Koninklijke Philips N.V.: Feedback from a Conversation with the C-Suite

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Koninklijke Philips N.V.: Feedback from a Conversation with the C-Suite

Equity Research

European Medical Technology & Services

9 June 2026

Koninklijke Philips N.V.

Feedback from a Conversation

with the C-Suite

CEO confident on margin delivery & levers to offset cost PHG.AS/PHIA NA OVERWEIGHT

POSITIVEinflation. United Imaging seen as years behind on EuropeanTechnologyMedical& Services

differentiated modalities Philips leads in. Beneficiary of Price Target EUR 29.50

increasing AI usage across hospital systems, with WellSpan Price (08-Jun-26) EUR 22.46 Potential Upside/Downside +31.3%

Source: Bloomberg, Barclays Researchseven-year partnership a recent example. We see upside risk

to guidance.

European Medical Technology &

Services

We were pleased to host Roy Jakobs, CEO, as part of our C-Suite series. We highlight three key Hassan Al-Wakeel, CFA

takeaways with further detail below: 1) Margin delivery: CEO confident on margin delivery and +44 (0)20 7773 3898

ability to offset cost inflation, noting the buffer of 150bps to 200bps FX and general macro hassan.al-wakeel@barclays.com

uncertainty baked into the 2025 to 2028 margin bridge assumptions (see Feedback from the CFO Barclays, UK

roadshow, 14 May). Continue to execute on cost control measures and productivity initiatives Jonathon Unwin

( €1.5b over the next three years), whilst driving pricing commercial excellence has been a focus. +44 (0)20 7773 0354

Higher priced order conversation next year to mitigate additional costs from energy hedges jonathon.unwin@barclays.com

(fully hedged in 2026) rolling off. Most exposure to plastic cost inflation in Personal Health, but Barclays, UK

have strong pricing power to offset. 2) China: Philips are focussed on driving differentiated Marco Pires-Cox