Demant As (WILLF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon everyone and welcome to the conference call for Daemant's 2025 Annual Results. My name is Peter Pusselugge and I'm heading up the investor relations activities here in Daemant. With me here today, I have the usual team, our President and CEO, Søren Nielsen, our CFO, René Schneider, as well as Gustav Hög from the IR team. For the call, we will do a presentation which will be followed by a Q&A. We expect the session to last no more than one hour in total. As we get to the Q&A, we kindly remind you to limit yourselves to two questions at a time to allow as many as possible to ask a question. Before we dig into the presentation, please do pay notice to the disclaimer on slide number two. And with that, I will go to slide number three, where I'll pass the baton to Søren to kick off the presentation, please. Thank you very much, Peter, and welcome everybody. The agenda for today is key events for 2025, financial takeaways, and then comment on sustainability advancement, more details on business area reviews, not the least the fourth quarter. Then René will do group financial and also take us through outlook and initiatives to improve profitability. And if we take 2025 in total at group level, we deliver 2% organic growth, 5% in local currencies. Of course, a significant element from acquisitions, headwind from currencies leaves us with 2% reported growth. And the biggest expansion is in hearing care, which now is the biggest business area, as you can see on the business mix split. Gross profit up 2%, but down on margin related to, I would say, hearing aids, to some extent diagnostic, but we'll get back to that. EBIT down 10% before special items, and free cash flow down 11%. Key events in 2025, we acquired the Kind Group in Germany, closed the deal in Decemb...