Smiths Group (SMIN) Q1 2026 TU earnings summary

Executive summary

• Q1 FY2026 organic revenue growth for continuing operations was +3.5%, aligning with expectations and following a strong +12.9% comparator in Q1 FY2025.

• FY2026 guidance reaffirmed, targeting full-year organic revenue growth of 4-6% and continued margin expansion, supported by the Acceleration Plan.

• Announced sale of Smiths Interconnect for £1.3bn and a new £1bn share buyback to commence after the current £500m programme concludes.

• Ongoing strategic focus on reshaping the business as a high-performance industrial engineering company.

Financial highlights

• Organic revenue growth for continuing operations was +3.5% for Q1 FY2026.

• Smiths Detection achieved double-digit organic revenue growth, maintaining strong order momentum.

• Smiths Interconnect continued strong performance in aerospace, defence, and semiconductor test markets.

Outlook and guidance

• FY2026 guidance reaffirmed: organic revenue growth of 4-6% and margin expansion.

• Growth outlook supported by a robust and expanding order book in both original equipment and aftermarket.