SMITH & NEPHEW PLC (SNN) reports that Chief Financial Officer John Rogers has resigned to take an external role in the US. He will leave his CFO position on 30 September 2026 and has stepped down from the Board with immediate effect, while continuing to work for the company until his departure date.
Pierre Palassian, currently Senior Vice President Finance and Group Controller, will serve as interim CFO while a search for a permanent successor is conducted. Rogers will be paid in line with the company’s Remuneration Policy with no severance payment; all outstanding awards under the Annual Incentive Plan, Performance Share Plan and Restricted Share Plan will be treated as for ordinary leavers and will lapse on 30 September 2026.
Smith+Nephew describes itself as a global medical technology business focused on tissue repair, regeneration and replacement, with 17,000 employees, operations in around 100 countries, and $6.2 billion of annual sales in 2025.
Smith & Nephew plc reported a transaction by a person discharging managerial responsibilities under the UK Market Abuse Regulation. On 17 August 2026, restricted share awards granted in 2024 under the Smith & Nephew Restricted Share Plan 2024 vested. Following vesting, a portion of the resulting ordinary shares of US$0.20 each was sold on the London Stock Exchange (XLON) solely to cover tax liabilities arising from the vesting. Chief Executive Officer Deepak Nath had a total of 47,105 shares involved at an average price of £10.898231 per share, of which 19,492 shares were sold to meet tax obligations and 27,613 shares were retained. The company states that the acquired amounts include dividend-equivalent shares on the vested awards.
Smith+Nephew reported first-half 2026 revenue of $3,097m, up 4.6% year-on-year, with underlying revenue growth of 2.3%. Operating profit rose to $448m and trading profit to $566m, an 8.1% increase, lifting the trading profit margin to 18.3%. Adjusted EPS (EPSA) grew 11.0% to 47.7¢, while basic EPS increased 6.2% to 35.6¢.
Growth was led by Sports Medicine & ENT (revenue up 10.2%) and Emerging Markets (up 14.8%), offset by softer Orthopaedics (1.7% growth) and declines in Advanced Wound Bioactives driven by US reimbursement changes and a weaker quarter for SANTYL. The group delivered $605m cash from operations and $231m free cash flow despite higher capex on a new UK wound factory and IT upgrades. Net debt was $3,019m, with an adjusted net-debt-to-EBITDA ratio of 1.8x.
Management cut full-year underlying revenue growth guidance from “around 6%” to “around 4%”, but kept targets for ~8% trading profit growth (around $1.3bn including Integrity Orthopaedics), about $800m free cash flow, and more than 10% adjusted ROIC. A progressive capital-return policy continues, with an interim dividend of 15.6¢ per share (up 4.0%) and a $500m share buyback, of which $216m had been settled by 3 August 2026.
Smith & Nephew plc reported a management share-based compensation event under its Global Share Plan 2020 and Restricted Share Plan 2024. On 12 August 2026, performance share awards granted in 2023 vested, with some shares sold solely to cover tax liabilities.
For Rohit Kashyap, President, Advanced Wound Management and Global Commercial Operations, 23,202 US$0.20 ordinary shares vested at a price of £11.096264 per share, of which 9,163 shares were sold and 14,039 shares were retained. The transaction took place on the London Stock Exchange. The company states that remaining unvested shares under the awards have lapsed.
Smith & Nephew plc reports a major holdings notification from Cevian Capital II G.P. Limited. Cevian, through Cevian Capital II Master Fund L.P. and Cevian Capital II Co-Investment - Series P L.P., now holds 14.214414% of Smith & Nephew’s voting rights, representing 119,179,419 voting rights attached to shares.
The holding via Cevian Capital II Master Fund L.P. is 13.014856% and via Cevian Capital II Co-Investment - Series P L.P. is 1.199558%. This reflects an increase from a previously notified aggregate holding of 14.010786%. The legal owner of the shares is Aurora Nominees Limited, holding on behalf of UBS AG as custodian. Cevian Capital II G.P. Limited states that no new notification threshold has been crossed and that the notification is made for transparency purposes. No voting rights are held through financial instruments.
Smith+Nephew plc reported H1 2026 revenue of $3,097 million, up 4.6% on a reported basis and 2.3% underlying, with Q2 revenue of $1,597 million. Trading profit rose to $566 million and margin to 18.3%, while operating profit was $448 million. Adjusted EPS was 47.7¢ and basic EPS 35.6¢.
Free cash flow was $231 million after higher capital expenditure on a new UK wound factory and IT upgrades, and net debt stood at $3,019 million, a 1.8x adjusted net debt/EBITDA ratio. Sports Medicine & ENT grew strongly, Advanced Wound Management was constrained by US skin-substitute reimbursement changes, and Orthopaedics was broadly flat on an underlying basis.
The company increased its interim dividend 4.0% to 15.6¢ per share and is executing a $500 million share buyback, with $216 million settled by 3 August 2026. Full-year guidance now assumes around 4% revenue growth (from around 6%), but still targets around 8% trading profit growth excluding acquisitions, about $800 million free cash flow and more than 10% ROIC on an adjusted basis.
Smith+Nephew reported first-half 2026 revenue of $3,097 million, up 4.6% reported and 2.3% on an underlying basis, with operating profit rising to $448 million and trading profit to $566 million, lifting the trading margin to 18.3% from 17.7%.
Earnings per share were 35.6 cents versus 33.5 cents, while adjusted EPS (EPSA) increased 11.0% to 47.7 cents. Cash generated from operations was $605 million and free cash flow $231 million. Net debt stood at $3,019 million, a leverage ratio of 1.8x, after funding higher capex and the Integrity Orthopaedics acquisition.
Sports Medicine & ENT delivered double‑digit reported growth; Advanced Wound Management was held back by reimbursement changes in skin substitutes; Orthopaedics was broadly flat underlying, with US Knee and Hip headwinds. The company cut expected full‑year underlying revenue growth from around 6% to around 4%, but still targets around 8% trading profit growth excluding acquisitions, around $800 million free cash flow and adjusted ROIC above 10%, supported by efficiency savings now expected to reach about $200 million in 2026. A $500 million share buyback is under way and the interim dividend was raised 4% to 15.6 cents per share.
Smith & Nephew plc reports its current share capital and voting rights as at 31 July 2026. Total issued share capital comprises 877,733,750 ordinary shares of US20¢ each, including 37,876,589 ordinary shares held in treasury.
Because treasury shares do not carry votes, the company’s share capital with voting rights consists of 839,857,161 ordinary shares, each with one voting right. Shareholders are directed to use 839,857,161 as the denominator when assessing whether their holdings trigger notification obligations under the FCA’s Disclosure Guidance and Transparency Rules.
In Amendment No. 8 to a Schedule 13D, Cevian Capital II GP Limited reported beneficial ownership of 119,179,419 ordinary shares of Smith & Nephew plc, representing 14.18% of the company’s ordinary shares outstanding as of July 23, 2026. Cevian has sole voting and sole dispositive power over these shares.
The Cevian Funds acquired these shares for aggregate consideration of approximately USD $1,673,390,427, funded from their general working capital. Purchases were made in British pounds, using a USD/GBP conversion rate of 1.33280 for reporting purposes, with the ownership percentage calculated on 840,515,838 ordinary shares outstanding.
Smith & Nephew plc reported a change in a major shareholding via a TR-1 notification of major holdings. Entities controlled by Cevian Capital II G.P. Limited now hold 117,912,733 voting rights in the company, representing 14.010786% of voting rights attached to shares.
This position increased from 13.206621% at the time of the previous notification. The holding is split between Cevian Capital II Master Fund L.P. with 12.815710% and Cevian Capital II Co-Investment - Series P L.P. with 1.195075%. No voting rights are held through financial instruments, and Aurora Nominees Limited is listed as the registered shareholder.