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Pioneering trusted medical solutions to improve the lives we touch
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Strong delivery in H1, on track for FY26 and accelerating from H2 Interim results for the six months ended 30 June 2026 4 August 2026
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Disclaimer For the purposes of this notice, “Presentation” means this document, its contents or any part of it, any oral presentation, a ny question or answer session and any written or oral material discussed or distributed before, during or after the Presentation meeting. This information, which does not purport to be comprehensive, h as not been verified by or on behalf of the Group. References to Convatec or the Company are to Convatec Group Plc and references to the Group are to Convatec Group Plc and its subsidiaries. This Presentation does not constitute an offer, invitation or recommendation in respect of the sale or purchase of any of the Company’s securities and should not be construed as a prospectus or offering document, nor should any recipients construe the Presentation as legal, tax, regulatory, financial or accounting or investment advice and recipients are urged to consult with their own advisers in relation to such matters. The recipient must make its own independent assessment and such investigations as it deems necessary. This Presentation includes certain forward -looking statements with respect to the operations, performance and financial conditio n of the Group. Forward-looking statements are generally identified by the use of terms such as “believes”, “estimates”, “aims” “anticipates”, “expects”, “intends”, “plans”, “predicts”, “may”, “will”, “could”, “targets”, “continues”, or their negatives or other similar expressions. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies that are difficult to predict and many of which are outside the Grou p’s control. As such, no assurance can be given that such future results, including guidance provided by the Group, will be achieved. Forward -looking statements are not guarantees of future performance and such uncertainties and contingencies, including the factors set out in the “Principal Risks” section of the Strategic Report in our Annual Report and Accounts, could cause the actual results of op erations, financial condition and liquidity, and the development of the industry in which the Group operates to differ materially from the position expressed or implied in the forward -looking statements set out in this Presentation. Past performance of the Group cannot be relied on as a guide to future performance. Forward-looking statements are based only on knowledge and information available to the Group at the date of preparation of this document and speak only as at the date of this Presentation. The Group and its directors, officers, employees, agents, affiliates and advisers expressly disclaim any obligations to update any forw ard-looking statements (except to the extent required by applicable law or regulation). The industry and market data contained in this Presentation has come from third party sources and from the Company's own inte rnal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company believes that such sources, research and estimates are reasonable and reliable, they have not been independently verified and are subject to change without notice. Accordingly, reliance should not be placed on any of the ind ustry or market data contained in this Presentation. The Presentation contains non-IFRS financial information which Convatec’s management believes is valuable in understanding the performance of the Convatec Group. However, non -IFRS information is not uniformly defined by all companies and therefore it may not be comparable with similarly titled measures disclosed by oth er companies. Although these measures are important in the assessment and management of Convatec Group’s business, they should not be viewed in isolation or as a replacement for, but rather as co mplementary to, the comparable IFRS measures. The non-IFRS measures are explained and reconciled to the most directly comparable financial measure prepared in accordance with IFRS in the Financial Review and in the results statement dated 4 August 2026. All product and programme names are trademarks of Convatec Group Plc and its subsidiaries, including: InnovaMatrix®, ConvaFoam , ConvaNiox , Aquacel®, Aquacel ConvaFiber , ConvaVAC , Esteem Body , Esenta , Natura® Body, Flexi-Seal Air, Cure Aqua, GentleCath Air for Women, GentleCath Air for Men, GentleCath Air Pocket, GentleCath Air Set, Neria Guard, Inset Guard and me+ programme. 2
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Hosts Jonny Mason Chief Executive Officer Fiona Ryder Chief Financial Officer 3
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We operate in large & growing markets with leading positions Convatec: CMD recap 4 Convatec is a strong and resilient business The growth opportunity ahead is substantial We are now ready to accelerate
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The Convatec flywheel 5 6-8% organic revenue1 growth & double-digit EPS1 Structurally growing markets Leading market positions Recurring revenue consumable products New products are working; strongest ever pipeline Driving sustainable value for shareholders Building stronger business for customers Flywheel of investment & growth is turning 1. These are part of our medium-term targets from 2027
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On-track delivery, confirming guidance 6 Good revenue growth ex-InnovaMatrix Innovative pipeline of new products launching and winning share Investing in all categories to meet rising demand Confirming FY26 outlook including ≥23% margin1 & DD EPS1 FY26 c.100% FCFE conversion; announcing $200m share buy-back Confirming medium-term guidance 1. Adjusted 6
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Sales weighted to H2, particularly in IC AWC, OC building as new products scale IC good visibility of DD growth in H2 Positive margin mix effect Narrowing FY26 organic revenue growth (ex-IMX) 5.5 – 6.5% On track to accelerate from 2027 in all four categories 7 Accelerating from H2 2026 AWC: ConvaFoam scaling up CC: GC Air for Women & international growth IC: Customer order phasing, strong demand OC: Esteem Body scaling up 1. Adjusted H2 revenue growth drivers
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Financial review H1 26
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H1 26: good performance, on track for FY26 +5.0% • Broad-based growth across all four categories • 1.8% growth to $1,232m inc. InnovaMatrix 21.2% • Down 10bps YoY (+50bps YoY in constant currency) • Includes c.140bps InnovaMatrix headwind 8.5c 1. Organic revenue growth presents YoY growth at constant currency adjusted for acquisitions and disposals 2. Excluding InnovaMatrix, which like-for-like represented <0.5% of Group revenue and decreased 94%YoY 3. Adjusted 4. Adjusted, diluted 5. Net Debt / Adj. EBITDA; Excludes lease liabilities. +6.8% 21.3% 8.0c 2.3x • Target 2.0x at FY261.9x • +6% YoY (H1 25: +19%) • On track for 3rd year of double-digit EPS growth 2.166c • Up 15% YoY. Target full year payout ratio 35-45% • $200m share buyback announced1.877c Organic revenue growth1 ex-InnovaMatrix2 Operating margin3 Earnings per share4 Leverage5 Dividend & shareholder returns H1 25H1 26 9 $22m • Timing of H1 capex & working capital • FY26 guidance: confirming c.100% FCFE conversion $98mFCFE3
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1,180 1,232 11 14 15 17 31 H1 25 Advanced Wound Care excl. IMX Ostomy Care Continence Care Infusion Care FX InnovaMatrix H1 26 Broad-based organic revenue growth 1. Organic revenue growth presents YoY growth at constant currency 3.4% 4.3% 5.9% 7.4%Organic1 Group excl. IMX 1.8%Group 5.0% (37) AWC 29% OC 29% CC 22% IC 20% 10
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Advanced Wound Care AWC: Growth ahead of market, ConvaFoam building OC: Esteem Body taking share and ahead of plan 111. Organic revenue growth presents YoY growth at constant currency • Growth ahead of slower markets in Europe, North America and RoW • Strong contribution from ConvaFoam; good growth from Aquacel AG+ Extra • InnovaMatrix revenue $2.5m, down >90%. $69m non-cash impairment • Growth expected to build in H2, supported by ConvaFoam Organic growth1 AWC (excl. IMX) revenue $m • Further strong growth of Esteem Body, now at annualised revenue of c.$60m & winning share • Strong growth in Europe. 5.3% ostomy product growth; Flexi-Seal (10% of OC) down 4% • Strong growth in our Esenta accessories range, now c.20% of OC sales • Growth expected to build in H2, supported by Esteem Body Ostomy Care Organic growth1 Total Revenue $m excl. IMX Incl. IMX 307 314 315 330 328 356 35431 43 45 53 39 30 2 6.8% 5.1% 2.7% 5.7% 4.3% 4.0% 3.4% -10000000.0% -8000000.0% -6000000.0% -4000000.0% -2000000.0% 0.0% 2000000.0% 200 300 400 500 H1 23 H2 23 H1 24 H2 24 H1 25 H2 25 H1 26 8.7% 10.3% 6.7% 8.1% 2.1% -2.7% -7.0% 300 308 311 323 327 349 353 3.1% 5.4% 4.9% 5.7% 4.7% 4.3% 4.3% 200 300 400 H1 23 H2 23 H1 24 H2 24 H1 25 H2 25 H1 26 IMX revenue $m
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CC: Good H1 growth and increased Convatec mix IC: Good H1 growth, as expected; H2 to accelerate 121. Organic revenue growth presents YoY growth at constant currency adjusted for acquisitions and disposals • Growing share and volumes in the US • Convatec products again grew faster than non- Convatec; now >60% of 180 Medical sales • Excellent growth in GentleCath Air for Women, added >1ppt to CC growth. Strong growth OUS; again adding >1ppt to category growth • Growth in H2 similar to H1 Organic growth1 Total Revenue $m • Good diabetes growth with further pump penetration and increased adoption • Product diversification; MiniMed Flex launch, first hybrid patch pump agreement • High DD non-diabetes growth, led by AbbVie’s Parkinson’s Disease therapy • Growth expected to accelerate in H2, supported by visible customer orders Organic growth1 Total Revenue $m Infusion Care Continence Care 259 221 236 243 258 259 278 277 7.6% 5.5% 8.2% 8.4% 6.7% 6.6% 5.9% -1000000.0% -800000.0% -600000.0% -400000.0% -200000.0% 0.0% 100 200 300 H1 23 H2 23 H1 24 H2 24 H1 25 H2 25 H1 26 186 185 199 212 227 246 246 7.5% 9.9% 7.3% 15.1% 14.1% 12.5% 7.4% -100000000.0% -80000000.0% -60000000.0% -40000000.0% -20000000.0% 0.0% 100 200 300 H1 23 H2 23 H1 24 H2 24 H1 25 H2 25 H1 26
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H1 26 operating margin1: further productivity gains (0.2%) 1. Adjusted +50 bps YoY constant FX -10 bps YoY 0.8% 0.3% (1.1%)41.3%3 0.4% (0.8%) 0.8% 13 21.3% 21.2% 0.4% 1.3% (1.1)% (1.4)% 0.4% 0.9% (0.6)% H1 25 Price/Mix Operations productivity COGS inflation IMX Commercial efficiency G&A efficiency H1 26 @ CC FX H1 26 21.8%
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H1 26 Normal H2 revenue weighting Faster IC growth Lower IMX headwind Simplification & productivity H2 26 H2 operating margin1 underpinned by higher revenues and strategic initiatives 14 21.2% c.25% H1 to H2 expected operating margin bridge c.200 bps c.40 bps c.80 bps Normal H2 revenue weight Growth led by IC, with positive mix Operational productivity & lower opex H2 IMX headwind significantly lower than H1 c.50 bps 1. Adjusted
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Medium term: on track to deliver mid-20s adjusted operating margin by 2027 151. Assumes no material moves in our main currencies versus the US dollar (GBP, EUR, DKK, MXP) Mid 20s % c.100 bps required 2026 to 2027 2021 2022 2023 2024 2025 2026 Price/Mix Operations productivity COGS inflation Opex efficiency 2027 ≥23%22.3%21.2%20.2%19.5%17.7% >500 bps margin expansion 2021-26E
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On track for third year of double-digit EPS1 growth 16 H1 H1 25 H1 26 H2 25 H2 26 FY 26 Operating profit1 $252m $262m + 3.9% $292m +HSD% +M/H SD% Financing1 $(32)m $(38)m up $(6)m $(36)m Flat $70-75m Tax rate1 24% 23% -1ppt 24% 23% 23% Net profit1 $165m $167m + 1.6% $193m +HSD% +HSD% EPS2 8.0c 8.5c +6.3% 9.6c +DD% +DD% FY26 EPS growth driven by M/HSD % operating profit1 growth, lower tax & lower average share count 1. Adjusted 2. Adjusted and diluted H2 Full year
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On track for 100% FCFE1 conversion in FY26 H2 WC inflow expected; capex H1 weighted 17 2023 2024 2025 2026 H1 H2 2.5x 2.3x 1.9x 2.3x 2.1x 1.8x 2.0x c.2x 2023 2024 2025 2026 FY25 leverage was 0.45x lower ex- share buyback Negative working capital movement as expected in H1 Leverage is higher in H1 Year end target remains at 2.0x H1 FY FY26EH226E 1. Adjusted
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Growth capex $90m Esteem Body & Natura Body 2.0 GC Air Pocket & Set IC capacity Capacity and product launches (ConvaFoam, ConvaNiox, ConvaVAC, ConvaFiber) Step up in growth capex; FY guidance unchanged 18 Operational capex $38m • Automation and improvement • Digital & AI • Innovation and other software FY 26 capex guidance: $200-230m, including $135-165m growth capex H1 26 capex investment areas OC CC IC AWC H1 25 H1 26 $128m $69m
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1. Organic revenue growth presents YoY growth at constant currency adjusted for acquisitions and disposals 2. Adjusted 3. Adjusted and diluted 4. As defined in the Financial Review – before growth capex Operating margin2 Earnings per share growth3 Equity cash conversion4 ≥23% Double- digit c.100% 5.5-6.5% • On-track to deliver mid-20s% operating margin in 2027 • FY 26 guide includes estimated FX headwinds of c.40 bps • Adjusted net finance costs: $70-75m (unchanged) • Adjusted P&L tax rate: c.23% (previously c.24%) • Total capex $200-230m, including growth capex $135-165m • Significant H2 working capital inflow expected • Cash adjusting items: c.$20m • Narrowed range; category revenue guidance unchanged: AWC: MSD ex-IMX; OC: MSD; CC: MSD; IC: HSD • H2 growth 6-8% • InnovaMatrix revenue c.$5-10m; c.2.5% Group headwind Organic revenue growth1 excl. InnovaMatrix Previously 5-7% On track to deliver FY 26 guidance Unchanged Unchanged Unchanged 19
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Financial summary Confirming guidance for FY 26 Good financial performance in H1 On track for Accelerate medium term targets 20
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Strategic update
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Four chronic care categories in attractive, structurally growing markets 22 Advanced Wound Care (AWC) Ostomy Care (OC) Continence Care (CC) Infusion Care (IC) $6.0bn1 MSD market growth $3.7bn1 MSD market growth $2.4bn1 MSD market growth c.$1bn1 HSD market growth 1: Convatec-estimated global market size and growth rates Structural volume drivers: ageing populations, rising chronic conditions, earlier diagnosis
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Medium term target 6-8% Accelerate will deliver above-market growth 23 AWC High single-digit OC Mid-to-high single digit IC Double-digit Customer focused Growth Execution excellence Culture, purpose & performance Technology & innovation CC Mid-to-high single digit Accelerate
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We have delivered a lot in H1, building to Accelerate 24 Wave 1 scaling Wave 2 launching Growth capex building capacity Strengthening quality Scaling technology and AI Simplifying operating model Strengthening leadership team
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25 Product Progress Wave 1 launches all scaling successfully, except InnovaMatrix. Added over half of H1 growth Tandem Mobi infusion set Strong growth since launch GC Air for Women 2.0 Expanding in key markets; adding ~1pp of growth to CC category Esteem Body Very strong growth driving increased market penetration and share gains Beta Bionics ilet infusion set Strong growth; diversifying customers in diabetes AbbVie Parkinson’s infusion set Very strong growth; diversifying customers and therapies MioAdvance Extended Wear Strong adoption supported by clear extended-wear benefits InnovaMatrix Recovery much slower than expected Disciplined cost management while commercial execution is reset ConvaFoam Expanding in key markets & launching in new markets Global Foam share increased from 5% to c.6%; initial target 10% ◔◑ Limited market release Preparing launch, ready Developing productScaling up Research phase ◕
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Wave 2 launches progressing 26 ConvaNiox ConvaFiber ConvaVAC Cure Aqua GentleCath Air Pocket & Set Tanabe Pharma & Supernus P.D Natura Body Flexi-Seal Air Product Progress Limited market release (LMR) in Europe; FDA submission completed LMR; ramping for 2027 full launch LMR; ramping for 2027 full launch H2 26 pilot launch; manufacturing & market readiness progressing; roll out from 2027 H2 European launch; manufacturing scale-up & launch readiness progressing Supernus launched in US. Tanabe CE Mark received Launch preparation progressing to plan for Q2 2027 Launch moved to 2027 for design optimisation ◔◑ Limited market release Preparing launch, ready Developing productScaling up Research phase ◕
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ConvaNiox: Creating a new product category 27 Differentiated clinical evidence vs standard of care1 1: Edmonds et Al. Multicenter, randomised controlled, observer-blinded study of a nitric oxide generating treatment in foot ulcers of patients with diabetes -ProNOx1 study. Wound Repair Regen. 2018 Mar;26(2):228-237. 1: Standard of care. PI = Principal Investigator in the RCT Large unmet need Establishing reimbursement and adoption 60% more ulcers healed 3x faster wound area reduction in diabetic foot ulcers 16.5M DFUs diagnosed annually ~10M non-healing wounds ~3M amputations US annual DFU cost estimated at $9-13bn UK reimbursement at £40 new dressing category 400k+ patient ambition by 2033, including other indications RCT in US and RWE in UK underway Readout expected in 2027
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Parkinson’s: Significant IC opportunity 2.0 3.0 3.6 4.8 5.8 7.0 8.5 2023 2024 2025 2026 2027 2028 2029 Pump penetration (%) Source: Convatec; based on markets we currently operate in. Pump penetration defined as users of pumps among users of advanced Parkinson's therapies People with Parkinson’s1 c.4m growing 2% p.a. People with Advanced Parkinson’s1 1m Oral medication Pumps ~25% CAGR Parkinson’s cases are growing at 2% p.a. with only 5% pump penetration New advanced therapies driving acceleration in pump users Further opportunities 28 • Supporting other advanced Parkinson’s therapies e.g. Supernus & Tanabe Pharma • Earlier stage Parkinson’s treatment 95% c.5% Abbvie Tanabe Supernus
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Three ‘waves’ of product innovation 29 Wave 3 sustains accelerated growth thereafter Acceleration to 6-8% revenue growth target is underpinned by waves 1 & 2 launches Wave 3 2028+ Wave 2 2026-27 Wave 1 2022-25 Revitalised and broadened the portfolio • Addressed key portfolio gaps • Improved breadth and competitiveness • Created a stronger growth platform Expanding into higher-growth segments • Building on Wave 1 platform and capabilities • New launches in faster-growth segments • Expanding addressable market opportunity Sustained innovation-led growth • Repeatable innovation capability • Higher-value, differentiated solutions • Stronger clinical evidence and outcomes
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Future innovation: ‘Wave 3’ highlights 30 Our strategy Example internal innovation programmmes Business impact Leverage proprietary science across categories Maximise internal manufacturing capability Pursue deeper clinical validation Sustain accelerated growth Pursue higher value Enter new attractive segments Higher value, differentiated and clinically validated solutions AWC ConvaFoam with antimicrobial Next generation ConvaNiox OC Adhesives Accessories CC Next gen Feel Clean intermittent catheters to reduce UTI reduction IC Next gen infusion sets for high-dose biologics and new pumps to reduce peristomal skin complications
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On track to achieve another year of strong growth and continued margin progression 31 13.0c 12.6c 13.4c 15.2c 17.6c 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 2021 2022 2023 2024 2025 2026E +13.7% +16.0% Organic revenue growth1 Operating profit margin2 2,038 2,073 2,142 2,289 2,439 2021 2022 2023 2024 2025 2026E 17.7% 19.5% 20.2% 21.2% 22.3% ≥23% 2021 2022 2023 2024 2025 2026E 5.3% 5.6% 6.0% 7.2% 6.8% 7.7% 6.4% 4.8% Including InnovaMatrix shown in italics2 5.5-6.5% 3.0-4.0% EPS2 +DD% 1. Organic revenue growth presents YoY growth at constant currency adjusted for acquisitions and disposals. 2: Adjusted.
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Summary and outlook • Innovation pipeline continues to drive share gains in growing markets • Sustainable 6-8% organic revenue1 growth from 2027 and double-digit EPS2 growth • Cash to invest organically, grow dividend, compelling M&A and returns to shareholders • Good financial performance; on track • Strong operational and strategic delivery • Confirming FY26 guidance and $200m share buyback announced • Visibility on H2 acceleration: organic revenue1 growth of 6-8%; H2 operating margin2 c.25% • New product launches progressing well • Investing in capacity to meet rising demand and increase returns 32 Further strong delivery in H1 We are poised to accelerate Compounding growth 1. Organic revenue growth presents YoY growth at constant currency adjusted for acquisitions and disposals. 2: Adjusted.
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& 33
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34 Appendix
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13.0c 12.6c 13.4c 15.2c 17.6c 2021 2022 2023 2024 2025 Delivering sustainable, profitable growth Revenue ($m) and organic revenue growth1 Diluted earnings per share3 Operating profit margin3 Free cash flow to equity4 1. Organic revenue growth presents YoY growth at constant currency adjusted for acquisitions and residual revenue following the exit of hospital care and related revenues 2. 2023, 2024 & 2025 are also shown excluding InnovaMatrix®, which like-for-like represented c.3% of group FY 25 revenue and decreased 30%YoY 3. Adjusted 4. Free cash flow to equity has been redefined to exclude growth capex & non -cash items such as net FX gains/losses on cash & debt and amortisation of financing fees +13.7% +16.0% 208 105 228 302 219 2021 2022 2023 2024 2025 2,038 2,073 2,142 2,289 2,439 2021 2022 2023 2024 2025 17.7% 19.5% 20.2% 21.2% 22.3% 2021 2022 2023 2024 2025 5.3% 5.6% 6.0% 7.2% 6.8% 7.7% 6.4% 4.8% Excl. InnovaMatrix shown in italics2 222 293 181 361 362Prior basis FCFE shown in white 35
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1. excluding InnovaMatrix Italicised percentages show organic revenue growth in a period Revenues and organic revenue growth have been restated for the exit of hospital care 2019 2020 2021 2022 2023 2024 2025 $2,439m 6.4%1$2,289m 6.8%1$2,142m 6.0%1$2,073m 5.6% $2,038m 5.3%$1,894m 4.2% $1,827m 2.3% IC CC OC AWC Group revenue 2.2% 5.4% 1.0% 0.5% 18.5% 5.4% 4.5% (2.7%) 11.5% 3.4% 2.0% 9.2% 9.2% 5.1% 1.7% 6.8% 8.7% 6.5% 4.2% 5.7%1 11.2% 8.3% 5.3% 4.2%1 12.5% 6.6% 4.5% 4.1%1 Resilient business model delivers broad-based growth 36
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H1 & H2 revenue and operating profit Revenue1 ($m) Operating profit1,2 ($m) 1. Actual FX 2. Adjusted Higher H2 revenue & operating profit • H2 represented 52% of revenue and 54% of OP in last two years • Revenue driven by customer behaviour and more trading days in H2 • OP driven by higher revenue in H2 1,055 1,113 1,180 1,087 1,176 1,259 2023 2024 2025 H1 H2 214 223 252 218 263 292 2023 2024 2025 H1 H2 37
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Adjusting items mainly non-cash Amortisation will reduce substantially from H2 26 P&L at operating profit Cash impact ($m) H1 26 Commentary H1 25 H1 26 H1 25 H1 26 Fundamental restructuring • Transformation related initiatives 1 5 4 10 M&A / other • Deal-related fees • Other investments 9 4 1 3 Amortisation of acquired intangibles & impairment • $69m impairment of InnovaMatrix assets • BMS spin-out amortisation ends in July 26 (H1 26: $48m; FY 25 $95m) • Acquired M&A ongoing amortisation 67 134 - - Other • Legal costs for matters outside the normal course of business 3 7 3 5 Total 80 150 8 18 38
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+460 bps margin1 expansion delivered in 2021-25 17.7% 2.4% 3.3% 3.6% -8.4% -1.9% 5.9% 22.6% -0.3% 22.3% FY21 Price Mix Operations productivity COGS inflation R&D and commercial net investment G&A / Other FY25 @ CC FX FY25 2021 to 2025 adjusted operating profit margin1 bridge 1. Adjusted operating margin 39
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Wave 1 Wave 2 Successfully launching 16 new products across Waves 1 and 2 2022-2024 2027 ConvaVAC Tanabe Pharma P.D ConvaFiber Natura Body GentleCath Air Pocket & Set ConvaFoam Europe Rest of WorldUS InnovaMatrix US Outside US 780G MioAdvance Extended Wear Globally Infusion set for Beta Bionics iLet pump US AbbVie Parkinson’s Japan Europe US Infusion set for Tandem Mobi US ConvaNiox Esteem Body Europe & US Rest of World GentleCath Air for Women Europe & US Rest of World Cure Aqua Flexi-Seal Air 2025 2026 Ostomy Care Continence Care Advanced Wound Care Infusion Care new products launched 2022-258 new products on track for 2026-278 Europe Selected markets 40
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Accelerate 41 Grow dividends Invest in M&A Share buyback Target leverage: 2.0x net debt / adjusted EBITDA Clear capital allocation priorities and track record 2 43 62 80 75 63 64 32 64 55 59 12186 88 111 130 140112 173 179 85 300 2021 2022 2023 2024 2025 Operational capex Growth capex Dividend M&A Share repurchase 25 x Share buyback: $300m in 2025 M&A: over $500m cumulative since 2021 Dividend: growing in line with earnings Growth capex: 4x since 2021 with improving ROCE Operational capex: consistent 1 4 3 2 Invest & build 1
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InnovaMatrix: Market uncertainty drives impairment InnovaMatrix revenue down 94% • $2.5m InnovaMatrix revenue in H1 26 (H1 25: $39.0m) • Market volumes have reduced dramatically; CMS audits contributed to low physician activity • Headwind to Group operating margin of c.140 bps in H1 26. Expected FY26 headwind of c.80 bps Market remains very challenging • Highly uncertain outlook for skin substitutes • DFU1 / VLU1 patients are currently not being given access to effective skin substitutes • Emerging opportunities in dermatology & skin cancer • We now estimate InnovaMatrix revenue of $5-10m (previously c.$20m), representing a 2.5% headwind to Group revenue • $69m non-cash impairment in respect of assets relating to InnovaMatrix Non-cash asset impairment 42 Skin substitute market redrawn • Centers for Medicare Services (CMS) payment rate of $127.28 per sq cm for skin substitutes came into effect from 1 January 2026 • This rate represented an average market price reduction of >85%, including InnovaMatrix 1. DFU = diabetic foot ulcer; VLU = venous leg ulcer