5.5.2026 17:10:44 CEST | Demant A/S |
Delårsrapport/Periodemeddelelse (Q1 og Q3)
Selskabsmeddelelse nr. 2026-08 5. maj 2026
Periodemeddelelse for Q1 2026
Organisk koncernvækst på 6 % drevet af meget stærk organisk vækst på 9 % i Hearing Aids understøttet af Oticon Zeal
Koncernvækst på 16 % i lokal valuta understøttet af akkvisitionen af KIND Group i 2025
God fremdrift i initiativer til forbedring af lønsomheden, og flere tiltag er implementeret i Q1
Forventningerne til 2026 fastholdes, men den flotte modtagelse af Oticon Zeal gør resultater i den nedre ende af intervallerne for organisk vækst og EBIT før særlige poster mindre sandsynlige
“Første kvartal markerede en stærk start på året for Demant og viste tydeligt styrken i vores innovationskraft. Vi har en førende AI-baseret høreapparatplatform, og vores evne til at vinde markedsandele er intakt. Lanceringen af Oticon Zeal og markedets positive modtagelse af produktet har skabt flotte resultater i vores Hearing Aids-forretning. Det har yderligere styrket vores tillid til produktet og dermed også til vores finansielle forventninger til året. I løbet af kvartalet har vi også gennemført strukturelle ændringer på tværs af organisationen for bedre at kunne positionere virksomheden til højere vækst og forbedret lønsomhed. Med flere omkostningsbesparelser undervejs og et stærkt kommercielt momentum har jeg tiltro til, at Demant – som en førende høresundhedskoncern – kan forbedre livet for endnu flere mennesker med høretab,” siger Søren Nielsen, koncernchef & administrerende direktør for Demant.
Finansiel gennemgang af Q1 2026
Omsætning (DKK mio.)
Vækst
Forretningsområde
Q1 2026
Q1 2025
Organisk
Akkvisitiv
LCY
FX
Rapporteret
Hearing Aids, samlet omsætning
3.356
3.148
11 %
0 %
11 %
-4 %
7 %
Hearing Aids, intern omsætning
-821
-678
19 %
6 %
25 %
-4 %
21 %
Hearing Aids, ekstern omsætning
2.535
2.470
9 %
-2 %
7 %
-4 %
3 %
Hearing Care
3.123
2.547
4 %
23 %
26 %
-4 %
23 %
Diagnostics
588
603
4 %
0 %
4 %
-6 %
-2 %
Koncern
6.246
5.620
6 %
10 %
16 %
-5 %
11 %
Koncernen leverede organisk vækst på 6 %, hvilket er i den øvre ende af vores forventninger. Dette var drevet af særligt stærk vækst i Hearing Aids og understøttet af et høreapparatmarked, der voksede 4 % og dermed med en vækstrate i den øvre ende af vores forventninger til året. Koncernen oplevede yderligere vækst på 10 % relateret til akkvisitioner i Hearing Care. Primært som følge af udviklingen i den amerikanske dollar var valutakurseffekter -5 %, hvilket førte til en samlet rapporteret omsætningsvækst på 11 %.
Hearing Aids oplevede vækst i omsætnngen fra eksterne kunder på 9 % drevet af øgede markedsandele i værdi. Med udrulningen af Oticon Zeal på alle større markeder i Q1 har vi set en betydelig forbedring af Hearing Aids’ vækstmomentum understøttet af både Zeal og vores eksisterende produktportefølje. Dette viser tydeligt efterspørgslen efter vores brede portefølje af energieffektive høreapparater, der tilbyder industriførende connectivity og AI-baseret signalbehandling. Omsætningsvæksten var drevet af både stykvækst og en forbedret gennemsnitlig salgspris (ASP) som følge af positive ændringer i produkt- og kanalmiks. Samlet set understreger denne udvikling vores betydelige innovationskraft og den positive modtagelse af Oticon Zeal.
Hearing Care fortsatte sin positive udvikling fra 2025 og leverede gode resultater i Q1 med organisk vækst på 4 %. Denne udvikling var bredt funderet og afspejlede solide vækstbidrag fra Storbritannien og Nordamerika. Efter afslutningen af KIND-transaktionen i Q4 2025 fortsatte integrationen som planlagt i Q1. KIND er den primære bidragyder til væksten på 23 % fra akkvisitioner.
Diagnostics oplevede en god start på året med organisk vækst på 4 %. Væksten var drevet både af vores forretning for services og engangsprodukter og af et godt salg af diagnostiske instrumenter. Når vi kigger på vores globale resultater på tværs af produktkategorier, skønner vi, at vi i Q1 har øget vores markedsandel inden for diagnostisk udstyr.
Som forventet steg koncernens bruttomargin i forhold til Q1 2025. Stigningen var primært drevet af en højere ASP i Hearing Aids og af positive ændringer i forretningsmikset.
OPEX voksede organisk på niveau med forventningerne, idet vi fortsætter med at investere i innovation, hvilket indebærer løsninger til lancering i H2, samtidig med at vi fastholder vores fokus på omkostningsstyring. Akkvisitioner bidrog betydeligt til OPEX-væksten som følge af konsolideringen af KIND, hvorimod valutakurser reducerede det rapporterede OPEX.
Til trods for den negative effekt af udsving i valutakurserne så vi en forbedring af koncernens EBIT før særlige poster sammenlignet med Q1 2025. Dette var drevet af stærke resultater i Hearing Aids og af den positive effekt af konsolideringen af KIND.
Koncernen fortsatte med at levere et solidt cashflow i Q1, hvor både CFFO og FCF var positive. Koncernen fortsatte ligeledes sine opkøbsaktiviteter i Hearing Care. Likviditetstrækket i relation til disse opkøb blev mere end udlignet af fortjenesten fra frasalgene af EPOS og Oticon Medical, som begge blev afsluttet i Q1. Som et resultat heraf og af det forbedrede overskud faldt koncernens gearing-multipel (NIBD/EBITDA før særlige poster) sammenlignet med Q4 2025, om end den stadig ligger over vores mellemlange til langsigtede mål om en gearing-multipel på 2,0-2,5.
Som meldt ud i februar 2026 har koncernen igangsat nogle strukturelle ændringer på tværs af forretningsområder med henblik på at positionere Demant til øget vækst og lønsomhed. I Q1 implementerede vi flere organisatoriske justeringer, hvilket som forventet resulterede i begrænsede omkostningsbesparelser i perioden. Koncernen er fortsat på rette spor i forhold til at realisere den forventede besparelse på DKK 250 mio. i 2026 og forventer stadig, at de totale omkostningsbesparelser fra de strukturelle ændringer vil beløbe sig til DKK 500 mio. og vil få fuld effekt i 2028.
Forventninger til 2026
Vi fastholder vores forventninger til 2026, men den flotte modtagelse af Oticon Zeal gør resultater i den nedre ende af intervallerne for organisk vækst og EBIT før særlige poster mindre sandsynlige:
Parameter
Forventninger til 2026
Organisk vækst
3-6 %
EBIT før særlige poster
DKK 4.100-4.500 mio.
Aktietilbagekøb
Ingen
Forventningerne er baseret på følgende nøgleantagelser som beskrevet nedenfor, som fastholdes:
Som følge af generel makroøkonomisk usikkerhed forventer vi, at vækstraten i værdi på det globale høreapparatmarked vil være 2-4 % i 2026, hvilket er en konservativ antagelse, der midlertidigt ligger under vores mellemlange til langsigtede forventninger.
Vi forventer, at koncernen kun i begrænset omfang vil blive påvirket af told, men for 2026 inkluderer vi en effekt af told på ca. DKK -25 mio. på vores Diagnostics-forretningsområde baseret på de p.t. indførte toldsatser i USA.
Vi har lanceret et koncernomfattende tiltag med henblik på at forbedre lønsomheden, som forventes at føre til omkostningsbesparelser, der vil påvirke EBIT før særlige poster positivt med ca. DKK 250 mio. i 2026. Effekten forventes for størstedelens vedkommende at materialisere sig i H2, hvilket betyder, at EBIT før særlige poster vil blive skævt fordelt mod H2.
Som følge af valutakursændringer i 2025 forventer vi en effekt af valutakurser på EBIT før særlige poster på ca. DKK -200 mio. i forhold til 2025. Effekten forventes at blive ligeligt fordelt mellem H1 og H2.
Vi forventer, at KIND i 2026 vil bidrage med ca. DKK 300 mio. til koncernens EBIT før særlige poster.
Vi forventer at afholde omkostninger indregnet som særlige poster på i alt DKK 325 mio. Disse omkostninger vedrører tidligere udmeldte transaktions- og integrationsomkostninger efter akkvisitionen af KIND, som beløber sig til ca. DKK 125 mio. Derudover vil de udmeldte organisatoriske og strukturelle ændringer i koncernen medføre engangsomkostninger på yderligere DKK 200 mio., som hovedsageligt relaterer sig til aftrædelsesordninger og omkostninger i forbindelse med gennemførelse af de udmeldte tiltag.
Yderligere antagelser omkring den finansielle modellering for 2026 fremgår af nedenstående tabel:
Parameter
Antagelser vedrørende 2026
Akkvisitiv vækst
9 % baseret på omsætning fra akkvisitioner gennemført pr. 4. maj 2026 (tidligere 8 %)
Valutakursvækst
-2 % baseret på valutakurser opgjort pr. 4. maj 2026 inkl. valutakurssikring
Særlige poster
DKK -325 mio.
Effektiv skattesats
Ca. 23 %
Telekonference
Demant afholder en telekonference den 6. maj 2026 kl. 14.00 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.
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
Maribel Alonso Francisco, Communication Manager
Ledelseskommentarer
Markedsudvikling
Samlet set så vi vækst i Q1 2026 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. 3 % i Q1 sammenlignet med samme periode i 2025. Væksten var bredt funderet, idet alle regioner oplevede vækst, om end en smule under den strukturelle stykvækstrate på 4-6 %. Denne udvikling var som forventet. Vi skønner, at ændringer i geografi- og kanalmiks understøttede den globale ASP-udvikling i Q1, hvilket førte til en estimeret vækstrate i værdi på ca. 4 % på det globale høreapparatmarked. Dette er i den øvre ende af vores formodning om markedsvækstraten i værdi for 2026.
Skønnet stykvækst på markedet for høreapparater pr. region
2025
2026
Region
Q1
Q2
Q3
Q4
FY
Q1
Europa
4 %
3 %
4 %
8 %
5 %
2 %
Nordamerika
-3 %
2 %
2 %
0 %
1 %
3 %
Heraf USA (kommercielt marked)
-5 %
4 %
2 %
0 %
0 %
3 %
Heraf USA (VA)
-1 %
1 %
4 %
-1 %
1 %
4 %
Rest of world
4 %
5 %
4 %
3 %
4 %
4 %
Global
2 %
3 %
3 %
4 %
3 %
3 %
Vi skønner, at stykvæksten i Europa var ca. 2 % i Q1 sammenlignet med samme periode i 2025. Væksten var primært drevet af Tyskland og Frankrig. I Storbritannien var væksten negativ trods vækst på det private marked, da stykvæksten i NHS faldt efter et stærkt Q4 2025. Hvis vi vender blikket bort fra de tre største markeder, vurderer vi, at flere mellemstore europæiske markeder oplevede god vækst i perioden.
I Nordamerika var stykvæksten 3 % i Q1. Væksten på det amerikanske kommercielle marked var ligeledes 3 % drevet af segmentet for egenbetaling. Denne vækstrate var imidlertid i betydelig grad påvirket af negativ vækst i managed care-segmentet (forsikringsdækket behandling), hvilket tyngede den samlede markedsvækst. Delvist understøttet af lave sammenligningstal øgedes stykvæksten i VA sekventielt til 4 %. I Canada var stykvæksten fortsat solid i Q1.
Hvis vi kigger ud over Europa og Nordamerika, skønner vi, at stykvæksten i Rest of world-regionen var ca. 4 %. Væksten i Japan var stærk, og vi vurderer, at det kinesiske marked oplevede vækst til trods for fortsat udfordrende markedsdynamikker. Australien oplevede svagt negativ vækst i perioden, mens adskillige vækstmarkeder leverede solid stykvækst i Q1.
Markedet for diagnostisk udstyr
På baggrund af forbedrede markedstendenser for diagnostiske instrumenter og services mod slutningen af 2025 vurderer vi, at markedsvæksten var svagt positiv i Q1 drevet af markedet for diagnostisk udstyr samt markedet for services og engangsprodukter.
Hearing Aids
Den organiske vækst i salget til eksterne kunder lå på 9 % Q1 2026, da forretningsområdet oplevede betydeligt vækstmomentum efter lanceringen af Oticon Zeal, som leverede vækst, der overgik de lagte planer. Dette blev yderligere understøttet af vækst i vores eksisterende produktportefølje, hvilket illustrerer den efterspørgsel, vi ser fra både kunder og brugere, efter vores brede portefølje af energieffektive høreapparater, der tilbyder industriførende connectivity og AI-baseret signalbehandling. Væksten var også understøttet af, at høreapparatmarkedet voksede med 4%, hvilket var i den øvre ende af vores forventninger. I Q1 så vi både stykvækst og et stærkt bidrag fra ASP-udviklingen sammenlignet med Q1 2025, og vi skønner, at vi har øget vores markedsandel i værdi betydeligt.
I Europa så vi god organisk vækst drevet af solide resultater i Tyskland og Storbritannien samt gode resultater opnået på flere mellemstore markeder. Væksten i Frankrig var svagt positiv.
Nordamerika oplevede stærk tocifret vækst drevet af resultaterne på det amerikanske kommercielle marked og i VA, hvor Oticon Zeal har været tilgængelig i sidstnævnte kanal siden 1. maj 2026. Trods nedgang i markedet for managed care-segmentet leverede vi meget stærk vækst i kanalen, dog fra et lavt sammenligningsniveau. Understøttet af lanceringen af Oticon Zeal i Q1, var væksten i Canada solid.
Trods negativ vækst i Japan og Kina og i vores Pacific-region var den organiske vækst flad i Asien. Den organiske vækst i Australien var god, og i vores Rest of world-region, som primært består af vækstmarkeder, så vi stærk organisk vækst.
Hearing Care
Hearing Care leverede fortsat gode resultater, som udmøntede sig i organisk vækst på 4 % trods stærke sammenligningstal. Denne udvikling var drevet af meget stærke resultater særligt i Storbritannien, men også i Nordamerika. Den akkvisitive vækst på 23 % var primært drevet af akkvisitionen af KIND i Tyskland. Opkøb i Storbritannien bidrog ligeledes til den akkvisitive vækst i den sidste del af perioden. Når vi kigger på den organiske vækstrate i Q1, kan vi se, at væksten primært var drevet af styk, men vi har kan også se et positivt bidrag fra en højere APS’en primært som følge af positive ændringer i produktmikset.
Europa oplevede solid organisk vækst drevet af stærke resultater i Storbritannien og i flere af vores mellemstore markeder, særligt i Polen. I Tyskland så vi god organisk vækst, som blev yderligere understøttet af betydelig akkvisitiv vækst. Væksten fra svagt negativ i Frankrig, da stykvæksten blev udlignet af en negativ ASP som følge af ændringer i produktmikset.
I Nordamerika så vi god organisk vækst drevet af fortsat stærkt momentum i Canada. I USA var den organiske vækst stadig solid til trods for stærke sammenligningstal i forhold til markedet. I begge lande var produktmikset positivt påvirket af lanceringen af Oticon Zeal i Q1.
Når vi ser bort fra Europa og Nordamerika, så vi vækst i Australien, hvorimod væksten i Kina var svagt negativ efter nogle kvartaler med gode resultater.
Diagnostics
Den organiske vækst i Diagnostics lå på 4 % drevet af vækst i vores forretninger for diagnostiske instrumenter samt services og engangsprodukter. Forretningsområdet var ikke påvirket af opkøb i Q1.
I Europa var den organiske vækst positiv og især drevet af stærk vækst i Storbritannien og Polen. I Nordamerika var væksten ligeledes positiv drevet af Canada, hvorimod USA oplevede svagt negativ vækst. Væksten i Asien var påvirket af et fortsat afdæmpet kinesisk marked, hvor vi stadig ser negative effekter af vores begrænsede adgang til offentlige markeder. I vores Rest of world-region så vi negativ vækst trods god vækst på flere mindre vækstmarkeder.
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
2026-08 Periodemeddelelse for Q1 2026.pdf
5.5.2026 17:10:44 CEST | Demant A/S |
Interim report (Q1 and Q3)
Company announcement no 2026-08 5 May 2026
Interim Management Statement for Q1 2026
Group organic growth of 6% driven by very strong organic growth of 9% in Hearing Aids fuelled by Oticon Zeal
Group growth in local currencies of 16% supported by the acquisition of KIND Group in 2025
Initiatives to improve profitability progressing well with several measures implemented during Q1
Outlook for 2026 is maintained, however the strong reception of Oticon Zeal makes results at the lower end of the organic growth and EBIT before special items ranges less likely
“The first quarter marked a strong start to the year for Demant and clearly illustrated the strength of our innovation capabilities. We have a leading AI-based hearing aid platform, and our ability to drive market share gains remains intact. The launch of Oticon Zeal and the market’s positive reception of the product have driven strong performance in our Hearing Aids business. This has further strengthened our confidence in the product and thus in our financial outlook for the year. During the quarter, we also implemented structural changes across the organisation to better position our business for higher growth and improved profitability. With cost-reduction initiatives underway and strong commercial momentum, I have confidence in Demant’s ability – as a leading hearing healthcare company – to improve the lives of even more people living with hearing loss,” says Søren Nielsen, President & CEO of Demant.
Financial review of Q1 2026
Revenue (DKK million)
Growth
Business area
Q1 2026
Q1 2025
Organic
Acquisitive
LCY
FX
Reported
Hearing Aids, total revenue
3,356
3,148
11%
0%
11%
-4%
7%
Hearing Aids, internal revenue
-821
-678
19%
6%
25%
-4%
21%
Hearing Aids, external revenue
2,535
2,470
9%
-2%
7%
-4%
3%
Hearing Care
3,123
2,547
4%
23%
26%
-4%
23%
Diagnostics
588
603
4%
0%
4%
-6%
-2%
Group
6,246
5,620
6%
10%
16%
-5%
11%
The Group saw organic growth of 6%, which is at the high end of our expectations. This was fuelled by particularly strong growth in Hearing Aids and supported by a hearing aid market growing 4% and thus at the upper end of our expectations for the year. The Group saw additional growth of 10% related to acquisitions in Hearing Care. Exchange rate effects were -5%, primarily due to developments in the US dollar, leading to total reported revenue growth of 11%.
Hearing Aids saw organic growth in revenue from external customers of 9%, driven by significant market share gains in terms of value. With the roll-out of Oticon Zeal across all major markets in Q1, growth momentum in Hearing Aids has seen strong improvement, supported by both Zeal and our existing portfolio of products. This clearly demonstrates the demand for our broad portfolio of power-efficient hearing aids, offering industry-leading connectivity and AI-based signal processing. Revenue growth was driven by both unit growth and an improved average selling price (ASP) due to positive product and channel mix changes. Overall, this highlights our significant innovation capabilities and the positive reception of Oticon Zeal.
Hearing Care continued the positive trend from 2025 and delivered a good performance in Q1, with organic growth of 4%. This development was broad-based, reflecting solid growth contributions from the UK and North America. Following the closing of the KIND acquisition in Q4 2025, the integration progressed as planned in Q1, with KIND being the primary contributor to the 23% growth from acquisitions.
Diagnostics saw a good start to the year, with organic growth of 4%. 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 have gained market share in Q1 in the market for diagnostic equipment.
As expected, the Group’s gross margin increased compared to Q1 2025. The improvement was primarily driven by a higher ASP in Hearing Aids and by positive business mix effects.
OPEX saw organic growth in line with expectations, as we continue to invest in innovation, including solutions to be launched in H2, while maintaining our focus on cost management. Acquisitions contributed to OPEX growth due to the consolidation of KIND, whereas exchange rates reduced reported OPEX.
Despite the negative impact of exchange rate fluctuations, the Group’s EBIT before special items improved compared to Q1 2025. This was fuelled by strong performance in Hearing Aids as well as a positive impact of the consolidation of KIND.
The Group continued to deliver a solid cash flow, with both CFFO and FCF being positive in Q1. The Group also continued its acquisition activities in Hearing Care. The cash outflow related to these acquisitions was more than offset by the proceeds received from the divestments of EPOS and Oticon Medical, which were both finalised in Q1. As a result of this and of improving profits, the Group’s gearing multiple (NIBD/EBITDA before special items) declined compared to Q4 2025, although it remains above our medium- to long-term target range of 2.0-2.5.
As announced in February 2026, the Group has initiated structural changes across its business areas to position Demant for improved growth and profitability. In Q1, we implemented several organisational adjustments, which, as expected, led to limited cost benefits in the period under review. The Group remains on track to deliver DKK 250 million in savings in 2026 and continues to expect total cost savings from the structural changes of DKK 500 million, which will take full effect in 2028.
Outlook for 2026
Our financial outlook for 2026 is maintained, however the strong reception of Oticon Zeal in Q1 makes results at the lower end of the organic growth and EBIT before special items ranges less likely:
Metric
Outlook for 2026
Organic growth
3-6%
EBIT before special items
DKK 4,100-4,500 million
Share buy-backs
None
The outlook is based on the following key assumptions as described below, which are unchanged:
Due to general macroeconomic uncertainty, we expect the value growth rate in the global hearing aid market to be 2-4% in 2026, which is a conservative assumption temporarily below our medium- to long-term assumption.
We expect a limited impact of tariffs on the Group, but we include an impact of around DKK -25 million of tariffs in 2026 on our Diagnostics business area based on currently implemented tariffs in the US.
In February 2026, we launched a company-wide initiative for Demant to improve profitability, which is expected to lead to cost reductions, positively impacting EBIT before special items of around DKK 250 million in 2026. The majority of the impact is expected to materialise in H2, leading to an EBIT before special items being skewed towards H2.
Due to exchange rate movements during 2025, we expect an impact of exchange rates on EBIT before special items of around DKK -200 million compared to 2025 with the split expected to be evenly distributed between H1 and H2.
We expect KIND to contribute approximately DKK 300 million to the Group’s EBIT before special items in 2026.
We expect to incur costs recognised as special items totalling DKK 325 million. These costs relate to previously communicated transaction and integration costs following the acquisition of KIND amounting to approximately DKK 125 million. In addition, the announced organisational and structural changes to the Group will entail one-off costs of an additional DKK 200 million primarily related to severance payments and cost related to the announced measures.
For modelling purposes, we provide further assumptions for 2026 below, which are updated as at 4 May 2025:
Metric
Assumptions for 2026
Acquisitive growth
9% based on revenue from acquisitions completed as at 4 May 2026 (previously 8%)
FX growth
-2% based on exchange rates as at 4 May 2026, including the impact of hedging
Special items
DKK -325 million
Effective tax rate
Around 23%
Conference call details
Demant will host a conference call on 6 May 2026 at 14:00 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.
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
Maribel Alonso Francisco, Communication Manager
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 in Q1 2026.
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 Q1 compared to the same period in 2025. Growth was broad-based, with all regions seeing growth, albeit slightly below the structural unit growth rate of 4-6%. This development was as expected. We estimate that geography and channel mix changes supported the global ASP development in Q1, leading to an estimated value growth rate in the global hearing aid market of around 4%. This is at the high end of our assumed market growth rate in value for 2026.
Estimated hearing aid market unit growth by region
2025
2026
Region
Q1
Q2
Q3
Q4
FY
Q1
Europe
4%
3%
4%
8%
5%
2%
North America
-3%
2%
2%
0%
1%
3%
Hereof US (commercial)
-5%
4%
2%
0%
0%
3%
Hereof US (VA)
-1%
1%
4%
-1%
1%
4%
Rest of world
4%
5%
4%
3%
4%
4%
Global
2%
3%
3%
4%
3%
3%
We estimate that unit growth in Europe was around 2% in Q1 compared to the same period in 2025. Growth was primarily driven by Germany and France. In the UK, growth was negative despite growth in the private market, as unit growth in the NHS saw a decline following a strong Q4 in 2025. Looking beyond the three largest markets, we estimate that several medium-sized European markets delivered good growth in the period.
In North America, unit growth was 3% in Q1. Growth in the US commercial market was also 3%, driven by private-pay channels. However, this growth rate was significantly impacted by negative growth in managed care, which weighed on overall market growth. Unit growth in VA improved sequentially, partly supported by low comparative figures, reaching 4%. In Canada, unit growth remained solid in Q1.
Looking beyond Europe and North America, we estimate that unit growth in the Rest of world region was around 4%. Growth in Japan was strong, and we estimate that the Chinese market saw growth despite continuously challenging market dynamics. Australia saw slightly negative growth in the period, but several emerging markets delivered solid unit growth in Q1.
Diagnostics market
Following improving trends in the market for diagnostic instruments and services towards the end of 2025, we estimate that market growth was slightly positive in Q1, driven by the market for diagnostic equipment and the market for services and consumables.
Hearing Aids
Organic growth in sales to external customers was 9% in Q1 2026, with the business seeing a significant growth momentum following the launch of Oticon Zeal, which delivered growth ahead of plans. This was further supported by growth in our existing portfolio of products, demonstrating the demand by our customers and users for our broad portfolio of power-efficient hearing aids with industry-leading connectivity and AI-based signal processing. Growth was also supported by the hearing aid market growing 4%, which was at the high end of our expectations. In Q1, we saw both unit growth and a strong contribution from ASP developments compared to Q1 2025, and we estimate that we have significantly increased our market share in terms of value.
In Europe, organic growth was good, driven by solid performance in Germany and the UK as well as good performance in several medium-sized markets. In France, growth was slightly positive.
In North America, we saw strong double-digit growth fuelled by performance in the US commercial market and in VA, with Oticon Zeal being available in VA since 1 May 2026. Despite a decline in the managed care market, we delivered very strong growth in the channel, however from a low comparative base. In Canada, growth was solid, supported by the launch of Oticon Zeal in Q1.
In Asia, organic growth was flat despite negative growth in Japan and China as well as in our Pacific region. Organic growth in Australia was good, and in our Rest of world region, which mostly comprises emerging markets, organic growth was strong.
Hearing Care
Hearing Care continued the good performance, leading to organic growth of 4% despite strong comparative figures. This development was driven by very strong performance in the UK, in particular, and in North America. Acquisitive growth was 23%, primarily driven by the acquisition of KIND in Germany. Acquisitions in the UK also contributed to acquisitive growth in the latter part of the period. When looking at the organic growth rate in Q1, we see that growth was mainly driven by units, but we also saw tailwind from an increase in the ASP, primarily due to positive product mix changes.
Europe saw solid organic growth, driven by strong performance in UK and in several of our medium-sized markets, particularly Poland. In Germany, organic growth was good and was further supported by significant acquisitive growth. In France, growth was slightly negative, as unit growth was outweighed by a negative ASP due to product mix changes.
In North America, organic growth was good, driven by continuously strong momentum in Canada. In the US, organic growth remained solid, despite a strong performance relative to the market in the comparative period. Both countries saw a positive impact of the launch of Oticon Zeal on the product mix in Q1.
Looking beyond Europe and North America, we saw growth in Australia, whereas growth in China was slightly negative following a number of quarters with good performance.
Diagnostics
Organic growth in Diagnostics was 4%, driven by growth in our businesses for diagnostic instruments and services and consumables. The business area did not see any impact of acquisitions in Q1.
In Europe, organic growth was positive, driven by particularly strong growth in the UK and Poland. In North America, growth was also positive, driven by Canada, whereas the US saw slightly negative growth. In Asia, growth was impacted by continued softness in China where we continue to see adverse effects of our limited access to public markets. In our Rest of world region, we saw negative growth despite good growth in several smaller emerging markets.
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
2026-08 Interim Management Statement for Q1 2026.pdf
