CFO departure announced

Research evidence excerpt

CFO departure announced

Update

July 15, 2026 07:23 AM GMT

Morgan Stanley & Co. International plc+MConvaTec Group PLC | Europe Aisyah Noor

Equity Analyst

CFO departure announced Aisyah.Noor@morganstanley.comJack Christopher Reynolds-Clark +44 20 7425-6177

Jack.Reynolds-clark@morganstanley.com +44 20 7425-3474

Key Takeaways Alejandra Galindez

Research Associate

Convatec announced two board changes including a CFO succession Alejandra.Galindez@morganstanley.com +44 20 7677-2699

CTEC 1H'26 results are expected to be in line with expectations ConvaTec Group PLC (CTEC.L, CTEC LN)

FY26 guidance was reiterated Medical Devices | United Kingdom

Stock Rating Overweight

Industry View In-Line

MS view: We expect a mixed reaction from the market to the announcement this Price target 257p

morning, as we believe a CFO change had not been expected so soon after the April Shr price, close (Jul 14, 2026) 211p

52-Week Range 261-193p

9th CMD, as well as the June 9 departure of the Head of R&D. Reassuringly, Mkt cap, curr (mn) US$5,743

Net debt (12/26e) (mn)* US$1,240

however, FY26 guide has been reiterated and 1H'26 trading has been confirmed to

EV, curr (mn)* US$7,073

be in line with consensus expectations, hence we expect no change to consensus

* = GAAP or approximated based on GAAP

forecasts. We expect more clarity on the timeline of a successor appointment at

CTEC's 1H'26 release on August 4.

What happened? ConvaTec announced this morning that Fiona Ryder will step

down as CFO. The board will run a “thorough” recruitment process, during which

time Fiona will stay on as CFO and Director to “ensure an orderly transition”. The

company also said that it expected H1 results “in line with expectations”, which we

interpret at company-compiled consensus of $1,230m revenue (5% organic revenue