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Signify N.V. Earnings Release 2025
3884_rns_2026-01-30_589f32b7-38e3-4f67-ae8c-0a3f9c6d7342.pdf
Earnings Release
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Press Release
January 30, 2026
Signify reports full-year 2025 sales of EUR 5.8 billion, operational profitability of 8.9% and a free cash flow of EUR 440 million
Highlights 1
- · Signify's installed base of connected light points increased to 167 million at the end of 2025
- FY 25 sales of EUR 5,765 million with a CSG of -3.4%; Q4 25 sales of EUR 1,492 million with a CSG of -5.2%
- Adj. EBITA margin of 8.9% in FY 25 (FY 24: 9.9%) and 10% in Q4 25 (Q4 24: 12.4%)
- · Net income of EUR 259 million (FY 24: EUR 334 million) and EUR 60 million in Q4 25 (Q4 24: 119 million)
- Free cash flow of EUR 440 million (FY 24: EUR 438 million) and of EUR 291 million in Q4 25 (Q4 24: 188 million) driven by disciplined working capital management
- · Repurchased shares for a total consideration of EUR 150 million; 5.8 million shares cancelled
- Proposal for cash dividend of EUR 1.57 per share over 2025 (FY24: EUR 1.56)
- · Signify initiates a cost reduction program of EUR 180 million
- · Signify to pause share repurchases for cancellation during portfolio and strategy review
Eindhoven, the Netherlands - Signify (Euronext: LIGHT), the world leader in lighting, today announced the company's fourth guarter & full year results 2025.
"Signify's performance in 2025 highlighted the resilience of our business as we responded to reduced demand, the ripple effect of tariffs, and price pressure in our trade channels. In this context, our full-year results were mixed. Our Professional business grew in the US but declined in Europe. Our Consumer business delivered sustained growth in all regions except China. Connected lighting showed strong growth in both Professional and Consumer markets, but this was offset by a decline in non-connected, particularly in trade channels. Both businesses maintained a strong gross margin. OEM faced reduced demand and pricing pressure. Adjusted EBITA was 8.9%, and we generated strong cash flow of EUR 440 million, or 7.6% of sales.
In the fourth quarter, continued connected growth and a strong topline performance in the US and India was offset by declines in a number of other regions. The adjusted EBITA margin for the quarter was impacted by a lower contribution from Consumer, OEM and Conventional." said As Tempelman, CEO of Signify.
This press release contains certain non-IFRS financial measures and ratios, which are not recognized measures of financial performance or liquidity under IFRS. For further details, refer to "Non-IFRS Financial Measures" in "Important information" of this press release.
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"Through what will be a transitional year for Signify, our immediate priority is to outperform in a tough market by strengthening our commercial and operational excellence, and cost competitiveness. To drive this, we are announcing a EUR 180 million program to structurally reset our cost base, which will unfortunately impact 900 roles across Signify. To focus the business for future success, we are conducting a full strategy and portfolio review and will share our conclusions at our Capital Markets Day on June 23, 2026.
We anticipate the challenging conditions to persist through 2026. Considering the diverging dynamics in our end markets, we are not providing guidance on full-year sales at this stage. We expect an adjusted EBITA margin of 7.5-8.5%, and free cash flow generation of 6.5-7.5% of sales. We intend to pay an increased dividend of EUR 1.57 per share, while pausing share buybacks for capital reduction purposes, to preserve financial flexibility during our strategic review.
I want to thank our employees for their commitment and resilience throughout the year. Their dedication is essential as we position Signify for sustainable, profitable growth."
Brighter Lives, Better World 2025
Having completed its Brighter Lives, Better World 2025 sustainability program, Signify will introduce its new sustainability program in the first quarter of 2026. In the final quarter of the 2025 program, Signify achieved the following results:
Double the pace of the Paris Agreement
Signify surpassed its 2025 target to reduce greenhouse gas (GHG) emissions across its entire value chain by 40% against the 2019 baseline - double the pace required by the Paris Agreement.
Double Circular revenues
Circular revenues reached 37% of sales, beyond the 2025 target of 32%. The main contribution was from serviceable luminaires in the Professional business, with strong performance in the Americas.
Double Brighter lives revenues
Brighter lives revenues were at 34% of sales, surpassing the 2025 target of 32%. This included strong contribution from consumer and special lighting products.
Double the percentage of women in leadership
The percentage of women in leadership positions remained at 27%, which did not meet the 2025 target of 34%. Signify remains committed to increasing representation through focused hiring practices for diversity across all levels, and through retention and engagement actions that reduce attrition.
Cost reduction program
The company will structurally reset its cost base and establish continuous productivity improvements, while remaining committed to its operating model.
To drive this, Signify is announcing a EUR 180 million cost reduction program. The majority of savings will be delivered through 2026, with the full benefit realized in 2027.
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Outlook
Signify anticipates the challenging conditions to persist through 2026. Considering the diverging dynamics in its end markets, the company is not providing guidance on full-year sales at this stage. Signify expects an adjusted EBITA margin of 7.5-8.5%, and free cash flow generation of 6.5-7.5% of sales.
Capital allocation
Capital allocation policy
Signify's capital allocation policy aims to
- · Maintain a robust capital structure and maintain an investment grade credit rating,
- · Pay an increasing annual cash dividend per share year on year,
- · Continue to invest in organic and inorganic growth opportunities in line with its strategic priorities, and
- · Provide additional capital return to shareholders with residual available cash.
Dividend
Signify proposes a cash dividend of EUR 1.57 per share for 2025, in line with its policy to pay an increasing annual cash dividend per share year on year. The dividend proposal is subject to approval at the Annual General Meeting of Shareholders (AGM) to be held on April 24th, 2026. Further details will be provided in the agenda for the AGM.
Share repurchases
In 2025, Signify repurchased shares for a total consideration of EUR 150 million and cancelled a total of 5.8 million shares.
Signify will pause share repurchases for cancellation while its portfolio and strategy review is underway, reflecting prudent capital discipline amid challenging industry dynamics, with a reassessment planned following the review.
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Financial review
| F | ourth quarte | er | Tv | velve month | ıs | |
|---|---|---|---|---|---|---|
| 2024 | 2025 | change | in millions of EUR, except percentages | 2024 | 2025 | change |
| -5.2% | Comparable sales growth | -3.4% | ||||
| -4.7% | Currency effects | -2.8% | ||||
| 0.0% | Consolidation effects | 0.0% | ||||
| 1,655 | 1,492 | -9.9% | Sales | 6,143 | 5,765 | -6.2% |
| 673 | 591 | -12.2% | Adjusted gross margin | 2,501 | 2,310 | -7.6% |
| 40.7% | 39.6% | Adj. gross margin (as % of sales) | 40.7% | 40.1% | ||
| -425 | -400 | Adj. SG&A expenses | -1,701 | -1,631 | ||
| -61 | -56 | Adj. R&D expenses | -264 | -234 | ||
| -486 | -457 | -6.1% | Adj. indirect costs | -1,965 | -1,864 | -5.1% |
| 29.4% | 30.6% | Adj. indirect costs (as % of sales) | 32.0% | 32.3% | ||
| 205 | 149 | -27.4% | Adjusted EBITA | 606 | 511 | -15.6% |
| 12.4% | 10.0% | Adjusted EBITA margin | 9.9% | 8.9% | ||
| -11 | -39 | Adjusted items | -63 | -72 | ||
| 194 | 110 | -43.1% | EBITA | 543 | 439 | -19.2% |
| 179 | 97 | -45.6% | Income from operations (EBIT) | 477 | 383 | -19.8% |
| -23 | -15 | Net financial income/expense | -82 | -61 | ||
| -37 | -22 | Income tax expense | -60 | -62 | ||
| 119 | 60 | -49.3% | Net income | 334 | 259 | -22.3% |
| 188 | 291 | Free cash flow | 438 | 440 | ||
| 0.92 | 0.49 | Basic EPS (€) | 2.60 | 2.06 | ||
| 29,459 | 26,629 | Employees (FTE) | 29,459 | 26,629 |
Full year
Nominal sales decreased by 6.2% to EUR 5,765 million, including a negative currency effect of 2.8% largely due to the USD depreciation. Comparable sales declined by 3.4%, as growth in the Consumer business and in the US Professional business was more than offset by continued weakness in the Professional Europe business and OEM businesses. Excluding the Conventional business, Signify's FY 25 comparable sales declined by 1.9%.
The Adjusted gross margin decreased by 60 bps to 40.1%, as positive sales mix and bill-of-material savings were offset by price pressure in some of Signify's markets and temporary effects within the Conventional and OEM businesses. Adjusted indirect costs as a percentage of sales increased by 30 bps to 32.3%, as continued cost reductions were offset by the effect of lower volume.
Adjusted EBITA was EUR 511 million. The Adjusted EBITA margin decreased by 100 bps to 8.9%, largely related to the lower gross margin and a higher proportion of indirect costs.
Adjusted items of EUR -72 million were mainly related to restructuring charges.
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Net income decreased to EUR 259 million, mainly attributable to lower operational income.
Fourth quarter
Nominal sales decreased by 9.9% to EUR 1,492 million, including a negative currency effect of 4.7% mainly related to USD depreciation. Comparable sales declined by 5.2%, reflecting weakness in OEM and Professional Europe businesses and the China Consumer business, while the US Professional business continued to grow. Excluding the Conventional business, Signify's Q4 25 comparable sales declined by -4.2%.
The Adjusted gross margin decreased by 110 bps to 39.6%, largely attributable to temporarily higher manufacturing costs in the Conventional business and the competitive environment of the OEM business. Adjusted indirect costs as a percentage of sales increased by 120 bps to 30.6%, mainly due to lower volume.
Adjusted EBITA decreased to EUR 149 million. The Adjusted EBITA margin declined to 10.0%, mainly driven by a lower contribution of the Consumer, OEM and Conventional businesses and lower results in Other.
Adjusted items of EUR -39 million were mainly due to restructuring costs, this was partly offset by a gain of EUR 14 million from a real estate transaction, other incidental items largely offset each other. In Q4 2024 adjusted items of EUR -11 million included gains related to a real estate transaction and other positive incidentals.
Net income decreased to EUR 60 million, mainly resulting from lower operating income and higher adjusted items.
The number of employees (FTE) decreased from 29,459 at the end of Q4 24 to 26,629 at the end of Q4 25. The year-on-year decrease is mostly related the reduction of factory personnel due to lower production volumes. In general, the number of FTEs is affected by fluctuations in volume and seasonality.
Professional
| Fou | ırth quart | er | Twelve months | IS | ||
|---|---|---|---|---|---|---|
| in millions of EUR, unless | ||||||
| 2024 | 2025 | change | otherwise indicated | 2024 | 2025 | change |
| -3.4% | -1.9% | Comparable sales growth | -5.8% | -1.4% | ||
| 1,036 | 966 | -6.7% | Sales | 3,933 | 3,767 | -4.2% |
| 111 | 101 | -9.4% | Adjusted EBITA | 367 | 334 | -9.1% |
| 10.8% | 10.4% | Adjusted EBITA margin | 9.3% | 8.9% |
Full vear
Nominal sales decreased by 4.2% to EUR 3,767 million, including a negative currency effect of 2.8% largely due to USD depreciation. Comparable sales decreased by 1.4%, as growth in the US Professional business was offset by the weakness in Europe's Professional business, particularly in the trade channel, and in emerging markets. The Adjusted EBITA margin decreased by 40 bps to 8.9% mainly reflecting price and volume pressure in European business, while the effect of trade tariffs was mitigated.
Fourth quarter
Nominal sales decreased by 6.7% to EUR 966 million, including a negative currency effect of 4.8%. Comparable sales decreased by 1.9%, as growth in the US was more than offset by weakness in Europe and emerging markets. The Adjusted EBITA margin decreased by 40 bps to 10.4% mainly due to lower fixed cost absorption, while the gross margin remained stable.
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Consumer
| Fc | ourth quart | er | Twelve months | |||
|---|---|---|---|---|---|---|
| in millions of EUR, unless | ||||||
| 2024 | 2025 | change | otherwise indicated | 2024 | 2025 | change |
| 4.0% | -2.7% | Comparable sales growth | -1.2% | 1.4% | ||
| 396 | 366 | -7.6% | Sales | 1,297 | 1,274 | -1.7% |
| 69 | 52 | -24.7% | Adjusted EBITA | 144 | 135 | -6.4% |
| 17.4% | 14.1% | Adjusted EBITA margin | 11.1% | 10.6% |
Full year
Nominal sales decreased by 1.7% to EUR 1,274 million, including a negative currency effect of 3.1% due to USD and other currencies depreciation. Comparable sales increased by 1.4% driven by strong connected sales throughout the year, partly offset by a decline in the non-connected business and weaker performance in China. The Adjusted EBITA margin decreased by 50 bps to 10.6%, mainly due to higher commercial investments.
Fourth quarter
Nominal sales decreased by 7.6% to EUR 366 million, including a negative currency effect of 4.9%. Comparable sales decreased by 2.7%. While the connected home business delivered a strong year-end performance in line with expectations, this was more than offset by weaker non-connected sales and a pronounced decline in China, reflecting a subdued consumer environment. The Adjusted EBITA margin decreased by 330 bps to 14.1%, reflecting higher commercial investments in the peak season for connected products.
OEM
| Fo | ourth quart | er | Twelve months | |||
|---|---|---|---|---|---|---|
| in millions of EUR, unless | ||||||
| 2024 | 2025 | change | otherwise indicated | 2024 | 2025 | change |
| -1.2% | -19.2% | Comparable sales growth | -2.0% | -16.5% | ||
| 103 | 79 | -22.9% | Sales | 437 | 355 | -18.8% |
| 9 | 1 | -86.3% | Adjusted EBITA | 48 | 17 | -64.5% |
| 8.5% | 1.5% | Adjusted EBITA margin | 11.1% | 4.8% |
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Full year
Nominal sales decreased by 18.8% to EUR 355 million, including a negative currency effect of 2.3% largely due to USD depreciation. Comparable sales decreased by 16.5%, primarily reflecting weak end-market demand and intense price pressure amid structural overcapacity in the market. This was further exacerbated by lower orders from two major customers, an effect that impacted results throughout the year. The Adjusted EBITA margin decreased to 4.8%, reflecting the impact of lower volumes and continued gross margin pressure.
Fourth quarter
Nominal sales decreased by 22.9% to EUR 79 million, including a negative currency effect of 3.7%. Comparable sales decreased by 19.2%, driven by continued weak demand and intense price pressure. The Adjusted EBITA margin decreased to 1.5%, reflecting volume declines and gross margin pressure.
Conventional
| Fourth quarte | r | Т | welve months | |||
|---|---|---|---|---|---|---|
| 2024 | 2025 | change | in millions of EUR, unless otherwise indicated | 2024 | 2025 | change |
| -24.5% | -19.6% | Comparable sales growth | -29.2% | -23.1% | ||
| 101 | 77 | -23.8% | Sales | 437 | 327 | -25.2% |
| 20 | 8 | -61.6% | Adjusted EBITA | 78 | 53 | -32.8% |
| 19.3% | 9.8% | Adjusted EBITA margin | 17.9% | 16.1% |
Full year
Nominal sales decreased by 25.2% to EUR 327 million, including a negative currency effect of 2.1% due to USD and CNY depreciation. Comparable sales decreased by 23.1% reflecting the structural decline of the business. The Adjusted EBITA margin decreased by 180 bps to 16.1%.
Fourth quarter
Nominal sales decreased by 23.8% to EUR 77 million, including a negative currency effect of 4.2%. Comparable sales decreased by 19.6%. The Adjusted EBITA margin decreased to 9.8%, reflecting the full-quarter impact of the site rationalization, resulting in temporarily higher manufacturing costs. This effect is expected to normalize in H2 2026. Additionally, profitability was impacted by a lag effect of tariff-related costs.
Other
Full year
'Other' reflects the P&L of Signify's venture businesses, in addition to centrally incurred costs not assigned to individual businesses, predominantly those related to exploratory research initiatives and audit activities. Adjusted EBITA was EUR -27 million (2024: EUR -32 million).
Fourth quarter
Adjusted EBITA was EUR -13 million (Q4 24: EUR -4 million) mainly due to lower sales in Signify's ventures, affecting both topline and adjusted EBITA.
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Working capital
| in millions of EUR, unless otherwise indicated | Dec 31, 2024 | Sep 30, 2025 | Dec 31, 2025 |
|---|---|---|---|
| Inventories | 1,035 | 1,019 | 929 |
| Trade and other receivables 1 | 1,018 | 927 | 848 |
| Trade and other payables 2 | -1,588 | -1,392 | -1,363 |
| Other working capital items | -43 | -54 | -85 |
| Working capital | 422 | 500 | 329 |
| As % of LTM* sales 3 | 6.9% | 8.4% | 5.7% |
1 As of December 31, 2024, September 30, 2025 and December 31, 2025. Trade and other receivables exclude USD 50 million, USD 52 million and USD 53 million,
Full year
Compared to December 2024, working capital decreased by EUR 93 million, driven by a reduction of inventories and receivables, while payables also reduced. As a percentage of last twelve-months sales, working capital reduced by 120 bps.
Fourth quarter
Compared to September 2025, working capital decreased by EUR 171 million to EUR 329 million, reflecting a reduction of inventories and receivables, while payables also reduced. As a percentage of last twelve-month sales, working capital decreased by 270 bps to 5.7%.
Cash flow analysis
| Fourth quarter | Twelve mor | nths | ||
|---|---|---|---|---|
| 2024 | 2025 | in millions of EUR | 2024 | 2025 |
| 179 | 97 | Income from operations (EBIT) | 477 | 383 |
| 63 | 72 | Depreciation and amortization | 255 | 248 |
| 39 | 49 | Additions to (releases of) provisions | 140 | 126 |
| -98 | -46 | Utilizations of provisions | -289 | -161 |
| 77 | 164 | Changes in working capital | 48 | 32 |
| -13 | -9 | Net interest and financing costs received (paid) | -53 | -42 |
| -28 | -13 | Income taxes paid | -66 | -45 |
| -17 | -3 | Net capex | -77 | -91 |
| -14 | -21 | Other | 1 | -11 |
| 188 | 291 | Free cash flow | 438 | 440 |
Full year
Free cash flow slightly increased to EUR 440 million, mainly due to further improvements in working capital and the lower utilization in provisions for restructuring and pension liabilities, partly offset by lower income from operations. Free cash flow included a total restructuring payout of EUR 54 million (2024: EUR 133 million).
respectively, of insurance receivables for which a legal provision is recognized for the same amount.
As of September 30, 2025, Trade and other payables exclude EUR 2 million of share repurchase related payable.
3 LTM: Last Twelve Months.
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Twelve months
| In millions of EUR | 2025 |
|---|---|
| Professional | 379 |
| Consumer | 123 |
| OEM | 14 |
| Conventional | 42 |
| Other 1 | (119) |
| Signify free cash flow | 440 |
Non-allocated free cash flow items (e.g. Tax, interest).
In 2025, the Professional and Consumer businesses generated the majority of the company's free cash flow, contributing 90% of Signify's free cash flow excluding 'Other'.
Fourth quarter
Free cash flow increased to EUR 291 million (Q4 24: 188 million) mainly resulting from working capital improvement and a lower utilization of provisions. Free cash flow included a restructuring payout of EUR 16 million (Q4 24: 28 million).
Net debt and total equity
| in millions of EUR | Dec 31, 2024 | Sep 30, 2025 | Dec 31, 2025 |
|---|---|---|---|
| Short-term debt | 416 | 94 | 489 |
| Long-term debt | 1,137 | 1,495 | 1,090 |
| Gross debt | 1,553 | 1,589 | 1,579 |
| Cash and cash equivalents | 633 | 399 | 621 |
| Net debt | 920 | 1,191 | 957 |
| Total equity | 3,267 | 2,735 | 2,767 |
Full year
Compared with the end of December 2024, the cash position decreased by EUR 12 million and the gross debt increased by EUR 25 million. As a result, the net debt increased by EUR 37 million. At the end of December 2025, the net debt/EBITDA ratio was 1.5x (Q4 24: 1.3x).
Fourth quarter
Compared with the end of September 2025, the cash position increased by EUR 222 million to EUR 621 million, mainly driven by free cash flow generation offset by the continuing share repurchase program. The gross debt decreased by EUR 10 million to EUR 1,579 million. Net debt reduced by EUR 233 million mainly attributable to a higher cash position. Total equity increased to EUR 2,767 million (Q3 25: EUR 2,735 million), primarily due to net income offset by share purchases.
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Other information
Appendix A - Selection of financial statements
Appendix B - Reconciliation of non-IFRS financial measures
Appendix C - Financial glossary
Conference call and audio webcast
As Tempelman (CEO) and Željko Kosanović (CFO) will host a conference call for analysts and institutional investors at 9:00 a.m. CET to discuss the fourth quarter & full year 2025 results. A live audio webcast of the conference call will be available via the Investor Relations website.
Financial calendar 2026
February 24, 2026 Annual Report 2025
April 24, 2026 First quarter results 2026
April 24, 2026 Annual General Meeting of Shareholders
April 30, 2026 Ex-dividend date
May 4, 2026 Dividend record date
May 11, 2026 Dividend payment date
June 23, 2026 Capital Markets Day
July 24, 2026 Second quarter results 2026
October 23, 2026 Third quarter results 2026
For further information, please contact:
Signify Investor Relations
Thelke Gerdes Tel: +31 6 1801 7131 E-mail: [email protected]
Signify Corporate Communications
Tom Lodge
Tel: +31 6 5252 5416
E-mail: [email protected]
About Signify
Signify (Euronext: LIGHT) is the world leader in lighting for professionals and consumers. We proudly bring to market the world's best lighting brands, from Signify, Philips, Philips Hue, Signify Interact, Philips Dynalite, Color Kinetics and many more. Our advanced products, connected systems and services unlock the extraordinary potential of light for brighter lives and a better world. In 2025, we had sales of EUR 5.8 billion, approximately 27,000 employees, and a presence in over 70 markets. We are in the Dow Jones Sustainability World Index and hold the EcoVadis Platinum rating.
News and updates from Signify can be found in the $\underline{\text{Newsroom}}$ , on $\underline{\text{LinkedIn}}$ and $\underline{\text{Instagram}}$ . Information for investors is located on the $\underline{\text{Investor Relations}}$ page
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Important information
Forward-Looking Statements and Risks & Uncertainties
This document and the related oral presentation contain, and responses to questions following the presentation may contain, forward-looking statements that reflect the intentions, beliefs or current expectations and projections of Signify N.V. (the "Company", and together with its subsidiaries, the "Group"), including statements regarding strategy, estimates of sales growth and future operational results.
By their nature, these statements involve risks and uncertainties, and there may be many factors that could cause actual results or outcomes to differ materially from those expressed in or implied by these statements. These risks, uncertainties and other factors include macroeconomic volatility, geopolitical and regulatory changes including trade tariffs, competitive price pressure, technological disruptions, reduced governmental funding for energy efficiency and sustainability, currency risks, changes in international tax laws, effects of environmental crises, climate change and natural disasters, cybersecurity risk, and export controls and sanctions.
The above risks may not include all factors that ultimately affect the Group. Additional risks and uncertainties that are currently not known to the Group or not considered material may have a material adverse effect on the business, strategy, results of operations, financial condition and prospects of the Group, or prevent the forward-looking events discussed from occurring. The Group undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
Market and Industry Information
All references to market share, market data, industry statistics and industry forecasts in this document consist of estimates compiled by industry professionals, competitors, organizations or analysts, of publicly available information or of the Group's own assessment of its sales and markets. Rankings are based on sales unless otherwise stated.
Non-IFRS Financial Measures
Certain parts of this document contain non-IFRS financial measures and ratios, such as comparable sales growth, adjusted gross margin and indirect costs, EBITA, adjusted EBITA, free cash flow, Net debt, Working capital, Brighter lives revenues, Circular revenues and other related ratios, which are not recognized measures of financial performance or liquidity under IFRS. The non-IFRS financial measures presented are measures used by management to monitor the underlying performance of the Group's business and operations. Not all companies calculate non-IFRS financial measures in the same manner or on a consistent basis and these measures and ratios may not be comparable to measures used by other companies under the same or similar names. A reconciliation of a number of non-IFRS financial measures to the most directly comparable IFRS financial measures is contained in appendix B, Reconciliation of non-IFRS financial measures, of this document. For further information on non-IFRS financial measures, see "Chapter 18 Reconciliation of non-IFRS measures" in the Annual Report 2024.
Presentation
All amounts are in millions of euros unless otherwise stated. Due to rounding, amounts may not add up to totals provided. All reported data is unaudited. Unless otherwise indicated, financial information has been prepared in accordance with the accounting policies as stated in the Annual Report 2024 and the Semi-Annual Report 2025.
Market Abuse Regulation
This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
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Appendix A - Financial statement information
A. Condensed consolidated statement of income
in millions of EUR
| _ | Fourth quarter | January to December | |||
|---|---|---|---|---|---|
| 2024 | 2025 | 2024 | 2025 | ||
| Sales | 1,655 | 1,492 | 6,143 | 5,765 | |
| Cost of sales | (1,002) | (923) | (3,701) | (3,494) | |
| Gross margin | 653 | 568 | 2,442 | 2,271 | |
| Selling, general and administrative expenses | (438) | (419) | (1,736) | (1,669) | |
| Research and development expenses | (61) | (69) | (266) | (250) | |
| Impairment of goodwill | - | - | _ | - | |
| Other business income | 25 | 17 | 41 | 35 | |
| Other business expenses | (0) | (0) | (3) | (3) | |
| Income from operations | 179 | 97 | 477 | 383 | |
| Financial income | 9 | 5 | 42 | 22 | |
| Financial expenses | (33) | (21) | (124) | (83) | |
| Results relating to investments in associates | 0 | 0 | (1) | (1) | |
| Income before taxes | 156 | 82 | 394 | 321 | |
| Income tax expense | (37) | (22) | (60) | (62) | |
| Net income | 119 | 60 | 334 | 259 | |
| Attribution of net income for the period: | |||||
| Net income (loss) attributable to shareholders of Signify N.V. | 116 | 58 | 328 | 254 | |
| Net income (loss) attributable to non- | |||||
| controlling interests | 3 | 2 | 6 | 6 | |
| Earnings per ordinary share attributable to shareholders | |||||
| Weighted average number of ordinary shares outstanding used for calculation (in thousands): | |||||
| Basic | 126,169 | 120,068 | 126,222 | 123,090 | |
| Diluted | 127,444 | 122,025 | 127,536 | 124,815 | |
| Net income attributable to shareholders per ordinary share in EUR: | |||||
| Basic | 0.92 | 0.49 | 2.60 | 2.06 | |
| Diluted | 0.91 | 0.48 | 2.57 | 2.03 |
Amounts may not add up due to rounding.
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B. Condensed consolidated statement of comprehensive income
in millions of EUR
| Fourth quarter | January to Decembe | |||
|---|---|---|---|---|
| 2024 | 2025 | 2024 | 2025 | |
| Net income (loss) | 119 | 60 | 334 | 259 |
| Pensions and other post-employment plans: | ||||
| Remeasurements | 8 | (3) | 11 | 3 |
| Income tax effect on remeasurements | (2) | 0 | (3) | (1) |
| Total of items that will not be reclassified to profit | ||||
| or loss | 6 | (3) | 8 | 2 |
| Currency translation differences: | ||||
| Net current period change, before tax | 236 | 5 | 181 | (424) |
| Income tax effect | - | - | - | - |
| Cash flow hedges: | ||||
| Net current period change, before tax | 5 | 6 | 8 | (4) |
| Income tax effect | (1) | (2) | (2) | 1 |
| Total of items that are or may be reclassified to | ||||
| profit or loss | 240 | 10 | 187 | (427) |
| Other comprehensive income (loss) | 247 | 7 | 196 | (426) |
| Total comprehensive income (loss) | 365 | 67 | 529 | (166) |
| Total comprehensive income (loss) attributable to: | ||||
| Shareholders of Signify N.V. | 357 | 65 | 518 | (163) |
| Non-controlling interests | 8 | 2 | 11 | (4) |
Amounts may not add up due to rounding.
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C. Condensed consolidated statement of financial position
in millions of EUR
| 2024 | 2025 | |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipment | 568 | 557 |
| Goodwill | 2,903 | 2,615 |
| Intangible assets, other than goodwill | 608 | 511 |
| Investments in associates and joint ventures | 7 | 19 |
| Financial assets | 38 | 29 |
| Deferred tax assets | 391 | 353 |
| Other assets | 26 | 28 |
| Total non-current assets | 4,541 | 4,111 |
| Current assets | ||
| Inventories | 1,035 | 929 |
| Financial assets | - | 2 |
| Other assets | 147 | 112 |
| Derivative financial assets | 17 | 11 |
| Income tax receivable | 52 | 37 |
| Trade and other receivables | 1,066 | 894 |
| Cash and cash equivalents | 633 | 621 |
| Assets classified as held for sale | 13 | 2 |
| Total current assets | 2,964 | 2,608 |
| Total assets | 7,505 | 6,720 |
{14}------------------------------------------------
| 2024 | 2025 | |
|---|---|---|
| Equity | ||
| Shareholders' equity | 3,162 | 2,673 |
| Non-controlling interests | 105 | 94 |
| Total equity | 3,267 | 2,767 |
| Non-current liabilities | ||
| Debt | 1,137 | 1,090 |
| Post-employment benefits | 255 | 224 |
| Provisions | 192 | 185 |
| Deferred tax liabilities | 17 | 15 |
| Income tax payable | 68 | 48 |
| Other liabilities | 145 | 155 |
| Total non-current liabilities | 1,815 | 1,717 |
| Current liabilities | ||
| Debt, including bank overdrafts | 416 | 489 |
| Derivative financial liabilities | 11 | 7 |
| Income tax payable | 19 | 20 |
| Trade and other payables | 1,588 | 1,363 |
| Provisions | 192 | 156 |
| Other liabilities | 196 | 201 |
| Liabilities from assets classified as held for sale | 0 | 0 |
| Total current liabilities | 2,423 | 2,235 |
| Total liabilities and total equity | 7,505 | 6,720 |
Amounts may not add up due to rounding.
{15}------------------------------------------------
D. Condensed consolidated statement of cash flows
in millions of EUR
| Fourth o | quarter | January to | December | |
|---|---|---|---|---|
| _ | 2024 | 2025 | 2024 | 2025 |
| Cash flows from operating activities | ||||
| Net income (loss) | 119 | 60 | 334 | 259 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | 148 | 142 | 541 | 482 |
|
63 | 72 | 255 | 248 |
| Result on sale of assets | (16) | (15) | (18) | (21) |
|
13 | 10 | 42 | 41 |
| · Income tax expense | 37 | 22 | 60 | 62 |
| · Additions to (releases of) provisions | 30 | 46 | 120 | 111 |
|
9 | 3 | 21 | 15 |
| • Other items | 11 | 3 | 61 | 26 |
| Changes in working capital: | 77 | 164 | 48 | 32 |
| Changes in trade and other receivables | (14) | 80 | 3 | 103 |
| · Changes in inventories | 88 | 93 | 35 | 22 |
| · Changes in trade and other payables | (13) | (34) | 28 | (113) |
| · Changes in other current assets and liabilities | 16 | 25 | (17) | 21 |
| Changes in other non-current assets and liabilities | 1 | (4) | (1) | 4 |
| Utilizations of provisions | (50) | (39) | (215) | (132) |
| Utilizations of post-employment benefits | (48) | (7) | (73) | (29) |
| Net interest and financing costs received (paid) | (13) | (9) | (53) | (42) |
| Income taxes paid | (28) | (13) | (66) | (45) |
| Net cash provided by (used for) | ||||
| operating activities | 205 | 294 | 514 | 531 |
{16}------------------------------------------------
| _ | Fourth o | quarter January to D | December | ||
|---|---|---|---|---|---|
| 2024 | 2025 | 2024 | 2025 | ||
| Cash flows from investing activities | |||||
| Net capital expenditures: | (17) | (3) | (77) | (91) | |
|
(15) | (21) | (48) | (64) | |
|
(14) | (19) | (51) | (68) | |
| Proceeds from disposal of property, plant | (14) | (13) | (31) | (00) | |
| and equipment | 12 | 37 | 22 | 40 | |
| Net proceeds from (cash used for) derivatives and | |||||
| other financial assets | 5 | 5 | (4) | (13) | |
| Purchases of businesses and joint ventures, net of | |||||
| cash acquired | 8 | (9) | 8 | (25) | |
| Proceeds from disposition of businesses and | |||||
| investments in associates | (0) | 1 | 0 | 19 | |
| Net cash provided by (used for) investing activities | (3) | (6) | (72) | (110) | |
| Cash flows from financing activities | |||||
| Dividend paid | (18) | (5) | (221) | (203) | |
| Proceeds from issuance of debt | 328 | 7 | 513 | 359 | |
| Repayment of debt | (507) | (33) | (1,238) | (417) | |
| Transactions with minority shareholders | 1 | - | (11) | - | |
| Purchase of treasury shares | - | (36) | (14) | (154) | |
| Net cash provided by (used for) financing activities | (196) | (66) | (970) | (415) | |
| Net cash flows | 6 | 223 | (527) | 6 | |
| Effect of changes in exchange rates on cash and | |||||
| cash equivalents and bank overdrafts | 15 | 0 | 2 | (18) | |
| Cash and cash equivalents and bank overdrafts at | |||||
| the beginning of the period | 612 | 398 | 1,158 | 633 | |
| Cash and cash equivalents and bank overdrafts at | |||||
| the end of the period | 633 | 621 | 633 | 621 |
Amounts may not add up due to rounding.
{17}------------------------------------------------
Appendix B - Reconciliation of non-IFRS financial measures
Sales growth composition per business in %
| Fourth quarter | |||||||
|---|---|---|---|---|---|---|---|
| Comparable | Consolidation | ||||||
| growth | Currency effects | effects | Nominal growth | ||||
| 2025 vs 2024 | |||||||
| Professional | (1.9) | (4.8) | 0.0 | (6.7) | |||
| Consumer | (2.7) | (4.9) | (0.0) | (7.6) | |||
| OEM | (19.2) | (3.7) | 0.0 | (22.9) | |||
| Conventional | (19.6) | (4.2) | (0.0) | (23.8) | |||
| Signify | (5.2) | (4.7) | 0.0 | (9.9) | |||
| Signify excluding | |||||||
| Conventional | (4.2) | (4.7) | 0.0 | (8.9) |
| Fourth qu | ıarter | |||
|---|---|---|---|---|
| Comparable | Consolidation | |||
| growth | Currency effects | effects | Nominal growth | |
| 2024 vs 2023 | ||||
| Professional | (3.4) | (2.0) | 0.0 | (5.4) |
| Consumer | 4.0 | (1.5) | 0.0 | 2.5 |
| OEM | (1.2) | (2.3) | 0.0 | (3.5) |
| Conventional | (24.5) | (0.9) | 0.0 | (25.4) |
| Signify | (2.8) | (1.8) | 0.0 | (4.6) |
| Signify excluding | ||||
| Conventional | (0.9) | (1.9) | 0.0 | (2.8) |
| January to December | ||||||
|---|---|---|---|---|---|---|
| Comparable | Consolidation | |||||
| growth | Currency effects | effects | Nominal growth | |||
| 2025 vs 2024 | ||||||
| Professional | (1.4) | (2.8) | 0.0 | (4.2) | ||
| Consumer | 1.4 | (3.1) | (0.0) | (1.7) | ||
| OEM | (16.5) | (2.3) | 0.0 | (18.8) | ||
| Conventional | (23.1) | (2.1) | 0.0 | (25.2) | ||
| Signify | (3.4) | (2.8) | 0.0 | (6.2) | ||
| Signify excluding | ||||||
| Conventional | (1.9) | (2.8) | 0.0 | (4.7) |
{18}------------------------------------------------
| January to December | ||||||
|---|---|---|---|---|---|---|
| Comparable | Consolidation | |||||
| growth | Currency effects | effects | Nominal growth | |||
| 2024 vs 2023 | ||||||
| Professional | (5.8) | (1.8) | 0.1 | (7.6) | ||
| Consumer | (1.2) | (2.2) | 0.0 | (3.4) | ||
| OEM | (2.0) | (2.5) | 0.0 | (4.5) | ||
| Conventional | (29.2) | (1.0) | 0.0 | (30.2) | ||
| Signify | (6.6) | (1.8) | 0.0 | (8.4) | ||
| Signify excluding | ||||||
| Conventional | (4.2) | (1.9) | 0.0 | (6.1) |
{19}------------------------------------------------
Adjusted EBITA to Income from operations (or EBIT) in millions of EUR
| Signify | Professional | Consumer | OEM Conv | entional | Other | |
|---|---|---|---|---|---|---|
| Fourth quarter 2025 | ||||||
| Adjusted EBITA | 149 | 101 | 52 | 1 | 8 | (13) |
| Restructuring | (40) | |||||
| Acquisition-related charges | 1 | |||||
| Incidental items | 0 | |||||
| EBITA | 110 | |||||
| Amortization 1 | (13) | |||||
| Income from operations (or EBIT) | 97 | |||||
| Fourth quarter 2024 | ||||||
| Adjusted EBITA | 205 | 111 | 69 | 9 | 20 | (4) |
| Restructuring | (30) | |||||
| Acquisition-related charges | 5 | |||||
| Incidental items | 13 | |||||
| EBITA | 194 | |||||
| Amortization 1 | (15) | |||||
| Income from operations (or EBIT) | 179 |
<sup>1 Amortization and impairments of acquisition related intangible assets and goodwill.
| Signify | Professional | Consumer | OEM Con | ventional | Other | |
|---|---|---|---|---|---|---|
| January to December 2025 | ||||||
| Adjusted EBITA | 511 | 334 | 135 | 17 | 53 | (27) |
| Restructuring | (73) | |||||
| Acquisition-related charges | 7 | |||||
| Incidental items | (7) | |||||
| EBITA | 439 | |||||
| Amortization 1 | (56) | |||||
| Income from operations (or EBIT) | 383 |
January to December 2024
| Adjusted EBITA | 606 | 367 | 144 | 48 | 78 | (32) |
|---|---|---|---|---|---|---|
| Restructuring | (74) | |||||
| Acquisition-related charges | 5 | |||||
| Incidental items | 7 | |||||
| EBITA | 543 | |||||
| Amortization 1 | (66) | |||||
| Income from operations (or EBIT) | 477 |
$^{\rm 1}$ $\,$ Amortization and impairments of acquisition related intangible assets and goodwill.
{20}------------------------------------------------
Income from operations to Adjusted EBITA in millions of EUR
| A | cquisition- | ||||
|---|---|---|---|---|---|
| related | Incidental | ||||
| Fourth quarter 2025 | Reported | Restructuring 1 | charges | items 2 | Adjusted |
| Sales | 1,492 | - | - | _ | 1,492 |
| Cost of sales | (923) | 25 | (0) | (2) | (900) |
| Gross margin | 568 | 25 | (0) | (2) | 591 |
| Selling, general and | |||||
| administrative expenses | (419) | 12 | 0 | 6 | (400) |
| Research and | |||||
| development expenses | (69) | 3 | - | 10 | (56) |
| Indirect costs | (488) | 15 | 0 | 16 | (457) |
| Impairment of goodwill | - | - | _ | - | - |
| Other business income | 17 | (1) | (14) | 2 | |
| Other business expenses | (0) | (0) | (0) | (0) | |
| Income from operations | 97 | 40 | (1) | (0) | 136 |
| Amortization | (13) | - | - | - | (13) |
| amortization (EBITA) Fourth quarter 2024 | 110 | 40 | (1) | (0) | 149 |
| Sales | 1,655 | - | _ | _ | 1,655 |
| Cost of sales | (1,002) | 20 | 1 | 0 | (982) |
| Gross margin | 653 | 20 | 1 | 0 | 673 |
| Selling, general and | |||||
| administrative expenses | (438) | 10 | 0 | 2 | (425) |
| Research and | |||||
| development expenses | (61) | (0) | 0 | (61) | |
| Indirect costs | (499) | 10 | 0 | 2 | (486) |
| Impairment of goodwill | - | _ | _ | - | _ |
| Other business income | 25 | _ | (6) | (15) | 3 |
| Other business expenses | (0) | - | 0 | 0 | (0) |
| 30 | (5) | (13) | 190 | ||
| Income from operations | 179 | · · · · | · · · · · | ||
| 179 (15) | - | - | - | (15) |
O4 2025: Restructuring costs consisted of EUR 28 million of employee termination benefits (mainly in Professional), EUR 7 million of assets impairment, EUR 2m of inventories write-down and EUR 3m of other costs related to the restructuring programs.
Q4 2024: Restructuring costs consisted of EUR 26 million of employee termination benefits (mainly in Conventional) and EUR 4 million of other costs related to
the restructuring programs.
Output Description of the restructuring programs.
Output Description of the restructuring programs.
Output Description of the restructuring programs.
Output Description of the restruction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of the restriction of
{21}------------------------------------------------
Income from operations to Adjusted EBITA in millions of EUR
| Acquisition- | |||||
|---|---|---|---|---|---|
| _ | related | Incidental | |||
| January to December 2025 | Reported | Restructuring 1 | charges | items 2 | Adjusted |
| Sales | 5,765 | - | - | - | 5,765 |
| Cost of sales | (3,494) | 41 | 0 | (2) | (3,455) |
| Gross margin | 2,271 | 41 | 0 | (2) | 2,310 |
| Selling, general and | |||||
| administrative expenses | (1,669) | 25 | 1 | 12 | (1,631) |
| Research and | |||||
| development expenses | (250) | 6 | 0 | 10 | (234) |
| Indirect costs | (1,919) | 32 | 1 | 22 | (1,864) |
| Impairment of goodwill | - | _ | - | - | - |
| Other business income | 35 | - | (9) | (14) | 11 |
| Other business expenses | (3) | - | 1 | 0 | (2) |
| Income from operations | 383 | 73 | (7) | 7 | 455 |
| Amortization | (56) | - | - | - | (56) |
| January to December 2024 | |||||
| Sales | 6,143 | _ | _ | _ | 6,143 |
| Cost of sales | (3,701) | 47 | 1 | 11 | (3,642) |
| Gross margin | 2,442 | 47 | 1 | 11 | 2,501 |
| Selling, general and | |||||
| administrative expenses | (1,736) | 25 | 4 | 6 | (1,701) |
| Research and | |||||
| development expenses | (266) | 2 | 0 | (264) | |
| Indirect costs | (2,002) | 27 | 4 | 6 | (1,965) |
| Impairment of goodwill | - | - | - | - | - |
| Other business income | 41 | _ | (10) | (25) | 7 |
| Other business expenses | (3) | _ | (0) | 0 | (3) |
| Income from operations | 477 | 74 | (5) | (7) | 539 |
| Amortization | (66) | _ | - | - | (66) |
| Income from operations excluding amortization (EBITA) | 543 | 74 | (5) | (7) | 606 |
Q12025 - Q42025: Restructuring costs consisted of EUR 54 million of employee termination benefits (mainly in Professional, Consumer and Conventional), EUR 11 million of assets impairment, EUR 3 million of inventories write-down, and EUR 6 million of other costs related to restructuring programs.
Q12024 - Q42024: Restructuring costs consisted of EUR 57 million of employee termination benefits (mainly in Professional and Conventional), EUR 9 million of assets impairment, EUR 5 million of inventories write-down and EUR 3 million of other costs related to restructuring programs.
Q12025 - Q42025: Incidental items of EUR 7 million loss for the year ended December 31, 2025 and are mainly related to environmental provisions for inactive sites and the discounting effect of long-term provisions (EUR 10 million loss, mainly in Professional) and 'Other'), impairment of development assets (EUR 10 million loss in Consumer) and gain on real estate transactions (EUR 14 million in Professional).
ioss in Consumer) and gain on real estate transactions (EUR 14 million in Professional).
Q1 2024 - Q4 2024: Incidental items of EUR 7 million gain for the year ended December 31, 2024 were mainly related to one-day FX loss from the devaluation of the Egyptian pound by the Egyptian government (EUR 10 million, mainly in Professional), environmental provisions for inactive sites and the discounting effect of long-term provisions (EUR 7 million, mainly in 'Other'), gains from movements in the indemnification positions with Koninklijke Philips N.V. originating from the separation (EUR 9 million, in 'Other'), and gain in real estate transactions (EUR 15 million, in Conventional).
{22}------------------------------------------------
Appendix C - Financial glossary
Acquisition-related charges
Costs that are directly triggered by the acquisition of a company, such as transaction costs, purchase accounting related costs and integration-related expenses.
Adjusted EBITA
EBITA excluding restructuring costs, acquisition-related charges, and other incidental items.
Adjusted EBITA margin
Adjusted EBITA divided by sales to third parties (excluding intersegment). 'Operational profitability' also refers to this metric.
Adjusted gross margin
Gross margin, excluding restructuring costs, acquisition-related charges, and other incidental items attributable to cost of sales.
Adjusted indirect costs
Indirect costs, excluding restructuring costs, acquisition-related charges, and other incidental items attributable to indirect costs.
Adjusted R&D expenses
Research and development expenses, excluding restructuring costs, acquisition-related charges, and other incidental items attributable to research and development expenses.
Adjusted SG&A expenses
Selling, general and administrative expenses, excluding restructuring costs, acquisition-related charges, and other incidental items attributable to selling, general and administrative expenses.
Brighter lives revenues
Percentage of total revenues coming from all products, systems and services contributing to Food availability, Safety & security, or Health & well-being.
Circular revenues
Revenues measured as a percentage of total revenues coming from products, systems and services designed to preserve value and avoid waste categorized as Serviceable luminaires (incl.3D printing), Circular components, Intelligent systems or Circular services.
Comparable sales growth (CSG)
The period-on-period growth in sales excluding the effects of currency movements and changes in consolidation.
Consolidation effects
In the event a business is acquired (or divested), the impact of the consolidation (or deconsolidation) on the Group's figures is included (or excluded) in the calculation of the comparable sales growth figures.
Currency effects
Calculated by translating the foreign currency financials of the previous period and the current period into euros at the same average exchange rates.
EBIT
Income from operations.
EBITA
Income from operations excluding amortization and impairment of acquisition-related intangible assets and goodwill.
EBITDA
Income from operations excluding depreciation, amortization, and impairment of non-financial assets.
Employees
Employees of Signify at the end of the period, expressed on a full-time equivalent (FTE) basis.
Free cash flow
Net cash provided by operating activities minus net capital expenditures. Free cash flow includes interest paid and income taxes paid.
{23}------------------------------------------------
Gross margin
Sales minus cost of sales.
Incidental items
Any item with an income statement impact (loss or gain) that is deemed to be both significant and not part of normal business activity. Other incidental items may extend over several quarters within the same financial year.
Indirect costs
The sum of selling, general and administrative expenses and R&D expenses.
Net capital expenditures
Additions of intangible assets, capital expenditures on property, plant and equipment and proceeds from disposal of property, plant and equipment.
Net debt
Short-term debt, long-term debt minus cash and cash equivalents.
Net leverage ratio
The ratio of consolidated reported net debt to consolidated reported EBITDA for the purpose of calculating the financial covenant.
R&D expenses
Research and development expenses.
Restructuring costs
The estimated costs of initiated reorganizations which have been approved by the company and generally involve the realignment of certain parts of the organization. Restructuring costs include costs for employee termination benefits for affected employees and other costs directly attributable to the restructuring, such as impairment of assets and inventories.
SG&A expenses
Selling, general and administrative expenses.
Working capital
The sum of inventories, trade and other receivables (excluding insurance receivables for which a legal provision is recognized for the same amount), other current assets, derivative financial assets minus the sum of trade and other payables, derivative financial liabilities and other current liabilities (excluding dividend-related payables).