Coloplast A/S: Feedback from management meeting

研报英文原文证据摘录

Coloplast A/S: Feedback from management meeting

Equity Research

European Medical Technology & Services

19 May 2026

Coloplast A/S

Feedback from management

meeting

Updated thoughts on investment priorities & strategy in COLOb.CO/COLOB DC EQUAL WEIGHT

POSITIVEAugust, no change to midterm guide before November, if at EuropeanTechnologyMedical& Services

all. Accelerating core (Ostomy & Continence) a key focus. Price Target DKK 500.00

2-3% cost inflation on raw materials assumed for 2027 at Price (18-May-26) DKK 404.30 Potential Upside/Downside +23.7%

Source: Bloomberg, Barclays Researchtoday's prices.

Following on from Q2’25 results (Q2 Review: More questions than answers , 27 Apr), we joined a European Medical Technology &

management meeting with the CEO and CFO. We highlight three key takeaways from Services

Hassan Al-Wakeel, CFAmanagement's commentary: 1) Midterm guidance: Insights from the new CEO, Gavin Wood, on

+44 (0)20 7773 3898

future Coloplast investment priorities and strategy expected in August, but too soon for any

hassan.al-wakeel@barclays.com

potential changes to guidance, which would come in November, if required. Focused on Barclays, UK

accelerating the core business (Ostomy and Continence), noting that a strong core is key for any

Jonathon Unwinstrong Medtech company. Coloplast sees lots of runway to increase share in US Ostomy. 2)

+44 (0)20 7773 0354

China: Heading to China to view the business in August, although Gavin views it as a challenged

jonathon.unwin@barclays.com

market and believes Coloplast should tread carefully. Coloplast does not expect to invest Barclays, UK

heavily into this region and notes the business was rightsized in Q4 with resources reallocated

Marco Pires-Coxto growth markets, such as the US.