Philips (NYSE: PHG) reported Q4 EPS of EUR0.51, EUR0.09 worse than the analyst estimate of EUR0.60. Revenue for the quarter came in at EUR5.04 billion versus the consensus estimate of EUR5.39 billion.

Outlook
Philips remains focused on successfully executing its three-year plan to drive operational improvements and create value with sustainable impact, within a
challenging macro environment. For 2025, Philips expects:
• 1%-3% comparable sales growth, including a mid- to high-single-digit decline in China
• Adjusted EBITA margin increasing 30-80 bps to 11.8%-12.3%
• Free cash flow before payment of the USD 1.1 billion cash-out relating to the US medical monitoring and personal injury settlements will be at the
lower end of the range of EUR 1.4 billion to EUR 1.6 billion. Net of this cash-out, free cash flow will be EUR 0.4 billion to EUR 0.6 billion.
We anticipate comparable sales growth to be back-end-loaded in the year, with a mid-single-digit decline in Q1 mainly due to lower demand in China
and royalties phasing, with correspondingly lower Adjusted EBITA margin.
The outlook includes the impact of the recently announced US-China tariffs. It excludes ongoing Philips Respironics-related legal proceedings, including
the investigation by the US Department of Justice.

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