Legrand: Getting the 800-volt gorilla off its back

Legrand enters its CMD facing a difficult balancing act. Anything less than a +2pp upgrade in LFL growth targets to +5% to +7% through 2030 would imply data center growth slips to HSD, amplifying 800 VDC share-loss concerns and looking increasingly out of step with the market and Data Centre World Asia setting. This runs up against Legrand's typical conservatism, and the higher 2026 base, though we expect Legrand to recall, and avoid, similar missteps from its HSD data center guidance at CMD'24. Management can instead showcase portfolio breadth and 800 VDC readiness, renewing confidence in outer-year growth. Legrand's reshaped portfolio enables a 5-7% organic growth target. Legrand can reach the bottom of this range with any more than HSD data center growth, which is not a sensible base case (even from 2026, LDD is more reasonable). 15% data center growth and unchanged rest-of-portfolio targets underpin a 7.5% group LFL CAGR to FY30 (+120bps vs cons). The implied c.12% total sales CAGR