LIMOGES, France — Legrand today reported its first quarter 2026 financial results.
Benoît Coquart, Legrand’s Chief Executive Officer, commented: “Our first-quarter 2026 sales delivered strong growth of +18% excluding currency effects, driven by datacenters and acquisitions. Our financial results remain very solid, demonstrating our ability to combine growth with financial and operational discipline. We continue to execute our strategic plan methodically. In the first quarter, we completed four acquisitions in datacenters and energy transition, while continuing to roll out our product innovation and customer service initiatives. The great success of our second international employee share ownership plan demonstrates the full commitment of the Group’s teams to Legrand’s strategic roadmap. Confident in our execution capabilities and our ability to adapt in an increasingly uncertain economic environment, we confirm our 2026 targets. Finally, we are pleased to announce that our next Investor Day will be held in Singapore on September 29, 2026.”
2026 full-year targets confirmed¹
In 2026, the Group will continue to accelerate its profitable and responsible growth, in line with its strategic roadmap². Taking into account the current global macroeconomic environment, Legrand is targeting the following in 2026:
- sales growth (excluding currency effects) of between +10% and +15%, comprising organic growth of between +4% and +7%, and growth through acquisitions of between +6% and +8%;
- adjusted operating margin (after acquisitions) of 20.5% to 21.0% of sales;
- a CSR achievement rate of at least 100% for the second year of its 2025-2027 roadmap³.
¹ For more information, see the Legrand press release dated February 13, 2025
² For further information, please refer to documents published in the Capital Markets Day 2024 – Legrand section
³ For further information, please refer to documents published in the CSR Capital Markets Day 2025 – Legrand section
Financial Performance March 31, 2026
Consolidated sales
In the first quarter of 2026, sales grew +11.4% from the same period of 2025, to reach €2,537.6 million [USD 2,985 million]. Organic sales growth was +9.3% for the period, with no significant impact from the geopolitical environment in the Middle East.
The impact of broader scope of consolidation was +8.2% in the first quarter of 2026. Based on acquisitions announced and their likely dates of consolidation, their overall impact would be close to +7% full year.
The exchange-rate effect on sales in the first quarter of 2026 was -5.8%. Based on average exchange rates in April 2026, the full-year effect would be around -2% in 2026.
Changes in sales by destination at constant scope of consolidation and exchange rates by region:
These changes are analyzed below by geographical region:
- Europe (36.3% of Group revenue): In a still contrasted building market, sales at constant scope of consolidation and exchange rates were down -2.8% in the first quarter. Growths notably in Germany and Italy were not sufficient to offset the declines in France, Spain or the United Kingdom.
- North and Central America (46.1% of Group revenue): Sales increased by +25.8% from the first quarter of 2025 at constant scope of consolidation and exchange rates.
In the United States alone (43.4% of Group revenue), sales rose a sharp +29.1%, driven by success of datacenter-related offerings.
Sales declined in both Mexico and Canada. - Rest of the world (17.6% of Group revenue): Sales at constant scope of consolidation and exchange rates declined by -1.8% in the first quarter.
In Asia-Pacific (11.6% of Group revenue), sales were down -3.0% in the quarter, as significant growth in India and Australia failed to offset the retreat in China and Malaysia.
In Africa and the Middle East (3.1% of Group revenue), revenue rose by +13.1% in the first quarter, with growth in the Middle East, despite the geopolitical situation, and in Africa.
In South America (2.9% of Group revenue), sales declined by -9.9% in the first quarter.
Adjusted operating profit and margin
Adjusted operating profit stood at €524.7 million [USD 617 million], up +11.5% from the first quarter of 2025. This corresponds to an adjusted operating margin equal to 20.7% of sales, stable compared to the first quarter of 2025.
In the first quarter of 2026, EBITDA represented 23.2% of sales.
Over the quarter, despite inflation already affecting the cost base, the Group maintained strong and resilient profitability, reflecting solid execution, adaptability, and the quality of its recent acquisitions.
The Group remains fully mobilized to address the global geopolitical environment.
Value creation and solid balance sheet
Over the quarter, net profit attributable to the Group came to €334.9 million [USD 394 million], up +14.2% from the first quarter of 2025 and equal to 13.2% of sales. This increase was driven primarily by higher operating profit, a lower corporate income tax rate of 26.0%, and the negative evolution of the financial result.
At March 31, 2026, the ratio of net debt to EBITDA¹ stood at 2.1.
¹ Based on EBITDA for the past 12 months
Sustained acquisition momentum
Legrand continues to actively execute its development strategy, with four acquisitions announced since the beginning of the year, all in datacenters and the energy transition. These represent combined annual revenue of around €275 million [USD 324 million]:
- Green4T, a Brazilian specialist in the installation, maintenance and operation of technical infrastructure for datacenters. Based in São Paulo, Green4T employs nearly 750 people and generates annual sales of around €45 million [USD 53 million];
- Kratos Industries, a U.S. specialist in low- and medium-voltage power distribution systems. Based in Denver, Colorado, in the United States, Kratos Industries employs nearly 325 people and generates annual sales of around $100 million;
- Keydak, leading Chinese rack manufacturer based in Guangzhou. The company employs more than 330 people and generates annual revenue of over €60 million [USD 71 million];
- TES, a European specialist in power distribution systems. Based in Cookstown in the United Kingdom, the company employs 280 people and generates close to €85 million [USD 100 million] in annual revenue.
These transactions strengthen the Group’s leadership positions in the buoyant datacenter and energy transition markets. They demonstrate once again Legrand’s excellent capabilities in identifying opportunities and in executing and docking acquisitions.
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