Legrand (LEGD.PA): Q2‘26 beats expectations, revenue guidance increased

研报英文原文证据摘录

Legrand (LEGD.PA): Q2‘26 beats expectations, revenue guidance increased

Flash |

29 Jul 2026 02:23:01 ET │ 10 pages

Legrand (LEGD.PA)

Q2’26 beats expectations, revenue guidance increased

CITI'S TAKE

Buy The strength of Q2 organic sales growth at 10.4% (consensus ~8%) and

the increased organic growth guidance for the year to 8-10% (from 4-7%) Short-Term View: Upside, expires 16-SEP-26

should be well received, with consensus FY organic growth expectations Price (28 Jul 26 17:30) €129.15

currently at ~8.3%, using company-collected consensus. While the H1 Target price €185.00

margin is 30bps lower than consensus, we expect this to be on price/cost Expected share price return 43.2%

phasing and don’t see expectations meaningfully changing; the full-year Expected dividend yield 1.9%

margin guidance has been retained. We expect results to drive low-mid Expected total return 45.1%

single digit % upgrades to consensus, and while shares have

Market Cap €33,869M underperformed into results, the broader market debates about the

US$38,567M datacentre capex cycle will arguably be a bigger driver of the share price in

the short run versus 2026 earnings estimates; datacentre now represents

32% of Legrand’s sales. Nonetheless we see Legrand as an undervalue

datacentre play with mid-term growth potential not adequately priced, Martin WilkieAC

and a CMD in September that we think can improve sentiment. +44-207-986-4077

martin.wilkie@citi.com

Inside the numbers — Sales of €2,863m came in 3% above consensus of €2,767m. Avinash Mundhra

Organic sales growth of 10.4% came in 240bps above consensus of 8.0%. Adj. +44-20-7986-6230

Operating profit of €599m came in 1% above consensus of €594m. Adj. Operating avinash.mundhra@citi.com

profit margin of 20.9% came in -60bps below consensus of 21.5%.