Koninklijke Philips N.V.: Q2 Preview: Confidence in margin delivery

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Koninklijke Philips N.V.: Q2 Preview: Confidence in margin delivery

Equity Research

European Medical Technology & Services

23 June 2026

Koninklijke Philips N.V.

Q2 Preview: Confidence in margin

delivery

We expect a slightly stronger Q2 on sales, with tariffs and cost PHG.AS/PHIA NA OVERWEIGHT

inflation driving margin contraction, as guided. CEO Unchanged

European Medical

confidence on margin delivery was clearly evident at our Technology & Services POSITIVE

Unchanged

recent C-Suite call, and we see a stronger H2 supported by Price Target EUR 29.50

Unchangedmix, productivity and pricing, with upside to FY26.

Price (22-Jun-26) EUR 23.68

Potential Upside/Downside +24.6%Philips is scheduled to report Q2 2026 results on 28 July. We expect a sequentially slightly

Source: Bloomberg, Barclays Research

stronger Q2 on sales (+4.1% vs. +3.7% in Q1), with tariffs and incremental cost inflation

driving a moderate margin contraction (-30bps y/y), as guided, with mitigation benefits

Market Cap (EUR mn) 23274more clearly weighted to H2. In PH, we expect momentum to continue, albeit against

Shares Outstanding (mn) 982.88tougher comparatives, while in D&T we see China PD remaining subdued, with ex-China

Free Float (%) 81.35trends supported by healthy order visibility and continued strength in IGT. We continue to

52 Wk Avg Daily Volume (mn) 1.6see upside risk to 2026 margin guidance, with a stronger H2 supported by conversion from

Dividend Yield (%) 3.59higher-margin modalities, productivity actions and pricing. We forecast FY26 adj. EBITA

Return on Equity TTM (%) 8.40margin at 12.9%, near the top end of the guided range. We recently hosted CEO Roy

Current BVPS (EUR) 11.97Jakobs, who struck a confident tone on both near-term margin delivery and the medium-

Source: Bloomberg