CHAM, Switzerland – October 30, 2026 -- Landis+Gyr Group AG (SIX: LAND) raised its FY 2026 adjusted EBITDA margin guidance to 15.0%-16.0% after posting a record adjusted gross margin of 38.0% in the second quarter, even as first-half net revenue fell 6.3% year-over-year to $501.4 million.
Second-quarter revenue reaches $269.2 million with order intake of $170.3 million
The quarter ended September 30, 2026 delivered net revenue of $269.2 million. Order intake in the period totaled $170.3 million, according to the unaudited results.
CEO Peter Mainz attributed the first-half revenue decline to timing of the transition between two major customer deployments. He said the top line was in line with expectations.
First-half adjusted gross margin expands 370 basis points to 37.7%
Adjusted gross profit rose 4.0% to $189.2 million for the half-year. Adjusted EBITDA grew 3.5% to $73.9 million, a 14.7% margin that is up 140 basis points.
Income from continuing operations reached $51.1 million, or $1.84 per diluted share, an increase of 268%. Operating cash flow was $74.0 million, with the company citing continued focus on working capital management.
Book-to-bill of 0.7x offset by $509 million October contract award
First-half order intake totaled $337.3 million, equal to a book-to-bill ratio of 0.7x. Backlog stands at $3.7 billion.
A major contract award in October, after the half-year close, added $509 million in order intake.
Landis+Gyr completes $175 million buyback tied to EMEA divestment
The company completed the $175 million return of capital to shareholders through share repurchases in October. It had announced the buyback alongside the EMEA divestment. Mainz said the proceeds were returned as promised.
Landis+Gyr also reported continued progress toward a U.S. listing while retaining its Swiss listing.
Updated guidance narrows revenue range to $1,085-$1,115 million
For FY 2026, the company narrowed its net revenue range to between $1,085 million and $1,115 million. It raised its adjusted EBITDA margin outlook to between 15.0% and 16.0%.
CFO Davinder Athwal said the company expects a strong second half, supported by the ramp-up of new customer deployments and continued profitability improvements.