Demant
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Demant (DEMANT) investor relations material

Demant Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary3 Feb, 2026

Executive summary

  • Achieved 2% organic growth and 5% growth in local currencies for 2025, with total revenue reaching DKK 22,971 million; acquisitions, especially KIND Group, contributed significantly, while currency headwinds reduced reported growth.

  • Hearing Care became the largest business area, driven by the acquisition of KIND Group in Germany, which closed in December and expanded market leadership.

  • Introduced Oticon Zeal in selected markets, generating excitement and momentum for 2026, with a global rollout planned.

  • Divested EPOS and Oticon Medical to focus on core hearing healthcare.

  • Sustainability progress included improved lives, increased hearing tests, reduced GHG emissions, and enhanced gender diversity in leadership.

Financial highlights

  • Gross margin declined by 0.6 percentage points to 75.6% due to ASP headwinds and product mix.

  • EBIT before special items was DKK 3,960 million, down 10% year-over-year, with a margin of 17.2%.

  • Free cash flow for FY 2025 was DKK 3,094 million, a decrease of 11% from the prior year.

  • Net debt increased due to KIND acquisition, with gearing at 3.4x, above the target range.

  • Net interest-bearing debt increased 38% to DKK 18,742 million, mainly due to the KIND acquisition.

Outlook and guidance

  • 2026 organic growth expected at 3%-6%, with EBIT before special items of DKK 4.1-4.5 billion.

  • Share buyback paused in 2026 to prioritize deleveraging and return to target gearing within 18-24 months.

  • Cost reduction initiatives to deliver DKK 250 million EBIT benefit in 2026, with a two-year program targeting DKK 500 million annual savings by 2028.

  • Special items for 2026 expected at DKK 325 million, mainly from KIND integration and restructuring.

  • KIND expected to contribute DKK 300 million EBIT in 2026; FX headwind of DKK 200 million expected.

Quantify Zeal's expected 2026 market share gain
Elaborate on cost initiative areas and timing
Strategy to regain US market share
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Frequently asked questions

Demant A/S is a hearing healthcare and audio technology company, headquartered in Denmark. Demant A/S develops, manufactures, and sells products and equipments to enhance people's hearing. Clients are able to meet with a specialist who will help them select their product. They also have access to a team of advisors offering on-going support.

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