Demant A/s · OMXCOP:DEMANT
Demant A/s — Q3 2025 Earnings Presentation
15 slides from Demant A/s's earnings presentation, Nov 5, 2025
Slide 1: Interim Management Statement for Q3 2025
Interim Management Statement for Q3 2025 Søren Nielsen, President & CEO René Schneider, CFO Investor Relations 5 November 2025 1
Slide 2: Agenda
Agenda Business highlights and key financial take-aways Business area review Outlook for 2025 Q&A 2
Slide 3: Business highlights in Q3 2025
Business highlights in Q3 2025 Performance was at the lower end of expectations in a 1 hearing aid market which remained softer than normal with a sequential slowdown in the US commercial market Hearing Aids delivered growth driven by market share gains 2 in units year-over-year, partially offset by
Slide 4: Key financial take-aways for Q3 2025
Key financial take-aways for Q3 2025 3% Group organic growth of 3%, an improvement from H1 fuelled Revenue Growth by improvements in both Hearing Aids and Hearing Care Business area (DKK million) Q3 25 Q3 24 Org. Acq. LCY FX Rep. Gross margin declined vs. Q3 2024, driven by ASP headwinds in Hearing
Slide 5: Business area review
Business area review 4 Demant SS Pe Y/ \
Slide 6: The hearing aid market in Q3 2025
The hearing aid market in Q3 2025 2025 Estimated market growth: Unit growth1 Q1 Q2 Q3 YTD We estimate that overall unit growth was around 3% in Q3 2025, Europe 4% 3% 4% 3% but remained below the normal level, with the US commercial market seeing a sequential slowdown from Q2 North America -3% 2% 2%
Slide 7: Hearing Aids in Q3
Hearing Aids in Q3 Unit growth and market share gains with unfavourable geographic and channel mix Comments Revenue and growth Organic growth improved from Q2 but continues to be Revenue Growth impacted by softness in the global hearing aid market (DKK million) Q3 25 Q3 24 Org. Acq. LCY FX Rep. Unit
Slide 8: In October, we launched Oticon Zeal with roll-out in phases over the coming quarters
In October, we launched Oticon Zeal with roll-out in phases over the coming quarters Oticon Zeal, an in-ear hearing aid with Roll-out will begin with several high sound quality, full connectivity and European markets in Q4 2025 rechargeability in a discreet design Due to the new manufacturing Broad-
Slide 9: Hearing Care in Q3
Hearing Care in Q3 Hearing Care saw solid performance in continuously soft markets Comments Revenue and growth 9% growth in local currencies driven by solid 4% organic Revenue Growth growth and continuously good contributions from acquisitions (DKK million) Q3 25 Q3 24 Org. Acq. LCY FX Rep. Broad-ba
Slide 10: Diagnostics in Q3
Diagnostics in Q3 Diagnostics faces continued headwinds from soft market developments for instruments Comments Revenue and growth Organic growth was slightly negative due to declines in key Revenue Growth markets in Europe but also in our Pacific and Other regions (DKK million) Q3 25 Q3 24 Org. Acq.
Slide 11: Outlook
Outlook 11
Slide 12: Outlook assumptions
Outlook assumptions Key outlook assumptions below1 Market Demant • The unit growth rate in the global hearing aid market in 2025 is • The cash allocated to acquisitions in 2025 will be at a much higher-than- expected to be 2-4%. Due to geographic and channel mix changes, we normal level due to a hig
Slide 13: Outlook for 2025
Outlook for 2025 The outlook for 2025 is summarised below Metric Outlook Organic growth 1-3%, likely in the lower end of the range EBIT DKK 3,900-4,300 million, likely in the lower end of the range Share buy-backs DKK 582 million as at 11 June, when the share buy-back programme was suspended For mod
Slide 14: Q&A
Q&A ,
Slide 15: IR contacts
IR contacts Roadshows and conferences: Peter Pudselykke 06 Nov London (Barclays) Head of Investor Relations 07 Nov Copenhagen (ABG Sundal Collier) Email: pepu@demant.com Tel: +45 3917 7300 11 Nov London (UBS European Conference) Mob: +45 2830 7638 18 Nov London (Jefferies Global Healthcare Conferenc