Coloplast A/S: Q3 Preview: Gavin Wood commentary the key focus; too soon for MT guide cut

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Coloplast A/S: Q3 Preview: Gavin Wood commentary the key focus; too soon for MT guide cut

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Coloplast A/S

Q3 Preview: Gavin Wood commentary the

key focus; too soon for MT guide cut

Reiterate Rating: NEUTRAL | PO: 420.00 DKK | Price: 394.90 DKK

FY26 guide appears intact; focus on MT guide 06 July 2026

We model organic growth of 5.7% for Q3, in-line with consensus, with M/HSD growth Equity

across divisions, (except Advanced Wound Care) At this point, we expect the 5-6%

organic growth guide (5% CC EBIT growth) is likely derisked, and focus at Q3 will be on

Key Changescommentary from Gavin Wood, following his first 100 days as CEO. We do not expect an

update to the mid-term 7-8% organic growth guide at Q3 results, though we think (DKr) Previous Current

commentary could provide some initial insight into future strategy/commercial direction. 2026E Rev (m) 28,581.9 28,710.7

In our view, a revision to the mid-term guide is more likely at the full year result in 2027E Rev (m) 30,546.0 30,679.1

November, with debate now centred on the extent of the cut. We leave our numbers 2028E Rev (m) 32,652.5 32,789.8

largely unchanged, increasing slightly for FX, and reiterate our Neutral, as we see scope 2026E EPS 25.10 25.13

for downwards revision to the mid-term guide, and expect a steady cadence of execution 2027E EPS 26.49 26.63

is required for a sustainable re-rating. 2028E EPS 28.77 28.93

2H Skin Substitute recovery unlikely Julien Ouaddour >>

Research Analyst

Kerecis continues to dominate focus within Advanced Wound Care, following two guide BofASE (France)

cuts throughout the year (from c25% org growth to flat). We expect conditions in the +33 1 8770 0614 julien.ouaddour@bofa.com

market remain challenging with no recovery in 2H as pressure from high-price inventory