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05.07.2025 07:30

2025 first-quarter results

Legrand reports strong growth in sales and very solid results in the first quarter of 2025
Sales growth (organic and acquisitions) : +11.2%
Adjusted operating margin : 20.7% (after acquisitions)
Net profit attributable to the Group: 12.9% of sales

The Group is pursuing the implementation of its strategic plan
Accelerating organic growth in datacenters
2 acquisitions announced since the beginning of the year
Launch of 6th CSR roadmap 2025-2027

2025 full-year targets confirmed


Benoît Coquart, Legrand’s Chief Executive Officer, commented:
“Our results for the first quarter of 2025 are very solid and in line with our expectations, in terms of sales,
margins and free cash flow.

We are actively pursuing the implementation of our strategic plan with, for example, an acceleration of our
development in datacenters, which accounted for 20% of our sales in 2024(1); the acquisition of two very fine
companies, in the Netherlands and in Australia, which will be supplemented by other transactions in the
coming quarters; or the launch of our 6th CSR roadmap covering 2025-2027.

Confident in our ability to execute and adapt, and despite a volatile environment due to customs policies,
we confirm our annual targets as defined at the beginning of the year, and are fully on track to achieve our
2030 ambitions."

(1) After taking into consideration 12 months of turnover for the companies acquired over the year

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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 Q1 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 2,277.8
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% +12.3%
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% +7.6%
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%) 434.2 (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%) 470.4 (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 1,166.4 293.3
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%) 188.1 (8.3%)
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 1.12
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 (12)

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.

(12) Subject to the approval of shareholders at the General Meeting on May 27, 2025 and payable on June 2, 2025. This dividend will be paid in full out of distributable income.

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Ronan Marc

ronan.marc@legrand.com

Tel: : +33 (0)1 49 72 53 53

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Lucie DAUDIGNY (TBWA)

lucie.daudigny@tbwa-corporate.com

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