Landis+Gyr Announces FY 2024 Financial Results

, /PRNewswire/ -- Landis+Gyr Group AG (SIX: LAND), a leading global provider of integrated energy management solutions, today announced unaudited financial results for financial year 2024 (April 1, 2024 - March 31, 2025).

• Exceptional order intake of USD 2.6 billion (up 33.3% YoY) driven by contract wins in all regions, corresponding to a book-to-bill ratio of 1.5
• Record committed backlog of USD 4.6 billion (up 22.9% YoY)
• FY 2024 net revenue of USD 1,729.3 million (down 10.5% in constant currency) due to non-recurrence of 2023 pent-up demand realization, tariffs impacting timing of shipments in March and softness in EMEA in the first half
• Adjusted EBITDA of USD 170.9 million, down 25.7% YoY, due to lower operating leverage and inventory write-off of USD 20 million; strong expense management resulted in a margin of 9.9%; Adjusted EBITDA margin of 10.4% when excluding one-off effects
• Net loss from continuing operations of USD (84.7) million or USD (2.97) per share (diluted) due to a non-cash goodwill impairment of USD 111.0 million
• Cash flow from operating activities of USD 78.9 million, down 34.9% on lower profitability and higher working capital
• To preserve balance sheet strength, a reduced distribution of CHF 1.15 per share is proposed to the Annual General Meeting
• Guidance for FY 2025 with net revenue growth of between 5% and 8% and Adjusted EBITDA margin in the range between 10.5% and 12.0%
• Strategic transformation with review of EMEA and U.S. listing progressing according to plan

"Financial year 2024 has underscored the strength and resilience of Landis+Gyr's business model and technology, demonstrated by our record order intake of USD 2.6 billion and an unprecedented backlog of USD 4.6 billion. This success was driven by our team delivering key wins in the Americas and Asia Pacific, alongside a notably solid performance in EMEA. We remain confident in our long-term growth trajectory supported by the record-high backlog and pipeline, both propelled by the adoption of our innovative grid-edge solutions. With the new management team fully in place, we are continuing to make progress with our strategic transformation, marked by our completed exit from EV charging. We are encouraged to see customers beyond North America embracing grid edge technology to address the challenge of increasing energy demand," said Peter Mainz, Chief Executive Officer of Landis+Gyr.

Davinder Athwal, Chief Financial Officer of Landis+Gyr, commented: "FY 2024 was a transition year for Landis+Gyr. We are excited about our future and expect 5% to 8% growth in revenue and an improvement in our margins in FY 2025. We are confident in our ability to manage tariff-related costs and at present expect them to have a minimal impact in 2025. Our solid balance sheet positions Landis+Gyr robustly for sustained investment and long-term profitable growth."

Read the full ad hoc announcement here.

Media Contact

Fabio Franceschi

Phone +41 41 935 6123

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Investor Contact

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Phone +41 41 935 6331

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About Landis+Gyr

Landis+Gyr is a leading global provider of integrated energy management solutions. We measure and analyze energy utilization to generate empowering analytics for smart grid and infrastructure management, enabling utilities and consumers to reduce energy consumption. Our innovative and proven portfolio of software, services and intelligent sensor technology is a key driver to decarbonize the grid. Having avoided 9 million tons of CO₂ in FY 2024, Landis+Gyr manages energy better - since 1896. With sales of USD 1.7 billion in FY 2024, Landis+Gyr employs around 6,300 talented people across five continents. For more information, please visit our website www.landisgyr.com.