Slide 1: Strong delivery drives revenue growth, margin progress & mid-teens adjusted EPS growth
24 February 2026 Strong delivery drives revenue growth, margin progress & mid- teens adjusted EPS growth 2025 Annual Results 1
Slide 2: Disclaimer
Disclaimer For the purposes of this notice, “Presentation” means this document, its contents or any part of it, any oral presentation, any question or answer session and any written or oral material discussed or distributed before, during or after the Presentation meeting. This information, which do
Slide 3: Hosts
Hosts Jonny Mason Fiona Ryder Chief Executive Officer Chief Financial Officer 3
Slide 4: 2025: Strong operational and financial delivery
2025: Strong operational and financial delivery Fifth year of broad-based, resilient organic revenue growth Innovative pipeline of new products winning share Fourth year of margin 1 expansion Second year of mid-teens EPS2 growth Strong cash generation funding investment for growth & returns 1. Adjus
Slide 5: Resilient and sustainable business
Resilient and sustainable business • Structurally growing, defensive markets Chronic care • High proportion of recurring revenues focus • Strong market leadership positions • Innovate to satisfy unmet customer needs Differentiated • Invest in the fastest growing segments products and solutions • Ric
Slide 6: Delivery is strengthening
Delivery is strengthening Organic revenue Investment Operating margin1 EPS1 growth Average CAGR 2021-24 c.$220m p.a. 6.0% +350bps 6% Capex and R&D Excl. InnovaMatrix expansion CAGR c.$290m 6.4% +110bps 16% 2025 Capex and R&D2 Excl. InnovaMatrix YoY growth Growth capex Outgrowing chronic Tracking to
Slide 7: Cash generation funding reinvestment and returns
Cash generation funding reinvestment and returns Strong cash generation, investment grade and 2.0x leverage target Clear capital allocation priorities 300 4 • Returns to shareholders: $300m in 2025 3 • M&A: over $500m cumulative since 2021 179 25 • Dividend: starting to grow in line with 173 85 2 ea
Slide 8: Delivering on targets; investing to support accelerating growth
Delivering on targets; investing to support accelerating growth Delivering consistently against strategic targets Successful turnaround and improved performance, ready to accelerate Increasing medium-term organic revenue growth target to 6-8% from 2027 Capital Markets Day on 9 April 8
Slide 9: Financial review FY25
Financial review FY25 9
Slide 10: 2025: Strong financial performance
2025: Strong financial performance 2025 2024 Organic revenue growth1 • Broad-based growth across all four categories excluding InnovaMatrix 2 +6.4% 6.8% • 4.8% including InnovaMatrix • FY25: 22.3% Operating margin3 expansion +110 bps +100bps • +460bps expansion since 2021 (+490bps CC) • 17.6c (2024:
Slide 11: Delivering sustainable, profitable growth
Delivering sustainable, profitable growth Revenue ($m) and organic revenue growth1 Operating profit margin3 Excl. InnovaMatrix shown in italics2 6.4% 4.8% 6.8% 7.7% 22.3% 6.0% 2,439 21.2% 7.2% 2,289 20.2% 5.3% 5.6% 19.5% 2,142 2,038 2,073 17.7% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Dilut
Slide 12: Broad-based organic revenue growth
IC 19% AWC 31% Broad-based organic revenue growth CC 22% OC 28% Organic1 4.1% 4.5% 6.6% 12.5% Group excl. IMX 6.4% Group 4.8% 5 35 (30) 51 33 28 2,439 27 2,289 2024 Advanced Ostomy Care Continence Continence Infusion Care Infusion Care M&A FX InnovaMatrix®® InnovaMatrix 2025 Wound Care Care Care exc
Slide 13: AWC: ConvaFoam building; InnovaMatrix down; OC: Esteem Body taking share
AWC: ConvaFoam building; InnovaMatrix down OC: Esteem Body taking share and ahead of plan Organic growth1 0.5% -2.7% 9.2% 6.8% 9.5% 7.4% -0.4% Advanced excl. IMX1 5.7% 4.2% 4.1% • Good growth in North America and LatAm; Wound Care improving through the year in Europe & APAC 695 743 753 • Excellent c
Slide 14: CC: growth in US & OUS; IC: further strong growth and diversification
CC: growth in US & OUS; Convatec mix higher IC: further strong growth and diversification Organic • Growing share and volumes in the US Continence growth1 5.4% 5.4% 3.4% 5.1% 6.5% 8.3% 6.6% Care • Convatec products grew faster than non- Convatec; now c.59% revenues 537 Total 457 501 • Hydrophilic ca
Slide 15: Further operating margin expansion, up 110 bps YoY
Further operating margin1 expansion, up 110 bps YoY Gross margin +100 bps YoY +110 bps (30) bps YoY constant FX YoY 0.1% 22.3% 22.2% (0.2%) 0.5% 0.8% 0.3% (0.8%) 0.3% 1.3%3 (1.1%)4 0.8% 21.2% (0.8%) IC, IMX mix2 IC, IMX mix2 2024 Price Mix Operations COGS inflation Opex G&A G&A efficiency 2025 @ CC
Slide 16: Delivering double-digit EPS growth
Delivering double-digit EPS growth Adjusted P&L Adjusted diluted earnings per share 2025 2024 +16.0% YoY Operating profit $544m $485m +12.1% $ cents +13.7% Financing & other $(72)m $(74)m YoY Tax $(113)m $(99)m 17.6 15.2 Net profit $359m $312m +14.8% 13.4 12.6 2022 2023 2024 2025 16
Slide 17: Strong cash conversion: new definition
Strong cash conversion: new definition 99% Operating 12% cash growth YoY conversion1 101% 40 (2024: 106%) Equity cash 661 64 16 conversion2 (2024: 116%) 541 179 Leverage at 2.0x3 362 121 (2024: 1.8x) 140 25 326 (272) 22 Interest, Free cash EBITDA EBITDA Working WC Operational Op C Adj.Adj. items Ope
Slide 18: FY26 guidance
FY 26 guidance AWC: MSD2 • Growth H2 weighted as product launches build Organic revenue growth1 OC: MSD excl. InnovaMatrix 5-7% CC: MSD • InnovaMatrix revenue of c.$20m. Headwind of c.2% to IC: HSD Group revenue in FY26 and c.3% in H1 26 • Further operating margin expansion and on-track to 5th year
Slide 19: Financial summary
Financial summary Strong delivery in 2025 Confidence in 2026 Upgrading our medium-term organic revenue1 growth target to 6-8% from 2027 19 1. Organic revenue growth presents YoY growth at constant currency adjusted for acquisitions and disposals
Slide 20: Strategic update
Strategic update 20
Slide 21: Delivering sustainable, profitable growth
Delivering sustainable, profitable growth Revenue ($m) and organic revenue growth1 Operating profit margin3 Excl. InnovaMatrix shown in italics2 6.4% 4.8% 6.8% 7.7% 22.3% 6.0% 2,439 21.2% 7.2% 2,289 20.2% 5.3% 5.6% 19.5% 2,142 2,038 2,073 17.7% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Dilut
Slide 22: Resilient business model delivers broad-based growth
Resilient business model delivers broad-based growth $2,439m $2,289m 6.4%1 $2,142m $2,038m $2,073m 6.8%1 Group $1,894m 6.0%1 12.5% revenue $1,827m 5.3% 5.6% 11.2% 2.3% 4.2% 8.7% 11.5% 9.2% IC 2.2% 18.5% 6.6% 8.3% 3.4% 6.5% 5.4% 5.4% 5.1% CC 4.5% 2.0% 4.2% 5.3% OC 1.0% 4.5% 1.7% 9.2% 6.8% 5.7%1 4.2%1
Slide 23: Strong pipeline of launches underway
Strong pipeline of launches underway 2022-2024 2025 2026 2027 InnovaMatrix US Outside US 780G MioAdvance Extended Wear Globally ConvaFoam US Europe Global Emerging Markets Infusion set for Beta Bionics iLet pump US AbbVie Parkinson’s Japan Europe US GentleCath Air for Women Europe & US Global Emergi
Slide 24: Reflections on the business
Reflections on the business • Attractive markets Strong and growing • Broad-based b resilience business • Delivering on our targets • Product launches and faster growth are relatively new muscles Learning as we grow • FDA b Letter • Execution is improving • High levels of expertise in complementary
Slide 25: Accelerating growth in AWC
Accelerating growth in AWC 2026 growth target: MSD Accelerating from 2027 (excl. InnovaMatrix) • Maintain leadership in Aquacel Ag+ Extra Advanced Wound • Growing Aquacel Ag+ Extra Care • Scaling up ConvaFoam • Gain further share & grow capacity in ConvaFoam • Launching ConvaNiox, ConvaFiber & Conva
Slide 26: Accelerating growth in Ostomy Care
Accelerating growth in Ostomy Care 2026 growth target: MSD Accelerating from 2027 Advanced Ostomy Wound • Scaling up and growing capacity in Esteem Care • Scaling up Esteem Body Body • Launching Flexi-Seal Air • Growing Esenta accessories portfolio • Launching Natura Body from 2027 • Commercial exec
Slide 27: Accelerating growth in Continence Care
Accelerating growth in Continence Care 2026 growth target: MSD Accelerating from 2027 • Further above-market growth in the Continence Advanced Ostomy Care Wound US, driven by excellent service • Launching GC Air Pocket & Set in the US Care • Faster growth in Convatec products • Launching Cure Aqua i
Slide 28: Accelerating growth in Infusion Care
Accelerating growth in Infusion Care 2026 growth target: HSD Accelerating from 2027 Infusion • Continued diversification of • Inset Guard growing in diabetes Care customers & therapies • Neria Guard growing in non-diabetes, • Supporting growing customer especially Parkinson’s Disease demand • Improv
Slide 29: Summary and outlook
Summary and outlook Convatec is delivering • Resilient business model delivering sustainable growth • Productivity & operational leverage driving margin improvement • Compound double-digit EPS growth We are ready to accelerate • Demand is strong and products are taking share • Pipeline is rich • Exe
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Slide 31: Appendix
Appendix 31
Slide 32: Group P&L - H1 / H2 split
1. Reported revenue and organic revenue YoY growth 2. Adjusted operating profit, margin and YoY growth Group P&L - H1 / H2 split 3. Net interest and adjusted other non-operating income 4. Adjusted tax charge and tax rate 5. Adjusted and diluted EPS in US dollar cents, and YoY growth 2024 2025 H1 24
Slide 33: H1 & H2 revenue & operating profit
H1 & H2 revenue & operating profit • H2 represented 52% of revenue and 54% of OP in last two years Higher H2 revenue • Revenue driven by customer behaviour and more trading days in H2 & operating profit • OP driven by higher revenue in H2 Revenue1 ($m) Operating profit1,2 ($m) H1 H2 H1 H2 292 1,259
Slide 34: +460 bps margin expansion delivered in 2021-25
+460 bps margin1 expansion delivered in 2021-25 2021 to 2025 adjusted operating profit margin1 bridge 3.6% 3.3% 5.9% 22.6% 22.3% -0.3% 2.4% 17.7% -8.4% -1.9% FY21 Price Mix Operations COGS R&D and G&A / Other FY25 @ CC FX FY25 productivity inflation commercial net investment 1. Adjusted operating ma
Slide 35: FCFE reporting
FCFE reporting • Excludes growth capex & non-cash items (below) Free cash flow to equity (FCFE) • Reflects free cash flow available for capital allocation Free cash flow to equity conversion • Target 100% conversion each year; FCFE ($m) & conversion (%) FCFE reconciliation ($m) New basis Prior basis
Slide 36: Adjusting items mainly non-cash; amortisation will reduce substantially in 2026
Adjusting items mainly non-cash Amortisation will reduce substantially in 2026 P&L at operating profit Cash impact ($m) Commentary 2024 2025 2024 2025 Fundamental • Transformation related – e.g factory closure 6 5 11 3 restructuring • One-time restructuring M&A • Deal-related fees 2 4 4 3 Amortisati
Slide 37: AWC: New product launches to accelerate growth
AWC: New product launches to accelerate growth Single-use Antimicrobials Foam Biologics1 negative pressure Category CAGR1 CAGR1 CAGR1 CAGR1 size $1.2bn c.5% $2.3bn c.6% $1.0bn c.6% $0.5bn c.10% Products • Continued Aquacel • Gain share • Publish RWE & RCTs2 • Launch in 2026 growth securing reimburse
Slide 38: OC: Strong momentum in Esteem Body
OC: Strong momentum in Esteem Body Convex products Flat products Accessories CAGR 1 Category Soft $0.7bn c.9% CAGR 1 CAGR1 size $1.4bn c.1% $0.6bn c.7% Rigid $0.7bn c.3% Products * Service • Gain share in soft convexity • Sustain positive momentum in GEM • Continued growth in refreshed Focus product
Slide 39: CC: Build on US leadership, grow outside US
CC: Build on US leadership, grow outside US US Europe Global Emerging Markets $0.8bn 2 CAGR1 $1.2bn2 CAGR1 Category Compact $0.1bn c.7% Compact $0.6bn c.7% CAGR1 size $0.3bn c.5% Standard $0.4bn c.4% Standard $0.4bn c.4% Products Service • Build on large customer base • Grow customers for products a
Slide 40: IC: Pump adoption accelerating
IC: Pump adoption accelerating c.7% Pumps CAGR ‘25-’30 People with Users of intensive Increased insulin pump diabetes insulin treatment Multiple 10% penetration opportunity Daily c.93% c.375m c.10% (37m) Injection 0% Pump penetration (%) CAGR ‘20-’25 CAGR ‘25-’30 Durable 6.7% 7.1% 6.3% Innovation dr
Slide 41: Positioned to deliver sustained double-digit EPS growth
Positioned to deliver sustained double-digit EPS1 growth 1 Sustainable & 2 Our markets grow between 4-8% Leading market positions predictable markets #1 position in >60% of Group revenue Driven by global megatrends, chronic Advanced Wound Care (31% of sales) care markets grow between 4-8% p.a. Conso
Slide 42: co nvatec
co nvatec — fore