2025/26
Interim financial results, H1 2025/26
1 October 2025 - 31 March 2026
Coloplast delivered Q2 organic growth of 6% and 6% EBIT growth
1
in constant currencies. Strong quarter in
Chronic Care and Interventional Urology, challenging quarter in Wound & Tissue Repair. Reported revenue in
DKK grew 2%, with 4%-points negative impact from currencies. Return on invested capital after tax before
special items was 15%.
• Organic growth rates by business area: Ostomy Care 7%, Continence Care 8%, Voice & Respiratory Care 8%, Wound & Tissue Repair -2%,
and Interventional Urology 8%.
• Momentum uplift in Ostomy Care, as expected, following a soft start in Q1, with double-digit growth in the US.
• Growth in Continence Care was driven by continued strong contribution from Luja™ for both male and female users.
• Voice & Respiratory Care growth was driven by Laryngectomy, while Tracheostomy was impacted by order phasing, as expected.
• Kerecis at 0% organic growth and 0% EBIT margin before PPA amortisation, reflecting significant sales disruption from the Medicare
reimbursement change in the out-patient setting. Growth in the in-patient setting remained at a healthy double-digit level, albeit with a
slight easing of momentum compared to previous quarters.
• Advanced Wound Dressings declined 2% due to the voluntary product return of all Biatain® Adhesive dressings in China, impacting Q2
negatively with around DKK 25 million, and a soft quarter across our European markets.
• Continued strong momentum in Interventional Urology, driven by the US Men’s Health business.
• EBIT
1,2
was DKK 1,820 million. EBIT
1,2
in constant currencies increased 6% compared to last year, while reported EBIT
1,2
decreased 4%
from last year. The EBIT margin
1,2
was 26%, against 27% last year, and includes around 120 basis points negative impact from
currencies and around 50 basis points negative impact from Kerecis.
• As a result of the slower market recovery now anticipated in the skin substitutes out-patient setting, an impairment loss of DKK 3.0 billion
has been recognised against the Kerecis goodwill, reducing the total carrying book value of Kerecis to around DKK 6 billion.
H1 2025/26 organic growth of 6% and 5% EBIT growth
1
in constant currencies. Reported revenue in DKK grew
1%, reflecting 4%-points negative impact from currencies.
• Organic growth rates by business area: Ostomy Care 5%, Continence Care 7%, Voice & Respiratory Care 8%, Wound & Tissue Repair 1%,
and Interventional Urology 8%
• EBIT
1,2
was DKK 3,670 million. EBIT
1,2
in constant currencies increased 5% compared to last year, while reported EBIT
1,2
decreased 3%
from last year. The EBIT margin
1,2
was 26%, against 27% last year, reflecting around 70 basis points negative impact from currencies
and around 40 basis points negative impact from Kerecis.
• Net profit before special items was DKK 2,813 million, or a DKK 147 million (6%) increase from last year (adjusted for the non-recurring
tax impact last year), positively impacted by lower net financial items due to gains on exchange rate adjustments, as expected. Adjusted
diluted EPS before special items increased by 5%.
• The free cash flow-to-sales ratio was 20% vs. 15% last year
3
, reflecting favourable development in working capital and lower net
financial items, partly offset by higher capital expenditures.
• Return on invested capital after tax before special items was 15%, on par with last year adjusted
4
.
• The company will pay a half-year interim dividend of DKK 5.00 per share, for a total dividend pay-out of DKK 1,127 million.
FY 2025/26 guidance: Organic revenue growth expected at 5-6%, EBIT growth in constant currencies expected
around 5%
5
. Return on invested capital after tax before special items expected around 15%
.
• For organic revenue growth we expect continued good momentum in Chronic Care and high single-digit growth in Interventional Urology.
• Kerecis is expected to deliver 0% growth, due to slower market recovery in the out-patient setting. In Advanced Wound Dressings, a
slower momentum is expected in Europe, in addition to the negative impact from the product return in China in Q1-Q3.
• Reported revenue growth in DKK is expected at around 3%, with 2-3%-points negative impact from currencies.
• Capex-to-sales ratio expected around 5%. The effective tax rate is expected around 22%.
• Special items is expected around DKK 3.1 billion, reflecting the DKK 3 billion Kerecis impairment loss.
”It is a privilege and honour to take on the role as President & CEO of Coloplast. The company has a deep purpose, a strong foundation, and a
unique culture shaped by talented people across the organisation. With our 2030 strategy, Impact4, we have set a clear direction to become
even more impactful towards users, patients, customers and communities, aiming to help 4 million people with our products and services
long-term, and I am excited to be leading Coloplast into its next chapter of growth and value creation,” says Gavin Wood, President & CEO.
Announcement no. 05/2026 | 12 May 2026
Conference call
Coloplast will host a conference call on Tuesday, 12 May 2026 at 11.00 am CEST. The call is expected to last about one hour.
To actively participate in the Q&A session please sign up ahead of the conference call on the link here to receive an e-mail with dial-in details: Register here
Access the conference call webcast directly here: Coloplast – H1 2025/26 Earnings release conference call
1. Before special items of DKK -3,025 million in Q2 2025/26 and DKK -3,060 million in H1 2025/26. 2. Before special items of DKK -84 million in Q2 2024/25 and DKK -158 million in
H1 2024/25. 3. Excluding impact from the Uromedica acquisition this year and the Skin Care divestment last year. 4. Last year adjusted for the impact from the Kerecis IP transfer. 5.
Before special items expenses of around DKK 3.1 billion in FY 2025/26.
Financial highlights and key ratios
1 October 2025 - 31 March 2026, unaudited
Consolidated 2025/26 2024/25 2025/26 2024/25
6 mths 6 mths Change Q2 Q2 Change
Income statement, DKK million
Revenue 14,127 13,956 1 % 7,084 6,930 2 %
Research and development costs -501 -458 9 % -254 -239 6 %
Operating profit before interest, tax, depr. and amort. (EBITDA)
before special items 4,364 4,475 -2 % 2,169 2,235 -3 %
Operating profit before interest, taxes and amortization (EBITA)
before special items 3,920 4,047 -3 % 1,945 2,017 -4 %
Operating profit (EBIT) before special items 3,670 3,803 -3 % 1,820 1,891 -4 %
Special items, net -3,060 -158 N/A -3,025 -84 N/A
Operating profit (EBIT) 610 3,645 -83 % -1,205 1,807 N/A
Net financial income and expenses -63 -385 -84 % -39 -316 -88 %
Profit before tax 547 3,260 -83 % -1,244 1,491 N/A
Net profit for the period 426 1,956 -78 % -971 912 N/A
Revenue growth, %
Period growth in revenue, % 1 6 2 5
Growth break down:
Organic growth, % 6 7 6 6
Currency effect, % -4 0 -4 1
Acquired operations, % 0 – 0 –
Divested operations, % 0 -1 0 -2
Balance sheet, DKK million
Total assets 46,649 49,152 -5 % 46,649 49,152 -5 %
Capital invested 36,959 41,432 -11 % 36,959 41,432 -11 %
Net interest-bearing debt (NIBD) 23,161 23,534 -2 % 23,161 23,534 -2 %
Equity end of period 12,843 16,942 -24 % 12,843 16,942 -24 %
Cash flow and investments, DKK million
Cash flows from operating activities 3,699 2,749 35 % 1,466 742 97 %
Cash flows from investing activities -1,024 -442 N/A -612 -310 97 %
Investments in property, plant and equipment, gross -776 -558 39 % -404 -250 62 %
Free cash flow 2,675 2,307 16 % 854 431 98 %
Cash flows from financing activities -2,576 -2,359 9 % -935 -599 56 %
Key ratios
Average number of employees, FTEs 17,083 16,741 17,160 16,730
Operating margin (EBIT margin) before special items, % 26 27 26 27
Operating margin (EBIT margin), % 4 26 -17 26
Operating margin before interest, tax, depr. and amort.,
(EBITDA margin), % 30 32 30 31
Gearing ratio, NIBD/EBITDA before special items 2.7 2.6
Return on average invested capital before tax (ROIC), %
1
⁾ 19 18 19 19
Return on average invested capital after tax (ROIC), %
1
⁾ 15 11 15 11
Return on equity, % 6 24 -29 23
Equity ratio, % 28 34 28 34
Net asset value per outstanding share, DKK 57 75 -24 % 57 75 -24 %
Share data
Share price, DKK 436 723 -40 % 436 723 -40 %
Share price/net asset value per share 7.7 9.6 -20 % 7.7 9.6 -20 %
Average number of outstanding shares, millions 225.2 225.4 0 % 225.2 225.4 0 %
PE, price/earnings ratio 115.4 41.7 N/A -25.3 44.6 N/A
Earnings per share (EPS), diluted 1.89 8.68 -78 % -4.31 4.05 N/A
Earnings per share (EPS) before special items, diluted 12.48 9.23 35 % 6.16 4.34 42 %
Free cash flow per share 11.9 10.2 16 % 3.8 1.9 98 %
Announcement no. 05/2026 | 12 May 2026
2
¹⁾ Before special items. After special items, ROIC before tax was 3% (2024/25: 18%), and ROIC after tax was 3% (2024/25: 11%).
Sales performance
Organic growth in the first half of 2025/26 was 6%. Reported revenue in DKK grew 1% to DKK 14,127 million. Exchange rate developments
decreased revenue by 4%, mainly related to the depreciation of the USD, GBP and a basket of Emerging markets currencies against the DKK.
Divested businesses detracted 50 basis points from reported revenue, related to the divestment of Skin Care in December 2024.
Organic growth in Q2 was 6%. Reported revenue in DKK grew 2% to DKK 7,084 million. Exchange rate developments decreased revenue by
4%, mainly related to the depreciation of the USD against the DKK, while the acquisition of Uromedica contributed 10 basis points to reported
revenue.
Sales performance by business areas*
DKK million Growth composition (6 mths)
2025/26 2024/25 Organic Inorganic Exchange Reported
(6 mths) (6 mths) growth rates growth
Chronic Care
Ostomy Care 5,010 4,938 5 % – -4 % 1 %
Continence Care 4,588 4,439 7 % – -4 % 3 %
Voice & Respiratory Care 1,181 1,126 8 % – -3 % 5 %
Acute Care
Wound & Tissue Repair 1,895 2,035 1 % -3 % -5 % -7 %
Interventional Urology 1,453 1,418 8 % 0 % -6 % 3 %
Revenue 14,127 13,956 6 % 0 % -4 % 1 %
DKK million Growth composition (Q2)
2025/26 2024/25 Organic Inorganic Exchange Reported
(Q2) (Q2) growth rates growth
Chronic Care
Ostomy Care 2,479 2,401 7 % – -3 % 3 %
Continence Care 2,327 2,231 8 % – -3 % 4 %
Voice & Respiratory Care 596 569 8 % – -3 % 5 %
Acute Care
Wound & Tissue Repair 962 1,024 -2 % – -4 % -6 %
Interventional Urology 720 705 8 % 1 % -6 % 2 %
Revenue 7,084 6,930 6 % 0 % -4 % 2 %
Sales performance by region*
DKK million Growth composition (6 mths)
2025/26 2024/25 Organic Inorganic Exchange Reported
(6 mths) (6 mths) growth rates growth
European markets 7,973 7,615 6 % – -1 % 5 %
Other developed markets 3,834 4,011 7 % -2 % -10 % -4 %
Emerging markets 2,320 2,330 4 % – -5 % 0 %
Revenue 14,127 13,956 6 % 0 % -4 % 1 %
DKK million Growth composition (Q2)
2025/26 2024/25 Organic Inorganic Exchange Reported
(Q2) (Q2) growth rates growth
European markets 4,002 3,807 6 % – -1 % 5 %
Other developed markets 1,876 1,932 7 % 1 % -10 % -3 %
Emerging markets 1,206 1,191 5 % – -3 % 1 %
Revenue 7,084 6,930 6 % 0 % -4 % 2 %
Announcement no. 05/2026 | 12 May 2026
3
* The sum of organic growth, divested operations and exchange rates might not match total reported growth due to rounding of numbers.
Ostomy Care
Ostomy Care generated 5% organic sales
growth for the first half of 2025/26, with
reported revenue in DKK growing by 1%
to DKK 5,010 million.
Following a soft start in Q1, momentum
picked up in Q2 as expected, with the
good momentum expected to continue
into H2.
From a product perspective, the
SenSura® Mio portfolio was the main
contributor to growth, with good
performance across the product range.
Within the SenSura Mio portfolio, Convex
was the main growth contributor driven
by Europe, led by the UK and Germany,
and the US. The SenSura and Assura/
Alterna® portfolios continued to
contribute to growth in Emerging
markets ex. China. The Brava range of
supporting products also delivered solid,
broad-based growth, driven by the US
and Emerging markets ex. China.
The latest SenSura Mio launches, the
black bags and the new 2-piece offering
continued to perform well. Additional
black bag variants were launched in H1,
and further variants are expected in the
second half of the year.
From a geographical perspective, growth
was broad-based, with solid contribution
from Europe, led by the UK and Germany,
as well as the US. Emerging markets ex.
China also contributed nicely to growth.
Growth in China was subdued in H1, with
a slight decline in sales now expected for
the full year, due to the continued weak
consumer sentiment and competitive
pressures from domestic players in the
community channel.
Q2 organic growth was 7%, and reported
revenue in DKK increased by 3% to DKK
2,479 million.
The SenSura® Mio portfolio was the main
contributor to growth in Q2, followed by
the Brava range of supporting products.
At the product level, SenSura Mio Convex
was the main growth contributor, driven
by Europe, led by the UK and Germany, as
well as the US. Revenue growth in the
Brava range of supporting products was
broad-based across regions, excluding
China.
From a geographical perspective, growth
was broad-based across regions. In
Europe, the UK and Germany were the
main growth contributors. In the US,
growth was double-digit, reflecting a
continuation of the strong underlying
momentum from Q1.
Emerging markets ex. China also
delivered a solid contribution to growth,
reflecting increased tender activity in the
quarter, while China delivered negative
growth, as a result of the aforementioned
market dynamics.
Announcement no. 05/2026 | 12 May 2026
4
2.5 billion
Reported revenue
in DKK for Q2
2025/26
5%
7%
H1 2025/26
Q2 2025/26
Organic growth
5%
1%
Organic growth
Exchange rates
Reported growth
Reported growth
1%
3%
H1 2025/26
Q2 2025/26
H1
Growth compo-
sition (6 mths)
-4%
Chronic Care
Continence Care
Continence Care generated 7% organic
sales growth for the the first half of
2025/26, with reported revenue in DKK
growing by 3% to DKK 4,588 million.
Luja™, Coloplast’s new intermittent
catheter with a Micro-hole Zone
Technology, was the main growth
contributor, driven by both the male and
female catheter in Europe, most notably
the UK, France and Germany, and the US.
The product continues to be very well-
received by users and healthcare
professionals. Growth in the SpeediCath®
portfolio was driven by standard and
flexible catheters, in particularly the US
and LATAM.
Bowel Care made a strong contribution to
growth, driven by the Peristeen® portfolio
in Europe, while sales of Collecting
Devices saw a slight decline in growth in
the first half of 2025/26.
From a geographical perspective, growth
was driven by Europe, with solid
contribution from the UK, Germany and
France, as well as the US. Growth in
Emerging markets was impacted by
order phasing. Markets with recent
reimbursement openings, such as
Australia, continued to perform well and
posted double-digit growth.
Q2 organic growth was 8% and reported
revenue in DKK increased by 4% to DKK
2,327 million.
The Luja portfolio was the main growth
contributor in the quarter, driven by solid
contribution from Europe, especially
France and the UK, as well as the US. The
male catheter continued to perform well,
while the female catheter saw a strong
uptake in the quarter driven by Europe.
The SpeediCath portfolio also
contributed to growth, driven by the
standard and flexible catheters in
primarily the US and LATAM.
Bowel Care continued its good
momentum and made a strong
contribution to growth in the quarter,
driven by the Peristeen® portfolio in
Europe, while Collecting Devices
delivered flat growth.
From a geographical perspective, growth
was driven by Europe, with solid
contribution from the UK, France and
Germany, as well as the US. In Emerging
markets, growth was led by LATAM.
Announcement no. 05/2026 | 12 May 2026
5
2.3 billion
Reported revenue
in DKK for Q2
2025/26
7%
8%
H1 2025/26
Q2 2025/26
Organic growth
7%
3%
Organic growth
Exchange rates
Reported growth
Reported growth
3%
4%
H1 2025/26
Q2 2025/26
H1
Growth compo-
sition (6 mths)
-4%
Chronic Care
Voice & Respiratory Care
Voice & Respiratory Care generated 8%
organic sales growth for the first half of
2025/26, with reported revenue in DKK
growing by 5% to DKK 1,181 million.
Laryngectomy delivered high single-digit
growth in the first half of 2025/26.
Growth was driven by an increase in the
number of patients served in existing and
new markets and an increase in patient
value driven by the Provox Life portfolio,
Voice & Respiratory Care’s product line,
which allows for a personalised regime.
Tracheostomy delivered mid single-digit
growth, driven by solid underlying
demand, partly offset by phasing in
distributor markets. Growth in
Tracheostomy is still expected to be
back-end loaded with pick up in
momentum in the second half of the year.
From a geographical perspective, growth
was broad-based, driven by Europe and
the US. Markets with recent
reimbursement openings, such as
Poland, also made a solid contribution to
growth and grew double-digit.
Organic growth in Q2 was 8% and
reported revenue in DKK increased by 5%
to DKK 596 million.
Growth in Laryngectomy was high single-
digit and continued to be driven by
growth in patients served in existing and
new markets, as well as an increase in
patient value driven by the Provox Life
portfolio.
Tracheostomy delivered mid single-digit
growth, driven by continued solid
underlying demand, partly offset by
phasing in distributor markets.
From a geographical perspective, all
regions contributed to growth, driven by
Europe and the US. Emerging markets
continued to be the fastest growing
region.
Announcement no. 05/2026 | 12 May 2026
6
0.6 billion
Reported revenue
in DKK for Q2
2025/26
8% 8%
H1 2025/26
Q2 2025/26
Organic growth
8%
5%
Organic growth
Exchange rates
Reported growth
Reported growth
5% 5%
H1 2025/26
Q2 2025/26
H1
Growth compo-
sition (6 mths)
-3%
Chronic Care
Wound & Tissue Repair
Wound & Tissue Repair generated 1%
organic sales growth for the first half of
2025/26. Reported revenue was DKK
1,895 million, a 7% decrease from last
year, with 3%-points negative impact
from the Skin Care divestment (two
months impact).
Revenue from Kerecis amounted to DKK
591 million in the first half of 2025/26,
with organic growth of 5%.
The in-patient setting continued the good
momentum and was the main
contributor to growth, while sales in the
out-patient setting declined due to
significant sales disruption from the
Medicare reimbursement change.
Advanced Wound Dressings in isolation
declined 3% in the first half of 2025/26.
China detracted significantly from
growth, impacted by the product return
initiated in Q3 last year, with a negative
revenue impact of around DKK 50 million
in the first half of 2025/26.
From a product perspective, SurgiClose®
in Biologics and Biatain® Superabsorber
within Advanced Wound Dressings were
the main growth contributors in the first
half of 2025/26.
The contract manufacturing business
posted high single-digit growth in the
first half of 2025/26, reflecting a front-
ended loaded year.
Wound & Tissue Repair posted -2%
organic growth in Q2 and reported
revenue in DKK decreased 6% to DKK
962 million.
Q2 revenue from Kerecis amounted to
DKK 283 million, with organic growth of
0%. Growth in the in-patient setting
remained at a healthy double-digit level,
albeit with a slight easing of momentum
compared with previous quarters. Sales
in the out-patient setting declined
significantly.
The January 1 implementation of the new
fixed payment rate of USD 127/cm2 in
the out-patient setting has led to a broad
pause in out-patient market activity. This
has limited the pace at which conversion
and uptake of MariGen (Kerecis’ lower
priced product) can contribute to
mitigating the impact from Shield
(Kerecis’ higher priced product) existing
the market, extending the transition
period under softer demand. Based on
current visibility, we now expect these
dynamics to persist into H2, rather than
Q2 marking a trough as previously
anticipated.
In Advanced Wound Dressings sales
declined 2% in Q2. China detracted from
growth due to the product return initiated
in Q3 last year, with a negative revenue
impact of around DKK 25 million in the
quarter. Outside China, Europe had a soft
quarter across markets, particularly
France.
From a product perspective, SurgiClose®
in Biologics and Biatain® Superabsorber
within Advanced Wound Dressings were
the main growth contributors.
Announcement no. 05/2026 | 12 May 2026
7
1.0 billion
Reported revenue
in DKK for Q2
2025/26
1%
-2%
H1 2025/26
Q2 2025/26
Organic growth
Reported growth
-7%
-6%
H1 2025/26
Q2 2025/26
-2%
1%
Organic growth
Divested operations
Exchange rates
Reported growth
H1
Growth compo-
sition (6 mths)
-3%
-5%
-7%
Acute Care
Interventional Urology
Interventional Urology generated 8%
organic sales growth for the first half of
2025/26, with reported revenue in DKK
growing by 3% to DKK 1,453 million.
The Men’s Health business in the US
delivered a strong first half of 2025/26
and was the main contributor to growth.
Our flagship product within Men’s Health,
the Titan® penile implant, continued to
perform well, with the patient funnel
positively impacted by our patient
support programme targeted at
prospective patients.
The Women’s Health business and the
Kidney & Bladder Health business also
contributed to growth.
In Kidney & Bladder Health, growth
reflected solid contribution from the
thulium fiber laser, Coloplast TFL Drive,
and an easier baseline from the voluntary
product recall initiated in Q1 last year.
From a geographical perspective, the US
was the main growth contributor,
however, Europe also contributed nicely
to growth in the first half of 2025/26.
Q2 organic growth was 8% and reported
revenue in DKK increased by 2% to DKK
720 million.
Growth in Q2 was mainly driven by
continued strong momentum in the US
Men’s Health business, driven by the
Titan penile implants.
Kidney & Bladder Health also delivered a
solid contribution to growth, driven by the
thulium fiber laser, as well as an easier
baseline from the voluntary product
recall last year.
From a geographical perspective, the US
continued to be the main growth
contributor, followed by Europe.
On 18 February 2026, Coloplast
completed the acquisition of all shares
and voting rights of Uromedica, a
commercial stage medical technology
company specialising in the treatment of
stress urinary incontinence, with a
solution highly complementary to our
existing Men’s Health business. The
integration of Uromedica is progressing
well and the acquisition has been well-
received by our existing Men’s Health
customers.
Announcement no. 05/2026 | 12 May 2026
8
0.7 billion
Reported revenue
in DKK for Q2
2025/26
8% 8%
H1 2025/26
Q2 2025/26
Organic growth
8%
3%
Organic growth
Exchange rates
Reported growth
Reported growth
3%
2%
H1 2025/26
Q2 2025/26
H1
Growth compo-
sition (6 mths)
-6%
Acute Care
Earnings
Gross profit
Gross profit was DKK 9,452 million,
compared to DKK 9,478 million last year,
corresponding to a gross margin of 67%,
compared to 68% last year. The gross
margin was negatively impacted by
currencies of around 60 basis points
mostly related to the depreciation of the
USD, GBP, and a basket of Emerging
markets currencies against the DKK, and
appreciation of the HUF against the DKK.
Ramp-up costs in Costa Rica and
Portugal also impacted the gross margin
negatively. The negative impact was
partly offset by lower inflation on freight
compared to last year.
In Q2, gross profit was DKK 4,717 million,
corresponding to a Q2 gross margin of
67% compared to 68% for the same
period last year. The Q2 gross margin
was impacted by the above-mentioned
drivers and around 80 basis points
negative impact from currencies.
Costs
Operating expenses amounted to DKK
5,782 million, a DKK 107 million (2%)
increase from last year.
Operating expenses in Q2 amounted to
DKK 2,897 million, a DKK 59 million (2%)
increase from last year.
Distribution costs amounted to DKK
4,669 million, a DKK 14 million (0%)
increase from DKK 4,655 million last
year. The flat development in distribution
costs reflects DKK 30 million in one-off
logistics costs in H1 last year related to
the new US distribution centre, and lower
sales costs in China this year following
the organisational restructuring in Q4
last year, partly offset by one-off costs in
Q1 to enhance Kerecis’ go-to-market
model under the new Medicare
reimbursement model. The development
in distribution costs were also positively
impacted by the depreciation of the USD
against the DKK. Distribution costs
amounted to 33% of revenue, on par with
last year.
In Q2, distribution costs amounted to
DKK 2,349 million, or 33% of revenue
against 34% in Q2 last year.
Administrative expenses amounted to
DKK 641 million, up DKK 46 million (8%)
from DKK 595 million last year, and
includes around DKK 15 million in one-
off advisory costs incurred by Kerecis in
Q1 in connection with the recent CMS
regulatory changes in the US out-patient
setting. Administrative expenses
accounted for 5% of revenue, compared
to 4% last year.
The Q2 administrative expenses
amounted to DKK 317 million or 4% of
revenue, on par with last year.
The R&D costs were DKK 501 million,
compared to DKK 458 million last year, a
DKK 43 million (9%) increase. The
increase was driven by higher activity
levels in Chronic Care and Kerecis. R&D
costs amounted to 4% of revenue,
compared to 3% last year.
The Q2 R&D costs amounted to DKK 254
million or 4% of revenue, compared to
3% last year.
Other operating income and other
operating expenses amounted to a net
income of DKK 29 million against a net
income of DKK 33 million last year.
Operating profit before interest, tax,
depreciation and amortisation (EBITDA)
and before special items
EBITDA before special items amounted to
DKK 4,364 million, a DKK 111 million
(2%) decrease from DKK 4,475 million
last year. The EBITDA margin before
special items was 31%, compared to
32% last year.
In Q2, EBITDA before special items was
DKK 2,169 million, a DKK 66 million (3%)
decrease from Q2 last year. The EBITDA
margin before special items was 31% in
Q2, down from 32% last year.
Operating profit (EBIT) before special
items
EBIT before special items amounted to
DKK 3,670 million, a DKK 133 million
(3%) decrease from DKK 3,803 million
last year. The EBIT margin before special
items was 26%, compared with 27% last
year, reflecting around 70 basis points
negative impact from currencies (mostly
related to the depreciation of the USD,
GBP, and a basket of Emerging markets
currencies against the DKK, as well as
appreciation of the HUF against the DKK)
and around 40 basis points negative
Announcement no. 05/2026 | 12 May 2026
9
Income statement, DKK millions 2025/26 Index
Revenue 14,127 101
Production costs -4,675 104
Gross profit 9,452 100
Distribution costs -4,669 100
Administrative expenses -641 108
Research and development costs -501 109
Other operating income 41 81
Other operating expenses -12 66
Operating profit (EBIT) before special items 3,670 97
Special items -3,060 N/A
Operating profit (EBIT) 610 17
Financial income 315 198
Financial expenses -378 70
Profit before tax 547 17
Tax on profit for the period -121 9
Net profit for the period 426 22
impact from Kerecis. In constant
currencies, EBIT grew 5% compared to
last year.
In Q2, EBIT before special items was DKK
1,820 million, a DKK 71 million (4%)
decrease from last year. The EBIT margin
before special items was 26% in Q2,
against 27% last year, and included
around 120 basis points negative impact
from currencies and around 50 basis
points negative impact from Kerecis. In
constant currencies, EBIT grew 6%
compared to last year.
Special items
Coloplast incurred special items
expenses of DKK 3,060 million in the first
half of the year, of which DKK 3,000
million relates to the recognition of
Kerecis impairment loss as a result of the
sales disruption from Medicare
reimbursement change in the out-patient
setting and the slower market recovery
now anticipated. Furthermore DKK 45
million was incurred in integration costs
related to Atos Medical and Kerecis, and
DKK 15 million in acquisition costs
related to Uromedica.
Special items in Q2 amounted to DKK
3,025 million, impacted by the above-
mentioned impairment loss related to
Kerecis, DKK 15 million in acquisitions-
related costs and DKK 10 million related
to integration activities.
Operating profit (EBIT) after special
items
EBIT after special items was DKK 610
million, a DKK 3,035 million (83%)
decrease from last year. The EBIT margin
after special items was 4%, compared to
26% last year.
The Q2 EBIT after special items was DKK
-1,205 million, a DKK 3,012 million
(167%) decrease from last year, with an
EBIT margin of -17%.
Financial items and tax
Financial items were a net expense of
DKK 63 million against a net expense of
DKK 385 million last year.
The net expense included interest
expenses of DKK 311 million, compared
to DKK 404 million last year, mostly
related to the financing of the Atos
Medical acquisition. The financial
expenses were largely offset by gains on
exchange rate adjustments, of which
DKK 128 million were gains on balance
sheet items, mostly related to the USD
and CRC, and DKK 134 million in realised
gains on cash flow hedges, mostly related
to the USD and HUF.
The Q2 financial items were a net
expense of DKK 39 million compared to a
net expense of DKK 316 million in the
same period last year. The lower expense
this year was mainly driven by gains on
exchange rate adjustment (mostly
related to the USD and CRC), and to a
lesser extent a lower level of interest
expenses.
The tax expense in the first half of
2025/26 was DKK 121 million,
compared to an ordinary tax expense of
DKK 717 million last year and a total tax
expense of DKK 1,304 million last year
(the total tax expense last year included a
non-recurring expense of DKK 587
million related to the transfer of Kerecis’
Intellectual Property (IP) from Iceland to
Denmark, consistent with Coloplast’s
operating model). The tax rate was 22%,
on par with the ordinary tax rate last
year.
Net profit
Net profit before special items was DKK
2,813 million, a DKK 734 increase from
2,079 million last year, as last year’s
result was negatively impacted by the
non-recurring tax expense related to the
Kerecis IP transfer. Diluted earnings per
share (EPS) before special items were
DKK 12.48, or a 35% increase from last
year.
Adjusted for the non-recurring tax
impact last year, net profit before special
items increased DKK 147 million and
adjusted diluted EPS before special items
increased by 5%.
Net profit after special items was DKK
426 million and diluted EPS after special
items were DKK 1.89.
The Q2 net profit before special items
amounted to DKK 1,389 million, against
DKK 978 million last year. The diluted Q2
earnings per share (EPS) before special
items were DKK 6.16.
Adjusted for the non-recurring tax
impact in Q2 last year, the adjusted net
profit before special items increased DKK
160 million, and adjusted diluted EPS
before special items increased by 13%.
The Q2 net profit after special items was
DKK -971 million and diluted earnings
per share (EPS) after special items were
DKK -4.31.
Announcement no. 05/2026 | 12 May 2026
10
Cash flows and
investments
Cash flows from operating activities
Cash flows from operating activities
amounted to an inflow of DKK 3,699
million, against an inflow of DKK 2,749
million last year. The positive
development in cash flows from
operating activities was mostly driven by
changes in working capital due to a
favourable development in trade
payables, inventories, and trade
receivables. Lower financial items also
had a positive impact on cash flows,
while higher income tax paid had a
negative impact.
Investments
Net investments amounted to DKK 1,024
million in the first half of 2025/26,
compared with DKK 442 million last year.
The increase reflects higher capital
expenditures and impact from the
acquisition of Uromedica (DKK 141
million). The increase also reflects a low
baseline last year, due to the divestment
of the Skin Care business (DKK 192
million).
Capital expenditures amounted to DKK
863 million in the first half of 2025/26,
or 6% of revenue, compared with 4% last
year. It includes around DKK 208 million
related to the new manufacturing site in
Portugal, expected to be operational in
Q4 2025/26, and around DKK 148
million related to innovation capex.
Free cash flow
As a result, the free cash flow was an
inflow of DKK 2,675 million, compared to
an inflow of DKK 2,307 million last year,
or a 16% increase.
Excluding acquisition costs this year and
benefit from the divestment last year, the
free cash flow increased 33% in the first
half of 2025/26.
The free cash flow-to-sales ratio was
20%, compared to 15% last year
(excluding acquisition costs this year and
benefit from the divestment last year).
Capital resources
At 31 March 2026, Coloplast had net
interest-bearing debt of DKK 23,161
million, against DKK 21,692 million at 30
September 2025. The gearing ratio at
the end of the period was 2.7x EBITDA
(before special items).
Statement of
financial position
and equity
Balance sheet
At 31 March 2026, total assets
amounted to DKK 46,649 million, a
decrease of DKK 1,718 million compared
to 30 September 2025.
Working capital was 25% of revenue,
compared to 26% at 30 September
2025. Trade receivables decreased by
DKK 71 million to DKK 4,587 million and
trade payables increased by DKK 44
million to DKK 1,368 million, while
inventories increased by DKK 23 million
to DKK 3,942 million.
The working capital-to-sales ratio for the
financial year 2025/26 is expected to be
around 25%. In the Impact4 strategic
period the working capital-to-sales ratio
is expected to improve to around 24%.
Equity
Equity decreased by DKK 3 billion to DKK
12,843 million, compared to 30
September 2025. Total comprehensive
income for the period of DKK 769 million
and share-based remuneration of DKK
49 million were offset by payment of
dividends of DKK 4,057 million.
Treasury shares
At 31 March 2026, Coloplast’s holding of
treasury shares consisted of 2,833,204 B
shares, which was on par with 30
September 2025.
Return on invested capital (ROIC)
ROIC after tax and before special items
was 15%, on par with last year (adjusted
for the impact from the Kerecis IP
transfer last year).
Announcement no. 05/2026 | 12 May 2026
11
Update on sustainability strategy and performance
H1 H1 FY
Priority Unit Impact4 ambition 2025/26 2024/25 Change 2024/25
Net Zero by 2045
Scope 1 and 2 emissions
1)
% reduction 90% reduction by 2030
2)
37 % 34 % 3%-p 41 %
Renewable energy use
2)
% of total 100%
3)
70 % 69 % 1%-p 69 %
Electric company cars
4)
% of total 100% by 2030 16 %
Scope 3 emissions
2) 4)
% reduction per product 10% reduction by 2030
2)
-10 %
Business travel by air
4)
% reduction 10% reduction
2)
61 %
Goods transported by air
4)
% of total < 5% of total 3 %
Positively impact people
Users & HCPs
4)
Numbers of markets Reimbursement improve-
ments in 5 markets
Lost time injury frequency
5)
Parts per million 1.5 by 2030 1.7 1.7 0 1.7
Code of Conduct training
4)
% of white collars 100% 99 %
Diversity in leadership
6) 7)
% of total 40% by 2030 26 % 29 % -3%-p 26 %
Employee satisfaction
4) 8)
Engagement score Above benchmark 8.2
All measurements reported above are
consistent with the definition per E1-5 in
CSRD. Comparison figures for H1
2024/25 and full year 2024/25 have
been updated to reflect this
methodology.
Scope 1 and 2 emissions
The absolute scope 1 and 2 emissions
decreased by 37% in the first half of
2025/26, compared to the base year
2018/19, a notable improvement
compared to last year at 34%. The
reduction in absolute scope 1 and 2
emissions was positively impacted by the
continued phase-out of natural gas and
energy efficiency improvements.
Renewable energy use increased to 70%
of the total energy use in the first half of
2025/26, compared to 69% last year,
driven by the above-mentioned drivers.
Coloplast has initiated several renewable
energy projects, expected to materialise
during the Impact4 strategic period.
Lost time injury frequency
The lost time injury (LTI) frequency in the
first half of 2025/26 was 1.7 ppm, on par
with last year.
Coloplast continues to work diligently to
reduce LTIs and set activities in motion to
ensure a safe work environment for all
employees.
NHS Evergreen Level 2 achieved
Coloplast has achieved Level 2 in the
NHS Evergreen Assessment in England,
the NHS’ central sustainability reporting
platform for suppliers. Level 2 recognises
suppliers with comprehensive net zero
targets and carbon emissions reporting,
with a structured approach to addressing
modern slavery and driving social value.
The achievement places Coloplast ahead
of upcoming NHS procurement
requirements and strengthens the
company’s position as a trusted partner
to the NHS.
Announcement no. 05/2026 | 12 May 2026
12
All data is reported in accordance with CSRD. 1) H1 24/25 Scope 1&2 numbers changed due to restatement of base year. 2) From base year 2018/19. 3) Renewable energy reduction is a key
driver for reducing the scope 1&2 target. 4) Metric will only be reported on a semi-annual or full-year basis. 5) Four quarters rolling average. 6) Continuity of the former target called "Female
senior leaders (VP+ level)". 7) Target excludes the US population, whereas H1 2024/25 included the entire Coloplast population. 8) Employee survey conducted annually – this year it will be
conducted in May.
Other matters
Coloplast receives Innovative
Technology contract from Vizient for
Biatain Silicone Fit
Coloplast has received an Innovative
Technology contract for Biatain® Silicone
Fit from Vizient, the largest provider-
driven healthcare performance
improvement company in the US
1
.
Innovative Technology contracts are
recommended after review and
interaction with products submitted
through Vizient’s Innovative Technology
Program. Vizient client led councils
identify technologies that have the
potential to enhance clinical care,
patient safety, healthcare worker safety
or improve business operations of
healthcare organisations.
Vizient represents a diverse client base
and has a portfolio that represents more
than USD 140 billion in annual
purchasing volume.
New clinical data reinforcing Kerecis’
clinical differentiation
During the first half of 2026, Kerecis
continued to strengthen its growing body
of clinical evidence through new data on
chronic and burn wounds.
At the Symposium on Advanced Wound
Care (SAWC) Spring 2026, Kerecis
presented data from a real-world study
of 80 patients, demonstrating superior
clinical effectiveness with Kerecis fish-
skin grafts, compared with standard of
care for treating severe, hard-to-heal
Stage 3 and 4 pressure ulcers, including
greater wound area reduction and higher
rates of healing and improvement
2
.
In addition, at the American Burn
Association Annual Meeting, Kerecis
reported results from a retrospective,
propensity-matched cohort study
involving 465 patients
3
.The study results
showed that treatment with intact
fish-skin grafts significantly reduced
hospital length of stay for severely
burned patients, compared with synthetic
and collagen-based alternatives, while
simultaneously achieving numerically
lower graft loss and complication
endpoints.
Taken together, the new data reinforces
the clinical strength of Kerecis’
proprietary technology and supports our
continued confidence in its
differentiation and competitive
positioning in treating severe and
difficult-to-heal wounds.
Timetable for half-year interim dividend
of DKK 5.00 per share
12 May 2026 - Declaration date
18 May 2026 - Ex-dividend date
19 May 2026 - Value date
20 May 2026 - Disbursement date
Announcement no. 05/2026 | 12 May 2026
13
1. Coloplast Receives Innovative Technology Contract from Vizient for Biatain Silicone Fit.
2. New Clinical Data on Fish-Skin Grafts to Headline Kerecis Presence at SAWC Spring.
3. Clinical Trial Shows that Treatment with Kerecis Intact Fish-Skin Grafts Shortens Hospital Stays for Severely Burned Patients.
Impact4 financial
ambition
Organic growth of 7-8%
(5-year CAGR)
EBIT growth in line with or above
revenue growth over the period
In constant currencies, before special
items
Return on Invested Capital of more
than 20% in 2029/30.
After tax, before special items. Linear
improvement expected over the
period.
Capex-to-sales ratio around 4-5%
Effective tax rate around 22%
Net debt/EBITDA ratio is expected to
decrease to around 1.5x towards FY
2029/30.
Key assumptions
Current macroeconomic, geopolitical and
industry-specific developments,
including US tariffs and regulatory
changes, are continuously monitored
and their potential impact on our
business is evaluated on an ongoing
basis. As such, the financial guidance is
subject to a higher degree of uncertainty
due to the changing environment.
The addressable market in which
Coloplast operates is expected to
continue growing at 4-5%.
Revenue growth
Organic growth is expected to be 5-6% in
constant currencies with the following
assumptions:
a. Chronic Care (incl. Voice & Respiratory
Care) – continued good momentum
b. Wound & Tissue Repair:
- Kerecis – organic growth expected to
be around 0%, as market recovery in
the outpatient setting following the
Medicare reimbursement change is
now expected at a slower pace than
previously anticipated.
- Advanced Wound Dressings –
negative impact from the product
return in China in Q1-Q3 and softer
momentum in Europe.
c. Interventional Urology – high single-
digit growth
Reported growth in DKK is expected to be
around 3%, with 2-3%-points negative
impact from currencies. The skin care
divestment and Uromedica acquisition
are combined expected to have a broadly
neutral impact on the reported revenue
growth.
EBIT growth
The EBIT growth in constant currencies
before special items is expected to be
around 5% with the following
assumptions:
a. Continued ramp-up in Costa Rica and
Portugal
b. New Impact4 investments, including
global technology investments,
investments toward the new bowel
care opportunity in the US, and
investments related to Intibia™
c. Kerecis EBIT margin of around 0%
d. Immaterial impact from tariffs, as we
expect our products to remain
exempted.
Coloplast is closely monitoring
developments in the Middle East and
their impact on the business, including
implications for demand, supply and cost
inflation. The Group’s revenue exposure
to the region is limited, representing
approximately 1–2% of Group revenues.
Return on Invested Capital after tax,
before special items is expected around
15%.
Special items expected to be around DKK
3.1 billion and includes DKK 3 billion
Kerecis impairment loss and around DKK
0.1 billion in acquisition related cost,
including integration costs.
Capex-to-sales ratio is expected to be
around 5% and includes investments to
complete the new manufacturing site in
Portugal, investments in new machines
for existing and new products, IT and
sustainability investments.
The effective tax rate is expected to be
around 22%.
Dividend policy
The Board of Directors intends to
distribute excess liquidity to the
shareholders through dividends and
share buybacks, with a target payout
ratio of 60-80% of net profit.
Announcement no. 05/2026 | 12 May 2026
14
2025/26
Financial
guidance
5-6
%
Organic revenue growth
at constant exchange rates
Around 5
%
EBIT growth
at constant exchange rates,
before special items
Around 15
%
Return on Invested Capital
after tax, before special items
Around 5
%
Capex-to-sales ratio
Around 22
%
Effective tax rate
Forward-looking
statements
The forward-looking statements in this
announcement, including revenue and
earnings guidance, do not constitute a
guarantee of future results and are
subject to risk, uncertainty and
assumptions, the consequences of which
are difficult to predict.
The forward-looking statements are
based on our current expectations,
estimates and assumptions and are
provided on the basis of information
available to us at the present time.
Major fluctuations in the exchange rates
of key currencies, significant changes in
the healthcare sector or major
developments in the global economy may
impact our ability to achieve the defined
long-term targets and meet our
guidance. This may impact our
company’s financial results.
Exchange rate
exposure
Our financial guidance for the 2025/26
financial year has been prepared on the
basis of the following assumptions for
the company’s principal currencies:
OVERVIEW OF EXCHANGE RATES FOR
KEY CURRENCIES AGAINST DKK
GBP USD HUF
Average exchange
rate 6M 2024/25 895 704 184
Average exchange
rate 6M 2025/26 857 640 194
Change in
average exchange
rates for 2025/26
compared with
the same period
last year -4 % -9 % 5 %
Average exchange
rate 2024/25
1
⁾ 882 676 1.85
Spot rate on 8 May
2026 864 636 2.10
Estimated
average exchange
rate 2025/26²⁾ 860 638 2.02
Change in
estimated
average exchange
rates compared
with average
exchange rate
2024/25 -2 % -6 % 9 %
¹⁾ Average exchange rates for 2024/25 are
from 1 October 2024 to 30 September 2025.
²⁾ Estimated average exchange rates are
calculated as the average exchange rates for
the first six months combined with the spot
rates at 8 May 2026.
Revenue is particularly exposed to
developments in USD and GBP relative to
DKK. Fluctuations in HUF against DKK
impact the operating profit because a
substantial part of our production, and
thus of our costs, are in Hungary,
whereas our sales in the market are
limited.
EFFECT OVER 12 MONTHS OF A 10%
INITIAL DROP IN EXCHANGE RATES FOR
KEY CURRENCIES (DKK MILLION)
Revenue EBIT
USD -740 -290
GBP -400 -240
HUF – 160
Announcement no. 05/2026 | 12 May 2026
15
Executive Management
Board of Directors
Announcement no. 05/2026 | 12 May 2026
16
Statement of comprehensive income
1 October - 31 March, unaudited
Consolidated 2025/26 2024/25 2025/26 2024/25
DKK million Note 6 mths 6 mths Index Q2 Q2 Index
Revenue 2 14,127 13,956 101 7,084 6,930 102
Production costs -4,675 -4,478 104 -2,367 -2,202 108
Gross profit 9,452 9,478 100 4,717 4,728 100
Distribution costs -4,669 -4,655 100 -2,349 -2,326 101
Administrative expenses -641 -595 108 -317 -300 106
Research and development costs -501 -458 109 -254 -239 106
Other operating income 41 51 81 30 38 80
Other operating expenses -12 -18 66 -7 -10 71
Operating profit (EBIT) before special items 3,670 3,803 97 1,820 1,891 96
Special items 3 -3,060 -158 >100 -3,025 -84 >100
Operating profit (EBIT) 610 3,645 17 -1,205 1,807 -67
Financial income 4 315 159 198 149 -41 -365
Financial expenses 4 -378 -544 70 -188 -275 68
Profit before tax 547 3,260 17 -1,244 1,491 -83
Tax on profit for the period -121 -1,304 9 273 -579 -47
Net profit for the period 426 1,956 22 -971 912 -106
Remeasurements of defined benefit plans 7 -1 1 6
Tax on remeasurements of defined benefit plans -2 – -1 -1
Items that will not be reclassified to the income
statement 5 -1 – 5
Value adjustment of currency hedging -100 -73 -93 72
Recycle through the income statement -171 52 -84 21
Tax effect of hedging 60 5 39 -20
Currency adjustment of opening balances and
other value adjustments relating to subsidiaries 549 848 152 489
Items that may be reclassified to income
statement 338 832 14 562
Total other comprehensive income 343 831 14 567
Total comprehensive income 769 2,787 -957 1,479
DKK
Earnings per share (EPS) 1.89 8.68 -4.31 4.05
Earnings per share (EPS), diluted 1.89 8.68 -4.31 4.05
Announcement no. 05/2026 | 12 May 2026
17
Statement of cash flows
1 October - 31 March, unaudited
Consolidated 2025/26 2024/25
DKK million Note 6 mths 6 mths
Operating profit 610 3,645
Amortisation 3,250 244
Depreciation 444 428
Adjustment for other non-cash operating items 6 75 34
Changes in working capital 6 -323 -915
Ingoing interest payments, etc. 150 24
Outgoing interest payments, etc. -195 -462
Income tax paid -312 -249
Cash flows from operating activities 3,699 2,749
Investments in intangible assets -87 -60
Investments in land and buildings -1 -4
Investments in plant and machinery and other fixtures and fittings, tools and equipment -37 -23
Investments in property, plant and equipment under construction -738 -531
Property, plant and equipment sold 9 5
Investment in other investments -29 -21
Company divestment – 192
Acquisition of subsidiaries 9 -141 –
Cash flows from investing activities -1,024 -442
Free cash flow 2,675 2,307
Dividend to shareholders -4,057 -3,831
Sale of treasury shares and loss on exercised options – 27
Financing from shareholders -4,057 -3,804
Repayment of lease liabilities -142 -143
Financing through debt funding 1,977 –
Movements on credit facilities -354 1,588
Cash flows from financing activities -2,576 -2,359
Net cash flows 99 -52
Cash and cash equivalents at 1 October 947 788
Foreign exchange value adjustments 18 -7
Cash and cash equivalents, aqured operations 3 –
Net cash flows 99 -52
Cash and cash equivalents at 31 March 7 1,067 729
The cash flow statement cannot be derived using only the published financial data.
Announcement no. 05/2026 | 12 May 2026
18
Assets
At 31 March, unaudited
Consolidated
DKK million Note 31.03.2026 31.03.2025 30.09.2025
Intangible assets 27,475 31,212 29,811
Property, plant and equipment 6,848 5,949 6,201
Right-of-use assets 840 955 884
Other equity investments 118 95 90
Deferred tax asset 590 448 587
Income tax 299 – 316
Other receivables 26 26 25
Non-current assets 36,196 38,685 37,914
Inventories 3,942 3,797 3,919
Trade receivables 4,587 4,752 4,658
Income tax 77 456 64
Other receivables 307 353 454
Prepayments 473 380 411
Cash and cash equivalents 1,067 729 947
Current assets 10,453 10,467 10,453
Assets 46,649 49,152 48,367
Announcement no. 05/2026 | 12 May 2026
19
Equity and liabilities
At 31 March, unaudited
Consolidated
DKK million Note 31.03.2026 31.03.2025 30.09.2025
Share capital 228 228 228
Currency translation reserve -1,603 -1,010 -2,137
Reserve for currency hedging 145 313 356
Proposed ordinary dividend for the period 1,127 1,126 4,057
Retained earnings 12,946 16,285 13,618
Equity 12,843 16,942 16,122
Provisions for pensions and similar liabilities 113 130 111
Deferred tax liability 3,012 3,167 3,042
Other provisions 247 22 25
Bonds 5 11,583 11,565 11,570
Other credit institutions 9,757 5,000 7,783
Income tax 2,452 587 2,488
Other payables 1 1 19
Lease liabilities 656 764 696
Prepayments 6 7 6
Non-current liabilities 27,827 21,243 25,740
Provisions for pensions and similar liabilities 7 5 8
Other provisions 67 48 51
Other credit institutions 1,974 6,673 2,328
Trade payables 1,368 1,211 1,324
Income tax 64 596 149
Other payables 2,240 2,172
–
Lease liabilities 258 262 262
Prepayments 1 – 1
Current liabilities 5,979 10,967 6,505
Equity and liabilities 46,649 49,152 48,367
Announcement no. 05/2026 | 12 May 2026
20
Statement of changes in equity, current year
At 31 March, unaudited
Consolidated Share capital Reserves
DKK million A shares B shares
Currency
translation
Currency
hedging
Proposed
dividend
Retained
earnings Total
2025/26
Equity at 1 October 18 210 -2,137 356 4,057 13,618 16,122
Net profit for the period – – – – 1,127 -701 426
Other comprehensive income – – 534 -211 – 20 343
Total comprehensive income – – 534 -211 1,127 -681 769
Share-based payment – – – – – 49 49
Tax on share-based payment, etc. – – – – – -40 -40
Dividend paid out in respect of
2024/25 – – – – -4,057 – -4,057
Transactions with shareholders – – – – -4,057 9 -4,048
Equity at 31 March 18 210 -1,603 145 1,127 12,946 12,843
Announcement no. 05/2026 | 12 May 2026
21
Statement of changes in equity, last year
At 31 March, unaudited
Consolidated Share capital Reserves
DKK million A shares B shares
Currency
translation
Currency
hedging
Proposed
dividend
Retained
earnings Total
2024/25
Equity at 1 October 18 210 -1,837 329 3,831 15,391 17,942
Net profit for the period – – – – 1,126 830 1,956
Other comprehensive income – – 827 -16 – 20 831
Total comprehensive income – – 827 -16 1,126 850 2,787
Sale of treasury shares and loss on
exercised options – – – – – 27 27
Share-based payment – – – – – 31 31
Tax on share-based payment, etc. – – – – – -14 -14
Dividend paid out in respect of
2023/24 – – – – -3,831 – -3,831
Transactions with shareholders – – – – -3,831 44 -3,787
Equity at 31 March 18 210 -1,010 313 1,126 16,285 16,942
Announcement no. 05/2026 | 12 May 2026
22
List of notes
Key accounting policies
1
Accounting policies
Profit and loss
2
Segment information
3
Special items
4
Financial income and expenses
Assets and liabilities
5
Bonds
Cash flows
6
Specifications of cash flow from operating activities
7
Cash and cash equivalents
Other disclosures
8
Contingent liabilities
9
Acquisition
Announcement no. 05/2026 | 12 May 2026
23
Note 1
Accounting policies
The unaudited interim report is presented in accordance with IAS 34 “Interim financial reporting” as adopted by the EU and additional Danish
disclosure requirements for interim reports of listed companies. The accounting policies for recognition and measurement applied in the
preparation of the interim report are consistent with those applied in the Annual Report 2024/25.
Note 2
Segment information
Operating segments
The operating segments are defined on the basis of the monthly reporting to the Executive Leadership Team, which is considered the senior
operational management and the management structure. Reporting to the Executive Leadership Team is based on five operating segments:
Chronic Care, Voice & Respiratory Care, Interventional Urology, Advanced Wound Dressings and Biologics.
The segment Chronic Care covers the sale of ostomy care products and continence care products. The segment Voice & Respiratory Care
covers the sale of laryngectomy and tracheostomy products. The segment Interventional Urology covers the sale of urological products,
including disposable products. The segment Advanced Wound Dressings covers the sale of Advanced Wound Dressings, Skin Care and
contract manufacturing. The segment Biologics covers tissue-based products. The segmentation reflects the structure of reporting to the
Executive Leadership Team.
The shared/non-allocated costs comprises support functions (production units and staff functions) and eliminations, as these functions do
not generate revenue. While the costs of R&D for Interventional Urology, Voice & Respiratory Care and Biologics are included in the segment
operating profit/loss for the above-mentioned segments, R&D activities for Chronic Care and Advanced Wound Dressings are shared
functions which are included in shared/non-allocated functions. The shared/non-allocated costs also include PPA amortisation expenditures
related to Voice & Respiratory Care and Biologics. Financial items and income tax are not allocated to the operating segments.
The Executive Leadership Team reviews each operating segment separately, applying their market contributions to earnings and allocating
resources on that basis. The market contribution is defined as external revenue less the sum of direct production costs, distribution costs,
sales costs, marketing costs and administrative expenses. Costs are allocated directly to segments. Certain immaterial indirect costs are
allocated systematically to the shared/non-allocated and the reporting segments.
The Executive Leadership Team does not receive reporting on assets and liabilities by the reporting segments. Accordingly, the reporting
segments are not measured in this respect, nor do we allocate resources on this background. No single customer accounts for more than 10%
of revenue.
Announcement no. 05/2026 | 12 May 2026
24
Note 2, continued
DKK million Chronic Care
Voice &
Respiratory
Care
Interventional
Urology
Advanced
Wound
Dressings Biologics Group
2025/26
Segment revenue:
Ostomy Care 5,010 – – – – 5,010
Continence Care 4,588 – – – – 4,588
Voice & Respiratory Care – 1,181 – – – 1,181
Interventional Urology – – 1,453 – – 1,453
Wound & Tissue Repair – – – 1,304 591 1,895
External revenue as per the
statement of comprehensive
income 9,598 1,181 1,453 1,304 591 14,127
Costs allocated to segment -3,960 -765 -942 -798 -589 -7,054
Segment operating profit/loss 5,638 416 511 506 2 7,073
Shared/non-allocated -3,403
Special items not included in segment operating profit/loss (see note 3) -3,060
Operating profit before tax (EBIT) as per the statement of comprehensive income 610
Net financials -63
Tax on profit/loss for the period -121
Profit/loss for the period as per the statement of comprehensive income 426
DKK million Chronic Care
Voice &
Respiratory
Care
Interventional
Urology
Advanced
Wound
Dressings Biologics Group
2024/25
Segment revenue:
Ostomy Care 4,938 – – – – 4,938
Continence Care 4,439 – – – – 4,439
Voice & Respiratory Care – 1,126 – – – 1,126
Interventional Urology – – 1,418 – – 1,418
Wound & Tissue Repair – – – 1,419 616 2,035
External revenue as per the
statement of comprehensive
income 9,377 1,126 1,418 1,419 616 13,956
Costs allocated to segment -3,922 -710 -932 -856 -544 -6,964
Segment operating profit/loss 5,455 416 486 563 72 6,992
Shared/non-allocated -3,189
Special items not included in segment operating profit/loss (see note 3) -158
Operating profit before tax (EBIT) as per the statement of comprehensive income 3,645
Net financials -385
Tax on profit/loss for the period -1,304
Profit/loss for the period as per the statement of comprehensive income 1,956
Announcement no. 05/2026 | 12 May 2026
25
Note 3
Special items
DKK million
2025/26 2024/25
Integration activities 45 38
Acquisition related costs 15 –
Costs related to structural changes – 105
Skin Care divestment – -11
Impairment loss, Kerecis goodwill 3,000 –
Executive leadership team severance costs – 26
Total
3,060 158
In the first half of 2025/26 special items contain expenses related to the recognition of Kerecis impairment loss as a result of the sales
disruption from Medicare reimbursement change in the outpatient setting and the slower market recovery now anticipated. Furthermore
special items contain expenses related to integration costs for the Atos Medical and Kerecis acquisitions, and the acquisition cost of
Uromedica, acquired on 18 of February 2026.
Last year’s special items contain expenses related to integration costs for the Atos Medical and Kerecis acquisitions, as well as cost for
structural changes, the divestment of the skin care business and Executive leadership team severance costs.
Note 4
Financial income and expenses
DKK million
2025/26 2024/25
Financial income
Interest income 16 20
Fair value adjustments of forward contracts transferred from other comprehensive income 134 –
Fair value adjustments of cash-based share options – 1
Interest hedges 37 37
Net exchange adjustments 128 90
Hyperinflationary adjustment of monetary position – 8
Other financial income – 3
Total 315 159
Financial expenses
Interest expenses 165 258
Capitalised borrowing cost -10 -3
Interest expenses, lease liabilities 19 20
Interest expenses, bonds 146 146
Fair value adjustments of forward contracts transferred from other comprehensive income – 90
Hyperinflationary adjustment of monetary position 16 –
Other financial expenses and fees 42 33
Total 378 544
Announcement no. 05/2026 | 12 May 2026
26
Note 5
Bonds
Bonds
Coloplast has outstanding senior unsecured notes in an aggregate principal amount of EUR 1.5 billion under the Coloplast Euro Medium
Term Note programme. The Notes are unconditionally and irrevocably guaranteed by Coloplast. COLOCB2 and COLOCB3 carries a fixed
coupon until expiry date.
COLOCB2 and COLOCB3 can be redeemed at a market price fixed on the redemption date in relation to named EUR bonds with similar
maturity.
A pre-hedge was made in 2021/22 with Interest swaps on COLOCB2 and COLOCB3 with mandatory breakage on the day the bonds are
issued to limit the financial risks. The gain of DKK 521 million has as per hedge accounting been set off in the equity and transferred to the
financial items during the lifetime of the bonds.
Short name Currency
Amount,
million Expiry date Coupon
COLOCB2 EUR 850 19-05-2027 2.25
COLOCB3 EUR 700 19-05-2030 2.75
Note 6
Specifications of cash flow from operating activities
DKK million
2025/26 2024/25
Net gain/loss on divestment of non-current assets 1 1
Change in other provisions 33 2
Other non-cash operating items 41 31
Adjustment for other non-cash operating items 75 34
Inventories 48 -154
Trade receivables 121 -74
Other receivables, including amounts held in escrow 94 68
Trade and other payables etc. -586 -755
Changes in working capital -323 -915
Announcement no. 05/2026 | 12 May 2026
27
Note 7
Cash and cash equivalents
DKK million
2026 2025
Bank deposits, short term 1,067 729
Cash and cash equivalents at 31 March
1,067 729
Note 8
Contingent liabilities
The Coloplast Group is a party to a few minor legal proceedings, which are not expected to influence the Group’s future earnings.
Note 9
Acquisitions
On 18 February 2026, Coloplast completed the acquisition of all shares and voting rights of Uromedica.
Strategic rationale
Uromedica is a medical technology company specialising in the treatment of stress urinary incontinence. The transaction strategically
strengthens Coloplast’s presence within men’s health in Interventional Urology. The acquisition expands Coloplast’s product and technology
offering in this segment and supports future regulatory and commercial development.
Transaction costs
Coloplast has, during the 2025/26 financial year, incurred transaction costs relating to the acquisition of approximately DKK 15 million,
which have been recognised under special items in the statement of comprehensive income.
Purchase price and contingent consideration
The agreed consideration for the acquisition consists of an upfront cash payment and a contingent consideration. The upfront cash
consideration amounted to DKK 141 million, which fell due for payment at the acquisition date. In addition, a contingent consideration of DKK
212 million has been recognised at fair value at the acquisition date as a financial liability. The contingent consideration is dependent on the
achievement of future regulatory and commercial milestones. Subsequent changes in the fair value of the contingent consideration are
recognised in the consolidated income statement.
Fair value of acquired net assets and recognised goodwill
The fair value of the acquired net assets has been identified and goodwill recognised. Net assets, goodwill and contingent assets and
liabilities recognised at the reporting date are preliminary. Adjustments may be applied to the purchase price allocation for a period of up to
12 months from the acquisition date in accordance with IFRS 3.
Intangible assets consist of customer relationships (DKK 33 million) and technology (DKK 147 million). Customer relationships consist of
access to Uromedica’s existing customer base and established relationships with healthcare professionals involved in the treatment of stress
urinary incontinence. Technology is associated with Uromedica’s proprietary medical technology and products within interventional urology.
Trade receivables represent a gross amount of DKK 10 million and have only been subject to insignificant writedowns.
Announcement no. 05/2026 | 12 May 2026
28
After recognition of identifiable assets and liabilities at fair value, goodwill related to the acquisition amounts to DKK 222 million, which is not
deductible for tax purposes. Goodwill expresses expected future earnings and includes synergies expected to be achieved from Coloplast’s
strengthened position within men’s health and its enhanced product and technology offering in Interventional Urology.
Details of the purchase consideration, the assets and liabilities recognised as a result of the acquisition are as follows:
DKK million
Fair value at date
of acquisition
(18/02/2026)
Assets identified at fair value:
Intangibles assets 180
Property, plant and equipment 1
Inventories 4
Trade receivables and other receivables 11
Cash and cash equivalents 8
Total assets 204
Liability identified at fair value:
Provision 4
Trade payables 2
Other payables 30
Deferred tax liability 42
Total liability 78
Total net assets acquired 126
Goodwill 222
Consideration transferred 348
Contingent consideration -210
Acquired cash and current debt to credit institutions 3
Cash consideration paid 141
Earnings impact
Uromedica is recognised in the consolidated income statement at a revenue of DKK 7 million for the reporting period. The pro forma effect on
consolidated revenue for the reporting period, as if the company had been acquired on 1 October 2025, amounted to approximately DKK 30
million.
Fair value measurement
Material net assets acquired for which significant estimates and judgements have been applied in the fair value assessment have
been recognised using the following valuation techniques:
Customer relationships
Customer relationships have been valued using the income-Multi-period Excess Method (MEEM), by which the present value of future cash
flows from recurring contract customers expected to be retained after the date of acquisition has been valuated using a WACC of 15.0% as
discount rate. The main input drivers in the MEEM model used are the estimated future retention rate and net cash flow of the acquired
contract customer base.
Patent and trademarks
Technology has been measured by using the income-Multi-period Excess Method (MEEM), by which the present value of future cash flows
from a specific asset is isolated. The discount rate applied is 18.3% which is deemed a fair reflection of the risk comprised in the technology.
Announcement no. 05/2026 | 12 May 2026
29
Income statement, quarterly
Unaudited
Consolidated 2025/26 2024/25
DKK million Q2 Q1 Q4 Q3 Q2 Q1
Revenue 7,084 7,043 6,960 6,958 6,930 7,026
Production costs -2,367 -2,308 -2,198 -2,253 -2,202 -2,276
Gross profit 4,717 4,735 4,762 4,705 4,728 4,750
Distribution costs -2,349 -2,320 -2,252 -2,243 -2,326 -2,329
Administrative expenses -317 -324 -340 -335 -300 -295
Research and development costs -254 -247 -249 -239 -239 -219
Other operating income 30 11 70 38 38 13
Other operating expenses -7 -5 -39 -11 -10 -8
Operating profit (EBIT) before special
items
1,820 1,850 1,952 1,915 1,891 1,912
Special items -3,025 -35 -228 -83 -84 -74
Operating profit (EBIT) -1,205 1,815 1,724 1,832 1,807 1,838
Financial income 149 166 23 -75 -41 200
Financial expenses -188 -190 -192 -415 -275 -269
Profit before tax -1,244 1,791 1,555 1,342 1,491 1,769
Tax on profit for the period 273 -394 -680 -537 -579 -725
Net profit for the period -971 1,397 875 805 912 1,044
DKK
Earnings per share (EPS) before special
items
6.16 6.32 4.67 3.86 4.34 4.89
Earnings per share (EPS) -4.31 6.20 3.88 3.57 4.05 4.63
Earnings per share (EPS) before special
items, diluted
6.16 6.32 4.67 3.86 4.34 4.89
Earnings per share (EPS), diluted -4.31 6.20 3.88 3.57 4.05 4.63
Announcement no. 05/2026 | 12 May 2026
30
Our mission
Making life easier for people
with intimate health care needs
Our values
Closeness… to better understand
Passion… to make a difference
Respect and responsibility… to guide us
Our vision
Setting the global standard
for listening and responding
For further information, please contact
Investors and analysts Press and media Address
Anders Lonning-Skovgaard Peter Mønster Coloplast A/S
Executive Vice President, CFO Head of Media Relations & Corporate Content Holtedam 1
+45 4911 1111 +45 4911 2623 DK -3050 Humlebaek
dkpete@coloplast.com Denmark
Kristine Husted Munk Company reg. (CVR) no. 69 74 99 17
Senior Director, Investor Relations
+45 4911 1800 / +45 4911 3266 Website
dkkhu@coloplast.com www.coloplast.com
Simone Dyrby Helvind
Senior Manager, Investor Relations
+45 4911 1800 / +45 4911 2981
dksdk@coloplast.com
This announcement is available in a Danish and an English-language version. In the event of discrepancies, the English version shall prevail.
The Coloplast story begins back in 1954. Elise Sørensen is a nurse. Her sister Thora has just had an ostomy
operation and is afraid to go out in public, fearing that her stoma might leak. Listening to her sister’s problems, Elise
conceives the idea of the world’s first adhesive ostomy bag.
Based on Elise’s idea, Aage Louis-Hansen, a civil engineer and plastics manufacturer, and his wife Johanne Louis-
Hansen, a trained nurse, created the ostomy bag. A bag that does not leak, giving Thora – and thousands of people
like her – the chance to live the life they want.
A simple solution that makes a difference.
Today, the Coloplast Group develops products and services that help millions of people live more independent lives
through solutions tailored to their needs. Globally , our business areas include Ostomy Care, Continence Care, Voice
The Coloplast logo is a
registered trademark of
Coloplast A/S
©
2026-05
All rights reserved Coloplast A/S,
3050 Humlebaek, Denmark
Announcement no. 05/2026 | 12 May 2026
31