Report
Antoine Lebourgeois

Legrand: solid Q2 and guidance upgrade, even if the news was mostly pre-baked

Legrand has reported strong Q2 2025 adj. EBITDA (70bps vs css) and raised its FY25 adj. EBIT margin guidance to 20.5-21.0% (vs stable prev. implying ~20.5%). While robust results were largely anticipated following the pre-release of H1 revenue earlier in July and the revenue guidance upgrade (in a
Underlying
LEGRAND

Legrand is a global specialist in electrical and digital building infrastructure based in France. Co. offers a full range of control-and-command, cable management, energy distribution and "Voice-Data-Image" products and systems which are suitable for the international commercial, industrial, and residential segments of the low voltage market. Co. markets its products under internationally recognized general brand names, including Legrand and Bticino. Each product group is marketed in all of Co.'s major geographic markets (France, Italy, Rest of Europe, USA/Canada and Rest of the World).

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Antoine Lebourgeois

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