11.6.2025 07:00:15 CEST | Demant A/S |
Intern viden
Selskabsmeddelelse nr. 2025-08 11. juni 2025
Demant køber KIND og øger koncernens aftryk betydeligt inden for hørebehandling
Aktietilbagekøbsprogrammet suspenderet pr. dags dato, men ellers forbliver forventningerne til 2025 uændrede, mens lukning af transaktionen afventes
Demant har i dag underskrevet en aftale om at købe KIND Group (KIND), som er en af verdens førende detailhandlere af høreapparater med ca. 650 høreklinikker, for en samlet købssum på EUR 700 mio. (ca. DKK 5,2 mia.) på kontant- og gældfri basis. Transaktionen vil være det største opkøb, Demant nogensinde har foretaget, og vil udvide koncernens globale Hearing Care-forretning til at omfatte mere end 4.500 høreklinikker på verdensplan.
Fælles ambitioner
Siden KIND blev grundlagt i 1952 af KIND-familien, er virksomheden vokset til at blive en af de førende udbydere af hørebehandling i Tyskland med aktiviteter i flere andre lande baseret på en ambition om at tilbyde professionel service i høj kvalitet og forbedre livskvaliteten for mennesker med høretab. Demant, hvis formål er at skabe livsændrende forskelle gennem hørebehandling, deler denne ambition om at forbedre livet for mennesker med høretab. KINDs stærke kultur og værdisæt, som er udviklet gennem årtiers familieejerskab, stemmer godt overens med Demants kultur og værdier, og Demant, hvis aktiemajoritet ejes af William Demant Fonden, er ligeledes en virksomhed, der oprindeligt blev grundlagt af en familie.
“Det er med stolthed og begejstring, vi i dag offentliggør denne historiske aftale mellem Demant og KIND. Vores fælles værdier – tillid, omsorg og innovation – passer perfekt sammen, og kombinationen af KINDs stærke brand og dokumenterede resultater og Demants avancerede teknologi, globale rækkevidde samt erfaring inden for hørebehandling er et unikt strategisk match. Den fortsatte udvidelse af vores globale netværk af høreklinikker hører uløseligt sammen med vores ambition om at forbedre så mange liv som muligt. Denne udvidelse af vores aktiviteter inden for hørebehandling i Centraleuropa understøtter vores langsigtede ambitioner om at hjælpe flere mennesker med høretab gennem individuel behandling og samtidig forblive en betroet samarbejdspartner for de uafhængige høreapparatforhandlere,” siger Søren Nielsen, koncernchef & adm. direktør for Demant.
KIND er et yderst anerkendt brand inden for hørebehandling med en velfungerende organisation, som er opbygget over flere årtier af dygtige og erfarne medarbejdere, som p.t. tæller omkring 3.000. Ejer og CEO, Dr. Alexander Kind siger:
“Som en familievirksomhed har vores vigtigste ansvar altid været at sikre selskabets langsigtede succes og stabilitet, og i Demant har vi fundet den ideelle partner til at føre vores arv videre. Kombinationen af de to virksomheder vil sikre en førende position på det tyske marked for hørebehandling. Demant kommer med den styrke, størrelse og ekspertise, der er nødvendig for at skabe varig værdi for vores medarbejdere, vores kunder og virksomheden som helhed. Vores virksomhed er nu bedre rustet til fremtiden og er i de bedste hænder. Som familie er vi helt og aldeles overbevist om, at de værdier, som vores virksomhed er bygget på, vil fortsætte med at blomstre,” siger Dr. Alexander Kind, ejer og CEO for KIND.
Et unikt strategisk match
Opkøbet understøtter Demants strategi om at udvide virksomhedens globale position inden for hørebehandling – på det seneste med særligt fokus på det tyske marked – og vil løfte koncernen til en position som ledende udbyder af hørebehandling på et af verdens største markeder, hvor der årligt sælges ca. 1,7 millioner apparater. KIND driver ca. 600 høreklinikker i Tyskland, og transaktionen omfatter også ca. 30 KIND-klinikker i Schweiz samt et mindre antal klinikker i Østrig, Luxembourg og Singapore.
Demant og KIND har samarbejdet i mere end 20 år, og at KIND nu bliver en del af Demant-koncernen, er en fortsættelse af dette succesfulde samarbejde. Med dette opkøb kommer Demant til at drive et nationalt netværk bestående af mere end 900 høreklinikker på det konkurrenceprægede og meget fragmenterede tyske marked. Niels Wagner, President, har stået i spidsen for Demants Hearing Care-forretning siden 2007:
“Jeg ser frem til at byde KINDs medarbejdere velkommen til Demant og vores voksende Hearing Care-forretning, som er karakteriseret ved stort engagement blandt alle vores medarbejdere, og hvor vores hørespecialister årligt betjener millioner af mennesker. I de seneste år har vi udvidet vores aktiviteter i Tyskland, og med KIND som en del af Demant-koncernen kan vi forbedre vores position yderligere og drage fordel af et af de førende brands i høreapparatindustrien. Vi tror, at et samarbejde bygget på tillid mellem høreapparatbrugeren og en professionel hørespecialist er altafgørende, når man køber høreapparater. Det samme gælder adgang til avanceret teknologi, hvilket er grunden til, at vi gør det muligt for hørespecialister at tilbyde høreløsninger og anvende behandlingsstandarder, som ikke kun er fantastiske at arbejde med, men også ægte livsændrende for mennesker med høretab,” siger Niels Wagner, President, Hearing Care, Demant.
Ud over at være aktiv inden for hørebehandling har KIND også en række klinikker, som sælger briller, samt en mindre høreapparatfabrik og distributionsvirksomhed.
Finansiel påvirkning og yderligere transaktionsoplysninger
KIND forventes at generere en omsætning på omkring EUR 300 mio. (ca. DKK 2,2 mia.) i 2026, justeret i forhold til Demants regnskabsprincipper. Omsætningen forventes at vokse organisk på niveau med den globale markedsvækstrate på 4-6 % om året. EBIT-marginen før særlige poster forventes i 2026 at ligge i midt-tierne.
Opkøbet medfører vigtige synergier med Demant-koncernen, hvad angår både omsætning og omkostninger. Synergierne forventes at være fuldt realiseret senest ved udgangen af 2027 og at få fuld effekt fra 2028. Vi planlægger at indregne visse særlige poster vedrørende transaktions- og integrationsomkostninger i de første to år efter closing og planlægger at kunne dele flere detaljer efter closing. Når synergierne er fuldt realiseret, forventer vi at øge EBIT-marginbidraget fra KIND, således at det vil matche Demant-koncernens aktuelle niveau. Opkøbet forventes at generere solide pengestrømme og at få en positiv effekt på indtjeningen pr. aktie (EPS) det første år efter closing.
Den samlede købesum på EUR 700 mio. (DKK 5,2 mia.) på kontant- og gældfri basis vil blive betalt kontant ved closing og vil blive fuldt finansieret ved hjælp af lånefaciliteter. Som følge af opkøbet forventes koncernens gearing-multipel (NIBD/EBITDA) at være omkring 3,5 ved closing. Den vil således midlertidigt overstige vores mellemlange til langsigtede mål om en gearing-multipel på 2,0-2,5. Koncernen vil prioritere at nedbringe gearingen og forventer at returnere til målintervallet 18-24 måneder efter closing.
Koncernens aktietilbagekøbsprogram er sat på pause pr. dags dato. Vores forventninger til 2025 forbliver derudover uændrede, mens vi afventer lukning af transaktionen, som er underlagt sædvanlige closing-betingelser og myndighedsgodkendelser. Closing forventes at ske i H2 2025.
Om KIND
KIND, hvis hovedkvarter ligger i Großburgwedel i nærheden af Hannover, er Tysklands førende familieejede virksomhed inden for hørebehandling og høreapparatteknologi. Virksomheden, som blev grundlagt i 1952, driver i dag omkring 650 hørespecialistforretninger i hele Tyskland og internationalt med fokus på professionel tilpasning samt omfattende efterbehandling og beskæftiger omkring 3.000 medarbejdere. KIND er synonymt med kundeorienteret service, fair priser samt transparent og behovsbaseret rådgivning. KIND dækker hele værdikæden inden for hørebehandling og har siden 2016 også været aktiv inden for optik.
Om Demant
Demant er en af verdens førende koncerner inden for høresundhed og er bygget på en arv af omsorg, sundhed og innovation siden 1904. Koncernen tilbyder innovative teknologier, løsninger og ekspertise, der hjælper mennesker med at høre bedre. Demant er aktiv og engageret i alle aspekter inden for høresundhed – fra behandling og høreapparater til diagnostisk udstyr og serviceydelser. Med hovedsæde i Danmark beskæftiger koncernen over 22.000 medarbejdere globalt og er til stede med høreløsninger i 130 lande med fokus på at skabe livsændrende forskelle gennem høresundhed. William Demant Fonden ejer aktiemajoriteten i Demant A/S, som er noteret på Nasdaq Copenhagen, hvor aktien er blandt de 25 mest handlede aktier.
Telekonference for investorer og analytikere
Demant afholder en telekonference i dag, den 11. juni, kl. 10.15 CEST. 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.
Telekonference for pressen
Demant afholder et Microsoft Teams-møde for journalister i dag, den 11. juni, kl. 9.15 CEST. Søren Nielsen, koncernchef & adm. direktør for Demant, vil give en kort præsentation efterfulgt af en live Q&A-session. Hvis man ønsker at deltage i mødet, bedes man sende en anmodning til Henrik Axel Lynge Buchter, Manager External Communication hos Demant, på heey@demant.com.
Yderligere information:
Søren Nielsen, koncernchef & adm. direktør
Telefon +45 3917 7300
www.demant.com
Øvrige kontaktpersoner:
René Schneider, CFO
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
2025-08 Demant køber KIND og øger koncernens aftryk betydeligt inden for hørebehandling.pdf
11.6.2025 07:00:15 CEST | Demant A/S |
Inside information
German translation of this announcement attached
Company announcement no 2025-08 11 June 2025
Demant to acquire KIND and significantly expand the Group’s hearing care footprint
Share buy-back programme suspended effective today, but outlook for 2025 remains otherwiseunchanged, pending closing of the transaction
Today, Demant has signed an agreement to acquire KIND Group (KIND), one of the world’s leading retailers of hearing aids with around 650 hearing care clinics, for a total consideration of EUR 700 million (around DKK 5.2 billion) on a cash- and debt-free basis. The transaction will be Demant’s largest-ever acquisition and will expand the Group’s global Hearing Care business to comprise more than 4,500 clinics worldwide.
Shared ambitions
Since its foundation in 1952 by the Kind family, KIND has become a leading provider of hearing care in Germany, with activities in several other countries, based on an ambition to offer high-quality expert service and improve the quality of life of hearing-impaired people. Demant shares this ambition of improving the lives of people living with hearing loss with its purpose to create life-changing differences through hearing health. KIND’s strong culture and set of values developed through decades of family ownership aligns well with the culture and values of Demant, also a family-founded business, which is majority-owned by William Demant Foundation.
“It’s with pride and excitement that today we announce this historic agreement for Demant and KIND. Our shared values of trust, care and innovation match perfectly, and the combination of KIND’s strong brand and proven track record with Demant’s state-of-the-art technology, global scale and experience in providing hearing care is a unique strategic fit. The further expansion of our global network of hearing care clinics is explicitly related to our ambition to improve as many lives as possible. This expansion of our hearing care activities in Central Europe complements our long-term aspirations of helping more people with hearing loss through personalised care, while remaining a trusted partner to independent hearing care professionals,” says Søren Nielsen, President & CEO of Demant.
KIND is a highly recognised hearing care brand with a well-established organisation built over several decades by skilled and experienced employees, currently counting around 3,000. Owner and CEO for more than 25 years, Dr. Alexander Kind says:
“As a family business, our foremost responsibility has always been to ensure the long-term success and stability of the company. By joining forces with Demant, we have found the ideal partner to carry our legacy forward. Combining both businesses will secure a leading position in the German hearing care market. Demant brings the strength, scale and expertise needed to secure lasting value for our employees, our customers and the business as a whole. Our company is now better positioned for the future, and in the best possible hands. As a family, we are deeply reassured knowing the values that built our business will continue to thrive,” says Dr. Alexander Kind, owner and CEO of KIND.
A unique strategic fit
The acquisition supports Demant’s strategy of expanding its global position in hearing care – lately with focus on the German market – and will propel the Group to a position as a leading provider of hearing care in one of the world’s largest markets with around 1.7 million units sold annually. KIND operates around 600 hearing care clinics in Germany, and the acquisition also encompasses around 30 KIND clinics in Switzerland as well as a smaller number of clinics in Austria, Luxembourg and Singapore.
Demant and KIND have partnered for more than 20 years, and KIND’s integration into the Demant Group is a continuation of the successful collaboration. Following the acquisition, Demant will operate a nationwide network of hearing care clinics in the competitive and highly fragmented German market, totalling more than 900 clinics. President Niels Wagner has led Demant’s global Hearing Care business since 2007:
“I look forward to welcoming KIND employees into the Demant Group and our growing Hearing Care business, which is characterised by a culture of engagement, where our hearing care experts serve millions of people annually. Over the past several years, we’ve expanded our activities in Germany, and with KIND becoming part of the Demant Group, we’re able to further improve our position and leverage one of the leading brands in the industry. We believe that a trusted relationship between the hearing aid user and a professional hearing care expert is paramount when purchasing hearing aids, and so is access to state-of-the-art technology, which is why we equip professionals with hearing solutions and standards of care that are not only excellent to work with, but also truly life-changing for people living with hearing loss,” says Niels Wagner, President of Hearing Care at Demant.
Besides being active in hearing care, a number of KIND clinics are also active within eye care, and KIND also operates a small hearing aid manufacturing and distribution site.
Financial impact and transaction details
KIND is expected to contribute revenue of around EUR 300 million (around DKK 2.2 billion) to the Demant Group in 2026, when adjusted to Demant’s accounting principles. In organic terms, revenue is expected to grow roughly in line with the global market growth rate of 4-6% p.a. In 2026, the acquisition’s contribution to the EBIT margin before special items is expected to be in the mid-teens.
The acquisition offers important synergies with the Demant Group in terms of both revenue and costs. The synergies are expected to be fully realised by the end of 2027 with full-year effect from 2028. We plan to recognise certain special items related to transaction and integration costs in the first two years after closing and plan to share more details following closing. Once synergies are fully realised, we expect to lift the EBIT margin contribution from KIND to around the current level of the Demant Group. The acquisition is expected to generate solid cash flows and be earnings per share (EPS) accretive in the first year after closing.
The total consideration of EUR 700 million (DKK 5.2 billion) on a cash- and debt-free basis will be paid in cash at closing and financed fully through debt facilities. As a consequence of the acquisition, the Group’s gearing multiple (NIBD/EBITDA) is expected to be around 3.5 at closing, temporarily exceeding the medium- to long-term target range of 2.0-2.5. The Group will prioritise deleveraging and anticipates returning to the targeted range within 18-24 months after closing.
The share buy-back programme is suspended effective today. Our financial outlook for 2025 remains otherwise unchanged, pending closing of the transaction, which is subject to customary closing conditions and regulatory approvals and is expected to take place in H2 2025.
About KIND
KIND, headquartered in Großburgwedel near Hanover, is Germany’s leading family-owned company in the fields of hearing care and hearing aid technology. Founded in 1952, the company now operates around 650 specialist stores with focus on professional fitting and comprehensive aftercare across Germany and internationally, employing around 3,000 people. KIND is synonymous with customer-focused service, fair pricing and transparent, needs-based consultation. The Group covers the entire value chain of hearing care, and since 2016, KIND has also expanded its presence in eye care.
About Demant
Demant is a world-leading hearing healthcare group built on a heritage of care, health and innovation since 1904. The Group 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.
Conference call details, investors and analysts
Demant will host a conference call for investors and analysts today, June 11 at 10:15 CEST. 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.
Conference call details, press
Demant will host a Microsoft Teams meeting for journalists today, June 11 at 9:15 CEST. Søren Nielsen, CEO of Demant, will give a short presentation followed by a live Q&A session. To join the meeting, please send a request to Henrik Axel Lynge Buchter, Manager External Communication at Demant, heey@demant.com.
Further information:
Søren Nielsen, President & CEO
Phone +45 3917 7300
www.demant.com
Other contacts:
René Schneider, CFO
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
2025-08 Demant to acquire KIND and significantly expand the Group’s hearing care footprint.pdf
2025-08 Demant übernimmt KIND und erweitert damit deutlich das Angebot der Gruppe im Hörversorgungsbereich.pdf
