1
Interim Report
2025
2
Key figures and financial ratios
H1 2025 H1 2024
Full year
2024
Sustainability impacts
Number of lives improved (million)
11.2 10.6 10.9
Number of people tested (million)
0.8 n.a. 1.5
Environment
Scope 1 and 2 market
-based GHG emissions (tonnes of
CO2e)¹
13,228 13,855 29,426
Scope 1 and 2 location
-based GHG emissions (tonnes of
CO2e)¹
17,235 16,358 33,686
Renewable electricity share¹
55% 38% 35%
Social
Gender diversity, top
-level management (women/men) 31/69% 30/70% 31/69%
Gender diversity, all managers (women/men)
50/50% 49/51% 50/50%
Average number of employees
21,777 21,373 21,381
Governance
Code of Conduct training, highly exposed employees
94% n.a. 76%
Share ratio
Earnings per share (EPS), DKK
- continuing operations 5.34 6.18 13.31
Earnings per share (EPS)
5.28 5.47 10.99
Share price, end of period
264.20 301.40 264.20
¹ H1 2024 numbers are restated to account for allocation of Energy Attribute Certificates (EACs) and new acquisitions incorpo
rated
during the year.
(DKK million)
H1 2025 H1 2024
Full year
2024
Income statement
Revenue
11,253 11,087 22,419
Organic growth
0% 3% 2%
Gross profit
8,547 8,510 17,090
EBITDA
2,593 2,897 5,963
Operating profit before special items
1,849 2,068 4,404
Special items
- 124 124
Operating profit (EBIT)
1,849 2,192 4,528
Net financial items
-385 -410 -812
Profit after tax
- continuing operations 1,130 1,354 2,892
Profit after tax
- discontinued operations -13 -154 -504
Profit for the period
1,117 1,200 2,388
Cash flow statement
Cash flow from operating activities (CFFO)
1,513 1,491 4,080
Acquisition of enterprises, participating interests and
activities
-849 -763 -1,234
Investments in property, plant and equipment, net
-307 -286 -545
Free cash flow (FCF)
1,126 1,157 3,486
Share buy
-backs -582 -1,137 -2,301
Balance sheet
Equity
9,475 9,522 9,644
Total assets
32,640 32,390 32,450
Net interest
-bearing debt (NIBD) 14,099 13,853 13,545
Net working capital
3,198 3,546 3,289
Financial ratios
Gross margin
76.0% 76.8% 76.2%
EBIT margin before special items
16.4% 18.7% 19.6%
Effective tax rate
22.8% 24.0% 22.2%
Gearing multiple (NIBD/EBITDA)
2.5 2.3 2.3
3
Introduction
The Group reports revenue and growth
rates on a quarterly basis, whereas the full
income statement, the balance sheet and
the cash flow statement are only reported
on a half-yearly basis. Unless otherwise
indicated, the commentary below relates
to H1 2025.
As a result of the discontinuation of Hear-
ing Implants and Communications, these
businesses are recognised as discontinued
operations, and comparative figures for
2023 have been restated to reflect this.
Revenue
Group revenue amounted to DKK 11,253
million, corresponding to a growth rate of
2% in local currencies. Organic growth
was 0%, which is below our expectations,
mainly due to lower-than-normal hearing
healthcare market growth and lower sales
to a large US retailer.
Growth from acquisitions was 3% for the
Group, primarily related to Hearing Care,
but we also saw a small positive contribu-
tion from Hearing Aids. Exchange rates
impacted revenue by -1% driven by ad-
verse developments in many of our main
trading currencies, and in particular the US
dollar.
In terms of geography, growth was pri-
marily driven by Europe and our Rest of
world region, whereas growth in North
America was negative.
Group financial review
Income statement
(DKK million)
H1 2025 H1 2024 Growth
Revenue
11,253 11,087 2%
Production costs
-2,706 -2,577 5%
Gross profit
8,547 8,510 0%
Gross margin
76.0% 76.8%
R&D costs
-730 -733 0%
Distribution costs
-5,386 -5,154 5%
Administrative expenses
-596 -586 2%
Share of profit after tax, associates
14 31 -55%
Operating profit (EBIT) before special items
1,849 2,068 -11%
Operating profit (EBIT) margin before special items
16.4% 18.7%
Special items
- 124 n.a.
Operating profit (EBIT)
1,849 2,192 -16%
Revenue by business area
Growth
(DKK million)
Q2
2025
Q2
2024
Org. Acq.
LCY FX Rep.
Hearing Aids,
total revenue
3,073 3,123 0% 1% 1% -2% -2%
Hearing Aids,
internal revenue
-629 -609 1% 5% 5% -2% 3%
Hearing Aids,
external revenue
2,444 2,514 0% 0% -1% -2% -3%
Hearing Care
2,602 2,516 1% 5% 6% -2% 3%
Diagnostics
587 634 -4% 0% -4% -4% -7%
Group
5,633 5,664 0% 2% 2% -3% -1%
Growth
(DKK million)
H1
2025
H1
2024
Org. Acq.
LCY FX Rep.
Hearing Aids,
total revenue
6,221 6,230 -1% 1% 1% -1% 0%
Hearing Aids,
internal revenue
-1,307 -1,208 5% 4% 9% -1% 8%
Hearing Aids,
external revenue
4,914 5,022 -2% 1% -1% -1% -2%
Hearing Care
5,149 4,834 2% 5% 7% -1% 7%
Diagnostics
1,190 1,231 -2% 0% -2% -1% -3%
Group
11,253 11,087 0% 3% 2% -1% 2%
4
In Europe, organic growth was driven by
several of our medium-sized markets, par-
ticularly Poland, Belgium and Portugal. In
France, good growth was supported by
the anniversary of the hearing healthcare
reform, while growth in Germany was also
positive. In the UK, growth was slightly
positive. Europe saw good growth contri-
bution from acquisitions, particularly in
Germany and Denmark.
North America saw negative organic
growth due to negative market develop-
ments in the US commercial market,
whereas organic growth in Canada was
positive.
Asia saw slightly positive organic growth
despite persistently challenging market
dynamics in China, driven by strong
growth in Japan and South Korea.
In the Pacific region, Australia saw flat or-
ganic growth, while growth in New Zea-
land was negative. A slightly positive con-
tribution from acquisitions was more than
offset by adverse exchange rate develop-
ments, leading to negative reported
growth for the region.
In our Rest of World region, organic
growth was strong, particularly in Latin
America, although this was somewhat off-
set by negative developments in foreign
exchange rates.
Gross profit
The Group’s gross profit amounted to DKK
8,547 million, which is flat compared to H1
2024. The gross margin was 76.0%, a de-
crease of 0.8 percentage points compared
to H1 2024. While a decrease was ex-
pected, as the gross margin was particu-
larly strong in the comparative period due
to the launch of Oticon Intent, the develop-
ment was slightly worse than anticipated.
Unfavourable geographic mix changes,
particularly negative market growth in the
US, impacted all business areas, especially
Hearing Aids, which saw ASP headwinds.
We also saw a slight decrease in the gross
margin in Diagnostics. These effects were,
however, somewhat offset by positive
changes in the business mix. Exchange
rate effects had a slightly negative impact
on the gross margin.
Gross profit by half-year
(DKK million)
Operating expenses (OPEX)
Total OPEX amounted to DKK 6,712 million,
corresponding to 5% growth in local cur-
rencies compared to H1 2024.
OPEX saw 1% organic growth, reflecting a
low run rate going into the year, following
our cost-saving efforts in H2 2024, and
our continued focus on cost management.
Acquisitions, primarily in Hearing Care,
added 4% to the Group’s OPEX, while ex-
change rate effects were -1%.
Operating profit (EBIT) before
special items
The Group’s EBIT before special items
amounted to DKK 1,849 million, which is a
decrease of 11% compared to H1 2024.
The EBIT margin before special items was
16.4%, a contraction of 2.3 percentage
points compared to H1 2024. The decline
is due to lower-than-normal market
growth, lower-than-planned operating
leverage as well as unfavourable geo-
graphic mix changes in H1 2025, leading
to negative developments in the gross
margin. Relative to H1 2024, exchange
rates had a negative impact on the
Group’s EBIT before special items of
around DKK 50 million, most of which re-
lates to Q2.
8,017
8,303
8,510
8,580
8,547
4,000
5,000
6,000
7,000
8,000
9,000
H1
2023
H2
2023
H1
2024
H2
2024
H1
2025
OPEX by half-year
(DKK million)
5,895
5,987
6,473
6,312
6,712
3,000
4,000
5,000
6,000
7,000
H1
2023
H2
2023
H1
2024
H2
2024
H1
2025
OPEX by function
Growth
(DKK million)
H1 2025 H1 2024 Org. Acq. Rep.
R&D costs
730 733 0% 0% 0%
Distribution costs
5,386 5,154 1% 5% 5%
Administrative expenses
596 586 3% 0% 2%
Total
6,712 6,473 1% 4% 4%
Revenue by geographic region
Growth
(DKK million)
H1 2025 H1 2024 Org. Acq. Rep.
Europe
4,870 4,569 2% 4% 7%
North America
4,472 4,609 -4% 2% -3%
Asia
1,051 1,058 2% 1% -1%
Pacific region
523 536 0% 2% -2%
Rest of world
337 315 22% -7% 7%
Total
11,253 11,087 0% 3% 2%
5
Special items
We recognised no special items in H1
2025 compared to special items of DKK
124 million in H1 2024.
Operating profit (EBIT)
Reported EBIT amounted to DKK 1,849
million, resulting in an EBIT margin of
16.4%.
Financial items
Reported net financial items amounted to
an expense of DKK 385 million, which is a
decrease of DKK 25 million compared to
last year, primarily due to lower interest
expenses.
Profit for the period
Reported profit before tax amounted to
DKK 1,464 million, a decrease of 18%, ow-
ing to a lower operating profit. Tax for the
period amounted to DKK 334 million, cor-
responding to an effective tax rate of
22.8%. This resulted in profit after tax gen-
erated by the Group’s continuing opera-
tions of DKK 1,130 million, which is a de-
crease of 17% compared to H1 2024,
corresponding to earnings per share (EPS)
of DKK 5.34.
Loss after tax from discontinued opera-
tions amounted to DKK 13 million. This is
attributable to a small operating loss in
Communications, whereas our bone an-
chored hearing systems (BAHS) business
saw an operating profit. Please refer to
Note 2 for more details.
For the Group as a whole, profit after tax
was DKK 1,117 million, corresponding to
EPS of DKK 5.28, a decrease of 4% com-
pared to H1 2024.
Cash flow statement
For the Group’s continuing operations,
cash flow from operating activities (CFFO)
remained very solid and amounted to DKK
1,513 million. Despite a lower operating
profit, this is a 1% increase compared to
H1 2024, driven by higher non-cash items
and improved developments in working
capital.
Net investments resulted in a cash flow of
DKK -387 million. Net investments in prop-
erty, plant and equipment and in intangible
assets (CAPEX) amounted to DKK 401 mil-
lion, or 4% of Group revenue. Compared to
H1 2024, CAPEX increased by DKK 26 mil-
lion, or 7%, due to increased investments in
property, plant and equipment. Net invest-
ments in other non-current assets, which
mostly comprise loans to customers and
associates, amounted to an inflow of DKK
14 million compared to an inflow of DKK
41 million in H1 2024.
The free cash flow before acquisitions and
divestments decreased by 3% to DKK
1,126 million as a result of the higher
CAPEX and slightly lower net investments
in other non-current assets.
Cash spent on acquisitions totalled DKK
849 million and relates to bolt-on acquisi-
tions in Hearing Care.
Share buy-backs amounted to DKK 582
million as at 30 June, as the Group bought
back 2,272,349 shares at an average price
of DKK 255.97 in H1. As previously an-
nounced, the share buy-back programme
was suspended effective 11 June 2025 as
a consequence of the agreement to ac-
quire KIND Group.
EBIT before special items by
half
-year
(DKK million)
EPS for continuing operations
by half
-year
(DKK)
CAPEX by half-year
(DKK million)
CFFO by half-year
(DKK million)
2,162
2,344
2,068
2,336
1,849
0
500
1,000
1,500
2,000
2,500
H1
2023
H2
2023
H1
2024
H2
2024
H1
2025
6.14
6.50
6.18
7.13
5.34
0.00
2.00
4.00
6.00
8.00
H1
2023
H2
2023
H1
2024
H2
2024
H1
2025
406
407
375
373
401
0%
2%
4%
200
400
600
H1
2023
H2
2023
H1
2024
H2
2024
H1
2025
CAPEX
CAPEX % of revenue
1,918
2,540
1,491
2,589
1,513
0
500
1,000
1,500
2,000
2,500
3,000
H1
2023
H2
2023
H1
2024
H2
2024
H1
2025
Cash flow by main items
(DKK million)
H1 2025 H1 2024 Change
CFFO
1,513 1,491 1%
Net investments
-387 -334 16%
Free cash flow before acquisitions and divestments
1,126 1,157 -3%
Acquisitions and divestments etc.
-849 -763 11%
Share buy
–backs -582 -1,137 -49%
Other financing activities
369 946 -61%
Cash flow for the period
64 203 -68%
6
Other financing activities resulted in a
cash inflow of DKK 369 million, which pri-
marily relates to the continuous refinanc-
ing of our borrowings.
Net cash flow from continuing operations
amounted to DKK 64 million and net cash
flow from discontinued operations to DKK
4 million. Please refer to Note 2 for more
details.
Balance sheet
As at 30 June 2025, total assets amounted
to DKK 32,640 million, which is a 1% in-
crease since 31 December 2024. Organic
growth contributed 2%, driven by other
current assets, primarily relating to unreal-
ised gains on financial contracts.
Acquisitive growth was 3%, whereas ex-
change rate effects were -4%.
The increase in total assets was mainly
driven by an increase in current assets. We
also saw growth in non-current assets,
primarily relating to acquisitions in Hearing
Care, although this growth was more than
offset by negative exchange rate effects.
The Group’s net working capital decreased
by 3% to DKK 3,198 million relative to the
end of 2024, mainly driven by higher trade
payables.
Net interest-bearing debt (NIBD) amounted
to DKK 14,099 million as at 30 June 2025,
an increase of 4% compared to 31
December 2024. Relative to a 12-month
rolling EBITDA, this corresponds to a gear-
ing multiple of 2.5 at the end of H1, which
is within our medium- to long-term target
of 2.0-2.5.
The Group’s equity decreased by DKK 169
million, or 2%, to DKK 9,475 million relative
to the end of 2024, which is attributable to
foreign currency translation adjustment in
our subsidiaries.
Employees
At the end of H1, Demant had 22,057
employees compared to 21,349 at the
beginning of the year and 21,501 at the
end of H1 2024. The increase in the num-
ber of employees mainly relates to acquisi-
tions made during the year.
Hedging activities
The material forward exchange contracts
in place as of 30 June 2025 to hedge
against the Group’s exposure to move-
ments in exchange rates are shown in
the table below.
Events after the reporting
period
There have been no other events that ma-
terially change the assessment of this In-
terim Report 2025 from the balance sheet
date and up to today.
Hedging activities
Currency
Hedging
period
Average
hedging rate
USD
18 months 675
JPY
10 months
4.70
AUD
10 months 435
GBP
10 months 871
CAD
10 months 487
PLN
10 months 170
Balance sheet by main items
(DKK million)
H1 2025 FY 2024 Change
Lease assets
2,571 2,665 -4%
Other non
-current assets 19,866 19,864 0%
Inventories
2,542 2,500 2%
Trade receivables
3,503 3,563 -2%
Cash
1,142 1,112 3%
Other current assets
1,767 1,353 31%
Assets held for sale
1,249 1,393 -10%
Total assets
32,640 32,450 1%
Equity
9,475 9,644 -2%
Lease liabilities
2,677 2,771 -3%
Other non
-current liabilities 15,342 14,607 5%
Trade payables
964 658 47%
Other current liabilities
3,878 4,426 -12%
Liabilities related to assets held for sale
304 344 -12%
Total equity and liabilities
32,640 32,450 1%
7
With our purpose to create life-changing
hearing health, sustainable hearing health
is at the core of our business activities.
Our core impact
Through innovative solutions and access
to personalised hearing care, Demant aims
to help more people become aware of and
overcome their hearing loss and thus im-
prove their quality of life. This is our core
sustainability impact for which we have
the following targets. By 2030, we aim to
improve more than 16 million lives and se-
quentially increase the number of hearing
tests performed to more than 2 million in
2030.
In H1, we tested 0.8 million people with
potential hearing loss. Based on the num-
ber of hearing aids sold and fittings
conducted, it is estimated that 11.2 million
lives were improved by the end of H1.
Respect for the planet
Caring for people’s hearing health goes
hand in hand with also caring for the envi-
ronment.
In H1 2025, total scope 1 and 2 green-
house gas (GHG) emissions amounted to
13,228 tonnes CO
2
e (market-based emis-
sions), which represents a 5% reduction
compared to H1 2024. The decrease in our
scope 1 and 2 emissions is primarily driven
by the 17 percentage point increase in re-
newable electricity, which can mainly be
attributed to the use of unbundled Energy
Attribute Certificates (EACs).
Demant has committed to reducing its ag-
gregate scope 1 and 2 market-based GHG
emissions by 46% from a 2019 base year
by 2030. An important step towards
achieving this climate target is the use of
renewable electricity, which is why De-
mant aims to use 50% renewable electric-
ity in its own operations by 2025 and
100% by 2030. The use of renewable elec-
tricity in H1 amounted to 55%.
Caring for people
Being at the forefront in creating a positive
social impact on society requires us to be a
leading employer capable of attracting the
brightest minds and fostering an inclusive
and engaging culture.
In H1, gender diversity at our top manage-
ment level (VP level and above) remained
unchanged at 31% women and 69% men
compared to FY 2024. Our target is to
achieve a 35/65% gender balance by
2030.
Gender diversity among all managers in
the Group remained unchanged in H1
compared to the same period last year. At
the end of H1, the share of women and
men in management positions was 50/50.
Performing with integrity
Demant believes that conducting business
with integrity is fundamental to building a
sustainable and successful organisation.
We continuously train our employees in
our Code of Conduct, and we commit to in-
creasing our business conduct excellence
through Code of Conduct training to reach
100% of highly exposed employees by
2030. Highly exposed employees include
e.g. top-level management, senior leaders
of commercial functions, procurement and
finance managers etc.
The number of highly exposed employees
trained in Demant’s Code of Conduct
reached 94% in H1, which is an 18 per-
centage point increase compared to FY
2024.
Group sustainability review
Key sustainability figures by half-year
H1 2025 FY 2024 Change
Sustainability impacts
Number of lives improved (million)
11.2 10.9 3%
Number of people tested (million)
0.8 1.5 n.a.
H1 2025 H1 2024 Change
Environment
Scope 1 and 2 market
-based GHG emissions (tonnes of
CO2e)¹
13,228 13,855 -5%
Scope 1 and 2 location
-based GHG emissions (tonnes of
CO2e)¹
17,235 16,358 5%
Renewable electricity share¹
55% 38% 17 p.p.
H1 2025 FY 2024 Change
Social
Gender diversity, top
-level management (women/men) 31/69% 31/69% 0 p.p.
Gender diversity, all managers (women/men)
50/50% 50/50% 0 p.p.
Governance
Code of Conduct training, highly exposed employees
94% 76% 18 p.p.
¹ H1 2024 numbers are restated to account for allocation of Energy Attribute Certificates (EACs) and new acquisitions incorpo
rated
during the year.
8
The outlook is based on a number of key
assumptions as described below.
• The unit growth rate in the global
hearing aid market in 2025 is ex-
pected to be 2-4% (previously 3-5%).
Due to geographic and channel mix
changes, we expect the hearing aid
market to see average selling price
(ASP) development of around -1%
(unchanged) for the full year, result-
ing in a value growth rate of 1-3%
(previously 2-4%) in 2025.
• We expect the French market to grow
in the high single digits in units in 2025.
• The cash allocated to acquisitions in
2025 will be at a much higher-than-
normal level due to a high level of
bolt-on acquisitions already made in
2025 and the previously announced
acquisition of KIND Group, one of the
world’s leading retailers of hearing
aids, for a total consideration of EUR
700 million.
• Our financial outlook for 2025 does
not include any contribution from
KIND Group, pending closing of the
transaction, which is expected to take
place in H2 2025.
• Our assumptions include significant
production costs and OPEX relating to
future hearing aid introductions. We
expect flat development in OPEX se-
quentially in H2 compared to H1
2025.
• We continue to expect an impact on
EBIT of around DKK -125 million
compared to our original assumptions
(unchanged compared to the most re-
cently published outlook) for the year
due to adverse exchange rate develop-
ments. 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 include an impact of
around DKK -25 million of tariffs in
2025 on our Diagnostics business area
based on currently implemented tariffs
in the US.
• Our Communications business and our
business for bone anchored hearing
systems are recognised as part of dis-
continued operations, and for the full
year 2025, the combined net profit af-
ter tax in these businesses is expected
to be DKK 0-50 million. This relates en-
tirely to an expected operating profit
for the businesses and does not include
any financial impact related to our in-
tended divestment of the businesses.
Outlook for 2025
Outlook for 2025
Our revised financial outlook for 2025 is summarised in the table below:
Organic growth
1
-3% (previously 1-5%)
EBIT before special items
DKK
3,900-4,300 million (previously DKK 4,100-4,500 million)
Share buy
-backs
Suspended
as of 11 June
For modelling purposes, we provide further assumptions for 202
5 below:
Acquisitive growth
2% based on revenue from acquisitions completed as
at 11 August
202
5
FX growth
-
2% based on exchange rates as at 11 August 2025 and including
the impact of hedging
Effective tax rate
Around 2
3%
Profit
from discontinued
operations
DKK
0-50 million
Modelling assumptions for 2025
Assumptions for 2025
9
Market trends
Overall, the hearing healthcare market,
which comprises the markets for hearing
aids and diagnostic instruments and ser-
vices, saw growth below the structural
growth rate of 4-6% in H1 2025, largely
due to macroeconomic uncertainties.
Hearing aid market
Based on available market statistics, cov-
ering approximately two-thirds of the mar-
ket, and on our own assumptions, we esti-
mate that the global hearing aid market
saw unit growth of around 3% in H1 com-
pared to the same periods in 2024. The
slight acceleration in unit growth from Q1
to Q2 was primarily driven by improved
growth in the US commercial market,
although the US commercial market
remained negative for the half-year,
whereas growth in Europe unexpectedly
decelerated sequentially, despite strong
acceleration in France.
We estimate that in H1, ASP development
was negative due to geographic and
channel mix changes, particularly negative
growth in the US commercial market, as
well as intense competitive dynamics.
Overall, value growth in the hearing aid
market was around 1% in H1, which is be-
low the structural growth rate of 4-6%.
Q2 update
We estimate that global market unit
growth was 3% in Q2. Growth was posi-
tive across regions, with the acceleration
in growth relative to Q1 driven primarily by
improved market dynamics in the US,
whereas growth in Europe was positive,
but below expectations. We estimate that
the global hearing aid market saw nega-
tive ASP development in Q2.
We estimate that unit growth in Europe
was 3%. As expected, unit growth was
driven by strong growth in France, driven
by renewals of free-to-client hearing aids,
following the four-year anniversary of the
2021 hearing healthcare reform. In the UK,
growth in the NHS was negative due to
very strong comparative figures, whereas
growth in the UK private market was
strong. Excluding France and the NHS,
growth in Europe was 2%, a deceleration
from Q1, and thus below our expectations.
In Germany, growth decelerated from Q1,
although it remained positive. Growth was
mixed across other regions, with some me-
dium-sized markets seeing good growth,
while other markets, including the Nordics
and Italy, saw negative growth.
In North America, unit growth was 2%.
Following negative developments in Q1,
the US commercial market accelerated to
4% unit growth in Q2. Growth was primar-
ily driven by private pay channels,
whereas growth in managed care re-
mained negative. In VA, unit growth re-
mained subdued and was slightly positive,
whereas growth was negative in Canada.
Looking beyond Europe and North Amer-
ica, we estimate that market unit growth
in Rest of World was 5%. We estimate
that unit growth in China was flattish, and
overall market dynamics continue to re-
main challenged. Growth in Japan was
flat. In Australia, growth was negative. We
estimate that several smaller export mar-
kets saw good growth, particularly in Latin
America.
Diagnostic instruments market
We estimate that compared to H1 last
year, growth in the market for diagnostic
instruments and services was slightly neg-
ative. The market was particularly im-
pacted by negative market dynamics in
the US, where macroeconomic uncertain-
ties have caused extended timelines for in-
vestment decisions and thus lower levels
of investments in equipment in hospitals
and clinics. Market headwinds in China
also continue to have a negative effect.
We estimate that the negative market de-
velopments were entirely driven by instru-
ments, whereas the market for services
and consumables remained slightly posi-
tive.
Management commentary
Estimated hearing aid market unit growth in 2025 by region
(vs. 2024)
Q1 Q2 H1
Europe
4% 3% 3%
North America
-3% 2% 0%
US (commercial) -5% 4% -1%
US (VA) -1% 1% 0%
Rest of world
4% 5% 4%
Global
2% 3% 3%
10
Hearing Aids
Total revenue in Hearing Aids was DKK
6,221 million, or flat compared to H1 2024.
Organic growth was -1%, whereas ac-
quisitive growth was 1%. Exchange rate
effects were -1%.
Internal revenue from sales to our Hearing
Care business area accounted for 21% of
total revenue and external sales for the
remaining 79%. The commentary below
focuses on total revenue, including revenue
from sales through our own retail clinics.
Growth in the period under review was be-
low expectations, impacted by lower-
than-normal market growth and relatively
strong comparative figures due to the
launch of Oticon Intent in the same period
last year. In Q1, growth was further im-
pacted by the loss of market share with
managed care in the US in Q2 2024.
Lower sales to a large US retailer also
negatively impacted the period under re-
view, following an increase in the number
of suppliers.
Unit growth was 3%, although it was
somewhat offset by an ASP development
of -2% due to unfavourable geographical
mix changes, leaving us with growth in lo-
cal currencies in line with the estimated
market growth rate in value of 1%. The
unfavourable geographical mix changes
primarily relates to the US, where we saw
negative growth, but were also impacted
by solid growth in lower ASP channels and
markets.
In terms of geographies, organic growth
was positive across regions, except for
North America, which was impacted by
negative market developments, particu-
larly in the US.
Growth in units and ASP
(local
currencies)
H1 2024 H2 2024 H1 2025
Units
-6% -1% 3%
ASP
11% 5% -2%
Total
4% 4% 1%
When we look at our total hearing aid
sales, unit growth was 3%, which is in line
with the market growth rate, although it
was somewhat offset by an ASP develop-
ment of -2%. Growth in local currencies
was thus 1%, or slightly below the esti-
mated market value growth rate.
Q2 update
Total revenue in Hearing Aids was DKK
3,073 million, a decrease of 2% compared
to Q2 2024. Organic growth was 0%, ac-
quisitive growth was 1% and exchange
rate effects were -2%.
Organic growth in sales to external cus-
tomers was 0% in Q2. Although growth
accelerated as expected from Q1, in part
due to annualisation of the significant loss
of sales to managed care from Q2 2024,
growth was still below expectations.
Unit growth was strong, above the esti-
mated market unit growth rate, and we
estimate that we have gained market
share in units both year-over-year and se-
quentially. Strong unit growth was, how-
ever, offset by negative ASP developments
due to geographic and channel mix
changes, as growth was driven by lower
ASP markets and relatively lower US sales.
Product mix also had a slightly negative
impact.
In Europe, organic growth in sales to exter-
nal customers was negative, in part due to
softer-than-expected market dynamics
outside of France. In the UK, growth was
strong. Growth was slightly negative in
France and negative in Germany. We also
saw negative growth in Spain and Italy.
In North America, organic growth in sales
to external customers was slightly nega-
tive. In the US, growth was negative. De-
spite improved market dynamics, growth
was challenged by an increased competi-
tive environment across channels. While
we estimate that we maintained our mar-
ket share on a sequential basis versus Q1,
growth was still impacted by a loss of
market share in H2 2024. In Canada,
growth was strong.
External organic growth in Asia was nega-
tive. While growth in Japan was strong,
Revenue and growth
Growth
(DKK million)
Q2 2025 Q2 2024 Org. Acq. LCY FX Rep.
Hearing Aids, total revenue
3,073 3,123 0% 1% 1% -2% -2%
Hearing Aids, internal revenue¹ -629 -609 1% 5% 5% -2% 3%
Hearing Aids, external revenue 2,444 2,514 0% 0% -1% -2% -3%
Growth
(DKK million)
H1 2025 H1 2024 Org. Acq. LCY FX Rep.
Hearing Aids, total revenue
6,221 6,230 -1% 1% 1% -1% 0%
Hearing Aids, internal revenue¹ -1,307 -1,208 5% 4% 9% -1% 8%
Hearing Aids, external revenue 4,914 5,022 -2% 1% -1% -1% -2%
¹ Revenue from internal sales to Hearing Care is eliminated from the reported revenue for the Group, i.e. we only include rev
enue from external customers. The pricing used in internal transactions is
determined on an arm’s length basis and thus reflects no
rmal commercial terms.
11
growth in China was negative, where
overall market dynamics remain challeng-
ing. We also saw negative growth in sev-
eral other medium-sized markets.
Our Pacific region saw strong organic
growth in sales to external customers,
driven by Australia, whereas growth in
New Zealand was flat. Our Rest of world
region, which mostly comprises emerging
markets, saw strong double-digit growth,
particularly in Latin America.
Hearing Care
Revenue in Hearing Care amounted to
DKK 5,149 million, an increase of 7% com-
pared to H1 2024. Organic growth was
2% and acquisitive growth 5%. The latter
is mainly attributable to acquisitions in
Germany and Denmark. Exchange rate ef-
fects were -1%.
Hearing Care
(DKK million)
H1 2025 H1 2024
Revenue
5,149 4,834
Growth
Organic
2%
Acquisitions
5%
Local currencies
7%
FX
-1%
Total
7%
Following a good start to the year with 4%
organic growth in Q1, which is above the
estimated market growth rate, momentum
decelerated in Q2 and was thus below ex-
pectations for H1. Growth was impacted
by current consumer cautiousness, partic-
ularly in the US, resulting from
macroeconomic uncertainties. Growth in
the period under review was mainly driven
by units, although we also saw a positive
ASP development due to geographic mix
effects.
Q2 update
Revenue amounted to DKK 2,602 million,
an increase of 3% compared to Q2 2024.
Organic growth was 1%, acquisitive
growth was 5% and exchange rate effects
were -2%.
In Europe, growth was slightly positive. As
expected, growth was driven by France,
which saw accelerating momentum due to
an increasing rate of hearing aid renewals
as part of the four-year anniversary of the
2021 hearing healthcare reform. Growth in
Germany was also strong. In the UK,
growth was negative. Growth was also
particularly negative in Sweden due to ad-
verse market developments.
Organic growth in North America was
negative. In the US, organic growth was
negative. In Canada, adverse market de-
velopments led to negative organic
growth.
In Australia, organic growth was slightly
negative, while in China, we saw strong
organic growth driven entirely by ASP tail-
wind due to positive product mix changes.
Diagnostics
In Diagnostics, revenue was DKK 1,190
million, or -3% compared to the same pe-
riod last year. Organic growth was -2%,
while exchange rate effects were -1%. Ac-
quisitive growth was 0%.
Growth in the period was impacted by
negative market growth, particularly in Q2.
Q2 update
In Diagnostics, revenue was DKK 587 mil-
lion, a decrease of 7% compared to Q2
2024. Organic growth was -4%, acquisi-
tive growth was 0% and exchange rate ef-
fects were -4%.
In Q2, organic growth was -4%. Growth
was impacted by negative market devel-
opments, particularly in the US, where
macroeconomic uncertainties have re-
sulted in a lower level of investments in
equipment in hospitals and clinics, as well
as by market headwinds in China.
During the period, growth in our instru-
ment business was negative, whereas
growth in our services and consumables
business was positive.
In terms of geographies, growth in Europe
was positive, driven by growth in France
and in several medium-sized markets,
whereas growth in the UK was negative.
In North America, growth was negative.
Growth in the US was negative, driven by
adverse market developments. In Canada,
growth was also negative. In Asia, growth
was negative, mainly due to continued
negative growth in China as a result of
general market weakness and our limited
access to public markets.
Diagnostics
(DKK million)
H1 2025 H1 2024
Revenue
1,190 1,231
Growth
Organic
-2%
Acquisitions
0%
Local currencies
-2%
FX
-1%
Total
-3%
12
Management statement
Executive Board
Board of Directors
13
Discontinued operations
The Hearing Implants and Communica-
tions businesses are presented as discon-
tinued operations.
Consolidated income statement
(DKK million)
H1 2025 H1 2024
Full year
2024
Revenue
Production costs
-2,706 -2,577 -5,329
Gross profit
R&D costs
-730 -733 -1,394
Distribution costs
-5,386 -5,154 -10,246
Administrative expenses
-596 -586 -1,145
Share of profit after tax, associates
Operating profit (EBIT) before special items
Special items
Operating profit
Financial income
Financial expenses
-435 -463 -925
Profit before tax
Tax on profit for the period
-334 -428 -824
Profit after tax
- continuing operations 1,130 1,354 2,892
Profit after tax
- discontinued operations -13 -154 -504
Profit for the period
(DKK million)
H1 2025 H1 2024
Full year
2024
Profit for the period attributable to:
Demant A/S' shareholders
Non
-controlling interests - 1 1
Earnings per share (EPS), DKK
- continuing operations 5.34 6.18 13.31
Diluted earnings per share (DEPS), DKK
- continuing
operations
Earnings per share (EPS), DKK
Diluted earnings per share (DEPS), DKK
14
Consolidated statement of comprehensive income
(DKK million)
H1 2025 H1 2024
Full year
2024
Profit for the period
Foreign currency translation adjustment, subsidiaries
-922 135 265
Value adjustments of hedging instruments:
Value adjustment for the period
Value adjustment transferred to revenue
-21 -3 -5
Tax on currency translation and value adjustments
-54 10 22
Items that have been or may subsequently be reclassified
to the income statement
-725 101 191
Actuarial gains/losses on defined benefit plans
Tax on actuarial gains/losses on defined benefit plans
Items that will not subsequently be reclassified to the
income statement
Other comprehensive income/loss
-725 97 178
Comprehensive income
Comprehensive income attributable to:
Demant A/S’ shareholders
Non
-controlling interests - 1 1
Breakdown of tax on other comprehensive income:
Foreign currency translation adjustment, subsidiaries
Value adjustment of hedging instruments for the period
-59 9 20
Value adjustment of hedging instruments transferred to
revenue
Actuarial gains/losses on defined benefit plans
Tax on other comprehensive income
-54 9 26
15
Assets held for sale
The assets of the BAHS and Communica-
tions businesses are presented as assets
held for sale.
Consolidated balance sheet
(DKK million)
H1 2025 H1 2024
Full year
2024
Assets
Goodwill
Patents and licences
Other intangible assets
Prepayments and assets under development
Intangible assets
Land and buildings
Plant and machinery
Other plant, fixtures and operating equipment
Leasehold improvements
Prepayments and assets under construction
Property, plant and equipment
Lease assets
Investments in associates
Receivables from associates
Other investments
Customer loans
Other receivables
Deferred tax assets
Other non
-current assets 4,420 4,384 4,554
Non
-current assets 22,437 21,738 22,529
(DKK million)
H1 2025 H1 2024
Full year
2024
Inventories
Trade receivables
Receivables from associates
Income tax
Customer loans
Other receivables
Unrealised gains on financial contracts
Prepaid expenses
Cash
Assets held for sale
Current assets
Assets
16
Liabilities related to assets held for sale
The liabilities of the BAHS and Communi-
cations businesses are presented as liabili-
ties related to assets held for sale.
Consolidated balance sheet
(DKK million)
H1 2025 H1 2024
Full year
2024
Equity and liabilities
Share capital
Other reserves
Equity attributable to Demant A/S' shareholders
Equity attributable to non
-controlling interests 79 83 80
Equity
Borrowings
Lease liabilities
Deferred tax liabilities
Provisions
Other liabilities
Deferred income
Non
-current liabilities 17,371 15,374 16,711
Borrowings
Lease liabilities
Trade payables
Income tax
Provisions
Other liabilities
Unrealised losses on financial contracts
Deferred income
Liabilities related to assets held for sale
Current liabilities
Liabilities
Equity and liabilities
17
Discontinued operations
The Hearing Implants and Communica-
tions businesses are presented as discon-
tinued operations.
Consolidated cash flow statement
(DKK million)
H1 2025 H1 2024
Full year
2024
Operating profit (EBIT)
Non
-cash items etc. 785 579 1,233
Change in receivables etc.
-291 -314 -119
Change in inventories
-77 -271 -7
Change in trade payables and other liabilities etc.
Change in provisions
-16 -11 -46
Dividends received
Cash flow from operating profit
Financial income etc. received
Financial expenses etc. paid
-389 -445 -884
Income tax paid
-629 -511 -779
Cash flow from operating activities (CFFO)
Acquisition of enterprises, participating interests and
activities
-849 -763 -1,234
Investments in intangible assets
-94 -89 -203
Investments in property, plant and equipment
-319 -288 -576
Disposal of property, plant and equipment
Investments in other non
-current assets -164 -88 -251
Disposal of other non
-current assets 178 129 405
Cash flow from investing activities (CFFI)
-1,236 -1,097 -1,828
(DKK million)
H1 2025 H1 2024
Full year
2024
Repayments of borrowings
-750 -2,536 -5,023
Proceeds from borrowings
Change in short
-term bank facilities -98 414 -586
Repayments of lease liabilities
-376 -359 -750
Transactions with non
-controlling interests -1 -1 -3
Share buy
-backs -582 -1,137 -2,301
Cash flow from financing activities (CFFF)
-213 -191 -2,239
Cash flow for the period, net
- continuing operations 64 203 13
Cash flow for the period, net
- discontinued operations 4 -292 -16
Cash flow for the period, net
Cash and cash equivalents at the beginning of the period
Foreign currency translation adjustment of cash and cash
equivalents
-38 -1 -23
Cash and cash equivalents at the end of the period
Breakdown of cash and cash equivalents at the end of the
period:
Cash
Cash and cash equivalents at the end of the period
18
Consolidated statement of changes in equity
(DKK million)
Other reserves
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earnings
Demant
A/S’ share-
holders’
share
Non-
controlling
interests’
share
Equity
Equity at 1.1.2025
-53
Comprehensive income:
Profit for the period
Other comprehensive income:
Foreign currency translation adjustment, subsidiaries
-922
-922
-922
Value adjustments of hedging instruments:
Value adjustment for the period
Value adjustment transferred to revenue
-21
-21
-21
Actuarial gains/losses on defined benefit plans
Tax on other comprehensive income
-54
-54
-54
Other comprehensive income/loss
-922
-725
-725
Comprehensive income/loss for the period
-922
Share buy
-backs
-582
-582
-582
Share
-based compensation
Capital reduction through cancellation of treasury shares
-1
Transactions with non
-controlling interests
-1
-1
Equity at 30.06.2025
-759
19
Consolidated statement of changes in equity
(DKK million)
Other reserves
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earnings
Demant
A/S’ share-
holders’
share
Non-
controlling
interests’
share
Equity
Equity at 1.1.2024
-103
Comprehensive income:
Profit for the period
Other comprehensive income:
Foreign currency translation adjustment, subsidiaries
Value adjustments of hedging instruments:
Value adjustment for the period
-41
-41
-41
Value adjustment transferred to revenue
-3
-3
-3
Actuarial gains/losses on defined benefit plans
-3
-3
-3
Tax on other comprehensive income
-1
Other comprehensive income/loss
-34
-4
Comprehensive income/loss for the period
-34
Share buy
-backs
-1,137
-1,137
-1,137
Share
-based compensation
Capital reduction through cancellation of treasury shares
-1
Equity at 30.06.2024
-12
20
As part of the capital allocation policy, a
portion of the cash flow from operating ac-
tivities is allocated to value-adding acqui-
sitions. In H1 2025, a total of 24 acquisi-
tions were completed at an estimated total
consideration of DKK 849 million. The indi-
vidual acquisitions are not considered to
be material and are therefore not disclosed
separately, but are grouped together with
other acquisitions in the relevant geo-
graphical region.
In H1 2025, the Group acquired a number
of enterprises or obtained significant
stakes in hearing healthcare businesses in
North America, Europe and other regions
in the Hearing Care business.
On 1 May 2024, the Group acquired the re-
maining 51% of the shares in Fuel Medical
Group and now holds 100% of the shares.
Fuel Medical Group is a value-added dis-
tributor of hearing aids that operates in
North America. The step acquisition
resulted in a fair value adjustment of the
Group’s existing shares of DKK 324 million,
presented as a special item in the income
statement.
Note 1 – Acquisition of enterprises and activities
(DKK million)
H1 2025
H1 2024
Europe
North
America
Other
Total
Total
Intangible assets
14
2
1
17
32
Property, plant and equipment
21
1
1
23
11
Other non
-current assets 85
17
7
109
89
Inventories
18
-
-
18
8
Current receivables
29
2
-
31
54
Cash and cash equivalents
28
2
-
30
87
Non
-current liabilities -134
-17
-7
-158
-108
Current liabilities
-60
-4
-1
-65
-76
Acquired net assets
1
3
1
5
97
Goodwill
768
56
20
844
1,455
Acquisition costs
769
59
21
849
1,552
Carrying amount of non
-controlling interests on obtaining control -
-16
-
-16
-326
Fair value adjustment of non
-controlling interests on obtaining control -
-
-
-
-335
Contingent consideration and deferred payments
-38
-4
-6
-48
-82
Acquired cash and cash equivalents
-28
-2
-
-30
-87
Cash acquisition costs
703
37
15
755
722
Figures are shown at fair value on the acquisition date.
21
Accounting treatment
In respect of acquisitions, the Group paid
total acquisition costs of DKK 849 million,
exceeding the fair values of the acquired
assets, liabilities and contingent liabilities.
Such positive balances in value can be at-
tributed to expected synergies between
the activities of the acquired businesses
and the Group’s existing activities, to the
future growth opportunities and to the
value of staff competencies in the acquired
businesses. These synergies are not recog-
nised separately from goodwill, as they are
not individually identifiable. Total goodwill
recognised in respect of the acquisitions
made in H1 2025 amounts to DKK 844
million.
Of the total number of acquisitions made
in the reporting period, the fair value of es-
timated contingent considerations in the
form of earnouts and deferred payments
accounted for DKK 48 million (DKK 82 mil-
lion in H1 2024). Earnouts depend on the
results of the acquired businesses for a pe-
riod of 1-3 years. Earnouts and other con-
tingent considerations related to the ac-
quisitions are estimated to be maximum
DKK 55 million (DKK 82 million in H1
2024).
The fair values of acquisitions are not con-
sidered final until 12 months after the ac-
quisition date. Adjustments to acquisitions
completed more than 12 months prior to
the time of the adjustments, including
changes in estimated contingent
considerations, are recognised in the in-
come statement.
In H1 2025, adjustments were made to the
preliminary recognition of acquisitions
made in 2024. These adjustments relate to
payments made, contingent considera-
tions provided as well as net assets and
goodwill acquired. The impact of these ad-
justments on goodwill was DKK 13 million
(DKK 5 million in H1 2024) and DKK 13
million (DKK -1 million in H1 2024) on con-
tingent considerations.
In H1 2025, adjustments were also made
to contingent considerations related to ac-
quisitions completed more than 12 months
prior to the time of the adjustments. These
adjustments amount to DKK 24 million
(DKK 0 million in H1 2024) and are recog-
nised as part of distribution costs for ac-
quisitions.
Step acquisitions
At the time of acquisition of non-control-
ling interests, the shares of the acquisi-
tions are measured at the proportionate
share of the total fair value of the acquired
businesses, including goodwill. On obtain-
ing a controlling interest through step ac-
quisitions, previously held non-controlling
interests are, at the time of obtaining con-
trol, remeasured at fair value with fair
value adjustments recognised in the in-
come statement.
The total impact on the income statement
of fair value adjustments of non-
controlling interests in step acquisitions
was DKK 0 million in H1 2025 (DKK 335
million in H1 2024).
The statements of fair values of acquisi-
tions are not considered final until 12
months after the acquisition date.
Transaction costs
Transaction costs in connection with ac-
quisitions made in H1 2025 amount to
DKK 6 million (DKK 5 million in H1 2024)
and are recognised in distribution costs.
Acquired assets and pro forma
figures
The acquired assets include contractual
receivables amounting to DKK 19 million
(DKK 50 million in H1 2024) of which DKK
0 million (DKK 1 million in H1 2024) is con-
sidered to be uncollectible at the date
of the acquisition. Of total goodwill in the
amount of DKK 844 million (DKK 1,455
million in H1 2024), DKK 101 million (DKK
65 million in H1 2024) can be amortised
for tax purposes.
Revenue and profit after tax generated by
the acquired businesses since acquiring
them in H1 2025 amount to DKK 193 mil-
lion (DKK 87 million in H1 2024) and DKK 9
million (DKK 4 million in H1 2024), respec-
tively. Had such revenue and profit been
consolidated on 1 January 2025, it is esti-
mated that consolidated pro forma reve-
nue and profit after tax would have been
DKK 11,306 million (DKK 11,184 million in
H1 2024) and DKK 1,119 million (DKK
1,205 million in H1 2024), respectively.
Without taking synergies with our core
business into account, we believe that
these pro forma figures reflect the level of
consolidated earnings after our acquisition
of the enterprises.
Acquisitions after the reporting
period
The Group has acquired additional minor
distribution enterprises from the reporting
date and until the date of publication of
this Interim Report 2025. We are in the
process of estimating their fair values.
The acquisition costs are expected to
relate primarily to goodwill.
Note 1 – Acquisition of enterprises and activities
22
On 14 August 2024, the Group concluded
on a review of the strategic options for the
Communications business and announced
its intention to initiate a significant restruc-
turing plan, which was implemented im-
mediately thereafter. The restructuring
plan is ongoing, and the Group continues
to pursue the divestment of the Communi-
cations business. The Communications
business still meets the criteria for being
classified as held for sale and a discontin-
ued operation.
As previously communicated, the bone an-
chored hearing systems (BAHS) business
will remain with the Group for the time be-
ing and continues to be considered a dis-
continued operation.
In H1 2025, discontinued operations, con-
sisting of the Communications and BAHS
businesses, realised a net operating loss
after tax of DKK 13 million.
Accounting policies
Discontinued operations represent a sepa-
rate line of business disposed of or in prep-
aration for sale. The results of discontinued
operations are presented separately in the
income statement, and comparative fig-
ures are restated. Assets and liabilities of
discontinued operations are presented as
separate items in the balance sheet, and
cash flows from discontinued operations
are presented separately in the cash flow
statement.
Note 2 – Discontinued operations and assets held for sale
Note 2.1 - Discontinued operations
(DKK million)
H1 2025 H1 2024
Full year
2024
Revenue
578 602 1,162
Expenses
-560 -719 -1,551
Gain/loss on divestment of enterprises and activities
- -36 -25
Amortisation, depreciation and impairment losses
-20 -78 -224
Profit before tax
- discontinued operations -2 -231 -638
Tax on profit for the period
-11 77 134
Profit for the period
- discontinued operations -13 -154 -504
Profit for the period for discontinued operations
attributable to:
Demant A/S' shareholders
-13 -154 -504
-13 -154 -504
Earnings per share (EPS), DKK
-0.06 -0.71 -2.32
Diluted earnings per share (DEPS), DKK
-0.06 -0.71 -2.32
Cash flow from discontinued operations:
Cash flow from operating activities (CFFO)
80 -134 -247
Cash flow from investing activities (CFFI)
-7 -5 -38
Cash flow from financing activities (CFFF)
-69 -153 269
Cash flow for the period, net
- discontinued operations 4 -292 -16
23
Assets classified as held for sale as at 30
June 2025 comprise the Communications
and BAHS businesses.
Accounting policies
Assets and liabilities of discontinued oper-
ations and assets held for sale, except fi-
nancial assets etc., are measured at the
lower of their carrying amount and their
fair value less costs to sell. Non-current
assets held for sale are not depreciated.
Key accounting estimates and
judgements
No key estimates were identified.
Note 2 – Discontinued operations and assets held for sale
Note 2.2 - Assets held for sale and liabilities related to assets held
for sale
(DKK million)
H1 2025 H1 2024
Full year
2024
Balance sheet items
:
Intangible assets
425 539 433
Property, plant and equipment
30 27 25
Lease assets
42 53 44
Deferred tax assets
27 54 47
Other non
-current assets 1 155 1
Non
-current assets 525 828 550
Current assets
724 968 843
Assets held for sale
1,249 1,796 1,393
Provisions
53 20 46
Lease liabilities
44 54 46
Other liabilities
207 278 252
Liabilities related to assets held for sale
304 352 344
24
As at 30 June 2025, there have been no di-
vestments.
In 2024, the Group divested its CI business
to Cochlear Limited. The divestment re-
sulted in a loss of DKK 25 million.
Accounting policies
Gains or losses from the divestment of en-
terprises and activities are determined as
the difference between the selling price
and the carrying amount of the net assets
divested.
Transaction costs and any provisions made
for obligations related to the divestment of
enterprises and activities are deducted.
Note 2 – Discontinued operations and assets held for sale
Note 2.3 - Divestment of enterprises and activities
(DKK million)
H1 2025 H1 2024
Full year
2024
Selling price
- - -
Net debt adjustment
- - 25
Selling price of divested enterprises and activities
- - 25
Gain/loss on divestment of enterprises and activities:
Selling price of divested enterprises and activities
- - 25
Net assets sold
- -619 -619
Previously recognised impairment losses
- 612 612
Provisions as a result of the transaction
- -18 -32
Transaction costs
- -11 -11
Gain/loss on divestment of enterprises and activities
- -36 -25
Net profit from divestment of enterprises and activities:
Profit from divested discontinued operations
- -51 -65
Gain/loss on divestment of enterprises and activities
- -36 -25
Net profit from divestment of enterprises and activities
- -87 -90
25
This Interim Report 2025 is presented in
accordance with IAS 34, Interim Financial
Reporting, as adopted by the EU, and fur-
ther Danish disclosure requirements in re-
spect of interim reports for listed compa-
nies. We have not prepared a separate in-
terim report for the Parent. Interim Report
2025 is presented in Danish kroner (DKK),
which is the functional currency of the Par-
ent.
The accounting policies used for this In-
terim Report 2025 are the same as the
accounting policies used for our Annual
Report 2024 to which we refer for a full
description. The Group has adopted all
new, amended and revised accounting
standards and interpretations as pub-
lished by the IASB and adopted by the
EU, effective for the accounting period
beginning on 1 January 2025. The amend-
ments, revised standards and interpreta-
tions have not had a significant effect.
Note 3 – Accounting policies and estimates