Demant
Medical devices·DEMANT · Nasdaq Copenhagen·Fiscal year to 31/12/2025
Manufacturer of hearing aids and audiological equipment (owner of Oticon, among others), as well as diagnostic equipment and a chain of hearing clinics. A global presence with demographic tailwind from an ageing population, in a concentrated market with few large global competitors.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Hearing aids and hearing care
End markets
Market
“This is Demant 11 Event highlights in 2025 13 Overview Overview We are guided by our purpose and strategic ambition to create life-changing differences through hearing health.”
Annual report 2025A · The company itself
Market
“Our business is based on a long-term and well-defined demand for state-of-the-art hearing aids, diagnostic solutions and personalised care.”
Annual report 2025A · The company itself
Market
“By combining Demant’s innovative hearing aid technology and diagnostic equipment with professionalised hearing care, we cover the entire journey – from diagnosis and acceptance of hearing loss to getting a hearing aid – helping more people, faster and better.”
Annual report 2025A · The company itself
Market
“Hearing Aids generated organic revenue growth of 2% in 2025, and we expect the business area to see improvements in 2026. This will be driven by Oticon Zeal and additional new products to be launched during the year, as we prepare for an intense competitive environment where everyone will fight even harder to compensate for the soft market.”
Annual report 2025A · The company itself
Market
“In 2025, 1.6 million people were tested for hearing loss in our clinics, and we improved more than 12.1 million lives with Demant’s hearing aids.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens
Artificial intelligence
Technology
Market
“We expanded our AI-driven product range with even more styles, including a truly compelling new product. Few moments capture our purpose as clearly as the launch of Oticon Zeal. The unseen in-ear hearing aid unites discretion with full functionality and directly addresses a classic barrier for firsttime hearing aid users.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“We proudly announced and finalised the acquisition of KIND, one of the world’s leading retailers of hearing aids. This – our largest-ever – expansion of our global network of hearing care clinics complements our long-term aspirations of helping more people with hearing loss through personalised care.”
Annual report 2025A · The company itself
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Medium- to long-term target: Growth of 8-10% p.a. in local currencies EBIT before special items (DKK million) Medium - to long-term target: Incremental EBIT margin expansion in constant currencies (DKK million) Medium - to long-term target: Excess free cash flow after acquisitions to be used for share buy-backs 19.7 21.6 22.4 23.0 3,207 4,506 4,404 3,960 1,000 2,000 3,000 4,000 5,000 1,840 2,301 1,000 1,500 2,000 2,500 Overview 2025 has been a challenging year for the global hearing healthcare market, which continued to be impacted by macroeconomic uncertainties. These dynamics have, unfortunately, reduced the willingness to invest and resulted in delayed purchases. In turn, this led to lower-than-normal growth in the hearing healthcare market, especially in the US, and thus intense competition.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The macroeconomic uncertainties also impacted performance in our Diagnostics business area.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“This brings me back to our plan for 2026: While we remain optimistic about the underlying need for hearing treatment, we expect no signs of changes to the soft global hearing healthcare market and intense competition.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Ageing population
Geography
DriverPositive impact: strengthens
“Even windy conditions do not change our view of the fundamentals of our industry – a growing need for hearing healthcare driven by increasing elderly populations all over the world.”
Annual report 2025A · The company itself
Chains out: this strengthens Healthcare and hospitals, strengthens Medical devices, strengthens Hearing aids and hearing care
Solar power
Technology
InputNegative impact: weakens
“In 2025, we thus reached an important emissions milestone: We used 53% renewable electricity, thus delivering on our target of 50% renewable electricity in own operations by 2025.”
Annual report 2025A · The company itself
Wind power
Technology
InputNegative impact: weakens
“In 2025, we thus reached an important emissions milestone: We used 53% renewable electricity, thus delivering on our target of 50% renewable electricity in own operations by 2025.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Denmark
Geography
Geography
“The KIND acquisition makes Demant a leading retailer in Germany and will increase the Group’s revenue by almost 10%.”
Annual report 2025A · The company itself
United States
Geography
Geography
“In turn, this led to lower-than-normal growth in the hearing healthcare market, especially in the US, and thus intense competition.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 22.97 bn DKK |
| Revenue growth vs. the year before, same method | 2.5 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 19.66 bn DKK |
| Diluted EPS per share | 7.31 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.