Coloplast Q3‘26 preview: commentary remains unchanged

Research evidence excerpt

Coloplast Q3‘26 preview: commentary remains unchanged

J P M O R G A N Europe Equity Research

02 July 2026

Coloplast Neutral

COLOb.CO, COLOB DC

Q3’26 preview: commentary remains unchanged Price (01 Jul 26):Dkr378.70

Price Target (Dec-27):Dkr484.00

Following a catch-up with the Company following the publication of its pre-close European Medical Technologies &

brief here, we set out our thoughts ahead of the Q3’26 results (18 August). Services

Commentary on divisional dynamics remains consistent with that from Q2 results. David Adlington AC

We make no changes to our underlying estimates, although capture a slightly more (44-20) 7134-5828

favourable FX impact to the topline in Q3, owing to appreciation in the US$. After david.adlington@jpmorgan.com

a period of being able to observe the business in more detail, we expect further Anchal Verma

views from the recently appointed CEO, particularly on his strategic priorities and (44-20) 3493-6144

where he may see opportunities for changes. As such, we would prefer to remain anchal.verma@jpmorgan.com

on the sidelines. Philip S Omnou

(44-20) 3493-5648

• Ostomy care. Commentary remained in line with that of Q2, that China is philip.omnou@jpmorgan.comJ.P. Morgan Securities plc

expected to remain weak in Q3/H2, with the Company reiterating expectations

for negative growth in FY26 due to weaker consumer sentiment and pricing Specialist Sales contact details:

pressure from local competition. Outside of China, the business remains in Marjan Daeipour - Specialist Sales -

good shape. We keep our organic assumption of +6.5% unchanged. European Healthcare

• Continence care. Momentum continues driven by Luja. We keep our (44marjan.daeipour@jpmorgan.com20) 7134-1329

assumption for +8% organic growth unchanged.

Key Changes (FYE Sep)