Philips Half-Year Report 2023

Quarterly Performance

• Strong CSG with contribution from all business segments and geographies
• Order book +3% higher year-on-year, including a good order-book-to-sales conversion in the last three quarters
• Comparable OIT declined 8% (-4% excl. Russia) following high comps in last two years, strong Diagnosis & Treatment in Q1, and normalization of demand in Connected Care
• Productivity initiatives delivered EUR 237 million in the quarter
• Adj. EBITA driven by sales growth, royalties and productivity, partly offset by inflation
• Operating Cash flow driven by earnings and lower working capital outflows