Dutch healthcare technology company Philips on Tuesday cut its profit margin forecast for 2025, citing a net impact from tariffs of between 250 and 300 million euros ($283 million-$340 million) despite "substantial tariff mitigations".

The health-technology group posted lower first-quarter sales and earnings as its CEO said it was particularly hit by trade tariffs imposed between both countries.

Royal Philips NV lowered its profitability outlook for the year to account for the damage from rising trade hurdles.