Data centers now represent just over a quarter of revenue, a level comparable to that of Schneider Electric. Legrand generated €2.4bn in revenue from this segment this year, notably helped by strong growth in the US, which represents 45% of the global data-centre market. A sharp rise, then, from the €700m recorded in 2020.
Even though the French rival's EBITDA is similar to Legrand's revenue, margins and growth prospects through to 2030 appear similar for both players, with organic growth expected between 7% and 10% for Schneider.
Adjusted operating profit stands at €2bn in 2025, with a 20.7% margin, one of the best in the sector. This year, Legrand has managed to convert into free cash flow an amount higher than its net profit.
The Limoges-based group is continuing its acquisition strategy. There were seven deals in 2025, totalling €1.3bn, and two new transactions were announced with this week's results. At the same time, Legrand raised €1.5bn in debt, but overall leverage remains lower than the reserves it has accumulated.
A consistent strategy to strengthen its presence in the data-center market, where Legrand remains a relatively small player. Benoît Coquart says the group is monitoring 400 companies.
For next year, Legrand targets 10% to 15% revenue growth, including 4% to 7% organically. Within that organic growth, the group forecasts a 10% to 20% increase in data-center related activities. This suggests that it is still not expecting a recovery in the building segment, which remains under pressure.
The results also provide an opportunity to unveil the 5-year plan through to 2030. Legrand is aiming for average annual growth of around 10%, taking revenue to €15bn. The group is thus starting to confirm expectations tied to its potential in data centres, after a period of weak revenue growth, with a CAGR of 1.84% between 2022 and 2024.
