Legrand reports +15% sales growth in first-half 2025, excluding exchange-rate impact and an adjusted operating margin of 21.0% after acquisitions
Organic growth over the half year: +9%, driven by datacenters
Net profit attributable to the Group: 13.2% of sales
2025 full-year targets revised upward
Sales growth of +10% to +12% excluding exchange-rate impact
Adjusted operating margin (after acquisitions): 20.5% to 21.0% of sales
Active deployment of 2030 strategic roadmap
6 acquisitions announced since the beginning of the year
New-product innovation and commercial excellence initiatives
2030 targets reaffirmed
Regulatory News:
Legrand (Paris:LR):
Benoît Coquart, Legrand's Chief Executive Officer, commented:
"Our first-half 2025 results were excellent, confirming both the relevance of our strategic roadmap and the strength of our teams' execution.
The period was marked by numerous growth initiatives, both organic with many new product launches and commercial initiatives and external, with the acquisition of six recognized specialists in the energy and digital transition markets announced, representing close to €200 million in additional full-year revenue.
Encouraged by these strong performances, we are revising our full-year sales and margin targets upward.
It has now been nearly a year since we unveiled our 2030 ambitions. The trends we've observed over the past twelve months led primarily by datacenters, which account for 24% of our sales in the first half of 2025, and opportunities linked to the energy transition combined with early results of our strategic roadmap, strengthen our confidence in reaching the upper end of our 2030 revenue target range, around €15 billion, compared with €8.6 billion in 2024".
2025 full-year targets revised upward 1
In 2025, the Group is pursuing the profitable and responsible development laid out in its strategic roadmap2
Taking into account the first six months of the year results and considering the world's current macroeconomic outlook as well as a gradual normalization of customs policies, Legrand is now targeting for the full-year 2025:
- sales growth (organic and through acquisitions, excluding currency effects) of between +10% and +12% (vs previously: +6% to +10%). This includes expected organic growth of +5% to +7% and growth from acquisitions of approximately +5%;
- an adjusted operating margin (after acquisitions) of 20.5% to 21.0% of sales (vs previously: holding stable overall, after acquisitions, compared with 2024);
- at least 100% CSR achievement rate for the first year of the 2025-2027 roadmap3 (unchanged).
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1 For more information, see the Legrand press release dated February 13, May 7, 2025 and July 17, 2025 |
2 For further information, please refer to documents published in the Capital Markets Day 2024 Legrand section |
3 For further information, please refer to documents published in the CSR Capital Markets Day 2025 Legrand section |
Financial performance at June 30, 2025
Key figures
Consolidated data (€ millions)(1) | 1st half 2024 | 1st half 2025 | Change |
Sales | 4,210.3 | 4,774.3 | +13.4% |
Adjusted operating profit | 873.1 | 1,003.4 | +14.9% |
As of sales | 20.7% | 21.0% | |
20.9% before acquisitions (2) | |||
Operating profit | 811.5 | 931.0 | +14.7% |
As of sales | 19.3% | 19.5% | |
Net profit attributable to the Group | 577.6 | 628.1 | +8.7% |
As of sales | 13.7% | 13.2% | |
Free cash flow | 468.1 | 501.6 | +7.2% |
As of sales | 11.1% | 10.5% | |
Net financial debt at June 30 | 3,429.9 | 3,294.0 | -4.0% |
(1) See appendices to this press release for definitions and indicators reconciliation tables |
(2) At 2024 scope of consolidation |
Consolidated sales
In the first half of 2025, sales grew +13.4% from the same period of 2024, to reach €4,774.3 million.
Sales rose organically by +9.0% over the period, with +10.7% growth in mature countries and +3.4% in new economies.
The impact of broader scope of consolidation was +5.5% for the first half. Based on acquisitions announced and their likely dates of consolidation, their overall impact should be around +4.5% on a full year basis.
The exchange-rate effect on sales in the first half of 2025 was -1.4%. Based on average exchange rates in June 2025, the full-year effect would be around -2.5% in 2025.
Changes in sales by destination at constant scope of consolidation and exchange rates broke down as follows by region:
1st half 2025 1st half 2024 | 2nd quarter 2025 2nd quarter 2024 | |
Europe | +1.0% | +2.3% |
North and Central America | +20.5% | +22.0% |
Rest of the world | +3.3% | +2.1% |
Total | +9.0% | +10.1% |
These changes are analyzed below by geographical region:
- Europe (38.8% of Group revenue): with a market that remains overall contrasted, sales at constant scope of consolidation and exchange rates were up +1.0% in the first half of 2025.
Europe's mature countries (34.3% of Group revenue) reported sales up +1.3% organically in the first half, with nice growth in countries including Germany, Italy, Portugal, Spain and UK, partly offset by negative trends in Belgium, France and Scandinavia.
Sales in Europe's new economies were down -1.1% in the first half, including in particular a decline in Turkey.
- North and Central America (42.4% of Group revenue): sales were up +20.5% from the first half of 2024 at constant scope of consolidation and exchange rates.
In the United States alone (39.2% of Group revenue), sales rose a sharp +21.6%, including +22.7% in the second quarter alone. This strong growth was driven by the outstanding performance of our dedicated datacenters offerings.
Sales posted solid growth in both Canada and Mexico.
- Rest of the world (18.8% of Group revenue): sales saw organic growth of +3.3% in the first half of 2025.
In Asia-Pacific (12.2% of Group revenue), sales were up +4.6%, with growth in India and Malaysia and a retreat in Australia and in China.
In Africa and the Middle East (3.2% of Group revenue), sales rose by +8.4%, reflecting growth in both regions.
In South America (3.4% of Group revenue), sales retreated -4.7%, mainly due to Brazil and Colombia.
Adjusted operating profit and margin
Adjusted operating profit for the first half of 2025 stood at €1,003.4 million, up +14.9% from the first six months of 2024. This corresponds to an adjusted operating margin equal to 21.0% of sales for the period.
Before acquisitions, adjusted operating margin for the first half of 2025 was equal to 20.9% of sales, up +0.2 points from the first half of 2024.
In the first half, the Group's strong profitability demonstrates the strength of Legrand's strategic model as well as its solid ability to execute and adapt.
The Group remains fully committed to navigating the evolving international trade policy landscape, particularly in the United States. To this end, the action plan launched at the beginning of the year is progressing in line with our roadmap, covering targeted price increases and implementation of cost-saving initiatives, supply chain adjustments, and selective changes to our industrial footprint.
Value creation and solid balance sheet
Net profit attributable to the Group rose by +8.7% compared with first-half 2024, reaching €628.1 million, or 13.2% of sales. This performance mainly reflects the increase in operating profit, partially offset by a less favourable financial result and a one-point increase in the corporate income tax rate, which stood at 28% in first-half 2025.
Free cash flow represented 10.5% of sales for the period, totalling €501.6 million, up +7.2% from first-half 2024.
Net debt to EBITDA1 ratio stood at 1.5 at June 30, 2025.
In March 2025, Legrand successfully carried out a €500 million bonds issue maturing in 2035, followed in June 2025 by an €800 million issue of bonds convertible into new shares, maturing in 2033. These transactions increased the average maturity of the Group's bond debt to nearly six years. In addition, the Group signed a new amendment and extension agreement to its revolving syndicated credit facility with seven banks, raising the notional amount to €1,050 million and the maximum maturity to June 2032.
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1 Based on EBITDA for the past 12 months |
Active deployment of 2030 strategic roadmap
Six acquisitions announced in the first half
Legrand actively pursued its acquisition strategy in the first half of the year, announcing1 six transactions since January, all in buoyant segments tied to the energy and digital transition:
- in datacenters, with the acquisitions of Amperio Project in Switzerland, Computer Room Solutions in Australia, and Linkk Busway Systems in Malaysia;
- in digital lifestyles, with Cogelec in France and Performation in the Netherlands;
- in the energy transition, with Quitérios in Portugal.
These acquisitions represent nearly €200 million in annualized additional revenue and are totally aligned with Legrand's 2030 strategic ambitions.
Numerous organic growth initiatives in the first half
Over the past three years, Legrand has increased its first-half R&D spending by +17.1%, to deliver innovative solutions that support its customers' growth. This strong innovation momentum is reflected in numerous product launches since the beginning of the year, including:
- in essential infrastructures offerings the Arteor Advance wiring device ranges (in the UAE and India), Galion Up (Vietnam), Nexy (Thailand), the Niloe and Niloe Step ranges (respectively in Bulgaria and Poland), the extended Tazo and Polina lighting series (United States) and innovations in the audio/video segment, also in the US, with Sanus.
- in energy and digital transition offerings, for datacenters, new cabinet and containment systems (T-Series and Pro-Series), Starline Series HP busbars, and Keor Flex 1200 UPS systems; in connected products, Netatmo Advance cameras, the Radiant Smart Lights system, and the DLM touchscreen control panels; and in energy transition, the HPI 33 Evo UPS, photovoltaic panel solutions with DPX3 250 circuit breakers, and Green'up Home charging stations.
Legrand also continued to roll out its commercial excellence initiatives, aiming to achieve a customer satisfaction rate (CSAT2) of at least 80% and a net promoter score (NPS3) of 50 in 2025. These efforts include the rollout of the Legrand Pro App for installers in Europe, as well as the enhancement and digitalization of retail point-of-sale material management in India.
Lastly, the Group continued to invest in local industrial capacity to better serve its customers and support their growth. For example, Legrand announced a €22 million investment in its Montbard site in France, which specializes in steel wiremesh cable trays essential for equipping latest-generation datacenters.
2030 targets reaffirmed
Building on its achievements and taking into account market trends observed over the past 12 months particularly in datacenterswhere Legrand now expects double-digit average annual organic growth in its accessible market between 2025 and 2030 the Group is confident in its ability to reach the upper end of its 2030 revenue target range, around €15 billion, compared with €8.6 billion in 2024.
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1 Subject to customary closing conditions |
2 Proportion of satisfied or very satisfied customers relative to the total number of responses |
3 Net Promoter Score: percentage of promoters minus percentage of detractors |
The consolidated financial statements for the first half of 2025 were subject to a limited review by the Group's auditors and were adopted by the Board of Directors at its meeting on July 30, 2025. These consolidated financial statements, a presentation of 2025 first-half results, and the related teleconference (live and replay) are available at www.legrandgroup.com
Key financial dates
| November 6, 2025 | |
| October 7, 2025 | |
| February 12, 2026 | |
| January 13, 2026 | |
| May 27, 2026 |
About Legrand
Legrand is the global specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for residential, commercial, and datacenter markets makes it a benchmark for customers worldwide.
The Group harnesses technological and societal trends with lasting impacts on buildings with the purpose of improving life by transforming the spaces where people live, work and meet with electrical, digital infrastructures and connected solutions that are simple, innovative and sustainable.
Drawing on an approach that involves all teams and stakeholders, Legrand is pursuing a strategy of profitable and responsible growth driven by acquisitions and innovation, with a steady flow of new offerings that include products with enhanced value in use (energy and digital transition solutions: datacenters, digital lifestyles and energy transition offerings).
Legrand reported sales of €8.6 billion in 2024. The company is listed on Euronext Paris and is a component stock of the CAC 40, CAC 40 ESG and CAC Transition Climat indexes (code ISIN FR0010307819).
https://www.legrandgroup.com
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1 Period of time when all communication is suspended in the run-up to publication of results |
Appendices
Glossary
Adjusted operating profit: Adjusted operating profit is defined as operating profit adjusted for: i/ amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions, ii/ where applicable, impairment of goodwill.
Cash flow from operations: Cash flow from operations is defined as net cash from operating activities excluding changes in working capital requirement.
CSR: Corporate Social Responsibility.
EBITDA: EBITDA is defined as operating profit plus depreciation and impairment of tangible and right of use assets, amortization and impairment of intangible assets (including capitalized development costs), reversal of inventory step-up and impairment of goodwill.
Free cash flow: Free cash flow is defined as the sum of net cash from operating activities and net proceeds from sales of fixed and financial assets, less capital expenditure and capitalized development costs.
Net financial debt: Net financial debt is defined as the sum of short-term borrowings and long-term borrowings, less cash and cash equivalents and marketable securities.
Organic growth: Organic growth is defined as the change in sales at constant structure (scope of consolidation) and exchange rates.
Payout: Payout is defined as the ratio between the proposed dividend per share for a given year, divided by the net profit attributable to the Group per share of the same year, calculated on the basis of the average number of ordinary shares at December 31 of that year, excluding shares held in treasury.
Working capital requirement: Working capital requirement is defined as the sum of trade receivables, inventories, other current assets, income tax receivables and short-term deferred tax assets, less the sum of trade payables, other current liabilities, income tax payables, short-term provisions and short-term deferred tax liabilities.
Calculation of working capital requirement
In millions | H1 2024 | H1 2025 |
Trade receivables | 1,160.0 | 1,310.7 |
Inventories | 1,332.2 | 1,410.7 |
Other current assets | 322.4 | 321.4 |
Income tax receivables | 226.6 | 178.0 |
Short-term deferred taxes assets/(liabilities) | 109.6 | 132.8 |
Trade payables | (967.2) | (1,026.6) |
Other current liabilities | (897.4) | (980.4) |
Income tax payables | (118.4) | (85.1) |
Short-term provisions | (173.3) | (156.4) |
Working capital required | 994.8 | 1,105.1 |
Calculation of net financial debt
In millions | H1 2024 | H1 2025 |
Short-term borrowings | 929.7 | 525.1 |
Long-term borrowings | 4,622.1 | 5,466.0 |
Cash and cash equivalents | (2,121.9) | (2,697.1) |
Net financial debt | 3 429.9 | 3,294.0 |
Reconciliation of adjusted operating profit with profit for the period
In millions | H1 2024 | H1 2025 |
Profit for the period | 577.7 | 629.8 |
Share of profits (losses) of equity-accounted entities | 0.0 | 0.0 |
Income tax expense | 213.4 | 244.8 |
Exchange (gains) losses | 8.7 | 17.8 |
Financial income | (60.1) | (38.0) |
Financial expense | 71.8 | 76.6 |
Operating profit | 811.5 | 931.0 |
Amortization depreciation of revaluation of assets at the time of acquisitions and other P&L impacts relating to acquisitions | 61.6 | 72.4 |
Impairment of goodwill | 0.0 | 0.0 |
Adjusted operating profit | 873.1 | 1,003.4 |
Reconciliation of EBITDA with profit for the period
In millions | H1 2024 | H1 2025 |
Profit for the period | 577.7 | 629.8 |
Share of profits (losses) of equity-accounted entities | 0.0 | 0.0 |
Income tax expense | 213.4 | 244.8 |
Exchange (gains) losses | 8.7 | 17.8 |
Financial income | (60.1) | (38.0) |
Financial expense | 71.8 | 76.6 |
Operating profit | 811.5 | 931.0 |
Depreciation and impairment of tangible assets (including right-of-use assets) | 109.0 | 118.4 |
Amortization and impairment of intangible assets (including capitalized development costs) | 67.8 | 80.1 |
Impairment of goodwill | 0.0 | 0.0 |
EBITDA | 988.3 | 1,129.5 |
Reconciliation of cash flow from operations and free cash flow with profit for the period
In millions | H1 2024 | H1 2025 |
Profit for the period | 577.7 | 629.8 |
Adjustments for non-cash movements in assets and liabilities: | ||
Depreciation, amortization and impairment | 179.2 | 201.4 |
Changes in other non-current assets and liabilities and long-term deferred Taxes | 38.8 | 30.3 |
Unrealized exchange (gains)/losses | 0.3 | (2.9) |
(Gains)/losses on sales of assets. net | 2.7 | 2.1 |
Other adjustments | 5.7 | 2.1 |
Cash flow from operations | 804.4 | 862.8 |
Decrease (Increase) in working capital requirement | (258.1) | (284.8) |
Net cash provided from operating activities | 546.3 | 578.0 |
Capital expenditure (including capitalized development costs) | (78.6) | (77.7) |
Net proceeds from sales of fixed and financial assets | 0.4 | 1.3 |
Free cash flow | 468.1 | 501.6 |
Scope of consolidation
2024 | Q1 | H1 | 9M | Full-year |
Full consolidation method | ||||
MSS | Balance sheet only | 6 months | 9 months | 12 months |
ZPE Systems | Balance sheet only | Balance sheet only | Balance sheet only | 12 months |
Enovation | Balance sheet only | Balance sheet only | 7 months | |
Netrack | Balance sheet only | Balance sheet only | 9 months | |
Davenham | Balance sheet only | Balance sheet only | 6 months | |
Vass | Balance sheet only | Balance sheet only | 7 months | |
UPSistemas | Balance sheet only | Balance sheet only | ||
APP | Balance sheet only | |||
Power Bus Way | Balance sheet only | |||
Circul'R | Balance sheet only | |||
2025 | Q1 | H1 | 9M | Full-year |
Full consolidation method | ||||
MSS | 3 months | 6 months | 9 months | 12 months |
ZPE Systems | 3 months | 6 months | 9 months | 12 months |
Enovation | 3 months | 6 months | 9 months | 12 months |
Netrack | 3 months | 6 months | 9 months | 12 months |
Davenham | 3 months | 6 months | 9 months | 12 months |
Vass | 3 months | 6 months | 9 months | 12 months |
UPSistemas | 3 months | 6 months | 9 months | 12 months |
APP | Balance sheet only | 6 months | 9 months | 12 months |
Power Bus Way | Balance sheet only | 6 months | 9 months | 12 months |
Circul'R | Balance sheet only | Balance sheet only | To be determined | To be determined |
Performation | Balance sheet only | Balance sheet only | To be determined | To be determined |
CRS | Balance sheet only | Balance sheet only | To be determined | To be determined |
Linkk Busway Systems | To be determined | To be determined | ||
Amperio Project | To be determined | To be determined | ||
Quitérios | To be determined | To be determined | ||
Cogelec | To be determined | To be determined | ||
Disclaimer
This press release may contain forward-looking statements which are not historical data. Although Legrand considers these statements to be based on reasonable assumptions at the time of publication of this release. they are subject to various risks and uncertainties that could cause actual results to differ from those expressed or implied herein.
Details on risks are provided in the most recent version of Legrand Universal Registration Document filed with the Autorité des marchés financiers (French Financial Markets Authority. AMF). which is available on-line on the websites of both AMF (www.amf-france.org) and Legrand (www.legrandgroup.com).
Investors and holders of Legrand securities are reminded that no forward-looking statement contained in this press release is or should be construed as a promise or a guarantee of actual results by Legrand or anyone else. which are liable to differ significantly. Therefore such statements should be used with caution taking into account their inherent uncertainty.
The forward-looking statements contained in this press release are only valid on the date of its publication. Subject to applicable regulations. Legrand does not undertake to update these statements to reflect events or circumstances occurring after the date of publication of this release.
This press release does not constitute an offer to sell. or a solicitation of an offer to buy Legrand securities in any jurisdiction.
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Contacts:
investor relations Financial communication
Ronan MARC (Legrand)
+33 1 49 72 53 53 ronan.marc@legrand.com
Press relations
Lucie DAUDIGNY (TBWA)
+33 6 77 20 71 11 lucie.daudigny@tbwa-corporate.com
