The single financial pane of truth — P&L, quality of earnings, profitability, FP&A and brand-family economics.
Margin is above 20%, and ≈ €28 M of adjusted operating profit still sits between today's 20.7% margin and the 21% target — held in the still-integrating brand families and operating costs. Convert mix shift and operating leverage into reported profit to sustain the re-rating.
8 of 8 headline metrics improving vs prior · still off target: Total Revenue €9.5 bn vs €10.4 bn, Adjusted Operating Profit €2.0 bn vs €2.1 bn, Software & Services Revenue €1.4 bn vs €1.7 bn
≈ €28 M of adjusted operating profit stands between 20.7% margin and the 21% target — the swing that sustains the listed-equity re-rating.
Fund the bolt-on pipeline from FCF (€1,331 M, 107% conversion); keep leverage well inside the ceiling.
Net financial debt €4,223 M (from €3,006 M) → leverage 1.9× (was ~1.5×); still investment-grade vs ~3.0× ceiling.
Natural hedging via local production (US, India, China); report ex-FX to show underlying momentum.
A stronger euro cut reported growth to +9.6% vs +13% ex-FX; ~85% of sales are international.
Unbanked synergies & margin until captured.
How €9.5 bn of revenue converts to €2.0 bn adjusted operating profit.
| Revenue | €9.5 bn | 100.0% |
| Cost of goods sold | (€4.6 bn) | (49.0%) |
| Gross profit | €4.8 bn | 51.0% |
| Operating expenses | (€2.8 bn) | (30.0%) |
| Adjusted operating profit | €2.0 bn | 20.7% |
Diligence-grade add-back walk — acquisition amortisation & PPA items.
Datacenter volume & mix + pricing & productivity + acquisitions (net of dilution) vs. copper / tariffs / FX headwind.
Forecast discipline, cost & sustainability savings, and productivity.
Adjusted operating profit uplift and synergy capture by brand family as each was integrated & scaled.
| Brand family | Scaled | Revenue | Software & services | Adj op profit €M | Synergy capture | Status |
|---|---|---|---|---|---|---|
| Legrand (Wiring Devices & Controls) | 1865 | €2.6 bn | €120 M | 15→559 | 96% | Integrated |
| Bticino (Building Systems) | 1989 | €1.3 bn | €110 M | 16→237 | 90% | Integrated |
| Cablofil (Cable Management) | 2000 | €1.1 bn | €40 M | 12→220 | 92% | Integrated |
| Numeric · Zucchini (Power & Busway) | 2010 | €1.1 bn | €90 M | 13→220 | 88% | Integrated |
| Raritan · Server Technology · Starline (Datacenter) | 2015 | €1.7 bn | €260 M | 18→383 | 86% | Integrated |
| Netatmo · Eliot (Connected) | 2018 | €1.0 bn | €520 M | 8→185 | 74% | In progress |
| Avtron · Kratos · ZPE (Datacenter M&A) | 2024 | €700 M | €160 M | 15→158 | 55% | In progress |
One click into the owning view — each reads the same live governed dataset.