Strategic update
Supporting a premium rating for Smiths
In January 2025, we announced we will focus our business on high performance products in flow control and thermal solutions.
- We have completed the sale of Smiths Interconnect to Molex Electronic Technologies Holdings.
- We have completed the sale of Smiths Detection to funds advised by CVC Capital Partners.
- Enabling enhanced returns to shareholders
Smiths: A focused industrial engineering company
- Specialising in high-performance products in flow control and thermal solutions
- Positioned in attractive, growing markets supported by global megatrends
- Supplying leading products, services and solutions
- Underpinned by common capabilities with clear value creation potential
- Well-positioned to continue delivering value and returns for stakeholders
Debt investors
EMTN (Euro Medium Term Note) Programme Documentation
In November 2025, Smiths Group issued a bond as part of the company's strategy to enhance its financial stability and support its growth initiatives.
Relevant documents are below:
Base Prospectus 2025, dated 17 April 2025
Supplement to Base Prospectus, dated 31 October 2025
Final Terms – EUR 650m Notes Due 13 November 2033, issue date 13 November 2025
RNS
Share buyback programmes
Current share buyback programme
Smiths announced a £1 billion share buyback programme in November 2025 as part of its capital allocation strategy. In June 2026, Smiths announced a further £1.5 billion share buyback programme to run from completion of the current £1 billion programme.
Shareholders granted authority to repurchase ordinary shares at the Annual General Meeting held on 19 November 2025, permitting the purchase of up to 32,653,430 ordinary shares. At the General Meeting held on 23 July 2026, shareholders approved a further authority to repurchase up to 45,040,669 ordinary shares.
Details of the tranches undertaken to repurchase ordinary shares are provided below.
Tranche 1 – 4 December 2025 – 7 July 2026
Tranche 2 – 8 July 2026 – onwards
Details of previous share buyback programmes
Share buyback programme (2024-2025)
Tranche 1 - 26 March 2024 - 6 September 2024
Tranche 2 - 14 November 2024 - 21 March 2025
Tranche 3 – 26 March 2025 – 3 December 2025
Share buyback programme (2021-2023)
Tranche 1 – 19 November 2021 - 17 February 2022
Tranche 2 - 18 February 2022 - 4 April 2022
Tranche 3 - 8 April 2022 - 5 July 2022
Tranche 4 – 6 July 2022 - 15 October 2022
Tranche 5 – 17 October 2022 - 27 September 2023
Sale of Smiths Medical
Smiths sold Smiths Medical on 2 January 2022.
