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.

Related Articles


Changing Scene

  • LEDVANCE Expands Ontario Presence with New Specification Agent

    LEDVANCE Expands Ontario Presence with New Specification Agent

    LEDVANCE is pleased to announce the appointment of Sterling Architectural Products Ltd. (Sterling Lights) as their new specification agent in Ontario. This partnership strengthens LEDVANCE’s presence in the region and reinforces their commitment to serving the professional lighting design and specification community with innovative, reliable lighting solutions. With decades of experience and a service-driven mindset,… Read More…

  • May 29, 2025 - Eureka Wins Three 2025 Red Dot Awards for Product Design

    Eureka Wins Three 2025 Red Dot Awards for Product Design

    Eureka is pleased to announce that its Velia, Cirra, and Junction luminaires have each received a 2025 Red Dot Design Award for Product Design. It is the 11th consecutive year that Eureka products have been honored with this prestigious award, which is a testament to the company’s consistency and relentless drive to design exceptional luminaires.… Read More…


Design

  • Mac’s II Agencies: Case Study – Tesoro, Vancouver, BC

    Mac’s II Agencies: Case Study – Tesoro, Vancouver, BC

    At the crest of False Creek, Tesoro stands as a contemporary interpretation of classic luxury, offering 92 exclusive waterfront homes in the heart of Vancouver. Developed by Concert Properties, this 17-story residential tower embraces a distinctly modern character, harmonizing sleek design with timeless sophistication. The vision for Tesoro extended beyond its architectural presence—it was about… Read More…

  • LightForm: Estiluz – Versatile Solutions for Sophisticated Spaces

    LightForm: Estiluz – Versatile Solutions for Sophisticated Spaces

    For anyone seeking high-performance lighting that blends elegance with engineering, Estiluz offers an exceptional range of solutions. This Spanish brand, family-owned since 1969, creates lighting that balances form, function, and flexibility, making it ideal for both bold architectural statements and subtle design enhancements. At LightForm, they are proud to be the exclusive Canadian distributor of… Read More…


New Products

  • Cyclone Lighting Introduces New Taji Luminaire

    Cyclone Lighting Introduces New Taji Luminaire

    Cyclone Lighting is excited to announce the release of its new Taji luminaire. Taji’s captivating design features high-performance optics and enhances a variety of aesthetics. Taji’s distinctive, stylish silhouette and slender lines are a refreshing departure from the ubiquitous dome luminaire. The unique flared form maintains a slender, minimalist feel yet provides high-performance optics. The… Read More…

  • Leviton Releases New Decora Smart Wi-Fi 0-10V Dimmer for Home & Small Business Lighting Control

    Leviton Releases New Decora Smart Wi-Fi 0-10V Dimmer for Home & Small Business Lighting Control

    Leviton has announced the launch of the Decora Smart Wi-Fi 0-10V Dimmer (D2710), expanding its comprehensive Wi-Fi lighting and load control solutions that work with the My Leviton app. As the first Matter-compatible 0-10V smart dimmer, the new 120V/277V device makes it easy to add 0-10V dimming to smart platforms such as Apple Home, Amazon… Read More…