Coloplast A/S - Announcement no. 05/2026 - Interim Financial Report, H1 2025/26

2025/26
Interim financial results, H1 2025/26
1 October 2025 - 31 March 2026

Coloplast delivered Q2 organic growth of 6% and 6% EBIT growth¹ 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 growth¹ 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 year³, 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 adjusted⁴-
• 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.

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.

Conference call
Coloplast will host a conference call on Tuesday, 12 May 2026 at 11.00 CEST. The call is expected to last about one hour.
To actively participate in the Q&A session please sign up ahead of the conference call on the link here to receive an e-mail with dial-in details: Register here
Access the conference call webcast directly here: Coloplast - H1 2025/26 Earnings release conference call

For further information, please contact

Investors and analysts
Anders Lonning-Skovgaard
Executive Vice President, CFO
Tel. [phone]

Kristine Husted Munk
Sr. Director, Investor Relations
Tel. [phone]
Email: [e-mail]

Simone Dyrby Helvind
Sr. Manager, Investor Relations
Tel. [phone]
Email: [e-mail]

Press and media
Peter Mønster
Head of Media Relations & Corporate Content
Tel. [phone]
Email: [e-mail]

Address
Coloplast A/S
Holtedam 1
DK-3050 Humlebaek
Denmark
Company reg. (CVR) no. 69749917

Website
www.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 & Respiratory Care, Wound & Tissue Repair, and Interventional Urology.

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