Landis+Gyr Group (LAND) Q1 2027 TU earnings summary

Executive summary

• Q1 FY 2026 performance aligned with expectations, with net revenue of $232.3 million, seasonally low revenue, but strong profitability and backlog, supported by operational efficiencies and a favorable shift to recurring software and services.

• Strategic focus sharpened after EMEA divestment, with new segment structure: Connected Platforms and Grid Intelligence; financials restated accordingly.

• U.S. listing preparations are nearly complete, with commitment to maintain Swiss listing.

• Share buyback program accelerated, returning $175 million to shareholders post-EMEA transaction, with 1.2 million shares (4.2% of share capital) repurchased for $74 million and a CHF 50 million fixed price offer.

• Guidance for FY 2026 reiterated.

Financial highlights

• Net revenue for Q1 2026 was $232.3 million, down 6.8% year-over-year due to project deployment timing.

• Adjusted gross margin reached a record 37.4%, up 280 basis points year-over-year, driven by operational efficiencies and mix shift.

• Adjusted gross profit increased to $87 million, up 1% year-over-year despite lower revenue.

• Trailing 12-month book-to-bill ratio remained at 1.0, indicating stable demand.

• Backlog stood at $3.82 billion, with Grid Intelligence representing 47% and growing 5.4% year-over-year.

Outlook and guidance

• Fiscal year 2026 guidance reiterated: net revenue expected between $1.075 billion and $1.125 billion.

• Adjusted EBITDA margin guidance maintained at 14.5% to 15.5%.

• Strong backlog and commercial momentum support confidence in full-year outlook.

• Continued commitment to both Swiss and planned U.S. listings.