UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F INFORMATION FOR SHAREHOLDERS (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

Investor presentation March – April 2026 Forward looking statements and non-IFRS measures This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading profit margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to id ...

Company Overview - Smith + Nephew (SNN) has launched the ALLEVYN COMPLETE CARE Foam Dressing, a next-generation solution aimed at wound management and pressure injury prevention [1][2][8]. Product Features - The ALLEVYN COMPLETE CARE features a unique five-layer construction that locks in more exudate, blocks 99% of bacteria, and supports longer wear times, thereby minimizing leakage and reducing the need for frequent dressing changes [8][10]. - The dressing's unbonded multilayer sliding structure absorbs up to 93% of mechanical energy, which helps reduce the risk of pressure injuries by over 65% [11]. Market Position and Growth Potential - The launch strengthens SNN's Advanced Wound Management portfolio, a critical growth area, as chronic wounds and pressure injuries pose a significant burden on global healthcare systems [2][4]. - The global wound care market is projected to grow from $24.08 billion in 2025 to $33.62 billion by 2033, with a CAGR of 4.28% from 2026 to 2033, indicating a favorable industry prospect for SNN [12][13]. Financial Performance - Following the product announcement, SNN's shares declined by 2.9% in the trading session, with a 14.2% loss over the past six months, compared to an 18% decline in the industry and a 4.1% rise in the S&P 500 [3]. Strategic Developments - In January, SNN enhanced its Sports Medicine portfolio by acquiring Integrity Orthopaedics, which adds next-generation repair technology aimed at reducing re-tear rates in shoulder repairs [14].

Smith+Nephew (LSE:SN, NYSE:SNN), the global medical technology company, today announces it will feature handheld robotics and digital solutions for hip, knee and shoulder in addition to innovative trauma and extremities products during the American Academy of Orthopaedic Surgeons (AAOS) Annual Meeting in New Orleans this week. Some of the company’s latest Orthopaedics advancements and highlighted technologies include:Handheld Robotics: Optimizing and Personalizing Surgery As the leader in handheld robotics, ...

Financial Performance - Smith & Nephew plc reported adjusted earnings per share of $1.02 for the full year, reflecting a 21% increase from the prior year [1] - Fourth-quarter revenue reached $1.70 billion, surpassing consensus estimates of approximately $1.67–1.68 billion [1] - Full-year revenue was $6.16 billion, exceeding consensus estimates of approximately $6.14 billion [1] - Operating profit rose by 20.7% to $794 million [2][3] - Free cash flow increased by 52.5% to $840 million, indicating strong cash generation capabilities [2][3] Growth and Strategy - The company's fourth-quarter revenue surged by 8.3%, contributing to a full-year revenue increase of 6.1% [3] - This growth reflects the successful completion of its three-year turnaround plan, known as the "12-Point Plan" [3] - Trading profit increased by 15.5% to $1.21 billion, with trading margins improving to 19.7% from 18.1% [3] Valuation Metrics - The company has a price-to-earnings (P/E) ratio of approximately 31.64, indicating investor confidence in its earnings potential [4] - The price-to-sales ratio stands at about 2.62, reflecting the value placed on each dollar of sales [4] - The enterprise value to sales ratio is around 3.08, suggesting a strong market valuation [4] - The enterprise value to operating cash flow ratio is approximately 16.03, providing insight into its valuation compared to cash flow from operations [4] - The current ratio of around 3.00 suggests a strong ability to cover short-term liabilities [4]

Core Insights - The company reported strong growth across its business units, with a notable 7.9% underlying growth in Orthopedics, marking the strongest quarterly growth in over two years [2] - Management emphasized the importance of CORI deployment, with "Other recon" growing by 40.8% and a significant increase in knee growth in accounts where CORI is established [1] - The company achieved a fourth-quarter revenue of $1.7 billion, reflecting a 6.2% underlying growth and an 8.3% reported growth, aided by foreign exchange [4] Financial Performance - Full-year revenue for 2025 reached $6.2 billion, up 5.3% on an underlying basis and 6.1% reported, with segment growth reported as 5.1% in Orthopedics, 5.2% in Sports Medicine and ENT, and 5.6% in Advanced Wound Management [8] - Adjusted EPS rose by 21% to $1.02, supported by a $500 million buyback completed in the second half of 2025 [10] - Free cash flow increased by 52.5% to $840 million, driven by improved working capital performance and lower restructuring costs [10] Growth Drivers - The U.S. revenue grew by 5.6%, with other established markets rising by 7.2% and emerging markets increasing by 6.4% [3] - Sports Medicine and ENT grew by 7.3% in Q4, with joint repair surpassing $1 billion in annual revenue for the first time [6] - Advanced Wound Management grew by 2.8% in the quarter, with Advanced Wound Devices performing particularly well [7] Strategic Initiatives - The company plans to expand its shoulder portfolio through the acquisition of Integrity Orthopaedics, with total consideration up to $450 million [16] - Management expects around 6% organic revenue growth in 2026, with profit growth anticipated to outpace revenue growth [12] - The company aims for a medium-term organic revenue CAGR of 6% to 7% and trading profit CAGR of 9% to 10% under its RISE strategy [18] Market Outlook - Management anticipates a $60 million impact from tariffs in 2026, up from $17 million in 2025, and a $20 million to $40 million incremental impact from changes to wound reimbursement [13] - Sales in greater China for 2026 are expected to be similar to 2025, with anticipated challenges from AET and ENT VBPs [15] - The company expects first-half revenue growth of approximately 4.5% to 5% and second-half growth of 7.5% to 8% [14]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 March 2, 2026 Commission File Number 001-14978 SMITH & NEPHEW plc (Registrant's name) Building 5, Croxley Park, Hatters Lane, Watford, England, WD18 8YE (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Fo ...

Financial Data and Key Metrics Changes - The company reported a strong finish to 2025, achieving underlying revenue growth of 5.3% and free cash flow of $840 million, a 52.5% increase year-on-year [1][3] - Trading profit for the full year was $1.2 billion, reflecting a 160 basis points margin expansion to 19.7% [17][20] - Adjusted earnings per share grew by 21% to $1.02, driven by a $500 million share buyback [18][19] Business Line Data and Key Metrics Changes - Orthopedics grew by 5.1%, Sports Medicine and ENT by 5.2%, and Advanced Wound Management by 5.6%, all on an underlying basis [15][16] - The joint repair business surpassed $1 billion in revenue for the first time, driven by products like REGENETEN and Q-FIX [11][12] - Advanced Wound Management grew 2.8% in Q4, with Advanced Wound Care growing 4.4% [13][14] Market Data and Key Metrics Changes - U.S. growth was 5.6%, other established markets 7.2%, and emerging markets 6.4%, with underlying growth excluding China at 7.2% [7][16] - The company expects continued growth in orthopedics, sports medicine, and Advanced Wound Management, particularly in AWC and AWD [27][28] Company Strategy and Development Direction - The company is transitioning to a new RISE strategy aimed at accelerating growth and improving returns, building on the previous 12-Point Plan [4][31] - The acquisition of Integrity Orthopaedics is expected to enhance the sports medicine portfolio and drive growth in biomechanical repair [33][34] - The company plans to increase R&D investment and maintain a robust product launch pipeline, with expectations of launching 16 new products in 2026 [43][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving around 6% organic revenue growth in 2026, with trading profit growth expected to be around 8% [20][29] - The impact of China VBP on joint repair is expected to be less significant moving forward, with management anticipating a bounce in sports business in China [72][75] - The company aims to maintain a focus on organic growth and capital allocation towards high-value clinical segments [68][69] Other Important Information - The company achieved a 15-fold increase in free cash flow and a 170 basis points increase in ROIC from 6.6% to 8.3% [6][25] - The company expects to face extraordinary headwinds in 2026, including inventory revaluation and changes to reimbursement in the U.S. AWM business [20][21] Q&A Session Summary Question: Can you break down revenue guidance for 2026 and expectations for market growth? - Management indicated that 2026 revenue growth is expected to be around 6%, with contributions from all business units and innovation driving growth [48][49] Question: What is the expected phasing of revenue growth through the quarters? - Management expects Q1 to be softer due to one fewer trading day, with growth in the first half around 4.5%-5% and stronger growth in Q3 and Q4 [53][54] Question: What is the outlook for joint repair in China? - Management confirmed that joint repair growth in China has annualized, and they expect a bounce in sports business while AET and ENT will have a limited negative impact [64][75]

Financial Performance - The company reported a strong finish to 2025, achieving underlying revenue growth of 5.3% and free cash flow of $840 million, a 52.5% increase year-on-year [1][3][15] - Trading profit for the full year was $1.2 billion, reflecting a 160 basis points margin expansion to 19.7% [17][20] - Adjusted earnings per share grew by 21% to $1.02, driven by a $500 million share buyback [18][19] Business Unit Performance - Orthopedics grew 7.9% on an underlying basis, with strong performance in hips and trauma, while U.S. knee growth improved following the launch of LEGION MS [7][8][10] - Sports medicine and ENT grew 7.3%, with joint repair surpassing $1 billion in revenue for the first time, driven by REGENETEN and Q-FIX [11][12] - Advanced Wound Management grew 2.8%, with Advanced Wound Care growing 4.4% [13][15] Market Performance - U.S. growth was 5.6%, with other established markets at 7.2% and emerging markets at 6.4% [7] - Excluding China, underlying growth was 7.2%, indicating strong performance across various regions [16] Company Strategy and Industry Competition - The company is transitioning to a new RISE strategy aimed at accelerating growth and improving returns, building on the previous 12-Point Plan [4][31] - The acquisition of Integrity Orthopaedics is expected to enhance the sports medicine portfolio and drive growth in biomechanical repair [33][35] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving around 6% organic revenue growth for 2026, with trading profit growth expected to be around 8% [20][29] - The impact of China VBP on joint repair is expected to be less significant moving forward, with management anticipating a bounce in sports business in China [72][75] Other Important Information - The company achieved a 15-fold increase in free cash flow and a 170 basis points increase in ROIC to 8.3% [6][25] - The company plans to maintain a dividend ratio of 35%-40% and consider buybacks subject to leverage targets [27] Q&A Session Summary Question: Can you break down revenue guidance for 2026 and expectations for market growth? - Management indicated that 2026 revenue growth is expected to be around 6%, with innovation contributing significantly to this growth [48][49] Question: What is the outlook for joint repair in China? - Management confirmed that joint repair growth in China has annualized, and the impact of VBP will be less significant moving forward [64][75] Question: How does M&A impact bottom line growth? - Management emphasized that M&A, such as the acquisition of Integrity, is aimed at scaling in areas of strength and is expected to be accretive in the long term [68][69]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported underlying revenue growth of 5.3%, with all three business units growing by over 5% [1][15] - Free cash flow increased to $840 million, a 52.5% year-on-year growth, enabling a $500 million share buyback program [3][26] - Trading profit for the full year was $1.2 billion, reflecting a 160 basis points margin expansion to 19.7% [17][20] Business Line Data and Key Metrics Changes - Orthopedics grew 7.9% on an underlying basis, with strong performance in hips and trauma, while U.S. knee growth improved following the launch of LEGION MS [8][9] - Sports medicine and ENT grew 7.3%, driven by double-digit growth in joint repair, surpassing $1 billion in revenue for the first time [12][13] - Advanced Wound Management grew 2.8%, with Advanced Wound Care growing 4.4% [14][15] Market Data and Key Metrics Changes - U.S. growth was 5.6%, other established markets grew 7.2%, and emerging markets grew 6.4% [7] - Excluding China, underlying growth was 7.2%, indicating strong performance in other markets despite challenges in China [16][17] Company Strategy and Development Direction - The company is transitioning to a new RISE strategy aimed at accelerating growth and improving returns, building on the previous 12-Point Plan [4][31] - The acquisition of Integrity Orthopaedics is expected to enhance the sports medicine portfolio and drive growth in biomechanical repair [33][35] - The company aims for more than 20% margin in orthopedics by 2030, supported by initiatives like the Ortho360 operating model [3][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving around 6% organic revenue growth for 2026, with trading profit growth expected to be around 8% [4][28] - The impact of China VBP is expected to be less significant in 2026, with management anticipating a flat performance in greater China sales compared to 2025 [70][73] - The company is focused on innovation, with over 60% of growth in 2025 coming from products launched in the last five years [2][16] Other Important Information - The company achieved a 240 basis points trading margin expansion from 17.3% in 2022 to 19.7% in 2025, despite facing headwinds from VBP in China and inflation [5][19] - The company plans to maintain a dividend ratio of 35%-40% and consider buybacks subject to leverage targets [27] Q&A Session Summary Question: Can you break down revenue guidance for 2026 and the impact of new product launches? - Management indicated that growth will be driven by multiple sources, with innovation contributing significantly, and expects around 6% growth for 2026 [48][49] Question: What is the outlook for joint repair in China? - Management confirmed that joint repair growth in China has annualized, and they expect a balanced portfolio to drive growth without the previous VBP drag [63][74] Question: How does M&A impact bottom line growth? - Management emphasized that M&A, like the acquisition of Integrity, is aimed at scaling in areas of strength and will complement existing products, enhancing overall growth potential [66][68]