ConvaTec Group PLC: Trading update first take:Softer start, H2 accel as planned, patch pump deal announced

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ConvaTec Group PLC: Trading update first take:Softer start, H2 accel as planned, patch pump deal announced

Equity Research

European Medical Technology & Services

21 May 2026

ConvaTec Group PLC

Trading update first take:Softer

start, H2 accel as planned, patch

CTEC.L/CTEC LN OVERWEIGHTpump deal announced

European Medical POSITIVE

A slightly softer start vs expectations but the H2 skew was Technology & Services Price Target GBp 320

guided to and reit guide/H2 confidence should reassure given Price (19-May-26) GBp 214

COLOB concerns. Speaking to CFO, launches and new Potential Upside/Downside +49.3% Source: Bloomberg, Barclays Research

capacity underpins the H2 recovery, EU wound performing

well. New patch agreement a positive. European Medical Technology &

Services

Hassan Al-Wakeel, CFA

ConvaTec posted a trading update for the first 4 months of the year with organic growth at +44 (0)20 7773 3898

+1.6% (vs. H1 consensus expectations of +2.9%, +2.3% Barc) as IMX dragged, as expected hassan.al-wakeel@barclays.com

(see 4m trading update preview: Softer IMX-driven start should come as no surprise, Barclays, UK

momentum elsewhere, 8 May) whilst growth ex-IMX came in at +4.8% vs the +5 to +7%

Jonathon Unwin

guidance range. Guidance was reiterated at 5–7% organic revenue growth (ex‑IMX; versus +44 (0)20 7773 0354

consensus at +4.0% including IMX), alongside ≥23.0% adjusted operating margin, with a jonathon.unwin@barclays.com

~40bps (vs. ~30bps previously) FX headwind expected (versus consensus at 23.1% Barclays, UK

including FX). Speaking to the company, the first patch pump supply agreement was

Marco Pires-Cox

signed and marks the first entry into the space after years of speculation and should be +44 (0)20 3134 3421

taken well given this has been an area of pushback.