ConvaTec reported FY25 revenue of USD 2.439 billion, up 6.5%, with reported operating profit of USD 316 million, down 2.7%, and net profit of USD 175 million, down 8.1%. Reported operating margin was 13% (down 120 bps) and reported diluted EPS was 8.6 cents, down 7.1%. On an adjusted basis, operating profit was USD 544 million (up 12.1%), operating margin was 22.3% (up 110 bps), and adjusted diluted EPS was 17.6 cents (up 16.0%). Free cash flow to equity (adjusted) was USD 362 million, up 0.1%, and the FY25 dividend was 7.244 cents per share, up 13%. The company completed a USD 300 million share buyback in December 2025 and ended FY25 with net debt of USD 1.330 billion (2.0x adjusted EBITDA). ConvaTec recorded a USD 72 million impairment of the Triad intangible asset linked to a CMS reimbursement rate change affecting InnovaMatrix, with InnovaMatrix FY25 revenue of USD 69 million (down 29.7%); it expects InnovaMatrix FY26 revenue of around USD 20 million. Category revenues in FY25 were Advanced Wound Care USD 753 million, Ostomy Care USD 676 million, Continence Care USD 537 million, and Infusion Care USD 473 million. Product and commercial highlights included ConvaFoam growth, EU and UK regulatory approval for ConvaNiox, strong performance of Esteem Body, new US GPO contract wins in ostomy, and continued growth in infusion sets including Neria Guard for AbbVie’s Parkinson’s therapy; ConvaTec also noted an FDA Warning Letter for its Unomedical subsidiary, stating it does not restrict production or raise product safety concerns. For FY26, ConvaTec guided for adjusted operating margin of at least 23% and double-digit adjusted EPS growth, and raised its medium-term organic revenue growth target to 6%–8% from 2027.
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