reports
- Marc Hesselink
- CFA
- Thymen Rundberg
Barco/Blurred image/HOLD (previously Buy)
Barco continues to face weak demand in Healthcare and Enterprise, while we believe that Entertainment momentum is likely to fade as tariffs, a weak USD and fallout from the Iran conflict soften performance. The sizeable VerVent Audio acquisition, prioritised over buybacks, limits capital allocation flexibility. Although we believe the valuation at 11x PER 2027F is undemanding, the lack of a sustainable return to growth caps near-term upside. We reduce our target price to €10 per share (from €16)...
FDA clears Philips AI solution that provides real-time guidance during...
FDA clears Philips AI solution that provides real-time guidance during complex minimally invasive heart valve repair March 26, 2026 Philips DeviceGuide uses AI to track and visualize mitral valve repair devices [1] in real time during minimally invasive procedures, supporting treatment [2]DeviceGuide integrates with Philips Azurion image-guided therapy platform that combines imaging, real-time data and intelligent software within a unified workflow to support more consistent, efficient and confidently guided minimally invasive procedures Amsterdam, the Netherlands – (NYSE: PHG, AEX: PHIA...
Philips launches IntraSight Plus to simplify coronary interventions an...
Philips launches IntraSight Plus to simplify coronary interventions and advance precision care March 25, 2026 Intuitive interventional cardiology platform combines the most comprehensive set of diagnostic and treatment planning tools to help support confident decisions and improved patient careWith FDA clearance and CE marking, IntraSight Plus streamlines the workflow efficiency of minimally invasive coronary procedures and can enable system operation time savings up to 47% in both the USA and Europe Amsterdam, the Netherlands – (NYSE: PHG, AEX: PHIA), a global leader in health technolog...
Philips remains No. 1 in Medtech at European Patent Office and the lar...
Philips remains No. 1 in Medtech at European Patent Office and the largest Dutch patent applicant March 24, 2026 Philips ranks No. 1 among medical technology companies in the European Patent Office Technology Dashboard 2025, filing 1,289 patent applications with the EPO in 2025.Philips’ platform-based solutions integrate hardware, software, data and AI to address clinical, operational and everyday health challenges.Philips’ innovation improved the lives of 2 billion people in 2025, with the goal of improving 2.5 billion lives per year by 2030, including 400 million people in medically unde...
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Hoste
Philips convenes the Annual General Meeting of Shareholders 2026
Philips convenes the Annual General Meeting of Shareholders 2026 March 23, 2026 Amsterdam, the Netherlands – (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced it has convened the Annual General Meeting of Shareholders (AGM) 2026 and published the agenda with explanatory notes. As previously announced, the agenda includes: Proposal to appoint John DeFord (American, 1962) as new member of the Supervisory Board, with effect from May 8, 2026.Proposals to re-appoint Paul Stoffels (Belgian, 1962), Herna Verhagen (Dutch, 1966) and Sanjay Poonen (American, 1969) as m...
Philips proposes new appointment and re-appointments to its Supervisor...
Philips proposes new appointment and re-appointments to its Supervisory Board and CEO re-appointment March 23, 2026 John DeFord proposed as new member of the Supervisory Board.Paul Stoffels, Herna Verhagen and Sanjay Poonen proposed for re-appointment as members of the Supervisory Board.Marc Harrison will step down from Philips’ Supervisory Board after his second term.Roy Jakobs proposed for re-appointment as President/CEO and Chairman and member of the Board of Management, as previously announced. Amsterdam, the Netherlands – (NYSE: PHG, AEX: PHIA), a global leader in health technology,...
- Guy Sips
- Mathijs Geerts Danau
Philips expands digital pathology portfolio with cloud-enabled Philips...
Philips expands digital pathology portfolio with cloud-enabled Philips IntelliSite Pathology Solution on HealthSuite March 11, 2026 Fully cloud‑enabled solution designed to help healthcare organizations scale digital pathology adoption and workflows Amsterdam, The Netherlands – (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced the expansion of its digital pathology portfolio with new cloud-enabled capabilities designed to help healthcare organizations scale digital diagnostics, improve productivity, and advance their transformation to fully digital workflows....
Philips connects patient monitoring and diagnostics to advance platfor...
Philips connects patient monitoring and diagnostics to advance platform-based care intelligence at HIMSS26 March 10, 2026 Amsterdam, the Netherlands, and Las Vegas, USA – (NYSE: PHG, AEX: PHIA), a global leader in health technology, today highlighted how open, interoperable, AI-enabled platforms can help health systems connect continuous patient monitoring with diagnostic insights – bringing the patient story together across time and across specialties. By connecting clinical signals with diagnostic information, Philips enables care teams to move from fragmented data to a more continuous,...
- Baptiste Salaville
- Julian Dobrovolschi
INFINEON INFINEON TECHNOLOGIES AG
IPS IPSOS
SCHP SECHE ENVIRONNEMENT
LOGN LOGITECH INTERNATIONAL S.A.
FP TOTAL SE
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
SESGL SES SA FDR (CLASS A)
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
RNO RENAULT SA
CBK COMMERZBANK AG
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
FORTUM FORTUM OYJ
TFI TELEVISION FRANCAISE 1 SA
DBG DERICHEBOURG SA
FHZN FLUGHAFEN ZURICH AG
ELG ELMOS SEMICONDUCTOR SE
EOAN E.ON SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
ELE ENDESA S.A.
ORSTED ORSTED
RWE RWE AG
VER VERBUND AG CLASS A
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
ENEL ENEL SPA
WPP WPP PLC
REP REPSOL SA
SOI SOITEC SA
ERG ERG S.P.A.
AIXA AIXTRON SE
GAS NATURGY ENERGY GROUP S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ELI ELIA GROUP SA/NV
SESL SES-IMAGOTAG SA
PGHN PARTNERS GROUP HOLDING AG
EDW EDP RENOVAVEIS SA
SAX STROEER SE & CO. KGAA
SSO SCATEC ASA
MELE MELEXIS NV
ENG ENAGAS SA
TIT TELECOM ITALIA S.P.A.
RENE REDES ENERGETICAS NACIONAIS SA
IBE IBERDROLA SA
VLTSA VOLTALIA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
ASML ASML HOLDING NV
BP. BP P.L.C.
BFSA BEFESA SA
REY REPLY S.P.A.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
PHNX PHOENIX GROUP HOLDINGS PLC
NEXI NEXI S.P.A.
DSC1 DUTCH STAR C SHAR
BAR BARCO NV
AG1 AUTO1 GROUP
NA9 NAGARRO
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
ARM ARM HOLDINGS PLC
UN0 UNIPER SE
EXENS EXOSENS
AMS AMS-OSRAM AG
ALHG LOUIS HACHETTE GROUP
- Baptiste Salaville
- Julian Dobrovolschi
IPS IPSOS
SCHP SECHE ENVIRONNEMENT
LOGN LOGITECH INTERNATIONAL S.A.
FP TOTAL SE
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
SESGL SES SA FDR (CLASS A)
GALP GALP ENERGIA SGPS SA CLASS B
FORTUM FORTUM OYJ
TFI TELEVISION FRANCAISE 1 SA
DBG DERICHEBOURG SA
ELG ELMOS SEMICONDUCTOR SE
EOAN E.ON SE
BOSS HUGO BOSS AG
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
ELE ENDESA S.A.
ORSTED ORSTED
RWE RWE AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
WPP WPP PLC
REP REPSOL SA
SOI SOITEC SA
ERG ERG S.P.A.
AIXA AIXTRON SE
GAS NATURGY ENERGY GROUP S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
KOMN KOMAX HOLDING AG
ELI ELIA GROUP SA/NV
SESL SES-IMAGOTAG SA
EDW EDP RENOVAVEIS SA
SAX STROEER SE & CO. KGAA
SSO SCATEC ASA
MELE MELEXIS NV
ENG ENAGAS SA
TIT TELECOM ITALIA S.P.A.
TWEKA TKH GROUP N.V. CERT
RENE REDES ENERGETICAS NACIONAIS SA
IBE IBERDROLA SA
VLTSA VOLTALIA
MOB MOBILEZONE HOLDING AG
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
COPN COSMO PHARMACEUTICALS NV
BP. BP P.L.C.
BFSA BEFESA SA
REY REPLY S.P.A.
STM STMICROELECTRONICS NV
DMP DERMAPHARM HOLDING SE
M MED LIFE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
NEXI NEXI S.P.A.
DSC1 DUTCH STAR C SHAR
BAR BARCO NV
AG1 AUTO1 GROUP
NA9 NAGARRO
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
ARM ARM HOLDINGS PLC
UN0 UNIPER SE
EXENS EXOSENS
AMS AMS-OSRAM AG
SPG SPRINGER NATURE AG & CO. KGAA
ALHG LOUIS HACHETTE GROUP
- Baptiste Salaville
- Julian Dobrovolschi
IPS IPSOS
SCHP SECHE ENVIRONNEMENT
LOGN LOGITECH INTERNATIONAL S.A.
FP TOTAL SE
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
SESGL SES SA FDR (CLASS A)
GALP GALP ENERGIA SGPS SA CLASS B
FORTUM FORTUM OYJ
TFI TELEVISION FRANCAISE 1 SA
DBG DERICHEBOURG SA
ELG ELMOS SEMICONDUCTOR SE
EOAN E.ON SE
BOSS HUGO BOSS AG
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
ELE ENDESA S.A.
ORSTED ORSTED
RWE RWE AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
WPP WPP PLC
REP REPSOL SA
SOI SOITEC SA
ERG ERG S.P.A.
AIXA AIXTRON SE
GAS NATURGY ENERGY GROUP S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
KOMN KOMAX HOLDING AG
ELI ELIA GROUP SA/NV
SESL SES-IMAGOTAG SA
EDW EDP RENOVAVEIS SA
SAX STROEER SE & CO. KGAA
SSO SCATEC ASA
MELE MELEXIS NV
ENG ENAGAS SA
TIT TELECOM ITALIA S.P.A.
TWEKA TKH GROUP N.V. CERT
RENE REDES ENERGETICAS NACIONAIS SA
IBE IBERDROLA SA
VLTSA VOLTALIA
MOB MOBILEZONE HOLDING AG
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
COPN COSMO PHARMACEUTICALS NV
BP. BP P.L.C.
BFSA BEFESA SA
REY REPLY S.P.A.
STM STMICROELECTRONICS NV
DMP DERMAPHARM HOLDING SE
M MED LIFE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
NEXI NEXI S.P.A.
DSC1 DUTCH STAR C SHAR
BAR BARCO NV
AG1 AUTO1 GROUP
NA9 NAGARRO
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
ARM ARM HOLDINGS PLC
UN0 UNIPER SE
EXENS EXOSENS
AMS AMS-OSRAM AG
SPG SPRINGER NATURE AG & CO. KGAA
ALHG LOUIS HACHETTE GROUP
- Baptiste Salaville
- Julian Dobrovolschi
INFINEON INFINEON TECHNOLOGIES AG
IPS IPSOS
SCHP SECHE ENVIRONNEMENT
LOGN LOGITECH INTERNATIONAL S.A.
FP TOTAL SE
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
SESGL SES SA FDR (CLASS A)
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
RNO RENAULT SA
CBK COMMERZBANK AG
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
FORTUM FORTUM OYJ
TFI TELEVISION FRANCAISE 1 SA
DBG DERICHEBOURG SA
FHZN FLUGHAFEN ZURICH AG
ELG ELMOS SEMICONDUCTOR SE
EOAN E.ON SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
ELE ENDESA S.A.
ORSTED ORSTED
RWE RWE AG
VER VERBUND AG CLASS A
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
ENEL ENEL SPA
WPP WPP PLC
REP REPSOL SA
SOI SOITEC SA
ERG ERG S.P.A.
AIXA AIXTRON SE
GAS NATURGY ENERGY GROUP S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ELI ELIA GROUP SA/NV
SESL SES-IMAGOTAG SA
PGHN PARTNERS GROUP HOLDING AG
EDW EDP RENOVAVEIS SA
SAX STROEER SE & CO. KGAA
SSO SCATEC ASA
MELE MELEXIS NV
ENG ENAGAS SA
TIT TELECOM ITALIA S.P.A.
RENE REDES ENERGETICAS NACIONAIS SA
IBE IBERDROLA SA
VLTSA VOLTALIA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
ASML ASML HOLDING NV
BP. BP P.L.C.
BFSA BEFESA SA
REY REPLY S.P.A.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
PHNX PHOENIX GROUP HOLDINGS PLC
NEXI NEXI S.P.A.
DSC1 DUTCH STAR C SHAR
BAR BARCO NV
AG1 AUTO1 GROUP
NA9 NAGARRO
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
ARM ARM HOLDINGS PLC
UN0 UNIPER SE
EXENS EXOSENS
AMS AMS-OSRAM AG
ALHG LOUIS HACHETTE GROUP
- Guy Sips
- Michiel Declercq
- Wim Lewi
- Marc Hesselink
- CFA
Philips/Execution is key/HOLD
Philips reported a better-than-expected 4Q25 update and a supportive CMD message. We increase our estimates, raise our target price from €23 to €26 and reiterate our Hold rating. Philips appears positioned to continue progressing operationally, but we believe consistent delivery will be required before we see meaningful outperformance versus the sector. Valuation at 15x adj EPS 2027F is in line with peers.
Philips unveils Rembra CT at ECR 2026, setting a new benchmark for spe...
Philips unveils Rembra CT at ECR 2026, setting a new benchmark for speed and patient access designed to support diagnostic confidence for acute and high-demand imaging environments March 4, 2026 CE Marked and 510(k) pending, Rembra’s advanced image reconstruction technology delivers up to 106 images per second [1] and a high throughput of up to 270 patients per day [2] to support faster diagnosis by making scans available in near-real timeWith the largest-in-class 85 cm bore, Rembra accommodates challenging patient types, providing more access for complex interventions, bariatric imaging a...
Philips publishes its Annual Report 2025
Philips publishes its Annual Report 2025 February 19, 2026 Amsterdam, the Netherlands – (NYSE: PHG, AEX: PHIA), a global leader in health technology, today published its Annual Report 2025. Philips’ Annual Report 2025 will be on the agenda of the Annual General Meeting of Shareholders (AGM), to be held on May 8, 2026. The convocation notice and the agenda, including explanatory notes, for the AGM will be published in due course. Philips filed the Annual Report 2025 with the Netherlands Authority for the Financial Markets (AFM) in European Single Electronic Format (ESEF) and expects to f...
- Guy Sips
- Lynn Hautekeete
- Mathijs Geerts Danau
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Guy Sips
Barco Key question ahead: Is the order slowdown temporary?
Barco's FY25 results were broadly in line with market expectations, demonstrating the company's ability to grow sales and margins despite a challenging macro environment. However, the performance also revealed vulnerabilities—most notably a significant decline in order intake and a sharp reduction in the order book, both of which signal weakening forward demand and warrant close attention. Cinema was the strongest division, while Healthcare underperformed. EBITDA slightly exceeded expectations,...
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