Smiths Group 3Q FY26 Trading Update

Smiths Group delivered flat 3Q organic growth and lowered its FY26 OSG guidance to ~2% due to Middle East disruption and US construction weakness, though profit guidance was maintained.

Key Takeaways

• 1.FY26 profit guidance remains unchanged despite a reduction in organic growth (OSG) guidance from 3-4% down to approximately 2%.
• 2.The group reported flat organic growth in 3Q-FY26, hampered by conflict in the Middle East causing £10m in revenue disruption.
• 3.Margin guidance has been modestly increased to 'slightly above 20%' due to efficiency programs (Acceleration Plan and Smiths Excellence).

Table of Contents

• Divisional highlights:
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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