Coloplast A/
Holtedam 1, 3050 Humlebæ
1 October 2024 – 30 September 202
Company registration (CVR) No. 69 74 99 17
2024/25
Annual
Report
Carin
User, Continence Care
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Table of Contents
The Managements Report
Highlights 3
At a glance 3
Chair and CEO’s letter 4
2024/25 in brief 6
Financial key figures 7
Sustainability key figures 8
2025/26 outlook 9
Our business 11
Mission and vision 11
Group Strategy 12
Business areas, markets, strategy and
performance 14
Chronic Care 14
Acute Care 22
2024/25 Financial performance 28
Financial results 28
Other matters 31
Governance and Ownership 32
Corporate governance 32
Ownership and shareholdings 35
The Board of Directors 37
The Executive Leadership Team 39
Risk management 41
Risk management 41
The Sustainability Statement 45
Introduction 45
Preparation of the sustainability statement 46
The double materiality assessment 47
Interests and views of stakeholders 51
Sustainability due diligence 53
Environmental information 54
E1 Climate change 54
E2 Pollution 63
E5 Resource use & circular economy 65
EU Taxonomy 71
Social information 75
S1 Own workforce 75
S2 Workers in the value chain 87
S4 Consumers and end-users 90
Governance information 99
G1 Business conduct 99
Appendices for sustainability statement 103
Content index of ESRS disclosure
requirements 104
Data points from other EU legislation 106
The Financial Statements
Consolidated financial statements 109
Statement of comprehensive income 110
Statement of cash flow 111
Balance sheet 112
Statement of changes in equity 113
Notes 115
Management’s Statements and Auditor’s
Report
156
Statement by the Board of Directors and
the Executive Management
157
Independent Auditor's Reports 158
Independent Auditor's Assurance Report 162
The Financial Statements of the Parent
Company
Parent company financial statements 165
Income statement 166
Balance sheet 167
Statement of changes in equity 168
Notes 169
Additional information
(part of Management’s Report)
Shareholder information 176
2 Annual Report 2024/25
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Coloplast across regions and business areas
Organic growth
+7%
Reported revenue
in DKK
27.9 bn
European markets
Other developed markets
Emerging markets
European markets
Western, Northern and Southern
Europe
Other developed
markets
USA, Canada, Japan, Australia and
New Zealand
Emerging markets
All other markets
15.5 bn 7.8 bn 4.5 bn
Reported revenue in DKK Reported revenue in DKK Reported revenue in DKK
+5% +8% +11%
Organic growth Organic growth Organic growth
Management’s Report | Highlights | At a glance
3 Annual Report 2024/25
Ostomy Care
Ostomy bags, plates and
supporting products
9.9 bn reported revenue
6% organic growth
Continence
Care
Intermittent
catheters and
collecting
devices and
bowel care
9.0 bn reported revenue
8% organic growth
Interventional
Urology
Implantable products and
disposable surgical products
for treatment of urological
conditions
2.8 bn reported revenue
2% organic growth
Wound & Tissue
Repair
Products for wound treatment
dressings and biologics
segments
3.9 bn Reported revenue
8% organic growth
Voice & Respiratory Care
Heat and moisture exchangers, voice
prostheses and adhesives
2.3 bn reported revenue
9% organic growth
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A message from the Chair and the CEO
Dear shareholders,
At Coloplast, our mission - to make life easier for
people with intimate healthcare needs - has been the
cornerstone of our company throughout its nearly
seventy-years heritage. It has shaped our corporate
culture, guided our decisions, and enabled us to deliver
significant value creation over multiple decades. Our
robust foundation, built on innovation, customer-
centricity, and operational excellence, continues to
differentiate Coloplast in a dynamic and evolving
healthcare landscape.
In the financial year 2024/25, we continued to deliver
on our mission as we helped more than two million
users worldwide, while simultaneously progressing on
our sustainability ambition to reduce emissions,
especially scope 1 and 2.
We delivered 7% organic growth and an EBIT margin
before special items of 28%, in line with our revised
guidance, but below the 8-9% growth expectation we
put forth at the beginning of the year. Chronic Care
incl. Voice & Respiratory Care ex. China delivered a
solid year, while Interventional Urology and Advanced
Wound Dressings faced notable performance
challenges, with unprecedented negative impact from
product recalls.
We also saw increased volatility in the biologics
market, driven by US healthcare reforms in this
specific treatment area being postponed, which led to
a slowdown in the momentum for Kerecis in second
half of the year.
2024/25 became a year defined by performance
challenges due to the product recalls, but also a year
shaped by the decisive actions we took to address
these challenges, including management changes and
profitability improvement initiatives. 2024/25 marks
the conclusion of our Strive25 strategy - a period
characterised by product innovation, M&A, operational
expansion, and a sharpened focus on sustainability.
While Strive25 did not deliver the value creation we
had envisioned, it provided key building blocks and a
strong foundation for future value creation.
With our Impact4 strategy we are setting a new
direction for the company with a strong focus on
customers and value creation, and we have taken
significant steps this year to ensure strong strategy
execution; a new Executive Leadership team with a
balanced mix of commercial and technical expertise, a
reorganisation of our businesses into Chronic and
Acute Care, and a new long-term financial ambition
with focus on organic growth and value creation. As
such, it is our strong belief that Coloplast now stands
well-positioned to deliver on our mission and value
creation agenda, while navigating an increasingly
complex external environment.
Management’s Report | Highlights | Chair and CEO’s letter
4 Annual Report 2024/25
As we move into Impact4, we do so from a position of strength, with
a clear structure, a strengthened leadership team, and an ambitious
strategy towards 2030. Coloplast is well positioned to set the
standard of care at scale.
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Strive25 - sustainable growth leadership - marked a
critical juncture in Coloplast’s history, defined by
significant investments in both organic and inorganic
initiatives to secure long-term growth and value
creation. At the heart of our strategy was a
commitment to deliver above-market growth and
industry-leading profitability, anchored in four
enterprise-wide themes: innovation, efficiency,
sustainability and leadership.
Our innovation agenda delivered tangible results. In
Chronic Care, we launched Luja™, an intermittent
catheter platform that addresses a major unmet need -
reducing urinary tract infection risk. Supported by
strong clinical evidence, Luja is the most significant
Continence Care launch in a decade, and its rollout in
key markets has received positive feedback from
healthcare professionals and users. Alongside Luja, we
expanded our portfolio with line extensions across
business areas, including black bags and a new two-
piece offering within SenSura® Mio in Ostomy Care.
A defining aspect of Strive25 was the decision to
pursue inorganic growth opportunities. Over the
period, we completed three strategic acquisitions, each
chosen for their attractive markets, strong
technologies, and leadership potential, ensuring long-
term growth and value creation.
Intibia™ (2020) introduced an early-stage technology
for treating overactive bladder in Interventional
Urology. With launch expected in 2026/27, Intibia
positions Coloplast in a fast-growing segment,
supporting our ambition to lift the momentum in
Interventional Urology.
Atos Medical (2022) established Voice & Respiratory
Care as a new chronic area, characterised by high
entry barriers and significant untapped potential. Atos
brings a strong commercial presence, and sustained
growth of 8–10% p.a.
Kerecis (2023) marked our entry into biologics wound
care. Its differentiated fish-skin technology offers
unique clinical value and a strong US platform,
creating opportunities to transform wound care
through attractive growth and profitability expansion.
Strive25 also prioritised operational efficiency and
sustainability. We diversified our manufacturing
footprint, expanded capacity, and invested in
automation to boost resilience and competitiveness. At
the same time, we advanced emissions reduction and
responsible material use, reinforcing Coloplast’s
reputation as a responsible industry leader.
Yet, the external environment shifted dramatically
during the period. Covid-19, geopolitical tensions,
persistent inflation, and a fundamentally changed
market landscape in China created new headwinds
that challenged our original assumptions and strategic
ambitions. China, once anticipated as a key growth
engine, saw growth reduced to low single-digit by the
end of the Strive25 period. Inflation and rising interest
rates, especially in Europe, increased input costs and
placed pressure on our gross profit margins. At the
same time, public healthcare budgets came under
strain, and reimbursement reforms added new
uncertainty and complexity in the US market.
Internally, Coloplast evolved from a company with one
coherent culture and a highly concentrated
manufacturing footprint to a more diversified, complex
organisation with several purpose-driven cultures.
Strive25’s financial metrics were affected by
operational challenges, inflation, and M&A, preventing
full delivery on our original organic growth and EBIT
margin ambitions. In response, we launched targeted
actions in 2024/25: restructuring in China,
profitability initiatives in Wound Care, and cost
optimisation in Interventional Urology.
While Strive25 did not deliver the value creation we
had hoped for, it has established a strong foundation
and key building blocks for future value creation.
Impact4 - setting the standard of care at scale - marks
a bold new chapter for Coloplast with a clear direction
and strong focus on customers and value creation.
By putting customers at the centre, we aim to deliver
best-in-class products, services, and support,
reinforcing our ambition to double our impact and
reach four million people long term.
Impact4 focuses on four priorities: delivering
innovative customer offerings, driving next-level
efficiency, leveraging technology - including AI - to
enhance user experience and scale, and fostering a
high-performance, sustainable culture.
The priorities are supported by clear financial targets:
7-8% organic revenue CAGR through FY 2029/30,
EBIT growth in line with or above revenue growth, and
ROIC above 20% by 2029/30, up from 15% (adjusted)
in 2024/25.
After a Strive25 period of major investments, Impact4
has a clear focus on impact and value creation.
To deliver on our ambition, we have reorganised into
two focused business units - Chronic Care and Acute
Care - to respect the differences in market dynamics,
customer needs, patient pathways and business
models. Integrating Advanced Wound Dressings and
Biologics into one combined Wound & Tissue Repair
unit further strengthens our innovation and global
reach.
On May 5, 2025 Kristian Villumsen stepped down as
CEO with the Board of Directors decision to initiate the
search for a new CEO to lead Coloplast into its next
phase. We would like to thank Kristian for his
dedication and contributions to Coloplast over the past
17 years. The search is ongoing and an announcement
will follow once a decision has been made.
We would like to thank our customers, colleagues, and
investors for your trust and support in 2024/25. Your
engagement and partnership have been instrumental
in advancing our mission, making a positive impact for
patients, healthcare systems, and society.
As we move into Impact4, we do so from a position of
strength, with a clear structure, a strengthened leader-
ship team, and an ambitious strategy towards 2030.
Coloplast is well positioned to set the standard of care
at scale, create lasting value for all stakeholders, and
continue making life easier for people with intimate
healthcare needs.
Jette Nygaard-Andersen
Lars Rasmussen
Interim Chair
Interim President,
of the Board of Directors
CEO
Management’s Report | Highlights | Chair and CEO’s letter
5 Annual Report 2024/25
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2024/25 in brief
Organic growth was 7%, driven by good contribution
from our chronic care businesses, Ostomy Care,
Continence Care and Voice & Respiratory Care, which
grew 6%, 8% and 9% respectively, driven by a good
momentum. Our acute care businesses, Wound &
Tissue Repair and Interventional Urology, delivered
growth of 8% and 2%, respectively. Growth in Wound &
Tissue Repair was negatively impacted by a
preventative and voluntary product return of all
Biatain® Adhesive dressings in China, while
Interventional Urology was affected by a voluntary
product recall in the Kidney & Bladder Health business.
In 2024/25, several new products were launched to
support continued growth above the market: a new
two-piece SenSura® Mio offering, the female Luja
catheter, Biatain® Superabsorber in Advanced
Dressings and further product innovation within
Kerecis.
Revenue amounted to DKK 27,874 million, a 3%
increase from DKK 27,030 million last year. Divested
businesses detracted 1%, mostly related to the
divestment of Skin Care in December 2024. Currencies
had a negative impact on reported revenue of 2%.
EBIT before special items amounted to DKK 7,670
million, a 5% increase from DKK 7,286 million last
year. The EBIT margin before special items was 28%
compared to 27% last year. EBIT in constant
currencies grew 6%.
The EBIT margin includes benefit from the Skin Care
divestment of around 30 basis points, favourable
development in input costs and prudent management
of operating expenses. The positive impact on the EBIT
margin was partly offset by around 100 basis points
dilution from Kerecis (including PPA amortisation) and
a small negative impact from currencies.
The EBIT margin after special items was 26%,
reflecting a significant one-off impact from special
items of DKK 469 million, related to structural
changes, management restructuring, the Atos Medical
integration and the Skin Care divestment.
ROIC after tax before special items was 12%, against
15% last year, and includes negative impact from the
transfer of Kerecis’ Intellectual Property (IP). Adjusted
ROIC
1) 2)
was 15%, on par with last year.
The adjusted free cash flow-to-sales ratio was 19%
compared to 15% last year
3)
.
Scope 1 and 2 emissions saw good progress and a 41%
reduction compared to base year 2018/19, while
scope 3 emissions per product increased 1% compared
to the base year, impacted by higher emissions from
raw materials and transportation.
The Board of Directors recommends a year-end
dividend of DKK 18.00 per share, which brings the total
dividend for the year to DKK 23.00 per share,
compared to DKK 22.00 per share last year.
Proposed dividend per share
of DKK 23.00 in 2024/25
5.0
5.0
5.0
16.0
17.0
18.0
Year-end dividend Half-year dividend
2022/23
2023/24 2024/25
Management’s Report | Highlights | 2024/25 in brief
6 Annual Report 2024/25
7
%
Organic revenue
growth
in line with revised
guidance
68
%
Gross margin
on par with last year
28
%*
EBIT margin
includes around 100
basis points dilution on
margin from Kerecis
* Before special items
1)
Adjusted for the impact from the Kerecis IP transfer related to the extraordinary tax expense of DKK 1,146 million.
2)
After tax before special items.
3)
Free cash flow adjustments: The figures for the 2024/25 financial year is adjusted for the Skin Care divestment. The figures for the 2023/24 financial year
is adjusted for the extraordinary tax payment related to the transfer of Atos Medical’s IP (net impact of DKK 2.5 bn).
15
%*
ROIC after tax
on par with last year
* Before special items and adjusted
for impact from Kerecis IP transfer
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Financial highlights and ratios
Income statement, DKK million 2024/25 2023/24 2022/23 2021/22 2020/21
Revenue 27,874 27,030 24,500 22,579 19,426
Research and development costs -946 -913 -872 -866 -755
Operating profit before interest, tax, depr.
and amort. (EBITDA) 8,653 8,610 7,840 7,369 6,947
Operating profit before interest, taxes and
amortization (EBITA) before special items 8,259 7,737 7,179 7,170 6,484
Operating profit (EBIT) before special items 7,670 7,286 6,845 6,910 6,355
Special items, net -469 34 -74 -471 -200
Operating profit (EBIT) 7,201 7,320 6,771 6,439 6,155
Net financial income and expenses -1,044 -925 -746 -312 78
Profit before tax 6,157 6,395 6,025 6,127 6,233
Net profit for the year 3,636 5,052 4,783 4,706 4,825
Revenue growth
Annual growth in revenue, % 3 10 9 16 5
Growth breakdown:
Organic growth, % 7 8 8 6 7
Currency effect, % -2 -1 -2 4 -2
Acquired operations, % – 4 3 6 –
Divested operations, % -1 – – – –
Balance sheet, DKK million
Total assets 48,367 48,073 48,159 37,446 15,841
Capital invested 38,769 41,079 37,255 30,169 11,576
Net interest-bearing debt (NIBD) 21,692 21,841 18,659 18,091 2,112
Equity at year end 16,122 17,942 17,299 8,292 8,168
Cash flow and investments, DKK million 2024/25 2023/24 2022/23 2021/22 2020/21
Cash flows from operating activities 6,645 2,766 4,226 5,099 5,290
Cash flows from investing activities -1,251 -1,336 -8,957 -11,759 -2,011
Investments in property, plant and
equipment, gross -1,306 -1,166 -1,020 -927 -919
Free cash flow 5,394 1,430 -4,731 -6,660 3,279
Cash flows from financing activities -5,187 -1,518 5,265 6,591 -3,176
Key ratios
Average number of employees, FTEs¹⁾ 16,773 16,202 15,069 13,825 12,656
Operating margin (EBIT margin) before
special items, % 28 27 28
–
31 33
Operating margin (EBIT margin), % 26 27 28
–
29 32
Operating margin before interest, tax, depr.
and amort., (EBITDA margin), % 31 32 32
–
33 36
Gearing ratio, NIBD/EBITDA before special
items 2.4 2.5 2.4
–
2.3 0.3
Return on average invested capital before
tax (ROIC), %²⁾ 19 19 20
–
33 58
Return on average invested capital after tax
(ROIC), %²⁾ 12 15 16
–
25 45
Return on equity, % 22 31 59
–
64 70
Equity ratio, % 33 37 36
–
22 52
Net asset value per outstanding share, DKK 72 80 77
–
39 38
Key ratios have been calculated and applied in accordance with the Recommendations and Financial Ratios issued by the Danish Society of Financial Analysts.
¹⁾ The FTE definition has been reassessed during 2023/24 and the comparison figures have been adjusted.
²⁾ This ratio is provided before special items. After special items, ROIC before tax was 18%/19%/20%/31%/57%, and ROIC after tax was
11%/15%/16%/24%/44%.
Management’s Report | Highlights | Financial and Sustainability highlights and ratios
7 Annual Report 2024/25
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Share data
2024/25 2023/24 2022/23 2020/21 2018/19
Share price, DKK 543 875 748 776 1,007
Share price/net asset value per share 8 11 10 20 26
Average number of outstanding shares, in
millions 225 225 214 213 213
PE, price/earnings ratio 34 39 34 35 44
Dividend per share, DKK¹⁾ 23.0 22.0 21.0 20.0 19.0
Payout ratio, %
2)
130 99 96 84 81
Earnings per share (EPS), diluted 16.13 22.46 22.20 22.11 22.63
Earnings per share (EPS) before special items,
diluted 17.76 22.34 22.46 23.82 23.36
Free cash flow per share 24 6 -22 -31 15
¹⁾ The figure shown for the 2024/25 financial year is the proposed dividend.
2)
The figure is before special items. After special items, the payout ratio is 143%/98%/97%/90%/84%.
Sustainability highlights and ratios
Strive25 ambitions
Unit 2025 Ambition
1)
2024/25 2023/24 Change
Improving products and packaging
Recyclable packaging
2)
% of total 90% 76 % 74 % 2%-p
Renewable materials in packaging
2)
% of total 80% 71 % 68 % 3%-p
Production waste recycling % of total 75% 83 % 77 % 6%-p
Reducing emissions
Scope 1 and 2 emissions
3)
% reduction
100% reduction
by 2030
4) 5)
41 % 22 % 19%-p
Renewable energy use
6)
% of total 100% 88 % 83 % 5%-p
Electric company cars
2)
% of total 100% by 2030 16 % 11 % 5%-p
Scope 3 emissions
2) 7)
(by 2030)
% reduction per
product
50% reduction by
2030
4) 5)
-1 % 3 % -4%-p
Business travel by air
2)
% reduction 10% reduction
4)
61 % 50 % 11%-p
Goods transported by air
2)
% of total < 5% of total 3 % 2 % 1%-p
Responsible operations
Lost time injury frequency Parts per million 2.0 1.7 2.1 -0.40
Code of Conduct training
2)
% of white
collars 100% 99 % 99 % 0%-p
Female senior leaders (VP+ level)
2)
% of total 40% by 2030 26 % 28 % -2%-p
Diverse teams
2)
% share of total
teams 75% 57 % 56 % 1%-p
Employee satisfaction
2) 8)
Engagement
score Above Benchmark 8.2 8.1 0.10
Financial year 2023/24 includes Atos Medical, except for ‘Recyclable packaging’, ‘Renewable materials in packaging’ and ‘Diverse teams’, while all figures
exclude Kerecis, except for Lost time injury frequency.
1)
All ambitions are based on the Strive25 strategy - Scope 1, Scope 2 and Scope 3 GHG emissions have been updated within the new strategy Impact4, to 90%
and 10% reduction by 2030 respectively.
2)
Metric will only be reported on a semi-annual or full-year basis.
3)
Data for Financial year 2023/24 was restated from 27% to 22% due to the inclusion of emissions from non-production entities (NPEs). The reduction
compared to last year is due to the purchase of RECs for NPEs.
4)
From base year 2018/19.
5)
Target validated by Science-Based Targets initiative (SBTi).
6)
Renewable energy use is measured consistent with prior years. The definition differs from the definition per E1-5 in CSRD. Renewable energy use for
2024/25 according to E1-5 is 66%.
7)
Scope 3 emissions per product is consistent with last year accounting method.
8)
Employee survey conducted annually. Latest industry benchmark from Q2 2024/25 was 7.7.
Management’s Report | Highlights | Financial and Sustainability highlights and ratios
8 Annual Report 2024/25
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Outlook and financial guidance
Key assumptions
Current macroeconomic, geopolitical and industry-
specific developments, including US tariffs and
regulatory changes, are continuously monitored and
their potential impact on our business is evaluated on
an ongoing basis. As such, the financial guidance is
subject to a higher degree of uncertainty due to the
changing environment.
The addressable market in which Coloplast operates is
expected to continue growing at 4-5%.
Revenue growth
Organic growth is expected to be around 7% in
constant currencies with the following assumptions:
a. Chronic Care (incl. Voice & Respiratory Care) -
continued good momentum
b. Wound & Tissue Repair - improved momentum
compared to last year, driven by Kerecis growth of
around 25%, partly offset by the negative impact
from the product return in Advanced Wound
Dressings in China in Q1-Q3. Kerecis continued
volatility related to the expected changes to skin
substitutes coverage and payment in the outpatient
setting as of January 1, 2026
1)
c. Interventional Urology - growth expected to
improve to mid single-digit, however, continued
impact from the product recall in Q1
d. No significant impact from healthcare reforms.
Reported growth in DKK is expected to be around
4-5%, with 2-3%-points negative impact from
currencies as well as a small negative impact from the
skin care divestment (two months impact).
EBIT growth
The EBIT growth at constant exchange rates, before
special items is expected to be around 7% with the
following assumptions:
a. Stable inflation levels
b. Continued ramp-up in Costa Rica and Portugal
c. New Impact4 investments, including global
technology investments, investments toward the
new bowel care opportunity in the US, and
investments related to Intibia™
d. Kerecis EBIT margin uplift to around 20%
e. Immaterial impact from tariffs, as we expect our
products to remain exempted.
Special items are expected to be around DKK 50
million in acquisition related integration costs.
Capex-to-sales ratio is expected to be around 5% and
includes investments to complete the new
manufacturing site in Portugal, investments in new
machines for existing and new products, IT and
sustainability investments.
The effective tax rate is expected to be around 22%.
Dividend policy
The Board of Directors intends to distribute excess
liquidity to the shareholders through dividends and
share buybacks, with a target payout ratio of 60-80%
of net profit.
Management’s Report | Highlights | 2025/26 Outlook and financial guidance
9 Annual Report 2024/25
1)
For further information on the expected changes, please see the
section Other matters on page 31.
2025/26
Financial guidance
Around 7
%
Organic revenue growth
at constant exchange rates
Around 7
%
EBIT growth
at constant exchange rates,
before special items
Around 16
%
Return on Invested Capital
after tax, before special items
Around 5
%
Capex-to-sales ratio
Around 22
%
Effective tax rate
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Forward-looking statements
The forward-looking statements in this
announcement, including revenue and earnings
guidance, do not constitute a guarantee of future
results and are subject to risk, uncertainty and
assumptions, the consequences of which are difficult
to predict.
The forward-looking statements are based on our
current expectations, estimates and assumptions and
are provided on the basis of information available to us
at the present time.
Major fluctuations in the exchange rates of key
currencies, significant changes in the healthcare
sector or major developments in the global economy
may impact our ability to achieve the defined long-
term targets and meet our guidance. This may impact
our company’s financial results.
Exchange rate exposure
Our financial guidance for the 2025/26 financial year
has been prepared on the basis of the following
assumptions for the company’s principal currencies:
Overview of exchange rates for key currencies
against DKK
GBP USD HUF
Average exchange rate
2023/24 872 688 1.92
Average exchange rate
2024/25 882 676 1.85
Change in average exchange
rates for 2024/25 versus
2023/24 1 % -2 % -4 %
Spot rate on 31 October 2025 849 646 1.92
Change in spot rates
compared with average
exchange rate 2024/25 -4 % -4 % 4 %
Revenue is particularly exposed to developments in
USD and GBP relative to DKK. Fluctuations in HUF
against DKK impact the operating profit because a
substantial part of our production, and thus of our
costs, are in Hungary, whereas our sales in the market
are limited.
Effect over 12 months of a 10% initial drop in
exchange rates for key currencies (DKK million)
Revenue EBIT
USD
-740 -290
GBP
-400 -240
HUF
– 160
Management’s Report | Highlights | 2025/26 Outlook and financial guidance
10 Annual Report 2024/25
Impact4
Financial ambition
7-8
%
organic growth (5-year CAGR)
in line with or above
revenue growth
EBIT growth over the period
In constant exchange rates,
before special items
more than 20
%
Return on Invested Capital in 2029/30
After tax, before special items. A linear
improvement expected over the period
Around 4-5
%
Capex-to-sales ratio
Around 22
%
Effective tax rate
Around 1.5x
Net debt/EBITDA ratio
Is expected to decrease to towards 2029/30
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Mission and vision
Transforming lives through intimate healthcare
Coloplast’s mission - to make life easier for people
living with intimate healthcare needs - has been the
company’s guiding principle for nearly seventy years.
In 2024/25, we supported over two million users
across 140 countries and welcomed more than
260,000 new participants to our patient support
programmes Coloplast Care and Atos Care.
This commitment is not simply aspirational; it is
embedded in our daily operations, where we engage
deeply with users and healthcare professionals to
understand both their medical challenges and the
broader context of their lives. This insight drives our
innovation agenda and ensures our products and
services deliver meaningful impact, consistently
raising standards of care and reinforcing our
leadership across the categories we serve.
Addressing unmet needs and elevating standards
Despite decades of progress, substantial unmet needs
persist. In chronic care product utilisation per capita
remains low in most markets outside Northern Europe,
and many patients lack access to advanced
technologies and tailored support.
Coloplast’s response is anchored in a business model
that prioritises innovation, strategic partnerships, and
expanded access. We deliver differentiated solutions
and services that address these gaps, collaborate with
healthcare professionals and payers to define
standards of care and secure reimbursement, and
provide personalised support through Coloplast Care.
Our leadership in evidence-based advocacy and direct
engagement with users distinguishes us in the market,
while our commitment to documenting value through
clinical studies and pilot programmes ensures our
solutions are recognised for both improved outcomes
and cost-effectiveness.
Driving impact and shaping the future of care
Our efforts have translated into measurable
improvements in access and standards of care.
Over the past decade, we have achieved
reimbursement openings for intermittent
catheterisation in key markets such as Poland, Japan,
South Korea, and Australia. Coloplast has also played a
key role in the process that led to the Centers for
Medicare and Medicaid Services (CMS) in the US
announcing three new codes for hydrophilic catheters,
effective January 2026.
Atos Medical has been on a similar journey, opening up
reimbursement and improving the standard of care for
more people with a Laryngectomy - Poland being a
recent example of this.
Through our Access to Healthcare programme, we
have supported more than 100 projects in 25
countries since 2007, helping to establish treatment
protocols for underserved segments such as multiple
sclerosis.
The integration of Kerecis into Coloplast marks an
important step in advancing our mission. Kerecis
brings a unique biologics platform based on fish-skin,
offering innovative solutions for wound care and tissue
regeneration.
Kerecis complements our existing portfolio and
strengthens our ability to address complex, high-
growth segments where clinical needs remain
significant. By combining Kerecis’ pioneering fish-skin
technology with Coloplast’s global reach and patient-
centric approach, we are well positioned to accelerate
access to advanced therapies, improve patient
outcomes, and transform care for even more people
worldwide.
As we look towards the future, we remain dedicated to
our mission, leveraging our commercial model and
differentiated solutions to ensure more users receive
the products and support they need to live better lives.
Management’s Report | Business model and strategy | Mission and vision
11 Annual Report 2024/25
Without Kerecis, I would probably
not be alive today - Pétur
Pétur Oddsson had a serious accident while
repairing a power station in Önundarfjördur in the
Icelandic Westfjords in September 2020. Pétur
was badly burned and was in intensive care for 60
days. He was treated with Kerecis fish-skin and
has since made an amazing recovery.
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Management’s Report | Business model and strategy | Group Strategy
12 Annual Report 2024/25
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Management’s Report | Business model and strategy | Group Strategy
13 Annual Report 2024/25
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An introduction to Chronic Care
Chronic Care commercial
model
Chronic Care is our largest business unit, which
includes Ostomy Care, Continence Care, and Voice &
Respiratory Care.
In Chronic Care we serve users with chronic conditions,
where products are mostly used after discharge from
the hospital. People use the products daily to manage
their condition, many for the rest of their lives.
Innovation, product choice and portfolio breadth are
therefore critical to allow users to find a personalised
solution.
A user’s journey typically starts in a clinical setting,
such as a hospital or rehabilitation centre, where they
get introduced to the products and their application by
a healthcare professional. Being the preferred product
choice in the clinical setting remains essential, as it
provides a strong starting point for engagement and
contributes to a stable inflow of users in the
community setting, which accounts for more than 90%
of the total sales in our chronic categories.
Staying close to users after discharge from the
hospital into the community setting is equally
important. Our ability to support users in establishing a
good routine and adapting to life with a chronic
condition is key to ensuring continuity of care and
strengthening long-term relationships. This close
engagement reinforces our chronic care model and
supports our ambition to deliver a superior customer
experience across all touchpoints.
For more than a decade, Coloplast has been investing
in building stronger ties with end-users. Today, our
patient support programmes Coloplast Care and Atos
Care provides personalised support for people living
with chronic conditions across more than 30 markets.
Users are likewise able to order products directly from
us in more than 15 markets, ensuring users have
access to the most innovative products, coupled with a
high level of service.
Our chronic business areas are characterised by solid
reimbursement (more than 90% of sales covered by
reimbursement), risk of healthcare reforms, and a
stable competitive environment.
Underlying conditions, users
and products
Ostomy Care
In Ostomy Care we serve users with a stoma. A stoma is
a surgically created opening in which part of the
digestive or urinary system is redirected to an opening
in the abdominal wall, allowing output to be removed
from the body. A stoma is created in the case of bowel
or bladder dysfunction due to a disease, an accident or
a congenital disorders. A stoma surgery can be
performed on the colon (colostomy), small intestine
(ileostomy), or urinary bladder (urostomy). An
estimated half of the procedures are colostomies,
typically caused by cancer. Around a third are
ileostomies, typically caused by inflammatory bowel
diseases. The remaining procedures are urostomies,
caused by bladder cancer.
An ostomy surgery can be permanent, resulting in a
life-long usage of products, or temporary, resulting in
product usage for a limited period. The majority of
surgeries are permanent, however, over the past
decade, medical advances have led to an increase in
the incidence of temporary stomas.
People with a stoma use an ostomy bag, which adheres
to the peristomal skin and collects the output from the
stoma. Supporting products are used in combination
with the ostomy bag to ensure a secure fit, as well as to
care for the peristomal skin.
Our latest generation ostomy care platform, SenSura®
Mio celebrated its 10-years anniversary in 2024. It is
the only platform in the market with flat, convex, and
concave solutions and the strength of the SenSura Mio
signature BodyFit Technology continues to be relevant
today. We continue to strengthen the portfolio with
new line extensions, including the 2024 launch of
SenSura Mio black bags and a new 2-piece offering.
In addition to SenSura Mio, Coloplast’s ostomy care
portfolio consists of the brands Alterna®, Assura®,
SenSura®, and the Brava® range of supporting
products. Heylo™, the world’s first digital leakage
notification system in Ostomy Care, was added to the
portfolio in 2024 and is currently available in the UK.
Continence Care
In Continence Care, Coloplast helps people that have
bladder control issues related to urinary retention and
incontinence, as well as people that are unable to
control bowel movements.
Within Continence Care, Intermittent Catheters is the
largest category, accounting for around 70% of total
sales. Collecting Devices is the second largest product
group, accounting for around 15% of sales, while
around 10% of sales are derived from Bowel Care. The
remaining 5% are derived from other continence care
products.
Management’s Report | Business area | An introduction to Chronic Care
14 Annual Report 2024/25
SenSura® Mio Click
2-piece offering, an
extension of
SenSura Mio
portfolio launched
in 2024/25.
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Intermittent catheters
People suffering from urinary retention are unable to
empty their bladder, which can be due to a spinal cord
injury, multiple sclerosis, congenital spina bifida or
benign prostatic hyperplasia in men. To manage
urinary retention, people can use an intermittent
catheter, which is inserted through the urethra of the
urinary tract and empties the bladder.
Since the launch of the first-of-its-kind, instantly
ready-to-use hydrophilic coated catheter SpeediCath®
in 1999, Coloplast has transformed the standard of
care for people in need of intermittent catheterisation.
Today, Coloplast’s intermittent catheter portfolio of
male and female products includes mostly hydrophilic,
ready-to-use catheters in standard, compact, flexible
and set versions, but also uncoated catheters.
Our latest generation intermittent catheter platform,
Luja™, with a unique Micro-hole Zone Technology was
launched in a male version in 2023 and in a female
version in 2024, and is expected to set a new standard
of care within intermittent catheterisation.
In addition to Luja, Coloplast’s current intermittent
catheter portfolio includes SpeediCath and Self-Cath®.
Collecting devices
People suffering from urinary incontinence are unable
to hold urine, which results in an uncontrolled or
involuntary release. The condition disproportionately
affects older people because the sphincter muscle and
the pelvic muscles gradually weaken as people grow
older. To manage urinary incontinence, people can use
collecting devices for capturing and storing urine.
Within Collecting Devices, Coloplast offers a wide
range of urine bags and urisheaths under the
Conveen® brand.
Bowel Care
In Bowel Care, Coloplast helps people that are unable
to control bowel movements and as a result suffer
from faecal incontinence or chronic constipation. The
patient groups affected by bowel dysfunction are
broad and many people with bladder control issues are
also affected by bowel dysfunction.
First line treatments for bowel dysfunction include
lifestyle changes, laxatives or constipation drugs.
Second line treatment are low volume transanal
irrigation (TAI) devices, and third line treatment are
high volume TAI systems. Coloplast has historically
been present in the high volume TAI segment with the
Peristeen® Plus, and entered the low volume TAI
segment with Peristeen Light in 2024.
Voice & Respiratory Care
Laryngectomy Care
In Laryngectomy Care we serve users with a neck
stoma who have undergone a total laryngectomy.
A total laryngectomy is a surgery in which the larynx
(voice box) is removed. The procedure is non-elective
and irreversible. It is the preferred treatment for
advanced laryngeal and hypopharyngeal cancer. With
the removal, people lose the ability to produce voice
and depend on a Voice Prosthesis (VP) to speak. The
procedure also leads to a loss of the upper airways
function. After the surgery, people breathe through a
stoma in the throat and rely on Heat- and Moisture
Exchangers (HMEs) for humidification and filtration of
the air.
After surgery, a VP is inserted by a healthcare
professional. Patients apply the HMEs themselves
daily, with an adhesive to keep the HMEs in place.
Our latest generation product platform in
Laryngectomy Care, Provox Life, was launched in 2020
and has been designed to provide products for
situational use, aimed at improving pulmonary health.
Provox Life, high-performing HMEs, a Provox Life
Larytube and newly designed adhesives with SecureFit
coupling.
Tracheostomy Care
In Tracheostomy Care, Coloplast helps people with a
tracheostomy, an invasive, last-in-line treatment to aid
patients in breathing. Patients undergoing a
tracheostomy surgery suffer from a variety of
underlying conditions, including head and neck cancer,
lung infections or trauma.
Tracheostomy procedures can be reversible and the
patient pool consists of a mix of temporary and chronic
patients.
Within Tracheostomy Care, Coloplast offers range of
tracheostomy tubes, HMEs and speaking devices.
Among Laryngectomy Care and Tracheostomy Care,
Laryngectomy Care is our largest category, accounting
for around two-thirds of Voice & Respiratory Care’s
sales, while tracheostomy, accounts for the remaining
around one-third of sales.
Management’s Report | Business area | An introduction to Chronic Care
15 Annual Report 2024/25
Luja™ male and
female, a new
catheter with a
unique Micro-
hole Zone
Technology.
Market characteristics
• Globally ~12-18 million people live with urinary retention, but only
about half are discharged with an intermittent catheter, and of
these an estimated half will drop out within five years
• Market composition: Intermittent Catheters ~75% (growing mid-
single digit), Collecting Devices ~20% (growing low single digit),
and Bowel Care ~5% (growing around double-digit)
• Four larger global manufacturers, including Coloplast, and several
local and low-priced manufacturers.
Market characteristics
• Globally 275,000 million people live with a neck stoma
• Each year, ~50,000 total laryngectomies are performed
• In addition to Coloplast, there are two competitors mostly present
in the UK, US, and Germany.
• Market penetration remains low with only ~1/3 of patients having
access to treatment, and a large unserved patient population in
both existing and new markets.
Market characteristics
• Globally 3-4 million people live with a stoma
• Each year, ~500,000 stoma surgeries are performed in developed
markets and China
• Market composition: Bags & Plates ~80%, Supporting Products
~20% (growing 6-8%)
• In addition to Coloplast, there are two larger global
manufacturers, as well as few local manufacturers
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Chronic Care market
Management’s Report | Business area | Chronic Care market
16 Annual Report 2024/25
1.5-2.0 bn
Market size globally in DKK
8-10
%
Market growth annually
#1; ~85
%
Market position and share globally
Regional market shares
European markets - 80-90%
Other developed markets - 80-90%
Emerging markets - 95-100%
19-20 bn
Market size globally in DKK
5-6
%
Market growth annually
#1; 40-45
%
Market position and share globally
Regional market shares
European markets - 45-55%
Other developed markets - 25-35%
Emerging markets - 40-50%
24-25 bn
Market size globally in DKK
~4
%
Market growth annually
#1; 35-40
%
Market position and share globally
Regional market shares
European markets - 40-50%
Other developed markets - 15-25%
Emerging markets - 45-55%
Global market
by region
Global market
by region
Global market
by region
Continence
Care
Voice & Respiratory
Care (Laryngectomy)
Ostomy
Care
Source: ColoplastSource: Coloplast Source: Coloplast
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Chronic Care strategy
Within Chronic Care, we operate in attractive and
structurally growing markets with a combined market
value estimated at more than DKK 50 billion. Market
growth drivers include demographics, such as an
ageing population and rising prevalence of chronic
conditions, as well as increasing treatment compliance
and product usage. Across our chronic businesses, the
demand for advanced solutions continues to rise,
creating further opportunities for market expansion.
In the Impact4 period, our ambition is to solidify our
market-leading position by providing the best
customer experience and being the partner of choice
for our users, healthcare professionals and payers.
To meet this ambition, we need to:
• Offer superior products with innovation leadership
backed by clinical evidence
• Provide industry-leading services and integrated
solutions giving our customers the best experience
and helping them ease their burden
• Leverage our strong commercial model - winning
and retaining users and driving treatment
adherence.
We enter the Impact4 strategy period from a position
of strength, anchored in a differentiated product
portfolio and a proven commercial model. We will
expand our portfolio further in the strategic period
through targeted line extensions, while our model,
which is built on dedicated services for users and
healthcare professionals, remains a key competitive
advantage.
We will utilise our strong platform of dedicated
services to elevate the customer experience across all
touchpoints. This includes continuing to develop and
deepen customer relationships by supporting patients
beyond products, enabling healthcare professionals to
ease their clinical burden, and by demonstrating value
to payers through clinical evidence and improved
outcomes. As such, we aim to strengthen our direct
customer engagement and ensure continuity across
the continuum of care.
Our approach is tailored to the healthcare system
maturity, focusing on four priorities: establishing
standards of care and access, driving adoption and
penetration, ensuring adherence and better outcomes,
and innovating for continuous improvement.
In Emerging markets, we focus on building the
foundation for care and access. In mature markets, we
accelerate adoption, strengthen adherence, and
introduce innovations that raise the standard of care.
Across all markets, we partner with healthcare
professionals, key opinion leaders, patient
associations, and payers to define standards, secure
reimbursement, and ensure access to high-quality
solutions.In our largest markets - the UK, US, France,
and Germany - we complement this with direct-to-user
engagement. This deepens our understanding of user
needs, enabling personalised care and reinforcing our
position as the partner of choice.
This framework enables us to unlock growth
opportunities regardless of market maturity.
Over the period, we expect to grow above the market in
Ostomy and Continence Care, supported by solid
contributions across regions excluding China, while
Voice & Respiratory Care is expected to grow in the 8–
10% range.
Ostomy Care
Coloplast is the global leader in Ostomy Care,
underpinned by SenSura® Mio, which has defined the
standard of care for more than a decade. In the
Impact4 strategic period, we will build on this
leadership by driving share growth and delivering
superior user experiences. Our strategy focuses on four
priorities: accelerating penetration in the two-piece
segment to become the preferred two-piece option;
reinforcing product superiority through clinical
evidence supporting BodyFit technology; leveraging
supporting products to drive value upgrades; and
setting industry-leading standards for support and
services for user and healthcare professionals.
The US represents our largest growth opportunity, with
a market share of 15–20% versus 35–40% globally.
We aim to win across the patient pathway in the US
through stronger commercial execution, improved
access in acute and post-acute accounts, and targeted
innovation, including SenSura Mio two-piece click
coupling and SenSura Mio in black. Given that two-
piece products make up around 70% of the US bags
and plates market, introducing a competitive two-
piece solution is a critical lever to capture share and
meet evolving customer needs.
Emerging markets, excluding China, represent the
fastest-growing region in Ostomy Care, driven by rising
awareness, improved diagnosis, and demographic
shifts. These markets remain complex, with lower bag
usage, legacy product platforms, and limited clinical
resources. Our strategy is to simplify and upgrade
portfolios, maximise growth through the SenSura Mio
range, and improve care routines to raise the standard
of care.
In Europe, we aim to sustain our leadership position
and to continue growing above the market. We will
achieve this by leveraging our innovation, as well as
our services and direct businesses. We still see many
pockets of growth in Europe. The UK, where our market
share is below the European average, is the most
prominent example.
As we enter the Impact4 strategic period, China will no
longer be a material contributor to our global Ostomy
Care growth. Performance during Strive25 was muted,
reflecting weaker consumer sentiment and
competitive pressures, and we do not anticipate a
Management’s Report | Business area | Chronic Care strategy
17 Annual Report 2024/25
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recovery towards 2030. While we remain committed to
serving the Chinese market, we have streamlined our
organisation to align with the new market reality and
ensure a sustainable, focused presence.
Continence Care
Intermittent catheters
Luja™, our new intermittent catheter with a Micro-hole
Zone Technology, represents our most significant
innovation in a decade and marks a transformative
milestone in Continence Care. The technology is
designed to reduce the risk of urinary tract infections -
addressing one of the biggest unmet needs for
intermittent catheter users - and is supported by
compelling clinical evidence that documents its
strength. With male and female versions launched in
2023 and 2024 respectively, Luja is set to redefine the
global standard of care in intermittent catheterisation.
In the Impact4 strategic period, we will accelerate
intermittent catheter growth by making Luja the
preferred choice for consumers and clinicians,
increasing access across key user segments and
geographies through market access initiatives and
close collaboration with healthcare professionals, and
driving clinical advocacy to set the clinical standard
while providing personalised support and services to
strengthen adherence and long-term outcomes. By
executing on these priorities, we will raise the bar and
create a new standard of care with Luja.
The US remains a key opportunity in Continence Care,
where we have pursued a long-term strategy to
upgrade the market from uncoated to hydrophilic,
ready-to-use catheters. In the coming period, our focus
will be on scaling adoption through strong healthcare
professional engagement and leveraging our direct
business Comfort Medical, to deliver superior service
and support. The upcoming IC code reform, which
introduces dedicated codes for hydrophilic catheters,
reinforces this direction and provides an additional
lever to accelerate the transition. Combined with the
introduction of Luja, this creates a unique opportunity
to strengthen our leadership position and deliver
better outcomes for users in the largest market
globally.
In Europe, we aim to sustain our leadership position
and continue growing above the market. To achieve
this, we will leverage our innovation, services and
direct businesses. We will also continue with market
development initiatives, aimed at treatment
penetration and compliance. We still see many pockets
of growth in Europe, such as Germany where our
market share is below the European average.
In Emerging markets, our focus is on scaling
hydrophilic-coated intermittent catheters (HCIC) by
addressing structural barriers to adoption. Despite
strong underlying growth and Coloplast’s solid market
position, HCIC penetration remains low - constrained
by limited clinical awareness, fragmented
reimbursement systems, and low availability of
advanced technologies. Our strategy targets these
challenges through three levers: raising clinical
standards to drive adoption, expanding
reimbursement and funding pathways, and unlocking
new value pools through targeted innovation. This
approach positions us to establish HCIC as the
standard of care and accelerate sustainable growth
across diverse healthcare systems.
Bowel Care
In Bowel Care, our ambition is to double our reach as
we redefine market leadership. We hold ~70% global
market share in a category worth more than DKK 1
billion, yet the market remains underpenetrated,
driven by demographics, rising prevalence of chronic
conditions, and expansion opportunities even in
developed markets. Our strategy is to win across
segments with the industry’s most comprehensive
portfolio, build strong clinical evidence to secure
access and pricing, refine our go-to-market model and
provide personalised support to improve retention.
In the US, the recent opening of Medicare
reimbursement creates a multi-year opportunity to
expand access, as all Medicare-covered patients
become eligible for transanal irrigation. Today, Bowel
Care represents less than 5% of our Chronic Care sales
in the US, although we hold nearly 100% market share
in this segment. With the new reimbursement we
expect to unlock a long-term volume opportunity to
bring more patients into treatment. During the
Impact4 strategic period, we will invest in education
and awareness to drive adoption, positioning Bowel
Care as a more meaningful contributor over time.
Voice & Respiratory Care
Laryngectomy Care
Coloplast is the market leader in Laryngectomy care.
With our Provox Life portfolio, we set the global clinical
standard by offering best-in-class solutions supported
by strong clinical evidence. Our direct-to-patient
commercial model is a key differentiator, enabling
personalised support and better outcomes.
Under Impact4, we will build on the strong foundation
to accelerate market penetration and reach the large
unserved patient population in both existing and new
markets. We refer to this as the large ‘white space’
opportunity. We aim to convert the white space into
growth by driving penetration with our comprehensive
product portfolio, expanding access to treatment while
working closely with healthcare professionals,
demonstrating the value of treatment, through
evidence, and leveraging our commercial model to
deliver a superior experience and improve adherence.
Tracheostomy Care
Coloplast aims to set the clinical standard in
Tracheostomy care and become the preferred partner
through a full end-to-end offering. The market is
attractive, with 1–1.5 million annual procedures, 1/3
of patients using products beyond six months, and
significant untapped HME potential. The market value
is estimated at DKK 4-6 billion, growing 5-6%, and
Coloplast’s holds a global share of ~10%. Challenges
include commoditization in some segments and
limited community support due to missing standards.
Our strategy is to transform care by delivering a
superior portfolio, defining evidence-based standards
with healthcare professionals, and accelerating the
rollout of the industry’s first integrated solution across
the continuum of care, from hospital to home. We will
strengthen execution through increased sales focus
and continued development of our go-to-market
model.
Management’s Report | Business area | Chronic Care strategy
18 Annual Report 2024/25
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Chronic Care performance
Ostomy Care
Ostomy Care generated 6% organic sales growth for
the financial year 2024/25, with reported revenue in
DKK growing by 4% to DKK 9,897 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 broad-
based across regions, driven by Europe, most notably
the UK, Italy and Germany, as well as the US. The US
delivered a year with growth of around double-digit,
positively impacted by an easier baseline due to order
phasing last year. Emerging markets ex. China also
contributed to growth, with an increase in tender
activity during second half of 2024/25 in selected
markets, as expected. China delivered low-single digit
growth, also in line with revised expectations.
Management’s Report | Business area | Chronic Care performance
19 Annual Report 2024/25
57%
17%
26%
24/25
geographical
revenue split
9.9 bn
Reported revenue
in DKK for 2024/25
6
%
Organic growth
4
%
Reported growth in DKK
Reported revenue included a negative
effect from FX rates
European markets
Other developed markets
Emerging markets
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Continence Care
Continence Care generated 8% organic sales growth
for the financial year2024/25, with reported revenue
in DKK growing by 5% to DKK 8,984 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. The product is now available in 13
markets and has been very well-received by users and
healthcare professionals. The SpeediCath® ready-to-
use hydrophilic intermittent catheters also contributed
to growth. Sales growth in the SpeediCath portfolio
was driven by the standard, compact and flexible
catheters, led by the US and Emerging markets,
particularly LATAM.
Bowel Care made a solid contribution to growth, driven
by Peristeen® Plus in Europe, while the growth
contribution from Collecting Devices was modest in
full year 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, such as
Poland, Japan and South Korea, continued to perform
well and posted double-digit growth.
Management’s Report | Business area | Chronic Care performance
20 Annual Report 2024/25
64%
25%
11%
24/25
geographical
revenue split
9.0 bn
Reported revenue
in DKK for 2024/25
8
%
Organic growth
5
%
Reported growth in DKK
Reported revenue included a negative
effect from FX rates
European markets
Other developed markets
Emerging markets
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Voice & Respiratory Care
Voice & Respiratory Care generated 9% organic sales
growth for the financial year 2024/25. Reported
revenue in DKK grew by 8% to DKK 2,280 million, in
line with our acquisition case.
Laryngectomy delivered high single-digit growth in full
year 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, Voice & Respiratory Care’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.
The integration of Atos Medical is progressing
according to plan and will be finalised in 2025/26.
Management’s Report | Business area | Chronic Care performance
21 Annual Report 2024/25
24/25
geographical
revenue split
65%
24%
11%
2.3 bn
Reported revenue
in DKK for 2024/25
9
%
Organic growth
8
%
Reported growth in DKK
Reported revenue included a negative
effect from FX rates
European markets
Other developed markets
Emerging markets
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An introduction to Acute Care
Acute Care commercial model
Acute Care is our newly formed business unit, which
includes Wound & Tissue Repair and Interventional
Urology.
In Acute Care, we serve patients with acute or
temporary conditions within treatment areas
characterised by premium products, in Interventional
Urology within Men and Womens health with products
such as Coloplast’s penile implants and the to be
launched Intibia™ for stress urinary incontinence, the
Kerecis fish-skin portfolio, and our wound dressings.
The products and technologies are used in specialised
clinics or in the hospital setting, where innovation and
clinical outcomes are critical.
Wound & Tissue Repair
Wound & Tissue Repair includes three businesses:
advanced dressings, biologics and contract
manufacturing. Advanced dressings are the largest
business, accounting for around 55% of the total
Wound & Tissue Repair sales, while biologics is the
second largest business, accounting for around 35% of
sales. The remaining 10% of sales are derived from the
contract manufacturing of plasters for blisters and
cold sores.
Our advanced dressings and biologics products are
both used for the treatment of wounds. This includes a
variety of wound types: chronic wounds (diabetic foot
ulcers, venous leg ulcers, pressure ulcers), acute
wounds (surgical and trauma wounds) and burn
wounds. Furthermore, specific biologic products are
used for implantation to reinforce tissue where
weakness exist. When used typically, the biologics
products are inserted into the wound and then covered
with an advanced dressing to ensure the optimal
moisture level on the wound, making the Kerecis and
Coloplast portfolios a good match. The biologic
products are absorbed over time in the human body
and are never removed from the wound.
In the financial year 2024/25, Coloplast divested its
Skin Care portfolio as part of a strategic initiative to
simplify business operations and improve profitability.
Advanced Dressings
The advanced wound dressings segment consists of
products for wound exudate management.
A well-managed moist wound environment provides
the best conditions for optimal wound healing. Most
chronic wounds contain exudate in varying amounts. A
good dressing removes excess exudate while
maintaining a moist healing environment, protects the
peri-wound skin, is easy for clinicians to change, and
ensures that patients are not inconvenienced by liquid
or odours.
Our portfolio consists of the brands Biatain® Silicone,
an advanced foam dressing with a 3DFit Technology,
Biatain Superabsorber, Biatain Fiber, Biatain and
Comfeel®.
Today, Coloplast is present in the advanced dressings
market in Europe and Emerging Markets, while our
presence in the US dressings market is limited.
Biatain® Superabsorber, for the management of high
volumes of exudate, launched in 2024/25.
Biologics (Kerecis)
The biologics tissue segment consists of tissue-derived
products, which are used to mimic the form and
function of human tissue and thus support wound
closure and tissue repair.
The biologics segment is US-centric, with good
availability of reimbursement and a solid level of
clinical acceptance in the US. The majority of the
biologics products are based on either human tissue
(allografts) or animal tissue from different species
(xenografts). Most xenografts are derived from porcine
or bovine skin, while Kerecis is the only company that
markets products based on fish-skin.
The patented fish-skin technology that Kerecis has
developed is gently processed, clinically differentiated,
sustainable, and scalable. The absence of viral disease
transmission risk from cold water fish to humans
allows for gent processing preserving and the natural
structure and components of the skin, with natural
elements such as proteins, elastin, glycans and lipid
structures remaining intact. This results in a product
that is highly similar to human skin, which is a key
enabler of improved wound and tissue healing and
documented by a compelling body of clinical evidence.
The combination of gentle processing and an
inexpensive raw material results in a highly cost-
efficient manufacturing setup, with a gross margin of
around 90%. Another benefit of the technology is
simple logistics. The products can be stored at room
temperature and have a long shelf life of three years.
Finally, the technology is scalable, as the full product
portfolio is made from the same processed fish-skin
with differences in the form factor, to address different
wound types and clinical settings. Kerecis has
developed a broad product portfolio, adapted to wound
types and care settings, and with that also to different
reimbursement categories.
Management’s Report | Business area | An introduction to Acute Care
22 Annual Report 2024/25
Table of
contents
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Documenting the strength of the fish-skin technology
through clinical data is a key differentiator and an
important growth enabler. Kerecis has more than 50
clinical studies on the efficacy and benefits of its fish-
skin grafts, including five randomised controlled
studies, with a strong ongoing clinical development
program in place.
The latest study, named Odinn, was published in
October 2024. This is the largest randomised
controlled trial performed to date on full thickness
wounds with biologics. The sample size was 255
patients across 15 care centers in four countries. The
study found that treatment with Kerecis’ fish-skin
grafts was superior to Standard of Care (SoC) in
proportion of wounds healed at 16 weeks and was
associated with faster time to healing
1
).
SurgiClose®, intact fish-skin intended for the
management of trauma wounds and surgical wounds
in the operating room.
Interventional Urology
Coloplast is present in three segments of the
Interventional Urology market: Men’s Health, Women’s
Health, and Kidney & Bladder Health.
Within Men’s Health primarily a US business, men are
treated for erectile dysfunction. Around 25% of men
aged 40-70 years old experience moderate to severe
erectile dysfunction. Men’s Health accounts for around
40% of Interventional Urology sales.
Titan® Touch, an inflatable penile implant for the
management of erectile dysfunction.
Within Women’s Health, women are treated for pelvic
organ prolapse and stress urinary incontinence.
Around 50% of women aged 50-79 report
experiencing pelvic organ prolapse symptoms. An
estimated 32% of women suffer from stress or mixed
urinary incontinence. Women’s Health accounts for
around 20% of Interventional Urology sales.
Men’s Health and Women’s Health are characterised
by sales of implantable medical devices. The Men’s
Health business includes penile implants for men with
severe impotence that cannot be treated with drugs.
The key brand in the Men’s Health business is Titan®
Touch, an inflatable penile implant. In Women’s Health,
Coloplast markets vaginal slings, used to restore
continence, and synthetic mesh products, used to treat
a weak pelvic floor. Key brands within this segment are
Altis® and Restorelle®.
Within Kidney & Bladder Health, Coloplast offers
solutions for kidney stone disease, bladder drainage,
voiding dysfunction and prostate disorders. Solutions
include flagship brands that provide capital equipment
and a comprehensive portfolio of single-use devices.
The segment accounts for around 40% of
Interventional Urology sales.
In 2022, Coloplast launched its first laser equipment,
the thulium fiber laser, Coloplast TFL Drive, for the
surgical treatment of kidney stones via ureteroscopy.
In 2026/27, we expect to enter a fourth segment - the
overactive bladder (OAB) segment - with the launch of
Intibia™, our implantable tibial nerve stimulator, an
Investigational device currently under development
with premarket approval submission to the FDA
expected in 2025/26.
Our anticipated entry into the overactive bladder
market will significantly increase the addressable
market. The market for third-line therapies for over-
active bladder is estimated at around USD 1 billion,
with high single-digit growth.
Management’s Report | Business area | An introduction to Acute Care
23 Annual Report 2024/25
1)
For more information on the Odinn study, please see: Intact Fish-Skin
Graft to Treat Deep Diabetic Foot Ulcers | NEJM Evidence.
Market characteristics
• Market growth driven by ageing population, obesity, and diabetes
• In advanced dressings, Coloplast is focused on two segments;
silicone foams (growing 4-6%), gelling fibres (growing 2-4%)
• Advanced dressings characterised by lower degree of product
differentiation, pricing pressure, and many direct competitors
• Biologics mostly a US market (90%+), remaining market in Europe
• Biologics a more concentrated market - top 5 control ~75%
• The dressings market sizing includes Skin Fold Management.
Market characteristics
• Market growth driven by ageing population, lifestyle diseases
• Kidney & Bladder Health makes up 2/3 of the market; remaining
1/3 split almost equally between Men’s and Women’s Health
• Men’s Health and Women’s Health are US-centric markets,
characterised by a limited number of large manufacturers
• Kidney & Bladder Health is fragmented, with many global players.
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Acute Care market
Management’s Report | Business area | Acute Care market
24 Annual Report 2024/25
Global market
by region
Global market
by region
48-52 bn
Market size* globally in DKK
Advanced dressings / Biologics
2-4
%
/ 6-8
%
Market growth* annually
Advanced dressings / Biologics
#4, 5-10
%
/
#5, 5-10
%
Market position and share globally
Regional market shares (AWD)
European markets - 5-10%
Other developed markets - 0-5%
Emerging markets - 5-10%
Wound & Tissue
Repair
20-22 bn
Market size globally in DKK
3-5
%
Market growth annually
#4, ~15
%
Market position and share globally
Regional market shares
European markets - 15-20%
Other developed markets - 15-20%
Emerging markets - 5-10%
Interventional
Urology
Source: Coloplast * Market size for Advanced Dressings and Biologics
Source: Coloplast
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Acute Care strategy
Within Acute Care, we operate in attractive and
structurally growing markets with a combined value of
more than DKK 70 billion of which Wound & Tissue
Repair is DKK 48-52 billion and Interventional Urology
DKK 20-22 billion. Market growth is supported by
demographic trends such as an ageing population and
lifestyle-related conditions, alongside increasing
demand for advanced and evidence-based treatment
solutions in hospitals and surgical settings.
Wound & Tissue Repair
With the wound & tissue repair business, Coloplast is
combining advanced wound dressings and Kerecis
biologics to create a more comprehensive and
clinically differentiated offering within Wound & Tissue
Repair. The business is built on Coloplast’s established
infrastructure and reputation in Europe and Emerging
Markets, complemented by Kerecis’ innovation engine
and robust US footprint. As part of a strategic initiative
to simplify business operations and improve
profitability, we have also divested the Skin Care
product portfolio.
The strategy is to grow through innovative customer
offerings and to set a new clinical paradigm in Wound
& Tissue Repair. Continuous innovation is at the core of
the strategy, with launches in both Advanced Wound
Dressings and Biologics expected to drive growth. The
pipeline includes next-generation products,
combination of technologies, and digital solutions, with
investments in AI and app development to connect the
product sales cycle deep into customers and insurance
companies IT systems and operating processes. We will
continue to innovate in existing indications and explore
new ones, while expanding globally by leveraging the
combined infrastructure.
From a geographical perspective, the strategy is
focused on building US market share for the combined
portfolio, with North America expected to account for
around 60% of total revenues by the end of the
strategy period.
Within Biologics, around 70% of the US sales are to
hospitals, while remaining around 30% are to out-
patient clinics. Sales to hospital systems are not
directly reimbursement driven, as hospitals pay for
Biologics products from diagnoses related payments
from insurance companies. In the out-patient segment
Biologics enjoys wide product specific reimbursement
coverage from public and private insurers, with future
growth being dependent on continued coverage.
Outside the US, we see significant potential to
introduce Biologics fish-skin technology in other
markets over time, leveraging Coloplast’s established
global infrastructure and commercial capabilities.
Over the Impact4 period, we expect the new Wound &
Tissue Repair unit to deliver around double-digit
organic revenue growth and profitability improvement,
underpinned by disciplined execution, clinical evidence,
and a strong innovation engine.
Interventional Urology
Coloplast’s strategy in Interventional Urology is built
on targeted priorities for each segment.
In Men’s Health, the focus is on market development
and innovation, particularly in the penile prosthesis
segment, where Coloplast is expanding the patient
funnel through initiatives like Coloplast Guided
Support and an innovation roadmap shaped by
physician and patient insights. This approach aims to
broaden access and enhance long-term value creation
in the US, where momentum is strong.
In Women’s Health the strategy centers on
transformation through the anticipated launch of
Intibia™ in 2026/27, pending FDA approval. Intibia is
designed to offer a minimally invasive, durable therapy
for overactive bladder, expanding third-line treatment
options. Separately, the existing Women’s Health
business is showing early signs of market stabilisation,
supported by commercial initiatives to defend our
position with slings against competing bulking agents.
In Kidney & Bladder Health, we are executing a
recovery plan following the recent product recall, with
actions underway to regain customer confidence and
improve profitability. Growth in this segment is
supported by the thulium fiber laser, Coloplast TFL
Drive and a disciplined approach to portfolio
management.
We will continue to pursue portfolio expansion through
organic innovation and selective bolt-on acquisitions.
In the Impact4 period, Interventional Urology is
expected to deliver mid-to-high single-digit organic
revenue growth and profitability improvement.
Intibia, Implantable Tibial Nerve Stimulator to treat
overactive bladder; Investigational device currently
under development. Not cleared or approved for sale in
US or any market.
Management’s Report | Business area | Acute Care strategy
25 Annual Report 2024/25
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Acute Care performance
Wound & Tissue Repair
Wound & Tissue Repair generated 8% organic sales
growth for the financial year 2024/25. Reported
revenue was DKK 3,929 million, a 3% decrease from
last year, with 8%-points negative impact from the
Skin Care divestment
1)
.
Revenue from Kerecis amounted to DKK 1,254 million
in full year 2024/25, with organic growth of 24%.
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. The outpatient
setting saw a slowdown in momentum in second half
of 2024/25, due to the LCD postponement in the out-
patient setting, which led to a market shift toward
higher-priced products.
Overall, the Kerecis business case - a three-year
revenue CAGR of around 30% and an EBIT margin of
around 20% by 2025/26 - remains on track.
Advanced Wound Dressings
2)
in isolation delivered -1%
organic growth in full year 2024/25 with negative
growth in Emerging markets, driven by China, which
detracted significantly from growth due to the product
return initiated in Q3. The negative revenue impact
from the product return amounted to around DKK 80
million in second half of the year, of which around DKK
60 million in Q4.
Coloplast initiated a preventative and voluntary
product return in Q3 of all Biatain® Adhesive foam
dressings in China, following a local inspection where
three product lots did not meet a technical
requirement. Product safety was not compromised,
and the dressings continue to meet standards in other
markets. The decision was made in response to the
failed local test, and Coloplast is in dialogue with the
authorities to resolve the matter. Mitigating actions
are underway to replace the returned products with
alternative solutions.
The negative growth in Emerging markets was partly
offset by Europe, primarily Germany. From a product
perspective, Biatain® Superabsorber was the main
growth contributor, followed by Biatain® Fiber.
Management’s Report | Business area | Acute Care performance
26 Annual Report 2024/25
44%
43%
13%
24/25
geographical
revenue split
3.9 bn
Reported revenue
in DKK for 2024/25
8
%
Organic growth
-3
%
Reported growth in DKK
Reported revenue included a negative
effect from FX rates
European markets
Other developed markets
Emerging markets
1)
10 months impact
2)
Advanced Wound Dressings include the non-divested skincCare
business since December 2024
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Interventional Urology
Interventional Urology generated 2% organic sales
growth for the financial year 2024/25, with reported
revenue in DKK growing by 0% to DKK 2,784 million.
The Men’s Health business in the US delivered a strong
year and was the main contributor to growth. Our
flagship product within Men’s Health, the Titan® penile
implant, continued to perform well, with the patient
funnel positively impacted by our patient support
programme targeted at prospective patients. The
Women’s Health business also contributed to growth,
with benefit from a low baseline last year.
In Kidney & Bladder Health, the thulium fiber laser,
Coloplast TFL Drive continued to deliver a solid growth
contribution, however, the segment overall detracted
significantly from growth in full year 2024/25,
impacted by the voluntary product recall. The impact
of the product recall amounted to around DKK 85
million in full year 2024/25, of which around DKK 15
million in Q4.
The product recall was initiated in December 2024 due
to a possible packaging sterility issue. Sales resumed in
February, but the sales pick up has been slower than
anticipated, yet with early signs of recovery in key
accounts in the second half of the year.
From a geographical perspective, the US was the main
growth contributor, while Europe detracted from
growth due to the abovementioned product recall.
Management’s Report | Business area | Acute Care performance
27 Annual Report 2024/25
24/25
geographical
revenue split
33%
59%
8%
2.8 bn
Reported revenue
in DKK for 2024/25
2
%
Organic growth
0
%
Reported growth in DKK
Reported revenue included a negative
effect from FX rates
European markets
Other developed markets
Emerging markets
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Financials impacted by lower organic growth than originally expected
Earnings
Revenue
Organic growth for the year was 7%. Reported revenue
was up by 3% to DKK 27,874 million. Divested
businesses detracted 1% from reported revenue,
mostly related to the divestment of Skin Care in
December 2024. Exchange rate developments
decreased revenue by 2%, mainly related to the
depreciation of the USD and a basket of Emerging
markets currencies against the DKK.
Revenue development was impacted by lower growth
than expected, but in line with guidance of around 7%
organic revenue growth and 3-4% reported revenue
growth, as announced in the stock exchange
announcement no. 06/2025.
Gross profit
Gross profit was DKK 18,945 million, compared to DKK
18,269 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.
Costs
Operating expenses for the financial year 2024/25
amounted to DKK 11,275 million, a DKK 292 million
increase (3%) from last year.
Distribution costs amounted to DKK 9,150 million, a
DKK 325 million (4%) increase from DKK 8,825 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
logistics costs related to the new US distribution centre
of around DKK 30 million in first half of 2024/25
compared to DKK 60 million in second half of
2023/24. Distribution costs amounted to 33% of
revenue, on par with last year.
Administrative expenses amounted to DKK 1,270
million, a DKK 26 million (2%) increase from DKK
1,244 million last year. Administrative expenses
accounted for 5% of revenue, on par with last year.
Management’s Report | 2024/25 Financial performance | Financial results
28 Annual Report 2024/25
Income statement, DKK million 2024/25 Index
Revenue 27,874 103
Production costs -8,929 102
Gross profit 18,945 104
Distribution costs -9,150 104
Administrative expenses -1,270 102
Research and development costs -946 104
Other operating income 159 211
Other operating expenses -68 89
Operating profit (EBIT) before special items 7,670 105
Special items -469 n/a
Operating profit (EBIT) 7,201 98
Financial income 107 61
Financial expenses -1,151 105
Profit before tax 6,157 96
Tax on profit for the year -2,521 188
Net profit for the year 3,636 72
Key figures*
(DKK)
9,123 million
EBITDA from 8,576 million last year
7,670 million
EBIT from 7,286 million last year
28
%
EBIT margin from 27% last year
* Before special items
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The R&D costs were DKK 946 million, compared to DKK
913 million last year, a DKK 33 million increase. R&D
costs amounted to 3% of revenue, on par with last
year.
Other operating income and other operating expenses
amounted to a net income of DKK 91 million against a
net cost of DKK 1 million last year, and includes
operating income of DKK 45 million from a transition
services agreement related to the Skin Care
divestment.
Operating profit before interest, tax, depreciation and
amortisation (EBITDA) and before special items
EBITDA before special items amounted to DKK 9,123
million, a DKK 547 million (6%) increase from DKK
8,576 million last year. The EBITDA margin before
special items was 33%, compared to 32% last year.
Operating profit (EBIT) before special items
EBIT before special items amounted to DKK 7,670
million, a DKK 384 million (5%) increase from DKK
7,286 million last year. The EBIT margin before special
items was 28%, compared with 27% last year. The
EBIT margin included benefit from the Skin Care
divestment of around 30 basis points. The EBIT margin
also included a small negative impact from currencies,
related to the depreciation of the USD and a basket of
Emerging markets currencies against the DKK, offset
by the depreciation of the HUF against the DKK. In
constant currencies, EBIT grew 6% compared to last
year.
Special items
Coloplast incurred special items expenses of DKK 469
million for the financial year 2024/25. The special
items are related to structural changes, management
restructuring, the integration of Atos Medical and the
Skin Care divestment. The structural changes included
profitability improvement initiatives, as well as a
reassessment of the useful lifetime of assets related to
Heylo™, due to sales in the UK (the only launch market)
significantly below forecast.
Operating profit (EBIT) after special items
EBIT after special items was DKK 7,201 million, a DKK
119 million (2%) decrease from last year. The EBIT
margin after special items was 26% compared to 27%
last year.
Financial items and tax
Financial items were a net expense of DKK 1,044
million against a net expense of DKK 925 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 722
million, compared to DKK 762 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 231 million from
losses on balance sheet items, mostly related to the
USD, and realised loss on cash flow hedges with an
impact of DKK 49 million, primarily driven by the USD
and GBP.
The ordinary tax expense in the financial year
2024/25 was DKK 1,375 million, compared to DKK
1,343 million last year, with an ordinary tax rate of
22%, on par with last year. The total tax expense for
the financial year 2024/25 was DKK 2,521 million,
resulting in an effective tax rate of 41%. The total tax
expense was impacted by an extraordinary expense of
DKK 1,146 million related to the transfer of Kerecis’
Intellectual Property (IP) from Iceland to Denmark
which is consistent with Coloplast’s operating model.
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 full year 2024/25.
Net profit
Net profit before special items was DKK 4,002 million,
a DKK 1,023 million decrease from DKK 5,025 million
last year. Diluted earnings per share (EPS) before
special items were DKK 17.76, or a 21% decrease from
last year.
Net profit, adjusted for the extraordinary tax impact
from the Kerecis IP transfer (DKK 1,146 million) and
special items (DKK 469 million, before tax), was DKK
5,148 million, a DKK 123 million (2%) increase from
last year. Adjusted diluted earnings per share (EPS)
before special items were DKK 22.84, a 2% increase
from last year.
Net profit after special items was DKK 3,636 million
and diluted EPS after special items were DKK 16.13.
Management’s Report | 2024/25 Financial performance | Financial results
29 Annual Report 2024/25
Key figures
6,645 million
Cash flows from operating activities
1,251 million
outflow from investing activities
48,367 million
total assets in DKK
4,958 million
paid dividend in DKK
26
%
Working capital in % of revenue
12
%*
Return on invested capital*, after tax
*Before special items
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Cash flows and investments
Cash flows from operating activities
Cash flows from operating activities amounted to an
inflow of DKK 6,645 million, against an inflow of DKK
2,766 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 and adjustment of non-cash operating items
also had a positive impact on the cash flows from
operating activities.
Investments
Net investments amounted to DKK 1,251 million in the
financial year 2024/25 or around 4% of revenue,
compared with DKK 1,336 million last year. The net
investments included positive impact from the
divestment of the Skin Care business of DKK 192
million.
Capital expenditures amounted to DKK 1,427 million
for the financial year 2024/25, or 5% of revenue, on
par with last year, and includes around DKK 450
million related to the new manufacturing site in
Portugal, expected to be operational in 2025/26.
Free cash flow
As a result, the free cash flow was an inflow of DKK
5,394 million, compared to an inflow of DKK 1,430
million last year due to the extraordinary tax payment
last year related to the Atos Medical IP transfer. The
adjusted free cash flow
1)
in the financial year 2024/25
was a DKK 1.3 billion increase from the same period
last year.
The adjusted free cash flow-to-sales ratio was 19%
compared to 15% last year
1)
.
Capital resources
At 30 September 2025, Coloplast had net interest-
bearing debt of DKK 21,692 million, against DKK
21,841 million at 30 September 2024. The gearing
ratio at the end of the period was 2.4x EBITDA (before
special items).
Statement of financial position
and equity
Balance sheet
At 30 September 2025, total assets amounted to DKK
48,367 million, an increase of DKK 294 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 impacted by trade payables which
decreased by DKK 195 million to DKK 1,324 million.
Inventories increased by DKK 247 million to DKK 3,919
million, due to lower than expected sales, while trade
receivables decreased by DKK 17 million to DKK 4,658
million.
Working capital-to-sales ratio expected to improve to
around 24% in the Impact4 strategic period.
Equity
Equity decreased by DKK 1.8 billion to DKK 16,122
million compared to 30 September 2024. Total
comprehensive income for the period of DKK 3,081
million, effect of sale of treasury shares of DKK 27
million and share-based remuneration of DKK 79
million were offset by payment of dividends of DKK
4,958 million.
Treasury shares
At 30 September 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 after tax and before special items was 12%.
Adjusted for the impact from the Kerecis IP transfer,
ROIC after tax and before special items was 15%, on
par with last year.
Our long term financial ambition includes return on
Invested Capital of more that 20% in 2029/30, with a
linear improvement expected over the period.
Management’s Report | 2024/25 Financial performance | Financial results
30 Annual Report 2024/25
1)
Free chas flow adjustments: Adjusted for the Skin Care divestment in the financial year 2024/25. Adjusted for the extraordinary tax payment related to the
transfer of Atos Medical’s Intellectual Property (net impact of DKK 2.5 billion) in the financial year 2023/24.
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Other matters
Proposed update to DMEPOS Competitive Bidding
Program announced by CMS
On June 30, 2025, the Centers for Medicare and
Medicaid Services (CMS) in the US 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 commenting period ended August
29, 2025 and we expect an update to be published in
late 2025, and for any potential changes to take effect
at the earliest in 2028 based on internal assessment.
(Reaction to CMS proposed rule change).
Expected changes to skin substitutes coverage and
payment in the US out-patient setting as of January 1,
2026
As of January 1, 2026 we expect two new policies to be
implemented in the skin substitutes outpatient setting;
the Local Coverage Determination (LCD)
2)
policy and
the Calendar Year 2026 Medicare Physician Fee
Schedule
3)
.
Around 20% of Kerecis total revenue comes from the
out-patient setting and is covered by Medicare. 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/cm
2
.
The implementation of the final Local Coverage
Determination (LCD)
2)
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.
On October 31, 2025 the CMS announced a finale rule
on the Calendar Year 2026 Medicare Physician Fee
Schedule, where the Average Selling Price (ASP) pricing
model for the physicians private office in the out-
patient setting is replaced by a fixed payment of
$127.28/cm
2
for all products effective January 1,
2026.
Section 232 Investigation in the US
On September 2, 2025 the Secretary of Commerce
initiated an investigation
4)
to determine the effects on
the national security of imports of personal protective
equipment (PPE), medical consumables, and medical
equipment including devices. The commenting period
ended October 17, 2025.
Our current assumption is that the impact from tariffs
on Coloplast will remain immaterial, however,
we are closely monitoring the situation and continue to
engage with our industry association in the US.
Management’s Report | 2024/25 Financial performance | Other matters
31 Annual Report 2024/25
1)
Durable Medical Equipment, Prosthetics, Orthotics, and Supplies (DMEPOS)
Competitive Bidding Program Update
2)
LCD - Skin Substitute Grafts/Cellular and
Tissue-Based Products for the Treatment of Diabetic Foot Ulcers and Venous Leg Ulcers
(L39764).
3)
Calendar Year (CY) 2026 Medicare Physician Fee Schedule (PFS) Proposed
Rule (CMS-1832-P) | CMS.
4)
Section 232 national security investigation.
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Management’s Report | Governance and Ownership | Corporate governance
32 Annual Report 2024/25
Attended Meeting not attended
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Management’s Report | Governance and Ownership | Corporate governance
33 Annual Report 2024/25
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Management’s Report | Governance and Ownership | Corporate governance
34 Annual Report 2024/25
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Ownership and shareholdings
The company had 63,250 shareholders at the end of
the financial year, which was 6,833 more than last
year. Institutional investors based outside Denmark
held 38% of Coloplast's shares on 30 September
2025, on par with last year. Registered shareholders
represented 98% of the entire share capital.
Pursuant to the company's articles of association,
shares must be registered in the name of the holder
to carry voting rights. Two shareholders have re-
ported to the company, pursuant to section 55 of the
Danish Companies Act and section 38 of the Danish
Capital Markets Act, that at the date of this annual
report they held 5% or more of the share capital or
voting rights.
Residence Ownership share Voting rights
Shareholders with ownership or voting rights of more than 5%
Niels Peter Louis-Hansen (controls)¹⁾ Vedbæk
31.4 % 55.0 %
Benedicte Find Humlebæk
3.6 % 5.3 %
¹⁾ Niels Peter Louis-Hansen controls 100% of the share capital and voting rights in NPLH Holding ApS which then holds 62.58% of the share capital and 71.13% of the voting rights in Coloplast Holding ApS. Coloplast Holding ApS holds
29.49% of the share capital in Coloplast A/S and 51.36% of the voting rights in Coloplast A/S. In addition, Niels Peter Louis-Hansen holds shares in Coloplast A/S personally and through his wholly owned company N.P. Louis Hansen ApS
bringing the aggregate ownership to the numbers stated in the table above.
A shares '000 units B shares '000 units Ownership share Voting rights
Ownership structure of Coloplast A/S
Holders of A shares and their families 18,000 80,260 43 % 67 %
Danish institutions 21,115 9 % 5 %
Foreign institutions 86,252 38 % 22 %
Coloplast A/S²⁾ 2,833 1 % 0 %
Other shareholders 15,407 7 % 4 %
Non-registered shareholders 4,333 2 % 0 %
Total 18,000 210,200 100 % 98 %
²⁾ The 2,833,204 shares held by Coloplast on 30 September 2025, equivalent to 1% of the share capital, are treasury shares without voting rights.
A shares '000 units B shares '000 units Number of insiders
Shares held by management
Board of Directors, non-independent directors
3)
1,094 3,300 5
Board of Directors, independent directors 6 4
Executive Management
3)
3 5
Coloplast Holding ApS
4)
14,791 52,512 –
Total 15,885 55,821 14
³⁾ Lars Rasmussen is a member of both the Board of Directors and the Executive Leadership team.
4)
Niels Peter Louis-Hansen, Deputy Chairman of the board (not considered an independent board member) controls 100% of the share capital and voting rights in NPLH Holding ApS which then holds 62.58% of the share capital and 71.13%
of the voting rights in Coloplast Holding ApS. Coloplast Holding ApS holds 29.49% of the share capital in Coloplast A/S and 51.36% of the voting rights in Coloplast A/S. In addition, Niels Peter Louis-Hansen holds shares in Coloplast A/S
personally and through his wholly owned company N.P. Louis Hansen ApS bringing the aggregate ownership to the numbers stated in the table above.
Management’s Report | Governance and Ownership | Ownership and shareholdings
35 Annual Report 2024/25
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Share classes and
authorisations
Coloplast’s share capital is DKK 228.2 million divided
into DKK 18 million A shares and DKK 210.2 million B
shares. Each A and B share has a nominal value of DKK
1.
Each A share entitles the holders to ten votes and each
B share entitles the holders to one vote. The A shares
are non-negotiable instruments. The B shares are
negotiable instruments and were listed on the
Copenhagen Stock Exchange (Nasdaq Copenhagen) in
1983. Any change of ownership or pledging of A
shares requires the consent of the Board of Directors,
whereas B shares are freely negotiable.
The Board of Directors may increase the company's
share capital by a nominal value of up to DKK 15
million in one or more issues of B shares either with or
without preemption rights for existing shareholders.
The authorisation is valid until and including 1
December 2027. By decision of 29 August 2023, the
Board of Directors has partly exercised the authority to
increase the share capital by issuance of B shares with
nominally DKK 12.2 million. The remaining amount of
the authorisation is thus nominally DKK 2.8 million.
Moreover, the Board of Directors has been authorised
to acquire treasury shares of up to 10% of the
company's share capital provided that the company’s
total holding of treasury shares does not exceed 10%
of the company’s share capital at any time. The highest
and lowest amount to be paid for the shares by the
company is the price applicable at the time of
purchase +/- 10%. This authorisation is valid until and
including 6 December 2028.
At general meetings, matters are decided by a simple
majority of votes. Resolutions to amend the company's
articles of association require that not less than half of
the share capital is represented and that the resolution
is adopted by not less than two-thirds of the votes cast
as well as of the voting share capital represented at the
general meeting. The resolution lapses if the above-
mentioned share capital is not represented, or if a
resolution is not adopted by two-thirds of the votes
cast. If a resolution is adopted by two-thirds of the
votes cast but without at least half of the share capital
being represented, the Board of Directors must
convene a new extraordinary general meeting within
two weeks.
If, at this meeting, the resolution is adopted by not less
than two-thirds of the votes cast and of the voting
share capital represented, it will be passed irrespective
of the amount of the share capital represented at the
meeting.
In the event of a change of control in the company
resulting from a change of ownership, issued share
options will be subject to accelerated vesting. No other
important agreements are in place that would be
affected in the event of a change of control of the
company resulting from a takeover, and no special
agreements have been made between the company, its
management or employees if their positions are
discontinued due to a change of ownership. There are
no special provisions governing the election of
members to Coloplast's Board of Directors.
Capital Markets Day 2025
Coloplast hosted a capital markets day on 2
September 2025 in connection with announcing its
new five-year strategy, Impact4. Around 110
participated in person and around 250 participated
online. All material from the day is available on our
website under the dedicated investor relations section.
Management’s Report | Governance and Ownership | Ownership and shareholdings
36 Annual Report 2024/25
Open and
transparent
communication
Coloplast has established a policy for
communicating information to investors and
shareholders, under which the Executive
Leadership Team and the Investor Relations
team are in charge of communications
pursuant to guidelines agreed with the Board of
Directors. The communication of information
complies with the rules laid down by Nasdaq,
comprising:
• Full-year and interim financial statements
and the annual report.
• Replies to enquiries from analysts,
investors and shareholders.
• Site visits by investors and analysts.
• Presentations to Danish and foreign
investors.
• Capital markets days and Meet the
Management events for analysts and
investors.
• Conference calls in connection with the
release of financial statements.
Dedicated investor relations section on
Coloplast’s corporate website.
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Meet our Board of Directors
Management’s Report | Governance and Ownership | The Board of Directors
37 Annual Report 2024/25
Jette Nygaard-Andersen
Interim Chair of the Board, Independent
Born 1968. Jette Nygaard-Andersen has
considerable international executive
management and board experience within
global technology-enabled consumer
businesses including global medtech, media &
entertainment, leisure, retail and digital growth
businesses. Over the years, Jette has worked
within both global large scale companies as
well as with digital growth start-ups, helping
them scale globally.
Jette was most recently CEO of FTSE50
company Entain plc from 2021-2024 based in
London and spend 16 years in CEO roles at
MTG AB based primarily in Stockholm and
London. Prior to this, Jette worked at Accenture
Inc and Maersk AS.
Joined the Board of Directors in 2015.
Niels Peter Louis-Hansen
Deputy Chairman of the Board, Non-independent
Born 1947. Through decades of board work,
Niels Peter Louis-Hansen has gained in depth
knowledge of the industries in which Coloplast
operates, its dynamics and key players, as well
as deep insight into strategy development.
Furthermore, Niels Peter Louis-Hansen is a key
contributor to preserving the Coloplast culture.
Other board and management positions:
• Aage og Johanne Louis-Hansens Fond:
Chairman of the Board
• Aage og Johanne Louis-Hansen A/S:
Chairman of the Board
• Coloplast Holding ApS: Chairman of the
Board
• NPLH Holding ApS: CEO
• N. P. Louis-Hansen ApS: CEO
• NPLH Property Investments ApS: CEO
• NPLH Anpartsinvest ApS: CEO
Joined the Board of Directors in 1968.
Annette Brüls
Board member, Independent
Born 1971. Annette Brüls has considerable
executive management experience within
global medical device businesses. Annette Brüls
has in-depth knowledge and understanding of
product development and commercialization
within the med-tech industry and in particular
in chronic disease management, including
digital services and value-based healthcare
models.
Other board and management positions:
• Corporate Vice President, EMEACLA
Edwards Lifesciences
Joined the Board of Directors in 2021.
Carsten Hellmann
Board member, Independent
Born 1964. Carsten Hellmann has considerable
executive management experience as CEO in
pharma and healthcare and extensive
experience in product development and
international commercialisation within highly
regulated industries as well as M&A activities,
including post integration.
Other board and management positions:
• Chanelle Pharma, Chairman of the Board
• Copenhagen Capacity: Board member
• The Danish Chamber of Commerce: Board
member
Joined the Board of Directors in 2017.
Lars Rasmussen
Board member
1)
, Non-independent
Born 1959. Lars Rasmussen has extensive
executive management and board experience
from international listed companies in the med-
tech and pharma industry. He possesses in-
depth knowledge within the commercialization
of innovation, B2B and B2C sales models, and
efficiency improvements.
Other board and management positions:
• Coloplast A/S: Interim President & CEO
• Gyldendal A/S: Board member
• WS Audiology A/S: Chairman of the Board
• Danish Committee of Corporate
Governance: Chairman
• Danish Life Science Council: Chairman
• University of Copenhagen: Board member
• Mabtech AB: Chairman of the Board
Joined the Board of Directors in 2018.
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Management’s Report | Governance and Ownership | The Board of Directors
38 Annual Report 2024/25
See the full CVs of the Board of
Directors on our website
www.coloplast.com/about-us/
leadership/
Marianne Wiinholt
Board member, Independent
Born 1965. Marianne Wiinholt has consider-
able executive management experience and
extensive experience within finance and
accounting. Furthermore, Marianne Wiinholt
has considerable knowledge and experience in
leading, driving and delivering a sustainability
agenda on a global scale.
Other board and management positions:
• WSA A/S: CFO
• WS Audiology A/S: Chairman of the Board
• WSA HoldCo Denmark ApS: CEO
• Norsk Hydro ASA: Board member and
Chairman of the Audit Committee
Joined the Board of Directors in 2020.
Thomas Barfod
Employee-elected board member
Born 1970. Title: Team Manager.
Joined the Board of Directors in 2006.
Roland V. Pedersen
Employee-elected board member
Born 1962. Title: Lead Negotiator.
Joined the Board of Directors in 2018.
Nikolaj Kyhe Gundersen
Employee-elected board member
Born 1969. Title: Skilled Precision Engineer.
Joined the Board of Directors in 2018.
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Meet our Executive Leadership Team*
Management’s Report | Governance and Ownership | The Executive Leadership Team
39 Annual Report 2024/25
Lars Rasmussen
Interim President & CEO
With Coloplast since 1988. Interim CEO since
2025.
Educational background:
B.Sc. Engineering, Aalborg University.
Executive MBA; Scandinavian International
Management Institute.
Other board and management positions:
• Coloplast A/S: President & CEO
• Gyldendal A/S: Board member
• WS Audiology A/S: Chairman of the Board
• Danish Committee of Corporate
Governance: Chairman
• Danish Life Science Council: Chairman
• University of Copenhagen: Board member
• Mabtech AB: Chairman of the Board
Anders Lonning-Skovgaard
Executive Vice President, CFO
With Coloplast since 2006.
Educational background:
B.Sc. in Economics and Business
Administration, Copenhagen Business
School.
M.Sc. Finance and Accounting, Aarhus
University.
Dorthe Rønnau
Executive Vice President, People & Culture
With Coloplast since 2022.
Educational background:
M.Sc. in industrial engineering, University of
Copenhagen.
M.Sc. Psychology in Organisations (MPO),
Roskilde University.
Graduate diploma in Business
Administration.
Other board and management positions:
• Vestas Aircoil A/S: Board member
Allan Rasmussen
Executive Vice President, Global Operations
With Coloplast since 1992.
Educational background:
B.Sc. Mechanical Engineering, Technical
University of Denmark.
Executive MBA; Scandinavian International
Management Institute.
Other board and management positions:
• Ferrosan Medical Devices A/S: Board
member
* Executive Leadership Team as per 1 November 2025.
See the full CVs of the Executive
Leadership Team
on our website
www.coloplast.com/about-us/
leadership/
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Management’s Report | Governance and Ownership | The Executive Leadership Team
40 Annual Report 2024/25
Rasmus Just
Executive Vice President, Chronic Care R&D
With Coloplast since 2025.
Educational background:
B.Sc. Mechanical Engineering, Technical
University of Denmark.
M.Sc. Applied Mechanics, Aarhus University.
Executive MBA - Master in Management of
Technology, Technical University of
Denmark.
Caroline Vagner Rosenstand
Executive Vice President, Chronic Care Commercial
With Coloplast since 2015.
Educational background:
B.Sc. International Business, Copenhagen
Business School.
M.Sc. Applied Economics & Finance,
Copenhagen Business School.
Other board positions:
• Embla Medical hf.: Board member and
member of the Audit Committee.
Fertram Sigurjonsson
Executive Vice President, Wound & Tissue Repair
With Coloplast since 2023.
Educational background:
B.Sc. degree in chemistry from the University
of Iceland.
M.Sc. Engineering from the Technical
University of Denmark.
Other board positions:
• University Council Board Member -
Reykjavik University.
• University Council Board Member -
Agricultural University of Iceland
• Founders Ventures and byFounders.
Thomas Johns Jr
Executive Vice President, Interventional Urology
With Coloplast since 2015.
Educational background:
BA in History, Princeton University
MBA, Northwestern University-JL Kellogg
School of Management.
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The current risk landscape
Risk reporting process and
governance
The risk reporting process is part of the Group’s risk
management and covers Coloplast’s business areas as
well as global functions. It is overseen by Group
Finance and the CFO, who are also responsible for
securing appropriate insurance coverage for insurable
risks and for assessing and facilitating the
prioritisation of our principal risks.
The management of the business areas and global
functions is responsible for identifying, assessing,
managing, and reporting on top risks specific to their
area of responsibility. The most significant risks to our
business over a five-year time-horizon are reported
quarterly to the Group’s Risk Management.
The risk reporting process and supporting interviews
form the basis of the risk update that is presented by
the CFO to the Executive Leadership Team and the
Board of Directors at the quarterly board meetings.
The Executive Leadership Team is responsible for
defining Coloplast’s overall risk profile, and for setting
standards for risk taking and for aligning it with the
overall strategies and policies. They are also
responsible for launching and approving risk
treatment plans and activities to address the most
significant risks.
The Board of Directors perform risk oversight,
monitors the overall risk landscape and reviews, the
conclusions and recommendations submitted by the
Executive Leadership Team.
The effectiveness of the risk reporting process is
regularly monitored by the CFO together with the
Board of Directors, and the overall process is followed
by the Audit Committee on an ongoing basis. Our aim
is to have a culture that manages risks well and
enables us to understand and act on trends and
potential adverse events proactively and in a timely
manner – not just a strong process.
Our principal risks
In our risk reporting process, we have identified a
range of principal risks, believed to be material and
have the potential to significantly threaten and
adversely impact the Group’s business model, strategy,
and future performance.
Those principal risks are presented in random order in
the following table, along with examples of responses
taken to treat them. Each risk is linked to one or more
of the themes of Coloplast’s strategy Impact4.
The illustration provides an aggregated overview of
our principal risks and summarises our assessment of
the risk exposure for each risk, taking into
consideration the risk treatment plans put in place
(residual risk). If material change has occurred to the
assessment of a risk compared to last year, or a new is
added this is indicated in the illustration.
Sustainability risks
The sustainability risk reporting process is integrated
into Coloplast’s enterprise risk management reporting,
encompassing all business areas and global functions.
The enterprise risk management reporting supports
our sustainability reporting process.
The scope encompasses all relevant areas of risk,
including sustainability-related risk such as working
conditions, anti-corruption, bribery, and climate
change. Main features are aligned with the risk
reporting process. The risk prioritisation is assessed
based on likelihood and impact as well as the time
horizon of the risk. Mitigating actions are to be taken
by the risk owners together with relevant stakeholders.
Our principal risks and responses to them are in listed
in the table. Furthermore, material sustainability-
related risks and their mitigating actions are disclosed,
where relevant, under the specific ESRS topics in the
Sustainability Statement.
Responsible risk owners assess the risks associated
with sustainability data and implement appropriate
controls.
Management’s Report | Risk management | How we manage the risks of doing business
41 Annual Report 2024/25
Likehood
Impact
1
2
3
4
5
6
7
1
Pricing and
reimbursement
6
Product quality and
safety
2 Information Security 7
Economic and political
environment
3
Legal and
compliance
Increased
4
Production and
business continuity
Unchanged
5
Product innovation
and development
Decreased
GOV-5
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Principal risks
Risk title Description Risk example Risk responses
1. Pricing and
reimbursement
A large part of Coloplast’s products is sold in markets that are subsidised and eligible
for reimbursement from healthcare authorities. As a result, prices are influenced by
the economic and political developments in national and regional markets, budgetary
constraints of governments, healthcare reforms, bargaining power of wholesalers
and distributors, as well as the ability to convince buyers of the economic value of its
products based on clinical evidence, costs, and patient outcomes.
• Lower reimbursements and increasing price pressure due to
healthcare and price reforms.
• Lack of or inadequate clinical evidence to support
reimbursement levels.
• Claw back or other repayment schemes introduced by healthcare
authorities retroactively.
• Biologics is not getting the local coverage determination (LCD)
reimbursement coverage.
• Competitive bidding in the United States.
• Monitor markets and sales developments, economic and
political developments, and changes to public sector
guidelines and reimbursement schemes.
• Interact with healthcare authorities, and patient and industry
associations to prevent, postpone or minimise impact.
• Financial risk management, including hedging activities in
accordance with Coloplast’s financial mandate.
2. Information
security
Coloplast operates in a dynamic information risk environment with regulatory and
legislative data compliance obligations. Business operations depend on a wide range
of information technology systems, operational technology systems, people, and
suppliers. Coloplast processes highly confidential information and legally protected
personal health information through multiple channels and sell digitally connected
devices. Coloplast follows the ISO 27001 standard to drive improvement and validate
performance of the Information Security Management System (ISMS) through audits
and risk management. While artificial intelligence (AI) is mentioned as a risk example,
we also recognise its use as a security enabler.
• National cybersecurity and data privacy laws challenge
information technology cost efficiency and scalability strategy.
• AI and social engineering methods used by cybercriminals to
bypass security monitoring system.
• Cybercrime like phishing and CEO fraud.
• Indirect and direct business disruptions triggered by suppliers.
• IT security risk increasing due to geopolitical tensions.
• A global Information Security Management System (ISMS)
covering most cybersecurity compliance requirements and
actively monitor the compliance landscape.
• Reoccurring user training and awareness campaigns focusing
on real-world cybercrime tactics for all employees.
• Threat detection and response capabilities; exercise incident
response and disaster recovery plans.
• Improved third-party risk management/supply chain security
• One IT infrastructure to support the business where we
continue to invest to make sure it is stable and reliable.
3. Legal and
compliance
Coloplast operates in a heavily regulated industry that is subject to various laws,
regulations, and industry standards across geographies and business areas. As the
regulatory landscape continues to evolve, it becomes even more important to monitor
and mitigate risks related to business ethics, legal and regulatory compliance. The
different legal environments can also be unpredictable and politically motivated, and
as a market leader, we could face legal risks at any given time. We strive to act
responsibly and to comply with laws and regulations. However, mistakes may happen
when people are involved, so action is taken should a situation arise.
• Violations of anti-corruption laws and non-compliance with
Coloplast’s own and the industry’s codes of conduct could
damage Coloplast’s reputation and involve a risk of monetary
fines, sanctions, or inability to continue to manufacture products.
• Lawsuits filed by competitors or customers as well as
investigations by authorities into certain business practices could
have a negative reputational and financial impact.
• Other risks related to legal and regulatory compliance, antitrust,
trade regulations, protection of IP and patents, distributor and
supply chain due diligence, and contractual obligations.
• Training of employees in code of conduct as formulated in our
Business Ethical Standards and in our IT policies.
• Ensure that suppliers are aware of our ethical standards and
work with us to maintain and develop compliance practices.
• Independent and confidential Ethics Hotline for reporting of
unethical situations, violations, and misconduct.
• Procedure for how to conduct investigations and reporting of
all cases to the Audit Committee in anonymised form.
• In-house lawyers and compliance functions in relevant
business areas and geographies to monitor regulatory
changes and to attend to compliance matters as they may
arise.
Management’s Report | Risk management | Principal risks
42 Annual Report 2024/25
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Risk title Description Risk example Risk responses
4. Production
and business
continuity
Coloplast operates facilities all over the world. Most production takes place at
centralised facilities and, in some cases, Coloplast purchases raw materials,
components used in production and finished products from sole source suppliers for
reasons of availability, quality assurance and cost effectiveness.
• Disruption at a manufacturing or distribution facility due to
natural disasters or other emergencies (e.g. fires or warlike
situations) may compromise the availability of products for our
users.
• Disruption of the supply chain due to shortfalls in delivery, quality
issues, force majeure situations, change in market conditions,
strikes, political instability, or other events beyond our control,
resulting in price increases, inability to source critical materials,
components, and finished products, and loss in revenue.
• Emergency response and contingency plans, physical
separation of critical processes and workflows, and
certification of relevant facilities to the Highly Protected Risk
(HPR) industry standard.
• Contingency plans for high-risk suppliers, including built up
inventories, collaboration to mitigate physical risks at their
facilities, dual source for critical raw materials and
components, and qualification of substitute materials where
applicable.
5. Product
innovation and
development
It is essential that Coloplast maintains a competitive and innovative product pipeline
that meets the needs of the users. To achieve this, Coloplast relies on its ability to
interact with end users and healthcare professionals to protect intellectual property
against infringement from competitors and to understand the surgical and medical
trends that may impact or limit sales.
• Medical and technological innovations disrupting core business.
• Lack of innovation resulting in a commoditisation trend, allowing
the entry of low-cost competitors, increasing price pressures,
diminishing clinical differentiation of products on the market,
and a loss of market share.
• Infringement of intellectual property rights may reduce
competitive advantages and negatively impact sales.
• Invest in new innovative growth initiatives for the purpose of
developing superior and clinically differentiated products,
such as our clinical performance programme.
• Patent to prevent competitors from copying our products or
from producing technical equivalent alternatives.
• Monitor surgical and medical developments and disruptive
technologies that may impact the various business areas.
6. Product
quality and
safety
Coloplast is committed to ensuring the quality of its products and the safety of its
users, including organising the security of personal data. All Coloplast products must
comply with the medical device directives and legislation imposed by local healthcare
authorities across different geographies, such as the US Food and Drug
Administration (FDA) and the EU Medical Device Regulation (MDR). We have done
significant investments to comply with the MDR, also for acquired entities.
• Loss of licences to sell or manufacture due to non-compliance
with new laws and regulations on medical devices.
• Defects and omissions and critical product quality and safety
issues in product design and manufacturing that could disrupt
operations, sales, lead to recalls, bodily injury, and liability claims.
• Non-compliance with data protection legislation or personal data
leaks, leading to monetary fines and reputational damage.
• Invest in development and improvement of control processes,
quality procedures, and supporting information technologies,
from the design phase to post-market surveillance.
• Monitor legislation and market standards to ensure that any
amendments and changes are incorporated into procedures.
• Certification of our Quality Management Systems to national
and international standards and carrying out audits.
7. Economic
and political
environment
The current global macroeconomic trends like high inflation, disrupted supply chains,
weakening consumer sentiment in especially China, tightening monetary policies, US
tariffs, and geopolitical risks like the war in Ukraine are challenging the operating
environment, and have resulted in an increased level of challenges on the short- to
medium-term. In the long-term direct and indirect implications could negatively
impact sales and operations. This risk is always present, putting pressure on our
growth momentum. In the short- to medium-term primarily in Russia, Ukraine, and
Iran due to sanctions. In Argentina, Brazil, and Türkiye due to economic instability and
inflation.
• Economic and political instability and emerging geopolitical
areas of concern negatively affecting our costs and result in
disruptions of operations, commercial activities, and supply
chain, and impact our ability to conduct business globally.
• Political factors affecting information security risk landscape,
e.g. by an increasing number of legislations mandating
localisation of data and limiting cross-border transfer of data.
• Monitoring sanctions and ensuring global compliance.
• Monitor macroeconomic and geopolitical developments,
changes in governmental policies, political processes and
environments that may affect operations, commercial
activities, and supply chain in the short-, medium- and long-
term, including US tariffs.
• Secure compliance with various sanctions programmes.
• Establish a political risk management program to address risk
scenarios with long-term exposures in our strategic planning.
Management’s Report | Risk management | Principal risks
43 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | Sustainability introduction
45 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | Preparation of the Sustainability Statement
46 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | The double materiality assessment
47 Annual Report 2024/25
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Overview of material ESRS
Management’s Report | The Sustainability Statement | The double materiality assessment
48 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | Sustainability Strategy
49 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | Sustainability Strategy
50 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | Interests and views of stakeholders
51 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | Interests and views of stakeholders
52 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | Sustainability due diligence
53 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E1 Climate change
54 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E1 Climate change
55 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E1 Climate change
56 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E1 Climate change
57 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E1 Climate change
58 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E1 Climate change
59 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E1 Climate change
60 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E1 Climate change
61 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E1 Climate change
62 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E2 Pollution
63 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E2 Pollution
64 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E5 Resource use and circular economy
65 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E5 Resource use and circular economy
66 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E5 Resource use and circular economy
67 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E5 Resource use and circular economy
68 Annual Report 2024/25
Table of
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Management’s Report | The Sustainability Statement | E5 Resource use and circular economy
69 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | E5 Resource use and circular economy
70 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | EU Taxonomy
71 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | EU Taxonomy
72 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | EU Taxonomy
73 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | EU Taxonomy
74 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S1 Own workforce
75 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S1 Own workforce
76 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S1 Own workforce
77 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S1 Own workforce
78 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S1 Own workforce
79 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S1 Own workforce
80 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S1 Own workforce
81 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S1 Own workforce
82 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S1 Own workforce
83 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S1 Own workforce
84 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S1 Own workforce
85 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S1 Own workforce
86 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S2 Workers in the value chain
87 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S2 Workers in the value chain
88 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S2 Workers in the value chain
89 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S4 Consumers and end-users
90 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S4 Consumers and end-users
91 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S4 Consumers and end-users
92 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S4 Consumers and end-users
93 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S4 Consumers and end-users
94 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S4 Consumers and end-users
95 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S4 Consumers and end-users
96 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S4 Consumers and end-users
97 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | S4 Consumers and end-users
98 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | G1 Business conduct
99 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | G1 Business conduct
100 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | G1 Business conduct
101 Annual Report 2024/25
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Management’s Report | The Sustainability Statement | G1 Business conduct
102 Annual Report 2024/25
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Management’s Report | Appendices for the Sustainability Statement | Content index of ESRS disclosure requirements
104 Annual Report 2024/25
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Content index of ESRS disclosure requirements (continued)
Management’s Report | Appendices for the Sustainability Statement | Content index of ESRS disclosure requirements
105 Annual Report 2024/25
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Management’s Report | Appendices for the Sustainability Statement | Data points from other EU legislation
106 Annual Report 2024/25
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Management’s Report | Appendices for the Sustainability Statement | Data points from other EU legislation
107 Annual Report 2024/25
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Management’s Report | Appendices for the Sustainability Statement | Data points from other EU legislation
108 Annual Report 2024/25
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Statement of comprehensive income
1 October - 30 September
DKK million Note 2024/25 2023/24
Income statement
Revenue 4 27,874 27,030
Production cost 5, 11, 12, 13 -8,929 -8,761
Gross profit 18,945 18,269
Distribution costs 5, 11, 12, 13 -9,150 -8,825
Administrative expenses 5, 11, 12, 13 -1,270 -1,244
Research and development costs 5, 11, 12, 13 -946 -913
Other operating income 159 75
Other operating expenses -68 -76
Operating profit (EBIT) before special items 7,670 7,286
Special items 6 -469 34
Operating profit (EBIT) 7,201 7,320
Financial income 7 107 175
Financial expenses 7 -1,151 -1,100
Profit before tax 6,157 6,395
Tax on profit for the period 8 -2,521 -1,343
Net profit for the year 3,636 5,052
DKK
Earnings per share (EPS) 9 16.13 22.46
Earnings per share (EPS), diluted 9 16.13 22.46
DKK million Note 2024/25 2023/24
Statement of comprehensive income
Net profit for the year 3,636 5,052
Other comprehensive income:
Remeasurements of defined benefit plans 17 21 6
Tax on remeasurements of defined benefit plans -5 -1
Items that will not be reclassified to the income statement 16 5
Value adjustment of currency hedging 159 -45
Recycle through the income statement -26 -75
Tax effect of hedging -105 26
Currency adjustment of opening balances and other value adjustments
relating to subsidiaries -330 -293
Tax effect of currency adjustment, assets in foreign currency -269 109
Items that may be reclassified to income statement -571 -278
Total other comprehensive income -555 -273
Total comprehensive income 3,081 4,779
The Financial Statements | Consolidated financial statements | Statement of comprehensive income
110 Annual Report 2024/25
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Statement of cash flow
1 October - 30 September
DKK million Note 2024/25 2023/24
Cash flow statement
Operating profit 7,201 7,320
Amortisation 11 590 451
Depreciation 12, 13 863 839
Adjustment for other non-cash operating items 23 142 -92
Changes in working capital 23 -785 -1,032
Interest received, etc. 30 82
Interest paid, etc. -825 -844
Income tax paid 8 -571 -3,958
Cash flows from operating activities 6,645 2,766
Investments in intangible assets 11 -121 -180
Investments in land and buildings 12 -20 -7
Investments in plant and machinery and other fixtures and fittings,
tools and equipment 12 -71 -87
Investments in property, plant and equipment under construction 12 -1,215 -1,072
Property, plant and equipment sold 5 15
Investment in other investments -21 -13
Divestment 192 8
Cash flows from investing activities -1,251 -1,336
Free cash flow 5,394 1,430
DKK million Note 2024/25 2023/24
Dividend to shareholders -4,958 -4,720
Sale of treasury shares and loss on exercised options 27 500
Financing from shareholders -4,931 -4,220
Repayment of lease liabilities 23 -281 -268
Settlement of issued bonds 23 – -4,848
Financing through debt funding 23 2,783 5,000
Movements on credit facilities 23 -2,758 2,818
Cash flows from financing activities -5,187 -1,518
Net cash flows 207 -88
Cash and cash equivalents at 1 October 788 911
Foreign exchange value adjustments -48 -31
Cash and cash equivalents, disposed operations – -4
Net cash flows 207 -88
Cash and cash equivalents at 30 September 24 947 788
The Financial Statements | Consolidated financial statements | Statement of cash flow
111 Annual Report 2024/25
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Assets
At 30 September
DKK million Note 2025 2024
Intangible assets 11 29,811 30,332
Property, plant and equipment 12 6,201 5,649
Right-of-use assets 13 884 922
Other equity investments 90 74
Deferred tax asset 8 587 624
Income tax 316 –
Other receivables 15 25 28
Non-current assets 37,914 37,629
Inventories 14 3,919 3,672
Trade receivables 15 4,658 4,675
Income tax 64 509
Other receivables 454 366
Prepayments 411 434
Cash and cash equivalents 947 788
Current assets 10,453 10,444
Assets 48,367 48,073
Equity and liabilities
At 30 September
DKK million Note 2025 2024
Share capital 228 228
Currency translation reserve -2,137 -1,837
Reserve for hedging 356 329
Proposed ordinary dividend for the year 4,057 3,831
Retained earnings 13,618 15,391
Equity 9, 10 16,122 17,942
Provisions for pensions and similar liabilities 17 111 126
Deferred tax liability 8 3,042 2,481
Other provisions 18 25 21
Bonds 19 11,570 11,557
Other credit institutions 19 7,783 5,000
Income tax 2,488 –
Other payables 19 1
Lease liabilities 696 734
Prepayments 6 7
Non-current liabilities 25,740 19,927
Provisions for pensions and similar liabilities 17 8 7
Other provisions 18 51 48
Other credit institutions 19 2,328 5,085
Trade payables 1,324 1,519
Income tax 149 866
Other payables 2,382 2,425
Lease liabilities 262 253
Prepayments 1 1
Current liabilities 6,505 10,204
Equity and liabilities 48,367 48,073
The Financial Statements | Consolidated financial statements | Balance sheet
112 Annual Report 2024/25
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Statement of changes in equity, current year
At 30 September
Share capital Reserves
DKK million A shares B shares
Currency
translation
Hedging
Proposed
dividend
Retained
earnings
Total
2024/25
Equity at 1 October 18 210 -1,837 329 3,831 15,391 17,942
Net profit for the year – – – – 5,184 -1,548 3,636
Other comprehensive income – – -300 27 – -283 -555
Total comprehensive income – – -300 27 5,184 -1,831 3,081
Sale of treasury shares and loss on exercised options – – – – – 27 27
Share-based payment – – – – – 79 79
Tax on share-based payment, etc. – – – – – -48 -48
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 58 -4,899
Equity at 30 September 18 210 -2,137 356 4,057 13,618 16,122
The Financial Statements | Consolidated financial statements | Statement of changes in equity
113 Annual Report 2024/25
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Statement of changes in equity, last year
At 30 September
Share capital Reserves
DKK million A shares B shares
Currency
translation
Hedging
Proposed
dividend
Retained
earnings
Total
2023/24
Equity at 1 October 18 210 -1,579 423 3,595 14,632 17,299
Net profit for the year – – – – 4,956 96 5,052
Other comprehensive income – – -258 -94 – 79 -273
Total comprehensive income – – -258 -94 4,956 175 4,779
Sale of treasury shares and loss on exercised options – – – – – 500 500
Share-based payment – – – – – 67 67
Tax on share-based payment, etc. – – – – – 17 17
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 – – – – -4,720 584 -4,136
Equity at 30 September 18 210 -1,837 329 3,831 15,391 17,942
The Financial Statements | Consolidated financial statements | Statement of changes in equity
114 Annual Report 2024/25
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List of notes
Key accounting policies
1 Basis of preparation
2 Changes in accounting policies
3 General accounting policies
Profit and loss
4 Revenue and segment information
5 Staff costs
6 Special items
7 Financial income and expenses
8 Income taxes
9 Earnings per share (EPS)
10 Dividend per share
Assets and liabilities
11 Intangible assets
12 Property, plant and equipment
13 Right-of-use assets
14 Inventories
15 Trade receivables and other receivables
16 Share options
17 Provisions for pensions and similar obligations
18 Other provisions
19 Credit institutions
20 Financial instruments by category
21 Financial risks
22 Derivative financial instruments
Cash flows and credit facilities
23 Specifications of cash flow from operating and
financing activities
24 Cash and cash equivalents
Other disclosures
25 Public grants
26 Contingent liabilities and guarantees
27 Remuneration of the Board of Directors and
Executive Management
28 Related party transactions
29 Fees to auditors appointed by the Annual
General Meeting
30 Events occurring after the balance sheet date
31 Company overview
32 Definitions of key ratios
The Financial Statements | Notes | Notes to the consolidated financial statements
115 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
116 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
117 Annual Report 2024/25
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Note 3 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
118 Annual Report 2024/25
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Note 3 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
119 Annual Report 2024/25
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Note 4 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
120 Annual Report 2024/25
Accounting policies, continued
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Note 4 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
121 Annual Report 2024/25
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122 Annual Report 2024/25
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123 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
124 Annual Report 2024/25
Accounting policies, continued
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Note 8 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
125 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
126 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
127 Annual Report 2024/25
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Note 11 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
128 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
129 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
130 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
131 Annual Report 2024/25
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Note 11 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
132 Annual Report 2024/25
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Note 12 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
133 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
134 Annual Report 2024/25
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Note 13 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
135 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
136 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
137 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
138 Annual Report 2024/25
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Note 16 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
139 Annual Report 2024/25
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Note 17 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
140 Annual Report 2024/25
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Note 17 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
141 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
142 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
143 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
144 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
145 Annual Report 2024/25
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Note 21 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
146 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
147 Annual Report 2024/25
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Note 22 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
148 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
149 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
150 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
151 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
152 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
153 Annual Report 2024/25
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Note 31 | continued
The Financial Statements | Notes | Notes to the consolidated financial statements
154 Annual Report 2024/25
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The Financial Statements | Notes | Notes to the consolidated financial statements
155 Annual Report 2024/25
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Executive Management
Board of Directors
Management’s Statements and Auditor’s reports | Statements | Statements by the Board and the Executive Management
157 Annual Report 2024/25
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Independent Auditor’s Report
Report on the audit of the
Consolidated Financial
Statements and Parent
Company Financial
Statements
Management’s Statements and Auditor’s reports | Statements | Independent Auditor’s Reports
158 Annual Report 2024/25
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Management’s Statements and Auditor’s reports | Statements | Independent Auditor’s Reports
159 Annual Report 2024/25
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Management’s Statements and Auditor’s reports | Statements | Independent Auditor’s Reports
160 Annual Report 2024/25
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CVR no. 30 70 02 28
Management’s Statements and Auditor’s reports | Statements | Independent Auditor’s Reports
161 Annual Report 2024/25
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Management’s Statements and Auditor’s reports | Statements | Independent Auditor’s Assurance Report
162 Annual Report 2024/25
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Management’s Statements and Auditor’s reports | Statements | Independent Auditor’s Assurance Report
163 Annual Report 2024/25
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CVR no. 30 70 02 28
Management’s Statements and Auditor’s reports | Statements | Independent Auditor’s Assurance Report
164 Annual Report 2024/25
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Income statement
1 October - 30 September
DKK million Note 2024/25 2023/24
Revenue 3 18,900 16,032
Production cost 4, 7 -10,861 -9,479
Gross profit 8,039 6,553
Distribution costs 4, 7 -2,337 -1,736
Administrative expenses 4, 5, 7 -662 -135
Research and development costs 4 -1,016 -948
Other operating income 7 98 17
Other operating expenses -176 -42
Operating profit (EBIT) 3,946 3,709
Profit/loss after tax on investments in subsidiaries 11 -999 688
Financial income 6 212 293
Financial expenses 6 -1,332 -1,305
Profit before tax 1,827 3,385
Tax on profit for the year 8 -649 -698
Net profit for the year 2 1,178 2,687
The Financial Statements of the Parent Company | Parent company financial statements | Income statement
166 Annual Report 2024/25
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Balance sheet
At 30 September
DKK million Note 2025 2024
Assets
Intangible assets 9 26,300 18,240
Property, plant and equipment 10 789 809
Income tax 9 –
Financial assets 11 2,635 13,677
Non-current assets 29,733 32,726
Inventories 12 1,473 1,283
Trade receivables 638 495
Receivables from Group companies 3,823 3,262
Income tax 15 146
Other receivables 323 169
Prepayments 164 158
Receivables 4,963 4,230
Cash and cash equivalents 405 234
Current assets 6,840 5,747
Assets 36,573 38,473
DKK million Note 2025 2024
Equity and liabilities
Share capital 228 228
Reserve for hedging 356 328
Proposed ordinary dividend for the year 4,057 3,831
Retained earnings 2,890 7,396
Equity 7,531 11,783
Provisions for pensions and similar liabilities 1 2
Provision for deferred tax 8 2,365 1,338
Other credit institutions 13 7,783 5,000
Non-current income tax 102 –
Payable to Group companies 11,570 11,556
Non-current liabilities 21,821 17,896
Other credit institutions 13 2,478 5,235
Trade payables 308 437
Payable to Group companies 3,960 2,668
Income tax – 102
Other payables 474 352
Current liabilities 7,220 8,794
Liabilities 29,042 26,690
Equity and liabilities 36,573 38,473
Contingent items and other financial liabilities 14
The Financial Statements of the Parent Company | Parent company financial statements | Balance sheet
167 Annual Report 2024/25
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Statement of changes in equity
At 30 September
Share capital
DKK million A shares B shares
Hedging
reserve
Proposed
dividend
Retained
earnings Total
2024/25
Equity at 1 October 18 210 328 3,831 7,396 11,783
Net profit for the year – – – 5,184 -4,006 1,178
Value adjustment of hedging – – 159 – – 159
Transferred to financial items – – -26 – – -26
Tax effect of hedging – – -105 – – -105
Currency adjustment of opening balances
and other adjustments relating to
subsidiaries – – – – -326 -326
Transactions with shareholders
Acquisition of treasury shares – – – – – –
Increase in share capital – – – – – –
Sale of treasury shares and loss on exercised
options – – – – 28 28
Share-based payment – – – – 60 60
Tax on equity entries – – – – -262 -262
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
Equity at 30 September 18 210 356 4,057 2,890 7,531
Share capital
DKK million A shares B shares
Hedging
reserve
Proposed
dividend
Retained
earnings Total
2023/24
Equity at 1 October 18 210 423 3,595 9,209 13,455
Net profit for the year – – – 4,956 -2,269 2,687
Value adjustment of hedging – – -45 – – -45
Transferred to financial items – – -75 – – -75
Tax effect of hedging – – 25 – – 25
Currency adjustment of opening balances
and other adjustments relating to
subsidiaries – – – – -224 -224
Transactions with shareholders
Acquisition of treasury shares – – – – – –
Increase in share capital – – – – – –
Sale of treasury shares and loss on exercised
options – – – – 523 523
Share-based payment – – – – 40 40
Tax on equity entries – – – – 117 117
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
Equity at 30 September 18 210 328 3,831 7,396 11,783
The Financial Statements of the Parent Company | Parent company financial statements | Statement of changes in equity
168 Annual Report 2024/25
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Note 1
Accounting policies
Basis of Preparation
The parent company’s financial statements are presented in accordance with the Danish Financial Statements Act for
companies in reporting class D.
The accounting policies of the parent company are the same as those of the Group, but with the addition of the policies
described below. The Group’s accounting policies are set out in notes 1, 2, and 3 to the consolidated financial
statements. Other than as set out hereinabove, there have been no changes to the accounting policies relative to last
year.
General Information
No separate cash flow statement has been prepared for the parent company as per the exemption clause of section
86(4) of the Danish Financial Statements Act. The consolidated cash flow statement is set out on page 111.
Intangible Assets
Goodwill is measured at cost less accumulated amortisation and impairment. Amortisation is calculated using the
straight-line method over the expected useful life, estimated at 10 years. This estimate was made based on
Management’s experience with the individual business areas as well as the estimated useful lives of the other assets
acquired in the transaction. Amortisation for IP rights, trademarks, and other intangible assets is made on a straight-
line basis over the expected useful life of the assets, ranging between 10 and 20 years.
Property, Plant, and Equipment
Leases under which substantially all risk and rewards of ownership of an asset are transferred are classified as finance
leases. Other leases are classified as operating leases. No finance leases have been recognised in the parent
company’s financial statements.
Financial Assets
In the parent company’s financial statements, investments in subsidiaries and associates are recognised according to
the equity method. The share of the results of subsidiaries, less unrealised intra-group gains, is recognised in the
parent company’s income statement. Net revaluation of investments in subsidiaries and associates exceeding the
dividend declared by such companies is recognised in equity as a reserve for net revaluation according to the equity
method.
Financial Instruments
The accounting policies and other information about derivative financial instruments are set out in Note 22 to the
consolidated financial statements.
Tax
Coloplast A/S and Danish subsidiaries are part of a Danish joint taxation scheme with NPLH Holding ApS, according to
which the Company partly has a joint and several liability and partly a secondary liability with respect to corporate
income taxes, corporate withholding taxes, etc. The jointly taxed Danish subsidiaries are covered by the Danish on-
account tax scheme. Current tax for jointly taxed companies is recognised in each individual company. The parent
company has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar
Two Model Rules and their local implementation.
The Financial Statements of the Parent Company | Parent company financial statements | Notes
169 Annual Report 2024/25
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Note 2
Profit distribution
DKK million 2024/25 2023/24
Profit distribution
Retained earnings
-4,006 -2,269
Dividend paid during the year
1,127 1,125
Proposed dividend for the year
4,057 3,831
Total
1,178 2,687
Note 3
Revenue
DKK million 2024/25 2023/24
Business areas
Intimate healthcare 18,900 16,032
Total 18,900 16,032
Geographical markets
Europe 11,559 10,185
Americas 5,093 3,851
Rest of the world 2,248 1,996
Total 18,900 16,032
Note 4
Staff costs
DKK million 2024/25 2023/24
Specification of staff costs recognised in the financial year
Salaries, wages and directors' remuneration 1,392 1,250
Pensions 115 110
Other social security costs 12 11
Total 1,519 1,371
Average number of employees, FTEs 1,482 1,451
See Note 27 to the consolidated financial statements for information on the remuneration for the Board of Directors
and Executive Management.
Note 5
Fees to auditors appointed by the Annual General Meeting
DKK million 2024/25 2023/24
Statutory audit 6 6
Assurance engagements other than audit 2 1
Other services – 1
Total fees 8 8
Fee for non-audit services provided to the Parent Company by EY Godkendt Revisionspartnerselskab, Denmark,
amounted to DKK 2 million (2023/24: DKK 2 million to EY Godkendt Revisionspartnerselskab), relating to compliance
services and other assurance assessments and opinions.
The Financial Statements of the Parent Company | Parent company financial statements | Notes
170 Annual Report 2024/25
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Note 6
Financial income and expenses
DKK million 2024/25 2023/24
Financial income
Interest income, etc. 15 10
Interest income from Group companies 122 208
Interest hedges 75 75
Total 212 293
Financial expenses
Interest expenses, etc 391 368
Interest expenses from Group companies 630 685
Fair value adjustments, forward contracts 49 –
Net exchange adjustments 262 252
Total 1,332 1,305
Note 7
Special items
DKK million 2024/25 2023/24
Integration activities
-52 -20
Costs related to structural changes
-207 –
Skin Care divestment
15 –
Reversal of remaining provision for earnout consideration related to Kerecis
– 123
Executive leadership team severance costs
-104 –
Total -348 103
If not classified as "Special items", the cost would be charged to:
Production cost -61 –
Distribution costs -197 123
Administrative expenses -99 -20
Research and development costs -6
–
–
Other operating income 15 –
Total -348
-348
103
The Financial Statements of the Parent Company | Parent company financial statements | Notes
171 Annual Report 2024/25
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Note 8
Income taxes
Tax on profit for the year
DKK million 2024/25 2023/24
Current tax on profit for the year -238 237
Change in deferred tax on profit for the year 889 458
Adjustment of tax relating to prior years -2 3
Tax on profit for the year 649 698
Tax on equity entries, income -367 142
Deferred tax
DKK million 2025 2024
Deferred tax at 1 October, net 1,338 937
Prior-year adjustments 92 -55
Other changes in deferred tax – charged to income statement 889 458
Change in deferred tax - charged to equity 46 -2
Deferred tax at 30 September, net 2,365
2,365
1,338
DKK million 2025 2024
Calculation of deferred tax is based on the following items
Intangible assets 2,806 1,577
Property, plant and equipment 57 77
Production overhead 12 14
Provisions -76 -20
Tax loss carry forward -461 -204
Hedges 37 -84
Other -10 -22
Deferred tax at 30 September, net 2,365
2,365
1,338
Global minimum tax (Pillar Two)
DKK million 2024/25 2023/24
Global minimum tax paid in the year – –
The Financial Statements of the Parent Company | Parent company financial statements | Notes
172 Annual Report 2024/25
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Note 9
Intangible assets
Total
DKK million
Acquired
patents,
trademarks
and know-
how etc. Goodwill Software
Prepay-
ments and
intangible
assets in
progress 2024/25 2023/24
Cost at 1 October 20,883 1,546 864 239 23,532 23,353
Transfers – – 205 -205 – –
Additions and improvements
during the year 9,721 – 41 80 9,842 179
Disposals during the year – – -7 – -7 –
Cost at 30 September 30,604 1,546 1,103 114 33,367 23,532
Amortisation at 1 October 3,457 1,313 522 – 5,292 4,067
Amortisation for the year 1,439 96 247 – 1,782 1,225
Amortisation reversed on
disposals during the year – – -7 – -7 –
Amortisation at 30 September 4,896 1,409 762 – 7,067 5,292
Carrying amount at 30
September 25,708 137 341 114 26,300 18,240
At 19 December 2024, the parent company acquired intellectual property of Kerecis amounted to DKK 9,721 million.
The Kerecis intellectual property consists of trademarks, customer lists and technologies. The expected useful life of
customer lists is 10 years. Management has assessed the useful life of trademarks and technologies to 20 years.
Control of the trademarks is legally established and enforceable indefinitely. In management’s opinion, the risk of the
useful life of these trademarks will be shorten is minimal because of their individual market positions and because
current and planned marketing initiatives are expected to sustain their useful life.
Note 10
Property, plant and equipment
Total
DKK million
Plant and
machinery
Other
fixtures and
fittings,
tools and
equipment
Prepay-
ments and
assets
under con-
struction 2024/25 2023/24
Cost at 1 October 641 1,115 277 2,033 1,822
Transfers 6 111 -117 – –
Additions during the year 18 40 96 154 220
Disposals during the year -24 -38 – -62 -9
Cost at 30 September 641 1,228 257 2,126 2,033
Depreciations at 1 October 409 815 – 1,224 1,090
Depreciations for the year 30 121 – 151 134
Depreciations reversed on disposals
during the year -6 -32 – -38 –
Depreciations at 30 September 433 904 – 1,337 1,224
Carrying amount at 30 September 208 324 257 789 809
The Financial Statements of the Parent Company | Parent company financial statements | Notes
173 Annual Report 2024/25
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Note 11
Financial assets
Total
DKK million
Investments
in Group
companies
Receivables
from Group
companies
Other
securities and
investments 2024/25 2023/24
Cost at 1 October 24,380 834 70 25,284 31,129
Capital investments 164 373 21 558 -370
Divestments – -206 – -206 -5,473
Exchange adjustments – -36 – -36 -2
Cost at 30 September 24,544 965 91 25,600 25,284
Value adjustments at 1 October -11,611 – 4 -11,607 -4,641
Profit after tax -999 – – -999 688
Revaluation -6,879 – – -6,879 –
Dividend received -3,058 – – -3,058 -7,516
Exchange adjustments -130 – -5 -135 -365
Other adjustments -287 – – -287 227
Value adjustments at 30 September -22,964 – -1 -22,965 -11,607
Carrying amount at 30 September 1,580 965 90 2,635 13,677
See Note 31 in the consolidated financial statements for an overview of subsidiaries.
Note 12
Inventories
DKK million 2025 2024
Raw materials and consumables 88 92
Work in progress 325 292
Manufactured goods 1,060 899
Inventories at 30 September 1,473 1,283
The company has not provided inventories as security for debt obligations.
The Financial Statements of the Parent Company | Parent company financial statements | Notes
174 Annual Report 2024/25
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Note 13
Credit institutions
DKK million 2025 2024
Falling due in
Less than one year 2,478 5,235
Within 1 to 5 years 7,783 5,000
Total 10,261 10,235
Note 14
Contingent items and other financial liabilities
2025 2024
DKK million Rent
Other
operating
leases Total Rent
Other
operating
leases Total
Falling due in
Less than one year
57 12
69
55 11
66
Within 1 to 5 years
– 9
9
– 5
5
After more than 5 years
– –
–
– –
–
Other financial liabilities at 30
September 57 21 78 55 16 71
The parent company has provided guarantees for loans raised by Group companies amounting to DKK 670 million at
30 September 2025 (DKK 644 million at 30 September 2024).
The parent company has issued a letter of subordination to the benefit of other creditors of some subsidiaries.
The parent company is involved in minor lawsuits, which, other than as described in Note 18 to the consolidated
financial statements, are not expected to influence the parent company’s future earnings.
Coloplast A/S and Danish subsidiaries are part of a Danish joint taxation scheme with NPLH Holding ApS, according to
which the Company partly has a joint and several liability and partly a secondary liability with respect to corporate
income taxes, corporate withholding taxes, etc.
The Financial Statements of the Parent Company | Parent company financial statements | Notes
175 Annual Report 2024/25
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Shareholder information
Announcements 2024/25
2024
05/2024 Coloplast expands Executive Leadership Team
06/2024 Full-year Financial Results 2023/24
07/2024 Annual Report 2023/24 and Remuneration Report 2023/24
08/2024 Notice of Annual General Meeting
09/2024 Decisions at the Annual General Meeting 2024
2025
01/2025 Interim Financial Report, Q1 2024/25
02/2025 Revised guidance for FY 2024/25 and pre-announces H1 2024/25
03/2025 CEO Kristian Villumsen steps down
04/2025 Interim Financial Report, H1 2024/25
05/2025 Coloplast announces changes to Executive Leadership Team
06/2025 Interim Financial Report, 9M 2024/25
07/2025 Coloplast announces new financial ambition towards 2030
08/2025 Financial Calendar 2025/26
09/2025
Interim CEO Lars Rasmussen will step down from the Board at the upcoming Annual General
Meeting
Financial calendar 2025/26
2025
6 October Silent period until 4 November 2025
22 October Deadline for submission of agenda points for the Annual General Meeting
4 November Financial Statements for the full year 2024/25 and Annual Report 2024/25
4 December Annual General Meeting 2025
9 December Dividends for 2024/25 at the disposal of shareholders
19 December Silent period until 6 February 2026
2026
6 February Interim Financial Statements for Q1 2025/26
1 April Silent period until 12 May 2026
12 May Interim Financial Statements for H1 2025/26
3 July Silent period until 18 August 2026
18 August Interim Financial Statements for 9M 2025/26
2 October Silent period until 5 November 2026
21 October Deadline for submission of agenda points for the Annual General Meeting
5 November Financial Statements for the full year 2025/26 and Annual Report 2025/26
3 December Annual General Meeting 2026
8 December Dividends for 2025/26 at the disposal of shareholders
Additional information | Shareholder information
176 Annual Report 2024/25
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Banks and stockbroking companies following Coloplast
ABG Sundal Collier Jefferies
AlphaValue J.P. Morgan
Barclays Jyske Bank
Berenberg Morgan Stanley
BofA Securities Morningstar Inc.
CFRA Nordea
Citi ODDO BHF
Danske Bank RBC
Deutsche Bank Redburn
DNB Carnegie SEB
Equita Sydbank
Goldman Sachs UBS
Handelsbanken
Investor Relations contacts
Kristine Husted Munk Tel. +45 49 11 32 66 Email: dkkhu@coloplast.com
Senior Director, Investor Relations
Simone Dyrby Helvind Tel. +45 49 11 29 81 Email: dksdk@coloplast.com
Senior Manager, Investor Relations
Additional information | Shareholder information
177 Annual Report 2024/25
The Coloplast story begins back in 1954. Elise Sørensen is a nurse. Her sister Thora has just had an ostomy operation
and is afraid to go out in public, fearing that her stoma might leak. Listening to her sister’s problems, Elise conceives
the idea of the world’s first adhesive ostomy bag.
Based on Elise’s idea, Aage Louis-Hansen, a civil engineer and plastics manufacturer, and his wife Johanne Louis-
Hansen, a trained nurse, created the ostomy bag. A bag that does not leak, giving Thora – and thousands of people like
her – the chance to live the life they want.
A simple solution that makes a difference.
Today, the Coloplast Group develops products and services that help millions of people live more independent lives
through solutions tailored to their needs. Globally , our business areas include Ostomy Care, Continence Care, Voice &
The Coloplast logo is a registered trademark of Coloplast A/S. © 2025-11.
All rights reserved Coloplast A/S, 3050 Humlebaek, Denmark.
Company registration (CVR) No. 69 74 99 17