Coloplast A/S Announcement no. 11/2026 - 2025/26 Full-Year Financial Results

1 October 2025 - 30 September 2026

Coloplast delivered 5% organic growth in Q4, driven by continued strength in Chronic Care and Interventional Urology. EBIT growth¹ in constant currencies was 0% and includes negative impact from inflation and Biologics. Reported revenue in DKK grew 7%, reflecting 2%-points benefit from currencies.

• Organic growth rates by business area: Ostomy Care 6%, Continence Care 5%, Voice & Respiratory Care 9%, Wound & Tissue Repair 1%, and Interventional Urology 7%.
• Broad-based growth in Ostomy Care ex. China, with continued good contribution from our latest SenSura® Mio product launches.
• Continence Care growth was driven by good momentum in Europe and strong contribution from Luja™, partly offset by a high baseline and order phasing in the US, as expected. Beyond the order phasing, the underlying momentum in the US remained strong.
• Good momentum in Voice & Respiratory Care driven by Laryngectomy and a pick up in Tracheostomy related to order phasing.
• Sales in Biologics declined by 12%, with continued impact from the out-patient reimbursement change, while the in-patient business continued its good momentum with around double-digit growth. The EBIT margin before PPA amortisation was 1%. Advanced Wound Dressings grew 9%, primarily benefiting from the annualisation of the product return in China.
• Continued strong momentum in Interventional Urology, driven by the US Men’s Health business.
• EBIT¹ was DKK 1,848 million. EBIT¹ in constant currencies was on par with last year, while reported EBIT¹ decreased 5% from last year. The EBIT margin¹ was 25% against 28% last year, and includes around 150 basis points negative impact from currencies, around 30 basis points incremental negative impact from Kerecis and inflationary pressure on raw materials and freight.
• Return on invested capital after tax and before special items was 16%.

FY 2025/26 organic growth was 6% and EBIT growth¹ in constant currencies was 4%. Reported revenue in DKK grew 4%, reflecting 2%-points negative impact from currencies.

• Organic growth rates by business area: Ostomy Care 5%, Continence Care 7%, Voice & Respiratory Care 8%, Wound & Tissue Repair 2%, and Interventional Urology 7%.
• EBIT¹ was DKK 7,447 million. EBIT¹ in constant currencies increased 4% compared to last year, while reported EBIT¹ decreased 3% from last year. The EBIT margin¹ was 26%, against 28% last year, and includes around 100 basis points negative impact from currencies, around 40 basis points incremental negative impact from Kerecis, investments related to the Impact4 strategy and an increase in inflationary pressure in Q4.
• Net profit before special items was DKK 5,566 million, or a DKK 418 million increase from last year (adjusted), positively impacted by lower net financial items due to gains on exchange rate adjustments. Adjusted diluted EPS before special items increased by 8%.
• Strong development in free cash flow, with a free cash flow-to-sales ratio of 22% vs. 19% last year², 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)³.

Revised 2030 financial ambition and FY 2026/27 guidance:

• 2030 financial ambition: organic revenue growth of 5-7% per year and an EBIT margin¹ in the mid-20% range over the period. ROIC⁴ expected around 20% in FY 2029/30. For further information, please refer to the stock exchange announcement here: 10/2026.
• FY 2026/27 organic growth expected to be 5-7%: continued momentum in Chronic Care, mid- to high-single digit growth in Interventional Urology and return to growth in Biologics from Q2.
• FY 2026/27 EBIT margin¹ of around 25%: pressure on gross margin from inflation and ramp up cost in Portugal, while step up in investments will impact operating expenses. ‘Funding the journey’ program⁵ to support the step up in investments and partly offset gross margin headwinds.
• Reported revenue growth in DKK in FY 2026/27 of 7-9% (around 2%-points positive impact from currencies), while the reported EBIT margin¹ will include up to 50 basis points positive impact from currencies, calculated using current spot rates.
• Capex-to-sales ratio expected around 5%. The effective tax rate is expected around 22%.
• Special items is expected around DKK 200 million related to our ‘funding the journey’ program.

“We delivered strong 6% organic growth for the full year and 4% EBIT growth, broadly in line with our updated guidance from April 2026. My first six months as CEO have strengthened my belief that Coloplast is uniquely positioned for long-term success, with leading positions in attractive markets and significant opportunities for growth. What stands out is the strong growth in Chronic Care and Interventional Urology in the US, including reaching 20% market share in Ostomy Care this year, while the biologics market has now gone through a reimbursement change. We also continued to see strong contributions from new products globally, underlining the strength of our innovation pipeline. The priorities we have set, our updated long-term ambition and our ‘funding the journey’ programme give us a clear path forward and will enable us to step up investments in innovation and commercial opportunities to drive long-term growth and value creation,” says Gavin Wood, President & CEO.

Conference call: Coloplast will host a conference call on Tuesday, 3 November 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 – FY 2025/26 Earnings release conference call 

1. Before special items. 2. Excluding impact from acquisitions and divestments. 3. ROIC last year adjusted for the impact from the Kerecis IP transfer. 4. After tax and before special items 5. ‘Funding the journey’ program to free up around DKK 500 million with full impact in FY 2027/28, of which around 75% impact in FY 2026/27.

For further information, please contact