快评：康乐保2025/26财年第三季度业绩基本符合预期

研报英文原文证据摘录

18 August 2026

Susannah Ludwig

European Medical Technologies & Services

Coloplast A/S

Estelle Pang, CFA

Rating

Market-Perform

Richard Hombach

Price Target

COLOB.DC

450.00 DKK

CLPBY

7.05 USD

Specialist Sales

Christian Moore

Quick Take: Coloplast Q3'25/26 largely in-line with expectations

Coloplast reported Q3’25/26 results this morning. Sales of DKK 7,355m grew +6%

organically, just ahead of consensus of +5.6% (Exhibit 1). Gross margin came in at 66.7%

vs consensus at 67.6%. Adj EBIT of DKK 1,929m was -1% below consensus, growing +5%

in constant currencies, with a margin of 26.2% vs consensus of 26.8%. Net income of DKK

1,462m beat expectations by +8% given FX gains (Exhibit 2).

Close Date

17 Aug 2026

COLOB.DC Close Price (DKK)

422.90

Price Target (DKK)

450.00

Upside/(Downside)

6%

52-Week Range

646.60/369.70

EDME

1,629.19

Divisional performance. On an organic growth basis, Ostomy Care grew +5%, below

FYE

Sep

consensus at +6.0% as China continues to weigh on divisional performance as a shift in

Div Yield

5.4%

sales channel strategy led to destocking. Continence Care grew +8%, above consensus of

Market Cap (DKK) (M)

96,506

+7.7%. The company noted double-digit growth in the U.S. with Luja continuing to be a key

EV (DKK) (M)

119,668

driver. Wound and Tissue Repair grew +3% organically, beating consensus of -2.3%; Kerecis

Performance

YTD

1M

6M

12M

declined -6% organically given continued headwinds from the skin substitutes regulation

Absolute (%)

(22.6)

0.0 (12.8) (29.9)

changes. Advanced Wound Dressings grew +4% despite a continued negative impact from

EDME (%)

10.8

2.3

4.4

18.8

the China product recall. Voice & Respiratory grew +6%, below consensus of +9.0% with

a soft quarter in Tracheostomy due to order phasing in distributor markets. Interventional

Relative (%)

(33.4)

(2.3) (17.2) (48.7)

Source: Bloomberg, Bernstein estimates and analysis.

urology grew +7%, in-line with consensus driven by U.S. Men’s health. From a regional

perspective, Emerging Markets were flat organically, Other Developed Markets grew +9%,

Price Performance, 1YR

and European markets grew +6%.

DKK700

FY25/26 Group growth & margin guidance remains unchanged. Coloplast maintained

…