Over the first nine months of 2025, Legrand reported sales growth of +14.5% excluding currency effects and an adjusted operating margin of 20.7% after acquisitions
Organic growth: +8.2% driven by strong momentum in datacenters
Net profit attributable to the Group: 12.8% of sales
Free cash flow: growing +16.3%
7 acquisitions announced since the beginning of the year
Representing approximately €500 million in additional annual sales in markets tied to the energy and digital transition
Including 4 acquisitions in datacenters
Full-year 2025 targets confirmed
Sales growth: +10% to +12% excluding currency effects
Adjusted operating margin (after acquisitions): 20.5% to 21.0% of sales
Regulatory News:
Legrand (Paris:LR):
Benoît Coquart, Legrand's Chief Executive Officer, commented:
The third quarter of 2025 was another excellent period, continuing our growth momentum with revenue up +13.4% excluding currency effects.
Over the first nine months of the year, revenue (excluding currency effects), net income attributable to the Group, and free cash flow rose by +14.5%, +7.0%, and +16.3%, respectively.
These strong showings, fully aligned with our roadmap, reflect the disciplined and successful execution of our Ambitions 2030 plan, notably through:
the acceleration of our organic growth, driven by datacenters;
the acceleration of our external growth, with seven transactions announced since the beginning of the year, representing approximately €500 million in additional annualized revenue, and a persistently robust acquisition pipeline;
and continued strong financial discipline, notably in managing pricing, costs, and capital employed.
Building on these solid performances and on sustained positive indicators in datacenters, we confirm our annual targets, which were already raised three months ago.
Full-year 2025 targets (raised in July 2025) confirmed
In 2025, the Group is pursuing the profitable and responsible development laid out in its strategic roadmap1 |
Taking into account the first nine months of the year results, Legrand is targeting for full-year 2025: |
sales growth (organic and through acquisitions, excluding currency effects) of between +10% and +12%
|
an adjusted operating margin (after acquisitions) of 20.5% to 21.0% of sales |
at least 100% CSR achievement rate for the first year of the 2025-2027 roadmap2 |
| __________________ |
1 For further information, please refer to documents published in the Capital Markets Day 2024 Legrand section |
2 For further information, please refer to documents published in the CSR Capital Markets Day 2025 Legrand section |
Financial performance at September 30, 2025
Key figures
Consolidated data (€ millions)(1) | 9 months 2024 | 9 months 2025 | Change |
Sales | 6,229.0 | 6,971.4 | +11.9% |
Adjusted operating profit | 1,276.1 | 1,443.8 | +13.1% |
As of sales | 20.5% | 20.7% | |
20.6% before acquisitions (2) | |||
Operating profit | 1,189.7 | 1 332.5 | +12.0% |
As of sales | 19.1% | 19.1% | |
Net profit attributable to the Group | 833.7 | 892.3 | +7.0% |
As of sales | 13.4% | 12.8% | |
Free cash flow | 749.2 | 871.0 | +16.3% |
As of sales | 12.0% | 12.5% | |
Net financial debt at September 30 | 3,204.8 | 3,121.7 | -2.6% |
(1) See appendices to this press release for definitions and indicators reconciliation tables | |||
(2) At 2024 scope of consolidation | |||
Consolidated sales
In the first nine months of 2025, sales grew +11.9% from the same period of 2024, to reach €6,971.4 million.
Organic growth stood at +8.2% over the period, with sales up +9.9% in mature countries and +2.9% in new economies.
The impact of broader scope of consolidation was +5.8% for the first nine months. Based on acquisitions announced and their likely dates of consolidation, the full-year impact of scope changes should be around +5%.
The exchange-rate effect on sales in the first nine months of 2025 was -2.2%. Based on average exchange rates observed in October 2025, the full-year effect would be around -3.0% in 2025.
Changes in sales by destination at constant scope of consolidation and exchange rates were as follows by region:
9 months 2025 9 months 2024 | 3rd quarter 2025 3rd quarter 2024 | ||
Europe | +1.5% | +2.7% | |
North and Central America | +18.0% | +13.3% | |
Rest of the world | +2.4% | +0.7% | |
Total | +8.2% | +6.7% |
These changes are analyzed below by geographical region:
Europe (38.3% of Group revenue): in a market that remains overall contrasted, sales at constant scope of consolidation and exchange rates were up +1.5% over the first nine months of 2025, including +2.7% growth in the third quarter.
In mature European countries (33.7% of Group revenue), organic sales rose +1.5% over the nine month period, including an increase of +1.9% in the third quarter, with growth in Germany, Italy, Netherland and the UK, partly offset by negative trends in France and Spain.
Sales in Europe's new economies were up +1.6% over the nine-month period, with trends varying by country. In the third quarter, sales posted a solid increase of +7.8%.
North and Central America (42.7% of Group revenue): sales were up +18.0% from the first nine months of 2024 at constant scope of consolidation and exchange rates.
In the United States (39.6% of Group revenue), sales rose a sharp +19.1% over nine months, and +14.4% in the third quarter. This strong growth was driven by the outstanding performance of our datacenters offerings.
Over the first nine months, Canada and Mexico reported sales growth.
Rest of the world (19.0% of Group revenue): sales saw organic growth of +2.4% in the first nine months of 2025.
In Asia-Pacific (12.1% of Group revenue), sales were up +3.6% over nine months and +1.7% in the third quarter. Nine-month sales were up in India and Malaysia, but down in Australia and China.
In Africa and the Middle East (3.4% of Group revenue), sales grew +5.7% in the first nine months and +0.9% in the third quarter. Nine-month sales rose sharply in the Middle East, partly offset by a decline in Africa, particularly in Algeria.
In South America (3.5% of Group revenue), sales retreated -3.9% over nine months, mainly due to Brazil, and fell by -2.3% in the third quarter.
Adjusted operating profit and margin
Adjusted operating profit for the first nine months of 2025 stood at €1,443.8 million, up +13.1% from the same period of 2024. This corresponds to an adjusted operating margin equal to 20.7% of sales.
Before acquisitions, adjusted operating margin for the first nine months of 2025 stood at 20.6% of sales, up +0.1 point year on year.
The Group's profitability over the first nine months demonstrates the strength of Legrand's strategic model and its solid capacity for execution and adaptation, notably amid evolving global trade policies.
Value creation and solid balance sheet
Net profit attributable to the Group rose by +7.0% compared with the first nine months of 2024, reaching €892.3 million, or 12.8% of sales. This performance mainly reflects higher operating profit, partially offset by a less favourable financial result and a 1 point increase in the corporate income tax rate, which stood at 28% for the first nine months of 2025.
Free cash flow represented 12.5% of sales for the period, totalling €871.0 million, up +16.3% compared to the first nine months of 2024.
Seven acquisitions announced since the beginning of the year
Legrand actively pursued its acquisition strategy, announcing1 seven transactions since January, all in buoyant segments tied to the energy and digital transition:
in datacenters, with the acquisitions of Amperio Project in Switzerland, Avtron Power Solution in United-States, 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 €500 million in annualized additional revenue and are totally aligned with Legrand's 2030 strategic ambitions.
| ______________ |
1 Subject to customary closing conditions |
Consolidated financial statements for the first nine months of 2025, a presentation, and the related teleconference (live and replay) are available at www.legrand.com
KEY FINANCIAL DATES
| February 12, 2026 |
| January 13, 2026 |
| May 7, 2026 |
| April 7, 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.legrand.com
Appendices
Glossary
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.
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.
Organic growth: Organic growth is defined as the change in sales at constant structure (scope of consolidation) and exchange rates.
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.
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.
Cash flow from operations: Cash flow from operations is defined as net cash from operating activities excluding changes in working capital requirement.
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.
CSR: Corporate Social Responsibility.
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.
Calculation of working capital requirement
In millions | 9M 2024 | 9M 2025 |
Trade receivables | 1,059.9 | 1,194.3 |
Inventories | 1,360.8 | 1,463.0 |
Other current assets | 274.0 | 309.5 |
Income tax receivables | 223.2 | 215.0 |
Short-term deferred taxes assets/(liabilities) | 104.2 | 137.5 |
Trade payables | (923.7) | (975.9) |
Other current liabilities | (873.7) | (1,001.7) |
Income tax payables | (70.1) | (113.2) |
Short-term provisions | (160.7) | (161.5) |
Working capital required | 993.9 | 1,067.0 |
Calculation of net financial debt
In millions | 9M 2024 | 9M 2025 |
Short-term borrowings | 412.3 | 535.2 |
Long-term borrowings | 4,627.1 | 5,578.8 |
Cash and cash equivalents | (1,834.6) | (2,992.3) |
Net financial debt | 3,204.8 | 3,121.7 |
Reconciliation of adjusted operating profit with profit for the period
In millions | 9M 2024 | 9M 2025 |
Profit for the period | 833.9 | 894.4 |
Share of profits (losses) of equity-accounted entities | 0.0 | 0.0 |
Income tax expense | 307.8 | 348.0 |
Exchange (gains) losses | 16.4 | 20.9 |
Financial income | (79.0) | (55.0) |
Financial expense | 110.6 | 124.2 |
Operating profit | 1,189.7 | 1,332.5 |
Amortization depreciation of revaluation of assets at the time of
| 86.4 | 111.3 |
Impairment of goodwill | 0.0 | 0.0 |
Adjusted operating profit | 1,276.1 | 1,443.8 |
Reconciliation of EBITDA with profit for the period
In millions | 9M 2024 | 9M 2025 |
Profit for the period | 833.9 | 894.4 |
Share of profits (losses) of equity-accounted entities | 0.0 | 0.0 |
Income tax expense | 307.8 | 348.0 |
Exchange (gains) losses | 16.4 | 20.9 |
Financial income | (79.0) | (55.0) |
Financial expense | 110.6 | 124.2 |
Operating profit | 1,189.7 | 1,332.5 |
Depreciation and impairment of tangible assets (including right-of-use assets) | 161.9 | 176.8 |
Amortization and impairment of intangible assets (including capitalized development costs) | 100.5 | 123.4 |
Impairment of goodwill | 0.0 | 0.0 |
EBITDA | 1,452.1 | 1,632.7 |
Reconciliation of cash flow from operations and free cash flow with profit for the period
In millions | 9M 2024 | 9M 2025 |
Profit for the period | 833.9 | 894.4 |
Adjustments for non-cash movements in assets and liabilities: | ||
Depreciation. amortization and impairment | 266.3 | 304.7 |
Changes in other non-current assets and liabilities and long-term deferred Taxes | 56.9 | 41.8 |
Unrealized exchange (gains)/losses | (6.7) | (1.3) |
(Gains)/losses on sales of assets. net | 0.9 | 2.1 |
Other adjustments | 12.2 | 14.1 |
Cash flow from operations | 1,163.5 | 1,255.8 |
Decrease (Increase) in working capital requirement | (292.2) | (255.0) |
Net cash provided from operating activities | 871.3 | 1,000.8 |
Capital expenditure (including capitalized development costs) | (127.3) | (131.9) |
Net proceeds from sales of fixed and financial assets | 5.2 | 2.1 |
Free cash flow | 749.2 | 871.0 |
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 | Balance sheet only | To be determined |
Performation | Balance sheet only | Balance sheet only | Balance sheet only | To be determined |
CRS | Balance sheet only | Balance sheet only | Balance sheet only | To be determined |
Linkk Busway Systems | Balance sheet only | To be determined | ||
Amperio Project | Balance sheet only | To be determined | ||
Quitérios | Balance sheet only | To be determined | ||
Cogelec | To be determined | |||
Avtron Power Solutions | 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.legrand.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.
Readers are invited to verify the authenticity of Legrand press releases with the CertiDox app. Learn more at www.certidox.com |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251105740175/en/
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
