ConvaTec (CTEC.L) — Company Research

Last Updated: 22 September 2026

Convatec Group Plc is a FTSE 100 medical products company that sells single-use consumables into four chronic conditions — wounds that will not heal, stomas, continence and infusion. It manufactured and sold more than a billion products in 2025, almost all of them paid for by a third-party payer rather than the patient, which makes reimbursement policy the single largest swing factor in the business. FY2025 revenue was $2,439m and adjusted operating margin reached 22.3%. The last twelve months have been defined by two opposing forces: a US Medicare rate cut that destroyed the company's skin-substitute product line almost overnight, and a run of new chronic-care launches that are taking share in the core categories. This report sets out the figures from the company's own filings, with no analyst opinions and no price targets.

1. Company Snapshot

Field	Value
Legal name	Convatec Group Plc (England & Wales, company number 10361298)
Headquarters	7th Floor, 20 Eastbourne Terrace, London W2 6LG, United Kingdom
Exchange / ticker	London Stock Exchange, CTEC (CTEC.L). ISIN GB00BD3VFW73. 10p ordinary shares
Index membership	FTSE 100, FTSE All-Share, FTSE 350
Sector	Health Care — medical equipment and chronic-care consumables
CEO / Leadership	Jonny Mason, Chief Executive Officer (confirmed permanently 6 Nov 2025). CFO Fiona Ryder, standing down once a successor is appointed. Chair Dr John McAdam CBE
Employees	More than 10,000 colleagues in 2025, across 7 manufacturing sites and 12 key markets; products sold in around 90 countries
Revenue (FY2025)	$2,439m, up 6.5% reported
Net income proxy (FY2025)	Reported diluted EPS 8.6 cents; adjusted diluted EPS 17.6 cents
Reported operating profit (FY2025)	$316m; adjusted operating profit $544m (22.3% margin)
Market cap	£4.13bn at the close on 21 September 2026 (approximately US$5.5bn)
Share price	214.80p, close 21 September 2026
Shares outstanding	1,922,849,606 voting shares ex-treasury at 21 September 2026; 2,049,789,559 issued in total; 126,939,953 held in treasury
Reporting currency / year end	US dollars; 31 December. Half-yearly reporting, no quarterly results

Two structural points sit behind the snapshot. First, the share count is falling week by week under a live $200m buyback, but no shares have been cancelled — every repurchased share sits in treasury, and treasury holdings crossed 5% of voting rights in August 2026. Second, Convatec reports in US dollars while its shares trade in sterling, so the headline market capitalisation and the operating numbers move on different currencies.

2. Bull Case and Bear Case

Bull Case

• Genuinely recurring demand: chronic conditions do not resolve. Ostomy, continence and wound patients buy consumables repeatedly for years, and in the US many of them buy through Convatec's own home-delivery arm, which makes the revenue base unusually repeatable for a medtech business.
• Margin expansion is real and sustained: adjusted operating margin rose 460 basis points between 2021 and 2025 to 22.3%, through a period that included severe input-cost inflation. Management guides to at least 23.0% for FY2026 and 24–26% by 2027.
• New products are taking share, not just launching: Esteem Body reached roughly $60m annualised revenue and about 15% segment share by H1 2026; GentleCath Air for Women more than doubled and holds over 10% of the US compact catheter segment. Six more chronic-care launches are due in 2026.
• The damage is now ring-fenced: InnovaMatrix has been written down to nothing across FY2025 and H1 2026, and FY2026 guidance assumes only $5–10m of revenue from it. Whatever happens next in US skin substitutes, there is no carrying value left to impair.
• Capital returns are running alongside investment: $500m of buybacks across 2025 and 2026, a dividend up 13% in FY2025 at a 40% payout, and record capex of $185m in FY2025 rising to a guided $200–230m — all funded while holding net debt at roughly 2x adjusted EBITDA with investment-grade ratings from all three agencies.

Bear Case

• Reimbursement can remove a business line in one ruling: CMS cut the skin-substitute payment rate by over 85% effective 1 January 2026. InnovaMatrix revenue fell more than 90% in H1 2026 and $141m of intangibles were impaired. The same mechanism applies to every other product Convatec sells.
• The core business faces its own reimbursement test: CMS's DMEPOS competitive bidding programme is targeting 8–10 product categories with implementation indicated for 2028. That reaches ostomy and catheters — half of group revenue — not a small biologics line.
• Reported earnings keep diverging from adjusted: FY2025 reported diluted EPS was 8.6 cents against 17.6 cents adjusted; in H1 2026 the gap widened to 2.7 cents against 8.5 cents. Impairments and acquired-intangible amortisation have been a recurring, not exceptional, feature.
• Short interest has roughly doubled since late July 2026, reaching an FCA-aggregated 4.63% of issued share capital at 14 September 2026, and the shares sit closer to their 52-week low than their high.

3. Revenue Segments

Convatec reports four product categories. The figures below are FY2025, from the company's own annual report key-facts panel and the segment note in the FY2025 results.

Segment	% of revenue	What it is
Advanced Wound Care — $753m	31%	Dressings for chronic, acute, surgical and burn wounds: Aquacel Hydrofiber antimicrobial dressings, ConvaFoam foam dressings and the InnovaMatrix skin substitute. FY2025 organic revenue was down 0.4%, but up 4.1% excluding InnovaMatrix
Ostomy Care — $676m	28%	Pouching systems, skin barriers and accessories for people with a stoma, plus Flexi-Seal faecal management. Brands include Esteem Body with Leak Defense, Natura, Durahesive and Esenta. FY2025 organic growth 4.5%
Continence Care — $537m	22%	Intermittent catheters sold largely through Convatec's own US direct-to-patient Home Services Group, including 180 Medical. Brands include GentleCath, GentleCath Air for Women and Cure Medical. FY2025 organic growth 6.6%
Infusion Care — $473m	19%	Business-to-business manufacture of infusion sets for insulin pumps and subcutaneous drug delivery, through Unomedical. Partners disclosed include Medtronic, Tandem, Beta Bionics, Ypsomed, AbbVie, Supernus and Mitsubishi Tanabe. FY2025 organic growth 12.5%

By geography in FY2025: North America 56% ($1,358m), Europe 30% ($723m), rest of world 14% ($358m). North American weighting is why US reimbursement policy matters more to Convatec than to a European-weighted peer.

4. Business Model & Moat

How it makes money. Convatec sells high-volume single-use consumables, not capital equipment. More than a billion products were manufactured and sold in 2025. There is no installed-base cycle to manage and no large-ticket order book — revenue arrives as a stream of small repeat purchases from patients who will keep needing the product. Cash generated is recycled into R&D of $103m a year and capex of $185m, which funds launches, which generate the next round of cash. Management's stated objective is double-digit compound growth in both adjusted EPS and free cash flow to equity.

Who actually pays. Almost none of this revenue comes from the patient's own pocket. Medicare, Medicaid and commercial insurers pay in the US; national health systems pay in Europe. That is the model's strength and its weakness in the same breath: demand is insensitive to consumer income, but a single payer decision can reprice an entire category. Convatec runs a Global Strategic Pricing Centre of Excellence and a Global Market Access and Reimbursement Centre of Excellence as formal mitigations; the pricing function contributed about 30 basis points of price improvement year on year in H1 2026.

Four routes to market. Direct-to-patient home delivery in the US through the Home Services Group; hospital and acute supply via US group purchasing organisation contracts, where Convatec won its first GPO contract in over five years during FY2025 and another after the year end; third-party distributors and national tenders internationally; and long-term OEM supply contracts in Infusion Care, where Convatec manufactures under the pump makers' own brands.

What makes it defensible. Convatec states it holds market-leading positions in categories contributing over 60% of group revenue. Switching friction is high: a patient fitted and trained on an ostomy or continence product tends to stay on it, and in the US is tied into a delivery relationship as well. Hydrofiber Technology, made at the Rhymney site in South Wales at over 350 tonnes a year, is proprietary — almost 1.5 billion Aquacel dressings have been sold using it over three decades. In Infusion Care the moat is contractual: Convatec significantly extended its neria Guard supply agreement with AbbVie in FY2025 and signed its first hybrid patch pump agreement in H1 2026.

Where the model is weakest. Scale in manufacturing cuts both ways. Seven manufacturing locations and increasing automation give operating leverage, but they also concentrate risk — the company's own top-ranked principal risk is operational resilience, and it names single-source and sole-supply raw materials as a key driver.

5. Financial Health

All figures below are taken from Convatec's own results announcements and annual reports. Revenue is reported in US dollars; EPS and dividends in US cents.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	2,038.3	+7.6%	5.8c	13.0c	5.871c	$1,199.8m
FY2022	2,072.5	+1.7%	3.1c	12.6c	6.047c	$1,211.9m
FY2023	2,142.4	+3.4%	6.3c	13.4c	6.229c	$1,226.9m
FY2024	2,289.0	+6.9%	9.3c	15.2c	6.416c	$1,122.8m
FY2025	2,439.0	+6.5%	8.6c	17.6c	7.244c	$1,398.0m

EPS figures are diluted. Long-term debt is non-current borrowings from the balance sheet and excludes lease liabilities, which were $94m non-current at 31 December 2025. Current borrowings were nil at each of FY2022 to FY2025 year ends.

Convatec reports half-yearly rather than quarterly. The table below is most recent period first, with the FY2025 total in bold at the foot.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
H1 2026 (to 30 Jun 2026)	$1,232m	8.5c	2.7c
H2 2025 (derived)†	$1,259m	9.6c	3.5c
H1 2025 (to 30 Jun 2025)	$1,180m	8.0c	5.1c
FY2025 total	$2,439m	17.6c	8.6c

† Convatec does not report a standalone second half. The H2 2025 row is derived by subtracting the reported H1 2025 figures from the reported FY2025 figures, and is shown for shape only.

Cash flow and balance sheet, FY2025. Net cash generated from operating activities was $470m, up from $397m. Capital expenditure totalled $185m — $135m on property, plant and equipment and $50m on intangibles — split by management into $121m of growth capex and $64m of operational capex. Depreciation and amortisation in the cash flow statement totalled $224m: $43m depreciation of property, plant and equipment, $26m on right-of-use assets and $155m amortisation of intangibles, alongside a separate $72m impairment. The narrower figure Convatec adds back to reach adjusted EBITDA is $91m, because $134m of acquired-intangible amortisation has already been stripped out as an adjusting item. Adjusted EBITDA was $661m.

Debt. Non-current borrowings were $1,398m at 31 December 2025 with no current borrowings; lease liabilities added $120m. Cash and cash equivalents were $68m. Reported net debt excluding leases was $1,330m, or 2.0x adjusted EBITDA, against a covenant maximum of 3.50x and actual interest cover of 9.4x against a 3.5x covenant. The debt is $500m of senior unsecured notes maturing October 2029 and $500m maturing October 2035, plus a $950m revolving facility maturing 2028 of which $539m was undrawn. Net debt rose to $1,534m, or 2.3x, at 30 June 2026, guided back towards 2.0x by the year end.

FY2026 guidance, as narrowed at the H1 results on 4 August 2026. Organic revenue growth excluding InnovaMatrix of 5.5–6.5%, tightened from 5–7%, with 6–8% implied for the second half. InnovaMatrix revenue of about $5–10m, cut from about $20m, a headwind of roughly 2.5% to group revenue. Adjusted operating margin at or above 23.0%. Double-digit adjusted EPS growth. Equity cash conversion of about 100%. Capex of $200–230m including $135–165m of growth capex. Medium-term Accelerate targets, reaffirmed: 6–8% organic revenue growth from 2027 and a 24–26% adjusted operating margin by 2027.

You can track the price action against these fundamentals on the ChartsView Live Charts page.

6. Valuation Metrics

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Share price	214.80p, close 21 September 2026
Market cap	£4.13bn (approximately US$5.53bn at GBP/USD 1.3386)
Trailing P/E (GAAP)	~46x. Trailing twelve-month GAAP diluted EPS is 6.2 cents (FY2025 8.6c less H1 2025 5.1c plus H1 2026 2.7c), against a share price of about $2.88. On trailing adjusted diluted EPS of 18.1 cents the same price is roughly 16x — the gap is the InnovaMatrix impairments and acquired-intangible amortisation
P/E (forward)	~14x on consensus FY2026 EPS of about US$0.20. Published live figures range from 12.97x to 16.94x depending on the earnings basis used
P/S (TTM)	2.2x (US$5.53bn market cap / US$2,491m trailing twelve-month revenue, being FY2025 $2,439m less H1 2025 $1,180m plus H1 2026 $1,232m)
Enterprise value	~US$6.86bn (market cap ~$5.53bn + total debt ~$1,398m − cash ~$68m per the 31 December 2025 balance sheet). Current borrowings were nil. Including $120m of lease liabilities the figure is about $6.98bn
EV/EBITDA (TTM)	~12.7x (EV ~$6.86bn / EBITDA ~$540m; EBITDA = FY2025 reported operating profit $316m + D&A $224m, using the wider cash-flow D&A total of $43m PP&E depreciation + $26m right-of-use depreciation + $155m intangible amortisation). Note this is distorted downward by the $72m InnovaMatrix impairment charged within reported operating profit; on the company's own adjusted EBITDA of $661m the multiple is about 10.4x
P/FCF	~19.4x (market cap ~$5.53bn / FCF ~$285m; FCF = operating cash flow $470m − capex $185m per the FY2025 cash flow statement)
52-week high	259.20p, set 26 February 2026
52-week low	193.00p, set 1 June 2026
Short interest (% of float)	4.63% of issued share capital at position date 14 September 2026, per the FCA aggregated net short positions register. Roughly double the 2.77% recorded on 4 August 2026. The FCA reports against issued share capital rather than free float; on Convatec's share base the two are effectively the same
Days to cover	~12 days (derived: 4.63% of 1.93bn voting shares is about 89m shares short, against a three-month average daily volume of about 7.2m shares). No source publishes a days-to-cover figure for CTEC.L directly
Dividend / yield	5.038p trailing, 2.35% at the 21 September 2026 close. FY2025 payout ratio 40% of adjusted net profit against a 35–45% policy range
Net debt / adjusted EBITDA	2.0x at 31 December 2025; 2.3x at 30 June 2026

7. What Are They Building

Eight new chronic-care products are due to launch across 2026 and 2027, six of them in 2026. The pipeline is concentrated in the three categories that are growing, and deliberately not in skin substitutes.

Advanced Wound Care. ConvaNiox, a nitric-oxide-powered dressing built on the anti-infective platform Convatec bought from 30 Technology in 2023 for up to £176m, achieved EU and UK approval in FY2025 and went on limited European launch in H1 2026, with a US clinical trial running and revenue expected from 2027. ConvaVAC, a single-use negative pressure therapy, received initial US clearance in July 2026 with full launch expected in 2027. ConvaFiber, an enhanced Hydrofiber dressing, launches in Germany in H2 2026. ConvaFoam continues to take segment share. InnovaMatrix, by contrast, has been fully impaired and is guided to $5–10m of FY2026 revenue.

Ostomy Care. Esteem Body with Leak Defense reached roughly $60m annualised revenue and about 15% segment share by H1 2026. Natura Body is on track for a 2027 launch, completing the soft-convex portfolio.

Continence Care. GentleCath Air for Women more than doubled revenue in H1 2026, adding over a percentage point to category growth and taking more than 10% of the US compact catheter segment including switches from competitors. A male GentleCath Air Pocket and Set launches in Europe later in 2026.

Infusion Care. Convatec supports MiniMed's new wearable pump, MiniMed Flex, and announced its first hybrid patch pump supply agreement in 2026. The neria Guard contract with AbbVie for Parkinson's therapy was significantly extended in FY2025, with further Parkinson's programmes supporting Supernus and Mitsubishi Tanabe.

Manufacturing and R&D. Capex is at record levels: $185m in FY2025 rising to a guided $200–230m in FY2026, with $128m spent in H1 2026 alone. A multi-year expansion of over £24m at Rhymney in South Wales completed on 3 July 2026, adding a Hydrofiber production line and securing 100 skilled jobs; it sits inside a £500m UK R&D commitment over the next decade that also includes a new R&D hub in Manchester. Secondary packaging automation completed at Deeside in H1 2026, and Rhymney automation added Hydrofiber capacity with no headcount growth.

8. Peer Comparison

Peer	Market cap (September 2026)	Key 2025 metric
Convatec Group (CTEC.L)	£4.13bn (~US$5.5bn), close 21 Sep 2026	FY2025 revenue $2,439m, +6.5% reported, +6.4% organic excluding InnovaMatrix; adjusted operating margin 22.3%
Smith+Nephew (SN..L)	£8.65bn (~US$11.6bn), close 21 Sep 2026	FY2025 revenue $6,164m, +6.1% reported and +5.3% underlying, with all three global business units growing over 5% (reported 2 March 2026)
Coloplast (COLO-B.CO)	DKK 94.77bn (~US$14.5bn), close 21 Sep 2026	9M 2025/26 organic growth 6% with EBIT before special items of DKK 5,599m and a 26% EBIT margin; FY guidance 5–6% organic (reported 18 August 2026)
Essity (ESSITY-B.ST)	SEK 177.19bn (~US$18.0bn), close 21 Sep 2026	FY2025 net sales SEK 138bn with organic sales growth of 0.9% and the highest margin in five years at 14.1% (reported 22 January 2026)
Becton Dickinson (BDX)	US$49.22bn, close 21 Sep 2026	FY2025 revenue $21.8bn to 30 September 2025, +8.2% reported and +2.9% organic; adjusted diluted EPS $14.40, +9.6% (reported 6 November 2025)

Mölnlycke, Convatec's closest competitor in advanced wound care, has no market capitalisation because it is wholly owned by Patricia Industries within Investor AB; its 2025 net sales were EUR 2,104m, up 4%. Essity is shown in its place as the nearest listed comparator. Note that Convatec is by a clear margin the smallest of the listed names here, and Smith+Nephew was itself trading close to a 52-week low on 21 September 2026 after a 23% twelve-month decline — the whole UK-listed medtech cohort has been marked down, not Convatec alone.

9. Insider Activity

CEO Jonny Mason, CFO Fiona Ryder and the board have all dealt through the period. The great majority of the traffic is nil-cost long-term incentive grants, vestings and the associated sell-to-cover-tax transactions rather than discretionary trading. The table below covers the notable dealings disclosed by RNS across 2025 and 2026.

Name	Date	Type	Shares	Price	Value	Plan Type
Tobias Hestler	06 Aug 2026	Buy	50,000	£2.258	£112,900	Open-market purchase
Fiona Ryder	26 May 2026	Buy	24,993	£2.00071	~£50,004	Open-market purchase
Jonny Mason	26 May 2026	Buy	50,000	£2.01169	~£100,585	Open-market purchase
Jonny Mason	16 Mar 2026	Vest + tax sale	617,606 vested; 291,149 sold	£2.344	~£682,453 sold	LTIP PSA and DBP RSU granted 2023
Fiona Ryder	16 Mar 2026	Vest + tax sale	58,749 vested; 27,696 sold	£2.344	~£64,920 sold	LTIP PSA and RSU granted 2023
Jonny Mason	11 Mar 2026	Award	2,359,556	Nil cost	Nil	Omnibus Incentive Plan 2025 — PSA, DBA and RSA
Fiona Ryder	11 Mar 2026	Award	756,665	Nil cost	Nil	Omnibus Incentive Plan 2025 — PSA, DBA and RSA
Sharon O'Keefe	03 Oct 2025	Gift	3,200	Nil	Nil	Charitable donation to The Chicago Community Trust
Fiona Ryder	28 Aug 2025	Buy	21,263	£2.3396	~£49,747	Open-market purchase
Jonny Mason	28 Aug 2025	Buy	50,000	£2.3481	~£117,405	Open-market purchase
Karim Bitar	07 Aug 2025	Sell	1,250,000	£2.265	~£2,831,250	Market sale of existing holding

The pattern is worth reading carefully. Every genuine open-market purchase in the period — five of them, totalling roughly £430,000 — came immediately after a share-price fall: Mason and Ryder in August 2025 after the leave-of-absence announcement, both again on 26 May 2026 five days after the AGM update sent the shares down nearly 6%, and new non-executive director Tobias Hestler two days after the H1 2026 results. The only substantial open-market sale was former CEO Karim Bitar's £2.83m disposal in August 2025, which the company stated was for personal reasons following the announcement of his medical leave; Bitar died in service, announced on 27 October 2025. No PDMR dealings were announced between 7 August and 22 September 2026.

10. Key Risks

• US reimbursement policy: the clearest and most proven risk in the business. CMS cut skin-substitute payment rates by over 85% effective 1 January 2026, collapsing InnovaMatrix revenue by more than 90% and forcing $141m of impairments across FY2025 and H1 2026. Convatec ranks customer and markets risk as having increased in 2025.
• DMEPOS competitive bidding: CMS's final rule of 28 November 2025 seeks 8–10 product categories with implementation indicated for 2028. Unlike the skin-substitute cut, this reaches the core ostomy and catheter business that generates half of group revenue. Convatec states it is well placed, but the outcome is not in its control.
• Operational resilience and supply chain: Convatec's own top-ranked principal risk, and one whose profile it increased in 2025. Key drivers named include single-source or sole-supply raw materials and services. Seven manufacturing sites supply around 90 countries, so a single plant or logistics failure carries disproportionate consequences.
• Regulatory and quality: Unomedical Devices in Reynosa, Mexico received an FDA warning letter announced 3 February 2026, concerning reporting procedures and protocols within its quality management system. Convatec states it raises no product-safety concerns and imposes no restriction on manufacturing or distribution, but the site makes the insulin infusion sets sold under MiniMed brands and the matter remains open.
• Leadership continuity: the company lost its chief executive to illness and then death in service across 2025, and its chief financial officer announced on 15 July 2026 that she will stand down once a successor is appointed. No successor had been named as at 22 September 2026. Four other senior appointments were made in 2026, so much of the executive team is new in post.
• Tariffs and the political environment: incremental tariffs cost about $6m year on year in FY2025, and FY2026 margin guidance was originally struck inclusive of about 20 basis points of incremental tariff cost. Convatec classifies its appetite for political and economic risk as "accept", meaning it does not attempt to mitigate it.
• Leverage and currency: net debt rose to $1,534m, or 2.3x adjusted EBITDA, at 30 June 2026 from 2.0x at the year end, above the stated 2x target pending an H2 recovery. FY2025 also recorded a $32m net foreign exchange gain on intercompany balances alongside a $41m loss on forward contracts, so reported finance lines carry real currency noise.

11. Recent Developments

• 21 Sep 2026 — Buyback continues under the $200m programme. Weekly repurchase notices through September took cumulative purchases since 4 August 2026 to about 32.0 million shares at a volume-weighted average of roughly 224.97p, around £72.0m. Treasury holdings reached 126,939,953 shares and voting rights fell to 1,922,849,606.
• 27 Aug 2026 — Dr Jens Viebke appointed Non-Executive Director. Effective immediately and joining the Remuneration Committee, with more than three decades at Getinge, GE Healthcare Life Sciences and Amersham Biosciences.
• 21 Aug 2026 — Treasury holding crosses 5%. Convatec disclosed under DTR 5.5.1 that it held 102,469,942 shares in treasury at 17 August 2026, equal to 5.26% of voting rights.
• 14 Aug 2026 — Dave Ubachs appointed Chief Digital & Information Officer. Effective 1 September 2026, joining from Edenred where he was Group CIO and Chief Data Officer.
• 04 Aug 2026 — H1 2026 results and a new $200m buyback. Revenue $1,232m, up 4.4% reported and 5.0% organic excluding InnovaMatrix. Adjusted operating profit $262m at a 21.2% margin; adjusted diluted EPS 8.5 cents, up 6.3%. Reported operating profit fell 36.1% to $115m and reported diluted EPS to 2.7 cents, after a $69m InnovaMatrix impairment and $48m of BMS intangible amortisation. Interim dividend 2.166 cents, up 15.4%, corrected by a further RNS the same day. FY2026 organic growth guidance narrowed to 5.5–6.5% and InnovaMatrix revenue guidance cut to $5–10m.
• 15 Jul 2026 — CFO succession announced and Tobias Hestler joins the board. Fiona Ryder will stand down once a successor is appointed, continuing as CFO and a director pending an orderly transition. Hestler, formerly Group CFO of Haleon, joined the Audit and Risk Committee with immediate effect and is intended to chair it.
• 03 Jul 2026 — Rhymney manufacturing expansion completed. A multi-year investment of over £24m added a new Hydrofiber production line at the South Wales site, securing 100 skilled jobs.
• 21 May 2026 — AGM trading update for the four months to 30 April 2026. Year-to-date organic growth of 4.8% excluding InnovaMatrix, 1.6% including it, with reported growth of 5.5%. Guidance was reiterated, but the shares fell nearly 6% on the day to about 201.6p, among the biggest FTSE 100 fallers, on the slower headline rate and second-half-weighted phasing.
• 21 Apr 2026 — Peter Jarvis appointed Chief Operations Officer. Effective 1 June 2026, previously Senior Vice President, Supply Chain at Vantive.
• 09 Apr 2026 — Capital Markets Day launches the Accelerate strategy. Successor to FISBE, with medium-term targets of 6–8% organic revenue growth from 2027, a 24–26% adjusted operating margin by 2027, and double-digit adjusted EPS and free-cash-flow growth.
• 24 Feb 2026 — FY2025 annual results. Revenue $2,439m, up 6.5%. Adjusted operating profit $544m, up 12.1%, at a 22.3% margin. Adjusted diluted EPS 17.6 cents, up 16.0%. Dividend up 13% to 7.244 cents. The medium-term organic growth target was upgraded from 5–7% to 6–8%, and a $72m impairment was taken against the InnovaMatrix intangible.
• 03 Feb 2026 — FDA warning letter to Unomedical. The Reynosa, Mexico infusion-set subsidiary received a warning letter on quality-management-system reporting procedures. Convatec stated there were no product-safety concerns and no restrictions on manufacturing or distribution.

For the macro backdrop against which these results land, see the ChartsView Economic Calendar.

12. Key Dates to Watch

• 30 Sep 2026 — payment date for the H1 2026 interim dividend of 2.166 cents per share; ex-dividend and record dates of 20 and 21 August 2026 have passed
• 18 Nov 2026 — trading update for the ten months ending 31 October 2026, the next scheduled company event and the next read on whether the guided second-half acceleration to 6–8% organic growth has arrived
• 31 Dec 2026 — latest completion date for the $200m share buyback programme announced on 4 August 2026
• 23 Feb 2027 — FY2026 preliminary results, at which the FY2026 final dividend would be proposed and the first year of Accelerate targets assessed
• 20 May 2027 — trading update for the four months ending 30 April 2027, per the published financial calendar
• Expected May 2027 — Annual General Meeting. No 2027 date has been published; recent AGMs were held on 21 May 2026, 22 May 2025 and 16 May 2024, and Convatec has released its four-month trading update on the morning of the AGM in recent years
• Expected 2028 — indicated implementation of the CMS DMEPOS competitive bidding programme across 8–10 product categories, the single largest scheduled regulatory event facing the core ostomy and continence business

Dates for a CFO appointment, the FY2026 final dividend and any further capital markets day had not been published as at 22 September 2026. Discuss this research with other investors in the ChartsView Forum.

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