Strong cash generation
Robust cash flow with cash flow from operations of DKK 3.85 billion for FY2025 and free cash flow above DKK 3 billion for the full year; H2 cash flow from operations of DKK 2.3 billion and H2 free cash flow of ~DKK 2 billion.
Product launch momentum — Oticon Zeal
Successful launch of Oticon Zeal (introduced Oct 2025 in selected markets) generated strong early demand, positive feedback from professionals and first-time users, and lifted sales of other portfolio products; rollout entering U.S., Canada and France in early 2026 with potential to increase premium share and ASP over time.
Strategic acquisition expands retail footprint — KIND Group
Acquisition of KIND closed in December 2025 (cash out approx. DKK 5.4 billion) expands Hearing Care retail presence (notably #1 position in Germany); management expects KIND to contribute ~DKK 300 million EBIT in 2026 (11 months ~DKK 275 million).
Improved second-half and Q4 performance across business areas
Group organic growth accelerated to 4% in H2 2025 (sequential improvement); Hearing Care Q4 local-currency growth +17% (including KIND tailwind) with 5% organic in the quarter; Diagnostics delivered strong Q4 organic growth of +8% in local currencies.
Clear 2026 outlook and margin improvement program
Guidance for 2026: organic growth 3%–6% and EBIT before special items DKK 4.1–4.5 billion. Company launched a profitability initiative expected to deliver ~DKK 250 million EBIT uplift in 2026 and ~DKK 500 million structural savings from 2028 onward.
Sustainability and social progress
Non-financial achievements include improving lives reached to 12 million people, a 16% reduction in scope 1 and 2 greenhouse gas emissions vs baseline (target 46% by 2030), and gender diversity in top management at 33% (target >35% by 2030).