ConvaTec: H1‘26 consensus comparison: Touch ahead on sales and adj EBIT.

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ConvaTec: H1‘26 consensus comparison: Touch ahead on sales and adj EBIT.

C A Z E N O V E Europe Equity Research

13 July 2026

ConvaTec Overweight

CTEC.L, CTEC LN

H1’26 consensus comparison: Touch ahead on sales Price (10 Jul 26):214p

and adj EBIT. Price Target (Dec-27):294p

Ahead of Convatec’s H1’26 results (4 August), and further to our preview here, we European Medical Technologies &

set out a comparison to the latest company-collated consensus. For H1, we are a Services

touch ahead on sales owing to greater FX tailwinds, which drops through to adj David Adlington AC

EBIT owing to similar margin. For FY26, we are 0.7% ahead on sales (also on FX), (44-20) 7134-5828

but ~2% below on adj EBIT owing to lower margin (although we acknowledge our david.adlington@jpmorgan.com

conservatism here, with risk weighted to the upside). While shares continue to Anchal Verma

screen cheaply (12.9x FY27E PER), in the near term investors are likely waiting (44-20) 3493-6144

on evidence that Innovamatrix has bottomed out, alongside more confidence on i) anchal.verma@jpmorgan.com

the H2 acceleration; ii) cost inflation given recent developments in the Middle Philip S Omnou

(44-20) 3493-5648

East; and, iii) clarity on the Section 232 impact. philip.omnou@jpmorgan.com

• H1’26 comparison. For H1, we are 0.9% ahead of consensus sales due to J.P. Morgan Securities plc

incorporating larger FX tailwinds, given JPMe and consensus organic growth Specialist Sales contact details:

of +1.8%. Consensus is looking for +5.0% ex-IM organic growth, in line with Marjan Daeipour - Specialist Sales -

the company's expectations for a 3pp drag from IM in H1. For adj EBIT, we are European Healthcare

also 0.9% ahead of consensus as we look for broadly similar margin (44 20) 7134-1329