Slide 1: Strong delivery in H1, on track for FY26 and accelerating from H2
4 August 2026 Strong delivery in H1, on track for FY26 and accelerating from H2 Interim results for the six months ended 30 June 2026
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 2
Slide 4: Convatec: CMD recap
Convatec: CMD recap We operate in Convatec is a The growth large & growing strong opportunity markets with and resilient ahead is leading positions business substantial We are now ready to accelerate 3
Slide 5: The Convatec flywheel
The Convatec Structurally growing flywheel markets Driving Leading sustainable market value for 6-8% positions shareholders organic revenue1 Building growth & Recurring stronger revenue double-digit business for consumable customers EPS1 products Flywheel of New products investment & are working; gr
Slide 6: On-track delivery, confirming guidance
On-track delivery, confirming guidance Good revenue growth ex-InnovaMatrix Innovative pipeline of new products launching and winning share Investing in all categories to meet rising demand Confirming FY26 outlook including ≥23% margin1 & DD EPS1 FY26 c.100% FCFE conversion; announcing $200m share bu
Slide 7: Accelerating from H2 2026
Accelerating from H2 2026 H2 revenue growth drivers Sales weighted to H2, particularly in IC AWC, OC building as new products AWC: ConvaFoam scaling up scale IC good visibility of DD growth in H2 OC: Esteem Body scaling up Positive margin mix effect Narrowing FY26 organic revenue growth CC: GC Air f
Slide 8: Financial review H1 26
Financial review H1 26
Slide 9: H1 26: good performance, on track for FY26
H1 26: good performance, on track for FY26 H1 26 H1 25 Organic revenue growth1 • Broad-based growth across all four categories ex-InnovaMatrix2 +5.0% +6.8% • 1.8% growth to $1,232m inc. InnovaMatrix • Down 10bps YoY (+50bps YoY in constant currency) Operating margin3 21.2% 21.3% • Includes c.140bps
Slide 10: Broad-based organic revenue growth
IC 20% AWC 29% Broad-based organic revenue growth CC 22% OC 29% Organic1 3.4% 4.3% 5.9% 7.4% Group excl. IMX 5.0% Group 1.8% 31 (37) 17 15 14 11 1,232 1,180 H1 25 Advanced Wound Ostomy Care Continence Care Infusion Care FX InnovaMatrix H1 26 Care excl. IMX 1. Organic revenue growth presents YoY grow
Slide 11: AWC: Growth ahead of market, ConvaFoam building; OC: Esteem Body taking share
AWC: Growth ahead of market, ConvaFoam building OC: Esteem Body taking share and ahead of plan 500 2000000.0% Organic growth1 • Growth ahead of slower markets in Europe, excl. IMX 6.8% 5.1% 2.7% 5.7% 4.3% 4.0% 3.4% 0.0% Advanced Incl. IMX 8.7% 10.3% 6.7% 8.1% 2.1% -2.7% -7.0% North America and RoW 4
Slide 12: CC: Good H1 growth; IC: Good H1 growth, H2 to accelerate
CC: Good H1 growth and increased Convatec mix 259 IC: Good H1 growth, as expected; H2 to accelerate Organic Continence growth1 7.6% 5.5% 8.2% 8.4% 6.7% 6.6% 5.9% • 0.0% Growing share and volumes in the US Care 300 • -200000.0% Convatec products again grew faster than non- 278 277 -400000.0% Convatec
Slide 13: H1 26 operating margin: further productivity gains
H1 26 operating margin1: further productivity gains +50 bps YoY -10 bps constant FX YoY 1.3% (1.1)% (0.2%) 0.8% 21.8% 0.4% (1.4)% (0.6)% 0.3% 0.9% 21.3% 21.2% 1.3%3 (1.1%)4 0.4% 0.8% 0.4% (0.8%) H1 25 Price/Mix Operations COGS inflation IMX Commercial G&A efficiency H1 26 @ CC FX H1 26 productivity
Slide 14: H2 operating margin underpinned by higher revenues and strategic initiatives
H2 operating margin1 underpinned by higher revenues and strategic initiatives H1 to H2 expected operating margin bridge c.80 bps c.25% c.50 bps c.40 bps c.200 bps Operational 21.2% H2 IMX Growth led productivity headwind by IC, with & lower opex significantly Normal H2 positive mix lower than revenu
Slide 15: Medium term: on track to deliver mid-20s adjusted operating margin by 2027
Medium term: on track to deliver mid-20s adjusted operating margin by 2027 >500 bps margin expansion 2021-26E c.100 bps required 2026 to 2027 17.7% 19.5% 20.2% 21.2% 22.3% ≥23% Mid 20s % 2021 2022 2023 2024 2025 2026 Price/Mix Operations COGS Opex efficiency 2027 productivity inflation 1. Assumes no
Slide 16: On track for third year of double-digit EPS growth
On track for third year of double-digit EPS1 growth FY26 EPS growth driven by M/HSD % operating profit1 growth, lower tax & lower average share count H1 H2 Full year H1 25 H1 26 H2 25 H2 26 FY 26 Operating profit1 $252m $262m + 3.9% $292m +HSD% +M/H SD% Financing1 $(32)m $(38)m up $(6)m $(36)m Flat
Slide 17: On track for 100% FCFE conversion in FY26
On track for 100% FCFE1 conversion in FY26 H2 WC inflow expected; capex H1 weighted Negative working capital movement Leverage is higher in H1 as expected in H1 Year end target remains at 2.0x FY25 leverage was 0.45x lower ex- 2.5x share buyback 2.3x 2.3x 2.1x 2.0x c.2x 1.9x 1.8x 2023 2024 2025 2026
Slide 18: Step up in growth capex; FY guidance unchanged
Step up in growth capex; FY guidance unchanged H1 26 capex investment areas $128m Growth capex $90m Capacity and product launches AWC (ConvaFoam, ConvaNiox, ConvaVAC, ConvaFiber) OC Esteem Body & Natura Body 2.0 $69m CC GC Air Pocket & Set IC IC capacity Operational capex $38m • Automation and impro
Slide 19: On track to deliver FY guidance
On track to deliver FY 26 guidance • Narrowed range; category revenue guidance unchanged: Organic revenue growth1 Previously AWC: MSD ex-IMX; OC: MSD; CC: MSD; IC: HSD excl. InnovaMatrix 5.5-6.5% 5-7% • H2 growth 6-8% • InnovaMatrix revenue c.$5-10m; c.2.5% Group headwind • On-track to deliver mid-2
Slide 20: Financial summary
Financial summary Good financial performance in H1 Confirming guidance for FY 26 On track for Accelerate medium term targets 19
Slide 21: Strategic update
Strategic update
Slide 22: Four chronic care categories in attractive, structurally growing markets
Four chronic care categories in attractive, structurally growing markets Advanced Wound Ostomy Care Continence Care Infusion Care Care (AWC) (OC) (CC) (IC) $6.0bn1 $3.7bn1 $2.4bn1 c.$1bn1 MSD market growth MSD market growth MSD market growth HSD market growth Structural volume drivers: ageing popula
Slide 23: Accelerate will deliver above-market growth
Accelerate will deliver above-market growth Medium term target 6-8% Customer focused Growth AWC High single-digit Technology & innovation OC Mid-to-high single digit Execution Accelerate CC excellence Mid-to-high single digit Culture, purpose & IC performance Double-digit 22
Slide 24: We have delivered a lot in H1, building to Accelerate
We have delivered a lot in H1, building to Accelerate Wave 1 scaling Wave 2 launching Growth capex building capacity Strengthening quality Scaling technology and AI Simplifying operating model Strengthening leadership team 23
Slide 25: Wave 1 launches all scaling successfully, except InnovaMatrix
Wave 1 launches all scaling successfully, except InnovaMatrix. Added over half of H1 growth Product Progress Recovery much slower than expected InnovaMatrix Disciplined cost management while commercial execution is reset MioAdvance Extended Wear Strong adoption supported by clear extended-wear benef
Slide 26: Wave 2 launches progressing
Wave 2 launches progressing Product Progress ConvaNiox Limited market release (LMR) in Europe; FDA submission completed ConvaFiber LMR; ramping for 2027 full launch ConvaVAC LMR; ramping for 2027 full launch Cure Aqua H2 26 pilot launch; manufacturing & market readiness progressing; roll out from 20
Slide 27: ConvaNiox: Creating a new product category
ConvaNiox: Creating a new product category Differentiated clinical Establishing reimbursement Large unmet need evidence vs standard of care1 and adoption ~10M 400k+ 60% UK 16.5M non-healing wounds reimbursement patient DFUs more ulcers healed at £40 ambition by diagnosed new dressing 2033, including
Slide 28: Parkinson's: Significant IC opportunity
Parkinson’s: Significant IC opportunity Pumps c.5% People with People with Parkinson’s cases are growing Parkinson’s1 Advanced Oral Parkinson’s1 at 2% p.a. with only 5% pump c.4m medication 95% penetration growing 2% p.a. 1m Tanabe 8.5 Supernus New advanced therapies Pump Abbvie 7.0 ~25% CAGR 5.8 dr
Slide 29: Three 'waves' of product innovation
Three ‘waves’ of product innovation Wave 1 Wave 2 Wave 3 2022-25 2026-27 2028+ Revitalised and broadened the portfolio Expanding into higher-growth segments Sustained innovation-led growth • Addressed key portfolio gaps • Building on Wave 1 platform and • Repeatable innovation capability • Improved
Slide 30: Future innovation: 'Wave 3' highlights
Future innovation: ‘Wave 3’ highlights Our strategy Example internal innovation programmmes Business impact ConvaFoam with antimicrobial Leverage proprietary AWC Sustain Next generation ConvaNiox accelerated science across growth categories Adhesives to reduce peristomal OC skin complications Maximi
Slide 31: On track to achieve another year of strong growth and continued margin progression
On track to achieve another year of strong growth and continued margin progression Organic revenue growth1 Operating profit margin2 EPS2 Including InnovaMatrix shown in italics2 22.0 5.5-6.5% +DD% 3.0-4.0% 20.0 6.4% ≥23% +16.0% 4.8% 22.3% 18.0 6.8% 7.7% 17.6c 2,439 21.2% 16.0 +13.7% 6.0% 20.2% 2,289
Slide 32: Summary and outlook
Summary and outlook • Good financial performance; on track Further strong delivery in H1 • Strong operational and strategic delivery • Confirming FY26 guidance and $200m share buyback announced • Visibility on H2 acceleration: organic revenue1 growth of 6-8%; H2 operating margin2 c.25% We are poised
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Slide 34: Appendix
Appendix 33
Slide 35: Delivering sustainable, profitable growth
Delivering sustainable, profitable growth Revenue ($m) and organic revenue growth1 Operating profit margin3 Excl. InnovaMatrix shown in italics2 6.4% 4.8% 6.8% 22.3% 6.0% 7.7% 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 36: 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 $1,827m 5.3% 5.6% 11.2% 2.3% 4.2% 8.7% 11.5% 9.2% IC 2.2% 18.5% 6.6% 8.3% 3.4% 6.5% 5.4% 5.4% 5.1% CC 4.5% 2.0% 4.2% 5.3% OC 1.0% 4.5% 1.7% 9.2% 6.8% 5.7%1 4.2%1
Slide 37: H1 & H2 revenue and operating profit
H1 & H2 revenue and operating profit • H2 represented 52% of revenue and 54% of OP in last two years Higher H2 revenue • Revenue driven by customer behaviour and more trading days in H2 & operating profit • OP driven by higher revenue in H2 Revenue1 ($m) Operating profit1,2 ($m) H1 H2 H1 H2 292 1,25
Slide 38: Adjusting items mainly non-cash
Adjusting items mainly non-cash Amortisation will reduce substantially from H2 26 P&L at operating profit Cash impact ($m) H1 26 Commentary H1 25 H1 26 H1 25 H1 26 Fundamental • Transformation related initiatives 1 5 4 10 restructuring • Deal-related fees M&A / other 9 4 1 3 • Other investments Amor
Slide 39: +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 40: Successfully launching 16 new products across Waves 1 and 2
Successfully launching 16 new products across Waves 1 and 2 2022-2024 2025 2026 2027 InnovaMatrix US Outside US 780G MioAdvance Extended Wear Globally ConvaFoam US Europe Rest of World Infusion set for Beta Bionics iLet pump US AbbVie Parkinson’s Japan Europe US GentleCath Air for Women Europe & US
Slide 41: Clear capital allocation priorities and track record
Clear capital allocation priorities and track record Accelerate 1 2 3 4 Invest & build Grow dividends Invest in M&A Share buyback 300 4 Share buyback: $300m in 2025 179 25 3 M&A: over $500m cumulative since 2021 173 85 140 Dividend: growing in line x with earnings 112 2 88 111 130 86 64 121 1 Growth
Slide 42: InnovaMatrix: Market uncertainty drives impairment
InnovaMatrix: Market uncertainty drives impairment • Centers for Medicare Services (CMS) payment rate of $127.28 per sq cm for skin substitutes Skin substitute came into effect from 1 January 2026 market redrawn • This rate represented an average market price reduction of >85%, including InnovaMatri