Philips (PHG.AS): Q3'26 consensus comparison. 3.6% below on adj EBITA, although the soft quarter is well flagged

Ahead of Philips' Q3'26 results (3 November), J.P. Morgan sets out a comparison to the latest company consensus. For Q3, JPM is 0.5% below on sales and 3.6% below on adj EBITA owing to lower margin, primarily in CC. For FY26, JPM is largely in line with consensus at all levels, suggesting differences in phasing expectations (with JPM more back-end loaded). JPM believes the soggy Q3 should be well-flagged (continued China headwinds and mix headwinds), and the focus for the call is likely on inflationary pressures and the health of consumer confidence in FY27, where risks are skewed to the downside. Q3'26: 0.5% below on group sales with +3.0% organic growth (consensus +3.1%); divisionally PH +4.0% organic (consensus +3.4%), D&T +2.5% (consensus +2.8%) and CC +3.0% (consensus +3.8%). At adj EBITA JPM is 3.6% below with group margin 30bps below consensus (JPMe 11.5%), and 6.5% below at adj EPS. FY26: in line on group sales with +3.6% organic growth;