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August 5, 2024
Amsterdam, Netherlands – Royal Philips PHG, listed on the New York Stock Exchange (NYSE: PHIA), today announced that it will buy back shares for up to €125 million to cover certain obligations arising from its long-term incentive plans. At the current share price, this represents a total of approximately 4.8 million shares.
The buybacks will be executed through a combination of forward transactions and open market purchases with a financial institution. Philips expects to receive the forward share purchases in 2026. The open market purchases will be executed in the third quarter of 2024 through a broker to allow for the purchase of shares during both the open and closed periods. All buybacks will be executed in accordance with EU market abuse regulations and within the limits of the authorization granted by the Company’s general meeting of shareholders on 7 May 2024.
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Updates on the program’s progress and more details will be provided via this connection And through press releases as appropriate.
For more information, please contact:
Ben Zowayris
External Relations at Philips
Phone: +31 6 1521 3446
e-mail: Ben.Zweers@philips.com
Doreen Dano
Philips Investor Relations
Phone: +31 20 59 77055
e-mail: Doreen Dano@philips.com
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading healthcare technology company focused on improving people’s health and well-being through purposeful innovation. Philips’ patient- and people-focused innovations leverage advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and occupational health solutions for healthcare providers and their patients in the hospital and home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise intelligence, as well as in personal health. Philips generated sales of €18.2 billion in 2023 and employs approximately 68,700 sales and service employees in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.
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Forward looking data
This release contains certain forward-looking statements regarding the financial condition, results of operations and business of Philips and certain of Philips’ plans and objectives with respect to these items. Examples of forward-looking statements include statements made regarding strategy, estimates of future sales and EBITDA growth, future developments in Philips’ organic business, and the completion of acquisitions and divestitures. By their nature, these statements involve risks and uncertainties 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.
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