1
Interim Report
2026
2
Key figures and financial ratios
(DKK million)
H1 2026
H1 2025
Full year
2025
Income statement
Revenue
12,913
11,253
22,971
Organic growth
7%
0%
2%
Gross profit
9,958
8,547
17,371
EBITDA
2,805
2,593
5,351
Operating profit before special items
2,134
1,849
3,960
Special items
-216
-
-128
Operating profit (EBIT)
1,918
1,849
3,832
Net financial items
-378
-385
-731
Profit after tax - continuing operations
1,185
1,130
2,367
Profit after tax - discontinued operations
-
-13
-823
Profit for the period
1,185
1,117
1,544
Cash flow statement
Cash flow from operating activities (CFFO)
1,603
1,513
3,852
Acquisition of businesses
-250
-849
-6,285
Investments in property, plant and equipment, net
-245
-307
-605
Free cash flow (FCF)
1,284
1,126
3,094
Share buy-backs
-
-582
-582
Balance sheet
Equity
11,317
9,475
9,919
Total assets
40,025
32,640
39,074
Net interest-bearing debt (NIBD)
17,950
14,099
18,742
Net working capital (NWC)
3,640
3,198
3,387
H1 2026
H1 2025
Full year
2025
Financial ratios
Gross margin
77.1%
76.0%
75.6%
EBIT before special items margin
16.5%
16.4%
17.2%
Effective tax rate
23.0%
22.8%
23.7%
Gearing multiple
3.0
2.5
3.4
Impacts
Number of lives improved (million)
12.6
11.2
12.1
Number of people tested (million)
0.9
0.8
1.6
Other key figures and ratios
Average number of full-time employees
24,786
21,777
22,248
All employees (headcounts)
26,616
n.a.
26,704
Adjusted earnings per share (adjusted EPS), DKK
6.40
5.34
11.74
Earnings per share (EPS), DKK - continuing operations
5.62
5.34
11.20
Earnings per share (EPS), DKK
5.62
5.28
7.31
Share price, end of period, DKK
268.20
264.20
215.20
3
Introduction
The Group reports revenue and growth rates on a
quarterly basis, whereas the full income state-
ment, the balance sheet and the cash flow state-
ment are only reported on a half-yearly basis. Un-
less otherwise indicated, the commentary below
relates to H1 2026.
Revenue
Group revenue amounted to DKK 12,913 million,
corresponding to a growth rate of 18% in local
currencies. Driven by strong momentum in all
business areas, Group organic growth amounted
to 7%, which is above our expectations.
Growth from acquisitions was 10% for the Group,
entirely related to acquisitions in Hearing Care.
Exchange rates impacted revenue by -3%, driven
primarily by the US dollar.
In terms of geography, organic growth was broad-
based but primarily driven by North America and
Europe.
In Europe, organic growth was broad-based, with
particularly strong performances in Germany and
the UK. In France, growth was positive. In terms
of acquisition impact, Europe was the main con-
tributor, predominantly due to the acquisition of
KIND in Germany.
North America saw double-digit organic growth,
driven by strong commercial momentum in both
the US and Canada, where the launch of Oticon
Zeal resulted in significant growth improvement
for the Group.
Group financial review
Revenue by business area
Growth
(DKK million)
Q2 2026
Q2 2025
Org.
Acq.
LCY
FX
Rep.
Hearing Aids,
total revenue
3,443
3,073
14%
0%
14%
-1%
12%
Hearing Aids,
internal revenue
-825
-629
29%
2%
31%
0%
31%
Hearing Aids, ex-
ternal revenue
2,618
2,444
10%
-1%
9%
-2%
7%
Hearing Care
3,415
2,602
8%
23%
31%
0%
31%
Diagnostics
634
587
9%
0%
9%
-1%
8%
Group
6,667
5,633
9%
11%
19%
-1%
18%
Growth
(DKK million)
H1 2026
H1 2025
Org.
Acq.
LCY
FX
Rep.
Hearing Aids,
total revenue
6,799
6,221
12%
0%
12%
-3%
9%
Hearing Aids,
internal revenue
-1,646
-1,307
24%
4%
28%
-2%
26%
Hearing Aids, ex-
ternal revenue
5,153
4,914
9%
-1%
8%
-3%
5%
Hearing Care
6,538
5,149
6%
23%
29%
-2%
27%
Diagnostics
1,222
1,190
6%
0%
6%
-4%
3%
Group
12,913
11,253
7%
10%
18%
-3%
15%
Income statement
(DKK million)
H1 2026
H1 2025
Growth
Revenue
12,913
11,253
15%
Production costs
-2,955
-2,706
9%
Gross profit
9,958
8,547
17%
Gross margin
77.1%
76.0%
R&D costs
-743
-730
2%
Distribution costs
-6,390
-5,386
19%
Administrative expenses
-701
-596
18%
Share of profit after tax, associates
10
14
-29%
Operating profit (EBIT) before special items
2,134
1,849
15%
Operating profit (EBIT) margin before special items
16.5%
16.4%
Special items
-216
-
n.a.
Operating profit (EBIT)
1,918
1,849
4%
4
Driven by strong growth in smaller markets, Asia
saw positive organic growth despite persistently
challenging market dynamics in China.
In the Pacific region, growth was driven by strong
performance in Australia.
In our Rest of world region, organic growth was
positive, particularly in Latin America.
Gross profit
The Group’s gross profit amounted to DKK 9,958
million, which is 17% higher than in H1 2025. The
gross margin was above our expectations and
reached 77.1%, an increase of 1.1 percentage
points compared to H1 2025. The development
was primarily driven by a higher ASP in Hearing
Aids due to a strong geography, channel and
product mix effects and supported by the acquisi-
tion of KIND in Hearing Care. The development in
exchange rates did not impact the gross margin.
Operating expenses (OPEX)
Total OPEX amounted to DKK 7,834 million, corre-
sponding to 5% organic growth. OPEX was partly
supported by the cost-saving initiatives an-
nounced in February 2026. These initiatives are
progressing ahead of plans, resulting in total cost
savings of around DKK 100 million in H1, which is
above our expectations.
Acquisitions in Hearing Care, predominantly the
acquisition of KIND, added 14% to the Group’s
OPEX. OPEX grew by 19% in local currencies
compared to H1 2025, while exchange rate effects
were -2%.
Operating profit (EBIT) before
special items
The Group’s EBIT before special items amounted
to DKK 2,134 million, corresponding to an EBIT
margin before special items of 16.5%. EBIT be-
fore special items was negatively impacted by ex-
change rate effects of around DKK 50 million,
mainly due to a lower US dollar in H1 2026, alt-
hough the underlying performance was very
strong. EBIT before special items grew by 19% in
local currencies compared to H1 2025. It was
driven by contributions from all business areas, in-
cluding particularly strong performance in Hearing
Aids and in Hearing Care due to KIND, both of
which performed ahead of expectations. This de-
velopment was achieved despite a temporarily
negative impact on EBIT of a larger retail acquisi-
tion in the UK, where integration activities were
completed in H1. Excluding exchange rate effects
and this acquisition, the underlying EBIT margin
before special items increased by 0.6 percentage
points compared to H1 2025, reflecting strong op-
erating leverage and execution across the busi-
ness.
Revenue by half-year
(DKK million)
Gross profit by half-year
(DKK million)
OPEX by half-year
(DKK million)
11,087
11,332
11,253
11,718
12,913
0%
2%
4%
6%
8%
10%
4,000
7,000
10,000
13,000
16,000
H1
2024
H2
2024
H1
2025
H2
2025
H1
2026
Organic growth
8,510
8,580
8,547
8,824
9,958
73%
75%
77%
79%
4,000
6,000
8,000
10,000
H1
2024
H2
2024
H1
2025
H2
2025
H1
2026
Margin
6,473
6,312
6,712
6,735
7,834
4,000
5,000
6,000
7,000
8,000
H1
2024
H2
2024
H1
2025
H2
2025
H1
2026
OPEX by function
Growth
(DKK million)
H1 2026
H1 2025
Org.
Acq.
Rep.
R&D costs
743
730
2%
0%
2%
Distribution costs
6,390
5,386
5%
16%
19%
Administrative expenses
701
596
7%
13%
18%
Total
7,834
6,712
5%
14%
17%
Revenue by geographic region
Growth
(DKK million)
H1 2026
H1 2025
Org.
Acq.
Rep.
Europe
6,270
4,870
7%
22%
29%
North America
4,692
4,472
10%
1%
5%
Asia
1,033
1,051
3%
0%
-2%
Pacific region
562
523
6%
1%
7%
Rest of world
356
337
3%
0%
6%
Total
12,913
11,253
7%
10%
15%
5
Special items
Special items related to the cost-saving initiatives
in the Group as well as integration costs in KIND
amounted to DKK -216 million. No special items
were recognised in H1 2025.
Operating profit (EBIT)
Reported EBIT amounted to DKK 1,918 million,
resulting in an EBIT margin of 14.9% compared to
16.4% in H1 2025.
Financial items
Net financial items amounted to an expense of
DKK 378 million, which is a slight decrease of
DKK 7 million compared to H1 2025. This decline
was due to a lower average interest rate, despite
higher net interest-bearing debt (NIBD), and also to
lower financial exchange rate costs.
Profit for the period
Profit before tax amounted to DKK 1,540 million,
an increase of 5% compared to H1 2025. Tax for
the period amounted to DKK -355 million, corre-
sponding to an effective tax rate of 23.0%. This
resulted in profit after tax from continuing opera-
tions of DKK 1,185 million, an increase of 6%
compared to H1 2025, corresponding to earnings
per share (EPS) of DKK 5.62. Adjusted earnings
per share amounted to DKK 6.40.
Cash flow statement
For the Group’s continuing operations, cash flow
from operating activities (CFFO) remained strong
and amounted to DKK 1,603 million. A higher op-
erating profit relative to H1 2025 is reflected in the
6% increase in CFFO.
Net investments resulted in a cash flow of DKK
-319 million. Net investments in property, plant and
equipment and in intangible assets (CAPEX)
amounted to DKK -356 million, or 3% of Group rev-
enue. Compared to H1 2025, CAPEX decreased by
DKK 45 million, or 11%, primarily due to lower in-
vestments in property, plant and equipment. Net in-
vestments in other non-current assets, which
mostly comprise loans to customers and associ-
ates, amounted to an inflow of DKK 37 million
compared to an inflow of DKK 14 million in H1
2025.
Free cash flow
The free cash flow before acquisitions and divest-
ments increased by 14% to DKK 1,284 million as
a result of the higher CFFO and lower CAPEX.
Acquisitions and divestments of
businesses
The cash spent on acquisitions totalled DKK 250
million and relates to acquisitions in Hearing Care.
Cash inflow from divestment of businesses to-
talled DKK 341 million, as divestments of the
Hearing Implants and Communications busi-
nesses were completed in H1 2026. Thus, acqui-
sitions and divestments of businesses resulted in
a net cash inflow of DKK 91 million.
Share buy-backs
There were no share buy-backs during H1 2026,
as the Group remained focused on reducing the
net debt following the closing of the acquisition of
KIND in December 2025.
Cash flow from discontinued operations
Net cash flow from discontinued operations
amounted to DKK -141 million.
EBIT before special items by
half-year
(DKK million)
1
Other contains non-cash items, working capital and provisions.
Adjusted earnings per share
(adjusted EPS) by half-year
(DKK)
CFFO by half-year
(DKK million)
CAPEX by half-year
(DKK million)
H1 cash flow
(DKK million)
2,068
2,336
1,849
2,111
2,134
0%
10%
20%
30%
0
1,000
2,000
3,000
H1
2024
H2
2024
H1
2025
H2
2025
H1
2026
Margin
5.61
7.13
5.34
6.40 6.40
0.00
2.00
4.00
6.00
8.00
H1
2024
H2
2024
H1
2025
H2
2025
H1
2026
1,491
2,589
1,513
2,339
1,603
500
1,000
1,500
2,000
2,500
3,000
H1
2024
H2
2024
H1
2025
H2
2025
H1
2026
375
373
401
409
356
0%
2%
4%
200
400
600
H1
2024
H2
2024
H1
2025
H2
2025
H1
2026
CAPEX % of revenue
2,805
-319
-443
-385
-374
1,284
EBITDA
Net invest-
ments
Tax paid
Interest
paid
Other¹
Free
cash Flow
1,000
1,500
2,000
2,500
3,000
6
Balance sheet
As at 30 June 2026, total assets amounted to
DKK 40,025 million, which is a 2% increase since
31 December 2025. Organic growth contributed
1%, driven primarily by trade receivables. Acquisi-
tive growth was 2%, exchange rate effects were
1%, and the effect of divestments was -2%.
The increase in total assets was mainly driven by
an increase in non-current assets. We also saw
growth in current assets, partly relating to acquisi-
tions in Hearing Care. The growth was, however,
offset by the divestments of assets held for sale.
Net working capital
The Group’s net working capital (NWC) increased
by 7% to DKK 3,640 million relative to the end of
2025, mainly driven by higher trade receivables,
reflecting growth in the business. In terms of NWC
relative to revenue, this was stable in H1 com-
pared to the end of 2025.
Net interest-bearing debt
NIBD amounted to DKK 17,950 million as at 30
June 2026, a decrease of DKK 792 million com-
pared to 31 December 2025. This decline sup-
ported a significant reduction in our gearing multi-
ple from 3.4 at the end of 2025 to 3.0 at the end of
H1. While this remains temporarily above our me-
dium- to long-term target of 2.0-2.5, the progress
illustrates the Group’s strong underlying cash flow
generation. Following strong profit development
and cash flow generation, we expect our gearing
multiple to drop further and slightly exceed the tar-
get at the end of 2026.
Equity
The Group’s equity increased by DKK 1,398 mil-
lion, or 14%, to DKK 11,317 million relative to the
end of 2025, which is primarily attributable to profit
for the period and supported by foreign currency
translation adjustments in our subsidiaries.
Impact
Through innovative solutions and access to per-
sonalised hearing care, Demant aims to help
more people become aware of and overcome
their hearing loss and thus improve their quality of
life. By 2030, we aim to improve more than 16 mil-
lion lives and sequentially increase the number of
hearing tests performed to more than 2 million in
2030.
Based on the number of hearing aids sold and fit-
tings conducted, it is estimated that 12.6 million
lives were improved as at the end of H1, which is
a 4% increase compared to FY 2025. We tested
0.9 million people with possible hearing loss in H1
2026, compared to 0.8 million in H1 2025.
Employees
At the end of H1, Demant had 26,616 employees
compared to 26,704 at the beginning of the year,
with the decline being attributed to previously an-
nounced cost saving initiatives.
Hedging activities
The material forward exchange contracts in place
as of 30 June 2026 to hedge against the Group’s
exposure to movements in exchange rates are
shown in the table below.
Events after the reporting
period
There have been no events that materially change
the assessment of this Interim Report 2026 from
the balance sheet date and up to today.
NWC by half-year
(DKK million)
1
Other contains exchange rate adjustments in subsidiaries, hedging, defined benefit plans, share-based compensation etc.
NIBD by half-year
(DKK million)
H1 equity
(DKK million)
Hedging activities
Currency
Hedging
period
Average
hedging rate
USD
14 months
635
AUD
12 months
428
GBP
11 months
842
CAD
11 months
460
JPY
3 months
4.28
PLN
12 months
172
3,546
3,289
3,198
3,387
3,640
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0
1,000
2,000
3,000
4,000
5,000
H1
2024
H2
2024
H1
2025
H2
2025
H1
2026
NWC/revenue
13,853
13,545
14,099
18,742
17,950
0.0
1.0
2.0
3.0
4.0
5.0
4,000
7,000
10,000
13,000
16,000
19,000
22,000
H1
2024
H2
2024
H1
2025
H2
2025
H1
2026
Gearing multiple
9,919
1,185
0
213
11,317
1.1.
2026
Profit
Share
buy-backs
Other¹
30.06.
2026
8,000
8,500
9,000
9,500
10,000
10,500
11,000
11,500
12,000
7
The outlook is based on a competitive environ-
ment, with several competitors expected to launch
new products in H2, as well as a number of addi-
tional key assumptions as described below:
• Following the improvement in the hearing aid
market in H1, we now expect value growth in
the global hearing aid market to be 3-4% in
2026. This is a conservative assumption be-
low our medium- to long-term assumption, re-
flecting continued macroeconomic uncer-
tainty.
• Even though the global trade and tariff situa-
tion continues to be characterised by elevated
uncertainty, we no longer expect to see any
additional impact of tariffs on the Group rela-
tive to 2025 (previously DKK -25 million), as
we expect to recognise a refund in H2 of pre-
viously paid tariffs in the US.
• Following exchange rate developments during
H1, we expect an exchange rate impact on
EBIT before special items of around DKK -125
million (previously DKK -200 million) com-
pared to 2025, with the impact expected to
weigh slightly towards H2.
• In February 2026, we launched cost-saving in-
itiatives in Demant to improve profitability. Fol-
lowing the strong execution of these initiatives
in H1, we now expect to see savings posi-
tively impacting EBIT before special items by
around DKK 300 million in 2026 (previously
around DKK 250 million). The majority of the
impact is expected to materialise in H2.
• Based on a better-than-expected performance
in H1, we expect KIND to contribute DKK 325
million (previously DKK 300 million) to the
Group’s EBIT before special items in 2026.
Modelling assumptions for 2026
• Due to the faster integration of KIND and the
strong progress of our cost-saving initiatives,
we now expect to incur costs recognised as
special items totalling DKK 400 million (previ-
ously DKK 325 million) in 2026. These costs
relate to previously communicated transaction
and integration costs following the acquisition
of KIND, amounting to approximately DKK
150 million (previously DKK 125 million). In
addition, the announced cost-saving initiatives
entail one-off costs of DKK 250 million (previ-
ously DKK 200 million), primarily related to
severance payments and implementation
costs. As previously communicated, we con-
tinue to expect to incur costs recognised as
special items, amounting to DKK 100 million
in 2027.
Outlook for 2026
Outlook for 2026
Following the strong performance in H1 and our expectation of continuously strong momentum in H2,
we upgrade our financial outlook for 2026:
Organic growth
6-7% (previously 3-6%)
EBIT before special items
DKK 4,400-4,800 million (previously DKK 4,100-4,500 million)
Share buy-backs
None
Assumptions for 2026
For modelling purposes, we provide further assumptions for 2026 below:
Acquisitive growth
9% based on revenue from acquisitions completed as at 10 August 2026
FX growth
-1% based on exchange rates as at 10 August 2026 and including the
impact of hedging (previously -2%)
Special items
DKK -400 million (previously DKK -325 million)
Effective tax rate
Around 23%
8
Market trends
Overall, the hearing healthcare market, which
comprises the markets for hearing aids and diag-
nostic instruments and services, is estimated to
have seen value growth of 4% in H1. This is at the
high end of our expectations for 2026 but at the
lower end of the structural growth rate of 4-6%.
Hearing aid market
Based on available market statistics, covering ap-
proximately two-thirds of the market, and on our
own assumptions, we estimate that the global
hearing aid market saw unit growth of around 3%
in H1 compared to the same period in 2025.
Growth was broad-based across regions, however
with negative growth in the NHS in the UK and in
managed care in the US.
We estimate that in H1, geography and channel
mix changes supported the global ASP develop-
ment by approximately 1 percentage point, lead-
ing to an estimated value growth rate in the hear-
ing aid market of around 4% in H1. This is at the
high end of our assumed market growth rate in
value for 2026.
Q2 update
We estimate that global market unit growth was
3% in Q2 with growth across all regions. Unit
growth remains below historical levels, due to
negative growth in managed care in the US and in
the NHS in the UK. We estimate that the global
hearing aid market saw positive ASP development
in Q2, adding approximately 1 percentage point.
In terms of geographies, we estimate that unit
growth in Europe was 2%. Primarily driven by
strong growth in Germany and France, growth
was consistent compared to Q1. In the UK, growth
in the NHS was negative, driven by phasing of
growth. Excluding the UK, Europe saw growth of
around 6%, which is at the high end of its struc-
tural growth rate.
In North America, unit growth was 2%. The US
commercial market showed flat growth partly due
to tougher comparative figures. In Q2, the US
commercial market saw growth in the private pay
channel, but growth was weighed down by contin-
uously negative growth in managed care. Ad-
justed for the negative growth in managed care,
unit growth in the US commercial market was 2%.
In VA, growth was 1%, and outside of the US,
Canada saw strong unit growth in Q2.
Looking beyond Europe and North America, we
estimate that market unit growth in our Rest of
world region was 5%. We estimate that China
maintained positive momentum despite continu-
ously challenging market conditions. In Australia,
growth also returned to positive development fol-
lowing a soft Q1. We estimate that other emerging
markets delivered good growth.
Diagnostic instruments market
We estimate that compared to H1 last year,
growth in the market for diagnostic instruments
and services was positive. We estimate that the
positive market development was driven by instru-
ments as well as services and consumables.
Management commentary
Estimated hearing aid market unit growth in 2026 by region
(vs. 2025)
Q1
Q2
H1
Europe
2%
2%
2%
North America
3%
2%
2%
US (commercial)
3%
0%
2%
US (VA)
4%
1%
2%
Rest of world
4%
5%
4%
Global
3%
3%
3%
9
Hearing Aids
Total revenue in Hearing Aids was DKK 6,799 mil-
lion, corresponding to 9% growth compared to H1
2025. Organic growth was 12%, whereas acquisi-
tive growth was 0%. Exchange rate effects were
-3%.
Internal revenue from sales to our Hearing Care
business area accounted for 24% of total revenue
and external sales for the remaining 76%. The
commentary below focuses on total revenue, in-
cluding revenue from sales through our own retail
clinics, unless otherwise stated.
Growth in the period under review showcased fur-
ther improvement in momentum in Hearing Aids,
and the development was also supported by mar-
ket growth of around 4% in value, which is at the
high end of our expectations. Growth was driven
by clear market share gains, fuelled by Oticon
Zeal, but growth was also driven by other prod-
ucts.
In terms of geographies, organic growth was
broad-based across regions, but it was primarily
driven by strong growth in North America and Eu-
rope.
Growth in units and ASP
(local
currencies)
H1 2025
H2 2025
H1 2026
Units
3%
6%
8%
ASP
-2%
-2%
4%
Total
1%
4%
12%
When we look at our total hearing aid sales, unit
growth was 8%, which is above the market growth
rate, partly driven by share of wallet conversion to
more Demant products in KIND clinics. The posi-
tive ASP development of 4% contributed further,
driven by strong product and geography mix
changes fuelled by Oticon Zeal. Growth in local
currencies was thus 12%.
Q2 update
Driven by the full rollout of Oticon Zeal and our
other products, organic growth in sales to external
customers accelerated from Q1, reaching 10% in
Q2, despite a slightly tougher comparative base
than in Q1.
Unit growth was strong, above the estimated mar-
ket unit growth rate, and we estimate that we have
gained market share in units both year-over-year
and sequentially. Strong unit growth was comple-
mented by positive ASP developments due to
positive product and geography mix changes
fuelled by Oticon Zeal.
In Europe, organic growth in sales to external cus-
tomers was strong. Growth was solid in Germany
and in the UK. France and Spain generated
strong growth.
In North America, organic growth in sales to exter-
nal customers was very strong. The US saw dou-
ble-digit growth, driven by continued growth in our
entire portfolio of products. As a result, we have
increased our market share in both the US com-
mercial market and in VA, relative to both Q2
2025 and Q1 2026. In Canada, growth was
strong.
External organic growth in Asia was good. While
growth in Japan was strong, growth in China was
negative, where overall market dynamics remain
challenging. We saw strong growth in several
small and medium-sized markets, supporting
overall growth in the region.
Our Pacific region saw slightly negative organic
growth. Our Rest of world region, which mostly
comprises emerging markets, saw slightly positive
growth during Q2.
Revenue and growth
Growth
(DKK million)
Q2 2026
Q2 2025
Org.
Acq.
LCY
FX
Rep.
Hearing Aids, total revenue
3,443
3,073
14%
0%
14%
-1%
12%
Hearing Aids, internal revenue¹
-825
-629
29%
2%
31%
0%
31%
Hearing Aids, external revenue
2,618
2,444
10%
-1%
9%
-2%
7%
Growth
(DKK million)
H1 2026
H1 2025
Org.
Acq.
LCY
FX
Rep.
Hearing Aids, total revenue
6,799
6,221
12%
0%
12%
-3%
9%
Hearing Aids, internal revenue¹
-1,646
-1,307
24%
4%
28%
-2%
26%
Hearing Aids, external revenue
5,153
4,914
9%
-1%
8%
-3%
5%
¹ Revenue from internal sales to Hearing Care is eliminated from the reported revenue for the Group, i.e. we only include revenue from external customers. The pricing used in internal transactions is determined
on an arm’s length basis and thus reflects normal commercial terms.
10
Hearing Care
Revenue in Hearing Care amounted to DKK 6,538
million, an increase of 27% compared to H1 2025.
Organic growth was 6% and acquisitive growth
23%. The latter is mainly attributable to the acqui-
sition of KIND and a larger retail acquisition in the
UK in March. Exchange rate effects were -2%.
The strong performance in H1 was broad-based
across regions but was primarily driven by Ger-
many, Poland and Spain in Europe and by both
the US and Canada in North America. Growth
was driven by both units and the ASP due to fa-
vourable mix developments. KIND saw a strong
performance in the period under review.
Q2 update
Revenue amounted to DKK 3,415 million, an in-
crease of 31% compared to Q2 2025. Organic
growth was 8%, acquisitive growth was 23%, and
exchange rate effects were 0%.
In Europe, growth was strong. Growth was primar-
ily driven by Germany, generating strong organic
and acquisitive growth. Poland and Spain also
contributed to strong organic growth. In the UK,
growth was slightly positive, whereas growth was
flat in France, as the tailwind from the four-year
anniversary of the French hearing healthcare
reform we experienced last year has now annual-
ised.
Organic growth in North America was strong and
driven by both the US and Canada. In the US,
growth was supported by slightly easier compara-
tive figures relative to Q1.
In Australia, organic growth was strong, whereas
we saw negative organic growth in China, driven
by both tough market conditions and tough com-
parative figures.
Diagnostics
In Diagnostics, revenue was DKK 1,222 million,
an increase of 3% compared to the same period
last year. Organic growth was 6%, while ex-
change rate effects were -4%. Acquisitive growth
was 0%. Growth in the period was driven by mar-
ket share gains and market growth, supported by
slightly easier comparative figures.
Q2 update
Revenue amounted to DKK 634 million, an in-
crease of 8% compared to Q2 2025. Organic
growth was 9%, acquisitive growth was 0%, and
exchange rate effects were -1%.
We estimate that growth in the market for diag-
nostic instruments and services was positive in
Q2. Growth in our Diagnostics business was fur-
thermore driven by market share gains in several
large markets compared to Q2 2025.
In the period under review, we saw good growth in
our instrument business, and our services and
consumables business also performed well.
In terms of geographies, growth in Europe was
strong, predominantly, driven by strong growth in
the UK and in several medium-sized markets,
whereas growth in France was negative due to
soft market conditions. In North America, growth
was strong, driven by both the US and Canada,
which is a clear improvement following a pro-
longed period of soft market conditions. In Asia,
growth was negative, mainly due to continuously
negative growth in China, resulting from general
market weakness and our limited access to public
markets.
Hearing Care
(DKK million)
H1 2026
H1 2025
Revenue
6,538
5,149
Growth
Organic
6%
Acquisitions
23%
Local currencies
29%
FX
-2%
Total
27%
Diagnostics
(DKK million)
H1 2026
H1 2025
Revenue
1,222
1,190
Growth
Organic
6%
Acquisitions
0%
Local currencies
6%
FX
-4%
Total
3%
11
Management statement
Executive Board
Board of Directors
12
Consolidated income statement
(DKK million)
H1 2026
H1 2025
Full year
2025
Revenue
Production costs
-2,955
-2,706
-5,600
Gross profit
R&D costs
-743
-730
-1,401
Distribution costs
-6,390
-5,386
-10,867
Administrative expenses
-701
-596
-1,179
Share of profit after tax, associates
Operating profit (EBIT) before special items
Special items
-216
-128
Operating profit
Financial income
Financial expenses
-424
-435
-833
Profit before tax
Tax on profit for the period
-355
-334
-734
Profit after tax - continuing operations
Profit after tax - discontinued operations
-13
-823
Profit for the period
(DKK million)
H1 2026
H1 2025
Full year
2025
Profit for the period attributable to:
Demant A/S' shareholders
Non-controlling interests
-1
-1
Earnings per share (EPS), DKK - continuing operations
Diluted earnings per share (DEPS), DKK - continuing
operations
Earnings per share (EPS), DKK
Diluted earnings per share (DEPS), DKK
13
Consolidated statement of comprehensive income
(DKK million)
H1 2026
H1 2025
Full year
2025
Profit for the year
Foreign currency translation adjustment, subsidiaries
-922
-886
Value adjustments of hedging instruments:
Value adjustment for the period
-69
Value adjustment transferred to revenue
-67
-21
-108
Tax on items that have been or may subsequently be
reclassified to the income statement
-54
-42
Items that have been or may subsequently be reclassified
to the income statement
-725
-736
Actuarial gains/losses on defined benefit plans
Tax on items that will not subsequently be reclassified
to the income statement
-5
Items that will not subsequently be reclassified to the
income statement
Other comprehensive income/loss
-725
-719
Comprehensive income
Comprehensive income attributable to:
Demant A/S’ shareholders
Non-controlling interests
-1
-1
Breakdown of tax on other comprehensive income:
Value adjustment of hedging instruments for the period
-59
-66
Value adjustment of hedging instruments transferred to
revenue
Actuarial gains/losses on defined benefit plans
-5
Tax on other comprehensive income
-54
-45
14
Consolidated balance sheet
(DKK million)
H1 2026
H1 2025
Full year
2025
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
Non-current assets
(DKK million)
H1 2026
H1 2025
Full year
2025
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
15
Consolidated balance sheet
(DKK million)
H1 2026
H1 2025
Full year
2025
Equity and liabilities
Share capital
Other reserves
Equity attributable to Demant A/S' shareholders
Equity attributable to non-controlling interests
Equity
Borrowings
Lease liabilities
Deferred tax liabilities
Provisions
Other liabilities
Deferred income
Non-current liabilities
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
16
Consolidated cash flow statement
(DKK million)
H1 2026
H1 2025
Full year
2025
Operating profit (EBIT)
Non-cash items etc.
Change in receivables etc.
-431
-291
-325
Change in inventories
-292
-77
Change in trade payables and other liabilities etc.
Change in provisions
-16
Dividends received
Cash flow from operating profit
Financial income etc. received
Financial expenses etc. paid
-421
-389
-738
Income tax paid
-443
-629
-985
Cash flow from operating activities (CFFO)
Acquisition of businesses
-250
-849
-6,285
Divestment of businesses
Investments in intangible assets
-111
-94
-205
Investments in property, plant and equipment
-259
-319
-652
Disposal of property, plant and equipment
Investments in other non-current assets
-118
-164
-256
Disposal of other non-current assets
Cash flow from investing activities (CFFI)
-228
-1,236
-7,043
(DKK million)
H1 2026
H1 2025
Full year
2025
Repayments of borrowings
-1,809
-750
-3,467
Proceeds from borrowings
Change in short-term bank facilities
-98
-167
Repayments of lease liabilities
-472
-376
-777
Transactions with non-controlling interests
-1
-2
Share buy-backs
-582
-582
Cash flow from financing activities (CFFF)
-1,076
-213
Cash flow for the period, net - continuing operations
Cash flow for the period, net - discontinued operations
-141
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
-37
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
17
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 1.1.2026
-723
Comprehensive income:
Profit for the period
-1
Other comprehensive income:
Foreign currency translation adjustment, subsidiaries
Value adjustments of hedging instruments:
Value adjustment for the period
-69
-69
-69
Value adjustment transferred to revenue
-67
-67
-67
Tax on other comprehensive income
Other comprehensive income/loss
-106
Comprehensive income/loss for the period
-106
-1
Share-based compensation
Capital reduction through cancellation of treasury shares
-1
Equity at 30.06.2026
-433
-9
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
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
As part of the capital allocation policy, a portion of
the cash flow from operating activities is allocated
to value-adding acquisitions. In H1 2026, a total of
17 acquisitions were completed at an estimated
total consideration of DKK 345 million.
The individual acquisitions are not considered to
be material and are therefore not disclosed sepa-
rately but are grouped together within the respec-
tive geographical region.
In H1 2026, the Group – through its Hearing Care
business area – acquired a number of enterprises
or obtained significant stakes in hearing
healthcare businesses in Europe, North America
and the Pacific region. The Pacific region and
Asia are presented as “Other”.
On 31 January 2025, the Group acquired 100% of
the shares in Ohrwerk Hörgeräte GmbH, which
operates hearing care clinics across Germany.
In addition, the Group made a number of other mi-
nor acquisitions in Europe, North America, the
Pacific region and Asia in 2025.
Note 1 – Acquisition of businesses
(DKK million)
H1 2026
H1 2025
Europe
North
America
Other
Total
Total
Intangible assets
6
1
-
7
17
Property, plant and equipment
-3
-
-
-3
23
Other non-current assets
89
9
6
104
109
Inventories
-68
-
-
-68
18
Current receivables
26
-
-
26
31
Cash and cash equivalents
104
-1
-
103
30
Non-current liabilities
-124
-7
-4
-135
-158
Current liabilities
-125
-2
-
-127
-65
Acquired net assets
-95
-
2
-93
5
Goodwill
371
61
6
438
844
Consideration paid
276
61
8
345
849
Carrying amount of non-controlling interests on obtaining control
-4
-4
-
-8
-16
Fair value adjustment of non-controlling interests on obtaining control
1
-
-
1
-
Contingent consideration and deferred payments
-10
-3
-1
-14
-48
Acquired cash and cash equivalents
-104
1
-
-103
-30
Cash consideration paid
159
55
7
221
755
Figures are shown at fair value on the acquisition date.
20
Accounting treatment
In respect of acquisitions, the Group paid total
consideration of DKK 345 million, exceeding the
fair values of the acquired assets, liabilities and
contingent liabilities. Such positive balances in
value can be attributed to expected synergies be-
tween the activities of the acquired businesses
and the Group’s existing activities, to the future
growth opportunities and to the value of staff com-
petencies in the acquired businesses. These syn-
ergies are not recognised separately from good-
will, as they are not individually identifiable. Total
goodwill recognised in respect of the acquisitions
made in H1 2026 amounts to DKK 438 million.
Of the total number of acquisitions made in the re-
porting period, the fair value of the estimated con-
tingent considerations in the form of earn-outs and
deferred payments accounted for DKK 14 million
(DKK 48 million in H1 2025). Earn-outs depend on
the results of the acquired businesses for a period
of 1-3 years. Earn-outs and other contingent con-
siderations related to the acquisitions are esti-
mated to be maximum DKK 14 million (DKK 55
million in H1 2025).
The fair values of acquisitions are not considered
final until 12 months after the acquisition date. Ad-
justments to acquisitions completed more than 12
months prior to the time of the adjustments, in-
cluding changes in estimated contingent consider-
ations, are recognised in the income statement.
In H1 2026, adjustments were made to the prelim-
inary recognition of acquisitions made in 2025.
These adjustments relate to payments made, con-
tingent considerations provided as well as net as-
sets and goodwill acquired. The impact of these
adjustments was DKK 150 million (DKK 13 million
in H1 2025) on goodwill and DKK 0 million (DKK
13 million in H1 2025) on contingent considera-
tions.
In H1 2026, adjustments were also made to con-
tingent considerations related to acquisitions com-
pleted more than 12 months prior to the time of
the adjustments. These adjustments amount to
DKK 0 million (DKK 24 million in H1 2025) and are
recognised as part of distribution costs for acquisi-
tions.
Step acquisitions
At the time of acquisition of non-controlling inter-
ests, the shares of the acquisitions are measured
at the proportionate share of the total fair value of
the acquired businesses, including goodwill. On
obtaining a controlling interest through step acqui-
sitions, previously held non-controlling interests
are, at the time of obtaining control, remeasured
at fair value with fair value adjustments recog-
nised in the income statement.
The total impact on the income statement of fair
value adjustments of non-controlling interests in
step acquisitions was DKK 1 million in H1 2026
(DKK 0 million in H1 2025).
The statements of fair values of acquisitions are
not considered final until 12 months after the ac-
quisition date.
Transaction costs
Transaction costs in connection with acquisitions
made in H1 2026 amounted to DKK 10 million
(DKK 6 million in H1 2025) and are recognised in
distribution costs.
Acquired assets and pro forma
figures
The acquired assets include contractual receiva-
bles amounting to DKK 10 million (DKK 19 million
in H1 2025) of which DKK 0 million (DKK 0 million
in H1 2025) is considered to be uncollectible at
the date of the acquisition. Of total goodwill in the
amount of DKK 438 million (DKK 844 million in H1
2025), DKK 210 million (DKK 101 million in H1
2025) can be amortised for tax purposes.
Revenue and profit after tax generated by the ac-
quired businesses since acquiring them in H1
2026 amount to DKK 89 million (DKK 193 million
in H1 2025) and DKK -27 million (DKK 9 million in
H1 2025), respectively. Had such revenue and
profit been consolidated on 1 January 2026, it is
estimated that consolidated pro forma revenue
and profit after tax would have been DKK 13,042
million (DKK 11,306 million in H1 2025) and DKK
1,155 million (DKK 1,119 million in H1 2025), re-
spectively. 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 business.
Acquisitions after the reporting
period
From the balance sheet date and until the date of
publication of this Interim Report 2026, the Group
has acquired a number of hearing care busi-
nesses. The Group is in the process of completing
the purchase price allocation, including the valua-
tion of intangible assets and liabilities assumed.
The final impact will be reflected in the subse-
quent reporting period.
Note 1 – Acquisition of businesses
21
On 30 January 2026, the Group announced the
completion of the divestment of EPOS to ACCO
brands after having completed all the customary
closing conditions.
The Group announced on 31 March 2026 the
completion of the divestment of Oticon Medical to
Impilo after having received all regulatory approv-
als and completed all the customary closing con-
ditions.
Prior to their divestment, both were classified as
discontinued operations and assets held for sale.
The impact of these discontinued operations on
the Group's financial statement is not material.
Note 2 – Discontinued operations and assets held for sale
22
This Interim Report 2026 is presented in accord-
ance with IAS 34, Interim Financial Reporting, as
adopted by the EU, and further Danish disclosure
requirements in respect of interim reports for listed
companies. We have not prepared a separate in-
terim report for the Parent. Interim Report 2026 is
presented in Danish kroner (DKK), which is the
functional currency of the Parent.
The accounting policies used for this Interim Re-
port 2026 are the same as the accounting policies
used for our Annual Report 2025 to which we re-
fer for a full description. The Group has adopted
all new, amended and revised accounting stand-
ards and interpretations as published by the IASB
and adopted by the EU, effective for the account-
ing period beginning on 1 January 2026. The
amendments, revised standards and interpreta-
tions have not had a significant effect.
Note 3 – Accounting policies and estimates