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Royal Philips (AS: PHG) reaffirmed its full-year 2026 guidance after reporting stronger-than-expected first-quarter results, driven by solid sales growth, improving profit margins, and continued productivity gains despite tariff pressures and rising costs.
The Dutch health technology company posted Q1 2026 group sales of €3.90 billion, slightly above analyst expectations of €3.88 billion. Comparable sales increased 4%, outperforming the market consensus of 3.4%. Philips also reported an adjusted EBITA margin of 9%, ahead of analyst estimates of 8.4%, reflecting operational improvements and cost-saving initiatives.
CEO Roy Jakobs said Philips delivered a strong start to the year with healthy order growth and disciplined execution in a challenging macroeconomic environment. Comparable order intake rose 6%, supported by strong demand in the Diagnosis & Treatment and Connected Care divisions, particularly in North America and Europe.
Philips’ Personal Health segment delivered the best performance during the quarter, with comparable sales growth of 9%, significantly above analyst forecasts. The division’s adjusted EBITA margin climbed to 15.8%, also exceeding expectations.
The Diagnosis & Treatment business recorded 2% comparable sales growth, slightly below forecasts, but profitability improved sharply with an adjusted EBITA margin of 9.8%. Meanwhile, Connected Care remained the weakest segment, posting a 3% sales increase but suffering margin pressure from tariffs and inflation, resulting in a lower-than-expected 2.9% adjusted EBITA margin.
Income from operations rose to €241 million, while operating cash flow reached €188 million. Free cash flow totaled €28 million during the quarter.
Philips maintained its full-year 2026 outlook, forecasting comparable sales growth between 3% and 4.5%, adjusted EBITA margin of 12.5% to 13%, and free cash flow ranging from €1.30 billion to €1.50 billion.
The company also announced plans to repurchase up to 4 million shares worth approximately €91 million to support long-term incentive programs, with completion expected by the fourth quarter of 2028.
