Legrand (LR) H2 2025 earnings summary

Executive summary

• Achieved record sales and revenue growth of 13.1% in 2025, driven by exceptional datacenter performance and strategic acquisitions, with organic growth at 7.7% and M&A contributing 5.1%.

• Adjusted operating margin reached 20.7% of sales, net profit attributable to the group was €1.2–1.25 billion (13.1% of sales), and free cash flow totaled €1.3–1.33 billion (14% of sales).

• 53% of 2025 sales were linked to energy and digital transition, with 7 acquisitions in 2025 and 2 more in early 2026, adding €500 million in annualized sales.

• Customer satisfaction and CSR achievement rates were high, with a 110% CSR roadmap achievement rate.

• Strategic roadmap targets €15 billion sales by 2030, with reinforced positioning in energy and digital transition.

Financial highlights

• 2025 sales grew +13.1% excluding currency effects, with +7.7% organic growth and +5.1% scope effect from acquisitions.

• Adjusted operating profit rose to €1.96 billion (20.7% of sales), and EBITDA reached €2,217.6 million (23.4% of sales).

• Free cash flow conversion rate was 107% of net profit.

• Dividend per share increased to €2.38 (+8.2%), with a 50% payout ratio.

• Net financial debt increased to €4,222.6 million, with leverage at 1.9x–1.92x at year-end 2025.

Outlook and guidance

• 2026 sales growth targeted at +10% to +15% (excluding FX), with +4% to +7% organic and +6% to +8% from acquisitions.

• Adjusted operating margin after acquisitions expected at 20.5%–21% of sales.

• CSR achievement rate of at least 100% for 2026.

• Confident in reaching upper end of 2030 sales target (€15 billion), with average annual sales growth near 10% and adjusted operating margin above 20%.