Smith & Nephew PLC Capital Markets Day-London Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Hassan Al-Wakeel - Barclays Services Corp - Analyst : It's Hassan Al-Wakeel from Barclays. Three, if I can. So firstly, can you talk about your growth ambition and what to your mind is driving the acceleration not only from this year, but also into 2027? What is being assumed for price and volume in Ortho over the period? And how much of a buffer have you built in for the potential for slowing hospital utilization in the US or indeed anything else such as further share losses? Secondly, on 2026, could you provide a bit more in terms of the headwinds and tailwinds and the extent of margin expansion that you expect? And why should this accelerate meaningfully in 2027? And how significant is Ortho to this improvement? And then finally, scale through strategic improvement is a key element of your new strategy. Where do you see the key white space or investment opportunities across your business segments? And should we expect a meaningful step-up in M&A over the coming period? And will it more likely be in Sports Medicine and wounds versus Ortho? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.