In this Research Note, we examine the lighting business of Signify, based on their 2024 annual results announced on 24th January 2025 including the revised organization of four verticalized businesses, implemented in April 2024 and their guidance for 2025. Signify, headquartered in Eindhoven, the Netherlands, is the global vendor of conventional lighting, LED, and connected lighting, with approximately 29,000 employees and a presence in over 70 countries. Signify 2024 Financial Highlights The business reported a 2024 nominal sales decrease of 8.4% to EUR 6,143 million, including a negative currency effect of 1.8% from USD and CNY depreciation. Comparable sales declined by 6.6%, mainly due to the accelerated decline in Conventional business, weakness in the European professional lighting business and in China. Signify’s installed base of connected light points increased from 124 million in 2023 to 144 million at year end 2024. LED-based sales represented 93% of total sales (FY 23: 85%). The agriculture lighting segment […]