Signify (LIGHT) AGM 2025 summary

Opening remarks and agenda

• Meeting held in Eindhoven with live webcast and translation services; formal agenda and procedures explained.

• CEO Eric Rondolat presented the company's performance and strategic direction for 2025.

• Attendees introduced, including CEO, CFO, and Supervisory Board members; leadership transition announced as CEO Eric Rondolat steps down.

• The agenda included financial statements, remuneration, dividend policy, board composition, and authorizations.

Financial performance review

• 2024 sales reached EUR 6.1 billion, with adjusted EBITDA margin of 9.9% and free cash flow at 7.1% of sales.

• Net debt reduced to EUR 920 million; EUR 440 million of debt repaid.

• LED-based sales accounted for 93% of revenue; connected light points reached 144 million by year-end.

• Share repurchase program of EUR 350–450 million announced, running through 2027, with up to EUR 150 million in 2025.

• Q1 2025 sales at EUR 1.4 billion, with a 2.8% decline in comparable sales growth; operational profitability at 8%.

Board and executive committee updates

• CEO Eric Rondolat recognized for 13 years of leadership, including the company’s separation from Philips and focus on sustainability.

• Željko Kosanović named acting CEO; Supervisory Board to announce next CEO in coming month.

• Željko Kosanović appointed to Board of Management with 99.6% shareholder approval.

• Remuneration structure for Board of Management includes a 3% base salary increase for 2025.

• 2024 annual incentive realization was below target, with overall financial outcome at -29%; 2022 LTI grant vested at 37.5%.