Landis+Gyr Group (LAND) H1 2026 earnings summary

Executive summary

• Achieved strong commercial momentum in H1 FY 2025 with USD 595 million order intake, a book-to-bill ratio of 1.1, and a record USD 3,980 million backlog, supporting long-term growth and sector leadership.

• Completed divestment agreement for EMEA business at USD 215 million (13.4x EBITDA), enabling a USD 175 million share buyback and a more focused Americas and APAC strategy.

• Strategic transformation led to a higher-margin, lower-capital-intensity business profile, centered on Grid Edge intelligence and technology platforms, with a US listing targeted for H2 2026.

• Sustainability leadership advanced, earning EcoVadis Platinum Medal and launching ESG roadmaps for FY 2025-2027.

Financial highlights

• Net revenue for H1 FY 2025 was USD 535.9 million, down 16.2% year-over-year but up 10.9% sequentially from H2 FY24.

• Adjusted EBITDA was USD 69.2 million (12.9% margin), down 37.8% year-over-year; adjusted gross profit margin was 33.9%.

• Net income from continuing operations was USD 11.8 million; net loss attributable to shareholders was USD (189.4) million due to a USD (200.4) million loss from discontinued operations.

• Net debt at period end was USD 209.3 million, with a net debt to Adjusted EBITDA ratio of 1.4x.

• Cash flow from operating activities was USD 23.1 million; free cash flow (excluding M&A) was USD 10.2 million.

Outlook and guidance

• FY 2025 net revenue growth expected at 5%-8%, with strong H2 top-line performance anticipated.

• Adjusted EBITDA margin guidance raised to 13.0%-14.5% of revenue, up from 10.5%-12.0%, including USD 10-15 million in temporary dis-synergies.

• Financial year expected to be back-end loaded due to strategic focus on Americas and APAC.

• US listing targeted for H2 2026, with a transitional dual listing period.