Philips ECONOMIC

Target: Koninklijke Philips N.V. (Royal Philips)

Research date: 25 October 2026

Evidence period: Historical corporate development through October 2026.

Scope: Corporate ownership, Israeli operating subsidiaries, manufacturing, research and development, distribution, government-linked economic activity, financial flows and potential settlement-related commerce.

Supply Chain & Sourcing Relationships

Direct suppliers and agricultural sourcing

No public evidence identified of a commercial supply relationship between Philips and Mehadrin, Hadiklaim, Galilee Export, Agrexco successors or other named Israeli agricultural exporters.

Israeli manufacturing supply chain

As of 2026, Philips Medical Systems Technologies Ltd. maintains an active US FDA establishment registration at MATAM, Building 34, Haifa, Israel, with Philips Medical Systems International B.V. in the Netherlands identified as its owner/operator.¹

The Israel Innovation Authority identifies Philips Medical Systems Technologies as an Israeli medical-device enterprise active in CT systems, imaging technology, detection, ultrasound and advanced diagnostic applications.²

A Philips Israel industry profile identifies Israeli manufacturing of CT and nuclear medicine systems, medical-imaging detection technologies and associated clinical solutions; this establishes local production activity but does not separately establish the national origin of every component.³

Philips’ 2026 recruitment materials also identify manufacturing work at its Haifa detector factory, including assembly of medical-device detector subassemblies.⁴

Importer of record

Philips’ 2025 SEC subsidiary schedule lists Philips Electronics (Israel) Ltd. and Philips Medical Systems Technologies Ltd. as Israeli group subsidiaries, while the FDA identifies a Netherlands-based Philips entity as the owner/operator of the Haifa medical-device establishment.^{5, 1}

No public evidence identified of a specific importer-of-record arrangement or customs declaration for goods imported into Israel by these entities.

Direct distribution relationships

Philips’ regional healthcare distribution directory identifies Philips Electronics (Israel) Ltd. in Yaqum and Medtechnica Ltd. in Petah Tikva as commercial distribution channels for the Israeli market.⁶

The same directory associates Medtechnica with cardiovascular X-ray equipment, patient-monitoring systems, ultrasound, general X-ray equipment and clinical informatics.⁶

Philips’ Israeli healthcare support page continues to identify Medtechnica as a local healthcare business partner.⁷

Third-party and indirect distribution

The verified relationship with Medtechnica establishes an intermediary sales channel, but the reviewed disclosure does not identify individual downstream customers, settlements or Israeli military purchasers.⁶

No public evidence identified of confirmed settlement deliveries through Medtechnica or another Philips distributor.

Seasonal sourcing

No public evidence identified of recurring seasonal procurement of Israeli agricultural products by Philips.

Supply-chain relationships with Israeli technology companies

Philips’ 2018 EPD Solutions transaction involved the acquisition of cardiac-imaging and navigation technology developed by an Israeli company.⁸

Philips also acquired Israeli ultrasound-analysis company DiA Imaging Analysis in 2023, according to contemporaneous transaction reporting and subsequent Philips subsidiary disclosures.^{9, 5}

These transactions represent acquisitions of operating technology businesses, rather than recurring agricultural procurement or ordinary third-party distribution.^{8, 9}

Product Origin, Labeling & Regulatory Compliance

Medical-device manufacturing origin

The US FDA’s 2026 record identifies Philips Medical Systems Technologies Ltd. as an active medical-device establishment in Haifa, Israel.¹

Israeli industry material describes the local Philips operation as a design and manufacturing centre for CT and nuclear medicine systems, medical-imaging detectors and clinical technologies.³

This evidence supports the existence of Israeli manufacturing operations, but does not establish that every Philips-branded CT system or detector sold internationally originates in Israel.^{1, 3}

Settlement-origin products

No public evidence identified of a Philips product confirmed to originate from an Israeli settlement in the West Bank, East Jerusalem or Golan Heights.

Country-of-origin labelling

No public evidence identified of a regulatory enforcement action against Philips for mislabelling settlement-produced goods as products of Israel.

Corporate settlement-origin sourcing policy

No public evidence identified of a Philips-specific published sourcing or labelling policy addressing goods manufactured in Israeli settlements.

Applicable corporate product categories

Philips identifies itself as a health-technology company focused on diagnostic imaging, ultrasound, image-guided therapy, monitoring, enterprise informatics and personal health products.¹⁰

The Philips-branded products independently identified in this research include medical-imaging equipment, clinical information systems and ultrasound devices.^{6, 11}

Regulatory registration

The FDA’s 2026 establishment listing records Philips Medical Systems Technologies Ltd. as active and identifies its owner/operator as Philips Medical Systems International B.V., located in Best, Netherlands.¹

No public evidence identified of a Philips medical-device regulatory finding specifically involving Israeli settlement manufacturing or misleading settlement-origin labelling.

On 22 March 2026, the Israeli Ministry of Foreign Affairs published procurement notice 4000615381 for a spectral CT scanner intended for the Heim Pál Children’s Hospital in Budapest, Hungary. The Ministry’s procurement justification explicitly states that the scanner was developed at Philips’ research and development centre in Haifa and is manufactured entirely in Israel. This provides product-specific, government-published evidence of Israeli development and manufacturing origin for the proposed spectral CT system, beyond the general evidence of Philips’ Israeli manufacturing operations. The statement concerns the particular scanner described in the notice and does not establish the manufacturing origin of every Philips spectral CT model. The notice was last updated on 5 April 2026.¹²

Investment, Capital & Financial Exposure

Israeli operating-company ownership

Philips’ SEC Exhibit 8 for the year ended 31 December 2025 lists five Israeli subsidiaries: Dia Imaging Analysis Ltd., EPD Research Ltd., LifeWatch Technologies, Ltd., Philips Electronics (Israel) Ltd., and Philips Medical Systems Technologies Ltd.⁵

The filing states that listed subsidiaries are held directly or indirectly at 100% unless another ownership percentage is specified.⁵

The same five Israeli companies are identified in Philips’ 2024 subsidiary filing, establishing continuity of disclosed group ownership across the two reporting dates.¹³

Acquired Israeli companies and operating businesses

Philips Medical Systems Technologies / Elscint

Israeli technology-industry records trace the Haifa medical-imaging operation to Elscint, founded in Israel in 1969, and describe its subsequent ownership by Marconi Medical Systems in 1998 and Philips following Philips’ 2001 acquisition of Marconi.¹⁴

The modern Israeli operating entity remains on Philips’ 2025 SEC subsidiary list and is registered with the FDA as an active medical-device establishment in 2026.^{5, 1}

The Israel Innovation Authority reports that Philips Medical Systems Technologies was established in 1998 and identifies approximately 1,300 employees in its company record.²

The historic predecessor dates and modern legal incorporation should be distinguished; the Elscint foundation date does not mean that the currently named Philips legal entity was incorporated in 1969.^{14, 2}

EPD Solutions / EPD Research

On 5 June 2018, Philips announced an agreement to acquire EPD Solutions for EUR 250 million upfront, plus milestone-dependent payments, with an expected provision of approximately EUR 210 million associated with the contingent consideration.⁸

The acquisition concerned image-guided cardiac arrhythmia treatment and navigation technologies, including three-dimensional cardiac mapping.⁸

Contemporaneous reporting identified EPD’s operations in Caesarea and reported that approximately 20 of the company’s 30 employees worked in Israeli R&D.¹⁵

Philips reportedly stated in June 2018 that the Israeli research team would remain in Israel following the acquisition.¹⁵

EPD Research Ltd. continued to appear as an Israeli subsidiary in Philips’ 2025 SEC filing.⁵

Philips identifies Shlomo Ben-Haim as the founder and chairman of EPD Solutions in its 5 June 2018 acquisition announcement.¹⁶ no public evidence identified in the replacement source establishing the precise August 2014 founding date.

The 2018 acquisition amount is historical and does not establish the present revenue, profitability or book value of EPD Research Ltd.^{8, 5}

DiA Imaging Analysis

On 7 May 2023, Globes reported that Philips was acquiring Israeli medical-imaging AI developer DiA Imaging Analysis, formerly DiA Cardio.⁹

The acquired technology concerned automated analysis of cardiac ultrasound images and assistance with ultrasound acquisition.⁹

The report described approximately 40 employees and offices in Ramat Gan and Beersheva at the time of acquisition.⁹

IVC separately records the May 2023 acquisition and states that DiA was integrated into Philips’ local R&D activities.¹⁴

Philips’ 2025 SEC subsidiary list identifies Dia Imaging Analysis Ltd. as an Israeli subsidiary under the filing’s general 100%-ownership convention.⁵

No public evidence identified of the final acquisition consideration or DiA’s independently reported 2025–2026 revenue.

LifeWatch Technologies

LifeWatch Technologies, Ltd. appears as an Israeli group subsidiary in Philips’ 2023 and 2025 SEC subsidiary schedules.^{17, 5}

Its inclusion establishes group ownership at those reporting dates, subject to the filings’ stated ownership convention.^{17, 5}

No public evidence identified in the reviewed material of its original acquisition consideration, current standalone workforce, Israeli manufacturing volume or customer-specific settlement transactions.

Sync-Rx Ltd.

IVC identifies a Philips acquisition of Israeli company Sync-Rx Ltd. dated 24 December 2012.¹⁴

Philips’ 2023 SEC subsidiary schedule includes Sync-Rx Ltd. among the group’s Israeli subsidiaries.¹⁷

Sync-Rx does not appear separately among the five Israeli companies in the reviewed 2025 Exhibit 8.⁵

No public evidence identified establishing whether Sync-Rx was subsequently merged, dissolved, disposed of or otherwise reorganised.

Other historical operations

A Philips Israel industry profile identifies Algotec among the company’s healthcare information systems and Israeli research activities and refers to cloud-enabled enterprise-imaging development.³

No public evidence identified in the reviewed primary disclosures establishing a currently separate Philips-controlled legal entity named Algotec, its acquisition price or its current ownership percentage.

Research and development investments

The Israel Innovation Authority identifies Philips Medical Systems Technologies as a participant in a pre-product research programme with award years 2023 and 2025.²

The 2025 award demonstrates activity after 19 July 2024 and after November 2024, although the public listing does not by itself establish the amount ultimately disbursed.²

IVC reports a separate August 2025 R&D grant record of NIS 6 million, associated with photon-counting CT technology and conditional milestone-based funding during 2025–2026.¹⁴

The NIS 6 million figure represents the reported grant record and should not be interpreted as independently verified cash received.¹⁴

Operational investment versus passive holdings

Philips’ Israeli SEC-listed subsidiaries constitute directly or indirectly controlled group entities under its disclosed ownership convention.⁵

IVC also identifies historical Philips involvement in local technology investment and acceleration activities, including a venture-capital vehicle and Healthworks startup programme.¹⁴

The existence of those historical initiatives does not establish present ownership of every startup that participated in their programmes.¹⁴

Sovereign bonds and portfolio exposure

No public evidence identified of a material direct Philips holding of Israeli sovereign bonds, Israeli war bonds or a publicly disclosed Israel-focused securities portfolio.

No public evidence identified of Philips underwriting Israeli sovereign debt, distributing Israel Bonds, or directly lending to OHCHR-listed settlement enterprises.

Controlling principals’ personal investments

Philips’ 2026 corporate disclosures identify Roy Jakobs as CEO and Feike Sijbesma as Supervisory Board chair.¹⁸

The Supervisory Board profile identifies Olivier Ribadeau-Dumas as a former executive of Thales Underwater Systems.¹⁹

No public evidence identified establishing a material personal or family-office investment by these named Philips principals in an Israeli operating company.

No public evidence identified that Philips’ corporate finances directly supported an Israeli military or settlement business through a personal investment vehicle controlled by these individuals.

Exor N.V. has documented direct investment exposure to Israeli technology companies outside its Philips shareholding. On 6 September 2021, Tel Aviv-based Quantum Machines announced a $50 million Series B financing led by Red Dot Capital Partners, with Exor among the participating investors. Other named participants included Claridge Israel, Samsung NEXT, Valor Equity Partners, Atreides Management, TLV Partners and Battery Ventures. Quantum Machines develops quantum-computing control hardware and software. Exor’s individual contribution and ownership percentage were undisclosed. The transaction is historically confirmed; Exor’s continuing ownership as of October 2026 could not be established from the announcement.²⁰

On 23 February 2023, Israeli semiconductor company Chain Reaction announced a $70 million Series C financing led by Morgan Creek Digital, with Exor N.V. participating alongside Hanaco Ventures, Jerusalem Venture Partners, KCK Capital, Atreides Management and BlueRun Ventures. Chain Reaction identified Tel Aviv as the announcement location and described its business as developing specialised semiconductor hardware for blockchain and privacy-related computation. Independent reporting identified offices in Tel Aviv and Yokneam, Israel. The financing was completed according to the company’s announcement, but Exor’s individual investment amount, equity percentage and October 2026 holding status remain undisclosed.^{21, 22}

On 24 October 2023, Israeli-founded clinical-trial technology company PhaseV announced a $15 million financing co-led by Exor Ventures and Viola Ventures, with LionBird and private investors also participating. PhaseV develops machine-learning technology for clinical-trial design, optimisation and analysis. The announcement identifies Noam Ohana as Managing Director of Exor Ventures and quotes him discussing the investment. On 13 May 2025, Accel announced a further $50 million PhaseV Series A financing co-led with Insight Partners, again identifying Exor Ventures among participating investors. The two transactions establish an initial investment and subsequent financing participation, including activity after November 2024. Exor’s individual contributions and current equity percentage were not disclosed; no disposal was identified in these announcements.^{23, 24, 25}

On 21 February 2024, Modi’in-based Israeli semiconductor company DustPhotonics announced a $24 million Series B follow-on financing involving Exor Ventures, Sienna Venture Capital, Greenfield Partners and Atreides Management. The proceeds were intended to expand production of silicon-photonics devices used in high-speed data-centre and artificial-intelligence infrastructure. On 28 May 2026, Credo Technology Group announced completion of its acquisition of DustPhotonics, and its subsequent SEC filing recorded acquisition of 100% of DustPhotonics’ equity for total purchase consideration of approximately $1.3 billion. This establishes that DustPhotonics ceased to be an independently owned portfolio company following the acquisition. However, the public transaction disclosures reviewed do not identify Exor’s individual proceeds or establish whether it retained any indirect exposure through consideration received.^{26, 27, 28}

On 24 October 2025, Israeli-American climate-technology startup Stardust Solutions disclosed a $60 million financing involving Exor alongside Lowercarbon Capital and other investors. Independent venture-investment records identify the company as operating in Israel and developing sunlight-reflection technology. The financing establishes a further Exor-linked investment in an Israeli technology business after November 2024. The amount individually contributed by Exor, the precise Exor investment vehicle and its ownership percentage were not established by the reviewed disclosures. No subsequent Exor disposal was identified, leaving its October 2026 holding status unconfirmed.^{29, 30}

Exor’s Israeli venture exposure must be distinguished from investments made directly by Koninklijke Philips N.V. In October 2024, Exor announced that Noam Ohana would establish an independent investment business while continuing to manage Exor Ventures’ €640 million portfolio for Exor’s benefit. Ora Global subsequently identified itself as the independent manager of the Exor Ventures portfolio and publicly listed Tel Aviv among its geographic locations. Its portfolio materials explicitly identify Chain Reaction and DustPhotonics as previous Exor Ventures investments. These disclosures establish continued economic management of Exor’s venture portfolio through an independent investment manager and a documented Tel Aviv geographic presence associated with that manager. They do not establish that Ora Global is an Exor-controlled subsidiary or that Exor itself directly leases or operates a Tel Aviv office.^{31, 32, 33}

Exor’s 2024 annual report describes Exor Ventures as an investment portfolio established in late 2017, with approximately $660 million invested across 110 companies by the end of 2024. It identifies healthcare, mobility, financial technology and artificial intelligence/software among the principal investment sectors. Its 2024 financial results report €703 million of Exor Ventures assets and €99 million of other direct venture investments at 31 December 2024. These figures establish the scale of Exor’s broader venture-investment activities but do not separately quantify Israeli exposure or demonstrate that every portfolio company is controlled by Exor.^{34, 35}

January–October 2026 - no public evidence identified of Exor N.V. directly acquiring Israeli sovereign bonds, financing an Israeli government infrastructure project, establishing a holding-company-level joint venture with an Israeli state enterprise, or providing a specifically identified loan to an Israeli settlement business. Searches covered Exor’s published company and investment portfolio, annual reporting, venture-management disclosures and independently documented Israeli investment transactions. This negative finding concerns the specific transaction categories searched; it does not negate the independently confirmed Israeli venture investments described above or exclude undisclosed holdings within externally managed funds.^{34, 31, 33, 35, 36}

Operational Presence & Market Activity

Physical footprint

As of 2026, the FDA identifies an active Philips medical-device establishment at MATAM, Building 34, Haifa.¹

The Israel Innovation Authority independently identifies Philips Medical Systems Technologies as an Israeli medical-device enterprise with activities in medical imaging, detection and clinical technology.²

An Israeli industry profile identifies Philips’ local design and manufacturing activities in CT, nuclear medicine systems and medical detectors.³

The same historical profile identifies a commercial and service operation for the Israeli market and international healthcare projects.³

Philips’ healthcare directory identifies Philips Electronics (Israel) Ltd. in Yaqum and partner Medtechnica in Petah Tikva.⁶

Manufacturing continuity

Philips’ 2026 recruitment records identify assembly positions at its Haifa medical-device detector factory, supporting the continuation of local manufacturing activity.⁴

The 2026 FDA registration separately identifies the Haifa establishment as active.¹

Employment

The Israel Innovation Authority’s public record gives Philips Medical Systems Technologies an employee figure of approximately 1,300.²

The figure belongs to that named entity’s directory profile and should not be interpreted as an independently verified headcount for all Philips employees in Israel.²

At the time of the 2018 EPD transaction, reporting identified approximately 30 EPD employees, including 20 in Israel-based R&D.¹⁵

At the time of DiA’s 2023 acquisition, reporting identified approximately 40 employees.⁹

These historical headcounts are not evidence of current separate staffing levels at the acquired businesses.^{15, 9}

Israeli tax and regulatory status

Philips Medical Systems Technologies is identified by the Israel Innovation Authority under registration number 512695560.²

The FDA identifies the same operating business under US medical-device establishment registration number 3015763655.¹

No public evidence identified confirming Philips Medical Systems Technologies’ current Israeli Preferred Technology Enterprise tax status or a specific preferential corporate tax rate.

No public evidence identified of a quantified Israel-specific tax payment by Koninklijke Philips N.V. or its Israeli subsidiaries.

Market participation

Philips’ Israeli healthcare support page directs customers to local commercial support and identifies Medtechnica as a business partner.⁷

The company’s healthcare distribution directory identifies channels covering multiple diagnostic imaging and patient-monitoring product categories in Israel.⁶

An industry profile describes Philips Israel as involved in local healthcare sales, service and international projects.³

No public evidence identified of a reliable Philips-specific percentage share of the Israeli diagnostic-imaging market in 2025 or 2026.

Israeli government innovation relationship

The Israel Innovation Authority records Philips Medical Systems Technologies’ participation in government-supported research programmes in 2023 and 2025.²

The 2025 award provides dated evidence of continued Israeli institutional engagement after July and November 2024.²

Israeli government procurement involving a Philips product

On 25 September 2026, an Israeli Ministry of Foreign Affairs procurement notice identified an intended purchase of a Philips EPIQ CVx cardiac ultrasound system from ATLAS MEDICAL LLB in Abu Dhabi for a medical facility in Nauru.¹¹

The published intended contract value was USD 111,641, with a proposed contract period ending in November 2026.¹¹

The named supplier was ATLAS MEDICAL, and the procurement notice does not establish that Philips itself was the direct government contracting party or received the entire stated amount.¹¹

Defence and military relationships

No public evidence identified of a verified direct Philips supply contract with the Israel Defense Forces or Israeli Ministry of Defense.

No public evidence identified of a named Philips medical-imaging system deployed under an independently verified IDF procurement contract.

Settlement presence

No public evidence identified of a Philips factory, office, warehouse, retail branch or explicitly identified service facility within an Israeli settlement in the West Bank or Golan Heights.

No public evidence identified of a verified sale of Philips products to a named settlement institution through Medtechnica or another intermediary.

Reservist and charitable programmes

No public evidence identified of a Philips-specific programme providing additional salary payments to Israeli military reservists.

No public evidence identified of a verified Philips corporate donation or employer-matching payment to an Israeli military-support organisation.

On 22 March 2026, the Israeli Ministry of Foreign Affairs published procurement notice 4000615381 identifying Philips Electronics (Israel) Ltd. (registration 512817339) as the proposed sole supplier of a spectral CT scanner for a children’s hospital in Budapest, Hungary. The stated procurement value was USD 1,500,000, with a proposed contract period of 19 March to 31 May 2026. The Ministry explained that senior Hungarian government representatives had requested assistance and that Israel’s close relations with Hungary motivated the proposed purchase. It described the scanner as developed at Philips’ Haifa R&D centre and manufactured entirely in Israel, and characterised its intended donation as an opportunity to demonstrate Israeli medical innovation within Hungary’s healthcare system. The notice cites Regulation 3(29), the sole-supplier exemption. This establishes a proposed Israeli government procurement involving an Israeli Philips subsidiary and a foreign healthcare beneficiary, but the published notice alone does not establish contract execution, delivery, payment or completed donation.¹²

On 28 December 2025, the Israeli Ministry of Health’s Rambam Medical Center published procurement notice 4000612153 (procedure 6432/2025) for a two-year service agreement with Medtechnica Ltd. (registration 520036195). The notice explicitly covers catheterisation, X-ray and ultrasound systems manufactured by Philips, alongside bone-density, hand-fluoroscopy and other imaging equipment. The proposed contract value was NIS 3,990,428, with a stated service period of 12 January 2026 to 12 January 2028. Updated on 11 January 2026, the notice identifies Medtechnica as the proposed sole supplier under Regulation 3(29). This establishes a specifically identified Israeli public-hospital customer and proposed service arrangement involving Philips medical equipment through its Israeli distribution partner. Medtechnica, rather than Philips, is the named contracting supplier; the notice does not establish how much of the proposed consideration would ultimately accrue to Philips or whether the agreement was executed.³⁷

On 23 December 2025, the Israeli Ministry of Health’s Tel Aviv Sourasky Medical Center (Ichilov) published procurement notice 4000611729 (procedure 255390) identifying Philips Electronics (Israel) Ltd. (registration 512817339) as the proposed sole supplier for a service agreement covering an ICT 85003 system. The stated consideration was USD 112,100 including VAT for 36 months, with a specified contract period from 1 January 2026 to 31 December 2028. The notice was updated on 8 February 2026 and cites Regulation 3(29), the sole-supplier exemption. Its justification also states that the medical centre reserved the right to increase or decrease the engagement’s scope by up to 100%. This provides direct evidence of proposed procurement from an Israeli Philips subsidiary by a named Israeli public hospital, although the notice does not independently establish execution, actual payments or final expenditure.³⁸

Exor’s documented Israeli economic activity is principally identifiable through venture-capital investments in Israeli technology businesses, including Quantum Machines, Chain Reaction, PhaseV, DustPhotonics and Stardust Solutions. The disclosed transactions cover quantum computing, semiconductor development, clinical-trial technology, optical communications and climate technology, respectively. Ora Global’s published geographic information also identifies Tel Aviv as one of its locations, while the firm describes itself as an independent manager of Exor’s venture portfolio. The reviewed evidence does not establish that Exor N.V. itself directly operates the facilities, employs the personnel or controls the commercial decisions of these portfolio companies.^{20, 21, 23, 26, 29, 32}

January–October 2026 - no public evidence identified of an Exor N.V.-owned factory, warehouse, corporate branch or directly operated commercial facility within an Israeli settlement in the West Bank, East Jerusalem or Golan Heights. Searches of Exor’s disclosed investments, company structure, venture portfolio and the identified Israeli counterparties produced evidence of commercial activity within Israel but did not identify a transaction tied to a named settlement location. This is a finding about publicly identified facilities and transactions, rather than proof that every indirect investment or downstream commercial relationship is free of settlement exposure.^{20, 21, 26, 32, 33, 36}

Corporate Structure & Foundational Ties

Founding and incorporation

Royal Philips is a Netherlands-incorporated company, and its May 2026 SEC Form 6-K gives Amsterdam as the location of its principal executive offices.³⁹

The parent company’s legal and operational headquarters are therefore in the Netherlands, while its disclosed group structure includes Israeli subsidiaries.^{39, 5}

Israeli-Nexus factors

Founded in Israel: no public evidence identified that the Dutch parent, Koninklijke Philips N.V., was founded in Israel; historical company records instead identify Israeli-founded businesses subsequently acquired into its group.^{39, 14}

Headquartered or principally managed in Israel: Philips’ SEC filing identifies Amsterdam as the parent’s principal executive office, while the Israel Innovation Authority identifies local management and operations for its Israeli medical-device subsidiary.^{39, 2}

Israeli tax residency or Preferred Technology Enterprise status: no public evidence identified establishing Israeli tax residency or Preferred Technology Enterprise designation for the Dutch parent.

Israeli beneficial ownership or control of the parent: no public evidence identified demonstrating Israeli beneficial control of Koninklijke Philips N.V.

Israeli operating subsidiaries: Philips’ 2025 SEC Exhibit 8 identifies five Israeli subsidiaries subject to its disclosed group-ownership convention.⁵

Corporate ownership chain

The 2025 SEC subsidiary schedule establishes that Dia Imaging Analysis Ltd., EPD Research Ltd., LifeWatch Technologies, Ltd., Philips Electronics (Israel) Ltd. and Philips Medical Systems Technologies Ltd. belong to the Koninklijke Philips group.⁵

The same disclosure provides a general statement of direct or indirect 100% ownership unless an alternative percentage is specified, rather than a detailed immediate-parent ownership tree for every legal entity.⁵

For Philips Medical Systems Technologies Ltd., the FDA specifically identifies Philips Medical Systems International B.V. in the Netherlands as owner/operator in 2026.¹

Governance

Philips’ May 2026 AGM disclosure confirms Roy Jakobs’ reappointment as President and CEO and identifies Feike Sijbesma as Supervisory Board chair.¹⁸

The company’s governance materials identify separate executive management and supervisory boards within its two-tier governance structure.⁴⁰

The current Supervisory Board biography for Olivier Ribadeau-Dumas records a previous executive role at Thales Underwater Systems.¹⁹

That historical biography does not identify a specific current Philips contract with Thales or the Israeli military.¹⁹

Israeli government ownership and institutional links

The Israel Innovation Authority identifies Philips Medical Systems Technologies as a recipient of research-programme awards in 2023 and 2025.²

The award listing establishes an Israeli government innovation-programme relationship, but does not establish Israeli state equity ownership of Koninklijke Philips N.V.^{2, 39}

No public evidence identified of Israeli government-appointed directors or golden-share rights in Philips’ parent-company governance.

Structural ties to Israeli policy

No public evidence identified of charter provisions, founder-share restrictions, voting arrangements or other parent-company governance mechanisms requiring Philips to support Israeli state policy.

Constructive-notice chronology

Philips’ 2024 and 2025 SEC filings identify the same five Israeli subsidiaries, demonstrating disclosed corporate ownership after 19 July 2024.^{13, 5}

The 2025 innovation award and 2026 FDA active registration provide additional evidence of Israeli operations continuing after November 2024.^{2, 1}

These dated records establish continuity of operations without establishing that those operations took place within occupied territory.^{2, 1}

Exor N.V. remains a substantial minority shareholder of Koninklijke Philips N.V. as of the 26 October 2026 research date. Exor’s official investment disclosure, dated 30 June 2026, reports 18.9% economic rights and 19.0% voting rights in Philips, with a shareholding value of €4.4 billion, representing 12.4% of Exor’s gross asset value. Exor’s March 2026 full-year results presentation reported 19.0% economic rights and 19.2% voting rights at 31 December 2025. These dated disclosures establish an ongoing substantial investment, with a modest reduction in the reported percentages during the first half of 2026. They do not establish majority ownership or unilateral voting control of Philips.^{41, 42}

On 11 August 2026, Philips and Exor announced an updated long-term relationship agreement permitting Exor to increase its shareholding and voting rights to 22%, compared with the previous 20% ceiling. Any increase beyond 22% requires Philips Supervisory Board approval. The announcement expressly confirms that governance arrangements remain unchanged, including Exor’s right to nominate one Philips Supervisory Board member. Philips identifies Benoît Ribadeau-Dumas as the continuing Exor-associated Supervisory Board representative. The agreement establishes an ongoing governance relationship and potential for additional investment, but the 22% ceiling is permission to acquire additional shares rather than evidence that Exor has already acquired them.⁴³

Exor’s relationship with Philips began on 14 August 2023, when the companies announced that Exor had acquired a 15% shareholding through market purchases and an arrangement with a major financial institution. The accompanying relationship agreement established Exor’s long-term minority-investor status and supervisory-board nomination rights. Exor’s 2024 annual reporting subsequently recorded that a representative was appointed to the Philips Supervisory Board at the May 2024 shareholders’ meeting, leading Exor to determine that it exercised significant influence under IAS 28. This represents a documented governance and accounting classification rather than evidence of operational control over Philips or its subsidiaries.^{44, 34}

Profit Repatriation & Economic Contribution

Israeli revenue

Philips’ official 2025 reporting portal provides annual financial reporting materials and a separate country activity and tax report.¹⁰

No public evidence identified in the reviewed material of a verified 2025 or 2026 Israel-only consolidated revenue figure.

Manufacturing-related economic activity

The FDA confirms an active Israeli medical-device establishment in 2026, and the Israel Innovation Authority identifies approximately 1,300 employees at Philips Medical Systems Technologies.^{1, 2}

These records establish a local operational and employment footprint but do not quantify annual wages, domestic procurement, exports, profits or corporate taxes.^{1, 2}

Acquisition capital

Philips announced an upfront consideration of EUR 250 million for EPD Solutions in 2018, alongside milestone-dependent payments and an anticipated contingent-consideration provision of approximately EUR 210 million.⁸

The recipient structure of the acquisition consideration and the ultimate distribution of proceeds among selling shareholders were not established by the announcement.⁸

The DiA Imaging Analysis acquisition was reported in 2023, but a final verified transaction consideration was not established in the reviewed evidence.⁹

Research funding

The Israel Innovation Authority lists Philips Medical Systems Technologies research-programme awards in 2023 and 2025.²

IVC reports a conditional NIS 6 million grant associated with an August 2025 photon-counting CT project.¹⁴

The published grant record does not establish the exact amount disbursed or recognised as income by October 2026.¹⁴

Profit repatriation

Philips’ 2025 SEC subsidiary disclosure establishes Dutch-parent group ownership of the five listed Israeli subsidiaries.⁵

This corporate structure permits group-level ownership of subsidiary earnings but does not independently establish the amount, frequency or direction of dividends, royalties, interest or transfer-pricing payments.⁵

No public evidence identified of a quantified annual distribution of profit from an Israeli Philips subsidiary to the Netherlands.

No public evidence identified of a quantified transfer of global Philips profits into Israel through an Israeli-domiciled controlling shareholder.

National economic ecosystem

The Israel Innovation Authority identifies Philips Medical Systems Technologies as an Israeli medical-device enterprise active in diagnostic imaging, CT, software applications, detection technology and photon-counting CT.²

A historical Israeli industry profile identifies Philips Israel’s role in CT and nuclear medicine manufacturing, imaging software, clinical applications and commercial healthcare projects.³

IVC records a long-running local technology presence and multiple Israeli acquisitions and R&D activities, including Sync-Rx, EPD and DiA.¹⁴

These sources establish participation in Israel’s medical-technology ecosystem but do not independently verify a national market-share ranking or total annual contribution to Israeli GDP.^{2, 3, 14}

Israeli state and defence financing

No public evidence identified of Philips acting as an underwriter, arranger, distributor or material direct investor in Israeli sovereign debt.

No public evidence identified of a verified Philips financial facility specifically provided to an Israeli military contractor or settlement enterprise.

Settlement-related economic contribution

No public evidence identified of a quantified Philips revenue stream specifically attributable to Israeli settlements.

No public evidence identified of a verified corporate property holding, manufacturing site, distribution branch or procurement agreement in a named Israeli settlement.