Demant A/s · OMXCOP:DEMANT
Demant A/s — H1 2025 Earnings Presentation
22 slides from Demant A/s's earnings presentation, Aug 13, 2025
Slide 1: Interim Report 2025
Interim Report 2025 13 August 2025 Søren Nielsen, President & CEO René Schneider, CFO Investor Relations 1
Slide 2: Agenda
Agenda 1 Business highlights, key financial take-aways and sustainability advancements 2 Business area review 3 Group financial review 4 Outlook for 2025 5 Q&A 2
Slide 3: Business highlights in H1 2025
Business highlights in H1 2025 The global hearing healthcare market grew below the long- 1 term structural trends, impacted by macroeconomic uncertainty Hearing Aids saw good growth in unit sales, although growth was impacted by ASP headwinds due to unfavourable 2 geographic mix changes, primarily d
Slide 4: Key financial take-aways for H1 2025
Key financial take-aways for H1 2025 (DKK million) H1 2025 H1 2024 Growth Group organic growth of 0%, below expectations due to lower- 0% than-normal hearing healthcare market growth and lower sales Revenue 11,253 11,087 2% to a large US retailer Organic growth 0% 3% Group gross margin declined by 0
Slide 5: Sustainability advancements in H1 2025
Sustainability advancements in H1 2025 Sustainability impacts H1 2025 FY 2024 Change 11.2 million lives improved through the use of Number of lives improved (million) 11.2 10.9 3% hearing aids from Demant Number of people tested (million) 0.8 1.5 n.a. Environment H1 2025 H1 2024 Change Scope 1 and 2
Slide 6: Business area review
Demant Business area review
Slide 7: The hearing aid market in H1 2025
The hearing aid market in H1 2025 Growth in H1 2025 vs. H1 2024 2025 • We estimate that overall unit growth was 3% in H1 2025 Unit growth1 Q1 Q2 H1 • Slight acceleration from Q1 to Q2, primarily driven by improved Europe 4% 3% 3% growth in the US commercial market, whereas growth in Europe North Ame
Slide 8: Hearing Aids in Q2
Hearing Aids in Q2 Strong unit growth and unit share gains, although growth still below expectations Comments Revenue and growth • Unit growth was strong, above the estimated market unit growth Revenue Growth rate, and we estimate that we have gained market share in units, both year-over-year and se
Slide 9: Hearing Care in Q2
Hearing Care in Q2 Slower momentum, driven by current consumer cautiousness Comments Revenue and growth • Organic growth decelerated from Q1 due to current consumer Revenue Growth cautiousness, resulting from macroeconomic uncertainties (DKK million) Q2 25 Q2 24 Org. Acq. LCY FX Rep. • Continued con
Slide 10: Diagnostics in Q2
Diagnostics in Q2 Continued headwinds from soft market developments for diagnostic instruments Comments Revenue and growth • Growth decelerated from Q1 to Q2, in line with the market Revenue Growth growth rate (DKK million) Q2 25 Q2 24 Org. Acq. LCY FX Rep. • Growth impacted by negative market devel
Slide 11: Group financial review
Demant Group financial revi \\y . > > a
Slide 12: Revenue in H1
Revenue in H1 Comments Revenue development in H1 11,500 • Organic growth was 0%, below expectations, mainly due to lower-than-normal hearing healthcare market growth and lower +2% sales to a large US retailer -1% 11,253 • Acquisitive growth contributed 3%, primarily related to Hearing 3% Care, but w
Slide 13: Gross profit in H1
Gross profit in H1 Comments Gross profit and margin development • Gross profit was DKK 8,547 million, which is flat versus H1 10,000 96% 2024 92% • Gross margin declined by 0.8 percentage points versus H1 2024. While a decrease was expected due to a particularly 9,000 0% strong gross margin in H1 20
Slide 14: OPEX in H1
OPEX in H1 Comments OPEX development in H1 7,000 • Group OPEX increased by 1% organically, reflecting a low run +4% rate going into the year, following our cost-saving efforts in H2 6,712 -1% 2024, and our continued focus on cost management 4% 6,500 6,473 1% • Acquisitions added 4% in line with our
Slide 15: EBIT before special items in H1
EBIT before special items in H1 Comments Profitability development 3,000 60% • EBIT before special items was DKK 1,849 million in H1, a decrease of 11% compared to the same period last year 50% • The EBIT margin before special items was 16.4%, a contraction 2,344 2,336 of 2.3 percentage points 2,162
Slide 16: Cash flows in H1
Cash flows in H1 Comments (DKK million) H1 2025 H1 2024 Change Cash flow from operating • Very solid cash generation, as cash flow from operating activities (CFFO) 1,513 1,491 1% activities (CFFO) was DKK 1,513 million Net investments -387 -334 16% • Despite lower operating profit, CFFO increased by
Slide 17: Balance sheet items in H1
Balance sheet items in H1 (DKK million) H1 2025 FY 2024 Change Comments Lease assets 2,571 2,665 -4% Other non-current assets 19,866 19,864 0% • Total assets increased by 1% compared to 31 December 2024. Inventories 2,542 2,500 2% Organic growth was 2%, acquisitive growth 3%, and exchange rate effec
Slide 18: Outlook
Outlook 18
Slide 19: 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- expected to be 2-4% (previously 3-5%). Due to geographic and than-normal level due to a high leve
Slide 20: Outlook for 2025
Outlook for 2025 The outlook for 2025 is summarised below Metric Outlook Organic growth 1-3% (previous 1-5%) EBIT DKK 3,900-4,300 (previously DKK 4,100-4,500 million) Share buy-backs Suspended as of 11 June For modelling purposes, we provide further assumptions for 2025 below: Acquisitive growth 2%
Slide 21: Q&A
Q&A 21
Slide 22: IR contacts
IR contacts Roadshows and conferences: 14 Aug London (UBS) Peter Pudselykke 15 Aug Copenhagen (Danske Bank) Head of Investor Relations 26 Aug Oslo (Carnegie) Email: pepu@demant.com 27 Aug Stockholm (Handelsbanken) Tel: +45 3917 7300 02 Sep Geneva (Danske Bank) Mob: +45 2830 7638 03 Sep London (Goldm