Legrand: 2025 Full-Year Results

Record revenue growth of +13%¹ in 2025 driven by datacenters and acquisitions
Sales growth: +7.7% organic and +5.1% from acquisitions

Excellent financial and non-financial performance, fully in line with the Group’s objectives
Adjusted operating margin: 20.7% (after acquisitions)
Net profit attributable to the Group: 13.1% of sales
Free cash flow: €1.3 billion, 14.0% of sales
CSR roadmap achievement rate: 110% in 2025

Deployment of strategic plan targeting €15 billion in sales by 2030
53% of 2025 sales related to the energy and digital transition
7 acquisitions in 2025, with 2 additional acquisitions announced today
Strong innovation momentum
Customer satisfaction high and rising

2026: Legrand targets further sales growth of +10% to +15%¹

LIMOGES, France--(BUSINESS WIRE)--Regulatory News:

Legrand (Paris:LR):

Benoît Coquart, Legrand’s Chief Executive Officer, commented:

“In 2025, the first year of our 2030 strategic plan, the Group delivered a remarkable performance despite a still muted building market, with organic sales growth of +7.7%, growth from acquisitions of +5.1%, an adjusted operating margin of 20.7% after acquisitions, free cash flow of €1.3 billion and an achievement rate of 110% for our CSR roadmap.

Beyond these excellent results, the year was also marked by numerous structural growth initiatives, including in particular:

- Seven acquisitions announced during the year, representing €500 million in annualized sales, all in the fast-growing energy and digital transition solutions;
This momentum continues in 2026 with today’s announcement of two new acquisitions in datacenter solutions in the United States and Brazil, and a very strong pipeline of opportunities;

- the very strong expansion of our datacenter activities, which represented 26% of Legrand’s 2025 sales. Legrand is recognized as a major player in this field, with a comprehensive offering perfectly suited to the deployment of infrastructure required for artificial intelligence;

- a strong momentum in product and digital innovation, along with numerous initiatives aimed at further improving customer satisfaction.

Through a targeted increase in sales of nearly +30% over two years², Legrand demonstrates the structural improvement in its profitable growth profile, and aims to reach €15 billion in sales by 2030 while maintaining its average adjusted operating margin above 20%.”

2026 full-year targets

In 2026, the Group will continue to accelerate its profitable and responsible growth momentum, in line with its strategic roadmap³.

Taking into account the current global macroeconomic outlook, a very strong datacenter market, and a modest recovery in the building sector, Legrand is targeting the following in 2026:

- sales growth (excluding currency effects) of between +10% and +15%, comprising organic growth of between +4% and +7%, and growth through acquisitions of between +6% and +8%;
- adjusted operating margin (after acquisitions) of 20.5% to 21.0% of sales;
- a CSR achievement rate of at least 100% for the second year of its 2025-2027 roadmap⁴.

2030 Ambitions

Building on its achievements and taking into account both observed and expected market trends, Legrand is confident in its ability to reach the upper end of its 2030 sales target range, around €15 billion, with average annual sales growth of close to +10% excluding currency effects, and average adjusted operating margin above 20% of sales (compared with the previously targeted level of around 20% in average).

2025 Financial performance and proposed dividend

Key figures

Consolidated data (€ millions)^(1)	2024	2025	Change
Sales	8,648.9	9,480.6	+9.6%
Adjusted operating profit	1,776.0	1,962.3	+10.5%
As % of sales	20.5%	20.7%
		20.6% before acquisitions^(2)
Operating profit	1,642.7	1,808.5	+10.1%
As % of sales	19.0%	19.1%
Net profit attributable to the Group	1,166.4	1,244.6	+6.7%
As % of sales	13.5%	13.1%
Free cash flow	1,290.5	1,330.8	+3.1%
As % of sales	14.9%	14.0%
Net financial debt at December 31	3,005.5	4,222.6	+40.5%

⁽¹⁾ See appendices to this press release for definitions and indicator reconciliation tables
⁽²⁾ At 2024 scope of consolidation

Consolidated sales

Over the full year, sales rose by +9.6% from the same period of 2024, to reach €9,480.6 million, with organic growth of +7.7%.

The impact of broader scope of consolidation was +5.1% for the year. Based on acquisitions announced as of today and their likely dates of consolidation, the 2026 full-year impact of scope changes would be close to +6%.

The annual exchange-rate effect on sales was -3.1%. Based on average exchange rates observed in January 2026, the full-year effect would be around -2.5% in 2026.

Changes in sales by destination at constant scope of consolidation and exchange rates by region:

	2025 / 2024	4^th quarter 2025 / 4^th quarter 2024
Europe	+1.9%	+3.0%
North and Central America	+16.0%	+10.7%
Rest of the world	+2.7%	+3.5%
Total	+7.7%	+6.2%

These changes are analyzed below by geographical region:

- Europe (38.0% of Group revenue): in a mixed market overall, sales at constant scope of consolidation and exchange rates rose by +1.9% in 2025, including +3.0% growth in the fourth quarter.
Over the year, sales increased notably in Germany, Italy, the Netherlands and the United Kingdom, partly offset by moderate declines in France or Spain.

- North and Central America (42.2% of Group revenue): sales were up +16.0% from 2024 at constant scope of consolidation and exchange rates, with a +10.7% increase in the fourth quarter.
In the United States (39.2% of Group revenue), sales rose a sharp +17.0% over the year, including a marked +11.7% rise in the fourth quarter, against a particularly demanding fourth quarter in 2024. Over twelve months, this growth was driven by the remarkable performance of product offerings dedicated to datacenters.
In 2025, Canada and Mexico reported sales growth.

- Rest of the world (19.8% of Group revenue): sales posted organic growth of +2.7% in 2025 including +3.5% in the fourth quarter.
In Asia-Pacific (12.6% of Group revenue), sales were up +4.5% from 2024 and +6.7% in the fourth quarter. Over the year, sales rose sharply in India and Malaysia, declined in Australia, and fell sharply in China.
In Africa and the Middle East (3.5% of Group revenue), sales grew +5.8% over twelve months and +6.1% in the fourth quarter. In 2025, sales rose sharply in the Middle East and in Africa, excluding Algeria, which recorded a marked decline.
In South America (3.7% of Group revenue), sales retreated -5.4% over twelve months, mainly due to Brazil, and fell by -8.9% in the fourth quarter.

Adjusted operating profit and margin

Adjusted operating profit for 2025 stood at €1,962.3 million, up +10.5% from the same period of 2024. This corresponds to an adjusted operating margin equal to 20.7% of sales, up by +0.2 points compared with 2024.
In 2025, EBITDA represented 23.4% of sales for the period.
During the year, the Group’s high profitability demonstrated once again the strength of Legrand’s strategic model and its solid capacity to execute and adapt, particularly in a volatile environment linked to U.S. customs policies, which increased the Group’s cost base by around +$100 million.

Value creation and solid balance sheet

During the year, net profit attributable to the Group rose by +6.7% compared with 2024, reaching €1,244.6 million, or 13.1% of sales. This performance mainly reflects growth in operating profit, a stable corporate income tax rate of 25.9%, and an unfavorable change in the financial result.
In 2025, solid free cash flow amounted to €1,330.8 million, representing 14.0% of sales and a conversion rate⁵ of 107% of net profit attributable to the Group for the period. This cash generation supported sustained acquisition momentum while preserving balance sheet strength, with financial leverage kept under control at 1.9⁶ at December 31, 2025.

2025 CSR performance

In 2025, Legrand reached an achievement rate of 110% on the targets set for the first year of its 2025-2027 CSR roadmap⁷. Over the year, achievement rates across the five pillars contributing to nine United Nations Sustainable Development Goals (SDGs) were as follows:
- 123% for promoting diversity and inclusion, including a rise in the ratio of women in management positions (defined as Hay Grade 14+) at 31.3% or close to 5,600 opportunities offered to early-in-careers in 2025;
- 123% for climate change mitigation, including a reduction in the Group’s CO₂ emissions of -19% in 2025 for scopes 1&2;
- 123% for developing circular economy, with close to 37% of sustainable materials in the Group’s products or a weight reduction of primary plastic packaging in manufactured products of -34% in 2025;
- 102% for serving our customers, notably with 6 Mt of CO₂ avoided by the Group’s customers thanks to Legrand products and 74% of the Group’s 2025 annual sales covered by Product Sustainability Profiles;
- and 89% as a responsible business, with for example, a reduction of -3% of the FR2t rate (frequency rate of work accidents with and without lost time, including temporary workers) and more than 97% of the Group’s employees trained for at least 8 hours over the year.

Proposed dividend

Legrand’s Board of Directors will ask the General Meeting of Shareholders to be held on May 27, 2026 to approve the payment of a dividend of €2.38 per share in respect of 2025. This represents a rise of +8.2% from 2024 and a payout ratio of 50%.
The ex-dividend date is May 29, 2026, with payment⁸ on June 2, 2026.

Ambitions 2030 plan deployment

• Continued development of energy and digital transition solutions, which now represent 53% of the Group’s 2025 sales, compared with 47% for essential infrastructure solutions

Datacenters, at the heart of the Group’s growth strategy, represented sales of €2.4 billion at year-end 2025, i.e. 26% of Group sales, compared with €0.7 billion in 2020.

Building on nearly 30 acquisitions completed in this field, Legrand has become a leading player and a preferred partner for major industry participants in critical power, compute infrastructure and advanced cooling solutions, as well as testing and services. In 2025, the Group once again demonstrated the relevance of its offering and positioning through the success of numerous flagship projects, and has a particularly promising order book for 2026.

Legrand also continued to develop its offerings for energy transition. Recent acquisitions completed in the datacenter solutions have notably helped strengthen the Group’s positions in critical power in residential, office, healthcare, and education buildings with other verticals driven by electrification, such as infrastructures, industry, telecoms, oil & gas and microgrids.

• Sustained innovation supporting growth

Over the past five years, Legrand has increased its R&D spending by close to +30%, to deliver innovative solutions that support its customers’ growth.

The many new product launches carried out in 2025 reflect this sustained innovation momentum, including in particular:

- The strengthening of essential infrastructure solutions with the launches of enhanced wiring device ranges Arteor™ Advance, Nexy, Bonjun, Zhihui and Niloe, lighting solutions dedicated to tertiary and specialized environments, notably for healthcare infrastructures with Saros Duo and Seem Sweep 2. Lastly, professional audiovisual solutions were strengthened through the launch of Chief® Velocity Outdoor Pedestal System, and TiLED® Off-the-Wall™ dvLED installation solutions for displays;

- Energy and digital transition offerings strengthening in datacenters, these include M70 monitor configuration tools; T-Series and Pro-Series cabinets and containment solutions; high-power Starline Track busways; universal outlet units compatible with all types of PDUs (single-phase and three-phase); Open compute ORv3 racks; Keor Flex 1200 uninterruptible power supplies; HPR cabinets; 6,000A busway distribution systems, and ORv3 power systems and vertical busbars. In digital lifestyles offering, launches include Netatmo Advance cameras; the Radiant Smart Lights connected lighting system; DLM touchscreen control panels and the new Home+Pro application. For the energy transition, new solutions include the HPI 33 Evo UPS, photovoltaic panel systems, DMX3 2500-800V circuit breakers; Green’up Home charging stations; XL³ HP 6300 cabinets; and Green-I™ motion and presence detectors.

Digital innovation enables Legrand to optimize both its operating model and the customer experience. In 2025, the Group notably launched agent-based tools such as Gaia, which automates the generation of product data, and Elia, a product assistance solution available before and after sales trained on the full set of product data delivering instant responses across 200,000 product references. At the same time, Legrand continues the methodical deployment of artificial intelligence across its back- and front-office processes to improve efficiency.

• Customer satisfaction high and rising

Legrand continues to enhance its customer experience and recorded further improved results in 2025. Overall customer satisfaction (CSAT) remains an excellent 80%, while the Net Promoter Score (NPS⁹) reached 54, an improvement compared with 2024 (51).

This positive momentum reflects the impact of the Group’s comprehensive Best of Us customer satisfaction program. Rolled out in 79 countries, with more than 576,000 customers, this program is structured, audited, and supported by targeted improvement plans. It makes the voice of the customer a powerful lever for value creation and differentiation of Legrand.

• Strong acquisition momentum: 7 transactions in 2025, plus 2 announced today

In 2025, Legrand announced the acquisition of seven companies, all in the energy and digital transition, representing €500 million in additional annualized revenue. These acquisitions enable Legrand to:

- strengthen its datacenter offering with Avtron Power Solutions (U.S. leader in load banks¹⁰), Linkk Busway Systems (Asian reference specialist in power busbars), Amperio Project (Swiss specialist in busbars) and Computer Room Solutions (Australian leading player in white space infrastructure);
- consolidate its positions in digital lifestyles solutions through the acquisitions of Cogelec (French specialist in access control) and Performation (Dutch software player in connected healthcare);
- continue its development in the energy transition with Quitérios (leading Portuguese player in electrical and digital modular distribution boards).

Legrand continues its strong external growth momentum in 2026, and has today announced two acquisitions in the very buoyant datacenter segment:

- Green4T, a Brazilian specialist in the installation, maintenance and operation of technical infrastructure for datacenters. Based in São Paulo, Green4T employs nearly 750 people and generates annual sales of around €45 million;
- Kratos Industries, a U.S. specialist in low- and medium-voltage power distribution systems primarily serving datacenters. Based in Denver, Colorado, in the United States, Kratos Industries employs nearly 325 people and generates annual sales of around $100 million.

In addition, in 2025 Legrand made an investment in Accelsius in the United States, a pioneer in two-phase direct-to-chip liquid cooling. This investment will further strengthen the Group’s portfolio of solutions for AI and HPC (High Performance Computing) datacenters.

--------------

Consolidated financial statements for 2025 were adopted by the Board of Directors at its meeting on February 11, 2026¹¹. These consolidated financial statements, a presentation of full-year results for 2025, and the related teleconference (live and replay) are available at www.legrandgroup.com.

Key financial dates

• 2026 first-quarter results: : May 7, 2026
  “Quiet period¹²” starts : April 7, 2026
• General Meeting of Shareholders : May 27, 2026
• Ex-dividend date : May 29, 2026
• Dividend payment : June 2, 2026
• 2026 first-half results : July 29, 2026
  “Quiet period¹²” starts : June 29, 2026

About Legrand

Legrand is the global specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for residential, commercial, and datacenter markets makes it a benchmark for customers worldwide.

The Group harnesses technological and societal trends with lasting impacts on buildings with the purpose of improving life by transforming the spaces where people live, work and meet with electrical, digital infrastructures and connected solutions that are simple, innovative and sustainable.

Drawing on an approach that involves all teams and stakeholders, Legrand is pursuing a strategy of profitable and responsible growth driven by acquisitions and innovation, with a steady flow of new offerings that include products with enhanced value in use.

Legrand reported sales of €9.5 billion in 2025. The company is listed on Euronext Paris and is a component stock of the CAC 40, CAC 40 ESG and CAC Transition Climat indexes (code ISIN FR0010307819).

https://www.legrand.com

Appendices

Glossary

Working capital requirement: Working capital requirement is defined as the sum of trade receivables, inventories, other current assets, income tax receivables and short-term deferred tax assets, less the sum of trade payables, other current liabilities, income tax payables, short-term provisions and short-term deferred tax liabilities.

Free cash flow: Free cash flow is defined as the sum of net cash from operating activities and net proceeds from sales of fixed and financial assets, less capital expenditure and capitalized development costs.

Organic growth: Organic growth is defined as the change in sales at constant structure (scope of consolidation) and exchange rates.

Net financial debt: Net financial debt is defined as the sum of short-term borrowings and long-term borrowings, less cash and cash equivalents and marketable securities.

EBITDA: EBITDA is defined as operating profit plus depreciation and impairment of tangible and right of use assets, amortization and impairment of intangible assets (including capitalized development costs) and impairment of goodwill.

Cash flow from operations: Cash flow from operations is defined as net cash from operating activities excluding changes in working capital requirement.

Adjusted operating profit: 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.

CSR: Corporate Social Responsibility.

Payout: Payout is defined as the ratio between the proposed dividend per share for a given year, divided by the net profit attributable to the Group per share of the same year, calculated on the basis of the average number of ordinary shares at December 31 of that year, excluding shares held in treasury.

Calculation of working capital requirement

In € millions	2024	2025
Trade receivables	1,051.0	1,226.9
Inventories	1,320.9	1,466.7
Other current assets	294.3	334.9
Income tax receivables	212.5	158.9
Short-term deferred taxes assets/(liabilities)	132.9	166.0
Trade payables	(963.6)	(1,064.0)
Other current liabilities	(941.8)	(1,058.3)
Income tax payables	(48.1)	(55.3)
Short-term provisions	(178.1)	(162.1)
Working capital required	880.0	1,013.7

Calculation of net financial debt

In € millions	2024	2025
Short-term borrowings	443.5	544.5
Long-term borrowings	4,642.7	6,059.3
Cash and cash equivalents	(2,080.7)	(2,381.2)
Net financial debt	3,005.5	4,222.6

Reconciliation of adjusted operating profit with profit for the period

In € millions	2024	2025
Profit for the period	1,168.9	1,252.3
Share of profits (losses) of equity-accounted entities	0.0	0.0
Income tax expense	409.0	438.8
Exchange (gains) / losses	13.9	25.2
Financial income	(103.0)	(75.7)
Financial expense	153.9	167.9
Operating profit	1,642.7	1,808.5
Amortization & depreciation of revaluation of assets at the time of acquisitions and other P&L impacts relating to acquisitions	133.3	153.8
Impairment of goodwill	0.0	0.0
Adjusted operating profit	1,776.0	1,962.3

Reconciliation of EBITDA with profit for the period

In € millions	2024	2025
Profit for the period	1,168.9	1,252.3
Share of profits (losses) of equity-accounted entities	0.0	0.0
Income tax expense	409.0	438.8
Exchange (gains) / losses	13.9	25.2
Financial income	(103.0)	(75.7)
Financial expense	153.9	167.9
Operating profit	1,642.7	1,808.5
Depreciation and impairment of tangible assets (including right-of-use assets)	224.3	240.1
Amortization and impairment of intangible assets (including capitalized development costs)	155.4	169.0
Impairment of goodwill	0.0	0.0
EBITDA	2,022.4	2,217.6

Reconciliation of cash flow from operations and free cash flow with profit for the period

In € millions	2024	2025
Profit for the period	1,168.9	1,252.3
Adjustments for non-cash movements in assets and liabilities:
Depreciation. amortization and impairment	384.9	415.2
Changes in other non-current assets and liabilities and long-term deferred Taxes	35.5	31.4
Unrealized exchange (gains)/losses	0.1	1.0
(Gains)/losses on sales of assets. net	1.4	4.4
Other adjustments	7.8	11.3
Cash flow from operations	1,598.6	1,715.6
Decrease (Increase) in working capital requirement	(75.3)	(138.8)
Net cash provided from operating activities	1,523.3	1,576.8
Capital expenditure (including capitalized development costs)	(239.6)	(248.7)
Net proceeds on asset disposals	6.8	2.7
Free cash flow	1,290.5	1,330.8

Scope of consolidation

2024	Q1	H1	9M	Full-year
Full consolidation method
MSS	Balance sheet only	6 months	9 months	12 months
ZPE Systems	Balance sheet only	Balance sheet only	Balance sheet only	12 months
Enovation		Balance sheet only	Balance sheet only	7 months
Netrack		Balance sheet only	Balance sheet only	9 months
Davenham		Balance sheet only	Balance sheet only	6 months
Vass		Balance sheet only	Balance sheet only	7 months
UPSistemas			Balance sheet only	Balance sheet only
APP				Balance sheet only
Power Bus Way				Balance sheet only

2025	Q1	H1	9M	Full-year
Full consolidation method
MSS	3 months	6 months	9 months	12 months
ZPE Systems	3 months	6 months	9 months	12 months
Enovation	3 months	6 months	9 months	12 months
Netrack	3 months	6 months	9 months	12 months
Davenham	3 months	6 months	9 months	12 months
Vass	3 months	6 months	9 months	12 months
UPSistemas	3 months	6 months	9 months	12 months
APP	Balance sheet only	6 months	9 months	12 months
Power Bus Way	Balance sheet only	6 months	9 months	12 months
Performation	Balance sheet only	Balance sheet only	Balance sheet only	11 months
CRS	Balance sheet only	Balance sheet only	Balance sheet only	9 months
Linkk Busway Systems			Balance sheet only	6 months
Amperio Project			Balance sheet only	Balance sheet only
Quitérios			Balance sheet only	5 months
Cogelec				Balance sheet only
Avtron Power Solutions				2 months

Disclaimer

This press release may contain forward-looking statements, relating to Legrand's financial situation as well as certain sustainability issues relevant to its activities, which are not historical data. Although Legrand considers these statements to be based on reasonable hypothesis and assumptions at the time of publication of this document, they are subject to various risks and uncertainties that could cause actual results to differ from those expressed or implied herein.

Details on risks are provided in the most recent version of Legrand Universal Registration Document filed with the Autorité des marchés financiers (French Financial Markets Authority. AMF). which is available on-line on the websites of both AMF (www.amf-france.org) and Legrand (www.legrand.com).

Investors and holders of Legrand securities are reminded that no forward-looking statement contained in this press release is or should be construed as a promise or a guarantee of actual results by Legrand or anyone else. which are liable to differ significantly. Therefore such statements should be used with caution taking into account their inherent uncertainty.

The forward-looking statements contained in this press release are only valid on the date of its publication. Subject to applicable regulations. Legrand does not undertake to update these statements to reflect events, information or circumstances occurring after the date of publication of this release.

This press release does not constitute an offer to sell. or a solicitation of an offer to buy Legrand securities in any jurisdiction.

¹ Excluding currency effects
² Combined sales growth, excluding exchange-rate effects, of +13% in 2025 and between +10% and +15% in 2026
³ For further information, please refer to documents published in the Capital Markets Day 2024 - Legrand section
⁴ For further information, please refer to documents published in the CSR Capital Markets Day 2025 - Legrand section
⁵ Free cash flow / Net profit attributable to the Group
⁶ Net debt as of December 31, 2025 / past 12 months EBITDA
⁷ For further information, please refer to documents published in the CSR Capital Markets Day 2025 - Legrand section
⁸ This distribution will be made in full out of distributable income
⁹ NPS: Net Promoter Score: percentage of promoters minus percentage of detractors. “Great” level from 30
¹⁰ Load banks: equipment that simulates an electrical load to test the reliability of power supply systems
¹¹ The Group’s consolidated accounts at December 31, 2025 were approved by the Board of Directors on February 11, 2026. The statutory auditors' audit procedures on the consolidated financial statements have been performed. The certification report will be issued after finalization of verifications relating to the management report and on presentation in the format provided for by the ESEF Regulation (European Single Electronic Format) of accounts included in the annual financial report.
¹² Period of time when all communication is suspended in the run-up to publication of results

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