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Demant (DEMANT) investor relations material
Demant Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary13 Aug, 2025
Executive summary
Global hearing healthcare market growth lagged long-term trends due to macroeconomic uncertainty and trade disruptions, with unit growth in hearing aids but ASP headwinds from geographic mix changes, especially in the US.
Group organic growth was flat at 0% for H1 2025, below expectations, with lower sales to a major US retailer and unfavorable geographic mix impacting results.
Revenue grew 2% in local currencies to DKK 11,253 million in H1 2025, with acquisitive growth at 3%.
Profit after tax from continuing operations declined 17% year-over-year to DKK 1,130 million.
Agreement signed in June to acquire KIND Group, a leading German hearing aid retailer with 650 clinics, pausing the share buyback program.
Financial highlights
EBIT before special items was DKK 1,849 million, down 11% year-over-year, with margin contracting to 16.4%.
Gross margin declined by 0.8 percentage points to 76.0%, mainly from unfavorable mix and ASP headwinds.
Free cash flow reached DKK 1,126 million, with strong operational cash flow slightly up 1% year-over-year.
Net interest-bearing debt increased 4% to DKK 14,099 million; gearing multiple at 2.5.
Share buy-backs totaled DKK 582 million before suspension in June 2025.
Outlook and guidance
2025 organic growth guidance revised to 1–3% (from 1–5%); EBIT before special items now DKK 3,900–4,300 million (from DKK 4,100–4,500 million).
KIND Group acquisition not included in 2025 outlook; closing expected in H2 2025.
Hearing aid market unit growth for 2025 expected at 2–4%, with value growth of 1–3% and ASP development around -1%.
Effective tax rate expected around 23%; FX impact on EBIT estimated at DKK -125 million for the year.
Share buy-backs suspended as of 11 June 2025.
What is driving the negative ASP development in Hearing Aids?
Assess the impact of KIND Group acquisition on 2025 outlook.
Explain the drivers behind the renewable electricity share increase.
Decompose the profit adjustment guidance cut.
Elaborate on trends across key European markets.
Comment on managed care market share in the U.S.
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Q3 20255 Nov, 2025
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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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