Landis+Gyr Group (LAND) H2 2026 earnings summary

Executive summary

• Achieved strategic transformation with the divestiture of the EMEA business, completed in April 2026, sharpening focus on higher-margin, software-driven operations.

• FY 2025 net revenue rose 4.2% year-over-year to $1,166.2 million, with adjusted EBITDA up 10.9% to $167.5 million and margin expanding to 14.4%.

• Net income from continuing operations increased 9.2% to $41.2 million, while overall net loss was $168.9 million due to EMEA divestment impairment.

• Returned approximately $70 million to shareholders via dividends and share repurchases.

• Backlog stood at $3.9 billion, with 43% in software and software-enabled services, supporting future growth visibility.

Financial highlights

• Full-year net revenue reached $1,166.2 million, up 4.2% year-over-year, with Q4 revenue up 24.8% to $352.4 million and adjusted gross margin at 36.7%.

• Adjusted EBITDA margin for FY 2025 was 14.4%, up 90 basis points year-over-year.

• Order intake for FY 2025 was $1.1 billion, with a book-to-bill ratio of 0.95x and backlog stable at $3.9 billion.

• Returned approximately $70 million to shareholders; proposed increased distribution of CHF 1.20 per share for 2026.

• Net debt at end of March 2026 was $198.9 million; net debt to adjusted EBITDA ratio at 0.9x.

Outlook and guidance

• FY 2026 net revenue expected between $1,075 million and $1,125 million, with adjusted EBITDA margin guidance of 14.5%–15.5%.

• Revenue gap of $60 million anticipated in FY 2026 due to timing of major contract deployments.

• Mid-single-digit revenue CAGR projected through FY 2028, with adjusted EBITDA growing at about twice that rate.

• Large contracts in backlog expected to drive close to 10% growth in 2027 and 2028.

• Dividend proposal for 2026 increased to CHF 1.20.