Landis+Gyr Group (LAND) H2 2025 earnings summary

Executive summary

• FY 2024 saw record order intake of $2.6 billion (up 33.3% YoY) and a record backlog of $4.6 billion (up 22.9% YoY), driven by contract wins across all regions and strong commercial momentum.

• Net revenue declined 10.5% year-over-year in constant currency to $1,729.3 million, mainly due to the non-recurrence of pent-up demand from FY 2023 and shipment timing issues.

• Adjusted EBITDA was $170.9 million (9.9% margin), down 25.7% year-over-year, impacted by lower operating leverage and a $20 million inventory write-off, partially offset by a real estate gain in India.

• Net loss from continuing operations was $84.7 million, including a $111 million goodwill impairment from the exit of the EV charging business; total net loss attributable to shareholders was $150.5 million.

• Strategic transformation advanced with exit from EV charging, focus on core smart metering, ongoing EMEA review, and preparations for a US listing targeted for 2026.

Financial highlights

• Book-to-bill ratio reached 1.5, with all regions above 1; Americas led at 1.8 and Asia Pacific at 1.6.

• Adjusted gross profit margin was 31.2%, down 80 bps year-over-year; adjusted operating expenses decreased 6.0% to $369.4 million.

• Net debt at year-end was $182.9 million, with a net debt to adjusted EBITDA leverage ratio of 1.07x.

• Dividend distribution of CHF 1.15 per share proposed, continuing a progressive dividend policy and preserving balance sheet strength.

• Cash flow from operating activities was $78.9 million, down 34.9% year-over-year.

Outlook and guidance

• FY 2025 net revenue growth expected between 5% and 8% year-over-year, with all regions contributing.

• Adjusted EBITDA margin guidance for FY 2025 is 10.5% to 12% of net revenue.

• Guidance incorporates current tariff impacts and reflects improved cost pass-through mechanisms; management expects minimal tariff impact in 2025.