In this section, Mycelium Partners are making the choice to compare dynamics rather than absolute values. None of CEDAR competitors has a 100% like-for-like activity portfolio, and profit indicators can also be different. As such, we prefer to analyze:

–Period-to-period bps (100 bps = 1%) evolution (bps evolution vs. perevious period)

 CEDAR 2021 bottom line performance is also ABOVE competition, bearing in mind that CEDAR H2 is usually stronger than H1.

Eaton effort on bottom line recovery is visible, but Vertiv has not been able to manage inflationary cost.

Legrand is reflecting its light improvement in revenues with a +50 bps in profit , but lower than competition benchmark.

Honeywell is struggling in profit , while ABB’s resiliency suggest that the company massive restructuration they launched in the past 2 years is starting to pay off.