Landis+Gyr Group (LAND) H2 2026 earnings summary

Executive summary

• Achieved strategic transformation in FY2025 with the successful divestment of the EMEA business, completed in April 2026, focusing on higher-margin, software-driven operations.

• FY2025 net revenue rose 4.2% year-over-year to $1,166.2 million, driven by strong Americas performance and software-enabled services.

• Adjusted EBITDA reached $167.5 million (14.4% margin), reflecting a 10.9% increase and margin expansion.

• Returned approximately $70 million to shareholders via dividends and share repurchases.

• Backlog stood at $3.9 billion, with 43% in software and software-enabled services, supporting future visibility.

Financial highlights

• FY2025 net revenue reached $1,166.2 million, up 4.2% year-over-year, with adjusted gross margin at 34.7% (up 60bps); adjusted EBITDA margin was 14.4%.

• Q4 FY2025 net revenue was $352.4 million, up 24.8% year-over-year; gross margin expanded by 460bps to 36.7%.

• Americas segment revenue up 7.8% to $1,040.1 million; APAC revenue down 18.8% to $126.0 million.

• FY2025 order intake was $1.1 billion, with a book-to-bill ratio of 0.95x and backlog stable at $3.9 billion.

• Cash and cash equivalents at year-end were $232.9 million, up from $171.6 million.

Outlook and guidance

• FY2026 net revenue expected between $1,075–$1,125 million, reflecting a $60 million gap due to contract transitions.

• Adjusted EBITDA margin forecasted to improve to 14.5–15.5% despite lower revenue.

• Midterm (through FY2028) organic revenue CAGR expected in mid-single digits, with EBITDA growing at about twice the rate of revenue.

• Dividend proposal for 2026 increased to CHF 1.20 per share.

• Major Revelo contract to complete deployment in FY2026, shifting revenue mix toward software/services.