Smith+Nephew has launched its new RISE strategy and set ambitious 2028 financial targets, aiming for a 6–7% underlying revenue CAGR, 9–10% trading profit CAGR, more than $1 billion in free cash flow, and 12–13% post-tax ROIC, which is stated as being well above its WACC. For 2025, the company reiterates underlying revenue growth of around 5% and now expects a trading profit margin of at least 19.5% versus 18.1% in 2024, while upgrading expected free cash flow to around $800 million from an original target of more than $600 million; post-tax ROIC is expected to exceed 9% versus 7.4% in 2024. As part of portfolio rationalisation, Smith+Nephew plans to reduce gross inventory by around $500 million, supported by an estimated non-cash inventory provision of about $200 million in 2025. Provisional 2026 guidance calls for about 6% underlying revenue growth, free cash flow of around $800 million, and post-tax ROIC of more than 10%.
Smith & Nephew plc reports its current share capital and voting rights position. As at 30 November 2025, the company’s total issued share capital comprises 877,724,845 ordinary shares of US20¢ each, including 28,000,826 ordinary shares held in treasury. Because treasury shares do not carry voting rights, the number of shares with voting rights is 849,724,019 ordinary shares, each carrying one vote. Shareholders are advised to use this voting share figure as the denominator when assessing whether they must notify the UK regulator of any holdings or changes in their interest under the FCA’s Disclosure Guidance and Transparency Rules.
Smith & Nephew plc reported insider share purchases by its chief executive and several senior executives under the company’s Employee Stock Purchase Plan. Following the 2025 interim dividend paid on 7 November 2025, the plan reinvested dividends to buy Smith & Nephew American Depositary Shares on the New York Stock Exchange on 11 November 2025 at a price of $33.2936 per ADS. Participants included Chief Executive Officer Deepak Nath, who acquired 24.80817 ADS, and senior leaders Craig Gaffin, Mizanu Kebede, Paul Connolly and Scott Schaffner, who each acquired small additional ADS positions through this single transaction process.
Smith & Nephew plc filed a report showing that BlackRock, Inc. now holds a total of 7.17% of its voting rights, combining shares and financial instruments. On the date the threshold was crossed, BlackRock held 5.01% of voting rights attached to shares and 2.16% through financial instruments, representing 61,034,371 voting rights in total. Previously, BlackRock’s position was 4.95% via shares and 2.22% via financial instruments, with the overall percentage unchanged at 7.17%. The holding includes ordinary shares, American Depository Receipts and securities lending positions.
Smith & Nephew plc reported the vesting of a restricted share award for its Chief Executive Officer, Deepak Nath, granted on 29 April 2022. On 11 November 2025, 3,016 restricted shares vested, with a portion sold to meet tax obligations.
Of the vested shares, 1,240 shares were sold to cover taxes and 1,776 shares were retained. The transaction was recorded at a price of £12.573092 per share on the London Stock Exchange (XLON). The disclosure was made under the UK Market Abuse Regulation.
Smith & Nephew plc furnished a Form 6‑K containing a UK TR‑1 notice of major holdings. The notification shows BlackRock, Inc. with a total voting interest of 7.170000%, comprised of 4.950000% voting rights attached to shares and 2.220000% through financial instruments.
Total number of voting rights held in the issuer was 60,996,414. The prior notified position was 7.180000%. The financial instruments include American Depositary Receipts (869,113 voting rights; 0.100000%), securities lending (17,105,206; 2.010000%), and CFDs (936,898; 0.110000%).
Smith & Nephew plc reported routine share acquisitions by its CEO and senior executives under the Company’s Dividend Re‑Investment Plan. The purchases followed the 2025 interim dividend and were executed on 7 November 2025 on the London Stock Exchange (XLON) at £12.4048 per share.
Participants included Chief Executive Officer Deepak Nath (2,624.43651 shares), President, Sports Medicine Scott Schaffner (746.79305), President, Advanced Wound Management and Global Commercial Operations Rohit Kashyap (427.09066), President, Orthopaedics Craig Gaffin (197.25944), Chief Quality & Regulatory Affairs Officer Mizanu Kebede (4.1729), and President, Global Operations Paul Connolly (394.41542).
The transactions relate to ordinary shares of USD 0.20 each (ISIN: GB0009223206) and were disclosed under UK Market Abuse Regulation.
Smith & Nephew plc reported a manager-related share transaction under UK Market Abuse Regulation. KAGAMA Family Investments, LP, a person closely associated with Independent Non-Executive Director Garheng Kong, purchased 3,000 Smith & Nephew American Depositary Shares at $33.9773 per ADS on the New York Stock Exchange on 2025-11-06.
This is a routine disclosure of dealings by persons discharging managerial responsibilities or their closely associated persons.
Smith & Nephew plc filed a Form 6-K reporting a PDMR share purchase. Chief Corporate Strategy & Development Officer Ajay Dhankhar bought 18,460 Smith & Nephew American Depositary Shares at $32.5792 per ADS on the New York Stock Exchange on November 6, 2025.
This filing is a routine disclosure under UK Market Abuse Regulation, documenting a senior executive’s transaction in the company’s ADSs. It records an open-market purchase by a person discharging managerial responsibilities and does not reflect an issuance by the company.
Smith+Nephew (NYSE: SNN) announced that Thérèse Esperdy will join the Board as an independent Non‑Executive Director and Senior Independent Director designate effective 1 December 2025. She is expected to succeed Angie Risley as Senior Independent Director following the Company’s AGM in May 2026.
Esperdy will serve on the Nomination & Governance and Remuneration Committees. Her background includes chairing Imperial Brands plc, board service at Moody’s Corporation, and senior leadership roles at J.P. Morgan. The company noted that no disclosure obligations arise under UKLR 6.4.8 R for this appointment.