DEMANT (=) : Corporate Contact: Key Takeaways

研报英文原文证据摘录

DEMANT (=) : Corporate Contact: Key Takeaways

EQUITIES

MEDTECH & SERVICES

DEMANT NEUTRALPRICE* DKK252.8  TARGET PRICE DKK215 (DOWNSIDE 15%)

FLASH NOTE

Corporate Contact: Key Takeaways

23 JUNE 2026 Securities Research Report Production time: 05:46* (London time)

Research Analyst & Publishing Entities

Andjela Bozinovic BNP Paribas London Branch (+44) 203 430 8699 andjela.bozinovic@uk.bnpparibas.com

What happened?

We have spoken to Demant which is due to report H1 26 sales on August 11th (aftermarket) and highlight there has

been no change to the FY26 guidance of 3-6% organic sales growth and adj. EBIT in the DKK4.1-4.5bn range. Note

that consensus we refer to is post Q1 company compiled consensus.

BNPP View:

In all, we believe consensus forecasting 5.9% Q2 organic revenue growth and DKK6.4bn revenue could settle

LSD higher, impacted by 1/ Oticon Zeal strong performance in the VA and continuous outperformance

elsewhere, 2/ weak comps in US retail and weak comps in diagnostics. This should have proportional impact

on consensus forecasting DKK2bn or 16% H1 EBIT margin, helped by accretion from Oticon Zeal.

Wholesale. Oticon Zeal continues to advance ahead of the plans, building on the momentum from Q1. In Q2, they had

a full quarter of US, launch in other markets and launch in the VA, which more than offsets no "launch" effect - observed

in Q1. Elsewhere in wholesale, they flag no change in Costco where they remain the no1 player and flag that most of

share loss is behind them, after Sonova's return is annualised. In the VA, they are happy to break 20% market share

and continue to believe in the strength of their offering, albeit flagging that the month after launch usually comes with

minimal market share consolidation (normal seasonality).