Smiths Group (SMIN) Trading Update summary

Trading performance and guidance

• Q3 organic revenue growth accelerated to 10.6%, with nine-month growth at 9.6%.

• Full-year organic revenue growth now expected at the top end of the 6-8% guidance range.

• Margin expansion of 40-60 basis points anticipated for FY2025.

• All business units contributed to growth, with standout performances from Smiths Detection and Smiths Interconnect.

• John Crane and Flex-Tek showed improved momentum, with Flex-Tek benefiting from aerospace and construction strength.

Strategic actions and business focus

• Progressing separation of Smiths Interconnect (sale expected by end 2025) and Smiths Detection (demerger or sale to follow).

• Focus remains on John Crane and Flex-Tek as core businesses.

• Acceleration Plan initiatives underway to enhance performance and margins.

• Corporate cost reduction activities initiated to align with FutureSmiths profile.

Shareholder returns and financial initiatives

• £260 million of the £500 million share buyback completed; on track for full completion by year-end.

• Consistent delivery has led to successive earnings upgrades and multiple years of organic growth.