• Male or female.

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

• Body mass index (BMI) ≥25.0 kilogram per square meter (kg/m\^2) at screening.

• Diagnosis of type 2 diabetes (T2D) ≥180 days before screening.

• \-- For participants on anti-diabetic drugs: Stable daily and/or weekly dose(s) ≥90 days before screening of any of the following anti-diabetic drug(s) or combination regimen(s) at effective or maximum tolerated dose, as judged by the investigator:

⁃ Treatment with 1-3 marketed oral anti-diabetic drugs (OADs) (metformin, α-glucosidase inhibitors (AGI), glinides, sodium-glucose co-transporter 2 inhibitors (SGLT2i), thiazolidinediones, or sulphonylureas (SU) as a single agent or in combination) according to local guidelines.

⁃ Treatment with basal or basal-bolus insulin (including premixed insulin formulations) according to local guidelines.

• HbA1c ≤10.5 % (91 millimole per mole \[mmol/mol\]) and ≥6.0 % (42 mmol/mol), as determined by central laboratory at screening.

• Diagnosis of painful diabetic peripheral neuropathy (pDPN) at screening as well as at the following criteria:

• \-- Participant with self-reported pain consistent with pDPN for a minimum of 3 months before screening, as judged by the investigator.

• Stable pharmacological and non-pharmacological treatment of pain for a minimum of 3 months before screening, in the opinion of the investigator. The treatment regimen should adhere to local guidelines (if available).