Philips: Q2 results delivered in line but large acceleration needed in Q4 to meet FY guidance

研报英文原文证据摘录

Philips: Q2 results delivered in line but large acceleration needed in Q4 to meet FY guidance

29 July 2026

Susannah Ludwig

+41 582 723 127

European Medical Technologies & Services susannah.ludwig@bernsteinsg.com

Richard HombachKoninklijke Philips NV +44 20 7762 1858

Rating richard.hombach@bernsteinsg.com

Market-Perform Estelle Pang, CFA

+44 20 7676 7646

Price Target estelle.pang@bernsteinsg.com

PHIA.NA 23.40 EUR (25.40 OLD) Specialist Sales

PHG 26.75 USD (29.00 OLD) Christian Moore

+1 917 344 8555

christian.moore@bernsteinsg.com

Philips: Q2 results delivered in line but large acceleration needed

in Q4 to meet FY guidance

On Monday evening, Philips reported Q2 2026 results. Comparable sales growth of Close Date 28 Jul 2026

+4.1% was a slight beat to consensus expectations of +3.8%, but was entirely driven by

PHIA.NA Close Price (EUR) 22.41

Personal Health, which grew +8.5% vs. consensus of +5.2%. The headline adjusted EBITA

Price Target (EUR) 23.40

margin was 16.4%, but excluding the tariff refund benefit was 12.2%, +10bps above

Upside/(Downside) 4%

expectations. However, the closely watched Diagnosis & Treatment division materially

52-Week Range 27.70/20.90

underperformed at 9.3% adjusted EBITA margins vs. consensus of 12.5%. The company

EDME --

guided for Q3 adj. EBITA margins to be down again YoY (vs. 12.3% in 2025), implying a

FYE Dec

significant acceleration needed in Q4 to hit margin guidance. Shares ended the day down

Div Yield 3.8%

-5% on worries around margins and the decline in order growth to -1%.

Market Cap (EUR) (M) 22,026

Philips upgraded its FY 2026 guidance including the tariff refund benefit but EV (EUR) (M) 27,731

maintained it excluding the tariff benefit. Excluding the tariff benefit they continue to Performance YTD 1M 6M 12M