Slides
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1 Interim Management Statement Q3 2026 4 November 2026 Søren Nielsen, President & CEO René Schneider, CFO Investor Relations
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2 This presentation contains forward-looking statements that reflect Demant’s current expectations regarding future events and financial performance. Forward-looking statements are statements other than historical facts and include, without limitation, statements that may predict, forecast, indicate or imply future events, results, performance or achievements and may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “project”, “will”, “may”, “could” or similar expressions. These statements are based on assumptions, estimates and predictions that may prove incorrect and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. Factors that may affect future results include, but are not limited to, risks associated with the hearing healthcare industryand Demant’s operations as described in this presentation and other publicly available materials. Accordingly, undue reliance should not be placed on these forward-looking statements. Except as required by applicable law or regulation, Demant undertakes no obligation to update any forward-looking statements to reflect changes in actual results, expectations or events. Forward-looking statements
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3 Capital Markets Day DATE Tuesday, 24 November 2026 LOCATION Demant headquarters, Copenhagen, Denmark SIGN UP Reach out to the IR team - Peter Pudselykke – pepu@demant.com - Christine Ø. Arnild - cirn@demant.com
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Agenda 4 Business highlights and key financial takeaways Business area review Outlook for 2026 Q&A
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5 Business highlights Q3 2026 The Group delivered revenue growth of 21%, fuelled by very strong organic growth of 17% in Hearing Aids and supported by a hearing aid market that grew by 7% in value in Q3 1 The highly successful launch of Oticon Reveal has further accelerated the positive momentum created by Oticon Zeal. This development confirms the strength and relevance of our overall product portfolio for customers 2 Hearing Care delivered solid organic growth with a significant acquisitive growth contribution from KIND. Diagnostics performed in line with expectations 3 As announced on 9 October, we upgraded our financial outlook for 2026 and now expect organic growth of 7-8% and EBIT before special items of DKK 4,700-5,000 million. We have resumed share buybacks in Q4, expecting to buy back shares worth at least DKK 3 billion by the end of 2027 4
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6 Key financial takeaways for Q3 2026 Outlook for 2026 was upgraded on 9 October: Organic revenue growth: 7-8% EBIT before special items: DKK 4,700-5,000 million Share buybacks: At least DKK 3 billion by the end of 2027 Very strong Group organic growth of 11%, with acquisitions contributing 10%, totalling 21% reported growth11% Due to the strong organic growth, the Group saw significant operating leverage and an improved EBIT before special items in Q3 compared to Q3 2025 OPEX saw organic growth in line with expectations, as we continue to invest in the business, while maintaining focus on cost management The Group delivered very strong CFFO and FCF, and its gearing multiple declined meaningfully compared to Q2 2026 Gross margin increased significantly year-over-year and was ahead of our expectations, driven by a higher ASP in Hearing Aids following the launch of Oticon Reveal and supported by the acquisition of KIND in Hearing Care Revenue Growth Business area (DKK million) Q3 26 Q3 25 Org. Acq. LCY FX Rep. Hearing Aids, total revenue 3,597 3,012 19% 0% 19% 0% 19% Hearing Aids, internal revenue -850 -662 25% 3% 28% 1% 28% Hearing Aids, external revenue 2,747 2,350 17% -1% 17% 0% 17% Hearing Care 3,278 2,537 6% 22% 28% 2% 29% Diagnostics 599 567 4% 0% 4% 2% 6% Group 6,624 5,454 11% 10% 20% 1% 21%
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7 Business area review
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8 2026 Unit growth1 Q1 Q2 Q3 YTD Europe 2% 2% 8% 4% North America 3% 2% 6% 4% US (commercial) 3% 0% 8% 4% US (VA) 4% 1% 1% 2% Rest of world 4% 5% 4% 4% Global 3% 3% 6% 4% 1Estimate based on available market statistics, covering approximately 2/3 of the market, and on own internal assumptions. Estimated market growth in Q3 2026: We estimate that the total hearing aid market grew by around 7% in value in Q3 We estimate that the global hearing aid market saw unit growth of 6% in Q3 compared to the same period in 2025. We estimate that this growth included a contribution of approximately 1 percentage point from product introductions realised at the end of Q3 We estimate that the ASP growth was around 1%, supported by geography and channel mix changes Unit growth in Q3 by geography: Growth in Europe was driven by continuously strong development in Germany and France. Market growth in the UK improved in Q3 after two quarters of negative growth, with both the NHS and the private market contributing to growth Growth in North America was driven by the US commercial market, which was partly supported by product launches in Q3. This growth was weighed down by a continuously negative managed care market We estimate that unit growth in our Rest of world region was 4%, supported by broad-based growth across several emerging markets. China and Japan also delivered growth The hearing aid market in Q3 2026 We estimate that the ASP growth was around 1% in Q3
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9 Hearing Aids in Q3 2026 Organic growth in external revenue of 17%, significantly above expectations despite slightly tougher comparative figures than in Q2 Above-market unit growth and a strong contribution from ASP developments drove significant market share gains in value The reception by customers of Oticon Reveal has been very favourable, with the product now broadly available across markets and channels Revenue Growth (DKK million) Q3 26 Q3 25 Org. Acq. LCY FX Rep. Total revenue 3,597 3,012 19% 0% 19% 0% 19% Internal revenue -850 -662 25% 3% 28% 1% 28% External revenue 2,747 2,350 17% -1% 17% 0% 17% Comments Revenue and growth Europe North America Asia/Pacific/Other • Strong growth contributions from the UK, Germany and France • Several medium- sized markets also contributed to growth • Double-digit organic growth driven by the US • Slightly positive growth in Canada • Strong growth in Asia despite negative growth in China • Very strong growth in Australia and solid growth in our Rest of world region Very strong growth driven by the launch of Oticon Reveal Revenue by quarter (external) 1,000 1,500 2,000 2,500 3,000 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q3 2026 2,747 2,404 2,350
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10 Hearing Care in Q3 2026 Solid organic growth and a significant contribution from KIND Broad-based organic growth of 6%, slightly ahead of expectations, driven by both unit growth and a positive ASP development 29% reported growth, including 22% acquisitive growth with KIND as the main contributor Demant has initiated a process to unite its Hearing Care activities in Germany under the KIND name. This will create one hearing care organisation in Germany, combining the trusted KIND name with the visual identity of Demant Hearing Care Comments Revenue and growth Europe North America Asia/Pacific/Other • Solid organic growth, driven by a strong performance in Germany • Solid contributions from several of our medium-sized markets • Strong organic growth, driven by continued momentum in Canada • Solid US growth, supported by improving market conditions • Solid, broad-based organic growth in the Pacific region • Slightly positive growth in Asia, however with China realising negative growth Revenue by quarter Revenue Growth (DKK million) Q3 26 Q3 25 Org. Acq. LCY FX Rep. Hearing Care 3,278 2,537 6% 22% 28% 2% 29% 1,000 1,500 2,000 2,500 3,000 3,500 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 2,400 2,537 3,278
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11 Diagnostics in Q3 2026 Organic growth in line with expectations Organic growth of 4%, which is in line with expectations and slightly above the estimated market growth rate Growth was driven both by our service and consumables business and by good sales of diagnostic instruments Comments Revenue and growth Europe North America Asia/Pacific/Other • Positive organic growth in Europe • Positive growth driven by the US • Negative growth in Canada following a strong H1 performance • Strong growth in the Pacific region and in our Rest of world region, driven by Australia and Latin America • Flat growth in Asia Revenue by quarter Revenue Growth (DKK million) Q3 26 Q3 25 Org. Acq. LCY FX Rep. Diagnostics 599 567 4% 0% 4% 2% 6% 400 500 600 700 800 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 597 567 599
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12 Outlook for 2026
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13 2026 outlook assumptions Following the positive development in the hearing aid market in Q3, we expect value growth in 2026 to be in line with the structural growth rate in the hearing aid market, with 4-5% being the most likely outcome Demant In February 2026, we launched cost effectiveness initiatives in Demant to improve profitability. We expect to see savings positively impacting EBIT before special items by around DKK 300 million in 2026. The majority of the impact is expected to materialise in H2 Following exchange rate developments during 2026, we expect an exchange rate impact on EBIT before special items of around DKK - 125 million compared to 2025, with the impact expected to weigh slightly towards H2 We expect KIND to contribute DKK 325 million to the Group’s EBIT before special items in 2026 As expected, we recognised a refund of previously paid tariffs in the US amounting to approximately DKK 25 million in Q3. Even though the global trade and tariff situation continues to be characterised by elevated uncertainty, we do not expect to see any additional impact of tariffs on the Group relative to 2025 Market Special items We expect to incur costs recognised as special items totalling DKK 400 million in 2026. These costs relate to previously communicated transaction and integration costs following the acquisition of KIND, amounting to approximately DKK 150 million. In addition, the announced cost-saving initiatives entail one-off costs of DKK 250 million, primarily related to severance payments and implementation costs. As previously communicated, we continue to expect to incur costs recognised as special items, amounting to DKK 100 million in 2027 The financial outlook is based on a competitive environment, with several competitors launching products in H2, and on a number of additional key assumptions as described below:
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14 Outlook for 2026 Organic growth 7-8% EBIT before special items DKK 4,700-5,000 million Share buybacks At least DKK 3 billion from Q4 2026 to end of 2027 OutlookMetric For modelling purposes, we provide further assumptions for 2026 below: Acquisitive growth 9% based on revenue from acquisitions completed as at 2 November 2026 FX growth -1% based on exchange rates as at 2 November 2026, including the impact of hedging Special items DKK -400 million Effective tax rate Around 23% The financial outlook for 2026 was upgraded on 9 October and is summarised below
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, Q&A
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16 16 IR contacts Peter Pudselykke Head of Investor Relations Email: pepu@demant.com Tel: +45 3917 7300 Mob: +45 2830 7638 Gustav Høegh Investor Relations Officer Email: gukh@demant.com Tel: +45 3917 7300 Mob: +45 5350 0114 Roadshows and conferences: 05 Nov 05 Nov 06 Nov 10 Nov 24 Nov 26 Nov 01 Dec London (UBS) Paris (SEB) Copenhagen (ABG Sundal Collier) London (UBS Conference) Capital Markets Day Copenhagen (Danske Bank Winter Seminar) Miami (Citi Global Healthcare Conference)