Legrand SA (LGRDY) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everybody. Good morning. So, Franck, Romain, and I are happy to welcome you to the Legrand 2025 H1 Result Conference Call and Webcast. As you know, we have published today a press release, financial statements, and a slideshow to which we will refer. I begin on page four of the slideshow with the three key highlights of this press release. First, Legrand delivered Very solid results in the first half of 2025 with strong sales growth and high profitability. Second, we have revised our 2025 full-year targets upwards, both in terms of sales and adjusted operating margin. And third, we are actively rolling out our strategy, strengthening our confidence in reaching the upper end of our 2030 revenue target range of around 15 billion euros. So moving to page six, I will start with an overview of sales. In the first half of 2025, excluding FX, our sales grew by plus 15%. This includes an organic growth of plus 9%, driven by an outstanding performance in data centers. On Q2 alone, our organic growth was of plus 10.1%. This also includes a positive scope effect of plus 5.5%, and based on the acquisitions announced so far, the full year scope effect would be around plus 4.5%. As for FX, the effect was a negative minus 1.4% in the first half, and based on the rates of the month of June, it would be around minus 2.5% for the full year. On page seven, you will find the key takeaways per geography on a life-for-life basis. In Europe, where market conditions remain contrasted overall, sales rose by plus 1% in the first half of 2025. In North and Central America, sales were up, again, life-for-life, of course, a strong plus 20.5%, driven by an outstanding performance of data centers offering. Finally, in the rest of the world, Sales increased by plus 3.3%, with growth in Asia-...