Core Insights - ConvaTec Group reported strong 2025 results, marking the fifth consecutive year of organic revenue growth, with an operating margin increase of 110 basis points to 22.3% and a 16% rise in EPS [6][9][5] Infusion Care - Organic growth was 12.5%, driven by strong demand in diabetes and increased penetration of automated insulin delivery, while non-diabetes growth was led by infusion sets for AbbVie's Parkinson's disease therapy [1] Continence Care - Organic growth was 6.6%, supported by higher U.S. volumes and a growing mix of ConvaTec-branded products, with hydrophilic products accounting for over 60% of the category's revenue [2] Ostomy Care - Organic growth was 4.5%, with notable performance from Esteem Body and growth from the updated Esenta accessories range, including a significant win in the U.S. group purchasing organization [3] Advanced Wound Care - Sales increased by 4.1% excluding InnovaMatrix, with strong growth in North America and Latin America, and improved performance in Europe during the second half [4] Financial Performance - The company achieved free cash flow to equity of $362 million, completed a $300 million buyback, and increased dividends by 13%, while net debt remained at approximately 2x EBITDA [7][16] 2026 Outlook - Guidance for 2026 includes organic growth of 5% to 7% excluding InnovaMatrix, with expectations for operating margin to reach at least 23% [9][17] InnovaMatrix Challenges - InnovaMatrix faces a significant headwind due to a new CMS price of $127/cm², leading to a projected 2% revenue headwind in 2026 and a $72 million non-cash impairment [8][11] Long-term Growth Targets - The company is increasing its long-term organic growth target to 6% to 8% per year starting in 2027, supported by a strong product pipeline and investments in capacity and R&D [19]