Hearing Aids - is market growth accelerating?: Demant is our preferred near-term play. Upgrading Amplifon to OW on significant re-rating potential

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Hearing Aids - is market growth accelerating?: Demant is our preferred near-term play. Upgrading Amplifon to OW on significant re-rating potential

J P M O R G A N Europe Equity Research

27 July 2026

Hearing Aids - is market growth

accelerating?

Demant is our preferred near-term play. Upgrading

Amplifon to OW on significant re-rating potential

There are two key drivers for Hearing Aid share price performance: 1) Hearing Aid European Medical Technologies &

market growth - a tide that raises (or sinks) all boats; 2) New product launches that Services

drive share gains/growth ahead of the market which is more stock specific. After David Adlington AC

a slower 2025, we see scope for the market to accelerate in 2026 to levels above (44-20) 7134-5828

that assumed in all the companies’ guidance. david.adlington@jpmorgan.com

Anchal Verma

Demant’s Zeal launch is tracking well and Q2 should see a stronger contribution (44-20) 3493-6144

than Q1. It remains our preferred manufacturing pick and we see upside to anchal.verma@jpmorgan.com

guidance in the near term which will leave the multiple looking undemanding. For Philip S Omnou

H1 EBIT, we are c5% ahead of consensus. We place Demant shares on Positive (44-20) 3493-5648

philip.omnou@jpmorgan.com

Catalyst Watch into Q2 results (11 August). J.P. Morgan Securities plc

We upgrade Amplifon to OW. The shares have significantly de-rated and while Specialist Sales contact details:

we acknowledge investors have to digest a 180 degree strategic turn on vertical Marjan Daeipour - Specialist Sales -

integration, the multiple more than reflects some execution risk. It is difficult to European Healthcare

assess where consensus numbers are, but on our forecasts, recovery to a mid-teens (44 20) 7134-1329

PER multiple suggests >50% upside.