• Smith & Nephew discussed Q2/H1 2026 results at an investor presentation attended by CEO Deepak Nath and CFO John Rogers.
• Cut 2026 underlying revenue growth outlook to around 4% from softer US Orthopaedics and Advanced Wound Bioactives; Q2 underlying growth was 1.6%.
• Kept profit targets unchanged; trading profit was USD 566 million in H1, with 2026 trading profit still guided at about USD 1.3 billion.
• Raised 2026 efficiency savings target to about USD 200 million from USD 150 million; tariff refunds seen keeping net tariff impact broadly neutral.
• Flagged Q4 growth step-up; Q3 growth seen near Q1 levels, with Q4 at 6%-7% on reported basis, helped by LANDMARK timing.

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