• Informed consent obtained before any study-related activities. Study-related activities are any procedures that are carried out as part of the study, including activities to determine suitability for the study.

• Female or male (sex at birth).

• Age 18 years or above at the time of signing the informed consent.

• History of at least one self-reported unsuccessful dietary effort to lose body weight.(a\*)

• Body mass index (BMI) \>= 27.0 kilogram per square meter (kg/m\^2).(a\*)

• Diagnosed with type 2 diabetes \>= 180 days before screening.

• Treatment with either lifestyle intervention(a\*), or:

‣ Stable treatment (same drug(s), dose and dosing frequency) for at least 90 days before screening with 1-3 marketed oral antidiabetic drugs (metformin, α-glucosidase inhibitors (AGI), glinides, sodium-glucose cotransporter 2 inhibitor (SGLT2i), thiazolidinediones, Dipeptidyl peptidase-4 inhibitor (DPP-4i) or sulphonylureas (SU) as a single agent or in combination according to local practice.(a\*)

⁃ For up to 30% of participants the following concomitant medication is allowed:

• Treatment for any indication with a stable dose of glucagon-like peptide-1 (GLP-1) containing medication, stable for at least 1 year before screening (a\*) and/or

∙ Treatment with basal insulin minimum (0.25 units per kilogram per day (U/kg/day) or 20 units per day \[U/day\]) stable for at least 90 days before screening.(a\*)