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Annual Report 2025
Dear Landis+Gyr Shareholders
Financial year 2025 marked the year Landis+Gyr completed its strategic transformation into a focused, high-quality multinational business centered on grid edge intelligence. We delivered on our operational targets, executed major strategic milestones and positioned the Company for sustained value creation. With the closing of the EMEA divestment in April 2026, Landis+Gyr now operates as a streamlined business with a substantially improved profitability and cash generation profile.
A Transformation Delivered
Eighteen months ago, we set out to sharpen the Company's strategic focus, allocate capital with greater discipline and position Landis+Gyr closer to the customers and markets that drive our highest-margin growth. FY 2025 was the year that vision became reality. We divested our EMEA business to a private equity buyer for an enterprise value of USD 215 million, completing the transaction in April 2026. Compared to the Company's structural setup of 2024, our adjusted EBITDA margin improved by 450 basis points. Landis+Gyr emerges from FY 2025 with a tighter operational footprint, structurally higher margins and stronger cash conversion.
The forces shaping our markets continue to strengthen. Electrification, grid modernization and the surge in energy demand from data centers and AI deployments are driving sustained investment in intelligent grid infrastructure. Customers increasingly choose Landis+Gyr as their single-source technology partner for software, communication networks, services and sensor technologies. The order intake of USD 1.1 billion in FY 2025, our USD 3.9 billion backlog and the very active pipeline reflect this trust.
Progress toward our US stock exchange listing continues, with the goal to bring us closer to our core markets, broaden access to capital and improve comparability with our sector peers. Landis+Gyr remains a Swiss legal entity headquartered in Switzerland, with a dual listing to accommodate our existing shareholders.
A Year of Operational Delivery
FY 2025 was a year of disciplined execution and strong commercial momentum. Net revenue grew 4.2% to USD 1,166.2 million, adjusted EBITDA expanded by 10.9% to USD 167.5 million with a margin of 14.4% and cash flow strengthened materially. Our Americas segment delivered strong growth of 7.8% driven by the Revelo platform and the fourth quarter of FY 2025 was the strongest of the year.
In FY 2025, we returned approximately USD 70 million to shareholders through dividend distribution and the share buyback program. The Board of Directors is proposing a higher distribution of CHF 1.20 per share at the Annual General Meeting on June 26, 2026 - an increase of 4.3% versus the prior year - payable from statutory capital reserves and exempt from Swiss withholding tax. The buyback program of up to USD 175 million, launched in October 2025, remains active and we will continue to return capital to shareholders.
Innovation and Sustainability
Innovation underpins our long-term competitive position and investments in Research & Development remain central to our leadership in intelligent energy management. Our Revelo platform drives a larger share of revenue and carries structurally higher margins than legacy solutions. Software and software-enabled services accounted for approximately 25% of net revenue in FY 2025.
On sustainability, Landis+Gyr earned the EcoVadis Platinum medal for the second consecutive year, placing us among the top 1% of rated companies globally. We advanced supplier due diligence, conducted life cycle assessments on major products and rolled out ESG roadmaps aligned with our double materiality assessment. Our installed base of smart meters continues to enable substantial avoided emissions for our customers, reinforcing our role in the energy transition.
Change to the Board of Directors
At the Board level, a transition will take place at the upcoming Annual General Meeting: Laureen Tolson will not stand for re-election as a member of the Board of Directors. We thank Laureen Tolson for her meaningful contributions and dedicated service.
We also look forward to welcoming Scott Reese, former CEO of GE Vernova's Electrification Software business, as a proposed new Board member, bringing deep sector and software leadership experience aligned with our strategy.
Outlook for FY 2026 and Beyond
The strategic foundation we have built supports our future growth trajectory. For FY 2026, we expect continued profitability improvement alongside a planned transition between two large customer deployments.
Over the three-year period through FY 2028, we expect mid-single-digit revenue CAGR with adjusted EBITDA growing at approximately twice that rate, supported by the continued expansion of the Revelo platform and a growing share of software and software-enabled services.
Our Capital Markets Day in New York on June 1, 2026, outlines our strategy, technology roadmap, capital allocation and financial framework under the new segmentation in greater depth.
Team Green – Our People
Behind every result are the efforts of our employees around the world. Their dedication carried the Company through a year of significant transformation while sustaining strong customer partnerships and advancing our technology roadmap. We thank them for their commitment.
To our shareholders, customers, and partners: Thank you for your continued trust as we lead the future of intelligent energy.
Yours sincerely,
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FY2025 Key Figures
Committed Backlog
3,892.8
in million USD
in million USD
Net Revenue
1,166.2
in million USD
in million USD
Adjusted EBITDA
167.5
in million USD
in million USD
Cash Flow*
98.3
in million USD
in million USD
* Net cash provided by operating activities.
Earnings per Share*
1.43
in USD
in USD
* Diluted EPS from continuing operations, net of tax.
Dividend per Share
1.20
in CHF
in CHF
Enabled CO2 emissions savings
through Landis+Gyr's installed Smart Metering Base in FY 2025
Water withdrawl
Year-over-year change in Landis+Gyr’s ESG indicators (FY 2025 vs. FY 2024)
Waste generated
Direct CO2 emissions from Landis+Gyr's operations
CO2 e per USD 100 net revenue1
1Based on Scope 1 and 2 GHG emissions
Renewable electricity
Employee learning hours
FY 2025 at a Glance
Net Revenue Split*
- Americas USD 1,040.1 million
- Asia Pacific USD 126.0 million
*continued operations only.
Balance Sheets / Statements of Operations
“FY 2025 reflects disciplined execution and continued progress in strengthening our profitability and cash generation profile. Supported by a strong backlog, we expect mid-single-digit revenue growth through FY 2028 with adjusted EBITDA growing at approximately twice that rate.”
Consolidated Statements of Operations
USD in thousands, except per share data
March 31, 2026
March 31, 2025
Net revenue
1,166,234
1,119,699
Cost of revenue
780,090
754,701
Gross profit
386,144
364,998
Operating expenses
Research and development
92,803
109,524
Sales and marketing
39,628
35,535
General and administrative
125,386
104,472
Amortization of intangible assets
32,921
32,153
Operating income
95,406
83,314
Interest income
3,485
1,800
Interest expense
(26,317)
(21,627)
Other income (expense), net
(5,189)
(16,714)
Income from continuing operations before income taxes
67,385
46,773
Income tax expense
(26,225)
(8,892)
Income from continuing operations, net of tax
41,160
37,881
Discontinued operations
Loss on discontinued operations before income taxes
(196,785)
(187,095)
Income tax expense
(11,006)
(180)
Loss on discontinued operations, net of tax
(207,791)
(187,275)
Net loss
(166,631)
(149,394)
Income attributable to noncontrolling interests
2,265
1,070
Net loss attributable to Landis+Gyr Group AG
(168,896)
(150,464)
Amount attributable to Landis+Gyr Group AG shareholders
Income (loss) from continuing operations, net of tax
41,160
37,881
Loss from discontinued operations, net of tax
(210,056)
(188,345)
Net loss
(168,896)
(150,464)
Basic earnings per share attributable to Landis+Gyr Group AG shareholders
Income from continuing operations, net of tax
1.43
1.31
Loss from discontinued operations, net of tax
(7.31)
(6.52)
Net loss
(5.87)
(5.21)
Diluted earnings per share attributable to Landis+Gyr Group AG shareholders
Income from continuing operations, net of tax
1.43
1.31
Loss from discontinued operations, net of tax
(7.30)
(6.52)
Net Loss
(5.87)
(5.21)
Weighted-average number of shares used in computing earnings per share
Basic
28,747,244
28,875,638
Diluted
28,759,519
28,901,355
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.
Consolidated Balance Sheets
USD in thousands, except per share data
March 31, 2026
March 31, 2025
ASSETS
Current assets
Cash and cash equivalents
232,905
171,564
Accounts receivable, net of allowance for credit losses of USD 2.5 million and USD 2.3 million
285,108
272,799
Inventories, net
117,557
133,202
Prepaid expenses and other current asset
85,103
66,734
Current assets held for sale - discontinued operations
434,131
279,967
Total current assets
1,154,804
924,266
Property, plant and equipment, net
69,877
66,235
Intangible assets, net
57,489
91,421
Goodwill
762,069
762,035
Deferred tax assets
74,064
73,910
Other long-term assets
190,881
167,215
Noncurrent assets held for sale - discontinued operations
-
320,335
TOTAL ASSETS
2,309,184
2,405,417
LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable
113,924
129,929
Accrued liabilities
40,575
34,832
Warranty provision - current
12,537
11,798
Payroll and benefits payable
44,319
37,749
Short-term debt
174,276
94,556
Operating lease liabilities - current
9,707
8,892
Other current liabilities
102,873
96,008
Current liabilities held for sale - discontinued operations
271,922
170,473
Total current liabilities
770,133
584,237
Long-term debt
249,371
249,522
Warranty provision – non current
4,578
7,375
Pension and other employee liabilities
8,922
6,720
Deferred tax liabilities
11,490
11,475
Tax provision
23,223
20,841
Operating lease liabilities - non-current
37,209
36,035
Other long-term liabilities
94,262
105,419
Noncurrent liabilities held for sale - discontinued operations
–
66,140
Total liabilities
1,199,188
1,087,764
Commitments and contingencies - Note 25
Shareholders' equity
Landis+Gyr Group AG shareholders' equity Registered ordinary shares (28,908,944 and 28,908,944 issued shares at March 31, 2026, and March 31, 2025, respectively)
302,756
302,756
Additional paid-in capital
913,853
953,920
Retained earnings (Accumulated deficit)
(33,502)
135,394
Accumulated other comprehensive loss
(45,256)
(71,913)
Treasury shares, at cost (477,394 and 89,337 shares at March 31, 2026, and March 31, 2025, respectively)
(31,166)
(5,413)
Total Landis+Gyr Group AG shareholders’ equity
1,106,685
1,314,744
Noncontrolling interests
3,311
2,909
Total shareholders’ equity
1,109,996
1,317,653
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
2,309,184
2,405,417
The accompanying notes are an integral part of the consolidated financial statements found in the Financial Report.
Performance Review
- Group
- Americas
- Asia Pacific
- EMEA
“FY 2025 marked the completion of our strategic transformation and strong operational execution. The closing of the EMEA divestment in April 2026 reshaped Landis+Gyr into a more focused and higher‑margin global business. Supported by strong momentum in our Revelo platform and a backlog of close to USD 4 billion, we enter FY 2026 with a solid foundation for sustainable value creation.”
"Financial Year 2025 was the year we completed our strategic transformation and delivered on our operational targets. The closing of the EMEA divestment in April 2026 reshaped Landis+Gyr into a focused global business with a substantially higher profitability and cash generation profile. Compared to our structural setup in 2024, we improved our adjusted EBITDA margin by 450 basis points. Our teams executed with discipline across the Americas and Asia Pacific, with strong momentum behind our Revelo platform and continued growth in customer demand for our grid edge technology. With a backlog of close to USD 4 billion and key strategic initiatives now implemented, we enter FY 2026 with a strong foundation for sustainable value creation."
Net revenue rose 4.2% to USD 1,166.2 million (3.8% in constant currency), supported by strong second-half execution, with the Americas growing 7.8% to USD 1,040.1 million while Asia Pacific declined 18.8% to USD 126.0 million due to project timing; the fourth quarter was the strongest of the year, and software and software-enabled services represented about 25% of revenue.
Profitability improved, with Adjusted EBITDA up 10.9% to USD 167.5 million and the margin increasing to 14.4%, driven by operating leverage and a higher share of Revelo and software, while adjusted gross margin reached 34.7%; income from continuing operations was USD 41.2 million, and the net loss of USD 168.9 million reflected the impact of discontinued operations related to the EMEA divestment.
Cash flow from operating activities increased 24.6% to USD 98.3 million, capital expenditure remained at 2.0% of net revenue, and net debt stood at USD 198.9 million, with the leverage ratio improving to 0.9x, excluding proceeds from the EMEA divestment received in April 2026.
Net Revenue
1,166.2
in million USD
in million USD
Adjusted EBITDA
167.5
in million USD
in million USD
Cash Flow*
98.3
in million USD
in million USD
* Net cash provided by operating activities.
“In FY 2025, the Americas focused on execution at scale across core portfolios, including next‑generation AMI and grid edge intelligence. Utilities increased investments to enhance reliability and resilience amid rising electrification and cybersecurity pressures. Landis+Gyr supported these efforts through large AMI programs and expanded Revelo deployments.”
"In FY 2025, the Americas region focused on execution at scale across core portfolios, including next-generation AMI deployments, grid edge intelligence expansion and continued leadership in gas and flexibility solutions. Utilities across the region invested in infrastructure to improve reliability, resiliency and operational efficiency while addressing electrification growth, severe weather exposure, cybersecurity requirements and affordability pressures. Landis+Gyr supported these priorities through large AMI programs, expanded Revelo® deployments, a growing edge and cloud application ecosystem, adoption of Surent™ ultrasonic gas metering, along with demand response and grid orchestration solutions to deliver measurable results."
In FY 2025, the Americas region delivered net revenue of USD 1,040.1 million, compared to USD 964.6 million in FY 2024. Adjusted EBITDA was USD 196.0 million, up from USD 156.6 million. Despite economic and regulatory uncertainty, especially around tariffs in the US, the region achieved a record backlog of USD 3.7 billion.
Net Revenue
1040.1
in million USD
in million USD
Adjusted EBITDA
196.0
in million USD
in million USD
“Electricity demand in Asia Pacific is set to grow strongly, driven by industrialization, rising adoption of consumer energy resources and rapid data center expansion. These accelerating trends are increasing pressure on grid infrastructure and reinforcing the need for greater investment in transmission, distribution and grid edge technologies.”
"Electricity demand across the Asia Pacific (APAC) region is set to grow strongly over the next two decades, driven by industrialization, rising adoption of Consumer Energy Resources (CER), increasing cooling needs and rapid data center expansion. According to the IEA, APAC will remain the primary driver of global electricity consumption at 46% by 2040. These accelerating demand trends, especially from large-scale data centers and growing CER uptake, are placing pressure on grid infrastructure and reinforcing the need for greater investment in transmission, distribution and grid edge technologies."
In FY 2025, the APAC region delivered net revenues of USD 126.0 million, down from USD 155 million in FY 2024, due to the timing of project deliveries. Adjusted EBITDA for the year amounted to USD 22.2 million at 17.6%. The year concluded with a backlog of USD 148.2 million.
Net Revenue
126.0
in million USD
in million USD
Adjusted EBITDA
22.2
in million USD
in million USD
“FY 2025 was marked by strong operational performance and continued commercial momentum in a rapidly evolving energy landscape. Customer demand increasingly shifted toward connected devices, driven by regulatory developments and rising resilience requirements. Building on the turnaround initiated in FY 2024, our teams delivered solid results and strengthened positions in core markets.”
"FY 2025 marked a period of strong operational performance and a continuation of improved commercial momentum, set against a rapidly evolving energy landscape. Regional demands followed macro-level trends with a sustained increase in customer requirements for connected devices and intelligent end-to-end solutions. Secular trending, regulatory development and growing expectations toward a more resilient, secure energy and utility infrastructure continued to shape customer requirements and the evolution of our portfolio across the region. Our commitment to both present and future needs required significant investments across both products and services, keeping the EMEA business well positioned to serve the evolving market needs and future growth opportunities. Our teams within the region continued to deliver on the turnaround path initiated in FY 2024 with outstanding results, strengthening the leading position across core markets and continuing rollout activity. Product and service improvements, coupled with greater focus on customer intimacy enabled the business to achieve record volume growth across several customer programs and diverse regulatory environments."
During the year, the EMEA segment reported net revenue of USD 750.7 million in FY 2025, an increase of 23.8% compared to the previous year. Adjusted EBITDA was USD 64.3 million (up 121.0%), corresponding to an 8.6% margin (before allocation of corporate costs). Profitability improvement was delivered through an increase in operating leverage driven by strong volume deployments in key markets, supported by favourable product mix, and ongoing optimization measures.
EMEA Divestment and Reporting Scope
On September 29, 2025, Landis+Gyr Group AG entered into a definitive agreement to divest its Europe, Middle East and Africa ("EMEA") business to AURELIUS for an enterprise value of USD 215 million, as part of its strategic focus on higher growth and higher margin markets. The transaction was successfully completed on April 8, 2026, following the receipt of customary regulatory approvals, with economic effect as of March 31, 2026.
As a result of this transaction, the EMEA business, including its full metering portfolio, related software and services, production footprint and workforce, is no longer part of the Group's ongoing operations.
For financial reporting purposes, the results of the EMEA operations include certain other smaller discontinued operations. Unless otherwise stated, all financial figures, commentary and performance indicators in this report refer to continuing operations.
Comparative information has been adjusted where appropriate to ensure consistency and comparability across reporting periods
Net Revenue
750.7
in million USD
in million USD
Adjusted EBITDA
64.3
in million USD
in million USD
FY 2025 ESG Highlights at a Glance
8.0
million tons of CO2 savings enabled through our installed base of smart meters
-74
%
Scope 1 and 2 GHG emissions
+25
%
Scope 3 GHG emissions per USD 100 of net revenue
90
%
of products in Eco-Portfolio
-21
%
water withdrawl
+19
%
waste generated
304
supplier risk assessments and 47 ESG audits
38
%
female representation on the Board
39
%
female represenation at Group level
34.6
hous of learning per employee
-25
%
lost-time incidents
Changes have been calculated with respect to FY 2024. For GHG emissions data, comparisons are made against the FY 2021 Science-Based Targets base year.