The shareholder-value view — start → today → target, the multiple-expansion that datacenter, connected products & bolt-on M&A earn, plus the software & services engine behind it.
Enterprise value has re-rated from €24.9 bn at the start of the journey to €39.2 bn today; €29.0 bn of the plan remains to the €68.2 bn 'Ambitions 2030' target. The prize is datacenter-led growth + multiple expansion — grow datacenter mix from 26% toward 30% and bank the €220 M of open strategic-program run-rate.
4 of 4 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 Mix % 15.0% vs 18.0%
€29.0 bn of enterprise value stands between today's €39.2 bn and the €68.2 bn target plan — the swing that compounds shareholder value.
Climbing toward the AI-infrastructure platform tier is worth 2–3 turns of the multiple — on €2.0 bn of adjusted operating profit that is €3.9 bn–€5.9 bn from re-rating alone.
€220 M of €250 M run-rate from the strategic programs is still to capture — the same work that finishes M&A integration and datacenter capacity and lifts blended margin.
M&A integration, datacenter capacity & cooling, Eliot platform, ERP / Gaia · Elia AI
Legrand runs a Value Creation Plan from start to target. The business has grown to €9.5 bn of revenue; the prize from here is datacenter-led growth + multiple expansion — the AI / datacenter re-rating lifts the business, and less-cyclical software, services & connected revenue is valued at a premium. This is the screen that tracks it.
Each lever shown start → today → target, with progress through the plan.
| Workstream | Lever | Start | Today | Target | Progress | Status |
|---|---|---|---|---|---|---|
| Scale the platform | Datacenter, connected & bolt-on M&A | €8.6 bn | €9.5 bn | €15.0 bn | On track | |
| Grow datacenter & connected | AI/datacenter + Eliot | 21% | 26% | 30% | On track | |
| Expand adjusted margin | Mix, pricing & productivity | 20.5% | 20.7% | 21% | On track | |
| Grow profit | Scale × margin | €1.8 bn | €2.0 bn | €3.1 bn | On track | |
| Fund M&A, stay investment-grade | FCF + IG balance sheet | 1.5× | 1.9× | 1.5× | On track | |
| Re-rate the multiple | AI / datacenter re-rating | 14× | 20× | 22× | On track |
Datacenter mix moves the EV/EBITDA multiple. At 26%, Legrand sits in the datacenter-weighted infrastructure tier — every point toward 30% pulls it up.
Climbing toward the AI-infrastructure platform tier is worth 2–3 turns of the multiple — on €2.0 bn of adjusted operating profit, that's €3.9 bn–€5.9 bn of enterprise value from re-rating alone.
Less-cyclical software, services & connected revenue (Eliot / Netatmo subscriptions, datacenter monitoring & services, Performation software, aftermarket) commands a richer EV/revenue than cyclical hardware — separate from, and on top of, the blended multiple.
So what: scaling Eliot / Netatmo subscriptions, datacenter monitoring & services and building software creates value at a premium multiple — well above the 20× the blended company trades at. It's the single highest-return euro in the plan.
The concrete programs behind the value-creation % — not a slogan, a checklist.
Legrand's value-creation playbook in action: M&A integration of the FY2025 bolt-ons, datacenter capacity & advanced cooling, the Eliot / connected platform, energy-efficiency & electrification, and ERP / Gaia · Elia AI digitalization. €220 M of run-rate is still to capture — the same work behind holding the 20%+ adjusted operating margin.