Landis+Gyr Announces First Half FY 2025 Financial Results

Cham, Switzerland – October 28, 2025 – Landis+Gyr Group AG (SIX: LAND), a leading global provider of smart energy management solutions, today announced unaudited financial results for the first half of the financial year 2025 (April 1 – September 30, 2025).  

The results of the EMEA operations are presented as discontinued operations in the accompanying unaudited Interim Consolidated Statements of Operations for all periods presented. Unless otherwise noted, all amounts and disclosures included in this ad hoc release reflect only Landis+Gyr’s continuing operations.  

• Sustained high order intake of USD 595 million corresponding to a book-to-bill ratio of 1.1 and resulting in a record committed backlog of USD 4.0 billion  

• Net revenue of USD 535.9 million in H1 FY 2025, a decline of 16.4% in constant currency year-over-year (H1 FY 2024, YoY) and an increase of 10.9% sequentially over H2 FY 2024  

• Adjusted EBITDA¹ of USD 69.2 million, equivalent to a margin of 12.9%; down 37.8% YoY and up 90.1% over H2 FY 2024  

• Income from continuing operations of USD 11.8 million or USD 0.41 per share and a net loss of USD 189.4 million including a non-cash impairment related to the EMEA divestment 

• Cash flow from operating activities of USD 23.1 million 

• Updated FY 2025 guidance for the continuing operations with unchanged 5–8% revenue growth and Adjusted EBITDA margin guidance raised to between 13.0–14.5% of net revenue 

• Share buyback program of up to USD 175 million to return proceeds from EMEA divestment to shareholders 

“In the first half of 2025, we advanced our strategic transformation with the signing of the EMEA divestment agreement, a decisive step that reshapes Landis+Gyr into a focused, high-quality global business centered on Grid Edge Intelligence for utility customers,” said Peter Mainz, Chief Executive Officer of Landis+Gyr. “This transaction materially enhances our EBITDA and cash generation profile. With a planned share buyback of up to USD 175 million, we are returning value to shareholders and reinforcing our long-term commitment to disciplined value creation. A record backlog of USD 4.0 billion and sustained high order intake reflect not only accelerating global energy demand but also the enduring trust our customers place in us.” 

Davinder Athwal, Chief Financial Officer of Landis+Gyr, commented: “In the first six months, we delivered a strong sequential performance with net revenue increasing 10.9% and an Adjusted EBITDA margin of 12.9% from continuing operations. We expect a significantly stronger second half and are reaffirming our full-year guidance of 5–8% revenue growth. For the Adjusted EBITDA margin, we are raising the outlook to 13.0–14.5% supported by the focus on our core markets.”

Order Intake and Committed Backlog 
Group order intake for the first half of FY 2025 was USD 595 million, a decrease of 6.3% in constant currency, when compared to the same period in FY 2024, and corresponding to a book-to-bill ratio of 1.1. The sustained high order intake was driven by major contract wins centered around Grid Edge technology in the Americas region. Committed backlog increased 30.5% YoY, reaching a new record level of USD 3,980 million, of which 43% is related to software and services.

Net Revenue
In the first half of FY 2025, net revenue declined by 16.4% in constant currency to USD 535.9 million compared to the strong first half of FY 2024. When compared to the second half of FY 2024, net revenue increased by 10.9% sequentially. Net revenue from software and services was approximately 27% of total net revenue.  

Net revenue by segment was as follows (in USD million, except where indicated):  

Net revenue in the Americas came in at USD 469.3 million, a decline of 16.4% (in constant currency) year-over-year and an increase of 15.6% compared to H2 FY 2024. The prior year's period performance was particularly strong driven by the early achievement of performance milestones and a project conclusion in APAC.

Net revenue in the Asia Pacific region declined by 16.2% in constant currency to USD 66.7 million, driven by project timing in Hong Kong and Bangladesh.

Adjusted Gross Profit, Adjusted and Reported EBITDA²
Adjusted gross profit decreased by 21.0% to USD 181.6 million on the lower revenue level, and the corresponding margin was 33.9%. The prior year period included a USD 8.8 million one-off gain from the sale of real estate in India. Sequentially, adjusted gross profit rose 19.0% over the second half of FY 2024. 

Adjusted operating expenses in H1 FY 2025 decreased by USD 6.4 million or 5.4% year-over-year to USD 112.4 million, driven by 20.6% lower adjusted R&D expenses of USD 42.5 million, which corresponds to 7.9% of net revenue in the first six months of FY 2025. Adjusted Sales, General and Administrative (SG&A) expenses increased by 7.2% to USD 69.9 million and were equivalent to 13.1% of net revenue. 

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

Effective H1 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.  

The Adjusted EBITDA from continuing operations in H1 FY 2025 was USD 69.2 million, which is equivalent to an Adjusted EBITDA margin of 12.9% and included tariff-related costs of approximately USD 5 million. This compares to USD 36.4 million and a 7.5% EBITDA margin in H2 FY 2024, which included a USD 20 million one-time inventory obsolescence in the Americas. In H1 FY 2024, the Adjusted EBITDA of USD 111.3 million included a gain from the sale of real estate in India amounting to USD 8.8 million.  

In H1 FY 2025, operating income was USD 34.3 million compared to USD 84.9 million in H1 FY 2024. Reported EBITDA in the period under review was USD 62.6 million versus USD 111.2 million in the same period in FY 2024. 

The adjustments to bridge between reported EBITDA in the Group’s financial statements and Adjusted EBITDA were as follows (in USD million): 

In H1 FY 2025, Adjusted EBITDA excluded three 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 USD 3.1 million were primarily related to the OPEX efficiency initiatives in the Americas. Second, the timing difference on FX derivatives adjustment was USD 0.1 million in H1 FY 2025, which relates to mark to market differences on hedges. Third, transformation expenses of USD 3.4 million were primarily related to the strategic review of the EMEA region and the preparation of a U.S. listing. Effective H1 FY 2025, the previous adjustment for “warranty normalization” was discontinued.  

Net Income and Earnings per Share (EPS)
The net income from continuing operations in H1 FY 2025 was USD 11.8 million or USD 0.41 per share (diluted EPS). Factoring in the loss on discontinued operations of USD (200.4) million or USD (6.97) per share, the net loss attributable to Landis+Gyr Group shareholders for H1 FY 2025 was USD (189.4) million or USD (6.56) per share (diluted EPS). Discontinued operations included an impairment of goodwill and intangible assets of USD 193.6 million related to the EMEA divestment as announced in September 2025.

Cash Flow and Net Debt
Cash flow from operating activities in H1 FY 2025 was USD 23.1 million or USD 37.7 excluding cash-out for transformation expenses of USD 14.6 million, a significant improvement compared to USD (5.5) million in the previous year's period. In the period under review, capital expenditure (PP&E) was USD 13.7 million, equivalent to 1.6% of net revenue (incl. EMEA) and consistent with the Company’s asset-light business model. 

As of September 30, 2025, the ratio of net debt to trailing twelve months Adjusted EBITDA (incl. EMEA) was 1.4 times, with net debt of USD 209.3 million after the dividend payment in July 2025.  

Divestment of EMEA segment 
On September 29, 2025, Landis+Gyr announced the divestment of its EMEA business to AURELIUS. The EMEA segment reported net revenue from third parties of USD 334.3 million in the first half of FY 2025, an increase of 13.3% in constant currency when compared to the previous year’s period. Adjusted EBITDA for EMEA was USD 20.0 million corresponding to a 6.0% margin (before allocation of corporate costs). 

Updated Outlook for FY 2025
Landis+Gyr is updating its guidance for FY 2025 to reflect the divestment of EMEA. For the continuing business, Landis+Gyr expects a back-end-loaded financial year with an unchanged net revenue growth of between 5% and 8% for FY 2025. Due to the strategic focus on the Americas and APAC segments, guidance for the Adjusted EBITDA margin is raised to between 13.0% and 14.5% of net revenue versus the initial guidance of between 10.5% and 12.0%. 
Landis+Gyr will introduce a quarterly update and will publish a trading update for the third quarter of FY 2025 (October to December 2025) on January 28, 2026. 

Share Buyback Program
Landis+Gyr’s Board of Directors has approved a share buyback program of up to USD 175 million or a maximum of 10% of shares outstanding to return the net proceeds from the EMEA divestment to shareholders. The shares will be bought out of capital reserves via the first line on the SIX Swiss Exchange. The program is expected to begin on October 29, 2025, and run up to 36 months.  

Further details on the share buyback program and regular updates related to it can be found on the Company’s website at www.landisgyr.com/investors/share-buyback-program/. 

Documents
The H1 FY 2025 earnings presentation which forms part of this ad hoc announcement, as well as the Half-Year Report 2025, are available on the Company’s website at www.landisgyr.com/investors/results-center/. 

 Investor Webcast and Telephone Conference 
The management of Landis+Gyr will host an investor/analyst call and webcast to discuss the Company’s H1 FY 2025 results and the outlook.

Key Dates