Philips Strong 4Q25 results and outlook, targets mid-teens margins by 2028
Philips reported a strong set of 4Q25 results with the adj. EBITA of € 770m coming in well ahead of expectations (kbcse: € 678m, css: € 672m), predominantly driven by PH. Order intake remained strong at +7%. The FY26 margin outlook of 12.5%-13.0% also came in ahead of expectations (kbcse: 12.3%, css: 12.2%). Together with the CMD that will take place in London today, the group also announced its new 2026-2028 ambitions, including a mid-teens margins by 2028 (kbcse: 13.5%, css 13.6%) and accumulative FCF between € 4.5- € 5.0bn (kbcse: € 4.4bn, css: € 4.0bn). We reiterate our Accumulate rating and € 27.5 TP.Koninklijke Philips Electronics is active in the markets of healthcare, consumer lifestyle and lighting. Co.'s activities can be divided into three segments: Healthcare (Co. provides Imaging Systems, Patient Care and Clinical Informatics, Home Healthcare Solutions and Customer Services), Consumer Lifestyle (Co.'s products are divided into the following: Health and Wellness; Domestic Appliances; and Lifestyle Entertainment), Lighting (Co. provides lighting solutions for homes, shops, offices, schools, hotels, factories and hospitals; Co. also offers solutions for roads (street lighting and car lights) and for public spaces, residential areas and sports arenas).
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