Smith & Nephew plc announce an interim dividend increased by 4.0% to 15.6¢ per share which is is payable on 6 November 2026 to shareholders whose names appear on the register at the close of business on 2 October 2026
Other financial highlights include:
H1 revenue was $3,097 million, with underlying revenue growth of 2.3%. Reported growth of 4.6% was after 230bps FX tailwind. Growth reflected one fewer trading day versus the prior year, with underlying revenue growth of 3.1% on an average daily sales (ADS) basis
Strong trading profit growth driven by a step-up in forecast efficiency savings, while tariff refunds fully offset the forecast tariff headwind. Trading profit was $566 million, up 8.1% on a reported basis including 90bps dilution from the acquisition of Integrity Orthopaedics. Trading profit margin up 60bps to 18.3%. Operating profit increased 4.3% on a reported basis to $448 million
Adjusted earnings per share ('EPSA') up 11.0% to 47.7¢ and basic earnings per share ('EPS') up 6.2% to 35.6¢
Continued strong cash generation. H1 free cash flow $13 million lower than H1 2025 includes a $51 million increase in capex relating largely to the construction of our new UK Wound factory and IT upgrades. This does not repeat in H2 when cash generation is expected to be stronger versus H2 2025
Building on their strong cash generation and balance sheet, a $500 million share buyback was announced in May, with $216 million settled as at 3 August. Adjusted net debt/EBITDA leverage ratio at H1 2026 was 1.8x
