Legrand (LR) H2 2025 earnings summary

Executive summary

• Achieved record sales and revenue growth of 13.1% in 2025, driven by strong datacenter performance and 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 seven acquisitions in 2025 and two more announced for 2026.

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

• Data center segment delivered exceptional organic growth of nearly 40%, now representing 26% of total sales.

Financial highlights

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

• Net sales increased from €8.65 billion in 2024 to €9.48 billion in 2025.

• 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 of €2.38 per share proposed, up 8.2% from 2024, with a 50% payout ratio.

Outlook and guidance

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

• 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 €15 billion sales target by 2030, with average annual sales growth near 10% and adjusted operating margin above 20%.