In a building market in retreat, Legrand reports lower sales and good margin resilience in Q1

Sales: -5.6%, i.e. -3.7% excluding exchange rates and Russia

Adjusted operating margin: 20.5% of sales

Net profit attributable to the Group: 13.6% of sales

3 acquisitions announced since the beginning of the year

2024 full-year targets unchanged

Benoît Coquart, Legrand’s Chief Executive Officer, commented:
“Our first quarter results for 2024 are in line with our expectations in terms of both revenue and margins, as well as free cash flow. In Q1, the building market that represents approximately 80% of Legrand's revenue experienced a marked slowdown across most geographies, as expected. Against this backdrop, our limited decline in revenue and the resilience of our margins and free cash flow highlight the strength of our business model, the solidity of our market positions, and the execution capabilities of our teams.

In this context, we are continuing with our strategic investments in order to fully benefit from our markets’ recovery. Thus far this year, we have announced three acquisitions, and will keep up the strong pace of external growth in coming quarters. On the innovation side, we will be launching a large number of iconic product lines this year, including the Céliane range of wiring devices in France.

Moreover, the remarkable success of Legrand's first international employee share ownership plan testifies to the Group's investment in its teams and to the confidence and full commitment of its employees.”