This Research Note covers Zumtobel, the Austrian-listed lighting group. It looks at the group’s results for the financial year to April 30, 2026, first-quarter trading for 2026/27, and its smart building strategy. That strategy includes new open standards work with Fagerhult and a run of partnerships with building technology vendors. This note updates our coverage from August 2025. Zumtobel FY 2025/26 Financial Overview This was the third straight year of falling sales. Weak demand in Zumtobel’s core European markets, a slow construction sector and reluctance to invest in industry all hit the business. Group revenues fell 5.2% to EUR 1,040.4 million (2024/25: EUR 1,097.2 million). Adjusted Group EBIT (operating profit before one-off items) was EUR 42.4 million, down from EUR 46.9 million. The adjusted EBIT margin was 4.1%, against 4.3% the year before. Lighting Segment (Zumtobel and Thorn luminaires): revenues fell 3.7% to EUR 832.3 million. Cost cuts lifted adjusted EBIT to EUR 54.7 million, […]