[6-K] KONINKLIJKE PHILIPS NV Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Koninklijke Philips N.V. reported Q3 2025 results showing continued momentum: comparable order intake grew 8% and group sales were EUR 4.3 billion, up 3.3% on a comparable basis. Income from operations was EUR 330 million. The adjusted EBITA margin rose 50 bps to 12.3% as higher sales, mix and productivity more than offset tariff headwinds.

Operating cash flow was EUR 327 million with free cash flow of EUR 172 million. Segment trends were mixed: Diagnosis & Treatment comparable sales grew 1.3% with margin at 11.8% (down 80 bps), Connected Care grew 5.1% with margin up 410 bps to 11.4%, and Personal Health grew 10.9% with margin at 17.1%.

Philips reiterated its full‑year 2025 outlook: comparable sales growth of 1%–3%, adjusted EBITA margin of 11.3%–11.8% now expected toward the upper end, and free cash flow of EUR 0.2–0.4 billion, which includes the EUR 1,025 million settlements paid in Q1 2025. The outlook excludes ongoing Philips Respironics‑related proceedings.

Insights

Equity analyst – medtech

Solid Q3: orders +8%, margin 12.3%, outlook reiterated.

Philips delivered Q3 2025 comparable sales growth of 3.3% on EUR 4.3 billion revenue, with adjusted EBITA margin at 12.3% (up 50 bps). Order momentum remained firm at 8%, often a lead indicator for medium‑term sales.

Mix and productivity gains offset tariff pressure. By segment, Connected Care margin improved to 11.4% on 5.1% comparable growth, while Personal Health grew 10.9% with a 17.1% margin. Diagnosis & Treatment expanded sales modestly (1.3%) but saw margin compression to 11.8% due to tariffs.

Cash generation improved with operating cash flow of EUR 327 million and free cash flow of EUR 172 million. Management reiterated 2025 guidance (comparable sales 1%–3%, adjusted EBITA margin 11.3%–11.8%), noting it excludes ongoing Respironics‑related proceedings. Subsequent filings may provide updates on proceedings and tariff impacts.

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________

FORM 6-K

____________________________________________________________________________

REPORT OF FOREIGN ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

November 4, 2025

____________________________________________________________________________

KONINKLIJKE PHILIPS N.V.

(Exact name of registrant as specified in its charter)

____________________________________________________________________________

Royal Philips

(Translation of registrant’s name into English)

The Netherlands

(Jurisdiction of incorporation or organization)

Prinses Irenestraat 59, 1077 WV Amsterdam, The Netherlands

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒        Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐        No ☒

Name and address of person authorized to receive notices and communications from the Securities and Exchange Commission:

M.J. van Ginneken
Koninklijke Philips N.V.
Prinses Irenestraat 59
1077 WV Amsterdam – The Netherlands

This report comprises a copy of the following report:

“Philips' Third Quarter Results 2025”, dated November 4, 2025.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized at Amsterdam, on the 4th day of November, 2025.

KONINKLIJKE PHILIPS N.V.

/s/ M.J. van Ginneken
(Chief Legal Officer)

			Quarterly report
			Q3 2025

Philips continues momentum; delivers strong order intake, step-up in sales growth and margin expansion

Amsterdam, November 04, 2025

Q3 2025 Group Highlights

•Comparable order intake growth 8%

•Group sales amounted to EUR 4.3 billion, reflecting 3% increase in comparable sales

•Income from operations was EUR 330 million

•Adjusted EBITA margin increased by 50 basis points to 12.3% of sales

•Operating cash flow of EUR 327 million, with a free cash flow of EUR 172 million

•Philips reiterates full-year 2025 outlook, with margin now expected at the upper end of the range

Roy Jakobs, CEO of Royal Philips:

“In this quarter we maintained our momentum, with AI-powered innovations and long-term partnerships making a real difference for patients and consumers. We drove strong order intake and accelerated sales growth, with sustained strength in North America. We expanded margin through innovation, focused execution and cost discipline, remaining firmly on-track as we navigate an uncertain macro environment including tariffs.

We are taking disciplined action to achieve the highest standards in patient safety and quality, which remains our number one priority.

Following our landmark agreement with Indonesia’s Ministry of Health, the first Azurion system is being installed this week in East Java. This milestone marks the start of expanded access to advanced, minimally invasive care across Indonesia and demonstrates progress on our fundamentals, including supply chain agility and simplification.

Our passionate team remains fully focused on driving performance and sustaining momentum through the end of the year.”

Group and segment performance

Comparable order intake grew 8% in the third quarter, supported by continued strong performance in North America. Comparable sales grew 3.3% with growth in all segments. Margin expansion was driven by increased sales, favorable mix effects and productivity that more than offset the impact of increased tariffs. Free cash flow increased to EUR 172 million.

Diagnosis & Treatment comparable sales grew 1.3%. Adjusted EBITA margin was 11.8%, down 80 bps, mainly due to tariffs and partly offset by gross margin from recently launched innovations and productivity.

Connected Care comparable sales grew 5.1%. Adjusted EBITA margin improved 410 bps to 11.4%, driven by increased sales and productivity, partly offset by tariffs. Adjusted EBITA includes a non-recurring gain related to a minority investment.

Personal Health comparable sales grew 10.9%. Adjusted EBITA margin increased 60 bps to 17.1%, driven by increased sales and productivity, partly offset by tariffs.

Quarterly Report 2025 - Q3 3

Innovation highlights

•Philips launched Lumea IPL in the US, bringing the world’s No. 1 Intense Pulsed Light hair removal brand to the market. The launch has seen an encouraging start with strong consumer interest.

•Philips unveiled radiation therapy (RT) breakthroughs, including the advanced Rembra RT and Areta RT CT scanners, delivering clearer and more consistent images, supported by the launch of helium-free BlueSeal RT MR in North America.

•Philips launched Transcend Plus, the next generation EPIQ CVx and Affiniti CVx cardiovascular ultrasound systems, including 26 FDA-cleared cardiovascular ultrasound AI applications, the most in the industry.

•Philips signed long-term Enterprise Monitoring as a Service (EMaaS) partnerships with leading US health systems in California, including Hoag in Orange County and Rady Children’s Hospital in San Diego. Philips’ EMaaS solutions help hospitals enhance clinical efficiency and patient safety through advanced monitoring, strengthened cybersecurity, and scalable digital capabilities.

•Three-year results of iMODERN, a randomized, controlled clinical study involving 1,146 patients, provide evidence to widen minimally invasive treatment options for patients with acute myocardial infarctions. Philips sponsored the trial and enabled both the invasive and non-invasive approaches evaluated within it.

•Philips' net-zero science-based target by 2045 has been officially validated by the Science Based Targets initiative (SBTi). This underlines the company’s commitment to healthcare decarbonization, sustainable healthcare leadership and long-term value creation.

Productivity

Disciplined cost management and robust productivity initiatives delivered savings of EUR 222 million in the quarter. Philips will deliver its three-year, EUR 2.5 billion productivity program, including EUR 800 million of productivity savings in 2025.

Outlook

Philips reiterates its confidence in delivering the full-year 2025 outlook:

•Comparable sales growth: 1%-3%

•Adjusted EBITA margin: 11.3%-11.8%, now expected toward the upper end of the range

•Free cash flow: EUR 0.2-0.4 billion (including the payout in the first quarter of 2025 of EUR 1,025 million Philips Respironics recall-related medical monitoring and personal injury settlements in the US.)

This outlook excludes ongoing Philips Respironics-related proceedings, including the investigation by the US Department of Justice.

Conference call and video webcast

Roy Jakobs, CEO, and Charlotte Hanneman, CFO, will host a conference call for investors and analysts at 10:00 am CET today to discuss the third quarter results. A live webcast of the conference call will be available on the Philips Investor Relations website and can be accessed here.

Quarterly Report 2025 - Q3 4

Philips performance

Key data in millions of EUR unless otherwise stated*

			Q3 2024			Q3 2025
Sales			4,377			4,302
Nominal sales growth			(2		%)	(2		%)
Comparable sales growth ¹			0		%	3		%
Comparable order intake ²			(2		%)	8		%
Income from operations			337			330
as a % of sales			8		%	8		%
Financial income (expenses), net			(69)			(57)
Investments in associates, net of income taxes			(21)			2
Income tax (expense) benefit			(65)			(87)
Income from continuing operations			182			188
Discontinued operations, net of income taxes			-			(1)
Net income			181			187
Earnings per common share (EPS)
Income from continuing operations attributable to shareholders ³ (in EUR) - diluted			0.19			0.19
Adjusted income from continuing operations attributable to shareholders ³ (in EUR) - diluted ¹			0.32			0.36
Net income attributable to shareholders ³ (in EUR) - diluted			0.19			0.19
EBITA ¹			404			409
as a % of sales			9.2		%	9.5		%
Adjusted EBITA ¹			516			531
as a % of sales			11.8		%	12.3		%
Adjusted EBITDA ¹			735			738
as a % of sales			16.8		%	17.2		%

1Non-IFRS financial measure. Refer to Reconciliation of non-IFRS information

2Comparable order intake is presented when discussing the Philips Group's performance. For the definition of this measure, refer to chapter 9.10, Other Key Performance Indicators, of the Annual Report 2024.

3Shareholders refers to shareholders of Koninklijke Philips N.V. Per share calculations have been adjusted retrospectively for all periods presented to reflect the issuance of shares in 2025 with respect to the share dividend for 2024.

•Comparable sales increased by 3%, driven by growth across all segments. The Diagnosis & Treatment segment recorded 1% growth, Connected Care recorded 5% growth, and Personal Health showed 11% growth.

•Income from operations decreased by EUR 7 million, mainly due to higher amortization, mostly offset by operational improvements.

•Adjusted EBITA increased to EUR 531 million and the margin improved to 12.3%, mainly driven by sales growth, favorable mix effects and productivity measures, partly offset by higher tariffs.

•Restructuring, acquisition-related and other items amounted to a loss of EUR 122 million, compared with a loss of EUR 113 million in Q3 2024. Q3 2025 mainly includes EUR 57 million restructuring and acquisition-related charges, EUR 20 million in Respironics field-action running costs, EUR 20 million of Respironics consent decree charges, and EUR 23 million for quality actions.

•Income tax expense increased by EUR 22 million, mainly driven by higher prior year true-ups and higher income before tax.

•Net income increased to EUR 187 million, mainly driven by higher earnings. Lower financial expenses and higher income on investment on associates were partly offset by higher tax charges.

Sales per geographic area in millions of EUR unless otherwise stated

									% change
			Q3 2024			Q3 2025			nominal			comparable ¹
Western Europe			965			933			(3		%)	(2		%)
North America			1,873			1,833			(2		%)	5		%
Other mature geographies			324			320			(2		%)	3		%
Mature geographies			3,163			3,086			(2		%)	3		%
Growth geographies			1,214			1,217			0		%	5		%
Philips Group			4,377			4,302			(2		%)	3		%

1Non-IFRS financial measure. Refer to Reconciliation of non-IFRS information

•Comparable sales in Mature geographies showed 3% growth, mainly driven by North America and with contributions from all segments.

•Comparable sales growth was positive in Western Europe, offset by royalty income phasing.

•Growth geographies showed 5% growth, mainly driven by Personal Health.

Cash and cash equivalents balance in millions of EUR

			Q3 2024			Q3 2025
Beginning cash balance			1,807			1,822
Free cash flow ¹			22			172
Net cash flows from operating activities			192			327
Net capital expenditures			(170)			(155)
Other cash flows from investing activities			35			(4)
Treasury shares transactions			(60)			7
Changes in debt			(246)			(42)
Dividend paid to shareholders			-			(33)
Other cash flow items			(45)			(11)
Ending cash balance			1,512			1,912

1Non-IFRS financial measure. Refer to Reconciliation of non-IFRS information

•Net cash flows from operating activities increased, mainly driven by higher earnings and lower Respironics provision-related payments, partly offset by higher working capital outflows.

•Dividend paid to shareholders in 2025 reflects the payment of the dividend-related withholding tax.

•Other cash flow items mainly reflects the foreign currency impact on the cash balance.

Amounts may not add up due to rounding.*

Quarterly Report 2025 - Q3 5

Performance per segment

Diagnosis & Treatment

Key data in millions of EUR unless otherwise stated*

			Q3 2024			Q3 2025
Sales			2,150			2,080
Nominal sales growth			(2		%)	(3		%)
Comparable sales growth ¹			(1		%)	1		%
Income from operations			232			200
as a % of sales			10.8		%	9.6		%
EBITA ¹			255			217
as a % of sales			11.9		%	10.5		%
Adjusted EBITA ¹			271			246
as a % of sales			12.6		%	11.8		%
Adjusted EBITDA ¹			321			291
as a % of sales			14.9		%	14.0		%

1Non-IFRS financial measure. Refer to Reconciliation of non-IFRS information

•Comparable sales increased by 1%. Image Guided Therapy showed low-single-digit growth, while Precision Diagnosis was flat.

•Mature geographies recorded low-single-digit growth. Growth geographies were flat.

•Adjusted EBITA decreased to EUR 246 million and the margin was 11.8%, mainly due to higher tariffs and partly offset by gross margin from innovation and productivity measures.

•Restructuring, acquisition-related and other items amounted to EUR 29 million, compared with EUR 16 million in Q3 2024.

Connected Care

Key data in millions of EUR unless otherwise stated

			Q3 2024			Q3 2025
Sales			1,211			1,200
Nominal sales growth			(2		%)	(1		%)
Comparable sales growth ¹			0		%	5		%
Income from operations			(17)			12
as a % of sales			(1.4		%)	1.0		%
EBITA ¹			20			67
as a % of sales			1.7		%	5.6		%
Adjusted EBITA ¹			89			137
as a % of sales			7.3		%	11.4		%
Adjusted EBITDA ¹			148			201
as a % of sales			12.2		%	16.7		%

1Non-IFRS financial measure. Refer to Reconciliation of non-IFRS information

•Comparable sales increased by 5%, mainly driven by double-digit growth in Monitoring.

•Comparable sales in Mature geographies showed mid-single-digit growth. Growth geographies recorded low-single-digit growth.

•Adjusted EBITA increased to EUR 137 million and the margin increased to 11.4%, mainly driven by sales growth, favorable mix effects and productivity measures, and partly offset by higher tariffs. Adjusted EBITA also includes a remeasurement gain on a minority investment.

•Restructuring, acquisition-related and other items amounted to EUR 70 million, compared with EUR 69 million in Q3 2024. Q3 2025 mainly includes EUR 33 million restructuring and acquisition-related charges, EUR 20 million in Respironics field-action running costs, and EUR 20 million of Respironics consent decree charges.

Personal Health

Key data in millions of EUR unless otherwise stated

			Q3 2024			Q3 2025
Sales			835			883
Nominal sales growth			(7		%)	6		%
Comparable sales growth ¹			(5		%)	11		%
Income from operations			132			143
as a % of sales			15.8		%	16.2		%
EBITA ¹			136			147
as a % of sales			16.3		%	16.6		%
Adjusted EBITA ¹			138			151
as a % of sales			16.5		%	17.1		%
Adjusted EBITDA ¹			160			172
as a % of sales			19.2		%	19.4		%

1Non-IFRS financial measure. Refer to Reconciliation of non-IFRS information

•Comparable sales increased by 11%, driven by double-digit growth in Growth geographies and mid-single-digit growth in Mature geographies.

•Adjusted EBITA increased to EUR 151 million and the margin improved to 17.1%, mainly driven by sales growth and productivity measures, partly offset by higher tariffs.

•Restructuring, acquisition-related and other items amounted to EUR 4 million in Q3 2025, compared with EUR 2 million in Q3 2024.

Other

Key data in millions of EUR unless otherwise stated

			Q3 2024			Q3 2025
Sales			181			140
Income from operations			(10)			(25)
EBITA ¹			(8)			(22)
Adjusted EBITA ¹ of:			18			(3)
IP Royalties			105			73
Innovation			(25)			(11)
Central costs			(61)			(54)
Other			(1)			(12)
Adjusted EBITDA ¹			106			74

1Non-IFRS financial measure. Refer to Reconciliation of non-IFRS information

•Sales were lower compared with the previous year, mainly due to lower royalty income.

•Adjusted EBITA decreased by 21 million, mainly due to lower royalty income.

•Restructuring, acquisition-related and other items totaled EUR 19 million, compared with EUR 26 million in Q3 2024.

Amounts may not add up due to rounding.*

Quarterly Report 2025 - Q3 6

Forward-looking statements
and other information

Forward-looking statements

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 respect to these items. Examples of forward-looking statements include statements made about our strategy, estimates of sales growth, future Adjusted EBITA*, future restructuring and acquisition-related charges and other costs, future developments in Philips’ organic business and the completion of acquisitions and divestments. Forward-looking statements can be identified generally as those containing words such as “anticipates”, “assumes”, “believes”, “estimates”, “expects”, “should”, “will”, “will likely result”, “forecast”, “outlook”, “projects”, “may” or similar expressions. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.

These factors include, but are not limited to, macro-economic and geopolitical changes – including the war in Ukraine and ongoing tensions in the Middle East – as well as measures such as announced and proposed tariffs and trade actions introduced in response to rising global tensions; Philips’ ability to keep pace with the changing health technology environment; Philips’ ability to gain leadership in health informatics and artificial intelligence in response to developments in the health technology industry; integration of acquisitions and their delivery on business plans and value creation expectations; ability to meet expectations with respect to ESG-related matters; securing and maintaining Philips’ intellectual property rights, and unauthorized use of third-party intellectual property rights; failure of products and services to meet quality or security standards, adversely affecting patient safety and customer operations; the resilience of our supply chain; challenges in simplifying our organization and our ways of working; attracting and retaining personnel; breach of cybersecurity; challenges in driving operational excellence and speed in bringing innovations to market; treasury and financing risks; tax risks; reliability of internal controls; compliance with regulations and standards involving quality, product safety, (cyber) security and artificial intelligence; and compliance with business conduct rules and regulations including privacy, existing and upcoming ESG disclosure and due diligence requirements. As a result, Philips’ actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, see also the Further information chapter included in the Annual Report 2024.

Third-party market share data

Statements regarding market share contained in this document, including those regarding Philips’ competitive position, are based on outside sources such as specialized research institutes, as well as industry and dealer panels, in combination with management estimates. Where information is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information. Management’s estimates of rankings are based on order intake or sales, depending on the business.

Market Abuse Regulation

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Use of non-IFRS information

In presenting and discussing the Philips Group’s financial position, operating results and cash flows, management uses certain non-IFRS financial measures. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Non-IFRS financial measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is contained in this document. Further information on non-IFRS measures can be found in the Annual Report 2024.

Presentation

All amounts are in millions of euros unless otherwise stated. Due to rounding, amounts may not add up precisely to totals provided. All reported data is unaudited. Financial reporting is in accordance with the accounting policies as stated in the Annual Report 2024. Certain prior-year balances have been reclassified to conform to the current period presentation.

As of September 30, 2025 uncertain tax liabilities were reclassified from non-current tax liabilities to current income tax liabilities.

Per share calculations for all periods presented have been retrospectively adjusted to reflect the issuance of shares in 2025 with respect to the share dividend for 2024.

* Non-IFRS financial measure. Refer to the Reconciliation of non-IFRS information

Quarterly Report 2025 - Q3 7

Condensed consolidated statements of income

In millions of EUR unless otherwise stated*

			Q3						January to September
			2024			2025			2024			2025
Sales			4,377			4,302			12,977			12,736
Cost of sales			(2,371)			(2,392)			(7,167)			(6,966)
Gross margin			2,006			1,911			5,810			5,770
Selling expenses			(1,075)			(1,024)			(3,298)			(3,195)
General and administrative expenses			(151)			(154)			(445)			(470)
Research and development expenses			(433)			(414)			(1,275)			(1,273)
Other business income			6			21			554			75
Other business expenses			(15)			(10)			(1,016)			(23)
Income from operations			337			330			329			884
Financial income			34			21			74			75
Financial expenses			(104)			(78)			(280)			(238)
Investments in associates, net of income taxes			(21)			2			(115)			(6)
Income before taxes			247			275			8			716
Income tax (expense) benefit			(65)			(87)			(514)			(208)
Income from continuing operations			182			188			(507)			508
Discontinued operations, net of income taxes			-			(1)			142			(8)
Net income			181			187			(365)			499
Attribution of net income
Net income attributable to shareholders ¹			181			184			(367)			500
Net income attributable to non-controlling interests			-			3			2			(1)

1Shareholders refers to shareholders of Koninklijke Philips N.V.

Philips Group Earnings per common share attributable to shareholders of Koninklijke Philips N.V.

			Q3						January to September
			2024			2025			2024			2025
Weighted average number of common shares outstanding (after deduction of treasury shares) during the period (in thousands) ¹:
Basic			952,891			950,790			954,336			947,264
Diluted			963,904			963,844			954,336			960,389
Basic earnings per common share attributable to shareholders of Koninklijke Philips N.V (in EUR) ¹
Income from continuing operations			0.19			0.19			(0.53)			0.54
Income from discontinued operations			-			-			0.15			(0.01)
Net income			0.19			0.19			(0.38)			0.53
Diluted earnings per common share attributable to shareholders of Koninklijke Philips N.V. (in EUR) ¹
Income from continuing operations			0.19			0.19			(0.53)			0.53
Income from discontinued operations			-			-			0.15			(0.01)
Net income			0.19			0.19			(0.38)			0.52

1Per share calculations have been adjusted retrospectively for all periods presented to reflect the issuance of shares in 2025 with respect to the share dividend for 2024.

Amounts may not add up due to rounding.*

Quarterly Report 2025 - Q3 8

Condensed consolidated statements of comprehensive income

in millions of EUR*

			Q3						January to September
			2024			2025			2024			2025
Net income for the period			181			187			(365)			499
Pensions and other post-employment plans:
Remeasurement, before tax			(2)			-			(2)			1
Income tax effect on remeasurements			-			(1)			4			2
Financial assets fair value through OCI:
Net current-period change, before tax			(9)			(3)			(12)			(28)
Income tax effect on net current-period change			2			-			6			4
Total of items that will not be reclassified to Income statement			(9)			(3)			(3)			(21)
Currency translation differences:
Net current-period change, before tax			(508)			(41)			(119)			(1,627)
Income tax effect on net current-period change			-			2			(5)			3
Reclassification adjustment for (gain) loss realized			-			(13)			(1)			(13)
Cash flow hedges:
Net current-period change, before tax			(20)			8			6			45
Income tax effect on net current-period change			7			(1)			5			(11)
Reclassification adjustment for (gain) loss realized			(9)			(3)			(27)			(5)
Total of items that are or may be reclassified to Income statement			(530)			(48)			(141)			(1,607)
Other comprehensive income for the period			(539)			(51)			(144)			(1,629)
Total comprehensive income for the period			(358)			136			(509)			(1,130)
Total comprehensive income attributable to:
Shareholders of Koninklijke Philips N.V.			(356)			133			(511)			(1,125)
Non-controlling interests			(1)			2			2			(4)

Amounts may not add up due to rounding.*

Quarterly Report 2025 - Q3 9

Condensed consolidated balance sheets

in millions of EUR*

			December 31, 2024			September 30, 2025
Non-current assets:
Property, plant and equipment			2,452			2,219
Goodwill			10,383			9,341
Intangible assets excluding goodwill			2,982			2,579
Non-current receivables			208			213
Investments in associates			257			146
Other non-current financial assets			631			619
Deferred tax assets			1,916			1,798
Other non-current assets			127			147
Total non-current assets			18,955			17,061
Current assets:
Inventories			3,198			3,260
Other current assets			588			594
Current derivative financial assets			69			80
Income tax receivable			94			50
Current receivables			3,672			3,271
Assets classified as held for sale			-			112
Cash and cash equivalents			2,401			1,912
Total current assets			10,022			9,278
Total assets			28,976			26,339
Equity:
Shareholders’ equity			12,006			10,552
Non-controlling interests			37			31
Group equity			12,043			10,583
Non-current liabilities:
Long-term debt			7,113			7,237
Long-term provisions			996			956
Deferred tax liabilities			81			77
Non-current contract liabilities			431			415
Other non-current liabilities			167			41
Total non-current liabilities			8,787			8,726
Current liabilities:
Short-term debt			526			1,148
Current derivative financial liabilities			59			37
Income tax liabilities			71			182
Accounts payable			1,830			1,713
Accrued liabilities			1,630			1,440
Current contract liabilities			1,699			1,522
Short-term provisions			1,977			691
Liabilities directly associated with assets held for sale			-			8
Other current liabilities			354			289
Total current liabilities			8,146			7,030
Total liabilities			16,933			15,757
Total liabilities and group equity			28,976			26,339

Amounts may not add up due to rounding.*

Quarterly Report 2025 - Q3 10

Condensed consolidated statements of cash flows

in millions of EUR*

			Q3						January to September
			2024			2025			2024			2025
Cash flows from operating activities:
Net income (loss)			181			187			(365)			499
Results of discontinued operations - net of income tax			-			1			(142)			8
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation, amortization and impairment of assets			291			303			928			846
Share-based compensation			29			32			67			111
Net loss (gain) on sale of assets			10			(1)			8			(2)
Interest income			(21)			(17)			(57)			(61)
Interest expense on debt, borrowings and other liabilities			73			68			203			200
Investments in associates, net of income taxes			21			(1)			116			7
Income tax expense			66			87			515			208
Decrease (increase) in working capital:			(167)			(206)			(1,150)			(542)
Decrease (increase) in receivables and other current assets			23			(24)			(218)			190
Decrease (increase) in inventories			(23)			(102)			(163)			(470)
Increase (decrease) in accounts payable, accrued and other current liabilities			(167)			(80)			(768)			(263)
Decrease (increase) in non-current receivables and other assets			(28)			20			14			(68)
Increase (decrease) in other liabilities			(8)			12			(42)			4
Increase (decrease) in provisions			(106)			(66)			246			(1,206)
Other items			(25)			(5)			32			80
Interest received			22			17			57			60
Interest paid			(79)			(63)			(217)			(213)
Dividends received from investments in associates			-			2			7			13
Income taxes received/ (paid)			(67)			(43)			(111)			(164)
Net cash provided by (used for) operating activities			192			327			110			(219)
Cash flows from investing activities:
Net capital expenditures			(170)			(155)			(489)			(469)
Purchase of intangible assets			(29)			(23)			(93)			(92)
Expenditures on development assets			(69)			(67)			(177)			(198)
Capital expenditures on property, plant and equipment			(75)			(68)			(234)			(186)
Proceeds from sales of property, plant and equipment			4			3			15			7
Net proceeds from (cash used for) derivatives and current financial assets			(11)			-			5			(71)
Purchase of other non-current financial assets			(24)			(9)			(85)			(35)
Proceeds from other non-current financial assets			11			3			34			42
Purchase of businesses, net of cash acquired			(4)			3			(5)			2
Net proceeds from sale of interests in businesses, net of cash disposed of			63			-			66			(9)
Net cash provided by (used for) investing activities			(136)			(158)			(474)			(541)
Cash flows from financing activities:
Proceeds from issuance of (payments on) short-term debt			3			(9)			(31)			6
Principal payments on short-term portion of long-term debt			(255)			(55)			(360)			(296)
Proceeds from issuance of long-term debt			6			22			705			1,041
Re-issuance of treasury shares			-			7			-			8
Purchase of treasury shares			(60)			-			(268)			-
Dividends paid to shareholders of Koninklijke Philips N.V.			-			(33)			(1)			(328)
Dividends paid to shareholders of non-controlling interests			-			-			(2)			(2)
Net cash provided by (used for) financing activities			(307)			(68)			43			429
Net cash provided by (used for) continuing operations			(251)			100			(320)			(330)
Net cash provided by (used for) discontinued operations			-			-			(17)			(10)
Net cash provided by (used for) continuing and discontinued operations			(251)			100			(337)			(340)
Effect of change in exchange rates on cash and cash equivalents			(44)			(11)			(20)			(149)
Cash and cash equivalents at the beginning of the period			1,807			1,822			1,869			2,401
Cash and cash equivalents at the end of the period			1,512			1,912			1,512			1,912

Amounts may not add up due to rounding.*

Quarterly Report 2025 - Q3 11

Condensed consolidated statements of
changes in equity

in millions of EUR*

			Common shares			Capital in excess of par value						Fair value through OCI			Cash flow hedges			Currency translation differences						Retained earnings			Treasury shares at cost						Total shareholders’ equity			Non-controlling interests			Group equity
												reserves												other
Balance as of December 31, 2023			183			5,827						(390)			6			1,263						5,402			(262)						12,028			33			12,061
Total comprehensive income (loss)			-			-						(5)			(16)			(124)						(365)			-						(511)			2			(509)
Dividend distributed			6			762						-			-			-						(799)			-						(31)			(2)			(32)
Transfer of reserve for equity investments at FVTOCI to retained earnings			-			-						311			-			-						(311)			-						(1)			-			(1)
Re-issuance of treasury shares			-			(35)						-			-			-						(17)			52						-			-			-
Forward contracts			-			-						-			-			-						102			(167)						(65)			-			(65)
Cancellation of treasury shares			(1)			-						-			-			-						(166)			167						-			-			-
Purchase of treasury shares			-			-						-			-			-						-			(60)						(60)			-			(60)
Share-based compensation plans			-			67						-			-			-						-			-						67			-			67
Income tax share-based compensation plans			-			9						-			-			-						-			-						9			-			9
Balance as of September 30, 2024			188			6,631						(84)			(10)			1,138						3,846			(270)						11,437			33			11,470
Balance as of December 31, 2024			188			6,654						(90)			1			2,014						3,650			(411)						12,006			37			12,043
Total comprehensive income (loss)			-			-						(25)			29			(1,632)						503			-						(1,125)			(4)			(1,130)
Dividend distributed			5			457						-			-			-						(789)			-						(328)			(2)			(330)
Transfer of reserve for equity investments at FVTOCI to retained earnings			-			-						(2)			-			-						2			-						1			-			1
Re-issuance of treasury shares			-			(58)						-			-			-						(33)			99						9			-			9
Forward contracts			-			-						-			-			-						(125)			-						(125)			-			(125)
Share-based compensation plans			-			110						-			-			-						-			-						110			-			110
Income tax share-based compensation plans			-			5						-			-			-						-			-						5			-			5
Balance as of September 30, 2025			193			7,168						(116)			30			382						3,208			(312)						10,552			31			10,583

Amounts may not add up due to rounding.*

Quarterly Report 2025 - Q3 12

Reconciliation of non-IFRS information

Certain non-IFRS financial measures are presented when discussing the Philips Group’s performance:

•Comparable sales growth

•Adjusted income from continuing operations attributable to shareholders

•Adjusted income from continuing operations attributable to shareholders per common share (in EUR) - diluted (Adjusted EPS)

•EBITA

•Adjusted EBITA

•Adjusted EBITDA

•Free cash flow

•Net debt : group equity ratio

For the definitions of the non-IFRS financial measures listed above, refer to chapter 9.9, Reconciliation of non-IFRS information, of the Annual Report 2024 and to the Forward-looking statements and other information.

Comparable order intake is not a financial measure, but is presented when discussing the Philips Group’s performance. Refer to Forward-looking statements and other information.

Sales growth composition in %

			Q3 2025												January to September
			nominal growth			consolidation changes			currency effects			comparable growth			nominal growth			consolidation changes			currency effects			comparable growth
2025 versus 2024
Diagnosis & Treatment			(3.3		%)	0.3		%	4.3		%	1.3		%	(3.5		%)	0.4		%	1.8		%	(1.3		%)
Connected Care			(0.9		%)	1.0		%	5.0		%	5.1		%	(1.5		%)	0.9		%	1.9		%	1.3		%
Personal Health			5.8		%	0.0		%	5.2		%	10.9		%	3.9		%	0.0		%	2.3		%	6.2		%
Philips Group			(1.7		%)	0.5		%	4.5		%	3.3		%	(1.9		%)	0.6		%	1.9		%	0.6		%

Adjusted income from continuing operations attributable to shareholders 1 in millions of EUR unless otherwise stated

			Q3						January to September
			2024			2025			2024			2025
Net income			181			187			(365)			499
Discontinued operations, net of income taxes			-			1			(142)			8
Income from continuing operations			182			188			(507)			508
Income from continuing operations attributable to non-controlling interests			-			(3)			(2)			1
Income from continuing operations attributable to shareholders ¹			181			185			(509)			508
Adjustments for:
Amortization and impairment of acquired intangible assets			66			79			199			189
Restructuring and acquisition-related charges			56			57			208			169
Other items:			57			65			662			182
Respironics litigation provision			3			-			985			-
Respironics insurance income			-			-			(538)			-
Respironics field-action running costs			35			20			107			91
Respironics consent decree charges			17			20			64			68
Quality actions			-			23			31			42
Contract settlement gain			-			-			-			(23)
Remaining items			1			2			13			4
Net finance expenses			(4)			(1)			16			3
Tax impact on adjusting items ²			(549)			(42)			(247)			(126)
Tax effect of derecognition of US deferred tax asset			496			-			496			-
Adjusted income from continuing operations attributable to shareholders ¹			304			343			826			926
Earnings per common share ³:
Income from continuing operations attributable to shareholders ¹ per common share (in EUR) - diluted			0.19			0.19			(0.53)			0.53
Adjusted income from continuing operations attributable to shareholders ¹ per common share (in EUR) - diluted			0.32			0.36			0.87			0.96

1Shareholders refers to shareholders of Koninklijke Philips N.V.

2Includes deferred tax assets derecognized in the line below

³ Per share calculations have been adjusted retrospectively for all periods presented to reflect the issuance of shares in 2025 with respect to the share dividend for 2024

Quarterly Report 2025 - Q3 13

Reconciliation of Net income to Adjusted EBITA and Adjusted EBITDA in millions of EUR

			Philips Group			Diagnosis & Treatment			Connected Care			Personal Health			Other
Q3 2025
Net income			187
Discontinued operations, net of income taxes			1
Income tax expense (benefit)			87
Investments in associates, net of income taxes			(2)
Financial expenses			78
Financial income			(21)
Income from operations			330			200			12			143			(25)
Amortization and impairment of acquired intangible assets			79			18			55			3			3
EBITA			409			217			67			147			(22)
Restructuring and acquisition-related charges			57			6			33			4			13
Other items:			65			22			36			-			7
Quality actions			23			22			1			-			-
Respironics field-action running costs			20			-			20			-			-
Respironics consent decree charges			20			-			20			-			-
Remaining items			2			-			(5)			-			7
Adjusted EBITA			531			246			137			151			(3)
Depreciation, amortization and impairment of fixed assets and other intangible assets			224			45			80			22			77
Adding back impairment of fixed assets included in Restructuring and acquisition-related charges and Other items			(17)			-			(15)			(1)			-
Adjusted EBITDA			738			291			201			172			74
January to September 2025
Net income			499
Discontinued operations, net of income taxes			8
Income tax expense (benefit)			208
Investments in associates, net of income taxes			6
Financial expenses			238
Financial income			(75)
Income from operations			884			579			(3)			381			(73)
Amortization and impairment of acquired intangible assets			189			56			114			11			9
EBITA			1,074			635			111			392			(65)
Restructuring and acquisition-related charges			169			36			66			13			55
Other items:			182			43			132			-			7
Respironics field-action running costs			91			-			91			-			-
Respironics consent decree charges			68			-			68			-			-
Quality actions			42			43			(2)			-			-
Contract settlement gain			(23)			-			(23)			-			-
Remaining items			4			-			(2)			-			7
Adjusted EBITA			1,425			714			309			405			(3)
Depreciation, amortization and impairment of fixed assets and other intangible assets			656			138			204			76			239
Adding back impairment of fixed assets included in Restructuring and acquisition-related charges and Other items			(26)			(1)			(16)			(9)			-
Adjusted EBITDA			2,056			852			497			472			235

Quarterly Report 2025 - Q3 14

			Philips Group			Diagnosis & Treatment			Connected Care			Personal Health			Other
Q3 2024
Net income			181
Discontinued operations, net of income taxes			-
Income tax expense (benefit)			65
Investments in associates, net of income taxes			21
Financial expenses			104
Financial income			(34)
Income from operations			337			232			(17)			132			(10)
Amortization and impairment of acquired intangible assets			66			23			37			4			2
EBITA			404			255			20			136			(8)
Restructuring and acquisition-related charges			56			16			19			2			19
Other items:			57			-			50			-			7
Respironics field-action running costs			35			-			35			-			-
Respironics consent decree charges			17			-			17			-			-
Respironics litigation provision			3			-			3			-			-
Remaining items			1			-			(6)			-			7
Adjusted EBITA			516			271			89			138			18
Depreciation, amortization and impairment of fixed assets and other intangible assets			225			50			59			24			92
Adding back impairment of fixed assets included in Restructuring and acquisition-related charges and Other items			(6)			-			-			(2)			(4)
Adjusted EBITDA			735			321			148			160			106
January to September 2024
Net income			(365)
Discontinued operations, net of income taxes			(142)
Income tax expense (benefit)			514
Investments in associates, net of income taxes			115
Financial expenses			280
Financial income			(74)
Income from operations			329			589			(524)			368			(104)
Amortization and impairment of acquired intangible assets			199			68			111			11			8
EBITA			528			657			(413)			379			(95)
Restructuring and acquisition-related charges			208			60			54			20			74
Other items:			662			6			638			-			18
Respironics litigation provision			985			-			985			-			-
Respironics insurance income			(538)			-			(538)			-			-
Respironics field-action running costs			107			-			107			-			-
Respironics consent decree charges			64			-			64			-			-
Quality actions			31			6			25			-			-
Remaining items			13			-			(5)			-			18
Adjusted EBITA			1,399			723			280			399			(3)
Depreciation, amortization and impairment of fixed assets and other intangible assets			729			150			192			74			313
Adding back impairment of fixed assets included in Restructuring and acquisition-related charges and Other items			(51)			(3)			-			(5)			(42)
Adjusted EBITDA			2,077			870			471			468			268

Quarterly Report 2025 - Q3 15

Composition of free cash flow in millions of EUR

			Q3						January to September
			2024			2025			2024			2025
Net cash flows from operating activities			192			327			110			(219)
Net capital expenditures			(170)			(155)			(489)			(469)
Purchase of intangible assets			(29)			(23)			(93)			(92)
Expenditures on development assets			(69)			(67)			(177)			(198)
Capital expenditures on property, plant and equipment			(75)			(68)			(234)			(186)
Proceeds from sales of property, plant and equipment			4			3			15			7
Free cash flow			22			172			(378)			(688)

Composition of net debt to group equity in millions of EUR unless otherwise stated

			June 30, 2025			September 30, 2025
Long-term debt			7,182			7,237
Short-term debt			1,244			1,148
Total debt			8,425			8,385
Cash and cash equivalents			1,822			1,912
Net debt			6,603			6,473
Shareholders’ equity			10,379			10,552
Non-controlling interests			29			31
Group equity			10,408			10,583
Net debt : group equity ratio			39:61			38:62

Quarterly Report 2025 - Q3 16

Philips statistics

Quarterly statistics in millions of EUR unless otherwise stated

			2024												2025
			Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4
Sales			4,138			4,462			4,377			5,044			4,097			4,338			4,302
Nominal sales growth			(1		%)	0		%	(2		%)	0		%	(1		%)	(3		%)	(2		%)
Comparable sales growth ¹			2		%	2		%	0		%	1		%	(2		%)	1		%	3		%
Comparable order intake ²			(4		%)	9		%	(2		%)	2		%	2		%	6		%	8		%
Gross margin			1,815			1,989			2,006			1,963			1,849			2,011			1,911
as a % of sales			44		%	45		%	46		%	39		%	45		%	46		%	44		%
Selling expenses			(1,096)			(1,127)			(1,075)			(1,188)			(1,087)			(1,084)			(1,024)
as a % of sales			(26		%)	(25		%)	(25		%)	(24		%)	(27		%)	(25		%)	(24		%)
G&A expenses			(136)			(158)			(151)			(137)			(161)			(155)			(154)
as a % of sales			(3		%)	(4		%)	(3		%)	(3		%)	(4		%)	(4		%)	(4		%)
R&D expenses			(419)			(424)			(433)			(472)			(457)			(402)			(414)
as a % of sales			(10		%)	(9		%)	(10		%)	(9		%)	(11		%)	(9		%)	(10		%)
Income from operations			(824)			816			337			199			154			400			330
as a % of sales			(20		%)	18		%	8		%	4		%	4		%	9		%	8		%
Net income			(998)			452			181			(333)			72			240			187
Income from continuing operations attributable to shareholders ³ per common share (in EUR) - diluted			(1.05)			0.32			0.19			(0.35)			0.09			0.25			0.19
Adjusted income from continuing operations attributable to shareholders ³ per common share (in EUR) - diluted ¹			0.25			0.30			0.32			0.50			0.25			0.36			0.36
EBITA ¹			(751)			876			404			393			211			453			409
as a % of sales			(18.1		%)	19.6		%	9.2		%	7.8		%	5.2		%	10.5		%	9.5		%
Adjusted EBITA ¹			388			495			516			679			354			540			531
as a % of sales			9.4		%	11.1		%	11.8		%	13.5		%	8.6		%	12.4		%	12.3		%
Adjusted EBITDA ¹			609			733			735			905			571			747			738
as a % of sales			14.7		%	16.4		%	16.8		%	17.9		%	13.9		%	17.2		%	17.2		%
At the end of period:
Number of common shares outstanding (after deduction of treasury shares) in thousands			904,257			934,117			931,986			925,009			925,084			950,574			950,979
Shareholders’ equity per common share in EUR			12.56			12.72			12.27			12.98			12.64			10.92			11.10
Net debt : group equity ratio ¹			36:64			35:65			36:64			30:70			35:65			39:61			38:62
Total employees			69,062			68,701			69,282			67,823			67,247			67,263			67,035

1Non-IFRS financial measure. Refer to the Reconciliation of non-IFRS information

2Comparable order intake is presented when discussing the Philips Group's performance. For the definition of this measure, refer to chapter 9.10, Other Key Performance Indicators, of the Annual Report 2024.

3Shareholders refers to shareholders of Koninklijke Philips N.V. Per share calculations have been adjusted retrospectively for all periods presented to reflect the issuance of shares in 2025 with respect to the share dividend for 2024.

Quarterly Report 2025 - Q3 17

Year-to-date statistics in millions of EUR unless otherwise stated

			2024												2025
			January-March			January-June			January-September			January-December			January-March			January-June			January-September			January-December
Sales			4,138			8,600			12,977			18,021			4,097			8,434			12,736
Nominal sales growth			(1		%)	0		%	(1		%)	(1		%)	(1		%)	(2		%)	(2		%)
Comparable sales growth ¹			2		%	2		%	1		%	1		%	(2		%)	(1		%)	1		%
Comparable order intake ²			(4		%)	3		%	1		%	1		%	2		%	4		%	6		%
Gross margin			1,815			3,804			5,810			7,773			1,849			3,859			5,770
as a % of sales			44		%	44		%	45		%	43		%	45		%	46		%	45		%
Selling expenses			(1,096)			(2,223)			(3,298)			(4,486)			(1,087)			(2,171)			(3,195)
as a % of sales			(26		%)	(26		%)	(25		%)	(25		%)	(27		%)	(26		%)	(25		%)
G&A expenses			(136)			(294)			(445)			(582)			(161)			(316)			(470)
as a % of sales			(3		%)	(3		%)	(3		%)	(3		%)	(4		%)	(4		%)	(4		%)
R&D expenses			(419)			(843)			(1,275)			(1,747)			(457)			(859)			(1,273)
as a % of sales			(10		%)	(10		%)	(10		%)	(10		%)	(11		%)	(10		%)	(10		%)
Income from operations			(824)			(8)			329			529			154			554			884
as a % of sales			(20		%)	0		%	3		%	3		%	4		%	7		%	7		%
Net income			(998)			(546)			(365)			(698)			72			312			499
Income from continuing operations attributable to shareholders ³ per common share (in EUR) - diluted			(1.05)			(0.72)			(0.53)			(0.88)			0.09			0.34			0.53
Adjusted income from continuing operations attributable to shareholders ³ per common share (in EUR) - diluted ¹			0.25			0.55			0.87			1.36			0.25			0.61			0.96
EBITA ¹			(751)			125			528			921			211			665			1,074
as a % of sales			(18.1		%)	1.5		%	4.1		%	5.1		%	5.2		%	7.9		%	8.4		%
Adjusted EBITA ¹			388			882			1,399			2,077			354			894			1,425
as a % of sales			9.4		%	10.3		%	10.8		%	11.5		%	8.6		%	10.6		%	11.2		%
Adjusted EBITDA ¹			609			1,342			2,077			2,982			571			1,317			2,056
as a % of sales			14.7		%	15.6		%	16.0		%	16.5		%	13.9		%	15.6		%	16.1		%

1Non-IFRS financial measure. Refer to the Reconciliation of non-IFRS information

2Comparable order intake is presented when discussing the Philips Group's performance. For the definition of this measure, refer to chapter 9.10, Other Key Performance Indicators, of the Annual Report 2024.

3Shareholders refers to shareholders of Koninklijke Philips N.V. Per share calculations have been adjusted retrospectively for all periods presented to reflect the issuance of shares in 2025 with respect to the share dividend for 2024.

© 2025 Koninklijke Philips N.V. All rights reserved.
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FAQ

What were Philips (PHG) Q3 2025 sales and growth?

Group sales were EUR 4.3 billion, with 3.3% comparable sales growth.

How did Philips’ margins trend in Q3 2025?

Adjusted EBITA margin increased by 50 bps to 12.3% of sales.

What was Philips’ Q3 2025 order intake?

Comparable order intake grew 8%, supported by strength in North America.

How much free cash flow did Philips generate in Q3 2025?

Free cash flow was EUR 172 million; operating cash flow was EUR 327 million.

What guidance did Philips reaffirm for full-year 2025?

Comparable sales growth 1%–3%, adjusted EBITA margin 11.3%–11.8% toward the upper end, and free cash flow of EUR 0.2–0.4 billion.

How did segments perform for Philips in Q3 2025?

Diagnosis & Treatment: 1.3% growth, margin 11.8%; Connected Care: 5.1% growth, margin 11.4%; Personal Health: 10.9% growth, margin 17.1%.

Does the outlook include Respironics-related proceedings?

No. The outlook excludes ongoing Philips Respironics-related proceedings.