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 a...