3.11.2026 17:02:56 CET | Demant A/S |
Delårsrapport/Periodemeddelelse (Q1 og Q3)
Selskabsmeddelelse nr. 2026-13 3. november 2026
Periodemeddelelse for Q3 2026
Den 9. oktober 2026 offentliggjorde Demant sit foreløbige resultat for Q3 og opjusterede sine forventninger til 2026. Denne periodemeddelelse for Q3 uddyber udviklingen i vores forretningsområder, i vores finansielle nøgletal og på høreapparatmarkedet og beskriver de antagelser, der ligger til grund for vores forventninger til 2026.
Meget stærke resultater i Q3, hvor koncernen rapporterede vækst på 21 % og organisk vækst på 11 %
Hearing Aids oplevede meget stærk organisk vækst på 17 % drevet af den meget succesfulde lancering af Oticon Reveal
Forventningerne til 2026 gentages: Organisk vækst på 7-8 % og EBIT før særlige poster på DKK 4.700-5.000 mio.
Aktietilbagekøb er genoptaget og forventes at beløbe sig til mindst DKK 3 mia. inden udgangen af 2027
“Vi leverede et meget stærkt tredje kvartal med 21 % omsætningsvækst i koncernen drevet af særligt stærkt momentum i Hearing Aids og et betydeligt bidrag fra købet af den tyske høreapparatkæde KIND. Den succesfulde lancering af flagskibshøreapparatet, Oticon Reveal, genererede betydelig vækst og styrkede vores samlede produktportefølje yderligere. Vores to andre forretningsområder, Hearing Care og Diagnostics, bidrog også positivt til væksten. Med de stærke resultater er vi nu godt på vej til at slutte året med vores bedste resultat nogensinde. Det giver os mulighed for at investere yderligere i innovation og forbedre livet for mennesker med høretab,” siger Søren Nielsen, koncernchef & adm. direktør for Demant.
Finansiel gennemgang af Q3 2026
Omsætning (DKK mio.)
Vækst
Forretningsområde
Q3 2026
Q3 2025
Organisk
Akkvisitiv
LCY
FX
Rapporteret
Hearing Aids, samlet omsætning
3.597
3.012
19 %
0 %
19 %
0 %
19 %
Hearing Aids, intern omsætning
-850
-662
25 %
3 %
28 %
1 %
28 %
Hearing Aids, ekstern omsætning
2.747
2.350
17 %
-1 %
17 %
0 %
17 %
Hearing Care
3.278
2.537
6 %
22 %
28 %
2 %
29 %
Diagnostics
599
567
4 %
0 %
4 %
2 %
6 %
Koncern
6.624
5.454
11 %
10 %
20 %
1 %
21 %
Omsætning (DKK mio.)
Vækst
Business area
YTD 2026
YTD 2025
Organisk
Akkvisitiv
LCY
FX
Rapporteret
Hearing Aids, samlet omsætning
10.396
9.233
15 %
0 %
15 %
-2 %
13 %
Hearing Aids, intern omsætning
-2.496
-1.969
24 %
4 %
28 %
-1 %
27 %
Hearing Aids, ekstern omsætning
7.900
7.264
12 %
-1 %
11 %
-2 %
9 %
Hearing Care
9.816
7.686
6 %
22 %
28 %
-1 %
28 %
Diagnostics
1.821
1.757
6 %
0 %
6 %
-2 %
4 %
Koncern
19.537
16.707
8 %
10 %
18 %
-2 %
17 %
Medmindre andet er angivet, omhandler nedenstående kommentarer Q3 2026.
Koncernen leverede organisk vækst på 11 % drevet af høj vækst i Hearing Aids og understøttet af et høreapparatmarked, der voksede 7 % i værdi i Q3 (5 % YTD). Koncernen realiserede yderligere vækst på 10 % fra akkvisitioner i Hearing Care, fortrinsvist fra akkvisitionen af KIND. Valutakurseffekter var 1 %, og den samlede rapporterede omsætningsvækst var således 21 %.
Hearing Aids leverede organisk vækst i omsætningen fra eksterne kunder på 17 % trods marginalt sværere sammenligningstal end i Q2. Væksten ligger markant over vores forventninger og kan tilskrives det meget flotte salg af Oticon Reveal, som har sat yderligere skub i det positive momentum skabt af Oticon Zeal. Denne udvikling bekræfter styrken i og relevansen af vores samlede produktportefølje for kunderne.
Hearing Care leverede solid organisk vækst på 6 %, hvilket er lidt over forventningerne. Væksten var bredt funderet på tværs af regioner, men særligt vækstbidragene fra Tyskland og Canada var betydelige. KIND opnåede gode resultater i Q3 og var den primære bidragyder til den akkvisitive vækst på 22 %.
Diagnostics leverede organisk vækst på 4 %, hvilket er på niveau med vores forventninger. Væksten var både drevet af vores forretning for services og engangsprodukter og af solidt salg af diagnostiske instrumenter. Hvis vi kigger på vores globale resultater på tværs af produktkategorier, skønner vi, at vi leverede vækst, der i Q3 lå en smule over markedsvækstraterne for diagnostiske instrumenter samt services og engangsprodukter.
Koncernens bruttomargin er steget betydeligt i forhold til Q3 sidste år og lå over vores forventninger. Udviklingen var primært drevet af en højere gennemsnitlig salgspris (ASP) i Hearing Aids efter lanceringen af Oticon Reveal og var understøttet af akkvisitionen af KIND i Hearing Care. Derudover oplevede koncernen en mindre forbedring af bruttomarginen, idet vi indregnede den ventede refusion af tidligere betalt told i Q3. Udviklingen i valutakurser påvirkede ikke bruttomarginen i nævneværdig grad.
OPEX voksede organisk på niveau med forventningerne, da vi fortsat investerer i forretningen, men samtidig fokuserer på omkostningskontrol. Akkvisitioner bidrog til OPEX-vækst som følge af konsolideringen af KIND, og valutakurseffekter bidrog ligeledes til en lille stigning i OPEX.
Som følge af den stærke organiske vækst opnåede koncernen betydelig operationel gearing og realiserede et markant forbedret EBIT før særlige poster i Q3 sammenlignet med samme periode sidste år. Derudover ser vi fortsat et positivt bidrag fra KIND, hvorimod valutakurser havde en negativ effekt på EBIT før særlige poster. Effekten af begge faktorer var som forventet.
Hvad angår omkostninger indregnet som særlige poster, gjorde koncernen fortsat gode fremskridt i implementeringen af omkostningsbesparende initiativer og integrationen af KIND, og de omkostninger, der vedrører disse aktiviteter, lå på det forventede niveau.
Drevet af den stærke organiske vækst leverede koncernen et meget stærkt cashflow målt på både CFFO og FCF. Som resultat heraf og af den stigende indtjening faldt koncernens gearing-multipel (NIBD/EBITDA før særlige poster) betydeligt sammenlignet med Q2 2026. Derfor annoncerede vi den 9. oktober, at vi ville genoptage vores aktietilbagekøbsprogram, og at vi forventer at tilbagekøbe aktier for mindst DKK 3 mia. inden udgangen af 2027 og således slutte 2027 med en gearing-multipel inden for vores målinterval på 2,0-2,5.
Forventninger til 2026
Vores finansielle forventninger til 2026 blev opjusteret d. 9. oktober og er opsummeret i nedenstående tabel og er baseret på et konkurrencepræget marked, hvor flere konkurrenter lancerer produkter i H2.
Parameter
Forventninger til 2026
Organisk vækst
7-8 %
EBIT før særlige poster
DKK 4.700-5.000 mio.
Aktietilbagekøb
For mindst DKK 3 mia. fra Q4 2026 indtil udgangen af 2027
Forventningerne er baseret på en række nøgleantagelser som beskrevet nedenfor (ændringer er markeret med fed skrift):
På baggrund af den positive udvikling, vi har set på høreapparatmarkedet i Q3, forventer vi, at værditilvæksten i 2026 vil være på niveau med den strukturelle vækstrate på høreapparatmarkedet, og at denne vækst højst sandsynligt vil ligge på 4-5 %.
Som forventet indregnede vi en refusion af tidligere betalt told i USA, hvilket beløb sig til ca. DKK 25 millioner i Q3. Selvom den globale handels- og toldsituation stadig er præget af øget usikkerhed, forventer vi ikke, at koncernen vil blive pålagt yderligere told i forhold til 2025.
Som følge af valutakursændringer i 2026 forventer vi en valutakurseffekt på EBIT før særlige poster på ca. DKK -125 mio. i forhold til 2025. Effekten forventes at være en smule mere udtalt i H2.
I februar 2026 lancerede vi omkostningsbesparende initiativer i Demant med henblik på at øge lønsomheden. Vi forventer at realisere besparelser, der vil have en positiv effekt på EBIT før særlige poster på ca. DKK 300 mio. i 2026. Hovedparten af effekten forventes at materialisere sig i H2.
Vi forventer, at KIND i 2026 vil bidrage med ca. DKK 325 mio. til koncernens EBIT før særlige poster.
Vi forventer at afholde omkostninger indregnet som særlige poster på i alt DKK 400 mio. i 2026. Disse omkostninger vedrører tidligere udmeldte transaktions- og integrationsomkostninger efter akkvisitionen af KIND, som beløber sig til ca. DKK 150 mio. Derudover vil de udmeldte omkostningsbesparende initiativer medføre engangsomkostninger på DKK 250 mio., som hovedsageligt relaterer sig til aftrædelsesordninger og implementeringsomkostninger. Som tidligere udmeldt forventer vi fortsat at afholde omkostninger indregnet som særlige poster på DKK 100 mio. i 2027.
Yderligere antagelser omkring den finansielle modellering for 2026, som er opdateret pr. 2. november 2026, fremgår af nedenstående tabel:
Parameter
Antagelser vedrørende 2026
Akkvisitiv vækst
9 % baseret på omsætning fra akkvisitioner gennemført pr. 2. november 2026
Valutakursvækst
-1 % baseret på valutakurser opgjort pr. 2. november 2026 inkl. valutakurssikring
Særlige poster
DKK -400 mio.
Effektiv skattesats
Ca. 23 %
Telekonference
Demant afholder en telekonference den 4. november 2026 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.
For yderligere information kontakt venligst:
Investorer og analytikere
Presse og medier
Peter Pudselykke
Head of Investor Relations
Tlf.: +45 2830 7638
E-mail: pepu@demant.com
Maribel Alonso Francisco
Communication Manager
Tlf.: +45 3171 9261
E-mail: msbl@demant.com
Gustav Høegh
Investor Relations Officer
Tlf.: +45 5350 0114
E-mail: gukh@demant.com
Ledelseskommentarer
Markedsudvikling
Samlet set så vi vækst, der lå over den strukturelle vækstrate, på markedet for høresundhed, som vi henvender os til, og som omfatter markederne for høreapparater samt diagnostisk udstyr og services.
Høreapparatmarkedet
Baseret på tilgængelige markedsstatistikker, som dækker ca. to tredjedele af markedet for høreapparater, og på vores egne antagelser vurderer vi, at det globale høreapparatmarked oplevede stykvækst på ca. 6 % i Q3 sammenlignet med samme periode i 2025. Vi skønner, at denne vækst inkluderede et bidrag på ca. 1 procentpoint fra produktintroduktioner gennemført i slutningen af Q3. Selvom væksten var bredt funderet på tværs af geografier, var den primært drevet af det amerikanske kommercielle marked og af Europa. For Q3 skønner vi, at ændringer i geografi- og kanalmiks resulterede i en positiv ASP-udvikling, og at det samlede høreapparatmarked således voksede med ca. 7 % i værdi.
Skønnet stykvækst på markedet for høreapparater pr. region
2026
Region
Q1
Q2
Q3
YTD
Europa
2 %
2 %
8 %
4 %
Nordamerika:
3 %
2 %
6 %
4 %
USA (kommercielt marked)
3 %
0 %
8 %
4 %
US (VA)
4 %
1 %
1 %
2 %
Rest of world
4 %
5 %
4 %
4 %
Global
3 %
3 %
6 %
4 %
Vi skønner, at stykvæksten i Europa var 8 % i Q3 sammenlignet med samme periode i 2025. Væksten var drevet af fortsat stærk udvikling i Tyskland og Frankrig. Markedsvæksten i Storbritannien blev forbedret i Q3 efter to kvartaler med negativ vækst, og både NHS og det private marked bidrog til væksten. Vi skønner, at de mindre europæiske markeder ligeledes oplevede vækst i Q3.
Stykvæksten i Nordamerika steg kraftigt i Q3 og landede på 6 %. Væksten, som var drevet af det amerikanske kommercielle marked, var delvist understøttet af produktlanceringer i Q3. Væksten var tynget af et fortsat negativt managed care-marked (forsikringsdækket behandling). I VA var markedsvæksten 1 %, og i Canada var markedsvæksten svagt positiv.
Vi skønner, at stykvæksten i vores Rest of world-region var 4 % understøttet af bredt funderet vækst på flere vækstmarkeder. Kina og Japan leverede ligeledes positiv vækst.
Markedet for diagnostisk udstyr
Vi skønner, at vækstraten på markedet for diagnostiske instrumenter samt services og engangsprodukter var svagt positivt i Q3 sammenlignet med samme periode sidste år.
Forretningsområder
Hearing Aids
Hearing Aids realiserede organisk vækst i omsætningen fra eksterne kunder på 17 % til trods for marginalt sværere sammenligningstal end i Q2. Væksten ligger markant over vores forventninger og kan tilskrives den meget succesfulde lancering af Oticon Reveal – især på det amerikanske kommercielle marked – hvilket har medført et stærkt produktmiks. Den stærke lancering har yderligere øget det positive momentum skabt af Oticon Zeal, hvilket tydeligt bekræfter styrken i og relevansen af vores samlede produktportefølje for kunderne. I Q3 genererede vi ikke bare stykvækst, der oversteg markedsstykvækstraten, men så også et stærkt bidrag fra ASP-udviklingen sammenlignet med Q3 2025, og vi skønner, at vi har øget vores markedsandel i værdi betydeligt. Kunderne har taget overordentlig godt imod Oticon Reveal, og produktet er nu tilgængeligt på tværs af markeder og kanaler.
Nordamerika oplevede fortsat tocifret organisk vækst, som udelukkende var drevet af USA. Den stærke vækst i USA var understøttet af lanceringen af Oticon Reveal, et fortsat stærkt bidrag fra hele vores produktportefølje og en øget markedsandel i VA. Den organiske vækst i Canada var svagt positiv.
Europa leverede stærk organisk vækst med stærke bidrag fra Storbritannien, Tyskland og Frankrig. Flere mellemstore markeder bidrog ligeledes til væksten.
Asien oplevede stærk organisk vækst, selvom Kina oplevede negativ vækst. Australien genererede meget stærk organisk vækst, og vores Rest of world-region, som fortrinsvis omfatter vækstmarkeder, leverede solid organisk vækst.
Hearing Care
Hearing Care leverede solid organisk vækst på 6 %, hvilket er en smule bedre end forventet. Væksten var bredt funderet på tværs af regioner og drevet af både stykvækst og en positiv ASP-udvikling.
Europa leverede solid organisk vækst drevet af stærke resultater i Tyskland og gode bidrag fra flere af vores mellemstore markeder. Væksten var positiv i Frankrig. Akkvisitioner var fortsat en væsentlig bidragyder til rapporteret vækst efter akkvisitionen af KIND. Som annonceret den 3. november 2026 har vi igangsat en proces for at forene vores Hearing Care-aktiviteter i Tyskland under KIND-navnet. Dette vil skabe én Hearing Care-organisation i Tyskland, hvor det velansete KIND-navn kombineres med Demant Hearing Cares visuelle identitet.
Nordamerika oplevede stærk organisk vækst drevet af fortsat momentum i Canada. Understøttet af forbedrede markedsvilkår så vi ligeledes solid vækst i USA.
Vores Pacific-region leverede solid, bredt funderet organisk vækst. Asien leverede svagt positiv organisk vækst, hvorimod Kina oplevede negativ vækst.
Diagnostics
Diagnostics leverede 4 % organisk vækst i Q3 drevet af vækst i vores forretning for diagnostiske instrumenter samt services og engangsprodukter. Forretningsområdet var ikke påvirket af akkvisitioner i Q3.
Den organiske vækst var positiv i Europa. Nordamerika oplevede også vækst drevet af USA, hvorimod væksten var negativ i Canada efter flotte resultater i H1. Vores Pacific- og Rest of world-regioner realiserede begge stærk organisk vækst drevet af henholdsvis Australien og Latinamerika. Væksten i Asien var flad.
Kontakter
Maribel Alonso Francisco, Communication Manager, +45 3171 9261, msbl@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 26,000 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
2026-13 Periodemeddelelse for Q3 2026.pdf
3.11.2026 17:02:56 CET | Demant A/S |
Interim report (Q1 and Q3)
Company announcement no 2026-13 3 November 2026
Interim Management Statement for Q3 2026
Demant announced preliminary Q3 figures and upgraded its 2026 financial outlook on 9 October 2026. This Interim Management Statement for Q3 elaborates on the developments in our business areas, financial key figures, the hearing aid market and the assumptions for our 2026 outlook.
Very strong performance in Q3 with Group reported growth of 21% and organic growth of 11%
Hearing Aids saw very strong organic growth of 17%, driven by the highly successful launch of Oticon Reveal
Outlook for 2026 reiterated: Organic growth of 7-8% and EBIT before special items of DKK 4,700-5,000 million
Share buybacks resumed and expected to total at least DKK 3 billion by the end of 2027
“We delivered a very strong third quarter with 21% revenue growth for the Group, driven by particularly strong momentum in Hearing Aids and a significant contribution from the acquisition of German hearing care retailer KIND. The successful launch of the flagship hearing aid, Oticon Reveal, drove significant growth and further strengthened our overall product portfolio, while Hearing Care and Diagnostics also contributed positively. The strong results put us on track to end the year on an all-time high, enabling us to invest further in innovation to improve the lives of people living with hearing loss,” says Søren Nielsen, President & CEO of Demant.
Financial review of Q3 2026
Revenue (DKK million)
Growth
Business area
Q3 2026
Q3 2025
Organic
Acquisitive
LCY
FX
Reported
Hearing Aids, total revenue
3,597
3,012
19%
0%
19%
0%
19%
Hearing Aids, internal revenue
-850
-662
25%
3%
28%
1%
28%
Hearing Aids, external revenue
2,747
2,350
17%
-1%
17%
0%
17%
Hearing Care
3,278
2,537
6%
22%
28%
2%
29%
Diagnostics
599
567
4%
0%
4%
2%
6%
Group
6,624
5,454
11%
10%
20%
1%
21%
Revenue (DKK million)
Growth
Business area
YTD 2026
YTD 2025
Organic
Acquisitive
LCY
FX
Reported
Hearing Aids, total revenue
10,396
9,233
15%
0%
15%
-2%
13%
Hearing Aids, internal revenue
-2,496
-1,969
24%
4%
28%
-1%
27%
Hearing Aids, external revenue
7,900
7,264
12%
-1%
11%
-2%
9%
Hearing Care
9,816
7,686
6%
22%
28%
-1%
28%
Diagnostics
1,821
1,757
6%
0%
6%
-2%
4%
Group
19,537
16,707
8%
10%
18%
-2%
17%
Unless otherwise indicated, the commentary below relates to Q3 2026.
The Group saw organic growth of 11%, fuelled by strong growth acceleration in Hearing Aids and supported by a hearing aid market that grew by 7% in value in Q3 (5% YTD). The Group saw additional growth of 10% related to acquisitions in Hearing Care, predominantly from KIND. Exchange rate effects were 1%, resulting in total reported revenue growth of 21%.
Hearing Aids saw organic growth in revenue from external customers of 17% despite slightly tougher comparative figures than in Q2. This was significantly above our expectations and driven by very strong sales from the launch of Oticon Reveal, which has further accelerated the positive momentum created by Oticon Zeal. This development confirms the strength and relevance of our overall product portfolio for customers.
Hearing Care delivered solid organic growth of 6%, which is slightly ahead of expectations. Growth was broad-based across regions, with strong growth contributions from especially Germany and Canada. KIND performed well in Q3 and was the main contributor to the 22% acquisitive growth.
Diagnostics saw organic growth of 4%, which is in line with our expectations. Growth was driven both by our service and consumables business and by good sales of diagnostic instruments. When looking at our global performance across product categories, we estimate that we delivered growth slightly above the market growth rate for diagnostic instruments and services and consumables in Q3.
The Group’s gross margin increased significantly year-over-year and was ahead of our expectations. In Q3, the development was primarily driven by a higher ASP in Hearing Aids following the launch of Oticon Reveal and supported by the acquisition of KIND in Hearing Care. In addition, the Group saw a slight improvement in the gross margin, as we recognised the anticipated refund of previously paid tariffs in Q3. Changes in foreign exchange rates did not materially impact the gross margin.
OPEX saw organic growth in line with expectations, as we continue to invest in the business, while maintaining focus on cost management. Acquisitions contributed to OPEX growth due to the acquisition of KIND, and we saw a slight increase in OPEX due to changes in exchange rates.
Due to the strong organic growth, the Group saw significant operating leverage and improvement in EBIT before special items in Q3 compared to Q3 2025. In addition, we continue to see a positive contribution from KIND, whereas foreign exchange rates had a negative impact on EBIT before special items. Both drivers were as expected.
In terms of costs recognised as special items, the Group continued to make good progress on the cost effectiveness initiatives and the integration of KIND, and the costs related to these activities were in line with expectations.
Fuelled by the strong organic growth, the Group delivered a very strong cash flow in terms of both CFFO and FCF. As a result of this and of increasing profits, the Group’s gearing multiple (NIBD/EBITDA before special items) declined meaningfully compared to Q2 2026. Therefore, we announced on 9 October that we would resume our share buyback programme, expecting to buy back shares worth at least DKK 3 billion by the end of 2027, and to end that year with a gearing multiple within the target range of 2.0-2.5.
Outlook for 2026
Our financial outlook for 2026 was upgraded on 9 October and is summarised in the table below. The financial outlook is based on a competitive environment, with several competitors launching products in H2.
Metric
Outlook for 2026
Organic growth
7-8%
EBIT before special items
DKK 4,700-5,000 million
Share buybacks
At least DKK 3 billion from Q4 2026 to the end of 2027
The outlook is based on a number of key assumptions as described below (changes marked in bold):
Following the positive development in the hearing aid market in Q3, we expect value growth in 2026 to be in line with the structural growth rate in the hearing aid market, with 4-5% being the most likely outcome.
As expected, we recognised a refund of previously paid tariffs in the US amounting to approximately DKK 25 million in Q3. Even though the global trade and tariff situation continues to be characterised by elevated uncertainty, we do not expect to see any additional impact of tariffs on the Group relative to 2025.
Following exchange rate developments during 2026, we expect an exchange rate impact on EBIT before special items of around DKK -125 million compared to 2025, with the impact expected to weigh slightly towards H2.
In February 2026, we launched cost effectiveness initiatives in Demant to improve profitability. We expect to see savings positively impacting EBIT before special items by around DKK 300 million in 2026. The majority of the impact is expected to materialise in H2.
We expect KIND to contribute DKK 325 million to the Group’s EBIT before special items in 2026.
We expect to incur costs recognised as special items totalling DKK 400 million in 2026. These costs relate to previously communicated transaction and integration costs following the acquisition of KIND, amounting to approximately DKK 150 million. In addition, the announced cost-saving initiatives entail one-off costs of DKK 250 million, primarily related to severance payments and implementation costs. As previously communicated, we continue to expect to incur costs recognised as special items, amounting to DKK 100 million in 2027.
For modelling purposes, we provide further assumptions for 2026 below, which are updated as at 2 November 2026:
Metric
Assumption for 2026
Acquisitive growth
9% based on revenue from acquisitions completed as at 2 November 2026
FX growth
-1% based on exchange rates as at 2 November 2026 and including the impact of hedging
Special items
DKK -400 million
Effective tax rate
Around 23%
Conference call details
Demant will host a conference call on 4 November 2026 at 14:00 CET. A live webcast of the call will be available on our website www.demant.com. If you would like to attend 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 available on our website shortly before the call.
For further information, please contact:
Investors and analysts
Press and media
Peter Pudselykke
Head of Investor Relations
Phone: +45 2830 7638
E-mail: pepu@demant.com
Maribel Alonso Francisco
Communication Manager
Phone: +45 3171 9261
E-mail: msbl@demant.com
Gustav Høegh
Investor Relations Officer
Phone: +45 5350 0114
E-mail: gukh@demant.com
Management commentary
Market trends
Overall, the hearing healthcare market we address, which comprises the markets for hearing aids and diagnostic instruments and services, saw growth above the structural growth rate in Q3 2026.
Hearing aid market
Based on available market statistics, covering approximately two-thirds of the market, and on our own assumptions, we estimate that the global hearing aid market saw unit growth of 6% in Q3 compared to the same period in 2025. We estimate that this growth included a contribution of approximately 1 percentage point from product introductions realised at the end of Q3. While growth was broad-based across geographies, it was primarily driven by the US commercial market and Europe. For Q3, we estimate that geographic and channel mix changes resulted in a positive ASP development and that the total hearing aid market thus grew by around 7% in value.
Estimated unit growth in the hearing aid market by region
2026
Region
Q1
Q2
Q3
YTD
Europe
2%
2%
8%
4%
North America
3%
2%
6%
4%
US (commercial)
3%
0%
8%
4%
US (VA)
4%
1%
1%
2%
Rest of world
4%
5%
4%
4%
Global
3%
3%
6%
4%
We estimate that the market unit growth rate in Europe was 8% in Q3 compared to the same period in 2025. Growth was driven by continuously strong development in Germany and France. Market growth in the UK improved in Q3 after two quarters of negative growth, with both the NHS and the private market contributing to growth. We estimate that the smaller European markets also saw growth in Q3.
Unit growth in North America saw strong improvement in Q3, reaching 6%. Partly supported by product launches in Q3, growth was driven by the US commercial market. Growth was weighed down by a continuously negative managed care market. In VA, market growth was 1% and in Canada, market growth was slightly positive.
We estimate that unit growth in the Rest of world region was 4%, supported by broad-based growth across several emerging markets. China and Japan also delivered growth.
Diagnostics market
We estimate that the growth rate in the market for both diagnostic instruments and services and consumables was slightly positive in Q3 compared to the same period last year.
Business areas
Hearing Aids
Hearing Aids saw organic growth in revenue from external customers of 17%, despite slightly tougher comparative figures than in Q2. This is significantly above our expectations, driven by the very strong launch of Oticon Reveal, particularly in the US commercial market, fuelling a strong product mix. The strong launch has further expanded the positive momentum created by Oticon Zeal, which confirms the strength and relevance of our overall product portfolio for customers. In Q3, we saw both above-market unit growth and a strong contribution from ASP developments compared to Q3 2025, and we estimate that we have significantly increased our market share in value. The reception by customers of Oticon Reveal has been very favourable, with the product now broadly available across markets and channels.
North America continued to see double-digit organic growth, entirely driven by the US. Strong growth in the US was supported by the launch of Oticon Reveal, a continuously strong contribution from our entire portfolio of products and an improved market share in the VA channel. Organic growth in Canada was slightly positive.
Europe delivered strong organic growth, with strong contributions from the UK, Germany and France. Several medium-sized markets also contributed to growth.
In Asia, organic growth was strong, despite China seeing negative growth. Australia delivered very strong organic growth, and our Rest of world region, which predominantly comprises emerging markets, delivered solid organic growth.
Hearing Care
Hearing Care delivered solid organic growth of 6%, which is slightly ahead of expectations. Growth was broad-based across regions and driven by both unit growth and a positive ASP development.
Europe delivered solid organic growth, driven by a strong performance in Germany and solid contributions from several of our other medium-sized markets. In France, growth was positive. Acquisitions continued to be a significant contributor to reported growth, following the acquisition of KIND. As announced on 3 November 2026, Demant has initiated a process to unite its Hearing Care activities in Germany under the KIND name. This will create one Hearing Care organisation in Germany, combining the trusted KIND name with the visual identity of Demant Hearing Care.
Driven by continued momentum in Canada, North America saw strong organic growth. Supported by improving market conditions, the US also saw solid growth.
The Pacific region delivered solid broad-based organic growth. In Asia, organic growth was slightly positive, whereas China saw negative growth.
Diagnostics
Diagnostics delivered 4% organic growth in Q3, driven by growth in our businesses for diagnostic instruments and services and consumables. The business area did not see any impact of acquisitions in Q3.
In Europe, organic growth was positive. North America also saw growth, driven by the US, whereas growth in Canada was negative, following a strong performance in H1. Our Pacific and Rest of world regions both saw strong organic growth, driven by Australia and Latin America, respectively. Asia saw flat growth.
Contacts
Maribel Alonso Francisco, Communication Manager, +45 3171 9261, msbl@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 26,000 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
2026-13 Interim Management Statement for Q3 2026.pdf
