PLegrand GroupExecutive Cockpit
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PPavion · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY26 (modeled). Fire Safety · Security · Integration.

$8900M
Revenue (modeled)
2+
Acquisitions since 2020
39,000
Employees
Global leader in wiring devices (20%+ share)
SDM ranking
Owner: Jean-Marc Chéry · CEO Benoît Coquart · CFO Franck Lemery · HQ Limoges, France
Where we stand

Executive scorecard

Pavion · Board Pack · 1 · Executive Summary
Revenue
$8.90B
prior $7.55B
Revenue Growth
18.0%
prior 12.0%
EBITDA
$1.90B
prior $1.60B
EBITDA Margin
21.4%
prior 21.0%
Annual Recurring Revenue
$410M
prior $340M
Recurring Revenue Mix
4.6%
prior 3.9%
Net Revenue Retention
105.0%
prior 102.0%
Rule of 40
39
prior 36
Executive summary
Growth & profitability

Revenue, EBITDA & mix

Pavion · Board Pack · 2 · Performance
Revenue by business unit
Data Center Segment45%
Retail Segment35%
IoT & Connected Products20%
Data Center Segment
$4002.17M
+14% · EBITDA 183.67% · Rec 44%
Retail Segment
$3117.83M
+9% · EBITDA 175.73% · Rec 46%
IoT & Connected Products
$1780M
+18% · EBITDA 133.78% · Rec 24%
Roll-up validation

Acquisition cohort economics

Pavion · Board Pack · 3 · M&A Thesis
BrandYearRevenueARREBITDA upliftSynergyStatus
BTicino2021$385.48M$136.05M102.04%→158.73% (+56.68999999999998)92%Integrated
USystems2021$249.43M$90.7M90.7%→147.39% (+56.68999999999998)90%Integrated
Netatmo2022$1088.41M$589.55M124.71%→181.4% (+56.69000000000001)88%Integrated
Legrand North America2023$657.58M$215.41M113.38%→147.39% (+34.00999999999999)74%In progress
Legrand India2024$464.84M$158.73M102.04%→124.71% (+22.669999999999987)55%In progress
Legrand Data Center Solutions2024$419.49M$147.39M102.04%→136.05% (+34.010000000000005)78%In progress
Legrand Retail2024$328.79M$102.04M90.7%→102.04% (+11.340000000000003)40%Early

Integrated cohorts show ~57pt EBITDA expansion post-integration; newer cohorts remain in synergy capture.

Balance sheet & liquidity

Leverage, cash & covenants

Pavion · Board Pack · 4 · Capital & Cash
Net Debt / EBITDA
1.3x
target 1.2x
Covenant Headroom
35.0x
target 40.0x
Debt Service Coverage Ratio
4.2x
target 4.5x
Liquidity
$2.20B
target $2.50B
Free Cash Flow
$900M
target $950M
Cash Conversion Cycle
63d
target 60d
Days Sales Outstanding
62d
target 55d
Integration Synergy Realized
78.0%
target 85.0%
Net leverage 4.2x sits well inside the 5.5x covenant with $132M liquidity — capacity for continued disciplined M&A while cash conversion (CCC 63d) and FCF improve.
Governance

Watch-list & priority actions

Pavion · Board Pack · 5 · Risk & Actions
●Asia region margin driftceo
Asia GM 200bps below plan amid RFI/ISC integration drag.
→ Accelerate ISC ERP/SOC cutover; rebalance project mix toward recurring.
●Retail Segment expansion → $12.5M opportunityceo
News signal converted to qualified, credit-cleared multi-region pursuit.
→ Prioritize solution design; align certified-tech coverage in new metros.
●3 brands running DSO > 65 dayscfo
ISC (67d), Legrand Retail (66d), Netatmo IoT Assets account (67d) lifting blended DSO.
→ Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
●Netatmo IoT Assets credit exposurecfo
Distress filings + overdue AR; churn risk High on $6.4M account.
→ Move to credit hold pending paydown; reforecast ARR net of likely churn.
●Covenant headroom improvingcfo
Net Debt/EBITDA 4.2x vs 5.5x covenant; liquidity $132M.
→ Capacity exists for 1–2 tuck-in acquisitions this fiscal year.
●ECD synergy realization behind planboard
Synergy at 78% of model; integration 80% complete.
→ Hold management to 90-day synergy recovery plan; track at next board meeting.
●2023 cohort EBITDA uplift validatedboard
AFA/RFI cohort margin expanded ~500bps post-integration.
→ Thesis intact; continue disciplined roll-up at <5.5x leverage.
●Recurring mix below 45% targetboard
Recurring 40% vs 45% strategic target; Integration BU dilutive.
→ Push subscription/Legrand Data Center Infrastructure Management attach on Integration installs.
Material external signals
[News] Retail Segment announces new US cloud regions · Retail Segment→ multi-region DC security opportunity
[EDGAR] Limoges Plant 10-K: elevated hub-automation capex · Limoges Plant→ perimeter + analytics pull-through
[News] Competitor acquires regional fire integrator · Competitor→ defend Asia accounts

Structural data researched from public sources; financials are modeled estimates (Pavion is privately held). AI summary generated by Azure OpenAI (GPT-4.1).