Legrand SA

Good morning, ladies and gentlemen, and welcome to today's Legrand 2025 nine-month results conference call. For your information, this conference is being recorded. All participants are in a listen-only mode. Later, there will be a question-and-answer session. At this time, I would like to hand the call over to CEO, Mr. Benoit Coucart, and CFO, Mr. Franck Lemery. Please go ahead, sir.

Thank you very much. Good morning, everybody. Franck, Lemery, Roland-Marc, and myself are happy to welcome you to the Legrand 2025 nine-month result conference call and webcast. Please note that, as usual, this call is recorded. We have published today our press release, financial statements, and a slideshow to which we will refer. I begin on page four with the three key highlights of this release. First, Legrand delivered robust sales growth and very solid margins over nine months. Second, we are sustaining a strong acquisition momentum. And third, our 2025 full-year targets, right in July, are confirmed. So moving to page six, I will start with another view of sales. Over nine months, excluding FX, our sales grew by plus 14.5%. This includes an organic growth of plus 8.2%, driven by an outstanding performance in data centers of well above plus 30%. This also includes a positive scope effect of plus 5.8%, and based on acquisitions announced and their likely dates of consolidation, the full impact of scope changes should be around plus 5%. For exchange rates, effect was a negative minus 2.2% in the first nine months of 2025, and based on the rates of the month of October, it would be around minus 3% for the full year. On page 7, you will find the key takeaways per geography on a like-for-like basis. In Europe, in a market that remains overall contrasted, sales were up plus 1.5% over the first nine months of 2025. In North and Central America, sales were up a strong plus 18%, driven by an outstanding performance of data center offerings. Finally, in the rest of the world, sales increased by plus 2.5%, with growth in Asia Pacific and the Middle East, partially offset by a retreat in South America and Africa. Overall, at group level, as expected, most of the organic growth is coming from data centers that represent 25% of our sales at the end of September, while our sales in residential and other non-residential buildings are flattish, with residential slightly down. These were the main comments I wanted to share on sales. I will now hand over to Franck for more color on our financial performance.

Thank you, Benoit, and good morning to all of you. I will start on page 8. with adjusted operating margin. At center per hand, we recorded a solid adjusted operating margin of 20.7% after acquisition. These represent 20 bps of increase year on year, including 10 bps on organic improvement and 10 bps favorable impact coming from acquisitions. The group's profitability over the first nine months demonstrates the strength of our strategic model and the solid capacity for execution and adaptation, notably amid evolving global trade policies. Going now to page 9, the net profit stood at 892 million euros, representing 12.8% of our sales. The increase coming from operating profit is partially offset by the impact of financial results and a modest rise in corporate income tax. the free cash flow came to 871 million euros, growing plus 16.3% over the same period of last year. This concludes our key financial topics that I wanted to share with you this morning. And I'm now handing over back to Benoit.