Signify CMD Feedback - no (bold) actions on portfolio, but growth in adjacencies is something to watch out for

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Signify CMD Feedback - no (bold) actions on portfolio, but growth in adjacencies is something to watch out for

J P M O R G A N Europe Equity Research

23 June 2026

Signify Neutral

LIGHT.AS, LIGHT NA

CMD Feedback - no (bold) actions on portfolio, but Price (23 Jun 26):€17.72

growth in adjacencies is something to watch out for Price Target (Jun-27):€18.40

Signify’s CMD was overall slightly disappointing against expectations of a European Capital Goods

ACpotential move to reshape the portfolio to boost its medium-term growth profile. Akash Gupta

There were no announcements on the portfolio today, but management did define (44-20) 7742-7978

what is core (put together in ‘Build’ basket, about 72% of 2025 revenues). akash.z.gupta@jpmorgan.com

Management are targeting growth in adjacencies, which is not in the current 2029 J.P. Morgan Securities plc

targets, and putting that together with a cut to future dividends and lack of share Phil Buller

buyback, suggests a higher likelihood of some inorganic growth actions in the near (44-20) 3493-9403

phil.buller@jpmorgan.com

term. Given that the Lighting market doesn’t offer any growth, as growth in J.P. Morgan Securities plc

connected is offset by declines elsewhere, we believe growth in adjacencies is the

Chitrita C Sinha

right strategy. The medium-term 2029 targets are realistic and supportive of (44-20) 7742-7176

consensus, but we expect the stock to remain out of favor until the outlook for chitrita.sinha@jpmorgan.com

construction markets improves as that will help ease pressure on volumes. The J.P. Morgan Securities plc

reaction today is justified, given the re-rating in the last couple of months on CMD Jeremy Caspar

optimism, while fundamentals have somewhat deteriorated from higher interest (44-20) 3493-5188

rates.