Growth & capex delivery — the active build book, completion, and where project margin is slipping against plan.
6 active capex builds are tracking below target margin, putting €17 M of profit at stake — recoverable while the build is still in flight. With 3 of 9 initiatives needing attention and €542 M of capex still to deploy, the fastest margin recovery is on the builds already underway.
2 of 2 headline metrics improving vs prior · still off target: Datacenter Revenue €2.4 bn vs €3.0 bn
Advanced / liquid cooling scale-up (Accelsius) is 40% deployed at 20% vs a 22% target — €4 M at stake that locks in once the line ramps.
€542 M of committed capex remains to be deployed across 9 active builds at 52% average completion — capacity stays off-line until it commissions.
Behind the €2.4 bn datacenter revenue sit live datacenter-capacity, Nashik-plant, Eliot-platform and M&A-integration builds. This view is where capex becomes operating capacity — and where project margin erodes if a build runs long or scope creeps. 3 of 9 active builds need attention.
Margin shown as actual / target — red where the build is tracking below plan.
| Initiative | Anchor / sponsor | Product family | Location | Capex | Complete | Margin | Health |
|---|---|---|---|---|---|---|---|
| US datacenter capacity expansion (busway & PDU) | Datacenter operators & hyperscalers | Datacenter & Power Infrastructure | North & Central America | €300 M | 55% | 23% / 24% | On track |
| Advanced / liquid cooling scale-up (Accelsius) | Datacenter operators & hyperscalers | Datacenter & Power Infrastructure | North & Central America | €180 M | 40% | 20% / 22% | Watch |
| Nashik mega-plant ramp (India) | Internal (Operations) | Wiring Devices & Controls | Asia-Pacific | €150 M | 70% | 18% / 20% | On track |
| Eliot / connected platform expansion | Internal (Products & Technology) | Building & Connected Systems | Europe | €120 M | 60% | 21% / 24% | On track |
| SAP S/4 & Gaia/Elia AI digital rollout | Internal (Digital) | Building & Connected Systems | Europe | €100 M | 50% | 0% / 0% | On track |
| Avtron / Kratos / ZPE integration (datacenter M&A) | Internal (M&A Integration) | Datacenter & Power Infrastructure | North & Central America | €90 M | 45% | 0% / 0% | Watch |
| Cable-management capacity (Cablofil, Europe) | Panel builders & integrators | Energy Distribution & Cable Management | Europe | €80 M | 50% | 20% / 22% | On track |
| EV-charging & energy-transition range (Green'up) | Electricians & installers | Building & Connected Systems | Europe | €70 M | 35% | 16% / 19% | Watch |
| CSR roadmap 2025–2027 (Scope 1&2 −19%, sustainable materials) | Internal (CSR) | Wiring Devices & Controls | Europe | €60 M | 65% | 0% / 0% | On track |
The fastest margin recovery is on builds already in flight — tighten scope and conversion cost before they ramp.
Act now: the Advanced / liquid cooling scale-up (Accelsius) build is 40% deployed at 20% vs a 22% target — recover via scope and conversion-cost discipline before it ramps, because once the line commissions the margin is locked in.