Europe’s Lighting Leaders: Where Will the Next Growth Come From?

By Lawrence Lin
Founder, Lighting Recipe Studio · Chair, GLGA
Former Global CEO, LEDVANCE

European industry perspective · Information cut-off: 7 September 2026

Europe’s lighting companies have become fluent in explaining difficult markets. Weak construction, deferred investment, price pressure and the contraction of conventional lamps recur throughout their financial commentary. The responses are familiar too: restructuring, simpler organisations, fewer products, asset disposals and leadership changes.

These pressures are real. Protecting cash and restoring profitability are essential responsibilities. Yet an uncomfortable question remains: can the industry explain its next source of customer value as clearly as it explains its recent decline?

Europe has built substantial expertise in optics, industrial design, architectural specification and application engineering. That heritage creates an opportunity, and a reasonable expectation of leadership. Customers should be able to see what these capabilities will deliver next—in their buildings, their working environments and their homes.

The concern is that a mature market can gradually become an excuse for limited ambition. Energy efficiency and environmental responsibility remain indispensable. They cannot, on their own, explain why a customer should choose one competent supplier over another.

The next phase of growth will depend on meaningful research, better products and reliable delivery. If established lighting businesses do not turn those capabilities into solutions customers value, the brands that organise lighting within intelligent homes and buildings may increasingly come from elsewhere.

Author’s disclosure: I previously served as Global CEO of LEDVANCE and as Senior Adviser, Asia Pacific, to Zumtobel Group, with the latter appointment ending on 30 June 2026. This article reflects on an industry whose management decisions I have also helped shape. Company assessments below draw on the sources identified in the references.

Financial resilience is only part of the answer

Recent results show considerable variation. Some businesses have improved profitability without much revenue growth. Others have expanded into adjacent electrical products, while several major lighting groups have experienced pressure on both sales and margins.

These are group figures, including international operations and, in some cases, substantial non-lighting activities. Fiscal calendars and profit definitions differ. The table compares each business with its own earlier performance; it is not a ranking of comparable European lighting margins. Sources: the company reporting resources listed below.

Low growth is not necessarily poor management. A mature business can create considerable value through dependable cash generation and disciplined investment. However, leadership also involves developing future demand. A stronger margin after restructuring is welcome; it does not establish that customers have acquired a new reason to buy.

Europe needs a broader proposition for light

For building owners, the relevant decision is often whether an upgrade justifies disruption, installation costs and a long-term maintenance commitment. A more efficient luminaire helps, but the full proposition includes design, compatibility, commissioning, reliability and service.

Europe’s renovation agenda creates room for that broader offer. The revised Energy Performance of Buildings Directive treats lighting and building automation within the wider performance of technical building systems. The commercial opportunity lies in helping owners achieve workable improvements in existing buildings, where equipment from different generations and suppliers must coexist. [1]

This calls for practical innovation. Can an installer commission a system more quickly? Can an owner replace a failed component without replacing the entire installation? Can lighting work reliably with other building controls? Can a designer improve visual comfort while retaining flexibility for future changes of use?

Environmental claims also need to become more tangible. Repairability, durable components, documented material choices and accessible maintenance can influence purchasing decisions when they reduce lifecycle cost or uncertainty. Repeating a general commitment to sustainability provides much less differentiation.

Price competition deserves the same scrutiny. It can reflect excess capacity and purchasing pressure, but it can also reveal that buyers see too little difference between competing offers. Management cannot control the construction cycle. It can influence whether its products remain interchangeable in the customer’s eyes.

Signify: a connected installed base still needs an economic case

Signify illustrates the scale of the transition. Sales fell by approximately 14% between 2023 and 2025, while its adjusted EBITA margin declined from 10.0% to 8.9%. Free cash flow remained substantial: €586m in 2023, €438m in 2024 and €440m in 2025. Cash provides capacity to invest, but it does not remove the growth challenge. [2]

The reported connected light-point base increased from 124 million in 2023 to 167 million in 2025. This is an important measure of deployment, but a cumulative installed base is not equivalent to recurring revenue or a disclosed number of paying software customers.

The commercial test is whether connectivity improves retention, supports additional services and produces acceptable returns after development and support costs. The industry needs greater clarity on those outcomes before treating connected volume as proof of a transformed business model.

Signify’s June 2026 strategy set medium-term ambitions of 0–1% comparable sales growth, approximately 10% adjusted EBITA margin and a 7–8% free-cash-flow margin. Those targets acknowledge a restrained growth environment. They also make the quality of resource allocation especially important. [39]

As Tempelman’s arrival from the energy sector brings experience relevant to this broader agenda. His appointment creates an opportunity to connect lighting expertise with building and energy requirements. The evidence of success will come from execution, customer adoption and cash returns. [3]

Zumtobel and Tridonic: two recovery challenges within one group

Zumtobel’s results show why a group average can obscure the operating task. In FY2025/26, lighting revenue declined by 3.7%, yet adjusted EBIT rose from €51.3m to €54.7m. Components revenue fell by approximately 11%, with adjusted EBIT declining from €13.5m to €4.6m. The two businesses require different responses. [4]

For professional luminaires, specification, design and application support can help defend value. For components, technical differentiation has to withstand demanding procurement processes and competitive pricing. A driver or control device becomes more valuable when it improves system performance or reduces integration effort; connectivity alone does not ensure pricing power.

Heiner Lang joined the management board on 1 September 2026 and is scheduled to become CEO on 1 October. His industrial automation background is relevant to the group’s development, while preserving its optical and application knowledge will remain essential. [5]

First-quarter FY2026/27 sales were €264.1m, down 0.9%, with adjusted EBIT of €8.2m and a 3.1% margin. These results precede the incoming CEO’s tenure and should be assessed accordingly. A leadership transition can establish priorities, but recovery must be demonstrated over subsequent reporting periods. [6]

Fagerhult, Luceco and F.W. Thorpe: different routes to value

Fagerhult’s portfolio includes businesses built around architectural specification, local professional markets and infrastructure. Its revenue fell by approximately 7.8% between 2023 and 2025, and operating cash flow declined from SEK1.209bn to SEK740m. Brand breadth has not insulated the group from weaker demand. [7]

The acquisitions of Trato TLV and Capelon add exposure to specialised applications and connected outdoor lighting. Their strategic logic is understandable. Their long-term value depends on whether they improve customer access and capabilities at a return that justifies the capital invested.

Multiple brands can preserve local expertise and distinct relationships with specifiers. They can also duplicate costs. The relevant question is whether each business has a clear role and whether shared resources make the portfolio more effective.

Luceco presents a different picture. Revenue and adjusted operating profitability improved between 2023 and 2025, with free cash flow reaching £30.4m in 2025. Its activities extend across wiring accessories, LED lighting, EV charging and portable power. Acquisitions, including D-Line and CMD, contributed to the expansion. These are the results of a broader electrical-products business, not a measure of organic lighting-market growth. [8]

Its experience makes adjacency worth studying. Products that share customers, installation channels and engineering capabilities may offer a credible route to expansion. Diversification becomes less convincing when it merely increases the number of separate businesses management must support.

F.W. Thorpe offers another model. Revenue remained broadly stable across FY2023–FY2025, while statutory operating margins improved. In FY2025, operating cash flow was £33.2m and cash plus short-term financial assets reached £61.8m. [9]

Thorlux’s offer extends from surveys and design through installation, commissioning and after-sales support. Continued development of SmartScan connects product engineering with the practical operation of installations. This is a concrete example of innovation within an established specialism.

A useful vision does not require every lighting company to build a universal platform. It can involve doing a demanding application exceptionally well and making the customer’s work easier.

The private companies complicate the story of decline

Europe’s lighting industry cannot be understood through a few listed groups alone. Privately owned manufacturers and design businesses reveal different investment choices. Their financial disclosure is often less extensive, so historical scale and current operational developments need to be distinguished.

TRILUX is a substantial example. DDW lists 2023 revenue of approximately €696.4m, a historical scale reference rather than a current audited performance assessment. More tangible recent evidence comes from the company’s investment programme: a Polish production and development site opened in September 2024 with approximately €32m invested and designed capacity of up to one million luminaires annually. [10] [11]

In July 2026, TRILUX announced more than €80m of investment over three years at Arnsberg, covering its headquarters and production modernisation. Ansorg and Oktalite had also been brought together within TRILUX Retail. These are identifiable commitments of capital and organisational effort. Their value will depend on utilisation, development efficiency and customer demand, but they make a blanket accusation of industry inactivity difficult to sustain. [12] [13]

SLV Lighting Group is pursuing integration across a different portfolio. Its predecessor, nnuks, reported turnover above €230m in 2021. That figure establishes historical group scale; it is neither current revenue nor the turnover of the SLV brand alone. [14]

The group’s 2025 sustainability report describes five brands—SLV, Nordtronic, Novalux, unex lighting and Knightsbridge—and measures to share procurement, logistics and sales capabilities. Nordtronic and SLV are centralising purchasing and logistics, while SLV supports Novalux’s expansion beyond Italy. Knightsbridge also participates in wiring accessories. [15]

The strategic opportunity is to make a multi-brand group more useful to installers and distributors through availability, range and service. Public disclosure does not yet allow those changes to be translated into a reliable assessment of recent group profitability.

ERCO demonstrates the importance of application-specific product development. Its 2026 introductions include flexible linear track lighting for offices, further wallwashing applications and developments for display lighting. Those improvements address identifiable design and use requirements. [16]

Its scale should nevertheless be described cautiously. A business index lists approximately €81.8m for ERCO GmbH in 2024, without sufficiently clarifying the consolidation boundary. The available evidence does not confirm current global brand revenue above €100m. ERCO belongs in the discussion for its professional significance, rather than an assumed revenue threshold. [17]

FLOS combines an active design programme with the financial complexity of a wider luxury-design group. An Italian company database lists approximately €134.2m of 2024 revenue for FLOS S.p.A.; this is a secondary summary of a legal entity’s accounts, not verified global consolidated FLOS-brand turnover. Product launches continued through the 2025 and 2026 Milan design weeks. [18] [19]

At Flos B&B Italia Group, the first-half 2026 continuing-business pro forma figures, excluding Louis Poulsen and Fendi Casa, show revenue of €270.2m, down 6.5%, and adjusted EBITDA of €50.1m, down 17.5%. The 18.5% EBITDA margin is a group measure encompassing furniture and other design activities; it must not be attributed to FLOS lighting alone. [20]

The agreement to sell Louis Poulsen illustrates how ownership and financing influence even highly regarded brands. Announced in June 2026, the transaction was expected to close in the second half, subject to approvals. A disposal can support debt reduction and a new ownership horizon; it does not, by itself, establish that the brand has failed. [21]

EGLO adds the mass-market decorative-lighting perspective. Its official company profile reports €523m of revenue for 2024 across a portfolio extending beyond lighting alone. Comparable profit and cash-flow figures are not supplied alongside that disclosure. Scale is clear; the quality of recent returns is less visible. [22]

Specialisation and controls still offer room to grow

Glamox’s holding company, GLX Holding, reported preliminary 2025 revenue and other operating income of NOK4.447bn, down 0.9%, with adjusted EBITA of NOK680m and a 15.3% margin. Orders increased by 4.9%, while operating cash flow declined from NOK691m to NOK497m. These different movements show why orders, earnings and cash need to be considered together. [23]

Schréder, whose 2023 turnover was reported at €560m by EY, is extending its outdoor-lighting position through the acquisition of NLS Lighting, announced in April 2026. Local manufacturing and project access in North America provide a plausible complement to its technical capabilities. The transaction price was not disclosed. [24] [25]

Plejd is a useful counterexample to the assumption that lighting-related markets offer little growth. Its 2025 net sales reached SEK935m, up 41.1%, with an EBIT margin of 24.6%. Management described the growth as organic and identified contributions from adjacent smart products and international expansion. It should therefore be understood as growth in a broader control and installation proposition, not simply stronger demand for luminaires. [26]

Dexelance’s lighting activities also grew in 2025, reaching €34.3m from €32.1m. This is a smaller segment within a broader design group, but it reinforces the need to examine individual markets rather than assume uniform contraction. [27]

Turnarounds need equally careful interpretation. Edison’s company-commissioned research on Dialight reports higher group underlying operating profit for the year to March 2026 despite lower revenue. However, lighting-segment revenue and underlying profit before central costs both declined. Improvement elsewhere in a group, or lower overheads, should not automatically be presented as a recovery in lighting demand. [28]

LEDVANCE and Inventronics: ownership does not remove the European operating challenge

Europe’s lighting ecosystem includes businesses with international ownership, engineering teams, manufacturing and customers. Their strategic significance rests on what they deliver in European markets.

LEDVANCE retains substantial brand recognition, distribution relationships and local operating capabilities. Its parent’s product-line disclosure reports 2025 revenue of RMB9.25bn and a gross margin of approximately 40%. These are worldwide product figures reported in the parent’s currency, not European regional revenue or a standalone operating margin. [29]

The first half of 2026 illustrates the importance of that distinction. LEDVANCE product-line revenue was RMB4.326bn, down 1.12%, while its gross margin fell to 39.82%, a decline of 2.80 percentage points. Gross profit decreased by approximately RMB142m. The parent group’s profit recovery therefore cannot establish a recovery in LEDVANCE’s lighting operations. Separate product-line net profit and cash flow were not disclosed. [30]

Large acquisition-related impairments in the parent’s 2025 accounts also require care: a reduction in the carrying value of an acquisition-related asset group is not an equivalent amount of annual operating loss at LEDVANCE GmbH.

For European customers, the more immediate questions concern product development, service and project execution. The acquisition of loblicht adds professional project capabilities. LEDVANCE’s August 2026 management announcement emphasised European B2B and project activity, alongside more efficient customer processes. [31]

Its renewables range raises a further strategic question. Lighting, photovoltaics, inverters and storage can share some channels and customers, but commercial synergies need evidence. Public product availability does not establish material revenue or acceptable returns. [32]

Inventronics faces a related task following its acquisition of the former ams OSRAM digital-systems business in Europe and Asia. The acquisition brought engineering, products and customer relationships, but those assets still have to earn their returns. Its subsequent transition from licensed OSRAM branding to Inventronics increases the importance of its own product reputation and service continuity. [38] [38] [38]

For both businesses, the European test is practical: customer retention, competitive technical performance, reliable availability and profitable execution. Ownership changes and portfolio expansion can support those outcomes; they cannot substitute for them.

IKEA and Kingfisher: the customer relationship is already broader than lighting

The industry’s future competitors need not begin as specialist luminaire manufacturers. Home-furnishing and home-improvement businesses can place lighting inside a purchase journey customers already understand.

IKEA reported worldwide retail sales of €44.6bn in FY2025, down approximately 1%, while volumes and customer numbers increased by around 3% following price reductions. These figures cover the whole IKEA retail system, including non-lighting activities; they say nothing directly about lighting profitability. [33]

More significant for lighting strategy was IKEA’s November 2025 announcement of 21 Matter-compatible smart-home products, including 11 KAJPLATS bulbs, sensors and remotes. Its proposition brings connected lighting into an accessible home-furnishing context. [34]

The competitive implication is an inference from that offer: a retailer that helps people choose, install and use a system can become the brand associated with the experience, while individual device suppliers become less visible. Product launches alone do not establish that IKEA has achieved this at scale or profitably.

Kingfisher offers another view of channel influence. In the year ended 31 January 2026, group sales were £12.945bn and adjusted pre-tax profit £560m. B&Q sales reached £3.971bn, with like-for-like growth of 3.3%. Own exclusive brands represented 43% of group sales across categories, including ranges such as GoodHome and LAP. That percentage is not a lighting-market share. [35] [36]

The next quarter was less favourable for B&Q: sales fell 3% as reported and 4.1% like for like, although e-commerce grew. Channel ownership does not eliminate exposure to household spending and renovation cycles. [37]

Neither IKEA nor Kingfisher provides enough separate lighting information here to compare its lighting profitability with manufacturers. Their strategic relevance is nevertheless clear: they influence assortment, price, convenience and the customer relationship. Lighting brands need to demonstrate what additional value they bring within that environment.

Leadership requires a commitment that customers can recognise

The evidence does not support a claim that European lighting companies have stopped innovating. TRILUX’s investments, ERCO’s application work, F.W. Thorpe’s systems and service, and Plejd’s expansion all provide concrete counterexamples.

The sharper concern is whether those efforts are sufficient, sustained and commercially effective. Research expenditure alone cannot answer this. Companies differ in their development cycles, accounting policies and mix of software, electronics and optical engineering.

A credible vision should identify the customer problem, the resources committed and the conditions that will determine success. For a building owner, that might mean lower lifecycle cost and more dependable maintenance. For an installer, less commissioning time and fewer callbacks. For a specifier, better visual performance and clearer integration choices. For a household, an intuitive system that continues to work as devices change.

Claims about wellbeing should be tied to measured lighting conditions and appropriate evidence. A controllable spectrum or a new product label does not establish a health outcome. Professional credibility depends on communicating what has actually been demonstrated.

Boards also need to examine what restructuring preserves. Repeatedly reducing application engineering, software support and customer knowledge may protect current earnings while weakening the next product generation. Long-term projects require milestones and accountability, but they also require continuity.

Europe’s strongest opportunity is to connect its existing expertise with the realities of occupied buildings. That involves partnerships with electrical, automation and building-service businesses; clearer responsibility for commissioning and maintenance; and products designed to remain useful within evolving systems.

Traditional lighting manufacturers still have substantial advantages in optical performance, specification and application knowledge. New entrants have their own execution gaps. The eventual outcome is open.

What should concern established leaders is the possibility of remaining technically capable while becoming commercially secondary—supplying devices into systems whose customer relationships and service revenues belong to someone else.

The next generation of European lighting leadership will be earned through products and services that people can recognise as better, supported by investment that produces durable returns. The question for today’s leaders is whether their current decisions are building that future.

Sources and reading notes

The references distinguish company financial reports, product announcements and secondary scale estimates. Product and investment announcements establish actions or intentions, not proven financial returns. Figures retain their original currencies and reporting periods; group, brand, legal-entity and product-line disclosures are not interchangeable.

For readers using a platform that does not support external links, copy the full address below into a browser. Some financial-report links open PDFs; long addresses should be copied in full.

[1] EU Energy Performance of Buildings Directive
Regulatory context for technical building systems; implementation and scope depend on the relevant provisions.
https://eur-lex.europa.eu/eli/dir/2024/1275/oj

[2] Signify reporting and announcements
Company reporting archive; annual results supply the historical group figures.
https://www.signify.com/global/our-company/news/press-releases

[3] Signify: CEO appointment
Background and timing of As Tempelman’s appointment.
https://www.signify.com/global/our-company/news/press-releases/2025/20250528-signify-names-as-tempelman-as-chief-executive-officer

[4] Zumtobel Group corporate information
Company reporting and announcements; group and segment measures must be distinguished.
https://z.lighting/en/group/investor-relations/

[5] Zumtobel: Heiner Lang appointment
Board entry and planned CEO succession dates.
https://z.lighting/en-gb/group/news-insights/ir/supervisory-board-appoints-heiner-lang-ceo-zumtobel-group/

[6] Zumtobel Q1 FY2026/27 results
Quarterly figures preceding the incoming CEO’s tenure.
https://z.lighting/documents/4085/Zumtobel_Group_-Press_releases-_Q1_2026-27.pdf

[7] Fagerhult investor information
Annual reporting, portfolio and acquisition information.
https://www.fagerhultgroup.com/investors/

[8] Luceco investor information
Group reporting includes electrical products beyond lighting.
https://www.lucecoplc.com/investors/

[9] F.W. Thorpe annual report 2025
Financial results, SmartScan and operating model.
https://www.fwthorpe.co.uk/pdf/fw-thorpe-annual-report-2025.pdf

[10] TRILUX company profile, DDW
Secondary historical revenue estimate for 2023.
https://die-deutsche-wirtschaft.de/unternehmen/trilux-gmbh-co-kg-arnsberg/

[11] TRILUX sustainability report 2023/24
Polish facility investment and capacity; pages 36–37.
https://www.trilux.com/fileadmin/Downloads/Documents/Nachhaltigkeit/Sustainability_Report_2023-2024.pdf

[12] TRILUX Arnsberg investment announcement
Planned investment over three years, announced July 2026.
https://www.trilux.com/de/blog/neubau-standort-arnsberg/

[13] TRILUX Retail integration
Brand and organisational changes.
https://www.trilux.com/ch/blog/trilux-retail-migration/

[14] nnuks sustainability report 2022
Historical 2021 multi-brand group turnover.
https://slv-lighting-group.com/wp-content/uploads/2022/06/NKS_BRO_Sustainability-2022_210x279.pdf

[15] SLV Lighting Group sustainability report 2025
Brand portfolio and procurement, logistics and sales integration; pages 8–11.
https://a.storyblok.com/f/113144/x/f85bebdba1/slg_bro_sustainability-2025_210x279mm_72dpi.pdf

[16] ERCO new products
Application and product information; not financial evidence.
https://www.erco.com/en/products/new-products/

[17] ERCO business-index profile
Secondary legal-entity figure with an unclear consolidation boundary.
https://www.weltmarktfuehrerindex.de/profil/erco

[18] FLOS S.p.A. company-account summary
Secondary transcription of legal-entity accounts, not global brand revenue.
https://www.reportaziende.it/flos_societa_per_azioni_bs_00290820174

[19] FLOS at Milan Design Week 2026
Product-development evidence.
https://flos.com/en/wo/flos-at-milano-design-week-2026.html

[20] Flos B&B Italia Group H1 2026 presentation
Continuing-business pro forma results, pages 5 and 12; includes non-lighting businesses.
https://www.flosbebitaliagroup.com/on/demandware.static/-/Library-Sites-DHCorp-contentlib/default/dw8ee7cc40/Investors/Reports%20and%20publications/1_presentation_Flos%20B%26B%20Italia%20S.p.A.%20-%20H1%202026_last.pdf

[21] Louis Poulsen transaction: buyer’s adviser
Announced transaction subject to completion conditions.
https://accura.dk/en/cases/chr-augustinus-fabrikker-acquires-louis-poulsen/

[22] EGLO official company profile
Self-reported 2024 scale; no matching profit or cash-flow disclosure.
https://lu.linkedin.com/company/eglo-leuchten-gmbh

[23] GLX Holding preliminary 2025 results
Holding-company reporting scope and preliminary results.
https://www.glamox.com/news-and-stories/glx-holding-as-the-holding-company-of-glamox-closes-2025-with-improved-profitability-and-robust-performance/

[24] EY profile of Schréder
Historical 2023 turnover, published December 2024.
https://www.ey.com/en_be/newsroom/2024/12/schreder-named-l-entreprise-de-l-annee-2024

[25] Schréder acquisition of NLS Lighting
Announced April 2026; price not disclosed.
https://www.schreder.com/en/news/schreder-announces-acquisition-nls-lighting

[26] Plejd year-end report 2025
Reported growth, profitability and management explanation of organic expansion.
https://news.cision.com/plejd/r/year-end-report-2025,c4296913

[27] Dexelance investor presentation, April 2026
Lighting-segment revenue, page 25.
https://dexelance.com/wp-content/uploads/Investor-Presentation-DEXELANCE_v.-08.04.2026-FINAL-1.pdf

[28] Edison research on Dialight
Company-commissioned external research; group and lighting-segment results on pages 3–4.
https://static.lse.co.uk/research/download/3653.pdf

[29] MLS annual report 2025
Listed parent’s product-line and acquisition-accounting disclosures, in Chinese.
https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12234150&stockid=002745

[30] MLS interim report 2026
Product-line gross profit and consolidated group results, in Chinese.
https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12563625&stockid=002745

[31] LEDVANCE management announcement, August 2026
Management responsibilities and European operating priorities.
https://www.ledvance.com/en-uk/company/press/press-releases/2026/ledvance-strengthens-its-management-team-with-dr-markus-emmert-n479050

[32] LEDVANCE Renewables announcement
Product range and stated strategy, not separate financial results.
https://www.ledvance.com/en-int/company/press/press-releases/2024/ledvance-introduces-ledvance-renewables–photovoltaics-for-a-brighter–greener-future-n303994

[33] IKEA FY2025 retail sales
Worldwide retail-system figures, not lighting-segment results.
https://www.ikea.com/global/en/newsroom/corporate/ikea-retail-sales-fy25-251016/

[34] IKEA smart-home product announcement
November 2025 Matter-compatible range.
https://www.ikea.com/global/en/newsroom/retail/the-new-smart-home-from-ikea-matter-compatible-251106/

[35] Kingfisher annual report 2025/26
Group and B&Q financial results; fiscal year ended January 2026.
https://www.kingfisher.com/~/media/Files/K/Kingfisher-Plc/Universal/investors/result-reports-presentation/2026/2526-annual-report-and-accounts.pdf

[36] Kingfisher own exclusive brands
43% relates to group sales across categories, not lighting alone.
https://www.kingfisher.com/our-banners-and-brands/own-exclusive-brands

[37] Kingfisher Q1 2026/27 update
Quarter ended April 2026; separate period from annual results.
https://www.kingfisher.com/~/media/Files/K/Kingfisher-Plc/Universal/investors/result-reports-presentation/2026/2026-27-q1-trading-update.pdf

[38] Inventronics annual reporting and acquisition information
Company disclosures concerning acquired operations and subsequent performance; source in Chinese.
https://cn.inventronics-co.com/news_info/33/1771.html

[39] Signify strategy announcement, June 2026
Medium-term growth, profitability and cash-flow targets are management objectives, not reported outcomes.
https://www.signify.com/global/our-company/news/press-releases/2026/20260623-signify-introduces-strategy-to-create-a-more-focused-better-performing-company