Earnings release
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AD HOC ANNOUNCEMENT pursuant to Art. 53 LR 1 Landis+Gyr – Results for Half Year 2026 Landis+Gyr Announces Second Quarter and First Half FY 2026 Financial Results Cham, Switzerland – October 29, 2026 – Landis+Gyr Group AG (SIX: LAND), a global energy technology leader driving intelligent innovation across the grid, today announced unaudited financial results for its second quarter and the first half FY 2026 ended September 30, 2026. Q2 FY 2026 – Net revenue of $269.2 million with a record adjusted gross margin* of 38.0% and an order intake of $170.3 million achieved in the quarter First Half FY 2026 – Order intake of $337.3 million, representing a book-to-bill ratio of 0.7x, with a backlog of $3.7 billion – Major contract award post H1 close in October resulting in $509 million order intake – Net revenue of $501.4 million, a decrease of 6.3% year-over-year, driven by project transition timing – Adjusted gross profit* increased 4.0% to $189.2 million, with gross margin expanding 370 basis points to 37.7% – Adjusted EBITDA* grew 3.5% to $73.9 million, corresponding to a margin of 14.7%, up 140 basis points – Income from continuing operations of $51.1 million or $1.84 per share (diluted), an increase of 268% – Operating Cash Flow of $74.0 million with continued focus on working capital management Strategic Initiatives and Outlook – Completed in October the return of $175 million to shareholders through share repurchases as announced with the EMEA divestment – Continued progress toward a U.S. listing while retaining the Swiss listing – Updated FY 2026 guidance: narrowing the net revenue range to between $1,085 and $1,115 million while raising adjusted EBITDA margin to between 15.0% and 16.0% “Our first half FY2026 top-line performance was in line with expectations and reflected the timing of transition between two major customer deployments, while our continued focus on operational excellence resulted in a record adjusted gross margin in the second quarter,” said Peter Mainz, Chief Executive Officer of Landis+Gyr. “We continue to execute on our strategic trans- formation and returned the proceeds from the EMEA divestment to our shareholders as prom- ised. In recent months we also made further progress in our preparations toward a U.S. listing.” Davinder Athwal, Chief Financial Officer of Landis+Gyr, commented: “We expect a strong second half of FY 2026, supported by the ramp-up of new customer deployments and continued improvements in profitability, as reflected in our increased adjusted EBITDA margin guidance of 15% to 16%.” * For a reconciliation of non-GAAP measures, see chapter “Supplemental Reconciliations and Definitions (unaudited)” in this ad hoc announcement.
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AD HOC ANNOUNCEMENT pursuant to Art. 53 LR 2 Landis+Gyr – Results for Half Year 2026 Q2 FY 2026 Performance GROUP in $ millions, unless otherwise indicated Q2 FY 2026 Q2 FY 2025 Change Order intake 170.3 422.5 (59.7%) Net revenue 269.2 286.2 (5.9%) Adjusted gross profit 102.2 95.7 6.8% Adjusted gross profit margin (in %) 38.0% 33.4% +460bps In the second quarter of FY 2026, Landis+Gyr recorded an order intake of $170.3 million driven by the Connected Platforms segment and equivalent to a book-to-bill ratio of 0.6x. Following the end of the reporting period, Landis+Gyr recorded an order of $509 million in October 2026. Net revenue for the quarter reached $269.2 million, a decrease of 5.9% when compared to the pre - vious year’s period. Profitability measured as adjusted gross margin significantly improved by 460 basis points to a record 38.0% driven by operating efficiencies and favorable mix. First Half FY 2026 Performance Order Intake and Committed Backlog Group order intake for the first half of FY 2026 was $337.3 million, corresponding to a book-to-bill ratio of 0.7x. Committed backlog decreased 6.5% year-over-year, reaching $3,722.1 million, of which 56% related to the Connected Platforms segment and 44% to the Grid Intelligence segment. Net Revenue In the first half of FY 2026, net revenue declined by 6.3% year-over-year to $501.4 million mainly due to the transition between two major customer deployments. Net revenue in Connected Platforms was 9.3% lower at $363.7 million while net revenue in Grid Intelligence increased 2.6% to $137.7 million. Net revenue by segment was as follows (in $ millions, except where indicated): Segments H1 FY 2026 Net Revenue H1 FY 2025 Net Revenue Percentage change Connected Platforms 363.7 401.1 (9.3%) Grid Intelligence 137.7 134.2 2.6% Group 501.4 535.3 (6.3%) Adjusted Gross Profit, Adjusted and Reported EBITDA* Despite lower net revenue, adjusted gross profit grew 4.0% to $189.2 million, supported by ongoing operational efficiencies and a favorable mix. The corresponding adjusted gross profit margin was up 370 basis points and reached a record 37.7% for a half-year period. Adjusted Gross Profit by segment was as follows (in $ millions, except where indicated): Segment H1 FY 2026 Adjusted Gross Profit H1 FY 2026 Adjusted Gross Profit Margin H1 FY 2025 Adjusted Gross Profit H1 FY 2025 Adjusted Gross Profit Margin Connected Platforms 134.1 36.9% 115.7 28.8% Grid Intelligence 55.1 40.0% 61.7 46.0% Corporate unallocated – n/a 4.6 n/a Group 189.2 37.7% 182.0 34.0%
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AD HOC ANNOUNCEMENT pursuant to Art. 53 LR 3 Landis+Gyr – Results for Half Year 2026 Adjusted operating expenses in H1 FY 2026 increased by $4.7 million or 4.2% year-over-year to $115.2 million, mainly driven by higher sales and marketing expenses. Adjusted R&D expenses decreased to $40.7 million, equivalent to 8.1% of net revenue. Overall, Adjusted EBITDA in H1 FY 2026 was $73.9 million, an increase of $2.5 million or 3.5% compared to H1 FY 2025. The Adjusted EBITDA margin increased by 140 basis points from 13.3% in the prior-year period to 14.7% in the first six months of FY 2026. Reported EBITDA in H1 FY 2026 increased 76.8% to USD 114.5 million. Adjusted EBITDA excluded three categories: Restructuring charges of $1.1 million, transformation expenses of $5.1 million primarily related to the preparation of a potential U.S. listing, and tariff refunds in the amount of $46.8 million. In H1 FY 2026, operating income was $89.6 million compared to $36.8 million in H1 FY 2025. Net Income and Earnings per Share (EPS) The net income from continuing operations for H1 FY 2026 was $51.1 million or $1.84 per share (diluted EPS), an increase of 268% compared to the first half of FY 2025. Including income from discontinued operations of $7.5 million, or $0.27 per share, the net income attributable to Landis+Gyr Group shareholders for H1 FY 2026 was $58.6 million or $ 2.11 per share (diluted EPS). Cash Flow and Net Debt Cash flow from operating activities in H1 FY 2026 was $74.0 million, a 220% improvement com- pared to $23.1 million in the previous year’s period. In the period under review, capital expenditure (PP&E) was $13.7 million, equivalent to 2.7% of net revenue and consistent with the Company’s asset-light business model. As of September 30, 2026, the ratio of net debt to trailing twelve months Adjusted EBITDA was 1.5 times. Net debt stood at $258.1 million after the share buybacks and dividend payment in July 2026. Updating Guidance for FY 2026 Landis+Gyr is updating its guidance for FY 2026 after the first six months of the business year. The Company is narrowing its net revenue guidance range to $1,085 million to $1,115 million, compared to the previous range of $1,075 million to $1,125 million, while maintaining the same midpoint. Reflecting strong progress on operational efficiencies during the first half of FY 2026, Landis+Gyr is raising its adjusted EBITDA margin guidance to between 15.0% and 16.0%, up from the previous range of 14.5% to 15.5%. Update on Strategic Initiatives and Share Buyback In October 2025, Landis+Gyr announced its intention to return $175 million of the proceeds from the EMEA divestment to shareholders through share repurchases. The Company has now com- pleted this capital return through a combination of share buyback programs and a fixed-price offer. In total, Landis+Gyr repurchased 2,870,387 shares for an aggregate consideration of CHF 142.4 million and, as of October 27, 2026, held 2,890,894 treasury shares, representing 10.0% of its issued share capital. Landis+Gyr has made continued progress in its preparations for a potential U.S. listing and will provide an update at the appropriate time. As previously communicated, the Company plans to maintain its listing on SIX Swiss Exchange.
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AD HOC ANNOUNCEMENT pursuant to Art. 53 LR 4 Landis+Gyr – Results for Half Year 2026 Documents The H1 FY 2026 earnings presentation which forms part of this ad hoc announcement and the Half-Year Report 2026, are available on the Company’s website at www.landisgyr.com/investors/ results-center/. Investor Webcast and Telephone Conference The management of Landis+Gyr will host an investor & media call and webcast to discuss the Company’s H1 FY 2026 results and outlook. Date and time: October 29, 2026, at 18:30 CET / 1:30 pm ET Speakers: Peter Mainz (Chief Executive Officer) Davinder Athwal (Chief Financial Officer) Audio webcast: www.landisgyr.com/investors/results-center/ Key Dates Trading Update for Q3 FY 2026 January 26, 2027 Release of Results for Financial Year 2026 May 5, 2027 Publication of Annual Report 2026 and Invitation to AGM 2027 May 28, 2027 Annual General Meeting 2027 June 23, 2027 Trading Update for Q1 FY 2027 July 28, 2027 Media Contact Fabio Franceschi Phone +41 41 563 9961 Fabio.Franceschi@landisgyr.com Investor Contact Christian Waelti Phone +41 41 563 9960 Christian.Waelti@landisgyr.com About Landis+Gyr Landis+Gyr is a global energy technology leader, delivering intelligent solutions that connect devices, data, and decisions across the grid. Trusted by more than 2,000 utilities worldwide, we transform traditional devices into intelligent, networked sensors, giving utilities real-time grid visibility and system control. With these combined insights, electric, gas, and water companies can anticipate demand, optimize operations, and deliver energy that’s more reliable, resilient, accessible, safe, and sustainable for everyone. For more information, please visit our website www.landisgyr.com.
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AD HOC ANNOUNCEMENT pursuant to Art. 53 LR 5 Landis+Gyr – Results for Half Year 2026 Disclaimer This ad hoc announcement and information referred to herein contains (a) preliminary, unaudited numbers that may be subject to change and (b) information regarding alternative performance measures or non USGAAP measures, such as “Reported EBITDA”, “Adjusted EBITDA”, “Adjusted Gross Profit”, “Adjusted Research and Development”, “Adjusted Sales, General and Administra- tive”, and “Adjusted Operating Expenses”. Definitions of these measures and reconciliations between such measures and their USGAAP counterparts if not defined in this announcement may be found on pages 29 to 30 of the Landis+Gyr Half-Year Financial Report Fiscal Year 2026 on our web- site at www.landisgyr.com/investors. Forward-looking Information This ad hoc announcement includes forward-looking information and statements, including state- ments concerning the outlook for Landis+Gyr Group AGʼs businesses. These statements are based on current expectations, estimates and projections about the factors that may affect the Companyʼs future performance, including global economic conditions, and the economic condi- tions of the regions and industries that are major markets for Landis+Gyr. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates”, “targets”, “plans”, “outlook”, “guidance” or similar expressions . There are numerous risks, uncertainties and other factors, many of which are beyond Landis+Gyrʼs control, that could cause the Companyʼs actual results to differ materially from the forward-looking information and statements made in this announcement and which could affect the Companyʼs ability to achieve its stated targets. The important factors that could cause such differences include, among others: possible effects of pandemics, global shortage of energy or supplied components as well as increased freight rates, business risks associated with the volatile global economic envi- ronment and political conditions, including wars or military actions; market acceptance of new products and services; changes in governmental regulations and currency exchange rates; estimates of future warranty claims and expenses and sufficiency of accruals; and other such factors as may be discussed from time to time in Landis+Gyr Group AG filings with the SIX Swiss Exchange. Landis+Gyr Group AG can give no assurance that its expectations reflected in any such forward- looking statement will be achieved.
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Extracts from the Half-Year Report 2026
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7 Landis+Gyr – Results for Half Year 2026 SIX MONTHS ENDED SEPTEMBER 30, USD in thousands, except per share data 2026 2025 Revenues Product revenues 363,609 406,291 Service revenues 137,808 129,017 T otal net revenues 501,417 535,308 Cost of revenues Product cost of revenues 187,161 293,102 Service cost of revenues 84,801 75,165 Unallocated – (4,448) T otal cost of revenues 271,962 363,819 Gross profit 229,455 171,489 Operating expenses Research and development 41,957 43,001 Sales and marketing 25,323 18,851 General and administrative 56,253 56,389 Amortization of intangible assets 16,371 16,469 Operating income 89,551 36,779 Interest income 2,479 1,291 Interest expense (9,942) (12,791) Other income (expense), net (2,550) 1,562 Income from continuing operations before income taxes 79,538 26,841 Income tax expense (28,470) (12,961) Income from continuing operations, net of tax 51,068 13,880 Discontinued operations Gain/(Loss) from discontinued operations before income taxes 7,122 (199,696) Income tax expense 360 (2,816) Loss from discontinued operations, net of tax 7,482 (202,512) Net income (loss) 58,550 (188,632) Income attributable to noncontrolling interests – 757 Net income (loss) attributable to Landis+Gyr Group AG shareholders 58,550 (189,389) Basic earnings per share attributable to Landis+Gyr Group AG shareholders Income from continuing operations, net of tax 1.85 0.48 Income (loss) from discontinued operations, net of tax 0.27 (7.05) Net income (loss) 2.12 (6.57) Diluted earnings per share attributable to Landis+Gyr Group AG shareholders Income from continuing operations, net of tax 1.84 0.48 Income (loss) from discontinued operations, net of tax 0.27 (7.04) Net income (loss) 2.11 (6.56) Weighted average number of shares used in computing earnings per share: Basic 27,642,346 28,833,215 Diluted 27,689,106 28,875,713 Interim Consolidated Statements of Operations (Unaudited)
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8 Landis+Gyr – Results for Half Year 2026 USD in thousands, except per share data September 30, 2026 March 31, 2026 ASSETS Current assets Cash and cash equivalents 85,221 232,905 Accounts receivable, net of allowance for credit losses of USD 3.4 million and USD 2.5 million 249,062 285,108 Inventories, net 129,373 117,557 Prepaid expenses 31,790 30,479 Other current assets 45,334 54,624 Current assets held for sale – discontinued operations 4,434 434,131 T otal current assets 545,214 1,154,804 Property, plant and equipment, net 75,870 69,877 Intangible assets, net 40,846 57,489 Goodwill 761,862 762,069 Deferred tax assets 70,977 74,064 Other long-term assets 295,382 190,881 TOTAL ASSETS 1,790,151 2,309,184 LIABILITIES AND EQUITY Current liabilities Trade accounts payable 127,416 113,924 Accrued liabilities 23,442 40,575 Warranty provision – current 8,231 12,537 Payroll and benefits payable 30,461 44,319 Short-term debt 86,023 174,276 Operating lease liabilities – current 9,124 9,707 Other current liabilities 89,402 102,873 Current liabilities held for sale – discontinued operations 5,568 271,922 T otal current liabilities 379,667 770,133 Long-term debt 250,000 249,371 Warranty provision – noncurrent 6,085 4,578 Pension and other employee liabilities 9,621 8,922 Deferred tax liabilities 12,301 11,490 Tax provision 25,217 23,223 Operating lease liabilities – noncurrent 35,363 37,209 Other long-term liabilities 103,167 94,262 T otal liabilities 821,421 1,199,188 Shareholders’ equity Landis+Gyr Group AG shareholders’ equity Registered ordinary shares (28,908,944 and 28,908,944 issued shares at September 30, 2026, and March 31, 2026, respectively) 302,756 302,756 Additional paid-in capital 872,626 913,853 Retained earnings (Accumulated deficit) 25,048 (33,502) Accumulated other comprehensive loss (80,810) (45,256) Treasury shares, at cost (2,446,478 and 477,394 shares at September 30, 2026, and March 31, 2026, respectively) (150,890) (31,166) T otal Landis+Gyr Group AG shareholders’ equity 968,730 1,106,685 Noncontrolling interests – 3,311 T otal shareholders’ equity 968,730 1,109,996 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,790,151 2,309,184 Interim Consolidated Balance Sheets (Unaudited)
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9 Landis+Gyr – Results for Half Year 2026 Interim Consolidated Statements of Cash Flows (Unaudited) SIX MONTHS ENDED SEPTEMBER 30, USD in thousands 2026 2025 Cash flow from operating activities Net income (loss) 58,550 (188,632) Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities: Depreciation and amortization 24,955 28,004 Non-cash effects from discontinued operations 1,899 218,710 Share-based compensation 1,726 1,975 Loss (gain) on disposal of property, plant and equipment 40 50 Loss (gain) on foreign exchange, net 5,115 2,510 Change in allowance for credit losses 890 (627) Deferred income tax 2,187 1,048 Change in operating assets and liabilities, net of effect of businesses acquired and effect of changes in exchange rates: Accounts receivable 39,463 (7,685) Inventories, including advance payments (17,120) (13,692) Trade accounts payable 7,087 25,110 Other assets and liabilities (50,807) (43,642) Net cash provided by (used in) operating activities 73,983 23,129 Cash flow from investing activities Payments for property, plant and equipment (13,655) (13,663) Payments for intangible assets (3) (128) Proceeds from the sale of property, plant and equipment 155 863 Purchase of investments (8,700) – Cash transferred with divested business (30,344) – Proceeds from sale of divested business 97,500 – Net cash used in investing activities 44,953 (12,928) Cash flow from financing activities Proceeds/ (Payments) from third party facility 98,617 129,997 Repayment of borrowings to third party facility (203,466) (57,487) Purchase of treasury shares (121,210) – Debt issuance cost (134) (350) Dividends paid (41,466) (41,164) Dividends paid to noncontrolling interests – (197) Net cash from settlement of foreign currency derivatives to hedge financing activities – 2,094 Net cash provided by (used in) financing activities (267,659) 32,893 Net increase (decrease) in cash and cash equivalents (148,723) 43,094 Cash and cash equivalents at beginning of period 232,905 171,564 Effects of foreign exchange rate changes on cash and cash equivalents 1,039 6,362 Cash and cash equivalents at end of period 85,221 221,020 Supplemental cash flow information Cash paid for income tax 7,390 16,117 Cash paid for interest 6,757 7,480
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10 Landis+Gyr – Results for Half Year 2026 Adjusted EBITDA The reconciliation of Net income (loss) to Adjusted EBITDA is as follows for the six-months periods ended September 30, 2026 and 2025: ADJUSTED EBITDA L+G GROUP AG USD in thousands, unless otherwise indicated H1 26 H1 25 Net income (loss) 58,550 (188,632) Income (Loss) from discontinued operations, net of tax 7,482 (202,512) Income from continuing operations, net of tax 51,068 13,880 Depreciation 8,312 11,008 Amortization of intangible assets 16,643 16,996 Interest and other expense (income), net 10,013 9,938 Income tax 28,470 12,961 EBITDA 114,506 64,783 Restructuring charges 1,140 3,074 Timing difference on FX derivatives – 128 Transformation expenses 5,120 3,435 IEEPA tariff refunds (46,831) – Adjusted EBITDA 73,935 71,420 Adjusted EBITDA margin (%) 14.7% 13.3% Due to rounding, the numbers presented may not add up to the totals provided. Adjusted Gross Profit The reconciliation of Gross Profit to Adjusted Gross Profit is as follows for the six-months periods ended September 30, 2026 and 2025: ADJUSTED GROSS PROFIT L+G GROUP AG CONNECTED PLATFORMS GRID INTELLIGENCE CORPORATE UNALLOCATED USD in thousands, unless otherwise indicated H1 26 H1 25 H1 26 H1 25 H1 26 H1 25 H1 26 H1 25 Gross Profit 229,455 171,489 176,545 108,678 52,910 58,356 – 4,455 Amortization of intangible assets 271 527 128 249 143 278 – – Depreciation 6,143 9,142 4,083 6,076 2,060 3,066 – – Restructuring charges 142 697 142 697 – – – – Timing difference on FX derivatives – 128 – – – – – 128 IEEPA tariff refunds (46,831) – (46,831) – – – – – Adjusted Gross Profit 189,180 181,983 134,067 115,700 55,113 61,700 – 4,583 Adjusted Gross Profit margin (%) 37.7% 34.0% 36.9% 28.8% 40.0% 46.0% Due to rounding, the numbers presented may not add up to the totals provided. Supplemental Reconciliations and Definitions (unaudited)
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11 Landis+Gyr – Results for Half Year 2026 Adjusted Operating Expenses The reconciliation of Operating Expenses to Adjusted Operating Expenses is as follows for the six-months periods ended September 30, 2026, and September 30, 2025: ADJUSTED OPERATING EXPENSES USD in thousands, unless otherwise indicated H1 26 H1 25 Research and development 41,957 43,001 Depreciation (868) (1,041) Restructuring charges (356) – Adjusted research and development 40,733 41,960 Sales and marketing 25,323 18,851 General and administrative 56,253 56,389 Depreciation (1,301) (824) Restructuring charges (642) (2,377) Transformation expenses (5,120) (3,435) Adjusted sales, general and administrative 74,513 68,604 Adjusted operating expenses 115,245 110,563 Due to rounding, the numbers presented may not add up to the totals provided.