Landis+Gyr Group (LAND) Gabelli Funds 35th Annual Pump, Valve & Water Symposium summary

Strategic focus and business model

• Emphasizing North America as the primary market due to superior EBITDA margins and return on capital, with 80% of EBITDA generated there.

• Reviewing options for the EMEA segment, which represents 40% of revenue, including a potential exit and winding down the EV charging business.

• Considering a U.S. stock listing by mid-2026 to align capital markets with business focus.

• North American market benefits from a cohesive regulatory environment and recurring revenue streams from long-term utility contracts.

• European market is fragmented, device-centric, and less profitable due to country-specific regulations and lack of recurring revenue.

Growth drivers and market dynamics

• Electricity demand in North America is rising, driven by data centers, onshoring, and population growth, supporting long-term business growth.

• Utilities require flexible, efficient grid technology to manage increased demand, positioning the company as a key enabler.

• Capital expenditures are necessary to support grid upgrades, with technology providing efficiency and flexibility.

EMEA and EV business review

• Strategic review of EMEA business underway, with sell-side advisors engaged and a goal to communicate outcomes in 2025.

• Exiting the loss-making EV charging business in Europe to improve EMEA's attractiveness and eliminate EBITDA drag.