ConvaTec Plc YTD Growth and FY26 Guidance Update

ConvaTec reported 4-month organic growth of 4.8% (ex-InnovaMatrix), which was slightly below expectations, but the company reiterated its FY26 guidance.

Key Takeaways

• 1.Management reiterated FY26 guidance of 5-7% organic growth (excluding InnovaMatrix) and >23% adjusted EBIT margins.
• 2.Year-to-date organic growth of +4.8% is considered 'a little light' compared to consensus expectations of +2.8% including InnovaMatrix.
• 3.InnovaMatrix created a -300bps headwind to group organic growth due to structural changes in the US skin substitutes market.

Table of Contents

• By division...
• Valuation methodology
• Key downside risks
• GS Forecast
• Disclosure Appendix
• Ratings, coverage universe and related definitions

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