Headline news |
11.06.2025 07:00Release for the first nine months of 2025
Over the first nine months of 2025, Legrand reported sales growth of +14.5% excluding currency effects and an adjusted operating margin of 20.7% after acquisitions
Organic growth: +8.2% driven by strong momentum in datacenters
Net profit attributable to the Group: 12.8% of sales
Free cash flow: growing +16.3%
7 acquisitions announced since the beginning of the year
Representing approximately €500 million in additional annual sales in markets tied to the energy and digital transition
Including 4 acquisitions in datacenters
Full-year 2025 targets confirmed
Sales growth: +10% to +12% excluding currency effects
Adjusted operating margin (after acquisitions): 20.5% to 21.0% of sales
Benoît Coquart, Legrand’s Chief Executive Officer, commented:
"The third quarter of 2025 was another excellent period, continuing our growth momentum with revenue up +13.4% excluding currency effects.
Over the first nine months of the year, revenue (excluding currency effects), net income attributable to the Group, and free cash flow rose by +14.5%, +7.0%, and +16.3%, respectively.
These strong showings, fully aligned with our roadmap, reflect the disciplined and successful execution of our Ambitions 2030 plan, notably through:
- the acceleration of our organic growth, driven by datacenters;
- the acceleration of our external growth, with seven transactions announced since the beginning of the year, representing approximately €500 million in additional annualized revenue, and a persistently robust acquisition pipeline;
- and continued strong financial discipline, notably in managing pricing, costs, and capital employed.
Building on these solid performances and on sustained positive indicators in datacenters, we confirm our annual targets, which were already raised three months ago."
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 | 9M 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 | 6,971.4 | |
| 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% | + 11.9% | |
| 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% | + 8.2% | |
| 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%) | 1,332.5 (19.1%) | |
| 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%) | 1,443.8 (20.7%) | |
| 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 | 892.3 | |
| 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%) | 871.0 (12.5%) | |
| 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 | 3.18 | |
| 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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