2025 marks the first year of our strategic plan for 2030, and I am particularly proud to see Legrand confirm its ability to grow sustainably and reach an important milestone. Despite a challenging economic environment and a slowdown in the building market, our revenue has shown solid growth, supported by the expansion of our datacenter activities, the successful integration of our acquisitions, and the unwavering commitment of our teams.

2025 was a year of strong acceleration for Legrand. We reached an important milestone with sales of €9.5 billion, up +13.1% at constant exchange rates, driven both by a solid organic growth of +7.7% and by a sustained contribution from acquisitions of +5.1%.

Our adjusted operating margin, at 20.7% after acquisitions, and free cash flow of 1.3 billion euros, representing 14% of revenue, confirm the robustness and resilience of our business model.

The year was also marked by an ambitious acquisition strategy, fully aligned with our long-term strategy. Seven operations were completed, all focused on the energy and digital transitions, representing a combined full-year revenue of €500 million. At the same time, our datacenter activities experienced remarkable momentum: they now account for 26% of our revenue and we are now recognized as a leading player in this market.

Innovation continues to be a core driver of our growth. Over the past five years, we have increased our R&D investments by nearly 30%, enabling the launch of numerous solutions tailored to our customers' needs. This ability to invest, anticipate and innovate is a decisive competitive advantage in a rapidly evolving technological landscape.

2025 was also the first year of implementation of our 6th CSR Roadmap for 2025-2027, which achieved a performance rate of 110%. These results demonstrate the Group’s ability to turn its commitments into concrete achievements.

Looking ahead to 2026, we approach the future with ambition and confidence. Legrand is targeting sales growth at constant exchange rates of between +10% and +15%, combining an expected organic growth of between +4% and +7% with a contribution from acquisitions between +6% and +8%. We will also continue our philanthropic commitments and partnerships - notably with Electriciens sans frontières and the United Nations Global Compact - which strengthen our impact across our ecosystem.

Our Group is ideally positioned to pursue a sustainable growth trajectory, seize the opportunities offered by the many ongoing transitions, energy, digital and demographic, and further reinforce its leadership across its key markets.

Benoit Coquart,
Chief Executive Officer