Landis+Gyr reports record gross margin despite revenue decline

Landis+Gyr Group AG has announced its financial results for the first half of fiscal year 2026, ending September 30, 2026. Net revenue for the period was $501.4 million, a 6.3% decrease year-over-year, which the company attributed to the timing of transitions between major customer projects.

Despite the lower revenue, the company achieved a record adjusted gross margin of 38.0% in the second quarter and 37.7% for the first half. Adjusted EBITDA grew 3.5% to $73.9 million, representing a margin of 14.7%. Income from continuing operations rose 268% to $51.1 million.

While the first-half order intake was $337.3 million, leaving a backlog of $3.7 billion, the company noted a significant $509 million contract award in October following the close of the reporting period. Following the divestment of its EMEA business, the company returned $175 million to shareholders through share repurchases. Landis+Gyr has updated its FY 2026 guidance, narrowing the net revenue range to between $1,085 million and $1,115 million and raising the adjusted EBITDA margin target to between 15.0% and 16.0%.