Growth, product-family performance, operations, channels and strategic signals across Legrand — the global specialist in electrical & digital building infrastructure.
Revenue of €9,481 M grew 7.7% organically, but the re-rating runs on revenue quality: the datacenter/AI-infrastructure engine (now ~26% of sales, ~+40% organic) plus software & services, whose mix sits at 15% against the 18% target. Convert the €589 M weighted pipeline and €2,100 M of cross-sell / new-order whitespace into datacenter, connected & software revenue.
8 of 8 headline metrics improving vs prior · still off target: Total Revenue €9.5 bn vs €10.4 bn, Software & Services Revenue €1.4 bn vs €1.7 bn, Software & Services Mix % 15.0% vs 18.0%
Lifting software & services mix from 15% to 18% reframes ≈ €284 M of revenue as higher-margin, less-cyclical recurring output — the swing that compounds the datacenter re-rating and holds the 20%+ adjusted margin.
Lean on datacenter + US electrification; connected-product attach to lift residential value.
Europe grew only +1.9% organic; residential remains the ballast pending a 2026 recovery.
AI datacenter critical-power & busway program (US hyperscaler) (Datacenter & Power Infrastructure) carries €320 M at 62% — the largest single mover in the €589 M weighted book.
Add critical-power / busway / cooling capacity; scale Raritan · Server Technology · Starline · Avtron.
Datacenter revenue €2,400 M (26% of sales) growing ~+40% organic (>50% in the US); order book 'particularly promising'.
Monthly revenue (bars) and adjusted operating profit (line), € M.
Weighted pursuits — signal-driven items sourced from news / Euronext-Press adapters.
| Opportunity | Solution | Stage | Prob. | Value |
|---|---|---|---|---|
| signalAI datacenter critical-power & busway program (US hyperscaler) | Datacenter & Power Infrastructure | Proposal | 62% | €320 M |
| signalAdvanced / liquid cooling scale-up (Accelsius direct-to-chip) | Datacenter & Power Infrastructure | Develop | 52% | €260 M |
| Eliot / Netatmo connected-building rollout (commercial REIT) | Building & Connected Systems | Proposal | 55% | €150 M |
| signalCable-management & busbar framework (colocation, APAC) | Energy Distribution & Cable Management | Develop | 52% | €140 M |
| signalEV-charging & energy-transition retrofit (Green'up) | Building & Connected Systems | Qualify | 45% | €120 M |
| Wiring-devices range refresh & distributor listing (Europe) | Wiring Devices & Controls | Qualify | 42% | €110 M |
News + Euronext/Press feed linked to customers, suppliers and peers.
| Source | Signal | Entity | Type | Materiality | Implication |
|---|---|---|---|---|---|
| News | AI/datacenter capex wave lifts critical-power & cooling demand | Datacenters | Demand | High | → datacenter €2.4 bn (26% of sales) growing ~+40% organic; order book 'particularly promising' for 2026 |
| News | US electrification & reshoring drive North America to +17% organic | North & Central America | Demand | High | → NCA now the largest region (~42%); US the growth engine |
| News | Euro strengthens vs US dollar — FX a ~−3% drag on reported sales | FX (€/$) | Macro/FX | Medium | → reported +9.6% vs ex-FX +13%; ~85% of sales are international |
| News | Copper prices firm; US tariffs add ~$100 m to the cost base | Copper & non-ferrous metals | Cost | Medium | → input-cost & tariff pressure on gross margin; pricing & productivity must offset |
| Euronext/Press | Schneider, Vertiv & Eaton scale datacenter power — competitive read-through | Vertiv / Schneider / Eaton | Competition | Medium | → Vertiv the most direct datacenter rival; Legrand differentiates on busway, cooling & multi-brand breadth |
| Euronext/Press | Legrand FY2025 results: sales +13% ex-FX; two new datacenter deals (Green4T, Kratos) | Legrand SA | M&A | High | → ~€500 m annualised revenue added via 7 FY2025 bolt-ons; strong pipeline into 2026 |
Wiring Devices & Controls · Energy Distribution & Cable Management · Building & Connected Systems · Datacenter & Power Infrastructure.
The historic core — sockets, switches & home controls (Legrand, Bticino, Arteor, Nexy). Steady cash engine.
Critical power, busway, containment, cooling, PDUs & monitoring for AI/HPC (Raritan, Server Technology, Starline, Avtron, ZPE). ~26% of sales, ~+40% organic — the growth engine, built on ~30 acquisitions.
Building & connected systems — the Eliot IoT program, Netatmo, Vantage, EV charging (Green'up). Carries most of the software & services.
Cable management (Cablofil), enclosures & circuit protection (XL³, DPX), UPS & busbar (Numeric, Zucchini).
Plant-asset health, on-time delivery and quality across the plants, lines and logistics hubs.
Top channels & accounts (distributors, hyperscalers, panel builders, installers) with revenue, repeat rate, score and untapped cross-sell / new-order whitespace.
| Account | Tier | End-market | Revenue | Soft. & Svc | Repeat | Cross-sell | Score | Churn |
|---|---|---|---|---|---|---|---|---|
| Electrical distributors & wholesalers | Global | Distribution | €5,200 M | €620 M | 108% | €700 M | 88 | Low |
| Datacenter operators & hyperscalers | Global | Datacenters | €1,900 M | €420 M | 118% | €900 M | 92 | Low |
| Panel builders & integrators | National | Systems integration | €1,100 M | €120 M | 106% | €220 M | 82 | Medium |
| Electricians & installers | National | Contracting | €800 M | €90 M | 105% | €160 M | 80 | Medium |
| Retail / DIY & e-commerce | National | Retail & connected | €481 M | €150 M | 110% | €120 M | 78 | Medium |