Smith & Nephew (SN) Investor presentation summary

Market positioning and portfolio

• Operates in markets worth approximately $50bn, growing at 6% annually, with leading positions in Advanced Wound Management, Orthopaedics, Sports Medicine, and ENT.

• Holds #2 share in Advanced Wound Management and Sports Medicine, #4 in Orthopaedics and ENT.

• Portfolio includes advanced wound care, bioactives, devices, joint repair, trauma, extremities, and enabling technologies.

• 2025 revenues reached $6.2bn, reflecting a diversified product base.

Strategic priorities and growth ambitions

• RISE strategy focuses on efficient execution, strategic investment, innovation, and expanding patient reach.

• Aims for 6-7% organic revenue CAGR, 9-10% trading profit CAGR, and >$1bn FCF by 2028.

• Capital allocation prioritizes innovation, acquisitions, maintaining balance sheet strength, and shareholder returns.

• Announced a $500m share buyback funded by free cash flow and cash balances.

Financial and operational performance

• Q1 2026 revenue was $1,501m, with underlying growth of 3.1% and reported growth of 6.6%.

• Sports Medicine & ENT grew 6.7% underlying, Advanced Wound Management 2.2%, and Orthopaedics 0.8%.

• Emerging Markets delivered 10.5% growth, while US and other established markets grew 2.1% and 1.0%, respectively.

• Guidance for 2026 remains at ~6% revenue growth and ~8% trading profit growth.