Dutch group Philips obtains near-total reimbursement of U.S. customs duties

Dutch electronics and medical device manufacturer Philips has announced it has secured a near-complete reimbursement of U.S. customs duties, amounting to 186 million euros. This financial recovery coincides with a significant increase in the company's net profit for the second quarter.

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We were among the first to proactively provide all the required documents to make the request.

Philips reported a net profit of 386 million euros for the second quarter, a substantial rise compared to the 240 million euros recorded in the corresponding period of 2025. The company's quarterly revenue also saw a modest increase, reaching 4.4 billion euros from 4.3 billion euros in the previous year, although order intake experienced a slight decline.

Roy Jakobs, CEO of Philips, expressed satisfaction with the customs duty refund, stating that the company was among the first to proactively submit all necessary documentation for the claim. He noted that this swift action allowed them to recover the funds almost in their entirety. The reimbursement is expected to be fully completed in the third quarter.

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That's why we are also among the first to have recovered it almost in its entirety.

Despite this positive development, Philips continues to face challenges from more recently imposed U.S. tariffs. Jakobs described these duties as an "unfortunate reality" that businesses must consider when operating globally. The company has maintained its annual revenue growth forecast, projecting an increase between 3% and 4.5%, but its stock experienced a notable drop on the Amsterdam Stock Exchange.

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We consider customs duties to be an unfortunate reality, but one that must be taken into account if one wishes to do business in today's world.