Annual Results for the year ended 31 July 2025

Smiths Group plc – Full Year Results for 12 months ended 31 July 2025

Pioneers of progress – engineering a better future

Strong performance, ahead of guidance, and strategic actions progressing
Delivering on our value creation strategy

• Group¹ delivered strong performance ahead of twice-raised growth guidance delivering +8.9% organic² revenue growth; +60bps organic operating profit margin expansion to 17.4%; +14.8% headline³ EPS growth; 18.1% ROCE and 99% operating cash conversion
• Continuing operations¹ delivered +7.2% organic revenue growth; 17.3% operating profit margin and 18.3% ROCE
• Disciplined capital allocation and balance sheet strength: dividend +5.1%; £398m of £500m share buyback completed to 10 September; £121m invested in accretive acquisitions; 0.6x net debt/headline EBITDA
• Progressing well with the previously outlined strategic actions to focus Smiths as a high-performance industrial engineering business, to enhance growth, improve the financial profile and deploy capital to deliver strong cashflow and returns
• Separation processes for Smiths Interconnect and Smiths Detection progressing; continue to expect an announcement on Smiths Interconnect by end of December 2025
• Acceleration Plan on track - £22m of costs incurred in FY2025, with initial benefits being delivered; expected run-rate of £40-45m of benefits for FY2027 onwards
• FY2026 outlook (continuing operations) - expect organic revenue growth of 4-6%, with continuing margin expansion; remain confident in delivering our enhanced medium-term financial targets

Statutory reporting and definitions

Statutory reporting takes account of all items excluded from headline performance. See accounting policies for an explanation of the presentation of results and note 3 to the financial statements for an analysis of non-headline items. The following definitions are applied throughout the financial report:
¹ Group refers to Smiths Group including all four businesses; continuing operations refers to the combination of John Crane, Flex-Tek and Smiths Detection (ie excludes Smiths Interconnect) and Smiths refers to the combination of John Crane and Flex-Tek only
² Organic is headline adjusted to exclude the effects of foreign exchange and acquisitions.
³ Headline: In addition to statutory reporting, the Group reports on a headline basis. Definitions of headline metrics, and information about the adjustments to statutory measures, are provided in note 3 to the financial statements.
⁴ Alternative Performance Measures (APMs) and Key Performance Indicators (KPIs) are defined in note 30 to the financial statements.

Roland Carter, Chief Executive Officer, commented:

“This has been another successful year for the Group, building on our strong track record of consistent growth and returns. We exceeded our twice-raised organic revenue growth guidance, delivering +8.9% growth, and operating margin was 17.4%, at the top of our guided range. This strong performance reflects the quality of our business and agility managing ongoing macro-economic uncertainties.

“Our order book and momentum in the business support our confidence in our positive outlook for FY2026, and we expect organic revenue growth of 4-6% and continuing margin expansion towards our medium-term targets.

“FY2025 has been a pivotal year and the strategic actions we have announced to focus Smiths as a world-class industrial engineering company to unlock significant value and enhance returns to shareholders are well underway.

“None of this would be possible without our dedicated people, and I would like to thank colleagues across Smiths for their support, diligence and commitment, particularly as we navigate a period of rapid change.”

View the full press release

Presentation

A webcast presentation and Q&A will begin at 08.00 (UK time) today at: https://smiths.com/investors/results-reports-and-presentations. A recording will be available from 13.00 (UK time).

Broadcast interview

Smiths Group plc CEO, Roland Carter, has been interviewed by business journalist Ian King on the key elements of today’s results. The link is here: https://smiths.com/investors/results-reports-and-presentations

Investor enquiries

Siobhán Andrews, Smiths
+44 (0)7920 230093
siobhan.andrews@smiths.com

Ana Pita da Veiga, Smiths
+44 (0)7386 689442
ana.pitadaveiga@smiths.com

Media enquiries

Tom Steiner, Smiths
+44 (0)7787 415891
tom.steiner@smiths.com

Alex Le May, FTI Consulting
+44 (0)7702 443312
smiths@fticonsulting.com

About Smiths

We focus on solving the toughest problems for our customers, helping address critical global needs such as decarbonisation and the ever-increasing demand for process and energy efficiency. We use our deep domain engineering expertise and strong practical knowledge to develop mission-critical products and services which support customers in energy, construction and industrial markets. We share the same goals: to build resilient businesses and create value from what we do.

We are pioneers of progress. Engineering a better future, we drive efficiency for customers in mission-critical situations.

We are united by our purpose. It is what we do, how we think, and how we will continue to use our passion for innovative engineering. For more information visit www.smiths.com

Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11

This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding the intentions, beliefs and/or current expectations of Smiths Group plc (the Company) and its subsidiaries (together, the Group) and those of their respective officers, directors and employees concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth, strategies, and the businesses operated by the Group. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this document and, unless otherwise required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements. The Company and its directors accept no liability to third parties. This document contains brands that are trademarks and are registered and/or otherwise protected in accordance with applicable law.

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