Announcement no. 04/2025 | 6 May 2025
1
2024/25
Interim financial results, H1 2024/25
1 October 2024 - 31 March 2025
Coloplast delivered 6% organic growth in Q2, impacted by the product recall in Interventional Urology and a softer quarter in
Ostomy Care. Q2 EBIT margin
1
held steady at 27%. Reported revenue in DKK grew 5%, impacted by the Skin Care divestment.
• Organic growth rates by business area: Ostomy Care 4%, Continence Care 8%, Voice and Respiratory Care 7%, Advanced
Wound Care 10% and Interventional Urology -1%.
• Growth in Chronic Care was driven by solid contribution from Continence Care, where Luja™ was the main contributor. The
slower growth in Ostomy Care was due to a high baseline in Europe, tender phasing in Emerging markets and a slow-down
in China. Growth in Ostomy Care is expected to pick up in the second half of the year compared to Q2.
• Voice and Respiratory Care growth was driven by both Laryngectomy and Tracheostomy, against a high baseline last year.
• Advanced Wound Dressings grew 3% reflecting negative growth in China, partly impacted by a high baseline last year.
• Kerecis grew 30%, with a 12% EBIT margin before PPA amortisation. The implementation of the final Local Coverage
Determination policy has been delayed to 1 January 2026 and is currently not expected to impact financial performance.
• Interventional Urology growth was negatively impacted by the voluntary product recall in Bladder Health and Surgery (~DKK
35 million). Sales of the products resumed during February, however, sales pick up has been significantly slower than expected.
• EBIT
1
was DKK 1,891 million, a 6% increase from last year. The EBIT margin
1,2
was 27%, on par with last year, and includes
a higher level of commercial and logistics costs and around 50 basis points benefit from currencies.
• CEO Kristian Villumsen stepped down from his role on 5 May 2025. Lars Rasmussen has stepped in as an interim CEO (for
more information, please refer to announcement 03/2025 Company announcement).
H1 2024/25 organic growth of 7% and EBIT margin
1
of 27%. Reported revenue in DKK grew 6% to DKK 13,956 million.
• Organic growth rates by business area: Ostomy Care 6%, Continence Care 7%, Voice and Respiratory Care 9%, Advanced
Wound Care 11% and Interventional Urology 0%.
• EBIT
1
was DKK 3,803 million, a 5% increase from last year. The EBIT margin
1
was 27%, on par with last year.
• Adjusted
3
net profit before special items was DKK 2,666 million, a DKK 175 million increase from last year. Adjusted
3
diluted
earnings per share (EPS) before special items increased by 7% to DKK 11.83.
• Adjusted
3
ROIC after tax before special items was 15%, on par with last year.
• The company will pay half-year interim dividend of DKK 5.00 per share, for a total dividend pay-out of DKK 1,126 million.
FY 2024/25 guidance revised with organic growth of around 7% and an EBIT margin before special items of 27-28%.
• Organic growth is now expected to be around 7% in constant currencies, from previously 8-9%. The revised guidance
includes impact from Interventional Urology, where growth is now expected to be around 0% for the year, and higher
uncertainty related to Emerging markets tender phasing and a slow-down in China, mostly impacting Ostomy Care.
• Reported growth in DKK is expected at around 4%, from previously around 7%, impacted by the lowered organic growth
outlook and around 2%-points negative impact from currencies due to the weaker US dollar. The negative impact from the
Skin Care divestment impact is unchanged at around 1.5%-points.
• The reported EBIT margin before special items is now expected to be 27-28%, from previously around 28%. The revision is
driven by the lowered organic growth outlook, partly offset by prudent cost management.
• Special Items are now expected to be around DKK 450 million due to profitability improvement initiatives, including
restructuring, to support long-term value creation and write-down of assets.
• Expectations on capital expenditures and tax rate (ordinary and effective) are unchanged.
"As we prepare to enter a new strategic period, the Board believes it is time to bring in a new CEO to unfold the potential and
drive long-term growth and value creation for the group. I look forward to working with the executive leadership team in the
role of interim CEO, while the Board conducts the search for Coloplast’s next CEO." says Lars Rasmussen, and adds "On behalf
of the Board, I want to thank Kristian for his dedication and contributions to Coloplast over the past 17 years. Since becoming
CEO in 2018, he has been instrumental in strengthening our market position, including through key strategic acquisitions."
1. before special items expenses of DKK 84 million in Q2 2024/25 and DKK 158 million in H1 2024/25. 2. before special items expenses of DKK 19 million in Q2 2023/24 and DKK 34 million in
H1 2024/25. 3. Adjusted for the impact from the Kerecis IP transfer.
Conference call
Coloplast will host a conference call on Tuesday, 6 May 2025 at 11.00 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 – H1 2024/25 Earnings release conference call
Announcement no. 04/2025 | 6 May 2025
2
Financial highlights and key ratios
1 October 2024 – 31 March 2025, unaudited
¹⁾ The FTE definition has been reassessed during 2023/24 and the comparison figures have been adjusted.
²⁾ Before special items. After special items, ROIC before tax was 18% (2023/24: 18%), and ROIC after tax was 11% (2023/24: 14%).
Consolidated
2024/25
2023/24
2024/25
2023/24
6 mths
6 mths
Change
Q2
Q2
Change
Income statement, DKK million
Revenue
13,956
13,192
6%
6,930
6,586
5%
Research and development costs
-458
-454
1%
-239
-221
8%
Operating profit before interest, tax, depr. and amort. (EBITDA)
before special items
4,475
4,240
6%
2,235
2,110
6%
Operating profit before interest, taxes and amortization (EBITA)
before special items
4,047
3,838
5%
2,017
1,906
6%
Operating profit (EBIT) before special items
3,803
3,613
5%
1,891
1,791
6%
Special items
-158
-34
N/A
-84
-19
N/A
Operating profit (EBIT)
3,645
3,579
2%
1,807
1,772
2%
Net financial income and expenses
-385
-418
-8%
-316
-165
92%
Profit before tax
3,260
3,161
3%
1,491
1,607
-7%
Net profit for the period
1,956
2,464
-21%
912
1,252
-27%
Revenue growth, %
Period growth in revenue, %
6
8
5
9
Growth break down:
Organic growth, %
7
8
6
8
Currency effect, %
0
-3
1
-3
Acquired operations, %
-
4
-
4
Divested Operations, %
-1
-
-2
-
Balance sheet, DKK million
Total assets
49,152
48,140
2%
49,152
48,140
2%
Capital invested
40,533
41,120
-1%
40,533
41,120
-1%
Net interest-bearing debt (NIBD)
23,534
23,624
0%
23,534
23,624
0%
Equity end of period
16,942
16,200
5%
16,942
16,200
5%
Cash flow and investments, DKK million
Cash flows from operating activities
2,749
-772
N/A
742
-2,560
N/A
Cash flows from investing activities
-442
-554
-20%
-310
-287
8%
Investments in property, plant and equipment, gross
-558
-466
20%
-250
-230
9%
Free cash flow
2,307
-1,326
N/A
431
-2,847
N/A
Cash flows from financing activities
-2,359
1,329
N/A
599
2,806
-79%
Key ratios
Average number of employees, FTEs¹⁾
Operating margin (EBIT margin) before special items, %
27
27
27
27
Operating margin (EBIT margin), %
26
27
26
27
Operating margin before interest, tax, depr. and amort.,
(EBITDA margin), %
32
32
31
32
Gearing ratio, NIBD/EBITDA before special items
2.6
2.8
-
-
Return on average invested capital before tax (ROIC), %²⁾
18
18
19
18
Return on average invested capital after tax (ROIC), %²⁾
11
15
11
14
Return on equity, %
33
31
23
32
Equity ratio, %
34
34
34
34
Net asset value per outstanding share, DKK
75
72
4%
75
72
4%
Share data
Share price, DKK
723
932
-22%
723
932
-22%
Share price/net asset value per share
9.6
12.9
-26%
9.6
12.9
-26%
Average number of outstanding shares, millions
225.3
224.6
0%
225.4
224.7
0%
PE, price/earnings ratio
41.7
42.5
-2%
44.6
41.8
7%
Earnings per share (EPS), diluted
8.68
10.96
-21%
4.05
5.57
-27%
Earnings per share (EPS) before special items, diluted
9.23
11.08
-17%
4.34
5.63
-23%
Free cash flow per share
10.2
-5.9
N/A
1.9
-12.7
N/A
Announcement no. 04/2025 | 6 May 2025
3
Update on strategic priorities
In September 2020, Coloplast presented the new strategy “Strive25 – Sustainable Growth Leadership”. Below are key highlights
on the progress made during the first half of the 2024/25 financial year.
Growth
Atos Medical:
• Strong performance in H1 2024/25 with 9% growth and
contribution from both the laryngectomy and
tracheostomy businesses.
• Long-term opportunities to drive sustained 8-10%
growth and an EBITDA margin in the mid-30s.
Kerecis:
• H1 2024/25 growth of 31% with continued market
share gains, and an EBIT margin ex. PPA amortisation of
around 12%, in line with expectations.
• Expected 3-year revenue CAGR of around 30% until
2025/26, EBIT margin uplift to 20% (ex. PPA amorti-
sation) in 2025/26, and EPS accretion as of 2026/27.
• The implementation of the final Local Coverage
Determination (LCD) policy has been delayed to 1
January 2026. The delayed implementation is currently
not expected to impact financial performance, although
it has increased uncertainty in the market.
Sustainability
Improving products and packaging
H1 2024/25 production waste recycling was 79%, above
the 2025 ambition of 75%, driven by the recycling
partnership in Hungary and progress on recycling efforts at
Coloplast’s sites in Costa Rica.
Reducing emissions
Scope 1 and 2 emissions decreased by 32% in H1 2024/25
vs. base year 2018/19, driven by energy efficiency
improvements and continued phase-out of natural gas.
CDP score
CDP 2024 scores published, where Coloplast maintained its
‘B’ score.
Responsible operations – employee engagement
Maintained high employee engagement score of 8.2 (out of
10) in the bi-annual employee survey, ahead of the
healthcare industry benchmark of 7.7.
Innovation
Luja™*, a new intermittent catheter with a
Micro-hole Zone Technology:
• Luja for women is now available in 12 markets, with the
UK and France as the latest launch markets.
Ostomy Care:
• The SenSura® Mio* portfolio was strengthened with
three new product launches in 2024, most notably the
SenSura Mio black bags which are available in 12
markets.
Advanced Wound Care:
• Kerecis expanded its portfolio with the launches of
Shield® Variants for the out-patient setting and
SurgiClose® Silicone for the in-patient setting.
• Biatain® Superabsorber, a soft and non-adhesive
dressing that can manage high volumes of exudate, was
launched in October 2024 in Europe.
Operational efficiency
Profitability improvement initiatives for long-term
value creation
• Divestment of Skin Care and other initiatives in
Advanced Wound Care (ex. Kerecis), resulting in around
30bps benefit to the group EBIT margin.
• Further company-wide initiatives, including restructuring,
to support profitability improvement beyond this financial
year.
Global Operations Plan 6
• Ramp up of manufacturing sites in Costa Rica continues
with solid progress. The establishment of a new
manufacturing site in Portugal is off to a good start and
on track to be operational in 2026.
Global Business Support and IT landscape
• Integration initiatives for Atos Medical and Kerecis on
track; Atos Medical integration still expected to deliver
run-rate operational synergies of up to DKK 100 million.
*CE-marked medical device. Product availability is subject to regulatory process of individual countries and is not guaranteed.
Announcement no. 04/2025 | 6 May 2025
4
Sales performance
Organic growth for the first six months of 2024/25 was 7%. Reported revenue in DKK was up 6% to DKK 13,956 million.
Divested operations contributed -1% to reported revenue, mostly related to the divestment of Skin Care in December 2024.
Exchange rate developments had a neutral impact on reported growth.
Organic growth in the second quarter was 6%. Reported revenue in DKK grew 5% to DKK 6,930 million. Divested operations
related to the Skin Care divestment contributed -2% to reported revenue. Exchange rate developments increased revenue by
1%, mainly related to the appreciation of the USD and GBP against the DKK.
Sales performance by business areas
DKK million
Growth composition (6 mths)
2024/25
(6 mths)
2023/24
(6 mths)
Organic
growth
Divested
operations
Exchange
rates*
Reported
growth
Ostomy Care
4,938
4,663
6%
-
0%
6%
Continence Care
4,439
4,129
7%
-
1%
8%
Voice and Respiratory Care
1,126
1,035
9%
-1%
1%
9%
Advanced Wound Care
2,035
1,964
11%
-7%
0%
4%
Interventional Urology
1,418
1,401
0%
-
1%
1%
Revenue
13,956
13,192
7%
-1%
0%
6%
DKK million
Growth composition (Q2)
2024/25
(Q2)
2023/24
(Q2)
Organic
growth
Divested
operations
Exchange
rates*
Reported
growth
Ostomy Care
2,401
2,281
4%
-
1%
5%
Continence Care
2,231
2,062
8%
-
0%
8%
Voice and Respiratory Care
569
527
7%
-
1%
8%
Advanced Wound Care
1,024
1,018
10%
-10%
1%
1%
Interventional Urology
705
698
-1%
-
2%
1%
Revenue
6,930
6,586
6%
-2%
1%
5%
Sales performance by region
DKK million
Growth composition (6 mths)
2024/25
(6 mths)
2023/24
(6 mths)
Organic
growth
Divested
operations
Exchange
rates*
Reported
growth
European markets
7,615
7,279
4%
0%
1%
5%
Other developed markets
4,011
3,738
10%
-4%
1%
7%
Emerging markets
2,330
2,175
11%
-
-4%
7%
Revenue
13,956
13,192
7%
-1%
0%
6%
DKK million
Growth composition (Q2)
2024/25
(Q2)
2023/24
(Q2)
Organic
growth
Divested
operations
Exchange
rates*
Reported
growth
European markets
3,807
3,714
2%
0%
1%
3%
Other developed markets
1,932
1,810
9%
-5%
3%
7%
Emerging markets
1,191
1,062
14%
-
-2%
12%
Revenue
6,930
6,586
6%
-2%
1%
5%
* The sum of organic growth, divested operations and exchange rates might not match total reported growth due to rounding of numbers.
Announcement no. 04/2025 | 6 May 2025
5
Ostomy Care
Ostomy Care generated 6% organic
sales growth for the first half of
2024/25, with reported revenue in DKK
growing by 6% to DKK 4,938 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, Germany and Italy,
and the US. The SenSura and
Assura/Alterna® portfolios contributed
to growth in Emerging markets, where
they are being 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
Emerging markets, driven by China and
LATAM.
From a geographical perspective,
growth was driven by solid contributions
from the US and Europe, driven by the
UK and Italy. The US posted solid
growth which includes benefit from a
lower baseline last year. Emerging
markets also contributed to growth,
however, growth in the region was held
back by slower tender activity in H1
compared to last year in selected
markets. China delivered mid-single-digit
growth, with a slow-down in the second
quarter.
Q2 organic growth was 4%, impacted
by a high baseline in Europe last year,
tender phasing in Emerging markets
and a slow-down in China. Growth is
expected to pick up in the second half of
the year compared to Q2, driven by
Europe and tenders in Emerging
markets. Reported revenue in DKK
increased by 5% to DKK 2,401 million.
The SenSura Mio portfolio was the main
contributor to growth in Q2, 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 Italy, and the
US. The SenSura and Assura/Alterna
portfolios 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, the
US was the main growth contributor.
Europe had a softer quarter as key
markets like Germany and France were
up against a high baseline last year.
Growth in Emerging markets continued
to be held back by slower tender activity
in selected markets compared to last
year. Growth in China was negatively
impacted by a worsening in the
consumer segment.
2.4 billion
Reported revenue
in DKK for Q2
2024/25
Organic growth
Reported growth
Organic growth
Exchange rates
Reported growth
6%
4%
H1 2024/25 Q2 2024/25
6%
5%
H1 2024/25 Q2 2024/25
6%
0%
6%
H1
Growth compo-
sition (6 mths)
Announcement no. 04/2025 | 6 May 2025
6
Continence Care
Continence Care generated 7% organic
sales growth for the first half of
2024/25, with reported revenue in DKK
growing by 8% to DKK 4,439 million.
Luja™, Coloplast’s new intermittent
catheter with a Micro-hole Zone
Technology, was the main growth
contributor, driven by the male catheter
in the UK, France and Germany. Luja for
women also made a solid contribution
to growth. The rollout of Luja for
women is ongoing, and the product is
now available in 12 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 Emerging markets, particularly
LATAM, and the US.
Bowel Care made a solid growth
contribution, driven by Peristeen® Plus
in Europe, while Collective Devices
made a modest contribution to growth
in the first half of 2024/25.
From a geographical perspective,
growth was broad-based, with solid
contribution from the US and Europe,
led by the UK, France and Italy.
Emerging markets also contributed to
growth, driven by LATAM. Markets with
recent reimbursement openings
continued to perform well and posted
double-digit growth.
Q2 organic growth was 8% and
reported revenue in DKK increased by
8% to DKK 2,231 million.
The Luja portfolio was the main growth
contributor in the quarter, driven
primarily by the male catheter in the
UK, France and Germany. Luja for
women also performed well. The
SpeediCath portfolio contributed to
growth, driven by the standard and
compact catheters in primarily the
Emerging markets region.
Bowel Care continued to make a solid
contribution to growth in the quarter,
while Collective devices delivered flat
growth. In Bowel Care, growth
continued to be driven by Peristeen Plus
in Europe.
From a geographical perspective,
growth was broad-based with solid
contribution across regions. In Europe,
Germany, France and the UK were the
main growth contributors. In Emerging
markets, growth was led by LATAM.
2.2 billion
Reported revenue
in DKK for Q2
2024/25
Organic growth
Reported growth
Organic growth
Exchange rates
Reported growth
7%
8%
H1 2024/25 Q2 2024/25
8%
8%
H1 2024/25 Q2 2024/25
7%
1%
8%
H1
Growth compo-
sition (6 mths)
Announcement no. 04/2025 | 6 May 2025
7
Voice and Respiratory
Care
Voice and Respiratory Care generated
9% organic sales growth for the first half
of 2024/25. Reported revenue in DKK
grew by 9% to DKK 1,126 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 half 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.
Q2 organic growth was 7%, against a
high baseline last year. Reported
revenue in DKK increased by
8% to DKK 569 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 delivered double-digit
growth, with continued solid demand.
From a geographical perspective, all
regions continued to contribute 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 Q2
2024/25
Organic growth
Reported growth
Organic growth
Divested operations
Exchange rates
Reported growth
9%
7%
H1 2024/25 Q2 2024/25
9%
8%
H1 2024/25 Q2 2024/25
9%
-1%
1…
9%
H1
Growth compo-
sition (6 mths)
Announcement no. 04/2025 | 6 May 2025
8
Advanced Wound Care
Advanced Wound Care generated 11%
organic sales growth for the first half of
2024/25. Reported revenue was DKK
2,035 million, a 4% increase from last
year which includes 7%-points negative
impact from the divestment of the Skin
Care business (4 months impact).
Advanced Wound Dressings* in isolation
delivered 3% organic growth in the first
half of 2024/25, reflecting slower
growth in Emerging markets, driven by
China, partly impacted by a high
baseline in Q2 last year. The underlying
growth momentum in the segment
continues to be solid, with Biatain® Fiber
and Biatain Silicone as the main
contributors. Biatain Superabsorber is
off to a good start and also made a solid
contribution to growth. From a
geographical perspective, growth was
driven by Europe, particularly Germany,
partly offset by Emerging market.
Revenue from Kerecis amounted to
DKK 616 million in the first half of
2024/25, with organic growth of 31%
from last year and continued market
share gains, in line with expectations.
Growth was broad-based, with solid
contributions from both the out-patient
and in-patient settings. From a
geographical perspective, both sales
and growth were derived from the US.
During H1, 22 million more Americans
became eligible for insurance coverage
for Kerecis as commercial insurers like
Humana and Cigna have recently added
Kerecis on their coverage plans,
bringing the total number of covered
lives to 175 million at the end of H1.
In December 2024, Coloplast
announced the divestment of its Skin
Care portfolio, to simplify operations
and improve profitability in Advanced
Wound Care. The divestment will reduce
reported revenue for FY 2024/25 with
around DKK 350 million (10 months), or
around -1.5%-points impact on reported
revenue growth, and will have a positive
impact on the group EBIT margin.
Q2 organic growth was 10% and
reported revenue in DKK increased by
to DKK 1,024 million, a 1% increase
from Q2 last year which includes 10%-
points negative impact from the Skin
Care divestment.
Advanced Wound Dressings in isolation
delivered 3% organic growth in Q2.
Biatain Silicone, Biatain Fiber and
Biatain Superabsorber were the main
growth contributors. From a
geographical perspective, Europe
continued to be the main growth
contributor, driven by Germany. Growth
was partly offset by China which
detracted from growth in Q2.
Q2 revenue from Kerecis amounted to
DKK 313 million, with organic growth of
30%. Growth in the quarter continued
to be broad-based across settings. The
implementation of the final Local
Coverage Determination (LCD) policy
has been delayed to 1 January 2026.
The impact of the final LCD policy has
so far been limited. The LCD policy is
related to around 20% of the total
Kerecis sales (out-patient, Medicare-
covered sales).
*Advanced Wound Dressings include the non-divested Skin Care business since December 2024.
1.0 billion
Reported revenue
in DKK for Q2
2024/25
Organic growth
Reported growth
Organic growth
Divested operations
Exchange rates
Reported growth
11%
10%
H1 2024/25 Q2 2024/25
4%
1%
H1 2024/25 Q2 2024/25
11
%
-7%
0%
4%
H1
Growth compo-
sition (6 mths)
Announcement no. 04/2025 | 6 May 2025
9
Interventional Urology
Interventional Urology generated 0%
organic sales growth for the first half of
2024/25, with reported revenue in DKK
growing by 1% to DKK 1,418 million.
The Bladder Health and Surgery
segment detracted significantly from
growth in H1, impacted by the voluntary
product recall. The impact of the
product recall in H1 amounted to
around DKK 60 million, of which around
DKK 35 million in Q2. 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, however, sales pick up
has been significantly slower than
expected due to a higher level of
customers lost.
The impact of the product recall in H1
was offset by growth contributions from
the Men’s Health business and
Endourology. Growth in Men’s Health
was driven by the US and the Titan®
penile implants, while Europe and the
Thulium Fiber Laser Drive were the
main growth contributors in
Endourology. The Women’s Health
business also made a positive
contribution to growth, 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.
Q2 organic growth was -1% and
reported revenue in DKK increased by
1% to DKK 705 million.
Growth in the quarter was negatively
impacted by the abovementioned
product recall in the Bladder Health and
Surgery segment, which detracted
significantly from growth.
The negative impact of the product
recall was only partly offset by the
Men’s Health, Women’s Health and
Endourology businesses. In Men’s
Health, growth continued to be driven
by the US and the Titan penile implants.
The Women’s Health business benefited
from a lower baseline in Q2 last year. In
Endourology, the Thulium Fiber Laser
Drive was the main growth contributor.
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 Q2
2024/25
Organic growth
Reported growth
Organic growth
Exchange rates
Reported growth
0%
-1%
H1 2024/25 Q2 2024/25
1%
1%
H1 2024/25 Q2 2024/25
0%
1%
1%
H1
Growth compo-
sition (6 mths)
Announcement no. 04/2025 | 6 May 2025
10
Earnings
Gross profit
Gross profit was DKK 9,478 million,
compared to DKK 8,981 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 positive impact on the gross
margin.
In Q2, gross profit was DKK 4,728
million, corresponding to a Q2 gross
margin of 68% which was on par with
last year. The Q2 margin was impacted
by the above-mentioned drivers and
positive impact from currencies.
Costs
Operating expenses in the first half of
the year amounted to DKK 5,675
million, a DKK 307 million increase (6%)
from last year.
Operating expenses in Q2 amounted to
DKK 2,837 million, a DKK 151 million
increase (6%) from last year.
Distribution costs amounted to DKK
4,655 million, a DKK 373 million (9%)
increase from DKK 4,282 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.
Distribution costs amounted to 33% of
revenue compared to 32% last year.
In Q2, distribution costs amounted to
DKK 2,326 million, equal to 34% of
revenue against 33% in Q2 last year,
impacted by the above-mentioned
factors.
Administrative expenses amounted to
DKK 595 million, a DKK 64 million (10%)
decrease from DKK 659 million last
year, and include positive impact from a
high baseline and synergies from the
Atos Medical integration. Administrative
expenses accounted for 4% of revenue
compared to 5% last year.
The Q2 administrative expenses
amounted to DKK 300 million or 4% of
revenue, against 5% last year.
The R&D costs were DKK 458 million,
compared to DKK 454 million last year,
a DKK 4 million (1%) increase. R&D
costs amounted to 3% of revenue, on
par with last year.
The Q2 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 33 million against a net
income of DKK 27 million last year.
Operating profit before interest, tax,
depreciation and amortisation
(EBITDA) and before special items
EBITDA before special items amounted
to DKK 4,475 million, a DKK 235 million
(6%) increase from DKK 4,240 million
last year. The EBITDA margin before
special items was 32%, on par with last
year.
In Q2, EBITDA before special items was
DKK 2,235 million, a DKK 125 million
(6%) increase from Q2 last year. The
EBITDA margin before special items
was 32% in Q2, on par with last year.
Operating profit (EBIT) before
special items
EBIT before special items amounted to
DKK 3,803 million, a DKK 190 million
(5%) increase from DKK 3,613 million
last year. The EBIT margin before
special items was 27% on par with last
year. The EBIT margin included a small
positive impact from currencies.
In Q2, EBIT before special items was
DKK 1,891 million, a DKK 100 million
(6%) increase from last year. The EBIT
margin before special items was 27% in
Q2, on par with last year, and included
Income statement, DKK million
2024/25
Index
Revenue
13,956
106
Production costs
-4,478
106
Gross profit
9,478
106
Distribution costs
-4,655
109
Administrative expenses
-595
90
Research and development costs
-458
101
Other operating income
51
131
Other operating expenses
-18
150
Operating profit (EBIT) before special items
3,803
105
Special items
-158
N/A
Operating profit (EBIT)
3,645
102
Financial income
159
135
Financial expenses
-544
101
Profit before tax
3,260
103
Tax on profit for the period
-1,304
187
Net profit for the period
1,956
79
Announcement no. 04/2025 | 6 May 2025
11
around 50 basis points positive impact
from currencies, related to the
appreciation of the USD and GPB
against the DKK, as well as the
depreciation of the HUF against the
DKK.
Special items
Coloplast incurred special items
expenses of DKK 158 million in the first
half of the year. The special items are
related to organisational restructuring
and other profitability improvement
initiatives, including the Skin Care
divestment, the integration of Atos
Medical and management restructuring.
Special items in Q2 amounted to DKK
84 million, mostly related to
organisational restructuring and other
profitability improvement initiatives in
preparation for the new strategic period.
Operating profit (EBIT) after
special items
EBIT after special items was DKK 3,645
million, a DKK 66 million (2%) increase
from last year. The EBIT margin after
special items was 26% compared to
27% last year.
The Q2 EBIT after special items was
DKK 1,807 million, a DKK 35 million
(2%) increase from last year, with an
EBIT margin of 26%.
Financial items and tax
Financial items were a net expense of
DKK 385 million against a net expense
of DKK 418 million last year.
The net expense was impacted by
interest expenses of DKK 404 million
compared to DKK 374 million last year,
mostly related to the financing of the
Atos Medical acquisition. Exchange rate
adjustments had a neutral impact on
the financial expenses, with DKK 90
million gains on balance sheet items
fully offset by DKK 90 million realised
loss on cash flow hedges, primarily
driven by the USD and GBP.
The Q2 financial items were a net
expense of DKK 316 million compared
to a net expense of DKK 165 million in
the same period last year, driven by net
exchange adjustments mainly due to
the depreciation of the USD against the
DKK.
The ordinary tax expense in the first half
of the year was DKK 717 million,
compared to DKK 697 million last year,
with an ordinary tax rate of 22%, on par
with last year. The total tax expense in
the first half of 2024/25 was DKK 1,304
million, resulting in an effective tax rate
of 40%. The total tax expense was
impacted by an extraordinary expense
of DKK 587 million related to the
transfer of Kerecis’s Intellectual
Property (IP) from Iceland to Denmark
which is consistent with Coloplast’s
principal tax model.
The Kerecis IP transfer will have a
similar impact on the tax expenses in H2
2024/25 as in H1. 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 2,666 million, a
DKK 175 million increase from last year.
Adjusted diluted earnings per share
(EPS) were DKK 11.83, an 7% increase
from last year.
Including the extraordinary impact from
the Kerecis IP transfer, net profit before
special items was 2,079 million, a DKK
411 million decrease from DKK 2,491
million last year. Diluted earnings per
share (EPS) before special items were
DKK 9.23, or a 17% 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
1,956 million and diluted EPS after
special items were DKK 8.68.
In Q2, the adjusted net profit before
special items was DKK 1,229 million,
against DKK 1,267 million last year.
Adjusted diluted earnings per share
(EPS) were DKK 5.45.
Q2 net profit before special items
amounted to DKK 978 million, against
DKK 1,267 million last year. The diluted
Q2 earnings per share (EPS) before
special items were DKK 4.34.
The Q2 net profit after special items was
DKK 912 million and diluted earnings
per share (EPS) after special items were
DKK 4.05.
Cash flows and
investments
Cash flows from operating activities
Cash flows from operating activities
amounted to an inflow of DKK 2,749
million, against an outflow of DKK 772
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. The
increase in operating profit and
adjustment of non-cash operating items
also contributed to the positive
development in operating cash flow.
Investments
Net investments amounted to DKK 442
million in the first half of 2024/25 or
around 3% of revenue, compared with
DKK 554 million last year, and included
positive impact from the divestment of
the core Skin Care product portfolio of
DKK 192 million.
Capital expenditures amounted to DKK
618 million in the first half of 2024/25,
or 4% of revenue, on par with last year.
Announcement no. 04/2025 | 6 May 2025
12
Free cash flow
As a result, the free cash flow was an
inflow of DKK 2,307 million, compared
to an outflow of DKK 1,326 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 half of
2024/25 was a DKK 1.1 billion increase
from the same period last year.
Capital resources
At 31 March 2025, Coloplast had net
interest-bearing debt of DKK 23,534
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 2x EBITDA in 2024/25.
Statement of financial
position and equity
Balance sheet
At 31 March 2025, total assets
amounted to DKK 49,152 million, an
increase of DKK 1,079 million compared
to 30 September 2024.
Working capital was 26% of revenue,
compared to 25% at 30 September
2024. Inventories increased by DKK 125
million to DKK 3,797 million, driven by
lower than expected sales in the
quarter. Trade receivables increased by
DKK 77 million to DKK 4,752 million,
while trade payables decreased by DKK
308 million to DKK 1,211 million.
The long-term and FY 2024/25 working
capital-to-sales ratio expectations are
unchanged at around 24%.
Equity
Equity decreased by DKK 1 billion to
DKK 16,942 million, compared to 30
September 2024. Total comprehensive
income for the period of DKK 2,787
million, effect of sale of treasury shares
of DKK 27 million and share-based
remuneration of DKK 31 million were
offset by payment of dividends last year
of DKK 3,831 million.
Treasury shares
At 31 March 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. 04/2025 | 6 May 2025
13
Update on sustainability strategy and performance
Priority
Unit
2025 Ambition
H1
2024/25
H1
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)
32%
22%
10%-p
27%
Renewable energy use
% of total
100%
86%
82%
4%-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
2.9
-1.2
2.1
Code of Conduct training
1)
% of white collars
100%
-
-
-
99%
Female senior leaders (VP+ level)
1)
% of total
40% by 2030
29%
29%
-
28%
Diverse teams
1)
% share of total teams
75%
57%
51%
6%-p
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 H1 2024/25, above the 2025
ambition of 75%, driven by continued
high recycling rates at our sites in
Hungary and Costa Rice, 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 32% in H1 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
86% of the total energy use in H1
2024/25, compared to 82% in H1
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
H1 2024/25 was 1.7 ppm, compared to
2.9 ppm in H1 2023/24. The significant
improvement was driven by a positive
development in the number of LTIs
across all parts of the company.
Coloplast has worked diligently to
reduce LTIs and set activities in motion
to ensure a safe working environment
for our employees.
New global company car policy
Coloplast is dedicated to reducing
carbon emissions and promoting
environmental sustainability by
transitioning to a 100% electric vehicle
fleet by 2030. To achieve this ambition,
a new company car policy has been
implemented.
Employee engagement survey
Coloplast’s bi-annual employee survey,
conducted in March, showed a high
level of employee satisfaction with an
engagement score of 8.2 (out of 10),
slightly above the score from last year.
The score exceeds the healthcare
industry benchmark and indicates that
Coloplast consistently upholds strong
employee satisfaction across the
company.
CDP climate ranking
Coloplast received a CDP score of ‘B’ in
2024 on Climate change, which is on
par with the last score from 2023.
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. 04/2025 | 6 May 2025
14
Other matters
CEO change
As the company is entering into a new
strategy period, the Board of Directors
has decided to initiate the search for a
new CEO to lead Coloplast into its next
phase of long-term, sustainable growth
and value creation. As a result,
President and CEO, Kristian Villumsen,
has stepped down as of 5 May 2025.
To ensure continuity, the Chair of the
Board Lars Rasmussen assumes the
role of interim CEO. Accordingly, Lars
Rasmussen steps down as Chair and will
serve as an ordinary member of the
Board. Board member Jette Nygaard-
Andersen has been appointed interim
Chair for the duration of Lars
Rasmussens tenure as interim CEO.
For more information, please refer to
announcement number 03/2025
(Company announcement).
Implementation of final LCD policy
postponed until 1 January 2026
The implementation of the final Local
Coverage Determination (LCD)
1
policy
for skin substitute grafts/cellular and
tissue-based products for the treatment
of Diabetic Foot Ulcers (DFUs) and
venous leg ulcers (VLUs) in the
Medicare population has been delayed
until January 1, 2026.
The U.S. Centers for Medicare &
Medicaid Services (CMS) have stated
that the reason for the delay is to review
coverage policies to maintain patient
access with high quality evidence of
effectiveness. Coloplast supports the
authorities’ efforts to provide products
to patients that are clinically relevant
while maintaining patient access. As
part of the review, the Agency has
requested additional peer-reviewed
publications and high-quality findings
from other public sources of skin
substitute study results to be submitted
to CMS by November 1, 2025. The
postponement provides a meaningful
opportunity for Kerecis to share
additional clinical data, including results
from recent studies on VLUs, ischemic
ulcers, post-Mohs wounds, and pressure
ulcers.
The financial assumptions for Kerecis
with a 3-year CAGR of around 30% until
2025/26 and an EBIT margin of around
20% (ex. PPA amortization) in FY
2025/26 are unchanged. Kerecis
products remain fully covered under the
existing LCD policy and are supported
by strong clinical evidence. The LCD
policy is related to around 20% of the
total Kerecis sales (out-patient,
Medicare coverage).
US tariffs
Coloplast is closely monitoring the
implementation of tariffs on goods
imported into the US. Based on current
assumptions, we do not expect material
financial impact from tariffs in FY
2024/25. Products used in the
management of chronic conditions
(Ostomy Care, Continence Care and
Voice and Respiratory Care) are
currently exempt from tariffs. Exposure
to tariffs is primarily related to products
in Advanced Wound Care and
Interventional Urology (part of the
Interventional Urology portfolio is
manufactured in the US and therefore
not exposed to tariffs).
Assuming the exemptions for chronic
care products remain in place, the
financial impact from US tariffs beyond
this financial year is also expected to be
immaterial.
New leaders for Advanced Wound
Dressings (AWD) and North America
Chronic Care
Effective 1 April 2025, Dr. Bernd Greiner
has been appointed to the role of Senior
Vice President, AWD. Bernd steps into
the position following a successful 7-
year tenure at Coloplast, most recently
as a Vice President AWD in Region
DACH.
Michael J. DelVacchio has been
appointed to the role of Senior Vice
President for North America Chronic
Care, effective 7 April 2025. Michael
comes to the role with a strong track
record in the US Med-Tech industry,
where he has previously held roles in
companies such as Johnson & Johnson,
KCI Medical and 3M.
Timetable for half-year interim
dividend of DKK 5.00 per share
06 May 2025 – Declaration date
08 May 2025 – Ex-dividend date
09 May 2025 – Value date
12 May 2025 – Disbursement date
1. LCD - Skin Substitute Grafts/Cellular and Tissue-Based Products for the Treatment of Diabetic Foot Ulcers and Venous Leg Ulcers (L39764)
Announcement no. 04/2025 | 6 May 2025
15
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, 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.
The addressable market in which
Coloplast operates is expected to
continue growing at 4-5%.
Revenue growth
Organic growth is now expected to be
around 7% in constant currencies, from
previously 8-9%. The updated
assumptions on revenue growth are as
follows:
a. Interventional Urology: growth of
around 0% for the year due to the
slower than expected recovery in
sales in Bladder Health and Surgery
following the product recall.
b. China Chronic Care: low-single digit
growth, due to a worsening in the
consumer segment.
c. Higher uncertainty related to tender
phasing in Emerging markets, mostly
impacting Ostomy Care.
d. Growth expectations across the
other business areas and
geographies are largely unchanged.
e. No current knowledge of significant
health care reforms; positive pricing
impact is expected. The expectation
of long-term price pressure of up to
1% annually is unchanged.
f. A stable supply and distribution of
products across the company.
Reported growth in DKK is now
expected to be around 4%, from
previously around 7%, impacted by the
lowered organic growth outlook and
around 2%-points negative impact from
currencies due to the weaker US dollar.
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 now expected to be 27-
28%, from previously around 28%. The
updated assumptions on EBIT margin
are as follows:
a. Negative impact from the lowered
organic growth outlook for the
group, partly offset by prudent cost
management.
b. The remaining assumptions on costs
of goods sold and operating
expenses are largely unchanged.
c. Limited positive impact from
currencies.
Special items now expected to be
around DKK 450 million, driven by
additional special items related to
profitability improvement initiatives,
including restructuring, to support long-
term value creation and write-down of
assets.
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. 04/2025 | 6 May 2025
16
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 6M 2023/24
865
690
1.94
Average exchange
rate 6M 2024/25
895
704
1.84
Change in average
exchange rates for
2024/25 compared
with the same
period last year
3%
2%
-5%
Average exchange
rate 2023/24¹⁾
872
688
1.92
Spot rate on
2 May 2025
876
659
1.85
Estimated average
exchange rate
2024/25²⁾
885
681
1.85
Change in
estimated average
exchange rates
compared with
average exchange
rate 2023/24
2%
-1%
-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 six months combined with the spot
rates at 2 May 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 there are
moderate.
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. 04/2025 | 6 May 2025
17
Executive Management
Board of Directors
Announcement no. 04/2025 | 6 May 2025
18
Statement of comprehensive income
1 October – 31 March, unaudited
Consolidated
2024/25
2023/24
2024/25
2023/24
DKK million
Note
6 mths
6 mths
Index
Q2
Q2
Index
Revenue
2
106
105
Production costs
-4,478
-4,211
106
-2,202
-2,109
104
Gross profit
106
106
Distribution costs
-4,655
-4,282
109
-2,326
-2,152
108
Administrative expenses
-595
-659
90
-300
-324
93
Research and development costs
-458
-454
101
-239
-221
108
Other operating income
131
>200
Other operating expenses
-18
-12
150
-10
-7
143
Operating profit (EBIT) before special items
105
106
Special items
3
-158
-34
-
-84
-19
-
Operating profit (EBIT)
102
102
Financial income
4
135
-41
-114
Financial expenses
4
-544
-536
101
-275
-201
137
Profit before tax
103
93
Tax on profit for the period
-1,304
-697
187
-579
-355
163
Net profit for the period
79
73
Remeasurements of defined benefit plans
-1
-2
Tax on remeasurements of defined benefit plans
-1
-1
Items that will not be reclassified to the income
statement
-1
-1
Value adjustment of currency hedging
-73
-16
-46
Recycle through the income statement
-71
-18
Tax effect of hedging
-20
Currency adjustment of opening balances and
other value adjustments relating to subsidiaries
-267
-374
Tax effect of currency adjustment, assets in
foreign currency
Items that may be reclassified to income
statement
-255
-344
Total other comprehensive income
-256
-341
Total comprehensive income
DKK
Earnings per share (EPS)
Earnings per share (EPS), diluted
Announcement no. 04/2025 | 6 May 2025
19
Statement of cash flows
1 October – 31 March, unaudited
Consolidated
2024/25
2023/24
DKK million
Note
6 mths
6 mths
Operating profit
Amortisation
Depreciation
Adjustment for other non-cash operating items
6
-60
Changes in working capital
6
-915
-953
Ingoing interest payments, etc.
Outgoing interest payments, etc.
-462
-423
Income tax paid
-249
-3,615
Cash flows from operating activities
-772
Investments in intangible assets
-60
-84
Investments in land and buildings
-4
-5
Investments in plant and machinery and other fixtures and fittings, tools and equipment
-23
-27
Investments in property, plant and equipment under construction
-531
-434
Property, plant and equipment sold
Investment in other investments
-21
-13
Company divestment
Cash flows from investing activities
-442
-554
Free cash flow
-1,326
Dividend to shareholders
-3,831
-3,595
Sale of treasury shares and loss on exercised options
Financing from shareholders
-3,804
-3,346
Repayment of lease liabilities
-143
-127
Drawdown on credit facilities
Cash flows from financing activities
-2,359
Net cash flows
-52
Cash and cash equivalents at 1 October
Foreign exchange value adjustments
-7
-21
Cash and cash equivalents, disposed operations
-4
Net cash flows
-52
Cash and cash equivalents at 31 March
7
The cash flow statement cannot be derived using only the published financial data.
Announcement no. 04/2025 | 6 May 2025
20
Assets
At 31 March, unaudited
Consolidated
DKK million
Note
31.03.25
31.03.24
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. 04/2025 | 6 May 2025
21
Equity and liabilities
At 31 March, unaudited
Consolidated
DKK million
Note
31.03.25
31.03.24
30.09.24
Share capital
Currency translation reserve
-1,010
-1,832
-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
Bonds
5
Other credit institutions
Trade payables
Income tax
Other payables
Lease liability
Prepayments
Current liabilities
Equity and liabilities
Announcement no. 04/2025 | 6 May 2025
22
Statement of changes in equity, current year
At 31 March, 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
-16
Total comprehensive income
-16
Sale of treasury shares and loss on
exercised options
Share-based payment
Tax on share-based payment, etc.
-14
-14
Dividend paid out in respect of
2023/24
-3,831
-3,831
Transactions with shareholders
-3,831
-3,787
Equity at 31 March
-1,010
Announcement no. 04/2025 | 6 May 2025
23
Statement of changes in equity, last year
At 31 March, 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
-253
-68
-256
Total comprehensive income
-253
-68
Sale of treasury shares and loss on
exercised options
Share-based payment
Dividend paid out in respect of
2022/23
-3,595
-3,595
Transactions with shareholders
-3,595
-3,307
Equity at 31 March
-1,832
Announcement no. 04/2025 | 6 May 2025
24
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. 04/2025 | 6 May 2025
25
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. 04/2025 | 6 May 2025
26
Note 2, continued
DKK million
Chronic Care
Voice and
Respiratory
Care
Interventional
Urology
Advanced
Wound
Dressings
Biologics
Group
2024/25
Segment revenue:
Ostomy Care
4,938
-
-
-
-
4,938
Continence Care
4,439
-
-
-
-
4,439
Voice and Respiratory Care
-
1,126
-
-
-
1,126
Interventional Urology
-
-
1,418
-
-
1,418
Advanced Wound Care
-
-
-
1,419
616
2,035
External revenue as per the
statement of comprehensive
income
9,377
1,126
1,418
1,419
616
13,956
Costs allocated to segment
-3,922
-710
-932
-856
-544
-6,964
Segment operating profit/loss
5,455
416
486
563
72
6,992
Shared/non-allocated
-3,189
Special items not included in segment operating profit/loss (see note 3)
-158
Operating profit before tax (EBIT) as per the statement of comprehensive income
3,645
Net financials
-385
Tax on profit/loss for the period
-1,304
Profit/loss for the period as per the statement of comprehensive income
1,956
DKK million
Chronic Care
Voice and
Respiratory
Care
Interventional
Urology
Advanced
Wound
Dressings
Biologics
Group
2023/24
Segment revenue:
Ostomy Care
4,663
-
-
-
-
4,663
Continence Care
4,129
-
-
-
-
4,129
Voice and Respiratory Care
-
1,035
-
-
-
1,035
Interventional Urology
-
-
1,401
-
-
1,401
Advanced Wound Care
-
-
-
1,503
461
1,964
External revenue as per the
statement of comprehensive
income
8,792
1,035
1,401
1,503
461
13,192
Costs allocated to segment
-3,665
-678
-920
-928
-416
-6,607
Segment operating profit/loss
5,127
357
481
575
45
6,585
Shared/non-allocated
-2,972
Special items not included in segment operating profit/loss (see note 3)
-34
Operating profit before tax (EBIT) as per the statement of comprehensive income
3,579
Net financials
-418
Tax on profit/loss for the period
-697
Profit/loss for the period as per the statement of comprehensive income
2,464
Announcement no. 04/2025 | 6 May 2025
27
Note 3
Special items
DKK million
2024/25
2023/24
Integration activities
38
34
Organisational restructuring and other margin improvement initiatives (including Skin Care divestment)
94
-
Management restructuring
26
-
Total
158
34
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
20
39
Fair value adjustments of forward contracts transferred from other comprehensive income
-
33
Fair value adjustments of cash-based share options
1
-
Interest hedges
37
38
Net exchange adjustments
90
-
Hyperinflationary adjustment of net monetary position
8
7
Other financial income
3
1
Total
159
118
Financial expenses
Interest expenses
258
115
Capitalised borrowing costs
-3
-
Interest expenses, lease liabilities
20
15
Interest expenses, bonds
146
259
Fair value adjustments of forward contracts transferred from other comprehensive income
90
-
Fair value adjustments of cash-based share options
-
2
Net exchange adjustments
-
100
Other financial expenses and fees
33
45
Total
544
536
Announcement no. 04/2025 | 6 May 2025
28
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
1
-
Change in other provisions
2
-98
Other non-cash operating items
31
38
Adjustment for other non-cash operating items
34
-60
Inventories
-154
-138
Trade receivables
-74
-395
Other receivables, including amounts held in escrow
68
-93
Trade and other payables etc.
-755
-327
Changes in working capital
-915
-953
Announcement no. 04/2025 | 6 May 2025
29
Note 7
Cash and cash equivalents
DKK million
2025
2024
Bank deposits, short term
729
889
Cash and cash equivalents at 31 March
729
889
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. 04/2025 | 6 May 2025
30
Income statement, quarterly
Unaudited
Consolidated
2024/25
2023/24
DKK million
Q2
Q1
Q4
Q3
Q2
Q1
Revenue
6,930
7,026
6,953
6,885
6,586
6,606
Production costs
-2,202
-2,276
-2,313
-2,237
-2,109
-2,102
Gross profit
4,728
4,750
4,640
4,648
4,477
4,504
Distribution costs
-2,326
-2,329
-2,292
-2,251
-2,152
-2,130
Administrative expenses
-300
-295
-285
-300
-324
-335
Research and development costs
-239
-219
-219
-240
-221
-233
Other operating income
38
13
19
17
18
21
Other operating expenses
-10
-8
-60
-4
-7
-5
Operating profit (EBIT) before special items
1,891
1,912
1,803
1,870
1,791
1,822
Special items
-84
-74
104
-36
-19
-15
Operating profit (EBIT)
1,807
1,838
1,907
1,834
1,772
1,807
Financial income
-41
200
23
34
36
82
Financial expenses
-275
-269
-327
-237
-201
-335
Profit before tax
1,491
1,769
1,603
1,631
1,607
1,554
Tax on profit for the period
-579
-725
-289
-357
-355
-342
Net profit for the period
912
1,044
1,314
1,274
1,252
1,212
DKK
Earnings per share (EPS) before special items
4.34
4.89
5.47
5.79
5.63
5.45
Earnings per share (EPS)
4.05
4.63
5.84
5.66
5.57
5.39
Earnings per share (EPS) before special items, diluted
4.34
4.89
5.47
5.79
5.63
5.45
Earnings per share (EPS), diluted
4.05
4.63
5.84
5.66
5.57
5.39
Announcement no. 04/2025 | 6 May 2025
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
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: dkadim@coloplast.com
Simone Dyrby Helvind
Senior Manager, Investor Relations
Tel. +45 4911 1800 / +45 4911 2981
Email: dksdk@coloplast.com
Press and media
Jakob Danving Nielsen
Sr. Communications Manager
Tel. +45 4911 2229
Email: dkjada@coloplast.com
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
©
2025-05
All rights reserved Coloplast A/S,
3050 Humlebaek, Denmark.