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. Details of the first tranche of this programme, to purchase ordinary shares in the capital of the company with a value of up to £600 million, can be found below.
A general authority to repurchase ordinary shares was granted by the shareholders at the Annual General Meeting on 19 November 2025 (the 2025 AGM authority is for a maximum of 32,653,430).
Tranche 1 – 4 December 2025 – 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.
