Demant: Key themes to keep in mind for Q2 2026E results on August 11th

研报英文原文证据摘录

Demant: Key themes to keep in mind for Q2 2026E results on August 11th

26 June 2026

Demant: Key themes to keep in mind for Q2 2026E results on

August 11th

Susannah Ludwig +41 582 723 127 susannah.ludwig@bernsteinsg.com

Richard Hombach +44 20 7762 1858 richard.hombach@bernsteinsg.com

Estelle Pang, CFA +44 20 7676 7646 estelle.pang@bernsteinsg.com

Specialist Sales

Christian Moore +1 917 344 8555 christian.moore@bernsteinsg.com

We regularly hold calls with companies towards the end of each quarter, making sure we are up-to-date with their latest communications

ahead of any “quiet period”. We comment on these discussions soon after holding these calls, even if they are simply a re-iteration of previous

messages. We held a call with Demant today ahead of them entering their quiet period on July 22nd leading up to their Q2 2026 results on

August 11th. We rate Demant Outperform with a target price of DKK 267.

Below please find key themes from our discussion.

Hearing Aid Market Growth

In our discussion, Demant in keeping with their disclosure in recent quarters did not provide any specific monthly data points by market.

However, they reiterated their underlying assumption of global hearing aid market growth of +2% to +4% in value terms, unchanged despite

+4% growth in Q1. While the YoY comps base is more challenging in Q2 (particularly in comparison to an easier Q1), the company noted that

on a 2-3 year stacked basis the growth profile is broadly consistent, suggesting that the apparent difference is largely optical.

Hearing Aids (Wholesale)

In Hearing Aid Wholesale, Demant discussed several factors relevant for Q2 and the remainder of the year with Zeal remaining one of the key

drivers of both growth and profitability.