Coloplast (COLO) Guidance summary

Opening remarks and agenda

• Conference call held to discuss a profit warning and revised guidance for FY 2025/2026, with presentations from the interim CEO and CFO, followed by a Q&A session.

• Revised financial guidance issued due to reduced growth outlook for Kerecis, reflecting slower market recovery in the skin substitutes outpatient setting.

• Extraordinary conference call scheduled for April 24, 2026, to discuss the guidance revision.

Guidance on key objectives

• Organic growth for FY 2025/2026 revised to 5%-6% in constant currencies, down from around 7% previously, mainly due to Kerecis performance.

• EBIT growth in constant currencies before special items now expected at around 5%, down from 7%.

• Kerecis EBIT margin expected at 0%, previously double digits; group return on net capital after tax before special items at 15%.

• Reported revenue growth in DKK now expected at 3%, reflecting lower organic growth and negative currency impact.

• Capex-to-sales ratio and effective tax rate remain unchanged at around 5% and 22%, respectively.

Market trends and strategic opportunities

• Chronic Care and Interventional Urology continue to show strong momentum, with high single-digit growth expected in Urology, especially in the US.

• Organic revenue growth in Q2 by business area: Ostomy Care 7%, Continence Care 8%, Voice & Respiratory Care 8%, Interventional Urology 8%, Wound & Tissue Repair -2%.

• Inpatient Kerecis business, over 70% of Kerecis revenue, maintains healthy double-digit growth despite some short-term uncertainty.

• Kerecis faces significant sales disruption due to Medicare reimbursement changes, with organic growth now expected at 0%.

• Advanced Wound Dressings impacted by product return in China and softer European markets.