Company Reports

Demant is a Danish healthcare group focused on hearing aids. It operates as a vertically integrated business across three divisions: hearing aids, hearing care, and diagnostics.

Demant is a Danish healthcare group focused on hearing aids. It operates as a vertically integrated business across three divisions: hearing aids, hearing care, and diagnostics.

Demant reported second-quarter sales growth in constant currencies of 19%, split between 9% organic and 10% inorganic, the latter stemming from the Kind acquisition. The adjusted EBIT margin expanded to 16.5% from 16.4% over the first half of 2026. Management raised its full-year guidance.

Demant is a Danish healthcare group focused on hearing aids. It operates as a vertically integrated business across three divisions: hearing aids, hearing care, and diagnostics.

Demant is a Danish healthcare group focused on hearing aids. It operates as a vertically integrated business across three divisions: hearing aids, hearing care, and diagnostics.

Demant reported first-quarter results with 6% organic and 11% reported sales growth, the latter boosted by the Kind acquisition. Management held its 2026 outlook intact, targeting 3%-6% organic growth and adjusted EBIT of DKK 4.10 billion–DKK 4.50 billion.

We are transferring coverage of Demant to a new analyst. Demant is a vertically integrated provider of hearing aid devices, developing and manufacturing them and operating a global network of retail stores.

Demant is a Danish healthcare group focused on hearing aids. It operates as a vertically integrated business across three divisions: hearing aids, hearing care, and diagnostics.

Demant reported 2% organic sales growth in 2025, slightly above company-compiled consensus. Organic growth accelerated to 5% in the fourth quarter. Adjusted EBIT was in line with consensus at DKK 3,960 million. Markets reacted negatively, with the share price down 10%.

Demant reported third-quarter earnings with 3% organic sales growth, driven by a 4% increase in Hearing Care, despite a weak global hearing healthcare market caused by macroeconomic uncertainty. Management reiterated full-year guidance, emphasizing a higher likelihood for the lower end.

The annual European Hearing Instrument Conference will take place next week in Germany, where all major industry participants will attend and hold investor events. We plan to participate in this event.

Demant benefits from favourable trends, including an ageing population, increasing noise pollution, fairly low penetration rates in the developed world, and virtually untapped patient populations in emerging markets such as China. Demant's broad product offerings should allow the company to capitalize on these trends, while its strong brand and superior technological know-how should yield market share gains. Following the sale of its implant business and the upcoming disposition of the communications segment, Demant is in a better position to focus its efforts and maintain its top-tier positioning in the market.

Demant reported its second-quarter 2025 results, which were below company-compiled consensus. Management lowered its full-year outlook for the second quarter in a row.

Demant has acquired the German hearing care provider Kind Group for approximately EUR 700 million, marking the largest acquisition in the company’s history.

Demant reported flat organic revenue growth in the first quarter, slightly below the company-compiled consensus. The firm lowered its full-year market outlook on the macro weakness.

Demant reported second-half 2024 results and 2025 guidance, which suggests stabilization of the underlying negative trends in the hearing aids segment. Shares are down roughly 5% on the news.

Demant benefits from favourable trends, including an ageing population, increasing noise pollution, fairly low penetration rates in the developed world, and virtually untapped patient populations in emerging markets such as China. Demant's broad product offerings should allow the company to capitalize on these trends, while its strong brand and superior technological know-how should yield market share gains. Following the sale of its implant business and the upcoming disposition of the communications segment, Demant is in a better position to focus its efforts and maintain its top-tier positioning in the market.

We are dialing down our forecast for the full year for Demant following its preliminary first-half results release. However, our fair value estimate is unchanged due to both cash flows realized since our last update and the the already muted expectations in our model given the early-year trajectory. With shares down materially off their early 2024 peak, we view them as fairly valued at the current level.

We maintain our fair value estimate for narrow-moat Demant following the release of its first-quarter results. The shares are modestly overvalued at their current level.

We maintain our fair value estimate for narrow-moat Demant following the release of end-2023 results. The shares are modestly overvalued at their current level.