9.10.2026 15:13:33 CEST | Demant A/S |
Intern viden
Selskabsmeddelelse nr. 2026-12 9. oktober 2026
Opjusterede forventninger til 2026 og genoptagelse af aktietilbagekøb
Intern viden
Meget flotte resultater i Q3 med organisk vækst i koncernen på 11% efter en meget stærk lancering af Oticon Reveal
Opjustering af forventningerne til 2026: Organisk vækst på 7-8 % (tidligere 6-7 %) og EBIT før særlige poster på DKK 4.700-5.000 mio. (tidligere 4.400-4.800 mio.)
Aktietilbagekøb genoptaget og forventes at beløbe sig til mindst DKK 3 mia. senest ved udgangen af 2027
Baseret på meget stærke resultater i Q3 offentliggør Demant i dag det foreløbige resultat for Q3 og opjusterer forventningerne til 2026.
“Demants flotte resultater i tredje kvartal understreger styrken i vores innovative produkter og kommercielle eksekvering. Vores produktporteføljes fortsatte succes og kundernes meget positive modtagelse af høreapparatet Oticon Reveal har betydet, at vores Hearing Aids-forretningsområde er vokset markant mere end forventet. I lyset af denne udvikling, som afspejler vores fortsatte tiltro til forretningen og ambition om at skabe værdi for aktionærerne, opjusterer vi nu vores forventninger til året og genoptager vores aktietilbagekøbsprogram,” siger koncernchef & adm. direktør, Søren Nielsen.
Foreløbige resultater og finansiel gennemgang af Q3 2026
Omsætning (DKK mio.)
Vækst
Forretningsområde
Q3 2026
Q3 2025
Organisk
Akkvisitiv
LCY
FX
Rapporteret
Hearing Aids, samlet omsætning
3.597
3.012
19 %
0 %
19 %
0 %
19 %
Hearing Aids, intern omsætning
-850
-600
25 %
3 %
28 %
1 %
28 %
Hearing Aids, ekstern omsætning
2.747
2.350
17 %
-1 %
17 %
0 %
17 %
Hearing Care
3.278
2.537
6 %
22 %
28 %
2 %
30 %
Diagnostics
599
567
4 %
0 %
4 %
2 %
6 %
Koncern
6.624
5.454
11 %
10 %
20 %
1 %
21 %
I Q3 leverede koncernen organisk vækst på 11 % drevet af stærk acceleration i væksten i Hearing Aids, som leverede organisk vækst på 17 % i Q3 trods sværere sammenligningstal end i Q2. Væksten ligger markant over vores forventninger og kan tilskrives den meget stærke lancering af Oticon Reveal – særligt på det amerikanske kommercielle marked – hvilket har resulteret i et stærkt produktmiks og en forbedret gennemsnitlig salgspris (ASP) i Q3. Den stærke lancering af Oticon Reveal har yderligere øget det positive momentum skabt af Oticon Zeal, hvilket tydeligt illustrerer styrken i og relevansen af vores samlede produktportefølje for vores kunder. Forretningsområdet Hearing Care leverede ligeledes organisk vækst, der lå lidt over vores forventninger, og forretningsområdet Diagnostics leverede vækst på niveau med forventningerne.
Baseret på begrænsede og foreløbige statistikker for høreapparatmarkedet og vores egne indledende vurderinger skønner vi, at høreapparatmarkedet voksede med omkring 6 % i værdi i Q3 (5 % ÅTD). Denne vækst antages at være delvist understøttet af produktlanceringer. Efter Q3 forventer vi nu, at væksten i værdi i 2026 vil være på niveau med den strukturelle vækstrate på høreapparatmarkedet, og at en vækst på 4-5 % vil være det mest sandsynlige scenarie (tidligere 3-4 %).
Som følge af den stærke organiske vækst har vi set både en betydelig operationel gearing og en forbedring af EBIT før særlige poster i Q3 sammenlignet med Q3 2025. Understøttet af en fortsat stærk udvikling i pengestrømmene har vi nu vores målsætning om en gearing-multipel på 2,0-2,5 klart i sigte. Demant har derfor besluttet at genoptage sit aktietilbagekøbsprogram pr. dags dato. Som led i vores forpligtelse til at sende overskydende kapital tilbage til aktionærerne forventer Demant at købe aktier tilbage for mindst DKK 3 mia. inden udgangen af 2027 og ved udgangen af 2027 at have en gearing-multipel inden for målintervallet på 2,0-2,5x. Dette afspejler vores stærke pengestrømsgenerering og vores tiltro til vores langsigtede forventninger.
Forventninger til 2026
Baseret på de flotte resultater i Q3 og et forventet fortsat stærkt momentum i Q4 2026 opjusterer vi vores forventninger til den organiske vækst og EBIT før særlige poster for 2026 samt genoptager vores aktietilbagekøbsprogram. Forventningerne er fortsat baseret på et konkurrencepræget marked, hvor flere konkurrenter lancerer produkter i H2.
Parameter
Forventninger til 2026
Organisk vækst
7-8 % (tidligere 6-7 %)
EBIT før særlige poster
DKK 4.700-5.000 mio. (tidligere DKK 4.400-4.800 mio.)
Aktietilbagekøb
Genoptaget pr. 9. oktober 2026 med en forventning om at tilbagekøbe aktier for mindst DKK 3 mia. senest ved udgangen af 2027 (tidligere ikke noget aktietilbagekøb)
Yderligere antagelser, som er opdateret pr. 8. oktober 2026, omkring den finansielle modellering for 2026 fremgår af nedenstående tabel:
Parameter
Antagelser vedrørende 2026
Akkvisitiv vækst
9 % baseret på omsætning fra akkvisitioner gennemført pr. 8. oktober 2026
Valutakursvækst
-1 % baseret på valutakurser opgjort pr. 8. oktober 2026 og inkl. effekten af valutakurssikring
Særlige poster
DKK -400 mio.
Effektiv skattesats
Ca. 23 %
Vi vil opdatere yderligere nøgleantagelser i vores forventninger til 2026 i forbindelse med offentliggørelse af den fulde periodemeddelelse for Q3 2026 den 3. november 2026 efter kl. 17.00 CET.
De opjusterede forventninger til 2026 samt meddelelse om genoptagelse af aktietilbagekøbsprogrammet udgør intern viden i henhold til Markedsmisbrugsforordningen, artikel 17.
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
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
2026-12 Opjusterede forventninger til 2026 og genoptagelse af aktietilbagekøb.pdf
9.10.2026 15:13:33 CEST | Demant A/S |
Inside information
Company announcement no 2026-12 9 October 2026
Upgraded financial outlook for 2026 and resumption of share buy-backs
Inside information
Very strong performance in Q3 with Group organic growth of 11%, driven by a very strong launch of Oticon Reveal
Outlook for 2026 upgraded: Organic growth of 7-8% (previously 6-7%) and EBIT before special items of DKK 4,700-5,000 million (previously 4,400-4,800 million)
Share buy-backs resumed and expected to total at least DKK 3 billion by the end of 2027
Based on a very strong performance in Q3, Demant today announces preliminary financial figures for Q3 and upgrades its financial outlook for 2026.
“Demant’s performance in the third quarter highlights the strength of our innovative products and commercial execution. The continued success of our portfolio of products and the very strong reception of Oticon Reveal by our customers have enabled our Hearing Aids business area to grow well above our expectations. Reflecting the confidence in our business and our commitment to creating shareholder value, this development allows us to lift our financial outlook for this year and enables us to resume our share buy-back programme,” says Søren Nielsen, President & CEO.
Preliminary financial figures and review of Q3 2026
Revenue (DKK million)
Growth
Business area
Q3 2026
Q3 2025
Organic
Acquisitive
LCY
FX
Reported
Hearing Aids, total revenue
3,597
3,012
19%
0%
19%
0%
19%
Hearing Aids, internal revenue
-850
-600
25%
3%
28%
1%
28%
Hearing Aids, external revenue
2,747
2,350
17%
-1%
17%
0%
17%
Hearing Care
3,278
2,537
6%
22%
28%
2%
30%
Diagnostics
599
567
4%
0%
4%
2%
6%
Group
6,624
5,454
11%
10%
20%
1%
21%
The Group generated organic growth of 11%, fuelled by strong growth acceleration in Hearing Aids, delivering 17% organic growth in Q3 despite slightly tougher comparative figures than in Q2. This is significantly above our expectations, driven by a very strong launch of Oticon Reveal, particularly in the US commercial market, fuelling a strong product mix with an improving ASP in Q3. The strong launch has further expanded the positive momentum created by Oticon Zeal, clearly illustrating the strength and relevance of our overall product portfolio for customers. Hearing Care also saw organic growth slightly ahead of plans, and Diagnostics delivered growth in line with expectations.
Based on limited and preliminary hearing aid market statistics and our own initial assessment, we estimate that the hearing aid market grew by around 6-7% in value in Q3 (5% YTD). This growth is assumed to be partly supported by product launches. Following Q3, we now expect value growth in 2026 to be in line with the structural growth rate in the hearing aid market, with 4-5% being the most likely outcome (previously 3-4%).
Due to the strong organic growth, we have seen significant operating leverage and improvement in EBIT before special items in Q3 compared to Q3 2025. Supported by a continuously strong cash-flow development, we now have a clear line of sight to our target gearing multiple of 2.0-2.5. Therefore, Demant has decided to resume its share buy-back programme as of today. As part of our commitment to returning excess capital to the shareholders, Demant expects to buy back shares worth at least DKK 3 billion by the end of 2027 and to end that year with a gearing multiple within the target range of 2.0-2.5x. This reflects our strong cash-flow generation and confidence in the long-term outlook.
Outlook for 2026
Based on the very strong performance in Q3 and our expectation to see continuously strong momentum in Q4 2026, we upgrade our outlook for organic growth and EBIT before special items for 2026 and resume our share buy-back programme. The financial outlook continues to be based on a competitive environment, with several competitors launching products in H2.
Metric
Outlook for 2026
Organic growth
7-8% (previously 6-7%)
EBIT before special items
DKK 4,700-5,000 million (previously DKK 4,400-4,800 million)
Share buy-backs
Resumed as at 9 October 2026 and with the expectation to buy back shares worth at least DKK 3 billion by the end of 2027 (previously none)
For modelling purposes, we provide further assumptions for 2026 below, which are updated as at 8 October 2026:
Metric
Assumption for 2026
Acquisitive growth
9% based on revenue from acquisitions completed as at 8 October 2026
FX growth
-1% based on exchange rates as at 8 October 2026 and including the impact of hedging
Special items
DKK -400 million
Effective tax rate
Around 23%
We will update additional key assumptions in our outlook when the full Interim Management Statement for Q3 2026 is published on 3 November 2026 after 17:00 CET (5:00 p.m.).
The upgraded financial outlook for 2026 and information on the resumption of share buy-backs constitute inside information pursuant to Article 17 of the Market Abuse Regulation.
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
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
2026-12 Upgraded financial outlook for 2026 and resumption of share buy-backs.pdf
