智通财经APP获悉，周二，飞利浦(PHG.US)盘前涨逾8%，报32.02美元。财报显示，飞利浦去年Q4销售 额同比增长1%至51亿欧元，调整后息税摊销前利润(EBITA)为7.7亿欧元，均超过市场预期。期内，可 比销售额增长7%，亦超过市场预期的4.9%；其中，个人健康业务可比销售额增长14%，表现亮眼。 ...

Koninklijke Philips (NYSE:PHG) 2026 Capital Markets Day February 10, 2026 05:55 AM ET Company ParticipantsBert van Meurs - EVP and Chief Business Leader of Image Guided TherapyBert van Meurs - EVP and and Chief Business Leader of Image Guided TherapyCharlotte Hanneman - CFODavid Adlington - Managing Director and Head of European Medtech and Services ResearchDeeptha Khanna - EVP and Chief Business Leader of Personal HealthDurga Doraisamy - Head of Investor RelationsEd Ridley-Day - Head of Global MedTech and ...

④【谷歌母公司Alphabet拟发行百年债券】2月10日，据媒体援引知情人士透露，谷歌母公司Alphabet已启动其首次瑞士法郎债券发行。此次发行包含3 年、6年、10年、15年和25年期债券，预计将在今日晚些时候定价。同时，谷歌母公司Alphabet也启动首次英镑债券发行。此次交易分为3年、6年、15 年、32年和100年期债券，预计将在今日晚些时候定价。 ⑤【1月销售额同比飙升36.8％，台积电涨超3%】当地时间2月10日，台积电官网显示，1月销售额达到4012.6亿元台币，同比增长36.8％，较2025年12月 环比增长19.8%，超过台积电预期的全年30%增长水平。截至发稿，台积电上涨3.09%。 ⑥【暂停股票回购，英国石油公司跌近5%】2月10日，英国石油公司Q4财报显示，基准重置成本利润（作为净利润的替代指标）为15.4亿美元，与分析师 预期15.4亿美元一致。英国石油公司2025年全年净利润为74.9亿美元，低于分析师预期的75.8亿美元，较2024年的近90亿美元有所下滑。英国石油公司同 时表示，决定暂停股票回购，旨在通过调整财务状况来应对油价下跌带来的影响。截至发稿，英国石油公司下跌4.9% ...

Driving profitable growth to deliver sustainable value February 10, 2026 Capital Markets Day Roy Jakobs, Chief Executive Officer Important information Forward-looking statements and other important information This document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respec ...

飞利浦(PHG.US)盘前涨6.2%，报31.46美元。消息面上，飞利浦去年Q4销售额同比增长1%至51亿欧 元，调整后息税摊销前利润(EBITA)为7.7亿欧元，均超过市场预期。期内，可比销售额增长7%，亦超 过市场预期的4.9%；其中，个人健康业务可比销售额增长14%，表现亮眼。此外，该公司通过削减成本 节省了8亿欧元，抵消了1.5亿至2亿欧元的关税成本。(格隆汇) ...

Hanneman said Philips delivered EUR 248 million in productivity savings in Q4, bringing total 2025 productivity savings to EUR 850 million. She added that since 2023 the company’s cost management and productivity initiatives delivered more than EUR 2.5 billion, exceeding its original outlook of EUR 2 billion by the end of 2025.Order intake grew 6% for the full year, and Jakobs said equipment order intake rose 7% in Q4 with broad-based growth across D&T and Connected Care, supported by sustained double-digit ...

Financial Data and Key Metrics Changes - Order intake increased by 7% in Q4 2025, reflecting sustained improvement over the past year, with comparable sales growth also at 7% year-on-year [5][6] - Adjusted EBITDA margin improved by 160 basis points to 50.1% in Q4, and for the full year, it reached 12.3%, exceeding the outlook despite tariff impacts [5][6][21] - Net income rose to EUR 397 million in Q4, primarily due to improved operational income and lower tax charges, with adjusted diluted earnings per share increasing by 20% year-on-year [24] Business Line Data and Key Metrics Changes - In Diagnosis and Treatment (D&T), comparable sales grew by 4% in Q4, with Image-Guided Therapy achieving double-digit growth, while Precision Diagnosis remained flat [17] - Connected Care delivered 7% comparable sales growth in Q4, driven by double-digit growth in monitoring solutions [18] - Personal Health saw a 14% growth in Q4, supported by strong demand across various product categories, particularly in grooming and beauty [19] Market Data and Key Metrics Changes - North America continued to be the strongest growth driver, with sustained double-digit order intake growth [7][14] - In China, tender activity increased, but the market remains cautious due to longer processing times and tougher competition [14][15] - Europe showed stable capital spending, while select international regions increased healthcare investments, particularly in Indonesia and India [15] Company Strategy and Development Direction - The company is transitioning to a focus on profitable growth acceleration, targeting mid-single-digit sales CAGR and mid-teens margins by 2028 [6][11] - A multi-year roadmap centered on AI-enabled, patient-centric innovations is being executed, with significant product launches planned [10][19] - The company aims to enhance patient impact and quality while simplifying operations and strengthening supply chain resilience [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 with strong order intake momentum and a robust innovation pipeline, despite ongoing tariff challenges [26][81] - The outlook for 2026 includes expected comparable sales growth of 3%-4.5%, with a focus on North America and international regions [16][26] - Management remains cautious about the near-term outlook for China while recognizing its long-term growth potential [14][66] Other Important Information - The company completed the sale of its emergency care business in Q4 as part of its portfolio simplification strategy [19] - A new EUR 1.5 billion productivity program is being launched for the 2026-2028 period to drive further operational improvements [29] Q&A Session Summary Question: Insights on gross margin improvement and order intake for D&T - Management noted that gross margin improvement is driven by innovation and productivity, with continued margin expansion expected despite tariff impacts [34][35] - Order intake for D&T was 5%, with strong contributions from Image-Guided Therapy and ultrasound innovations [37][38] Question: Buffers in the 2026 guidance and margin expectations - Management acknowledged the need for diligence in execution and emphasized that growth will be a significant contributor to margin improvement [41][42] Question: Performance of Precision Diagnosis and Q1 growth phasing - Precision Diagnosis saw stable sales, with expectations for improved momentum in 2026 due to new innovations [49][50] - Q1 is expected to start at the lower end of the growth range due to seasonality and tariff impacts [50][51] Question: Drivers of personal health performance and Section 232 investigation - Strong personal health performance was attributed to market share gains and healthy sell-out trends, with inventory levels now aligned with market averages [56][57] - The Section 232 investigation is ongoing, with potential implications for tariffs, but no definitive outcomes have been shared [58][59] Question: Outlook for China and margin dynamics in personal health - Management remains cautious about the health system side in China while expecting some improvement in personal health sales [66] - The strong margin in personal health is driven by innovation, commercial execution, and productivity improvements [67][68]

Financial Data and Key Metrics Changes - Order intake increased by 7% in Q4 2025, reflecting sustained improvement over the past year, with comparable sales growth also at 7% year-on-year [5][6] - Adjusted EBITDA margin improved by 160 basis points to 50.1% in Q4, and for the full year, it reached 12.3%, exceeding the outlook despite tariff impacts [5][6][21] - Net income for Q4 increased to EUR 397 million, with adjusted diluted earnings per share from continuing operations at EUR 0.60, a 20% year-on-year increase [24][25] Business Line Data and Key Metrics Changes - In Diagnosis and Treatment (D&T), comparable sales grew by 4% in Q4, with Image-Guided Therapy achieving double-digit growth [17] - Connected Care delivered 7% comparable sales growth in Q4, driven by strong demand in monitoring and enterprise informatics [18] - Personal Health saw a 14% growth in Q4, with significant contributions from grooming and beauty products [19][20] Market Data and Key Metrics Changes - North America remained the strongest growth driver, with double-digit growth in order intake across various segments [7][14] - In China, tender activity increased but faced challenges due to centralized procurement and longer processing times, leading to a cautious outlook [14][15] - Europe showed stable capital spending, while select international regions increased healthcare investments, particularly in Indonesia and India [15] Company Strategy and Development Direction - The company is transitioning to a focus on profitable growth acceleration, targeting mid-single-digit sales CAGR and mid-teens margins by 2028 [6][11] - Continued emphasis on innovation, particularly AI-enabled and patient-centric solutions, is expected to drive future growth [9][10] - The company aims to enhance patient impact and quality while simplifying operations and strengthening supply chain resilience [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 with strong order intake momentum and a robust innovation pipeline [26][81] - The outlook for 2026 includes expected comparable sales growth of 3%-4.5%, with a focus on North America and international regions [16][26] - Management remains cautious about the near-term outlook for China while recognizing its long-term growth potential [14][66] Other Important Information - The company completed the sale of its emergency care business as part of its portfolio simplification strategy [19] - A new EUR 1.5 billion productivity program is set to launch for the 2026-2028 period, building on previous productivity initiatives [29] Q&A Session Summary Question: Inquiry about gross margin improvement and order intake by modality - Management confirmed ongoing gross margin improvement across the board, with expectations for continued strength in 2026 despite tariff impacts [33][34] - Order intake for D&T was 5%, with strong contributions from Image-Guided Therapy and ultrasound, indicating a positive outlook for 2026 [37][38] Question: Clarification on 2026 guidance and margin buffers - Management acknowledged the dynamic environment and emphasized the importance of productivity and innovation for margin improvement [40][41] Question: Performance of Precision Diagnosis and Q1 phasing - Management indicated that Precision Diagnosis returned to growth, with expectations for stronger performance in 2026 driven by new innovations [48][49] - Q1 is expected to start at the lower end of the growth range due to seasonality and tariff impacts [50][51] Question: Update on personal health performance and Section 232 investigation - Strong performance in personal health was attributed to market share gains and healthy sell-out trends, with inventory levels now aligned with market averages [56][57] - The Section 232 investigation remains ongoing, with potential implications for tariffs but no definitive outcomes yet [58][59] Question: Insights on the China market and personal health margins - Management expects stabilization in China, with cautious optimism for personal health sales, while remaining cautious about health system orders [64][66] - The strong margin in personal health was driven by innovation, commercial execution, and productivity improvements [67][68]

Financial Data and Key Metrics Changes - Order intake increased by 7% in Q4 2025, reflecting sustained improvement over the past year [5] - Comparable sales growth was 7% year-on-year, broad-based across all businesses and geographies [5] - Adjusted EBITDA margin improved by 160 basis points to 50.1% in Q4 2025, despite tariff impacts [5] - For the full year, adjusted EBITDA margin was 12.3%, exceeding the outlook [6][24] Business Line Data and Key Metrics Changes - Diagnosis and Treatment (D&T) saw comparable sales growth of 4% in Q4, with strong performance in Image-Guided Therapy [20] - Connected Care delivered 7% comparable sales growth in Q4, driven by double-digit growth in monitoring solutions [21] - Personal Health achieved 14% comparable sales growth in Q4, with all three businesses contributing [22] Market Data and Key Metrics Changes - North America remained the strongest growth driver, with sustained double-digit order intake growth [7][15] - In China, tender activity increased but faced challenges due to centralized procurement, leading to cautious near-term outlook [16][19] - Europe showed stable capital spending, while select international regions increased healthcare investments [17] Company Strategy and Development Direction - The company is focused on profitable growth acceleration, targeting mid-single-digit sales CAGR and mid-teens margins by 2028 [6][12] - Continued emphasis on innovation, particularly AI-enabled and patient-centric solutions, to drive future growth [10][12] - The company is enhancing patient impact and quality while simplifying operations and strengthening supply chain resilience [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 with strong order intake momentum and improved execution [29] - The company expects comparable sales growth of 3%-4.5% in 2026, led by North America and international regions [19][30] - Management remains cautious about the near-term outlook for China but sees long-term growth potential [16][19] Other Important Information - The company generated EUR 1.2 billion in free cash flow in Q4 2025, despite a tougher comparison base [27] - Adjusting items decreased to EUR 179 million in Q4, reflecting a strong commitment to reducing these over time [26] - The company ended the quarter with approximately EUR 2.8 billion in cash and a leverage ratio improved to 1.7 times [28][29] Q&A Session Summary Question: Insights on gross margin improvement and order intake for D&T - Management confirmed gross margin improvement across Philips, driven by innovation and productivity, with continued margin expansion expected in 2026 despite tariff impacts [36][38] - Order intake for D&T was 5%, with strong contributions from Image-Guided Therapy and ultrasound innovations [39][40] Question: Clarification on 2026 guidance and margin buffers - Management acknowledged the dynamic environment and emphasized the importance of productivity and innovation for margin growth [43][44] Question: Performance of Precision Diagnosis and Q1 phasing - Management indicated that Precision Diagnosis returned to growth, with expectations for stronger performance in 2026 driven by new innovations [50][51] - Q1 is expected to start at the lower end of the growth range due to seasonality and tariff impacts [52][53] Question: Drivers behind strong personal health performance - Management highlighted market share gains and strong demand across geographies, with inventory levels now aligned with market averages [58][60] Question: Update on Section 232 investigation - Management stated that the investigation is ongoing, with potential measures that could replace tariffs but refrained from speculation on outcomes [61][62] Question: Outlook for China and margin dynamics - Management expects stable growth in China, with cautious optimism for personal health but uncertainty in health systems due to tender processes [67] - The strong margin in personal health was attributed to innovation, commercial execution, and productivity improvements [70][71]

| Fourth quarter and full-year 2025 performance | 4 | | --- | --- | | 2026 outlook | 18 | | Financial appendix | 23 | Fourth quarter and full-year 2025 results Roy Jakobs, Chief Executive Officer Charlotte Hanneman, Chief Financial Officer February 10, 2026 Table of contents Important information Forward-looking statements and other important information This document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements wi ...