ConvaTec H1 2026 preview: H2 weighting confirmed

研报英文原文证据摘录

ConvaTec H1 2026 preview: H2 weighting confirmed

C A Z E N O V E Europe Equity Research

24 June 2026

Correction (See disclosures for details)

ConvaTec Overweight

CTEC.L, CTEC LN

H1 2026 preview: H2 weighting confirmed Price (23 Jun 26):207p

Price Target (Dec-27):294p

We caught up with the CEO at our conference last week and additionally with IR European Medical Technologies &

ahead of H1 results (4 August). Following the AGM statement (feedback here and Services

here), H1 has started a little softer than our original expectations and we nudge David Adlington AC

down our H1 growth assumptions for Woundcare (Innovamatrix at LSD $m for the (44-20) 7134-5828

first 4 months was lower than expected, and while it maintains FY26 guidance for david.adlington@jpmorgan.com

$20m, there is likely higher risk tied to this) and ID, on timing of deliveries. On the Anchal Verma

flip side, after some confusion on messaging around margins, management has (44-20) 3493-6144

been more direct on H1/FY26 margin expectations – 21%/23% respectively, which anchal.verma@jpmorgan.com

drives an offset to our H1 revenue cuts. The H2 margin bridge is largley driven by Philip S Omnou

(44-20) 3493-5648

the ID deliveries which are more H2 weighted this year (usually H1 weighted). philip.omnou@jpmorgan.com

• H1 revenues – trimming for Wound and ID. The AGM statement pointed to J.P. Morgan Securities plc

1.6% growth at 4 months, and so our previous H1 estimates (2.7%) looked a Specialist Sales contact details:

little too bullish. We cut AWM from -4% to -6% and ID from 8% to 6.5%. Marjan Daeipour - Specialist Sales -

• H1/H2 margins. The AGM statement on the FX impact on margins was a little European Healthcare

confusing and management has clearly reflected on this and moved to much (44 20) 7134-1329