Electrical and AI data center infrastructure
Legrand
A French listed electrical-infrastructure group expanding into data-center power, cooling and monitoring. Data centers are expected to reach 32% of 2026 sales and more than EUR 3 billion, with disclosed supply revenue from Microsoft and Equinix.
Business categories Data Center Power & Cooling · AI Compute Infrastructure · primary
LR.PA Updated Oct 10, 2026 3 AI consumers· 3 recurring
Per the valuechain.wiki graph, Legrand is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 28 companies within two hops; the links are backed by 9 dated sources, 2 of them primary filings (as of 2026-10-10).
Financials & Segments
- Total revenue · More than EUR 3bn of data-center sales expected in 2026
- Customer concentration · Data centers 32%, energy transition 22%, essential building infrastructure 46% (2026 outlook)
- Segments · Data centers · Energy transition · Essential building infrastructure
Revenue from
- Microsoft High confidence· Revenue €127M · 2023 · Legrand revenue used for customer-level CDP allocation
Legrand supplies Microsoft through its Starline brand. Its 2024 CDP response discloses EUR 127,062,998 of customer revenue used for emissions allocation. - Equinix High confidence· Revenue €14M · 2023 · Legrand revenue used for customer-level CDP allocation
Legrand supplies Equinix through Minkels and Legrand North America. Its 2024 CDP response gives EUR 13,626,000 of customer revenue as the allocation basis. - Data center operators (hyperscale, white space) High confidence· Market share 26% · 2025 매출 중 데이터센터 · ~EUR 2.4bn
World leader in data center white-space power distribution (rack PDUs, busbar). Data centers were 26% of 2025 revenue (~EUR 2.4bn), with US up ~50%, the main growth engine.Mentions EN Legrand (sell-side analyst consensus) Published Sep 4, 2026: Legrand post-H1 2026 sell-side analysts' consensusConfirms EN Electrical Trends Published Feb 16, 2026: Legrand's record growth driven by data centers (US +50%)Confirms KO KIPOST Published May 1, 2023: Legrand energizes data center segment with intelligent rack PDUs - Building electrical (residential & commercial construction) Medium confidence
Wiring devices, distribution and digital infrastructure for residential and commercial buildings are the traditional core. Group 2025 revenue grew +13.1% ex-FX (organic +7.7%, acquisitions +5.1%); most non-data-center sales are building electrical. Segment-level amounts not disclosed.Confirms EN Investing.com Published Jun 24, 2026: Legrand upgraded by Barclays, Kepler on AI data center demand
Pays to
- Acquisitions (data center & energy-transition bolt-on M&A) High confidence· Amount 500 EUR_M · 2025 인수 연환산 매출 추가 · seven acquisitions
Growth relies heavily on bolt-on M&A. Seven acquisitions in 2025 added ~EUR 500M annualized revenue, of which four data center deals accounted for ~EUR 285M; acquisitions contributed +5.1pp to 2025 revenue.Confirms EN Electrical Trends Published Feb 16, 2026: Legrand's record growth driven by data centers (US +50%) - Copper, plastics, electronic components High confidence· price change 4% · 2026 구매가격 상승 추정(연) · Q1 2026 raw-material inflation +4.2%
Copper, plastics and electronic components are the key inputs for wiring devices, PDUs and busbar. Legrand raised its 2026 purchase-price estimate to ~+4% yearly; in Q1 2026, +4.2% raw-material/component inflation outran +2.3% pricing, cutting adjusted gross margin ~190bps.Confirms EN Investing.com Published May 7, 2026: Legrand Q1 2026 earnings call: raw-material inflation and data center growth
Investments
- Computer Room Solutions (CRS) High confidence· acquired revenue 30 EUR_M · annualized at acquisition · acquired company's annual revenue
Legrand acquired Australian white-space infrastructure specialist CRS in April 2025. CRS generated about EUR 30 million in annual revenue and supplies structural ceilings, airflow containment and mechanical walls.Confirms EN Legrand Published Apr 2, 2025: Legrand announces acquisition of Computer Room Solutions in Australia
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +68.2 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +21.7 |
| VeriSign, Inc. | lead2 | +17.3 | -19.1 | +0.3 | +0.5 | +18.4 | +21.3 |
| Kenvue Inc. | lead2 | · | · | · | +3.1 | -15.9 | +12.4 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.3 |
| Illinois Tool Works Inc. | lead2 | +23.6 | -8.5 | +21.6 | -1 | -0.4 | +11 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +10.3 |
| Parker-Hannifin Corporation | lead2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| The Kraft Heinz Company | lead2 | +8 | +18.2 | -5 | -13 | -16.3 | +6.1 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| Ralph Lauren Corporation | lead2 | +16.7 | -8.4 | +39.8 | +62.9 | +55 | -0.2 |
| Dover Corporation | lead2 | +45.7 | -24.3 | +15.2 | +23.3 | +5.2 | -0.5 |
| Veralto Corporation | lead2 | · | · | · | +24.3 | -1.6 | -3.2 |
| Roper Technologies | lead2 | +14.7 | -11.6 | +26.9 | -4.1 | -13.8 | -7.9 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -8 |
| Axon Enterprise, Inc. | lead2 | +28.1 | +5.7 | +55.7 | +130.1 | -4.4 | -9.2 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.6 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -20.4 |
| Fiserv | lead2 | -8.8 | -2.6 | +31.4 | +54.6 | -67.3 | -21.1 |
| Cognizant Technology Solutions Corporation | lead2 | +9.6 | -34.5 | +34.4 | +3.5 | +9.7 | -23.6 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Boston Scientific Corporation | lead2 | +18.2 | +8.9 | +24.9 | +54.5 | +6.8 | -55.2 |
| Equinix | lead1 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +37.3 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Legrand | node | +20.3 | -7.1 | +12.8 | +11.9 | +39.3 | +6.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Legrand sits in the power, cooling and monitoring supply layer of AI data centers. Its stock slowed to +6.1% in 2026 after +39.3% in 2025, even as data-center exposure rose from 26% of 2025 sales to a 32% outlook for 2026. It trails Equinix (+37.3%) but is close to customer Microsoft (+4.0%). Demand has propagated into supplier revenue, while the stock appears to have anticipated much of it in 2025. The counter-case is that weak building demand, acquisition integration and raw-material inflation may delay conversion of growth into earnings.
Analysis generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple