Demant kommer med halvårsregnskab i morgen efter en markant vending i aktien siden foråret. En vigtig del af optimismen hænger sammen med GN Store Nords aftale om at sælge GN Hearing til italienske Amplifon for 17 mia. kr. Handlen ventes først afsluttet mod slutningen af 2026, men usikkerheden hos en af Demants største konkurrenter giver allerede nu selskabet en mulighed for, at styrke sin position yderligere.
Og første kvartal viste faktisk, at Demant allerede var godt på vej. Demants Hearing Aids-forretning leverede 9 pct. organisk vækst mod et globalt marked, som selskabet vurderede voksede omkring 4 pct. målt i værdi. Det betød ifølge Demant betydelige markedsandelsgevinster, især drevet af Oticon Zeal. Regnskabet skal nu vise, om det momentum er fortsat ind i andet kvartal.
AI er samtidig allerede blevet en reel del af produktet. Oticon Zeal bruger anden generation af AI-baseret lydbehandling, der kontinuerligt tilpasser støjreduktion og taleforståelse. Produktet kombinerer samtidig genopladelighed, streaming og Google Fast Pair i et diskret in-ear-format. For investorerne bliver det interessant at holde øje med, fordi Demant dermed ikke kun konkurrerer på klassisk høreapparatteknologi, men også på brugeroplevelse og digital integration.
Det bliver stadig vigtigere. Apple tilbyder allerede en regulatorisk godkendt hearing-aid-funktion i AirPods Pro til personer med mildt til moderat høretab. Det betyder ikke, at traditionelle høreapparater forsvinder, men det reducerer afstanden mellem medicinsk udstyr og consumer electronics. For Demant bliver spørgsmålet derfor ikke kun, hvor små høreapparaterne kan blive, men hvor godt de kan integreres med den digitale hverdag. Det kan på længere sigt blive afgørende for både vækst og prissætning.
Halvårsregnskabet skal derfor først og fremmest bekræfte, at Demant fortsat tager markedsandele. Efter aktiens comeback er forventningerne også løftet, og dermed er der mindre plads til skuffelser. Hvis væksten fortsat ligger klart over markedet, styrker det investeringscasen. Hvis momentum derimod aftager, kan markedet hurtigt begynde at stille spørgsmål ved, hvor meget af fremgangen der skyldes Demants egen styrke, og hvor meget der skyldes uro hos konkurrenterne. På længere sigt bliver produktpipeline, AI og samarbejdet med de store teknologiplatforme mindst lige så vigtigt.
Demant has gained momentum – now the market share gains need to be confirmed
Demant reports its half-year results tomorrow after a significant recovery in the share price since the spring. An important part of the optimism is linked to GN Store Nord’s agreement to sell GN Hearing to Italy’s Amplifon for DKK 17 billion. The transaction is expected to be completed toward the end of 2026, but uncertainty around one of Demant’s major competitors is already giving the company an opportunity to strengthen its position further.
And the first quarter actually showed that Demant was already on the right track. Demant’s Hearing Aids business delivered 9% organic growth versus a global market that the company estimated grew around 4% in value. That resulted in significant market share gains, particularly driven by Oticon Zeal. The upcoming report will now show whether that momentum continued into the second quarter.
AI has also already become a real part of the product offering. Oticon Zeal uses second-generation AI-based sound processing that continuously adjusts noise reduction and speech understanding. The product also combines rechargeability, streaming and Google Fast Pair in a discreet in-ear format. For investors, this will be interesting to follow because it moves Demant closer to traditional headphone technology, while also testing the level of digital integration.
That is becoming increasingly important. Apple already offers a regulatory-approved hearing aid feature in AirPods Pro for people with mild to moderate hearing loss. This does not mean that traditional hearing aids are disappearing, but it does reduce the gap between medical devices and consumer electronics. For Demant, the question is therefore no longer only how small hearing aids can become, but how well they can be integrated into users’ digital everyday lives. Over time, this could become important for both growth and pricing power.
The half-year results should therefore first and foremost confirm that Demant continues to gain market share. After the share price recovery, expectations have also increased, leaving less room for disappointment. If growth remains clearly above the market, it strengthens the investment case. If momentum slows, however, investors may quickly start questioning how much of the recent progress reflects Demant’s own execution and how much is due to uncertainty among competitors. Over the longer term, the product pipeline, AI and collaboration with the major technology platforms will become just as important.