XCSE:COLO-B ESEF Annual Report
COLOPLAST A/S (XCSE:COLO-B)
ESEF Annual Report
2026-02-17
For: 2025-12-31
View Original
Added on
September 22, 2026
2025/26
Interim financial results, Q1 2025/26
1 October 2025 - 31 December 2025
Coloplast delivered Q1 organic growth of 6% and EBIT growth
1
in constant currencies of 3%. Reported revenue
in DKK grew 0%, reflecting 4%-points negative impact from currencies. Return on invested capital
2
was 15%.
• Organic growth rates by business area: Ostomy Care 4%, Continence Care 7%, Voice & Respiratory Care 8%, Wound & Tissue Repair 5%,
and Interventional Urology 8% .
• Soft start in Ostomy Care, as expected, driven by negative growth in China and a high baseline in the US. The growth momentum is
expected to pick up rest of year.
• Growth in Continence Care was driven by continued strong contribution from Luja™ for both male and female users.
• Voice & Respiratory Care growth was driven by good momentum in Laryngectomy, while Tracheostomy was impacted by order phasing.
• Wound & Tissue Repair:
- Soft Q1 in Kerecis with 10% organic growth and 1% EBIT margin before PPA amortisation. Performance in Q1 reflects significant sales
disruption from Medicare reimbursement changes in the outpatient setting and one-off costs to enhance Kerecis’ go-to-market model
under the new Medicare reimbursement model. The significant uncertainty in the skin substitutes market is expected to continue
throughout the year. Long-term, Kerecis is expected to see continued strengthening of its competitive position relative to peers, due to its
unique technology based on intact fish-skin, backed by strong clinical evidence.
- Advanced Wound Dressings declined 3% due to the voluntary product return of all Biatain® Adhesive dressings in China, impacting Q1
negatively with around DKK 25 million.
• Strong start in Interventional Urology driven by strong growth in the US Men’s Health business and recovery in Kidney & Bladder Health,
following the voluntary product recall initiated in Q1 2024/25.
• EBIT
1,3
was DKK 1,850 million. EBIT in constant currencies increased 3% compared to last year, while reported EBIT decreased 3% from
last year. The EBIT margin
1,3
was 26%, against 27% last year, negatively impacted by the temporary reduction in Kerecis EBIT margin in
the quarter.
• Return on invested capital (ROIC) after tax before special items was 15%, on par with last year
4
.
• The free cash flow-to-sales ratio was 26%, compared to 24% last year
5
driven by lower net financial items.
• Coloplast US has agreed to purchase the outstanding shares of Uromedica, a privately held medical technology company specialising in
the treatment of stress urinary incontinence whereby Uromedica will become a wholly owned subsidiary of Coloplast US. The Uromedica
Board of Directors has recommended shareholders vote in favor of the transaction. The transaction is expected to close in February
2026, subject to customary closing conditions and requisite Uromedica shareholder approval.
FY 2025/26 guidance unchanged: around 7% organic revenue growth and around 7% EBIT growth in constant
currencies
6
. Return on invested capital of around 16%
2
.
• Organic revenue growth assumes continued good momentum in Chronic Care.
• Following a strong Q1, Interventional Urology is now expected to deliver high single-digit growth vs. mid single-digit growth previously.
• Kerecis is now expected to deliver growth of around 10% vs. previously around 25%, reflecting the significant sales disruption from
Medicare reimbursement changes in the outpatient setting and a higher uncertainty around the timing of recovery.
• Reported growth in DKK is now expected at around 4%, with around 3%-points negative impact from currencies and small negative
impact from the skin care divestment (two months impact).
• EBIT
6
growth in constant currencies assumes stable inflation levels, production ramp up costs and new investments related to the
Impact4 strategy. Significant uplift in Kerecis EBIT margin rest of year with Kerecis full year EBIT margin of around double-digit.
• Capex-to-sales ratio still expected around 5%. The effective tax rate is still expected around 22%.
• ROIC still expected around 16%, up around 1%-point compared to 15% adjusted last year
2,4
.
”We deliver a soft start to the year with 6% organic growth, EBIT growth in constant currencies of 3%, and an EBIT margin of 26% in Q1,
reflecting a lower quarter in Kerecis due to significant sales disruption from reimbursement changes in the outpatient setting. Long-term, we
continue to believe Kerecis is well-positioned to win in the skin substitutes market based on its unique technology based on intact fish-skin,
backed by strong clinical evidence. In Chronic Care, our businesses continue to deliver solid underlying growth across all regions except
China, which reported negative growth. I am also pleased to see a solid start to the year in Interventional Urology, driven by strong growth in
our US Men’s Health business and recovery in Kidney & Bladder Health,” says Lars Rasmussen, interim CEO of Coloplast.
Announcement no. 1/2026 | 6 February 2026
Conference call
Coloplast will host a conference call on Friday, 6 February 2026 at 11.00 am CET. The call is expected to last about one hour.
To actively participate in the Q&A session please sign up ahead of the conference call on the link here to receive an e-mail with dial-in details: Register here
Access the conference call webcast directly here: Coloplast – Q1 2025/26 Earnings release conference call
1. Before special items expenses of DKK -35 million in Q1 2025/26 2. After tax, before special items. 3. Before special items expenses of DKK -74 million in Q1 2024/25. 4. Last year
adjusted for the impact from the Kerecis IP transfer. 5. Free cash flow adjustments: FY 2024/25 adjusted for the Skin Care divestment. 6. Before special items expenses of around DKK
50 million in FY 2025/26.
Financial highlights and key ratios
1 October 2025 - 31 December 2025, unaudited
Consolidated 2025/26 2024/25
Q1 Q1 Change
Income statement, DKK million
Revenue 7,043 7,026 0 %
Research and development costs -247 -219 13 %
Operating profit before interest, tax, depr. and amort. (EBITDA) before special items 2,195 2,240 -2 %
Operating profit before interest, taxes and amortization (EBITA) before special items 1,975 2,030 -3 %
Operating profit (EBIT) before special items 1,850 1,912 -3 %
Special items, net -35 -74 -53 %
Operating profit (EBIT) 1,815 1,838 -1 %
Net financial income and expenses -24 -69 -65 %
Profit before tax 1,791 1,769 1 %
Net profit for the period 1,397 1,044 34 %
Revenue growth, %
Period growth in revenue, % 0 6
Growth break down:
Organic growth, % 6 8
Currency effect, % -4 -1
Acquired operations, % – –
Divested Operations, % -1 -1
Balance sheet, DKK million
Total assets 48,796 48,338 1 %
Capital invested 38,730 40,267 -4 %
Net interest-bearing debt (NIBD) 23,971 23,852 1 %
Equity end of period 13,804 15,461 -11 %
Cash flow and investments, DKK million
Cash flows from operating activities 2,233 2,007 11 %
Cash flows from investing activities -412 -133 N/A
Investments in property, plant and equipment, gross -372 -278 34 %
Free cash flow 1,821 1,874 -3 %
Cash flows from financing activities -1,641 -1,761 -7 %
Key ratios
Average number of employees, FTEs 16,983 16,628
Operating margin (EBIT margin) before special items, % 26 27
Operating margin (EBIT margin), % 26 26
Operating margin before interest, tax, depr. and amort., (EBITDA margin), % 31 31
Gearing ratio, NIBD/EBITDA before special items 2.7 2.7
Return on average invested capital before tax (ROIC), %
1
⁾ 19 19
Return on average invested capital after tax (ROIC), %
1
⁾ 15 11
Return on equity, % 37 25
Equity ratio, % 28 32
Net asset value per outstanding share, DKK 61 69 -12 %
Share data
Share price, DKK 546 786 -31 %
Share price/net asset value per share 8.9 11.5 -22 %
Average number of outstanding shares, millions 225 225 0 %
PE, price/earnings ratio 22.0 42.5 -48 %
Earnings per share (EPS), diluted 6.20 4.63 34 %
Earnings per share (EPS) before special items, diluted 6.32 4.89 29 %
Free cash flow per share 8.1 8.3 -3 %
Announcement no. 1/2026 | 6 February 2026
2
¹⁾ Before special items. After special items, ROIC before tax was 19% (2024/25: 18%), and ROIC after tax was 15% (2024/25: 11%).
Sales performance
Organic growth in the first quarter of 2025/26 was 6%. Reported revenue in DKK grew 0% to DKK 7,043 million. Exchange rate developments
decreased revenue by 4%, mainly related to the depreciation of the USD, GBP and a basket of Emerging markets currencies against the DKK.
Divested businesses detracted 1% from reported revenue, related to the divestment of Skin Care in December 2024.
Sales performance by business areas*
DKK million Growth composition (3 mths)
2025/26 2024/25 Organic Divested Exchange Reported
(3 mths) (3 mths) growth businesses rates growth
Chronic Care
Ostomy Care 2,531 2,537 4 % – -4 % 0 %
Continence Care 2,261 2,208 7 % – -4 % 2 %
Voice & Respiratory Care 585 557 8 % – -3 % 5 %
Acute Care
Wound & Tissue Repair 933 1,011 5 % -8 % -5 % -8 %
Interventional Urology 733 713 8 % – -5 % 3 %
Revenue 7,043 7,026 6 % -1 % -4 % 0 %
Sales performance by region*
DKK million Growth composition (3 mths)
2025/26 2024/25 Organic Divested Exchange Reported
(3 mths) (3 mths) growth businesses rates growth
European markets 3,971 3,808 5 % 0 % -1 % 4 %
Other developed markets 1,958 2,079 7 % -4 % -9 % -6 %
Emerging markets 1,114 1,139 4 % 0 % -7 % -2 %
Revenue 7,043 7,026 6 % -1 % -4 % 0 %
Announcement no. 1/2026 | 6 February 2026
3
* The sum of organic growth, divested businesses and exchange rates might not match total reported growth due to rounding of numbers.
Ostomy Care
Ostomy Care generated 4% organic sales
growth for the first quarter of 2025/26,
with reported revenue in DKK growing by
0% to DKK 2,531 million.
Ostomy Care delivered a soft start to the
year, as expected, due to negative growth
in China, a high baseline in the US, and
order phasing in Emerging markets ex.
China. The growth momentum is
expected to pick up rest of year.
The underlying performance in the US
business continues to be strong. In Q1
Premier Inc. has renewed Coloplast’s
national group purchasing agreement.
The contract remains multi-source and
effective for three years, starting April 1,
2026. In China, sales declined in the
quarter, impacted by a continued weak
consumer sentiment and competitive
pressures from domestic players in the
community channel, further amplified by
a high baseline last year. In Europe,
growth was driven by solid contributions
from the UK and Germany.
From a product perspective, the SenSura
Mio portfolio was the main contributor to
growth, followed by the Brava range of
supporting products. Within the SenSura
Mio portfolio, Convex was the main
growth contributor driven by Europe,
particularly the UK and Germany, as well
as the US. The SenSura and Assura/
Alterna portfolios continued to
contribute to growth in Emerging
markets ex. China. Revenue growth in the
Brava range of supporting products was
broad-based across regions.
The latest product launches within
SenSura Mio, the black bags and the new
2-piece offering, both continues to
perform well. Additional variants of the
black bags were launched in Q1, and
further variants are expected throughout
2025/26.
Continence Care
Continence Care generated 7% organic
sales growth for the first quarter of
2025/26, with reported revenue in DKK
growing by 2% to DKK 2,261 million.
Luja™, Coloplast’s new intermittent
catheter with a Micro-hole Zone
Technology, was the main growth
contributor, driven by both the male and
female catheter in Europe, most notably
the UK, France and Germany, and the US.
The product continues to be very well-
received by users and healthcare
professionals. Growth in the SpeediCath®
portfolio was driven by flexible catheters
in the US and LATAM.
Bowel Care made a strong contribution to
growth, driven by the Peristeen® portfolio
in Europe, while sales of Collecting
Devices saw a slight decline in the
quarter.
From a geographical perspective, growth
was driven by Europe, with solid
contribution from the UK, Germany and
France, as well as the US. Growth in
Emerging markets was impacted by
order phasing. Markets with recent
reimbursement openings, such as
Poland, continued to perform well and
posted double-digit growth.
Announcement no. 1/2026 | 6 February 2026
4
Ostomy Care
Organic growth
4%
7%
Q1 2025/26
Q1 2024/25
Reported growth
0%
7%
Q1 2025/26
Q1 2024/25
Continence
Care
Organic growth
7% 7%
Q1 2025/26
Q1 2024/25
2%
7%
Q1 2025/26
Q1 2024/25
Reported growth
Chronic Care
Voice & Respiratory
Care
Voice & Respiratory Care generated 8%
organic sales growth for the first quarter
of 2025/26, with reported revenue in
DKK growing by 5% to DKK 585 million.
Laryngectomy delivered high single-digit
growth in the first quarter of 2025/26.
Growth was driven by an increase in the
number of patients served in existing and
new markets and an increase in patient
value driven by the Provox Life portfolio,
Voice & Respiratory Care’s product line,
which allows for a personalised regime.
Tracheostomy delivered mid single-digit
growth, driven by solid underlying
demand, partly offset by phasing in
distributor markets. Growth in
Tracheostomy is expected to be back-end
loaded with pick up in momentum in the
second half of the year.
From a geographical perspective, growth
was broad-based, driven by Europe and
the US. Markets with recent
reimbursement openings, such as
Poland, also made a solid contribution to
growth and grew double-digit.
Announcement no. 1/2026 | 6 February 2026
5
Voice &
Respiratory
Care
Organic growth
8%
11%
Q1 2025/26
Q1 2024/25
Reported growth
5%
10%
Q1 2025/26
Q1 2024/25
Chronic Care
Wound & Tissue
Repair
Wound & Tissue Repair generated 5%
organic sales growth for the first quarter
of 2025/26. Reported revenue was DKK
933 million, an 8% decrease from last
year, with 8%-points negative impact
from the Skin Care divestment (two
months impact).
Revenue from Kerecis amounted to DKK
309 million in the first quarter of
2025/26, with organic growth of 10%.
The in-patient setting continued the good
momentum and was the main
contributor to growth, while sales in the
out-patient setting declined due to
significant sales disruption from the
Medicare reimbursement changes. The
significant uncertainty in the skin
substitutes market is expected to
continue throughout the year.
Advanced Wound Dressings in isolation
declined 3% in the first quarter of
2025/26. China detracted significantly
from growth, impacted by the product
return initiated in Q3 last year, with a
negative revenue impact of around DKK
25 million in the first quarter.
From a product perspective, Biatain®
Superabsorber was the main growth
contributor.
The contract manufacturing business
posted solid double-digit growth in the
first quarter of 2025/26, reflecting a
front-ended loaded year.
Interventional
Urology
Interventional Urology generated 8%
organic sales growth for the first quarter
of 2025/26, with reported revenue in
DKK growing by 3% to DKK 733 million.
The Men’s Health business in the US
delivered a strong first quarter and was
the main contributor to growth. Our
flagship product within Men’s Health, the
Titan® penile implant, continued to
perform well, with the patient funnel
positively impacted by our patient
support programme targeted at
prospective patients.
The Women’s Health business and the
Kidney & Bladder Health business also
contributed to growth.
In Kidney & Bladder Health, growth
reflected solid contribution from the
thulium fiber laser, Coloplast TFL Drive,
as well as continued recovery from the
voluntary product recall initiated in Q1
last year.
From a geographical perspective, the US
was the main growth contributor,
however, Europe also contributed nicely
to growth in Q1.
In Q1, Coloplast submitted a pre-market
approval (PMA) application to the FDA in
the US for Intibia, a technology for
treating overactive bladder. Pending FDA
approval, the device is expected to launch
in 2026/27.
Announcement no. 1/2026 | 6 February 2026
6
Interventional
Urology
Organic growth
8%
1%
Q1 2025/26
Q1 2024/25
Reported growth
3%
1%
Q1 2025/26
Q1 2024/25
Wound &
Tissue Repair
Organic growth
5%
12%
Q1 2025/26
Q1 2024/25
Reported growth
-8%
7%
Q1 2025/26
Q1 2024/25
Acute Care
Earnings
Gross profit
Gross profit was DKK 4,735 million,
compared to DKK 4,750 million last year,
corresponding to a gross margin of 67%,
compared to 68% last year. The gross
margin was negatively impacted by
currencies of around 30 basis points
mostly related to the depreciation of the
USD, GBP, and a basket of Emerging
markets currencies against the DKK, and
appreciation of the HUF against the DKK.
Ramp-up costs in Costa Rica and
Portugal also impacted the gross margin
negatively. This was partly offset by a
favourable impact from lower inflation
on raw materials, freight and utilities.
Country and product mix also had a
positive impact.
Costs
Operating expenses amounted to DKK
2,885 million, a DKK 47 million increase
(2%) from last year.
Distribution costs amounted to DKK
2,320 million, a DKK 9 million (0%)
decrease from DKK 2,329 million last
year. The flat development in distribution
costs reflects DKK 20 million in one-off
logistics costs in Q1 last year related to
the new US distribution centre and lower
sales costs in China following the
organisational restructuring in Q4 last
year, partly offset by one-off costs to
enhance Kerecis’ go-to-market model
under the new Medicare reimbursement
model. The development in distribution
costs were also positively impacted by
the depreciation of the USD against the
DKK. Distribution costs amounted to
33% of revenue, on par with last year.
Administrative expenses amounted to
DKK 324 million, up DKK 29 million
(10%) from DKK 295 million last year,
and includes around DKK 15 million in
one-off advisory and legal costs incurred
by Kerecis in connection with the recent
CMS regulatory changes in the US out-
patient setting. Administrative expenses
accounted for 5% of revenue, compared
to 4% last year.
The R&D costs were DKK 247 million,
compared to DKK 219 million last year, a
DKK 28 million (13%) increase. The
increase reflects phasing of costs within
Chronic Care R&D and higher activity
levels in Kerecis. R&D costs amounted to
4% of revenue, compared to 3% last year.
Other operating income and other
operating expenses amounted to a net
income of DKK 6 million against a net
income of DKK 5 million last year.
Operating profit before interest, tax,
depreciation and amortisation (EBITDA)
and before special items
EBITDA before special items amounted to
DKK 2,195 million, a DKK 45 million (2%)
decrease from DKK 2,240 million last
year. The EBITDA margin before special
items was 31%, compared to 32% last
year.
Operating profit (EBIT) before special
items
EBIT before special items amounted to
DKK 1,850 million, a DKK 62 million (3%)
decrease from DKK 1,912 million last
year. The EBIT margin before special
items was 26%, compared with 27% last
year, negatively impacted by the
significantly reduced EBIT margin in
Kerecis due to lower organic growth and
large one-off costs. The EBIT margin also
included negative impact from
currencies of around 30 basis points,
mostly related to the depreciation of the
USD, GBP, and a basket of Emerging
markets currencies against the DKK, as
well as appreciation of the HUF against
the DKK. In constant currencies, EBIT
grew 3% compared to last year.
Special items
During the first quarter, Coloplast
incurred special items expenses of DKK
35 million related to the integration of
Atos Medical and Kerecis.
Operating profit (EBIT) after special
items
EBIT after special items was DKK 1,815
million, a DKK 23 million (1%) decrease
from last year. The EBIT margin after
special items was 26% on par with last
year.
Announcement no. 1/2026 | 6 February 2026
7
Income statement, DKK millions 2025/26 Index
Revenue 7,043 100
Production costs -2,308 101
Gross profit 4,735 100
Distribution costs -2,320 100
Administrative expenses -324 110
Research and development costs -247 113
Other operating income 11 84
Other operating expenses -5 60
Operating profit (EBIT) before special items 1,850 97
Special items -35 N/A
Operating profit (EBIT) 1,815 99
Financial income 166 83
Financial expenses -190 71
Profit before tax 1,791 101
Tax on profit for the period -394 54
Net profit for the period 1,397 134
Financial items and tax
Financial items were a net expense of
DKK 24 million against a net expense of
DKK 69 million last year.
The net expense included interest
expenses of DKK 158 million, compared
to DKK 195 million last year, mostly
related to the financing of the Atos
Medical acquisition. The financial
expenses were largely offset by gains on
exchange rate adjustments, mostly
related to the USD, with DKK 66 million in
gains on balance sheet items and DKK 68
million in realised gains on cash flow
hedges primarily driven by the USD and
HUF.
The tax expense in the first quarter was
DKK 394 million, compared to an
ordinary tax expense of DKK 389 million
last year and a total tax expense of DKK
725 million last year (the total tax
expense last year included a non-
recurring expense of DKK 336 million
related to the transfer of Kerecis’
Intellectual Property (IP) from Iceland to
Denmark, consistent with Coloplast’s
principal tax model). The tax rate was
22%, on par with the ordinary tax rate
last year.
Net profit
Net profit before special items was DKK
1,424 million, a DKK 322 increase from
1,102 million last year, as last year’s
result was negatively impacted by the
non-recurring tax expense related to the
Kerecis IP transfer. Diluted earnings per
share (EPS) before special items were
DKK 6.32, or a 29% increase from last
year.
Adjusted for the non-recurring tax
impact last year, net profit before special
items decreased DKK 14 million and
adjusted diluted EPS before special items
decreased by 1%.
Net profit after special items was DKK
1,397 million and diluted EPS after
special items were DKK 6.20.
Cash flows and
investments
Cash flows from operating activities
Cash flows from operating activities
amounted to an inflow of DKK 2,233
million, against an inflow of DKK 2,007
million last year. The positive
development in cash flows from
operating activities was mostly driven by
lower financial items, partly offset by
higher income tax paid. Changes in
working capital and adjustment of non-
cash operating items had a small positive
impact.
Investments
Net investments amounted to DKK 412
million in the first quarter of 2025/26 or
around 6% of revenue, compared with
DKK 133 million last year. The increase
partly reflects a low baseline due to the
divestment of the Skin Care business last
year (DKK 192 million).
Capital expenditures amounted to DKK
414 million in the first quarter, or 6% of
revenue, compared with 4% last year,
and includes around DKK 97 million
related to the new manufacturing site in
Portugal, expected to be operational in
Q4 2025/26.
Free cash flow
As a result, the free cash flow was an
inflow of DKK 1,821 million, compared to
an inflow of DKK 1,874 million last year,
or a 3% decrease. Excluding benefit from
the divestment last year, the free cash
flow increase in the first quarter was 8%.
The free cash flow-to-sales ratio was
26%, compared to 24% last year
(excluding benefit from the divestment).
Capital resources
At 31 December 2025, Coloplast had net
interest-bearing debt of DKK 23,971
million, against DKK 21,692 million at 30
September 2025. The gearing ratio at
the end of the period was 2.7x EBITDA
(before special items).
In January 2026, Coloplast refinanced its
EUR 800 million revolving credit facility
(RCF). The facility retains the same terms
and conditions and now matures in
January 2029. The structure remains a
standard RCF.
Statement of
financial position
and equity
Balance sheet
At 31 December 2025, total assets
amounted to DKK 48,796 million, an
increase of DKK 429 million compared to
30 September 2025.
Working capital was 25% of revenue,
compared to 26% at 30 September
2025. Trade receivables decreased by
DKK 159 million to DKK 4,499 million
and inventories decreased by DKK 60
million to DKK 3,859 million, while trade
payables decreased by DKK 145 million
to DKK 1,179 million.
Working capital-to-sales ratio for the
financial year 2025/26 is expected to be
around 25%. In the Impact4 strategic
period the working capital-to-sales ratio
is expected to improve to around 24%.
Equity
Equity decreased by DKK 2.3 billion to
DKK 13,804 million compared to 30
September 2025. Total comprehensive
income for the period of DKK 1,726
million and share-based remuneration of
DKK 13 million were offset by payment of
dividends of DKK 4,057 million.
Treasury shares
At 31 December 2025, Coloplast’s
holding of treasury shares consisted of
2,833,204 B shares, which was on par
with 30 September 2025.
Return on invested capital (ROIC)
ROIC after tax and before special items
was 15%, on par with last year (adjusted
for the impact from the Kerecis IP
transfer last year).
Announcement no. 1/2026 | 6 February 2026
8
Update on sustainability strategy and performance
Q1 Q1 FY
Priority Unit Impact4 ambition 2025/26 2024/25 Change 2024/25
Net Zero by 2045
Scope 1 and 2 emissions
4)
% reduction 90% reduction by 2030
2) 7)
43 % 36 % 7%-p 41 %
Renewable energy use
4)
% of total 100%
6) 7)
73 % 68 % 5%-p 69 %
Electric company cars
1)
% of total 100% by 2030 – – – 16 %
Scope 3 emissions
1)
% reduction per product 10% reduction by 2030
2)
– – – -10 %
Business travel by air
1)
% reduction 10% reduction
2)
– – – 61 %
Goods transported by air
1)
% of total < 5% of total – – – 3 %
Positively impact people
Users & HCPs
1)
Numbers of markets
Reimbursement improve-
ments in 5 markets – – – –
Lost time injury frequency
4)
Parts per million 1.5 by 2030 2.1 1.6 0.5 1.7
Code of Conduct training
1)
% of white collars 100% – – – 99 %
Diversity in leadership
1) 5)
% of total 40% by 2030 26 % 28 % -2%-p 26 %
Employee satisfaction
1) 3)
Engagement score Above benchmark – – – 8.2
All measurements reported above are
consistent with the definition per E1-5 in
CSRD. Comparison figures for Q1
2024/25 and full year 2024/25 have
been updated to reflect this
methodology.
Scope 1 and 2 emissions
The absolute scope 1 and 2 emissions
decreased by 43% in the first quarter of
2025/26, compared to the base year
2018/19, a notable improvement
compared to last year at 36%. The
reduction in absolute scope 1 and 2
emissions was positively impacted by the
continued phase-out of natural gas and
energy efficiency improvements. In Q1,
the last natural gas installation in
Mørdrup was closed.
Renewable energy use increased to 73%
of the total energy use in the first quarter
of 2025/26, compared to 68% last year,
driven by the above-mentioned drivers.
Coloplast has initiated several renewable
energy projects, expected to materialise
during the Impact4 strategic period.
Positively impact people
The lost time injury (LTI) frequency in the
first quarter of 2025/26 was 2.1 ppm,
compared to 1.6 ppm last year. Despite
an increase in LTI frequency, the number
of accidents were within the same range
as previous quarters.
Coloplast continues to work diligently to
reduce LTIs and set activities in motion to
ensure a safe work environment for all
employees.
ESG Ratings
MSCI
Coloplast has received an AA rating in
January 2026, which is on par with the
last year’s rating. It places Coloplast
within the top 43% among Healthcare
Equipment & Supplies companies.
CDP climate ranking
Coloplast received a CDP score of ‘C’ in
2025 on Climate change, which is a
downgrade from last year’s score of
‘B’. This is on par with the Medical
Equipment and Supplies sector average
of ‘C’.
Corporate Knights
Coloplast was not included in Corporate
Knights’ Global 100 Most Sustainable
Corporations list in 2026. However, the
company was ranked no. 6 within the
Medical Equipment Manufacturing
industry, reflecting continued strong
sustainability performance.
Coloplast remains committed to
responsible business practices, ongoing
progress in reducing its environmental
footprint, and its dedication to improving
the quality of life for people with intimate
healthcare needs.
Announcement no. 1/2026 | 6 February 2026
9
All data is reported in accordance with CSRD. 1) Metric will only be reported on a semi-annual or full-year basis. 2) From base year 2018/19. 3) Employee survey conducted annually. Latest
industry benchmark from Q2 2024/25 was 7.7. 4) Four quarters rolling average. 5) Continuity of the former target called “Female senior leaders (VP+ level)”. 6) Renewable energy reduction is
a key driver for reducing the scope 1&2 target. 7) Last year’s numbers have been adjusted to comply with CSRD requirements.
Other matters
Coloplast US has agreed to purchase the
outstanding shares of Uromedica
Coloplast US has signed a definitive
merger agreement with Uromedica, a
privately held medical technology
company specialising in the treatment of
stress urinary incontinence whereby
Uromedica will become a wholly owned
subsidiary of Coloplast US. The
Uromedica Board of Directors has
recommended shareholders vote in favor
of the transaction. The transaction is
expected to close in February 2025/26,
subject to customary closing conditions
and requisite Uromedica shareholder
approval.
Uromedica is a commercial stage
company with a unique minimally
invasive solution for stress urinary
incontinence. The solution is highly
complementary to Coloplast’s existing
Men’s Health business in Interventional
Urology and supports Coloplast’s
ambition to innovate and expand our
presence in Men’s Health through a
combination of organic innovation and
bolt-on acquisitions.
The transaction consists of an upfront
cash payment and a contingent
milestone-based structure under which
the majority of the potential
consideration is tied to future regulatory
and commercial achievements. Deal
terms will remain undisclosed, and the
transaction will be financed through
existing credit facilities.
The transaction is expected to have an
immaterial impact on Group financial
performance in 2025/26 and is expected
to be accretive to Interventional Urology’s
financial metrics in the second half of the
Impact4 strategic period.
Changes to Medicare reimbursement in
the skin substitutes out-patient setting
Effective January 1, 2026, CMS has
implemented a fixed reimbursement rate
of $127/cm2 for skin substitutes in the
Medicare outpatient setting, while the
final Local Coverage Determination
1
(LCD) expected to take effect on the same
date was withdrawn December 24, 2025.
Around 20% of Kerecis total sales comes
from the Medicare outpatient setting,
and this new payment model directly
affects Kerecis’ two product brands,
MariGen® and Shield®. Because Shield is
priced above the fixed rate, it will be
phased out of the Medicare market and
replaced by a renewed MariGen portfolio,
which is competitively positioned under
the new pricing. This shift will create a
negative mix effect as MariGen volumes
scale.
Although ultimately cancelled, the LCD
had identified only 18 products out of
more than 300, clearly distinguishing the
technologies with the strongest clinical
evidence. The inclusion of both MariGen
and Shield on this list provides robust
external validation of the clinical potency
and differentiation of Kerecis’ fish-skin
platform.
Long-term, CMS’ decision to adopt a flat
national rate reinforces Kerecis’
competitive position as a high-quality
wound-care partner with a sustainable
business model built on the patented,
clinically potent fish-skin technology and
a uniquely cost-efficient production
setup.
To align with the new Medicare
requirements, Kerecis has already
adapted its go-to-market model in the
first quarter and will launch a series of
targeted products throughout the year to
support the updated commercial
approach and sharpen sales priorities.
Taken together, these regulatory
developments and strategic actions
position Kerecis well to compete and win
in an evolving US skin substitutes market.
Changes to Executive Leadership Team
On December 18, 2025 Coloplast
announced changes to the Executive
Leadership Team
2
. Executive Vice
President of People & Culture, Dorthe
Rønnau, has decided to leave Coloplast to
pursue the next chapter in her career and
will have her last day at Coloplast at the
end of February. An external search for
her successor has been initiated. In
Interventional Urology, Tommy Johns,
Executive Vice President of Interventional
Urology has decided to retire. Kevin
Hardage joins Coloplast on February 9th
and will step into the role of new
Executive Vice President of Interventional
Urology. He brings extensive experience
from the global MedTech industry,
including senior leadership experience
from Teleflex in the urology space.
CMS final rule on DMEPOS Competitive
Bidding Program
On November 28, 2025, the CMS in the
US announced a final rule
3
with an
update on the Durable Medical
Equipment, Prosthetics, Orthotics, and
Supplies (DMEPOS) Competitive Bidding
Program (CBP).
The final rule confirms that ostomy and
urological supplies, including catheters
and related items, will be included in the
next round of Medicare CBP.
Tracheostomy supplies, originally
included in the final rule, has since been
excluded in an update published
December 8, 2025
4
. According to CMS,
contracts under the Medicare CBP will
take effect no later than January 1, 2028.
Chronic Care in the US accounted for
around 12% of Group sales in FY
2024/25, with an estimated 50% related
to Medicare.
Announcement no. 1/2026 | 6 February 2026
10
1 Coloplast notes CMS decision to withdraw the final LCD
2 Coloplast announces changes to executive leadership team
3 Reaction to CMS final rule on DMEPOS Competitive Bidding Program
4 DMEPOS Competitive Bidding Program – Updates and Important Information
Impact4 financial
ambition
Organic growth of 7-8%
(5-year CAGR)
EBIT growth in line with or above
revenue growth over the period
In constant currencies, before special
items
Return on Invested Capital of more
than 20% in 2029/30.
After tax, before special items. Linear
improvement expected over the
period.
Capex-to-sales ratio around 4-5%
Effective tax rate around 22%
Net debt/EBITDA ratio is expected to
decrease to around 1.5x towards FY
2029/30.
Key assumptions
Current macroeconomic, geopolitical and
industry-specific developments,
including US tariffs and regulatory
changes, are continuously monitored and
their potential impact on our business is
evaluated on an ongoing basis. As such,
the financial guidance is subject to a
higher degree of uncertainty due to the
changing environment.
The addressable market in which
Coloplast operates is expected to
continue growing at 4-5%.
Revenue growth
Organic growth is expected to be around
7% in constant currencies with the
following assumptions:
a. Chronic Care (incl. Voice & Respiratory
Care) - continued good momentum
b. Interventional Urology - high single-
digit growth
c. Wound & Tissue Repair:
Kerecis expected to grow around 10%,
reflecting significant sales disruption
from Medicare reimbursement
changes in the outpatient setting and
higher uncertainty around the timing
of recovery.
Advanced Wound Dressings negative
impact from the product return in
China in Q1-Q3.
Reported growth in DKK is expected to be
around 4%, with around 3%-points
negative impact from currencies as well
as a small negative impact from the skin
care divestment (two months impact).
EBIT growth
The EBIT growth at constant exchange
rates, before special items is expected to
be around 7% with the following
assumptions:
a. Stable inflation levels
b. Continued ramp-up in Costa Rica and
Portugal
c. New Impact4 investments, including
global technology investments,
investments toward the new bowel
care opportunity in the US, and
investments related to Intibia™
d. Significant uplift in Kerecis EBIT
margin rest of year, with Kerecis full
year EBIT margin around double-digit
vs. Q1 of 1%.
e. Immaterial impact from tariffs, as we
expect our products to remain
exempted.
Return on Invested Capital after tax,
before special items is expected around
16%.
Special items are expected to be around
DKK 50 million in acquisition related
integration costs.
Capex-to-sales ratio is expected to be
around 5% and includes investments to
complete the new manufacturing site in
Portugal, investments in new machines
for existing and new products, IT and
sustainability investments.
The effective tax rate is expected to be
around 22%.
Dividend policy
The Board of Directors intends to
distribute excess liquidity to the
shareholders through dividends and
share buybacks, with a target payout
ratio of 60-80% of net profit.
Announcement no. 1/2026 | 6 February 2026
11
2025/26
Financial
guidance
Around 7
%
Organic revenue growth
at constant exchange rates
Around 7
%
EBIT growth
at constant exchange rates,
before special items
Around 16
%
Return on Invested Capital
after tax, before special items
Around 5
%
Capex-to-sales ratio
Around 22
%
Effective tax rate
Forward-looking
statements
The forward-looking statements in this
announcement, including revenue and
earnings guidance, do not constitute a
guarantee of future results and are
subject to risk, uncertainty and
assumptions, the consequences of which
are difficult to predict.
The forward-looking statements are
based on our current expectations,
estimates and assumptions and are
provided on the basis of information
available to us at the present time.
Major fluctuations in the exchange rates
of key currencies, significant changes in
the healthcare sector or major
developments in the global economy may
impact our ability to achieve the defined
long-term targets and meet our
guidance. This may impact our
company’s financial results.
Exchange rate
exposure
Our financial guidance for the 2025/26
financial year has been prepared on the
basis of the following assumptions for
the company’s principal currencies:
OVERVIEW OF EXCHANGE RATES FOR
KEY CURRENCIES AGAINST DKK
GBP USD HUF
Average exchange
rate 3M 2024/25 896 699 1.83
Average exchange
rate 3M 2025/26 853 642 1.93
Change in
average exchange
rates for 2025/26
compared with
the same period
last year -5 % -8 % 5 %
Average exchange
rate 2024/25
1
⁾ 882 676 1.85
Spot rate on 4
February 2026 866 631 1.96
Estimated
average exchange
rate 2025/26²⁾ 863 634 1.95
Change in
estimated
average exchange
rates compared
with average
exchange rate
2024/25 -2 % -6 % 5 %
¹⁾ Average exchange rates for 2024/25 are
from 1 October 2024 to 30 September 2025.
²⁾ Estimated average exchange rates are
calculated as the average exchange rates for
the first three months combined with the spot
rates at 4 February 2026.
Revenue is particularly exposed to
developments in USD and GBP relative to
DKK. Fluctuations in HUF against DKK
impact the operating profit because a
substantial part of our production, and
thus of our costs, are in Hungary,
whereas our sales in the market are
limited.
EFFECT OVER 12 MONTHS OF A 10%
INITIAL DROP IN EXCHANGE RATES FOR
KEY CURRENCIES (DKK MILLION)
Revenue EBIT
USD -740 -290
GBP -400 -240
HUF – 160
Announcement no. 1/2026 | 6 February 2026
12
Executive Management
Board of Directors
Announcement no. 1/2026 | 6 February 2026
13
Statement of comprehensive income
1 October - 31 December , unaudited
Consolidated 2025/26 2024/25
DKK million Note Q1 Q1 Index
Revenue 2 7,043 7,026 100
Production costs -2,308 -2,276 101
Gross profit 4,735 4,750 100
Distribution costs -2,320 -2,329 100
Administrative expenses -324 -295 110
Research and development costs -247 -219 113
Other operating income 11 13 84
Other operating expenses -5 -8 60
Operating profit (EBIT) before special items 1,850 1,912 97
Special items 3 -35 -74 47
Operating profit (EBIT) 1,815 1,838 99
Financial income 4 166 200 83
Financial expenses 4 -190 -269 71
Profit before tax 1,791 1,769 101
Tax on profit for the period -394 -725 54
Net profit for the period 1,397 1,044 134
Remeasurements of defined benefit plans 6 -7
Tax on remeasurements of defined benefit plans -1 1
Items that will not be reclassified to the income statement 5 -6
Value adjustment of currency hedging -7 -145
Recycle through the income statement -87 31
Tax effect of hedging 21 25
Currency adjustment of opening balances and other value adjustments relating to
subsidiaries 397 359
Items that may be reclassified to income statement 324 270
Total other comprehensive income 329 264
Total comprehensive income 1,726 1,308
DKK
Earnings per share (EPS) 6.20 4.63
Earnings per share (EPS), diluted 6.20 4.63
Announcement no. 1/2026 | 6 February 2026
14
Statement of cash flows
1 October - 31 December , unaudited
Consolidated 2025/26 2024/25
DKK million Note 3 mths 3 mths
Operating profit 1,815 1,838
Amortisation 125 118
Depreciation 220 210
Adjustment for other non-cash operating items 6 32 19
Changes in working capital 6 182 172
Ingoing interest payments, etc. 81 35
Outgoing interest payments, etc. -98 -325
Income tax paid -124 -60
Cash flows from operating activities 2,233 2,007
Investments in intangible assets -42 -30
Investments in land and buildings -1 -2
Investments in plant and machinery and other fixtures and fittings, tools and equipment -10 -8
Investments in property, plant and equipment under construction -361 -268
Property, plant and equipment sold 2 4
Investment in other investments – -21
Company divestment – 192
Cash flows from investing activities -412 -133
Free cash flow 1,821 1,874
Dividend to shareholders -4,057 -3,831
Sale of treasury shares and loss on exercised options – 28
Financing from shareholders -4,057 -3,803
Repayment of lease liabilities -69 -67
Financing through debt funding 1,369 –
Movements on credit facilities 1,115 2,109
Cash flows from financing activities -1,642 -1,761
Net cash flows 179 113
Cash and cash equivalents at 1 October 947 788
Foreign exchange value adjustments -1 5
Net cash flows 179 113
Cash and cash equivalents at 31 December 7 1,125 906
The cash flow statement cannot be derived using only the published financial data.
Announcement no. 1/2026 | 6 February 2026
15
Assets
At 31 December , unaudited
Consolidated
DKK million Note 31.12.2025 31.12.2024 30.09.2025
Intangible assets 30,176 30,640 29,811
Property, plant and equipment 6,476 5,824 6,201
Right-of-use assets 846 931 884
Other equity investments 90 95 90
Deferred tax asset 584 454 587
Income tax 301 – 316
Other receivables 25 28 25
Non-current assets 38,498 37,972 37,914
Inventories 3,859 3,673 3,919
Trade receivables 4,499 4,609 4,658
Income tax 45 420 64
Other receivables 339 354 454
Prepayments 431 404 411
Cash and cash equivalents 1,125 906 947
Current assets 10,298 10,366 10,453
Assets 48,796 48,338 48,367
Announcement no. 1/2026 | 6 February 2026
16
Equity and liabilities
At 31 December , unaudited
Consolidated
DKK million Note 31.12.2025 31.12.2024 30.09.2025
Share capital 228 228 228
Currency translation reserve -1,739 -1,525 -2,137
Reserve for currency hedging 283 240 356
Proposed ordinary dividend for the period – – 4,057
Retained earnings 15,032 16,518 13,618
Equity 13,804 15,461 16,122
Provisions for pensions and similar liabilities 113 135 111
Deferred tax liability 3,130 2,301 3,042
Other provisions 23 21 25
Bonds 5 11,578 11,562 11,570
Other credit institutions 9,152 5,000 7,783
Income tax 2,398 336 2,488
Other payables 1 1 19
Lease liabilities 663 749 696
Prepayments 6 7 6
Non-current liabilities 27,064 20,112 25,740
Provisions for pensions and similar liabilities 8 7 8
Other provisions 66 49 51
Other credit institutions 3,443 7,195 2,328
Trade payables 1,179 1,130 1,324
Income tax 383 1,072 149
Other payables 2,588 3,060
–
Lease liabilities 260 251 262
Prepayments 1 1 1
Current liabilities 7,928 12,765 6,505
Equity and liabilities 48,796 48,338 48,367
Announcement no. 1/2026 | 6 February 2026
17
Statement of changes in equity, current year
At 31 December , unaudited
Consolidated Share capital Reserves
DKK million A shares B shares
Currency
translation
Currency
hedging
Proposed
dividend
Retained
earnings Total
2025/26
Equity at 1 October 18 210 -2,137 356 4,057 13,618 16,122
Net profit for the period – – – – – 1,397 1,397
Other comprehensive income – – 398 -73 – 4 329
Total comprehensive income – – 398 -73 – 1,401 1,726
Share-based payment – – – – – 13 13
Dividend paid out in respect of
2024/25 – – – – -4,057 – -4,057
Transactions with shareholders – – – – -4,057 13 -4,044
Equity at 31 December 18 210 -1,739 283 – 15,032 13,804
Announcement no. 1/2026 | 6 February 2026
18
Statement of changes in equity, last year
At 31 December , unaudited
Consolidated Share capital Reserves
DKK million A shares B shares
Currency
translation
Currency
hedging
Proposed
dividend
Retained
earnings Total
2024/25
Equity at 1 October 18 210 -1,837 329 3,831 15,391 17,942
Net profit for the period – – – – – 1,044 1,044
Other comprehensive income – – 312 -89 – 41 264
Total comprehensive income – – 312 -89 – 1,085 1,308
Sale of treasury shares and loss on
exercised options – – – – – 27 27
Share-based payment – – – – – 15 15
Dividend paid out in respect of
2023/24 – – – – -3,831 – -3,831
Transactions with shareholders – – – – -3,831 42 -3,789
Equity at 31 December 18 210 -1,525 240 – 16,518 15,461
Announcement no. 1/2026 | 6 February 2026
19
List of notes
Key accounting policies
1 Accounting policies
Profit and loss
2 Segment information
3 Special items
4 Financial income and expenses
Assets and liabilities
5 Bonds
Cash flows
6 Specifications of cash flow from operating activities
7 Cash and cash equivalents
Other disclosures
8 Contingent liabilities
9 Events occurring after the balance sheet date
Announcement no. 1/2026 | 6 February 2026
20
Note 1
Accounting policies
The unaudited interim report is presented in accordance with IAS 34 “Interim financial reporting” as adopted by the EU and additional Danish
disclosure requirements for interim reports of listed companies. The accounting policies for recognition and measurement applied in the
preparation of the interim report are consistent with those applied in the Annual Report 2024/25.
Note 2
Segment information
Operating segments
The operating segments are defined on the basis of the monthly reporting to the Executive Leadership Team, which is considered the senior
operational management and the management structure. Reporting to the Executive Leadership Team is based on five operating segments:
Chronic Care, Voice & Respiratory Care, Interventional Urology, Advanced Wound Dressings and Biologics.
The segment Chronic Care covers the sale of ostomy care products and continence care products. The segment Voice & Respiratory Care
covers the sale of laryngectomy and tracheostomy products. The segment Interventional Urology covers the sale of urological products,
including disposable products. The segment Advanced Wound Dressings covers the sale of Advanced Wound Dressings, Skin Care and
contract manufacturing. The segment Biologics covers tissue-based products. The segmentation reflects the structure of reporting to the
Executive Leadership Team.
The shared/non-allocated costs comprises support functions (production units and staff functions) and eliminations, as these functions do
not generate revenue. While the costs of R&D for Interventional Urology, Voice & Respiratory Care and Biologics are included in the segment
operating profit/loss for the above-mentioned segments, R&D activities for Chronic Care and Advanced Wound Dressings are shared
functions which are included in shared/non-allocated functions. The shared/non-allocated costs also include PPA amortisation expenditures
related to Voice & Respiratory Care and Biologics. Financial items and income tax are not allocated to the operating segments.
The Executive Leadership Team reviews each operating segment separately, applying their market contributions to earnings and allocating
resources on that basis. The market contribution is defined as external revenue less the sum of direct production costs, distribution costs,
sales costs, marketing costs and administrative expenses. Costs are allocated directly to segments. Certain immaterial indirect costs are
allocated systematically to the shared/non-allocated and the reporting segments.
The Executive Leadership Team does not receive reporting on assets and liabilities by the reporting segments. Accordingly, the reporting
segments are not measured in this respect, nor do we allocate resources on this background. No single customer accounts for more than 10%
of revenue.
Announcement no. 1/2026 | 6 February 2026
21
Note 2, continued
DKK million Chronic Care
Voice &
Respiratory
Care
Interventional
Urology
Advanced
Wound
Dressings Biologics Group
2025/26
Segment revenue:
Ostomy Care 2,531 – – – – 2,531
Continence Care 2,261 – – – – 2,261
Voice & Respiratory Care – 585 – – – 585
Interventional Urology – – 733 – – 733
Wound & Tissue Repair – – – 624 309 933
External revenue as per the
statement of comprehensive
income 4,792 585 733 624 309 7,043
Costs allocated to segment -1,968 -388 -471 -384 -306 -3,517
Segment operating profit/loss 2,824 197 262 240 3 3,526
Shared/non-allocated -1,676
Special items not included in segment operating profit/loss (see note 3) -35
Operating profit before tax (EBIT) as per the statement of comprehensive income 1,815
Net financials -24
Tax on profit/loss for the period -394
Profit/loss for the period as per the statement of comprehensive income 1,397
DKK million Chronic Care
Voice &
Respiratory
Care
Interventional
Urology
Advanced
Wound
Dressings Biologics Group
2024/25
Segment revenue:
Ostomy Care 2,537 – – – – 2,537
Continence Care 2,208 – – – – 2,208
Voice & Respiratory Care – 557 – – – 557
Interventional Urology – – 713 – – 713
Wound & Tissue Repair – – – 708 303 1,011
External revenue as per the
statement of comprehensive
income 4,745 557 713 708 303 7,026
Costs allocated to segment -1,976 -361 -468 -450 -268 -3,523
Segment operating profit/loss 2,769 196 245 258 35 3,503
Shared/non-allocated -1,591
Special items not included in segment operating profit/loss (see note 3) -74
Operating profit before tax (EBIT) as per the statement of comprehensive income 1,838
Net financials -69
Tax on profit/loss for the period -725
Profit/loss for the period as per the statement of comprehensive income 1,044
Announcement no. 1/2026 | 6 February 2026
22
Note 3
Special items
DKK million
2025/26 2024/25
Integration activities 35 18
Costs related to structural changes – 41
Skin Care divestment – -11
Executive leadership team severance costs – 26
Total
35 74
In the first quarter of 2025/26 special items contain expenses related to integration costs for the Atos Medical and Kerecis acquisitions.
Last year’s special items contain expenses related to integration costs for the Atos Medical and Kerecis acquisition as well as cost for
structural changes, the divestment of the skin care business and Executive leadership team severance costs.
Note 4
Financial income and expenses
DKK million
2025/26 2024/25
Financial income
Interest income 13 33
Fair value adjustments of forward contracts transferred from other comprehensive income 68 –
Fair value adjustments of cash-based share options – 1
Interest hedges 19 19
Net exchange adjustments 66 142
Hyperinflationary adjustment of monetary position – 3
Other financial income – 2
Total 166 200
Financial expenses
Interest expenses 84 121
Capitalised borrowing cost -3 –
Interest expenses, lease liabilities 9 9
Interest expenses, bonds 74 74
Fair value adjustments of forward contracts transferred from other comprehensive income – 49
Hyperinflationary adjustment of monetary position 5 –
Other financial expenses and fees 21 16
Total 190 269
Announcement no. 1/2026 | 6 February 2026
23
Note 5
Bonds
Bonds
Coloplast has outstanding senior unsecured notes in an aggregate principal amount of EUR 1.5 billion under the Coloplast Euro Medium
Term Note programme. The Notes are unconditionally and irrevocably guaranteed by Coloplast. COLOCB2 and COLOCB3 carries a fixed
coupon until expiry date.
COLOCB2 and COLOCB3 can be redeemed at a market price fixed on the redemption date in relation to named EUR bonds with similar
maturity.
A pre-hedge was made in 2021/22 with Interest swaps on COLOCB2 and COLOCB3 with mandatory breakage on the day the bonds are
issued to limit the financial risks. The gain of DKK 521 million has as per hedge accounting been set off in the equity and transferred to the
financial items during the lifetime of the bonds.
Short name Currency
Amount,
million Expiry date Coupon
COLOCB2 EUR 850 19-05-2027 2.25
COLOCB3 EUR 700 19-05-2030 2.75
Note 6
Specifications of cash flow from operating activities
DKK million
2025/26 2024/25
Change in other provisions 21 4
Other non-cash operating items 11 15
Adjustment for other non-cash operating items 32 19
Inventories 75 -8
Trade receivables 151 116
Other receivables, including amounts held in escrow 95 68
Trade and other payables etc. -139 -4
Changes in working capital 182 172
Announcement no. 1/2026 | 6 February 2026
24
Note 7
Cash and cash equivalents
DKK million
2025 2024
Bank deposits, short term 1,125 906
Cash and cash equivalents at 31 December
1,125 906
Note 8
Contingent liabilities
The Coloplast Group is a party to a few minor legal proceedings, which are not expected to influence the Group’s future earnings.
Note 9
Events occurring after the balance sheet date
Agreement to purchase the outstanding shares of Uromedica
In January 2026, Coloplast US signed a definitive merger agreement with Uromedica, with the aim of Coloplast acquiring ownership of
Uromedica. Uromedica is a privately held medical technology company specialising in the treatment of stress urinary incontinence.
Uromedica represents an attractive opportunity to strategically strengthen Coloplast’s presence in the men’s health business in
Interventional Urology.
The transaction consists of an upfront cash payment and a contingent milestone-based structure under which the majority of the potential
consideration is tied to future regulatory and commercial achievements. The transaction will be financed through existing credit facilities.
Closing of the transaction is subject to customary closing conditions and requisite Uromedica shareholder approval and is anticipated in
February 2025/26. After closing conditions are met and Uromedica shareholder approval, Uromedica activities will be fully controlled and
owned by Coloplast.
Refinancing
In January 2026, Coloplast refinanced its EUR 800 million credit facility (RCF). The facility retains its existing terms and conditions and now
matures in January 2029. The structure remains a standard RCF.
Announcement no. 1/2026 | 6 February 2026
25
Income statement, quarterly
Unaudited
Consolidated 2025/26 2024/25
DKK million Q1 Q4 Q3 Q2 Q1
Revenue 7,043 6,960 6,958 6,930 7,026
Production costs -2,308 -2,198 -2,253 -2,202 -2,276
Gross profit 4,735 4,762 4,705 4,728 4,750
Distribution costs -2,320 -2,252 -2,243 -2,326 -2,329
Administrative expenses -324 -340 -335 -300 -295
Research and development costs -247 -249 -239 -239 -219
Other operating income 11 70 38 38 13
Other operating expenses -5 -39 -11 -10 -8
Operating profit (EBIT) before special items 1,850 1,952 1,915 1,891 1,912
Special items -35 -228 -83 -84 -74
Operating profit (EBIT) 1,815 1,724 1,832 1,807 1,838
Financial income 166 23 -75 -41 200
Financial expenses -190 -192 -415 -275 -269
Profit before tax 1,791 1,555 1,342 1,491 1,769
Tax on profit for the period -394 -680 -537 -579 -725
Net profit for the period 1,397 875 805 912 1,044
DKK
Earnings per share (EPS) before special items 6.32 4.67 3.86 4.34 4.89
Earnings per share (EPS) 6.20 3.88 3.57 4.05 4.63
Earnings per share (EPS) before special items, diluted 6.32 4.67 3.86 4.34 4.89
Earnings per share (EPS), diluted 6.20 3.88 3.57 4.05 4.63
Announcement no. 1/2026 | 6 February 2026
26
Our mission
Making life easier for people
with intimate health care needs
Our values
Closeness… to better understand
Passion… to make a difference
Respect and responsibility… to guide us
Our vision
Setting the global standard
for listening and responding
For further information, please contact
Investors and analysts Press and media Address
Anders Lonning-Skovgaard Peter Mønster Coloplast A/S
Executive Vice President, CFO Head of Media Relations & Corporate Content Holtedam 1
+45 4911 1111 +45 4911 2623 DK -3050 Humlebaek
Kristine Husted Munk Company reg. (CVR) no. 69 74 99 17
Senior Director, Investor Relations
+45 4911 1800 / +45 4911 3266 Website
Simone Dyrby Helvind
Senior Manager, Investor Relations
+45 4911 1800 / +45 4911 2981
This announcement is available in a Danish and an English-language version. In the event of discrepancies, the English version shall prevail.
The Coloplast story begins back in 1954. Elise Sørensen is a nurse. Her sister Thora has just had an ostomy
operation and is afraid to go out in public, fearing that her stoma might leak. Listening to her sister’s problems, Elise
conceives the idea of the world’s first adhesive ostomy bag.
Based on Elise’s idea, Aage Louis-Hansen, a civil engineer and plastics manufacturer, and his wife Johanne Louis-
Hansen, a trained nurse, created the ostomy bag. A bag that does not leak, giving Thora – and thousands of people
like her – the chance to live the life they want.
A simple solution that makes a difference.
Today, the Coloplast Group develops products and services that help millions of people live more independent lives
through solutions tailored to their needs. Globally , our business areas include Ostomy Care, Continence Care, Voice
The Coloplast logo is a
registered trademark of
Coloplast A/S
©
2026-02
All rights reserved Coloplast A/S,
3050 Humlebaek, Denmark
Announcement no. 1/2026 | 6 February 2026
27