Results in line with expectations. Ongoing deflation and weak residential segment offset by high growth in HVAC.

Price deflation of approximately 2%, Organic volume growth of approximately 3% (including M&A), HVAC segment revenue up 10% YoY.

HVAC expansion plan progressing, covering over 400 stores, target of over 500 by year-end; private label accounts for approximately 10% of revenue as a gross margin improvement lever; M&A pipeline remains healthy, expected to contribute 1%–3% incremental revenue annually.

Management expects revenue growth to accelerate in 2H as volume improves and deflation eases, with operating expenses maintaining mid-single-digit growth.

Management tone is positive, emphasizing structural tailwinds (data centers, dual trade contractors) and ongoing investment, but deflationary pressure remains undiminished.