Hospital Capex Q2 26 update; underlying trends intact – Buy Philips, Neutral Siemens Healthineers

Research evidence excerpt

Hospital Capex Q2 26 update; underlying trends intact – Buy Philips, Neutral Siemens Healthineers

Equity Research

17 July 2026 | 5:00AM BST

HEALTHCARE: MEDICAL TECHNOLOGY

Hospital Capex Q2 26 update; underlying trends intact - Buy Philips,

Neutral Siemens Healthineers

Ahead of Q2 26 results for Philips (July 28th) and Siemens Healthineers (July 31st), we take Richard Felton, CFA

+44(20)7552-7872 |

stock of the latest industry data points and insights across the three key regions for the richard.felton@gs.com

Goldman Sachs International

Hospital Capex subsector - Europe, China and the US. Overall we see a continuation of the

Lauren Mitchellsolid backdrop for the Hospital Capex manufacturers from Q1 carrying forward into Q2 26 +44(20)7774-8731 |

results. We continue to prefer Philips (Buy), where we see margin/capital allocation upside; lauren.r.mitchell@gs.comGoldman Sachs International

tender activity during Q2 (across EU and China) are also supportive for Philips’ momentum,

in our view.

Continued strength in European Hospital Capex tenders in Q2 26. Our

proprietary tracker points to strong EU tender activity for MRI/CT in Q2 (+110% y/y),

which moderated vs Q1 (+310%) but remains on a healthy uptrend on a 12-month

rolling basis (+160% y/y). Tender performance remain strong among the three main

players (Healthineers, Philips and GEHC) which all saw growth ahead of total tender

value both in Q2 26 and on a 12-month rolling basis. Philips grew ahead of peers

during Q2 26 and further increased its decade-high market share. We estimate

tenders account for ~50% of European Hospital Capex.

China bidding data showed improving growth in Q2 26. Q2 China tender activity

improved on a sequential basis, with bidding values declining just 5% y/y in Q2 and