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New products drive broad-based growth On track to deliver targets Trading update for the ten months ended 31 October 2025 13 Nov 2025
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Disclaimer For the purposes of this notice, “Presentation” means this document, its contents or any part of it, any oral presentation, a ny question or answer session and any written or oral material discussed or distributed before, during or after the Presentation meeting. This information, which does not purport to be comprehensive, h as not been verified by or on behalf of the Group. References to Convatec or the Company are to Convatec Group Plc and references to the Group are to Convatec Group Plc and its subsidiaries. This Presentation does not constitute an offer, invitation or recommendation in respect of the sale or purchase of any of the Company’s securities and should not be construed as a prospectus or offering document, nor should any recipients construe the Presentation as legal, tax, regulatory, financial or accounting or investment advice and recipients are urged to consult with their own advisers in relation to such matters. The recipient must make its own independent assessment and such investigations as it deems necessary. This Presentation includes certain forward -looking statements with respect to the operations, performance and financial conditio n of the Group. Forward-looking statements are generally identified by the use of terms such as “believes”, “estimates”, “aims” “anticipates”, “expects”, “intends”, “plans”, “predicts”, “may”, “will”, “could ”, “targets”, “continues”, or their negatives or other similar expressions. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies that are difficult to predict and many of which are outside the Grou p’s control. As such, no assurance can be given that such future results, including guidance provided by the Group, will be achieved. Forward -looking statements are not guarantees of future performance and such uncertainties and contingencies, including the factors set out in the “Principal Risks” section of the Strategic Report in our Annual Report and Accounts, could cause the actual results of op erations, financial condition and liquidity, and the development of the industry in which the Group operates to differ materially from the position expressed or implied in the forward -looking statements set out in this Presentation. Past performance of the Group cannot be relied on as a guide to future performance. Forward-looking statements are based only on knowledge and information available to the Group at the date of preparation of this document and speak only as at the date of this Presentation. The Group and its directors, officers, employees, agents, affiliates and advisers expressly disclaim any obligations to update any forw ard-looking statements (except to the extent required by applicable law or regulation). The industry and market data contained in this Presentation has come from third party sources and from the Company's own inte rnal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company believes that such sources, research and estimates are reasonable and reliable, they have not been independently verified and are subject to change without notice. Accordingly, reliance should not be placed on any of the ind ustry or market data contained in this Presentation. The Presentation contains non-IFRS financial information which Convatec’s management believes is valuable in understanding the p erformance of the Convatec Group. However, non-IFRS information is not uniformly defined by all companies and therefore it may not be comparable with similarly titled measures disclosed by oth er companies. Although these measures are important in the assessment and management of Convatec Group’s business, they should not be viewed in isolation or as a replacement for, but rather as co mplementary to, the comparable IFRS measures. The non-IFRS measures are explained and reconciled to the most directly comparable financial measure prepared in accordance with IFRS in the Financial Review and in the results statement dated 26 February 2025. 2
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Hosts 3 Jonny Mason Chief Executive Officer Fiona Ryder Chief Financial Officer
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Broad-based revenue growth 41. Organic growth presents YoY growth at constant currency adjusted for acquisitions 2. Excluding InnovaMatrix, which represented c.3% of group revenue and decreased YoY FY25 guidance Jan-Oct 2025 Continued broad-based growth; on track to deliver targets. Reported revenue growth of 6.2% Organic revenue growth1 ex-InnovaMatrix®2 6.0-6.5%26.3%2 Strong growth in North America, led by ConvaFoamTM, and in GEM. Europe growth started to build Advanced Wound Care ex-InnovaMatrix® MSD2MSD2 Good growth in North America, Europe & GEM, driven by new patient starts. Esteem BodyTM performing stronglyOstomy Care MSDMSD Good growth in North America; strong international growth. GentleCath AirTM for Women performing wellContinence Care M/HSDM/HSD Strong demand with faster growth from new customers, product and therapies Infusion Care DDDD
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On track to deliver 2025 financial targets 5 1. Organic growth presents YoY growth at constant currency adjusted for acquisitions 2. Excluding InnovaMatrix, which represented c.3% of group revenue 3. Adjusted and diluted 4. As defined in the Financial Review of the 2024 ARA Organic revenue growth1 ex-InnovaMatrix®2 6.0-6.5% • Unchanged guidance for each category: AWC: MSD ex-InnovaMatrix®; OC: MSD; CC: M/HSD; IC: DD • InnovaMatrix®: around $70m revenue Previously 5.5-7.0% FY24: 7.7% Adjusted operating profit margin 22.0-22.5% • Further operations, commercial & G&A productivity • Guidance includes c.(30) bps tariff headwinds Unchanged FY24: 21.2% Earnings per share3 ≥10% • Adjusted net finance expense: $65-70m • Adjusted book tax rate: c.24% Unchanged FY24: +14% Equity cash conversion4 c.80% • Capex: $160-180m (previously $130-150m) • Cash adjusting items similar to FY 2024 at c.$20m Previously ≥80% FY24: 97%
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• 180 Medical continues to drive good North America growth • Well positioned and ready for US catheter code changes • Strong international growth adding >1ppt to CC growth Strategic progress 6 • Strong growth in North America, led by ConvaFoamTM • Building European ConvaFoamTM momentum • Rich pipeline: ConvaNioxTM, ConvaFiberTM & ConvaVacTM • Good growth in North America, Europe & GEM • Esteem BodyTM performing strongly and winning share • First GPO win in over 5 years - Captis / Vizient • Strong growth; faster from new customers and therapies • Extended wear & NeriaTM Guard for AbbVie grew at pace • Non-diabetes c.15% of IC revenue; excellent growth Advanced Wound Care Ostomy Care Continence Care Infusion Care
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2026 outlook 7 Double-digit Adjusted operating margin Further progress • Further simplification and productivity benefits • Mix & operating leverage from organic revenue growth Organic revenue growth1 5-7%1 ex-InnovaMatrix® • New products driving broad-based growth • In 2026 InnovaMatrix® ≤2% of Group revenue • Irrespective of InnovaMatrix® regulatory outcome • With strong cash conversion Adjusted EPS 1. Excluding InnovaMatrix®, which represented c.3% of Group revenue in the 10 months to 31 October 2025 and as previously report ed will become 1-2% of the Group in 2026
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Summary 8 FY26: double-digit adjusted EPS growth; reiterating medium term targets3 • Double-digit adjusted EPS growth and further adjusted operating margin expansion • Irrespective of the regulatory outcome for InnovaMatrix® • On-track to deliver our medium-term targets3 Continued resilience • Business performing well and in-line with expectations • New product launches delivered strong sales growth, offsetting market headwinds • Broad-based growth across all categories FY25: on track to deliver our financial targets • Narrowed revenue guidance to 6.0-6.5% organic revenue growth1 ex-InnovaMatrix®2 • 22.0-22.5% adjusted operating profit margin, including c.(30) bps tariff headwinds • Double-digit adjusted EPS growth, with strong cash conversion 1. Organic growth presents YoY growth at constant currency adjusted for acquisitions. 2. Excluding InnovaMatrix® , which represented c.3% of group revenue . We now expect around $70m InnovaMatrix revenue in 2025. 3. Our medium-term targets are for 5-7% organic revenue growth, double-digit adjusted EPS growth, double-digit compound growth in free cash flow to equity and to reach mid-20s operating margin by 2026 or 2027.
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