6.5.2025 17:20:20 CEST | Demant A/S |
Intern viden
Selskabsmeddelelse nr. 2025-07 6. maj 2025
Reviderede forventninger til 2025 samt periodemeddelelse for Q1 2025
Sænkede forventninger til værdivæksten på det globale høreapparatmarked i 2025 på 2-4 % (tidligere 4-6 %) efter en svag start på året
Modvind fra ugunstige valutakursudviklinger forventes at påvirke EBIT i 2025
Reviderede forventninger til 2025: Organisk vækst på 1-5 % (tidligere 3-7 %) og EBIT på DKK 4.100-4.500 mio. (tidligere DKK 4.500-4.900 mio.)
“I første kvartal påvirkede den makroøkonomiske usikkerhed høreapparatmarkedet negativt, og i særdeleshed det amerikanske marked. Når vi ser på resten af året, forventer vi nu, at markedet udvikler sig svagere end normalt, og derudover forventer vi at se en effekt af de seneste valutakursudviklinger. Vi justerer derfor vores forventninger til helåret for at afspejle denne udvikling. Hvis vi ser bort fra et globalt høreapparatmarked i nedgang og valutakursudviklingen, levede vores underliggende forretning op til forventningerne i Q1, og særligt leverede Hearing Care solide resultater. Det er fortsat vores overbevisning, at professionel hørebehandling og avancerede høreapparater er altafgørende for at gøre livet lettere for mennesker med høretab, og selv i et svært marked fastholder vi fokus på at levere livsændrende og innovative produkter og services til vores brugere og kunder,” siger Søren Nielsen, koncernchef & adm. direktør for Demant.
Forventninger til 2025
Vi sænker vores forventninger til væksten på det globale høreapparatmarked i 2025 efter lavere end forventet vækst på det kommercielle marked i USA i Q1 samt sænkede forventninger til resten af året. Vi forventer nu, at værdivæksten på det globale høreapparatmarked vil være 2-4 % (tidligere 4-6 %) for helåret. De grundlæggende forhold på høreapparatmarkedet er intakte, men som følge af de makroøkonomiske forhold er det usikkert, hvornår markedet vender tilbage til normal vækst på 4-6 %.
Vi reviderer vores forventninger til organisk vækst for 2025 til 1-5 % (tidligere 3-7 %). Denne revidering er en direkte konsekvens af vores forventninger om 2 procentpoint lavere vækst på det globale høreapparatmarked i 2025, mens forventningerne til vores relative præstation på markedet er uændrede.
Vi reviderer vores forventninger til EBIT for 2025 til DKK 4.100-4.500 mio. (tidligere DKK 4.500-4.900 mio.). Denne revidering er primært et resultat af de sænkede forventninger til høreapparatmarkedet samt en forventet negativ effekt på yderligere ca. DKK 125 mio. af ugunstige valutakursudviklinger sammenlignet med tidligere antagelser. Vi forventer, at koncernen kun i begrænset omfang vil blive påvirket af told, men vi indregner en negativ effekt på ca. DKK 25 mio. af told i 2025 på vores Diagnostics-forretningsområde.
Vores reviderede forventninger til 2025 opsummeres i tabellen nedenfor:
Parameter
Forventninger til 2025
Organisk vækst
1-5 % (tidligere 3-7 %)
EBIT
DKK 4.100-4.500 mio. (tidligere DKK 4.500-4.900 mio.)
Aktietilbagekøb
Over DKK 1.500 mio.
Forventningerne er baseret på en række nøgleantagelser som beskrevet nedenfor (ændringer markeret med fed skrift):
Vi forventer, at stykvækstraten på det globale høreapparatmarked i 2025 vil være 3-5 % (tidligere 4-6 %). Som følge af ændringer i geografi- og kanalmiks forventer vi for helåret at se -1 % vækst (tidligere flad vækst) i den gennemsnitlige salgspris (ASP’en) på høreapparatmarkedet, hvilket vil resultere i en værdivækstrate på 2-4 % (tidligere 4-6 %) i 2025.
Vi forventer at se høj encifret vækst i styksalget på det franske marked i 2025.
Vi forventer, at vores investeringer i mindre opkøb i 2025 vil være på et højere niveau end normalt som følge af allerede gennemførte akkvisitioner i 2025 og en fortsat god pipeline af attraktive opkøbsmuligheder.
Vi forventer, at EBIT som følge af ugunstige valutakursudviklinger vil blive påvirket negativt med ca. DKK 125 mio. i forhold til tidligere antagelser for året. Dette omfatter effekten af både kurssikrede og ikkekurssikrede valutaer. Effekten forventes primært at gøre sig gældende i Q2-Q4.
Vi forventer, at koncernen kun i begrænset omfang vil blive påvirket af told, men baseret på den aktuelle toldsituation indregner vi nu en negativ effekt af told på ca. DKK 25 mio. i 2025 på vores Diagnostics-forretningsområde.
Vores Communications-forretningsområde samt vores forretning for benforankrede høresystemer indregnes som ophørende aktiviteter, og for helåret 2025 forventes det samlede nettooverskud efter skat i disse forretninger at være DKK 0-50 mio. Dette beløb relaterer sig alene til forventede driftsresultater i disse forretninger og omfatter ikke nogen finansiel effekt af det påtænkte frasalg af forretningerne.
Yderligere antagelser omkring den finansielle modellering for 2025, opdateret pr. 5. maj 2025, fremgår af nedenstående tabel:
Parameter
Antagelser om 2025
Akkvisitiv vækst
2 % baseret på omsætning fra akkvisitioner gennemført pr. 5. maj 2025
Valutakursvækst
-2 % (tidligere 1 %) baseret på valutakurser pr. 5. maj 2025 og inkl. effekten af valutakurssikring
Effektiv skattesats
Ca. 23 %
Overskud fra ophørende aktiviteter
DKK 0-50 mio.
Finansiel gennemgang af Q1 2025
Omsætning (DKK mio.)
Vækst
Forretningsområde
Q1 2025
Q1 2024
Organisk
Akkvisitiv
LCY
FX
Rapporteret
Hearing Aids, samlet omsætning
3.148
3.107
-1 %
2 %
1 %
1 %
1 %
Hearing Aids, intern omsætning
-678
-599
9 %
4 %
12 %
1 %
13 %
Hearing Aids, ekstern omsætning
2.470
2.508
-4 %
2 %
-2 %
1 %
-2 %
Hearing Care
2.547
2.318
4 %
5 %
9 %
1 %
10 %
Diagnostics
603
597
0 %
0 %
0 %
1 %
1 %
Koncern
5.620
5.423
0 %
3 %
3 %
1 %
4 %
Koncernen leverede organisk vækst på 0 %, hvilket er under vores forventninger, som følge af lavere end forventet vækst på høreapparatmarkedet i Q1. Justeret for det afdæmpede marked var koncernens underliggende resultater på niveau med forventningerne. Koncernen leverede yderligere vækst på 3 % som følge af akkvisitioner i Hearing Care og Hearing Aids. Valutakurseffekter var 1 %, hvilket betyder, at den samlede rapporterede omsætningsvækst var 4 %.
Hearing Aids genererede organisk vækst fra eksterne kunder på -4 %. Som forventet var væksten fortsat påvirket af stærke sammenligningstal dels på grund af lanceringen af Oticon Intent i februar sidste år, dels på grund af det betydelige tab af markedsandel i managed care-segmentet (forsikringsdækket behandling). Som følge af den negative udvikling på det kommercielle marked i USA var væksten i Q1 imidlertid lavere end forventet. Væksten i styksalget til eksterne kunder var næsten flad, mens vi så negativ udvikling i ASP’en som følge af ændringer i geografimiks forårsaget af negativ markedsvækst på det kommercielle marked i USA.
Hearing Care fortsatte med a levere solide resultater, der resulterede i organisk vækst på 4 %, der således oversteg markedsvækstraten. Denne udvikling var drevet af meget stærke resultater i Canada og på flere af vores øvrige mellemstore markeder samt af solide resultater i USA i forhold til det svage marked. I Frankrig var væksten positiv og på niveau med markedsvækstraten, der udviklede sig som forventet. I overensstemmelse med vores strategi bidrog akkvisitioner på flere markeder til væksten i Q1, og her var Tyskland den primære bidragyder.
Diagnostics oplevede øget momentum med organisk vækst på 0 % trods relativt svære sammenligningstal. Forretningsområdet er fortsat påvirket af den flade vækst på markedet for diagnostisk udstyr. Vi ser dog fortsat vækst i vores forretning for services og engangsprodukter. Hvis vi kigger på vores globale resultater på tværs af produktkategorier, vurderer vi, at vi har bibeholdt vores markedsandel i Q1.
Som forventet er koncernens bruttomargin faldet år til år efter ekstraordinært stærke resultater i samme periode sidste år. Til trods for positive forretningsmikseffekter, der har understøttet bruttomarginen, var nedgangen en smule større end forudset, idet det negative amerikanske marked forårsagede ændringer i geografimikset og dermed et fald i ASP’en i Hearing Aids.
Vi så moderat organisk vækst i OPEX, hvilket afspejler en lavere end normal run rate i starten af året efter gennemførelse af omkostningsbesparende tiltag i H2 2024 samt vores fortsatte fokus på omkostningsstyring. Akkvisitioner bidrog yderligere til OPEX-væksten, hvilket er i overensstemmelse med vores akkvisitionsstrategi, og vi så et lille bidrag fra valutakurser, hvilket samlet set resulterede i rapporteret midt encifret OPEX-vækst i Q1.
Koncernens EBIT var under forventningerne som følge af det afdæmpede globale høreapparatmarked. Valutakurser havde ligeledes en moderat negativ effekt på EBIT i Q1.
Koncernen fortsatte med at generere solidt cashflow, og udviklingen i arbejdskapitalen understøttede både CFFO og FCF, som begge var højere end i samme periode sidste år. Koncernen bibeholdt et højt akkvisitions- og aktietilbagekøbsniveau i Q1, hvilket resulterede i en højere netto rentebærende gæld i koncernen end i slutningen af 2024. Som følge heraf har vi set en lille stigning i gearing-multiplen, som dog stadig er inden for vores mellemlange til langsigtede mål om en gearing-multipel på 2,0-2,5.
Overskuddet efter skat fra ophørende aktiviteter, som består af Hearing Implants (vores forretning for benforankrede høresystemer) og Communications (EPOS), var positivt og på niveau med vores forventninger.
I vores forretning for benforankrede høresystemer (BAHS) så vi meget stærk vækst drevet af fortsat godt momentum i salget af vores transkutane benforankrede høresystem SentioTM.
EPOS-forretningen har vist forbedret bruttomargin og operationel gearing efter den omstrukturering, der fandt sted i H2 2024, og præsterer således som forventet.
Pr. 31. marts udgjorde koncernens aktietilbagekøb DKK 479 mio. i 2025.
Telekonference
Demant afholder en telekonference den 7. maj 2025 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
Gustav Høegh, Investor Relations Officer
Henrik Axel Lynge Buchter, Manager of External Communications
Ledelseskommentarer
Markedsudvikling
Samlet set så vi flad vækst i Q1 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. totredjedele af markedet for høreapparater, og på vores egne antagelser skønner vi, at det globale høreapparatmarked oplevede stykvækst på ca. 2 % i Q1 sammenlignet med samme periode i 2024. Den lave vækst skyldes det kommercielle marked i USA, som oplevede negativ vækst. Hvis vi ser bort fra det amerikanske marked, lå den globale markedsvækstrate i den lave ende af den strukturelle vækstrate på 4-6 %. Vi skønner, at ændringer i geografi- og kanalmiks resulterede i en negativ ASP-udvikling. Vi vurderer derfor, at værdivæksten på høreapparatmarkedet var flad i Q1.
Skønnet stykvækst på markedet for høreapparater pr. region
2024
2025
Region
Q1
Q2
Q3
Q4
FY
Q1
Europa
1 %
8 %
1 %
3 %
3 %
4 %
Nordamerika
10 %
6 %
4 %
6 %
6 %
-3 %
Heraf USA (kommercielt marked)
13 %
6 %
5 %
7 %
7 %
-5 %
Heraf USA (VA)
-1 %
1 %
-1 %
0 %
-1 %
-1 %
Resten af verden
1 %
2 %
4 %
6 %
3 %
4 %
Global
3 %
5 %
3 %
5 %
4 %
2 %
Sammenlignet med samme periode i 2024 skønner vi, at markedsvæksten i Europa var 4 % i Q1. Væksten var primært drevet af stærk vækst i NHS understøttet af lettere sammenligningstal, og selv hvis vi ser bort fra NHS, så var væksten i Europa stadig positiv. Vi så stærk vækst på det britiske kommercielle marked og solid vækst i Tyskland. I Frankrig var væksten moderat positiv og på niveau med vores antagelser. Vi forventer fortsat accelereret vækst i de kommende kvartaler, som vil understøtte høj encifret vækst for hele året. Flere mellemstore markeder oplevede ligeledes god vækst.
Stykvæksten i Nordamerika var -3 % i Q1. I modsætning til forventningerne og efter flere perioder med stærk vækst førte den økonomiske usikkerhed hos forbrugerne til negativ vækst på det kommercielle marked i USA – både i segmentet for egenbetaling og i managed care-segmentet. Stærke sammenligningstal påvirkede ligeledes væksten negativt i Q1. Væksten i VA er fortsat afdæmpet og var moderat negativ, mens væksten i Canada var solid.
Ser vi ud over Europa og Nordamerika, vurderer vi, at stykvæksten i Resten af verden-regionen var 4 %. Væksten i Japan var moderat positiv. Understøttet af lettere sammenligningstal var væksten i Kina ligeledes moderat positiv, selvom markedsforholdene samlet set fortsat byder på udfordringer. Australien oplevede negativ vækst, mens vi vurderer, at flere vækstmarkeder så solid vækst i Q1, især Latinamerika.
Markedet for diagnostisk udstyr
Vi skønner, at væksten på markedet for diagnostisk udstyr var flad i Q1 sammenlignet med samme periode sidste år. Dette skyldes den fortsat afdæmpede efterspørgsel efter diagnostisk udstyr, som dog blev opvejet af en lille vækst på markederne for services og engangsprodukter i Q1.
Hearing Aids
Den organiske vækst i salget til eksterne kunder var -4 % i Q1. Som forventet var væksten påvirket af stærke sammenligningstal som følge af lanceringen af Oticon Intent i februar sidste år, det betydelige tab af markedsandel i managed care-segmentet i Q2 2024 og fortsat intens konkurrence. Væksten i Q1 var imidlertid lavere end forventet på grund af det negative kommercielle marked i USA. Stykvæksten var næsten flad, mens den negative markedsudvikling i USA resulterede i en negativ ASP-udvikling. Når vi kigger på vores samlede salg, var væksten 1 % i lokal valuta, og vi vurderer, at vi har bibeholdt vores globale markedsandel.
Den organiske vækst i Europa var positiv drevet af solide resultater i Tyskland og gode resultater på flere af vores mellemstore markeder. I Frankrig var væksten moderat positiv, mens den var moderat negativ i Storbritannien dels på grund af svære sammenligningstal i det private segment, dels på grund af tab af markedsandel i den offentlige kanal.
I Nordamerika så vi negativ vækst som følge af negativ vækst i USA, idet væksten her var lavere end forventet på grund af et negativt kommercielt marked i USA. Som forventet blev væksten yderligere påvirket af stærke sammenligningstal som følge af lanceringen af Oticon Intent samt af det betydelige tab af markedsandel i managed care-segmentet i USA i Q2 2024. Trods negativ markedsvækst i VA oplevede vores forretning positiv vækst i denne kanal som følge af vores øgede markedsandel. I Canada var væksten solid.
I Asien så vi stærk organisk vækst. I Kina understøttede vores øgede markedsandel den solide vækst, der oversteg markedsvækstraten, og i Japan så vi meget stærk vækst, der ligeledes oversteg markedsvækstraten. I Pacific-regionen var væksten moderat negativ trods solid organisk vækst i Australien, og i vores Resten af verden-region, som hovedsageligt omfatter udviklingsmarkeder, var væksten ligeledes stærk.
Hearing Care
Hearing Care fortsatte med at levere solide resultater, der førte til organisk vækst på 4 %, og overgik således markedsvækstraten. Denne udvikling var drevet af meget stærke resultater i Canada, Tyskland og flere af vores øvrige mellemstore markeder. Den akkvisitive vækst var 5 % drevet af Tyskland, hvor vi afsluttede en stor akkvisition i Q1. Akkvisitioner i Danmark, Italien og på en række øvrige markeder bidrog ligeledes til den akkvisitive vækst i Q1. Væksten var primært drevet af styk, men vi oplevede også medvind i form af en højere ASP som følge af positive ændringer i produkt- og geografimiks.
Europa leverede solid organisk vækst drevet af meget stærke resultater opnået på flere af vores mellemstore markeder, især Polen. I Tyskland var den organiske vækst stærk, hvilket blev yderligere forstærket af betydningsfuld akkvisitiv vækst, mens væksten i Storbritannien var flad. I Frankrig, som er vores største marked i Europa, var væksten moderat positiv. Igennem hele Q1 har vi set god trafik i vores klinikker drevet af fireårsdagen for høresundhedsreformen i Frankrig, som vi forventer vil understøtte yderligere vækst resten af året.
Drevet af fortsat stærkt momentum i Canada var den organiske vækst solid i Nordamerika. I USA var den organiske vækstrate positiv – et stykke over den negative markedsvækstrate – trods den fortsat negative effekt af færre besøg i vores klinikker af kunder, der er dækket af managed care.
Ser vi ud over Europa og Nordamerika, var væksten i Australien moderat negativ, hvilket til dels skyldes stærk vækst i sammenligningsperioden. I Kina var væksten negativ, da de overordnede markedsmekanismer stadig skaber udfordringer.
Diagnostics
Den organiske vækst i Diagnostics var 0 %. Markedet for diagnostisk udstyr er fortsat afdæmpet, og hvis vi kigger på vores globale resultater på tværs af produktkategorier, vurderer vi, at vi har bibeholdt vores markedsandel i forhold til sidste år. Vores forretning for services og engangsprodukter skaber fortsat gode resultater.
I Europa var den organiske vækst positiv, især drevet af stærk vækst i Storbritannien og Frankrig. I Nordamerika var væksten ligeledes positiv, men udelukkende drevet af USA, idet væksten i Canada var moderat negativ som følge af stærke sammenligningstal. I Asien var væksten negativ i hele regionen, men mest udtalt i Kina, hvor vi fortsat ser negative effekter af vores begrænsede adgang til offentlige markeder, og i Japan som følge af stærke sammenligningstal. I vores Resten af verden-region så vi god vækst på flere af de mindre udviklingsmarkeder.
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
2025-07 Reviderede forventninger til 2025 samt periodemeddelelse for Q1 2025.pdf
6.5.2025 17:20:20 CEST | Demant A/S |
Inside information
Company announcement no 2025-07 6 May 2025
Revised financial outlook for 2025 and Interim Management Statement for Q1 2025
Reduced expectations for value growth in the global hearing aid market in 2025 to be 2-4% (previously 4-6%) following a weak start to the year
Headwind from adverse exchange rate developments expected to impact EBIT in 2025
Outlook for 2025 revised: Organic growth of 1-5% (previously 3-7%) and EBIT of DKK 4,100-4,500 million (previously DKK 4,500-4,900 million)
“During the first quarter, macroeconomic uncertainties negatively impacted the hearing aid market and the US market, in particular. As we look to the rest of the year, we now expect softer-than-normal market developments, and in addition, we expect an impact of recent exchange rate developments. We thus adjust our outlook for the full year to reflect these elements. If we exclude the effects of the depressed global hearing aid market and exchange rates, our underlying business performed in line with our expectations in Q1, with particularly solid performance by Hearing Care. We still believe that professional hearing care and state-of-the-art hearing aids are fundamental in helping people with hearing loss enjoy life, and even in difficult market situations, we remain focused on delivering life-changing innovative products and services to our users and customers,” says Søren Nielsen, President & CEO of Demant.
Outlook for 2025
We reduce our expectations for growth in the global hearing aid market in 2025 following lower-than-expected growth in the US commercial market in Q1 and reduced expectations for the rest of the year. We now expect the value growth rate in the global hearing aid market to be 2-4% (previously 4-6%) for the full year. The market fundamentals are intact, but the timing of a return to normal growth of 4-6% remains uncertain due to macroeconomic conditions.
We revise our organic growth outlook for 2025 to 1-5% (previously 3-7%). The revision is a direct consequence of our expectations of 2 percentage point lower growth in the global hearing aid market in 2025, while our expectations for our relative performance in the market remain unchanged.
We revise our EBIT outlook for 2025 to DKK 4,100-4,500 million (previously DKK 4,500-4,900 million). The revision is primarily a result of the reduced expectations for the hearing aid market and an expected negative impact of around DKK 125 million of adverse exchange rate developments compared to previous assumptions. We expect a limited impact of tariffs on the Group, but we now include a negative impact of around DKK 25 million of tariffs in 2025 on our Diagnostics business area.
Our revised financial outlook for 2025 is summarised in the table below:
Metric
Outlook for 2025
Organic growth
1-5% (previously 3-7%)
EBIT
DKK 4,100-4,500 million (previously DKK 4,500-4,900 million)
Share buy-backs
More than DKK 1,500 million
The outlook is based on a number of key assumptions as described below (changes marked in bold):
We expect the unit growth rate in the global hearing aid market in 2025 to be 3-5% (previously 4-6%). Due to geographic and channel mix changes, we expect the hearing aid market to see average selling price (ASP) development of around -1% (previously flattish) for the full year, resulting in a value growth rate of 2-4% (previously 4-6%) in 2025.
We expect the French market to grow in the high single digits in units in 2025.
We expect the cash allocated to bolt-on acquisitions in 2025 to be at a higher-than-normal level due to acquisitions already made in 2025 and a continuously good pipeline of attractive opportunities.
We expect a negative impact on EBIT of around DKK 125 million compared to previous assumptions for the year due to adverse exchange rate developments. This includes the effects of both hedged and unhedged currencies, with the majority of the impact expected to take effect in Q2-Q4.
We expect a limited impact of tariffs on the Group, but we now include a negative impact of around DKK 25 million of tariffs in 2025 on our Diagnostics business area based on the current tariff situation.
Our Communications business and our business for bone anchored hearing systems are recognised as part of discontinued operations, and for the full year 2025, the combined net profit after tax in these businesses is expected to be DKK 0-50 million. This relates entirely to an expected operating profit for the businesses and does not include any financial impact related to our intended divestment of the businesses.
For modelling purposes, we provide further assumptions for 2025 below, which are updated as at 5 May 2025:
Metric
Assumption for 2025
Acquisitive growth
2% based on revenue from acquisitions completed as at 5 May 2025
FX growth
-2% (previously 1%) based on exchange rates as at 5 May 2025 and including the impact of hedging
Effective tax rate
Around 23%
Profit from discontinued operations
DKK 0-50 million
Financial review of Q1 2025
Revenue (DKK million)
Growth
Business area
Q1 2025
Q1 2024
Organic
Acquisitive
LCY
FX
Reported
Hearing Aids, total revenue
3,148
3,107
-1%
2%
1%
1%
1%
Hearing Aids, internal revenue
-678
-599
9%
4%
12%
1%
13%
Hearing Aids, external revenue
2,470
2,508
-4%
2%
-2%
1%
-2%
Hearing Care
2,547
2,318
4%
5%
9%
1%
10%
Diagnostics
603
597
0%
0%
0%
1%
1%
Group
5,620
5,423
0%
3%
3%
1%
4%
The Group saw organic growth of 0%, which is below expectations due to the lower-than-expected hearing aid market growth in Q1. Adjusted for the market slowdown, the Group’s underlying performance was in line with expectations. The Group saw an additional growth of 3% related to acquisitions in Hearing Care and Hearing Aids. Exchange rate effects were 1%, leading to total reported revenue growth of 4%.
Hearing Aids saw organic growth in revenue from external customers of -4%. As expected, our growth rate was impacted by a strong comparative base, partly due to the launch of Oticon Intent in February last year and partly due to the significant loss of market share with managed care. However, due to the negative US commercial market, growth in Q1 was lower than expected. Growth in unit sales to external customers was flattish, while we saw a negative ASP development due to geographic mix changes caused by the negative market growth in the US commercial market.
Hearing Care continued to deliver solid performance, leading to organic growth of 4%, and thus exceeded the market growth rate. This development was driven by very strong performances in Canada and several of our other medium-sized markets and also by solid performance in the US relative to the weak market. In France, growth was positive and in line with the market growth rate, which developed as expected. In line with our strategy, acquisitions in several markets contributed to growth in Q1, with Germany remaining the primary contributor.
Diagnostics saw improving momentum with organic growth of 0% despite relatively tough comparative figures. The business area continues to be impacted by flat growth in the market for diagnostic instruments. However, we continue to see growth in our services and consumables business. When looking at our global performance across product categories, we estimate that we have maintained our market share in Q1.
As expected, the Group’s gross margin declined year-over-year, following an extraordinarily strong performance in the same period last year. Despite positive business mix effects supporting the gross margin, the decline was slightly larger than anticipated, as the negative US market caused geographic mix changes and thus an ASP decline in Hearing Aids.
OPEX saw slight organic growth, reflecting a lower-than-normal run rate going into the year, following our cost-saving efforts in H2 2024 and our continued focus on cost management. Acquisitions contributed further to OPEX growth, which is in line with our acquisition strategy, and we also saw a small contribution from exchange rate effects, resulting in mid-single-digit reported OPEX growth in Q1.
The Group’s EBIT was below expectations due to the slowdown in the global hearing aid market. Foreign exchange rates also had a slightly negative impact on EBIT in Q1.
The Group continued to generate solid cash flow, and working capital developments supported CFFO and FCF, which were both higher than in the same period last year. The Group maintained a high level of acquisition activities and share buy-backs in Q1, resulting in a higher net interest-bearing debt for the Group compared to the end of 2024. As a result of this, we have seen a small increase in the gearing multiple, which remains within our medium- to long-term target range of 2.0-2.5.
Profit after tax from discontinued operations, comprising Hearing Implants (our bone anchored hearing systems business) and Communications (EPOS), was positive and in line with expectations.
In our bone anchored hearing systems (BAHS) business, we saw very strong growth driven by continuously good momentum in sales of our transcutaneous bone conduction hearing system, Sentio™.
The EPOS business has shown an improving gross margin and operating leverage as a result of the restructuring that took place in H2 2024 and is thus performing in line with expectations.
As at 31 March, the Group’s share buy-backs totalled DKK 479 million in 2025.
Conference call details
Demant will host a conference call on 7 May 2025 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
Gustav Høegh, Investor Relations Officer
Henrik Axel Lynge Buchter, Manager of External Communications
Management commentary
Market trends
Overall, the hearing healthcare market we address, which comprises the markets for hearing aids and diagnostic instruments and services, saw flat growth in Q1.
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 2% in Q1 compared to the same period in 2024. The low growth was due to the US commercial market, which saw negative growth. Excluding the US market, the global market growth was in the low end of the structural growth rate of 4-6%. We estimate that geographic and channel mix changes resulted in negative ASP development. Consequently, we estimate that value growth in the hearing aid market in Q1 was flat.
Estimated hearing aid market unit growth by region
2024
2025
Region
Q1
Q2
Q3
Q4
FY
Q1
Europe
1%
8%
1%
3%
3%
4%
North America
10%
6%
4%
6%
6%
-3%
Hereof US (commercial)
13%
6%
5%
7%
7%
-5%
Hereof US (VA)
-1%
1%
-1%
0%
-1%
-1%
Rest of world
1%
2%
4%
6%
3%
4%
Global
3%
5%
3%
5%
4%
2%
We estimate that market growth in Europe was 4% in Q1 compared to the same period in 2024. Growth was primarily driven by strong growth in the NHS supported by easier comparative figures, although excluding the NHS, growth in Europe was still positive. Growth in the UK commercial market was strong, and growth in Germany was solid. In France, growth was slightly positive and in line with our assumptions. We still expect growth acceleration in the coming quarters to support high single-digit growth for the full year. Several medium-sized markets also saw good growth.
Unit growth in North America was -3% in Q1. Contrary to expectations, and following several periods of strong growth, economic uncertainty amongst consumers led to negative growth in the US commercial market in both private-pay channels and managed care. Strong comparative figures also weighed on growth in Q1. Growth in VA remains subdued and was slightly negative, while growth in Canada was solid.
Looking beyond Europe and North America, we estimate that unit growth in Rest of world region was 4%. Growth in Japan was slightly positive. Supported by easier comparative figures, growth in China was also slightly positive, even though overall market dynamics remain challenging. Australia saw negative growth, whereas we estimate that several emerging markets delivered good growth in Q1, particularly in Latin America.
Diagnostics market
We estimate that, compared to the same period last year, the growth rate in the diagnostics market was flat in Q1. This is due to the continuously soft demand for diagnostic instruments, which was offset by slight growth in the market for services and consumables in the period.
Hearing Aids
Organic growth in sales to external customers was -4% in Q1. As expected, growth was impacted by a strong comparative base due to the launch of Oticon Intent in February last year, the significant loss of market share with managed care in Q2 2024 and a continuously intense competitive environment. However the growth in Q1 was lower than expected due to the negative US commercial market. Unit growth was flattish, while negative market developments in the US resulted in negative development in the ASP. When we look at our total sales, growth in local currencies was 1%, and we estimate that we have maintained our global market share.
In Europe, organic growth was positive, driven by solid performance in Germany as well as good performance in several medium-sized markets. In France, growth was slightly positive, while in the UK, growth was slightly negative, partly due to tough comparative figures in the private segment and partly due to a loss of market share in the public channel.
In North America, growth was negative due to negative growth in the US, which was lower than expected due to a negative US commercial market. As expected, growth was further impacted by strong comparative figures due to the launch of Oticon Intent and also by the significant loss of market share with managed care in the US in Q2 2024. In VA, we saw positive growth due to market share gains despite negative growth in this channel. In Canada, growth was solid.
In Asia, organic growth was strong. In China, market share gains supported solid above-market growth, and in Japan, growth was very strong, exceeding the market growth rate. In the Pacific region, growth was slightly negative, despite solid organic growth in Australia. In our Rest of world region, which mostly comprises emerging markets, organic growth was strong.
Hearing Care
Hearing Care continued the solid performance, leading to organic growth of 4%, thus outgrowing the market. This was driven by very strong performances in Canada, Germany and several of our other medium-sized markets. Acquisitive growth was 5%, driven by Germany, where we completed a sizeable acquisition in Q1. Acquisitions in Denmark, Italy and a number of other markets also contributed to acquisitive growth in the period. Growth was mainly driven by units, but we also saw tailwind from an increase in the ASP due to positive product and geographic mix changes.
Europe saw solid organic growth driven by very strong performances in several of our medium-sized markets, particularly Poland. In Germany, organic growth was strong, which was further supported by meaningful growth from acquisitions, while growth in the UK was flat. In France, which is our largest market in Europe, growth was slightly positive. Throughout Q1, we saw good initial traffic in our clinics driven by the four year anniversary of the hearing healthcare reform in France, which we expect to support further growth throughout the rest of the year.
In North America, organic growth was solid, driven by continuously strong momentum in Canada. In the US, organic growth was positive, well above the negative market growth rate, despite the continuously negative impact of lower traffic generated by customers covered by managed care.
Looking beyond Europe and North America, growth in Australia was slightly negative, in part due to strong growth in the comparative period. In China, growth was negative, as the overall market dynamics remain challenging.
Diagnostics
Organic growth in Diagnostics was 0%. The market for diagnostic instruments continues to be soft, and if we look at our global performance across product categories, we estimate that we have maintained our market share compared to the same period last year. Our services and consumables business continues to perform well.
In Europe, organic growth was positive, driven by particularly strong growth in the UK and France. In North America, growth was also positive, driven entirely by the US, as growth in Canada was slightly negative due to very strong comparative figures. In Asia, growth was negative across the region, although particularly in China, where we continue to see adverse effects of our limited access to public markets, and in Japan due to strong comparative figures. In our Rest of world region, several minor emerging markets saw good growth.
Contacts
Henrik Axel Lynge Buchter, External Communication Manager, Corporate Communication & Sustainability, +45 2264 9982, heey@demant.com
About Demant A/S
Demant is a world-leading hearing healthcare group that offers innovative technologies, solutions and expertise to help people hear better. In every aspect, from hearing care and hearing aids to diagnostic equipment and services, Demant is active and engaged. Headquartered in Denmark, the Group employs more than 22,000 people globally and is present with solutions in 130 countries creating life-changing differences through hearing health. William Demant Foundation holds the majority of shares in Demant A/S, which is listed on Nasdaq Copenhagen and among the 25 most traded stocks.
Attachments
2025-07 Revised financial outlook for 2025 and Interim Management Statement for Q1 2025.pdf
