Sigma reported 1H26 normalised revenue growth of 15% and EBIT growth of 19%. The sales result was strong but the modest operating leverage is a reminder of the inherently low gross margins in the business. Sales trends are strong but likely to slow from here. We expect LFL to remain double-digit in 2H26e, but then slip into single-digit territory for FY27e as the company laps higher growth and price inflation fades. Going forward, each 1% sales growth to translate into approximately 1.5% EBIT growth. Synergies will continue to help earnings over the next four years.