Legrand Investors and Shareholders: Release for the First Nine Months of 2023

November 9, 2023

Release for the first nine months of 2023, In a building market in retreat,
Legrand recorded solid results

and specifies its annual targets

Solid financial performance
Sales: +2.5%, i.e. +5.8% excluding exchange rates and Russia
Adjusted operating margin: 21.6% of sales
Rise in net earnings per share: +15.9%

Free cash flow: €1,214 million, 19.2% of sales

Dynamic external growth in buoyant segments
Acquisition of ZPE Systems in datacenters

4 acquisitions announced in 2023

2023 full-year targets specified
Sales growth (excl. FX and Russia): around +5%
Adjusted operating margin: 20.5% to 21.0% of sales
before acquisitions and Russia

“The first nine months of the year have confirmed trends observed in the first half, with an overall building
market in retreat. Despite this unfavorable context, Legrand has recorded very strong results with revenue
up +2.5%, driven by organic growth of +3.7%. The Group’s financial indicators are very robust, with adjusted
operating margin at 21.6% of sales, free cash flow of 1,214 million euros, net profit at 14.9% of sales, and
net earnings per share up +15.9%.

We are actively pursuing the implementation of our growth strategy, as evidenced by the strength of our
faster expanding segments (energy efficiency solutions, connected products, and datacenters) and
continued acquisitions including today’s announcement of ZPE Systems in the United States, on top of the
3 operations announced since the beginning of the year.
Given the uncertain economic outlook, and driven by the unwavering and determined engagement of our
teams, Legrand will deploy initiatives to both seize any growth opportunities on its markets and optimize its
cost structures.”

Benoît Coquart,
Legrand’s Chief Executive Officer

2023 full-year targets specified1

In 2023, the Group is pursuing the profitable and responsible development laid out in its strategic roadmap.
Taking into account achievements reported in the first nine months of the year and the world’s current short-term macroeconomic outlook, Legrand has now set the following full-year targets for 2023:

  • sales growth at constant exchange rates and excluding Russia impacts2 of around +5% (vs +5% and +8%
    previously), including an organic growth of between +2.5% and +3.5% and a scope of consolidation effect
    linked to acquisitions of close to +2%;
  • an adjusted operating margin between 20.5% to 21.0% of sales before acquisitions, at 2022 scope of
    consolidation, and excluding Russia and related impacts (vs around 20.5% previously);
  • at least 100% CSR achievement rate for the second year of its 2022-2024 roadmap.

More information available here

Related Article

Legrand 2023 First-Half Results

In a contracting building market, Legrand turned in a solid first half and revised its full-year targets upward.

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