4.11.2025 17:04:32 CET | Demant A/S |
Delårsrapport/Periodemeddelelse (Q1 og Q3)
Selskabsmeddelelse nr. 2025-12 4. november 2025
Periodemeddelelse for Q3 2025
Organisk vækst på 3 % i Q3 drevet af solide resultater i Hearing Care
Høreapparatmarkedet forblev mere afdæmpet end normalt med sekventiel afmatning på det kommercielle marked i USA
Forventninger til 2025: Organisk vækst på 1-3 % og EBIT på DKK 3.900-4.300 mio., begge sandsynligvis i den lavere ende af intervallet
“I Q3 leverede koncernen en organisk omsætningsvækst på 3 % i et globalt høresundhedsmarked, der stadig er påvirket af makroøkonomisk usikkerhed. Hearing Care opnåede meget flotte resultater, og Hearing Aids øgede sin markedsandel i styk, men koncernens resultater var påvirket af en sekventiel afmatning på det kommercielle marked i USA. Selvom markedet vokser langsommere end normalt, er den grundlæggende efterspørgsel efter professionel hørebehandling og innovativ teknologi fortsat intakt, og vi fortsætter ufortrødent med at tage hånd om brugernes behov. Derfor var det også med stor stolthed, at vi i oktober kunne lancere Oticon Zeal, verdens mest komplette i øret-høreapparat. Det opfylder brugernes forventninger om at have alle nødvendige funktionaliteter i et diskret design, det vil sige høj lydkvalitet, smidig connectivity og nem genopladning,” siger Søren Nielsen, koncernchef og administrerende direktør i Demant.
Finansiel gennemgang af Q3 2025
Omsætning (DKK mio.)
Vækst
Forretningsområde
Q3 2025
Q3 2024
Organisk
Akkvisitiv
LCY
FX
Rapporteret
Hearing Aids, samlet omsætning
3.012
3.004
3 %
0 %
3 %
-3 %
0 %
Hearing Aids, intern omsætning
-662
-600
8 %
4 %
12 %
-2 %
10 %
Hearing Aids, ekstern omsætning
2.350
2.404
2 %
-1 %
1 %
-3 %
-2 %
Hearing Care
2.537
2.400
4 %
5 %
9 %
-3 %
6 %
Diagnostics
567
597
-1 %
0 %
-1 %
-4 %
-5 %
Koncern
5.454
5.401
3 %
2 %
5 %
-4 %
1 %
Omsætning (DKK mio.)
Vækst
Forretningsområde
YTD 2025
YTD 2024
Organisk
Akkvisitiv
LCY
FX
Rapporteret
Hearing Aids, samlet omsætning
9.233
9.234
1 %
1 %
1 %
-2 %
0 %
Hearing Aids, intern omsætning
-1.969
-1.808
6 %
4 %
10 %
-1 %
9 %
Hearing Aids, ekstern omsætning
7.264
7.426
-1 %
0 %
-1 %
-2 %
-2 %
Hearing Care
7.686
7.234
3 %
5 %
8 %
-2 %
6 %
Diagnostics
1.757
1.828
-2 %
0 %
-2 %
-2 %
-4 %
Koncern
16.707
16.488
1 %
2 %
3 %
-2 %
1 %
Medmindre andet er angivet, omhandler nedenstående kommentarer Q3 2025.
Koncernen leverede organisk vækst på 3 %, hvilket er en sekventiel stigning i forhold til H1, men i den lavere ende af vores forventninger, hvilket delvist skyldes et svagere end normalt høreapparatmarked. Koncernen så yderligere vækst på 2 % som følge af akkvisitioner i Hearing Care. Valutakurseffekter var -4 %, hvilket giver en samlet rapporteret omsætningsvækst på 1 %.
Hearing Aids leverede organisk omsætningsvækst fra eksterne kunder på 2 %. Væksten er fortsat påvirket af et afdæmpet globalt høreapparatmarked, hvor vi har set en sekventiel afmatning på det kommercielle marked i USA, som har ført til et fald i den gennemsnitlige salgspris (ASP) og lavere værdivækst. Hvad angår udviklingen i vores styksalg, så øgede vi vores markedsandel både samlet set og på en række nøglemarkeder, selvom vi så lavere salg til en stor høreapparatforhandler i USA.
Hearing Care leverede solide resultater i et fortsat afdæmpet marked, hvilket førte til en organisk vækst på 4 % til trods for svære sammenligningstal. Udviklingen var bredt funderet med særligt stærke resultater i Polen og på flere af vores øvrige mellemstore markeder. Det momentum, vi har set i Frankrig, driver også fortsat en stærk stykvækst, men som forventet var ASP-udviklingen negativ som følge af ændringer i produktmikset. I tråd med vores strategi bidrog akkvisitioner på flere markeder til væksten i Q3, og her er Tyskland fortsat den primære bidragyder.
Diagnostics så organisk vækst på -1 %. Væksten i forretningsområdet er stadig påvirket af svage markeder, deriblandt USA, hvor vi fortsat ser investeringer i udstyr til hospitaler og klinikker på et lavere niveau end normalt som følge af den makroøkonomiske usikkerhed. Hvis vi kigger på vores produktkategorier over en bredere kam, er væksten i vores forretning for services og engangsprodukter fortsat positiv, men dette var ikke tilstrækkeligt til at udligne den negative vækst i vores forretning for diagnostisk udstyr.
Koncernens bruttomargin faldt sammenlignet med sidste år og endte en smule under forventningerne. Dette skyldes ASP-udviklingen i Q3 som følge af ændringer i geografi- og kanalmikset i Hearing Aids samt en øget andel af genopladelige produkter. Udviklingen i Diagnostics bidrog ligeledes til nedgangen.
Som forventet var der kun beskeden organisk vækst i OPEX sammenlignet med samme periode sidste år, og som følge af den lavere end normale markedsvækstrate fokuserer vi fortsat på omkostningsstyring. Akkvisitioner bidrog yderligere til væksten i OPEX. Drevet af en række nøglevalutaer, deriblandt den amerikanske dollar, reducerede valutakurser vores rapporterede OPEX.
Koncernens EBIT var i den lavere end af vores forventninger, primært som følge af en lavere end forventet bruttomargin. Derudover havde valutakurser fortsat en negativ effekt på EBIT.
Koncernen fortsatte med at generere et højt cashflow fra driftsaktiviteter (CFFO), hvilket i et vist omfang blev understøttet af udviklingen i nettoarbejdskapitalen (NWC) i perioden. Til trods for vores fortsatte momentum, for så vidt angår akkvisitioner, medførte det høje cashflow en mindre nedgang i den nettorentebærende gæld i forhold til slutningen af Q2. Gearing-multiplen er således på nuværende tidspunkt inden for vores mellemlange til langsigtede mål på 2,0-2,5. Når closing af aftalen om købet af KIND Group finder sted, hvilket forventes at ske i H2 2025, forventes gearing-multiplen midlertidigt at overstige det mellemlange til langsigtede mål.
Aftalen om at købe KIND Group, som meldt ud den 11. juni 2025, er underlagt sædvanlige closing-betingelser og myndighedsgodkendelser. Som følge af den underskrevne opkøbsaftale blev koncernens aktietilbagekøbsprogram suspenderet den 11. juni 2025. Pr. denne dato havde koncernen tilbagekøbt aktier for DKK 582 mio.
Overskud efter skat fra ophørende aktiviteter var moderat positivt og på niveau med forventningerne. Dette skyldes et driftsoverskud i vores forretning for benforankrede høresystemer (BAHS), som blev delvist udlignet af et lille driftstab i Communications.
Den 22. oktober 2025 underskrev Demant en aftale om at sælge Oticon Medical til Impilo og afsluttede dermed processen med frasalg at sit Hearing Implants-forretningsområde. Aftalen sikrer Oticon Medicals fortsatte drift til gavn for kunder og patienter. Transaktionen er underlagt sædvanlige closing-betingelser og myndighedsgodkendelser. Closing forventes at ske senest i slutningen af Q1 2026.
Forventninger til 2025
Vores forventninger til 2025 opsummeres i tabellen nedenfor:
Parameter
Forventninger til 2025
Organisk vækst
1-3 %, sandsynligvis i den lavere ende af intervallet
EBIT
DKK 3.900-4.300 mio., sandsynligvis i den lavere ende af intervallet
Aktietilbagekøb
DKK 582 mio. pr. 11. juni, da aktietilbagekøbsprogrammet blev suspenderet
Forventningerne er baseret på en række nøgleantagelser som beskrevet nedenfor (ændringer markeret med fed skrift):
Stykvækstraten på det globale høreapparatmarked i 2025 forventes at blive 2-4 %. Som følge af ændringer i geografi- og kanalmiks forventer vi for helåret at se -1 % vækst i ASP’en på høreapparatmarkedet, hvilket vil resultere i en værdivækstrate på 1-3 % i 2025.
Vi forventer at se høj encifret vækst i styksalget på det franske marked i 2025.
Investeringer i opkøb i 2025 vil være på et meget højere niveau end normalt som følge af mange allerede gennemførte mindre opkøb i 2025 og det tidligere udmeldte opkøb af KIND Group, som er en af verdens førende høreapparatforhandlere, til en samlet købssum på EUR 700 mio.
Vores forventninger til 2025 omfatter ikke bidrag fra KIND Group, idet vi afventer closing af transaktionen, som forventes at finde sted i H2 2025.
Vi forventer flad OPEX-udvikling sekventielt i H2 i forhold til H1 2025.
Vi forventer fortsat, at EBIT som følge af ugunstige valutakursudviklinger vil blive påvirket med ca. DKK -125 mio. i forhold til vores oprindelige antagelser for året (uændrede i forhold til de senest udmeldte forventninger). Dette omfatter effekten af både kurssikrede og ikkekurssikrede valutaer. Effekten forventes primært at gøre sig gældende i Q2-Q4.
Vi forventer, at koncernen kun i begrænset omfang vil blive påvirket af told, men baseret på de p.t. implementerede toldsatser i USA indregner vi en effekt heraf på ca. DKK -25 mio. i 2025 på vores Diagnostics-forretningsområde.
Vores Communications-forretning samt vores forretning for benforankrede høresystemer (BAHS), Oticon Medical, indregnes som ophørende aktiviteter, og for helåret 2025 forventes det samlede tab efter skat fra ophørende aktiviteter at være ca. DKK 200 mio. Dette skyldes effekten af det udmeldte frasalg af Oticon Medical samt de forventede driftsresultater fra disse forretninger i 2025, men omfatter ikke nogen finansiel effekt af det påtænkte frasalg af vores Communications-forretning.
Yderligere antagelser omkring den finansielle modellering for 2025, opdateret pr. 3. november 2025, fremgår af nedenstående tabel:
Parameter
Antagelser om 2025
Akkvisitiv vækst
2 % baseret på omsætning fra akkvisitioner gennemført pr. 3. november 2025
Valutakursvækst
-2 % baseret på valutakurser pr. 3. november 2025 og inkl. effekten af valutakurssikring
Effektiv skattesats
Ca. 23 %
Tab fra ophørende aktiviteter
Ca. DKK 200 mio.
Telekonference
Demant afholder en telekonference den 5. november 2025 kl. 14.00 CET. Telekonferencen vil blive vist via webcast på vores hjemmeside www.demant.com. Hvis man ønsker at deltage i telekonferencen for at stille spørgsmål, bedes man forhåndsregistrere sig her for at modtage opkaldsdetaljer og adgangskode. Præsentationen, der vises på telekonferencen, vil blive uploadet på vores hjemmeside, kort før konferencen starter.
Yderligere information:
Søren Nielsen, koncernchef & adm. direktør
Telefon +45 3917 7300
www.demant.com
Øvrige kontaktpersoner:
René Schneider, CFO
Peter Pudselykke, Head of Investor Relations
Gustav Høegh, Investor Relations Officer
Henrik Axel Lynge Buchter, Manager of External Communications
Ledelseskommentarer
Markedsudvikling
I forhold til H1 så vi i Q3 samlet set forbedret vækst på markedet for høresundhed, som vi henvender os til, og som omfatter markederne for høreapparater samt diagnostisk udstyr og services, men væksten var lavere end normalt.
Høreapparatmarkedet
Baseret på tilgængelige markedsstatistikker, som dækker ca. to tredjedele af markedet for høreapparater, og på vores egne antagelser skønner vi, at det globale høreapparatmarked oplevede stykvækst på ca. 3 % i Q3 sammenlignet med samme periode i 2024. Dette er en forbedring fra det lave niveau i H1, men vækstraten forblev, som forventet, under den strukturelle vækstrate. Selvom væksten var bredt funderet på tværs af geografier, var den primært drevet af Europa, idet det kommercielle marked i USA var præget af en sekventiel afmatning, til trods for at det stadig er i vækst. For Q3 skønner vi, at ændringerne i geografi- og kanalmikset resulterede i en flad til marginalt negativ ASP-udvikling, og at vækstraten på det samlede høreapparatmarked således fortsat var lavere end normalt.
Skønnet stykvækst på markedet for høreapparater pr. region
2025
Region
Q1
Q2
Q3
YTD
Europa
4 %
3 %
4 %
3 %
Nordamerika
-3 %
2 %
2 %
1 %
Heraf USA (kommercielt marked)
-5 %
4 %
2 %
0 %
Heraf USA (VA)
-1 %
1 %
4 %
1 %
Rest of world
4 %
5 %
4 %
4 %
Global
2 %
3 %
3 %
3 %
Vi skønner, at markedsvæksten i Europa – som var understøttet af lidt svagere sammenligningstal i Q3 – var 4 % i Q3 sammenlignet med samme periode i 2024. Væksten var primært drevet af Frankrig, som fortsat så stærk, tocifret stykvækst. Hvis vi ser bort fra Frankrig, ville væksten i Europa have været ca. 2 %. I Storbritannien var væksten udelukkende drevet af det private marked, hvorimod væksten var moderat negativ i NHS. I Tyskland accelererede væksten sekventielt efter et afdæmpet Q2.
Stykvæksten i Nordamerika var 2 % i Q3, idet VA efter flere kvartalers flad vækst kom tilbage på vækstsporet i Q3. Hvad angår det kommercielle marked, så vi en sekventiel opbremsning i væksten, og managed care-segmentet så fortsat negativ vækst. I Canada udviklede markedet sig positivt efter negativ vækst i Q2, men det forblev på et lavt niveau.
Vi skønner, at stykvæksten i Rest of world-regionen var 4 %, hvilket var drevet af Japan, hvor stykvæksten tog et solidt hop opad efter flere kvartaler med flad vækst. Flere vækstmarkeder skønnes ligeledes at have bidraget til væksten, mens Australien og Kina leverede flad til moderat negativ vækst i Q3.
Markedet for diagnostisk udstyr
Vi skønner, at væksten på markedet for diagnostisk udstyr var moderat negativ i Q3 sammenlignet med samme periode sidste år. Dette skyldes den fortsat afdæmpede efterspørgsel efter diagnostisk udstyr, som dog blev opvejet af vækst på markederne for services og engangsprodukter i perioden.
Forretningsområder
Hearing Aids
Den organiske vækst i salget til eksterne kunder var 2 % i Q3 og var påvirket af et fortsat afdæmpet globalt høreapparatmarked, hvilket også indbefatter en sekventiel afmatning af det kommercielle marked i USA. Dette førte til et fald i ASP’en samt lavere værdivækst. Stykvæksten var positiv og over den skønnede markedsvækstrate, hvilket medførte øgede markedsandele i styk – både samlet set og på en række nøglemarkeder – trods lavere styksalg til en stor amerikansk høreapparatforhandler. Dette blev dog udlignet af en negativ ASP-udvikling som følge af mindre gunstige geografi- og kanalmiks.
I Europa blev den organiske vækst drevet fremad af gode resultater i Frankrig, hvor man fortsat så en positiv effekt af, at det nu er fireårsjubilæet for høresundhedsreformen, som blev gennemført i 2021, hvilket har ført til høj stykvækst i år. Som forventet så vi salg af en større andel af Class I-apparater til en lavere ASP, hvilket førte til lavere – men stadig positiv – værdivækst i Frankrig. Storbritannien bidrog positivt til væksten i Q3, hvorimod Tyskland oplevede flad vækst.
Drevet af stærke resultater i Canada var væksten positiv i Nordamerika. I USA var væksten påvirket af et sekventielt mere afdæmpet kommercielt marked samt et negativt vækstbidrag fra en stor høreapparatforhandler, hvilket imidlertid blev udlignet af vækst i salget til VA. Managed care-segmentet bidrog ligeledes til væksten, om end fra et meget lavt niveau.
I Asien var den organiske vækst moderat negativ, delvist som følge af et moderat negativt kinesisk marked og til trods for stærk vækst i Japan. I vores Pacific-region så vi god vækst drevet af stærk vækst i Australien. Vores Rest of world-region oplevede ligeledes vækst drevet af gode resultater på tværs af Latinamerika.
Hearing Care
Hearing Care fortsatte med at levere solide resultater i Q3 og opnåede 4 % organisk vækst trods svære sammenligningstal. Resultaterne var bredt funderet, men var særligt stærke i Polen og på en række af vores mellemstore markeder. Væksten i den aktuelle periode var drevet af både stykvækst og en positiv ASP-udvikling.
Europa leverede solid, bredt funderet organisk vækst drevet af særligt stærke resultater i Polen og på en række af vores mellemstore markeder. I Frankrig bidrager effekten af de løbende fornyelser af høreapparater distribueret i høresundhedsreformens første år fortsat til væksten. Effekten blev dog delvist udlignet af ændringer i produktmikset. Storbritannien leverede vækst i Q3 ligesom Tyskland, som også bidrog stærkt til væksten som følge af akkvisitioner.
Drevet af forbedrede resultater i USA, og trods en sekventiel afmatning på det kommercielle marked i USA, så vi moderat organisk vækst i Nordamerika. Som en kontrast hertil så vi moderat negativ vækst i Canada.
Både Asien og Pacific-regionen leverede solid organisk vækst med Kina og Australien som de vigtigste bidragydere som følge af forbedret produktmiks på begge markeder. Denne udvikling blev dog delvist udlignet af negativ vækst i Japan.
Diagnostics
Diagnostics leverede -1 % organisk vækst i Q3, hvilket afspejler et fortsat afdæmpet globalt marked for diagnostiske instrumenter. Mens vores forretning for services og engangsprodukter fortsatte med at levere gode resultater, var væksten ikke tilstrækkelig til at udligne nedgangen i vores forretning for diagnostiske instrumenter. Makroøkonomisk usikkerhed er stadig en af de vigtigste udfordringer, særligt i USA, hvor niveauet for investeringer i klinik- og hospitalsudstyr er lavt og fortsat påvirker efterspørgslen.
I Nordamerika – som er vores Diagnostics-forretningsområdes største marked – ser vi stadig lavere end normal vækst i USA, idet usikkerhed på markedet fortsat påvirker investeringsbeslutningerne negativt, særligt på klinikker og hospitaler. Europa oplevede negativ organisk vækst i Q3 ligesom vores Pacific- og Rest of world-regioner. I Asien var den organiske vækst samlet set moderat positiv – dog med blandede resultater i regionen og flad vækst i Kina.
Kontakter
Henrik Axel Lynge Buchter, External Communication Manager, Corporate Communication & Sustainability, +45 2264 9982, heey@demant.com
Om Demant A/S
Demant is a world-leading hearing healthcare group that offers innovative technologies, solutions and expertise to help people hear better. In every aspect, from hearing care and hearing aids to diagnostic equipment and services, Demant is active and engaged. Headquartered in Denmark, the Group employs more than 22,000 people globally and is present with solutions in 130 countries creating life-changing differences through hearing health. William Demant Foundation holds the majority of shares in Demant A/S, which is listed on Nasdaq Copenhagen and among the 25 most traded stocks.
Vedhæftninger
2025-12 Periodemeddelelse for Q3 2025.pdf
4.11.2025 17:04:32 CET | Demant A/S |
Interim report (Q1 and Q3)
Company announcement no 2025-12 4 November 2025
Interim Management Statement for Q3 2025
Organic growth of 3% in Q3 driven by solid performance in Hearing Care
The hearing aid market remained softer than normal with sequential slowdown in US commercial market
Outlook for 2025: Organic growth of 1-3% and EBIT of DKK 3,900-4,300 million, both likely in the lower end
“In Q3, the Group delivered 3% organic revenue growth in a global hearing healthcare market that remains affected by macroeconomic uncertainties. Hearing Care performed very well, and Hearing Aids gained unit market share, but the Group’s performance was impacted by a sequential slowdown in the US commercial market. Although the market is growing at a slower pace than normal, the fundamental demand for professional hearing care and innovative technology remains intact, and we are committed to addressing these needs. In October, we proudly launched Oticon Zeal, the world’s most complete in-the-ear hearing aid that meets the users’ expectations of having all necessary features in a discreet design: high sound quality, seamless connectivity and convenient rechargeability,” says Søren Nielsen, President & CEO of Demant.
Financial review of Q3 2025
Revenue (DKK million)
Growth
Business area
Q3 2025
Q3 2024
Organic
Acquisitive
LCY
FX
Reported
Hearing Aids, total revenue
3,012
3,004
3%
0%
3%
-3%
0%
Hearing Aids, internal revenue
-662
-600
8%
4%
12%
-2%
10%
Hearing Aids, external revenue
2,350
2,404
2%
-1%
1%
-3%
-2%
Hearing Care
2,537
2,400
4%
5%
9%
-3%
6%
Diagnostics
567
597
-1%
0%
-1%
-4%
-5%
Group
5,454
5,401
3%
2%
5%
-4%
1%
Revenue (DKK million)
Growth
Business area
YTD 2025
YTD 2024
Organic
Acquisitive
LCY
FX
Reported
Hearing Aids, total revenue
9,233
9,234
1%
1%
1%
-2%
0%
Hearing Aids, internal revenue
-1,969
-1,808
6%
4%
10%
-1%
9%
Hearing Aids, external revenue
7,264
7,426
-1%
0%
-1%
-2%
-2%
Hearing Care
7,686
7,234
3%
5%
8%
-2%
6%
Diagnostics
1,757
1,828
-2%
0%
-2%
-2%
-4%
Group
16,707
16,488
1%
2%
3%
-2%
1%
Unless otherwise indicated, the commentary below relates to Q3 2025.
The Group saw organic growth of 3%, which is a sequential improvement on H1, but in the lower end of our expectations, which is partly due to a weaker-than-normal hearing aid market. The Group saw additional growth of 2% related to acquisitions in Hearing Care. Exchange rate effects were -4%, resulting in total reported revenue growth of 1%.
Hearing Aids saw organic growth in revenue from external customers of 2%. Growth continues to be impacted by softness in the global hearing aid market, with the US commercial market seeing a sequential slowdown, leading to headwinds in the average selling price (ASP) and lower value growth. With regard to our unit sales development, we gained market share in total and across a number of key markets despite seeing lower unit sales to a large retailer in the US.
Hearing Care delivered solid performance in a market that continues to be soft, leading to organic growth of 4% despite tough comparative figures. The development was broad-based with particularly strong performances in Poland and in several of our other medium-sized markets. Momentum in France also continues to drive strong unit growth, but as expected, the ASP development was negative due to product mix changes. In line with our strategy, acquisitions in several markets contributed to growth in Q3, with Germany continuing to be the primary contributor.
Diagnostics saw organic growth of -1%. Growth in the business area remains impacted by continuously weak markets, including the US where we continue to see lower-than-normal investments in equipment in hospitals and clinics due to macroeconomic uncertainties. If we take a broader look at our product categories, growth in our services and consumables business continues to be positive, but this was not enough to offset negative growth in our instrument business.
The Group’s gross margin declined year-over-year and was slightly below expectations. This is a result of our ASP development in Q3 due to geographic and channel mix changes in Hearing Aids as well as an increasing share of rechargeable devices. Developments in Diagnostics also contributed to the decline.
As expected, OPEX saw modest organic growth compared to the same period last year and given the lower-than-normal market growth rate, we continue to focus on cost management. Acquisitions contributed further to OPEX growth. Driven by a number of key currencies, including the US dollar, exchange rates reduced reported OPEX.
The Group’s EBIT was in the lower end of our expectations, primarily due to a lower-than-expected gross margin. In addition, foreign exchange rates continued to have a negative impact on EBIT.
The Group continued to generate a high cash flow from operating activities (CFFO), which was somewhat supported by net working capital (NWC) developments in the period under review. Despite continued momentum in acquisitions, the high cash flow resulted in a slight reduction of the net interest-bearing debt compared to the end of Q2. The gearing multiple thus currently remains within our medium- to long-term target range of 2.0-2.5. Following closing of the KIND Group acquisition, which is expected to take place in H2 2025, the gearing ratio will temporarily exceed the medium- to long-term range.
The agreement to acquire KIND Group, as announced on 11 June 2025, remains subject to customary closing conditions and regulatory approvals. As a consequence of the signed agreement, the Group’s share buy-back programme was suspended on 11 June 2025. As at that date, the Group had bought back shares worth DKK 582 million.
Profit after tax from discontinued operations was slightly positive and in line with expectations. This is attributable to an operating profit in our bone anchored hearing systems (BAHS) business, which was partially offset by a small operating loss in Communications.
On 22 October 2025, Demant signed an agreement to sell Oticon Medical to Impilo, thereby concluding the process of divesting its Hearing Implants business area. The agreement ensures the continuity of Oticon Medical’s business operations for the benefit of customers and patients. The transaction is subject to customary closing conditions and regulatory approvals. Closing of the transaction is expected to take place no later than the end of Q1 2026.
Outlook for 2025
Our financial outlook for 2025 is summarised in the table below:
Metric
Outlook for 2025
Organic growth
1-3% range, likely in the lower end of the range
EBIT
DKK 3,900-4,300 million range, likely in the lower end of the range
Share buy-backs
DKK 582 million as at 11 June, when the share buy-back programme was suspended
The outlook is based on a number of key assumptions as described below (changes marked in bold):
The unit growth rate in the global hearing aid market in 2025 is expected to be 2-4%. Due to geographic and channel mix changes, we expect the hearing aid market to see ASP development of around -1% for the full year, resulting in a value growth rate of 1-3% in 2025.
We expect the French market to grow in the high single digits in units in 2025.
The cash allocated to acquisitions in 2025 will be at a much higher-than-normal level due to a high level of bolt-on acquisitions already made in 2025 and the previously announced acquisition of KIND Group, one of the world’s leading retailers of hearing aids, for a total consideration of EUR 700 million.
Our financial outlook for 2025 does not include any contribution from KIND Group, pending closing of the transaction, which is expected to take place in H2 2025.
We expect flat development in OPEX sequentially in H2 compared to H1 2025.
We continue to expect an impact on EBIT of around DKK -125 million compared to our original assumptions (unchanged compared to the most recently published outlook) for the year due to adverse exchange rate developments. This includes the effects of both hedged and unhedged currencies, with the majority of the impact expected to take effect in Q2-Q4.
We expect a limited impact of tariffs on the Group, but we include an impact of around DKK -25 million of tariffs in 2025 on our Diagnostics business area based on currently implemented tariffs in the US.
Our Communications business and our business for bone anchored hearing systems, Oticon Medical, are recognised as part of discontinued operations, and for the full year 2025, we expect a loss after tax from discontinued operations to be around DKK 200 million. This is due to the impact of the announced divestment of Oticon Medical and the expected operating results generated by the businesses in 2025, but does not include any financial impact of the intended divestment of our Communications business.
For modelling purposes, we provide further assumptions for 2025 below, which are updated as at 3 November 2025:
Metric
Assumption for 2025
Acquisitive growth
2% based on revenue from acquisitions completed as at 3 November 2025
FX growth
-2% based on exchange rates as at 3 November 2025 and including the impact of hedging
Effective tax rate
Around 23%
Loss from discontinued operations
Around DKK 200 million
Conference call details
Demant will host a conference call on 5 November 2025 at 14:00 CET. A live webcast of the call will be available on our website www.demant.com. If you would like to access the conference call to ask questions, please pre-register here to receive the dial-in numbers and access codes. A presentation for the call will be uploaded on our website shortly before the call.
Further information:
Søren Nielsen, President & CEO
Phone +45 3917 7300
www.demant.com
Other contacts:
René Schneider, CFO
Peter Pudselykke, Head of Investor Relations
Gustav Høegh, Investor Relations Officer
Henrik Axel Lynge Buchter, Manager of External Communications
Management commentary
Market trends
Overall, the hearing healthcare market we address, which comprises the markets for hearing aids and diagnostic instruments and services, saw improvement in Q3 from H1, but remained at a lower-than-normal growth rate.
Hearing aid market
Based on available market statistics, covering around two-thirds of the hearing aid market, and on our own assumptions, we estimate that the global hearing aid market saw unit growth of around 3% in Q3 compared to the same period in 2024. This is an improvement from the low levels in H1, but, as expected, the growth rate remained below the structural growth rate. While growth was broad-based across geographies, it was primarily driven by Europe, as the US commercial market saw a sequential slowdown, even though it continues to generate growth. For Q3, we estimate that geographic and channel mix changes resulted in flat to slightly negative ASP development and that the total hearing aid market thus continued to grow at a lower-than-normal rate.
Estimated unit growth in the hearing aid market by region
2025
Region
Q1
Q2
Q3
YTD
Europe
4%
3%
4%
3%
North America
-3%
2%
2%
1%
Hereof US (commercial)
-5%
4%
2%
0%
Hereof US (VA)
-1%
1%
4%
1%
Rest of world
4%
5%
4%
4%
Global
2%
3%
3%
3%
We estimate that market growth in Europe – which was supported by slightly softer comparative figures in Q3 – was 4% in Q3 compared to the same period in 2024. Growth was primarily driven by France, which continued to see strong, double-digit unit growth. Excluding France, growth in Europe would have been around 2%. In the UK, growth was entirely driven by the private market, whereas growth was slightly negative in the NHS. In Germany, growth accelerated sequentially following a slow Q2.
Unit growth in North America was 2% in Q3, driven by a rebound in VA in Q3 after several quarters of flattish growth. As far as the commercial market is concerned, growth slowed down sequentially, with managed care continuing to see negative growth. In Canada, the market improved following negative growth in Q2, but it remained at a low level.
In the Rest of world region, we estimate that growth was 4%. This was driven by Japan, which showed solid improvement after several quarters of flat growth. Several emerging markets are also estimated to have contributed to growth, while Australia and China delivered flat to slightly negative growth in Q3.
Market for diagnostic instruments
We estimate that the growth rate in the market for diagnostic instruments was slightly negative in Q3 compared to the same period last year. This is due to the continuously soft demand for diagnostic instruments, which was offset by growth in the market for services and consumables in the period.
Business areas
Hearing Aids
Sales to external customers grew organically by 2% in Q3, impacted by continued softness in the global hearing aid market, including a sequential slowdown in the US commercial market, leading to ASP headwinds and lower value growth. Growth measured in units was positive and above the estimated market growth rate, leading to market share gains in units in total and across a number of key markets despite lower unit sales to a large US retailer. However, this was offset by negative ASP development, resulting from a less favourable geographic and channel mix.
In Europe, organic growth was fuelled by good performance in France, which continued to see a positive effect of the four-year anniversary of the hearing healthcare reform implemented in 2021, leading to high unit growth this year. As expected, we saw a higher share of Class I devices sold at a lower ASP, leading to lower, but still positive, value growth in France. The UK contributed positively to growth in Q3, whereas Germany saw flattish growth.
Driven by strong performance in Canada, growth was positive in North America. In the US, growth was impacted by a sequentially slower commercial market and negative growth contribution from a large retailer, which was, however, offset by growth in VA. In managed care, we also saw growth contribution, albeit from a very low level.
In Asia, organic growth was slightly negative, partly due to a slightly negative Chinese market and despite strong growth in Japan. In our Pacific region, we saw good growth driven by strong growth in Australia. Our Rest of world region also saw growth, driven by good broad-based performance in Latin America.
Hearing Care
Hearing Care continued to deliver solid performance in Q3, achieving 4% organic growth despite tough comparative figures. Performance was broad-based with particularly strong performance in Poland and in several of our medium-sized markets. Growth in the period under review was driven by both unit growth and positive ASP development.
Europe delivered solid, broad-based organic growth, driven by particularly strong performances in Poland and in several of our medium-sized markets. In France, the effect of ongoing renewals of hearing aids distributed in the first year of the hearing healthcare reform continues to contribute to growth. However, these effects were partially offset by product mix changes. The UK delivered growth in Q3, as did Germany, which also contributed strongly to growth due to acquisitions.
Driven by improved performance in the US market and despite a sequential slowdown in the US commercial market, North America saw slight organic growth. In contrast, we saw slightly negative development in Canada.
Asia and the Pacific region both delivered solid organic growth, with China and Australia as the main contributors due to improved product mix in both markets. However, this trend was partially offset by negative growth in Japan.
Diagnostics
Diagnostics delivered -1% organic growth in Q3, reflecting continued softness in the global market for diagnostic instruments. While our services and consumables business continued to perform well, this growth was not sufficient to offset the decline in our instruments business. Macroeconomic uncertainties remain a key challenge, particularly in the US, where reduced investments in clinical and hospital equipment continue to impact demand.
In North America – which is the largest market for our Diagnostics business area – we continue to see lower-than-normal growth in the US, as market uncertainty continues to weigh on investment decisions, particularly in the clinic and hospital segments. Europe experienced negative organic growth in Q3, as did our Pacific and Rest of world regions. In Asia, organic growth was slightly positive in overall terms, with mixed performances across the region and with China delivering flat growth.
Contacts
Henrik Axel Lynge Buchter, External Communication Manager, Corporate Communication & Sustainability, +45 2264 9982, heey@demant.com
About Demant A/S
Demant is a world-leading hearing healthcare group that offers innovative technologies, solutions and expertise to help people hear better. In every aspect, from hearing care and hearing aids to diagnostic equipment and services, Demant is active and engaged. Headquartered in Denmark, the Group employs more than 22,000 people globally and is present with solutions in 130 countries creating life-changing differences through hearing health. William Demant Foundation holds the majority of shares in Demant A/S, which is listed on Nasdaq Copenhagen and among the 25 most traded stocks.
Attachments
2025-12 Interim Management Statement for Q3 2025.pdf
