Coloplast A/S

Coloplast A/S - Interim Financial Report, Q1 2025/26

2025/26
Interim financial results, Q1 2025/26
1 October 2025 - 31 December 2025

Coloplast delivered Q1 organic growth of 6% and EBIT growth¹ in constant currencies of 3%. Reported revenue in DKK grew 0%, reflecting 4%-points negative impact from currencies. Return on invested capital² was 15%.
 
• Organic growth rates by business area: Ostomy Care 4%, Continence Care 7%, Voice & Respiratory Care 8%, Wound & Tissue Repair 5%, and Interventional Urology 8% .
• Soft start in Ostomy Care, as expected, driven by negative growth in China and a high baseline in the US. The growth momentum is expected to pick up rest of year.
• 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 good momentum in Laryngectomy, while Tracheostomy was impacted by order phasing.
• Wound & Tissue Repair:
- Soft Q1 in Kerecis with 10% organic growth and 1% EBIT margin before PPA amortisation. Performance in Q1 reflects significant sales disruption from Medicare reimbursement changes in the outpatient setting and one-off costs to enhance Kerecis’ go-to-market model under the new Medicare reimbursement model. The significant uncertainty in the skin substitutes market is expected to continue throughout the year. Long-term, Kerecis is expected to see continued strengthening of its competitive position relative to peers, due to its unique technology based on intact fish-skin, backed by strong clinical evidence.
- Advanced Wound Dressings declined 3% due to the voluntary product return of all Biatain® Adhesive dressings in China, impacting Q1 negatively with around DKK 25 million.
• Strong start in Interventional Urology driven by strong growth in the US Men’s Health business and recovery in Kidney & Bladder Health, following the voluntary product recall initiated in Q1 2024/25.
• EBIT^1,3 was DKK 1,850 million. EBIT in constant currencies increased 3% compared to last year, while reported EBIT decreased 3% from last year. The EBIT margin^1,3 was 26%, against 27% last year, negatively impacted by the temporary reduction in Kerecis EBIT margin in the quarter.
• Return on invested capital (ROIC) after tax before special items was 15%, on par with last year⁴.
• The free cash flow-to-sales ratio was 26%, compared to 24% last year⁵ driven by lower net financial items.
• Coloplast US has agreed to purchase the outstanding shares of Uromedica, a privately held medical technology company specialising in the treatment of stress urinary incontinence whereby Uromedica will become a wholly owned subsidiary of Coloplast US. The Uromedica Board of Directors has recommended shareholders vote in favor of the transaction. The transaction is expected to close in February 2026, subject to customary closing conditions and requisite Uromedica shareholder approval.

FY 2025/26 guidance unchanged: around 7% organic revenue growth and around 7% EBIT growth in constant currencies⁶. Return on invested capital of around 16%².
• Organic revenue growth assumes continued good momentum in Chronic Care.
• Following a strong Q1, Interventional Urology is now expected to deliver high single-digit growth vs. mid single-digit growth previously.
• Kerecis is now expected to deliver growth of around 10% vs. previously around 25%, reflecting the significant sales disruption from Medicare reimbursement changes in the outpatient setting and a higher uncertainty around the timing of recovery.
• Reported growth in DKK is now expected at around 4%, with around 3%-points negative impact from currencies and small negative
impact from the skin care divestment (two months impact).
• EBIT⁶ growth in constant currencies assumes stable inflation levels, production ramp up costs and new investments related to the Impact4 strategy. Significant uplift in Kerecis EBIT margin rest of year with Kerecis full year EBIT margin of around double-digit.
• Capex-to-sales ratio still expected around 5%. The effective tax rate is still expected around 22%.
• ROIC still expected around 16%, up around 1%-point compared to 15% adjusted last year^2,4.

”We deliver a soft start to the year with 6% organic growth, EBIT growth in constant currencies of 3%, and an EBIT margin of 26% in Q1, reflecting a lower quarter in Kerecis due to significant sales disruption from reimbursement changes in the outpatient setting. Long-term, we continue to believe Kerecis is well-positioned to win in the skin substitutes market based on its unique technology based on intact fish-skin, backed by strong clinical evidence. In Chronic Care, our businesses continue to deliver solid underlying growth across all regions except China, which reported negative growth. I am also pleased to see a solid start to the year in Interventional Urology, driven by strong growth in our US Men’s Health business and recovery in Kidney & Bladder Health,” says Lars Rasmussen, interim CEO of Coloplast.

1. Before special items expenses of DKK -35 million in Q1 2025/26 2. After tax, before special items. 3. Before special items expenses of DKK -74 million in Q1 2024/25. 4. Last year adjusted for the impact from the Kerecis IP transfer. 5. Free cash flow adjustments: FY 2024/25 adjusted for the Skin Care divestment. 6. Before special items expenses of around DKK 50 million in FY 2025/26.

Conference call
Coloplast will host a conference call on Friday, 6 February 2026 at 11.00 CET. 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 - Q1 2025/26 conference call

For further information, please contact
 
Investors and analysts
Anders Lonning-Skovgaard
Executive Vice President, CFO
Tel. +45 4911 1111

Kristine Husted Munk
Sr. Director, Investor Relations
Tel. +45 4911 1800 / +45 4911 3266
Email: dkkhu@coloplast.com

Simone Dyrby Helvind
Sr. Manager, Investor Relations
Tel. +45 4911 1800 / +45 4911 2981
Email: dksdk@coloplast.com

Press and media
Peter Mønster
Head of Media Relations & Corporate Content
Tel. +45 4911 2623
Email: dkpete@coloplast.com

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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