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Demant (DEMANT) investor relations material
Demant Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 performance was at the lower end of expectations due to a softer hearing aid market, negative ASP effects, and a sequential slowdown in the US commercial market, but global market share gains were achieved in hearing aids.
Hearing Care delivered solid growth above the general market, while Diagnostics continued to face weak demand, particularly in the US.
The company signed an agreement to divest Oticon Medical, with closing expected by end of Q1 2026, marking a full exit from the Implant Business Area.
Launch of Oticon Zeal (also referred to as Oticon Seal), a new in-ear hearing aid with advanced features, received strong market interest, with a phased rollout starting in Europe in Q4 2025.
Financial highlights
Group organic revenue growth reached 3% in Q3 2025, an improvement from H1, driven by Hearing Aids and Hearing Care.
Gross margin declined year-over-year due to negative ASP effects in Hearing Aids, a higher share of rechargeable devices, and product mix changes; Diagnostics also contributed to margin pressure.
EBIT was at the lower end of expectations, impacted by gross margin contraction and negative FX effects.
Strong cash flow from operations and free cash flow, supported by working capital management, led to a slight reduction in net interest-bearing debt.
Share buybacks totaling DKK 582 million were completed for the year, with the program suspended due to the pending KIND Group acquisition.
Outlook and guidance
2025 outlook maintained: 1-3% organic revenue growth and EBIT of DKK 3,900-4,300 million, but results are likely to be at the lower end of the range.
Market unit growth for hearing aids in 2025 expected at 2-4%, with ASP development around -1% and value growth of 1-3%.
Loss from discontinued operations (Oticon Medical and Communications) expected to be around DKK 200 million for 2025.
Gearing ratio expected within 2.0-2.5x at end of 2025, temporarily exceeding after KIND Group closing.
Q4 is expected to perform similarly to Q3, remaining at the low end of expectations.
US commercial market slowdown impact on HA ASP?
Gross margin trends post-Q3?
KIND Group financial contribution in 2026?
U.S. commercial market growth outlook
Oticon Zeal's market segment ambition
VA rechargeable pricing resolution
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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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