LLegrandExecutive Cockpit
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LLegrand · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY2025 (31 Dec 2025, audited). Wiring Devices & Controls · Energy Distribution & Cable Management · Building & Connected Systems (Eliot) · Datacenter & Power Infrastructure.

€9.5 bn
Revenue (FY2025)
9
Bolt-on acquisitions (FY2025)
39,600
Employees
The global specialist in electrical & digital building infrastructures
Market position
Publicly listed (Euronext Paris: LR) · free float ~90%, no controlling shareholder · Chair Angeles Garcia-Poveda · Benoît Coquart (Chief Executive Officer) · HQ Limoges, France
Where we stand

Executive scorecard

Legrand · Board Pack · 1 · Executive Summary
Total Revenue
€9.5 bn
prior €8.6 bn
Organic Sales Growth
7.7%
prior 6.6%
Adjusted Operating Profit
€2.0 bn
prior €1.8 bn
Adjusted Operating Margin
20.7%
prior 20.5%
Software & Services Revenue
€1.4 bn
prior €1.2 bn
Software & Services Mix %
15.0%
prior 14.0%
Connected / Subscription Retention
112.0%
prior 109.0%
Employees
39,600
prior 38,000
Executive summary
Growth & profitability

Revenue, EBITDA & mix

Legrand · Board Pack · 2 · Performance
Revenue by segment
Wiring Devices & Controls27%
Datacenter & Power Infrastructure25%
Building & Connected Systems24%
Energy Distribution & Cable Management23%
Wiring Devices & Controls
€2.6 bn
+4% · Adj op 21.5% · S&S 8%
Datacenter & Power Infrastructure
€2.4 bn
+40% · Adj op 22.5% · S&S 18%
Building & Connected Systems
€2.3 bn
+5% · Adj op 18.5% · S&S 28%
Energy Distribution & Cable Management
€2.2 bn
+6% · Adj op 20% · S&S 9%
Multi-brand portfolio

Brand & product-family economics, margin journey

Legrand · Board Pack · 3 · Operating Lines
BrandAcquiredRevenueS&SEBITDA upliftSynergyStatus
Legrand (Wiring Devices & Controls)1865€2.6 bn€120 M+€544 M96%Integrated
Bticino (Building Systems)1989€1.3 bn€110 M+€221 M90%Integrated
Cablofil (Cable Management)2000€1.1 bn€40 M+€208 M92%Integrated
Numeric · Zucchini (Power & Busway)2010€1.1 bn€90 M+€207 M88%Integrated
Raritan · Server Technology · Starline (Datacenter)2015€1.7 bn€260 M+€365 M86%Integrated
Netatmo · Eliot (Connected)2018€1.0 bn€520 M+€177 M74%In progress
Avtron · Kratos · ZPE (Datacenter M&A)2024€700 M€160 M+€143 M55%In progress

The historic wiring, cable and building brands carry the base and are fully integrated; the newer bolt-ons (Netatmo / Eliot connected, Raritan / Starline datacenter, and the recent Avtron / Kratos / ZPE datacenter M&A) remain in mix-shift and synergy capture. Legrand SA consolidates all of these brands — overlapping lenses, not additive to the group total.

Balance sheet & liquidity

Leverage, cash & covenants

Legrand · Board Pack · 4 · Capital & Cash
Net Debt / EBITDA
1.9x
target 3.0x
Covenant Headroom (to 3.0×)
1.1x
target 1.5x
Interest Cover (EBITDA / net interest)
9.0x
target 8.0x
Market Capitalisation
€40.0 bn
Free Cash Flow
€1.3 bn
target €1.4 bn
Cash Conversion Cycle
78d
target 70d
DSO (Days Sales Outstanding)
62d
target 55d
M&A Integration / Synergy Realization
78.0%
target 100.0%
Net leverage 1.9x (net debt ~€4,223 M) is investment-grade — wide headroom to the ~3.0x covenant ceiling — self-funding the bolt-on M&A pipeline, alongside a €40.0 bn market capitalisation. The path: run-rate FCF sweep, working-capital discipline (CCC 78d) and margin expansion as the software & services / datacenter mix scales.
Governance

Watch-list & priority actions

Legrand · Board Pack · 5 · Risk & Actions
●Datacenter is the growth engineceo
Datacenter revenue €2,400 M (26% of sales) growing ~+40% organic (>50% in the US); order book 'particularly promising'.
→ Add critical-power / busway / cooling capacity; scale Raritan · Server Technology · Starline · Avtron.
●Residential & building markets still mutedceo
Europe grew only +1.9% organic; residential remains the ballast pending a 2026 recovery.
→ Lean on datacenter + US electrification; connected-product attach to lift residential value.
●Net debt up +40% on M&Acfo
Net financial debt €4,223 M (from €3,006 M) → leverage 1.9× (was ~1.5×); still investment-grade vs ~3.0× ceiling.
→ Fund the bolt-on pipeline from FCF (€1,331 M, 107% conversion); keep leverage well inside the ceiling.
●Adjusted margin held above 20%cfo
Adjusted operating margin 20.7% (+0.2 pt), 20.6% before acquisitions — margin held even after diluting in new businesses.
→ Sustain pricing & productivity to offset copper and the ~$100 m tariff cost.
●FX (€/$) a ~−3% drag on reported growthcfo
A stronger euro cut reported growth to +9.6% vs +13% ex-FX; ~85% of sales are international.
→ Natural hedging via local production (US, India, China); report ex-FX to show underlying momentum.
●Market cap re-rated to ~€40 bnboard
The AI/datacenter story re-rated the stock from ~€25–30 bn to ~€40 bn; 2026 high ~€157.
→ Communicate the 'Ambitions 2030' path (~€15 bn sales, >20% margin) to sustain the multiple.
●Bolt-on M&A machine compoundingboard
7 FY2025 deals (~€500 m annualised revenue), +5.1% scope growth; ~30 datacenter acquisitions to date.
→ Keep ~7 self-funded deals/yr in datacenter & energy transition; realize integration synergies.
●Reported vs adjusted margins — keep them distinctboard
Adjusted operating 20.7% ≠ reported operating 19.1% ≠ net 13.1%; the €154 m bridge is acquisition amortisation.
→ Headline the adjusted margin; explain the acquisition-amortisation bridge to reported profit.
Material external signals
[News] AI/datacenter capex wave lifts critical-power & cooling demand · Datacenters→ 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→ NCA now the largest region (~42%); US the growth engine
[Euronext/Press] Legrand FY2025 results: sales +13% ex-FX; two new datacenter deals (Green4T, Kratos) · Legrand SA→ ~€500 m annualised revenue added via 7 FY2025 bolt-ons; strong pipeline into 2026

Legrand is listed (Euronext Paris: LR · CAC 40): headline financials are real FY2025 anchors; granular per-segment / per-program detail is modelled. AI summary generated by Azure OpenAI (GPT-4.1).