Legrand – 2024 first-quarter results

Lagrand Group

  • In a building market in retreat, Legrand reports lower sales and good margin resilience in Q1 
    • Sales: -5.6%, i.e. -3.7% excluding exchange rates and Russia 
    • Adjusted operating margin: 20.5% of sales 
    • Net profit attributable to the Group: 13.6% of sales 
  • 3 acquisitions announced since the beginning of the year 
  • 2024 full-year targets unchanged


Benoît Coquart, Legrand’s Chief Executive Officer, commented: “Our first quarter results for 2024 are in line with our expectations in terms of both revenue and margins, as well as free cash flow. In Q1, the building market that represents approximately 80% of Legrand’s revenue experienced a marked slowdown across most geographies, as expected. Against this backdrop, our limited decline in revenue and the resilience of our margins and free cash flow highlight the strength of our business model, the solidity of our market positions, and the execution capabilities of our teams. 

In this context, we are continuing with our strategic investments in order to fully benefit from our markets’ recovery. Thus far this year, we have announced three acquisitions, and will keep up the strong pace of external growth in coming quarters. On the innovation side, we will be launching a large number of iconic product lines this year, including the Céliane range of wiring devices in France. 

Moreover, the remarkable success of Legrand’s first international employee share ownership plan testifies to the Group’s investment in its teams and to the confidence and full commitment of its employees.”


2024 full-year targets unchanged1

In 2024, the Group is pursuing the profitable and responsible development laid out in its strategic roadmap. Taking into account the world’s current macroeconomic outlook, with confidence in its model for creating integrated value, Legrand has set the following full-year targets for 2024: 

  • low single-digit sales growth (organic and through acquisitions2 ); 
  • an adjusted operating margin before acquisitions between 20.0% and 20.8%; 
  • at least 100% CSR achievement rate for the third year of the 2022-2024 roadmap.

1 For more information, see Legrand press release dated February 15, 2024 2 Excluding exchange-rate effect and impacts linked to the Group’s disengagement from Russia



Financial performance at March 31, 2024

Key figures


Consolidated sales 

In the first quarter of 2024, sales fell -5.6% from the same period of 2023 to reach €2,028.2 million. In a building market in retreat, sales decreased organically by -5.4% for the quarter, including -5.0% in mature countries and -6.5% in new economies.

The impact of broader scope of consolidation was +0.7%, including +1.8% linked to acquisitions and -1.1% to the impact of the Group’s disengagement from Russia. Based on acquisitions made and their likely dates of consolidation, their overall impact should be close to +1.0% full year, of which nearly +1.5% linked to acquisitions and -0.6% to the impact of disengagement from Russia as of October 4, 2023.

The exchange-rate effect on sales in the first quarter of 2024 was -1.0%. Based on average exchange rates in April 2024, the full-year effect should be close to 0% in 2024.


Changes in sales by destination at constant scope of consolidation and exchange rates broke down as follows by region:


These changes are analyzed below by geographical region:

  • Europe (43.7% of Group revenue): with the building market still severely impacted in most countries, sales at constant scope of consolidation and exchange rates were down -4.7% in the first quarter of 2024, reflecting in particular the high basis of comparison in 2023. 
    • Europe’s mature countries (37.8% of Group revenue) reported sales down -5.1% organically in the first quarter, with solid resilience in Italy, the UK or Spain. 
    • Sales in Europe’s new economies were down -2.4% in the first quarter, with growth in Turkey. 
  • North and Central America (37.4% of Group revenue): sales decreased -6.0% from the first quarter of 2023 at constant scope of consolidation and exchange rates. 
    • In the United States alone (33.8% of Group revenue), sales decreased -6.1%, in contracting markets excluding datacenters. 
    • Sales rose in Canada and saw a sharp decline in Mexico. 
  • Rest of the world (18.9% of Group revenue): sales marked an organic decline of -5.8% in the first quarter of 2024. 
    • In Asia-Pacific (11.5% of Group revenue), the drop in sales was -5.8%. Growth in India failed to offset a marked decrease in China. 
    • In Africa and the Middle East (3.2% of Group revenue), revenue fell -6.5%, reflecting a significant decrease in Africa that was not offset by a robust growth in the Middle East. 
    • In South America (4.2% of the Group’s revenue), sales were down by -5.1% despite a rebound in Brazil.


Adjusted operating profit and margin 

Adjusted operating profit for the first quarter of 2024 stood at €415.9 million, down -12.8% from the first three months of 2023. This corresponds to an adjusted operating margin equal to 20.5% of sales for the period.

Before acquisitions, adjusted operating margin for the first quarter of 2024 was equal to 20.6% of sales, down -1.6 points from the first quarter of 2023. 

In the first quarter of 2024, the level of profitability of the Group once again demonstrates Legrand’s ability to protect its margins in a context of declining sales, thanks to its intact pricing power and solid cost control.


Value creation and solid balance sheet 

Net profit attributable to the Group came to €275.9 million, down -16.5% from the first quarter of 2023 and equal to 13.6% of sales. This trend is due primarily to a decrease in operating profit, the negative impact of financial and exchange-rate results, and a corporate income tax rate of 26.0%, stable compared to the first quarter of 2023.

Net earnings per share stood at €1.05, for a decrease of -15.1% from the first quarter of 2023. 

Free cash flow came to 7.2% of sales over the period at a total of €146.1 million. 

The ratio of net debt to EBITDA1 stood at 1.2 on March 31, 2024

1 Based on EBITDA for the past 12 months.



Ongoing acquisitions strategy 

Legrand is actively implementing its development strategy with, since the beginning of the year, the announcement of the acquisitions of MSS1 , a New Zealand-based specialist in cable management (with annual sales of more than €10 million); Enovation2 , the Dutch leader in healthcare software in the market for connected health and assisted living (with annual sales of more than €60 million); and Netrack, an Indian specialist in server and network rack manufacturing, notably for datacenters (with annual sales of around €10 million).

The Group has today announced a minority stake acquisition in UIOT, one of the leading Chinese players in wireless IoT smart-home solutions with strong innovation capabilities, which will allow Legrand to strengthen its positions in the connected building segment. 

These acquisitions in the promising areas of datacenters, assisted living and connected solutions further strengthen Legrand Group’s leadership in its faster expanding segments.

1 For more information, see Legrand press release dated February 15, 2024 2 For more information, see Legrand press release dated April 23, 2024, subject to standard conditions precedent



SBTi Net Zero commitment for 2050 

2024 marks an important milestone in the Group’s decarbonization trajectory, with SBTi (Science Based Target initiative) validating Legrand’s Net Zero 2050 commitment.

This commitment involves reducing the Group’s GHG emissions by 90% across its entire value chain by 2050, and neutralizing emissions that cannot be avoided.

The Group’s 2030 objectives have thus been revised, more demanding, with now: 

  • a 42% reduction in Scopes 1&2 emissions in current data based on 2022, 
  • a 25% reduction in Scope 3 emissions in current data based on 2022, incorporating emissions related to purchased goods and services and the use phase of Group’s products.



Combined General Meeting of Shareholders on May 29, 2024 

Board of Directors3

Jean-Marc Chéry’s term of office as director expires this year. He will be proposed for re-election at the next General Meeting of shareholders. 

In addition, upon recommendation of the Nominating and Governance Committee and after approval by the Board of Directors, the General Meeting will also vote on the nomination of Rekha M. Menon as an independent director. 

Rekha M. Menon has nearly 20 years of experience at Accenture in India, including over 7 years as Senior Managing Director and Chair. Her skills (especially in digital, strategy, and CSR) and her in-depth knowledge of Asia and particularly India, will be a valuable asset for the Board of Directors. 

Following these appointments the Board of Directors, with 75% independent Directors, 42% women and seven nationalities represented, would continue to reflect the industry’s best practices. 

Proposed changes to the composition of Board Committees are set out in chapter of the universal registration document – Legrand_URD_2023_ENGLISH (legrandgroup.com).

3 Subject to the approval of the General Meeting of shareholders to be held on May 29, 2024


Proposed dividend 

As announced on February 15, 2024, Legrand’s Board of Directors will ask the General Meeting of Shareholders to be held on May 29, 2024 to approve the payment of a dividend of €2.09 per share in respect of 2023, representing a rise of +10.0% from 2022.

The ex-dividend date is May 31, 2024, with payment4 on June 4, 2024.

4 This distribution will be made in full out of distributable income



Success of the first international share ownership plan for employees 

To recognize and promote employee engagement at all levels in rolling out the Group’s strategy, Legrand launched its first international employee share ownership program from March to May 2024, proposed to approximately 63% of the Group’s employees.

This plan, which is non-dilutive since it is funded through share buybacks, was over 36% subscribed, reflecting the full confidence of Legrand teams in the Group’s development model.




The Board adopted consolidated financial statements for first-quarter 2024 at its meeting on May 2, 2024. These consolidated financial statements, a presentation of 2024 first-quarter results, and the related teleconference (live and replay) are available at www.legrandgroup.com 



  • General Meeting of Shareholders: May 29, 2024 
  • Ex-dividend date: May 31, 2024 
  • Dividend payment: June 4, 2024 
  • 2024 first-half results: July 31, 2024 “Quiet period1 ” start July 1, 2024 
  • 2024 Capital Markets Day: September 24, 2024 – London (UK)






Adjusted operating profit: Adjusted operating profit is defined as operating profit adjusted for (i) amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions, (ii) assets impairment in Russia and, (iii) where applicable, for impairment of goodwill.

Busways: electric power distribution systems based on metal busbars. 

Cash flow from operations: Cash flow from operations is defined as net cash from operating activities excluding changes in working capital requirement.

CSR: Corporate Social Responsibility. 

EBITDA: EBITDA is defined as operating profit plus depreciation and impairment of tangible and right of use assets, amortization and impairment of intangible assets (including capitalized development costs), reversal of inventory step-up and impairment of goodwill. 

ESG: Environmental, Societal and Governance.

Free cash flow: Free cash flow is defined as the sum of net cash from operating activities and net proceeds from sales of fixed and financial assets, less capital expenditure and capitalized development costs. 

KVM: Keyboard, Video and Mouse. 

Net financial debt: Net financial debt is defined as the sum of short-term borrowings and long-term borrowings, less cash and cash equivalents and marketable securities.

Normalized free cash flow: Normalized free cash flow is defined as the sum of net cash from operating activities—based on a normalized working capital requirement representing 10% of the last 12 months’ sales and whose change at constant scope of consolidation and exchange rates is adjusted for the period considered—and net proceeds of sales from fixed and financial assets, less capital expenditure and capitalized development costs. 

Organic growth: Organic growth is defined as the change in sales at constant structure (scope of consolidation) and exchange rates.

Payout: Payout is defined as the ratio between the proposed dividend per share for a given year, divided by the net profit attributable to the Group per share of the same year, calculated on the basis of the average number of ordinary shares at December 31 of that year, excluding shares held in treasury. 

PDU: Power Distribution Units. 

UPS: Uninterruptible Power Supply.

Working capital requirement: Working capital requirement is defined as the sum of trade receivables, inventories, other current assets, income tax receivables and short-term deferred tax assets, less the sum of trade payables, other current liabilities, income tax payables, short-term provisions and short-term deferred tax liabilities.



Calculation of working capital requirement


Calculation of net financial debt


Reconciliation of adjusted operating profit with profit for the period


Reconciliation of EBITDA with profit for the period


Reconciliation of cash flow from operations, free cash flow and normalized free cash flow with profit for the period


Scope of consolidation



This press release may contain forward-looking statements which are not historical data. Although Legrand considers these statements to be based on reasonable assumptions at the time of publication of this release, they are subject to various risks and uncertainties that could cause actual results to differ from those expressed or implied herein.

Details on risks are provided in the most recent version of Legrand Universal Registration Document filed with the Autorité des marchés financiers (Financial Markets Authority, AMF), which is available on-line on the websites of both AMF (www.amf-france.org) and Legrand (www.legrandgroup.com).

Investors and holders of Legrand securities are reminded that no forward-looking statement contained in this press release is or should be construed as a promise or a guarantee of actual results, which are liable to differ significantly. Therefore, such statements should be used with caution, taking into account their inherent uncertainty.

Subject to applicable regulations, Legrand does not undertake to update these statements to reflect events or circumstances occurring after the date of publication of this release.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy Legrand securities in any jurisdiction.



EMR Analysis

More information on Legrand: See the full profile on EMR Executive Services

More information on Angeles Garcia-Poveda (Chairwoman of the Board of Directors at Legrand): See the full profile on EMR Executive Services

More information on Jean-Marc Chéry (Independent Director, Legrand + President & Chief Executive Officer, STMicroelectronics): See the full profile on EMR Executive Services

More information on Rekha M. Menon (Proposed Independent Director, Legrand as from May 29, 2024 + President & Chief Executive Officer, STMicroelectronics): See the full profile on EMR Executive Services

More information on Benoît Coquart (Chief Executive Officer, Legrand): See the full profile on EMR Executive Services

More information on Franck Lemery (Executive Vice President, Chief Financial Officer, Legrand): See the full profile on EMR Executive Services


More information on MSS by Legrand: https://www.mechanicalsupport.co.nz/ + MSS was founded in 2005 with a simple focus of supplying and installing the best cable containment solutions we could for the electrical and mechanical sectors. Today, our focus is no different. Our focus on creating better cable containment solutions remains, but has expanded to ensure that we can deliver on all aspects of a quality cable containment outcome; from initial design, local supply for stability and consistency, in-house or locally sourced manufacturing, on-time delivery of product to site and, of course, high-quality and efficient installation. MSS is committed to providing high quality, one-stop, cable containment solutions.

Based in Auckland, MSS has around 100 employees and reports annual sales of more than €10 million

More information on Alan Dalton (General Manager, MSS, Legrand): See the full profile on EMR Executive Services


More information on Enovation by Legrand: https://enovationgroup.com/en/ + Enovation. The number 1 partner and specialist in the field of digital healthcare and collaboration.

We’re here for the healthcare sector. We’re here for the dedicated professionals who devote their personal attention to each and every patient. We’re here for the organisations who provide ever more complex care to a rising number of people with fewer staff. We’re here for the caregivers and prevention officers. And we’re here for the patients and clients who want to receive the assistance and care they need, today, tomorrow and in the future.

Enovation is based in Rotterdam, employs over 350 people and has annual sales of over €60 million.

More information on Jeroen van Rijswijk (Chief Executive Officer, Enovation, Legrand): See the full profile on EMR Executive Services


More information on Netrack by Legrand: https://www.netrackindia.com/ + The advent of computers heralded the birth of many industries in support of it. The rapid growth and advancement in technology that is being witnessed every day necessitates the setting up of data centers with associated paraphernalia of storage systems, networking and telecommunications to handle voluminous data that is threatening to grow exponentially by the minute snowballing into an avalanche.

All this comes with a heavy price tag of increased complexity in setting up and maintenance of the same. There are many constraints and challenges faced by industries today.

The complexities include dealing with copious amounts of cables that connect various components to achieve synchronicity amidst the chaos. The vital components like huge servers and storage systems need to be organized and well accommodated within the given space. As these electronic components consume huge power, they are also subjected to overheating and thus the need arises for cooling systems.

Most importantly security has always been a major concern and issue. As these systems store sensitive data which cannot be compromised, the need for their protection and denial of unauthorized access was of paramount importance.

The need of the hour today is an industry that addresses the constraints and takes over the nitty-gritty’s of the backend and offers the Clients the luxury of carrying on the business at hand.

Having studied and understood the challenges faced by these industries, NetRack offers an array of services that serve to Store, Secure, Integrate and Systemize passive and active network components like:

  • Data Center Racks
  • Acoustic Racks
  • iRack & iRack Blocks
  • Server & Networking Racks
  • High Density Open & Closed Racks
  • Data Center Technology Products
  • Customized Racks
  • Lab Racks & Furnitures

Based in Bangalore and employing over 250 people, Netrack reports annual revenue of around €10 million.

More information on Ravi Raj (Director Sales & Support, Netrack, Legrand): See the full profile on EMR Executive Services


More information on UIOT: https://www.unisiot.com/ + Super Smart Home (Shanghai) Internet of Things Technology Co., Ltd. is a domestic high-tech enterprise focusing on whole-house intelligence. As a professional brand of high-end whole-house intelligent systems, through 13 years of heavy investment in R&D and technological innovation, UIOT Super Smart Home has 480+ intellectual property rights, 20+ directly-operated stores, 600+ high-end flagship stores, and national real estate cooperation With 200+ enterprises, 300+ real estate projects delivered nationwide, and 40+ strategic centralized purchases of top 100 real estate companies, we create a smart and beautiful new life for hundreds of millions of families around the world!

More information on Long Ye (Chief Executive Officer, UIOT): https://www.unisiot.com/web/about/ 





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