ConvaTec: H1‘26 results: H1 largely in line, path to H2-phasing provided; $200m SBB announced

研报英文原文证据摘录

ConvaTec: H1‘26 results: H1 largely in line, path to H2-phasing provided; $200m SBB announced

C A Z E N O V E Europe Equity Research

04 August 2026

ConvaTec Overweight

CTEC.L, CTEC LN

H1’26 results: H1 largely in line, path to H2-phasing Price (03 Aug 26):225p

provided; $200m SBB announced Price Target (Dec-27):294p

Our Take: H1’26 sales were in line and EBIT was a 1% miss (adjusted for tariff European Medical Technologies &

refunds as per JPMe assumptions). FY26 organic growth guidance has been Services

narrowed to the middle for +5.5%-6.5% ex-Innovamatrix (from +5-7% previously, David Adlington AC

consensus 6%) but the headwinds from Innovamatrix have been nudged up (to (44-20) 7134-5828

2.5pp from 2pp) and guidance reiterated for adj. EBIT margins. Consensus is david.adlington@jpmorgan.com

largely in line, implying limited changes to forecasts. We understand the company Anchal Verma

received tariff refunds in H1 (amount not disclosed but FY25 tariff payments were (44-20) 3493-6144

around $7-10m), if we assume the lower end of the tariffs were refunded, adj. EBIT anchal.verma@jpmorgan.com

would have been a 1% miss (vs 1.6% beat at reported levels).The FY26 guidance Philip S Omnou

(44-20) 3493-5648

implies a significant H2 step-up for sales (H1’26 1.8%, u/l FY guidance 3.5% at philip.omnou@jpmorgan.com

mid-point) and EBIT margins (H1’26 21.2%, FY guidance 23%), but the company J.P. Morgan Securities plc

has provided details on the drivers for this, including H2-weighted top-line phasing

and cost savings. We see the H1 results as driving limited changes to forecasts but Specialist Sales contact details:

expect shares to be up LSD largely on the $200m SBB announcement. Marjan Daeipour - Specialist Sales -

European Healthcare