XCSE:COLO-B ESEF Annual Report
COLOPLAST A/S (XCSE:COLO-B)
ESEF Annual Report
2025-08-21
For: 2025-06-30
View Original
Added on
September 22, 2026
Announcement no. 06/2025 | 19 August 2025
1
2024/25
Interim financial results, 9M 2024/25
1 October 2024 - 30 June 2025
Coloplast delivered organic growth of 7% and an EBIT margin
1
of 28% in Q3. Reported revenue in DKK grew 1% with negative
impact from currencies and the Skin Care divestment.
• Organic growth rates by business area: Ostomy Care 6%, Continence Care 8%, Voice and Respiratory Care 9%, Advanced
Wound Care 4% and Interventional Urology 4%.
• Growth in Ostomy Care was driven by broad-based contribution across regions, except for China which delivered low-single
digit growth, as expected. Growth in Continence Care was driven by continued strong contribution from the Luja™ portfolio.
• Voice and Respiratory Care growth was driven by continued good momentum in both Laryngectomy and Tracheostomy.
• Growth in Advanced Wound Dressings was -2%, driven primarily by a significant decline in China which was impacted by a
preventative and voluntary product return of all Biatain® Adhesive foam dressings in the market. The product return is
expected to have a negative revenue impact of around DKK 80 million in H2, of which around DKK 20 million impacted Q3.
• Kerecis grew 17%, with a 13% EBIT margin before PPA amortisation. Growth in the quarter was impacted by a slowdown in
the out-patient setting due to the LCD postponement in April, causing a temporary market shift to high-priced products.
Growth momentum in Q4 is expected to improve, with a good start to the quarter in July.
• Growth in Interventional Urology was driven by good momentum in the US Men’s Health business, partly offset by continued
negative impact from the product recall in Bladder Health and Surgery of around DKK -10 million in Q3.
• EBIT
1
was DKK 1,915 million, a 2% increase from last year. The EBIT margin
1,2
was 28%, against 27% last year.
• Changes to the Executive Leadership Team announced, to support the successful execution of the new company strategy
towards 2030.
9M 2024/25 organic growth of 7% and EBIT margin
1
of 27%. Reported revenue in DKK grew 4% to DKK 20,914 million.
• Organic growth rates by business area: Ostomy Care 6%, Continence Care 8%, Voice and Respiratory Care 9%, Advanced
Wound Care 9% and Interventional Urology 1%.
• EBIT
1
was DKK 5,718 million, a 4% increase from last year. The EBIT margin
1
was 27%, on par with last year
2
.
• Adjusted
3
net profit before special items was DKK 3,778 million, a DKK 15 million decrease from last year, negatively impacted
by non-cash effect from net financial expenses. Adjusted
3
diluted earnings per share (EPS) before special items decreased by
1% to DKK 16.76. Adjusted
3
ROIC after tax before special items was 15%, on par with last year.
FY 2024/25 guidance is unchanged with organic growth of around 7% and an EBIT margin before special items of 27-28%.
• Organic growth now includes the negative impact from the product return in Advanced Wound Dressings in China, partly
offset by good momentum in the other business areas. Reported growth in DKK is now expected to be 3-4%, with around
2%-points negative impact from currencies and around 1.5%-points negative impact from the Skin Care divestment.
• The assumptions on the reported EBIT margin before special items are largely unchanged.
• Special items expectations are unchanged, around DKK 450 million.
• Expectations on capital expenditures and tax rate (ordinary and effective) are also unchanged.
"We deliver a third quarter as expected with 7% organic growth and an EBIT margin of 28%, maintaining our financial guidance
for 2024/25. Our Q3 performance was driven by broad-based growth across our chronic care businesses, offsetting the
challenges in China. I’m pleased to see the global Coloplast organisation continuing to deliver on our priorities and moving the
business forward. The search for Coloplast’s new CEO remains on track. I look forward to presenting our 2030 strategy at our
Capital Markets Day on 2 September alongside the new Executive Leadership Team, announced today,” says interim CEO Lars
Rasmussen.
1. before special items expenses of DKK 83 million in Q3 2024/25 and DKK 241 million in 9M 2024/25. 2. before special items expenses of DKK 36 million in Q3 2023/24 and DKK 70 million in
9M 2023/24. 3. Adjusted for the impact from the Kerecis IP transfer.
Conference call
Coloplast will host a conference call on Tuesday, 19 August 2025 at 11.00h 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 2024/25 Earnings release conference call
Announcement no. 06/2025 | 19 August 2025
2
Financial highlights and key ratios
1 October 2024 – 30 June 2025, unaudited
¹⁾ The FTE definition has been reassessed and the comparison figures has been adjusted.
²⁾ Before special items. After special items, ROIC before tax was 18% (2023/24: 19%), and ROIC after tax was 11% (2023/24: 14%).
Consolidated
2024/25
2023/24
2024/25
2023/24
9 mths
9 mths
Change
Q3
Q3
Change
Income statement, DKK million
Revenue
20,914
20,077
4%
6,958
6,885
1%
Research and development costs
-697
-694
0%
-239
-240
0%
Operating profit before interest, tax, depr. and amort. (EBITDA)
before special items
6,733
6,438
5%
2,258
2,198
3%
Operating profit before interest, taxes and amortization (EBITA)
before special items
6,087
5,824
5%
2,040
1,985
3%
Operating profit (EBIT) before special items
5,718
5,483
4%
1,915
1,870
2%
Special items
-241
-70
N/A
-83
-36
N/A
Operating profit (EBIT)
5,477
5,413
1%
1,832
1,834
0%
Net financial income and expenses
-875
-621
41%
-490
-203
N/A
Profit before tax
4,602
4,792
-4%
1,342
1,631
-18%
Net profit for the period
2,761
3,738
-26%
805
1,274
-37%
Revenue growth, %
Period growth in revenue, %
4
10
1
13
Growth break down:
Organic growth, %
7
8
7
8
Currency effect, %
-2
-2
-5
1
Acquired operations, %
-
4
-
4
Divested Operations, %
-1
-
-1
-
Balance sheet, DKK million
Total assets
47,880
48,580
-1%
47,880
48,580
-1%
Capital invested
40,891
41,461
-1%
40,891
41,461
-1%
Net interest-bearing debt (NIBD)
23,490
23,641
-1%
23,490
23,641
-1%
Equity end of period
16,448
16,524
0%
16,448
16,524
0%
Cash flow and investments, DKK million
Cash flows from operating activities
4,380
718
N/A
1,631
1,490
9%
Cash flows from investing activities
-861
-904
-5%
-419
-350
20%
Investments in property, plant and equipment, gross
-938
-774
21%
-380
-308
23%
Free cash flow
3,519
-186
N/A
1,212
1,140
6%
Cash flows from financing activities
-3,543
183
N/A
-1,183
-1,146
3%
Key ratios
Average number of employees, FTEs¹⁾
Operating margin (EBIT margin) before special items, %
27
27
28
27
Operating margin (EBIT margin), %
26
27
26
27
Operating margin before interest, tax, depr. and amort.,
(EBITDA margin), %
31
32
31
31
Gearing ratio, NIBD/EBITDA before special items
2.6
2.8
-
-
Return on average invested capital before tax (ROIC), %²⁾
19
19
19
18
Return on average invested capital after tax (ROIC), %²⁾
11
15
11
14
Return on equity, %
22
31
19
31
Equity ratio, %
34
34
34
34
Net asset value per outstanding share, DKK
73
73
0%
73
73
0%
Share data
Share price, DKK
602
837
-28%
602
837
-28%
Share price/net asset value per share
8.2
11.4
-28%
8.2
11.4
-28%
Average number of outstanding shares, millions
225.4
224.7
0%
225.4
224.8
0%
PE, price/earnings ratio
36.8
37.8
-3%
42.1
37.0
14%
Earnings per share (EPS), diluted
12.25
16.62
-26%
3.57
5.66
-37%
Earnings per share (EPS) before special items, diluted
13.09
16.87
-22%
3.86
5.79
-33%
Free cash flow per share
15.6
-0.8
N/A
5.4
5.1
6%
Announcement no. 06/2025 | 19 August 2025
3
Sales performance
Organic growth for the first nine months of 2024/25 was 7%. Reported revenue in DKK was up 4% to DKK 20,914 million.
Divested operations detracted 1% from reported revenue, mostly related to the divestment of Skin Care in December 2024.
Exchange rate developments decreased revenue by 1%, mainly related to the depreciation of the USD and a basket of
Emerging markets currencies against the DKK.
Organic growth in Q3 was 7%. Reported revenue in DKK grew 1% to DKK 6,958 million. Divested operations related to the Skin
Care divestment detracted 1% from reported revenue. Exchange rate developments decreased revenue by 4%, mainly related
to the depreciation of the USD and a basket of Emerging markets currencies against the DKK.
Sales performance by business areas
DKK million
Growth composition (9 mths)
2024/25
(9 mths)
2023/24
(9 mths)
Organic
growth
Divested
operations
Exchange
rates*
Reported
growth
Ostomy Care
7,415
7,095
6%
-
-1%
5%
Continence Care
6,672
6,294
8%
-
-2%
6%
Voice and Respiratory Care
1,706
1,571
9%
-1%
0%
9%
Advanced Wound Care
3,004
3,023
9%
-7%
-2%
-1%
Interventional Urology
2,117
2,094
1%
-
0%
1%
Revenue
20,914
20,077
7%
-1%
-1%
4%
DKK million
Growth composition (Q3)
2024/25
(Q3)
2023/24
(Q3)
Organic
growth
Divested
operations
Exchange
rates*
Reported
growth
Ostomy Care
2,477
2,432
6%
-
-4%
2%
Continence Care
2,233
2,165
8%
-
-5%
3%
Voice and Respiratory Care
580
536
9%
-
-1%
8%
Advanced Wound Care
969
1,059
4%
-8%
-4%
-8%
Interventional Urology
699
693
4%
-
-3%
1%
Revenue
6,958
6,885
7%
-1%
-4%
1%
Sales performance by region
DKK million
Growth composition (9 mths)
2024/25
(9 mths)
2023/24
(9 mths)
Organic
growth
Divested
operations
Exchange
rates*
Reported
growth
European markets
11,535
11,037
4%
0%
1%
5%
Other developed markets
5,912
5,648
10%
-4%
-1%
5%
Emerging markets
3,467
3,392
11%
-
-8%
2%
Revenue
20,914
20,077
7%
-1%
-1%
4%
DKK million
Growth composition (Q3)
2024/25
(Q3)
2023/24
(Q3)
Organic
growth
Divested
operations
Exchange
rates*
Reported
growth
European markets
3,920
3,758
4%
0%
0%
4%
Other developed markets
1,901
1,910
10%
-5%
-5%
-1%
Emerging markets
1,137
1,217
10%
-
-17%
-7%
Revenue
6,958
6,885
7%
-1%
-4%
1%
* The sum of organic growth, divested operations and exchange rates might not match total reported growth due to rounding of numbers.
Announcement no. 06/2025 | 19 August 2025
4
Ostomy Care
Ostomy Care generated 6% organic
sales growth for the first nine month of
2024/25, with reported revenue in DKK
growing by 5% to DKK 7,415 million.
The SenSura® Mio portfolio was the
main contributor to growth, with good
performance across the product range
which includes Convex, Concave and
Flat products. At the product level,
SenSura Mio Convex was the main
growth contributor, driven by Europe,
particularly the UK and Germany, and
the US. The SenSura and
Assura/Alterna® portfolios contributed
to growth in Emerging markets, where
they are actively promoted. The Brava
range of supporting products also made
a solid contribution to growth, with
broad-based contribution across all
regions, most notably the US and
Europe, driven by the UK and Germany.
The SenSura® Mio portfolio was
strengthened with three new product
launches in 2024, most notably the
SenSura Mio black bags and a new 2-
piece SenSura Mio offering relevant for
the US and selected European markets.
The launches are off to a good start,
and more variants of the new products
are expected to be launched in the
coming quarters.
From a geographical perspective,
growth was driven by broad-based
contribution across all regions. Growth
in Europe was driven by the UK, Italy
and Germany. The US posted solid
growth which includes benefit from a
lower baseline in H1 last year. Emerging
markets also contributed to growth,
with an increase in tender activity during
Q3 in selected markets. China delivered
low-single digit growth, in line with
expectations.
Q3 organic growth was 6%. Reported
revenue in DKK increased by 2% to DKK
2,477 million.
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 Europe,
particularly the UK and Germany, and
the US. The SenSura portfolio continued
to contribute to growth in Emerging
markets. Revenue growth in the Brava
range of supporting products was
broad-based across all regions.
From a geographical perspective, all
regions contributed to growth. In
Europe, growth was broad-based with
solid contributions from the UK,
Germany and Italy. The US continued its
solid momentum in Q3. Contribution
from Emerging Markets improved in the
quarter following the increase in tender
activity. Growth in China continued to
be negatively impacted by the
worsening in the consumer segment, as
expected.
2.5 billion
Reported revenue
in DKK for Q3
2024/25
Organic growth
Reported growth
Organic growth
Exchange rates
Reported growth
6% 6%
9M 2024/25 Q3 2024/25
5%
2%
9M 2024/25 Q3 2024/25
6%
-1%
5%
9M
Growth compo-
sition (9 mths)
Announcement no. 06/2025 | 19 August 2025
5
Continence Care
Continence Care generated 8% organic
sales growth for the first 9 months of
2024/25, with reported revenue in DKK
growing by 6% to DKK 6,672 million.
Luja™, Coloplast’s new intermittent
catheter with a Micro-hole Zone
Technology, was the main growth
contributor, driven by the male catheter
in Europe, most notably the UK, France
and Germany, and the US. Luja for
women also made a solid contribution
to growth. The rollout of Luja for
women was concluded in April 2025
and the product is now available in 13
markets. The SpeediCath® ready-to-use
hydrophilic intermittent catheters also
contributed to growth. Sales growth in
the SpeediCath portfolio was mainly
driven by the standard and compact
catheters, led by the US and Emerging
markets, particularly LATAM.
Bowel Care made a solid growth
contribution, driven by Peristeen® Plus
in Europe. Collecting Devices made a
modest contribution to growth in the
first nine month of 2024/25.
From a geographical perspective,
growth was broad-based, with solid
contribution from Europe, driven by the
UK, France and Germany, and the US.
Emerging markets also contributed to
growth, driven by LATAM. Markets with
recent reimbursement openings
continued to perform well and posted
double-digit growth.
Q3 organic growth was 8% and
reported revenue in DKK increased by
3% to DKK 2,233 million.
The Luja portfolio was the main growth
contributor in the quarter, driven by
solid contribution from the male
catheter in Europe, mostly the UK,
France and Germany, and the US. Luja
for women also performed well and
made a solid contribution to growth.
The SpeediCath portfolio also
contributed to growth, driven by the
standard and compact catheters in
primarily the Emerging markets region.
Bowel Care continued its good
momentum and made a solid
contribution to growth in the quarter,
while Collecting devices made a modest
contribution. In Bowel Care, growth
continued to be driven by Peristeen Plus
in Europe.
From a geographical perspective, all
regions contributed to growth. In
Europe, the main growth contributors
were the UK, Germany and France. In
Emerging markets, growth was led by
LATAM.
2.2 billion
Reported revenue
in DKK for Q3
2024/25
Organic growth
Reported growth
Organic growth
Exchange rates
Reported growth
8% 8%
9M 2024/25 Q3 2024/25
6%
3%
9M 2024/25 Q3 2024/25
8%
-2%
6%
9M
Growth compo-
sition (9 mths)
Announcement no. 06/2025 | 19 August 2025
6
Voice and Respiratory
Care
Voice and Respiratory Care generated
9% organic sales growth for the first
nine months of 2024/25. Reported
revenue in DKK grew by 9% to DKK
1,706 million and included 1%-point
negative impact from product
rationalization related to the divestment
of MC Europe, a business that sold non-
core products, in December 2023.
Laryngectomy delivered high-single digit
growth for the first nine month of
2024/25. 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, Atos
Medical’s product line launched in 2019
which allows for a personalised regime.
Tracheostomy delivered double-digit
growth, driven by solid demand and an
increase in the number of patients
served.
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 9%, driven by
continued good performance in both
Laryngectomy and Tracheostomy.
Reported revenue in DKK increased by
8% to DKK 580 million.
Growth in Laryngectomy was double-
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 delivered high-single-
digit growth, with continued solid
demand.
From a geographical perspective, all
regions contributed to growth, driven by
Europe and the US. Emerging markets
continued to be the fastest growing
region.
0.6
billion
Reported revenue
in DKK for Q3
2024/25
Organic growth
Reported growth
Organic growth
Divested operations
Exchange rates
Reported growth
9% 9%
9M 2024/25 Q3 2024/25
9%
8%
9M 2024/25 Q3 2024/25
9%
-1%
9%
9M
Growth compo-
sition (9 mths)
Announcement no. 06/2025 | 19 August 2025
7
Advanced Wound Care
Advanced Wound Care generated 9%
organic sales growth for the first nine
months of 2024/25. Reported revenue
was DKK 3,004 million, a 1% decrease
from last year, with 7%-points negative
impact from the Skin Care divestment*.
Advanced Wound Dressings** in
isolation delivered 1% organic growth in
9M 2024/25, with negative growth in
Emerging markets, driven by China
which detracted significantly from
growth. The negative growth in
Emerging markets was offset by Europe,
primarily Germany. Biatain® Super-
absorber was the main growth
contributor, followed by Biatain Fiber
and Biatain Silicone.
Revenue from Kerecis amounted to
DKK 915 million in 9M 2024/25, with
organic growth of 26%, impacted by
slower growth in Q3. Growth was
broad-based, with continued market
share gains and solid contributions
across settings. From a geographical
perspective, Kerecis continues to be
almost exclusively a US business.
Preventative product return in China
Coloplast has initiated a preventative
and voluntary product return of all
Biatain® Adhesive foam dressings in
China, following a sampling inspection
by the authorities on three product lots
which were found to not meet a local,
technical requirement. The safety of the
affected products is not compromised,
and the products continue to comply
with the technical standard elsewhere.
Coloplast initiated the product return on
all units in the Chinese market due to
the failed local test and the company is
in dialogue with the authorities on
handling the case. The negative
revenue impact from the product return
is expected to be around DKK 80 million
in H2, of which around DKK 20 million in
Q3. Mitigating actions to replace the
returned products with other solutions
are underway.
Q3 organic growth was 4%. Reported
revenue in DKK decreased to DKK 969
million, an 8% decrease from Q3 last
year which includes 8%-points negative
impact from the Skin Care divestment.
Advanced Wound Dressings in isolation
delivered negative organic growth of
-2% in Q3. China detracted significantly
from growth, impacted by the
abovementioned product return.
Furthermore, a high baseline in Europe,
due to the timing of orders in Germany
last year, also impacted growth. From a
product perspective, Biatain Super-
absorber, Biatain Silicone and Biatain
Fiber continued to perform well.
Q3 revenue from Kerecis amounted to
DKK 299 million, and organic growth in
the quarter was 17%. The in-patient
setting continued to deliver solid growth
and was the main contributor. The out-
patient setting experienced a slowdown
in growth due to the postponement of
the LCD implementation in April,
causing a temporary market shift to
high-priced products following the
delay. The Q4 growth momentum is
expected to improve, with a good start
to the quarter in July.
On 14 July 2025, the CMS announced a
proposal to substantially change the
Physician Fee Schedule
1
within Skin
Substitutes for the out-patient setting,
by replacing the current Average Selling
Price (ASP) pricing model with a fixed
payment of $125/cm2 for all products
for the implementation year 2026.
Coloplast welcomes the changes which
are expected to increase the quality of
care for Medicare recipients.
*7 months impact
**Advanced Wound Dressings include the non-divested Skin Care business since December 2024
1) For more information on the CMS proposal for Skin Substitutes, please refer to page 13
1.0 billion
Reported revenue
in DKK for Q3
2024/25
Organic growth
Reported growth
Organic growth
Divested operations
Exchange rates
Reported growth
9%
4%
9M 2024/25 Q3 2024/25
-1%
-8%
9M 2024/25 Q3 2024/25
9%
-7%
-2%
-1%
9M
Growth compo-
sition (9 mths)
Announcement no. 06/2025 | 19 August 2025
8
Interventional Urology
Interventional Urology generated 1%
organic sales growth for the first nine
months of 2024/25, with reported
revenue in DKK growing by 1% to DKK
2,117 million.
The Bladder Health and Surgery
segment detracted significantly from
growth in 9M 2024/25, impacted by the
voluntary product recall. The product
recall was initiated in December 2024
due to a possible sterility issue related to
the packaging of the products,
discovered during internal testing. The
packaging of the affected products has
been updated and sales of the products
resumed during February. Sales pick up
has been significantly slower than
expected due to a higher level of
customers lost, however, early signs of
recovery have started to show during
Q3. The impact of the product recall
amounted to around DKK 70 million in
9M, of which around DKK 10 million
impacted Q3.
The impact of the product recall was
offset by solid growth contribution from
the Men’s Health business, driven by the
Titan® penile implants in the US. The
Endourology and Women’s Health
businesses also contributed to growth.
In Endourology, Europe and the Thulium
Fiber Laser Drive were the main growth
contributors, while growth in Women’s
Health was from a lower baseline last
year.
From a geographical perspective, the
US was the main growth contributor,
while Europe detracted from growth
due to the abovementioned product
recall.
Q3 organic growth was 4% and
reported revenue in DKK increased by
1% to DKK 699 million.
Growth in Q3 was driven by good
momentum in the US Men’s Health
business, driven by the Titan penile
implants. The Women’s Health business
also contributed to growth, driven by
improved momentum and benefit from
a lower baseline in Q3 last year. In
Endourology, the Thulium Fiber Laser
Drive was the main growth contributor.
Q3 growth continued to include
negative impact from the product recall
in Bladder Health and Surgery,
however, the segment is showing early
signs of recovery across key accounts.
Commercial activities to regain
customers continue, but the timeline for
a full recovery remains uncertain.
From a geographical perspective, the
US continued to be the main growth
contributor, while Europe detracted
from growth due to the product recall.
0.7 billion
Reported revenue
in DKK for Q3
2024/25
Organic growth
Reported growth
Organic growth
Exchange rates
Reported growth
1%
4%
9M 2024/25 Q3 2024/25
1%
1%
9M 2024/25 Q3 2024/25
1%
0%
1%
9M
Growth compo-
sition (9 mths)
Announcement no. 06/2025 | 19 August 2025
9
Earnings
Gross profit
Gross profit was DKK 14,183 million,
compared to DKK 13,629 million last
year, corresponding to a gross margin
of 68%, on par with last year. The gross
margin was positively impacted by a
favourable development in input costs,
price increases and country and product
mix.
The above-mentioned positive drivers
were partly offset by ramp-up costs in
Costa Rica and Portugal. Currencies had
a small negative impact on the gross
margin.
In Q3, gross profit was DKK 4,705
million, corresponding to a Q3 gross
margin of 68% which was on par with
last year. The Q3 margin was impacted
by the above-mentioned drivers and
also included negative impact from
currencies.
Costs
Operating expenses in the first nine
months of the year amounted to DKK
8,465 million, a DKK 319 million
increase (4%) from last year.
Operating expenses in Q3 amounted to
DKK 2,790 million, a DKK 12 million
increase from last year.
Distribution costs amounted to DKK
6,898 million, a DKK 365 million (6%)
increase from DKK 6,533 million last
year. The higher distribution costs
reflect continued commercial
investments in Kerecis, as well as
increased sales activities across business
areas. Distribution costs were also
impacted by extraordinary logistic costs
related to the new US distribution
centre of around DKK 30 million in H1.
Distribution costs amounted to 33% of
revenue, on par with last year.
In Q3, distribution costs amounted to
DKK 2,243 million, or 32% of revenue
against 33% in Q3 last year.
Administrative expenses amounted to
DKK 930 million, a DKK 29 million (-3%)
decrease from DKK 959 million last
year, which includes positive impact
from a high baseline in H1 and synergies
from the Atos Medical integration.
Administrative expenses accounted for
4% of revenue against 5% last year.
The Q3 administrative expenses
amounted to DKK 335 million or 5% of
revenue, against 4% last year, driven by
timing of expenses.
The R&D costs were DKK 697 million,
compared to DKK 694 million last year,
a DKK 3 million increase. R&D costs
amounted to 3% of revenue, on par
with last year.
The Q3 R&D costs amounted to DKK
239 million or 3% of revenue, on par
with last year.
Other operating income and other
operating expenses amounted to a net
income of DKK 60 million against a net
income of DKK 40 million last year.
Operating profit before interest, tax,
depreciation and amortisation
(EBITDA) and before special items
EBITDA before special items amounted
to DKK 6,733 million, a DKK 295 million
(5%) increase from DKK 6,438 million
last year. The EBITDA margin before
special items was 32%, on par with last
year.
In Q3, EBITDA before special items was
DKK 2,258 million, a DKK 60 million
(3%) increase from Q3 last year. The
EBITDA margin before special items
was 32% in Q3, on par with last year.
Operating profit (EBIT) before
special items
EBIT before special items amounted to
DKK 5,718 million, a DKK 235 million
(4%) increase from DKK 5,483 million
last year. The EBIT margin before
special items was 27%, on par with last
year. The EBIT margin includes benefit
from the Skin Care divestment of
around 30 basis points. The EBIT
margin also included a small negative
impact of around 10 basis points from
currencies, related to the depreciation
of the USD and a basket of Emerging
markets currencies against the DKK,
Income statement, DKK million
2024/25
Index
Revenue
20,914
104
Production costs
-6,731
104
Gross profit
14,183
104
Distribution costs
-6,898
106
Administrative expenses
-930
97
Research and development costs
-697
100
Other operating income
89
159
Other operating expenses
-29
181
Operating profit (EBIT) before special items
5,718
104
Special items
-241
N/A
Operating profit (EBIT)
5,477
101
Financial income
84
55
Financial expenses
-959
124
Profit before tax
4,602
96
Tax on profit for the period
-1,841
175
Net profit for the period
2,761
74
Announcement no. 06/2025 | 19 August 2025
10
offset by the depreciation of the HUF
against the DKK.
In Q3, EBIT before special items was
DKK 1,915 million, a DKK 45 million
(2%) increase from last year. The EBIT
margin before special items was 28% in
Q3, against 27% last year, and included
around 20 basis points negative impact
from currencies.
Special items
Coloplast incurred special items
expenses of DKK 241 million in the first
nine months of the year. The special
items are related to profitability
improvement initiatives, including the
Skin Care divestment, management
restructuring and the integration of Atos
Medical.
Special items in Q3 amounted to DKK
83 million, mostly related to the
integration of Atos Medical and
management restructuring.
Operating profit (EBIT) after
special items
EBIT after special items was DKK 5,477
million, a DKK 64 million (1%) increase
from last year. The EBIT margin after
special items was 26% compared to
27% last year.
The Q3 EBIT after special items was
DKK 1,832 million, a DKK 2 million (0%)
decrease from last year, with an EBIT
margin of 26%.
Financial items and tax
Financial items were a net expense of
DKK 875 million against a net expense
of DKK 621 million last year. The
increase in net expenses was mostly due
to a non-cash effect from currency
exchange rate adjustments.
The net expense includes interest
expenses of DKK 566 million, compared
to DKK 578 million last year, mostly
related to the financing of the Atos
Medical acquisition. Exchange rate
adjustments had a negative impact on
the financial expenses, with DKK 208
million from losses on balance sheet
items, mostly related to the USD, and
realised loss on cash flow hedges with
an impact of DKK 74 million, primarily
driven by the USD and GBP.
The Q3 financial items were a net
expense of DKK 490 million compared
to a net expense of DKK 203 million in
the same period last year, driven by net
currency exchange rate adjustments
mainly due to the depreciation of the
USD and SEK against the DKK.
The ordinary tax expense in the first
nine months of the year was DKK 1,012
million, compared to DKK 1,054 million
last year, with an ordinary tax rate of
22%, on par with last year. The total tax
expense in the first nine month of
2024/25 was DKK 1,841 million,
resulting in an effective tax rate of 40%.
The total tax expense was impacted by
an extraordinary expense of DKK 829
million related to the transfer of Kerecis’
Intellectual Property (IP) from Iceland to
Denmark which is consistent with
Coloplast’s principal tax model.
The Kerecis IP transfer will have a
similar quarterly impact on the tax
expenses throughout all quarters in FY
2024/25. As a result of the Kerecis IP
transfer, an extraordinary tax payment
in Iceland impacting cash flows is
expected in FY 2026/27 at the earliest.
The payment will be fully offset by
reduced tax payments in Denmark
starting in FY 2024/25.
Net profit
Adjusted for the impact from the
Kerecis IP transfer, net profit before
special items was DKK 3,778 million, a
DKK 15 million decrease from last year.
Adjusted diluted earnings per share
(EPS) were DKK 16.76, a 1% decrease
from last year.
Including the extraordinary impact from
the Kerecis IP transfer, net profit before
special items was 2,949 million, a DKK
844 million decrease from DKK 3,793
million last year. Diluted earnings per
share (EPS) before special items were
DKK 13.09, or a 22% decrease from last
year, impacted by the above-mentioned
extraordinary tax expense related to the
Kerecis IP transfer.
Net profit after special items was DKK
2,761 million and diluted EPS after
special items were DKK 12.25.
In Q3, the adjusted net profit before
special items was DKK 1,112 million,
against DKK 1,302 million last year.
Adjusted diluted earnings per share
(EPS) were DKK 4.93.
The Q3 net profit before special items
amounted to DKK 870 million, against
DKK 1,302 million last year. The diluted
Q3 earnings per share (EPS) before
special items were DKK 3.86.
The Q3 net profit after special items was
DKK 805 million and diluted earnings
per share (EPS) after special items were
DKK 3.57.
Cash flows and
investments
Cash flows from operating activities
Cash flows from operating activities
amounted to an inflow of DKK 4,380
million, against an inflow of DKK 718
million last year. The positive
development in cash flows from
operating activities was mostly driven by
lower income tax paid as 2023/24
included DKK 2.5 billion extraordinary
impact from the transfer of Atos
Medical’s Intellectual Property. Changes
in working capital, operating profit and
adjustment of non-cash operating items
also had a positive impact on the cash
flow from operating activities.
Investments
Net investments amounted to DKK 861
million in the first nine month of
2024/25 or around 4% of revenue,
compared with DKK 904 million last
year. The net investments included
positive impact from the divestment of
Announcement no. 06/2025 | 19 August 2025
11
the Skin Care product portfolio of DKK
192 million.
Capital expenditures amounted to DKK
1,036 million in the first nine months of
2024/25, or 5% of revenue, against 4%
last year.
Free cash flow
As a result, the free cash flow was an
inflow of DKK 3,519 million, compared
to an outflow of DKK 186 million last
year due to the extraordinary tax
payment related to the Atos Medical IP
transfer. Adjusted for the extraordinary
tax payment of DKK 2.5 billion last year,
the free cash flow in the first nine
months of 2024/25 was a DKK 1.2
billion increase from the same period
last year.
Capital resources
At 30 June 2025, Coloplast had net
interest-bearing debt of DKK 23,488
million, against DKK 21,841 million at 30
September 2024. The gearing ratio at
the end of the period was 2.6x EBITDA
(before special items).
Coloplast is committed to deleveraging
and bringing the gearing ratio down to
around 2.3x EBITDA in 2024/25.
Statement of financial
position and equity
Balance sheet
At 30 June 2025, total assets amounted
to DKK 47,880 million, a decrease of
DKK 193 million compared to 30
September 2024.
Working capital was 26% of revenue,
compared to 25% at 30 September
2024. The development in working
capital was primarily impacted by trade
payables which decreased by DKK 333
million to DKK 1,186 million. Inventories
increased by DKK 105 million to DKK
3,777 million, and trade receivables
increased by DKK 114 million to DKK
4,789 million.
FY 2024/25 working capital-to-sales
ratio is now expected to be around
25%. The long-term expectations are
unchanged with a working capital-to-
sales ratio of around 24%.
Equity
Equity decreased by DKK 1.5 billion to
DKK 16,448 million, compared to 30
September 2024. Total comprehensive
income for the period of DKK 3,388
million, effect of sale of treasury shares
of DKK 27 million and share-based
remuneration of DKK 62 million were
offset by payment of dividends of DKK
4,958 million.
Treasury shares
At 30 June 2025, Coloplast’s holding of
treasury shares consisted of 2,833,204
B shares, which was 31,341 less than 30
September 2024. The decrease was
due to exercise of share options.
Return on invested capital (ROIC)
Adjusted for the impact from the
Kerecis IP transfer, ROIC after tax and
before special items was 15%, on par
with last year.
Including the extraordinary impact from
the Kerecis IP transfer, ROIC after tax
and before special items was 11%.
Announcement no. 06/2025 | 19 August 2025
12
Update on sustainability strategy and performance
Priority
Unit
2025 Ambition
9M
2024/25
9M
2023/24
Change
FY
2023/24
Improving products and packaging
Recyclable packaging
1)
% of total
90%
-
-
-
74%
Renewable materials in packaging
1)
% of total
80%
-
-
-
68%
Production waste recycling
% of total
75%
79%
75%
4%-p
77%
Reducing emissions
Scope 1 and 2 emissions
% reduction
100% reduction by 2030
2) 4)
33%
19%
14%-p
27%
Renewable energy use
% of total
100%
87%
84%
3%-p
83%
Electric company cars
1)
% of total
100% by 2030
-
-
-
11%
Scope 3 emissions
1)
(by 2030)
% reduction per product
50% reduction by 2030
2) 4)
-
-
-
3%
Business travel by air
1)
% reduction
10% reduction
2)
-
-
-
50%
Goods transported by air
1)
% of total
< 5% of total
-
-
-
2%
Responsible operations
Lost time injury frequency
Parts per million
2.0
1.7
2.5
-0.8
2.1
Code of Conduct training
1)
% of white collars
100%
-
-
-
99%
Female senior leaders (VP+ level)
1)
% of total
40% by 2030
-
-
-
28%
Diverse teams
1)
% share of total teams
75%
-
-
-
56%
Employee satisfaction
1) 3)
Engagement score
Above benchmark
8.2
8.1
0.1
8.1
Improving products and packaging
Production waste recycling increased to
79% in 9M 2024/25, above the 2025
ambition of 75%, driven by continued
high recycling rates at our sites in
Hungary and Costa Rica, due to
Coloplast’s partnership with local
recycling manufacturers at both sites.
Scope 1 and 2 emissions
The absolute scope 1 and 2 emissions
decreased by 33% in 9M 2024/25,
compared to the base year 2018/19.
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
87% of the total energy use in 9M
2024/25, compared to 84% in 9M
2023/24, driven by the abovementioned
drivers. Coloplast has initiated several
renewable energy projects, which are
expected to materialize beyond the
current strategy period.
Responsible operations
The lost time injury (LTI) frequency in
9M 2024/25 was 1.7 ppm, compared to
2.5 ppm in 9M 2023/24. The
improvement was driven by a positive
development in the number of LTIs
across all parts of the company.
Kerecis receives the Premier
Sustainability Award
Premier, the second-largest group
purchasing organization in the US, has
awarded the Premier’s Sustainability
Award for reducing greenhouse gas
emissions to Kerecis, in recognition of
the company’s leading sustainability
practices and waste-to-value
innovation. Kerecis is recognized for
converting cod fish skin, traditionally
considered waste, into valuable medical
products using 100% renewable energy.
Their sustainable practices, such as
electric vehicle transportation and
centralized distribution for efficacy and
reduced product waste with recycled
packaging, result in significantly lower
CO2 emissions than industry averages.
Coloplast receives a sustainability
award for Luja Female
Coloplast received the FINANS IMPACT
Climate Award for Luja Female,
designed with user and sustainability in
mind, utilizing 28% less plastic and
having a 22% lower carbon footprint
than its reference product.
Sustainalytics ranking 2025
Coloplast received Sustainalytics
ranking of 14.1, indicating a low risk
score and an improvement of 0.8 vs
previous ranking.
Global Disability & Accessibility Policy
Coloplast published its first-ever ‘Global
Disability & Accessibility Policy’ in June
2025, which is an important addition to
our suite of global policies that serve as
a foundation for our company and
culture. The policy can be found here:
Global Disability & Accessibility Policy
2023/24 includes Atos Medical, except for ‘Recyclable packaging’, ‘Renewable materials in packaging’ and ‘Diverse teams’. All figures exclude Kerecis,
except for Lost time injury frequency. 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) Target validated by Science-Based Targets initiative (SBTi).
Announcement no. 06/2025 | 19 August 2025
13
Other matters
Proposed update to DMEPOS
Competitive Bidding Program
announced by CMS
On 30 June 2025, the Centers for
Medicare and Medicaid Services (CMS)
announced a proposed rule
1
, which,
among other, included an update on the
Durable Medical Equipment, Prosthetics,
Orthotics, and Supplies (DMEPOS)
Competitive Bidding Program (CBP).
The authorities propose that medical
equipment such as ostomy,
tracheostomy, and urological supplies
(which covers catheters and catheter
supplies), should be included in the list of
items that CMS may subject to the
DMEPOS CBP. This means that the
categories are considered to be eligible
for CBP, but it does not necessarily
mean that they will be subject to CBP.
Potential implementation of a CBP for
our categories is expected to have an
impact on the entire supply chain. Given
the complexity of the matter and the US
market, we are unable to provide an
estimation of potential financial impact
at this point in time.
As a next step, Coloplast will work
together with industry associations and
provide comments to the document.
The deadline for providing comments is
set for 29 August 2025 and we expect
an update to be published in late 2025.
While there is no timeline laid out in the
document, we expect any potential
changes to take effect at the earliest in
2027 based on internal assessment.
The US chronic care business (covering
Ostomy, Continence and Voice and
Respiratory Care) accounted for around
12% of group sales in FY 2023/24.
Proposed change to payment for skin
substitutes announced by CMS
On 14 July 2025, the CMS announced a
substantially changed Physician Fee
Schedule
2
, where the Average Selling
Price (ASP) pricing model for the out-
patient setting (covering physician office
and hospital-based wound centres) is
replaced by a fixed payment of $125/
cm2 for all products for the
implementation year 2026. The
proposal for the 2026 calendar year
Physician Fee Schedule rule is now in
the 60-day comment window, ending
12 September 2025, and should be
finalized in October, with the policy
changes taking effect on 1 January
2026.
In addition, the policy proposes that
over time, three payment tiers are
introduced, based on the FDA pathway
for the products (PMA, 510k and
section 361 HCT/Ps approval).
Coloplast welcomes the effort by the
authorities to increase quality care for
Medicare recipients with payment and
coverage policy changes. The previously
announced Local Coverage
Determination policy, relating to which
products are covered, is also set to be
implemented on 1 January 2026.
Kerecis currently has two product
brands, MariGen® and Shield®, affected
by CMS payment and coverage policies,
with a current average price for the out-
patient setting of $110/cm2. Around
20% of Kerecis total revenue comes
from the out-patient segment and is
covered by Medicare.
US tariffs
Coloplast is closely monitoring the
implementation of tariffs on goods
imported into the US. Products used in
the management of chronic conditions
continue to be exempt from tariffs and
as such, the financial impact on
Coloplast from US tariffs is expected to
be immaterial.
Capital Markets Day
Coloplast will host a Capital Markets
Day on 2 September 2025 in Denmark,
at the Clarion Hotel (Copenhagen
Airport). More details are available on
Coloplast’s website: Coloplast Investors
information
Changes to the Executive Leadership
Team
3
The Coloplast Board of Directors are
making changes to the Executive
Leadership Team (ELT) to support the
successful execution of the new
Coloplast Group strategy.
With immediate effect, a new Chronic
Care Commercial business unit is being
established. It includes the existing
Chronic Care sales regions, relevant
commercial functions and the Voice &
Respiratory Care business. A stand-
alone Chronic Care R&D function is also
being established, and its leader will be
part of the ELT and report to the CEO.
Caroline Vagner Rosenstand, previously
Executive Vice President (EVP) of Voice
and Respiratory Care, will step into the
role of EVP of Chronic Care
Commercial. Rasmus Just will re-join
Coloplast from Novo Nordisk, into the
role of EVP of Chronic Care R&D.
A new Acute Care business unit is being
introduced, which includes
Interventional Urology (IU), Advanced
Wound Dressings (AWD) and Kerecis.
Effective immediately, AWD and Kerecis
are being merged into a new Wound &
Tissue Repair organisation within Acute
Care. Wound & Tissue Repair will be led
by EVP, Fertram Sigurjonsson. Fertram
will report to the CEO and be part of the
ELT. There are no changes to the IU
business.
The new ELT consists of:
• Lars Rasmussen, interim CEO
• Anders Lonning-Skovgaard, EVP, &
CFO
• Allan Rasmussen, EVP Global
Operations
• Dorthe Rønnau, EVP People &
Culture
• Caroline Vagner Rosenstand, EVP
Chronic Care Commercial
• Rasmus Just, EVP Chronic Care
R&D (start date 1 November)
• Fertram Sigurjonsson, EVP Wound
& Tissue Repair
• Tommy Johns, EVP Interventional
Urology
1. Durable Medical Equipment, Prosthetics, Orthotics, and Supplies (DMEPOS) Competitive Bidding Program Updates 2. Calendar Year (CY) 2026 Medicare Physician Fee Schedule
(PFS) Proposed Rule (CMS-1832-P) | CMS 3. For more information, please refer to company announcement number 05/2025. Lars Rasmussen and Anders Lonning-Skovgaard
constitute the management registered with the Danish Business Authority.
Announcement no. 06/2025 | 19 August 2025
14
Long-term financial
guidance
8-10%
Organic growth p.a.
above 30%
EBIT margin beyond 2024/25
(at constant exchange rates)
Key assumptions
Current macroeconomic 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.
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. Negative impact from the
preventative and voluntary product
return in Advanced Wound
Dressings in China of around DKK
80 million, impacting mostly Q4,
partly offset by good momentum in
the other business areas.
b. Growth expectations across the
other business areas and
geographies are largely unchanged.
c. No significant health care reforms in
FY 2024/25; positive pricing impact
is expected. The expectation of
long-term price pressure of up to
1% annually is unchanged.
d. A stable supply and distribution of
products across the company.
Reported growth in DKK is expected to
be 3-4% and includes around 2%-points
negative impact from currencies. Impact
from the Skin Care divestment is
unchanged at around -1.5%-points (10
months impact).
EBIT margin
The reported EBIT margin before
special items is expected to be 27-28%,
with the following assumptions:
a. Currencies are now expected to
have around neutral impact from
previously limited positive impact.
b. The remaining assumptions on costs
of goods sold and operating
expenses are largely unchanged.
Special items are still expected to be
around DKK 450 million, mostly related
to profitability improvement initiatives to
support long-term value creation,
management changes, and write-down
of assets. Key remaining initiatives
include organisational restructuring in
China and cost optimisation in
Interventional Urology, both of which
will have an impact on special items in
Q4 2024/25.
Capex is still expected to be DKK 1.4
billion which includes investments in the
new manufacturing site in Portugal,
investments in new machines for
existing and new products, IT and
sustainability investments, as well as
Atos Medical integration capex.
The ordinary tax rate for FY 2024/25 is
still expected to be around 22%, while
the FY 2024/25 effective tax rate is still
expected to be around 40% due to the
extraordinary impact from the transfer
of Kerecis’ Intellectual Property.
Coloplast’s long-term expectations for a
tax rate of around 23% are unchanged.
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.
2024/25
Financial
guidance
Around 7
%
Organic revenue growth
at constant exchange rates
27-28
%
Reported EBIT margin
(before special items)
Around 1.4 bn
Capital expenditure in DKK
Around 40
%
Effective tax rate (ordinary
tax rate of around 22%)
Announcement no. 06/2025 | 19 August 2025
15
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 2024/25
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 2023/24
869
691
1.93
Average exchange
rate 9M 2024/25
889
689
1.84
Change in average
exchange rates for
2024/25 compared
with the same
period last year
2%
0%
-5%
Average exchange
rate 2023/24¹⁾
872
688
1.92
Spot rate on
15 August 2025
866
639
1.89
Estimated average
exchange rate
2024/25²⁾
883
676
1.85
Change in
estimated average
exchange rates
compared with
average exchange
rate 2023/24
1%
-2%
-4%
¹⁾ Average exchange rates for 2023/24 are
from 1 October 2023 to 30 September 2024.
²⁾ Estimated average exchange rates are
calculated as the average exchange rates for
the first nine months combined with the spot
rates at 15 August 2025.
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
-240
GBP
-370
-220
HUF
-
150
Announcement no. 06/2025 | 19 August 2025
16
Executive Management
Board of Directors
Announcement no. 06/2025 | 19 August 2025
17
Statement of comprehensive income
1 October – 30 June, unaudited
Consolidated
2024/25
2023/24
2024/25
2023/24
DKK million
Note
9 mths
9 mths
Index
Q3
Q3
Index
Revenue
2
104
101
Production costs
-6,731
-6,448
104
-2,253
-2,237
101
Gross profit
104
101
Distribution costs
-6,898
-6,533
106
-2,243
-2,251
100
Administrative expenses
-930
-959
97
-335
-300
112
Research and development costs
-697
-694
100
-239
-240
100
Other operating income
159
>200
Other operating expenses
-29
-16
181
-11
-4
>200
Operating profit (EBIT) before special items
104
102
Special items
3
-241
-70
-
-83
-36
-
Operating profit (EBIT)
101
100
Financial income
4
55
-75
<-200
Financial expenses
4
-959
-773
124
-415
-237
175
Profit before tax
96
82
Tax on profit for the period
-1,841
-1,054
175
-537
-357
150
Net profit for the period
74
63
Remeasurements of defined benefit plans
-4
-3
-3
-1
Tax on remeasurements of defined benefit plans
-1
-2
Items that will not be reclassified to the income
statement
-4
-4
-3
-3
Value adjustment of currency hedging
-74
-58
Recycle through the income statement
-70
-34
Tax effect of hedging
-32
-37
Currency adjustment of opening balances and
other value adjustments relating to subsidiaries
-61
-77
Tax effect of currency adjustment, assets in
foreign currency
-254
-254
Items that may be reclassified to income
statement
-94
-201
Total other comprehensive income
-98
-204
Total comprehensive income
DKK
Earnings per share (EPS)
Earnings per share (EPS), diluted
Announcement no. 06/2025 | 19 August 2025
18
Statement of cash flows
1 October – 30 June, unaudited
The cash flow statement cannot be derived using only the published financial data.
Consolidated
2024/25
2023/24
DKK million
Note
9 mths
9 mths
Operating profit
Amortisation
Depreciation
Adjustment for other non-cash operating items
6
-41
Changes in working capital
6
-977
-1,256
Ingoing interest payments, etc.
Outgoing interest payments, etc.
-830
-666
Income tax paid
-445
-3,773
Cash flows from operating activities
Investments in intangible assets
-98
-128
Investments in land and buildings
-6
-6
Investments in plant and machinery and other fixtures and fittings, tools and equipment
-55
-45
Investments in property, plant and equipment under construction
-877
-723
Property, plant and equipment sold
Investment in other investments
-21
-13
Company divestment
Cash flows from investing activities
-861
-904
Free cash flow
-186
Dividend to shareholders
-4,958
-4,720
Sale of treasury shares and loss on exercised options
Financing from shareholders
-4,931
-4,470
Repayment of lease liabilities
-212
-191
Expiry of issued bonds
-4,848
Financing through debt funding
Drawdown on credit facilities
Cash flows from financing activities
-3,543
Net cash flows
-24
-3
Cash and cash equivalents at 1 October
Foreign exchange value adjustments
-38
-17
Cash and cash equivalents, disposed operations
-4
Net cash flows
-24
-3
Cash and cash equivalents at 30 June
7
Announcement no. 06/2025 | 19 August 2025
19
Assets
At 30 June, unaudited
Consolidated
DKK million
Note
30.06.25
30.06.24
30.09.24
Intangible assets
Property, plant and equipment
Right-of-use assets
Other equity investments
Deferred tax asset
Other receivables
Non-current assets
Inventories
Trade receivables
Income tax
Other receivables
Prepayments
Cash and cash equivalents
Current assets
Assets
Announcement no. 06/2025 | 19 August 2025
20
Equity and liabilities
At 30 June, unaudited
Consolidated
DKK million
Note
30.06.25
30.06.24
30.09.24
Share capital
Currency translation reserve
-1,036
-1,634
-1,837
Reserve for currency hedging
Proposed ordinary dividend for the period
Retained earnings
Equity
Provisions for pensions and similar liabilities
Deferred tax liability
Other provisions
Bonds
5
Other credit institutions
Income tax
Other payables
Lease liability
Prepayments
Non-current liabilities
Provisions for pensions and similar liabilities
Other provisions
Other credit institutions
Trade payables
Income tax
Other payables
Lease liability
Prepayments
Current liabilities
Equity and liabilities
Announcement no. 06/2025 | 19 August 2025
21
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
2024/25
Equity at 1 October
-1,837
Net profit for the period
Other comprehensive income
-288
Total comprehensive income
Sale of treasury shares and loss on
exercised options
Share-based payment
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
-4,882
Equity at 30 June
-1,036
Announcement no. 06/2025 | 19 August 2025
22
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
2023/24
Equity at 1 October
-1,579
Net profit for the period
Other comprehensive income
-55
-113
-98
Total comprehensive income
-55
-113
Sale of treasury shares and loss on
exercised options
Share-based payment
Tax on share-based payment, etc.
-1
-1
Interim dividend paid out in respect of
2023/24
-1,125
-1,125
Dividend paid out in respect of
2022/23
-3,595
-3,595
Transactions with shareholders
-4,720
-4,415
Equity at 30 June
-1,634
Announcement no. 06/2025 | 19 August 2025
23
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
List of notes
Announcement no. 06/2025 | 19 August 2025
24
Note 1
Accounting policies
The financial statements in this report is prepared in accordance with International Financial Reporting Standards as adopted by
the EU and additional Danish disclosure requirements for listed companies. The accounting policies for recognition and
measurement applied in the preparation of the financial statements in this report are consistent with those applied in the Annual
Report 2023/24.
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 and 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 and
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 Compeed 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 and 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 and 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. 06/2025 | 19 August 2025
25
Note 2, continued
DKK million
Chronic Care
Voice and
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 and Respiratory Care
-
1,706
-
-
-
1,706
Interventional Urology
-
-
2,117
-
-
2,117
Advanced Wound Care
-
-
-
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
-4,885
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
DKK million
Chronic Care
Voice and
Respiratory
Care
Interventional
Urology
Advanced
Wound
Dressings
Biologics
Group
2023/24
Segment revenue:
Ostomy Care
7,095
-
-
-
-
7,095
Continence Care
6,294
-
-
-
-
6,294
Voice and Respiratory Care
-
1,571
-
-
-
1,571
Interventional Urology
-
-
2,094
-
-
2,094
Advanced Wound Care
-
-
-
2,293
730
3,023
External revenue as per the
statement of comprehensive
income
13,389
1,571
2,094
2,293
730
20,077
Costs allocated to segment
-5,607
-1,017
-1,353
-1,404
-653
-10,034
Segment operating profit/loss
7,782
554
741
889
77
10,043
Shared/non-allocated
-4,560
Special items not included in segment operating profit/loss (see note 3)
-70
Operating profit before tax (EBIT) as per the statement of comprehensive income
5,413
Net financials
-621
Tax on profit/loss for the period
-1,054
Profit/loss for the period as per the statement of comprehensive income
3,738
Announcement no. 06/2025 | 19 August 2025
26
Note 3
Special items
DKK million
2024/25
2023/24
Integration activities
60
70
Organisational restructuring and other margin improvement initiatives (including Skin Care divestment)
101
-
Management restructuring
80
-
Total
241
70
In the financial year 2024/25 special items contain expenses related to integration costs for the Atos Medical and Kerecis
acquisitions. Special items also include organisational restructuring and other profitability improvement initiatives, including the
divestment of the skin care business, and Management restructuring costs.
Last year’s special items contain expenses related to integration costs for the Atos Medical acquisition.
Note 4
Financial income and expenses
DKK million
2024/25
2023/24
Financial income
Interest income
24
71
Fair value adjustments of forward contracts transferred from other comprehensive income
-
14
Fair value adjustments of cash-based share options
2
-
Interest hedges
56
56
Hyperinflationary adjustment of net monetary position
-
10
Other financial income
2
1
Total
84
152
Financial expenses
Interest expenses
347
215
Capitalised borrowing costs
-6
-
Interest expenses, lease liabilities
29
24
Interest expenses, bonds
219
363
Fair value adjustments of forward contracts transferred from other comprehensive income
74
-
Fair value adjustments of cash-based share options
-
1
Net exchange adjustments
208
109
Hyperinflationary adjustment of net monetary position
36
-
Other financial expenses and fees
52
61
Total
959
773
Announcement no. 06/2025 | 19 August 2025
27
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
2024/25
2023/24
Net gain/loss on divestment of non-current assets
47
-2
Change in other provisions
5
-95
Other non-cash operating items
61
56
Adjustment for other non-cash operating items
113
-41
Inventories
-265
-251
Trade receivables
-262
-576
Other receivables, including amounts held in escrow
-85
-5
Trade and other payables etc.
-365
-424
Changes in working capital
-977
-1,256
Announcement no. 06/2025 | 19 August 2025
28
Note 7
Cash and cash equivalents
DKK million
2025
2024
Bank deposits, short term
726
887
Cash and cash equivalents at 30 June
726
887
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.
Announcement no. 06/2025 | 19 August 2025
29
Income statement, quarterly
Unaudited
Consolidated
2024/25
2023/24
DKK million
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Revenue
6,958
6,930
7,026
6,953
6,885
6,586
6,606
Production costs
-2,253
-2,202
-2,276
-2,313
-2,237
-2,109
-2,102
Gross profit
4,705
4,728
4,750
4,640
4,648
4,477
4,504
Distribution costs
-2,243
-2,326
-2,329
-2,292
-2,251
-2,152
-2,130
Administrative expenses
-335
-300
-295
-285
-300
-324
-335
Research and development costs
-239
-239
-219
-219
-240
-221
-233
Other operating income
38
38
13
19
17
18
21
Other operating expenses
-11
-10
-8
-60
-4
-7
-5
Operating profit (EBIT) before special items
1,915
1,891
1,912
1,803
1,870
1,791
1,822
Special items
-83
-84
-74
104
-36
-19
-15
Operating profit (EBIT)
1,832
1,807
1,838
1,907
1,834
1,772
1,807
Financial income
-75
-41
200
23
34
36
82
Financial expenses
-415
-275
-269
-327
-237
-201
-335
Profit before tax
1,342
1,491
1,769
1,603
1,631
1,607
1,554
Tax on profit for the period
-537
-579
-725
-289
-357
-355
-342
Net profit for the period
805
912
1,044
1,314
1,274
1,252
1,212
DKK
Earnings per share (EPS) before special items
3.86
4.34
4.89
5.47
5.79
5.63
5.45
Earnings per share (EPS)
3.57
4.05
4.63
5.84
5.66
5.57
5.39
Earnings per share (EPS) before special items,
diluted
3.86
4.34
4.89
5.47
5.79
5.63
5.45
Earnings per share (EPS), diluted
3.57
4.05
4.63
5.84
5.66
5.57
5.39
Announcement no. 06/2025 | 19 August 2025
30
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
Anders Lonning-Skovgaard
Executive Vice President, CFO
Tel. +45 4911 1111
Aleksandra Dimovska
Vice President, Investor Relations
Tel. +45 4911 1800 / +45 4911 2458
Email: [email protected]
Kristine Husted Munk
Senior Manager, Investor Relations
Tel. +45 4911 1800 / +45 4911 3266
Email: [email protected]
Simone Dyrby Helvind
Senior Manager, Investor Relations
Tel. +45 4911 1800 / +45 4911 2981
Email: [email protected]
Press and media
Peter Mønster
Sr. Media Relations Manager
Tel. +45 4911 2623
Email: [email protected]
Address
Company reg. (CVR) no. 69749917
Website
This announcement is available in a Danish and an English-language version. In the event of discrepancies,
the English version shall prevail.
Coloplast was founded on passion, ambition, and commitment. We were born from a nurse’s wish to help her sister and
the skills of an engineer. Guided by empathy, our mission is to make life easier for people with intimate healthcare needs.
Over decades, we have helped millions of people to live a more independent life and we continue to do so through
innovative products and services. Globally , our business areas include Ostomy Care, Continence Care, Advanced Wound
The Coloplast logo is a
registered trademark of
Coloplast A/S
©
2025-08
All rights reserved Coloplast A/S,
3050 Humlebaek, Denmark.