Signify Capital Markets Day Preview - Focus on strategy, portfolio and mid-term targets

Research evidence excerpt

Signify Capital Markets Day Preview - Focus on strategy, portfolio and mid-term targets

J P M O R G A N Europe Equity Research

11 June 2026

Signify Neutral

LIGHT.AS, LIGHT NA

Capital Markets Day Preview - Focus on strategy, Price (10 Jun 26):€20.52

portfolio and mid-term targets Price Target (Jun-27):€18.40

Signify's upcoming CMD on June 23 is an important event that will help redefine European Capital Goods

ACthe investment case and an opportunity to reshape the company. Given the weak Akash Gupta

track record on earnings delivery, we do not expect the market to discount the new (44-20) 7742-7978

financial targets before the company shows tangible signs of improvement. akash.z.gupta@jpmorgan.com

However, the portfolio review is the biggest opportunity as the growth and margin J.P. Morgan Securities plc

profile of the company can significantly change based on the scope of the future Jeremy Caspar

portfolio. Such a scenario could help Signify attract new investors, who have (44-20) 3493-5188

jeremy.caspar@jpmorgan.com

avoided the stock in the past due to lack of growth prospects in revenues and J.P. Morgan Securities plc

earnings. In this note, we provide a preview of the event and will revisit our

Phil Buller

investment case after the event. (44-20) 3493-9403

phil.buller@jpmorgan.com

• Portfolio is the main focus: Signify is the only lighting company that has a J.P. Morgan Securities plc

large luminaire and light source in its portfolio. Most of its competitors are Chitrita C Sinha

either pure play light source companies or pure play luminaires companies. (44-20) 7742-7176

Signify even supplies components to its competitors in the luminaires business, chitrita.sinha@jpmorgan.com

which creates a risk for competitors. Driven by the transition to LEDs, deflation J.P.