Legrand : Results for first quarter, 3 May 2024

2024 First-quarter results

May 3, 2024

1

2024 First-quarter results

Contents

1. Highlights
2. Q1 2024 results
3. 2024 full-year targets unchanged
4. Ongoing acquisitions strategy
5. SBTi Net Zero commitment for 2050
6. Combined General Meeting of Shareholders on May 29, 2024
7. Success of the first international share ownership plan for employees
8. Financial agenda and Corporate access
9. Appendices

2

1

Highlights

3

Highlights

Q1 2024 results
•	Change in sales	: -5.6%,i.e. -3.7% excl. FX & Russia
•	Adjusted operating margin	: 20.5% of sales
• Net profit attributable to the Group	: 13.6% of sales

Ongoing execution of strategic roadmap

•

•

3 acquisitions announced since the beginning of the year Net Zero SBTi commitment for 2050

2024 full-year targets unchanged

•	Sales trend (LFL + Acquisitions)	: low single digit growth
•	Adjusted operating margin	: 20.0% to 20.8% of sales, before acquisitions

CMD on September 24, 2024 in London

4

2

Q1 2024 results

5

Q1 2024 results

Change in net sales

• millions
  2,150

2,028

-5.6%

Q1 2023

Q1 2024

-5.4%Organic

+1.8%	-1.1%	(1)
Acquisitions	Russia	External : +0.7%

-1.0%FX(2)

1. Based on acquisitions made as well as the effective sale of the Group's Russian activities at October 4, 2023, the overall impact should be, in 2024, close to +1% full year, of which close to +1.5% linked to acquisitions and -0.6% to the impact of disengagement from Russia.

2. Based on the average exchange rates in April 2024 alone, the full-yearexchange-rate effect on sales would be close to 0% in 2024

6

Q1 2024 results

Organic sales trends by destination

EUROPE		NORTH & CENTRAL AMERICA		REST OF THE WORLD
43.7% OF GROUP		37.4% OF GROUP		18.9% OF GROUP

-4.7%

Building market still severely impacted

2023 high basis of comparison

MATURE COUNTRIES -5.1%

(37.8% of Group)

Solid resilience Italy, UK or Spain

NEW ECONOMIES -2.4%

Growth in Turkey

-6.0%

UNITED STATES -6.1%

(33.8% of Group)

Contracting markets excluding datacenters

MEXICO & CANADA

Rise in Canada

Sharp decline in Mexico

-5.8%

ASIA-PACIFIC-5.8%

(11.5% of Group)

Growth in India

Marked decrease in China

AFRICA-MIDDLEEAST -6.5%

(3.2% of Group)

Significant decrease in Africa Robust growth in the Middle East

SOUTH AMERICA -5.1%

(4.2% of Group)

Rebound in Brazil

Building market marked slowdown, as expected

Limited decline in revenue highlighting

the strength of Legrand business model and the solidity of Group market positions

7

Q1 2024 results

Adjusted operating margin

Q1 2023	Adjusted operating margin

Profitability resilience that once again demonstrates Legrand ability to protect margins in a context of declining sales, thanks to

• Intact pricing power
• Solid cost control

Q1 2024	Adjusted operating margin before acquisitions(1)

Impact of acquisitions

Q1 2024	Adjusted operating margin

22.2%

-1.6 pts

20.6%

-0.1 pts

20.5%

1. At 2023 scope of consolidation	8

Q1 2024 results

Net profit

NET PROFIT ATTRIBUTABLE TO THE GROUP

€276MM

13.6% of sales

Decrease in operating profit

Unfavorable financial result & FX 26.0% corporate income tax rate

EARNINGS PER SHARE €1.05 (-15.1%)

9

Q1 2024 results

Cash generation

FREE CASH FLOW

€146MM

7.2% of sales

10