Koninklijke Philips N.V.: Feedback from the CFO roadshow

研报英文原文证据摘录

Koninklijke Philips N.V.: Feedback from the CFO roadshow

Equity Research

European Medical Technology & Services

14 May 2026

Koninklijke Philips N.V.

Feedback from the CFO roadshow

Strength in US & EU equipment mkts. Selective pricing a key

offset to higher inflation. Tailwind in Helium-free MR given

scarcity. Gaining share in hosp. monitoring, significant PHG.AS/PHIA NA OVERWEIGHT European Medical

Technology & Servicespotential outside of the hosp. Mgmt bullish on power POSITIVE

Price Target EUR 29.50

toothbrushes given portfolio refresh. We see upside risk to Price (13-May-26) EUR 21.86

guidance. Potential Upside/Downside +34.9%

Source: Bloomberg, Barclays Research

Following on from the publication of Q1 results (see Q1 Review: Margin delivery continues,

European Medical Technology &paving way for guidance upside, 7 May), we were pleased to host the CFO roadshow in London.

Services

We highlight three key takeaways with our notes below: 1) Markets and inflation: Good

Hassan Al-Wakeel, CFA

visibility on orders with strong demand in US and EU equipment markets (EU better than +44 (0)20 7773 3898

expected) whilst China is challenged in CT/ultrasound whilst MR and IGT continue to do well. hassan.al-wakeel@barclays.com

Philips is able to mitigate inflation by selective price increases across IGT, patient monitoring Barclays, UK

and PH, and the CFO notes that they have strengthened their pricing “muscle” since pre-COVID

Jonathon Unwin

where MedTech was deflationary. Innovation is also supporting mix with a clear trend towards +44 (0)20 7773 0354

helium-free MR, which is a source of share gains given helium scarcity. 2) Personal Health: jonathon.unwin@barclays.com

Share gains in grooming have been consistent over time (see Personal Health: US Nielsen 4 w/e Barclays, UK