Smith & Nephew: Expert Surgeon Insights Event Feedback

Research evidence excerpt

Smith & Nephew: Expert Surgeon Insights Event Feedback

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold Smith & Nephew 10 June 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 9 Jun 2026 (GBP) 1,154.50

SN.L SN/ LN LSE SN

Price Target (GBP) 1,400.00

Healthcare & Medical

Devices ADR ISIN 52-week range (GBP) 1,435.001,067.00-

SNN US83175M2052

Medical Devices

Expert Surgeon Insights Event

Valuation & Risks Feedback

Kane Slutzkin, CFA

Innovation breadth supports growth ambitions; adoption remains gating factor Research Analyst

We attended the Expert Surgeon Insights Event, which featured leading surgeons +44-20-754-54624

discussing the key innovation platforms expected to drive Smith+Nephew’s next

phase of growth. There was limited new information versus that presented at the

CMD in Dec-25, and no new financial information was provided, which we think is

unlikely to drive changes to estimates. However, following a period of increased

focus on innovation, we think Smith+Nephew has built meaningful pipeline

breadth and depth across divisions, which clearly underpins its conviction in its

financial targets. This should reassure the market, with the key debate now shifting

to execution, and the pace of adoption across surgeons, hospitals and ASCs likely

to be the primary determinant of delivery.

Valuation is not demanding at 9.5x EV/EBITDA, but we continue to err on the side

of caution given the execution risk implied by the back-end nature of the FY26

guide, particularly given stronger relative performance versus EU medtech year-to-

date. We next hear from S+N in August (Q2/H1).

What stood out

As highlighted during the event, the main constraints remain awareness,