Legrand : First nine-month results, 7 November 2019

2019 NINE-MONTH RESULTS

NOVEMBER 7, 2019

1	HIGHLIGHTS	P.3
2	NET SALES UP +10%	P.5
3	ROBUST VALUE CREATION	P.10
4	ONGOING INNOVATION- AND ACQUISITION-DRIVEN MOMENTUM	P.15
5	2019 TARGETS CONFIRMED	P.22
6	APPENDICES	P.24

2

HIGHLIGHTS

3

1

HIGHLIGHTS

• Net sales up +10%
• Robust value creation

•	Adjusted operating profit:	+10%
•Net profit attributable to the Group:	+9%
•	Normalized free cash flow:	+12%

• Ongoing innovation- andacquisition-driven momentum
• • Many new product launches
  • 2 new acquisitions announced(1): Connectrac in the US and Jobo Smartech(2)in China
• 2019 targets confirmed

1.	After the acquisition of Universal Electric Corporation in April 2019.
2.	Subject to standard conditions precedent.	4

NET SALES UP +10%

5

2

NET SALES UP +10%

€ million

4,4374,889

9M 2018

9M 2019

• Organic growth: +2.3%

External growth:+5.2%(1)

Total growth:

+10.2%

FX effect:

+2.4%(2)

1. Based on acquisitions completed in 2018 and 2019 and their likely date of consolidation, the impact of the change in scope of consolidation should come to around +5% for full-year 2019.

2. Applying average exchange rates for October 2019 to Q4 2019, the full-year 2019 impact on sales of changes in currency rates should be around +2%.	6

2

NET SALES UP +10%

o+2.7% organic growth

oIn Europe's mature countries, sales rose +2.8% over the period. This good performance was linked in particular to a sustained rise in sales in Italy, buoyed by good showings in energy distribution and the success of Eliot program offerings such as the new Classe 100x connected video door entry system; in Southern Europe(1); in the Benelux(2); and in the United Kingdom. Sales in France were up slightly in the first nine months of the year.

oIn Europe's new economies, sales rose +2.3% at constant scope of consolidation and exchange rates, driven by very good showings in Eastern Europe. Sales in Turkey declined, due, as announced, to a particularly demanding basis of comparison.

1.	Southern Europe: Spain + Greece + Portugal.
2.	Benelux: Belgium + the Netherlands + Luxembourg.	7

2

NET SALES UP +10%

o+2.6% organic growth

oIn the United States alone, sales rose +3.1% over the first nine months of 2019. This rise was driven by solid showings in user interfaces and cable management. In the first nine months of the year, the Group also reported growth in sales in lighting management solutions.

oIn the first nine months of the year, sales were almost stable in Canada and retreated in Mexico.

8

2

NET SALES UP +10%

o+1.1% organic growth

oSales in Asia-Pacific were up +2.3% from the first nine months of 2018, driven in particular by good showings in India and China that were partially offset by a decline in sales in Australia.

oIn Latin America, organic growth in sales came to +0.3% in the first nine months of the year. Over the period, sales increased slightly in Brazil and business retreated in Colombia.

oIn Africa and the Middle East, sales retreated by -2.0%. The marked decline in the Middle East due to a weaker business environment was partly offset by growth in sales in many African countries.

9

ROBUST VALUE CREATION

10

3

ROBUST VALUE CREATION

€ million

999

908

+10.0%

9M 2018

9M 2019

11

3

ROBUST VALUE CREATION

9M 2018	adjusted operating margin	20.5%
	•markets uncertain on the whole and differentiated from one country to another
	•rising US customs duties
	•efficient pricing management combined with effective control of administrative	+0.3 pts
	and selling expenses and other operating expenses
	•favorable basis for comparison in Q3 alone(1)
9M 2019	adjusted operating margin before acquisitions(2)	20.8%(3)
	•impact of acquisitions	-0.4 pts(4)
9M 2019	adjusted operating margin	20.4%(3)

1. For more details, readers are invited to consult the press release published November 8, 2018.
2. At 2018 scope of consolidation.
3. Including a favorable impact of around +0.1 points linked to implementation of the IFRS 16 standard.
4. Based on acquisitions completed in 2018 and 2019 and their likely date of consolidation, the FY 2019 impact of changes in scope of consolidation should come to around

-0.4 points of adjusted operating margin.

12

3

ROBUST VALUE CREATION

o

o

o

Increase in operating profit (+€77.0m)

Unfavorable change (-€13.3m) in net financial expenses(1)and in FX result

Increase in corporate tax (-€11.9m)(2)

Net profit attributable to the

Group:

€625m

up

+8.8%

1. Nonetheless, net financial expenses would have been stable without the implementation of the IFRS 16 standard.
2. In absolute value. Linked to the Group's increased profit before tax, partially offset by the favorable impact of aone-off reduction of nearly one point in corporate tax rate,

to around 28%.

13

3

ROBUST VALUE CREATION

oCash flow from operations represented 18.0% of sales in 9M 2019, i.e. a rise of +11.4%

oWorking capital requirement came to 10.4% of sales(2)at September 30, 2019, up 0.5 points from September 30, 2018, primarily linked to the consolidation of recent acquisitions

o9M 2019 free cash flow was solid at 13.7% of Group sales

Normalized free cash flow:

€757m

up

+12.3%

1.	For more details on the reconciliation of free cash flow with normalized free cash flow, readers are invited to consult page 50.	14
2.	Based on sales in the last twelve months.

ONGOING INNOVATION- AND ACQUISITION- DRIVEN MOMENTUM

15

4

ONGOING INNOVATION- AND ACQUISITION-DRIVEN MOMENTUM

oMany new product launches

oAnnouncement of 2 new acquisitions(1): Connectrac in the United States and Jobo Smartech(2)in China

1.	After the acquisition of Universal Electric Corporation in April 2019.
2.	Subject to standard conditions precedent.	16

4

ONGOING INNOVATION- AND ACQUISITION-DRIVEN MOMENTUM

Valena Next with Netatmo	Mosaic
Spain & Belgium	France

Classia

Europe

Lyncus	Rivia
India	Vietnam

Plexo with Netatmo

Europe

Radiant furniture for hospitality

North America

Adorne Graphite

North America

Clip On multi-outlet	Reach Digital At-Home
extension sockets	alarm units
Europe	United Kingdom

17

4

ONGOING INNOVATION- AND ACQUISITION-DRIVEN MOMENTUM

Trimod MCS UPS

Worldwide

DRX 125HP

molded case circuit breaker

Worldwide

CRT Tier 2 energy efficient transformer Europe

XCP-S Aluminium and

Copper busbars

Worldwide

Connected emergency lighting

France

RX3 C-curve

miniature circuit breaker

India

P31 solutions

for cable management

Europe

Universal floor boxes

World

18

4

ONGOING INNOVATION- AND ACQUISITION-DRIVEN MOMENTUM

Power over ethernet switches

Worldwide

LCS3

10'' patch panel &

area distribution box

Worldwide

Pre-equipped fiber cassettes Worldwide

UHD Fiber cassettes	LCS3 Zero U solutions
Worldwide	Worldwide

Classe 100x

Connected video door entry system

Italy

Finelite's HP-4 Circle

architectural lighting

North America

Pinnacle's Cove LED

architectural lighting

North America

Pinnacle's EDGE 2 & 4

architectural lighting

North America

Kenall's MedMaster MedSlot Series

lighting for critical environments

North America

Sanus Advanced full-motion

North America

Kontour KXC

Monitor arms

North America

Parallax Stratos 1.0

screen

North America

AV mini-bridge

North America

19

4

ONGOING INNOVATION- AND ACQUISITION-DRIVEN MOMENTUM

• Innovative US company specializing inover-floor power and data distribution
• Solutions for new construction and renovation of commercial buildings
• Based in Dallas (Texas)
• Annual sales of around $20 million
• Around 75 employees

Strengthens Legrand's world leadership in cable management

20

4

ONGOING INNOVATION- AND ACQUISITION-DRIVEN MOMENTUM

• Chinese leader in connectedhotel-room management solutions (lighting, air temperature, etc.)
• Located in Huizhou
• Annual sales of over €10 million
• Around 250 employees

Jobo Smartech's ranges ideally round out those of Legrand in China's dynamic hotel segment

1. Subject to standard conditions precedent.	21

2019 TARGETS CONFIRMED

22

5

2019 TARGETS CONFIRMED

Taking into account achievements in the first nine months of 2019 and the demanding basis of comparison of the fourth quarter of 2018(2), Legrand confirms its 2019 target(1)for organic growth in sales of between 0% and +4% and its 2019 target(1)for adjusted operating margin before acquisitions (at 2018 scope of consolidation) of between 19.9%(3)and 20.7%(3)of sales.

Legrand will also pursue its strategy of value-creating acquisitions.

1.	See appendix on page 26 for the complete wording of Legrand's 2019 targets.
2.	For more details, readers are invited to consult page 6 of the press release published on February 14, 2019.	23
3.	After an estimated favorable impact of around +0.1 points linked to the implementation of IFRS 16 standard from January 1, 2019.

APPENDICES

24

6

APPENDICES

•	Adjusted operating profit is defined as operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts
	relating to acquisitions and, where applicable, for impairment of goodwill.
•	Busways are electric power distribution systems based on metal busbars.
•Cash flow from operations is defined as net cash from operating activities excluding changes in working capital requirement.
•CSR stands for Corporate Social Responsibility.
•	EBITDA is defined as operating profit plus depreciation and impairment of tangible and of right of use assets, amortization and impairment of intangible assets (including
	capitalized development costs), reversal of inventory step-up and impairment of goodwill.
•	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 stands for Keyboard, Video and Mouse.
•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 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 is defined as the change in sales at constant structure (scope of consolidation) and exchange rates.
•	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 stands for Power Distribution Unit.
•UPS stands for Uninterruptible Power Supply.
•	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	25
	sum of trade payables, other current liabilities, income tax payables, short-term provisions and short-term deferred tax liabilities.

6

APPENDICES

Excerpt of 2018 full -year results presentation

26

6

APPENDICES

• Undisputed #1 in the United States in busways
• Solutions that have long been known for their quality as well as their ease of installation and use, and that are sold under the Starline brand - a true benchmark for the market
• Annual sales of around $175 million
• More than 450 employees

• Legrand is pursuing its development in the buoyant digital infrastructures market, sustained by the ongoing increase in data flows around the world

• The Group is strengthening its leading positions in offerings for datacenters in the United States (including PDUs,pre-terminated solutions and cable management)

27

6

APPENDICES

Breakdown of change in 9M 2019 net sales by destination (€m)

	North			+10.2%
	Rest of		Total
Europe	& Central
the World
	America
		+2.4%	+5.2%(1)
	+2.3%	FX	Scope of
9M 2018	Organic growth		consolidation	9M 2019

1. Due to the consolidation of Modulan, Gemnet, Shenzhen Clever Electronic, Kenall, Debflex, Netatmo, Trical and Universal Electric Corporation.

28

6

APPENDICES

In € millions	9M 2018	9M 2019	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	1,847.6	1,953.5	5.7%	3.3%	2.7%	-0.4%
North and Central America	1,614.7	1,904.0	17.9%	8.3%	2.6%	6.1%
Rest of the World	975.1	1,031.4	5.8%	3.4%	1.1%	1.1%
Total	4,437.4	4,888.9	10.2%	5.2%	2.3%	2.4%

29

1. Market where sales are recorded.

6

APPENDICES

In € millions	Q1 2018	Q1 2019	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	643.0	652.3	1.4%	0.4%	2.3%	-1.2%
North and Central America	493.6	567.1	14.9%	4.0%	2.4%	8.0%
Rest of the World	308.6	330.6	7.1%	1.8%	4.9%	0.3%
Total	1,445.2	1,550.0	7.3%	1.9%	2.9%	2.3%

30

1. Market where sales are recorded.

6

APPENDICES

In € millions	Q2 2018	Q2 2019	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	648.6	701.4	8.1%	6.1%	2.4%	-0.4%
North and Central America	552.4	625.7	13.3%	4.4%	2.3%	6.1%
Rest of the World	340.6	349.7	2.7%	3.4%	-1.4%	0.7%
Total	1,541.6	1,676.8	8.8%	4.9%	1.5%	2.1%

31

1. Market where sales are recorded.

6

APPENDICES

In € millions	Q3 2018	Q3 2019	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	556.0	599.8	7.9%	3.5%	3.6%	0.6%
North and Central America	568.7	711.2	25.1%	15.9%	3.0%	4.7%
Rest of the World	325.9	351.1	7.7%	4.9%	0.3%	2.4%
Total	1,450.6	1,662.1	14.6%	8.7%	2.6%	2.7%

32

1. Market where sales are recorded.

6

APPENDICES

In € millions	9M 2018	9M 2019	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	1,933.2	2,033.9	5.2%	3.1%	2.5%	-0.4%
North and Central America	1,650.1	1,935.0	17.3%	8.5%	1.9%	6.1%
Rest of the World	854.1	920.0	7.7%	3.4%	2.9%	1.2%
Total	4,437.4	4,888.9	10.2%	5.2%	2.3%	2.4%

33

1. Zone of origin of the product sold.

6

APPENDICES

In € millions	Q1 2018	Q1 2019	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	669.3	677.0	1.2%	0.2%	2.2%	-1.3%
North and Central America	504.6	578.0	14.5%	3.8%	2.2%	8.0%
Rest of the World	271.3	295.0	8.7%	2.5%	5.8%	0.3%
Total	1,445.2	1,550.0	7.3%	1.9%	2.9%	2.3%

34

1. Zone of origin of the product sold.

6

APPENDICES

In € millions	Q2 2018	Q2 2019	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	680.5	731.4	7.5%	5.8%	2.1%	-0.5%
North and Central America	565.2	633.6	12.1%	4.1%	1.5%	6.1%
Rest of the World	295.9	311.8	5.4%	4.3%	0.3%	0.7%
Total	1,541.6	1,676.8	8.8%	4.9%	1.5%	2.1%

35

1. Zone of origin of the product sold.

6

APPENDICES

In € millions	Q3 2018	Q3 2019	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	583.4	625.5	7.2%	3.4%	3.1%	0.6%
North and Central America	580.3	723.4	24.7%	16.7%	2.0%	4.7%
Rest of the World	286.9	313.2	9.2%	3.3%	3.0%	2.6%
Total	1,450.6	1,662.1	14.6%	8.7%	2.6%	2.7%

36

1. Zone of origin of the product sold.

6

APPENDICES

In € millions9M 20189M 2019% change

Net sales	4,437.4	4,888.9	+10.2%
Gross profit	2,329.1	2,543.5	+9.2%
as % of sales	52.5%	52.0%
Adjusted operating profit(1)	907.9	998.5	+10.0%
as % of sales	20.5%	20.4%(2)
Amortization & depreciation of revaluation of assets at the time	(53.6)	(67.2)
of acquisitions and other P&L impacts relating to acquisitions
Operating profit	854.3	931.3	+9.0%
as % of sales	19.3%	19.0%
Financial income (costs)	(51.0)	(58.2)
Exchange gains (losses)	7.0	0.9
Income tax expense	(235.0)	(246.9)
Share of profits (losses) of equity-accounted entities	(0.3)	(1.3)
Profit	575.0	625.8	+8.8%
Net profit attributable to the Group	574.5	625.0	+8.8%

1.	Operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions (€53.6 million in
	9M 2018 and €67.2 million in 9M 2019) and, where applicable, for impairment of goodwill (€0 in 9M 2018 and 9M 2019).	37
2.	20.8% excluding acquisitions (at 2018 scope of consolidation).

6

APPENDICES

In € millionsQ1 2018Q1 2019% change

Net sales	1,445.2	1,550.0	+7.3%
Gross profit	767.9	804.3	+4.7%
as % of sales	53.1%	51.9%
Adjusted operating profit(1)	290.4	305.2	+5.1%
as % of sales	20.1%	19.7%(2)
Amortization & depreciation of revaluation of assets at the time	(18.8)	(19.3)
of acquisitions and other P&L impacts relating to acquisitions
Operating profit	271.6	285.9	+5.3%
as % of sales	18.8%	18.4%
Financial income (costs)	(18.7)	(18.8)
Exchange gains (losses)	(1.2)	(0.8)
Income tax expense	(75.6)	(75.2)
Share of profits (losses) of equity-accounted entities	(0.2)	(0.3)
Profit	175.9	190.8	+8.5%
Net profit attributable to the Group	175.3	190.4	+8.6%

1.	Operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions (€18.8 million in
	Q1 2018 and €19.3 million in Q1 2019) and, where applicable, for impairment of goodwill (€0 in Q1 2018 and Q1 2019).	38
2.	19.8% excluding acquisitions (at 2018 scope of consolidation).

6

APPENDICES

In € millionsQ2 2018Q2 2019% change

Net sales	1,541.6	1,676.8	+8.8%
Gross profit	813.3	879.1	+8.1%
as % of sales	52.8%	52.4%
Adjusted operating profit(1)	334.7	357.4	+6.8%
as % of sales	21.7%	21.3%(2)
Amortization & depreciation of revaluation of assets at the time	(16.9)	(23.7)
of acquisitions and other P&L impacts relating to acquisitions
Operating profit	317.8	333.7	+5.0%
as % of sales	20.6%	19.9%
Financial income (costs)	(16.5)	(19.5)
Exchange gains (losses)	4.5	0.5
Income tax expense	(91.7)	(88.8)
Share of profits (losses) of equity-accounted entities	0.1	(0.6)
Profit	214.2	225.3	+5.2%
Net profit attributable to the Group	214.7	224.9	+4.8%

1.	Operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions (€16.9 million in
	Q2 2018 and €23.7 million in Q2 2019) and, where applicable, for impairment of goodwill (€0 in Q2 2018 and Q2 2019).	39
2.	22.0% excluding acquisitions (at 2018 scope of consolidation).

6

APPENDICES

In € millionsQ3 2018Q3 2019% change

Net sales	1,450.6	1,662.1	+14.6%
Gross profit	747.9	860.1	+15.0%
as % of sales	51.6%	51.7%
Adjusted operating profit(1)	282.8	335.9	+18.8%
as % of sales	19.5%	20.2%(2)
Amortization & depreciation of revaluation of assets at the time	(17.9)	(24.2)
of acquisitions and other P&L impacts relating to acquisitions
Operating profit	264.9	311.7	+17.7%
as % of sales	18.3%	18.8%
Financial income (costs)	(15.8)	(19.9)
Exchange gains (losses)	3.7	1.2
Income tax expense	(67.7)	(82.9)
Share of profits (losses) of equity-accounted entities	(0.2)	(0.4)
Profit	184.9	209.7	+13.4%
Net profit attributable to the Group	184.5	209.7	+13.7%

1.	Operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions (€17.9 million in
	Q3 2018 and €24.2 million in Q3 2019) and, where applicable, for impairment of goodwill (€0 in Q3 2018 and Q3 2019).	40
2.	20.5% excluding acquisitions (at 2018 scope of consolidation).

6

APPENDICES

9M 2019		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	2,033.9	1,935.0	920.0	4,888.9
Cost of sales	(896.7)	(933.3)	(515.4)	(2,345.4)
Administrative and selling expenses, R&D costs	(660.3)	(640.2)	(246.3)	(1,546.8)
Reversal of acquisition-related amortization, depreciation, expense and	(10.0)	(47.4)	(9.8)	(67.2)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	486.9	408.9	168.1	1,063.9
operating income (expense)
as % of sales	23.9%	21.1%	18.3%	21.8%
Other operating income (expense)	(27.2)	(30.3)	(7.9)	(65.4)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	0.0	0.0	0.0
income accounted for in other operating income (expense)
Adjusted operating profit	459.7	378.6	160.2	998.5
as % of sales	22.6%	19.6%	17.4%	20.4%

41

1. Restructuring (€17.9m) and other miscellaneous items (€47.5m).

6

APPENDICES

9M 2018		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	1,933.2	1,650.1	854.1	4,437.4
Cost of sales	(837.6)	(796.1)	(474.6)	(2,108.3)
Administrative and selling expenses, R&D costs	(619.1)	(557.7)	(231.0)	(1,407.8)
Reversal of acquisition-related amortization, depreciation, expense and	(4.7)	(39.1)	(7.6)	(51.4)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	481.2	335.4	156.1	972.7
operating income (expense)
as % of sales	24.9%	20.3%	18.3%	21.9%
Other operating income (expense)	(30.6)	(16.9)	(19.5)	(67.0)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	(2.2)	0.0	0.0	(2.2)
income accounted for in other operating income (expense)
Adjusted operating profit	452.8	318.5	136.6	907.9
as % of sales	23.4%	19.3%	16.0%	20.5%

42

1. Restructuring (€8.4m) and other miscellaneous items (€58.6m).

6

APPENDICES

Q1 2019		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	677.0	578.0	295.0	1,550.0
Cost of sales	(299.8)	(278.7)	(167.2)	(745.7)
Administrative and selling expenses, R&D costs	(220.7)	(199.1)	(77.3)	(497.1)
Reversal of acquisition-related amortization, depreciation, expense and	(2.0)	(15.0)	(2.3)	(19.3)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	158.5	115.2	52.8	326.5
operating income (expense)
as % of sales	23.4%	19.9%	17.9%	21.1%
Other operating income (expense)	(7.5)	(11.0)	(2.8)	(21.3)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	0.0	0.0	0.0
income accounted for in other operating income (expense)
Adjusted operating profit	151.0	104.2	50.0	305.2
as % of sales	22.3%	18.0%	16.9%	19.7%

43

1. Restructuring (€3.3m) and other miscellaneous items (€18.0m).

6

APPENDICES

Q1 2018		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	669.3	504.6	271.3	1,445.2
Cost of sales	(285.3)	(244.6)	(147.4)	(677.3)
Administrative and selling expenses, R&D costs	(219.4)	(177.0)	(74.5)	(470.9)
Reversal of acquisition-related amortization, depreciation, expense and	(2.3)	(11.7)	(2.6)	(16.6)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	166.9	94.7	52.0	313.6
operating income (expense)
as % of sales	24.9%	18.8%	19.2%	21.7%
Other operating income (expense)	(14.9)	(4.2)	(6.3)	(25.4)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	(2.2)	0.0	0.0	(2.2)
income accounted for in other operating income (expense)
Adjusted operating profit	154.2	90.5	45.7	290.4
as % of sales	23.0%	17.9%	16.8%	20.1%

44

1. Restructuring (€1.5m) and other miscellaneous items (€23.9m).

6

APPENDICES

Q2 2019		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	731.4	633.6	311.8	1,676.8
Cost of sales	(319.9)	(304.4)	(173.4)	(797.7)
Administrative and selling expenses, R&D costs	(229.3)	(208.5)	(84.8)	(522.6)
Reversal of acquisition-related amortization, depreciation, expense and	(4.2)	(14.5)	(5.0)	(23.7)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	186.4	135.2	58.6	380.2
operating income (expense)
as % of sales	25.5%	21.3%	18.8%	22.7%
Other operating income (expense)	(8.5)	(9.3)	(5.0)	(22.8)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	0.0	0.0	0.0
income accounted for in other operating income (expense)
Adjusted operating profit	177.9	125.9	53.6	357.4
as % of sales	24.3%	19.9%	17.2%	21.3%

45

1. Restructuring (€7.5m) and other miscellaneous items (€15.3m).

6

APPENDICES

Q2 2018		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	680.5	565.2	295.9	1,541.6
Cost of sales	(293.7)	(268.7)	(165.9)	(728.3)
Administrative and selling expenses, R&D costs	(207.4)	(191.9)	(78.9)	(478.2)
Reversal of acquisition-related amortization, depreciation, expense and	(0.6)	(13.8)	(2.5)	(16.9)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	180.0	118.4	53.6	352.0
operating income (expense)
as % of sales	26.5%	20.9%	18.1%	22.8%
Other operating income (expense)	(2.6)	(5.5)	(9.2)	(17.3)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	0.0	0.0	0.0
income accounted for in other operating income (expense)
Adjusted operating profit	177.4	112.9	44.4	334.7
as % of sales	26.1%	20.0%	15.0%	21.7%

46

1. Restructuring (€2.6m) and other miscellaneous items (€14.7m).

6

APPENDICES

Q3 2019		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	625.5	723.4	313.2	1,662.1
Cost of sales	(277.0)	(350.2)	(174.8)	(802.0)
Administrative and selling expenses, R&D costs	(210.3)	(232.6)	(84.2)	(527.1)
Reversal of acquisition-related amortization, depreciation, expense and	(3.8)	(17.9)	(2.5)	(24.2)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	142.0	158.5	56.7	357.2
operating income (expense)
as % of sales	22.7%	21.9%	18.1%	21.5%
Other operating income (expense)	(11.2)	(10.0)	(0.1)	(21.3)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	0.0	0.0	0.0
income accounted for in other operating income (expense)
Adjusted operating profit	130.8	148.5	56.6	335.9
as % of sales	20.9%	20.5%	18.1%	20.2%

47

1. Restructuring (€7.1m) and other miscellaneous items (€14.2m).

6

APPENDICES

Q3 2018		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	583.4	580.3	286.9	1,450.6
Cost of sales	(258.6)	(282.8)	(161.3)	(702.7)
Administrative and selling expenses, R&D costs	(192.3)	(188.8)	(77.6)	(458.7)
Reversal of acquisition-related amortization, depreciation, expense and	(1.8)	(13.6)	(2.5)	(17.9)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	134.3	122.3	50.5	307.1
operating income (expense)
as % of sales	23.0%	21.1%	17.6%	21.2%
Other operating income (expense)	(13.1)	(7.2)	(4.0)	(24.3)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	0.0	0.0	0.0
income accounted for in other operating income (expense)
Adjusted operating profit	121.2	115.1	46.5	282.8
as % of sales	20.8%	19.8%	16.2%	19.5%

48

1. Restructuring (€4.3m) and other miscellaneous items (€20.0m).

6

APPENDICES

In € millions

9M 2018

9M 2019

Profit	575.0	625.8
Depreciation, amortization and impairment	153.8	222.8
Changes in other non-current assets and liabilities and long-term deferred taxes	54.5	28.4
Unrealized exchange (gains)/losses	3.0	(1.9)
(Gains)/losses on sales of assets, net	2.8	3.2
Other adjustments	0.7	1.2
Cash flow from operations	789.8	879.5

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6

APPENDICES

In € millions9M 2018 9M 2019% change

Cash flow from operations(1)	789.8	879.5	+11.4%
as % of sales	17.8%	18.0%
Decrease (Increase) in working capital requirement	(252.4)	(96.6)
Net cash provided from operating activities	537.4	782.9	+45.7%
as % of sales	12.1%	16.0%
Capital expenditure (including capitalized development costs)	(100.5)	(117.8)
Net proceeds from sales of fixed and financial assets	4.7	6.5
Free cash flow	441.6	671.6	+52.1%
as % of sales	10.0%	13.7%
Increase (Decrease) in working capital requirement	252.4	96.6
(Increase) Decrease in normalized working capital requirement	(20.1)	(11.2)
Normalized(2)free cash flow	673.9	757.0	+12.3%
as % of sales	15.2%	15.5%

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

2. Based on a working capital requirement representing 10% of the last 12 months' sales, and whose change at constant scope of consolidation and exchange rates is adjusted 50for the first nine months.

6

APPENDICES

2018

Full consolidation method

Modulan

Gemnet

Shenzhen Clever Electronic

Debflex

Netatmo

Kenall

Trical

Q1

H1

9M

FY

Balance sheet only	Balance sheet only	6 months	9 months
	Balance sheet only	Balance sheet only	7 months
		Balance sheet only	6 months
			Balance sheet only
			Balance sheet only
			Balance sheet only
			Balance sheet only

51

6

APPENDICES

2019

Full consolidation method

Modulan

Gemnet

Shenzhen Clever Electronic

Debflex

Netatmo

Kenall

Trical

Universal Electric Corporation

Connectrac

Jobo Smartech

Q1	H1	9M	FY
3 months	6 months	9 months	12 months
3 months	6 months	9 months	12 months
3 months	6 months	9 months	12 months
Balance sheet only	6 months	9 months	12 months
Balance sheet only	6 months	9 months	12 months
3 months	6 months	9 months	12 months
Balance sheet only	6 months	9 months	12 months
	Balance sheet only	6 months	9 months
			To be determined
			To be determined

52

6

APPENDICES

INVESTOR RELATIONS

LEGRAND

François POISSON

Tel: [phone] [e-mail]

PRESS RELATIONS

PUBLICIS CONSULTANTS

Vilizara LAZAROVA

Tel: [phone]

Mob: [phone] [e-mail]

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The information contained in this presentation has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.

This presentation contains information about Legrand's markets and its competitive position therein. Legrand is not aware of any authoritative industry or market reports that cover or address its market. Legrand assembles information on its markets through its subsidiaries, which in turn compile information on its local markets annually from formal and informal contacts with industry professionals, electrical-product distributors, building statistics, and macroeconomic data. Legrand estimates its position in its markets based on market data referred to above and on its actual sales in the relevant market for the same period.

This document may contain estimates and/or forward-looking statements. Such statements do not constitute forecasts regarding Legrand's results or any other performance indicator, but rather trends or targets, as the case may be. These statements are by their nature subject to risks and uncertainties, many of which are outside Legrand's control, including, but not limited to the risks described in Legrand's reference document available on its Internet website (www.legrandgroup.com). These statements do not reflect future performance of Legrand, which may materially differ. Legrand does not undertake to provide updates of these statements to reflect events that occur or circumstances that arise after the date of this document.

This document does not constitute an offer to sell, or a solicitation of an offer to buy Legrand shares in any jurisdiction.

Unsponsored ADRs

Legrand does not sponsor an American Depositary Receipt (ADR) facility in respect of its shares. Any ADR facility currently in existence is "unsponsored" and has no ties whatsoever to Legrand. Legrand disclaims any liability in respect of any such facility.

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