SNN · Smith & Nephew plc

Smith & Nephew has initiated a $250 million share buyback program, the first tranche of which will run from May 8, 2026, to no later than September 7, 2026. The program is designed to reduce the company's issued share capital by returning surplus capital to shareholders. Shares acquired by Merrill Lynch International, acting as riskless principal, will be repurchased by Smith+Nephew and held as treasury shares, then either cancelled or used to satisfy employee share plan awards. The maximum number of shares that may be purchased is 84,988,930, as authorized at the 2026 Annual General Meeting. The buyback will be conducted on recognized investment exchanges within pre-set parameters and in compliance with EU Market Abuse Regulation and UK Listing Rules. No repurchases will be made of American Depositary Receipts. Merrill Lynch may engage in hedging activities to manage market exposure. This capital return initiative signals management's confidence in the company's financial position and commitment to shareholder value, though there is no guarantee the program will be fully implemented.