Legrand recorded a quarterly sales increase of +2.4% (excluding exchange rates and Russia) driven by acquisitions and datacenters
Performance at end of September
9M sales trends: +0.3% excluding exchange rates and Russia Adjusted operating margin: 20.5%
Net profit attributable to the Group: 13.4% of sales
7 acquisitions announced since the beginning of the year, including 4 in datacenters
Around €350 million additional revenue on an annual basis
2024 full-year targets specified
2030 ambitions: 2030 sales of between €12bn and €15bn, buoyed by offers linked to the energy and digital transition
Benoît Coquart, Legrand’s Chief Executive Officer, commented:
“For the first nine months of the year, sales (excluding currency effects and our exit from Russia) were stable, in a building market that remains in decline in most of our geographies. In the third quarter alone, sales growth (+2.4% excluding currency effects and Russia) was driven in particular by sustained growth in datacenters in the United States.
Our financial indicators remain solid, in terms of both margins and free cash flow.
Our external growth has been very dynamic this year, with 7 acquisitions announced, including 4 in the buoyant datacenter sector, demonstrating Legrand’s ongoing ability to strengthen its leadership positions through value-creating operations.
Fully confident in our strategy, we are specifying our annual targets as communicated at the beginning of February, and are resolutely pursuing the implementation of our 2030 roadmap, as presented at our Capital Markets Day on September 24. This roadmap is supported in particular by the buoyant field of energy and digital transition, which already represented 46% of sales in 2023.”
2024 full-year targets specified
In 2024, the Group is pursuing the profitable and responsible development laid out in its strategic roadmap.
Taking into account the achievements on the first nine months of the year as well as the world’s current macroeconomic outlook, and with confidence in its model for creating integrated value, Legrand has specified its full-year targets for 2024:
– low single-digit sales growth (organic and through acquisitions2 – unchanged);
– an adjusted operating margin after acquisitions of between 20.0% and 20.4% (vs. between 20.0% and 20.8% before acquisitions previously);
– at least 100% CSR achievement rate for the third year of the 2022-2024 roadmap (unchanged).
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