Smith & Nephew : Investor Presentation November 2025 - February 2026

About this update from Smith & Nephew Plc

Investor Presentation November 2025 - February 2026 1856 Smith+Nephew established 1856-1896 Thomas James Smith opened a chemist shop in Hull, UK and develops a new method for refining cod liver oil. In 1896 Horatio Smith entered a partnership with his uncle forming TJ Smith & Nephew 1914 Days after the outbreak of WW1, we received an order to provide surgical and field dressing supplies to French army within 5 months From 50 To 1200 1928 We produced an 1995 Acquired Acufex Microsurgical Inc, making us a market leader in arthroscopic surgical devices 1995 We were listed on the New York Stock Exchange and in 2001 became a constituent member 1986 Key acquisitions of Richards Medical in Memphis, specialists in orthopaedic products and DYONICS, an arthroscopy specialists based in Andover 2001 Introduced OXINIUM ◊ , a new material that improves performance and increases the service life of total During WW1, staff grew from 50 to 1,200 1937 We developed a special low-temperature plaster for the Everest climbers on the 1953 expedition. It enabled them to send back camera films, sealed and airtight!. experimental bandage Elastoplast TM 1937 We were listed on the London stock exchange of the UK FTSE-100 index joint replacement systems 2011 PICO ◊ , the first pocket-sized, single-use system, revolutionizes the negative pressure wound therapy market 2013 JOURNEY ◊ II BCS sets a new standard in knee implant performance, designed to empower patients 2020 Acquired 2019 Expanding in technologies of the future, we acquired: Osiris Therapeutics Ceterix Orthopaedics Leaf Patient Monitoring System Brainlab Orthopaedic Joint Reconstruction Business 2020 2017 Acquired tissue regeneration developer Rotation Medical 2021 2015 Acquired Blue Belt Technologies securing a leading position in orthopaedic robotics-assisted surgery 2014 Acquired Arthrocare Corp. to expand our sports medicine portfolio ~17,500 employees over 100 Countries Today Tusker Medical Inc. to expand even more our ENT medicine portfolio Launched Real Intelligence and CORI ◊ Surgical System; next generation handheld robotics platform Launched SMART TSF Circular Fixator; WEREWOLF ◊ FASTSEAL 6.0 and LEGION CONCELOC; FAST-FIX FLEX Meniscal Repair System; INTELLIO Connected Tower 3 2024 Acquired CartiHeal developer of novel technology for cartilage regeneration We exist to restore people's bodies and their self-belief by using technologies to take the limits off living. We call this purpose "Life Unlimited" 100 100 Smith+Nephew is a portfolio medical Smith+ te N ch e n p o h lo e g w y ibsuasiness portfolitohamt ehdaiscableen trading technoflogr yovbeursi1n6e0ssyears, that haasnbdeoepnetrraatdeisngin more for ovetrh1a6n01y0e0acros,untries and operates in more than 100 countries FTSE 100 A A c c o o n n s s t t i i t t u u e e n n t t o o f f t t h h e e U U K K ' ' s s F F T T S S E E 1 1 0 0 0 0 , , w w i i t t h h A A D D R R s s t t r r a a d d e e d d o o n n t t h h e e N N e e w w Y Y o o r r k k S S t t o o c c k k E E x x c c h h a a n n g g e e $5. 2 8bn Annual sales in 2022 w An er n e ua $ l 5 s .2 ale b s ill in on 2024 were $5.8 billion Sha S r h e a s res S+N h S a + s N a h p a ro s g a re p s r s o i g v r e essive divide d n i d vi p d o e l n ic d y, po a l n ic d y, h a s nd has paid a p d a i i v d id a e d n i d vi e d v e e n r d y every year s y in e c a e r s 1 i 9 n 3 c 7 e 1937 ~19 ~ , 1 0 7 0 , 0 500 We have around 19,000 emplo W ye e e h s a g v l e ob a a r l o ly und 17,500 employees globally 4 Our performance Revenue $5,810m +5.3%* Trading profit $1,049m 18.1% margin Trading cash conversion 95% 5212 5215 5549 5810 4560 683 936 901 970 1049 101% 88% 49% 65% 95% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Adjusted earnings per share (EPSA) 84.3¢ 80.9 81.8 82.8 84.3 64.6 2020 2021 2022 2023 2024 Dividend per share 37.5¢** 37.5 37.5 37.5 37.5 37.5 2020 2021 2022 2023 2024 Net debt $2,709m*** 2535 2776 2709 1926 2049 2020 2021 2022 2023 2024 * Underlying growth percentage after adjusting for the effect of currency translation, acquisitions and disposals. ** Proposed dividend of 37.5¢ 5 *** Net debt includes lease liabilities. A portfolio medical technology business ALLEVYN ◊ LIFE Advanced Foam Wound Dressings Advanced Wound Care Advanced Wound Devices PICO ◊ Negative Pressure Wound Therapy Collagenase SANTYL ◊ Ointment Enzymatic debrider COBLATION ◊ Wand REGENETEN ◊ Bioinductive Implant Advanced Wound Bioactives ENT Arthroscopic Enabling Technologies Sports Medicine Joint Repair $5.8bn Revenues (2024) Other Recon CORI ◊ Surgical System Knees Hips Trauma & Extremities JOURNEY ◊ II BCS Bi-Cruciate Stabilised Knee System OR3O ◊ Dual Mobility EVOS ◊ Plating System 6 Leading positions in attractive markets Sports Medicine Orthopaedics Advanced Wound Management Hip and Knee Implants Trauma and Extremities $6.1bn +5% 2024 market growth rate +7% 2023 market growth rate $16.8bn +5% 2024 market growth rate +8% 2023 market growth rate $14.6bn +7% 2024 market growth rate +7% 2023 market growth rate $12.5bn +6% 2024 market growth rate +5% 2023 market growth rate DePuy Mitek 9% Stryker 13% Others 16% Smith+Nephew 28% DePuy Synthes 19% Others 15% Smith+Nephew 10% Zimmer Biomet 31% Others 37% Smith+Nephew 4% DePuy Synthes 24% Others 55% Smith+Nephew 14% Solventum 15% Mölnlycke Arthrex 34% Stryker 25% Zimmer Biomet 11% Stryker 24% ConvaTec 6% 10% ~4% Weighted Average Market Growth Rate based on pre-COVID 2017-19 growth All market sizes and shares are 2024 estimates. These are generated by Smith+Nephew, based on publicly available sources and internal analysis, and represent an indication of market shares and sizes. 7 Solid long-term demand drivers intact Prevalence Growth in lifestyle related health conditions Lifestyle Higher levels of physical activity later in life Demographics More patients from better life expectancy Emerging markets Economic development driving healthcare access Decentralised care Shift to outpatient settings accelerated by COVID 8 The right to win across all business units Orthopaedics Sports Medicine & ENT Advanced Wound Mgmt. Full range across hips and knees Differentiated implant technology, e.g. JOURNEY ◊ II, OXINIUM ◊ , OR3O ◊ , EVOS ◊ Robotic enabling technology, CORI ◊ continuing to extend its functionality Complete offering of Joint Repair, Tower, customer service Leadership positions across key Sports Medicine segments Scaleable synergies with other areas, through CORI and ASCs Broadest portfolio of solutions covering all key wound types Leading NPWT platform with market expansion potential Strong evidence base , distinguishing from value segment 9 Delivering consistently higher revenue growth Sustained acceleration Shift to consistently higher growth maintained YTD 2025 5% growth delivered YTD despite two fewer trading days Better commercial execution Improvement in US Recon performance continues US Hips acceleration a further example of innovation-driven growth Underlying revenue growth 2016-YTD 2025 Consistently higher growth Historic growth COVID disruption 3% 2% 2% 4.4% 10.3% 4.7% 7.2% 5.3% 5.0% Average 2016-2019 -12.1% 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 10 Attention : This is an excerpt of the original content. 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