2024/25

Annual Report

Coloplast A/S Holtedam 1, 3050 Humlebæk 1 October 2024 – 30 September 2025 Company registration (CVR) No. 69 74 99 17

The Managements Report

Highlights	3
At a glance	3
Chair and CEO's letter	4
2024/25 in brief	6
Financial key figures	7
Sustainability key figures	8
2025/26 outlook	9

Our business	11
Mission and vision	11
Group Strategy	12

Business areas, markets, strategy and
performance	14
Chronic Care	14
Acute Care	22

2024/25 Financial performance	28
Financial results	28
Other matters	31

Governance and Ownership	32
Corporate governance	32
Ownership and shareholdings	35
The Board of Directors	37
The Executive Leadership Team	39

Risk management	41
Risk management	41

The Sustainability Statement	45
Introduction	45
Preparation of the sustainability statement	46
The double materiality assessment	47
Interests and views of stakeholders	51
Sustainability due diligence	53
Environmental information	54
E1 Climate change	54
E2 Pollution	63
E5 Resource use & circular economy	65
EU Taxonomy	71
Social information	75
S1 Own workforce	75

S2 Workers in the value chain 87 S4 Consumers and end-users 90

Governance information 99 G1 Business conduct 99

Appendices for sustainability statement 103

requirements 104 Data points from other EU legislation 106

Content index of ESRS disclosure

Consolidated financial statements	109
Statement of comprehensive income	110
Statement of cash flow	111
Balance sheet	112
Statement of changes in equity	113
Notes	115
Management's Statements and Auditor's	156
Report Statement by the Board of Directors and	157
the Executive Management Independent Auditor's Reports	158
Independent Auditor's Assurance Report	162
The Financial Statements of the Parent Company
Parent company financial statements	165
Income statement	166
Balance sheet	167
	168
Statement of changes in equity

The Financial Statements

Coloplast across regions and business areas

Voice & Respiratory Care Heat and moisture exchangers, voice

prostheses and adhesives 2.3 bn reported revenue 9% organic growth

Interventional Urology

conditions

Implantable products and disposable surgical products for treatment of urological

2.8 bn reported revenue 2% organic growth

European markets

Western, Northern and Southern Europe

15.5 bn 7.8 bn 4.5 bn

Reported revenue in DKK Reported revenue in DKK Reported revenue in DKK

Organic growth Organic growth Organic growth

Other developed markets

USA, Canada, Japan, Australia and New Zealand

Emerging markets

All other markets

+5% +8% +11%

A message from the Chair and the CEO

Dear shareholders,

At Coloplast, our mission - to make life easier for people with intimate healthcare needs - has been the cornerstone of our company throughout its nearly seventy-years heritage. It has shaped our corporate culture, guided our decisions, and enabled us to deliver significant value creation over multiple decades. Our robust foundation, built on innovation, customercentricity, and operational excellence, continues to differentiate Coloplast in a dynamic and evolving healthcare landscape.

In the financial year 2024/25, we continued to deliver on our mission as we helped more than two million users worldwide, while simultaneously progressing on our sustainability ambition to reduce emissions, especially scope 1 and 2.

We delivered 7% organic growth and an EBIT margin before special items of 28%, in line with our revised guidance, but below the 8-9% growth expectation we put forth at the beginning of the year. Chronic Care incl. Voice & Respiratory Care ex. China delivered a solid year, while Interventional Urology and Advanced Wound Dressings faced notable performance challenges, with unprecedented negative impact from product recalls.

We also saw increased volatility in the biologics market, driven by US healthcare reforms in this specific treatment area being postponed, which led to a slowdown in the momentum for Kerecis in second half of the year.

2024/25 became a year defined by performance challenges due to the product recalls, but also a year shaped by the decisive actions we took to address these challenges, including management changes and profitability improvement initiatives. 2024/25 marks the conclusion of our Strive25 strategy - a period characterised by product innovation, M&A, operational expansion, and a sharpened focus on sustainability. While Strive25 did not deliver the value creation we had envisioned, it provided key building blocks and a strong foundation for future value creation.

With our Impact4 strategy we are setting a new direction for the company with a strong focus on customers and value creation, and we have taken significant steps this year to ensure strong strategy execution; a new Executive Leadership team with a balanced mix of commercial and technical expertise, a reorganisation of our businesses into Chronic and Acute Care, and a new long-term financial ambition with focus on organic growth and value creation. As such, it is our strong belief that Coloplast now stands well-positioned to deliver on our mission and value creation agenda, while navigating an increasingly complex external environment.

As we move into Impact4, we do so from a position of strength, with a clear structure, a strengthened leadership team, and an ambitious strategy towards 2030. Coloplast is well positioned to set the standard of care at scale.

Strive25 - sustainable growth leadership - marked a critical juncture in Coloplast's history, defined by significant investments in both organic and inorganic initiatives to secure long-term growth and value creation. At the heart of our strategy was a commitment to deliver above-market growth and industry-leading profitability, anchored in four enterprise-wide themes: innovation, efficiency, sustainability and leadership.

Our innovation agenda delivered tangible results. In Chronic Care, we launched Luja™, an intermittent catheter platform that addresses a major unmet need reducing urinary tract infection risk. Supported by strong clinical evidence, Luja is the most significant Continence Care launch in a decade, and its rollout in key markets has received positive feedback from healthcare professionals and users. Alongside Luja, we expanded our portfolio with line extensions across business areas, including black bags and a new twopiece offering within SenSura® Mio in Ostomy Care.

A defining aspect of Strive25 was the decision to pursue inorganic growth opportunities. Over the period, we completed three strategic acquisitions, each chosen for their attractive markets, strong technologies, and leadership potential, ensuring longterm growth and value creation.

Intibia™ (2020) introduced an early-stage technology for treating overactive bladder in Interventional Urology. With launch expected in 2026/27, Intibia positions Coloplast in a fast-growing segment, supporting our ambition to lift the momentum in Interventional Urology.

Atos Medical (2022) established Voice & Respiratory Care as a new chronic area, characterised by high entry barriers and significant untapped potential. Atos brings a strong commercial presence, and sustained growth of 8–10% p.a.

Kerecis (2023) marked our entry into biologics wound care. Its differentiated fish-skin technology offers unique clinical value and a strong US platform, creating opportunities to transform wound care through attractive growth and profitability expansion.

Strive25 also prioritised operational efficiency and sustainability. We diversified our manufacturing footprint, expanded capacity, and invested in automation to boost resilience and competitiveness. At the same time, we advanced emissions reduction and responsible material use, reinforcing Coloplast's reputation as a responsible industry leader.

Yet, the external environment shifted dramatically during the period. Covid-19, geopolitical tensions, persistent inflation, and a fundamentally changed market landscape in China created new headwinds that challenged our original assumptions and strategic ambitions. China, once anticipated as a key growth engine, saw growth reduced to low single-digit by the end of the Strive25 period. Inflation and rising interest rates, especially in Europe, increased input costs and placed pressure on our gross profit margins. At the same time, public healthcare budgets came under strain, and reimbursement reforms added new uncertainty and complexity in the US market.

Internally, Coloplast evolved from a company with one coherent culture and a highly concentrated

manufacturing footprint to a more diversified, complex organisation with several purpose-driven cultures.

Strive25's financial metrics were affected by operational challenges, inflation, and M&A, preventing full delivery on our original organic growth and EBIT margin ambitions. In response, we launched targeted actions in 2024/25: restructuring in China, profitability initiatives in Wound Care, and cost optimisation in Interventional Urology.

While Strive25 did not deliver the value creation we had hoped for, it has established a strong foundation and key building blocks for future value creation.

Impact4 - setting the standard of care at scale - marks a bold new chapter for Coloplast with a clear direction and strong focus on customers and value creation.

By putting customers at the centre, we aim to deliver best-in-class products, services, and support, reinforcing our ambition to double our impact and reach four million people long term.

Impact4 focuses on four priorities: delivering innovative customer offerings, driving next-level efficiency, leveraging technology - including AI - to enhance user experience and scale, and fostering a high-performance, sustainable culture.

The priorities are supported by clear financial targets: 7-8% organic revenue CAGR through FY 2029/30, EBIT growth in line with or above revenue growth, and ROIC above 20% by 2029/30, up from 15% (adjusted) in 2024/25.

After a Strive25 period of major investments, Impact4 has a clear focus on impact and value creation.

To deliver on our ambition, we have reorganised into two focused business units - Chronic Care and Acute Care - to respect the differences in market dynamics, customer needs, patient pathways and business models. Integrating Advanced Wound Dressings and Biologics into one combined Wound & Tissue Repair unit further strengthens our innovation and global reach.

On May 5, 2025 Kristian Villumsen stepped down as CEO with the Board of Directors decision to initiate the search for a new CEO to lead Coloplast into its next phase. We would like to thank Kristian for his dedication and contributions to Coloplast over the past 17 years. The search is ongoing and an announcement will follow once a decision has been made.

We would like to thank our customers, colleagues, and investors for your trust and support in 2024/25. Your engagement and partnership have been instrumental in advancing our mission, making a positive impact for patients, healthcare systems, and society.

As we move into Impact4, we do so from a position of strength, with a clear structure, a strengthened leadership team, and an ambitious strategy towards 2030.

Coloplast is well positioned to set the standard of care at scale, create lasting value for all stakeholders, and continue making life easier for people with intimate healthcare needs.

Jette Nygaard-Andersen Lars Rasmussen

Interim Chair Interim President, of the Board of Directors CEO

2024/25 in brief

Organic growth was 7%, driven by good contribution from our chronic care businesses, Ostomy Care, Continence Care and Voice & Respiratory Care, which grew 6%, 8% and 9% respectively, driven by a good momentum. Our acute care businesses, Wound & Tissue Repair and Interventional Urology, delivered growth of 8% and 2%, respectively. Growth in Wound & Tissue Repair was negatively impacted by a preventative and voluntary product return of all Biatain® Adhesive dressings in China, while Interventional Urology was affected by a voluntary product recall in the Kidney & Bladder Health business.

In 2024/25, several new products were launched to support continued growth above the market: a new two-piece SenSura® Mio offering, the female Luja catheter, Biatain® Superabsorber in Advanced Dressings and further product innovation within Kerecis.

Revenue amounted to DKK 27,874 million, a 3% increase from DKK 27,030 million last year. Divested businesses detracted 1%, mostly related to the divestment of Skin Care in December 2024. Currencies had a negative impact on reported revenue of 2%.

EBIT before special items amounted to DKK 7,670 million, a 5% increase from DKK 7,286 million last year. The EBIT margin before special items was 28% compared to 27% last year. EBIT in constant currencies grew 6%.

The EBIT margin includes benefit from the Skin Care divestment of around 30 basis points, favourable development in input costs and prudent management of operating expenses. The positive impact on the EBIT margin was partly offset by around 100 basis points dilution from Kerecis (including PPA amortisation) and a small negative impact from currencies.

The EBIT margin after special items was 26%, reflecting a significant one-off impact from special items of DKK 469 million, related to structural changes, management restructuring, the Atos Medical integration and the Skin Care divestment.

ROIC after tax before special items was 12%, against 15% last year, and includes negative impact from the transfer of Kerecis' Intellectual Property (IP). Adjusted ROIC1) 2) was 15%, on par with last year.

The adjusted free cash flow-to-sales ratio was 19% compared to 15% last year3)

Scope 1 and 2 emissions saw good progress and a 41% reduction compared to base year 2018/19, while scope 3 emissions per product increased 1% compared to the base year, impacted by higher emissions from raw materials and transportation.

The Board of Directors recommends a year-end dividend of DKK 18.00 per share, which brings the total dividend for the year to DKK 23.00 per share, compared to DKK 22.00 per share last year.

Organic revenue growth in line with revised guidance

68%

Gross margin on par with last year 28%*

EBIT margin includes around 100 basis points dilution on margin from Kerecis

* Before special items

15%*

ROIC after tax on par with last year

* Before special items and adjusted for impact from Kerecis IP transfer

¹⁾ Adjusted for the impact from the Kerecis IP transfer related to the extraordinary tax expense of DKK 1,146 million.

²⁾ After tax before special items.

³⁾ Free cash flow adjustments: The figures for the 2024/25 financial year is adjusted for the Skin Care divestment. The figures for the 2023/24 financial year is adjusted for the extraordinary tax payment related to the transfer of Atos Medical's IP (net impact of DKK 2.5 bn).

Financial highlights and ratios

Income statement, DKK million	2024/25	2023/24	2022/23	2021/22	2020/21
Revenue	27,874	27,030	24,500	22,579	19,426
Research and development costs	-946	-913	-872	-866	-755
Operating profit before interest, tax, depr. and amort. (EBITDA)	8,653	8,610	7,840	7,369	6,947
Operating profit before interest, taxes and amortization (EBITA) before special items	8,259	7,737	7,179	7,170	6,484
Operating profit (EBIT) before special items	7,670	7,286	6,845	6,910	6,355
Special items, net	-469	34	-74	-471	-200
Operating profit (EBIT)	7,201	7,320	6,771	6,439	6,155
Net financial income and expenses	-1,044	-925	-746	-312	78
Profit before tax	6,157	6,395	6,025	6,127	6,233
Net profit for the year	3,636	5,052	4,783	4,706	4,825
Revenue growth
Annual growth in revenue, %	3	10	9	16	5
Growth breakdown:
Organic growth, %	7	8	8	6	7
Currency effect, %	-2	-1	-2	4	-2
Acquired operations, %	–	4	3	6	–
Divested operations, %	-1	–	–	–	–
Balance sheet, DKK million
Total assets	48,367	48,073	48,159	37,446	15,841
Capital invested	38,769	41,079	37,255	30,169	11,576
Net interest-bearing debt (NIBD)	21,692	21,841	18,659	18,091	2,112
Equity at year end	16,122	17,942	17,299	8,292	8,168

Cash flow and investments, DKK million	2024/25	2023/24	2022/23	2021/22	2020/21

Cash flows from operating activities	6,645	2,766	4,226	5,099	5,290
Cash flows from investing activities	-1,251	-1,336	-8,957	-11,759	-2,011
Investments in property, plant and equipment, gross	-1,306	-1,166	-1,020	-927	-919
Free cash flow	5,394	1,430	-4,731	-6,660	3,279
Cash flows from financing activities	-5,187	-1,518	5,265	6,591	-3,176
Key ratios
Average number of employees, FTEs¹⁾	16,773	16,202	15,069	13,825	12,656
Operating margin (EBIT margin) before special items, %	28	27	28 –	31	33
Operating margin (EBIT margin), %	26	27	28 –	29	32
Operating margin before interest, tax, depr. and amort., (EBITDA margin), %	31	32	32 –	33	36
Gearing ratio, NIBD/EBITDA before special items	2.4	2.5	2.4 –	2.3	0.3
Return on average invested capital before tax (ROIC), %²⁾	19	19	20 –	33	58
Return on average invested capital after tax (ROIC), %²⁾	12	15	16 –	25	45
Return on equity, %	22	31	59 –	64	70
Equity ratio, %	33	37	36 –	22	52
Net asset value per outstanding share, DKK	72	80	77 –	39	38

Key ratios have been calculated and applied in accordance with the Recommendations and Financial Ratios issued by the Danish Society of Financial Analysts. ¹⁾ The FTE definition has been reassessed during 2023/24 and the comparison figures have been adjusted.

²⁾ This ratio is provided before special items. After special items, ROIC before tax was 18%/19%/20%/31%/57%, and ROIC after tax was 11%/15%/16%/24%/44%.

Share data	2024/25	2023/24	2022/23	2020/21	2018/19
Share price, DKK	543	875	748	776	1,007
Share price/net asset value per share	8	11	10	20	26
Average number of outstanding shares, in
millions	225	225	214	213	213
PE, price/earnings ratio	34	39	34	35	44
Dividend per share, DKK¹⁾	23.0	22.0	21.0	20.0	19.0
Payout ratio, %2)	130	99	96	84	81
Earnings per share (EPS), diluted	16.13	22.46	22.20	22.11	22.63
Earnings per share (EPS) before special items,
diluted	17.76	22.34	22.46	23.82	23.36
Free cash flow per share	24	6	-22	-31	15

¹⁾ The figure shown for the 2024/25 financial year is the proposed dividend.

Sustainability highlights and ratios

Strive25 ambitions	Unit	2025 Ambition1)	2024/25	2023/24	Change
Improving products and packaging
Recyclable packaging2)	% of total	90%	76 %	74 %	2%-p
Renewable materials in packaging2)	% of total	80%	71 %	68 %	3%-p
Production waste recycling	% of total	75%	83 %	77 %	6%-p
Reducing emissions
Scope 1 and 2 emissions3)	% reduction	100% reduction by 20304) 5)	41 %	22 %	19%-p
Renewable energy use6)	% of total	100%	88 %	83 %	5%-p
Electric company cars2)	% of total	100% by 2030	16 %	11 %	5%-p
Scope 3 emissions2) 7) (by 2030)	% reduction per product	50% reduction by 20304) 5)	-1 %	3 %	-4%-p
Business travel by air2)	% reduction	10% reduction4)	61 %	50 %	11%-p
Goods transported by air2)	% of total	< 5% of total	3 %	2 %	1%-p
Responsible operations

Lost time injury frequency	Parts per million	2.0	1.7	2.1	-0.40
	% of white
Code of Conduct training2)	collars	100%	99 %	99 %	0%-p
Female senior leaders (VP+ level)2)	% of total	40% by 2030	26 %	28 %	-2%-p
Diverse teams2)	% share of total teams	75%	57 %	56 %	1%-p
	Engagement
Employee satisfaction2) 8)	score	Above Benchmark	8.2	8.1	0.10

Financial year 2023/24 includes Atos Medical, except for 'Recyclable packaging', 'Renewable materials in packaging' and 'Diverse teams', while all figures exclude Kerecis, except for Lost time injury frequency.

²⁾ The figure is before special items. After special items, the payout ratio is 143%/98%/97%/90%/84%.

¹⁾ All ambitions are based on the Strive25 strategy - Scope 1, Scope 2 and Scope 3 GHG emissions have been updated within the new strategy Impact4, to 90% and 10% reduction by 2030 respectively.

²⁾ Metric will only be reported on a semi-annual or full-year basis.

³⁾ Data for Financial year 2023/24 was restated from 27% to 22% due to the inclusion of emissions from non-production entities (NPEs). The reduction compared to last year is due to the purchase of RECs for NPEs.

⁴⁾ From base year 2018/19.

⁵⁾ Target validated by Science-Based Targets initiative (SBTi).

⁶⁾ Renewable energy use is measured consistent with prior years. The definition differs from the definition per E1-5 in CSRD. Renewable energy use for 2024/25 according to E1-5 is 66%.

⁷⁾ Scope 3 emissions per product is consistent with last year accounting method.

⁸⁾ Employee survey conducted annually. Latest industry benchmark from Q2 2024/25 was 7.7.

Outlook and financial guidance

2025/26 Financial guidance

Around 7%

Organic revenue growth at constant exchange rates

Around 7%

EBIT growth

at constant exchange rates, before special items

Around 16%

Return on Invested Capital after tax, before special items

Around 5%

Capex-to-sales ratio

Around 22%

Effective tax rate

Key assumptions

Current macroeconomic, geopolitical and industryspecific 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 around 7% in constant currencies with the following assumptions:

a. Chronic Care (incl. Voice & Respiratory Care) continued good momentum
b. Wound & Tissue Repair improved momentum compared to last year, driven by Kerecis growth of around 25%, partly offset by the negative impact from the product return in Advanced Wound Dressings in China in Q1-Q3. Kerecis continued volatility related to the expected changes to skin substitutes coverage and payment in the outpatient setting as of January 1, 20261)
c. Interventional Urology growth expected to improve to mid single-digit, however, continued impact from the product recall in Q1
d. No significant impact from healthcare reforms.

Reported growth in DKK is expected to be around 4-5%, with 2-3%-points negative impact from currencies as well as a small negative impact from the skin care divestment (two months impact).

EBIT growth

The EBIT growth at constant exchange rates, before special items is expected to be around 7% with the following assumptions:

a. Stable inflation levels
b. Continued ramp-up in Costa Rica and Portugal
c. New Impact4 investments, including global technology investments, investments toward the new bowel care opportunity in the US, and investments related to Intibia™
d. Kerecis EBIT margin uplift to around 20%
e. Immaterial impact from tariffs, as we expect our products to remain exempted.

Special items are expected to be around DKK 50 million in acquisition related 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.

¹⁾ For further information on the expected changes, please see the section Other matters on page 31.

Impact4 Financial ambition

7-8%

organic growth (5-year CAGR)

in line with or above revenue growth

EBIT growth over the period

In constant exchange rates, before special items

more than 20%

Return on Invested Capital in 2029/30

After tax, before special items. A linear improvement expected over the period

Around 4-5%

Capex-to-sales ratio

Around 22%

Effective tax rate

Around 1.5x

Net debt/EBITDA ratio

Is expected to decrease to towards 2029/30

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 longterm 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 2023/24	872	688	1.92
Average exchange rate 2024/25	882	676	1.85
Change in average exchange
rates for 2024/25 versus 2023/24		1 % -2 %	-4 %
Spot rate on 31 October 2025 Change in spot rates	849	646	1.92
compared with average exchange rate 2024/25		-4 % -4 %	4 %

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

Management's Report | Business model and strategy | Mission and vision

Mission and vision

Pétur Oddsson had a serious accident while repairing a power station in Önundarfjördur in the Icelandic Westfjords in September 2020. Pétur was badly burned and was in intensive care for 60 days. He was treated with Kerecis fish-skin and has since made an amazing recovery.

Transforming lives through intimate healthcare

Coloplast's mission - to make life easier for people living with intimate healthcare needs - has been the company's guiding principle for nearly seventy years.

In 2024/25, we supported over two million users across 140 countries and welcomed more than 260,000 new participants to our patient support programmes Coloplast Care and Atos Care.

This commitment is not simply aspirational; it is embedded in our daily operations, where we engage deeply with users and healthcare professionals to understand both their medical challenges and the broader context of their lives. This insight drives our innovation agenda and ensures our products and services deliver meaningful impact, consistently raising standards of care and reinforcing our leadership across the categories we serve.

Addressing unmet needs and elevating standards

Despite decades of progress, substantial unmet needs persist. In chronic care product utilisation per capita remains low in most markets outside Northern Europe, and many patients lack access to advanced technologies and tailored support.

Coloplast's response is anchored in a business model that prioritises innovation, strategic partnerships, and expanded access. We deliver differentiated solutions and services that address these gaps, collaborate with healthcare professionals and payers to define standards of care and secure reimbursement, and provide personalised support through Coloplast Care.

Our leadership in evidence-based advocacy and direct engagement with users distinguishes us in the market, while our commitment to documenting value through clinical studies and pilot programmes ensures our solutions are recognised for both improved outcomes and cost-effectiveness.

Driving impact and shaping the future of care

Our efforts have translated into measurable improvements in access and standards of care.

Over the past decade, we have achieved reimbursement openings for intermittent catheterisation in key markets such as Poland, Japan, South Korea, and Australia. Coloplast has also played a key role in the process that led to the Centers for Medicare and Medicaid Services (CMS) in the US announcing three new codes for hydrophilic catheters, effective January 2026.

Atos Medical has been on a similar journey, opening up reimbursement and improving the standard of care for more people with a Laryngectomy - Poland being a recent example of this.

Through our Access to Healthcare programme, we have supported more than 100 projects in 25 countries since 2007, helping to establish treatment protocols for underserved segments such as multiple sclerosis.

The integration of Kerecis into Coloplast marks an important step in advancing our mission. Kerecis brings a unique biologics platform based on fish-skin, offering innovative solutions for wound care and tissue regeneration.

Kerecis complements our existing portfolio and strengthens our ability to address complex, highgrowth segments where clinical needs remain significant. By combining Kerecis' pioneering fish-skin technology with Coloplast's global reach and patientcentric approach, we are well positioned to accelerate access to advanced therapies, improve patient outcomes, and transform care for even more people worldwide.

As we look towards the future, we remain dedicated to our mission, leveraging our commercial model and differentiated solutions to ensure more users receive the products and support they need to live better lives.

Without Kerecis, I would probably not be alive today - Pétur

Group Strategy

In September 2025, we announced our new group strategy Impact4 - setting the standard of care at scale - covering a five-year period ending in 2030.

We call the strategy Impact4 for three reasons.

Firstly, it reflects our focus on four strategic priorities that are essential for our success and value creation in this strategic period.

Secondly, we enter Impact4 after a period of significant investments in organic and inorganic growth initiatives; hence, focus in this strategic period is on improving impact.

Finally, Impact4 represents our long-term aspiration beyond this strategic period: to serve four million consumers - twice as many as we do today - through our deep commitment to customer centricity.

As such, Impact4 is both a roadmap for today and a vision for tomorrow, anchored in strategic focus and driven by aspiration.

Our Impact4 strategy is built around four priorities, which we will unfold on the next page:

Grow through innovative customer offerings
Unlock next-level efficiency gains
Embrace technology to elevate user experience and scale
Cultivate a winning and sustainable company.

Organic revenue growth of 7-8% (5-year CAGR)

EBIT growth1) in line with or above revenue growth over the period

Return on Invested Capital of more than 20% in FY 2029/302)

With the new strategy, we have set a new long-term financial ambition towards 2030 to accelerate shareholder value creation, which includes:

Organic revenue growth of 7-8% (5-year CAGR until FY 2029/30)
EBIT growth1) in line with or above revenue growth over the period
ROIC of more than 20 in FY 2029/302)

To respect the differences in market dynamics, customer needs and patient pathways among our businesses, we have organised our businesses into two distinct units: Chronic Care and Acute Care. As a consequence, a new Executive Leadership Team (ELT) has been formed to lead the execution of Impact4.

As part of the new ELT structure, we are elevating our Chronic Care R&D function to report directly to the CEO - a reflection of the importance innovation plays in our chronic categories. The new structure also reflects a step change in our innovation efforts, including accelerated speed to market and focus on gross margin accretion and capital requirements.

Finally, we have established a new Wound & Tissue Repair business unit, merging Advanced Dressings and Biologics. The aim with the new business unit is to create a global innovation leader in wound care.

¹⁾ In constant currencies, before special items.

²⁾ After tax, before special items. Linear improvement expected over the period.

Management's Report | Business model and strategy | Group Strategy

Grow through innovative customer offerings

We want to step up innovation in products and services to become the most customer-centric company in our categories, delivering superior customer offerings and growth.

Bringing innovative and differentiated products and services backed by evidence into the segments we compete in will allow us to continue setting the standard of care and winning customers.

We are empowering our business units to define and deliver the customer offering, shaping where and how to win across markets, channels, and segments. Within each of our two units, this translates into:

Chronic Care:

Solidify our market-leading position by providing:
Superior product offerings with SenSura® Mio, Luja™ and Provox Life
Next level of services for users and HCPs with specific focus on our direct businesses.

Acute Care:

Create an innovation leader with the combination of Advanced Wound Dressings and Biologics into 'Wound & Tissue Repair'
Build on our strength in Men's Health and transform Women's Health with a successful launch of Intibia™ into the over-active bladder market.

Unlock next level efficiency gains

As part of Impact4, we will unlock next-level efficiency gains through a paradigm shift in ways of working and investments in new capabilities to enhance efficiency and scalability across the company.

Firstly, we plan to improve efficiency in Global Operations to help offset external headwinds and deliver gross margin accretion, as well as Capex and inventory reductions.

Secondly, we aim to drive scalability across the Group with our Coloplast Business Support Centre in Poland and the establishment of a Business Support Centre in Costa Rica to support growth and scale in the US.

Finally, we will simplify our product portfolios and finalise the integrations of Atos Medical and Kerecis to reduce structural complexity and capture synergies.

Unlocking next-level efficiency gains through the above-mentioned initiatives will enable us to deliver on our financial ambition of EBIT growth in line with or above revenue growth over the strategic period and a ROIC of more than 20% in FY 2029/30.

Embrace technology to elevate user experience and scale

We are making a significant, company-wide commitment to technology, including AI, during Impact4; one of the most important enablers for delivering a better user experience and driving scale.

Over the next five years, we will invest substantially in dedicated technology programs, with a strong focus on AI, to enhance the customer experience and drive efficiency across the company.

Towards our customers, we will advance the user experience by accelerating automation and AI to enable a step-up in service and deliver a best-in-class user experience.

Internally, we will enhance and scale our one enterprise foundation, which is built on the principle of one IT infrastructure, one CRM and ERP system, and one HR system et cetera.

We will likewise enable transformation in Global Operations through increased efficiency and enhanced productivity, utilising technology and AI.

As such, embracing technology - both in customer facing and internal activities - will support our organic growth and value creation ambition towards 2030.

Cultivate a winning and sustainable company

With Impact4, we are transforming Coloplast into a faster, more customer-centric organisation to strengthen execution and deliver long-term value.

This shift is anchored in a new leadership program designed to embed a high-performing, customer-focused culture at scale, while building leadership for the future through a robust executive succession pipeline.

Simultaneously, we are committed to creating an environment where employees thrive through top-quartile engagement, workplace safety, leadership diversity, and a strong compliance culture. By 2030 we target 40% women among our senior leaders at Vice President level or above.

Sustainability also remains a core strategic priority, supported by clear and measurable targets. We will reduce our environmental footprint by reducing Scope 1 and 2 emissions by 90% and Scope 3 emissions per product by 10% in 2030, on the path to Net Zero by 2045.

Beyond environmental goals, we aim to positively impact society by improving reimbursement in around five markets, ensuring access for users and healthcare professionals, and continuing to invest in initiatives that benefit people and communities.

An introduction to Chronic Care

Chronic Care commercial model

Chronic Care is our largest business unit, which includes Ostomy Care, Continence Care, and Voice & Respiratory Care.

In Chronic Care we serve users with chronic conditions, where products are mostly used after discharge from the hospital. People use the products daily to manage their condition, many for the rest of their lives. Innovation, product choice and portfolio breadth are therefore critical to allow users to find a personalised solution.

A user's journey typically starts in a clinical setting, such as a hospital or rehabilitation centre, where they get introduced to the products and their application by a healthcare professional. Being the preferred product choice in the clinical setting remains essential, as it provides a strong starting point for engagement and contributes to a stable inflow of users in the community setting, which accounts for more than 90% of the total sales in our chronic categories.

Staying close to users after discharge from the hospital into the community setting is equally important. Our ability to support users in establishing a good routine and adapting to life with a chronic condition is key to ensuring continuity of care and strengthening long-term relationships. This close

engagement reinforces our chronic care model and supports our ambition to deliver a superior customer experience across all touchpoints.

For more than a decade, Coloplast has been investing in building stronger ties with end-users. Today, our patient support programmes Coloplast Care and Atos Care provides personalised support for people living with chronic conditions across more than 30 markets. Users are likewise able to order products directly from us in more than 15 markets, ensuring users have access to the most innovative products, coupled with a high level of service.

Our chronic business areas are characterised by solid reimbursement (more than 90% of sales covered by reimbursement), risk of healthcare reforms, and a stable competitive environment.

Underlying conditions, users and products

Ostomy Care

In Ostomy Care we serve users with a stoma. A stoma is a surgically created opening in which part of the digestive or urinary system is redirected to an opening in the abdominal wall, allowing output to be removed from the body. A stoma is created in the case of bowel or bladder dysfunction due to a disease, an accident or a congenital disorders. A stoma surgery can be

performed on the colon (colostomy), small intestine (ileostomy), or urinary bladder (urostomy). An estimated half of the procedures are colostomies, typically caused by cancer. Around a third are ileostomies, typically caused by inflammatory bowel diseases. The remaining procedures are urostomies, caused by bladder cancer.

An ostomy surgery can be permanent, resulting in a life-long usage of products, or temporary, resulting in product usage for a limited period. The majority of surgeries are permanent, however, over the past decade, medical advances have led to an increase in the incidence of temporary stomas.

People with a stoma use an ostomy bag, which adheres to the peristomal skin and collects the output from the stoma. Supporting products are used in combination with the ostomy bag to ensure a secure fit, as well as to care for the peristomal skin.

Our latest generation ostomy care platform, SenSura® Mio celebrated its 10-years anniversary in 2024. It is the only platform in the market with flat, convex, and concave solutions and the strength of the SenSura Mio signature BodyFit Technology continues to be relevant today. We continue to strengthen the portfolio with new line extensions, including the 2024 launch of SenSura Mio black bags and a new 2-piece offering.

In addition to SenSura Mio, Coloplast's ostomy care portfolio consists of the brands Alterna®, Assura®, SenSura®, and the Brava® range of supporting products. Heylo™, the world's first digital leakage notification system in Ostomy Care, was added to the portfolio in 2024 and is currently available in the UK.

SenSura® Mio Click 2-piece offering, an extension of SenSura Mio portfolio launched in 2024/25.

Continence Care

In Continence Care, Coloplast helps people that have bladder control issues related to urinary retention and incontinence, as well as people that are unable to control bowel movements.

Within Continence Care, Intermittent Catheters is the largest category, accounting for around 70% of total sales. Collecting Devices is the second largest product group, accounting for around 15% of sales, while around 10% of sales are derived from Bowel Care. The remaining 5% are derived from other continence care products.

Intermittent catheters

People suffering from urinary retention are unable to empty their bladder, which can be due to a spinal cord injury, multiple sclerosis, congenital spina bifida or benign prostatic hyperplasia in men. To manage urinary retention, people can use an intermittent catheter, which is inserted through the urethra of the urinary tract and empties the bladder.

Since the launch of the first-of-its-kind, instantly ready-to-use hydrophilic coated catheter SpeediCath® in 1999, Coloplast has transformed the standard of care for people in need of intermittent catheterisation. Today, Coloplast's intermittent catheter portfolio of male and female products includes mostly hydrophilic, ready-to-use catheters in standard, compact, flexible and set versions, but also uncoated catheters.

Our latest generation intermittent catheter platform, Luja™, with a unique Micro-hole Zone Technology was launched in a male version in 2023 and in a female version in 2024, and is expected to set a new standard of care within intermittent catheterisation.

Luja™ male and female, a new catheter with a unique Microhole Zone Technology.

In addition to Luja, Coloplast's current intermittent catheter portfolio includes SpeediCath and Self-Cath®.

Collecting devices

People suffering from urinary incontinence are unable to hold urine, which results in an uncontrolled or involuntary release. The condition disproportionately affects older people because the sphincter muscle and the pelvic muscles gradually weaken as people grow older. To manage urinary incontinence, people can use collecting devices for capturing and storing urine.

Within Collecting Devices, Coloplast offers a wide range of urine bags and urisheaths under the Conveen® brand.

Bowel Care

In Bowel Care, Coloplast helps people that are unable to control bowel movements and as a result suffer from faecal incontinence or chronic constipation. The patient groups affected by bowel dysfunction are broad and many people with bladder control issues are also affected by bowel dysfunction.

First line treatments for bowel dysfunction include lifestyle changes, laxatives or constipation drugs. Second line treatment are low volume transanal irrigation (TAI) devices, and third line treatment are high volume TAI systems. Coloplast has historically been present in the high volume TAI segment with the Peristeen® Plus, and entered the low volume TAI segment with Peristeen Light in 2024.

Voice & Respiratory Care

Laryngectomy Care

In Laryngectomy Care we serve users with a neck stoma who have undergone a total laryngectomy.

A total laryngectomy is a surgery in which the larynx (voice box) is removed. The procedure is non-elective and irreversible. It is the preferred treatment for advanced laryngeal and hypopharyngeal cancer. With the removal, people lose the ability to produce voice and depend on a Voice Prosthesis (VP) to speak. The procedure also leads to a loss of the upper airways function. After the surgery, people breathe through a stoma in the throat and rely on Heat- and Moisture Exchangers (HMEs) for humidification and filtration of the air.

After surgery, a VP is inserted by a healthcare professional. Patients apply the HMEs themselves daily, with an adhesive to keep the HMEs in place.

Our latest generation product platform in Laryngectomy Care, Provox Life, was launched in 2020 and has been designed to provide products for situational use, aimed at improving pulmonary health.

Provox Life, high-performing HMEs, a Provox Life Larytube and newly designed adhesives with SecureFit coupling.

Tracheostomy Care

In Tracheostomy Care, Coloplast helps people with a tracheostomy, an invasive, last-in-line treatment to aid patients in breathing. Patients undergoing a tracheostomy surgery suffer from a variety of underlying conditions, including head and neck cancer, lung infections or trauma.

Tracheostomy procedures can be reversible and the patient pool consists of a mix of temporary and chronic patients.

Within Tracheostomy Care, Coloplast offers range of tracheostomy tubes, HMEs and speaking devices.

Among Laryngectomy Care and Tracheostomy Care, Laryngectomy Care is our largest category, accounting for around two-thirds of Voice & Respiratory Care's sales, while tracheostomy, accounts for the remaining around one-third of sales.

Chronic Care market

Globally 3-4 million people live with a stoma
Each year, ~500,000 stoma surgeries are performed in developed markets and China
Market composition: Bags & Plates ~80%, Supporting Products ~20% (growing 6-8%)
In addition to Coloplast, there are two larger global manufacturers, as well as few local manufacturers

Market characteristics

Globally ~12-18 million people live with urinary retention, but only about half are discharged with an intermittent catheter, and of these an estimated half will drop out within five years
Market composition: Intermittent Catheters ~75% (growing midsingle digit), Collecting Devices ~20% (growing low single digit), and Bowel Care ~5% (growing around double-digit)
Four larger global manufacturers, including Coloplast, and several local and low-priced manufacturers.

Market characteristics

Globally 275,000 million people live with a neck stoma
Each year, ~50,000 total laryngectomies are performed
In addition to Coloplast, there are two competitors mostly present in the UK, US, and Germany.
Market penetration remains low with only ~1/3 of patients having access to treatment, and a large unserved patient population in both existing and new markets.

Chronic Care strategy

Within Chronic Care, we operate in attractive and structurally growing markets with a combined market value estimated at more than DKK 50 billion. Market growth drivers include demographics, such as an ageing population and rising prevalence of chronic conditions, as well as increasing treatment compliance and product usage. Across our chronic businesses, the demand for advanced solutions continues to rise, creating further opportunities for market expansion.

In the Impact4 period, our ambition is to solidify our market-leading position by providing the best customer experience and being the partner of choice for our users, healthcare professionals and payers.

To meet this ambition, we need to:

Offer superior products with innovation leadership backed by clinical evidence
Provide industry-leading services and integrated solutions giving our customers the best experience and helping them ease their burden
Leverage our strong commercial model winning and retaining users and driving treatment adherence.

We enter the Impact4 strategy period from a position of strength, anchored in a differentiated product portfolio and a proven commercial model. We will expand our portfolio further in the strategic period through targeted line extensions, while our model,

which is built on dedicated services for users and healthcare professionals, remains a key competitive advantage.

We will utilise our strong platform of dedicated services to elevate the customer experience across all touchpoints. This includes continuing to develop and deepen customer relationships by supporting patients beyond products, enabling healthcare professionals to ease their clinical burden, and by demonstrating value to payers through clinical evidence and improved outcomes. As such, we aim to strengthen our direct customer engagement and ensure continuity across the continuum of care.

Our approach is tailored to the healthcare system maturity, focusing on four priorities: establishing standards of care and access, driving adoption and penetration, ensuring adherence and better outcomes, and innovating for continuous improvement.

In Emerging markets, we focus on building the foundation for care and access. In mature markets, we accelerate adoption, strengthen adherence, and introduce innovations that raise the standard of care. Across all markets, we partner with healthcare professionals, key opinion leaders, patient associations, and payers to define standards, secure reimbursement, and ensure access to high-quality solutions.In our largest markets - the UK, US, France, and Germany - we complement this with direct-to-user engagement. This deepens our understanding of user needs, enabling personalised care and reinforcing our position as the partner of choice.

This framework enables us to unlock growth opportunities regardless of market maturity.

Over the period, we expect to grow above the market in Ostomy and Continence Care, supported by solid contributions across regions excluding China, while Voice & Respiratory Care is expected to grow in the 8– 10% range.