Koninklijke Philips N.V. (PHG) 2026 Q1 法說會逐字稿

Hello, everyone, and welcome to Philips' first-quarter 2026 results webcast. I'm here with our CEO, Roy Jakobs; and our CFO, Charlotte Hanneman. Our results press release and presentation are available on our Investor Relations website. The replay and full transcript of this webcast will be available on our website after this call concludes. I want to draw your attention to our Safe Harbor statement on the screen and in the presentation.

各位好，歡迎收看飛利浦 2026 年第一季業績網路直播。我與我們的執行長 Roy Jakobs 以及財務長 Charlotte Hanneman 一同出席。我們的業績新聞稿與簡報已發布於投資人關係網站。本次網路直播的重播與完整逐字稿將於本次電話會議結束後在我們的網站提供。請各位留意螢幕與簡報中的「安全港」聲明。

I will now hand over to Roy.

接下來我把時間交給 Roy。

Thanks, Durga. And good morning, everyone. Thank you for joining us today. I will start with an overview of our Q1 results and our outlook for the balance of the year. Charlotte will take you through the quarter and our guidance in more detail. We started '26 with a clear proof that our strategy is delivering growth, margin expansion, and strong order momentum despite the volatile environment. At the same time, we remain closely connected to our customers and employees. This includes those impacted by the situation in the Middle East. We continue to prioritize their safety, support, and continuity of care.

謝謝你，Durga。各位早安，感謝今天加入我們。我將先概述第一季的業績以及今年剩餘期間的展望。Charlotte 會更詳細地帶各位回顧本季表現與我們的指引。我們以明確的成果開啟 2026 年：即使外部環境波動，我們的策略仍帶來成長、利潤率擴張，以及強勁的訂單動能。同時，我們也持續與客戶與員工保持緊密連結，其中包括受中東局勢影響的同仁。我們仍將其安全、支持與照護連續性列為優先事項。

Against this current backdrop, we reiterate our full-year guidance. Looking at Q1. Order intake grew 6%, reflecting continued momentum. Comparable sales increased 4% with growth across all business segments, led by personal health. We also expanded margins. Adjusted EBITA margin improved by 40 basis points to 9% despite higher tariffs. This marks our sixth consecutive quarter of delivering on our commitments, even as we operate in an uncertain and dynamic environment.

在目前的背景下，我們重申全年指引。就第一季而言，接單成長 6%，反映動能持續。可比銷售成長 4%，三大事業部門皆有成長，其中以個人健康領先。我們也擴大利潤率。儘管關稅上升，調整後 EBITA 利潤率仍提升 40 個基點至 9%。這是我們連續第六個季度兌現承諾，即便我們在不確定且動態的環境中營運。

Disciplined execution and focus on what we can control underpins our progress. We are on track to deliver the full-year outlook we set in February, which includes currently known information within an uncertain macro environment. Our strategy remains anchored in three pillars: focused value creation, innovation-driven growth, and disciplined execution.

嚴謹的執行力與聚焦於我們可控的事項，是推動進展的基礎。我們正按計畫達成 2 月所設定的全年展望，其中已納入在不確定的總體環境下目前已知的資訊。我們的策略仍以三大支柱為核心：聚焦價值創造、以創新驅動成長，以及嚴謹執行。

Let me take you through the first quarter in that context, starting with our first pillar, focused value creation. We execute specific strategies by segment. And we invest with discipline, focusing on interventional monitoring to drive growth. We also drive growth geographically with North America as the key engine.

我將在此脈絡下帶各位回顧第一季，先從第一支柱「聚焦價值創造」開始。我們依事業部門執行具體策略，並以紀律投資，聚焦介入式監測以帶動成長。我們也在地理布局上推動成長，以北美作為主要引擎。

You can also see this in our Q1 results. Equipment order intake grew 6%, with solid growth across D&T and Connected Care. North America led the growth, building on strong prior-year comparison. Europe also performed strongly across several modalities. Looking at D&T, order intake increased in the mid-single digits. Growth was driven by sustained momentum in image-guided therapy as our market-leading Azurion platform continues to drive strong demand. Precision Diagnosis delivered solid order growth outside China.

第一季的結果也反映了這一點。設備接單成長 6%，診斷與治療（D&T）以及互聯照護（Connected Care）皆有穩健成長。北美在強勁的去年同期比較基礎上帶動成長；歐洲在多個產品領域也表現強勁。就 D&T 而言，接單以中個位數成長，主要由影像導引治療的持續動能帶動，我們市場領先的 Azurion 平台持續推升強勁需求。精準診斷在中國以外地區也交出穩健的訂單成長。

Globally, MR order intake was solid, with increasing interest in our helium-free systems. Last year, 75% of our MR systems shipped were helium free. For our customers, resilience in MRI is being tested more than ever. Helium supply is tightening. Geopolitical developments in the Middle East are adding further pressure to that. Costs continue to rise. As a result, health systems are seeking uninterrupted imaging and reliable service in everyday clinical practice.

在全球範圍內，MRI 接單表現穩健，市場對我們無氦系統的興趣持續升溫。去年，我們出貨的 MRI 系統中有 75% 為無氦機型。對客戶而言，MRI 的韌性正面臨前所未有的考驗：氦氣供應日益吃緊；中東地緣政治發展進一步加劇壓力；成本也持續上升。因此，醫療體系正在尋求不中斷的影像服務，以及在日常臨床實務中可靠的服務支援。

Philips is leading the shift to helium-free imaging with our high-performance BlueSeal technology. We are setting the new industry standard in MRI resilience, enabling uninterrupted operations and reducing dependence on scarce helium. We have installed more than 2,200 systems globally, saving over 6 million liters of helium. Building on this, we also unveiled the industry's first helium-free 3.0T MR systems. We expect regulatory clearance in 2027, positioning us to transition to a fully helium-free MR portfolio and extend our lead over competitors.

飛利浦以高效能的 BlueSeal 技術引領無氦影像的轉型。我們正在為 MRI 韌性建立新的產業標準，讓營運不中斷並降低對稀缺氦氣的依賴。我們已在全球安裝超過 2,200 套系統，節省逾 600 萬公升氦氣。在此基礎上，我們也發表了業界首款無氦 3.0T MRI 系統。我們預期於 2027 年取得法規核准，使我們得以邁向全無氦的 MRI 產品組合，並擴大相較競爭對手的領先優勢。

In CT, we are seeing a strong funnel for our spectral technology. In the quarter, Verida, the industry's first AI-enabled detector-based spectral CT, gained traction following its launch at RSNA last December, with initial orders secured in Europe. The first system installed in Q1 is already delivering results. At Nuestra Senora de Rosario University Hospital in Madrid, it is demonstrating seamless workflow integration and clinically relevant insights and, importantly, without added operational complexity.

在 CT 方面，我們看到光譜技術帶來強勁的商機管道。本季，業界首款 AI 賦能、探測器式光譜 CT——Verida——在去年 12 月 RSNA 發表後持續獲得市場關注，並已在歐洲取得初期訂單。第一套系統於第一季完成安裝後已開始產生成果。在馬德里的 Nuestra Senora de Rosario 大學醫院，該系統展現了無縫的工作流程整合與具臨床意義的洞見，且重要的是，不會增加營運複雜度。

Turning to Connected Care, order intake grew in high single digits, mainly driven by monitoring and supported by enterprise Informatics. Demand was broad based across all regions with particular strength in North America and Europe, building on a strong prior-year comparison. We continue to expand enterprise partnerships with large integrated delivery networks.

再看互聯照護（Connected Care），接單以高個位數成長，主要由監測業務帶動，並獲企業級資訊（enterprise Informatics）支撐。需求在各區域均衡成長，其中北美與歐洲表現尤為強勁，且建立在去年同期強勁比較基礎之上。我們持續與大型整合式醫療服務網路擴大企業合作夥伴關係。

These customers are investing in enterprise patient intelligence, medical device integration, and cybersecurity. They are increasingly adopting our enterprise monitoring as a service model to improve clinical, operational, and economic outcomes. This reinforces our position as a partner of choice for enterprise-wide data-driven care delivery.

這些客戶正投資於企業級病患智慧、醫療設備整合與資安防護。他們也日益採用我們的「企業監測即服務」模式，以改善臨床、營運與經濟成果。這進一步鞏固我們作為企業級、資料驅動照護交付之首選合作夥伴的地位。

Moving to Personal Health, this segment delivered another quarter of broad-based growth, driven by strong consumer sellout and continued market share gains. We drove this through active expansion and diversification of our channel footprint, adding more than 3,000 distribution points in Europe. At the same time, we strengthened our presence with key global retail partners through increased listings and expand placement. This included IPL expansion, broader distribution of interdental products, and more than doubling one-way distribution in the US.

在個人健康（Personal Health）方面，本事業部再度交出一季廣泛成長，主要由強勁的消費者終端銷售（sellout）與持續的市占提升所帶動。我們透過積極擴張並多元化通路布局來推動成長，在歐洲新增超過 3,000 個銷售據點。同時，我們也透過增加上架品項與擴大陳列，強化與全球主要零售夥伴的合作。這包括 IPL 產品擴張、牙間清潔產品更廣泛的通路分銷，以及在美國將單向分銷規模提升至兩倍以上。

Our second pillar, innovation, is another key driver of both momentum and growth. Across modalities and products, we are accelerating innovation towards scalable AI-enabled hardware and software platforms. And that is already translating into stronger regulatory momentum for approvals of new product introductions.

第二支柱「創新」同樣是推動動能與成長的關鍵驅動力。跨越各項產品領域與產品線，我們正加速創新，朝向可規模化的 AI 賦能硬體與軟體平台發展，而這也已轉化為更強勁的法規動能，支持新產品導入的核准。

In Q1, we received 20 510(k) clearances and premarket approvals, more than doubling year on year. In MRI, we received FDA 510(k) clearance for SmartHeart, our AI-powered cardiac MR solution. Just like SmartSpeed, it's a clinical application that extends software and AI-led innovation across the installed base. SmartHeart automates complex planning workflows in one click and does that under 30 seconds, simplifying operations and boosting productivity. It also reduces patient breath holds by up to 75%, improving patient experience in a big way.

第一季我們取得 20 項 510(k) 核准與上市前核准（premarket approvals），較去年同期倍增以上。在 MRI 方面，我們取得 FDA 510(k) 核准的 SmartHeart——我們的 AI 驅動心臟 MRI 解決方案。就像 SmartSpeed 一樣，這是一項臨床應用，可將軟體與 AI 主導的創新延伸至既有裝機基礎。SmartHeart 可一鍵自動化複雜的規劃流程，並在 30 秒內完成，簡化操作並提升生產力；同時可將病患憋氣時間最多降低 75%，大幅改善病患體驗。

NCP, we received FDA 510(k) clearance for both Spectral CT Verida and our Rembra Wide-bore CT. Launched at the 2026 European Congress of Radiology, this platform features an industry-leading 85-centimeter bore. It is designed for high-throughput environment with an AI-enabled workflow and improved diagnostic confidence.

在 NCP 方面，我們取得 FDA 510(k) 核准，涵蓋 Spectral CT Verida 以及我們的 Rembra 大孔徑 CT。該平台於 2026 年歐洲放射學大會（European Congress of Radiology）發表，具備業界領先的 85 公分孔徑，專為高通量環境設計，搭載 AI 賦能工作流程並提升診斷信心。

In Image-Guided Therapy, we received clearance for DeviceGuide, an AI-driven solution fully integrated with our Azurion platform. It enables real-time automated detection and visualization of mitral valve repair devices during minimally invasive procedures. We also launched IntraSight Plus, integrating intravascular imaging and physiology into a single system to simplify workflows and improve efficiency in the cath lab.

在影像導引治療（Image-Guided Therapy）方面，我們取得 DeviceGuide 的核准，這是一套與 Azurion 平台完全整合的 AI 驅動解決方案，可在微創手術中即時自動偵測並視覺化二尖瓣修復裝置。我們也推出 IntraSight Plus，將血管內影像與生理量測整合於單一系統，以簡化流程並提升導管室（cath lab）效率。

Looking beyond product innovations to our future transformative interventional platform introduced at our CMD in February, we made progress in advancing clinical validation. Building on our ecosystem of more than 100 clinical partnerships, we added the SHERPA Research Consortium in Q1. Seven clinical studies are now underway to demonstrate the benefits of AI and robotics-assisted workflows and minimally invasive treatments for brain aneurysms and liver tumors.

除了產品創新之外，針對我們在 2 月 CMD 上介紹的未來變革性介入平台，我們在推進臨床驗證方面也取得進展。在超過 100 個臨床合作夥伴的生態系基礎上，我們於第一季新增 SHERPA 研究聯盟（Research Consortium）。目前已有 7 項臨床研究進行中，用以證明 AI 與機器人輔助工作流程，以及針對腦動脈瘤與肝腫瘤的微創治療所帶來的效益。

In Personal Health, AI is embedded in our propositions, for example, the Philips High-End Shaver i9000 Prestige Ultra. It uses intelligent sensing and AI-driven adaptation to respond to each user skin and hair type, delivering a more personalized shave every time. This innovative proposition not only won the TIME's invention of the year for the groundbreaking features, but also significantly increased sales and margin, demonstrating our leadership in this domain.

在個人健康方面，AI 已內嵌於我們的產品主張中，例如 Philips 高階刮鬍刀 i9000 Prestige Ultra。它運用智慧感測與 AI 驅動的自適應能力，因應每位使用者的膚質與毛髮類型，每次都能提供更個人化的刮鬍體驗。這項創新主張不僅以突破性功能獲得《TIME》年度發明獎，也顯著提升銷售與利潤率，展現我們在此領域的領導地位。

Since creating the hybrid shaving category, we have sold more than 50 million OneBlade handles and 100 million blades. This growing installed base supports profitable recurring revenue from consumables with strong replacement blade performance in the quarter.

自從開創混合式刮鬍品類以來，我們已售出超過 5,000 萬支 OneBlade 機身與 1 億片刀片。這個持續成長的裝機基礎，支撐了來自耗材的高獲利經常性收入，本季替換刀片表現強勁。

In Oral Healthcare, we infused new Philips Sonicare 5700 to 7300 series models in the US, featuring next-generation Sonicare technology. In China, we launched Sonicare 7000 at the South China Dental Show, reinforcing our position as a professional oral care leader and strengthening momentum with the dental community.

在口腔照護（Oral Healthcare）方面，我們在美國推出全新 Philips Sonicare 5700 至 7300 系列機型，搭載新一代 Sonicare 技術。在中國，我們於華南國際口腔展推出 Sonicare 7000，鞏固我們作為專業口腔照護領導者的地位，並強化與牙科社群的動能。

Across Philips, innovation continues at scale throughout our portfolio. We remain the largest medtech applicant as the European Patent Office in 2025, a strong proof point of the depth of our innovation engine. And this is not just about today. This leadership is fueling the next generation of innovations coming through our pipeline and positioning us well to drive accelerated growth.

在飛利浦全公司範圍內，創新持續在整個產品組合中規模化推進。我們在 2025 年仍是歐洲專利局（European Patent Office）最大的醫療科技申請者，這是我們創新引擎深度的有力證明。而這不僅關乎當下：這項領導地位正推動我們研發管線中下一代創新，並使我們具備良好條件以帶動加速成長。

In our third pillar, disciplined execution, it all starts with patient safety and quality, our top priority. It ensures we bring innovation to market with the high standards of patient safety and well-being. We're making strong and steady progress, building on the improvements delivered over the past three years. And importantly, we are now benefiting from the work we have done to make Philips simpler, leaner, and more agile, strengthening the foundation of our execution.

在我們的第三大支柱——嚴謹執行——一切都始於病患安全與品質，這是我們的首要優先事項。這確保我們能以高標準的病患安全與福祉，將創新推向市場。我們在過去三年所帶來的改善基礎上，正穩健且持續地取得強勁進展。更重要的是，我們如今正受益於先前為使 Philips 更簡化、更精實且更敏捷所做的工作，進一步強化我們執行力的根基。

Field actions were reduced by about 20% year to date. This is on top of a reduction of around 40% in 2025, reflecting increased discipline and process effectiveness. Importantly, these improvements in our quality processes are also enabling the innovation momentum I highlighted earlier.

年初至今，現場行動（field actions）約減少 20%。這是在 2025 年已約減少 40% 的基礎上再進一步下降，反映出更高的紀律性與流程有效性。重要的是，我們品質流程的這些改善，也正在促進我先前強調的創新動能。

We also maintained close and constructive engagement with global regulatory authorities, including ongoing leadership-level dialogues with FDA and other regulatory bodies worldwide. This underscores our commitment to quality, compliance, and continuous improvement in serving our customers.

我們也持續與全球監管機關保持密切且具建設性的互動，包括與 FDA 以及全球其他監管機構進行持續的高層對話。這凸顯我們對品質、法規遵循與持續改善的承諾，以更好地服務客戶。

It carries through to our supply chain, a critical enabler of execution. Over the past three years, we have simplified, regionalized, and localized our operations to be closer to our customers. Our focus is clear: deliver on consistently superior customer experience through a high-performing supply chain, day in, day out.

這也延伸到我們的供應鏈——這是執行的關鍵推動力。過去三年，我們已簡化、區域化並在地化營運，以更貼近客戶。我們的重點很明確：透過高效能的供應鏈，日復一日地提供一貫且卓越的客戶體驗。

During the quarter, developments in the Middle East increased volatility across logistics and input costs, including materials and components. Through active management of our logistics network, we maintained stable supply chain operations while stepping up cost-mitigation activities, which Charlotte will further discuss.

本季度期間，中東局勢的發展提高了物流與投入成本（包括材料與零組件）的波動性。透過積極管理我們的物流網路，我們在加強成本緩解措施的同時，仍維持供應鏈營運穩定；Charlotte 將進一步說明。

Importantly, customer service levels remain strong and in line with previous quarter, and we remain vigilant in managing ongoing developments in supply and cost. And as we look ahead, we will continue to deepen the simplicity, agility and resilience as these are critical capabilities for navigating the increasingly turbulent environment.

重要的是，客戶服務水準依然強勁，並與前一季度一致；我們也持續警覺地管理供應與成本的後續發展。展望未來，我們將持續深化簡化、敏捷與韌性，因為這些是因應日益動盪環境的關鍵能力。

Turning to commercial and service excellence, in Connected Care, we saw further traction in our enterprise monitoring as a service. As health systems adopt enterprise monitoring, demand for enterprise informatics solutions is also increasing. These solutions now represent a growing share of both our order book and sales across various periods. In the quarter, we saw strong demand for capsule device integration and clinical surveillance across care settings driven by effective cross-selling across our enterprise informatics and monitoring platforms.

接著談商務與服務卓越表現。在 Connected Care（互聯照護）方面，我們的「企業級監測即服務」持續取得更多進展。隨著醫療體系採用企業級監測，對企業資訊解決方案的需求也在增加。這些解決方案如今在我們不同期間的訂單簿與銷售中占比持續提升。本季度，在我們企業資訊與監測平台有效交叉銷售的帶動下，我們看到膠囊裝置整合（capsule device integration）與跨照護場域的臨床監測（clinical surveillance）需求強勁。

In Diagnostic Imaging, we expanded our partnership with AdventHealth through a five-year enterprise service agreement. It enables our full-service model across modalities while supporting a long-term imaging infrastructure focused on quality and performance.

在 Diagnostic Imaging（診斷影像）方面，我們透過一項為期五年的企業級服務協議，擴大與 AdventHealth 的合作夥伴關係。該協議使我們能在各影像模態提供全方位服務模式，同時支援以品質與效能為核心的長期影像基礎建設。

Turning to the regions, fundamentals remain supportive across our markets, particularly in North America where demand remains strong and the landscape continues to segment. We continue to see stable activity levels across hospital systems with no signs of disruption among larger systems. Cost pressures and workforce shortages persist, driving further consolidation among larger health systems. Demand for secure productivity and cybersecure enhancing platforms is increasing. This reinforces our expectation that North America will remain a key growth engine in 2026 and over the medium term.

就各地區而言，我們市場的基本面仍具支撐力，尤其在北美，需求依然強勁且市場格局持續分化。我們持續看到各醫院體系的活動水準穩定，較大型體系未見中斷跡象。成本壓力與人力短缺仍在，推動大型醫療體系進一步整併。對安全提升生產力與強化資安的平台需求正在增加。這也強化我們的預期：北美將在 2026 年及中期持續成為關鍵成長引擎。

In Europe, capital spending remained broadly stable with an improvement in some markets during the quarter. Demand conditions remain stable, supporting our execution in the region. Select international regions continue to increase investments in healthcare and digitalization as reflected with strong wins in India and Brazil.

在歐洲，資本支出整體維持大致穩定，且本季度部分市場有所改善。需求狀況仍然穩定，支撐我們在該地區的執行。部分國際市場持續加大對醫療與數位化的投資，印度與巴西的強勁得標即反映了這一點。

In China, centralized procurement continued to increase in Q1, particularly in modalities such as ultrasound and CT, which have shorter lead times. This is driving longer decision cycles and a more price-focused environment. As a result, we are seeing lower order conversion consistent with recent trends. These dynamics continued in the quarter, contributing to ongoing pressure on equipment demand. At the same time, underlying healthcare demand remains intact, particularly in procedure-driven segments.

在中國，集中採購於第一季持續增加，尤其是在超音波與 CT 等交期較短的模態。這導致決策週期拉長，且市場環境更偏向價格導向。因此，我們看到訂單轉換率下降，與近期趨勢一致。這些動態在本季度仍然延續，對設備需求造成持續壓力。同時，基礎醫療需求仍然穩固，特別是在以手術/處置量驅動的細分領域。

We remain focused on maintaining competitiveness, selectively driving our portfolio, and executing with discipline in this more price-sensitive environment. In Personal Health, consumer demand remains healthy in North America, and momentum continues across several markets globally, even as geopolitical developments create uncertainty. We are managing these dynamics with agility while maintaining a strong focus on execution.

在這個更具價格敏感度的環境中，我們仍專注於維持競爭力、選擇性推動產品組合，並以紀律執行。在 Personal Health（個人健康）方面，北美消費需求依然健康，且即使地緣政治發展帶來不確定性，全球多個市場的動能仍在延續。我們以敏捷方式管理這些動態，同時維持對執行的高度聚焦。

Charlotte will now discuss our first-quarter performance in more detail and our outlook for 2026.

接下來 Charlotte 將更詳細說明我們第一季的表現，以及對 2026 年的展望。

Thank you, Roy. I will start with segment-level performance. In Diagnosis and Treatment, comparable sales increased by 2%. Image-Guided Therapy delivered high single-digit growth, continuing its multiyear momentum and building on a strong prior year comparison.

謝謝你，Roy。我將先從各事業群的表現開始。在 Diagnosis and Treatment（診斷與治療）方面，可比銷售成長 2%。Image-Guided Therapy（影像導引治療）實現高個位數成長，延續多年動能，並在去年強勁的比較基期之上再創佳績。

Performance was broad based across all regions with particular strength in North America, led by the premium configurations of our Azurion platform, higher service revenues, and coronary intravascular ultrasound. We are reinforcing this momentum by leveraging AI to automate product testing, reduce release cycle times by 25%, and accelerating time to market for new innovations.

表現涵蓋所有地區，北美尤為強勁，主要由我們 Azurion 平台的高階配置、更高的服務營收，以及冠狀動脈血管內超音波所帶動。我們也透過運用 AI 自動化產品測試、將發佈週期縮短 25%，並加速新創新產品上市時間，以進一步強化這股動能。

Precision Diagnosis sales declined in the low single digits in Q1, as expected, mainly due to order book rebuilding and the segment's higher exposure to China. Innovations, including EPIQ CVx, point-of-care ultrasound, BlueSeal MR, and CT 5300 continued to drive growth with solid uptake in markets such as Western Europe and Latin America, reflecting their scalability.

Precision Diagnosis（精準診斷）在第一季的銷售如預期出現低個位數下滑，主要原因是訂單簿重建，以及該事業群對中國市場的曝險較高。包括 EPIQ CVx、床邊超音波（point-of-care ultrasound）、BlueSeal MR 與 CT 5300 等創新產品持續帶動成長，並在西歐與拉丁美洲等市場獲得穩健採用，反映其可擴展性。

Adjusted EBITA margin rose 30 basis points year on year to 9.8%, driven by sales growth, underlying gross margin from recently launched innovations, productivity measures, and favorable mix effect. These favorable impacts were partially offset by higher tariffs, cost inflation, and currency effects.

調整後 EBITA 利潤率年增 30 個基點至 9.8%，主要受銷售成長、近期上市創新帶來的基礎毛利率、生產力措施，以及有利的產品組合效應所帶動。上述正面因素部分被較高關稅、成本通膨與匯率影響所抵銷。

Now moving to Connected Care, comparable sales increased by 3%. Monitoring delivered mid-single-digit growth, with particular strength in North America and Europe. Growth was driven by higher installations of IntelliVue patient monitors and continued traction in enterprise monitoring as a service. Sleep and Respiratory Care grew in the low single digits with the obstructive sleep apnea portfolio, delivering strong double-digit growth outside the US, led by particular strength in Japan, our second largest market.

接著看 Connected Care（互聯照護），可比銷售成長 3%。Monitoring（監測）實現中個位數成長，北美與歐洲表現尤為突出。成長動能來自 IntelliVue 病患監護儀安裝量增加，以及企業級監測即服務的持續推進。Sleep and Respiratory Care（睡眠與呼吸照護）在阻塞型睡眠呼吸中止症產品組合帶動下，呈現低個位數成長；在美國以外市場則達到強勁的雙位數成長，其中以日本（我們第二大市場）表現特別亮眼。

Enterprise Informatics sales declined slightly, reflecting inherent quarterly unevenness and lower implementation and deployment cycles. Adjusted EBITA margin declined by 60 basis points to 2.9% as sales growth and productivity measures were more than offset by higher tariffs, cost inflation, lower cost absorption, and currency effect.

Enterprise Informatics（企業資訊）銷售小幅下滑，反映季度間固有的不均衡性，以及較低的導入與部署週期。調整後 EBITA 利潤率下降 60 個基點至 2.9%，因銷售成長與生產力措施的正面影響，已被較高關稅、成本通膨、較低的成本吸收，以及匯率影響所超過。

In Personal Health, comparable sales increased by 9% in Q1 with all three businesses contributing. Growth was broad based, led by double-digit growth in North America and a strong contribution from international regions. China contributed modestly, benefiting from an easier comparison base. Sellout remains strong globally with channel inventory maintained at appropriate levels. This momentum was supported by strong demand for recently launched innovations, including the high-end i9000 shaver with AI-powered SenseIQ technology and the Sonicare 5000 to 7000 series.

在 Personal Health（個人健康）方面，第一季可比銷售成長 9%，三項業務皆有貢獻。成長動能廣泛，北美以雙位數成長領先，國際市場亦有強勁貢獻。中國貢獻溫和，受惠於較容易的比較基期。全球終端銷售（sellout）仍然強勁，通路庫存維持在適當水位。這股動能來自近期上市創新產品的強勁需求，包括搭載 AI 驅動 SenseIQ 技術的高階 i9000 電鬍刀，以及 Sonicare 5000 至 7000 系列。

Adjusted EBITA margin expanded by 60 basis points to 15.8% as growth and productivity measures more than offset the higher tariffs, cost inflation, and currency effect. Advertising and promotion spend increased year on year, consistent with our commitment to continue investing in the business to drive consumer recruitment and sustain long-term demand for our recently launched innovations.

調整後 EBITA 利潤率擴大 60 個基點至 15.8%，因成長與生產力措施的正面影響，超過了較高關稅、成本通膨與匯率影響。廣告與促銷支出年增，符合我們持續投資業務的承諾，以推動消費者招募並維持對近期上市創新產品的長期需求。

We are also leveraging AI to strengthen consumer engagement, embedding it across 94% of digital assets and generating over 27.8 billion searchable data points, a 100 times increase. This enables more personalized consumer interactions, improves content reuse efficiency, and enhances our ability to drive future sales through more targeted and effective marketing.

我們也正運用 AI 強化消費者互動，將其嵌入 94% 的數位資產中，並產生超過 278 億個可搜尋資料點，增加達 100 倍。這使我們能提供更個人化的消費者互動、提升內容再利用效率，並透過更精準且更有效的行銷，強化我們推動未來銷售的能力。

Finally, sales in segment Other of EUR177 million increased by EUR37 million compared with the first quarter of 2025, mainly reflecting activities related to a divestment. These activities are excluded from comparable sales growth and contribute only an insignificant amount to adjusted EBITA. Adjusted EBITA for the segment increased by EUR7 million to EUR11 million, mainly driven by lower costs.

最後，Other（其他）事業群銷售額為 1.77 億歐元，較 2025 年第一季增加 3,700 萬歐元，主要反映與一項資產剝離相關的活動。這些活動不納入可比銷售成長，且對調整後 EBITA 的貢獻僅為不顯著的金額。該事業群調整後 EBITA 增加 700 萬歐元至 1,100 萬歐元，主要由成本降低所帶動。

Now turning to group results, comparable sales increased by 3.7% in the first quarter with growth across all segments and regions, led by North America and Western Europe. Adjusted EBITA margin increased by 40 basis points year on year to 9%. Margin expansion was driven by sales growth, favorable mix effects, and productivity measures, partially offset by higher tariffs and cost inflation.

接著看集團整體結果，第一季可比銷售成長 3.7%，所有事業群與地區皆呈現成長，其中以北美與西歐領先。調整後 EBITA 利潤率年增 40 個基點至 9%。利潤率擴張主要由銷售成長、有利的產品組合效應與生產力措施所帶動，部分被較高關稅與成本通膨所抵銷。

Product productivity delivery in 2026 is off to a solid start with Q1 delivery of EUR126 million, on track to deliver our EUR1.5 billion three-year savings commitment. Execution is progressing at pace, underpinned by plans already in place. Actions in Q1 were led by operating model simplification, including streamlining central functions and reducing organizational layers as well as procurement initiatives such as SKU rationalization and supplier consolidation. We are also seeing early contributions from footprint optimization and AI-enabled efficiencies.

2026 年的產品生產力交付有一個穩健的開局，第一季交付 1.26 億歐元，正按計畫達成我們三年合計 15 億歐元的節省承諾。執行正以既定速度推進，並由已就緒的計畫所支撐。第一季的行動主要由營運模式簡化所帶動，包括精簡中央職能、減少組織層級，以及採購措施（如 SKU 精簡與供應商整併）。我們也看到來自據點（footprint）最佳化與 AI 賦能效率的早期貢獻。

Service productivity was another contributor, including through more remote troubleshooting and fewer on-site visits with benefits most visible in ITT and across Europe. In parallel, we continue to execute tariff mitigation actions. Overall, we remain on track with good visibility to deliver our 2026 productivity objectives. Against the backdrop of rising input cost inflation, we are accelerating mitigation actions, further sharpening our focus on productivity, cost discipline, and structural efficiencies.

服務生產力也是另一項貢獻因素，包括透過更多遠端故障排除以及更少的到場服務，其效益在 ITT 以及歐洲各地最為明顯。與此同時，我們持續推動關稅緩解行動。整體而言，我們仍按計畫推進，且具備良好能見度以達成 2026 年的生產力目標。在投入成本通膨上升的背景下，我們正加速緩解行動，進一步聚焦於生產力、成本紀律與結構性效率。

Adjusting items came in at EUR61 million, less than half of last year's EUR143 million. This significant improvement reflects our continued focus on structurally reducing adjusting items. A one-off gain in Diagnosis and Treatment from the reversal of an acquisition-related provision and cost phasing also contributed to the year-over-year reduction.

調整項目為 6,100 萬歐元，不到去年 1.43 億歐元的一半。這項顯著改善反映我們持續聚焦於結構性降低調整項目。診斷與治療業務因回轉一項與併購相關的準備金以及成本時點配置所帶來的一次性收益，也促成了年對年下降。

Income tax expense increased by EUR17 million in the quarter, primarily due to higher income before tax. Financial income and expenses were EUR47 million, broadly in line with the prior year. And net income rose to EUR146 million, primarily due to higher earnings. Adjusted diluted earnings per share from continuing operations were EUR0.23 in the quarter compared with EUR0.25 last year, primarily reflecting the adverse currency effect on nominal earnings and a higher diluted share count.

本季所得稅費用增加 1,700 萬歐元，主要由於稅前利益較高。財務收入與費用為 4,700 萬歐元，與去年大致一致。淨利上升至 1.46 億歐元，主要由於獲利提高。持續營運之調整後稀釋每股盈餘本季為 0.23 歐元，去年為 0.25 歐元，主要反映匯率對名目盈餘的不利影響以及稀釋後股數增加。

Free cash flow in Q1 was an inflow of EUR28 million. Excluding the impact of the prior-year US Respironics settlement payout, free cash flow improved by EUR94 million year on year. This improvement was driven by higher earnings, improved working capital, and lower adjusted items.

第一季自由現金流為流入 2,800 萬歐元。若排除去年美國 Respironics 和解款項支付的影響，自由現金流年對年改善 9,400 萬歐元。此改善主要由較高獲利、營運資金改善以及較低的調整項目所帶動。

Moving to the balance sheet, we ended the first quarter with EUR2.6 billion in cash after a $265 million payment for the SpectraWAVE acquisition announced late last year. This acquisition reflects the disciplined, value-focused M&A strategy we outlined at our CMD, including a disproportionate resource allocation to our interventional platform to reinforce our coronary leadership.

轉向資產負債表，我們在第一季末持有 26 億歐元現金，此前已就去年底宣布的 SpectraWAVE 併購案支付 2.65 億美元。此併購反映我們在資本市場日（CMD）所闡述的嚴謹、以價值為導向的併購策略，包括將不成比例的資源配置至介入式平台，以鞏固我們在冠狀動脈領域的領導地位。

Integration is progressing well, with the core foundations in place and commercial momentum building as planned, positioning the business to scale and capture growth in coronary interventions. Net debt was EUR5.5 billion at the end of Q1. The leverage ratio improved to 1.8 times on a net debt to adjusted EBITA basis from 2.2 times in Q1 2025, driven by higher earnings and reflecting our disciplined capital allocation.

整合進展順利，核心基礎已到位，商業動能如計畫逐步建立，使業務具備擴張規模並掌握冠狀動脈介入成長的定位。第一季末淨負債為 55 億歐元。以淨負債對調整後 EBITA 計算的槓桿比率由 2025 年第一季的 2.2 倍改善至 1.8 倍，主要由較高獲利帶動，並反映我們嚴謹的資本配置。

Now turning to our outlook, amidst continued macro uncertainty, we remain focused on disciplined execution of our plan. Based on the current status, developments in the Middle East are expected to impact sales in the remainder of 2026, though not materially at the group level. At the same time, supply chain and logistic constraints are expected to drive cost inflation.

接著談展望，在宏觀不確定性持續的情況下，我們仍專注於以紀律執行計畫。依目前狀況，中東局勢預期將影響 2026 年剩餘期間的銷售，但在集團層面影響不大。同時，供應鏈與物流限制預期將推升成本通膨。

Against this backdrop and based on our Q1 performance, our outlook for the full year remains unchanged. We expect comparable sales growth of 3% to 4.5%, with growth in each quarter within this range led by North America and the international region. We continue to expect comparable sales in China to be stable this year, with growth in Personal Health offsetting a slight decline in health systems against the backdrop of subdued near-term market conditions.

在此背景下，並基於第一季表現，我們對全年展望維持不變。我們預期可比銷售成長 3% 至 4.5%，且各季成長皆落在此區間內，主要由北美與國際市場帶動。我們仍預期今年中國的可比銷售將維持穩定；在短期市場環境偏弱的背景下，個人健康的成長將抵銷健康系統業務的輕微下滑。

Across segments for the full year, we continue to expect growth within this range, with Connected Care and Personal Health at the upper end and diagnosis and treatment at the lower end. We are encouraged by the better-than-expected adjusted EBITA margin performance in Q1, driven by innovation, productivity, and cost discipline with some benefit from lower-than-anticipated tariff impact.

就全年各事業部而言，我們仍預期成長落在此區間內，其中互聯照護與個人健康位於區間上緣，診斷與治療位於區間下緣。我們對第一季調整後 EBITA 利潤率表現優於預期感到鼓舞，主要由創新、生產力與成本紀律所驅動，並受惠於關稅影響低於原先預期。

Consistent with last year's approach, our full-year 2026 outlook includes currently known tariffs, which are marginally more favorable than assumed in our February outlook. However, uncertainty remains. Also, while we are pursuing tariff refunds related to the International Emergency Economic Powers Act, our 2026 outlook does not include any potential benefits from these refunds.

延續去年的作法，我們 2026 年全年展望已納入目前已知的關稅，且相較我們 2 月展望中的假設略為有利。然而，不確定性仍在。此外，儘管我們正就《國際緊急經濟權力法》（International Emergency Economic Powers Act）相關關稅申請退稅，我們的 2026 年展望並未納入任何可能來自退稅的效益。

We are also seeing input cost headwinds, including freight, electronic components, and plastics as well as other inputs affected by higher energy costs. We are actively mitigating these pressures. Over the course of the year, we expect to offset these pressures through supply chain optimization, productivity, and selective pricing actions. At the same time, we continue to closely monitor cost developments across our supply chain.

我們也看到投入成本的逆風，包括運費、電子元件與塑膠，以及其他受能源成本上升影響的投入。我們正積極緩解這些壓力。全年而言，我們預期透過供應鏈最佳化、生產力提升與選擇性定價行動來抵銷這些壓力。同時，我們持續密切監控供應鏈各環節的成本變化。

For the balance of 2026, we expect some near-term pressure on margins consistent with our plan, reflecting the annualized impact of tariffs, higher inflation, and foreign exchange. As a reminder, last year, the higher tariffs did not impact our adjusted EBITA meaningfully until Q3 due to the natural lag between inventory and a flow-through to the P&L.

就 2026 年剩餘期間而言，我們預期利潤率將面臨一些短期壓力，與我們的計畫一致，反映關稅年化影響、更高通膨以及外匯因素。提醒一下，去年由於庫存與損益表（P&L）傳導之間存在自然時滯，較高關稅直到第三季才對我們的調整後 EBITA 產生顯著影響。

Accordingly, we reiterate our full-year adjusted EBITA margin guidance range of between 12.5% and 13%. Our full-year free cash flow outlook also remains unchanged at between EUR1.3 billion and EUR1.5 billion. As previously indicated, our outlook excludes the ongoing Philips Respironics-related proceedings, including the Department of Justice investigation.

因此，我們重申全年調整後 EBITA 利潤率指引區間為 12.5% 至 13%。全年自由現金流展望亦維持不變，介於 13 億至 15 億歐元。如先前所述，我們的展望不包含持續進行中的 Philips Respironics 相關程序，包括司法部（Department of Justice）的調查。

With that, I would like to hand it back to Roy for his closing remarks.

接下來，我想把時間交回 Roy，請他做結語。

Thanks, Charlotte. To close, we delivered a solid start to the year, and order intake momentum continues. In April, we signed a long-term strategic partnership with WellSpan Health in the US. It expands our role as the preferred provider across all imaging modalities and advances a system-wide approach to imaging and diagnostic technologies.

謝謝你，Charlotte。最後總結，我們今年開局穩健，訂單動能持續。4 月，我們在美國與 WellSpan Health 簽署長期策略合作夥伴關係。此合作擴大我們作為所有影像模態首選供應商的角色，並推動以全系統為範圍的影像與診斷技術整體方案。

Importantly, this partnership is also a strong validation of our innovation and platform strategy, bringing together our capabilities to deliver integrated long-term value for customers. It underscores strong customer trust and our value proposition and long-term partnerships. These relationships matter even more in the current operating environment.

重要的是，這項合作也強力驗證了我們的創新與平台策略，整合我們的能力，為客戶提供整合式的長期價值。它凸顯客戶對我們的高度信任、我們的價值主張以及長期合作關係。在當前的營運環境下，這些關係更顯重要。

Our strategy is clear, and we remain focused on advancing our strategic priorities, driving innovation, and strengthening our differentiation and competitiveness. At the same time, we are executing with discipline, staying focused on what we can control, and closely monitor the evolving macro environment. Against this backdrop, we reiterate our full-year outlook, which includes currently known information but an uncertain macro environment.

我們的策略清晰明確，並持續專注於推進策略重點、驅動創新，以及強化差異化與競爭力。同時，我們以紀律執行，聚焦於我們可控的事項，並密切監測不斷演變的宏觀環境。在此背景下，我們重申全年展望；該展望納入目前已知資訊，但宏觀環境仍具不確定性。

Thank you, and we will now open the line for questions.

謝謝各位，我們現在開放提問。

(Operator Instructions) Hassan Al-Wakeel, Barclays.

（接線員指示）Barclays 的 Hassan Al-Wakeel。

Good morning, Roy, Charlotte. Thank you for taking my questions. A couple, please. Firstly, if you could please talk to the building blocks of the mid-single-digit order growth in D&T for the quarter, the sustainability of US market strength based on your customer conversations, as well as the softness in China precision diagnosis given centralized procurement and how your share is progressing here across the different modalities. And related to this, I wonder if your thinking has evolved for China order and revenue stability this year across D&T.

早安，Roy、Charlotte。謝謝讓我提問。我有兩個問題。第一，能否請你們談談本季 D&T 訂單成長達中個位數的組成要素、根據你們與客戶的對話美國市場強勁的可持續性，以及在集中採購影響下中國精準診斷需求偏弱的情況，並說明你們在不同模態下的市占進展？此外，我也想了解你們對今年中國在 D&T 的訂單與營收維持穩定的看法是否有所調整。

And then secondly, Charlotte, another strong quarter on margins, and you've been consistently talking about gross margin benefits from innovations. It'd be great if you could help break up the quarter's EBITA performance across productivity, mix and innovation and how sustainable you think each of these are. And also what you're seeing from cost inflation, specifically around freight and memory chips and what's assumed in guidance? Thank you.

第二個問題，Charlotte，本季利潤率再度表現強勁，而你們也一直提到創新帶來的毛利率效益。若你能協助拆解本季 EBITA 表現中，生產力、產品組合與創新各自的貢獻，以及你認為各項因素的可持續性，將非常有幫助。另外，你們看到的成本通膨情況如何，特別是運費與記憶體晶片方面？指引中又假設了哪些？謝謝。

Thank you, Hassan. Let me go to the first one, the mid-single-digit D&T growth. So if you look to the buildup of that, actually, that is a continued very strong order intake in IGT, which actually is trending at high single digits and above. So very, very strong, and that, of course, over multiple quarters. Then you see that we also had mid-single-digit PD order intake outside of China. But then, of course, China is affecting the PD order book as well. But we see a very strong overall mix, and we see increased demand and particularly also for MR.

謝謝你，Hassan。我先回答第一個問題：D&T 中個位數成長。若看其組成，其實是 IGT 的訂單持續非常強勁，趨勢在高個位數甚至更高。因此非常、非常強勁，而且這已經延續了好幾個季度。接著你會看到，我們在中國以外的精準診斷（PD）訂單也有中個位數成長。但當然，中國也影響了 PD 的訂單簿。不過我們看到整體組合非常強勁，需求增加，尤其是 MR。

We called out, of course, the helium-free. But also, we have seen just a broad-based interest in the MR solution really growing also as a modality in itself. And that also gives us confidence for the further conversion in due course of the year into the latter part of the year from a sales perspective.

我們當然提到過無氦（helium-free）。但我們也看到市場對 MR 解決方案的興趣呈現廣泛提升，MR 作為一種模態本身也在成長。這也讓我們對今年稍晚、從銷售角度在下半年進一步轉化更具信心。

Then US is a strong contributor to that, has remained very strong; and actually, also from our customer dialogues, see that strength continuing. Actually, we see a very healthy market where patient volume is strong, the procedures are growing. But as we also said before, it's not evenly spread across all health systems.

此外，美國是重要的貢獻來源，且一直維持非常強勁；而且從我們與客戶的對話來看，這股強勢仍將延續。實際上，我們看到市場非常健康，病患量強勁、手術量在成長。但如同我們先前所說，這並非平均分布於所有醫療體系。

So the bigger systems are winning more, and that's also we are well positioned with our platform-based solutions. So that's actually where we see that we kind of are continuing to close these long-term partnerships. You also saw that in the quarter with Advent, with WellSpan, so we had more. So that's really working out, and we see that US actually will continue to be a strong contributor for us.

因此，大型系統的勝出幅度更大，而這也正是我們以平台式解決方案所具備的優勢所在。我們看到，這也讓我們持續深化這些長期合作夥伴關係。你們在本季也看到了與 Advent、WellSpan 的合作，因此我們又新增了更多合作。這確實進展順利，我們也預期美國將持續成為我們的重要貢獻來源。

Then Europe actually was also strong. So I think I want to call that out that Europe was doing well and is picking up. But then China, at the other hand, is showing continued cautious development. Q1 was in line with our performance expectations. So it's not that it's unexpected that it's not performing that strongly.

接著，歐洲其實也表現強勁。我想特別點出歐洲的表現不錯，且正在回升。不過另一方面，中國則持續呈現審慎的發展態勢。第一季的表現符合我們的預期，因此並不是意外，並非表現得特別強勁。

We do see differentiated performance by modality. So IGT and MR are solid. CT and ultrasound are the most exposed to centralized procurement; and therefore, they have the biggest impact. And then on the consumer side, you saw that actually PH grew but was on easier comps. But we do see some sales sellout momentum in PH. And that's also what we expect for the rest of the year, in essence a similar trend of subdued kind of medtech portfolio that PH contributing.

我們確實看到不同產品線（modality）之間的表現有所分化。IGT 與 MR 表現穩健。CT 與超音波最容易受到集中採購影響；因此，它們受到的衝擊最大。而在消費端方面，你們也看到 PH 確實成長，但基期較容易。不過我們確實看到 PH 有一些銷售端（sellout）的動能。這也基本上是我們對今年其餘時間的預期：醫療科技產品組合整體仍偏溫和，而 PH 會有所貢獻，呈現類似的趨勢。

And therefore, actually, the full-year China sales are expected to be stable. And that's also as we have planned it. So in that sense, kind of this is tracking alongside what we plan for. Where the biggest growth has to come from North America, Europe, and international region, China is contributing as the market gives the opportunity. So we are not relying on the China recovery in the rest of the year. We are actually counting on strong momentum in North America and Europe, in particular, to do that.

因此，全年中國的銷售預期將維持穩定，這也符合我們的規劃。就這個意義而言，目前的走勢與我們的計畫一致。最大的成長必須來自北美、歐洲與國際市場；中國則會在市場提供機會時做出貢獻。因此，我們並不依賴今年剩餘時間中國市場的復甦。我們實際上是仰賴北美與歐洲，尤其是這兩個地區的強勁動能來達成目標。

And in that perspective, actually, we see that where we have been focusing our strategy, it's really coming also to fruition because North America, IGT, extreme stronghold, monitoring is doing really well as well there. We see the other momentum going up, so I think we're well positioned to execute our plan as we have built it for the year on the growth side. And maybe that's a nice bridge to Charlotte to then also talk to the margins as, of course, we have revolving developments there.

從這個角度來看，我們聚焦的策略也確實開始開花結果，因為北美方面，IGT 是極強的優勢領域，監護（monitoring）在那裡也表現非常好。我們也看到其他動能正在上升，因此我認為我們在成長面上已具備良好條件，能夠按我們為今年所建立的計畫來執行。這也許可以順勢銜接到 Charlotte，請她也談談毛利率，因為當然我們在那方面也有持續的變化發展。

Yes. Thank you very much, Roy. And hello, Hassan. So indeed, as you said, we were pleased with how the margin has developed with a 40 bps expansion in Q1 despite the impact of tariffs. So if I break that down for you in a little bit more detail, yes, we saw a positive impact coming from volume, from the business mix; but indeed, as you mentioned, also from higher gross margin from innovations.

是的。非常感謝你，Roy。Hassan，你好。確實如你所說，我們對毛利率的發展感到滿意：儘管受到關稅影響，第一季毛利率仍擴張了 40 個基點。若我再更細部拆解，確實，我們看到來自銷量與業務組合的正面影響；同時也如你提到的，創新產品帶來較高的毛利率，也提供了助益。

So CT 5300, I called it out before, is helping us from a gross margin perspective. We also see point-of-care ultrasound, which we recently launched, also at a higher gross margin, also helped lift our margin. And then we see the continued momentum also from our MR BlueSeal at a higher margin as well. So that is certainly helping us.

CT 5300 我之前提過，從毛利率角度來看正幫助我們。我們也看到近期推出的床邊超音波（point-of-care ultrasound）同樣具備較高毛利率，也有助於拉升毛利率。接著，我們也看到 MR BlueSeal 持續保持動能，且同樣是較高毛利的產品。因此，這些確實都在幫助我們。

Of course, we continue to do our productivity work. We are pleased with our EUR126 million of productivity in Q1. You've seen it last year. We finalized our EUR2.5 billion program last year. It's a real strong muscle we have built and that we are now expanding spending on, which is really creating self-help in what is a turbulent situation. So with this productivity, we're nicely on track there.

當然，我們也持續推動生產力提升工作。我們對第一季達成 1.26 億歐元的生產力成果感到滿意。你們去年也看到了，我們在去年完成了 25 億歐元的計畫。我們建立了一個非常強的能力肌肉，而現在也在擴大相關投入，這在動盪的環境中形成自助（self-help）的力量。因此，就生產力而言，我們的進度相當順利。

Of course, offsetting that is tariff and also a little bit of input cost inflation. One thing that's good to mention is that the tariff impact was a little bit lower than anticipated initially, also after, of course, the Supreme Board struck some of the tariffs.

當然，抵銷上述正面因素的是關稅，以及一些投入成本通膨。值得一提的是，關稅影響比我們最初預期略低，這也與最高委員會（Supreme Board）取消了部分關稅有關。

So if I then look forward, Hassan, based on your question, what does that mean for the outlook? So a few different components here. Of course, we started well in Q1, which is helping us. We are seeing inflation, and to your point also in freight, in components and in plastics. But offsetting that is us really leaning in to mitigating that with supercharging AI, further reducing our bill of material cost, and also doing selective pricing. And then the other component is also tariffs being a very modest tailwind for us versus our expectations as well for 2026.

因此，Hassan，若根據你的問題往前看，這對展望意味著什麼？這裡有幾個不同的組成因素。當然，我們第一季開局良好，這對我們有幫助。我們確實看到通膨，如你所指出的，也包括運費、零組件與塑膠等。但我們也透過加速導入 AI、進一步降低物料清單（BOM）成本，以及進行選擇性定價來積極緩解。另一個因素是，關稅相較於我們對 2026 年的預期，對我們而言也形成非常溫和的順風。

Perfect. Very helpful. Thank you.

很好。非常有幫助。謝謝。

Richard Felton, Goldman Sachs.

高盛（Goldman Sachs）的 Richard Felton。

Thank you very much. Good morning. Two questions for me, please. First one is on China. You called out central procurement for ultrasound and CT. How much exposure does Philips have to those modalities in China now? And what level of price adjustments are you seeing? Perhaps linked to that, how much of the low single-digit decline that you called out in precision diagnostics was due to China? That's the first one.

非常感謝。早安。我有兩個問題。第一個是關於中國。你提到超音波與 CT 的集中採購。飛利浦目前在中國這兩個產品線的曝險程度有多大？你們看到的價格調整幅度大概是多少？也許與此相關，你提到精準診斷（precision diagnostics）出現低個位數下滑，其中有多少是由中國造成的？這是第一個問題。

Second question is sort of slightly sort of longer-term question, I suppose, on the sleep business, ex-US. In kind of broad terms, how has performance been as Philips has returned to the market OUS in terms of growth market share? Could you also perhaps talk a little bit about your innovation strategy in sleep? Thank you.

第二個問題算是稍微偏長期一點，關於美國以外的睡眠業務。概括來說，飛利浦在美國以外（OUS）重返市場後，表現如何？在成長與市占方面的情況是什麼？也請你談談你們在睡眠領域的創新策略。謝謝。

Yes. Thank you, Richard. So on China, we have seen indeed that kind of the centralized procurement is being applied mostly on ultrasound and CT. That is because the specifications are being seen as more generic; and therefore, they put them under the centralized procurement to a bigger extent. We have seen that that also has significant margin implications in terms of the pricing pressure that you see in those segments. So volumes are actually holding, but you see that the value is decreasing. And that is putting the downward pressure.

是的。謝謝你，Richard。關於中國，我們確實看到集中採購主要適用於超音波與 CT。這是因為其規格被視為較為通用；因此，它們在更大程度上被納入集中採購。我們也看到，這在定價壓力方面對毛利率有顯著影響。因此，量其實仍維持，但你會看到價值（value）在下降，這就帶來下行壓力。

Actually, in our IGT and MR business, we see that they are for biggest majority outside of centralized procurement because they are so specific and also don't have the alternatives that they don't put them into the centralized procurement. So that's something in the centralized procurement approach in China that we see currently as they expand that across the country.

實際上，在我們的 IGT 與 MR 業務中，我們看到絕大多數是在集中採購之外，因為它們非常專業且也缺乏替代方案，因此不會被納入集中採購。這就是我們目前在中國看到的集中採購作法，且他們正將其擴大到全國各地。

In terms of the devices, you see that it's a very small part of it. So actually, there's not a big hit. But the biggest hit is indeed in PD with the ultrasound and CT on. So that's kind of also, therefore, hitting the performance in the first quarter, and we can expect that also to pressure the rest of the year, which means that actually the dialing up in the other parts of the world will be really crucial. And as you know, that's also working.

就設備而言，你會看到它只占很小一部分，因此實際上衝擊不大。但最大的衝擊確實是在 PD（Precision Diagnostics）端，主要來自超音波與 CT。因此，這也在第一季影響了表現，而我們也可以預期這會在今年其餘時間持續帶來壓力；這意味著，世界其他地區的加速成長將非常關鍵。而如你所知，這方面也確實正在奏效。

Now if you look to the BI China part, as we said earlier, that is around 15% of global. And in the mix, you see that kind of MR is 50% of that. So that's better protected. The bigger pressure is indeed on the CT and the ultrasound part. And then you have IGT percentage in China is slightly bigger than the 15%. But it has, of course, a strong contribution also from the other parts. And it's better protected from centralized procurement. So that's a bit of what I can say about the mix.

再看 BI 中國的部分，如我們先前所說，大約占全球的 15%。在組合中，你會看到 MR 約占其中的 50%，因此保護性較好。壓力較大的確實是 CT 與超音波部分。另外，IGT 在中國的占比略高於 15%，但當然也有來自其他地區的強勁貢獻，而且相對更能避免集中採購的影響。以上是我對組合的一些說明。

And maybe lastly, it also really calls that we have the right strategy chosen for China because we said we want to compete in segments that we find we can differentiate. And still where we find we can differentiate is the MR BlueSeal for sure, and we see also that actually, they are -- kept that out of the CT for biggest part. It's our IGT franchise, which is really differentiating. There's no kind of alternative in the market.

最後也再次印證我們為中國選擇了正確的策略，因為我們說過，我們希望在我們能夠差異化的細分領域競爭。而我們仍能差異化的領域，當然包括 MR BlueSeal；我們也看到它們在很大程度上把它排除在 CT 的集中採購之外。我們的 IGT 產品線也具備高度差異化，市場上沒有類似的替代方案。

We see ultrasound cardiac actually also being better performing. But of course, that's a smaller part of the cardiac -- of the ultrasound market in China. That's why you see that in the other ultrasound parts, there's bigger pressure.

我們看到心臟超音波（ultrasound cardiac）的表現其實也較好。不過當然，這在中國超音波市場中占比相對較小。因此你會看到，在其他超音波領域，壓力更大。

Then on sleep, I think if you look at sleep outside of US, we see strong double-digit growth that's led by Japan; but also, it's coming from the markets where we are coming back. That's offset by the ongoing respiratory pruning effect. So that's kind of where you see the mix effect coming in where the comparison is normalizing towards end of the year.

至於睡眠業務，我認為如果看美國以外的睡眠業務，我們看到由日本帶動的強勁雙位數成長；同時也來自我們正在回歸的市場。不過，這被持續進行的呼吸產品線精簡（respiratory pruning）效應所部分抵銷。因此你會看到組合效應在此出現，而比較基期也會在年底前逐步正常化。

So that also should improve towards the end of the year. And from an innovation perspective, actually, we have seen good resonance also driving that double-digit growth by the new masks portfolio that we have been introducing together with the device, the software updates we are dialing in. And that actually -- the ecosystem is still very strong. Actually, people are still waiting also in certain markets really for us to get back and to get back on our platform because they really appreciate the patient interface that we have built. And that's given us also a strong way back into the market.

因此，這在今年年底前也應該會有所改善。從創新角度來看，實際上，我們也看到良好的市場回響；我們與設備一同推出的新口罩產品組合，加上我們正在逐步導入的軟體更新，正推動雙位數成長。而且實際上——這個生態系仍然非常強勁。事實上，在某些市場，人們仍在等待我們回歸、回到我們的平台，因為他們非常欣賞我們所打造的病患介面。這也讓我們有一條強而有力的路徑重返市場。

Maybe the other part on SoC, of course, we are working strongly on the mitigation of the regulatory part. So that's something that we're also making good progress on. We said we cannot comment on what it will exactly mean, but we are still hitting every single mark in terms of milestone with the FDA. And that's actually forging ahead also as planned.

至於 SoC 的另一部分，當然，我們正大力推進法規面向的緩解工作。我們在這方面也取得了良好進展。我們說過無法評論這最終會具體意味著什麼，但就與 FDA 的每一個里程碑而言，我們仍然都按點達成。而且這也確實如計畫般持續向前推進。

Thank you, Roy.

謝謝你，Roy。

David Adlington, JPMorgan.

JPMorgan 的 David Adlington。

Hey, guys, thanks for the question. And apologies, it's a very busy day, so I've been on another call. So maybe on cost, I think you may have addressed some of this. But obviously, GE called out cost inflation, most notably on memory chips. I just wondered if you could sort of help give some further color there and maybe quantify the exposure?

嗨，各位，謝謝讓我提問。也抱歉，今天非常忙，我剛剛在另一通電話上。所以關於成本方面，也許你們已經回答了一部分。但很明顯 GE 提到成本通膨，尤其是記憶體晶片。我想請你們能否再補充一些背景、並且或許量化一下你們的曝險程度？

And then secondly, obviously, another great quarter for Personal Healthcare in terms of growth. I'm not sure if you quantify the contribution of price or not. That will be useful. And as we get into the second half and more difficult comps, how you're thinking about the growth profile in PH. Thanks.

第二，個人健康（Personal Healthcare）在成長方面顯然又是一個很棒的季度。我不確定你們是否有量化價格的貢獻；如果能提供會很有幫助。以及進入下半年、比較基期更具挑戰時，你們如何看待 PH 的成長輪廓？謝謝。

Yes, hi, David. Good morning. Let me take the first one. So from a cost inflation perspective -- and maybe a few things. So as I said earlier, we do see cost inflation impacts. We do see that, and we've taken that into account in our guidance. And we -- the expectation we have is that the elevated levels that we see today in freight, electronic components, plastic, we will see that come through for the remainder of the year.

是的，嗨 David，早安。我先回答第一個。就成本通膨而言——我補充幾點。如我先前所說，我們確實看到成本通膨的影響。我們看到了，也已將其納入我們的財測之中。我們的預期是，目前在運費、電子元件、塑膠等方面看到的高位水準，將在今年剩餘期間持續反映出來。

But at the same time, we've included mitigation actions that we are taking, including, for instance, reducing our bill of material cost even further, going hard after AI-enabled savings, and also selectively increasing our prices. And we have a lot of confidence based on the muscle we've been building over the past few years and also what we're seeing again transpire in Q1 from a productivity perspective. On top of that, some of the tariff tailwinds that we're seeing after February are also helping us. So there is a little bit on that.

但同時，我們也納入了正在採取的緩解措施，包括例如進一步降低物料清單（BOM）成本、全力推動 AI 賦能的節省，以及選擇性調漲價格。基於過去幾年我們建立起來的能力，以及我們在第一季從生產力角度再次看到的進展，我們非常有信心。此外，2 月之後我們看到的一些關稅順風也在幫助我們。所以大致是這樣。

And then your second question on Personal Health and the effect of pricing, so we had another stellar quarter in Personal Health in Q1 with particularly North America doing very well with double-digit growth in North America. Of course, we were a bit helped by China, but only relatively little.

至於你第二個問題，關於個人健康以及定價的影響，我們在第一季的個人健康又交出一個非常亮眼的季度，尤其北美表現非常好，北美達到雙位數成長。當然，中國也對我們有一些幫助，但相對而言不多。

Pricing from a pricing perspective, it is relatively flat. We saw a slightly positive pricing, which is probably mostly attributable to the innovations that we've been seeing like the i9000 shaver, like the new Sonicare range that we've introduced. So that has helped pricing a little bit.

從定價角度來看，整體相對持平。我們看到定價略為正向，這大概主要歸因於我們看到的創新產品，例如 i9000 電鬍刀，以及我們推出的全新 Sonicare 系列。這些讓定價有些許提升。

If I look to the remainder of the year or the full year, I should say, so we have reiterated our guidance from 3% to 4.5%. And we've also said that PH will be at the higher end of the guidance, and we're reiterating that today. Because, as you said, the comps are getting a little bit more difficult as we get through the remainder of the year. At the same time, we see very good momentum in Personal Health as well.

如果看今年剩餘期間或全年，我應該說，我們重申了 3% 到 4.5% 的財測指引。我們也表示 PH 會落在指引的較高端，我們今天也再次重申。因為如你所說，隨著今年進行，基期比較會變得更具挑戰。同時，我們也看到個人健康仍有非常好的動能。

And maybe one addition. What is also helping it, David, is, we have been re-expanding our retail distribution. So actually, we have been getting listings and placements in the web shelf and particularly of big retailers. And that actually really gives us additional sustainable growth opportunity for the quarters to come. So it's the combination of really great innovation, but also now having a better access event the consumers that actually gives us confidence that this is a sustained growth path and that we are in line with the guidance that Charlotte just provided.

再補充一點。David，另一個助力是我們正在重新擴大零售通路覆蓋。實際上，我們在大型零售商的線上貨架（web shelf）上取得上架與陳列位置。這確實為未來幾個季度帶來額外且可持續的成長機會。因此，這是非常強的創新，加上現在能更好地觸達消費者的組合，讓我們有信心這是一條可持續的成長路徑，並且我們與 Charlotte 剛提供的指引一致。

Great. Thanks, guys.

很好。謝謝各位。

Veronika Dubajova, Citi.

Citi 的 Veronika Dubajova。

Hi, good morning, Roy and Charlotte, and thank you for taking my questions. I will keep it to two, please. One is kind of big-picture question on patient monitoring. Obviously, one of your sort of competitors/suppliers is changing ownership. I'm just curious on how you're thinking about what impact that might have on your business and whether this is strategically a positive, a negative, a net neutral? Is this an asset that would have made sense in the context of Philips? If you can kind of share your thoughts on that, that would be super, super helpful.

嗨，早安，Roy 和 Charlotte，謝謝你們回答我的問題。我會控制在兩個。第一個是關於病患監護（patient monitoring）的宏觀問題。很明顯，你們的一家競爭對手／供應商正在更換所有權。我想了解你們如何看待這可能對你們業務的影響，以及在策略上是正面、負面，還是整體中性？這是否是一項若放在 Philips 的脈絡下會合理的資產？如果你們能分享一些想法，會非常非常有幫助。

And then my second question is just circling back to some of the inflation commentary. Maybe, Charlotte, can you give us a flavor for why you think you are in a better position to mitigate some of the headwinds than GE Healthcare? Would just love to understand what you think you have in your back pocket that's obviously enabling you to maintain your margin. And if you very briefly could comment on your Q2 margin expectations, that might also be helpful. Thank you so much.

第二個問題是回到通膨的評論。Charlotte，你能否說明一下，為什麼你認為你們在緩解部分逆風方面比 GE Healthcare 處於更有利的位置？我很想了解你們有哪些「口袋裡的工具」能讓你們維持利潤率。另外，如果你能非常簡短地評論一下你們對第二季利潤率的預期，也會很有幫助。非常感謝。

Yes. Thank you, Veronika. Let me take the first one. So on the patient monitoring, so you saw that actually the strong momentum continues, strong order intake. Actually, we are playing a platform play there that actually really resonates well with our customers. And as part of that, actually, we have strong partnerships.

是的，謝謝你，Veronika。我先回答第一個。關於病患監護，你也看到強勁動能仍在延續，訂單動能強。實際上，我們在那裡採取的是平台型打法，這與客戶產生了很好的共鳴。而作為其中一部分，我們也有很強的合作夥伴關係。

Masimo is part of that. We don't think that actually there will be any change. That's also not what kind of has been signaled because we have the biggest access to customers globally in terms of monitoring base. So there's a real intrinsic interest to actually connect with us to the customer. And there's also mutual interest from us to actually be providing in a vendor-neutral way consumable solutions that are out there in the market.

Masimo 是其中之一。我們不認為會有任何改變；目前釋出的訊號也不是那樣。因為就監護裝機基礎而言，我們在全球擁有最大的客戶觸達能力。因此，對方有很內在的動機要透過我們連結到客戶。同時，我們也有共同的利益，希望以供應商中立（vendor-neutral）的方式，提供市場上可用的耗材解決方案。

And that has been benefiting the partnership with Masimo in past years, and we believe that will be also going forward. So we see it as at least net neutral. And I think we are excited to work also with any new owner there to kind of grow the franchise and make it work for our customers.

這在過去幾年一直讓我們與 Masimo 的合作受益，我們相信未來也會如此。因此我們至少視之為整體中性。我想我們也很期待與那邊任何新的所有者合作，一起擴大這個業務版圖，並讓它為我們的客戶發揮作用。

And to differentiate also first competition because this is one of the strongholds the combination that we have, a very strong cybersecure platform with the broadest data reach, with the medical device integration and the consumables actually makes it very appealing in a very complex environment for our customers to do business with us. And that has been driving all these long-term partnerships and also the share gains in monitoring along the way.

另外，從競爭差異化來看，這也是我們的強項之一：我們擁有非常強的資安防護平台、最廣泛的資料觸達能力，再加上醫療設備整合與耗材的組合，讓客戶在非常複雜的環境中與我們合作變得非常有吸引力。這也推動了這些長期合作夥伴關係，以及一路以來在監護領域的市占提升。

Yes. Thank you, Roy. Let me take your second question, Veronika on inflation. And if I think about where we are in the year, let's first start with, in Q1, we had a very solid Q1 with margin expansion ahead of our expectations. So that gives us confidence that, again, we are able to not only compensate some of the headwinds we're seeing but even expanding our margins despite that.

是的，謝謝你，Roy。Veronika，我來回答你第二個關於通膨的問題。如果我看我們今年的狀況，先從第一季開始：我們第一季表現非常扎實，利潤率擴張也超出我們的預期。這讓我們有信心，我們不僅能抵消部分正在看到的逆風，甚至能在此情況下擴大利潤率。

Then of course, we're seeing cost inflation. We're seeing it in freight, and we see it in electronic components and in plastics, but we have already started taking mitigation actions. Those will -- we started building them. Those are a little bit back-end loaded, and they will start coming in the second half of the year.

當然，我們也看到成本通膨。我們在運費上看到，在電子元件與塑膠上也看到，但我們已經開始採取緩解行動。我們已經開始建立這些措施。這些措施會——我們的配置稍微偏向後段，並將在下半年開始顯現。

And to take you through what we're doing, first of all, we're doubling down on bill of material productivity. We've always said there's more to go after, and we're now doing that with increased feed. We're going after our AI-enabled efficiencies, where we've seen some early progress already in Q1, and we continue to see that as well. And then as well, we're doing selective pricing as well.

我帶你快速看一下我們在做什麼：首先，我們加倍投入物料清單（BOM）的生產力提升。我們一直說還有更多可以挖掘的空間，而我們現在正以更高的力度推進。其次，我們推動 AI 賦能的效率提升，我們在第一季已看到一些早期進展，並且也持續看到。再者，我們也在進行選擇性定價調整。

So the other element is really the tariff tailwind that we're seeing a little bit that we're seeing also in Q1, and we'll see that versus our expectations being a little bit better going forward. Now you also know that we've been a little bit prudent in the way we've put our full-year guidance out as well. So that, of course, has given us a little bit of buffer as well.

所以另一個因素其實是我們看到的一點關稅順風，我們在第一季也看到了，而且相較於我們的預期，往後看會稍微好一些。你也知道，我們在發布全年指引時在做法上也稍微保守一些。因此，這當然也給了我們一些緩衝。

So now to your question on Q2 specifically and Q2, so if we think about Q2, a couple of things that I think are important to realize, of course, Q2 is the last quarter where we still didn't have the full impact of our tariffs in 2025. And you know we've spoken about it a lot of times the way the tariff impact flows into our P&L, which first goes into inventory, and then it flows into our P&L.

那麼回到你關於第二季、特別是第二季的問題：如果我們來看第二季，我認為有幾點很重要需要理解。當然，第二季是最後一個季度，在2025年我們仍然尚未承受關稅的完整影響。你也知道，我們已經多次談到關稅影響如何流入我們的損益表：它會先進入存貨，然後才會流入損益表。

So we have, again, a tough comparable from a tariff perspective. And then also, we see the cost inflation, of course, starting to hit us. We have already taken the mitigation actions, but it will take a little bit of time before that starts positively impacting our P&L. So we, therefore, expect our mitigation impact to be a little bit more back-end loaded.

因此，從關稅角度來看，我們再次面臨一個艱難的比較基期。另外，我們也看到成本通膨當然開始對我們造成影響。我們已經採取了緩解措施，但在這些措施開始對我們的損益表產生正面影響之前，仍需要一點時間。因此，我們預期緩解措施的效果會更偏向在下半年體現。

Thank you, guys.

謝謝，各位。

Julien Dormois, Jefferies.

Julien Dormois，Jefferies。

Good morning, Roy. Good morning, Charlotte. Thanks for taking my two questions. The first one relates to the mitigation initiatives that you are taking, and you mentioned selective pricing initiatives. So could you just walk us through what are the segments where you have the more leeway and at what speed we could see those pricing initiatives contribute to margin?

早安，Roy。早安，Charlotte。謝謝回答我兩個問題。第一個問題與你們正在採取的緩解措施有關，你提到選擇性的定價措施。你能否帶我們了解一下，哪些業務板塊你們有較大的定價空間，以及我們可能以多快的速度看到這些定價措施對毛利率作出貢獻？

And the second question is more specific on Enterprise Informatics. You indicated that sales were down low single digits in Q1, and you mentioned the usual unevenness in revenue generation. But if you could shed more light on why that happened specifically and then what we should expect for the remainder of the year and maybe also in the midterm, that would be helpful. Thank you.

第二個問題更聚焦在企業資訊（Enterprise Informatics）。你指出第一季銷售額下降了低個位數，並提到收入生成一向不均勻。但如果你能更具體說明為何會出現這種情況，以及我們對今年剩餘時間、甚至中期應有何預期，將會很有幫助。謝謝。

Thank you, Julien. Let me take your first question on pricing. So yes, we've called out also last year, you might remember, selective pricing as well. And we've already put some of that in place last year. We, of course, focus there where we have leading positions, and that's where we increased our prices.

謝謝你，Julien。我先回答你第一個關於定價的問題。是的，我們也在去年提到過——你可能記得——選擇性定價。我們去年已經落實了一部分。當然，我們會聚焦在我們具備領先地位的領域，並在那裡提高價格。

So I'll give you a few examples. We're increasing our prices in Image-Guided Therapy. We're doing that in hospital patient monitoring. We're doing that in some of our service contracts. We're doing that in some of our time and materials. So we have a very granular plan in place to increase prices where we can.

我舉幾個例子：我們在影像導引治療（Image-Guided Therapy）提高價格；我們在醫院病患監護（hospital patient monitoring）提高價格；我們在部分服務合約提高價格；我們也在部分按工時與材料（time and materials）的項目提高價格。因此，我們有一個非常細緻的計畫，在可行之處提高價格。

As you rightfully mentioned, some of that will flow through in 2026, and some of that will take a little bit longer as it needs some time to flow through the order book and will then benefit us in 2027. But I think it's fair to say that we've learned from COVID. And also there, we've been able to build up a much stronger muscle when it comes to price increases and price discipline, which is now helping us implementing that with a little bit more speed.

正如你所提到的，其中一部分會在2026年反映出來，另一部分因為需要時間在訂單簿中逐步消化，可能要更久一些，並在2027年讓我們受益。但我認為可以公平地說，我們從COVID中學到了經驗；同時，我們也建立了更強的能力，能夠推動漲價與維持價格紀律，這也正幫助我們以更快的速度落實這些措施。

Thank you. Let me then go to EI. So in EI, we see a couple of trends as we also alluded to when we had the Capital Markets Day. One is actually, we see continued order uptake. We saw that picking up strongly in the second half of last year. We also saw it again in the first quarter, and we have a very good funnel. So we see that there's healthy demand that's also on the back of the cloud migration and the cloud offering that we have, but also the integrated diagnostics trend that we see coming out in the market is really generating increased interest.

謝謝。接著我談EI。在EI方面，我們看到幾個趨勢，正如我們在資本市場日（Capital Markets Day）時也提到的。其中之一是我們看到訂單持續增加。去年下半年開始明顯回升，我們在第一季也再次看到，而且我們的商機漏斗非常好。因此，我們看到需求是健康的，這背後也受惠於雲端遷移以及我們的雲端產品；同時，市場上正在形成的整合式診斷（integrated diagnostics）趨勢也確實帶來更高的興趣。

If you then look at the sales trend, this is indeed more patchy. Sales drills orders quite a bit in EI. Furthermore, you see that if customers migrate in or out, those give quite big hiccups because actually that's the lumpiness that's kind of inherent to that business. The other part is that you also see that the orders that we are taking now more and more also go into a SaaS model, where you see that kind of the revenue flows in over a longer period of time. And that actually gives you more recurring attractive revenue stream for the longer run. But of course, it gives a bit of a hiccup in these quarters.

如果再看銷售趨勢，確實比較零散。EI的銷售很大程度會跟著訂單走。此外，你會看到客戶在遷入或遷出時，會造成相當大的波動，因為那種不均勻性本來就是該業務的固有特性。另一個部分是，我們現在承接的訂單越來越多也會進入SaaS模式，在這種模式下，收入會在更長的期間內逐步認列。長期來看，這會帶來更具吸引力的經常性收入來源，但當然也會在這些季度造成一些波動。

So we see positive interest. We see the integrated diagnostics story really picking up with customers, and of course, fueled by AI and the data play. And we are really working how we can tap into that. And we see the funnel growing also supported with what we're doing with Amazon. And then lastly, you also saw that kind of on the monitoring side, the Capsule and HPM combination is already working. So you see also this kind of combination play really driving impact. So we are kind of positive on that notion as well that that will come through in due course of the year.

因此，我們看到正面的市場興趣。我們看到整合式診斷的故事在客戶端確實正在升溫，當然也受到AI與資料應用的推動。我們正努力思考如何切入並掌握這個機會。我們也看到商機漏斗在成長，並且有我們與Amazon合作所帶來的支持。最後，你也看到在監護端，Capsule與HPM的組合已經在發揮作用。因此，你也會看到這種組合策略正在帶來影響。我們對此也持正面看法，並相信它會在今年稍後逐步體現。

Thank you very much.

非常感謝。

Hugo Solvet, BNP Paribas.

Hugo Solvet，BNP Paribas。

Hi, guys. Thanks for taking my questions. I have two, please. Quick ones on margins. First, short term, Charlotte, on the Q2 margin, could you maybe just clarify your earlier comments? Is there a scenario where margin in Q2 be within the full-year guidance range?

嗨，各位。謝謝回答我的問題。我有兩個，都是關於毛利率的簡短問題。第一個是短期的，Charlotte，關於第二季毛利率，你能否澄清一下你先前的評論？是否存在一種情境，使得第二季毛利率落在全年指引區間之內？

And second, a bit more long term, when we think about the full-year 2028 targets, you have around 600 to 700 bps of buffer for wage input cost, tariff macro, and so on. What's the level of confidence that this buffer can accommodate for higher input costs given where they are at the moment? Thank you.

第二個是較長期的：當我們思考2028年全年目標時，你們大約有600到700個基點的緩衝，用於工資投入成本、關稅宏觀因素等等。考量目前投入成本的水準，你對這個緩衝能否吸收更高投入成本的信心程度如何？謝謝。

Yes. Thank you very much, Hugo. So let me start with your first question on Q2 margin. So based on what I just said, first of all, the incremental tariffs weren't in effect in Q2 2025. As well as the cost inflation that we're seeing with the mitigation timing being back-end loaded, I expect the Q2 margins to be lower year on year in Q2.

是的，謝謝你，Hugo。我先回答你第一個關於第二季毛利率的問題。根據我剛才所說，首先，2025年第二季並未生效新增的關稅。同時，考量我們看到的成本通膨，以及緩解措施的時點偏向下半年，我預期第二季毛利率將會年對年下降。

I also feel very confident that in the back end of the year, we will be able to get those mitigation factors in because we have very, very strong plans in place and very granular plans in place to start offsetting that. But Q2 in that sense will be a little bit of a lower quarter from a margin perspective.

我也非常有信心在今年下半年，我們能把這些緩解因素落實到位，因為我們已經有非常、非常強的計畫，而且是非常細緻的計畫，來開始抵消這些影響。但就毛利率而言，第二季會是一個相對較低的季度。

Now to your second question on the longer-term margin outlook, as we said in February, we -- of course, as we stood there in February, we knew that the world was a turbulent place. We didn't quite know how turbulent it would get, but we absolutely did take into account that there would be something that we would be seeing.

至於你第二個關於較長期毛利率展望的問題，正如我們在二月所說——當然，以二月當時的情況來看，我們知道世界處於動盪之中。我們不完全知道會有多動盪，但我們確實把可能會出現的一些情況納入考量。

So as a result, and we were also very transparent about the buffer that we took at that point in time, especially given the ability we have to also step up from a mitigation perspective, I don't -- I feel equally confident as I was in February that we'll be able to get to the mid-teens adjusted EBITA margin by the end of 2028 based on what we know today.

因此，我們也在當時非常透明地說明了我們所保留的緩衝。特別是考量到我們也有能力在緩解措施方面加大力度——就我今天所知，我的信心與二月時一樣：我們將能在2028年底達到調整後EBITA毛利率中十位數（mid-teens）的水準。

Thank you very much and congrats on [the print].

非常感謝，也恭喜[這次的數字]。

Aisyah Noor, Morgan Stanley.

Aisyah Noor，Morgan Stanley。

Hi, thanks so much for fitting me in at the end. My question is just on D&T and your competitive outlook in Europe following the launch of an ultrasound by United Imaging in this space; and as well on the recent launch of Verida for you, just how that's progressing and how we should be thinking about the sales contribution for 2026. Thank you.

嗨，謝謝你們在最後還讓我加入提問。我的問題是關於D&T，以及在United Imaging在這個領域推出超音波之後，你們在歐洲的競爭展望；另外也想問你們近期推出的Verida，目前進展如何，以及我們應該如何看待其在2026年的銷售貢獻。謝謝。

Yes, thank you, Aisyah. And I already called out Europe actually picking up and performing well in Q1. And that's also particularly for D&T, where we see actually that -- and then within D&T also, PD actually is doing really well in Europe. So we see a few trends. One, MR already was picking up strong. So we see that continued. And also if you look to the BlueSeal penetration now, actually, that's really kind of going well, and we see a good funnel on the MR side.

是的，謝謝你，Aisyah。我其實已經提到歐洲在第一季正在回升且表現良好。這點在D&T上也特別明顯；而且在D&T之內，PD在歐洲的表現也非常好。所以我們看到幾個趨勢：第一，MR先前就已經強勁回升，我們看到這個趨勢延續。再者，如果你看BlueSeal的滲透率，目前其實進展得非常順利，我們在MR端也看到良好的商機漏斗。

Then also with the new Verida launch, actually, we see very strong interest in Spectral and how that now with a better workflow is really helping to support high-volume throughput at high-quality imaging. We've secured the first order already. We have an installation ongoing. So actually, very good reference as well, very strong clinical support. So actually, we have a kind of good expectation that Verida will be doing really well in Europe, and we see the first proof points of that coming through.

此外，隨著 Verida 的新上市，實際上我們看到市場對 Spectral 的興趣非常強烈；而且在更佳的工作流程之下，確實有助於以高品質影像支援高量能的處理量。我們已經拿到第一筆訂單，也正在進行安裝。因此這也是非常好的參考案例，臨床端支持力道很強。所以我們對 Verida 在歐洲的表現抱持相當好的期待，也看到第一批驗證點正在浮現。

Then lastly, ultrasound. Ultrasound actually is also doing well. Indeed, we had some competitors as well in this space. But actually, ultrasound in Europe has been already starting last year, picking up very strongly after we kind of came out with our latest EPIQ launch and also the Flash.

最後是超音波。超音波其實也表現不錯。的確，我們在這個領域也有一些競爭對手。但實際上，歐洲的超音波業務從去年開始，在我們推出最新的 EPIQ 以及 Flash 之後，就開始非常強勁地回升。

We have good order momentum of ultrasound in Europe, strong positioning. So actually, we are quite excited about the momentum in Europe, how that is increasing, and especially also how our AI based -- but also, I would say, high productivity and performance solutions really hit the mark in a market that needs to be also kind of conscious of the spend in the environment that we are in. But that seems to work well.

我們在歐洲的超音波訂單動能良好、定位強勢。因此我們對歐洲動能的提升感到相當振奮，尤其是我們以 AI 為基礎——同時我也會說，是高生產力與高效能的解決方案——在一個也必須對支出更為審慎的市場環境中，確實切中需求。而目前看起來運作得很好。

Thank you very much.

非常感謝。

Graham Doyle, UBS.

UBS 的 Graham Doyle。

Good morning, guys. Thanks for taking questions. Just two, please. Just the first one, just on inflation again, just to get some context on this. Obviously, you guided in Feb, and there's been obviously volatility. But is there any -- how meaningful is the incremental headwind? So is it something that was comfortably within your buffer, or are you doing other things to sort of mitigate?

各位早安，謝謝讓我提問。我有兩個問題。第一個還是關於通膨，想請你們提供一些背景。你們在 2 月給了指引，之後顯然波動很大。但新增的不利因素到底有多顯著？也就是說，這是否仍然很舒服地落在你們的緩衝範圍內，或是你們正在採取其他措施來加以緩解？

And then, Roy, just on China, you mentioned a few times at the CMD and then today about kind of playing to win in certain segments. Is there any way within reason that you kind of identified to us the areas where you understand that perhaps you can't win; and therefore, you've built it into your guidance that you kind of know that there's areas where you're probably deprioritizing? Is that possible to maybe contextualize that for us? Thank you.

第二個問題給 Roy，關於中國。你在 CMD 以及今天都多次提到在某些細分領域「要打就要贏」。在合理範圍內，你們是否能向我們說明哪些領域你們判斷可能無法取勝；因此你們已把這點納入指引，知道有些領域你們可能會降低優先順序？能否幫我們做一些脈絡化說明？謝謝。

Yes, hi, Graham. Thanks. Let me take your first question on the inflation. So indeed, yes, we guided in February only three months ago, although a lot has happened. So as I said before, we are seeing an incremental headwind in plastics, in also freight. It's good to know as well that energy, we have hedged for 2026. So we will not see any impact from higher energy, direct highly energy prices.

是的，嗨 Graham，謝謝。我先回答你第一個關於通膨的問題。的確，我們是在 2 月給出指引，距今只有三個月，但期間發生了很多事。如我先前所說，我們看到塑膠以及運輸（freight）方面有新增的不利因素。另外也值得一提的是，能源方面我們已對 2026 年做了避險，因此我們不會受到更高能源、直接的高能源價格影響。

There are a few components here, right? It's -- first of all, we did already better in Q1 than we thought. So we are a little bit ahead of where we thought we would be, which is giving us confidence. The second component is we are -- after the Supreme Court struck some of the tariffs in February, we're seeing some tailwinds as a result of that that we are that we are taking into account as well, which is offsetting some of the inflation.

這裡有幾個構成因素，對吧？第一，我們在第一季的表現已經比原先預期更好，所以我們目前略微領先於原本的預期，這也讓我們更有信心。第二個因素是，在最高法院於 2 月撤銷部分關稅之後，我們看到因此帶來的一些順風，我們也把這些納入考量，用來抵消部分通膨影響。

And then the third component is we have launched already additional mitigation activities, including bill of material price reductions, including also optimize the way we look at freight and where we use air freight versus boat in order to also optimize the spend there, and also leaning in even harder in what we know and do very, very well, which is driving further cost discipline.

第三個因素是，我們已經啟動額外的緩解措施，包括物料清單（BOM）降價，也包括優化我們看待運輸的方式，以及在空運與海運之間如何取捨，以便同時優化相關支出；此外，我們也更用力地投入我們非常擅長、也一直做得很好的事情，也就是進一步強化成本紀律。

We've also -- we've always said there's more to go after. So we're doing that now with double speed as well. And putting that also in the context of what I said earlier that we have put a prudent guide out, all of that actually comes to a place where we can reiterate our guidance of 12.5% to 13% for the full year.

我們也——我們一直都說還有更多可以再追求的空間。所以我們現在也以加倍速度在推進。同時把這些放在我先前提到的背景之下：我們給出的是審慎的指引；綜合以上因素，我們得以重申全年 12.5% 到 13% 的指引。

Thank you. And then on China, indeed, I think the differentiated play is becoming more important. And to give you some examples where we see that actually, we have really the right to play and to win is, I called out MR. Actually, we have one of the biggest installed base of the helium-free already in China. And we just go also the notion that we have a green part support from the regulatory body and PMA to kind of get an accelerated approval for the 3T because they're so excited about the new innovation that this will bring to China. So that's a good example on MR.

謝謝。至於中國，的確，我認為差異化的打法正變得更重要。舉幾個例子，哪些領域我們認為自己確實有「參與的權利」也有「取勝的能力」：我提到過 MR。實際上，我們在中國已經擁有最大規模之一的無氦（helium-free）裝機基礎。我們也剛獲得監管機構與 PMA 對「綠色」部分的支持，使我們能針對 3T 取得加速審批，因為他們對這項新創新將為中國帶來的價值感到非常興奮。這是 MR 的一個好例子。

IGT is also really doing well, and we have a kind of good momentum, and we see that also well in demand in the market. And ultrasound, I called out there's different dynamics. You see that the cardiovascular, we are still unique. But it's, of course, a smaller segment in totality, and you see quite brutal competition on GI.

IGT 也表現得非常好，我們有不錯的動能，也看到市場需求端同樣強勁。超音波方面，我提到過其動態不同：在心血管領域我們仍然具備獨特性；但當然，整體來看這是較小的細分市場，而在 GI 領域你會看到相當激烈的競爭。

The same with CT, CT spectral, Actually, we have, again, one of the stronger installed bases of CT spectral in China. But if you look to the more generic CT, that's really very strong competition. So that's kind of where we said that's not our gameplay. And then we exited DXR because we said that's so commoditized. That's not our game in China. We also exited the value play in China, which is the lowest price segment because that will be very strongly locally favored and also at price points that are not attractive to us.

CT 也是一樣，尤其是 CT spectral。實際上，我們在中國同樣擁有較強的 CT spectral 裝機基礎之一。但如果看更通用型的 CT，那裡的競爭非常激烈。所以我們說那不是我們的主戰場。另外我們退出了 DXR，因為我們認為那已高度商品化，在中國那不是我們的遊戲。我們也退出了中國的 value play，也就是最低價位的細分市場，因為那會非常偏向本地供應商，而且價格點對我們而言並不具吸引力。

So we made distinct choices. Actually, within those segments, we also see that we are really trending with market or even kind of doing well within the market momentum. But yes, there is just a subdued overall market environment that we have to operate in. But I think we have been making the right choices. We're sticking to that. It's also in line with the plan. And also, as we showed in the results, it's also in line with the results that we have in Q1 and also for the full-year expectation.

因此我們做出了明確的取捨。實際上，在這些細分領域中，我們也看到自己的表現是跟隨市場、甚至在市場動能之中表現不錯。但確實，整體市場環境仍然偏疲弱，我們必須在其中運作。不過我認為我們做了正確的選擇，也會持續堅持；這也與我們的計畫一致。而且如同我們在第一季的結果以及對全年預期所展示的，這也與我們的成果一致。

So in that sense, I think we derisked China in our plan. We're playing there to tap the opportunity that we have. And last but not least, China is not only a demand market; of course, there's also innovation happening in China that we want to stay close to, including AI innovation that's going very rapid. Robotics is developing very rapidly in China. And then, of course, there's also still components and sourcing that we get from China. So that China for us is a wider market than demand only, and that's why we kind of keep a strong footprint there. But in line with demand, we have kind of opted for a more selective go-to-market.

所以在這個意義上，我認為我們已在計畫中降低了中國的風險。我們在那裡的策略是把握我們所擁有的機會。最後但同樣重要的是，中國不只是需求市場；當然，中國也正在發生創新，我們希望保持貼近，包括發展非常快速的 AI 創新。機器人技術在中國也發展得非常快。當然，我們也仍有一些零組件與採購來源來自中國。因此對我們而言，中國是一個不僅僅是需求的更廣泛市場，這也是為什麼我們在那裡維持強而有力的布局。但就需求面而言，我們選擇了更具選擇性的 go-to-market。

Awesome. Thanks a lot, guys. I really appreciate those answers.

太好了。非常感謝各位。我很感謝這些回答。

Thank you all. That was the last question. Mr. Jakob, please continue.

謝謝各位。那是最後一個問題。請 Jakob 先生繼續。

Yes. Thank you all for attending the call. As you saw, we have a strong start to the year with growth orders and sales and margin expansion despite a very turbulent environment we operate in. We have, with confidence, reiterated our full-year guidance. Of course, a lot of work to be done, but we have the actions in place, the plan in place, and the team that is working it. So thank you for your attention again. Have a further great day.

是的。感謝各位參與本次電話會議。如各位所見，儘管我們所處的環境非常動盪，我們仍以訂單與銷售成長、以及利潤率擴張，強勁地開啟了今年。我們也有信心地重申全年指引。當然，還有很多工作要做，但我們已具備相應的行動、計畫，以及正在推動落實的團隊。再次感謝各位的關注。祝各位今天接下來一切順利。