XCSE:COLO-B ESEF Annual Report
COLOPLAST A/S (XCSE:COLO-B)
ESEF Annual Report
2026-09-02
For: 2026-06-30
View Original
Added on
September 18, 2026
2025/26
Interim financial results, 9M 2025/26
1 October 2025 - 30 June 2026
Coloplast delivered Q3 organic growth of 6% and 5% EBIT growth
1
in constant currencies. Strong quarter in
both Chronic Care ex. China and Interventional Urology; continued reimbursement-related challenges in
Biologics. Reported revenue in DKK also grew 6%, as currencies had a net neutral impact. Return on invested
capital after tax before special items was 15%.
• Organic growth rates by business area: Ostomy Care 5%, Continence Care 8%, Voice & Respiratory Care 6%, Wound & Tissue Repair 3%,
and Interventional Urology 7%.
• Strong quarter in Ostomy Care ex. China, with strong double-digit growth in the US and solid performance in Europe and Emerging
markets ex. China.
• Strong quarter in Continence Care, with double-digit growth in the US and solid growth in Europe, driven by Luja.
• Solid quarter in Voice & Respiratory Care, with strong growth in Laryngectomy and softer quarter in Tracheostomy.
• Challenging quarter in Biologics with 6% sales decline and -5% EBIT margin before PPA amortisation, due to the reimbursement change.
• Advanced Wound Dressings grew 4%: good momentum in the US and positive impact from phasing in Germany and the Middle East,
partly offset by the China product return.
• Continued strong momentum in Interventional Urology, driven by the US Men’s Health business.
• EBIT
1,2
was DKK 1,929 million. EBIT
1,2
in constant currencies increased 5% compared to last year, while reported EBIT
1,2
increased 1%
from last year. The EBIT margin
1,2
was 26%, against 28% last year, and includes around 110 basis points negative impact from
currencies and around 60 basis points negative impact from Kerecis.
9M 2025/26 organic growth of 6% and 5% EBIT growth
1
in constant currencies. Reported revenue in DKK
grew 3%, reflecting 3%-points negative impact from currencies.
• Organic growth rates by business area: Ostomy Care 5%, Continence Care 7%, Voice & Respiratory Care 7%, Wound & Tissue Repair 2%,
and Interventional Urology 8%.
• EBIT
1,2
was DKK 5,599 million. EBIT
1,2
in constant currencies increased 5% compared to last year, while reported EBIT
1,2
decreased 2%
from last year. The EBIT margin
1,2
was 26%, against 27% last year, reflecting around 90 basis points negative impact from currencies
and around 50 basis points negative impact from Kerecis.
• Net profit before special items was DKK 4,289 million, or a DKK 510 million increase from last year (adjusted for the non-recurring tax
impact last year), positively impacted by lower net financial items due to gains on exchange rate adjustments, as expected. Adjusted
diluted EPS before special items increased by 14%.
• The free cash flow-to-sales ratio was 20% vs. 16% last year
3
, reflecting favourable development in working capital and lower net
financial items, partly offset by higher capital expenditures.
• Return on invested capital after tax before special items was 15%, on par with last year adjusted
4
.
Unchanged FY 2025/26 guidance: Organic revenue growth expected at 5-6%, EBIT growth in constant
currencies at around 5%
5
. Return on invested capital after tax before special items expected around 15%
.
• For organic revenue growth we expect continued good momentum in Chronic Care ex. China and high single-digit growth in
Interventional Urology.
• Kerecis is expected to deliver around 0% organic growth and around 0% EBIT margin.
• Reported revenue growth in DKK is expected at around 3%, with 2-3%-points negative impact from currencies.
• Capex-to-sales ratio expected around 5%. The effective tax rate is expected around 22%.
• Special items is expected around DKK 3.1 billion, reflecting the DKK 3 billion Kerecis impairment loss.
”We deliver a strong Q3 result with 6% organic growth and 5% EBIT growth, which means that we continue to help more and more people
with intimate healthcare needs live better lives. My first 100 days have reinforced my conviction that Coloplast is a fundamentally strong
company, operating in attractive markets, where we hold leadership positions and see significant growth opportunities. What stands out to
me is the strength of our Chronic Care business, the significant untapped potential in the US, and the quality of our people. Today, I am
sharing the priorities that I believe will be most important to driving long-term value creation” says Gavin Wood, President & CEO.
Announcement no. 07/2026 | 18 August 2026
Conference call
Coloplast will host a conference call on Tuesday, 18 August 2026 at 11.00 am CEST. 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 – 9M 2025/26 Earnings release conference call
1. Before special items of DKK -18 million in Q3 2025/26 and DKK -3,078 million in 9M 2025/26. 2. Before special items of DKK -83 million in Q3 2024/25 and DKK -241 million in
9M 2024/25. 3. Excluding impact from the Uromedica acquisition this year and the Skin Care divestment last year. 4. Last year adjusted for the impact from the Kerecis IP transfer. 5.
Before special items expenses of around DKK 3.1 billion in FY 2025/26.
Financial highlights and key ratios
1 October 2025 - 30 June 2026, unaudited
Consolidated 2025/26 2024/25 2025/26 2024/25
9 mths 9 mths Change Q3 Q3 Change
Income statement, DKK million
Revenue 21,482 20,914 3 % 7,355 6,958 6 %
Research and development costs -782 -697 12 % -281 -239 17 %
Operating profit before interest, tax, depr. and amort. (EBITDA)
before special items 6,656 6,733 -1 % 2,291 2,258 1 %
Operating profit before interest, taxes and amortization (EBITA)
before special items 5,978 6,087 -2 % 2,057 2,040 1 %
Operating profit (EBIT) before special items 5,599 5,718 -2 % 1,929 1,915 1 %
Special items, net -3,078 -241 N/A -18 -83 -78 %
Operating profit (EBIT) 2,521 5,477 -54 % 1,911 1,832 4 %
Net financial income and expenses -100 -875 -89 % -37 -490 -92 %
Profit before tax 2,421 4,602 -47 % 1,874 1,342 40 %
Net profit for the period 1,888 2,761 -32 % 1,462 805 82 %
Revenue growth, %
Period growth in revenue, % 3 4 6 1
Growth break down:
Organic growth, % 6 7 6 7
Currency effect, % -3 -2 0 -5
Acquired operations, % 0 – 0 –
Divested operations, % 0 -1 0 -1
Balance sheet, DKK million
Total assets 46,938 47,880 -2 % 46,938 47,880 -2 %
Capital invested 37,308 40,891 -9 % 37,308 40,891 -9 %
Net interest-bearing debt (NIBD) 22,986 23,490 -2 % 22,986 23,490 -2 %
Equity end of period 13,367 16,448 -19 % 13,367 16,448 -19 %
Cash flow and investments, DKK million
Cash flows from operating activities 5,409 4,380 23 % 1,711 1,631 5 %
Cash flows from investing activities -1,316 -861 53 % -292 -419 -30 %
Investments in property, plant and equipment -1,036 -938 10 % -259 -380 -32 %
Free cash flow 4,093 3,519 16 % 1,418 1,212 17 %
Cash flows from financing activities -4,256 -3,543 20 % -1,680 -1,183 42 %
Key ratios
Average number of employees, FTEs 17,213 16,814 17,390 16,916
Operating margin (EBIT margin) before special items, % 26 27 26 28
Operating margin (EBIT margin), % 12 26 26 26
Operating margin before interest, tax, depr. and amort.,
(EBITDA margin), % 31 31 31 31
Gearing ratio, NIBD/EBITDA before special items 2.6 2.6
Return on average invested capital before tax (ROIC), %
1
⁾ 19 19 20 19
Return on average invested capital after tax (ROIC), %
1
⁾ 15 11 15 11
Return on equity, % 18 22 45 19
Equity ratio, % 28 34 28 34
Net asset value per outstanding share, DKK 59 73 -19 % 59 73 -19 %
Share data
Share price, DKK 372 602 -38 % 372 602 -38 %
Share price/net asset value per share 6.3 8.2 -24 % 6.3 8.2 -24 %
Average number of outstanding shares, millions 225.2 225.4 0 % 225.2 225.4 0 %
PE, price/earnings ratio 33.3 36.8 -10 % 14.3 42.1 -66 %
Earnings per share (EPS), diluted 8.38 12.25 -32 % 6.49 3.57 82 %
Earnings per share (EPS) before special items, diluted 19.03 13.09 45 % 6.55 3.86 70 %
Free cash flow per share 18.2 15.6 16 % 6.3 5.4 17 %
Announcement no. 07/2026 | 18 August 2026
2
¹⁾ Before special items. After special items, ROIC before tax was 9% (2024/25: 18%), and ROIC after tax was 7% (2024/25: 11%).
Sales performance
Organic growth in the first nine months of 2025/26 was 6%. Reported revenue in DKK grew 3% to DKK 21,482 million. Exchange rate
developments decreased revenue by 3%, mainly related to the depreciation of the USD, GBP, and a basket of Emerging markets currencies
against the DKK. The skin care divestment (two months impact) and the Uromedica acquisition (five months impact) had a broadly neutral
impact on the reported revenue.
Organic growth in Q3 was 6%. Reported revenue in DKK also grew 6% to DKK 7,355 million, as exchange rate developments had a net neutral
impact on reported revenue and the Uromedica acquisition had a small positive impact (three months impact).
Sales performance by business areas*
DKK million Growth composition (9 mths)
2025/26 2024/25 Organic Inorganic Exchange Reported
(9 mths) (9 mths) growth rates growth
Chronic Care
Ostomy Care 7,599 7,415 5 % – -3 % 2 %
Continence Care 6,989 6,672 7 % – -3 % 5 %
Voice & Respiratory Care 1,788 1,706 7 % – -2 % 5 %
Acute Care
Wound & Tissue Repair 2,894 3,004 2 % -2 % -3 % -4 %
Interventional Urology 2,212 2,117 8 % 1 % -4 % 4 %
Revenue 21,482 20,914 6 % 0 % -3 % 3 %
DKK million Growth composition (Q3)
2025/26 2024/25 Organic Inorganic Exchange Reported
(Q3) (Q3) growth rates growth
Chronic Care
Ostomy Care 2,589 2,477 5 % – 0 % 4 %
Continence Care 2,401 2,233 8 % – 0 % 8 %
Voice & Respiratory Care 607 580 6 % – -1 % 5 %
Acute Care
Wound & Tissue Repair 999 969 3 % – 0 % 3 %
Interventional Urology 759 699 7 % 3 % -1 % 8 %
Revenue 7,355 6,958 6 % 0 % 0 % 6 %
Sales performance by region*
DKK million Growth composition (9 mths)
2025/26 2024/25 Organic Inorganic Exchange Reported
(9 mths) (9 mths) growth rates growth
European markets 12,119 11,535 6 % – -1 % 5 %
Other developed markets 5,868 5,912 7 % -1 % -7 % -1 %
Emerging markets 3,495 3,467 3 % – -2 % 1 %
Revenue 21,482 20,914 6 % 0 % -3 % 3 %
DKK million Growth composition (Q3)
2025/26 2024/25 Organic Inorganic Exchange Reported
(Q3) (Q3) growth rates growth
European markets 4,146 3,920 6 % – 0 % 6 %
Other developed markets 2,034 1,901 9 % 1 % -3 % 7 %
Emerging markets 1,175 1,137 0 % – 3 % 3 %
Revenue 7,355 6,958 6 % 0 % 0 % 6 %
Announcement no. 07/2026 | 18 August 2026
3
* The sum of organic growth, divested operations and exchange rates might not match total reported growth due to rounding of numbers.
Ostomy Care
Ostomy Care generated 5% organic sales
growth for the first nine months of
2025/26, with reported revenue in DKK
growing by 2% to DKK 7,599 million.
Across Europe, US and Emerging
markets ex. China, Ostomy Care
continued the strong performance and
delivered 6% organic growth.
Growth in Europe was driven by the UK,
Germany and Italy. The US posted strong
growth, reflecting a continuation of the
positive momentum, while growth in
Emerging markets was driven by LATAM.
A new sales channel strategy in China led
to a significant inventory reduction in Q3,
improving China channel economics, but
resulting in a temporary negative impact
on the growth momentum.
From a product perspective, the SenSura
Mio portfolio was the main contributor to
growth, with good performance across
the product range. Within the SenSura
Mio portfolio, Convex was the main
growth contributor driven by Europe (led
by the UK, Germany and Italy) and the US.
The SenSura and Assura/Alterna
portfolios continued to contribute to
growth in Emerging markets ex. China.
The Brava range of supporting products
delivered strong, broad-based growth,
including strong contribution from the
US.
Our latest innovation continues to
perform strongly. The SenSura Mio black
bags launch remains significantly ahead
of forecast and the new 2-piece click
coupling is lifting momentum in the 2-
piece click business. We continue to
strengthen the portfolio with further
variants expected to launch in H1
2026/27.
Q3 organic growth was 5%, and reported
revenue in DKK increased by 4% to DKK
2,589 million.
Ostomy Care excluding China delivered a
strong quarter, with organic growth of
7% in Q3.
Growth was broad-based across regions
ex. China. In Europe, the UK, Italy, and
Germany were the main growth
contributors. In the US, growth was
strong double-digit, reflecting a
continuation of the strong underlying
momentum from H1. Emerging markets
ex. China also delivered strong growth,
driven by LATAM.
In China, sales declined significantly due
to the aforementioned inventory
reduction. The underlying performance in
China continued to be impacted by the
continued weak consumer sentiment and
competitive pressures from domestic
players in the community channel.
The SenSura Mio portfolio was the main
contributor to growth in Q3, followed by
the Brava range of supporting products.
At the product level, SenSura Mio Convex
was the main growth contributor, driven
by the US and Europe, especially the UK,
Italy, and Germany. The SenSura and
Assura/Alterna portfolios also
contributed to growth in Emerging
markets ex. China. Revenue growth in the
Brava range of supporting products was
broad-based across regions, with
particularly strong contribution from the
US.
Announcement no. 07/2026 | 18 August 2026
4
2.6 billion
Reported revenue
in DKK for Q3
2025/26
5%
5%
9M 2025/26
Q3 2025/26
Organic growth
5%
2%
Organic growth
Exchange rates
Reported growth
Reported growth
2%
4%
9M 2025/26
Q3 2025/26
9M
Growth compo-
sition (9 mths)
-3%
Chronic Care
Continence Care
Continence Care generated 7% organic
sales growth for the first nine months of
2025/26, with reported revenue in DKK
growing by 5% to DKK 6,989 million.
In Intermittent catheters, the largest
business in Continence Care, Luja was
the main growth contributor, driven by
both the male and female catheter in
Europe (most notably France, the UK 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 standard and flexible catheters,
in particularly the US and LATAM.
Within the smaller business Bowel Care
and Collecting Devices, 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 growth in the first nine months.
From a geographical perspective, growth
was driven by Europe, with solid
contribution from the UK, France, and
Germany, as well as the US. Growth in
Emerging markets was negatively
impacted by order phasing. Markets with
recent reimbursement openings, such as
Australia and Poland, continued to
perform well and posted double-digit
growth.
Q3 organic growth was 8% and reported
revenue in DKK increased by 8% to DKK
2,401 million.
The Luja portfolio was the main growth
contributor in the quarter, driven by solid
contribution from Europe, especially the
UK and France, as well as the US. Both the
male and female catheter continued to
perform well and made a solid
contribution to growth. Since launch, Luja
male has been a key contributor to
sustained high single-digit growth in the
male catheter business, while Luja
female has accelerated growth in the
female business to high single-digit, from
mid-single digit pre-launch. The
SpeediCath portfolio also contributed to
growth, driven by the standard and
flexible catheters in primarily the US and
LATAM.
Bowel Care continued its good
momentum with strong double-digit
growth in the quarter, driven by the
Peristeen portfolio in Europe, while
Collecting Devices delivered negative
growth.
From a geographical perspective, growth
was driven by the US and Europe, led by
the UK, France, and Germany. The US
posted strong double-digit growth, with
strong contribution from Luja and
positive impact from order phasing
between Q3 and Q4. Growth in Emerging
markets was negatively impacted by
order phasing between Q3 and Q4.
Announcement no. 07/2026 | 18 August 2026
5
2.4 billion
Reported revenue
in DKK for Q3
2025/26
7%
8%
9M 2025/26
Q3 2025/26
Organic growth
7%
5%
Organic growth
Exchange rates
Reported growth
Reported growth
5%
8%
9M 2025/26
Q3 2025/26
9M
Growth compo-
sition (9 mths)
-3%
Chronic Care
Voice & Respiratory Care
Voice & Respiratory Care generated 7%
organic sales growth for the first nine
months of 2025/26, with reported
revenue in DKK growing by 5% to DKK
1,788 million.
Laryngectomy, the largest business in
Voice & Respiratory Care, delivered high
single-digit growth in the first nine
months 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, the smaller business in
Voice & Respiratory Care, delivered mid
single-digit growth.
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.
Organic growth in Q3 was 6% and
reported revenue in DKK increased by 5%
to DKK 607 million.
Growth in Laryngectomy was high single-
digit and continued to be driven by
growth in patients served in existing and
new markets, as well as an increase in
patient value driven by the Provox Life
portfolio.
Tracheostomy had a softer quarter with
low single-digit growth, partly due to
order phasing in distributor markets, with
orders now expected to shift into Q4.
From a geographical perspective, all
regions contributed to growth, driven by
Europe and the US. Emerging markets
continued to be the fastest growing
region.
Announcement no. 07/2026 | 18 August 2026
6
0.6 billion
Reported revenue
in DKK for Q3
2025/26
7%
6%
9M 2025/26
Q3 2025/26
Organic growth
7%
5%
Organic growth
Exchange rates
Reported growth
Reported growth
5%
5%
9M 2025/26
Q3 2025/26
9M
Growth compo-
sition (9 mths)
-2%
Chronic Care
Wound & Tissue Repair
Wound & Tissue Repair generated 2%
organic sales growth for the first nine
months of 2025/26. Reported revenue
was DKK 2,894 million, a 4% decrease
from last year, with 2%-points negative
impact from the Skin Care divestment
(two months impact).
In Advanced Wound Dressings, the
largest business in Wound & Tissue
Repair, growth was flat at 0% for the first
nine months of 2025/26. Strong growth
in the US and positive impact from tender
phasing in the Middle East was offset by
the product return in China, initiated in
Q3 last year.
From a product perspective, Biatain®
Superabsorber was the main growth
contributor.
Revenue from Biologics, the second
largest business, amounted to DKK 865
million in the first nine months of
2025/26 with organic growth of 1%,
impacted by the significant sales
disruption from the Medicare
reimbursement change in the out-patient
setting.
From a product perspective, SurgiClose®
was the main growth contributor.
The contract manufacturing business,
the smallest business, posted double-
digit growth, positively impacted by
phasing between Q3 and Q4.
Wound & Tissue Repair posted 3%
organic growth in Q3, while reported
revenue in DKK increased 3% to DKK 999
million.
In Advanced Wound Dressings, sales
increased 4% in Q3, driven by strong
momentum in the US and phasing in
Germany and the Middle East, partly
offset by China. China detracted from
growth due to the aforementioned
product return.
Q3 revenue from Biologics amounted to
DKK 274 million. Organic growth
declined 6%, reflecting negative impact
from the aforementioned
reimbursement change.
In July, the Centers for Medicare &
Medicaid Services (CMS) published a
proposed rule in which the fixed
reimbursement rate for skin substitutes
in the Medicare out-patient setting is
maintained at USD 127/cm2 for 2027
1
.
The proposed rule is expected to have
neutral impact on our Biologics business.
From a product perspective, Biatain®
Superabsorber in Advanced Wound
Dressings and SurgiClose® in Biologics
were the main growth contributors.
Announcement no. 07/2026 | 18 August 2026
7
1.0 billion
Reported revenue
in DKK for Q3
2025/26
2%
3%
9M 2025/26 Q3 2025/26
Organic growth
Reported growth
-4%
3%
9M 2025/26
Q3 2025/26
-2%
2%
Organic growth
Divested operations
Exchange rates
Reported growth
9M
Growth compo-
sition (9 mths)
-3%
-2%
-4%
Acute Care
1 Department of Health and Human Services, Centers for Medicare & Medicaid Services, 42 CFR Parts 413, 416, 419, 427, and 488. [CMS-1850-P]. RIN 0938-AV83.
-3%
Interventional Urology
Interventional Urology generated 8%
organic sales growth for the first nine
months of 2025/26, with reported
revenue in DKK growing by 4% to DKK
2,212 million.
The Men’s Health business grew double-
digit and was the main growth
contributor in the first nine months of
2025/26, driven by the US. Our flagship
product within Men’s Health, the Titan
Inflatable Penile Prosthesis (IPP),
continued to perform well, with the
patient funnel positively impacted by our
patient support programme targeted at
prospective patients.
In Kidney & Bladder Health, growth
reflected an easier baseline from the
voluntary product recall initiated in Q1
last year, as well as contribution from the
Coloplast TFL Drive Thulium Fiber Laser.
The Women’s Health business delivered a
modest contribution to growth.
From a geographical perspective, the US
was the main growth contributor, while
Europe also contributed nicely to growth.
Q3 organic growth was 7% and reported
revenue in DKK increased by 8% to DKK
759 million.
Growth in Q3 was mainly driven by the
Men’s Health business in the US, which
delivered double-digit growth, driven by
the Titan IPP. In June 2026, Coloplast
received FDA approval for Titan Prime
IPP in the US, Coloplast’s next-generation
IPP. The product is expected to launch
within the coming months, with the
innovation expected to support Men’s
Health growth in the Impact4 period
1
.
Performance in Uromedica (the company
acquired in February 2026 and the latest
addition to the Men’s Health portfolio)
was likewise strong, with revenues
exceeding expectations. The acquisition
continues to be well received by our
existing Men’s Health customers, further
strengthening our portfolio with a highly
complementary product offering.
In Kidney & Bladder Health, growth was
driven mainly by an easier baseline from
the voluntary product recall last year.
From a geographical perspective, the US
continued to be the main growth
contributor, followed by Europe.
Intibia, Coloplast's implantable tibial
nerve stimulatory system for urge
urinary incontinence
2
, demonstrated
significant quality-of-life benefits versus
sham treatment, sustained through 12
months
3
. Following PMA submission in
Q1 2025/26, US launch is now expected
at the beginning of 2027/28 due to the
currently anticipated FDA review timing.
Primary study results are expected to be
published following completion of the
review.
Announcement no. 07/2026 | 18 August 2026
8
0.8 billion
Reported revenue
in DKK for Q3
2025/26
8%
7%
9M 2025/26
Q3 2025/26
Organic growth
8%
4%
Organic growth
Acquisition operations
Exchange rates
Reported growth
Reported growth
4%
8%
9M 2025/26
Q3 2025/26
9M
Growth compo-
sition (9 mths)
1%
Acute Care
-4%
1. Coloplast’s Next Generation Inflatable Penile Prosthesis Approved by the FDA – can help millions of men.
2. Investigational device currently under development. Not cleared or approved for sale in U.S. or any market.
3. Randomized, Sham-Controlled, Double-Blind Trial of the Intibia System in Urge Urinary Incontinence: Quality-of-Life Outcome
Earnings
Gross profit
Gross profit was DKK 14,360 million,
compared to DKK 14,183 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 90 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. The negative impact was
partly offset by lower inflation on freight
compared to last year.
In Q3, gross profit was DKK 4,908 million,
corresponding to a Q3 gross margin of
67% compared to 68% for the same
period last year. The Q3 gross margin
was impacted by the above-mentioned
drivers and around 150 basis points
negative impact from currencies. The
conflict in the Middle East did not have
any material impact on the gross margin
in Q3.
Costs
Operating expenses amounted to DKK
8,761 million, a DKK 296 million (3%)
increase from last year.
Operating expenses in Q3 amounted to
DKK 2,979 million, a DKK 189 million
(7%) increase from last year.
Distribution costs amounted to DKK
7,069 million, a DKK 171 million (2%)
increase from DKK 6,898 million last
year. The increase reflects Kerecis one-
off costs in Q1, lower sales costs in China
(following the organisational
restructuring last year), and lower logistic
costs (due to one-off costs last year
related to the new US distribution centre).
The development in distribution costs
was also positively impacted by the
depreciation of the USD against the DKK.
Distribution costs amounted to 33% of
revenue, on par with last year.
In Q3, distribution costs amounted to
DKK 2,400 million, or 33% of revenue, a
similar level to Q3 last year.
Administrative expenses amounted to
DKK 964 million, up DKK 34 million (4%)
from DKK 930 million last year, and
includes around DKK 15 million in one-
off advisory costs incurred by Kerecis in
Q1 in connection with the recent CMS
regulatory changes in the US out-patient
setting. Administrative expenses
accounted for 4% of revenue, on par with
last year.
The Q3 administrative expenses
amounted to DKK 323 million or 4% of
revenue, against 5% last year.
The R&D costs were DKK 782 million,
compared to DKK 697 million last year, a
DKK 85 million (12%) increase. The
increase was driven by higher activity
levels in Chronic Care and Kerecis. R&D
costs amounted to 4% of revenue,
compared to 3% last year.
The Q3 R&D costs amounted to DKK 281
million, or 4% of revenue, compared to
3% last year.
Other operating income and other
operating expenses amounted to a net
income of DKK 54 million against a net
income of DKK 60 million last year.
Operating profit before interest, tax,
depreciation and amortisation (EBITDA)
and before special items
EBITDA before special items amounted to
DKK 6,656 million, a DKK 77 million (1%)
decrease from DKK 6,733 million last
year. The EBITDA margin before special
items was 31%, compared to 32% last
year.
In Q3, EBITDA before special items was
DKK 2,291 million, a DKK 33 million (1%)
increase from Q3 last year. The EBITDA
margin before special items was 31% in
Q3, down from 32% last year.
Operating profit (EBIT) before special
items
EBIT before special items amounted to
DKK 5,599 million, a DKK 119 million
(2%) decrease from DKK 5,718 million
last year. The EBIT margin before special
items was 26%, compared with 27% last
year, reflecting around 90 basis points
negative impact from currencies (mostly
related to the depreciation of the USD,
Announcement no. 07/2026 | 18 August 2026
9
Income statement, DKK millions 2025/26 Index
Revenue 21,482 103
Production costs -7,122 106
Gross profit 14,360 101
Distribution costs -7,069 102
Administrative expenses -964 104
Research and development costs -782 112
Other operating income 80 90
Other operating expenses -26 91
Operating profit (EBIT) before special items 5,599 98
Special items -3,078 N/A
Operating profit (EBIT) 2,521 46
Financial income 484 575
Financial expenses -584 61
Profit before tax 2,421 53
Tax on profit for the period -533 29
Net profit for the period 1,888 68
GBP, and a basket of Emerging markets
currencies against the DKK, as well as
appreciation of the HUF against the DKK)
and around 50 basis points negative
impact from Kerecis. In constant
currencies, EBIT grew 5% compared to
last year.
In Q3, EBIT before special items was DKK
1,929 million, a DKK 14 million (1%)
increase from last year. The EBIT margin
before special items was 26% in Q3,
against 28% last year, and included
around 110 basis points negative impact
from currencies and around 60 basis
points negative impact from Kerecis. In
constant currencies, EBIT grew 5%
compared to last year.
Special items
Coloplast incurred special items
expenses of DKK 3,078 million in the first
nine months of the year, of which DKK
3,000 million relates to the recognition
of Kerecis impairment loss as a result of
the sales disruption from the Medicare
reimbursement change in the out-patient
setting and the slower market recovery
now anticipated. Furthermore DKK 60
million was incurred in integration costs
related to Atos Medical and Kerecis, and
DKK 18 million in acquisition costs
related to Uromedica.
Special items in Q3 amounted to DKK 18
million, with DKK 15 million related to
integration activities and DKK 3 million in
acquisition-related costs.
Operating profit (EBIT) after special
items
EBIT after special items was DKK 2,521
million, a DKK 2,956 million (54%)
decrease from last year. The EBIT margin
after special items was 12%, compared
to 26% last year.
The Q3 EBIT after special items was DKK
1,911 million, a DKK 79 million (4%)
increase from last year, with an EBIT
margin of 26%.
Financial items and tax
Financial items were a net expense of
DKK 100 million against a net expense of
DKK 875 million last year.
The net expense included interest
expenses of DKK 472 million, compared
to DKK 566 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, of which
DKK 290 million were gains on balance
sheet items, mostly related to the USD,
CRC and HUF, and DKK 119 million were
realised gains on cash flow hedges,
mostly related to the USD and HUF.
The Q3 financial items were a net
expense of DKK 37 million compared to a
net expense of DKK 490 million in the
same period last year. The lower expense
this year was mainly driven by gains on
balance sheet items (mostly related to
the USD, CRC and HUF), compared with
losses on balance sheet items in Q3 last
year.
The tax expense in the first nine months
of 2025/26 was DKK 533 million,
compared to an ordinary tax expense of
DKK 1,012 million last year and a total
tax expense of DKK 1,841 million last
year (the total tax expense last year
included a non-recurring expense of DKK
829 million related to the transfer of
Kerecis’ Intellectual Property (IP) from
Iceland to Denmark, consistent with
Coloplast’s operating model). The tax
rate was 22%, on par with the ordinary
tax rate last year.
Net profit
Net profit before special items was DKK
4,289 million, a DKK 1,339 increase from
2,949 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 19.03, or a 45% increase from last
year.
Adjusted for the non-recurring tax
impact last year, net profit before special
items increased DKK 510 million and
adjusted diluted EPS before special items
increased by 14%.
Net profit after special items was DKK
1,888 million and diluted EPS after
special items were DKK 8.38.
The Q3 net profit before special items
amounted to DKK 1,476 million, against
DKK 870 million last year. The diluted Q3
earnings per share (EPS) before special
items were DKK 6.55.
Adjusted for the non-recurring tax
impact in Q3 last year, the adjusted net
profit before special items increased DKK
364 million, and adjusted diluted EPS
before special items increased by 33%.
The Q3 net profit after special items was
DKK 1,462 million and diluted earnings
per share (EPS) after special items were
DKK 6.49.
Announcement no. 07/2026 | 18 August 2026
10
Cash flows and
investments
Cash flows from operating activities
Cash flows from operating activities
amounted to an inflow of DKK 5,409
million, against an inflow of DKK 4,380
million last year. The positive
development in cash flows from
operating activities was mostly driven by
changes in working capital, in particular
due to improved trade receivables. Lower
net financial items also had a positive
impact on cash flows, while higher
income tax paid had a negative impact.
Investments
Net investments amounted to DKK 1,316
million in the first nine months of
2025/26, compared with DKK 861
million last year. The increase reflects
higher capital expenditures and impact
from the acquisition of Uromedica (DKK
139 million). The increase also reflects a
low baseline, due to the divestment of the
Skin Care business last year (DKK 192
million).
Capital expenditures amounted to DKK
1,159 million in the first nine months of
2025/26, or 5% of revenue, on par with
last year. Capital expenditures related to
the new manufacturing site in Portugal
(on track to be operational in Q4
2025/26) comprised 1% of revenue.
Innovation capex likewise comprised 1%
of revenue.
Free cash flow
As a result, the free cash flow was an
inflow of DKK 4,093 million, compared to
an inflow of DKK 3,519 million last year,
or a 16% increase.
Excluding acquisition costs this year and
benefit from the divestment last year, the
free cash flow increased 27% in the first
nine months of 2025/26.
The free cash flow-to-sales ratio was
20%, compared to 16% last year
(excluding acquisition costs this year and
benefit from the divestment last year).
Capital resources
At 30 June 2026, Coloplast had net
interest-bearing debt of DKK 22,986
million, against DKK 21,692 million at 30
September 2025. The gearing ratio at
the end of the period was 2.6x EBITDA
(before special items).
Statement of
financial position
and equity
Balance sheet
At 30 June 2026, total assets amounted
to DKK 46,938 million, a decrease of DKK
1,429 million compared to 30 September
2025.
Working capital was 26% of revenue, on
par with 30 September 2025. Inventories
increased by DKK 212 million to DKK
4,131 million, trade payables increased
by DKK 39 million to DKK 1,363 million
and trade receivables increased by DKK 9
million to DKK 4,667 million.
The working capital-to-sales ratio for the
financial year 2025/26 is still 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 2.8 billion to
DKK 13,367 million, compared to 30
September 2025. Total comprehensive
income for the period of DKK 2,399
million and share-based remuneration of
DKK 71 million were offset by payment of
dividends of DKK 5,184 million.
Treasury shares
At 30 June 2026, Coloplast’s holding of
treasury shares consisted of 2,831,862 B
shares, which was 1,342 less than 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. 07/2026 | 18 August 2026
11
Update on sustainability strategy and performance
9M 9M FY
Priority Unit Impact4 ambition 2025/26 2024/25 Change 2024/25
Net Zero by 2045
Scope 1 and 2 emissions
1) 2)
% reduction 90% reduction by 2030 38 % 33 % 5%-p 41 %
Renewable energy use
3)
% of total 100% 88 % 87 % 1%-p 69 %
Electric company cars
4)
% of total 100% by 2030 – – – 16 %
Scope 3 emissions
2) 4)
% reduction per product 10% reduction by 2030 – – – -10 %
Business travel by air
4)
% reduction 10% reduction – – – 61 %
Goods transported by air
4)
% of total < 5% of total – – – 3 %
Positively impact people
Users & HCPs
5)
Numbers of markets Reimbursement improve-
ments in 5 markets
– – – –
Lost time injury frequency
6)
Parts per million 1.5 by 2030 1.9 1.7 0.2 1.7
Code of Conduct training
4)
% of white collars 100% – – – 99 %
Diversity in leadership
7)
% of total 40% by 2030 27 % – – 26 %
Employee satisfaction
8)
Engagement score Above benchmark
9)
78 % – – –
All measurements reported above are
consistent with the definition per E1-5 in
CSRD. Comparison figures for 9M
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 38% in 9M 2025/26,
compared to the base year 2018/19, a
notable improvement compared to last
year at 33%. The reduction in absolute
scope 1 and 2 emissions was positively
impacted by the continued phase-out of
natural gas and energy efficiency
improvements.
Renewable energy use increased to 88%
of the total energy use in 9M 2025/26,
compared to 87% last year, driven by the
above-mentioned drivers.
Coloplast has initiated several renewable
energy projects, expected to materialise
during the Impact4 strategic period.
Lost time injury frequency
The lost time injury (LTI) frequency in 9M
2025/26 was 1.9 ppm, compared to 1.7
ppm last year.
Coloplast continues to work on reducing
LTIs and have set activities in motion to
ensure a safe work environment for all
employees.
Employee engagement survey
Coloplast’s annual employee survey
conducted in May showed a high
level of employee satisfaction with an
engagement score of 78%, above
industry benchmark
9
.
ESG Ratings
Sustainalytics ranking 2026
Coloplast received Sustainalytics
ranking of 17.1, and hence maintains a
‘low risk’ score.
Announcement no. 07/2026 | 18 August 2026
12
1) 9M 24/25 Scope 1&2 numbers changed due to restatement of base year. 2) From base year 2018/19. 3) Energy consumption of sites, excluding cars. 4) Metric will only be reported on a
semi-annual or full-year basis. 5) New Sustainability target under Impact4. FY 2025/26 is the first reporting year, disclosed at year-end. 6) Four quarters rolling average. 7) Continuation of
the former target ‘Female senior leaders (VP+ level)’. 8) New methodology for the employee engagement survey; results are incomparable to prior periods. 9) Industry benchmark of 74% (top
50% - Healthcare).
Other matters
CEO's first 100 days: priorities for the
next phase of Impact4
Following the CEO transition on May 1,
President & CEO Gavin Wood has spent
his first 100 days close to the business,
developing a perspective on the
opportunities, priorities and choices that
will be central to driving long-term value
creation. Five priorities stand out:
1) Sustain the strength and power of
Chronic Care
Chronic Care is the foundation of
Coloplast and the principal engine of the
Group’s growth, profitability and cash
generation. Looking ahead, focus will be
to extend our leadership through i)
increased investment in innovation with
accelerated time-to-market, and ii)
strong commercial execution - both
anchored in deep customer-centricity.
2) Increase focus on US opportunity
The US remains the biggest market and
value creation opportunity for the Group.
While the Group holds leading positions
across Chronic Care globally, we see
significant potential to further
strengthen our position in the US.
Similarly, we see considerable potential
to grow our Men’s Health business in the
US, the fastest-growing part of
Interventional Urology.
Going forward, this means placing
greater emphasis on accelerating growth
in the US through focused investments in
innovation, strengthened commercial
execution, and disciplined resource and
capital allocation to the US.
3) Accelerate Wound & Tissue Repair
Our conviction in the long-term Biologics
opportunity remains intact. The market
reset in US Biologics has accelerated our
learnings and created greater clarity on
the customer segments, specialties and
care settings, where Coloplast is best
positioned to win.
Looking ahead, we are prioritising the in-
patient setting, where we see the center
of gravity in biologics shifting. This is a
market where Kerecis’ clinical evidence
and clear differentiation provide a strong
right to win, and where we will focus
resources on strong penetration of
priority accounts and specialty-led
growth. Priority over the coming quarters
will likewise be to restore profitable
growth in the biologics business through
improved field productivity and scaling
clinical expertise.
After three decades in the global
healthcare industry, Fertram
Sigurjonsson will transition from his role
as Executive Vice President of Wound &
Tissue Repair and member of the
Executive Leadership Team into a new
strategic role at Coloplast as Chief
Innovation & Technology Advisor to the
CEO. Gavin Wood will assume leadership
of the global Wound & Tissue Repair
business on an interim basis.
4) Fund growth through continuous
improvement and focused capital
deployment
Coloplast has built a strong track record
of operational discipline and cost
management, driving continuous
productivity and efficiency
improvements and underpinning its
industry-leading profitability.
Delivering on the priorities outlined
above will require an even sharper focus
on resource allocation, capital
deployment and investment governance,
ensuring resources are directed towards
the opportunities with the greatest
potential to drive growth and value
creation.
5) Evolve our culture and people agenda
Coloplast is a purpose-driven
organisation with strong values and
customer focus. Looking ahead, we will
build on this foundation by driving
performance excellence, evolving critical
capabilities, creating an environment
where people and teams can perform at
their best, and ensuring we have the
strongest talent in the roles most critical
to executing our strategy.
An important first step has been the
appointment of Amanda Rajkumar, as
Coloplast’s new Chief People Officer,
effective September 1, 2026.
Looking ahead
The CEO's first 100 days have helped
identify the choices to be made in order
to drive long-term value creation. At the
full-year 2025/26 results, management
expects to provide a broader update on
the implications for our strategic
priorities, value drivers and execution
within the Impact4 framework.
Announcement no. 07/2026 | 18 August 2026
13
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 5-6% in
constant currencies with the following
assumptions:
a. Chronic Care:
– Continued good momentum ex.
China.
- China sales expected to decline high
single-digit including impact from the
planned inventory reduction in H2.
b. Wound & Tissue Repair:
- Kerecis – organic growth expected to
be around 0%, due to the Medicare
reimbursement change in the out-
patient setting.
- Advanced Wound Dressings –
negative impact from the product
return in China in Q1-Q3 and softer
momentum in Europe.
c. Interventional Urology – high single-
digit growth.
Reported growth in DKK is expected to be
around 3%, with 2-3%-points negative
impact from currencies. The skin care
divestment and Uromedica acquisition
are combined expected to have a broadly
neutral impact on the reported revenue
growth.
EBIT growth
The EBIT growth in constant currencies
before special items is expected to be
around 5% with the following
assumptions:
a. Continued ramp-up in Costa Rica and
Portugal.
b. New Impact4 investments, including
global technology investments,
investments toward the new bowel
care opportunity in the US, and
investments related to Intibia™.
c. Kerecis EBIT margin of around 0%.
d. Immaterial impact from tariffs, as we
expect our products to remain
exempted.
Coloplast is closely monitoring
developments in the Middle East and
their impact on the business, including
implications for demand, supply and cost
inflation. The Group’s revenue exposure
to the region is limited, representing
approximately 1–2% of Group revenues.
Return on Invested Capital after tax,
before special items is expected around
15%.
Special items expected to be around DKK
3.1 billion and includes DKK 3 billion
Kerecis impairment loss and around DKK
0.1 billion in acquisition related cost,
including 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. 07/2026 | 18 August 2026
14
2025/26
Financial
guidance
5-6
%
Organic revenue growth
at constant exchange rates
Around 5
%
EBIT growth
at constant exchange rates,
before special items
Around 15
%
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 9M 2024/25 889 689 1.84
Average exchange
rate 9M 2025/26 859 641 1.98
Change in
average exchange
rates for 2025/26
compared with
the same period
last year -3 % -7 % 8 %
Average exchange
rate 2024/25
1
⁾ 882 676 1.85
Spot rate on 14
August 2026 875 647 2.06
Estimated
average exchange
rate 2025/26²⁾ 863 643 2.00
Change in
estimated
average exchange
rates compared
with average
exchange rate
2024/25 -2 % -5 % 8 %
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 nine months combined with the spot
rates at 14 August 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. 07/2026 | 18 August 2026
15
Executive Management
Board of Directors
Announcement no. 07/2026 | 18 August 2026
16
Statement of comprehensive income
1 October - 30 June, unaudited
Consolidated 2025/26 2024/25 2025/26 2024/25
DKK million Note 9 mths 9 mths Index Q3 Q3 Index
Revenue 2 21,482 20,914 103 7,355 6,958 106
Production costs -7,122 -6,731 106 -2,447 -2,253 109
Gross profit 14,360 14,183 101 4,908 4,705 104
Distribution costs -7,069 -6,898 102 -2,400 -2,243 107
Administrative expenses -964 -930 104 -323 -335 97
Research and development costs -782 -697 112 -281 -239 117
Other operating income 80 89 90 39 38 104
Other operating expenses -26 -29 91 -14 -11 133
Operating profit (EBIT) before special items 5,599 5,718 98 1,929 1,915 101
Special items 3 -3,078 -241 >100 -18 -83 >100
Operating profit (EBIT) 2,521 5,477 46 1,911 1,832 104
Financial income 4 484 84 575 169 -75 -226
Financial expenses 4 -584 -959 61 -206 -415 50
Profit before tax 2,421 4,602 53 1,874 1,342 140
Tax on profit for the period -533 -1,841 29 -412 -537 77
Net profit for the period 1,888 2,761 68 1,462 805 182
Remeasurements of defined benefit plans 5 -4 -2 -3
Tax on remeasurements of defined benefit plans -1 – 1 –
Items that will not be reclassified to the income
statement 4 -4 -1 -3
Value adjustment of currency hedging -89 128 11 201
Recycle through the income statement -175 18 -4 -34
Tax effect of hedging 58 -32 -2 -37
Currency adjustment of opening balances and
other value adjustments relating to subsidiaries 713 771 164 -77
Tax effect of currency adjustment, assets in
foreign currency – -254 – -254
Items that may be reclassified to income
statement 507 631 169 -201
Total other comprehensive income 511 627 168 -204
Total comprehensive income 2,399 3,388 1,630 601
DKK
Earnings per share (EPS) 8.38 12.25 6.49 3.57
Earnings per share (EPS), diluted 8.38 12.25 6.49 3.57
Announcement no. 07/2026 | 18 August 2026
17
Statement of cash flows
1 October - 30 June, unaudited
Consolidated 2025/26 2024/25
DKK million Note 9 mths 9 mths
Operating profit 2,521 5,477
Amortisation and impairment 3,379 369
Depreciation 678 646
Adjustment for other non-cash operating items 6 83 113
Changes in working capital 6 -345 -977
Ingoing interest payments, etc. 138 27
Outgoing interest payments, etc. -504 -830
Income tax paid -541 -445
Cash flows from operating activities 5,409 4,380
Investments in intangible assets -123 -98
Investments in land and buildings -2 -6
Investments in plant and machinery and other fixtures and fittings, tools and equipment -64 -55
Investments in property, plant and equipment under construction -970 -877
Property, plant and equipment sold 11 4
Investment in other investments -29 -21
Company divestment – 192
Acquisition of a subsidiary, net of cash acquired 9 -139 –
Cash flows from investing activities -1,316 -861
Free cash flow 4,093 3,519
Dividend to shareholders -5,183 -4,958
Sale of treasury shares and loss on exercised options – 27
Financing from shareholders -5,183 -4,931
Repayment of lease liabilities -216 -212
Financing through debt funding 840 –
Movements on credit facilities 303 1,600
Cash flows from financing activities -4,256 -3,543
Net cash flows -163 -24
Cash and cash equivalents at 1 October 947 788
Foreign exchange value adjustments 30 -38
Cash and cash equivalents, acquired operations 3 –
Net cash flows -163 -24
Cash and cash equivalents at 30 June 7 817 726
The cash flow statement cannot be derived using only the published financial data.
Announcement no. 07/2026 | 18 August 2026
18
Assets
At 30 June, unaudited
Consolidated
DKK million Note 30.06.2026 30.06.2025 30.09.2025
Intangible assets 27,335 29,916 29,811
Property, plant and equipment 7,193 5,946 6,201
Right-of-use assets 902 894 884
Other equity investments 119 95 90
Deferred tax asset 672 448 587
Income tax 294 – 316
Other receivables 26 25 25
Non-current assets 36,541 37,324 37,914
Inventories 4,131 3,777 3,919
Trade receivables 4,667 4,789 4,658
Income tax 47 404 64
Other receivables 353 543 454
Prepayments 382 317 411
Cash and cash equivalents 817 726 947
Current assets 10,397 10,556 10,453
Assets 46,938 47,880 48,367
Announcement no. 07/2026 | 18 August 2026
19
Equity and liabilities
At 30 June, unaudited
Consolidated
DKK million Note 30.06.2026 30.06.2025 30.09.2025
Share capital 228 228 228
Currency translation reserve -1,444 -1,036 -2,137
Reserve for currency hedging 150 443 356
Proposed ordinary dividend for the period – – 4,057
Retained earnings 14,433 16,813 13,618
Equity 13,367 16,448 16,122
Provisions for pensions and similar liabilities 118 136 111
Deferred tax liability 3,187 2,609 3,042
Other provisions 253 21 25
Bonds 5 11,585 11,564 11,570
Other credit institutions 8,622 5,000 7,783
Income tax 2,422 829 2,488
Other payables 1 1 19
Lease liabilities 717 712 696
Prepayments 6 7 6
Non-current liabilities 26,911 20,879 25,740
Provisions for pensions and similar liabilities 7 5 8
Other provisions 67 47 51
Other credit institutions 2,627 6,685 2,328
Trade payables 1,363 1,186 1,324
Income tax 164 1,354 149
Other payables 2,179 1,021 2,382
Lease liabilities 252 254 262
Prepayments 1 1 1
Current liabilities 6,660 10,553 6,505
Equity and liabilities 46,938 47,880 48,367
Announcement no. 07/2026 | 18 August 2026
20
Statement of changes in equity, current year
At 30 June, 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 – – – – 1,127 761 1,888
Other comprehensive income – – 693 -206 – 24 511
Total comprehensive income – – 693 -206 1,127 785 2,399
Share-based payment – – – – – 71 71
Tax on share-based payment, etc. – – – – – -41 -41
Interim dividend paid out in respect of
2025/26 – – – – -1,127 – -1,127
Dividend paid out in respect of
2024/25 – – – – -4,057 – -4,057
Transactions with shareholders – – – – -5,184 30 -5,154
Equity at 30 June 2026 18 210 -1,444 150 – 14,433 13,367
Announcement no. 07/2026 | 18 August 2026
21
Statement of changes in equity, last year
At 30 June, 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 – – – – 1,127 1,634 2,761
Other comprehensive income – – 801 114 – -288 627
Total comprehensive income – – 801 114 1,127 1,346 3,388
Sale of treasury shares and loss on
exercised options – – – – – 27 27
Share-based payment – – – – – 62 62
Tax on share-based payment, etc. – – – – – -13 -13
Interim dividend paid out in respect of
2024/25 – – – – -1,127 – -1,127
Dividend paid out in respect of
2023/24 – – – – -3,831 – -3,831
Transactions with shareholders – – – – -4,958 76 -4,882
Equity at 30 June 18 210 -1,036 443 – 16,813 16,448
Announcement no. 07/2026 | 18 August 2026
22
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
Acquisition
10
Impairment
Announcement no. 07/2026 | 18 August 2026
23
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. 07/2026 | 18 August 2026
24
Note 2, continued
DKK million Chronic Care
Voice &
Respiratory
Care
Interventional
Urology
Advanced
Wound
Dressings Biologics Group
2025/26
Segment revenue:
Ostomy Care 7,599 – – – – 7,599
Continence Care 6,989 – – – – 6,989
Voice & Respiratory Care – 1,788 – – – 1,788
Interventional Urology – – 2,212 – – 2,212
Wound & Tissue Repair – – – 2,029 865 2,894
External revenue as per the
statement of comprehensive
income 14,588 1,788 2,212 2,029 865 21,482
Costs allocated to segment -6,041 -1,163 -1,414 -1,210 -878 -10,706
Segment operating profit/loss 8,547 625 798 819 -13 10,776
Shared/non-allocated -5,177
Special items not included in segment operating profit/loss (see note 3) -3,078
Operating profit before tax (EBIT) as per the statement of comprehensive income 2,521
Net financials -100
Tax on profit/loss for the period -533
Profit/loss for the period as per the statement of comprehensive income 1,888
DKK million Chronic Care
Voice &
Respiratory
Care
Interventional
Urology
Advanced
Wound
Dressings Biologics Group
2024/25
Segment revenue:
Ostomy Care 7,415 – – – – 7,415
Continence Care 6,672 – – – – 6,672
Voice & Respiratory Care – 1,706 – – – 1,706
Interventional Urology – – 2,117 – – 2,117
Wound & Tissue Repair – – – 2,089 915 3,004
External revenue as per the
statement of comprehensive
income 14,087 1,706 2,117 2,089 915 20,914
Costs allocated to segment -5,851 -1,076 -1,380 -1,201 -803 -10,311
Segment operating profit/loss 8,236 630 737 888 112 10,603
Shared/non-allocated -4,884
Special items not included in segment operating profit/loss (see note 3) -241
Operating profit before tax (EBIT) as per the statement of comprehensive income 5,477
Net financials -875
Tax on profit/loss for the period -1,841
Profit/loss for the period as per the statement of comprehensive income 2,761
Announcement no. 07/2026 | 18 August 2026
25
Note 3
Special items
DKK million
2025/26 2024/25
Integration activities related to Atos and Kerecis 60 60
Acquisition related costs 18 –
Costs related to structural changes – 112
Skin Care divestment – -11
Impairment loss, Kerecis goodwill 3,000 –
Executive leadership team severance costs – 80
Total
3,078 241
In the first nine months of 2025/26 special items contain expenses related to a non-cash impairment loss of DKK 3.0 billion related to
goodwill arising from the acquisition of Kerecis. For further details on the impairment please refer to note 10.
Furthermore special items contain expenses related to integration costs for the Atos Medical and Kerecis acquisitions, and the acquisition
cost of Uromedica, acquired on 18 of February 2026.
Last year’s special items contain expenses related to integration costs for the Atos Medical and Kerecis acquisitions, 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 19 24
Fair value adjustments of forward contracts transferred from other comprehensive income 119 –
Fair value adjustments of cash-based share options – 2
Interest hedges 56 56
Net exchange adjustments 290 –
Other financial income – 2
Total 484 84
Financial expenses
Interest expenses 252 347
Capitalised borrowing cost -10 -6
Interest expenses, lease liabilities 32 29
Interest expenses, bonds 220 219
Fair value adjustments of forward contracts transferred from other comprehensive income – 74
Net exchange adjustments – 208
Hyperinflationary adjustment of monetary position 29 36
Other financial expenses and fees 61 52
Total 584 959
Announcement no. 07/2026 | 18 August 2026
26
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
Net gain/loss on divestment of non-current assets -4 47
Change in other provisions 37 5
Other non-cash operating items 50 61
Adjustment for other non-cash operating items 83 113
Inventories -53 -265
Trade receivables 56 -262
Other receivables, including amounts held in escrow 142 -85
Trade and other payables etc. -490 -365
Changes in working capital -345 -977
Announcement no. 07/2026 | 18 August 2026
27
Note 7
Cash and cash equivalents
DKK million
2026 2025
Bank deposits, short term 817 726
Cash and cash equivalents at 30 June
817 726
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. The
company has certain future milestone payment related to historical business acquisitions that may become due in the future.
Note 9
Acquisitions
On 18 February 2026, Coloplast completed the acquisition of all shares and voting rights of Uromedica.
Strategic rationale
Uromedica is a medical technology company specialising in the treatment of stress urinary incontinence. The transaction strategically
strengthens Coloplast’s presence within men’s health in Interventional Urology. The acquisition expands Coloplast’s product and technology
offering in this segment and supports future regulatory and commercial development.
Transaction costs
Coloplast has, during the 2025/26 financial year, incurred transaction costs relating to the acquisition of approximately DKK 18 million,
which have been recognised under special items in the statement of comprehensive income.
Purchase price and contingent consideration
The agreed consideration for the acquisition consists of an upfront cash payment and a contingent consideration. The upfront cash
consideration amounted to DKK 139 million, which fell due for payment at the acquisition date. In addition, a contingent consideration of DKK
210 million has been recognised at fair value (level 3) at the acquisition date as a financial liability. The contingent consideration is
dependent on the achievement of future regulatory and commercial milestones. Subsequent changes in the fair value of the contingent
consideration are recognised in the consolidated income statement.
Fair value of acquired net assets and recognised goodwill
The fair value of the acquired net assets has been identified and goodwill recognised. The initial accounting for the acquisition remains
provisional as the Group is still finalising certain elements of the purchase price allocation, including the valuation of acquired intangible
assets, related deferred tax effects and contingent consideration. During Q3 2025/26, the provisional purchase price allocation was updated
based on further information obtained regarding facts and circumstances that existed as of the acquisition date. The update primarily
resulted in an increase in deferred tax liabilities from DKK 42 million to DKK 114 million and a corresponding increase in goodwill from DKK
222 million to DKK 294 million compared with the amounts disclosed in the half-year interim report. The final purchase price allocation may
be adjusted during the measurement period in accordance with IFRS 3, but no later than 12 months from the acquisition date.
Announcement no. 07/2026 | 18 August 2026
28
Intangible assets consist of customer relationships (DKK 33 million) and technology (DKK 147 million). Customer relationships consist of
access to Uromedica’s existing customer base and established relationships with healthcare professionals involved in the treatment of stress
urinary incontinence. Technology is associated with Uromedica’s proprietary medical technology and products within interventional urology.
Trade receivables represent a gross amount of DKK 10 million and have only been subject to insignificant writedowns.
After recognition of identifiable assets and liabilities at fair value, goodwill related to the acquisition amounts to DKK 294 million, which is not
deductible for tax purposes. Goodwill expresses expected future earnings and includes synergies expected to be achieved from Coloplast’s
strengthened position within men’s health and its enhanced product and technology offering in Interventional Urology.
Details of the purchase consideration, the assets and liabilities recognised as a result of the acquisition are as follows:
DKK million Fair value
Assets identified at fair value:
Intangibles assets 180
Property, plant and equipment 1
Inventories 4
Trade receivables and other receivables 11
Cash and cash equivalents 8
Total assets 204
Liability identified at fair value:
Provision 4
Trade payables 2
Other payables 32
Deferred tax liability 114
Total liability 152
Total net assets acquired 52
Goodwill 294
Consideration transferred 346
Contingent consideration -210
Acquired cash and current debt to credit institutions 3
Cash consideration paid 139
Earnings impact
Uromedica excluding PPA amortisation, is recognised in the consolidated income statement at a revenue of DKK 26 million and in
consolidated operating profit before special items at DKK 11 million for the reporting period. The pro forma effect on consolidated revenue
and operating profit before special items for the reporting period, as if the company had been acquired on 1 October 2025, amounted to
approximately DKK 49 million and DKK 17 million..
Fair value measurement
Material net assets acquired for which significant estimates and judgements have been applied in the fair value assessment have
been recognised using the following valuation techniques:
Customer relationships
Customer relationships have been valued using the income-Multi-period Excess Method (MEEM), by which the present value of future cash
flows from recurring contract customers expected to be retained after the date of acquisition has been valuated using a WACC of 15.0% as
discount rate. The main input drivers in the MEEM model used are the estimated future retention rate and net cash flow of the acquired
contract customer base.
Announcement no. 07/2026 | 18 August 2026
29
Technology
Technology has been measured by using the income-Multi-period Excess Method (MEEM), by which the present value of future cash flows
from a specific asset is isolated. The discount rate applied is 18.3% which is deemed a fair reflection of the risk comprised in the technology.
Note 10
Impairment
During the first nine months of 2025/26, Coloplast has recognised a non-cash impairment loss of DKK 3.0 billion of goodwill related to the
Biologics operating segment. The goodwill subject to impairment was arising from the acquisition of Kerecis.
As a result of significant sales disruption from the Medicare reimbursement change in the outpatient setting and a slower market recovery
than previously anticipated within the Biologics operating segment, Coloplast performed an updated impairment test for the segment as at
31 March 2026.
Kerecis is now expected to deliver revenue growth of around 0% for FY 2025/26, compared with approximately 25% applied in the
impairment test in the Annual Report 2024/25. In addition, the compound annual growth rate for the forecast period 2026/27 to 2034/35
has been reduced from approximately 12% (ranging from 2%-29% during the period) to approximately 10% (10% annually for the period
2026/27 to 2034/35). The terminal growth rate has been increased from 2.0% to 2.5%, reflecting updated long-term market assumptions
as a result of the reduced expectations within the budget period and corresponds to the expected long-term rate of inflation. The discount
rate before tax of 11.6% (discount rate after tax of 9.0%) is unchanged. Expected EBIT-margins have been lowered as overhead cost
projections have been updated. The forecast period exceeds five years as the cash-generating unit is in a growth phase and management
considers a longer forecast horizon necessary to reflect the expected pattern of future cash flows. The forecast covers the period 2026-2035
while the impairment test performed at 30.09.2025 covered the period 2026-2040.
Following the transfer of IP rights from Iceland to Denmark, the tax rate applied in the impairment test has been increased to 23.0%,
compared with 21.6% applied in the previous impairment test. Working capital invested has been projected using the same growth rate as
that for revenue.
Based on the updated impairment test, management has concluded that the recoverable amount for the Biologics operating segment,
determined using a value-in-use approach, was below its carrying amount, consequently a non-cash impairment loss of DKK 3.0 billion was
recognised against goodwill in the six-month period ending 31 March 2026. Following the impairment, the total carrying book value of
Kerecis amounts to approximately DKK 6.0 billion, compared with approximately DKK 9.0 billion previously and carrying value of goodwill
assigned to the Biologics operating segment amounts to approximately DKK 2.5 billion, compared with approximately DKK 5.5 billion
previously.
No new impairment indicators have been identified since the updated impairment test.
Announcement no. 07/2026 | 18 August 2026
30
Income statement, quarterly
Unaudited
Consolidated 2025/26 2024/25
DKK million Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenue 7,355 7,084 7,043 6,960 6,958 6,930 7,026
Production costs -2,447 -2,367 -2,308 -2,198 -2,253 -2,202 -2,276
Gross profit 4,908 4,717 4,735 4,762 4,705 4,728 4,750
Distribution costs -2,400 -2,349 -2,320 -2,252 -2,243 -2,326 -2,329
Administrative expenses -323 -317 -324 -340 -335 -300 -295
Research and development costs -281 -254 -247 -249 -239 -239 -219
Other operating income 39 30 11 70 38 38 13
Other operating expenses -14 -7 -5 -39 -11 -10 -8
Operating profit (EBIT) before special
items
1,929 1,820 1,850 1,952 1,915 1,891 1,912
Special items -18 -3,025 -35 -228 -83 -84 -74
Operating profit (EBIT) 1,911 -1,205 1,815 1,724 1,832 1,807 1,838
Financial income 169 149 166 23 -75 -41 200
Financial expenses -206 -188 -190 -192 -415 -275 -269
Profit before tax 1,874 -1,244 1,791 1,555 1,342 1,491 1,769
Tax on profit for the period -412 273 -394 -680 -537 -579 -725
Net profit for the period 1,462 -971 1,397 875 805 912 1,044
DKK
Earnings per share (EPS) before special
items
6.55 6.16 6.32 4.67 3.86 4.34 4.89
Earnings per share (EPS) 6.49 -4.31 6.20 3.88 3.57 4.05 4.63
Earnings per share (EPS) before special
items, diluted
6.55 6.16 6.32 4.67 3.86 4.34 4.89
Earnings per share (EPS), diluted 6.49 -4.31 6.20 3.88 3.57 4.05 4.63
Announcement no. 07/2026 | 18 August 2026
31
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
©
2026-08
All rights reserved Coloplast A/S,
3050 Humlebaek, Denmark
Announcement no. 07/2026 | 18 August 2026
32