Slide 1: Interim Report 2026
Interim Report 2026 12 August 2026 Søren Nielsen, President & CEO René Schneider, CFO Investor Relations 1
Slide 2: Forward-looking statements
Forward-looking statements This presentation contains forward-looking statements that reflect Demant’s current expectations regarding future events and financial performance. Forward-looking statements are statements other than historical facts and include, without limitation, statements that may pr
Slide 3: Agenda
Agenda Highlights and financial take-aways Business area review Group financial review Outlook Q&A 3
Slide 4: Highlights in H1 2026
Highlights in H1 2026 Strong momentum in all business areas ahead of 1 expectations, with growth accelerating from Q1 to Q2 Strong performance in Hearing Aids, fuelled by the 2 continuously successful rollout of Oticon Zeal and market growth at the high end of our expectations Solid execution in Hea
Slide 5: Key financial take-aways for H1 2026
Key financial take-aways for H1 2026 Group reported growth of 15%, driven by strong momentum in all (DKK million) H1 2026 H1 2025 Growth 15% business areas, with 10% acquisitive growth primarily from KIND Revenue 12,913 11,253 15% Group gross margin increased by 1.1 percentage points, driven by Orga
Slide 6: Business area review
Business area review 6
Slide 7: The hearing aid market in H1 2026
The hearing aid market in H1 2026 Estimated market growth in H1 2026: We estimate that the global hearing aid market has seen value growth of around 4%, which is at the high end of our expectations 2026 Unit growth1 Q1 Q2 H1 We estimate that overall unit growth was around 3% in H1 2026. Growth was b
Slide 8: Hearing Aids in Q2
Hearing Aids in Q2 Market share gains across channels and geographies, fuelled by Oticon Zeal Comments Revenue and growth Continuously strong momentum in Hearing Aids, driven by the Revenue Growth full rollout of Oticon Zeal as well as sales from our other (DKK million) Q2 26 Q2 25 Org. Acq. LCY FX
Slide 9: Introducing Oticon Reveal
Introducing Oticon Reveal™ Demant
Slide 10: Introducing the world's first Dual AI
Introducing the world’s first Dual AI. Speech AI masters conversation. Context AI keeps the world around you alive. Working as one - in real time. 10
Slide 11: Powered by the brand-new Reveal AI platform…
Powered by the brand-new Reveal AI platform… Built to support the brain World’s first Dual AI system: speed, precision and balance 4 times higher precision and 30% faster feedback prevention New connectivity platform, best-ever stability and range and streaming comfort feature 11
Slide 12: … with the world's first dual AI system
… with the world’s first dual AI system World’s first Dual AI system One Chip, two integrated AI’s, the Dual AI. Speech AI providing crystal clear speech and Context AI providing access to contextual surrounding sound Speed and precision, providing balanced sound Oticon AI: Always-on 12
Slide 13: Our best-ever speech clarity
Our best-ever Vatti / Zapata-Rodríguez et al., 2026. Oticon Research Brief. Zapata-Rodríguez et al., 2026. speech clarity Oticon Research Brief. 60% Up to Up to Up to 6.5 dB 17 % 7x stronger brain stronger brain response with Oticon Reveal output SNR enhancement higher SII1 compared response with Re
Slide 14: Hearing Care in Q2
Hearing Care in Q2 Strong performance with significant contribution from KIND Comments Revenue and growth 31% growth in local currencies, driven by a significant Revenue Growth contribution from acquisitions of 23%, mainly attributable to (DKK million) Q2 26 Q2 25 Org. Acq. LCY FX Rep. the acquisiti
Slide 15: Diagnostics in Q2
Diagnostics in Q2 Strong performance in Diagnostics Comments Revenue and growth We estimate that growth in the market for diagnostic Revenue Growth instruments and services was positive in Q2. We grew above (DKK million) Q2 26 Q2 25 Org. Acq. LCY FX Rep. the market, with strong 9% organic growth Dia
Slide 16: Group financial review
Group financial review 16
Slide 17: Revenue in H1
Revenue in H1 Comments Revenue development The Group saw broad-based organic growth of 7% in H1 DKK million Acquisitive growth was 10%, entirely related to acquisitions in 14,000 Hearing Care 13,500 +15% Foreign exchange rates had an impact of -3%, mainly due to a lower US dollar in H1 2026 13,000 -
Slide 18: Gross profit in H1
Gross profit in H1 Comments Gross profit and margin Gross profit increased by 17% to DKK 9,958 million Gross margin increased by 1.1 percentage points vs. H1 2025, DKK million +17% which was above our expectations 9,958 10,000 86% The development was primarily driven by a higher ASP in Hearing Aids
Slide 19: OPEX and EBIT in H1
OPEX and EBIT in H1 Comments EBIT before special items OPEX development OPEX increased 5% organically and was partly supported by 3,000 60% the cost-saving initiatives announced in February 2026 Acquisitions, predominately KIND, added 14% to OPEX growth 2,336 50% compared to H1 2025, while exchange
Slide 20: Cash flow statement in H1
Cash flow statement in H1 Comments CFFO and Free cash flow Strong cash generation, as cash flow from operating activities 3,000 (CFFO) was DKK 1,603 million and free cash flow (FCF) was 2,589 2,339 DKK 1,284 million DKK million CAPEX amounted to DKK -356 million, corresponding to an 1,491 1,513 1,60
Slide 21: Balance sheet developments in H1 2026
Balance sheet developments in H1 2026 Comments Net interest-bearing debt NIBD amounted to DKK 17,950 million as at 30 June 2026, a decrease of DKK 792 million compared to 31 December 2025 30,000 3.4 3.5 The gearing multiple (NIBD/EBITDA before special items) 3.0 decreased from 3.4 at FY 2025 to 3.0
Slide 22: Upgraded outlook for 2026
Upgraded outlook for 2026 22
Slide 23: 2026 outlook assumptions
2026 outlook assumptions The outlook is based on a competitive environment, with several competitors expected to launch new products in H2, as well as a number of additional key assumptions as described below: Market Demant Following the improvement in the hearing aid market in H1, we now expect Fol
Slide 24: 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: Metric Outlook Organic growth 6-7% (previously 3-6%) EBIT before special DKK 4,400-4,800 million (previously DKK 4,100-4,500 million) items Sh
Slide 25: Q&A
Q&A ,
Slide 26: IR contacts
IR contacts Roadshows and conferences: 13 Aug London (Citi) 13 Aug Copenhagen (DNB Carnegie) Peter Pudselykke 02 Sep Boston (Citi) Head of Investor Relations 02 Sep Zurich (DNB Carnegie) Email: pepu@demant.com Tel: +45 3917 7300 03 Sep Geneva (DNB Carnegie) Mob: +45 2830 7638 03 Sep Chicago (Citi) 0