Interim report
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Interim Report 2026 Demant
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2 Key figures and financial ratios (DKK million) H1 2026 H1 2025 Full year 2025 Income statement Revenue 12,913 11,253 22,971 Organic growth 7% 0% 2% Gross profit 9,958 8,547 17,371 EBITDA 2,805 2,593 5,351 Operating profit before special items 2,134 1,849 3,960 Special items -216 - -128 Operating profit (EBIT) 1,918 1,849 3,832 Net financial items -378 -385 -731 Profit after tax - continuing operations 1,185 1,130 2,367 Profit after tax - discontinued operations - -13 -823 Profit for the period 1,185 1,117 1,544 Cash flow statement Cash flow from operating activities (CFFO) 1,603 1,513 3,852 Acquisition of businesses -250 -849 -6,285 Investments in property, plant and equipment, net -245 -307 -605 Free cash flow (FCF) 1,284 1,126 3,094 Share buy-backs - -582 -582 Balance sheet Equity 11,317 9,475 9,919 Total assets 40,025 32,640 39,074 Net interest-bearing debt (NIBD) 17,950 14,099 18,742 Net working capital (NWC) 3,640 3,198 3,387 H1 2026 H1 2025 Full year 2025 Financial ratios Gross margin 77.1% 76.0% 75.6% EBIT before special items margin 16.5% 16.4% 17.2% Effective tax rate 23.0% 22.8% 23.7% Gearing multiple 3.0 2.5 3.4 Impacts Number of lives improved (million) 12.6 11.2 12.1 Number of people tested (million) 0.9 0.8 1.6 Other key figures and ratios Average number of full-time employees 24,786 21,777 22,248 All employees (headcounts) 26,616 n.a. 26,704 Adjusted earnings per share (adjusted EPS), DKK 6.40 5.34 11.74 Earnings per share (EPS), DKK - continuing operations 5.62 5.34 11.20 Earnings per share (EPS), DKK 5.62 5.28 7.31 Share price, end of period, DKK 268.20 264.20 215.20
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3 Introduction The Group reports revenue and growth rates on a quarterly basis, whereas the full income state- ment, the balance sheet and the cash flow state- ment are only reported on a half-yearly basis. Un- less otherwise indicated, the commentary below relates to H1 2026. Revenue Group revenue amounted to DKK 12,913 million, corresponding to a growth rate of 18% in local currencies. Driven by strong momentum in all business areas, Group organic growth amounted to 7%, which is above our expectations. Growth from acquisitions was 10% for the Group, entirely related to acquisitions in Hearing Care. Exchange rates impacted revenue by -3%, driven primarily by the US dollar. In terms of geography, organic growth was broad- based but primarily driven by North America and Europe. In Europe, organic growth was broad-based, with particularly strong performances in Germany and the UK. In France, growth was positive. In terms of acquisition impact, Europe was the main con- tributor, predominantly due to the acquisition of KIND in Germany. North America saw double-digit organic growth, driven by strong commercial momentum in both the US and Canada, where the launch of Oticon Zeal resulted in significant growth improvement for the Group. Group financial review Revenue by business area Growth (DKK million) Q2 2026 Q2 2025 Org. Acq. LCY FX Rep. Hearing Aids, total revenue 3,443 3,073 14% 0% 14% -1% 12% Hearing Aids, internal revenue -825 -629 29% 2% 31% 0% 31% Hearing Aids, ex- ternal revenue 2,618 2,444 10% -1% 9% -2% 7% Hearing Care 3,415 2,602 8% 23% 31% 0% 31% Diagnostics 634 587 9% 0% 9% -1% 8% Group 6,667 5,633 9% 11% 19% -1% 18% Growth (DKK million) H1 2026 H1 2025 Org. Acq. LCY FX Rep. Hearing Aids, total revenue 6,799 6,221 12% 0% 12% -3% 9% Hearing Aids, internal revenue -1,646 -1,307 24% 4% 28% -2% 26% Hearing Aids, ex- ternal revenue 5,153 4,914 9% -1% 8% -3% 5% Hearing Care 6,538 5,149 6% 23% 29% -2% 27% Diagnostics 1,222 1,190 6% 0% 6% -4% 3% Group 12,913 11,253 7% 10% 18% -3% 15% Income statement (DKK million) H1 2026 H1 2025 Growth Revenue 12,913 11,253 15% Production costs -2,955 -2,706 9% Gross profit 9,958 8,547 17% Gross margin 77.1% 76.0% R&D costs -743 -730 2% Distribution costs -6,390 -5,386 19% Administrative expenses -701 -596 18% Share of profit after tax, associates 10 14 -29% Operating profit (EBIT) before special items 2,134 1,849 15% Operating profit (EBIT) margin before special items 16.5% 16.4% Special items -216 - n.a. Operating profit (EBIT) 1,918 1,849 4%
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4 Driven by strong growth in smaller markets, Asia saw positive organic growth despite persistently challenging market dynamics in China. In the Pacific region, growth was driven by strong performance in Australia. In our Rest of world region, organic growth was positive, particularly in Latin America. Gross profit The Group’s gross profit amounted to DKK 9,958 million, which is 17% higher than in H1 2025. The gross margin was above our expectations and reached 77.1%, an increase of 1.1 percentage points compared to H1 2025. The development was primarily driven by a higher ASP in Hearing Aids due to a strong geography, channel and product mix effects and supported by the acquisi- tion of KIND in Hearing Care. The development in exchange rates did not impact the gross margin. Operating expenses (OPEX) Total OPEX amounted to DKK 7,834 million, corre- sponding to 5% organic growth. OPEX was partly supported by the cost-saving initiatives an- nounced in February 2026. These initiatives are progressing ahead of plans, resulting in total cost savings of around DKK 100 million in H1, which is above our expectations. Acquisitions in Hearing Care, predominantly the acquisition of KIND, added 14% to the Group’s OPEX. OPEX grew by 19% in local currencies compared to H1 2025, while exchange rate effects were -2%. Operating profit (EBIT) before special items The Group’s EBIT before special items amounted to DKK 2,134 million, corresponding to an EBIT margin before special items of 16.5%. EBIT be- fore special items was negatively impacted by ex- change rate effects of around DKK 50 million, mainly due to a lower US dollar in H1 2026, alt- hough the underlying performance was very strong. EBIT before special items grew by 19% in local currencies compared to H1 2025. It was driven by contributions from all business areas, in- cluding particularly strong performance in Hearing Aids and in Hearing Care due to KIND, both of which performed ahead of expectations. This de- velopment was achieved despite a temporarily negative impact on EBIT of a larger retail acquisi- tion in the UK, where integration activities were completed in H1. Excluding exchange rate effects and this acquisition, the underlying EBIT margin before special items increased by 0.6 percentage points compared to H1 2025, reflecting strong op- erating leverage and execution across the busi- ness. Revenue by half-year (DKK million) Gross profit by half-year (DKK million) OPEX by half-year (DKK million) 11,087 11,332 11,253 11,718 12,913 0% 2% 4% 6% 8% 10% 4,000 7,000 10,000 13,000 16,000 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Organic growth 8,510 8,580 8,547 8,824 9,958 73% 75% 77% 79% 4,000 6,000 8,000 10,000 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Margin 6,473 6,312 6,712 6,735 7,834 4,000 5,000 6,000 7,000 8,000 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 OPEX by function Growth (DKK million) H1 2026 H1 2025 Org. Acq. Rep. R&D costs 743 730 2% 0% 2% Distribution costs 6,390 5,386 5% 16% 19% Administrative expenses 701 596 7% 13% 18% Total 7,834 6,712 5% 14% 17% Revenue by geographic region Growth (DKK million) H1 2026 H1 2025 Org. Acq. Rep. Europe 6,270 4,870 7% 22% 29% North America 4,692 4,472 10% 1% 5% Asia 1,033 1,051 3% 0% -2% Pacific region 562 523 6% 1% 7% Rest of world 356 337 3% 0% 6% Total 12,913 11,253 7% 10% 15%
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5 Special items Special items related to the cost-saving initiatives in the Group as well as integration costs in KIND amounted to DKK -216 million. No special items were recognised in H1 2025. Operating profit (EBIT) Reported EBIT amounted to DKK 1,918 million, resulting in an EBIT margin of 14.9% compared to 16.4% in H1 2025. Financial items Net financial items amounted to an expense of DKK 378 million, which is a slight decrease of DKK 7 million compared to H1 2025. This decline was due to a lower average interest rate, despite higher net interest-bearing debt (NIBD), and also to lower financial exchange rate costs. Profit for the period Profit before tax amounted to DKK 1,540 million, an increase of 5% compared to H1 2025. Tax for the period amounted to DKK -355 million, corre- sponding to an effective tax rate of 23.0%. This resulted in profit after tax from continuing opera- tions of DKK 1,185 million, an increase of 6% compared to H1 2025, corresponding to earnings per share (EPS) of DKK 5.62. Adjusted earnings per share amounted to DKK 6.40. Cash flow statement For the Group’s continuing operations, cash flow from operating activities (CFFO) remained strong and amounted to DKK 1,603 million. A higher op- erating profit relative to H1 2025 is reflected in the 6% increase in CFFO. Net investments resulted in a cash flow of DKK -319 million. Net investments in property, plant and equipment and in intangible assets (CAPEX) amounted to DKK -356 million, or 3% of Group rev- enue. Compared to H1 2025, CAPEX decreased by DKK 45 million, or 11%, primarily due to lower in- vestments in property, plant and equipment. Net in- vestments in other non-current assets, which mostly comprise loans to customers and associ- ates, amounted to an inflow of DKK 37 million compared to an inflow of DKK 14 million in H1 2025. Free cash flow The free cash flow before acquisitions and divest- ments increased by 14% to DKK 1,284 million as a result of the higher CFFO and lower CAPEX. Acquisitions and divestments of businesses The cash spent on acquisitions totalled DKK 250 million and relates to acquisitions in Hearing Care. Cash inflow from divestment of businesses to- talled DKK 341 million, as divestments of the Hearing Implants and Communications busi- nesses were completed in H1 2026. Thus, acqui- sitions and divestments of businesses resulted in a net cash inflow of DKK 91 million. Share buy-backs There were no share buy-backs during H1 2026, as the Group remained focused on reducing the net debt following the closing of the acquisition of KIND in December 2025. Cash flow from discontinued operations Net cash flow from discontinued operations amounted to DKK -141 million. EBIT before special items by half-year (DKK million) 1Other contains non-cash items, working capital and provisions. Adjusted earnings per share (adjusted EPS) by half-year (DKK) CFFO by half-year (DKK million) CAPEX by half-year (DKK million) H1 cash flow (DKK million) 2,068 2,336 1,849 2,111 2,134 0% 10% 20% 30% 0 1,000 2,000 3,000 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Margin 5.61 7.13 5.34 6.40 6.40 0.00 2.00 4.00 6.00 8.00 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 1,491 2,589 1,513 2,339 1,603 500 1,000 1,500 2,000 2,500 3,000 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 375 373 401 409 356 0% 2% 4% 200 400 600 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 CAPEX % of revenue 2,805 -319 -443 -385 -374 1,284 EBITDA Net invest- ments Tax paid Interest paid Other¹ Free cash Flow 1,000 1,500 2,000 2,500 3,000
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6 Balance sheet As at 30 June 2026, total assets amounted to DKK 40,025 million, which is a 2% increase since 31 December 2025. Organic growth contributed 1%, driven primarily by trade receivables. Acquisi- tive growth was 2%, exchange rate effects were 1%, and the effect of divestments was -2%. The increase in total assets was mainly driven by an increase in non-current assets. We also saw growth in current assets, partly relating to acquisi- tions in Hearing Care. The growth was, however, offset by the divestments of assets held for sale. Net working capital The Group’s net working capital (NWC) increased by 7% to DKK 3,640 million relative to the end of 2025, mainly driven by higher trade receivables, reflecting growth in the business. In terms of NWC relative to revenue, this was stable in H1 com- pared to the end of 2025. Net interest-bearing debt NIBD amounted to DKK 17,950 million as at 30 June 2026, a decrease of DKK 792 million com- pared to 31 December 2025. This decline sup- ported a significant reduction in our gearing multi- ple from 3.4 at the end of 2025 to 3.0 at the end of H1. While this remains temporarily above our me- dium- to long-term target of 2.0-2.5, the progress illustrates the Group’s strong underlying cash flow generation. Following strong profit development and cash flow generation, we expect our gearing multiple to drop further and slightly exceed the tar- get at the end of 2026. Equity The Group’s equity increased by DKK 1,398 mil- lion, or 14%, to DKK 11,317 million relative to the end of 2025, which is primarily attributable to profit for the period and supported by foreign currency translation adjustments in our subsidiaries. Impact Through innovative solutions and access to per- sonalised hearing care, Demant aims to help more people become aware of and overcome their hearing loss and thus improve their quality of life. By 2030, we aim to improve more than 16 mil- lion lives and sequentially increase the number of hearing tests performed to more than 2 million in 2030. Based on the number of hearing aids sold and fit- tings conducted, it is estimated that 12.6 million lives were improved as at the end of H1, which is a 4% increase compared to FY 2025. We tested 0.9 million people with possible hearing loss in H1 2026, compared to 0.8 million in H1 2025. Employees At the end of H1, Demant had 26,616 employees compared to 26,704 at the beginning of the year, with the decline being attributed to previously an- nounced cost saving initiatives. Hedging activities The material forward exchange contracts in place as of 30 June 2026 to hedge against the Group’s exposure to movements in exchange rates are shown in the table below. Events after the reporting period There have been no events that materially change the assessment of this Interim Report 2026 from the balance sheet date and up to today. NWC by half-year (DKK million) 1Other contains exchange rate adjustments in subsidiaries, hedging, defined benefit plans, share -based compensation etc. NIBD by half-year (DKK million) H1 equity (DKK million) Hedging activities Currency Hedging period Average hedging rate USD 14 months 635 AUD 12 months 428 GBP 11 months 842 CAD 11 months 460 JPY 3 months 4.28 PLN 12 months 172 3,546 3,289 3,198 3,387 3,640 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0 1,000 2,000 3,000 4,000 5,000 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 NWC/revenue 13,853 13,545 14,099 18,742 17,950 0.0 1.0 2.0 3.0 4.0 5.0 4,000 7,000 10,000 13,000 16,000 19,000 22,000 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Gearing multiple 9,919 1,185 0 213 11,317 1.1. 2026 Profit Share buy-backs Other¹ 30.06. 2026 8,000 8,500 9,000 9,500 10,000 10,500 11,000 11,500 12,000
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7 The outlook is based on a competitive environ- ment, with several competitors expected to launch new products in H2, as well as a number of addi- tional key assumptions as described below: • Following the improvement in the hearing aid market in H1, we now expect value growth in the global hearing aid market to be 3-4% in 2026. This is a conservative assumption be- low our medium- to long-term assumption, re- flecting continued macroeconomic uncer- tainty. • Even though the global trade and tariff situa- tion continues to be characterised by elevated uncertainty, we no longer expect to see any additional impact of tariffs on the Group rela- tive to 2025 (previously DKK -25 million), as we expect to recognise a refund in H2 of pre- viously paid tariffs in the US. • Following exchange rate developments during H1, we expect an exchange rate impact on EBIT before special items of around DKK -125 million (previously DKK -200 million) com- pared to 2025, with the impact expected to weigh slightly towards H2. • In February 2026, we launched cost-saving in- itiatives in Demant to improve profitability. Fol- lowing the strong execution of these initiatives in H1, we now expect to see savings posi- tively impacting EBIT before special items by around DKK 300 million in 2026 (previously around DKK 250 million). The majority of the impact is expected to materialise in H2. • Based on a better-than-expected performance in H1, we expect KIND to contribute DKK 325 million (previously DKK 300 million) to the Group’s EBIT before special items in 2026. Modelling assumptions for 2026 • Due to the faster integration of KIND and the strong progress of our cost-saving initiatives, we now expect to incur costs recognised as special items totalling DKK 400 million (previ- ously DKK 325 million) in 2026. These costs relate to previously communicated transaction and integration costs following the acquisition of KIND, amounting to approximately DKK 150 million (previously DKK 125 million). In addition, the announced cost-saving initiatives entail one-off costs of DKK 250 million (previ- ously DKK 200 million), primarily related to severance payments and implementation costs. As previously communicated, we con- tinue to expect to incur costs recognised as special items, amounting to DKK 100 million in 2027. Outlook for 2026 Outlook for 2026 Following the strong performance in H1 and our expectation of continuously strong momentum in H2, we upgrade our financial outlook for 2026: Organic growth 6-7% (previously 3-6%) EBIT before special items DKK 4,400-4,800 million (previously DKK 4,100-4,500 million) Share buy-backs None Assumptions for 2026 For modelling purposes, we provide further assumptions for 2026 below: Acquisitive growth 9% based on revenue from acquisitions completed as at 10 August 2026 FX growth -1% based on exchange rates as at 10 August 2026 and including the impact of hedging (previously -2%) Special items DKK -400 million (previously DKK -325 million) Effective tax rate Around 23%
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8 Market trends Overall, the hearing healthcare market, which comprises the markets for hearing aids and diag- nostic instruments and services, is estimated to have seen value growth of 4% in H1. This is at the high end of our expectations for 2026 but at the lower end of the structural growth rate of 4-6%. Hearing aid market Based on available market statistics, covering ap- proximately two-thirds of the market, and on our own assumptions, we estimate that the global hearing aid market saw unit growth of around 3% in H1 compared to the same period in 2025. Growth was broad-based across regions, however with negative growth in the NHS in the UK and in managed care in the US. We estimate that in H1, geography and channel mix changes supported the global ASP develop- ment by approximately 1 percentage point, lead- ing to an estimated value growth rate in the hear- ing aid market of around 4% in H1. This is at the high end of our assumed market growth rate in value for 2026. Q2 update We estimate that global market unit growth was 3% in Q2 with growth across all regions. Unit growth remains below historical levels, due to negative growth in managed care in the US and in the NHS in the UK. We estimate that the global hearing aid market saw positive ASP development in Q2, adding approximately 1 percentage point. In terms of geographies, we estimate that unit growth in Europe was 2%. Primarily driven by strong growth in Germany and France, growth was consistent compared to Q1. In the UK, growth in the NHS was negative, driven by phasing of growth. Excluding the UK, Europe saw growth of around 6%, which is at the high end of its struc- tural growth rate. In North America, unit growth was 2%. The US commercial market showed flat growth partly due to tougher comparative figures. In Q2, the US commercial market saw growth in the private pay channel, but growth was weighed down by contin- uously negative growth in managed care. Ad- justed for the negative growth in managed care, unit growth in the US commercial market was 2%. In VA, growth was 1%, and outside of the US, Canada saw strong unit growth in Q2. Looking beyond Europe and North America, we estimate that market unit growth in our Rest of world region was 5%. We estimate that China maintained positive momentum despite continu- ously challenging market conditions. In Australia, growth also returned to positive development fol- lowing a soft Q1. We estimate that other emerging markets delivered good growth. Diagnostic instruments market We estimate that compared to H1 last year, growth in the market for diagnostic instruments and services was positive. We estimate that the positive market development was driven by instru- ments as well as services and consumables. Management commentary Estimated hearing aid market unit growth in 2026 by region (vs. 2025) Q1 Q2 H1 Europe 2% 2% 2% North America 3% 2% 2% US (commercial) 3% 0% 2% US (VA) 4% 1% 2% Rest of world 4% 5% 4% Global 3% 3% 3%
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9 Hearing Aids Total revenue in Hearing Aids was DKK 6,799 mil- lion, corresponding to 9% growth compared to H1 2025. Organic growth was 12%, whereas acquisi- tive growth was 0%. Exchange rate effects were -3%. Internal revenue from sales to our Hearing Care business area accounted for 24% of total revenue and external sales for the remaining 76%. The commentary below focuses on total revenue, in- cluding revenue from sales through our own retail clinics, unless otherwise stated. Growth in the period under review showcased fur- ther improvement in momentum in Hearing Aids, and the development was also supported by mar- ket growth of around 4% in value, which is at the high end of our expectations. Growth was driven by clear market share gains, fuelled by Oticon Zeal, but growth was also driven by other prod- ucts. In terms of geographies, organic growth was broad-based across regions, but it was primarily driven by strong growth in North America and Eu- rope. Growth in units and ASP (local currencies) H1 2025 H2 2025 H1 2026 Units 3% 6% 8% ASP -2% -2% 4% Total 1% 4% 12% When we look at our total hearing aid sales, unit growth was 8%, which is above the market growth rate, partly driven by share of wallet conversion to more Demant products in KIND clinics. The posi- tive ASP development of 4% contributed further, driven by strong product and geography mix changes fuelled by Oticon Zeal. Growth in local currencies was thus 12%. Q2 update Driven by the full rollout of Oticon Zeal and our other products, organic growth in sales to external customers accelerated from Q1, reaching 10% in Q2, despite a slightly tougher comparative base than in Q1. Unit growth was strong, above the estimated mar- ket unit growth rate, and we estimate that we have gained market share in units both year-over-year and sequentially. Strong unit growth was comple- mented by positive ASP developments due to positive product and geography mix changes fuelled by Oticon Zeal. In Europe, organic growth in sales to external cus- tomers was strong. Growth was solid in Germany and in the UK. France and Spain generated strong growth. In North America, organic growth in sales to exter- nal customers was very strong. The US saw dou- ble-digit growth, driven by continued growth in our entire portfolio of products. As a result, we have increased our market share in both the US com- mercial market and in VA, relative to both Q2 2025 and Q1 2026. In Canada, growth was strong. External organic growth in Asia was good. While growth in Japan was strong, growth in China was negative, where overall market dynamics remain challenging. We saw strong growth in several small and medium-sized markets, supporting overall growth in the region. Our Pacific region saw slightly negative organic growth. Our Rest of world region, which mostly comprises emerging markets, saw slightly positive growth during Q2. Revenue and growth Growth (DKK million) Q2 2026 Q2 2025 Org. Acq. LCY FX Rep. Hearing Aids, total revenue 3,443 3,073 14% 0% 14% -1% 12% Hearing Aids, internal revenue¹ -825 -629 29% 2% 31% 0% 31% Hearing Aids, external revenue 2,618 2,444 10% -1% 9% -2% 7% Growth (DKK million) H1 2026 H1 2025 Org. Acq. LCY FX Rep. Hearing Aids, total revenue 6,799 6,221 12% 0% 12% -3% 9% Hearing Aids, internal revenue¹ -1,646 -1,307 24% 4% 28% -2% 26% Hearing Aids, external revenue 5,153 4,914 9% -1% 8% -3% 5% ¹ Revenue from internal sales to Hearing Care is eliminated from the reported revenue for the Group, i.e. we only include revenue from external customers. The pricing used in internal transactions is determined on an arm’s length basis and thus reflects normal commercial terms.
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10 Hearing Care Revenue in Hearing Care amounted to DKK 6,538 million, an increase of 27% compared to H1 2025. Organic growth was 6% and acquisitive growth 23%. The latter is mainly attributable to the acqui- sition of KIND and a larger retail acquisition in the UK in March. Exchange rate effects were -2%. The strong performance in H1 was broad-based across regions but was primarily driven by Ger- many, Poland and Spain in Europe and by both the US and Canada in North America. Growth was driven by both units and the ASP due to fa- vourable mix developments. KIND saw a strong performance in the period under review. Q2 update Revenue amounted to DKK 3,415 million, an in- crease of 31% compared to Q2 2025. Organic growth was 8%, acquisitive growth was 23%, and exchange rate effects were 0%. In Europe, growth was strong. Growth was primar- ily driven by Germany, generating strong organic and acquisitive growth. Poland and Spain also contributed to strong organic growth. In the UK, growth was slightly positive, whereas growth was flat in France, as the tailwind from the four-year anniversary of the French hearing healthcare reform we experienced last year has now annual- ised. Organic growth in North America was strong and driven by both the US and Canada. In the US, growth was supported by slightly easier compara- tive figures relative to Q1. In Australia, organic growth was strong, whereas we saw negative organic growth in China, driven by both tough market conditions and tough com- parative figures. Diagnostics In Diagnostics, revenue was DKK 1,222 million, an increase of 3% compared to the same period last year. Organic growth was 6%, while ex- change rate effects were -4%. Acquisitive growth was 0%. Growth in the period was driven by mar- ket share gains and market growth, supported by slightly easier comparative figures. Q2 update Revenue amounted to DKK 634 million, an in- crease of 8% compared to Q2 2025. Organic growth was 9%, acquisitive growth was 0%, and exchange rate effects were -1%. We estimate that growth in the market for diag- nostic instruments and services was positive in Q2. Growth in our Diagnostics business was fur- thermore driven by market share gains in several large markets compared to Q2 2025. In the period under review, we saw good growth in our instrument business, and our services and consumables business also performed well. In terms of geographies, growth in Europe was strong, predominantly, driven by strong growth in the UK and in several medium-sized markets, whereas growth in France was negative due to soft market conditions. In North America, growth was strong, driven by both the US and Canada, which is a clear improvement following a pro- longed period of soft market conditions. In Asia, growth was negative, mainly due to continuously negative growth in China, resulting from general market weakness and our limited access to public markets. Hearing Care (DKK million) H1 2026 H1 2025 Revenue 6,538 5,149 Growth Organic 6% Acquisitions 23% Local currencies 29% FX -2% Total 27% Diagnostics (DKK million) H1 2026 H1 2025 Revenue 1,222 1,190 Growth Organic 6% Acquisitions 0% Local currencies 6% FX -4% Total 3%
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11 We have today discussed and approved this In- terim Report 2026 for Demant A/S. Interim Report 2026 has been prepared in accord- ance with IAS 34, Interim Financial Reporting, as adopted by the EU, and further Danish disclosure requirements in respect of interim reports for listed companies. Interim Report 2026 has not been audited or reviewed by our auditors. In our opinion, Interim Report 2026 gives a true and fair view of the Group’s assets, liabilities and financial position as at 30 June 2026 as well as of the results of our activities and cash flows for the first six months of 2026. We also believe that the financial review and man- agement commentary contain a fair review of the development in the Group’s business and finan- cial position, the results for the period and the Group’s financial position as a whole as well as a description of the principal risks and uncertainties facing Demant A/S. Smørum, 11 August 2026 Management statement Executive Board Søren Nielsen, President & CEO René Schneider, CFO Niels Wagner, President Hearing Care Board of Directors Kristian Villumsen, Chair Niels Jacobsen, Vice Chair Thomas Duer Thomas Hofman-Bang Heidir Hørby Katrin Pucknat Sisse Fjelsted Rasmussen Anders Højsgaard Thomsen
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12 Consolidated income statement (DKK million) H1 2026 H1 2025 Full year 2025 Revenue 12,913 11,253 22,971 Production costs -2,955 -2,706 -5,600 Gross profit 9,958 8,547 17,371 R&D costs -743 -730 -1,401 Distribution costs -6,390 -5,386 -10,867 Administrative expenses -701 -596 -1,179 Share of profit after tax, associates 10 14 36 Operating profit (EBIT) before special items 2,134 1,849 3,960 Special items -216 - -128 Operating profit 1,918 1,849 3,832 Financial income 46 50 102 Financial expenses -424 -435 -833 Profit before tax 1,540 1,464 3,101 Tax on profit for the period -355 -334 -734 Profit after tax - continuing operations 1,185 1,130 2,367 Profit after tax - discontinued operations - -13 -823 Profit for the period 1,185 1,117 1,544 (DKK million) H1 2026 H1 2025 Full year 2025 Profit for the period attributable to: Demant A/S' shareholders 1,186 1,117 1,545 Non-controlling interests -1 - -1 1,185 1,117 1,544 Earnings per share (EPS), DKK - continuing operations 5.62 5.34 11.20 Diluted earnings per share (DEPS), DKK - continuing operations 5.62 5.34 11.20 Earnings per share (EPS), DKK 5.62 5.28 7.31 Diluted earnings per share (DEPS), DKK 5.62 5.28 7.31
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13 Consolidated statement of comprehensive income (DKK million) H1 2026 H1 2025 Full year 2025 Profit for the year 1,185 1,117 1,544 Foreign currency translation adjustment, subsidiaries 290 -922 -886 Value adjustments of hedging instruments: Value adjustment for the period -69 272 300 Value adjustment transferred to revenue -67 -21 -108 Tax on items that have been or may subsequently be reclassified to the income statement 30 -54 -42 Items that have been or may subsequently be reclassified to the income statement 184 -725 -736 Actuarial gains/losses on defined benefit plans - - 22 Tax on items that will not subsequently be reclassified to the income statement - - -5 Items that will not subsequently be reclassified to the income statement - - 17 Other comprehensive income/loss 184 -725 -719 Comprehensive income 1,369 392 825 Comprehensive income attributable to: Demant A/S’ shareholders 1,370 392 826 Non-controlling interests -1 - -1 1,369 392 825 Breakdown of tax on other comprehensive income: Value adjustment of hedging instruments for the period 15 -59 -66 Value adjustment of hedging instruments transferred to revenue 15 5 24 Actuarial gains/losses on defined benefit plans - - -5 Tax on other comprehensive income 30 -54 -45
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14 Consolidated balance sheet (DKK million) H1 2026 H1 2025 Full year 2025 Assets Goodwill 19,733 13,903 19,034 Patents and licences 5 9 8 Other intangible assets 934 851 965 Prepayments and assets under development 427 314 372 Intangible assets 21,099 15,077 20,379 Land and buildings 1,265 1,106 1,274 Plant and machinery 354 317 356 Other plant, fixtures and operating equipment 636 544 786 Leasehold improvements 950 754 823 Prepayments and assets under construction 177 219 189 Property, plant and equipment 3,382 2,940 3,428 Lease assets 3,226 2,571 3,259 Investments in associates 363 363 370 Receivables from associates 204 173 166 Other investments 8 7 13 Customer loans 514 484 494 Other receivables 159 195 171 Deferred tax assets 865 627 719 Other non-current assets 5,339 4,420 5,192 Non-current assets 29,820 22,437 28,999 (DKK million) H1 2026 H1 2025 Full year 2025 Inventories 2,807 2,542 2,620 Trade receivables 4,217 3,503 3,765 Receivables from associates 155 232 200 Income tax 234 198 147 Customer loans 148 140 150 Other receivables 501 488 575 Unrealised gains on financial contracts 57 214 140 Prepaid expenses 590 495 449 Cash 1,496 1,142 1,330 Assets held for sale - 1,249 699 Current assets 10,205 10,203 10,075 Assets 40,025 32,640 39,074
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15 Consolidated balance sheet (DKK million) H1 2026 H1 2025 Full year 2025 Equity and liabilities Share capital 42 43 43 Other reserves 11,199 9,353 9,799 Equity attributable to Demant A/S' shareholders 11,241 9,396 9,842 Equity attributable to non-controlling interests 76 79 77 Equity 11,317 9,475 9,919 Borrowings 10,571 13,239 16,411 Lease liabilities 2,555 2,029 2,571 Deferred tax liabilities 810 656 812 Provisions 514 221 221 Other liabilities 628 387 547 Deferred income 1,205 839 1,170 Non-current liabilities 16,283 17,371 21,732 Borrowings 6,337 263 1,194 Lease liabilities 819 648 812 Trade payables 1,057 964 923 Income tax 488 423 458 Provisions 77 59 91 Other liabilities 2,680 2,465 2,438 Unrealised losses on financial contracts 75 35 24 Deferred income 892 633 862 Liabilities related to assets held for sale - 304 621 Current liabilities 12,425 5,794 7,423 Liabilities 28,708 23,165 29,155 Equity and liabilities 40,025 32,640 39,074
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16 Consolidated cash flow statement (DKK million) H1 2026 H1 2025 Full year 2025 Operating profit (EBIT) 1,918 1,849 3,832 Non-cash items etc. 909 785 1,729 Change in receivables etc. -431 -291 -325 Change in inventories -292 -77 86 Change in trade payables and other liabilities etc. 313 229 134 Change in provisions 7 -16 19 Dividends received 7 10 22 Cash flow from operating profit 2,431 2,489 5,497 Financial income etc. received 36 42 78 Financial expenses etc. paid -421 -389 -738 Income tax paid -443 -629 -985 Cash flow from operating activities (CFFO) 1,603 1,513 3,852 Acquisition of businesses -250 -849 -6,285 Divestment of businesses 341 - - Investments in intangible assets -111 -94 -205 Investments in property, plant and equipment -259 -319 -652 Disposal of property, plant and equipment 14 12 47 Investments in other non-current assets -118 -164 -256 Disposal of other non-current assets 155 178 308 Cash flow from investing activities (CFFI) -228 -1,236 -7,043 (DKK million) H1 2026 H1 2025 Full year 2025 Repayments of borrowings -1,809 -750 -3,467 Proceeds from borrowings 1,150 1,594 8,320 Change in short-term bank facilities 55 -98 -167 Repayments of lease liabilities -472 -376 -777 Transactions with non-controlling interests - -1 -2 Share buy-backs - -582 -582 Cash flow from financing activities (CFFF) -1,076 -213 3,325 Cash flow for the period, net - continuing operations 299 64 134 Cash flow for the period, net - discontinued operations -141 4 121 Cash flow for the period, net 158 68 255 Cash and cash equivalents at the beginning of the period 1,330 1,112 1,112 Foreign currency translation adjustment of cash and cash equivalents 8 -38 -37 Cash and cash equivalents at the end of the period 1,496 1,142 1,330 Breakdown of cash and cash equivalents at the end of the period: Cash 1,496 1,142 1,330 Cash and cash equivalents at the end of the period 1,496 1,142 1,330
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17 Consolidated statement of changes in equity (DKK million) Other reserves Share capital Foreign currency translation reserve Hedging reserve Retained earnings Demant A/S’ share- holders’ share Non- controlling interests’ share Equity Equity at 1.1.2026 43 -723 97 10,425 9,842 77 9,919 Comprehensive income: Profit for the period - - - 1,186 1,186 -1 1,185 Other comprehensive income: Foreign currency translation adjustment, subsidiaries - 290 - - 290 - 290 Value adjustments of hedging instruments: Value adjustment for the period - - -69 - -69 - -69 Value adjustment transferred to revenue - - -67 - -67 - -67 Tax on other comprehensive income - - 30 - 30 - 30 Other comprehensive income/loss - 290 -106 - 184 - 184 Comprehensive income/loss for the period - 290 -106 1,186 1,370 -1 1,369 Share-based compensation - - - 29 29 - 29 Capital reduction through cancellation of treasury shares -1 - - 1 - - - Equity at 30.06.2026 42 -433 -9 11,641 11,241 76 11,317
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18 Consolidated statement of changes in equity (DKK million) Other reserves Share capital Foreign currency translation reserve Hedging reserve Retained earnings Demant A/S’ share- holders’ share Non- controlling interests’ share Equity Equity at 1.1.2025 44 163 -53 9,410 9,564 80 9,644 Comprehensive income: Profit for the period - - - 1,117 1,117 - 1,117 Other comprehensive income: Foreign currency translation adjustment, subsidiaries - -922 - - -922 - -922 Value adjustments of hedging instruments: Value adjustment for the period - - 272 - 272 - 272 Value adjustment transferred to revenue - - -21 - -21 - -21 Tax on other comprehensive income - - -54 - -54 - -54 Other comprehensive income/loss - -922 197 - -725 - -725 Comprehensive income/loss for the period - -922 197 1,117 392 - 392 Share buy-backs - - - -582 -582 - -582 Share-based compensation - - - 22 22 - 22 Capital reduction through cancellation of treasury shares -1 - - 1 - - - Transactions with non-controlling interests - - - - - -1 -1 Equity at 30.06.2025 43 -759 144 9,968 9,396 79 9,475
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19 As part of the capital allocation policy, a portion of the cash flow from operating activities is allocated to value-adding acquisitions. In H1 2026, a total of 17 acquisitions were completed at an estimated total consideration of DKK 345 million. The individual acquisitions are not considered to be material and are therefore not disclosed sepa- rately but are grouped together within the respec- tive geographical region. In H1 2026, the Group – through its Hearing Care business area – acquired a number of enterprises or obtained significant stakes in hearing healthcare businesses in Europe, North America and the Pacific region. The Pacific region and Asia are presented as “Other”. On 31 January 2025, the Group acquired 100% of the shares in Ohrwerk Hörgeräte GmbH, which operates hearing care clinics across Germany. In addition, the Group made a number of other mi- nor acquisitions in Europe, North America, the Pacific region and Asia in 2025. Note 1 – Acquisition of businesses (DKK million) H1 2026 H1 2025 Europe North America Other Total Total Intangible assets 6 1 - 7 17 Property, plant and equipment -3 - - -3 23 Other non-current assets 89 9 6 104 109 Inventories -68 - - -68 18 Current receivables 26 - - 26 31 Cash and cash equivalents 104 -1 - 103 30 Non-current liabilities -124 -7 -4 -135 -158 Current liabilities -125 -2 - -127 -65 Acquired net assets -95 - 2 -93 5 Goodwill 371 61 6 438 844 Consideration paid 276 61 8 345 849 Carrying amount of non-controlling interests on obtaining control -4 -4 - -8 -16 Fair value adjustment of non-controlling interests on obtaining control 1 - - 1 - Contingent consideration and deferred payments -10 -3 -1 -14 -48 Acquired cash and cash equivalents -104 1 - -103 -30 Cash consideration paid 159 55 7 221 755 Figures are shown at fair value on the acquisition date.
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20 Accounting treatment In respect of acquisitions, the Group paid total consideration of DKK 345 million, exceeding the fair values of the acquired assets, liabilities and contingent liabilities. Such positive balances in value can be attributed to expected synergies be- tween the activities of the acquired businesses and the Group’s existing activities, to the future growth opportunities and to the value of staff com- petencies in the acquired businesses. These syn- ergies are not recognised separately from good- will, as they are not individually identifiable. Total goodwill recognised in respect of the acquisitions made in H1 2026 amounts to DKK 438 million. Of the total number of acquisitions made in the re- porting period, the fair value of the estimated con- tingent considerations in the form of earn-outs and deferred payments accounted for DKK 14 million (DKK 48 million in H1 2025). Earn-outs depend on the results of the acquired businesses for a period of 1-3 years. Earn-outs and other contingent con- siderations related to the acquisitions are esti- mated to be maximum DKK 14 million (DKK 55 million in H1 2025). The fair values of acquisitions are not considered final until 12 months after the acquisition date. Ad- justments to acquisitions completed more than 12 months prior to the time of the adjustments, in- cluding changes in estimated contingent consider- ations, are recognised in the income statement. In H1 2026, adjustments were made to the prelim- inary recognition of acquisitions made in 2025. These adjustments relate to payments made, con- tingent considerations provided as well as net as- sets and goodwill acquired. The impact of these adjustments was DKK 150 million (DKK 13 million in H1 2025) on goodwill and DKK 0 million (DKK 13 million in H1 2025) on contingent considera- tions. In H1 2026, adjustments were also made to con- tingent considerations related to acquisitions com- pleted more than 12 months prior to the time of the adjustments. These adjustments amount to DKK 0 million (DKK 24 million in H1 2025) and are recognised as part of distribution costs for acquisi- tions. Step acquisitions At the time of acquisition of non-controlling inter- ests, the shares of the acquisitions are measured at the proportionate share of the total fair value of the acquired businesses, including goodwill. On obtaining a controlling interest through step acqui- sitions, previously held non-controlling interests are, at the time of obtaining control, remeasured at fair value with fair value adjustments recog- nised in the income statement. The total impact on the income statement of fair value adjustments of non-controlling interests in step acquisitions was DKK 1 million in H1 2026 (DKK 0 million in H1 2025). The statements of fair values of acquisitions are not considered final until 12 months after the ac- quisition date. Transaction costs Transaction costs in connection with acquisitions made in H1 2026 amounted to DKK 10 million (DKK 6 million in H1 2025) and are recognised in distribution costs. Acquired assets and pro forma figures The acquired assets include contractual receiva- bles amounting to DKK 10 million (DKK 19 million in H1 2025) of which DKK 0 million (DKK 0 million in H1 2025) is considered to be uncollectible at the date of the acquisition. Of total goodwill in the amount of DKK 438 million (DKK 844 million in H1 2025), DKK 210 million (DKK 101 million in H1 2025) can be amortised for tax purposes. Revenue and profit after tax generated by the ac- quired businesses since acquiring them in H1 2026 amount to DKK 89 million (DKK 193 million in H1 2025) and DKK -27 million (DKK 9 million in H1 2025), respectively. Had such revenue and profit been consolidated on 1 January 2026, it is estimated that consolidated pro forma revenue and profit after tax would have been DKK 13,042 million (DKK 11,306 million in H1 2025) and DKK 1,155 million (DKK 1,119 million in H1 2025), re- spectively. Without taking synergies with our core business into account, we believe that these pro forma figures reflect the level of consolidated earnings after our acquisition of the business. Acquisitions after the reporting period From the balance sheet date and until the date of publication of this Interim Report 2026, the Group has acquired a number of hearing care busi- nesses. The Group is in the process of completing the purchase price allocation, including the valua- tion of intangible assets and liabilities assumed. The final impact will be reflected in the subse- quent reporting period. Note 1 – Acquisition of businesses
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21 On 30 January 2026, the Group announced the completion of the divestment of EPOS to ACCO brands after having completed all the customary closing conditions. The Group announced on 31 March 2026 the completion of the divestment of Oticon Medical to Impilo after having received all regulatory approv- als and completed all the customary closing con- ditions. Prior to their divestment, both were classified as discontinued operations and assets held for sale. The impact of these discontinued operations on the Group's financial statement is not material. Note 2 – Discontinued operations and assets held for sale
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22 This Interim Report 2026 is presented in accord- ance with IAS 34, Interim Financial Reporting, as adopted by the EU, and further Danish disclosure requirements in respect of interim reports for listed companies. We have not prepared a separate in- terim report for the Parent. Interim Report 2026 is presented in Danish kroner (DKK), which is the functional currency of the Parent. The accounting policies used for this Interim Re- port 2026 are the same as the accounting policies used for our Annual Report 2025 to which we re- fer for a full description. The Group has adopted all new, amended and revised accounting stand- ards and interpretations as published by the IASB and adopted by the EU, effective for the account- ing period beginning on 1 January 2026. The amendments, revised standards and interpreta- tions have not had a significant effect. Note 3 – Accounting policies and estimates