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Cash 360

The treasury cockpit — 13-week cash, EBITDA-to-FCF conversion, working-capital unlock, receivables, liquidity and covenant headroom.

Legrand Group · FY26 (modeled)

Global leader in wiring devices (20%+ share)

39,000 employees · 35+ US sites · 90 countries

▲ Executive read· the answer, then the moves

Liquidity is sound at $2200M (≈ 10 weeks cover), but $341.4M of working capital is trapped in receivables — pull DSO from 62d to 48d to self-fund the next deal rather than draw the $7993M of covenant capacity.

4 of 5 headline metrics improving vs prior · still off target: Liquidity $2.20B vs $2.50B, Free Cash Flow $900M vs $950M, Cash Conversion Cycle 63d vs 60d

Do now — ranked by urgency

1
Netatmo IoT Assets credit exposureAct now
Why it matters
Move to credit hold pending paydown; reforecast ARR net of likely churn.
What's driving it
Overdue AR
Signal: Alert
FYI
Distress filings + overdue AR; churn risk High on $6.4M account.
Act →▤ open the overdue book
2
Covenant headroom 0.9× (lev 4.6× vs 5.5×)Act now
Why it matters
Sets deal capacity and refinancing risk.
What's driving it
Q1 (act)
Signal: Threshold
FYI
Net-debt/EBITDA 4.6× against a 5.5× ceiling.
Owner: CFO · Treasury
Act →
3
Unlock $341.4M by pulling DSO to the 48d targetWatch
Why it matters
Every day of DSO above 48d ties up working capital; closing the gap releases ≈ $341.4M of one-time cash.
What's driving it
DSO 62d vs 48d target
Overdue >60d = $216.6M of $1316M AR
FYI
Normalizing laggard brands to 50d DSO releases ≈ $96.4M
Owner: Treasury
Work the overdue book →▤ open the overdue receivables
4
3 brands running DSO > 65 daysWatch
Why it matters
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
What's driving it
DSO
Signal: Alert
FYI
ISC (67d), Legrand Retail (66d), Netatmo IoT Assets account (67d) lifting blended DSO.
Act →▤ open the overdue book

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↗ Where this connects — act / drill across

▤Evidence· open the overdue-invoice list 🧩Customer Master· term conflicts driving AR 👥Customer 360· DSO by account 🚪Exit Readiness· debt & deleverage path

Liquidity

$2200M

≈ 10 weeks cover

Free cash flow

$900M

47% EBITDA conversion

Cash conversion cycle

63d

DSO 62 + DIO 18 − DPO 48

Working-capital unlock

$341.4M

DSO 62→48d target

Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $325.39M.

Above minimum

$385.48M

Opening cash

$2762M

13-wk collections

$2727M

13-wk disbursements

$420.62M

Closing cash

Exhibit 2

EBITDA → Free cash flow

$1903M EBITDA converts to $900M FCF (47%).

Exhibit 3

Cash collected

Monthly, $M.

Cash conversion cycle

Working-capital days

DSO — receivables62d

DIO — inventory18d

DPO — payables (offset)(48d)

Cash conversion cycle63d

Where cash is trapped

Working-capital cash unlock

$96.4M

Normalizing laggard brands to 50-day DSO releases ~$96.4M one-time.

Legrand India67d

$21.7M

Legrand North America61d

$19.8M

Netatmo56d

$17.9M

Legrand Retail66d

$14.4M

Legrand Data Center Solutions60d

$11.5M

BTicino58d

$8.4M

USystems54d

$2.7M

Collections

AR aging

Total AR $1316M

Current days$617.9M

1-30 days$328.79M

31-60 days$153.06M

61-90 days$111.11M

90+ days$105.44M

Overdue (>60d) = $216.6M.

Exhibit 4

Collections priority

Highest DSO first.

Account	Revenue	DSO	Credit risk
Netatmo IoT Assets	$72.56M	67d	High
Data Center Segment	$146.25M	63d	Medium
Regional Operations	$46.48M	59d	Medium
North America Operations	$160.99M	58d	Low
Group Legrand India	$81.63M	55d	Medium
IBM	$109.97M	52d	Medium
UPS	$128.11M	49d	Low

Exhibit 5

Supplier DPO

Working-capital lever.

Supplier	Spend	DPO	OTIF	Risk
USystems Supplier	$725.61M	45d	96%	Low
Asian Vendor	$657.58M	42d	93%	Low
Arrow Electronics	$464.84M	38d	90%	Medium
Oracle SCM	$306.11M	36d	89%	Medium
SAP ERP	$260.76M	40d	95%	Low
MES	$215.41M	44d	92%	Low