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    Resultados do Signify no segundo trimestre de 2024

    July 26, 2024

    Signify reports second quarter sales of EUR 1.5 billion, operational profitability of 7.9% and a free cash flow of EUR 51 million

     

    Second quarter 20241

    • Installed base of connected light points increased to 136 million in Q2 24
    • Released Climate Transition Plan with SBTi-validated net-zero targets
    • Sales of EUR 1,483 million; nominal sales decline of -9.8% and CSG of -8.4%
    • LED-based sales represented 86% of total sales (Q2 23: 84%)
    • Adj. EBITA margin of 7.9% (Q2 23: 8.3%)
    • Net income of EUR 63 million (Q2 23: EUR 45 million)
    • Free cash flow of EUR 51 million (Q2 23: EUR 88 million)

     

    Eindhoven, the NetherlandsSignify (Euronext: LIGHT), the world leader in lighting, today announced the company’s second quarter 2024 results.

     

    “Our topline for the second quarter was impacted by the accelerated decline in Conventional lighting and continued market softness in Europe for the Professional business and in China. At the same time, we are encouraged by the positive trend in connected lighting, as well as the return to growth for our Consumer business outside of China and our OEM business. While the Adjusted EBITA margin of our Professional business was impacted, our Consumer and OEM businesses showed substantial improvements. Our free cash flow was in line with our expectations, reflecting the anticipated cash outflow from the restructuring program,” said Eric Rondolat, CEO of Signify.

     

    “We remain cautious on Professional Europe and on China for the second semester, but expect to see positive traction for Professional in the Americas, as well as the OEM and Consumer businesses. As a result, we maintain our guidance, with an Adjusted EBITA margin at the lower end of the 10.0-10.5% range and free cash flow generation of 6-7% of sales.”

    Brighter Lives, Better World 2025

     

    In the second quarter of the year, Signify continued to advance its Brighter Lives, Better World 2025 sustainability program which commits to doubling its positive impact on the environment and society.

     

    • Double the pace of the Paris Agreement

    Signify is ahead of schedule to achieve its 2025 target to reduce greenhouse gas (GHG) emissions across its full value chain by 40% against a 2019 baseline - double the pace required by the Paris Agreement 1.5 degree scenario.

     

    • Double Circular revenues

    Circular revenues increased to 35%, up 1% on last quarter and ahead of the 2025 target of 32%. The main contribution came from serviceable luminaires for the professional segment and LED luminaires for the consumer segment.

     

    • Double Brighter lives revenues

    Brighter lives revenues remained at 31%, on track to reach the 2025 target of 32%. This includes a strong contribution from consumer products that support health and well-being, mainly EyeComfort, and professional luminaires that are Dark Sky compliant, reducing the impact on nature.

     

    • Double the percentage of women in leadership

    The percentage of women in leadership positions increased to 29%, a 1% improvement over last quarter, slightly behind the 2025 target of 34%. Signify continues its efforts to increase representation through focused hiring practices for diversity at all levels, and through retention and engagement activities to reduce attrition.

     

    • Climate Transition Plan

    In the second quarter, Signify released its Climate Transition Plan, which sets out the company's climate strategy in line with its SBTi-validated 2040 net-zero targets:

     

    • Net-zero GHG emissions across its entire value chain by 2040.
    • Absolute reduction of scope 1, 2 and 3 GHG emissions of 50% by 2030, and 90% by 2040, against a 2019 baseline.

    Outlook

     

    We remain cautious on Professional Europe and on China for the second semester, but expect to see positive traction for Professional in the Americas, as well as the OEM and Consumer businesses. As a result, we maintain our guidance, with an Adjusted EBITA margin at the lower end of the 10.0-10.5% range and free cash flow generation of 6-7% of sales.

    Conference call and audio webcast

    Eric Rondolat (CEO) and Željko Kosanović (CFO) will host a conference call for analysts and institutional investors at 9:00 a.m. CET to discuss the second quarter 2024 results. A live audio webcast of the conference call will be available via the Investor Relations website.

    Financial calendar

    October 25, 2024: Third quarter results 2024

    1This press release contains certain non-IFRS financial measures and ratios, such as comparable sales growth, EBITA, adjusted EBITA and free cash flow, and related ratios, which are not recognized measures of financial performance or liquidity under IFRS. For a reconciliation of these non-IFRS financial measures to the most directly comparable IFRS financial measures, see appendix A, Reconciliation of non-IFRS financial measures, of this press release.

    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 facing the Company and its Group companies, and a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement as a result of risks and uncertainties. Such risks, uncertainties and other important factors include but are not limited to: adverse economic and political developments, in particular the impacts of the Russia-Ukraine conflict, the conflict in the Middle East, the recovery trajectory of the Chinese economy, cost inflation, rapid technological change, competition in the general lighting market, development of lighting systems and services, successful implementation of business transformation programs, impact of acquisitions and other transactions, reputational and adverse effects on business due to activities in Environment, Health & Safety, compliance risks, ability to attract and retain talented personnel, adverse currency effects, pension liabilities, and exposure to international tax laws. Above-mentioned risks are also applicable to the second half of 2024. The Group will continue to monitor how these topics develop.

     

    Additional risks currently not known to the Group or that the Group has not considered material as of the date of this document could also prove to be important and may have a material adverse effect on the business, results of operations, financial condition and prospects of the Group or could cause the forward-looking events discussed in this document not to occur. 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, EBITA, adjusted EBITA, and free cash flow, 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 and, accordingly, they have not been audited nor reviewed. 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 these non-IFRS financial measures to the most directly comparable IFRS financial measures is contained in this document. For further information on non-IFRS financial measures, see “Chapter 19 Reconciliation of non-IFRS measures” in the Annual Report 2023.

     

    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 are unaudited. Unless otherwise indicated, financial information has been prepared in accordance with the accounting policies as stated in the Annual Report 2023.

     

    Market Abuse Regulation

    This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    For further information, please contact:

    Signify Investor Relations

    Thelke Gerdes

    Tel: +31 6 1801 7131

    E-mail: thelke.gerdes@signify.com

     

    Signify Corporate Communications

    Tom Lodge

    Tel: +31 6 5252 5416

    E-mail: tom.lodge@signify.com

    Media Assets

    Q2 Business Highlights
    Watch Q2 2024 business highlights video

    About Signify

     

    Signify (Euronext: LIGHT) is the world leader in lighting for professionals, consumers and the Internet of Things. Our Philips products, Interact systems and data-enabled services, deliver business value and transform life in homes, buildings and public spaces. In 2023, we had sales of EUR 6.7 billion, approximately 32,000 employees and a presence in over 70 countries. We unlock the extraordinary potential of light for brighter lives and a better world. We have been in the Dow Jones Sustainability World Index since our IPO for seven consecutive years and have achieved the EcoVadis Platinum rating for four consecutive years, placing Signify in the top one percent of companies assessed. News from Signify can be found in the Newsroom, on X, LinkedIn and Instagram. Information for investors is located on the Investor Relations page.

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