Lacroix: Third-Quarter Revenue Up 3.2%, Electronics Regains Momentum
On November 2, 2026, Lacroix published third-quarter revenue of €110.4 million, up 3.2% year on year. This is the same growth rate as over the first nine months, when revenue reached €345.6 million. Despite this unchanged growth rate, the contribution of the group's two businesses has shifted.
Electronics, down 0.4% over nine months, grew 1.2% in the third quarter alone. Environment, by contrast, slowed to 7.1% in the quarter, compared with 10.9% year to date. Immediately afterward, the group confirmed its 2026 targets, which had been raised in its half-year results published on September 30, 2026.
Electronics Returns to Growth in the Third Quarter
Electronics revenue came to €72.9 million in the third quarter, up 1.2%, a pace in line with the group's expectations according to the press release. Over nine months, activity remains virtually stable, down 0.4%, at €229.0 million.
Segment trends are similar across both periods. Aerospace and Defence has grown by more than 20% year to date, after a temporary decline in 2025. Smart home and building automation (HBAS) as well as Industry are also growing.
Automotive, by contrast, declined again in the third quarter. The group attributes this decrease to the end of major programmes, in a European market that remains difficult. In the quarter, this decline was more than offset by growth in the other segments.
Environment Slows, Still Driven by the Water Segment
Environment generated revenue of €37.5 million in the third quarter, up 7.1%, above the group's expectations. Over nine months, growth reached 10.9%, to €116.6 million, and this growth is almost entirely attributable to the Water segment.
In France, this segment continues to benefit from the equipment replacement cycle linked to the shutdown of 2G and 3G networks. In the third quarter, its growth, which the group describes as lower than in the first half, more than offset the decline in international activity, which faced a high comparison base.
Year to date, however, the international business contributed to the increase, with a peak in activity in Spain at the beginning of the year. This peak preceded the end of the PERTE programme, which financed the digitalisation of infrastructure.
Among the other segments, Smart Grids grew, while heating, ventilation and air conditioning (HVAC) declined temporarily. Public lighting remained weak, as expected, during an election period.
2026 Targets Confirmed, 2027 Roadmap Maintained
Lacroix confirmed its 2026 targets, which had been raised on September 30, 2026. It aims for revenue above €455 million, compared with €445 million in 2025, an EBITDA margin above 9%, and a net debt to EBITDA ratio below 2.0 times.
These targets rest on slight growth in Electronics in the second half. Environment is now expected to grow, rather than remain stable, but at a rate clearly below that of the first half.
The group also reiterated its 2027 targets: revenue between €475 and €500 million, an EBITDA margin above 8%, and a net debt to EBITDA ratio below 2.0 times. Management nonetheless says it remains cautious in the face of growing tensions over the availability of certain components and inflationary pressures.
The end of the fiscal year therefore rests on an Electronics segment that has just returned to growth, while Environment, the driver of the first nine months, is expected by the group to grow more slowly. Annual revenue will be published on February 9, 2027.
