Good afternoon, everyone, and welcome to the conference call for Demant's interim management statement for Q3 2026. My name is Peter Pudselykke, and I am heading up the investor relations activities here in Demant. With me here today, I have the usual Demant representatives, our President and CEO, Søren Nielsen, our CFO, René Schneider, as well as one of my good colleagues in the IR team, Gustav Høegh. As you should have seen by now, we released the full management statement last evening, and we will be discussing that during today's call. You should now also be able to find the presentation on our website. The plan for the session is to kick off with the presentation, and we will follow that up by a Q&A session. We do expect the total session to last no more than one hour, including Q&A. As always, please do pay notice to the disclaimer on slide number 2. Just before we kick off the presentation, please allow me to remind you that we are hosting our Capital Markets Day here in a couple of weeks' time in Copenhagen on November 24th. If you have not signed up yet, please do reach out to Christine or myself, and we will be happy to help you out. With that, on to slide number 4, and I will leave that to Søren to kick off the presentation with the agenda. Søren, please. Thank you very much, Peter, and welcome everybody. I will go through business highlight and key financial takeaways. I will elaborate a bit more on the individual business areas. I will reiterate with nothing new our outlook for 2026, and then we will go into Q&A. Q3, and you have had most of the numbers already, but still, let us repeat that Demant in Q3 2026 delivered revenue growth of 21%. This was fueled by very strong organic growth in the hearing aid business of 17% and supported by a hearing aid market that grew 7% in value in Q2. It, of course, also comes from the acquisitive element of KIND, as we are also going to get back to. As announced on October 9, we upgraded our financial outlook for 2026 based on the strong sales numbers in Q3 to an expected full-year organic growth of 7%-8% and an EBIT before special items of DKK 4.7 billion-DKK 5.0 billion. We have resumed our share buyback program in Q4, expecting to buy share worth DKK 3 billion by the end of 2027. The highly successful launch of Oticon Reveal has further accelerated the positive momentum that Oticon Zeal created. This is the main driver for the strong results in hearing aids, and it confirms the strength and relevance of our product portfolio to customers. Hearing Care delivered solid organic growth with, of course, a significant acquisitive element, and Diagnostics also delivered in line with expectations. Key financial takeaways for Q3, very strong group organic growth of 11%, additional 10% from acquisitions, totaling 21% reported growth. We see, and Demant does not disclose for the quarter, but see gross margin increase significantly year over year, and ahead of our expectations. This is driven by a higher ASP in the hearing aid business following the successful launch of Oticon Real, and I would say also the growth in U.S., North America, as well as the acquisition of KIND in Hearing Care. OPEX saw organic growth in line with expectations as we continue to invest in the business while maintaining focus on cost management, then things are totally in line with expectations. Due to the strong organic growth, the group saw significant operating leverage and therefore improved EBIT before special items when comparing to the third quarter of 2025. We continue to deliver very strong cash flows, and gearing multiples have therefore declined meaningfully compared to Q2 2026. As already iterated, we upgraded our outlook for the year on October 9. Business area color review. Hearing aid market third quarter, we estimate that the total hearing aid market grew around 7% in value. We estimate the underlying unit growth to be 6% in the quarter, and this is with the normal data points, meaning two-third of the market we have data for, and the rest is an estimation. So a solid unit growth. Also, if you include a contribution from the many product introductions we saw in Q3, we estimate to be around 1%. Of course, not something we have exact insights into, but that's our best take. So underlying, also healthy 5% unit growth. Therefore, year to date, we end at 4% unit growth, and with a positive ASP component, which brings us into the normal range for the hearing aid market of 4%-6%. By geography, growth in Europe, as you can see also from the table, was strong and good, driven by Germany and France. Market growth in U.K. have improved in the third quarter after two quarters with negative growth. This is both the private and the NHS, but most importantly, the NHS returning to growth. Growth in North America was driven primarily, as you can see, by the commercial market in U.S., growing 8%, whereas VA is still at relatively low growth rates in volume, and this is and cover also a continued negative development to the managed care market. The rest of the world, we estimate unit growth to be around 4%, and that's relatively broad-based across several markets. We also estimate that China and Japan delivered some growth. Hearing aids, Demant in Q3 2026, again, a very strong growth driven by a very successful launch of Oticon Reveal. We are definitely strong out of the gate and around the world quite fast. That's a significant part of it, but it's also clear that we get a very favorable feedback from customers that have now fitted instruments, and we see this as definitely a confirmation that we have released a strong product into the market. Not that it's potentially the only one, but that it is a strong and competitive product we have brought in. So organic growth of 70%, significantly above expectations, even though we see slightly tougher comps than we did in the second quarter. The unit growth is above underlying market growth, therefore, we take significant market share both in units and value. Strong contributors to growth have been U.K., Germany, and France in Europe, three biggest markets, but a number of medium-sized markets have also contributed. North America, we have seen double-digit organic growth in U.S. coming from both the independent sector as well as VA. Slightly positive growth in Canada, strong growth in Asia despite negative growth in China, and very strong growth in Australia, as well as solid growth in the rest of the world region. Hearing Care, Q3, solid organic growth and significant contribution, of course, from KIND. Broad-based organic growth of 6%, slightly ahead of our expectations, driven by both unit growth and also here some ASP effect also coming from successful introduction of new technology. 29% organic, sorry, reported growth, including 22% acquisitive growth, where KIND is the main contributor, but also other acquisitions, of course, is part of that. We have announced now internally and now also here today that we have started the process to unite all our Hearing Care activities in Germany into one organization and under one brand, the KIND brand. We will create one Hearing Care organization in Germany, just as we do in all other markets, and the trusted KIND name will be used, but it will come into a Demant visual identity and a visual identity and, you could say, general brand position so it integrates well with all the business we drive around the world. In growth across the world, solid organic growth in Europe driven by a strong performance in Germany and solid contribution from a number of other medium-sized markets. Strong organic growth driven by continued momentum in Canada and North America, and also solid growth in U.S. supported by improved market conditions, but also a continued improvement of our own operating model. Solid broad-based organic growth in the Pacific region, slightly positive growth in Asia, however, with China realizing negative growth. Diagnostics in Q3, organic growth in line with expectation, positive organic growth in Europe, positive organic growth driven by U.S. and North America, negative growth in Canada following a very strong performance in first half. These are the natural swings we see, so nothing special to flag there. Strong growth in the Pacific region and in rest of the world driven by Australia and Latin America, whereas it has been more flattish in Asia. Outlook for 2026, there are very few changes, and on this one, bolded as expected, we have seen a refund of tariffs related to U.S. in Q3, and that constitute approximately 25 million. There are still tariffs paid, but we got a significant return in the third quarter. Coming to the outlook in total, again, nothing new. Organic growth of 7%-8%, EBIT before special items of DKK 4.7 billion-DKK 5.0 billion, share buyback at least DKK 3 billion by the end of 2027, and starting here in the fourth quarter this year. Acquisitive growth, 9% based on revenue from acquisitions completed as of two days ago. FX -1% on exchange rate also updated. Special items, no change at 400 million, and effective tax rate around 23%. With that, let us go to the Q&A. We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Martin Parkhøi with SEB. Please go ahead. Yes, good afternoon. Martin Parkhøi from SEB. Just a question, Søren, on the assumption on the impact from the launches in the third quarter. One of your, should I call it peers from Italy, was maybe a little bit more bearish on the underlying market growth. Can you speak into how scientific you have been in the 1% impact on a global level? Is it based on what you have seen in your own sales, and should I assume that it predominantly has been in the U.S. private pay market that have been affected by this potential rolling? Secondly, just on Oticon Reveal, or you can call it Oticon Reveal, or Philips 9060 inclusion in Costco, do you see this as an opportunity to further gain market share in Costco, or is this just a way to maintain the position you have now? Thank you, Martin. We only have our own data, and we don't have sell-through data from customers, so it's not an overly scientific exercise to come to the around 1%. You know what the underlying natural market is. You can see a little bit of peak. Are you fitting more to existing users in that period? Yes. Are people busy getting things out in trial and invoicing? Yes. So, it is our best judgment. There's not a bigger scientific element to it. Yes, we believe the majority comes from U.S. based on our data. Whether others have launched differently around the world, we sense that a little bit. Some have been focused on Europe, some have others. So, it's super difficult to have other than a very rough estimate for the world. Philips in Costco, yes, that's definitely part of working to grow our share in Costco. We have been open that we have had a stable business, but a slight loss of share as new players have entered, and a new product like Philips 9060 is a good opportunity, of course, to gain back some of that share. Can I just come with a follow-up question to the market development? Because we have seen a quite benign development in the ASP for the market this year, of course, also supported by strong U.S., and particularly here in the third quarter. If we look at your midterm targets for the market, you have embedded a flat pricing development. Would you see 2026 constitute as a tough comparison going into 2027, not with respect to volumes on the market side, but more respect to the pricing side of the global market? No, not really. Of course, there will always be mix effects going forward. Isolated to Q3, we will have created strong comps, no doubt about that. But for the full year, no, I can't see that. Thank you. The next question comes from the line of Julien Ouaddour with Bank of America. Please go ahead. Hi, good afternoon. Thanks for taking my questions. Sorry, I joined late, so if I ask something which has already been asked, sorry for that. The first one, I am just wondering the 10% growth difference between retail and wholesale in Q3, and I was wondering what are your expectations in terms of pure share gains and some sort of stocking maybe on the sell-in with the launch? Do you expect some sort of stocking also to continue into Q4, maybe something you have seen in October already? I want to push you maybe on next year for the hearing aids market growth for 2027. I mean, if we think that maybe Q3 had some launch stocking, I mean, they will have tough comps from 2H 2026. Do you expect maybe a slowdown in sell-in in Q1? Overall, do you think the market will grow below the 4%-5% that you assume for 2026? Thank you so much. Yeah, thank you very much for your question. On the sell-in and the difference between retail and wholesale, that is the core difference between the two businesses. Of course, everybody builds a little bit more inventory if you know you have a lot of clients coming. But the main thing in wholesale is that we go broad. There are very few that would not like to try out new products, even if they are not your biggest customer today. That is how the world works. So, you could say addressable market on wholesale is, of course, much bigger, and therefore you can generate higher growth rates short term in wholesale hearing aid than you can in retail. Retail is a more natural flow, and if you sell more Reveals, you sell less on something else in a period. So, that more represents the organic growth in that business. These two things come very well in line over time. There can be a little bit of sell-in stocking effect, but much less than not stocking effect, but much less effect than when you go broad in an independent wholesale market. Just on your question, if I get it right on the second one, all talks about 2027 is too early to come back to, go into. We do not want to do that here today. Maybe at a later stage. But, for 2026, I just think all in all, putting it all together, we just have to declare that a year within the normal. It started with a bit of headwind. Currently, we see some tailwind. There has always been product introduction, part of building fluctuations quarter by quarter and month by month. But when we get the full half year, I think we have a good representation of the underlying growth in the market. I am under the opinion that eventually you will always see the 4%-6% that comes from underlying demographics come back in, unless things kept on getting worse. As they are not, then it is natural that we start to see some normalization of the global hearing aid market. Thank you. The next question comes from the line of Andjela Bozinovic with BNP Paribas. Please go ahead. Hi, good afternoon, and thank you for taking my questions. I will stick to two as well. The first one would be on the guidance. Can you please discuss what underpins this conservatism of the new guide, which at the midpoint implies 5% growth in Q4? I understand the comps are getting harder with 200 basis points, but we have around 500 basis points of acceleration in the guide implied. That is the first question. The second one would be just on the Oticon Reveal trends. What have you seen in October, if you can just comment on the stocking? Are you seeing less of the launch momentum that helped Q3 wholesale growth, or that momentum persist into October? Thank you so much. Yeah, thank you very much for your questions. I will put them more or less together. The guidance we build is, of course, our best judgment on the last quarter. There is still left uncertainty when it comes to market development, and you could say the ultimate competitive rebalancing of the situation after all have launched. We are off to a very good start in Q3. We see good response to the product in the market, and this, together with the comps, et cetera, across all three business areas, is what builds into the guidance. So, there is a variation around it, and that is our best take at current, that this is where the full year will end. Oticon Reveal, we cannot comment on October isolated, but we can say that we have received a stronger feedback confirmation that the product is also doing really well when being fitted, and I think that's what we can share here today and have shared also in the interim statement. Thank you. The next question comes from the line of Giang Nguyen with Citi. Please go ahead. Thank you for taking my questions. Giang Nguyen from Citi. I have two, please. The first question is around early Q4 market trends. Is there any comments you can make on how the hearing aid market has been trending so far, and perhaps break it down in terms of market units as well as ASP? My second comment is, I appreciate that you have provided some color around feedback on Reveal, but is there any statistics or any quantification that you can provide to illustrate how the uptake is trending versus either previous generation or versus competitive products in the market? Any comments you can have on price premium as well on Reveal? Thank you. Yes, thank you for your question. We simply have no statistics, so the answer to your first question is no. We have no visibility to market development in October, and that's also why one should be careful about commenting on Reveal. We cannot share any more color than we did with talking about the positive reception by customers and good fitting results, and in general, a good mood around the product. We don't have any statistics or others we can share at this stage. You had a little follow-up question on pricing. We have confirmed before that there is a natural, I would say, price adjustment or increase of pricing, reflecting the level of innovation we bring forward, as well as natural catch-up with inflation around the world. Miss Sengun, have you finished with your questions? Yes, thank you. Thank you. The next question comes from the line of Martin Brenøe with Nordea. Please go ahead. Hi, Jonathan and René. Thank you for taking my questions. I have a question for René, please. Given that you have quite a strong top-line momentum at the moment, can you maybe give us a bit of color on how you are reinvesting those money, and whether you are planning for some slowdown in 2027 and therefore holding back a bit, or whether you're giving it as much as you can in terms of the commercial momentum that you're seeing at the moment, please? Hi, Martin. I will refrain from commenting into 2027. I think we're not at that stage yet. But as I think we also write in the report, when we grow like we do, we have significant operating leverage in the business and increased profitability, despite the fact that we do continuously reinvest into the business when it comes to innovation, acquisitions, general infrastructure. The reason why we are still, say, overall at a modest operating expense growth is because all of that reinvestment into the business is coupled with an also strong effort to take cost out on the other side, and that's what's reflected in our cost-effectiveness program. All in all, we feel that you can say we can both invest in the business whilst deliver on margin expansion at the same time, and provide a modest growth in operating expenses overall. That's the balance we try to achieve, and essentially nothing new in that. Thank you for taking my questions. Operator, are you here? The next question comes from the line of Kavya with UBS. Please go ahead. Hi. Afternoon. Thanks for taking my questions. My first one was again just around market growth. Just around the underlying volume acceleration, so from 3% to 5% ex-product launches. I guess, do you have any commentary on what drove this, especially as a lot of the market improvement so far this year has been ASP-driven as opposed to volume acceleration? Then my second question was just around the trend that you've spoken about, again, with the market in the U.S. self-pay channel, about it potentially benefiting from a sort of managed care patient mix shift into that channel. How much of a runway do you see for this to continue from here? Thank you. Yeah, thank you very much. I think the market growth returning to normalized growth levels, we are in Q3, in reality, annualizing the uncertainty that change in administration in U.S. led to. It was the U.S. commercial market and U.S. market in general where we saw things go down in speed. But again, the underlying structural growth rate is stable. So eventually, unless things get worse, it will return to normal growth rate. I think that is the most likely overall conclusion, that we are starting to see the structural growth rate return into the growth numbers. We are, you can say, in absolute numbers, definitely at a smaller market than you would have anticipated, but the growth returns at this reflecting the underlying structure level. Managed care versus private, yes, we continue to see the managed care market in U.S. decline or shrink, have negative growth. I think there are many roots to that, but the main cause is that a number of healthcare plans reduce eligibility. Some then choose to buy themselves, either in a big box retail where they can also find pricing maybe similar to what they would have paid through the insurance company, or they go private to a local individual dispenser, or into a big retail like ourself. This is part of continue to build some growth into the commercial independent segment. Is it any bigger in Q3 than in Q2 or Q1? No. Is this a trend that's likely to continue? Yes, I would find some likelihood that we don't see a change to that. But it's not something I'm on top of, and it's still left with some uncertainty, but it is more arrow down than arrow up for managed care in U.S. That's at least our take for now. So Demant in general being well-positioned to the way the U.S. market develops, which is also reflected, I think, in our performance. Understood. Thank you very much. The next question comes from the line of Jack Reynolds-Clark with Morgan Stanley. Please go ahead. Hi there. Thanks for taking my questions. I've got two, please. The first is on wholesale. Could you break down or give an indication, I guess, to the relative contribution of unit growth versus ASP within that wholesale growth number, and the kind of relative contributions of Reveal versus Zeal versus kind of the rest of the portfolio? Then just on Zeal pricing, has your thinking developed or changed around how you're approaching the rollout of additional price points in Zeal? If so, kind of where is that playing out already, and what are your plans for next year? Yeah, thank you very much for your questions. I can only say and reiterate what we write, that we also in unit growth have growth above the market growth. We cannot comment any closer than that, but it means that it's meaningful, and that the ASP component is also meaningful in that equation. So they're both contributors and significant contributors to the growth. It is, of course, a lot of Zeal and Reveal that drives the momentum in the business, and therefore also the organic growth. No doubt about that. Reveal hits into still what remains to be the majority of the market behind-the-ear RIC solutions, and again, absolute key in a market like U.S. to have kind of flagship products that are considered among the very best. That does drive growth. So yes, a lot of it comes from also Reveal, but remember, we only did it in August, so of course, there's also a meaningful contribution from Zeal, as we have seen also throughout the first half of the year. Price points and additional price points, we have said earlier that it's very market-specific because it depends on what you would call more mid-market volume, and there's huge differences between illustrative examples. U.S., where the premium segment is the biggest and most important. A little opposite in Germany, where the actual volume in the premium segment is, yeah, limited, around 10% on a good day. If in-ear products are then between 10% or 15%, then it is a relatively small market, where in more mid-market, you see much more bulk of the business. Therefore, it has had a meaningful contribution to the unit development to also in Germany, as an example, introduce an additional price point, whereas we have not yet and have no plans currently to do it in U.S., North America. So very market-specific decisions depending on the structure of the market, and therefore the potential and relevance in individual markets. Thanks very much. The next question comes from the line of Susannah Ludwig with Bernstein. Please go ahead. Good afternoon, and thanks for taking my questions. I have two, please. It is first on the strong U.S. private pay market. Do you think the recent shutdowns of larger OTC players like Lexie and HLT are helping support growth in this market? Then second, on the stocking dynamics from new products, to what extent do independents hold inventory? Then with the Philips 9060 launch that was announced at the end of October, were you benefiting from stocking there in Q3, or is that a stocking benefit that you might see in Q4? Yeah, thank you very much. On the private pay OTC, I do not see these things correlate at all. It was a very small volume in that market, and I would not find it likely people jump from the consideration to buy an OTC and then buy top of the line, which Reveal is, and what everybody introduce right now. So, I do not see that as a significant contributor to the growth. Does independent hold inventory? It depends a lot. Some do if they are sure they are going to fit it and feel comfortable around that. Sometimes you also commit to giving a certain purchase over time, and therefore gets conditions. But in general, you do not hold a lot of inventory relative to your business size. And further stocking up from introductions in Costco, then no, not in Q3. Thank you. The next question comes from the line of Martinien Rula with Jefferies. Please go ahead. Good afternoon, everyone, and thank you very much for taking my questions. This is Martinien from Jefferies. I would have two, please, and the first one would be actually on the gross margin. So you had posted 77.1% in H1. You have made a comment about being very happy about the gross margin development into Q3. I would just love to hear you commenting and actually help us understand the underlying drivers of that gross margin improvement, and if you could split this improvement between stronger product mix and actually the structural versus the structural margin improvements from KIND, that would be amazing. Yeah. We are extremely happy with the development on the gross margin, and it is when we upgrade it beyond our expectations. I would say, not to quantify, but to, let's say, give an order of importance, it is the organic growth of the hearing aids business that is the main driver, followed by KIND and the consolidation and the share volume conversion there. Then lastly, more technically, just in Q3 isolated, we had the tariff refund, just to complete the picture. But I would say that's the order of magnitude. Okay. No, that's perfect. The second question would actually be on France, if that's okay with you. You've called out a strong market development into Q3. Curious to hear what strong means in that case, given the significant growth we had in this market last year. Also, I would be keen on having some thoughts on how you're seeing the development of this market, sorry, into Q4, given the huge wave of strikes we have currently in the country. Thank you. Yeah, thank you. I would say it's relatively well in line with what we state for the European market in general. The French development, and also in France, coming back to when there is inventory and no inventory, there is actually a little more tradition for that. So, back to that, Martin's original question, that it's not just the U.S. effect, this estimated stocking. There is also other countries where that could be an effect. But I think we can, on wholesale level, we have seen a good and solid France throughout the year, and Q3 is also a testament to that. Okay. Thank you. Again, if you have a question, please press star then one. The next question is a follow-up question from the line of Julien Ouaddour with Bank of America. Please go ahead. Thanks. Thanks a lot for squeezing me in. I do not want to remove anything from the CMD later this month, but a key question we have been asked by investors after such a strong run for Zeal in 2026, and as comps get paid off for next year, I mean, is it possible for Zeal to grow on top next year? Then just for this, do you need to expand into new countries? Do you need to accelerate the bullet price point coverage that you were discussing earlier? Or do you feel you need an extension of the clinical addressable market for the product? So, yeah, I would like to get your thoughts on that. Thank you. I have to be careful with too many details in 2027. I would say that is premature. But in general, we, of course, want to grow the business next year. And growing the business is a combination of getting new customers, getting full-year effects of the customers you gained through the year, and there are both channels and customers that did not start at January 1st. We will continue to do our promotions. We have a pretty good visibility to all introductions now from main competitors. So, the way things look now, of course, we will build a plan where we also, in the future, will be able to take share. Perfect. Thank you. I will try to get at the CMD. Thank you very much. Ladies and gentlemen, there are no further questions at this time. I will now pass the floor over to management for any closing comments. Thank you. Thank you so much, operator, and thanks to everybody for joining us here today. As always, we will be on the road in the coming weeks, and I do look forward to seeing you there. Have a good rest of the day.