countries have seen a sort of slightly worsening position in terms of lockdowns, and I know it varies a lot by country, is there an anticipation that, setting aside base effects, that some of the sequential growth could moderate slightly? Do you think the construction industry has learned to live with this, the projects can continue, even if lockdown restrictions get slightly tougher in certain European countries? Thanks. Well, we think that the market will be well-oriented and continue to be so. In which you are probably right to a limited extent, that there is a kind of one-off because of confinement, where people are not going on vacation, are staying working. When we see some momentum in top line, like in Austria or in other country, probably there is a bit of one-off because people are a bit more active. That's only a limited part of this recovery. I think there is a more structural trend, a more obvious recognition of the importance of the environment, and to go through a more electrical usage is, I think, a more structural trends. What we see that people save money around the last 12 months. They didn't travel so much and entertain themselves. They spend a lot of time at home. They feel the need to improve their living conditions. We see a lot of, in our very healthy market, are on small resi and small commercial, where people are upgrading Datacom, HVAC, security, a lot of function. It's a lot of small project. On those one are with mid-size electrician, where the footprint of our branches combined with the quality of our digital web shop is helping us to have a good momentum. That's especially true in Europe. This will continue overall. Okay. Thank you very much. Thank you. Your next question comes from the line of Andre Kukhnin. Oh, hi. Good morning. Can you hear me? Yeah. Hello, Andre. Yeah. Oh, hi. Good morning. Sorry, my line is breaking up. Yes, a couple of questions, please. Can I just triple check on March? There was nothing kind of one-off operational nature in there, right? In terms of kind of any large projects closing out or anything like that, you see it as a sort of more or less underlying month. Is that the right interpretation? Yeah. No, there is a base effect that start to be stronger starting second half of March, where we were down quite strongly because of the beginning of the confinement. Oh, for sure. I mean, on the base effect, I'm very clear. You very helpfully disclosed the monthly run rates last year. Yeah. I was just thinking more in terms of the month itself, there wasn't like a large project that you closed or particular large orders that came in that were unusual. No. Nothing. We have couple of large projects here and there, but that's part of our business. Nothing specific. Again, you cannot extrapolate the last 10 days of March to the full year. I mean, the beginning of something, a bit a strong shutdown last year adaptation. Globally, yes, March is a bit better than Jan and Feb, and this good trend is continuing in April. Great. Thank you. Then would you be able to estimate your market share gains, kind of either on last quarter or last 12-month rolling basis? The way we calculate it in the Capital Market Day is compared to our supplier. I don't have the data yet to assess with the same calculation. I've got some reference from Federation here and there. I've gained in some region and lost a bit in other. Sometimes for specific reason that, for example, there is a huge competitive environment around cable, with the one that could use their inventory, purchased at a lower cost to buy market share. There have been some play, where we did not want to enter, and we had even accepted in some region to not do the sale in order to protect the margin. Very clear. Thank you. Yeah. That's quite mechanical, but it's a day- to- day, country- by- country, region- by- region, fight to make sure you manage to pass it through and at a good margin. It require good technical knowledge and quite some efforts. Got it. Thank you. The last question, on pricing, are you passing through what the suppliers are putting through, or are you being able to achieve a maybe premium to that to maybe offset logistics inflation as well? No. Well, we are passing through the purchasing price, and then we stay with the same gross margin in terms of rates. It give us at the end a bit of upside in terms of U.S. dollar that we get. The logistic cost so far, we probably, and that's something we are following very closely, but we don't see such an increase in our transportation cost. It's very helpful. Thank you very much. Thank you. Your next question comes on the line of Alexander Virgo from Bank of America. Please go ahead. Good morning. I hope everybody's well. Thanks for taking my questions. Two, if I may. First one just on inventory levels and restocking. Conscious that you called out constraints on a number of different components, but I wondered if you could comment on how you're seeing and managing inventory levels and restocking. On the second question, just curious if you could dig a little bit into the exit rates in China and talk a little bit about the different verticals that you're seeing driving that demand. Thank you. On the inventory side, as you know, as a distributor, our customer, our installer, and they don't have a huge capacity to restock and destock. On our side, we have our distribution center. To my point earlier, we have made some strategic buys end of last year, beginning of this year. It was mainly in the U.S., and in the U.K., and a bit of France. Also in some category of product where we wanted to make sure we could execute our contract in the second quarter. Overall, around 5% of our inventory. I think contrary to last year, and again, the world has completely reversed. We were on top of our inventory to decrease it as much as we can, and this year just the opposite. Inventory has more value than ever. We think it's important to have the right quality and the right quality of inventory, to be able to continue to have this good momentum on the top line. Globally, it is done on specific type of product. We pointed out the one using chips and semiconductors. That's the kind of things. It is on limited numbers of country and limited numbers of product so far, but we are watching that very closely, and we have this very strong and strategic relationship with our supplier to make sure we can anticipate any quotas to avoid any shortage. In China, we have felt this huge impact of the full COVID that was in full blast last year. That had a quite a strong impact. I would say it will normalize in Q2. What we will have also in Q2, that we have a big aerospace contract for the last 12- 18 months that is phasing out in Q1. I will not have any more this contract in Q2. With that in Q2, I will have still some growth, but at a lower pace. As you know, in China, we are only on the industrial side, delivering the product on Tier 2 and Tier 3 industrial customer, the product from four international supplier, Siemens, and we are the third distributor of Siemens in China, Schneider, Rockwell, and ABB. Just to sort of follow up on that, the base effect, I understand, sort of similar question as to early on. The underlying demand, I suppose we can take as being the versus to Q1 2019 levels, which I think you said that was above 20%. I'm just trying to understand the sort of differentiation between maybe how much of that 20% is the aerospace piece that we would expect to normalize, or how much of that impact of that aerospace contract would we expect to normalize? It's quite a significant impact in Q2. I think it was, yeah, quite a significant amount with this contract last year. Q2 could be very close to zero or even negative. Okay. Thank you very much. I will present, yeah, I will give you in Q2 the performance, with and without this contract so that you can have this underlying trend. We are serving mostly internal demand, so we have a good underlying momentum even restating this contract. Great. Thank you. Thank you. Your next question comes on the line of Alfred Glaser from ODDO. Please ask your question. Hello, Alfred, I don't hear you. Hi, do you hear me now? Yeah, it's good. Okay. Thank you. Morning. Good morning. I was wondering regarding the sales price on non-cable products. Could you give us a bit more information about the outlook you expect for the full year on sales price evolution here? Second, I was wondering about the U.S., which is recovering relatively slowly compared to some other countries. Situations are very diverse and diverging by region. Could you give us a bit of a flavor how you see the U.S. evolving in the next few months? First on the non-cable, to my earlier point, I think it will accelerate. We see that today in North America, we are at 3.9%, and Europe is a bit behind. I see perhaps Europe probably to go close to the current U.S. level and U.S. to continue to increase. What I have on hand today is the price increase from the supplier, ranging from 4%-18%. It is a matter of passing that through to the market. It will gradually come, then you have the impact of the product mix. What we see is even some product groups such as lighting or renewable, which we have structurally deflationary product groups, those ones are even carrying some inflation between 2%-5% so far. It will help. I cannot quantify so much at this stage. Going to the U.S., first, it's important, as you know, to remind the mix where Europe is very much on small resi and commercial, which are the most active segment today, compared to the U.S., where the same segment are also very active. We have a lesser exposure. You remember that residential is around 10% of our sales in the U.S., and it shows the relevance of opening branches that we did three years ago because we are grasping that recovery full blast. We have the former Gexpro, which is more on large project, where here we have a quite high level of backlog, but the recovery is far slower. We have the industry, with really booming sectors in some region, in Datacom, pharma, agri business. In other region, especially the Gulf Central and the Midwest, the two one a bit behind. We have some exposure to those markets. In the Gulf, of course, our exposure to oil and gas is obvious. The rigs have been reduced by half over the last 18 months. The barrel is now back to the $60, which is close to the 2019 level, so the pre-COVID level. It will take time to reopen the rigs, and probably it will take another 12-18 months. We have to gradually shift to more resi and commercial activity there, but you cannot do it overnight. In the Midwest, it's our exposure to more heavy industry, which also is recovering at a slower pace. Overall, there are a lot of business segments that are at a very low level. Hotel, restaurant, entertainment. Those one, we will have a catch-up effect when it will reopen, so any time in the coming months. That will help the U.S. to recover, hopefully as quick as possible, the 2019 level. All right. Thank you very much for all these explanations. Could you just give us one additional figure? How big are the cable sales right now in your total sales? It's around 15%. 15%. Okay. Yeah. Thank you. Thank you once again. If you wish to ask a question, please press star and one on your telephone keypad. Once again, that is star and one to ask a question. We have another question coming from the line of Andre Kukhnin from Credit Suisse. Please ask your question. Hi, thanks very much for the opportunity to ask a follow-up. I wanted to ask on acquisitions, you obviously announced a couple of interesting deals during the quarter. The question I have is whether that's beginning of a flow of deals of how you see it, or was it more of a just opportunities arose and you closed out a couple? Do you have an extensive funnel now? Are you proactively now going out offering to companies, doing due diligence? We have no files very active, but we are actively looking for some. We have three criteria. For example, in the U.S., we have recently made a bid, and we didn't go through because just the multiple and the price was at the end far too high, where you had to pay a sharp recovery. We are cautious. We are looking at a lot of opportunities. In the three fields we presented at the Capital Market Day, geographical footprint, plug-and-play acquisition, first in the U.S., then adjacent market, HVAC, Datacom, Security, and services, as we did on Trace and Freshmile. Software, but application software linked to our product and connected product. Nothing that should materialize in Q2, but a lot of things are going on. You never know, it can accelerate or not. For example, the WESCO deal, it came quite late second half, and it was executed in a limited number of months. Great. Thank you. The last follow-up I had was on green stimulus. We're obviously hearing quite a lot about it in the press and trade press as well. Are you seeing evidence of projects actually being launched on the back of money coming through from green stimulus funding, either in Europe or U.S.? Honestly, we don't see it directly in our top line. We see smaller things coming from historical incentive from government in a couple of European countries around energy efficiency. We start with insulation, and then go through active energy management. Nothing that material at this stage. I think it should come probably later on in second half of 2021 and afterwards. Again, we are looking at it very closely, but not so obvious to see where it will materialize directly in the value chain. Very helpful. Thank you very much. Thank you. Your next question comes from the line of Supriya Subramanian from UBS. Your line is now open. Yes, hi. Good morning. Thank you for taking my questions. I missed the first part, so apologies if this has already been covered. I just wanted to check, I have two questions. One is on your stock levels or inventory levels. Are you stocking up in anticipation of higher demand or higher volumes in the coming quarters? The second is related to the pricing moves which you reflected of 240 basis points, which benefited growth. I appreciate that you don't share margins in the first quarter results, but what potential impact would that have? Is that a full pass-through, so with a neutral impact on margins? Yeah. Those are my two questions. Thank you. Yeah. On the inventory, I already commented it is a specific cases in specific country and group of product. Again, the partnership with our supplier is also important to manage the flow. We have our multi-brand offering, which help us to play on different supplier and different category of product. All in all, it was mostly in U.S., France, and U.K., and yeah, something like 5% of our inventory. Nothing really material. Again, we are following that very closely. Any anticipated shortage, any further quotas to make sure we have the right level of inventory so far. We don't anticipate anything major in term of restocking at this stage, and we don't anticipate anything that should put in danger our guidance so far. Again, we have limited visibility, and we are progressing gradually, but that's what we can see today. Well, on the pricing environment, it's like any pricing effect. You don't move more boxes. The flow through from the bottom line to the top line should be significant. Once you make sure you can pass through this inflation. On the other side, when you don't manage to pass it through, it is very difficult to offset a lack of margin pass-through into the OpEx management. It has an upside effect, but a kind of massive effect if you don't pass through. It's not a mechanical effect. It's a day-to-day touch on the business and agility with the customer base. The more fragmented the customer base is, the easier it is to pass through inflation. When you go into contract, it is quotation, it is request for quotation and bids, and so on. The competitive environment is stronger. It makes it more difficult. This is a key focus for our manager. I would say so far so good, but it's not a given. All right, great. Thank you very much. Thank you. Thank you. There are no further question at this time. Please continue. Okay. If there are no more questions, thank you for being with us this morning and the quality of your questions. Our next call will be on July 28, 2021. I will hope to have the opportunity, and I think we will have the opportunity to present to you, together with Patrick, Guillaume Texier, who already we had some first exchange, and with gradually ramping up into the business with no pressure and the time to go everywhere he wants in order to be on track for beginning of September. Thank you, and have a good day, and stay safe. Bye-bye.