Legrand : First nine-month results, 5 November 2020

2020 NINE-MONTH RESULTS

NOVEMBER 5, 2020

1	HIGHLIGHTS	P.3
2	GOOD SHOWINGS IN THE THIRD QUARTER
	FIRST NINE MONTHS : SOLID PERFORMANCES
	IN AN UNPRECEDENTED CRISIS ENVIRONMENT	P.5
3	CONTINUED DEPLOYMENT OF THE LEGRAND MODEL	P.14
4	ANTICIPATED TRENDS FOR THE FOURTH QUARTER OF 2020	P.20
5	APPENDICES	P.22

2

HIGHLIGHTS

3

1

HIGHLIGHTS

• Good showings in the third quarter
• • Sales stabilize compared with the third quarter of 2019
  • Rebound in adjusted operating margin and free cash flow
• First nine months: solid performances in an unprecedented crisis environment
• • Organic change in sales: -10%
  • Adjusted operating margin: 18.7%
  • Free cash flow: 13.8% of sales
• Continued deployment of the Legrand model

4

GOOD SHOWINGS IN THE THIRD QUARTER

FIRST NINE MONTHS : SOLID PERFORMANCES IN AN UNPRECEDENTED CRISIS ENVIRONMENT

5

2

GOOD SHOWINGS IN THE THIRD QUARTER FIRST NINE MONTHS : SOLID PERFORMANCES IN AN UNPRECEDENTED CRISIS ENVIRONMENT

€ millions

4,8894,494

 Organic

-10.0%

Total

 External +3.7%(1)	-8.1%

 FX

-1.5%(2)

9M 2019

9M 2020

1. Based on acquisitions completed in 2019 and 2020 and their likely date of consolidation, the impact of the change in scope of consolidation should come to around +3.5% for full-year 2020.

2. Applying average exchange rates for October 2020 to Q4 2020, the full-year 2020 impact on sales of changes in currency rates should be about -2.5%.	6

2

GOOD SHOWINGS IN THE THIRD QUARTER FIRST NINE MONTHS : SOLID PERFORMANCES IN AN UNPRECEDENTED CRISIS ENVIRONMENT

o -10.5% organic change.

o In mature European countries, sales declined by -13.1% compared with September 30, 2019.

• While strict lockdown measures took a toll in the second quarter (-31.8%),
• sales then rose +2.2% in the third quarter alone, buoyed in particular by the resumption of projects suspended and the success of many commercial initiatives.
• Marked quarterly declines were recorded in the United Kingdom and the Netherlands, due in part to a demanding basis of comparison.

o In Europe's new economies, 9-month sales for 2020 were up +5.1% at constant scope of consolidation and exchange rates,

• with a +10.8% rise for the third quarter alone.
• Sales to September also showed sustained growth in Turkey and were up slightly in Eastern Europe.

o Moreover, figures for the fourth quarter of 2019 will be a demanding basis of comparison for the fourth-quarter 2020 in this area.

7

2

GOOD SHOWINGS IN THE THIRD QUARTER FIRST NINE MONTHS : SOLID PERFORMANCES IN AN UNPRECEDENTED CRISIS ENVIRONMENT

o -8.0% organic change.

o In the United States, sales declined -6.8% compared with the first nine months of 2019, including -1.5% for the third quarter alone.

• Compared with September 30, 2019, the steep rise in sales of products for datacenters - including busways and PDUs - and the strong performance of residential business, in particular user interfaces and AV infrastructure solutions, was not enough to offset retreats in other areas.

o Canada and Mexico both reported steep declines in sales.

8

2

GOOD SHOWINGS IN THE THIRD QUARTER FIRST NINE MONTHS : SOLID PERFORMANCES IN AN UNPRECEDENTED CRISIS ENVIRONMENT

o -13.1% organic change.

o In Asia-Pacific, sales retreated -10.4% from September 30, 2019.

• This trend reflects marked declines in many countries due to the consequences of the health crisis, including in India. On the other hand, there was a limited fall in China and a rise in Australia.
• In the third quarter alone, sales rose +1.9%, driven in particular by good showings in China and Australia which offset declines elsewhere, including India.

o In South America, sales were down in many countries at September 30, 2020, declining -19.8% at constant scope of consolidation and exchange rates, and rose slightly by +0.8% in the third quarter alone.

o In Africa and the Middle East, sales were down -14.8% in the first nine months of 2020 and fell -6.3% in the third quarter alone.

9

2

GOOD SHOWINGS IN THE THIRD QUARTER FIRST NINE MONTHS : SOLID PERFORMANCES IN AN UNPRECEDENTED CRISIS ENVIRONMENT

Organic sales

trends

Adjusted

operating margin

before

acquisitions(1)

1. At 2019 scope of consolidation.

Q3 2020

9M 2020

+0.1% -10.0%

21.6%	18.8%
up	down only
+1.4 pts	-1.6 pts

10

2

GOOD SHOWINGS IN THE THIRD QUARTER FIRST NINE MONTHS : SOLID PERFORMANCES IN AN UNPRECEDENTED CRISIS ENVIRONMENT

9M 2019 Adjusted operating margin

• Against the backdrop of a steep decline in sales volumes;
• Good resistance in profitability reflecting the effectiveness of measures taken in response to the crisis.
• • balanced management of sales and purchase prices;
  • marked reduction - in part temporary - in production costs and in administrative and selling expenses; and
  • structural adaptations to its organization, with in particular €55 million(1) in restructuring costs in the first nine months of the year.

9M 2020 Adjusted operating margin before acquisitions(2)

• Impact of acquisitions

9M 2020 Adjusted operating margin

20.4%

-1.6 pts

18.8%

-0.1 pts

18.7%

1.	Excluding net gains on building disposals recorded over the period.
2.	At 2019 scope of consolidation.	11

2

GOOD SHOWINGS IN THE THIRD QUARTER FIRST NINE MONTHS : SOLID PERFORMANCES IN AN UNPRECEDENTED CRISIS ENVIRONMENT

•

•

•

Decrease in operating profit (-€161m)

Unfavorable trend (-€16m) in net financial expenses and the foreign-exchange result

Decrease in corporate income tax (-€45m)(1)

Net profit attributable to the

Group:

€493m

down

-21.1%

1. In absolute value, due to the fall in profit before tax, while the corporate income tax rate - 29% - rose slightly.

12

sales(2)

2

GOOD SHOWINGS IN THE THIRD QUARTER FIRST NINE MONTHS : SOLID PERFORMANCES IN AN UNPRECEDENTED CRISIS ENVIRONMENT

•

•

•

•

Cash flow from operations came to €780.6 million, or, 17.4% of sales in the first nine months of 2020, down -0.6 points from September 30, 2019.

Working capital requirement stood at 9.0% of at September 30, 2020, improving -1.4 points

from one year earlier.

Free cash flow to sales ratio was stable at 13.8%.

Balance sheet structure remained solid with, in particular, a net debt to EBITDA(3) ratio of 1.9, or, equivalent to the figure at September 30, 2019.

Normalized free cash flow:

€773m

up

+2.2%

1. For more details on the reconciliation of free cash flow with normalized free cash flow, readers are invited to consult page 47.
2. Based on sales in the last twelve months.

3. Based on EBITDA for the last 12 months.

13

CONTINUED DEPLOYMENT OF THE LEGRAND MODEL

14

3

CONTINUED DEPLOYMENT OF THE LEGRAND MODEL

o

o

Continued docking of recently acquired companies;

Cost basis and organization adaptation, for example through

• adjustment of the cost base to trends in business;
• streamlining of the industrial and supply chain footprint;
• digitization of the back-office and the front-office.

15

3

CONTINUED DEPLOYMENT OF THE LEGRAND MODEL

R&D investments as share of sales

5.0%

Robust innovation drive since the beginning of the year,

in particular through the Eliot program

16

3

CONTINUED DEPLOYMENT OF THE LEGRAND MODEL

ENERGY EFFICIENCY

Enabling remote control of energy consumption throughout buildings and for all applications (lighting, heating, electric vehicle charging and more)

• Power shedding
• Heating control
• Energy consumption measuring

Smarther with Netatmo	Drivia with Netatmo
Europe	Europe

Energy meters (IME & Legrand)

World

DATACENTERS

Securing and optimizing the distribution of digital and electrical flows within datacenters

• Bringing scalability and efficiency, notably through structured cabling solutions under the LCS3 program
• Creating and securing housing for datacenter active devices

Cassettes under the LCS3 program

World

Linkeo Data Center Cabinets	Wires, protections and coiling
accessories (Cablofil)
	World
	World
				17

3

CONTINUED DEPLOYMENT OF THE LEGRAND MODEL

SAFETY

Ensuring that people can move around buildings and exit them safely

• Securing and helping smooth exit from buildings with connected emergency lighting
• Offering high integrity for critical buildings (hospitals, correctional facilities and more)
• High quality lighting with minimal glare essential to cleanrooms with new-generation lighting fixtures

Uraone connected emergency lighting	CSERO cleanroom lighting series
France	North America

Lighting fixtures from the MightyMac ranges (CCS & WCHS)

North America

NEW WORK MODES

Distributing power and digital flows to all kinds of work spaces

• Strengthening home networks, in particular through efficient wifi routers and PoE (Power over Ethernet) switches
• Bringing flexibility to office organization through modular power systems with attractive designs

Epic Mesh wifi router	PoE Switches
North America	North America

ModPower modular power stations	Wireless chargers - induction
North America	North America

18

3

CONTINUED DEPLOYMENT OF THE LEGRAND MODEL

COMFORT

Offering many functionalities to control and improve building space environments

• Providing a wide range of user interfaces
• Enhancing quality and ease of sound diffusion in residential spaces
• Bringing optimal lighting and ambient noise absorption with new aesthetic architectural lighting to commercial spaces

Niloé Sélection	Nobile	Galion
Poland	Chile	Middle-East

P5000 pro-series sound system	Edge Acoustic
Architectural lighting fixtures
	North America
		North America

ELIOT'S EXPANSION

• Legrand connected user interface lines now available in 41 countries - 8 more than at the end of 2019

41 countries with connected user interfaces

19

ANTICIPATED TRENDS FOR THE FOURTH QUARTER OF 2020

20

4

ANTICIPATED TRENDS FOR THE FOURTH QUARTER OF 2020

Taking into account a persistently difficult and very uncertain environment - due in particular to new health measures in a number of markets - and given the demanding basis for comparison recorded in the fourth quarter of 2019(1), Legrand anticipates an organic decrease in sales in the fourth quarter of 2020.

The Group is confident in its ability to keep developing its market share and will continue to actively protect its adjusted operating margin.

Finally, Legrand is resolutely deploying its CSR roadmap.

1. For more information, readers are invited to consult the press release issued February 13, 2020.

21

APPENDICES

22

5

APPENDICES

•	Adjusted operating profit is defined as operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L
	impacts relating to acquisitions and, where applicable, for impairment of goodwill.
• Busways are electric power distribution systems based on metal busbars.
• Cash flow from operations is defined as net cash from operating activities excluding changes in working capital requirement.
• CSR stands for Corporate Social Responsibility.
•	EBITDA is defined as operating profit plus depreciation and impairment of tangible and of right of use assets, amortization and impairment of intangible assets (including
	capitalized development costs), reversal of inventory step-up and impairment of goodwill.
•	Free cash flow is defined as the sum of net cash from operating activities and net proceeds from sales of fixed and financial assets, less capital expenditure and capitalized
	development costs.
•	KVM stands for Keyboard, Video and Mouse.
• Net financial debt is defined as the sum of short-term borrowings and long-term borrowings, less cash and cash equivalents and marketable securities.
•	Normalized free cash flow is defined as the sum of net cash from operating activities-based on a normalized working capital requirement representing 10% of the last 12
	months' sales and whose change at constant scope of consolidation and exchange rates is adjusted for the period considered-and net proceeds of sales from fixed and
	financial assets, less capital expenditure and capitalized development costs.
• Organic growth is defined as the change in sales at constant structure (scope of consolidation) and exchange rates.
•	Payout is defined as the ratio between the proposed dividend per share for a given year, divided by the net profit attributable to the Group per share of the same year,
	calculated on the basis of the average number of ordinary shares at December 31 of that year, excluding shares held in treasury.
•	PDU stands for Power Distribution Unit.
• UPS stands for Uninterruptible Power Supply.
•	Working capital requirement is defined as the sum of trade receivables, inventories, other current assets, income tax receivables and short-term deferred tax assets, less	23
	the sum of trade payables, other current liabilities, income tax payables, short-term provisions and short-term deferred tax liabilities.

5

APPENDICES

• Front-runnerin the United States for specification-grade architectural lighting for non-residential buildings - including hospitals, schools and universities, offices and more
• Offering of customized solutions, in particular for renovation
• Annual sales of more than $200 million
• Over 750 employees
• Legrand thus strengthens its leading US positions in lighting controls and solutions, with a range of specification-grade architectural and mission-critical applications in commercial buildings, energy- efficient lighting management systems, and innovative connected solutions.

24

5

APPENDICES

Breakdown of change in 9M 2020 net sales by destination (€m)

-205.3			-395.0
-165.8	-136.5		183.0
	-70.4

4,888.9

				4,493.9
	North			-8.1%
	Rest of		Total
Europe	& Central
the World
	America
		-1.5%	+3.7%(1)
	-10.0%	FX	Scope of
9M 2019	Organic growth		consolidation	9M 2020
1. Due to the consolidation of Universal Electric Corporation, Connectrac, Jobo Smartech and Focal Point.	25

5

APPENDICES

In € millions	9M 2019	9M 2020	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	1,953.5	1,731.9	-11.3%	0.2%	-10.5%	-1.2%
North and Central America	1,904.0	1,900.6	-0.2%	8.8%	-8.0%	-0.3%
Rest of the World	1,031.4	861.4	-16.5%	1.0%	-13.1%	-4.9%
Total	4,888.9	4,493.9	-8.1%	3.7%	-10.0%	-1.5%

26

1. Market where sales are recorded.

5

APPENDICES

In € millions	Q1 2019	Q1 2020	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	652.3	642.3	-1.5%	3.9%	-5.1%	-0.2%
North and Central America	567.1	602.7	6.3%	7.9%	-4.2%	2.9%
Rest of the World	330.6	270.7	-18.1%	1.1%	-17.2%	-2.1%
Total	1,550.0	1,515.7	-2.2%	4.8%	-7.3%	0.7%

27

1. Market where sales are recorded.

5

APPENDICES

In € millions	Q2 2019	Q2 2020	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	701.4	483.0	-31.1%	-2.8%	-28.2%	-1.3%
North and Central America	625.7	570.4	-8.8%	8.9%	-17.5%	1.5%
Rest of the World	349.7	263.5	-24.6%	1.9%	-22.4%	-4.7%
Total	1,676.8	1,316.9	-21.5%	2.5%	-22.8%	-0.8%

28

1. Market where sales are recorded.

5

APPENDICES

In € millions	Q3 2019	Q3 2020	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	599.8	606.6	1.1%	-0.3%	3.6%	-2.1%
North and Central America	711.2	727.5	2.3%	9.5%	-2.6%	-4.1%
Rest of the World	351.1	327.2	-6.8%	0.1%	0.3%	-7.2%
Total	1,662.1	1,661.3	0.0%	4.0%	0.1%	-4.0%

29

1. Market where sales are recorded.

5

APPENDICES

In € millions	9M 2019	9M 2020	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	2,033.9	1,801.2	-11.4%	0.2%	-10.6%	-1.1%
North and Central America	1,935.0	1,932.7	-0.1%	8.8%	-7.9%	-0.3%
Rest of the World	920.0	760.0	-17.4%	1.0%	-13.5%	-5.5%
Total	4,888.9	4,493.9	-8.1%	3.7%	-10.0%	-1.5%

30

1. Zone of origin of the product sold.

5

APPENDICES

In € millions	Q1 2019	Q1 2020	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	677.0	663.2	-2.0%	3.8%	-5.4%	-0.2%
North and Central America	578.0	613.7	6.2%	7.9%	-4.4%	2.9%
Rest of the World	295.0	238.8	-19.1%	0.7%	-17.6%	-2.5%
Total	1,550.0	1,515.7	-2.2%	4.8%	-7.3%	0.7%

31

1. Zone of origin of the product sold.

5

APPENDICES

In € millions	Q2 2019	Q2 2020	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	731.4	504.3	-31.1%	-2.7%	-28.2%	-1.3%
North and Central America	633.6	579.4	-8.6%	8.9%	-17.3%	1.5%
Rest of the World	311.8	233.2	-25.2%	1.6%	-22.3%	-5.3%
Total	1,676.8	1,316.9	-21.5%	2.5%	-22.8%	-0.8%

32

1. Zone of origin of the product sold.

5

APPENDICES

In € millions	Q3 2019	Q3 2020	Total	Scope of	Like-for-Like	Currency Effect
Change	Consolidation	Growth
Europe	625.5	633.7	1.3%	-0.3%	3.7%	-2.0%
North and Central America	723.4	739.6	2.2%	9.2%	-2.4%	-4.1%
Rest of the World	313.2	288.0	-8.0%	0.6%	-0.7%	-8.0%
Total	1,662.1	1,661.3	0.0%	4.0%	0.1%	-4.0%

33

1. Zone of origin of the product sold.

5

APPENDICES

In € millions9M 20199M 2020% change

Net sales	4,888.9	4,493.9	-8.1%
Gross profit	2,543.5	2,334.7	-8.2%
as % of sales	52.0%	52.0%
Adjusted(1) operating profit	998.5	841.4	-15.7%
as % of sales	20.4%	18.7%(2)
Amortization & depreciation of revaluation of assets at the time	(67.2)	(70.9)
of acquisitions and other P&L impacts relating to acquisitions
Operating profit	931.3	770.5	-17.3%
as % of sales	19.0%	17.1%
Financial income (costs)	(58.2)	(64.9)
Exchange gains (losses)	0.9	(8.2)
Income tax expense	(246.9)	(202.1)
Share of profits (losses) of equity-accounted entities	(1.3)	(1.7)
Profit	625.8	493.6	-21.1%
Net profit attributable to the Group	625.0	493.3	-21.1%

1.	Operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions (€67.2 million in
	9M 2019 and €70.9 million in 9M 2020) and, where applicable, for impairment of goodwill (€0 in 9M 2019 and 9M 2020).	34
2.	18.8% excluding acquisitions (at 2019 scope of consolidation).

5

APPENDICES

In € millionsQ1 2019Q1 2020% change

Net sales	1,550.0	1,515.7	-2.2%
Gross profit	804.3	801.6	-0.3%
as % of sales	51.9%	52.9%
Adjusted(1) operating profit	305.2	282.6	-7.4%
as % of sales	19.7%	18.6%(2)
Amortization & depreciation of revaluation of assets at the time	(19.3)	(22.6)
of acquisitions and other P&L impacts relating to acquisitions
Operating profit	285.9	260.0	-9.1%
as % of sales	18.4%	17.2%
Financial income (costs)	(18.8)	(20.0)
Exchange gains (losses)	(0.8)	(5.5)
Income tax expense	(75.2)	(66.8)
Share of profits (losses) of equity-accounted entities	(0.3)	(0.6)
Profit	190.8	167.1	-12.4%
Net profit attributable to the Group	190.4	167.1	-12.2%

1.	Operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions (€19.3 million in
	Q1 2019 and €22.6 million in Q1 2020) and, where applicable, for impairment of goodwill (€0 in Q1 2019 and Q1 2020).	35
2.	18.7% excluding acquisitions (at 2019 scope of consolidation).

5

APPENDICES

In € millionsQ2 2019Q2 2020% change

Net sales	1,676.8	1,316.9	-21.5%
Gross profit	879.1	662.0	-24.7%
as % of sales	52.4%	50.3%
Adjusted(1) operating profit	357.4	214.3	-40.0%
as % of sales	21.3%	16.3%(2)
Amortization & depreciation of revaluation of assets at the time	(23.7)	(24.5)
of acquisitions and other P&L impacts relating to acquisitions
Operating profit	333.7	189.8	-43.1%
as % of sales	19.9%	14.4%
Financial income (costs)	(19.5)	(22.3)
Exchange gains (losses)	0.5	(1.0)
Income tax expense	(88.8)	(47.5)
Share of profits (losses) of equity-accounted entities	(0.6)	(0.3)
Profit	225.3	118.7	-47.3%
Net profit attributable to the Group	224.9	118.6	-47.3%

1.	Operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions (€23.7 million in
	Q2 2019 and €24.5 million in Q2 2020) and, where applicable, for impairment of goodwill (€0 in Q2 2019 and Q2 2020).	36
2.	15.3% excluding acquisitions (at 2019 scope of consolidation).

5

APPENDICES

In € millionsQ3 2019Q3 2020% change

Net sales	1,662.1	1,661.3	-0.0%
Gross profit	860.1	871.1	+1.3%
as % of sales	51.7%	52.4%
Adjusted(1) operating profit	335.9	344.5	+2.6%
as % of sales	20.2%	20.7%(2)
Amortization & depreciation of revaluation of assets at the time	(24.2)	(23.8)
of acquisitions and other P&L impacts relating to acquisitions
Operating profit	311.7	320.7	+2.9%
as % of sales	18.8%	19.3%
Financial income (costs)	(19.9)	(22.6)
Exchange gains (losses)	1.2	(1.7)
Income tax expense	(82.9)	(87.8)
Share of profits (losses) of equity-accounted entities	(0.4)	(0.8)
Profit	209.7	207.8	-0.9%
Net profit attributable to the Group	209.7	207.6	-1.0%

1.	Operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions (€24.2 million in
	Q3 2019 and €23.8 million in Q3 2020) and, where applicable, for impairment of goodwill (€0 in Q3 2019 and Q3 2020).	37
2.	21.6% excluding acquisitions (at 2019 scope of consolidation).

5

APPENDICES

9M 2020		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	1,801.2	1,932.7	760.0	4,493.9
Cost of sales	(808.7)	(940.0)	(410.5)	(2,159.2)
Administrative and selling expenses, R&D costs	(613.3)	(642.5)	(209.0)	(1,464.8)
Reversal of acquisition-related amortization, depreciation, expense and	(10.7)	(53.1)	(9.8)	(73.6)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	389.9	403.3	150.3	943.5
operating income (expense)
as % of sales	21.6%	20.9%	19.8%	21.0%
Other operating income (expense)	(59.0)	(40.9)	0.5	(99.4)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	2.7	0.0	2.7
income accounted for in other operating income (expense)
Adjusted operating profit	330.9	359.7	150.8	841.4
as % of sales	18.4%	18.6%	19.8%	18.7%

38

1. Restructuring (€41.0m) and other miscellaneous items (€58.4m).

5

APPENDICES

9M 2019		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	2,033.9	1,935.0	920.0	4,888.9
Cost of sales	(896.7)	(933.3)	(515.4)	(2,345.4)
Administrative and selling expenses, R&D costs	(660.3)	(640.2)	(246.3)	(1,546.8)
Reversal of acquisition-related amortization, depreciation, expense and	(10.0)	(47.4)	(9.8)	(67.2)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	486.9	408.9	168.1	1,063.9
operating income (expense)
as % of sales	23.9%	21.1%	18.3%	21.8%
Other operating income (expense)	(27.2)	(30.3)	(7.9)	(65.4)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	0.0	0.0	0.0
income accounted for in other operating income (expense)
Adjusted operating profit	459.7	378.6	160.2	998.5
as % of sales	22.6%	19.6%	17.4%	20.4%

39

1. Restructuring (€17.9m) and other miscellaneous items (€47.5m).

5

APPENDICES

Q1 2020		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	663.2	613.7	238.8	1,515.7
Cost of sales	(288.6)	(295.3)	(130.2)	(714.1)
Administrative and selling expenses, R&D costs	(233.9)	(216.0)	(71.9)	(521.8)
Reversal of acquisition-related amortization, depreciation, expense and	(5.3)	(17.6)	(2.4)	(25.3)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	146.0	120.0	39.1	305.1
operating income (expense)
as % of sales	22.0%	19.6%	16.4%	20.1%
Other operating income (expense)	(11.9)	(20.4)	12.5	(19.8)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	2.7	0.0	2.7
income accounted for in other operating income (expense)
Adjusted operating profit	134.1	96.9	51.6	282.6
as % of sales	20.2%	15.8%	21.6%	18.6%

40

1. Restructuring (€1.2m) and other miscellaneous items (€18.6m).

5

APPENDICES

Q1 2019		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	677.0	578.0	295.0	1,550.0
Cost of sales	(299.8)	(278.7)	(167.2)	(745.7)
Administrative and selling expenses, R&D costs	(220.7)	(199.1)	(77.3)	(497.1)
Reversal of acquisition-related amortization, depreciation, expense and	(2.0)	(15.0)	(2.3)	(19.3)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	158.5	115.2	52.8	326.5
operating income (expense)
as % of sales	23.4%	19.9%	17.9%	21.1%
Other operating income (expense)	(7.5)	(11.0)	(2.8)	(21.3)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	0.0	0.0	0.0
income accounted for in other operating income (expense)
Adjusted operating profit	151.0	104.2	50.0	305.2
as % of sales	22.3%	18.0%	16.9%	19.7%

41

1. Restructuring (€3.3m) and other miscellaneous items (€18.0m).

5

APPENDICES

Q2 2020		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	504.3	579.4	233.2	1,316.9
Cost of sales	(240.5)	(287.7)	(126.7)	(654.9)
Administrative and selling expenses, R&D costs	(177.1)	(198.0)	(66.4)	(441.5)
Reversal of acquisition-related amortization, depreciation, expense and	(2.5)	(16.2)	(5.8)	(24.5)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	89.2	109.9	45.9	245.0
operating income (expense)
as % of sales	17.7%	19.0%	19.7%	18.6%
Other operating income (expense)	(13.8)	(6.6)	(10.3)	(30.7)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	0.0	0.0	0.0
income accounted for in other operating income (expense)
Adjusted operating profit	75.4	103.3	35.6	214.3
as % of sales	15.0%	17.8%	15.3%	16.3%

42

1. Restructuring (€22.9m) and other miscellaneous items (€7.8m).

5

APPENDICES

Q2 2019		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	731.4	633.6	311.8	1,676.8
Cost of sales	(319.9)	(304.4)	(173.4)	(797.7)
Administrative and selling expenses, R&D costs	(229.3)	(208.5)	(84.8)	(522.6)
Reversal of acquisition-related amortization, depreciation, expense and	(4.2)	(14.5)	(5.0)	(23.7)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	186.4	135.2	58.6	380.2
operating income (expense)
as % of sales	25.5%	21.3%	18.8%	22.7%
Other operating income (expense)	(8.5)	(9.3)	(5.0)	(22.8)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	0.0	0.0	0.0
income accounted for in other operating income (expense)
Adjusted operating profit	177.9	125.9	53.6	357.4
as % of sales	24.3%	19.9%	17.2%	21.3%

43

1. Restructuring (€7.5m) and other miscellaneous items (€15.3m).

5

APPENDICES

Q3 2020		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	633.7	739.6	288.0	1,661.3
Cost of sales	(279.6)	(357.0)	(153.6)	(790.2)
Administrative and selling expenses, R&D costs	(202.3)	(228.5)	(70.7)	(501.5)
Reversal of acquisition-related amortization, depreciation, expense and	(2.9)	(19.3)	(1.6)	(23.8)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	154.7	173.4	65.3	393.4
operating income (expense)
as % of sales	24.4%	23.4%	22.7%	23.7%
Other operating income (expense)	(33.3)	(13.9)	(1.7)	(48.9)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	0.0	0.0	0.0
income accounted for in other operating income (expense)
Adjusted operating profit	121.4	159.5	63.6	344.5
as % of sales	19.2%	21.6%	22.1%	20.7%

44

1. Restructuring (€16.9m) and other miscellaneous items (€32.0m).

5

APPENDICES

Q3 2019		North and	Rest of
Europe	Central	Total
(in € millions)	the World
	America
Net sales	625.5	723.4	313.2	1,662.1
Cost of sales	(277.0)	(350.2)	(174.8)	(802.0)
Administrative and selling expenses, R&D costs	(210.3)	(232.6)	(84.2)	(527.1)
Reversal of acquisition-related amortization, depreciation, expense and	(3.8)	(17.9)	(2.5)	(24.2)
income accounted for in administrative, selling expenses and R&D costs
Adjusted operating profit before other	142.0	158.5	56.7	357.2
operating income (expense)
as % of sales	22.7%	21.9%	18.1%	21.5%
Other operating income (expense)	(11.2)	(10.0)	(0.1)	(21.3)	(1)
Reversal of acquisition-related amortization, depreciation, expense and	0.0	0.0	0.0	0.0
income accounted for in other operating income (expense)
Adjusted operating profit	130.8	148.5	56.6	335.9
as % of sales	20.9%	20.5%	18.1%	20.2%

45

1. Restructuring (€7.1m) and other miscellaneous items (€14.2m).

5

APPENDICES

In € millions

9M 2019

9M 2020

Profit	625.8	493.6
Depreciation, amortization and impairment	222.8	240.4
Changes in other non-current assets and liabilities and long-term deferred taxes	28.4	76.7
Unrealized exchange (gains)/losses	(1.9)	(15.0)
(Gains)/losses on sales of assets, net	3.2	(14.4)
Other adjustments	1.2	(0.7)
Cash flow from operations	879.5	780.6

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5

APPENDICES

In € millions9M 2019 9M 2020 % change

Cash flow from operations	879.5	780.6	-11.2%
as % of sales	18.0%	17.4%
Decrease (Increase) in working capital requirement	(96.6)	(103.2)
Net cash provided from operating activities	782.9	677.4	-13.5%
as % of sales	16.0%	15.1%
Capital expenditure (including capitalized development costs)	(117.8)	(77.3)
Net proceeds from sales of fixed and financial assets	6.5	20.7
Free cash flow	671.6	620.8	-7.6%
as % of sales	13.7%	13.8%
Increase (Decrease) in working capital requirement	96.6	103.2
(Increase) Decrease in normalized working capital requirement	(11.2)	49.4
Normalized free cash flow	757.0	773.4	+2.2%
as % of sales	15.5%	17.2%

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5

APPENDICES

2019

Full consolidation method

Debflex

Netatmo

Trical

Universal Electric Corporation

Connectrac

Jobo Smartech

Q1	H1	9M	FY
Balance sheet only	6 months	9 months	12 months
Balance sheet only	6 months	9 months	12 months
Balance sheet only	6 months	9 months	12 months
	Balance sheet only	6 months	9 months
			Balance sheet only
			Balance sheet only

48

5

APPENDICES

2020

Full consolidation method

Debflex

Netatmo

Trical

Universal Electric Corporation

Connectrac

Jobo Smartech

Focal Point

Q1	H1	9M	FY
3 months	6 months	9 months	12 months
3 months	6 months	9 months	12 months
3 months	6 months	9 months	12 months
3 months	6 months	9 months	12 months
3 months	6 months	9 months	12 months
Balance sheet only	6 months	9 months	12 months
Balance sheet only	Balance sheet only	7 months	10 months

49

5

APPENDICES

INVESTOR RELATIONS

LEGRAND

Ronan MARC

Tel: [phone] [e-mail]

PRESS RELATIONS

PUBLICIS CONSULTANTS

Charles-Etienne Lebatard

Mob: [phone] [e-mail]

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The information contained in this presentation has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.

This presentation contains information about Legrand's markets and its competitive position therein. Legrand is not aware of any authoritative industry or market reports that cover or address its market. Legrand assembles information on its markets through its subsidiaries, which in turn compile information on its local markets annually from formal and informal contacts with industry professionals, electrical-product distributors, building statistics, and macroeconomic data. Legrand estimates its position in its markets based on market data referred to above and on its actual sales in the relevant market for the same period.

This document may contain estimates and/or forward-looking statements. Such statements do not constitute forecasts regarding Legrand's results or any other performance indicator, but rather trends or targets, as the case may be. These statements are by their nature subject to risks and uncertainties, many of which are outside Legrand's control, including, but not limited to the risks described in Legrand's reference document available on its Internet website (www.legrandgroup.com). These statements do not reflect future performance of Legrand, which may materially differ. Legrand does not undertake to provide updates of these statements to reflect events that occur or circumstances that arise after the date of this document.

This document does not constitute an offer to sell, or a solicitation of an offer to buy Legrand shares in any jurisdiction.

Unsponsored ADRs

Legrand does not sponsor an American Depositary Receipt (ADR) facility in respect of its shares. Any ADR facility currently in existence is "unsponsored" and has no ties whatsoever to Legrand. Legrand disclaims any liability in respect of any such facility.

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