Landis+Gyr Group AG (SIX: LAND), a global energy technology leader driving intelligent innovation across the grid, today announced unaudited financial results for its second quarter and the first half FY 2026 ended September 30, 2026.

Q2 FY 2026

• Net revenue of $269.2 million with a record adjusted gross margin* of 38.0% and an order intake of $170.3 million achieved in the quarter

First Half FY 2026

• Order intake of $337.3 million, representing a book-to-bill ratio of 0.7x, with a backlog of $3.7 billion 
• Major contract award post H1 close in October resulting in $509 million order intake 
• Net revenue of $501.4 million, a decrease of 6.3% year-over-year, driven by project transition timing 
• Adjusted gross profit* increased 4.0% to $189.2 million, with gross margin expanding 370 basis points to 37.7% 
• Adjusted EBITDA* grew 3.5% to $73.9 million, corresponding to a margin of 14.7%, up 140 basis points 
• Income from continuing operations of $51.1 million or $1.84 per share (diluted), an increase of 268% 
• Operating Cash Flow of $74.0 million with continued focus on working capital management

Strategic Initiatives and Outlook

• Completed in October the return of $175 million to shareholders through share repurchases as announced with the EMEA divestment 
• Continued progress toward a U.S. listing while retaining the Swiss listing 
• Updated FY 2026 guidance: narrowing the net revenue range to between $1,085 and $1,115 million while raising adjusted EBITDA margin to between 15.0% and 16.0%

"Our first half FY2026 top-line performance was in line with expectations and reflected the timing of transition between two major customer deployments, while our continued focus on operational excellence resulted in a record adjusted gross margin in the second quarter," said Peter Mainz, Chief Executive Officer of Landis+Gyr. "We continue to execute on our strategic transformation and returned the proceeds from the EMEA divestment to our shareholders as promised. In recent months we also made further progress in our preparations toward a U.S. listing."
 

Davinder Athwal, Chief Financial Officer of Landis+Gyr, commented: "We expect a strong second half of FY 2026, supported by the ramp-up of new customer deployments and continued improvements in profitability, as reflected in our increased adjusted EBITDA margin guidance of 15% to 16%."
 

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

Q2 FY 2026 Performance

In the second quarter of FY 2026, Landis+Gyr recorded an order intake of $170.3 million driven by the Connected Platforms segment and equivalent to a book-to-bill ratio of 0.6x. Following the end of the reporting period, Landis+Gyr recorded an order of $509 million in October 2026. Net revenue for the quarter reached $269.2 million, a decrease of 5.9% when compared to the previous year’s period. Profitability measured as adjusted gross margin significantly improved by 460 basis points to a record 38.0% driven by operating efficiencies and favorable mix.

First Half FY 2026 Performance

Order Intake and Committed Backlog
Group order intake for the first half of FY 2026 was $337.3 million, corresponding to a book-to-bill ratio of 0.7x. Committed backlog decreased 6.5% year-over-year, reaching $3,722.1 million, of which 56% related to the Connected Platforms segment and 44% to the Grid Intelligence segment.

Net Revenue
In the first half of FY 2026, net revenue declined by 6.3% year-over-year to $501.4 million mainly due to the transition between two major customer deployments. Net revenue in Connected Platforms was 9.3% lower at $363.7 million while net revenue in Grid Intelligence increased 2.6% to $137.7 million.

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

Adjusted Gross Profit, Adjusted and Reported EBITDA*

Despite lower net revenue, adjusted gross profit grew 4.0% to $189.2 million, supported by ongoing operational efficiencies and a favorable mix. The corresponding adjusted gross profit margin was up 370 basis points and reached a record 37.7% for a half-year period.

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

Adjusted operating expenses in H1 FY 2026 increased by $4.7 million or 4.2% year-over-year to $115.2 million, mainly driven by higher sales and marketing expenses. Adjusted R&D expenses decreased to $40.7 million, equivalent to 8.1% of net revenue.

Overall, Adjusted EBITDA in H1 FY 2026 was $73.9 million, an increase of $2.5 million or 3.5% compared to H1 FY 2025. The Adjusted EBITDA margin increased by 140 basis points from 13.3% in the prior-year period to 14.7% in the first six months of FY 2026.

Reported EBITDA in H1 FY 2026 increased 76.8% to USD 114.5 million. Adjusted EBITDA excluded three categories: Restructuring charges of $1.1 million, transformation expenses of $5.1 million primarily related to the preparation of a potential U.S. listing, and tariff refunds in the amount of $46.8 million.

In H1 FY 2026, operating income was $89.6 million compared to $36.8 million in H1 FY 2025.

Net Income and Earnings per Share (EPS)
The net income from continuing operations for H1 FY 2026 was $51.1 million or $1.84 per share (diluted EPS), an increase of 268% compared to the first half of FY 2025. Including income from discontinued operations of $7.5 million, or $0.27 per share, the net income attributable to Landis+Gyr Group shareholders for H1 FY 2026 was $58.6 million or $ 2.11 per share (diluted EPS).

Cash Flow and Net Debt
Cash flow from operating activities in H1 FY 2026 was $74.0 million, a 220% improvement compared to $23.1 million in the previous year’s period. In the period under review, capital expenditure (PP&E) was $13.7 million, equivalent to 2.7% of net revenue and consistent with the Company’s asset-light business model. As of September 30, 2026, the ratio of net debt to trailing twelve months Adjusted EBITDA was 1.5 times. Net debt stood at $258.1 million after the share buybacks and dividend payment in July 2026.

Updating Guidance for FY 2026
Landis+Gyr is updating its guidance for FY 2026 after the first six months of the business year. The Company is narrowing its net revenue guidance range to $1,085 million to $1,115 million, compared to the previous range of $1,075 million to $1,125 million, while maintaining the same midpoint. Reflecting strong progress on operational efficiencies during the first half of FY 2026, Landis+Gyr is raising its adjusted EBITDA margin guidance to between 15.0% and 16.0%, up from the previous range of 14.5% to 15.5%.

Update on Strategic Initiatives and Share Buyback
In October 2025, Landis+Gyr announced its intention to return $175 million of the proceeds from the EMEA divestment to shareholders through share repurchases. The Company has now completed this capital return through a combination of share buyback programs and a fixed-price offer. In total, Landis+Gyr repurchased 2,870,387 shares for an aggregate consideration of CHF 142.4 million and, as of October 27, 2026, held 2,890,894 treasury shares, representing 10.0% of its issued share capital.

Landis+Gyr has made continued progress in its preparations for a potential U.S. listing and will provide an update at the appropriate time. As previously communicated, the Company plans to maintain its listing on SIX Swiss Exchange.

Documents
The H1 FY 2026 earnings presentation which forms part of this ad hoc announcement and the Half-Year Report 2026, are available on the Company's website at www.landisgyr.com/investors/results-center/.

Investor and Analyst Webcast
The management of Landis+Gyr will host an investor & media call and webcast to discuss the Company's H1 FY 2026 results and outlook.

 
Key Dates