1.12.2025 11:56:37 CET | Demant A/S |
Intern viden
Selskabsmeddelelse nr. 2025-13
1. december 2025
Intern viden
Demant afslutter akkvisitionen af KIND
Demant offentliggør i dag gennemførelse af transaktionen for opkøbet af KIND Group (KIND), som er er en af verdens førende forhandlere af høreapparater med omkring 650 høreklinikker. Dette sker, efter at alle betingelser for afslutning af transaktionen er blevet opfyldt. Kombineret med Demants eksisterende høreklinikker i Tyskland har koncernen nu en førende position i landet med mere end 900 høreklinikker og mere end 4.500 høreklinikker på verdensplan.
“Det er med stor stolthed og glæde, at vi nu officielt kan byde KIND velkommen i Demant-koncernen, efter at vi har lukket købsaftalen. Dette markerer en betydelig milepæl for begge virksomheder. Når vi kombinerer KINDs stærke brand og dokumenterede succes med Demants banebrydende teknologi, globale rækkevidde og omfattende ekspertise inden for høreomsorg, så er vi nu i en unik position til at øge vores tilstedeværelse yderligere både i og uden for Tyskland. Denne udvidelse er helt i tråd med vores formål og ambition om at skabe en positiv forskel for mennesker, der lever med høretab, og om at nå så mange mennesker som muligt med hørebehandling og innovative høreapparater,” siger Søren Nielsen, koncernchef & administrerende direktør i Demant.
Økonomisk betydning af KIND-akkvisitionen og fremtidige synergier
Proforma forventes KIND at bidrage med en årlig omsætning på ca. DKK 2.000 mio. til Demant-koncernen i 2026. Dette beløb er en smule lavere end den oprindelige forventning om en omsætning på ca. DKK 2.200 mio., hvilket skyldes en svagere end forventet markedsvækst i 2025. Til trods for den lavere markedsvækst i år forventes det p.t., at KIND vil bidrage med en årlig EBIT-margin før særlige poster på omkring 15 %, svarende til et EBIT på DKK 300 mio.
Akkvisitionen medfører vigtige synergier i forhold til både omsætning og omkostninger, som forventes at realiseres fuldt ud inden udgangen af 2027 og at få fuld effekt fra 2028. Dette omfatter KINDs fulde adgang til Demants høreapparatteknologi, og at der opnås synergier gennem en nøje planlagt integration. Når synergierne er realiseret fuldt ud, forventer vi, at KIND vil bidrage med en EBIT-margin på ca. 20 %.
Som tidligere meldt ud og baseret på ovenstående parametre forventes KIND at generere stærke pengestrømme, og konsolideringen af KIND forventes at være moderat værdiskabende for Demant-koncernens indtjening pr. aktie (EPS) i 2026.
Særlige poster
Efter afslutning af transaktionen forventer vi nu at indregne omkostninger under særlige poster på ca. DKK 175 mio., som primært relaterer sig til forskellige transaktions- og integrationsomkostninger i forbindelse med akkvisitionen. Af dette beløb forventes ca. DKK 50 mio. at blive indregnet i 2025. Det resterende beløb på ca. DKK 125 mio. forventes at blive indregnet i 2026.
Forventninger til 2025
Som meldt ud den 4. november 2025 blev vores forventninger til 2025 opdateret til følgende: organisk vækst på 1-3 % og EBIT før særlige poster på DKK 3.900-4.300 mio., begge sandsynligvis i den lavere ende af intervallet. Efter afslutning af transaktionen vil KIND indgå i Demants koncernregnskab fra 1. december 2025. Denne konsolidering vil ikke påvirke forventningerne til 2025 nævneværdigt.
Derudover forventes det, at vækstbidraget til Demant fra akkvisitioner foretaget i 2025 vil være 3 % (tidligere 2 %). Efter afslutning af transaktionen og betaling af den samlede købssum på EUR 700 mio. forventes vores gearing-multipel (NIBD/EBITDA) at være ca. 3,5 som kommunikeret i vores selskabsmeddelelse den 11. juni 2025. Koncernen vil prioritere reduktion af gearing-multiplen og forventer at returnere til et gearing-interval på 2,0-2,5 inden for 18 til 24 måneder fra i dag, og vi er fortsat fokuseret på vores prioritering af kapitalallokering.
Sikring af kontinuitet
Efter afslutning af transaktionen vil Demant – i tæt samarbejde med den lokale KIND-ledelse – prioritere at opretholde kontinuiteten og samtidig sikre et højt serviceniveau over for kunderne. I den kommende periode vil vi arbejde på at integrere KIND i Demants eksisterende Hearing Care-forretning, hvilket blandt andet betyder, at vi vil byde velkommen til 3.000 nye kolleger og fortsat vil fokusere på at levere nye og innovative løsninger til markedet.
“I Demants detailforretning har vi en ambition om at vokse gennem akkvisitioner, og med dette opkøb baner vi vejen yderligere for at levere på den strategi og – endnu vigtigere – på vores målsætning om at hjælpe endnu flere mennesker til at høre bedre. Jeg ser frem til at byde KIND-organisationen velkommen til Demant. Vi deler en stærk tro på værdien af professionel, personlig rådgivning og behandling af høreapparatbrugere. Begge virksomheder har traditionelt investeret i løbende træning af hørespecialister for at have de bedst kvalificerede klinikmedarbejdere i branchen og for at kunne fastholde og tiltrække medarbejdere, hvilket vi fortsat vil gøre i fremtiden,” siger Niels Wagner, President of Hearing Care hos Demant.
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
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
2025-13 Demant afslutter akkvisitionen af KIND.pdf
1.12.2025 11:56:37 CET | Demant A/S |
Inside information
Company announcement no 2025-13
1 December 2025
Inside information
German translation of this announcement attached
Demant closes the acquisition of KIND
Today, Demant announces the completion of the transaction to acquire KIND Group (KIND), one of the world’s leading retailers of hearing aids with around 650 hearing care clinics, following the fulfilment of all closing conditions. Combined with Demant’s existing footprint in Germany, the Group now holds a leading position in the country with more than 900 clinics and more than 4,500 clinics worldwide.
“It is with great pride and excitement that we can now officially welcome KIND to the Demant Group following the successful closing of our agreement. This marks a significant milestone for both companies. By combining KIND’s strong brand and proven track record with Demant’s state-of-the-art technology, global scale and deep expertise in hearing care, we are now uniquely positioned to further expand our presence in Germany and beyond. This step is fully aligned with our purpose and ambition to create a positive difference in the lives of people living with hearing loss and reach as many people as possible with hearing treatment and innovative hearing aids,” says Søren Nielsen, President & CEO of Demant.
Financial impact of KIND acquisition and future synergies
On a pro-forma basis, KIND is expected to contribute annual revenue of around DKK 2,000 million to the Demant Group in 2026. This is slightly lower than the initial expectation of revenue around DKK 2,200 million due to weaker-than-expected market growth in 2025. Despite the lower market growth this year, KIND is currently expected to contribute an annual EBIT margin before special items of around 15%, corresponding to approximately DKK 300 million.
The acquisition offers important synergies in terms of both revenue and costs, which are expected to be fully realised by the end of 2027 and to take full-year effect from 2028. This includes KIND getting full access to Demant hearing aid technology as well as synergies to be obtained through a carefully planned integration. Once synergies are fully realised, we expect KIND to contribute an EBIT margin of around 20%.
As previously communicated and based on the above metrics, KIND is expected to generate strong cash flows, and the inclusion of KIND is expected to be slightly accretive to the Demant Group’s earnings per share (EPS) in 2026.
Special items
Following closing, we now anticipate recognising costs under special items of around DKK 175 million, which primarily relate to various transaction and integration costs associated with the acquisition. Of this amount, approximately DKK 50 million is expected to be recognised in 2025. The remaining amount of around DKK 125 million is projected to be recognised during 2026.
Outlook for 2025
As communicated on 4 November 2025, our outlook for 2025 was updated to organic growth of 1-3% and an EBIT before special items of DKK 3,900-4,300 million, both likely in the lower end of the range. Upon closing of the acquisition, KIND will be included in Demant’s consolidated financial statements from 1 December 2025. This inclusion will be immaterial to the 2025 financial outlook.
For modelling purposes, the growth contribution to Demant from acquisitions in 2025 is expected to be 3% (previously 2%). Following closing and payment of the total consideration of EUR 700 million, our gearing multiple (NIBD/EBITDA) is expected to be around 3.5 at the end of 2025 as communicated in our company announcement on 11 June 2025. The Group will prioritise deleveraging and expects to return to the gearing target range of 2.0-2.5 within 18 to 24 months from today, and we remain committed to our capital allocation priorities.
Ensuring continuity
Following closing of the transaction, it is Demant’s priority, in close collaboration with the local KIND leadership, to maintain continuity, while ensuring a high level of service to customers. In the coming period, we will work on integrating KIND into Demant’s existing Hearing Care business, which includes welcoming 3,000 new colleagues to the Group as well as continuing to focus on delivering new and innovative solutions to the market.
“Considering our ambition to grow through acquisitions, the KIND acquisition serves as a catalyst for Demant’s Hearing Care strategy and not least for our aspirations to help even more people hear better. I look forward to welcoming the KIND organisation to Demant. We share a strong belief in the value of professional, in-person counselling and care for hearing aid users. Both companies have traditionally invested in ongoing training of hearing care professionals to have the most qualified clinic staff in the industry and to retain and attract employees, which we will continue to do going forward,” says Niels Wagner, President of Hearing Care at Demant.
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
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
2025-13 Demant closes the acquisiton of KIND.pdf
2025-13 Demant schließt die Übernahme von KIND ab.pdf
