EarningsQ2 2026 Earnings Report
MX:CTEC1N Q2 2026 EPS Results
Actual EPS$1.46
Consensus EPS$1.43
Beat/MissBeat by +$0.03
One Year Ago EPS$1.38
MX:CTEC1N Q2 2026 Revenue Results
Actual Revenue$21.20B
Expected Revenue$21.12B
Beat/MissBeat by +$77.10M
YoY Revenue Growth+0.65%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:CTEC1N Upcoming Earnings
ConvaTec's next earnings date is estimated for February 23, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed an upbeat, constructive tone: management confirmed they are on track for FY '26 targets (revenue growth, at least 23% operating margin, and continued double‑digit EPS growth), announced a USD 200m buyback and highlighted robust Infusion Care momentum, multiple product launches with strong clinical evidence (notably ConvaNiox) and clear CapEx to support long-term growth. Key challenges include the disappointing InnovaMatrix performance and impairment, softer wound care trading in parts of H1, H1 cash timing pressures, currency headwinds and a multi-year FDA remediation program. On balance, the positive execution on strategy, operational productivity, financing actions and high-confidence Infusion Care order visibility outweigh the near-term setbacks.Company Guidance
Organic Revenue Growth (ex. InnovaMatrix)
Organic revenue growth excluding InnovaMatrix was 5% in H1 2026, in line with expectations and demonstrating broad-based growth across the business.
Infusion Care Strength and Acceleration
Infusion Care delivered 7.4% organic growth in H1 with continued strong demand in diabetes and very strong high-double-digit growth outside diabetes (e.g., Parkinson's infusion sets). Management expects double-digit Infusion Care growth in H2 2026, driving high-single-digit growth for FY '26.
Category Performance and Product Momentum
All four categories contributed materially to sales growth: Advanced Wound Care +3.4% (ex. InnovaMatrix), Ostomy Care +4.3% (Esteem Body annualizing at ~USD 60m), Continence Care +5.9% (GentleCath Air for Women >100% YoY, adding ~1ppt to category growth). Several Wave 1 and Wave 2 product launches are scaling or progressing as planned.
Operating Margin Progress and FY Guidance
Reported operating margin was 21.2% in H1 (down 10 bps YoY but +50 bps at constant currency). Company confirms FY '26 operating margin target of at least 23% and expects mid-20s in 2027, with a H2 margin uplift driven by seasonality, Infusion phasing and productivity initiatives.
EPS, Cash Conversion and Capital Return
EPS grew 6% in H1 with management on track for another year of double-digit EPS growth full-year. Free cash flow to equity impacted by timing but the company expects ~100% cash conversion for FY '26. Interim dividend increased 15% and a USD 200m share buyback was announced to be completed by year-end.
Product Evidence and Strategic Pipeline
ConvaNiox RCT showed 60% more ulcers healed within 12 weeks and 3x faster wound area reduction vs standard of care; UK reimbursement listing at GBP 40 per dressing. Wave 2 launches progressing (ConvaNiox, ConvaFiber, ConvaVAC, etc.) and Wave 3 in earlier development, underpinning medium-term 6%-8% organic growth ambition.
Investing to Support Growth (CapEx)
Growth CapEx is being deployed (largest component: ~USD 90m growth CapEx weighted to Infusion Care) to expand capacity tied to long-term contracts; operational CapEx expected ~2.5% of revenue for the year. Management says CapEx program is on target and will be accretive to returns.
Balance Sheet & Leverage Management
Net debt rose seasonally; leverage was 2.3x at the half and management expects to be around ~2x at year-end inclusive of the USD 200m buyback, within their target leverage range.
MX:CTEC1N Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed