Legrand (LR) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 results with sales up 15% excluding FX, driven by robust datacenter performance and six acquisitions supporting energy and digital transition segments.

• Adjusted operating margin reached 21.0% of sales, with net profit at 13.2% of sales.

• Strategic execution and innovation momentum reinforce confidence in reaching the upper end of the 2030 revenue target range (~€15bn).

• 2025 full-year sales and margin targets revised upward, reflecting strong performance and confidence in the strategic roadmap.

• Six acquisitions in H1 2025 added nearly €200 million in annualized revenue, reinforcing leadership in datacenters, energy transition, and digital lifestyles.

Financial highlights

• H1 2025 sales: €4,774.3 million, up 13.4% year-over-year, with 9% organic growth and a 5.5% positive scope effect.

• Adjusted operating profit: €1,003.4 million (+14.9%), margin 21.0% of sales.

• Net profit attributable to the Group: €628.1 million (+8.7%), 13.2% of sales.

• Free cash flow: €501.6 million (+7.2%), 10.5% of sales.

• Net debt-to-EBITDA ratio stood at 1.5 at H1 end, with net financial debt at €3,294.0 million.

Outlook and guidance

• 2025 full-year sales growth (ex-FX) now guided at +10% to +12%, with organic growth of +5% to +7% and acquisitions contributing ~+5%.

• Adjusted operating margin after acquisitions targeted at 20.5%-21% of sales.

• 2030 revenue target reaffirmed at upper end (~€15bn), supported by double-digit annual organic growth in datacenters.

• No recovery in building markets assumed in 2025 guidance; growth driven by datacenters.

• At least 100% CSR achievement rate for the first year of the 2025-2027 roadmap.