Roadshow presentation Q1 2025/26 Making life easier Impact4: Setting the standard of care at scale Tomoko | User, Voice & Respiratory Care Forward-looking statements The forward-looking statements contained in this presentation, including forecasts of sales and earnings performance, are not guarantees of future results and are subject to risks, uncertainties and assumptions that are difficult to predict. The forward-looking statements are based on Coloplast's current expectations, estimates and assumptions ...

Core Insights - Coloplast will release its interim financial results for Q1 2025/26 on February 6, 2026, at approximately 07:30 am CET, followed by a conference call to discuss the results and answer questions from investors and analysts [1] Group 1: Conference Call Details - The conference call will be hosted by Coloplast's Interim CEO Lars Rasmussen, CFO Anders Lonning-Skovgaard, and Senior Director of Investor Relations Kristine Husted Munk, among others [2] - A presentation will be available on Coloplast's website about one hour before the conference call [1] - Participants can join the conference call via a webcast or register in advance to receive dial-in details for active participation in the Q&A session [2] Group 2: Contact Information - For further inquiries, Coloplast's Investor Relations team can be contacted, including Kristine Husted Munk and Simone Dyrby Helvind, with provided phone numbers and email addresses [3]

Core Insights - The ALPS International Sector Dividend Dogs ETF (IDOG) has reduced its exposure to Japan while increasing investments in various European markets during its annual December rebalance, indicating a shift in international dividend opportunities [1][2]. Fund Strategy and Methodology - IDOG employs a yield-ranking methodology that selects the five highest-yielding stocks in each sector, leading to a decrease in Japanese companies and an increase in European stocks in the top yield spots [2][4]. - The fund follows the "Dogs of the Dow" approach, equally weighting its 50 holdings across all 10 sectors, with each sector representing 10% of the portfolio [4][7]. Portfolio Changes - The fund eliminated four Japanese companies, including Honda Motor Co., Japan Tobacco, and Mitsui O.S.K. Lines, resulting in a net reduction of three Japanese positions, while adding only Nippon Steel [3]. - New positions were added in Poland (Bank Polska), Norway (Equinor), Portugal (EDP), and Austria (OMV), with Denmark also represented through AP Moller-Maersk and Coloplast [3]. - In the financial sector, IDOG sold Northern European banks like Nordea Bank and Credit Agricole, opting for Italian institutions such as Banca Monte dei Paschi and Banco BPM [5]. - The industrials sector saw a swap from Deutsche Post to AP Moller-Maersk, while energy holdings shifted from Repsol to Equinor and OMV [6]. Rebalance Overview - The reconstitution involved 15 additions and 15 deletions, resulting in approximately 30% portfolio turnover, while maintaining equal sector weights at 10% each [7].

Core Insights - The Fundsmith Equity Fund reported a total return of +0.8% for 2025, underperforming the MSCI World Index which rose by +12.8% [4][7]. - Since inception on November 1, 2010, the Fund has outperformed the Index by 1.7% per annum with a Sortino Ratio of 0.75, indicating less downside volatility compared to the Index [7][8]. - The Fund is ranked as the third best performer in the Investment Association Global sector of 155 funds since inception, with a return 322 percentage points above the sector average [8]. Performance Analysis - The Fund's performance in 2025 was impacted by three main issues: index concentration, the growth of assets in index funds, and dollar weakness [9][10][36]. - The top ten stocks in the S&P 500 accounted for 39% of its value and contributed 50% of its total return in USD by the end of 2025, highlighting significant market concentration [13][10]. - The rise of index funds has led to a momentum strategy that disproportionately benefits large-cap stocks, making it challenging for active funds to compete without holding these stocks [17][20]. Market Dynamics - The US dollar weakened against the pound from approximately $1.25/GBP to $1.35/GBP during 2025, affecting the GBP value of the Fund as most companies are US-listed [36][40]. - The price of gold reached a 50-year high of $4,319 per ounce, reflecting concerns about dollar strength and market conditions [39]. Portfolio Composition - The Fund's portfolio turnover was low at 12.7%, with a total cost of investment (TCI) of 1.06%, indicating a focus on minimizing trading costs [70][72]. - The weighted average free cash flow yield of the portfolio increased from 3.1% to 3.7% during 2025, suggesting improved valuation relative to the S&P 500 [68][69]. Stock Contributions - The top five detractors from the Fund's performance included Novo Nordisk, Automatic Data Processing, Church & Dwight, Coloplast, and Fortinet, with Novo Nordisk facing significant challenges in its market [45][46]. - Conversely, the top contributors were Alphabet, IDEXX, Philip Morris, Meta Platforms, and Microsoft, with Alphabet making its first appearance among the top contributors [51][52]. Investment Strategy - The Fund maintains a strategy focused on investing in high-quality companies with predictable growth and adequate returns on capital, avoiding momentum-driven investments [41][42]. - The Fund's management emphasizes the importance of understanding the underlying business performance and maintaining a long-term perspective on investments [60][79].

Core Viewpoint - The article discusses the significance of exudate-absorbing dressings in wound healing, emphasizing their role in preventing infections, promoting healing, and improving patient quality of life. The global market for these dressings is projected to grow significantly, indicating a robust demand for innovative wound care solutions [2][3]. Market Overview - The global exudate-absorbing dressing market is expected to reach USD 335 million by 2031, with a compound annual growth rate (CAGR) of 5.2% over the coming years [3]. - Major manufacturers in the global market include Molinlycke, 3M, Smith & Nephew, Convatec, and Coloplast, with the top four companies holding approximately 46.0% market share in 2024 [5]. Manufacturer Rankings and Market Shares - The market share of leading manufacturers in 2024 is as follows: - Molinlycke: 15.3% - 3M: 12.1% - Smith & Nephew: 10.5% - Convatec: 8.4% - Coloplast: 6.2% - Others: 35.7% [8]. Manufacturer Insights - **Molinlycke**: Recognized as a technology leader in wound care, its Mepilex series utilizes patented Safetac silicone technology, allowing for high absorption and low re-exudation, crucial for managing moderate to heavy exudate wounds [10]. - **3M**: Known for its innovative Tegaderm series, 3M's dressings maintain a moist healing environment and are clinically validated to reduce skin maceration, widely used in acute and chronic wound management [11]. - **Smith & Nephew**: Offers the ALLEVYN series, which features a unique three-layer design for effective management of exudate and infection, reducing the frequency of dressing changes [13]. Industry Chain Analysis - The global exudate-absorbing dressing industry chain is characterized by cross-industry collaboration, with upstream suppliers providing specialized materials and downstream demand concentrated in healthcare institutions [14]. Market Development Trends - **Functional Integration**: Dressings are evolving from simple exudate absorption to multifunctional capabilities, including antibacterial properties and active healing components [15][16]. - **Smart Monitoring**: The integration of sensor technology in dressings allows for real-time monitoring of wound conditions, facilitating personalized care [17]. - **Sustainability**: The industry is shifting towards eco-friendly materials, responding to global sustainability initiatives and consumer demand for environmentally responsible products [18]. Market Opportunities - The aging population and increasing prevalence of chronic wounds create a rigid demand for exudate-absorbing dressings [19]. - Enhanced healthcare quality and upgraded nursing standards are leading to the adoption of advanced dressings that reduce infection risks and accelerate healing [20]. - Innovations in material science and the emphasis on moist wound healing principles are driving the development of high-end absorption dressings [21]. Market Challenges - **Cost Pressures**: The high development and production costs of exudate-absorbing dressings compared to traditional products pose challenges in a cost-sensitive healthcare environment [22]. - **Clinical Evidence Requirements**: Strong clinical data is necessary to demonstrate the superiority of new dressings, which can be resource-intensive to obtain [23]. - **Market Competition**: Increased product homogeneity and competition may lead to price wars, potentially hindering innovation and overall industry advancement [24].

Leadership Changes - Coloplast is announcing changes to its Executive Leadership Team (ELT), specifically in the Interventional Urology business and the global People & Culture function [1] - Dorthe Rønnau, Executive Vice President of People & Culture, will leave the company after nearly three decades to pursue other opportunities [1][2] - An external search is underway for a new leader for the global People & Culture function, with Mads Mikkelsen taking over interim leadership until a permanent successor is found [3] Retirement and Succession - Tommy Johns, Executive Vice President of Interventional Urology, will retire early next year after over a decade with Coloplast and more than thirty years in the global life science industry [4] - Kevin Hardage will assume the role of Executive Vice President of Interventional Urology starting February 9th, bringing extensive experience from the global MedTech industry [6] - There will be an overlap period between Tommy Johns and his successor to ensure a thorough handover [5] Leadership Perspectives - Lars Rasmussen, interim CEO of Coloplast, praised both Dorthe Rønnau and Tommy Johns for their contributions and expressed confidence in Kevin Hardage's ability to lead the Interventional Urology business into a new growth phase [7]

Summary of the Webinar on the Chinese Medtech Market Industry Overview - The focus of the webinar was on the **Chinese Medtech market**, highlighting its evolution and current dynamics [3][8] - The Chinese healthcare system is transitioning towards **efficiency, cost containment**, and **domestic self-reliance** [3] Key Points and Arguments - **Historical Growth**: The Medtech market in China experienced rapid growth due to healthcare modernization, an aging population, and supportive government policies, including universal insurance coverage and significant public health investments [3][10] - **Recent Challenges**: The market is facing headwinds due to government policies favoring local companies, such as "Buy Local" directives and Volume Based Procurement (VBP), which have reduced prices and disrupted demand for capital equipment [3][4] - **Market Share Dynamics**: Multinational companies (MNCs) are losing market share in hospital-facing Medtech sectors (e.g., imaging, diagnostics) to local competitors, while they remain focused on premium segments where innovation gaps exist [4][41] - **Consumer Medtech Growth**: In contrast, the Consumer Medtech sector, particularly in self-pay markets like dental and ophthalmology, is expected to see high-single to double-digit growth due to low penetration rates and brand loyalty [4][30] Financial Implications - **Sales Exposure**: For many Medtech companies, China now represents a smaller share of total sales. For example, Smith & Nephew's sales from China are projected to drop from 7% in 2019 to approximately 3% in 2025 [5][7] - **Company Exposure Categorization**: - **Risk**: Companies like Philips, Healthineers, and Coloplast face significant risks due to their exposure to the Chinese market - **Neutral**: Companies such as Medtronic and Abbott have a neutral stance - **Opportunity**: Companies like Alcon and Carl Zeiss are seen as having growth opportunities in China [5][7] Market Dynamics - **Healthcare Spending Trends**: China's healthcare spending grew at a **17% CAGR from 2000 to 2015**, followed by an **8% CAGR through 2022** [10] - **Policy Shifts**: Major policy changes since 2015 have aimed to strengthen domestic industry, impacting MNCs' operations [13][14] - **Local Competition**: Local players are rapidly gaining market share, particularly in highly penetrated markets like medical imaging [44][45] Consumer Medtech Insights - **Adoption Rates**: Consumer Medtech markets have lower starting points for adoption, allowing for significant growth potential. For instance, dental implant adoption in China is still below that of developed markets [24][30] - **Self-Pay Market Dynamics**: The self-pay nature of these markets allows for greater price elasticity and brand influence, benefiting international players [25][27] - **Brand Importance**: Brand recognition plays a crucial role in maintaining market share against local competitors, especially in private healthcare settings [27][51] Future Outlook - **Growth Prospects**: The outlook for Consumer Medtech in China remains optimistic over the next 5-10 years, while caution is advised for capital equipment and orthopedics due to increased local competition [41][41] - **Regulatory Impact**: Changes in public health systems can influence private pay markets, as seen with recent VBP programs [39] Conclusion - The Chinese Medtech market is undergoing significant transformation, with both challenges and opportunities for multinational companies. The focus on local competition and policy shifts necessitates a strategic approach for MNCs to navigate this evolving landscape [3][4][41]

Summary of Medtronic's AltaViva™ Device Conference Call Company and Industry Overview - **Company**: Medtronic - **Industry**: Pelvic Health and Neuromodulation - **Product**: AltaViva™ device, recently FDA approved on September 18, 2023 Key Points and Arguments Product Launch and Market Opportunity - The AltaViva™ device is a significant product launch for Medtronic, expected to accelerate growth in the latter half of the fiscal year [8][44] - Approximately 16 million people in the U.S. suffer from urge urinary incontinence (UUI), with only 45% seeking treatment, indicating a large untapped market [9][10] - The addressable market for UUI is less than 10% penetrated, presenting a substantial opportunity for growth [7][12] - Medtronic aims to raise awareness among the 9 million individuals not currently seeking treatment [11][12] Device Features and Benefits - The AltaViva™ device offers a minimally invasive procedure with a 15-year battery life and same-day activation of therapy [15][19] - The procedure is designed to be simple, requiring only a 2-centimeter incision and can be performed in various care settings without sedation [13][18] - The device is MRI compatible, allowing patients to undergo scans without additional steps [19][25] - The proprietary battery technology ensures consistent performance over time, requiring only one or two recharges per year [20][19] Competitive Landscape - AltaViva™ competes with two other implantable tibial neuromodulation products: eCoin by Valencia Technologies and Revi by BlueWind Medical [23] - Key differentiators include immediate therapy activation, device longevity (15 years vs. 3-10 years for competitors), and MRI compatibility [24][25] - Clinical data from the TITAN 2 study showed that 80% of patients reported improvement after 12 months, with 61% experiencing a significant reduction in UUI episodes [27][28] Reimbursement and Market Access - Medicare provides coverage for implantable tibial devices, with ongoing efforts to secure broader market access and a Category I code [31][32] - Current coverage includes 21% at FDA approval and 27% based on medical necessity, with plans to address non-coverage through the Medtronic Patient Access Support Program [31][32] - The average payment for the procedure is comparable to sacral neuromodulation, facilitating easier adoption by healthcare providers [70] Marketing and Consumer Engagement - Medtronic is adopting a consumer-focused approach for the launch, including community events and advertising campaigns to raise awareness [35][41] - Initial feedback from physicians has been positive, with rapid training and patient treatment following the device's approval [39][40] - The marketing strategy aims to educate both patients and healthcare providers about the benefits of the AltaViva™ device [34][41] Additional Important Insights - The pelvic health market has been underserved, with significant stigma surrounding conditions like UUI and fecal incontinence [7][12] - Medtronic's commitment to patient education and awareness is seen as crucial for unlocking the potential of the AltaViva™ device [43][44] - The company is focused on ensuring that the launch of AltaViva™ does not cannibalize its existing sacral neuromodulation business but rather complements it by reaching a broader patient population [54][56] This summary encapsulates the key points discussed during the conference call regarding Medtronic's AltaViva™ device, its market potential, competitive advantages, and strategic approach to launch and reimbursement.

Core Points - Coloplast's interim CEO Lars Rasmussen will not seek re-election to the Board at the upcoming Annual General Meeting on December 4, 2025 [1] - Lars Rasmussen has served Coloplast for nearly four decades, including 10 years as CEO and 7 years as Chair of the Board, significantly contributing to its transformation into a leading global MedTech company [2][5] - The company is entering a new phase with the implementation of its Impact4 strategy, which aims to enhance customer focus and support the goal of helping 4 million people in the long term [4][7] Leadership Transition - Jette Nygaard-Andersen will continue as interim Chair of the Board, leading the company during this transition period [5] - Niels B. Christiansen is proposed as a new Board member, with expectations to become Chair by December 2026 [6][7] - The Board is focused on strong succession planning and continuity, with unanimous support for the announced leadership changes [8] Company Mission and Vision - Coloplast's mission is to make life easier for individuals with intimate healthcare needs, driven by a commitment to innovation and empathy [11] - The company operates in various business areas, including Ostomy Care, Continence Care, Voice and Respiratory Care, Wound and Tissue Repair, and Interventional Urology [11]

Core Points - Coloplast's interim CEO Lars Rasmussen will not stand for re-election at the upcoming Annual General Meeting on December 4, 2025 [1] - Lars Rasmussen has served Coloplast for nearly four decades, including 10 years as CEO and 7 years as Chair of the Board, significantly contributing to its transformation into a leading global MedTech company [2][5] - The company is entering a new phase with the implementation of its Impact4 strategy, which aims to help 4 million people with intimate healthcare needs [4][7] Company Leadership Changes - Jette Nygaard-Andersen will continue as interim Chair of the Board, leading the company during this transitional period [5] - Niels B. Christiansen is proposed as a new Board member, expected to become Chair by December 2026, bringing relevant experience from the hearing aids industry and a strong customer-focused leadership background [6][7] - The Board of Directors supports the leadership changes and the search for a new CEO is progressing as planned [8]