Headline news |
07.31.2025 07:302025 first-half results
Legrand reports +15% sales growth in first-half 2025, excluding exchange-rate impact and an adjusted operating margin of 21.0% after acquisitions
Organic growth over the half year: +9%, driven by datacenters
Net profit attributable to the Group: 13.2% of sales
2025 full-year targets revised upward
Sales growth of +10% to +12% excluding exchange-rate impact
Adjusted operating margin (after acquisitions): 20.5% to 21.0% of sales
Active deployment of 2030 strategic roadmap
6 acquisitions announced since the beginning of the year
New-product innovation and commercial excellence initiatives
2030 targets reaffirmed
Benoît Coquart, Legrand’s Chief Executive Officer, commented:
“Our first-half 2025 results were excellent, confirming both the relevance of our strategic roadmap and the strength of our teams’ execution.
The period was marked by numerous growth initiatives, both organic — with many new product launches and commercial initiatives — and external, with the acquisition of six recognized specialists in the energy and digital transition markets announced, representing close to €200 million in additional full-year revenue.
Encouraged by these strong performances, we are revising our full-year sales and margin targets upward.
It has now been nearly a year since we unveiled our 2030 ambitions. The trends we’ve observed over the past twelve months — led primarily by datacenters, which account for 24% of our sales in the first half of 2025, and opportunities linked to the energy transition — combined with early results of our strategic roadmap, strengthen our confidence in reaching the upper end of our 2030 revenue target range, around €15 billion, compared with €8.6 billion in 2024”.
Legrand's performance - key figures
Key figures
Consolidated figures
(IFRS - in millions of euros)
|
2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | H1 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 3,248 | 3,737 | 4,129 | 4,202 | 3,578 | 3,891 | 4,250 | 4,467 | 4,460 | 4,499 | 4,810 | 5,019 | 5,521 | 5,997 | 6,622 | 6,100 | 6,994 | 8,339 | 8,416.9 | 8,648.9 | 4,774.3 | |
Total growth | + 11.0% | + 15.1% | + 10.5% | + 1.8% | - 14.9% | + 8.7% | + 9.2% | + 5.1% | - 0.1% | + 0.9% | + 6.9% | +4.3% | + 10.0% | + 8.6% | + 10.4% | - 7.9% | + 14.7% | + 19.2% | + 0.9% | + 2.8% | + 13.4% | |
Growth at constant scope of consolidation and exchange rate | + 6.6% | + 7.8% | + 8.6% | - 0.1% | - 13.9% | + 3.6% | + 6.4% | - 1.4% | + 0.5% | + 0.5% | + 0.5% | + 1.8% | + 3.1% | + 4.9% | + 2.6% | - 8.7% | + 13.6% | + 9.7% | + 2.7% | + 1.0% | + 9.0% | |
Operating profit (as % of sales) | 406 (12.5%) | 530 (14.2%) | 662 (16.0%) | 643 (15.3%) | 524 (14.6%) | 758 (19.5%) | 812 (19.1%) | 848 (19.0%) | 849 (19.0%) | 848 (18.8%) | 887 (18.4%) | 934 (18.6%) | 1,026 (18.6%) | 1,139 (19.0%) | 1,237 (18.7%) | 1,065 (17.5%) | 1,344 (19.2%) | 1,447 (17.3%) | 1,591.6 (18.9%) | 1,642.7 (19.0%) | 931 (19.5%) | |
Adjusted operating profit (as % of sales) (1) | 509 (15.7%) | 616 (16.5%) | 724 (17.5%) | 698 (16.6%) | 588 (16.4%) | 797 (20.5%) | 857 (20.2%) | 874 (19.6%) | 882 (19.8%) | 880 (19.6%) | 930 (19.3%) | 979 (19.5%) | 1,105 (20.0%) | 1,212 (20.2%) | 1,326 (20.0%) | 1,156 (19.0%) | 1,434 (20.5%) | 1,701 (20.4%) | 1,770.2 (21.0%) | 1,776.0 (20.5%) | 1,003.4 (21%) | |
Net profit attributable to the Group | 104 | 252 | 421 | 350 | 290 | 418 | 479 | 506 | 531 | 532 | 551 | 629 (2) | 711 (3) | 772 | 835 | 681 | 904 | 1,000 | 1,148.5 | 1,166.4 | 628.1 | |
Free cash flow (as % of sales) (4) | 308 (10.1%) | 456 (12.2%) | 553 (13.4%) | 430 (10.2%) | 655 (18.3%) | 646 (16.6%) | 523 (12.3%) | 627 (14.0%) | 563 (12.6%) | 607 (13.5%) | 666 (13.8%) | 673 (13.4%) | 696 (12.6%) | 746 (12.4%) | 1,044 (15.8%) | 1,029 (16.9%) | 952 (13.6%) | 1,036 (12.4%) | 1,584.8 (18.8%) | 1,290.5 (14.9%) | 501.6 (10.5%) | |
Net earnings per share (in euro) | - | 1.02 | 1.58 | 1.37 | 1.11 | 1.60 | 1.82 | 1.92 | 2.00 | 2.00 | 2.07 | 2.36 (5) | 2.67 (6) | 2.89 | 3.13 | 2.55 | 3.39 | 3.75 | 4.33 | 4.45 | 2.4 | |
Dividend per share (in euro) | - | 0.50 | 0.70 | 0.70 | 0.70 | 0.88 | 0.93 | 1.00 | 1.05 | 1.10 (7) | 1.15 (8) | 1.19 (9) | 1.26 (10) | 1.34 (11) | 1.34 | 1.42 | 1.65 | 1.90 | 2.09 | 2.20 |
Notes and references
(1) Adjusted operating profit is defined as operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions and, where applicable, impairment of goodwill.
(2) For full-year 2016, net profit attributable to the Group for the period shall be read €567.3 million, once adjusted for the favorable non-recurring accounting impact representing a €61.2 million tax income, coming from the announcement of reductions in the corporate income tax rates, mainly in France. This tax income is adjusted as it has no cash impact, and bears no relationship to the Group's performance.
(3) For full-year 2017, net profit attributable to the Group for the period would be read €625.7 million, once adjusted for the €85.5 million net favorable effect of significant non-recurring gains and expenses resulting from announced changes in corporate taxation, primarily in France and in the United States. This net favorable effect is adjusted as it does not reflect an underlying performance.
(4) Free cash flow is defined as the sum of net cash from operating activities and net proceeds of sales of fixed and financial assets, less capital expenditure and capitalized development costs.
(5) For full-year 2016, earnings per share for the period shall be read €2.13, once adjusted for the favorable non-recurring accounting impact representing a €61.2 million tax income, coming from the announcement of reductions in the corporate income tax rates, mainly in France. This tax income is adjusted as it has no cash impact, and bears no relationship to the Group's performance.
(6) For full-year 2017, earnings per share for the period would be read €2.35, once adjusted for the €85.5 million net favorable effect of significant non-recurring gains and expenses resulting from announced changes in corporate taxation, primarily in France and in the United States. This net favorable effect is adjusted as it does not reflect an underlying performance.
(7) The 2014 distribution of a dividend of €1.10 per share is performed in two separate lines and thus subject to two separate taxation schemes for individual shareholders residing in France: - In the amount of €0.93, the dividend paid would be considered as taxable income subject to sliding-scale income tax and eligible, for individual shareholders residing in France, for the 40% exemption provided for under Article 158-3-2° of the French Tax Code (Code Général des Impôts). This portion of dividend is, in principle, subject to a compulsory withholding tax of 21% on its gross amount, excluding social security contributions, said levy being attributable to income tax on revenue received during the 2015 fiscal year. However, under article 117 quater of the French Tax Code (Code Général des Impôts), "individual shareholders belonging to a tax household whose reference fiscal income for the penultimate year, as defined in article 1417, section 4, sub-section 1, is less than €50,000 for taxpayers who are single, divorced or widowed or less than €75,000 for taxpayers subject to joint taxation, may request exemption from this levy". Such persons should, on their own initiative, submit a request for exemption according to the conditions set out in article 242 quater of the French Tax Code (Code Général des Impôts). This portion of dividend is also subject to a withholding tax of 15.5% for social security contributions. - In the amount of €0.17, the dividend payment deducted from the "issue premium" account would be considered as a repayment of paid-in capital within the meaning of article 112-1° of the French Tax Code (Code Général des Impôts), therefore nontaxable for individual shareholders residing in France; it would however reduce the fiscal share cost price by the amount of €0.17 per share.
(8)
Dividend distribution in respect of 2015 has been effected (as dividend distribution in respect of 2014) by deduction from :
- distributable income in an amount of €0.729 per share on the one hand, and
- the "issue premium" account in an amount of €0.421 per share on the other.
(9)
Dividend distribution in respect of 2016 has been effected (as dividend distribution in respect of 2014 and 2015) by deduction from :
- distributable income in an amount of €0.791 per share on the one hand, and
- the "issue premium" account in an amount of €0.399 per share on the other.
(10)
Dividend distribution in respect of 2017 has been effected (as dividend distribution in respect of 2014, 2015 and 2016) by deduction from:
- distributable income in an amount of €0.928 per share on the one hand, and
- the "issue premium" account in an amount of €0.332 per share on the other.
(11)
Dividend distribution in respect of 2018 has been effected (as dividend distribution in respect of 2014, 2015, 2016 and 2017) by deduction from:
- distributable income in an amount of €0.790 per share on the one hand, and
- the “issue premium” account in an amount of €0.550 per share on the other.
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