Cham, Switzerland – May 7, 2026 – Landis+Gyr Group AG (SIX: LAND), a global energy technology leader driving intelligent innovation across the grid, today announced unaudited financial results for its fourth quarter and full-year FY 2025 ended March 31, 2026. 

All amounts and disclosures reflect the Company’s continuing operations, comprising the Americas and Asia Pacific segments. The results of the EMEA operations and certain other non-core operations are presented as discontinued operations.

Q4 FY 2025

• Very strong execution in Q4 FY 2025 with net revenue up 24.8% YoY to $352.4 million, an adjusted gross margin of 36.7% and order intake of $346.3 million (book-to-bill of 1.0x)

Full-Year FY 2025

• Broad-based order intake of $1.1 billion corresponding to a book-to-bill ratio of 0.95x and resulting in stable backlog of $3.9 billion
• Net revenue of $1,166.2 million in FY 2025, an increase of 4.2% driven by the Americas region which grew by 7.8%
• Adjusted EBITDA* of $167.5 million (up 10.9% YoY), driven by operating leverage and equivalent to a margin of 14.4% (up 90 basis points)
• Income from continuing operations of $41.2 million or $1.43 per share and a net loss of $166.6 million including a non-cash impairment related to the EMEA divestment
• Cash flow from operating activities of $98.3 million, an increase of 24.6%, resulting in lower net debt to adjusted EBITDA ratio of 0.9 times
• Total capital returned to shareholders in FY 2025 of approximately $70 million
• Proposed distribution of CHF 1.20 per share (up 4.3%)

Strategy and Outlook

• Major strategic milestone achieved with completed divestiture of EMEA business in April 2026
• Guidance for FY 2026 with net revenue of between $1,075 and $1,125 million and adjusted EBITDA margin between 14.5% and 15.5%
• Expectations through FY 2028: Mid-single digit (%) revenue CAGR with adjusted EBITDA growing at approximately twice that rate

“In financial year 2025, we executed on both our strategic transformation and operational targets. In April 2026 we achieved a major milestone in the transformation of Landis+Gyr with the closing of the divestment of our EMEA business. Landis+Gyr is now a focused global business with a substantially elevated profitability and cash generation profile. Compared to the structural setup of Landis+Gyr in 2024, we improved EBITDA margin by 450 basis points. Further, I am also very pleased with the continued success of our teams and the strong momentum of our leading grid edge technology with our customers as reflected in the solid order intake in FY 2025. With a backlog of close to $4 billion and key strategic initiatives implemented, we enter FY 2026 with a strong foundation for sustainable value creation,” said Peter Mainz, Chief Executive Officer of Landis+Gyr. 

Davinder Athwal, Chief Financial Officer of Landis+Gyr, commented: “FY 2025 results reflect the disciplined execution and continued progress in strengthening our organizational and cost structure. In FY 2025, we returned approximately $70 million to our shareholders and we intend to further increase shareholder remuneration this year. Looking ahead, while our project-driven business can create quarter-to-quarter fluctuations due to the phasing in execution of large-scale deployments, which we expect in 2026, we anticipate underlying positive trends to continue. For FY 2026, we guide for net revenue of between $1.075 billion and $1.125 billion alongside an improved adjusted EBITDA margin of 14.5% to 15.5%, and we expect our cash flow profile to improve significantly. Supported by a strong backlog position, we expect mid-single digits revenue CAGR through FY 2028 with adjusted EBITDA growing at approximately twice that rate.”

* For a reconciliation of non-GAAP measures, see chapter “Supplemental Reconciliations and Definitions (unaudited)” in this ad hoc announcement.

Q4 FY 2025 Performance

In the fourth quarter of FY 2025, Landis+Gyr recorded an order intake of $346.3 million driven by the Americas segment and equivalent to a book-to-bill ratio of 1.0x. Net revenue for the quarter reached $352.4 million, an increase of 24.8% when compared to the previous year’s period, making it the strongest quarter of financial year 2025. Profitability measured as adjusted gross margin significantly improved by 460 basis points to 36.7% driven by higher contribution from Revelo platforms and software, which carry structurally higher margins than legacy solutions.

Full-Year FY 2025 Performance

Order Intake and Committed Backlog
Strong pipeline activity with positive momentum centered around Grid Edge technology resulted in a broad-based order intake for FY 2025 of $1,106.8 million. Committed backlog remained almost unchanged at $3,892.8 million as of March 31, 2026, compared to $3,933.4 million as of March 31, 2025. Of the total backlog, 43% is related to software and software-enabled services.

Net Revenue
In FY 2025, net revenue rose by 4.2% to $1,166.2 million compared to $1,119.7 million in FY 2024 supported by the strong execution in the second half of FY 2025. The share of net revenue from software and software-enabled services was approximately 25% in FY 2025.

Net revenue per segment was as follows (in $ millions, except where indicated):

In FY 2025, net revenue in the Americas region increased by 7.8% YoY to $1,040.1 million driven by strong Revelo demand and the business in Japan. Net revenue in the Asia Pacific region declined by 18.8% to $126.0 million, mainly driven by the timing of large projects.

Adjusted Gross Profit, Adjusted and Reported EBITDA*
Adjusted gross profit increased by 5.8% to $404.3 million on operating leverage from strength in revenue, and the corresponding margin was 34.7% (up 60 basis points).

Adjusted operating expenses in FY 2025 increased by $5.7 million or 2.5% year-over-year to $236.8 million.

The Adjusted EBITDA by segment was as follows (in $ millions, except where indicated):

Effective FY 2025, Landis+Gyr no longer allocates costs for group charges across the regional segments. Corporate costs are now shown as Corporate unallocated. Prior periods have been recast to reflect this change.

Overall, the Adjusted EBITDA from continuing operations in FY 2025 was $167.5 million, an increase of $16.5 million or 10.9% compared to FY 2024. The Adjusted EBITDA margin increased by 90 basis points from 13.5% in FY 2024 to 14.4% in FY 2025.

In FY 2025, an operating income from continuing operations of $95.4 million was recorded, compared to an operating income of $83.3 million in FY 2024. Reported EBITDA in the period under review was $150.2 million versus $135.9 million in the same period in FY 2024, an increase of 10.5%.

The adjustments to reconcile between Reported EBITDA in the Group’s financial statements and Adjusted EBITDA were as follows (in $ millions):

In FY 2025, Adjusted EBITDA primarily excluded two distinct expense categories. By excluding these expenses, the Company believes that it is easier for management and investors to compare the financial results over multiple periods and analyze trends in the Company’s operations. First, restructuring charges of $5.1 million were primarily related to the OPEX efficiency initiatives in the Americas. Second, transformation expenses of $12.2 million were primarily related to the strategic review of the EMEA region and the preparation of a potential future U.S. listing. Effective FY 2025, the previous adjustment for “warranty normalization” was discontinued. 

Net Income and Earnings per Share (EPS)
The net income from continuing operations for FY 2025 was $41.2 million or $1.43 per share (diluted EPS), an increase of 9.2% compared to FY 2024. Factoring in the loss on discontinued operations of $207.8 million or $7.30 per share, the net loss attributable to Landis+Gyr Group shareholders for FY 2025 was $168.9 million or $5.87 per share (diluted EPS).

Cash Flow and Net Debt
Cash flow from operating activities in FY 2025 was $98.3 million, a 24.6% improvement compared to $78.9 million in the previous year. In the period under review, capital expenditure (PP&E) was $38.5 million, equivalent to 2.0% of net revenue (incl. EMEA) and consistent with the Company’s asset-light business model.

As of March 31, 2026, the ratio of net debt to Adjusted EBITDA reduced to 0.9 times (from 1.1 times). Net debt stood at $198.9 million and does not include the cash impact from the EMEA divestment received in April 2026.

Divestment of EMEA segment
In September 2025, Landis+Gyr announced the divestment of its EMEA business to a private equity buyer and the transaction successfully closed in April 2026. The EMEA segment reported net revenue of $750.7 million in FY 2025, an increase of 23.8% when compared to the previous year. Adjusted EBITDA for EMEA was $64.3 million (up 121.0%) corresponding to an 8.6% margin (before allocation of corporate costs).

Distributions to Shareholders and Share Buyback Program
The Board of Directors is proposing a 5 cents higher distribution of CHF 1.20 per share to the Annual General Meeting on June 26, 2026. If approved, the distribution will be paid out entirely from statutory capital reserves and is exempt from Swiss withholding tax. In addition, Landis+Gyr intends to further return capital to shareholders through its share buyback program of up to $175 million which was launched in October 2025. Up until March 31, 2026, Landis+Gyr bought back approximately 1.7% of its outstanding shares. Together with the dividend paid in July 2025, Landis+Gyr returned approximately $70 million back to shareholders in FY 2025.

Outlook for FY 2026 and expectations through 2028
In FY 2026, one large customer deployment reaches completion, ahead of commencement of the next major customer deployment already reflected in backlog and reaching scale in Q4 FY 2026. This creates a temporary gap between project roll‑off and the ramp‑up of new deployments, resulting in an estimated $60 million reduction in revenue recognized in FY 2026. Against this backdrop, Landis+Gyr expects FY 2026 net revenue of between $1,075 and $1,125 million, while continuing to deliver further profitability improvement, with Adjusted EBITDA margin expected to be between 14.5% and 15.5% of net revenue.

Looking beyond FY 2026, the commencement of new large customer deployments from backlog, together with the conversion of major order wins from Q4 FY 2025 into revenue, positions the business for a strong resumption of growth in FY 2027 and FY 2028. Over the three-year period through FY 2028, Landis+Gyr expects mid-single-digit revenue CAGR, with adjusted EBITDA growing at approximately twice that rate, supported by higher-margin software and software-enabled service revenue along with the continued expansion of the Revelo platform.

Capital Markets Day
On June 1, 2026, Landis+Gyr will hold a Capital Markets Day in New York with executive management providing an update on the Company’s strategy, technology roadmap, capital allocation and financial framework including the new segmentation.

Documents
The FY 2025 earnings presentation, which forms part of this ad hoc announcement, is available on the Company’s website at www.landisgyr.com/investors/results-center/.

Investor and Analyst Webcast
Landis+Gyr’s management will host an investor/analyst webcast to discuss the Company’s FY 2025 results. 

 
Key Dates