Legrand (LR) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 sales growth of 18% excluding currency effects, with organic growth of 9.3% and acquisition-driven growth of 8.2%, maintaining high profitability.

• Net profit attributable to the Group rose by 14.2% year-over-year to €335 million.

• Four acquisitions in datacenters and energy transition since the start of the year, adding €275 million in annual revenue.

• Full-year 2026 targets confirmed, reflecting confidence in execution and ongoing strategy despite macro uncertainties.

• Free cash flow increased to €221 million, representing 8.7% of sales.

Financial highlights

• Q1 2026 net sales reached €2,537.6 million, up 11.4% year-over-year.

• Adjusted operating margin after acquisitions was stable at 20.7%.

• Operating profit rose to €524.7 million (+11.5% YoY); EBITDA was €587.9 million (23.2% of sales).

• Net financial debt at March 31, 2026, was €4,670.5 million, with a net debt/EBITDA ratio of 2.1.

• Gross profit margin was 50.5%, down from 52.4% in Q1 2025.

Outlook and guidance

• 2026 sales growth (excluding currency effects) targeted at 10–15%, with organic growth of 4–7% and acquisition growth of 6–8%.

• Adjusted operating margin guidance of 20.5–21.0% of sales.

• Data center growth guidance revised to the high end of 10–20% due to strong Q1 and robust order intake.

• CSR achievement rate target of at least 100% for the second year of the 2025–2027 roadmap.

• Cautious on building segment due to geopolitical uncertainties, but long-term prospects remain positive.