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   <mrv:SustainabilityReport contextRef="ctx-1" id="f1__s10__7__7-1" xml:lang="en">Business areas The Demant Group develops, manufactures and sells products and equipment that help people with hearing loss connect and communicate with the world around them.  We operate a focused hearing healthcare com-pany, consisting of three business areas: Hearing Aids, Hearing Care and Diagnostics.  The business areas operate through separate or-ganisations and offer multiple brands to best serve their individual markets and channels. How-ever, the business areas also collaborate exten-sively across the entire value chain – from pur-chasing and manufacturing to technological devel-opment, distribution and global infrastructure.  Our approach to hearing healthcare and innova-tion, combined with the synergies obtained be-tween our business areas, thus enables us to cre-ate life-changing differences through hearing health, thereby helping millions of people experi-ence the joy of hearing – now and in the future. For more details on our strategy and operating model, please refer to Our strategy on page 17. Hearing Aids The Hearing Aids business area engages in de-velopment, manufacture and wholesale of hearingaids in addition to support and service to our cus-tomers. We develop leading technological solu-tions that create life-changing hearing health for users every day, which is made possible through a strong commitment to investing in research and development.  The business area offers multiple brands to best serve different channels and customers across more than 130 countries through own local sales organisations and external distributors. EXTERNAL REVENUE IN 2025 9,841 DKK MILLION Hearing Care The Hearing Care business area comprises the Group’s global retail operations, providing person-alised hearing care to users all over the world through selected strong, local brands. Expanding access to hearing care globally is an essential pillar in Demant’s strategy, which is achieved through bolt-on and strategic acquisi-tions as well as greenfield clinic openings in Hear-ing Care. As a result of these efforts and initia-tives, Demant now owns and operates more than 4,500 hearing care clinics across more than 25 countries worldwide.  REVENUE IN 2025 10,724 DKK MILLION Diagnostics The Diagnostics business area consists of a group of international companies. Major product areas are audiometers and hearing instrument fitting solutions. In recent years, we have also ex-panded into other areas, including balance prod-ucts. In addition to manufacturing and selling diag-nostic instruments, consumables and service of devices also contribute to sales.  The combined Diagnostics business area is the global market leader in hearing and balance assessment solutions used by audiologists, ENT doctors and balance clinics worldwide. REVENUE IN 2025 2,406 DKK MILLION Market trends and developments Hearing aid market The global hearing aid market is characterised by stable and resilient growth drivers, as people with hearing loss have a need for treatment, which must be addressed at some point.  For the last ten years, the market has grown at an average annual growth rate of around 6% in units, which is at the high end of the long-term structural growth rate of 4-6% p.a. If we look at the future long-term structural growth rate, roughly half of this market growth is expected to be driven by de-mographic developments, including increasing life expectancy, and the other half by increased ac-cess to hearing aids for the hearing impaired.  Besides unit growth, the industry has historically seen flattish development in the average selling price (ASP), a trend that we expect to continue. Continuously improving technology supports in-creasing prices over time. However, this trend is offset by a generally competitive environment and negative impact of geography and channel mix. When combining unit growth and ASP develop-ments, we expect long-term growth in the hearing aid market to be 4-6% p.a. in value terms. In 2025, the hearing aid market grew at a slower pace than normal, which we attribute to general macroeconomic uncertainty. We have not seen any changes to the structural growth drivers of the hearing aid market and continue to expect the market to return to value growth of 4-6% p.a. in the medium- to long-term. Market size and structure We estimate that approximately 13 million people were fitted with around 23 million hearing aids worldwide in 2025. The value of the wholesale ESRS 2 SBM-1. This page is part of limited assurance. 1Global hearing aid unit sales(million) 25201510502010 2012 2014 2016 2018 2020 2022 20241Source: EHIMA statistics and Demant’s own estimates. hearing aid market is estimated to be roughly USD 7 billion p.a., while the retail value, excluding government channels, is estimated to be roughly USD 20 billion p.a. The wholesale market consists of highly special-ised players competing in very product-driven markets, where significant R&amp;D initiatives under-pin market positions. In the highly fragmented re-tail market, the majority of hearing aid clinics glob-ally are independently owned and operated, lead-ing to competitive markets, where strong market positions are important for customer awareness.  Distribution channels Distribution channels of hearing aids are broadly categorised as either offering full reimbursement or some level of reimbursement, supplemented by out-of-pocket expenditures by the user.  Channels offering full reimbursement include gov-ernment programmes, such as the National Health Service (NHS) in the UK and Veterans Af-fairs (VA) in the US. In addition, many countries offer a level of reimbursement when purchasing hearing aids through privately owned hearing clin-ics, and in some countries, such as France and Germany, it is also possible to get a fully reim-bursed hearing aid in a private clinic.  The private category typically allows for greater flexibility and customisation based on the user’s specific needs and preferences with the possibility to opt for more advanced technology. This cate-gory includes independent audiologists or larger chains and where individuals pay some or all of the expenses for hearing aids out-of-pocket.  Current trends Increasingly sophisticated products Hearing aids are getting increasingly more ad-vanced, which increases the complexity of their development and requires increasing investments in R&amp;D. The most advanced hearing aids feature deep neural networks (DNNs) and use artificial in-telligence (AI) to understand the sound scene, providing users with a clearer sound picture. De-spite significant progress in this area, these fea-tures still have considerable untapped potential for improving the users’ audiological experience.  Counselling is crucial Effective counselling and information are crucial. Different people have different types of hearing loss, and as technology advances, the service of a hearing healthcare professional is essential not only to determine what the best treatment is and fitting a hearing aid, but also to ensure that the user gets the most out of the increasingly powerful features provided by the devices. Continuous sup-port and counselling are of paramount importance in supporting users in their treatment.  Consolidating distribution In retail, larger chains benefit from economies of scale, giving them greater purchasing power and operating leverage. For many years, distribution has been consolidating through larger players’ ac-quisitions of smaller chains and independent clin-ics. Acquisitions by manufacturers offer the further benefit of increasing the manufacturer’s market share. Diagnostic market The diagnostic markets where Demant operates cover a range of product categories related to hearing. Major product areas are audiometers and hearing instrument fitting solutions, but other prod-uct areas, such as auditory brainstem response (ABR) testing, otoacoustic emission (OAE) testing and impedance equipment, are also important. Balance testing has in recent years increased in relevance. In addition to diagnostic instruments, consumables and instrument servicing, including calibration, also contribute to market value. Distri-bution channels are diverse and are both govern-ment-funded and private and include not only hearing care professionals, but also schools, large hospitals and specialised clinics.  Like the hearing aid market, the market for diag-nostic instruments was also impacted by macroe-conomic uncertainties in 2025, despite generally being characterised by stability and long-term structural growth trends. We expect the market to return to historical growth patterns supported by an increasing, global, installed instrument base driving growth in services and consumables. In value terms, the long-term structural growth rate in the market for diagnostic instruments and ser-vices is 4-6% p.a., with the global market size es-timated to be roughly USD 0.7 billion p.a.How we create value Operating model Our operating model is designed to help us oper-ate our three business areas, Hearing Aids, Hear-ing Care and Diagnostics, in a set-up that ensures that we remain focused on excelling in each busi-ness area, while leveraging synergies across the Group through strong collaboration. This enables each business area to adopt a customer-centric approach and to deliver on their specific strategy, thereby enabling the Group to create life-changing solutions that complement each other.  Innovation With our business areas’ common understanding of technology, innovation is at the core of our op-erating model. We will continue to focus on value-adding collaboration between the R&amp;D functions of our individual business areas. Furthermore, our resilient manufacturing set-up across the value chain within R&amp;D, production and distribution en-sures supply chain agility and resilience. Infrastructure Our operating model is founded on a robust inter-nal infrastructure, covering IT, HR, Finance, Com-munication &amp; Sustainability, Group Legal &amp; Com-pliance as well as Corporate Functions. This strong backbone, which we call Group Services, supports business growth, ensures efficiency and enables economies of scale in a sustainable and responsible way.  Distribution With sales companies and hearing care clinics all over the world, the Group benefits from a strong global distribution set-up, which enables us to continuously increase our reach to a variety of countries, markets and customer segments, thereby expanding our business. This global net-work ensures that we can raise awareness and make our diagnostic equipment, hearing aids and personalised hearing care and treatments acces-sible to those in need, thereby enhancing patient care and improving lives. Input •  Employing 26,000+ people. •  More than DKK 1.4 billion invested annu-ally in R&amp;D. •  Growing portfolio of 2,600+ patents and designs as well as a portfolio of 1,200+ registered trademarks. •  Global distribution network, comprising 4,500+ hearing care clinics, distribution ofhearing aids to 130+ countries and a comprehensive distribution set-up of diagnostiproducts, spanning around 100 countries.•  Core expertise within audiology with a strong understanding of the difficulties faced by people living with hearing loss. •  Strong brand value across our multi-brandset-up, enabling the Group to strategicallyposition itself across many markets and channels, thereby effectively addressing various customer needs. •  Strong relationships with component sup-pliers. ESRS 2 SBM-1. This page is part of limited assurance  Demant’s operating model Output  •  Diagnostic equipment, increasing the  quality of patient care. •  High-quality hearing aid solutions. •  Personal and individualised treatment,  offering the highest level of expertise in audiology. Outcome We create life-changing differences through hearing health by helping people overcome hearing loss and improving their lives sup-ported by innovative solutions and hearing care. •  Customers: We deliver a user experience that exceeds expectations by providing life-changing hearing health through inno-vative, state-of-the-art products. This ben-efits both individuals and society, improv-ing the lives of 12.1 million people in 2025.•  Employees: We are a great place to work with engaged employees who feel in-cluded and empowered to develop, grow and do what they do best. In 2025, our en-gagement score increased to 4.16 from 4.13 the year before. •  Investors: We deliver attractive financial returns and growth based on a resilient business model and a strategy that fo-cuses on value-creating growth1Governance structureIn accordance with Danish legislation, Demant has a two-tier management system, comprising the Board of Directors and the Executive Board. No individual is a member of both. The division of responsibilities between the Board of Directors and the Executive Board is clearly outlined and described in the Rules of Procedure for the Board of Directors and in the Instructions for the Execu-tive Board. The Board of Directors is responsible for the over-all strategic management and the financial and managerial supervision of the company, the ulti-mate goal being to ensure long-term value crea-tion. The Board of Directors supervises the work of the Executive Board. The Executive Board is responsible for the daily operations and develop-ment of the business in accordance with the stra-tegic direction. The members of the Executive Board are the CEO, CFO and the President of Hearing Care, who are registered with the Danish Business Authority.  The Executive Board has formed a wider Execu-tive Leadership Team, consisting of the Presi-dents of the three business areas (Hearing Aids, Hearing Care and Diagnostics) and the President of Group Services. The CEO is also President of Hearing Aids, and the CFO is President of Group Services. Composition of the Board  of Directors  Since the annual general meeting in March 2025, the Board of Directors has consisted of eight members: five members elected by the sharehold-ers at the annual general meeting and three mem-bers elected by staff in Denmark. Shareholders elect Board members for a term of one year, and staff elect Board members for a term of four years. Staff-elected members are elected in ac-cordance with the provisions of the Danish Com-panies Act. Niels B. Christiansen, Chair of the Board of Directors of Demant since 2017, has in-formed Demant’s Board of Directors that he has decided not to stand for re-election to the Board of Directors of Demant at the annual general meet-ing on 5 March 2026.  Although the Board members elected by the shareholders at the annual general meeting are up for election every year, the individual Board members are traditionally re-elected and sit on the Board for an extended number of years. This en-sures consistency and maximum insight into the conditions prevailing in the company and the in-dustry. Such consistency and insight are consid-ered important in order for the Board members to bring value to the company.  Three of the five Board members presently elected by the shareholders at the annual general meeting are considered independent. Four Board members stand for re-election at the annual gen-eral meeting in March 2026.  The Board is composed to ensure the right combi-nation of competencies and experience, with ex-tensive international managerial experience, board experience from major listed companies and diversity traits carrying particular weight. On our website, www.demant.com/about/manage-ment-and-governance, we describe the compe-tencies and qualifications that the Board of Direc-tors deems necessary to have at its overall dis-posal in order to perform its tasks for the com-pany.  ShareholdersBoard of DirectorsExecutive BoardExecutive Leadership TeamHearing Aids Hearing CareDiagnostics Group ServicesFunctional BoardsDiversity In Demant, we work to foster respect for diversity, and we strive to treat all employees fairly. The Global Policy on Human Resources has two dis-tinct drivers related to equal treatment: belonging and personal awareness. The overview of Demant’s compliance with sus-tainability and ESG reporting requirements, in-cluding diversity metrics for the Group and for the legal entity Demant A/S, can be found in the Sus-tainability Statement.  Furthermore, the sections below outline the com-position, diversity and qualifications of the Board of Directors and the Executive Leadership TeamConsidered independent: No Considered independent: No Considered independent: Yes Considered independent: Yes Competences: International leadership  experience from major, global, industrial,  consumer goods and high-tech companies,  business management and board experience as well as strong insights into industrial policy 1and sustainability/ESGCompetences: International leadership  experience from major, global companies in the global healthcare and MedTech industry, business management and board experience as well as in-depth insights into financial matters, 1accounting, tax, risk management and M&amp;ACompetences: International marketing and gen-eral leadership experience from the MedTech in-dustry as well as extensive management experi-ence in sales, product innovation and digital busi-1ness transformationCompetences: International leadership  experience from the areas of finance and account-ing, including board and CFO experience from listed companies as well as in-depth insights into value creation, change management, M&amp;A and 1sustainability/ESGConsidered independent: Yes Competences: International leadership  experience from the global MedTech industry, management experience from such areas as innovation, sales, strategy deployment and 1commercial excellenceSustainabilitystatementReporting scope and disclosurerequirementsESRS 2 BP-1 Framework and scope The Sustainability statement has been prepared in accordance with the Corporate Sustainability Re-porting Directive (CSRD), including the European Sustainability Reporting Standards (ESRS).   The Sustainability statement has been prepared on a consolidated basis and includes all entities under Demant’s control as defined by the scope of consolidation used in our financial reporting, in-cluding acquired entities, in the reporting period. Any exclusions are clearly indicated and justified in the specific disclosure requirement sections. The Sustainability statement covers Demant’s own operations as well as upstream and down-stream value chains, where applicable, depending on the impacts, risks and opportunities identified in the double materiality assessment. Independent auditors are engaged to provide lim-ited assurance on our sustainability information. The scope and conclusions of the limited assur-ance process are disclosed in the Independent auditor’s limited assurance report on the Sustaina-bility statement on page 199. Time horizons  Time horizons used in this Sustainability state-ment are as defined in the ESRS: Short term rep-resents one year, medium term spans from more than one year up to five years, and long term is more than five years. Acquisitions In December 2025, Demant acquired KIND. KIND is currently excluded from this year’s environmen-tal metrics (energy consumption, GHG emissions and resource use), as it was deemed immaterial to account for the one month ownership. This al-lows for proper data integration in 2026. We antic-ipate that KIND will significantly impact our Scope 1 and 2 emissions. For point-in-time metrics, such as employee characteristics, KIND is included as of 31 December. KIND is not covered by De-mant’s policies and the described actions and mit-igation activities in 2025. We will fully incorporate KIND into Demant’s policies in 2026. Discontinued business The Communications business area (EPOS) is in the process of being sold and was considered a discontinued operation for the entire 2025. EPOS is excluded from all metrics in the Sustainability statement due to the immaterial nature of its con-tribution, except for scope 3 GHG emissions. Therefore, scope 3 GHG emissions related to EPOS are separately disclosed in the accounting policy on page 73. Application of estimates and judgements The reporting of certain data points requires as-sessment, which includes estimates and/or judgements. The general assumptions are based on Demant’s assumption that the Demant Group’s averages can be applied across the different ar-eas as a leverage to estimate other metrics and extrapolate existing information to ensure com-pleteness of the data. These assumptions relate to:  •  Scope 1 emissions under E1-5 •  Scope 3 emissions under E1-6 •  Resource inflow under E5-4 •  Characteristics of the undertaking’s employ-ees under S1-6 •  Age distribution of employees under S1-9 •  Health and safety under S1-14 We regularly review and update these estimates and judgements based on our experience, ad-vancements in ESG reporting and various other factors. Any changes in estimates are recognised in the period during which they are revised. Addi-tionally, we apply judgements, when implementing accounting policies. For more details on the key estimates, judge-ments and assumptions used, please refer to the pages containing quantitative ESG data tables. Incorporation by reference Certain disclosure requirements are disclosed in other publicly available documents. When incor-poration by reference is used, it is clearly indi-cated. Disclosures referenced outside the Sustainability statement clearly refer to the appli-cable disclosure requirements of the ESRS regu-lations. The tables on pages 108-110 summarise the dis-closures required by the ESRS, which are refer-enced outside the Sustainability statement. Restatement of comparative figures As part of the natural ESG data maturing process, we have restated and will continue to restate the baseline and comparative figures, as we obtain more accurate and reliable data. For energy data, including GHG emissions, our threshold for restat-ing is a non-organic development of +/- 5% in the current year. In 2025, we have restated compara-tive figures for scope 3 (E1-6) and resource inflow (E5-4). Comparative figures for Employee turno-ver, S1-6 have also been restated due to method-ology improvements. Furthermore, a few minor re-statements and rounding of numbers was made for 2024.For further information and justification, please refer to the accounting policies applying to the specific metrics. Comparative figures for prior years Comparative figures for historical years, other than 2024, which are not covered by limited as-surance, are clearly marked with footnotes in the Sustainability strategy and governanceSustainability intrinsic to strategy Our PURPOSE is to create life-changing differences through hearing health Core impact: Improving lives  Our core sustainability contribution is to improve lives, thereby contributing to building a more sus-tainable world. Being a leader in hearing health means that we have an obligation to inspire the industry to con-tinue innovating and applying new ways of think-ing. We want to stay ahead of the game and be at the forefront in our core impact ambition – creating life-changing differences through hearing health.   Our AMBITION is, as the leading hearing healthcare company, to improve as many lives as possible  Social ambition Our core commitment to society is to help people overcome hearing loss and to improve their qual-ity of life through innovative solutions and person-alised hearing care. Drive responsible and sustainable business practices  ESG ambitions  E: Respect for the planetCaring for people goes hand in hand with caring for the environment, and, although our impact is relatively low compared to the impact of other in-dustries, we take a proactive approach to lowering our footprint and negative impact on the environ-ment. S: Caring for people To be a leader in terms of creating a positive so-cial impact on society requires us to be a leading employer capable of attracting the brightest minds for the benefit of people with hearing loss. Our more than 26,000 employees are the most valua-ble part of our business. G: Performing with integrity We take a proactive approach to business ethics to ensure our actions are in line with our values as well as global standards and local legislation. Sustainability strategy SustainabilityCore impact: Improving lives through life-changing hearing health ambitionOur roots are in hearing health, and our purpose is to create life-changing differences through hearing health, thereby contributing to building a more sustainable world where people have the opportunity to enjoy life. Caring for people’s health and well-being goes hand in hand with caring for our employees, society and the planet ESG ambition  We will drive responsible and sustainable business practices Environment  Social  Governance •  Decouple GHG emissions from •  Help people overcome hearing loss  •  Ensure our employees’ well-being,  •  Strive for high ethical standards  growth through awareness safety, engagement and development  •  Conduct business with integrity and •  Strive for ambitious GHG emissions •  Improve their quality of life through  •  Drive an inclusive culture and ensure honesty reductions innovative solutions and personal care equal opportunities •  Work with environmental optimisa-•  Have a positive impact on health tion Respect for the planet  Caring for people  Performing with integrity ESG priorities •  Climate change mitigation •  Providing life-changing hearing health •  Working conditions for own workforce•  Corruption and bribery Material topics•  Resource use •  Product quality and safety •  Equal treatment •  Advocacy for hearing health •  Right to privacy •  Working conditions for value chain workers Targets E Impact targets S G 2025: 50% renewable electricity 2030: More than 16 million lives improved  2030: Increase gender balance in top-  2030: Increase excellence in business level management to 35/65% (fe-conduct through Code of Conduct training 2030: 100% renewable electricity 2030: Increase awareness by hearing-test-* male/male)to reach 100% highly exposed employees ing more than 2 million people2030: 46% reduction in scope 1 and 2 2030: Take employees’ experience of in-GHG emissionsclusion to the top-third level of Gallup in-2030: 46% reduction in scope 3 GHG dexemissions2030: Take employee engagement to the 2050: Net-zero GHG emissions top-third level of Gallup index  Sustainability policy E1-2, E5-1, S1-1, S2-1, S4-1 Our Sustainability Policy provides guidance on sustainability and ESG ambitions and priorities across Demant and ensures transparency in sus-tainability governance in Demant. In addition, the Policy outlines our commitments and priorities in terms of climate, environment and human rights. Demant’s Vice President of Corporate Communi-cation &amp; Sustainability is responsible for imple-menting the Policy. All business areas and func-tions in Demant are expected to adhere to the Policy and integrate sustainability into their busi-ness operations with guidance from their leader-ship and the Group’s Sustainability team. The Pol-icy is publicly available on www.demant.com. Commitments We are committed to the objectives of the Paris Agreement, aiming to limit global temperature rise to 1.5°C above pre-industrial levels. Therefore, we have set targets to reduce our climate impact, which have been approved by the Science Based Targets initiative. Further, we recognise the critical importance of transitioning towards a circular economy, and our Policy defines specific actions to minimise the environmental impact, resource consumption and waste generation and to maxim-ise resource efficiency. Read more about how we manage environmental impacts on pages 64-77.  We are committed to respecting all universally recognised human rights as laid out in the Univer-sal Declaration of Human Rights. These include core labour rights, such as freedom of association and the right to collective bargaining, standards on working conditions and the right not to be sub-ject to forced labour, child labour or discrimination in respect of employment and occupation. Demant adheres to the United Nations Guiding Principles (UNGP) on Business and Human Rights, the International Labor Organization (ILO) Declaration on Fundamental Principles and Rights at Work and the OECD Guidelines for Multina-tional Enterprises, ensuring that our policies, oper-ations as well as activities in our upstream and downstream value chain are in accordance with these principles. Our human rights commitment refers to the human rights of any person who may be adversely impacted by Demant’s activities and business relationships, including customers, em-ployees, people who work in our value chains, community members and any other potentially af-fected rightsholders. Read more about how we manage impacts on people across the value chain on pages 80 to 96.  Sustainability governanceESRS 2 GOV-1, GOV-2 and MDR-T  Our governance model for sustainability ensures centralised oversight and accountability as well as deployment of our ESG priorities across our busi-ness areas. The Board of Directors evaluates progress on our sustainability ambition and ESG priorities twice a year and has final oversight. The audit committee oversees sustainability reporting. Demant’s Sustainability Board comprises De-mant’s Executive Leadership Team and sets the overall strategic direction for sustainability. All Group targets are approved by Demant’s Execu-tive Leadership Team and endorsed by the Board of Directors.  Demant’s Executive Leadership Team represents all business areas and functions on the Sustaina-bility Board to ensure that decisions made by the Sustainability Board are communicated and imple-mented across their respective business areas and the Group Services Leadership teams. The Sustainability Board meets five times a year. Group Sustainability has global functional respon-sibility for sustainability and for setting the Group’s strategic direction and executing major initiatives.  Demant ensures that relevant employees across the Group have the skills required to meaningfully contribute to our sustainability objectives and im-plement actions to meet our commitments.  Read more about the composition, diversity and expertise of our Board of Directors and Executive Leadership Team on pages 46-48 and in the S1-9 section on page 87.  Employee engagement is part of the performance criteria in the remuneration scheme for the Execu-tive Board. Read more about sustainability-related performance in incentive schemes in the Remu-neration Report. Board of DirectorsAudit committeeExecutive BoardExecutive Leadership TeamHearing AidsHearing CareDiagnosticsGroup ServicesSustainability BoardGroup SustainabilityMaterial impacts, risks and opportunitiesESRS 2 SBM-3 and SBM-1  Our annual assessment of materiality of sustaina-bility topics informs strategic decisions and guides our external reporting. When we assess sustaina-bility topics, we consider both the impacts of our business on society and the environment (impact materiality) and how sustainability topics affect Demant’s financial performance in the form of business risks and opportunities (financial materi-ality).  We have identified material impacts, risks and op-portunities (IROs) across six topical standards as illustrated in the overview on this page. They con-sist of one positive impact, 11 negative impacts, six risks and three opportunities and are de-scribed on the following pages. Managing impacts is part of our day-to-day opera-tions. It is embedded in policies, guidelines and in-structions that guide our actions. All identified IROs are integral to our business model, and based on our assessment, they do not require any major changes to our strategy or operations be-yond ongoing adjustments and continuous im-provements.  In the model on page 53, we illustrate the interac-tion between the material topics and our strategy. The methodology and process used to identify the material IROs are described on page 61. Financially material Double material S1  Talent attraction and retention  E1  GHG emissions (scope 1, 2 and 3)  S4  Product quality and safety  E5  Resource consumption  G1  Corruption and bribery  E5  Non-circular economy practices G1  Advocacy for hearing health  S4  Providing life-changing hearing health  S4  Right to privacy for end-users  Not material Impact material European Sustainability  Reporting Standard topics We have not identified any IROs within the  E5  Use of packaging  topical standards E2 pollution, E3 biodiversity, E1  Climate change  E4 water and S3 affected communities.   S1  Healthy and safe working environment  E5  Resource use and circular economy  S1  Working time  S1  Own workforce S1  Discrimination and harassment  S1S2  Workers in the value chain   Equal opportunities  S4  Customers and end-users  S1  Equal pay for work of equal value  G1  Business conduct S2  Working conditions for value chain workers  Impact material Return, service and repairIROs in our value chain Raw materialsComponent LogisticsRetail LogisticsEnd of lifePurchase of raw manufacturing Transportation Counselling, Transportation Disposal of materials by Conversion of of components fitting and of hearing aids products suppliersraw materials into to Demant’s dispensing of and diagnostic according to componentsproduction hearing aids to equipment to local waste sitesusers by own external legislationhearing care customersprofessionalsOwn Hearing ClinicValue chainUpstream DownstreamOwn operationsIROsGHG emissions (scope 1, 2 and 3)Resource consumptionUse of packagingNon-circular economy practicesHealthy and safe working environmentWorking timeTalent attraction and retProduct circularityDiscrimination and harasmentEqual opportunitiesEqual pay for work of equProduct circularityProviding life-changing hearing healthProduct quality and safetyRight to privacy for end-usersCorruption and briberyAdvocacy for hearing healthOur IROs On the following pages, we outline the IROs that were identified and  assessed as material during the double materiality assessment.  Value Time  Climate change (E1) IRO chain horizon Climate change mitigation GHG emissions (scope 1, 2 and 3) Demant’s direct and indirect greenhouse gas emissions have a nega-UP Short tive impact on climate change. Most greenhouse gas emissions are NOO Medium scope 3 emissions stemming from suppliers’ operations and from ma-DO Long terials and components that are difficult to replace. There is a risk that Demant will face commercial disadvantages, if we do not address our climate change impact, e.g. through established ROO  Long and publicly disclosed targets and action plans to reduce our green-house gas (GHG) emissions. Impact, risk or opportunity Value chain Time horizon   = Negative impact   NUP = Upstream Short (1 year)   = Positive impact  POO = Own operations Medium (2-5 years)   = Risk  RDO = Downstream Long (More than 5 years)   = Opportunity OValue Time  Resource use and circular economy (E5) IRO chain horizon Resource inflows, including resource use Resource consumption The quantities and sourcing of the different materials that we require for our operations have negative impacts on the environment related NUP  Short to resource extraction, such as pollution and ecosystem impacts, and on the potential depletion of non-renewable resources. The risk is related to the scarcity and availability of the resources De-mant needs. If Demant cannot access key materials, it will disrupt our ability to produce and deliver products. There is an increased financial ROO  Medium risk when demand for these resources increases, while supply re-mains constrained, leading to price increases and higher production costs for Demant and, consequently, lower profits. Use of packaging We require packaging for transportation, protection and delivery of our products to users, which adds pressure on the market for the use and extraction of resources, such as paper, cardboard and plastics. The NUP  Short environmental impact of packaging is defined by the packaging de-sign, the amount and type of material used and sourcing of such mate-rials.  Resource outflows related to products and services Non-circular economy practices Demant’s current product design and process follow a linear economy UP model, meaning that once a product is no longer used, its materials Medium NOO are not reused or recycled. The lack of component recovery and recy-Long cling increases the use of new materials and thus has a negative im-DO pact on the environment. If Demant introduces circular actions to reincorporate materials and components into production, this can reduce material dependency on Medium OOO new components and the need for virgin materials and potentially re-Long duce costs for purchasing materials and components.  Value Time  Own workforce (S1) IRO chain horizon Working conditions Healthy and safe working environment Physical health and safety incidents occur across Demant’s sites. Short NOO These, along with cases of stress leave, can negatively impact our Medium employees’ health and well-being.  Working time  Excessive overtime can sometimes be a problem across the Demant NOO  Short Group and have a negative impact on employees’ well-being and af-fect their work-life balance, if they do not get the rest they need. Talent attraction and retention There is a risk related to the availability of skilled personnel, to our ability to attract the right talent and to high turnover rates in some em-ROO  Short ployment areas, which could mean high expenses for the recruitment, onboarding and training of new staff. Equal treatment and opportunities for all Discrimination and harassment Cases of discrimination and harassment that can, among others, be based on gender, nationality or ethnicity sometimes occur in the global Short NOO multicultural workforce. This can lead to negative impact on own em-Medium ployees. There is a higher likelihood of negative impacts in some re-gions and in relation to minorities in more homogenous populations.  Equal opportunities  Some employee groups may encounter barriers to professional ad-Short vancement due to their personal demographics. This can have nega-NOO tive impacts on those employees’ professional development and thus Medium their wellbeing and engagement in the workplace. Equal pay for work of equal value Demant may have a negative impact on employees’ right to equal pay Short for equal work. A documented systemic pay gap still exists between NOO genders in many societies. This can affect employees’ standard of liv-Medium ing as well as their wellbeing and engagement in the workplace.  Value Time  Workers in the value chain (S2) IRO chain horizon Working conditions Working conditions for value chain workers Demant operates a long and complex value chain, engaging with sup-pliers that operate in countries and industries, where workers’ rights to a fair and safe working environment may not be observed. Known se-NUP  Short vere impacts include forced and child labour in the electronics manu-facturing sector and related supply chain, which is part of Demant’s supply chain. Value Time  IROs Consumers and end-users (S4) chain horizon Social inclusion of consumers and end-users Providing life-changing hearing health  Through our products, Demant positively impacts people living with Short hearing loss, our users, by enhancing their engagement in life and cre-PDO Medium ating a positive ripple effect on their surroundings, including their fami-Long lies, colleagues and friends.  The enhancement of people’s quality of life through hearing health so-Short lutions is the core of our business and a key driving force behind reve-OOO Medium nue growth and market expansion. Safety of consumers Product quality and safety In case of lack of quality or non-compliance with medical device regu-lations, the company’s licence to operate and its ability to bring prod-ROO  Short ucts to market are at risk. Any product recalls would also have nega-tive financial effects on Demant.  Information-related impacts for consumers and/or end-users Right to privacy for end-users  Due to the nature of our business, we have access to patients’ and us-NDO  Short ers’ sensitive personal data, which means that if such data is compro-mised, the impact will potentially be negative.  Under GDPR, Demant may face penalties if we fail to adequately pro-ROO  Short tect user privacy. Value Time  Business conduct (G1) IRO chain horizon Corruption and bribery Corruption and bribery Demant operates in countries with risks of corruption and bribery, ex-posing our commercial departments to these risks. Corruption inci-Short dents may lead to fines and reputational damage and thereby affect ROO Demant’s ability to win public tenders. We also work with distributors Medium who operate in countries where these risks are higher than in the countries where Demant operates directly.  Political influence and lobbying activities  Advocacy for hearing health Engaging with governments and local authorities to raise awareness about the importance of hearing health by testing more people and  Medium OOO ultimately treating their hearing loss represents an opportunity for  Long Demant, since the level of reimbursement in individual countries  affects the penetration rate and thus impacts markets. There are few changes in IROs compared to our 2024 reporting. Enabled by a more granular and objective assessment, we have: •  Assessed climate change adaptation not to be material  •  Disaggregated ‘product circularity’ into three distinct IROs: resource consumption, non-cir-cular economy practices and packaging •  Disaggregated ‘working conditions’ into two distinct IROs: safe and healthy working condi-tions and working time •  Disaggregated ‘diversity, equity and inclusion’ into three distinct IROs: discrimination and harassment, equal opportunities and equal pay for work of equal value  •  Integrated ‘hearing health awareness’ into the IRO ‘life-changing hearing health’  More information on each IRO, including how we manage them through polices, actions and tar-gets, is provided in the topical Environment, So-cial and Governance sections. Double materiality assessment  Building on a strong foundation, we matured our due diligence mapping and our financial assessment processes in 2025.  ESRS 2 IRO-1, GOV-4, SBM-2, IRO-1 E1 and E5 Impact assessment  To enable a more granular and objective identifi-cation of impacts, we initiated a corporate-wide sustainability due diligence mapping process in 2025, which is aligned to best practices in the OECD Guidelines and the UNGPs. The process builds on the human rights assessment and envi-ronmental analysis conducted in 2024.  The objective of the due diligence mapping pro-cess was to assess the adverse impacts that De-mant has or may have on defined human rights and in environmental and governance areas. The assessments focused on the more likely impacts, not all imaginable impacts, as well as on areas where Demant may cause or contribute to ad-verse impacts. To assess impacts that Demant is linked to, we defined value chain scope as ‘known severe impacts’ based on desktop research.  The starting point for this process was a thorough value chain mapping, defining own operations as entities with operational control. This enabled con-sideration of geographies with elevated risk of po-tential impact as well as alignment on our core ac-tivities. Please refer to This is Demant on page 11 and the value chain model on page 57. The sup-ply chain mapping focused on the main tier-one suppliers’ activities as well as their most important component and material value chains.  The identification and assessment of impacts were initially informed by desktop research, using sources, such as established risk indices for country and sector risks and expert articles from NGOs and academia. Engagement with internal stakeholders further qualified the identification and scoring of impacts, also leveraging external stake-holders’ perspectives based on internal knowledge from existing stakeholder engagement processes. Read more about how Demant en-gages with stakeholders on page 62.  The due diligence process incorporated assess-ment of materiality through a scoring methodology that included the following parameters: scale, scope and irremediability to assess impact sever-ity, and likelihood. For scoring of potential nega-tive human rights impacts, severity took prece-dence over likelihood.  Disclosures in this section (page 56-61) and in the topical sections (page 64-101) map how we apply the main aspects and steps of due diligence in re-lation to embedding due diligence in governance and strategy, engaging stakeholders, preventing and mitigating negative impacts and tracking ef-fectiveness.  To assess the materiality of climate change, we started by examining our own greenhouse gas emissions (GHG) accounting. We assessed our emissions performance against our climate tar-gets and our general emissions trend to determine materiality.  In relation to circular economy, the identification and assessment of impacts were based on our own business understanding and current business model practices.  No material IROs were identified for pollution, wa-ter and biodiversity. We conducted a two‑step en-vironmental assessment of our main locations evaluating the geographic context with the WWF Risk Tool and site-specific activities through envi-ronmental questionnaires completed by on-site employees.  Financial assessment The starting point for the financial assessment of sustainability matters was the identified impacts. We further assessed what dependencies Demant has in relation to the business model and whether these lead to any risks or opportunities.  We assessed financial materiality through a scor-ing methodology that included the following pa-rameters: size of financial effect, likelihood, and impact on reputation.  In 2025, we matured our approach to financial as-sessment through increased use of quantitative measures to support our conclusions on material-ity. We engaged internal risk management and commercial operations specialists from our key business areas to qualify the assessment ap-proach for each risk and opportunity that the core project team had initially identified. We also con-sulted our Investor Relations team and our Fi-nance department to ensure that the perspectives of investors and lenders, whom we define as the primary users of our annual reports, were consid-ered.  To assess climate-related transition risks, i.e. risks that arise from technological, market and legal shifts toward a low-carbon economy, Demant identified relevant transition events under scenar-ios limiting global warming by the end of the cen-tury to 1.5°C with minimal overshoot. In the as-sessment, we considered different types of transi-tion events, influencing our own operations and those of the supply chain within a 2050 horizon.  Climate-related physical risks across key loca-tions, such as headquarters, manufacturing sites and the sites of our main suppliers, were as-sessed, using IPCC scenarios (RCP2.6, RCP4.5, RCP8.5) with a 2065 horizon. Based on the most granular secondary data available, the analysis covered climate-related hazards, such as wildfires and droughts. Based on the results, we deter-mined that climate-related physical risks were not financially material to Demant. To identify material risks and opportunities related to circular economy, we conducted a qualitative assessment of the key materials used in produc-tion and how these are sourced. Based on sec-ondary information from the electronics industry, the assessment considered criteria, such as the percentage of materials not recycled at the end of a product’s life.  Qualification and validation  Subject matter owners were engaged through the whole process to qualify and validate final scoring, yielding a final list of material IROs ranked over the internally aligned quantitative materiality threshold on either impact, financial effect or both. Alignment on the threshold ensured consistency across all topics, while allowing subject matter ex-perts and owners to provide sound qualitative ar-guments to inform the final materiality assessment in those cases where the quantitative assessment was very close to the threshold.  The material IROs were then discussed and vali-dated in the forum of the Sustainability Board, which is ultimately accountable for the assess-ment and management of material IROs. The au-dit committee also provided their validation of ma-terial IROs, ensuring that sustainability-related im-pacts and risks are considered appropriately alongside other types of risks and are integrated into the continuous risk management processes of the Group’s business areas and functions.  Stakeholder views and interests Stakeholder engagement is crucial to Demant’s ability to increase its positive impact on hearing health and create value for our stakehold-ers.ESRS 2 SBM-2  We engage with our stakeholders on a continuous basis to understand their expectations. Ongoing stakeholder engagement is anchored in relevant functions across the organisation where input di-rectly informs how we conduct our business. This includes relevant sustainability-related impacts.   The interests and views of key stakeholders are shared with and discussed by our functional boards and business area leadership teams. Read more about our sustainability governance model on page 55 and corporate governance framework on page 40.   Key stakeholders  Engagement   Outcome of engagement  Employees  Ongoing employee engagement is ensured through em-A healthy and safe working environment that is informed by em-ployee surveys, performance and development manage-ployee perspectives ment processes as well as health and safety processes. Engaged and motivated employees Read more on pages 80-88. Hearing aid users  We engage daily with hearing aid users in our clinics. User Understanding users’ needs quality surveys and customer service platforms further en-Building trust among users sure ongoing user engagement. Read more on pages 92 and 94. Product innovation that meets user needs for better hearing  Providing optimal hearing health technology, service and treat-Business customers We engage with our customers, such as national health or-ment ganisations, hospitals and hearing care clinics, through the Monitoring and understanding market developments and cus-daily operations of our commercial teams. We continu-tomer needs ously collect insights through customer surveys.  Building trust with customers We continuously engage with suppliers on an operational Ensuring compliance with Demant’s Third Party Compliance Suppliers basis and through supplier due diligence processes. Read Code more on page 90. Close and stable relations with critical suppliers  Communicating on our performance and understanding inves-Shareholders  We engage with existing shareholders and potential new tors' views and expectations for the company and its ESG devel-investors through meetings, investor calls and/or capital opment markets events. Read more on pages 43-45.  Regulators and  We closely follow updates from regulators and other public Ensuring compliance with all relevant legislation in the markets authorities authorities, continuously aligning practices. We engage in where we operate  advocacy through industry organisations and interest Mitigating business and impact risks  groups or in collaboration with peers. Read more on page Advancing positive impacts for people living with hearing loss 101.  Industry organisations We are an active player in selected industry organisations Advancing the hearing healthcare industry and positive impacts and interest groups and collaborate with relevant patient associations and in-for people living with hearing loss terest groups on a continuous basis. Including the views of interest groups into our business pro-cesses  Academia We keep up with the high pace of primary scientific and Accessing relevant research to develop innovative solutions  technology research and base our solutions on significant Significantly enhancing user benefits in future hearing care research enabled through close collaboration with aca-through continuous audiological discoveries  demic experts.  E1 Climate change Caring for people’s health and well-being goes hand in hand with caring  for the environment and, though we are not in a greenhouse-gas-intensive industry, we take a proactive approach to lowering our climate impact.  Own Hearing ClinicValue chainUpstreamDownstreamOwn operationsIROsNRProgress against targets2030202546% reductionScope 1 and 2 GHG emissions16%203046% reductionScope 3 GHG emissions24%2019 baselineClimate change mitigation We act to mitigate our material climate-related impact and risk across our value chain. ESRS 2 SBM-3 E1 We have identified one actual impact and a risk related to climate change: •  Demant’s direct and indirect greenhouse gas emissions have a negative impact on climate change. Most greenhouse gas emissions are scope 3 emissions.  •  There is a risk of experiencing commercial disadvantages if we do not adequately ad-dress climate change mitigation. Resilience analysis  Demant’s resilience analysis assesses our strat-egy and business model and their ability to cope with the identified material climate risk. The as-sessment concludes that Demant is resilient to this risk and has implemented measures to mini-mise their materialisation. The resilience analysis builds on the double mate-riality assessment, where physical and transition risks were considered. However, the resilience analysis only considers the material risks. The re-silience analysis uses a 2050 timeframe for the scenario analysis, aligning with Demant’s net-zerotargets (2050). The transition risks were identified under a 1.5°C global temperature increase limit at the end of the century scenario. This is a thresh-old recognised by climate science and the interna-tional community, through the United Nations’ Paris Agreement, as a critical requirement in the fight against climate change. The identification of physical risks considered scenarios with tempera-ture increases beyond the 1.5°C, as the risk of physical climate-related hazards increase under these conditions. Please refer to page 66 for addi-tional details.  Uncertainties in the resilience analysis relate mainly to the use of secondary data in the double materiality assessment, which is not specific to Demant or our industry, but is rather based on global trends and the energy sector. As Demant continues to strengthen its double materiality as-sessment process, these uncertainties are ex-pected to decrease over time. Policies that guide our behaviour E1-2  Our Sustainability Policy, as further described on page 54, sets the direction for climate change mit-igation for all Demant entities and describes roles, responsibilities and focus areas to tackle GHG emissions. In this Policy, all GHG scopes for cli-mate change mitigation are addressed, and the Policy covers topics, such as energy efficiency, deployment of renewable electricity, fleet electrifi-cation and value chain emissions. Transition plan E1-1  Demant’s transition plan is a dynamic framework that consolidates the climate initiatives set by the Group to reduce the GHG emissions and reach our climate targets. The plan currently focuses on Demant’s near-term climate targets for 2030. Demant’s climate targets are validated by the Sci-ence Based Targets initiative (SBTi) as science-based and aligned with limiting global warming to 1.5°C above pre-industrial levels by the end of the century. Please see E1-4 for target information.The transition plan, which was approved by the Sustainability Board in 2024, consists of the six decarbonisation levers, all global in scope, shown to the right and are further described on the fol-lowing pages.  In 2025, we continued improving our scope 3 un-derstanding, which led us to strengthen our scope 3 accounting and will allow us to improve current decarbonisation levers and set additional ones for the future.  While no locked-in emissions are expected to compromise the achievement of our 2030 targets, addressing these emissions will be essential to meet our 2050 climate targets. Further analyses will be required to quantify and address these emissions. Demant is not excluded from the ‘Paris-aligned benchmarks’ established by the European Com-mission. The benchmarks provide a roadmap to ensure that company activities are consistent with the Paris Agreement’s objectives, particularly the goal of limiting the global temperature rise to 1.5°C above pre-industrial levelsValue chainScope 3 Supplier engagement programme Mitigation actions: •  Set supplier specific targets for improving the environmental performance of purchased goods and services Time horizon From short to medium term. Decarbonisation of our transportation  Mitigation actions: •  Shift from air freight transportation to less  climate-intensive transportation modes •  Improve transportation logistics across up-stream and downstream supply chain activi-ties. These activities are reported as upstream transportation and distribution under the GHG Protocol.  Time horizon From short to long term. Scope 1 and 2 Energy consumption reduction and efficiency in own operations Mitigation actions: •  Decrease energy consumption •  Increase energy efficiency Time horizon From short to long term. Renewable electricity for own operations Mitigation actions: •  Use on-site renewable electricity •  Use off-site renewable electricity Time horizon From short to medium term. Vehicle fleet electrification Mitigation actions: •  Transition to electric vehicles for already exist-ing fleet in six prioritised European countries •  Transition to electric vehicles for fleets in  remaining countries Time horizon From short to long term.Scope 3 Decarbonisation through product design Mitigation actions: •  Reduce the climate intensity of new  equipment Time horizon From medium to long term.  Actions and results through our decarbonisation levers E1-3  Energy consumption reduction  and efficiency in own operations Energy consumption reduction and efficiency ef-forts are recurrent and locally managed, allowing each site to tailor initiatives to its specific context, as this lever focuses particularly on manufacturing sites and high-consumption entities. Therefore, no specific global mitigation potential is defined for this lever.  Example of actions implemented this year are im-provements to the heating and ventilation systems (both physical and technological changes) and technological improvements to reduce manufac-turing-related energy consumption.  Renewable electricity in own  operations  Demant aims for 100% renewable electricity in our own operations by 2030 to reduce all GHG emis-sions associated with our own global electricity consumption. In 2025, we achieved our interim target of using 50% renewable electricity, exceed-ing the target by 3 percentage points. We continue using different sources of renewable electricity, such as on-site generated solar power, green tariffs (supplier agreements) and Energy At-tribute Certificates, while exploring the incorpora-tion of new alternatives, such as power purchase agreements (PPAs). In 2025, GHG emissions from electricity repre-sented 76% of scope 2 GHG emissions and 31% of scope 1 and 2 GHG emissions combined. De-mant consumed 1,226 MWh of on-site renewable electricity, which reduced our market-based GHG emissions by 580 tonnes CO2e in Mexico, Denmark, Poland, South Africa, Australia, France and Italy.  Demant consumed 28,363 MWh off-site renewa-ble electricity, with a further reduction of 15,479 tonnes market-based CO2e emissions. Vehicle fleet electrification The use of electrical vehicles over internal com-bustion engine vehicles across our global fleet will allow us to reduce our GHG scope 1 emissions associated with the use of fossil fuels, e.g. diesel and petrol.  In 2025, we began implementing phase one of our fleet electrification plan from 2024. In phase one, our local entities across six specific European countries must reach a defined electric vehicle share in their fleet by 2030. In 2025, the entities defined their individual fleet electrification roadmaps and started implementing them accord-ingly. Considering fleet size and behaviour, phase one is expected to avoid the consumption of petrol and diesel equivalent to a reduction of 3,556 tonnes CO2e in our 2030 fleet.  Demant encourages all its entities, no matter which phase of the fleet electrification plan they are in, to switch to electrical vehicles, when feasi-ble.  Supplier engagement programme In 2024, our Hearing Aids business area launched Sustain, a supplier engagement programme de-signed to better understand and improve the envi-ronmental performance of our suppliers, which will impact our scope 3 GHG emissions performance. For the selected suppliers, the programme is structured in two phases: Phase one (2024-2025) focuses on collecting pri-mary environmental data from selected goods suppliers to be used for our emissions quantifica-tion and understanding. Phase two (expected to begin in 2026) aims to establish decarbonisation commitments with those goods suppliers, driving GHG emissions reductions across our scope 3 purchased goods and services. Once decarbonisation commitments are agreed, the mitigation potential of this lever will be quanti-fied. The environmental impact of the Sustain pro-gramme, as well as its duration, will grow over time as additional suppliers are onboarded.  Decarbonisation of our transportation Reducing emissions from transportation requires continuous assessment of our global approach to transportation, while considering our business needs, routes and locations compatible with the decarbonisation.  Our Diagnostics business area is reducing the number of internal shipments and handling in Eu-rope through its newly introduced Direct Delivery concept. As a result of the actions under this lever, Diagnostics’ transportation emissions inten-sity per DKK spent in 2025 remained fairly stable, increasing from 0.11 to 0.13 kg CO2e/DKK com-pared to 2024. The medium- and long-term miti-gation potential associated with this lever is yet to be determined. Decarbonisation through product design Defined in 2025 and specific to our Diagnostics business area, this lever will be implemented in 2026, when all newly designed equipment will un-dergo a design assessment to evaluate their as-sociated GHG emissions. This assessment, known as a life cycle assessment (LCA), will iden-tify the primary sources of emissions across the materials, components and life stages of the equipment. The insights gained will enable our R&amp;D teams in Denmark and Poland to explore al-ternative design choices aimed at reducing the overall GHG impact of the equipment. To support this lever development, we have initi-ated collaborations with our suppliers to gather relevant data and, ultimately, to work together to decarbonise our equipment. The reduction poten-tial associated with this lever is yet to be defined. As a first step towards this, our Hearing Aids busi-ness area is performing a life cycle assessment to identify the GHG emissions hotspots associated with one of our 2024 hearing aid models.  Looking ahead Demant’s transition plan currently addresses the main emissions sources and categories and is fur-ther developed on a continuous basis. Over time, we expect to continue gaining deeper understand-ing of the decarbonisation potential of our current levers and identify new ones. As more data and insights become available, we will enhance the alignment of our transition plan with our climate targets, particularly those related to scope 3 emis-sions. The financial resources required for the imple-mentation of the decarbonisation levers and their relation to the financial statements are yet to be determined, as this depends on further defining the decarbonisation levers and their reduction po-tential.   Targets and metrics E1-4  Demant’s climate targets were validated by the SBTi in 2023 and are aligned with the Paris Agreement’s goal of limiting the global tempera-ture increase to 1.5°C by the end of the century.  Near-term targets Demant commits to reducing absolute scope 1 and 2 GHG emissions by 46% by 2030 from a 2019 baseline year. Demant also commits to re-ducing absolute scope 3 GHG emissions by 46% within the same timeframe. Long-term targets Demant commits to reducing absolute scope 1 and 2 GHG emissions by 90% by 2050 from a 2019 baseline year. Demant also commits to re-ducing absolute scope 3 GHG emissions by 90% within the same timeframe. Overall net-zero targets As a further step in our efforts towards climate change mitigation, Demant commits to reaching net-zero GHG emissions across the value chain by 2050 from a 2019 baseline year. This means that we will neutralise the remaining 10% of our GHG emissions, which cannot be reduced, through carbon removal. Target setting methodology The targets, which cover 100% of our GHG emis-sions, follow the operational control approach for setting Demant’s organisational boundary. As it is allowed in the target-setting methodology under the SBTi Corporate Net-Zero standard V1.0, our target-setting process followed the absolute con-traction approach, and we used a cross-sector pathway and market-based accounting approach when setting the target.  Demant submitted its climate targets for validation to the SBTi in 2023, using 2019 as the baseline year, since it provided the latest available data be-fore Covid-19 disrupted business operations. De-mant does not consider GHG emissions removals, carbon credits and avoided GHG emissions as means of achieving our near- or long-term targets. Aligned with the Greenhouse Gas Protocol, the GHGs considered in the targets are:  •  Carbon dioxide – CO2•  Methane – CH4•  Nitrous oxide – N2O •  Hydrofluorocarbons – HFCs •  Perfluorocarbons – PFCs •  Sulphur hexafluoride – SF6•  Nitrogen trifluoride – NF3Link between our climate targets and our climate efforts For our near-term scope 1 and 2 targets, the re-quired emissions reductions will be achieved through the levers ‘Energy consumption reduction and efficiency in own operations’ and ‘Renewable electricity for own operations’. We will use the for-mer to decrease our energy needs and the latter to reduce the GHG emissions associated with our electricity consumption.  Though we expect to achieve the desired reduc-tion level through our renewable electricity lever, the ‘Vehicle fleet electrification’ lever has a com-plimentary role to ensure that the emissions asso-ciated with our fleet are reduced as early as possi-ble and do not jeopardise the achievement of our scope 1 and 2 near-term target.  The near-term scope 3 target is currently ad-dressed through the levers ‘Supplier engagement programme’, ‘Decarbonisation of our transporta-tion’ and ‘Decarbonisation through product de-sign’. While the extent to which these levers will achieve the required emissions reductions is still being defined, they collectively cover all major sources of our scope 3 emissions stated in the transition plan. E1-5  Energy Compared to 2024, Demant’s total energy con-sumption increased by 10%, from 121,209 MWh in 2024 to 133,595 MWh in 2025. Most of the in-crease is attributable to electricity and heating, due to the constant growth of our Hearing Care business area, and higher usage of fuel by our ve-hicle fleet.  In 2025, Demant’s total use of energy from fossil sources was 103,902 MWh of which 26,363 MWh relates to the consumption of non-renewable elec-tricity. Compared to consumption of 102,721 MWh in 2024, Demant’s consumption of energy from fossil sources increased by 1% in 2025.  Despite the overall increase in energy consump-tion, many of our energy-intensive entities suc-cessfully reduced their use of non-renewable en-ergy and increased their use of renewable sources, resulting in an increase of 7 percentage points in the Group’s renewable energy share from 2024 to 2025.  Currently, electricity is our only source of renewa-ble energy.  Our energy intensity increased in 2025 compared to 2024 as a result of a higher increase in our en-ergy consumption than in our revenue. It went from 5.41 MWh to 5.82 MWh per DKK million rev-enue. Renewable electricity In 2025, 53% of the Group’s electricity consump-tion was sourced from renewable energy, mainly through Energy Attribute Certificates and green tariffs (supplier agreements). From our renewable electricity, 4% is generated on-site, entirely from solar installations across specific locations in Poland, Mexico, Denmark, South Africa, Italy, Australia and France. The re-maining 96% is generated off-site and acquired through different market mechanisms. Of this, 59% relates to Energy Attribute Certificates as-signed to the consumption in specific EU coun-tries and China. The remaining 41% off-site elec-tricity relates to the use of green tariffs in France, Italy, Poland and the US. Energy consumption mix (MWh)  60,00055,952 52,688  50,000 40,00030,095 27,637  30,00017,724  20,00016,579 15,242 14,096 13,594 9,693  10,000390 885 126 103  -Electricity Petrol Natural gas Diesel District heating Coal Liquefied2024 2025petroleum gasRenewable electricity by source (MWh)  18,00016,689  16,000 14,00011,674  12,00010,339  10,000 8,0006,778  6,000 4,000 2,0001,245 1,226  -Energy Attribute Certificates Green tarrifs On-site self generated2024 2025Renewable energy of total  energy consumption25%22%20%15%15%10%5%0%2024 2025Renewable electricity of total electricity consumption60%53%50%35%40%30%20%10%0%2024 2025E1-6  Scope 1 and 2 Demant reduced its scope 1 and 2 market-based GHG emissions by 9% in 2025 compared to 2024, mostly driven by our transition to renewable elec-tricity. When compared to our 2019 baseline, we have reduced our emissions by 16%, continuing our steady progress towards our 2030 target.   Both electricity and fuel used for our fleet remain key sources of our scope 1 and 2 emissions, which is why our mitigation efforts focus on these sources. Together, these emissions represented 69% of our scope 1 and 2 emissions in 2025.  Scope 3 In 2025, our scope 3 GHG emissions decreased by 7% compared to 2024 and increased by 24% compared to our 2019 baseline. From the de-crease in the emissions, 85% of it relates to pur-chased goods and services, followed by a smaller reduction of 10% linked to the transportation cate-gories.    The emissions associated to our purchased goods and services are highly dependent on our busi-ness activities, influenced by our inventory levels and buying decisions. For example, when under-standing the reason behind the emissions de-crease in 2025 compared to 2024, despite a rela-tively stable spending associated to our pur-chased goods and services in both years, the de-crease is attributed to a different purchasing be-haviour. The goods acquired in 2025, had lower associated GHG emissions than those purchased in 2024.  The emissions of capital goods are highly depend-ent on specific operational decisions. The high in-crease in this type of emissions in 2025 compared to 2024 relates to the purchase of machinery for production purposes.    93% of our scope 3 emissions are concentrated on four categories: purchased goods and services (69%), upstream transportation (12%), capital goods (8%) and fuel- and energy-related services (4%). Thus, our decarbonisation efforts focus on these categories. Through our supplier engage-ment programme decarbonisation through product design and decarbonisation of our transportation we address the GHG emissions associated with purchased goods and services as well as up-stream transportation and distribution. Through our scope 1 and 2 levers, we indirectly address the emissions associated with our fuel- and en-ergy-related services category.  Although recent improvements indicate progress in the right direction, we have yet to succeed in re-ducing scope 3 emissions compared to our base-line. To align our progress with our targets, we continue to improve the accuracy and complete-ness of our scope 3 data and our understanding of the decarbonisation levers. We also continue to assess additional levers to reduce emissions over time. Included scope 3 categories Scope 3 categories included in our GHG emis-sions inventory are the following eleven:  Category 1: Purchased goods and services Category 2: Capital goods Category 3: Fuel and energy-related activities not included in scope 1 or 2 Category 4: Upstream transportation and distribu-tion Category 5: Waste in operations Category 6: Business travel Category 7: Employee commuting Category 9: Downstream transportation and distri-bution Category 11: Use of sold products Category 12: End-of-life treatment  Category 15: Investments  Excluded scope 3 categories Category   Justification 8 Upstream leased assets Demant’s leased assets are under its operational control and therefore included in scope 1 and 2 accounting. 10 Processing of sold products Demant focuses on providing final products, accessories and consumables. 13 Downstream leased assets Demant does not own or lease assets to external parties. 14 Franchises Demant does not own or operate franchises. Scope 1 and 2 market-based GHG emissions (tonnes CO2e)   40,00035,00030,00025,00024,371 18,199 20,774 24,856 14,781 10,888 20,00015,00010,00014,904 14,645 15,893 12,765 5,00011,206 9,432 02019 (baseline) 2021¹ ² 2022² 2023² 2024 2025Scope 1 Scope 2Scope 3 GHG emissions (tonnes CO2e)  250,000231,113 217,096 209,282 194,976  200,000182,547 156,794  150,000 100,000 50,000 -20192021¹ ² 2022¹ ² 2023² 2024 2025(baseline)¹2021 was impacted by lower activity due to Covid-19. 2Not covered by the Independent Auditor’s limited assurance reportTotal GHG emissionsYear  Target (tonnes CO2e) Baseline 2019  2025  2024  % vs. LY  % vs. Baseline  2030  Annual % target/ Baseline¹ Scope 1 GHG emissionsGross scope 1 GHG emissions  11,206     15,893     14,645   9%  42%   6,029   4% Scope 2 GHG emissionsGross scope 2 location-based GHG emissions²    17,996     19,508   19,041   2%  8%       Gross scope 2 market-based GHG emissions²   20,774     10,888   14,781   -26%  -48%   11,176   4% Total scope 1 emissions and scope 2 market-based emissions   31,980    26,781    29,426   -11%  -16%    17,205   4% Scope 3 GHG emissionsTotal Gross indirect (scope 3) GHG emissions    156,794     194,976    209,282   -7%  24%   84,355   4% 3, 4 1:  Purchased goods and services 112,551   133,712     155,952   -14%          32:  Capital goods    8,219   16,126   5,181   211%          3:  Fuel and energy related activities   7,253    7,876    7,253   9%          34: Upstream transportation and distribution    17,999     22,916    25,248   -9%          5:  Waste in operations   1,151   895    2,026   -56%          6:  Business travel    2,741    2,794     2,741   2%          47:  Employee commuting    1,973     2,710     2,621   3%          39:  Downstream transportation and distribution   871   884     1,243   -29%          11:Use of sold products     2,125    3,889     3,991   -3%          412:End of life treatment    1,733    2,475    2,397   3%          15:Investments   178   699   629   11%          Total Scope 1, 2 and 3 GHG emissionsTotal location-based GHG emissions    185,996    230,377    242,968   -5%  24%       Total market-based GHG emissions    188,774     221,757    238,708   -7%  17%       GHG Intensity based on net revenueTotal GHG emissions (location-based) per net revenue   12    10     11      -19%       Total GHG emissions (market-based) per net revenue   13    10     11      -24%       ¹Annual reduction in percentages from the baseline year 2019 required to reach the 2030 target. ²GHG accounting for electricity applies two methodologies based on the type of emissions factors to use: location- and market-based emissions. Location-based emissions consider the average emission intensity of the power grid where the consumption takes place but disregard the use of off-site renewable electricity. Market-based emissions consider the specific type of electricity consumed and the associated specific emission intensity in the emissions calculations. Please refer to the Greenhouse Gas Protocol scope 2 guidance for additional information.  3Compared to 2024, these categories are reported separately. 4Comparative figures for these categories are restated to methodology improvements, please see accounting policies for more details. Accounting policy Energy consumption Energy consumption includes both primary data and estimated usage of electricity, district heating, natural gas, diesel, petrol, coal and liquefied pe-troleum gas. Energy consumption is recorded, us-ing different units (e.g. litres, kWh, kg), and is later consolidated in megawatt hours (MWh). The share of renewable energy represents the amount of renewable energy used by Demant in our operations. It is calculated by dividing the en-ergy consumed from renewable sources by the to-tal energy consumed by the Group. Refrigerants are not included in the energy con-sumption, as they account for less than 0.1% of the total energy consumption.  Energy intensity Energy intensity is reported as the total energy consumption divided by the total revenue. Accord-ing to ESRS definitions, all of Demant’s business is classified as belonging to a high-climate impact sector. The revenue used as the denominator is the total revenue generated by the Group. Please refer to the Financial statements, Note 2.1, on page 128. Greenhouse gas accounting Demant’s carbon accounting adheres to the Greenhouse Gas Protocol’s Corporate Accounting and Reporting Standard defined by the World Re-sources Institute and World Business Council for Sustainable Development in line with the recom-mendation of the ESRS. Our consolidated GHG emissions data encompasses all entities under Demant’s operational control, including leased fa-cilities, with GHG emissions quantified in carbon dioxide equivalent (CO2e). Demant’s Inventory Management Plan (IMP) sets the framework for defining, compiling and report-ing Group GHG emissions across all scopes of GHG emissions based on the Greenhouse Gas Protocol. The IMP specifies that baseline recalcu-lations may occur under the conditions defined in the publicly available Baseline Recalculation Pol-icy.  Scope 1 and 2 GHG emissions Scope 1 emissions consist of direct GHG emis-sions that arise from the actual and estimated consumption of natural gas, liquefied petroleum gas, coal, petrol, diesel and refrigerants (fugitive emissions). Scope 2 emissions consist of indirect GHG emis-sions that arise from the actual and estimated consumption of electricity and district heating.  The calculation of scope 1 and scope 2 GHG emissions is fully automated within our energy management system, utilising GHG emissions factors provided by the UK Department for Envi-ronment, Food &amp; Rural Affairs (DEFRA), the US Environmental Protection Agency and the Interna-tional Energy Agency.  Location- and market-based GHG emissions For scope 2, we calculate location- and market-based GHG emissions and use the latter to benchmark Demant’s performance against our cli-mate targets in accordance with our SBTi ac-counting approach.  Scope 3 GHG emissions Demant’s business areas have different needs for data for the accounting of scope 3 GHG emis-sions. Therefore, we have decided to use different methodologies according to the data availability and needs of each business area. Demant employs two different methodologies for scope 3 accounting of categories 1, 2, 4, 5, 8 and 12: one tailored for the Diagnostics business area and another for the Hearing Aids and Hearing Care business areas. Both methodologies align with the scope 3 GHG Protocol standard and fol-low a combined approach, using hybrid- and spend-based methods for the calculation of GHG emissions. The remaining categories (3, 6, 7 and 15) are quantified, using the same methodology across the business areas. Category 1: Purchased goods and services is cal-culated, using three different alternatives, all of which are multiplied by the appropriate emissions factors to quantify the GHG emissions: 1) spend-based approach for a variety of goods and ser-vices 2) mass-balance approach for goods based on the type of materials and quantities purchased and 3) primary data provided directly by goods suppliers. Category 2: Capital goods includes goods pur-chased during the year, which have an expected lifetime that exceeds the reporting period. They are calculated, using spend data or the amount of capital goods purchased, and are later multiplied by relevant emissions factors. Category 3: Fuel- and energy-related services are calculated, using actual fuel and energy consump-tion data captured through scope 1 and 2 report-ing, and are multiplied by the relevant emissions factors. Category 4: Upstream transportation and distribu-tion and category 9: Downstream transportation and distribution are calculated, using a combina-tion of primary data obtained directly from our car-riers, spend-based calculations or own calcula-tions, considering our own distances and trans-ported freight. Currently under category 9, we ac-count exclusively for service and return ship-ments. Category 5: Waste in operations is calculated, us-ing actual waste data multiplied by relevant GHG emissions factors.  Category 6: Business travel is calculated, using available primary air travel data multiplied by rele-vant spend-based GHG emissions factors. Category 7: Employee commuting is calculated, using secondary information from EU passenger mobility statistics and our number of employees, and is multiplied by the relevant emissions factors.   Category 11: Use of sold products is calculated by multiplying the relevant GHG emissions factors, the number of sold products and the internal data collected by in-house experts on product design, functionality and typical usage patterns. This ena-bles us to determine the energy consumption as-sociated with each product. Category 12: End-of-life treatment is calculated, using sales numbers, categorised by product type, material composition and the geographical loca-tion of the sold products. The numbers are then multiplied by relevant GHG emissions factors. Category 15: Investments are estimated, using an average GHG emissions intensity based on De-mant’s emissions and revenue multiplied by De-mant’s revenue share of the investments. The GHG emissions factors used for the calcula-tions are from renowned sources, such as US EPA, DEFRA, the Danish Environmental Protec-tion Agency database and the Ecoinvent data-base. Where needed, consumption and GHG emissions have been extrapolated to account for the whole Group.  GHG intensity based on revenue GHG intensity is reported as the total GHG emis-sions of the Group divided by the Group’s total revenue for the period. The revenue used as the denominator is the total revenue generated by the Group. Please refer to the Financial statements, Note 2.1, on page 128. Biogenic emissions Aligned with the GHG Protocol, biogenic emis-sions are not considered in our GHG scope 1, 2 and 3 accounting.  Demant has not identified biogenic emissions from our scope 1 energy sources. For scope 2, the emissions factors used neither disaggregate nor exclude biomass content in the local energy mix. This limitation is acknowledged to ensure transparency and alignment with the GHG Proto-col guidance. Demant is aware that biogenic emissions may oc-cur within our supply chain (scope 3 emission). These types of emissions may be relevant for our transportation; yet we have not agreed with our carriers to use of biofuels, and we do not request this type of information from them. Moreover, we are aware that our use of biomass related to pack-aging, e.g. cardboard and paper, generates bio-genic emissions. Considering the latter biogenic scope 3 emissions sources, our biogenic emission is not considered material, as it represents less than 2% of our scope 3 GHG emissions and is therefore not disclosed.   Change in accounting policy and restatement In 2025, we changed our scope 3 accounting pol-icy by applying a new, more accurate method as we were able to collect data with better quality. In 2025 we introduced primary data into our scope 3 accounting for category 1, purchased goods and services, and where possible expanded the use of primary data. External primary data was obtained in close collaboration with suppliers. Moreover we reviewed the categorization of the purchased goods and services which also led to improving the data quality in 2025. In 2025 we performed life cycle assessment (LCA’s) and incorporated those emission factors into our calculations as well. As part of the LCA process we have identified sig-nificant changes between spend based emission factor and the emission calculated in the LCA pro-cess, demonstrating the relevance to move away from spend based emissions. We are aware that we have a high share of emis-sions with spend-based approach and work to continuously improve our GHG accounting. In 2025, we changed emission factor database for Hearing Aids and Hearing Care from the Danish Environmental Protection Agency to US EPA. The change gives us more granularity to map each spend category to a more specific emission factor compared to the applied method in 2024.  The comparative and baseline figures have been adjusted accordingly. For 2024, the total effect of the change in accounting policy is estimated to be approximately 250,000 tonnes (55%) lower CO2e  compared to the previous method. The baseline is also recalculated, resulting in a reduction of ap-proximately 198,000 tonnes (56%) compared to Annual Report 2024. For 2025 11% of the emis-sions in our scope 3 category 1 is primary data coming directly from our suppliers as part of the supplier engagement program. We have adjusted for the use of PCF data and the emission factor changes in the historical figures to ensure con-sistency of the methodology and comparability of our annual performances and not claiming reduc-tions due to methodology changes. A systematic error was identified for category 7 employee commuting, which is why we, in 2025, restated our performance for the 2019 and 2024 values in this category as well as in the total scope 3 value in the Scope 3 GHG emissions fig-ure. The restatement of the 2019 baseline in-creases the emission with 1,900 tonnes CO2e and for the 2024 comparison figures the restatement increases 2,500 tonnes CO2e compared to the an-nual report for 2024. For category 12, we improved our data quality in 2025, which has resulted in an impact of 1,097 tonnes CO2e in the comparison figures to ensure comparability.  Use of estimates and judgements Scope 3 calculation involves judgement and esti-mates to provide the necessary information that Demant does not have access to. This includes the use of generic emissions factors. The majority of our scope 3 emissions are calculated, using the spend-based method. We map our suppliers ac-cording to the type of goods or services we pri-marily purchase from them.  Where data is not available, figures were extrapo-lated using financial data to account for entities not included in our invoice management system. Extrapolation was based on each entity’s revenue share relative to the Group’s reported revenue for 2025. Exclusion of Communications The Communications business area has been dis-continued, as Demant announced the sale of EPOS, 20 December 2025. Therefore, the energy consumption and GHG emissions presented above exclude EPOS, as this business is no longer reflected in our continued activities. Even though we are in the process of the divest-ment, we still own it as of December 2025. If we were to account for the scope 3 emissions associated with EPOS, we estimate that these ac-counted for 12% of the Group’s total scope 3 greenhouse gas emissions in 2025 based on our 2019 baseline and using the previous accounting principles.   Based on a high-level recalculation, using reve-nue from EPOS, please refer to Note 7.2 in the Fi-nancial statements, the Group’s total scope 3 GHG emissions would be: 2025: 218,373 tonnes CO2e 2024: 234,396 tonnes CO2e 2023: 258,847 tonnes CO2e 2019 (baseline): 175,609 tonnes CO2e Total GHG intensity based on net revenue for 2025, including Communications, is estimated to be 10.  E5 Resource use and circular economyWe recognise the critical importance of the transition towards a circular economy to minimise resource consumption, foster future resource availa-bility and maximise resource value conservation. Own Hearing ClinicValue chainUpstream DownstreamOwn operationsIROsNRResource consumptionResource consumptionNUse of packagingNNon-circulareconomy practiceOResource use We are committed to continuous optimisation of our use of resources, al-ways aligning with the applicable regulations that may impose limitations on our product design and other circular practices. ESRS 2 SBM-3 E5  We have identified two actual impacts, one poten-tial impact, one risk and one opportunity related to resource use and circular economy: •  Our business operations consume natural re-sources for products and packaging, leading to higher resource depletion.  •  Reliance on linear economy practices limits the optimisation of resource consumption, re-sulting in additional pressure on the environ-ment. •  The risk is a scenario in which our access to raw materials is limited by their availability and price increases.  •  There is an opportunity to reduce costs re-lated to the purchase of materials and compo-nents by introducing more circular economy practices. Policies that guide our behaviour E5-1  Demant’s Code of Conduct encourages all em-ployees to use natural resources efficiently. Build-ing on this foundation, our Sustainability Policy addresses our commitment to resource use and circular economy. It requires all business areas to integrate circular economy principles, reduce re-source use and minimise the environmental im-pact of our products, packaging and general oper-ations. Our Third Party Compliance Code urges business partners to work systematically to pre-vent, minimise and remedy the adverse environ-mental impact of their activities, products and ser-vices. Actions and results E5-2  Resource consumption We implemented the following actions to address the impacts associated with resource consump-tion in our products and packaging. Optimised resource use in hearing aid  packaging Packaging is an area we continuously work to im-prove. In continuation of efforts initiated in 2022, we avoided the use of 93 tonnes of virgin fossil-sourced plastic due to the use of at least 50% re-cycled plastic in our hearing aid blisters, in our hearing aid dome blisters and in the hearing aid carrying cases in 2025.   Optimised battery for longer-term performance With the launch of the Oticon Intent rechargeable hearing aids in 2024 and together with our global hearing aid battery partners, we have introduced enhancements to Intent’s battery to prolong its du-rability and capacity stability. We have also im-proved the power efficiency in our Intent model to reduce its overall energy consumption. Together, these enhancements mean that the rechargeable battery will last for the full product lifetime without needing to be replaced. Use of secondary raw materials in  Diagnostics’ equipment  Since 2014, our largest Diagnostics’ supplier of plastic has integrated up to 10% plastic waste from its own operations into our equipment manu-facturing process. In 2025, this action avoided the use of 2.9 tonnes of virgin fossil-sourced plastic. Use of secondary raw materials in  packaging for diagnostic equipment Continuing our efforts initiated in 2022, we are re-ducing our pressure on the extraction of virgin ma-terials by incorporating recycled materials into our packaging. By using at least 50% recycled poly-ethylene in our plastic bags, we avoided the use of 529 kg of virgin plastic. In our cardboard boxes, 98% of the cardboard was recycled material, avoiding the use of 50.7 tonnes of virgin material.  Circular economy practices The remaining actions address the principle of cir-cularity. By implementing these actions, we de-creased our reliance on linear economy practices, thereby reducing our resource use, and fostered the reuse and repairability of our hearing aids and diagnostic equipment.  Expanded portfolio of hearing aids designed for reuse during the users’ trial period  We expanded the concept of the Demoflex to in-clude additional models, which means that we now have a total of 33 Demoflex alternatives. While meeting medical device regulations and hy-giene standards, the Demoflex is a hearing aid designed for demonstration purpose for multi-us-ers, which was first introduced in 2024. The De-moflex models mirror existing models in our port-folio and are now available in 35 countries world-wide. Each device can be used by up to 50 differ-ent individuals during their trial period. Maintenance and repair of hearing aids and  diagnostic equipment We design our products to be as reliable as possi-ble. Yet, sometimes they require maintenance or repair to ensure continued proper function. To prolong the use of our hearing aids and diagnostic equipment, we offer maintenance and repair ser-vices to ensure their continued functionality. Maintenance services provided to our customers ensure that normal wear and tear neither affects the usability nor the quality of our devices, while repairs aim at restoring the functionality of our in-struments. In the Hearing Aids business area, our services are available globally for all hearing aid models and brands for up to five years after a model has been discontinued. Depending on the complexity of the repair, services are provided either by our hearing clinics or at dedicated service facilities. In 2025, we performed over 1,545,000 repairs at our service facilities. For the Diagnostics business area, maintenance services performed either at the customer’s loca-tion or in local in-house workshops. Repairs are handled by our sales companies or by central re-pair facilities located in Poland and the US. To en-sure long-term support, we guarantee the availa-bility of spare parts for up to seven years from the date of purchase as well as support for minimum seven years. In 2025, we performed maintenance or repair of 182,868 instruments in addition to the repairs performed under warranty. Looking ahead The manufacture of hearing aids and diagnostic equipment requires the use of material inputs. We recognise that the scope of the identified impacts, risks and opportunities extends beyond the scope of the current actions, which is why we will con-tinue to assess and implement additional actions to address these topics, as deemed feasible. Tracking effectiveness and metrics ESRS 2 MDR-T and E5-3 Circular initiatives are driven by individual busi-ness areas and focus on specific topics that may not apply to the whole Group. For this reason, we have not yet established Group targets. We con-tinue building our understanding of what circular economy means for Demant and assessing the relevance of setting Group targets in the future. E5-4  The table below outlines the materials used for manufacturing hearing aids and diagnostic equip-ment in Demant’s own operations and upstream value chain.  In 2025, the resource inflow decreased by 7% tonnes compared to 2024, mainly due to a reduc-tion in the acquisition of electronic components and plastic.  Total weight of products and materials inflow(tonnes)2025 2024¹ Plastic  753   1,051  Metals    1,705   1,197  Cardboard/paper  825   949  Electronic components    2,713     3,315  Wood  58   22  Other  846    919  Total resource inflow   6,901   7,455  ¹Total weight of products and materials inflow for 2024 has been restated due to methodology improvements. See accounting policy for more details.Biological materials, reused or recycled materials used for product manufacturing2025  2024 Sustainable sourced biological materials used in manufacturing (tonnes)  0  0 Sustainable sourced biological materials used in manufacturing (%)¹  0%  0% Reused or recycled materials used in manufacturing and packaging (tonnes)   147   50  Reused or recycled materials used in manufacturing and packaging (%)  2%  1% ¹Sustainable sourced biological materials used in manufacturing (%) was restated due to methodology improvements. See accounting pol-icy for more details.E5-5  Durability The expected durability of our products is specific to our business areas and can be defined in differ-ent ways, e.g. based on the design lifetime of the product or the users’ average usage time.  For our hearing aids, the durability is five years, which is based on the tests we perform on all items that constitute a hearing aid.  Our Diagnostics business area has a broad pro-duct portfolio, covering both hearing and balance assessment solutions. Based on over 20 years of service records regarding equipment that has been retired by our customers, on average our equipment remained in use for 6.5 years on aver-age.  Repairability Throughout both the design and use phases, our business areas actively work to ensure that both our hearing aids and our hearing and balance as-sessment solutions are repairable. In alignment with medical device regulations and our quality standards, we design our products to enable dis-assembly and the replacement of specific compo-nents. Demant guarantees the availability of spare parts for each hearing aid model for as long as the model is sales active, plus an additional five years after the model is discontinued. For the Diagnos-tics business area, we guarantee that spare parts are available for seven years after the invoice date of the product. Both Hearing Aids and Diag-nostics provide the required information for the user to be able to solve the most frequent issues. Diagnostics also provides training to ensure the proper use of our equipment.  Demant offers repair services worldwide and for both Hearing Aids and Diagnostics, the repairabil-ity requirements of our instruments and devices can be set in the three levels below: •  User level: Relates to minor reactive tasks for the proper use of our products, e.g. replace-ment of wax filters and domes, change of bat-teries and general cleaning of openings in the device.  •  Local service level: Relates to issues whose solving requires technical knowledge and is carried out by trained professionals, either at one of our clinics or at the user’s location. Ex-amples of these categories are diagnosing and replacing speaker units, recalibrating de-vices and replacing rechargeable batteries. •  Service centre level: Relates to major repairs whose complexity requires the repair to be carried out at one of our service centres, e.g. issues with amplifiers or changing spare parts. Recyclable content in our products and pack-aging Demant is committed to providing transparent and trustful information on the recyclable content in our products and packaging. We are working to be able to report on this in 2026.  Accounting policy Resource inflow  Resource inflow includes materials directly related to the manufacturing of our products as well as core components of purchased goods and capital goods, including packaging and extra parts. The reported numbers are based on primary data combined with estimates. Resource inflows are categorised according to the origin of the materi-als.  Biological materials and reused or recycled materials used in manufacturing Biological materials cover biodegradable materi-als, such as wood, paper and cardboard. Reused or recycled materials cover the amount of confirmed recycled materials used in manufactur-ing.  Use of estimates and judgements Resource inflow, E5-4, is based on estimates, us-ing internal and external data combined with as-sumptions, which is then extrapolated to the total population based on unit sales and inventory movements. Key assumptions are made for resource inflow where quantities are primary data, but the weight of each component is unknown. We have used what information we have available to make sure the weight is as accurate as possible. To estimate the weight, large language models (LLM) were used. Any use of LLM models is, however, associ-ated with high uncertainty. In-house subject matter experts are consulted to reduce the risk of over- or understating, further-more benchmark analysis to companies who re-semble Demant was conducted and we believe we are within expected weight ranges. However, as the reported numbers are based on generic as-sumptions, numbers are subject to change when we gain access to more accurate data. Change in accounting policy and restatement In 2025, we have worked on improving our data capture for resource inflow, and as a result, we have obtained more reliable data quantifying the purchased materials compared to last year. We have therefore restated 2024 to make 2025 and 2024 comparable, resulting in an increase in re-ported weight numbers of approximately 4,000 tonnes from 3,121 tonnes in Annual Report 2024 to 7,455 tonnes in Annual Report 2025. The ac-counting principle for Sustainable sourced biologi-cal materials was updated and 2024 data was re-stated from 12.1% to 0%.S1 Own workforce Our people are the most valuable part of our business, and their well-being, safety, engagement and development are fundamental to our success.  Own Hearing ClinicValue chainUpstream DownstreamOwn operationsIROsNHealthy and safe working environmentNWorking timeRTalent attraction and retentionNDiscrimination and harassmentNEqual opportunitiesNEqual pay for work of equal valueProgress against targets202420302024203052nd percentile202567th percentile31%202535%Gender balance in leadership Engagement rate55th percentile33%(share of female leaders)¹2024203056th percentile202567th percentileInclusion score57th percentileGeneral information on own workforceTo be a leader in creating a positive social impact on society, we need to  be a leading employer offering a great place to work. This section covers cross-cutting reporting for all IROs that relate to our own workforce. Where rel-evant, policies, actions, targets and metrics di-rectly related to the specific IROs are unfolded in the following chapters on working conditions and equal treatment. Policies guiding our behaviour S1-1  Our commitment to a good working environment is framed in our Code of Conduct, which outlines the minimum standards and ethical principles ap-plicable to all employees regardless of their loca-tion and the nature of their work. Our Code of Conduct explicitly addresses Demant’s zero toler-ance of any form of slavery or human trafficking, use of compulsory labour, the employment of chil-dren as well as discrimination and harassment, in-cluding sexual harassment.  Our Global Policy on Human Resources further specifies what we mean by a good working envi-ronment. The Policy establishes a clear frame-work for the governance of employment practices and workplace conditions in alignment with De-mant’s strategy and values. The Policy is an-chored in our Leadership Compass, which, based on employee feedback, highlights five key drivers of employee engagement and wellbeing: A clear sense of purpose and direction, support on perfor-mance, opportunities for growth, a strong sense of belonging and leadership characterised by a high level of authenticity and empathy.  The Policy sets out specific expectations to em-ployees and managers and applies to all employees, including full-time, part-time and tem-porary staff across all departments and locations, and is mainly implemented by the global HR or-ganisation and leaders in Demant.   The Senior Vice President of HR is accountable for all Group policies related to our own workforce, unless otherwise stated, and is responsible for im-plementing, monitoring and reviewing adherence. Our employees can access all relevant policies through our intranet, which also provides access to all local personnel handbooks.  The day-to-day business of HR is predominantly conducted locally. Cross-Group HR initiatives are prioritised, managed and coordinated via dedi-cated global forums, including the Global HR Board, which sets the direction of and approves strategies and budgets.  Engaging our employees S1-2  Demant collaborates with employee representa-tives in many areas, and we comply with all legal requirements when it comes to employee repre-sentation in the geographies where we operate.  Demant manages, measures and works with em-ployee engagement through the global engage-ment programme, Pulse. It includes an annual en-gagement survey that covers a range of relevant topics, such as wellbeing, working environment, development and inclusion, as well as a mid-year survey. The surveys cover the entire Group, except those countries where local data privacy legislation prevents it.  Through quarterly info meetings, where Demant’s CEO gives a business update to employees, we provide a direct platform for employees to ask questions about business performance and any actual or potential impacts that are likely to affect them. These info meetings are available online to the majority of the Group’s employees, except in those few countries or sites, such as newly ac-quired entities, that do not have access to our in-tranet. General Managers of local Demant entities also share and cascade information, e.g. at info meetings or through other communication chan-nels. Demant’s whistleblower hotline enables employ-ees to report any concerns about adverse human rights impacts in a confidential and anonymous manner. Read more on page 99. Remediating negative impacts S1-3 Where Demant may cause or contribute to nega-tive impacts on employees, we are committed to taking appropriate remedial action. Cases raised are escalated to the Senior Vice President of HR, who will involve relevant HR business partners that can act independently and neutrally in under-standing and assessing the incident.  When an incident is sufficiently substantiated, consequences for the wrongdoer can include oral or written warnings, mandatory training and medi-ation. When incidents occur, relevant top manage-ment leaders are informed to ensure organisa-tional learning and prioritisation of structural reme-dies such as improvement plans and preventive measures. Any remediation process complies with local legislation and adheres to our general whis-tleblower investigation instructions.  Actions and results S1-4 Employee voices inform our actions   Leadership teams in each business area are re-sponsible for creating a good working environ-ment where employees thrive and can perform at their best. The engagement survey provides data to help assess whether, and to what extent, cur-rent initiatives to create such a workplace are working. Further, it helps to inform the develop-ment of specific actions for areas that may need more attention when leaders and employees dis-cuss the outcomes. Many employees participate in the surveys, and in 2025, Demant achieved a participation rate of 85%.  In 2025, we introduced a mid-year survey to focus on accountability and to track progress on the ac-tions and commitments made after the annual en-gagement survey. We see that leaders who en-sure follow-up actions also experience higher lev-els of engagement in their teams.   Standardising leadership development and support In 2025, we implemented a dedicated leadership development programme for all leaders, focusing on learning journeys across the five essential pil-lars of leadership outlined in our Leadership Com-pass. It is our ambition to make all digital learning available to employees as well, which will be rolled out over the coming years. Stronger HR systems  We have been working on establishing a global standard for capturing and reporting HR data. We have standardised key HR processes, such as re-cruitment, promotion and performance, and we have designed and implemented a new HR ser-vice delivery platform, which gives employees and managers easier access to HR-related information and support.  In 2025, the new HR platform was rolled out in Denmark, Poland, Australia and New Zealand. We will continue the implementation in 2026 in the remaining largest countries by number of employ-ees, which includes the US, France, Canada, Ger-many and the United Kingdom. The rest of the world will follow consecutively. Optimised and sys-tem-supported processes support our employees and managers and enable us to assess the effec-tiveness of our processes through reliant and quantifiable data.  Targets and metrics S1-5 Demant has set a target to take employee en-gagement to the top-third level by 2030, which corresponds to the 67th percentile or above in the Gallup engagement index. Entity-specific metrics Engaged at work1112025 2024 202320222021Engagement score   4.16    4.13    4.11    4.08    4.02 Participation rate  85%  84%  87%  86%  88% Percentile   55th    52nd    52nd    50th    46th 1Not covered by the Independent Auditor’s limited assurance reportEngagement improved from the 52nd to the 55th percentile, showing continued progress towards our engagement target. S1-6 Number of employees by contract type, broken down by gender 2025  2024 (Headcount)Female Male Total Female Male Total Total employees   17,314   9,390  26,704   14,594   8,045  22,639  Permanent employees   16,165   9,088  25,253   13,772   7,839  21,611  Temporary employees  1,149   302   1,451   822   206   1,028  Full-time employees   14,593   8,857  23,450   12,338   7,579  19,917  Part-time employees  2,721   533  3,254  2,256   466  2,722  As of 31 December 2025, the Group had 26,704 employees globally. Compared to 2024, the total headcount has increased by 18%, mainly due to the acquisition of KIND, which is based in Ger-many. Among all employees, the gender ratio be-tween female and male is 65/35%. This is due to the fact that the majority of our employees in hear-ing care clinics and at our manufacturing sites are female. Number of employees by country(Headcount)2025  2024 Poland  5,241   5,087  Germany  4,484   1,020  USA  3,415   3,404  Denmark  2,201   2,111  Our headquarters in Denmark, manufacturing sites in Poland and hearing care clinics in Ger-many, the US and Poland are the sites with the largest number of employees. Accounting policy Engagement score Employee engagement is scored, using a scale from 1 to 5 based on the yearly engagement sur-vey conducted by Gallup. The engagement surveydoes not cover temporary staff, students, exter-nals, employees on leave and specific companies and countries not yet integrated into our global HR management system.  Number of employees  The number of employees is determined by head-count and as the number of persons employed by the Demant Group as at 31 December 2025. The number includes the total number of employees extracted from the global HR management system plus an estimate, covering the entities not using the system. Characteristics of employees Data on the characteristics of employees is dis-closed by headcount. The characteristics of em-ployees are aggregated and include both an anal-ysis of data extracted from our global HR man-agement system and estimates, covering entities not using the system, as stated below. In 2025, 77% of our employees were registered in our global HR management system. Estimation method For entities not using the global HR management system, the characteristics of employees are esti-mated based on the characteristics of employees in the region where the entity is located. Using our global HR management system, we calculate the characteristics of employees in one region based on an overview of all entities in that particular re-gion. Working conditions Working at Demant should be an enjoyable and rewarding experience, both professionally and personally, and it must also be physically and psychologi-cally safe.ESRS 2 SBM-3 S1  We have identified two actual impacts and one risk related to working conditions for our own workforce: •  Physical health and safety incidents in De-mant, along with cases of stress leave, can negatively impact employees’ health and well-being. •  Excessive overtime can sometimes be a prob-lem across the Demant Group and can have negative impacts on employees.   •  There is a risk related to the attraction and re-tention of employees, which could have a fi-nancial impact on Demant. Policies guiding our behaviour S1-1  We have site-specific health and safety prevention policies and management systems across our op-erational sites in accordance with country legisla-tion and regulatory requirements. All management systems comply with local requirements and in-clude, among others, risk assessment processes, health and safety instructions, safety walks and talks, training, accident investigation management and continuous review of processes. The local site management is responsible for occupational health and safety.  We have a Stress Policy, covering all sites in Den-mark and explaining how to prevent and manage incidents of stress. Since stress management of-ten depends on location, cultural considerations and local legislation, it is handled locally by HR departments across the Group. The overall re-sponsibility lies with the local HR management in close collaboration with local management.  The Global Policy on Human Resources ad-dresses working time by focusing on well-being and work-life balance. We comply with all relevant local legislation when it comes to working time. Demant strives to provide a good work-life bal-ance culture and to be a flexible workplace when tasks and local conditions allow for this. Our posi-tion on workplace flexibility provides guidance across the Group on implementing concrete measures that ensure flexibility for both employ-ees and the workplace. Managers must ensure that local guidelines on work-life balance and well-being are followed.  Our Global Policy on Human Resources defines the minimum requirements for our employees re-garding their personal and professional develop-ment and growth as well as the company’s expec-tations of the employees.  Engaging our employees  S1-2  Health and safety committees At many Demant locations, health and safety committees are mandatory under national regula-tions. Such committees ensure employee engage-ment in guaranteeing that our workplace remains safe and healthy. They provide a platform for dis-cussing issues of relevance and invite employees to help define actions to prevent and mitigate health and safety incidents. Development and performance touch points  Our annual cycle of performance touch points in-cludes, as a minimum, a mid-year and an annual review of performance. The objective is to openly and continuously discuss goal setting, provide clarity on job responsibilities and align on tasks and time management, skills assessment and learning plans. Most employees are in scope, ex-cluding manufacturing operators and warehouse staff, but it may vary across sites and business ar-eas. Approximately 70% of the global Demant workforce is registered in the performance devel-opment system. People leaders are responsible for these processes, supported by HR through clear and transparent guidelines and training.  Actions and results  S1-3 and S1-4  Health and safety assessment and management  In 2025, we conducted an in-depth assessment of how we manage occupational health and safety (OHS) across our main manufacturing sites, ware-house facilities and the office sites with the most employees. The assessment provided a solid mapping of the key OHS risks and how OHS is managed, confirming us that we have adequate measures in place to prevent and mitigate impacts related to health and safety.  In 2025, we further matured our management sys-tems across Demant sites: •  At our Diagnostics manufacturing site in Po-land, we replaced a chemical agent, which, according to the updated safety data sheet, was labelled as carcinogenic, with a safer al-ternative. •  At our manufacturing site in Mexico, we fo-cused on improving ergonomic conditions for our employees, replacing chairs and tools with more suitable variants.  •  In Australia and New Zealand, we released digital incident and injury report forms to ena-ble instantaneous feedback to the health and safety partner and to improve data collection on incidents.  •  In the US and Canada, we made efforts to im-plement a hazard identification culture that everyone takes responsibility for.  Incident management  When incidents occur, we ensure access to imme-diate first aid and, where necessary, enable medi-cal evaluation and support and appropriate return-to-work arrangements, such as paid time off or modified duties. All incidents are reported, re-viewed and investigated to identify root causes, implement corrective actions and prevent recur-rence. Working time It is a management task to ensure work-life bal-ance and limit overtime to a minimum. General tracking of working time enables employee-leader dialogue and helps leaders prevent and mitigate instances of excessive overtime. We work to en-sure that we comply with all relevant legislation re-lated to working time, such as the EU Working Time Directive. Development opportunities   We provide our employees with development op-portunities through different global and local learn-ing platforms. At Demant, we use the 70/20/10 learning approach, which means that we aim for a distribution where 70% of learning happens on the job, 20% happens through coaching and peer learning and 10% can be formal internal or exter-nal learning. Launched in 2025, the global Leader-ship Compass also focuses on employee develop-ment and how leaders can facilitate conversations about this. In 2025, we welcomed 10 new graduates to our Global Graduate Programme, which offers oppor-tunities for young professionals to develop their personal and professional skills over a two-year journey across our entire global organisation.  Retaining our talents Talent retention efforts are focused on the busi-ness areas with the highest turnover rates. In our Hearing Aids business area, we have since 2024 worked on a strategic project with high prior-ity and leadership attention to address high volun-tary turnover among manufacturing employees. The project first assessed root causes through, among other methods, candidate experience sur-veys and exit interviews. Key initiatives were then implemented, revolving around strengthening of front-line leadership, improving recruitment and onboarding processes to strengthen the sense of belonging and addressing basic needs. At our manufacturing sites in Mexico and Poland, these initiatives have led to the lowest turnover ever measured and a continuously downward trend with an annual voluntary turnover that is now be-low 15%. Further, our efforts have led to better and more focused employee dialogue, which has improved engagement. In our Hearing Care business area, which is part of the retail industry that traditionally has high em-ployee turnover, we have focused our efforts spe-cifically on improving development plans and ca-reer planning for front-end coordinators. Career paths and growth opportunities have been clari-fied through career frameworks and focus on in-ternal recruitment. In addition, both recruitment and onboarding practices have been improved, and we have strengthened our overall focus on culture and engagement through leadership train-ing.   Tracking effectiveness and metrics ESRS 2 MDR-T and S1-5  Demant has not set any specific targets for health and safety, working time or employee turnover at this time. We strive to ensure zero harm, promote a healthy work-life balance and maintain a bal-anced employee turnover. We use relevant met-rics to assess progress and improvement, such as those disclosed in this section. Most reported incidents were minor injuries, mainly cuts, trips and falls. These insights shape our preventive actions. Accounting Policy Employee turnover rate The employee turnover rate is calculated as total terminations (excluding external employees), di-vided by the average number of employees multi-plied by 100. Turnover includes both voluntary and involuntary terminations. The rate is based on 86% of Demant Group employees covered by our global HR system (excluding KIND), with turnover (headcount) extrapolated for non-covered employ-ees assuming a similar rate. S1-6 Employee turnover2222025 202420232022Employee turnover (%)  18  20  25  26 1Employee turnover (headcount)   4,341    4,636    5,708    5,660  12024-2022 restated due to the inclusion of employees outside of HR system to ensure comparability 2Not covered by the Independent Auditor’s limited assurance reportEmployee turnover decreased by 2 percentage points from 2024 to 2025, reflecting our continued efforts to strengthen recruitment and onboarding. S1-14Health and safety 2025 Employees covered by a health and safety management system (%)  100 Fatalities as a result of work-related injuries and work-related ill health (number)  0 Recordable work-related accidents (number)    154  Recordable work-related accidents (rate)    3.2  Health and safety management system The percentage of employees in Demant’s own workforce who are covered by our health and safety management system based on legal re-quirements and/or recognised standards or guide-lines. Fatalities as a result of work-related injuries Work-related incidents where an employee from own workforce or a value chain worker working on a Demant site lost their life. Recordable work-related accidents The number of work-related injuries classified as recordable, including cases requiring medical treatment, restricted work or days away from work among own employees during the reporting pe-riod. Rate of recordable work-related accidents The rate is calculated as the number of recordable work-related accidents multiplied by 1,000,000, di-vided by the total hours worked. The hours are es-timated by multiplying full-time equivalents by a 40-hour work week. Change in accounting policy and restate-ment Turnover figures for 2024-2022 have been re-stated to reflect the full workforce rather than only employees captured in our HR system, ensuring comparability across years. Without restatement, Group turnover (headcount) would have been:  3,733 in 2025 and 4,080 in 2024. Equal treatment and opportunities for all  We want to foster a culture built on care and respect for others, characterised by diversity and a strong feeling of belonging. ESRS 2 SBM-3 S1  We have identified one actual and two potential impacts related to equal treatment for own work-force: •  Cases of discrimination and harassment sometimes occur in Demant’s global multi-cul-tural workforce, which can lead to negative impacts on employees.  •  Some employee groups in Demant may en-counter barriers to professional advancement, which could lead to negative impacts on those employees.  •  Demant has a potentially negative impact on employees’ right to equal pay for equal work. Policies guiding our behaviour S1-1   In Demant, we work to foster respect for diversity, and we strive to treat all employees fairly. The Global Policy on Human Resources has two dis-tinct drivers related to equal treatment: belonging and personal awareness. The Policy outlines mini-mum requirements of leaders and employees re-lated to psychological safety and inclusive culture. Further, leading with authenticity, empathy and adaptability is a prerequisite for fostering a culture of trust and enables open and honest conversa-tions when addressing issues related to equal treatment.   Our Diversity and Inclusion Policy, which we re-vised in 2025 and that will apply from Q1 2026, covers our global organisation and guides our commitment to fair and respectful treatment of all employees. The Policy outlines our ambitions and strategic pillars. The Executive Leadership Team is accountable for compliance and progress. The Policy is implemented locally, with actions and ini-tiatives carried out in compliance with applicable laws and regulations.  In Demant, there is zero tolerance of any form of discrimination, harassment or bullying related to our workplace. Our Anti-Harassment and Discrimi-nation Guideline articulates Demant’s approach to preventing, mitigating and acting on cases of dis-crimination, harassment, bullying and unethical behaviour. The Guideline applies to all employees and contractors working for Demant globally and governs behaviour at work, during off-site assign-ments and at office-sponsored social functions as well as private behaviour that can be related to Demant, such as on social media. It also provides specific information on how to raise grievances re-garding harassment and discrimination and the consequential complaints and remedy procedure.  Our Recruitment Policy defines general principles for attracting, selecting and onboarding candi-dates for vacancies in all Demant entities to en-sure consistent and transparent recruitment pro-cesses. We commit to conducting interviews in a fair and non-discriminatory manner and to ensur-ing that hiring decisions are made objectively.  We had planned to implement a Global Policy on Remuneration and Rewards in 2025, but we have prioritised building a new job architecture, which has taken all our focus in 2025. To ensure close alignment of the Policy with our internal pro-cesses, we have chosen to implement the new Policy in 2026.   Engaging our employees  S1-2 Employee resource groups Employee Resource Groups (ERGs) are volun-tary, employee-led groups that bring together indi-viduals who share a common trait, background or interest or those who are passionate about sup-porting the topics. ERGs are open to all and aim to provide a safe space where employees can connect, share experiences and build a sense of community. Currently, Demant has ERGs in Denmark and the US. ERGs provide an avenue for employees to raise concerns about specific issues related to equal treatment. In Denmark, ERGs are consulted on a regular basis and provide invaluable input for developing strategies to mitigate potential impacts related to fair and equal treatment. Where rele-vant, ERGs are supported by global HR and local HR, who ensure that input from ERGs helps in-form Demant’s approach to diversity and inclu-sion. Having worked with ERGs since 2022, we acknowledge that it can, at times, be challenging. It is a balancing act for ERGs to be passionate about a cause, despite not having the mandate or responsibility to drive change. At Demant, we are committed to continuing to support our ERGs with the primary objective to amplify employee voices.  Actions and results S1-4  Learning and awareness  Enabling learning and awareness for leaders and employees on Demant policies, guidelines and ex-pected behaviour is central to mitigating and pre-venting any negative impacts related to equal treatment. In 2025, we:•  Made the mandatory Anti-Harassment and Discrimination Guideline accessible to all us-ers on our digital learning platform. In-person learning was initiated in December and will continue in Q1 2026, •  Implemented a learning journey on inclusive leadership and belonging as part of our lead-ership development programme for global leaders, except where prohibited by local laws and regulations,   •  Celebrated diversity and inclusion in various countries, for example through our participa-tion in Copenhagen Pride in Denmark.  Direct employee feedback on inclusion and equal opportunities   Through the annual engagement survey, we ask employees in local markets, where permissible, to rate specific statements to assess their perception of inclusion and equal opportunities in Demant. Survey data enables specific tracking of the effec-tiveness of our actions. Global HR business part-ners support business area teams in assessing the data and prioritising actions to address prob-lem areas. Equal opportunities  Our global recruitment platform contains embed-ded materials designed to prompt inclusive re-cruitment behaviour. We strive to implement prac-tices to ensure a fair and objective process, such as clear and comprehensive job requirements in the candidate assessment process. Specific themes related to equal treatment and belonging are embedded in the global performance dialogue review, which provides input for assessing the ef-fectiveness of our actions. Our practices are gov-erned by applicable local laws and regulations.  Equal pay  We strive to offer market-aligned and competitive salaries that reflect the principle of equal pay for equal work, while also recognising each em-ployee’s individual skills, experience and perfor-mance. To ensure this, we review and benchmark salaries internally and against comparable compa-nies in the markets where Demant operates.  In 2025, we focused on building internal structures to meet coming requirements on pay transpar-ency. This included designing a job architecture in line with the EU Pay Transparency Directive and aligning decentralised systems to track compen-sation data. We are continuing our efforts to im-prove data and plan to report on the adjusted pay gap from 2026. Targets and metrics  S1-5  To drive a more gender-balanced composition in leadership, we have set a target to reach a gender balance of 35/65% (female/male) by 2030. Gen-der representation metrics are calculated on a global basis to ensure consistency and transpar-ency. Actions to achieve gender representation targets will only be implemented where permitted by applicable local laws and regulations.  Demant has set a target to take employees’ expe-rience of inclusion to the top-third level by 2030, which corresponds to the 67th percentile or above in the Gallup inclusion index.  S1-9 Gender diversity in leadership2025  2024   %  Headcount   %    Headcount  Board of Directors - all members (female/male)   38/62    3/5    29/71    2/5  Top-level management (female/male)   33/67    34/68    31/69    30/66  All managers (female/male)   51/49    1018/990    50/50    980/975  In 2025, the share of female top-level managers increased to 33%, reflecting continued progress towards our 2030 target of 35%. Danish Financial Statement Act, section 107 f Gender balance in Parent company 2025 % Headcount Board of Directors - shareholder-elected members (female/male)   40/60    5  Board of Directors - staff-elected members (female/male)¹   33/67   3 Executive Board members (female/male)²   0/100    3  Other levels of Management (female/male)³   50/50    8  ¹Equal to an even (40/60%) distribution, cf. Annex 1 to the Danish Act on Gender balance²Reporting requirement cf. section 107 f of the Danish Financial Statement Act ³Executive Board incl. Direct reports employed in the legal entity Demant A/S The Board of Directors aims to have at least 40% of the underrepresented gender among the Board members elected by the shareholders and for the staff-elected members, as this constitutes an even distribution in terms of gender cf. section 4 of the Danish Act on Gender Balance. In 2025, the Parent, Demant A/S, maintained an even distribution of gender both in the Board of  Directors and at other levels of management, cf. section 4 of the Danish Act on Gender Balance. Hence, Demant A/S is not required to define a specific target and policy for other levels of man-agement. Entity-specific metrics  Inclusivity at work2025  2024 Inclusivity score   4.30    4.27  Participation rate  85%  84% Percentile   57th    56th  In 2025, our inclusivity score reached 4.30 (+0.03) in the annual engagement survey, placing us in the 57th percentile. Overall, employees feel re-spected and valued for their strengths and trust Demant to act with integrity and responsibility. S1-9 Age distribution of employees 50 and aboveBelow 3025%18%30-3940-4927%30%In 2025, the age distribution among Demant’s em-ployees was relatively even. This reflects a bal-anced and diverse workforce, enabling genera-tional exchange of knowledge and perspectives. Equal pay  In 2025, the unadjusted gender pay gap at De-mant was 28%. The figure reflects the distribution of employees across organisational levels and ge-ographies, with more men in senior roles and a high share of women employed in manufacturing facilities in Poland and Mexico and in our hearing care clinics around the world. To comply with the principle of equal pay for equal work, we have conducted a detailed analysis of pay differences across comparable job levels in Hearing Care and manufacturing. The analysis shows that the gen-der pay gap at these job levels is below 5%, con-firming that our pay practices are equitable for similar roles.  The unadjusted gender pay gap was not reported for 2024 due to unavailable underlying data. Fol-lowing the completion of our HR data manage-ment enhancement project in 2025, we are now able to disclose the gender pay gap. CEO remuneration ratio6047 5041 42394030201002022 2023 2024 2025In 2025, the CEO remuneration ratio increased by 1 point to 42 compared to 2024. For more details on remuneration, please refer to our Remunera-tion Report. S1-17  Incidents, complaints and severe human rights impacts2025 2024 Cases of harassment and discrimination reported   38   11  Complaints filed to National Points for OECD Multinational Enterprises   0    0  Fines, penalties and compensation for damages as a result of incidents and complaints   0    0  Confirmed severe human rights incidents connected to own workforce   0    0  In 2025, Demant received 38 reports through its whistleblower hotline concerning discrimination and/or harassment. The increase in cases is mainly driven by the anti-harassment and discrimi-nation training introduced in Q3, which has strengthened employee awareness. 32 out of 38 claims have been handled. There were no severe human rights incidents in 2025, and therefore no fines, penalties or com-pensation for damages were paid. Severe human rights incidents are defined as confirmed cases, involving forced labour, human trafficking, child la-bour or other serious infringements of internation-ally recognised human rights. Accounting policy Age distribution of employees The chart shows the age distribution of employees in the Group, covering 100% of Demant’s employ-ees. Gender balance in leadership Board of Directors The gender distribution relates to the shareholder elected members of the Board of Directors and the employee representatives on the Board.  Top-level management The gender distribution relates to management levels from Vice President and above.  All managers The gender distribution relates to all people man-agers with one or more direct reports. The number is calculated based on data from our global HR management system, covering 77% of Demant’s employees.  Inclusivity score Employees score inclusivity, using a scale from 1 (lowest) to 5 (highest) based on the yearly en-gagement survey conducted by Gallup. The sur-vey does not cover temporary staff, students, ex-ternals, employees on leave, specific companies and countries not yet integrated into our global HR management system and markets where the sur-vey questions are not permissible. CEO remuneration ratio The CEO remuneration ratio is calculated as the CEO’s total remuneration (numerator) divided by the average remuneration of all Group employees (denominator) instead of the median Group em-ployee. Demant is committed to enhancing data quality on this topic in future reporting periods. Gender pay gap The gender pay gap is calculated as the differ-ence between the average annual base salary of all male and female employees divided by the av-erage annual base salary of all male employees. Only employees who are included in our global HR management system are part of the calcula-tion. Incidents, complaints and severe human rights Incidents of discrimination and harassment in-clude any incidents brought forward through De-mant’s whistleblower hotline. The reported inci-dents include all recorded cases of bullying, har-assment and discrimination.  Fines, penalties and compensation for damages refer to any financial payments made in relation to confirmed cases within the financial year. S2 Workers in the value chain Our commitment to caring for people extends not only to own employees, but also to workers that we impact indirectly in our value chain. Own Hearing ClinicValue chainUpstream DownstreamOwn operationsIROsWorking conditions forNvalue chain workersWorking conditions for value chain workersWe work to ensure that we support the protection of rights throughout  our value chain.  ESRS 2 SBM-3 S2  We have identified one potential impact related to workers in the value chain: •  Demant engages with suppliers that operate in countries and industries with potentially negative impacts on workers’ rights to a fair and safe working environment.  The value chain workers identified to potentially be exposed to the above-mentioned impacts are those working in electronics manufacturing and its related supply chain. They are connected to the Demant upstream value chain through business relationships. We consider the potentially negative impact to be systemic to that particular value chain.  Policies guiding our behaviour S2-1  Our Third Party Compliance Code outlines what we expect of our suppliers and business partners when it comes to working conditions for workers in the value chain. This includes the core Interna-tional Labour Organization (ILO) standards on working conditions, workplace health and safety, freedom of association, trafficking, forced/child la-bour and non-discrimination. We require all new direct suppliers to accept this Code or to comply with their own code of equivalent standard. The Code is included as an appendix to all new con-tracts with suppliers. The Senior Vice President of Group Legal &amp; Compliance is accountable for the Code, while its implementation lies with Demant’s procurement departments.  Updated in 2025, the Demant Group Supply Chain Sustainability Policy summarises our com-mitment to advancing sustainability across our supply chain. The Policy covers all relevant up-stream buying practices across the Demant Group and outlines how we manage supplier relation-ships from a risk-based approach. The responsi-bility for the implementation of this Policy into our ways of working is shared between the leader teams of the two main procurement functions in Demant, Hearing Aids and Diagnostics.  Engaging with our stakeholders S2-2 and S2-3  We continuously take steps to understand the po-tential impacts of our operations on workers in our value chain. Our whistleblower hotline is accessi-ble to all external stakeholders, including value chain workers. Please refer to page 99. Currently, Demant does not require its suppliers to establish reporting channels for their own employees to raise concerns. This will be considered the next time we update our Third Party Compliance Code.  In our Hearing Aids business area, we have inte-grated sustainability into our supplier engagement programme, Sustain, which focuses on decarboni-sation and addressing human rights impacts in our supply chain. When we audit suppliers in rela-tion to ESG, we interview workers directly. Actions and results S2-3 and S2-4  Considering the vast number of suppliers across our business areas, we take a risk-based ap-proach to managing potentially negative impacts on value chain workers. Our supplier sustainability risk assessment process, which was updated in 2024, enables the identification and documenta-tion of potential impacts that workers in our supply chain are exposed to, based on suppliers’ country and sector risks. Continuous risk assessment is embedded in how we manage our supply chain, and dedicated sustainability specialists lead this work in our procurement functions.  If a negative impact is reported to or identified by Demant, we engage directly with the supplier to urge them to take preventive and corrective ac-tion, while clearly communicating our expectation that remedies are provided to the affected value chain workers. No severe human rights impacts or incidents connected to our upstream or down-stream value chain were reported to us in 2025.  Hearing Aids business area We audit all new direct suppliers in high-risk terri-tories against the expectations of our Third Party Compliance Code, using an external audit pro-vider. When issues are raised, we engage in dia-logue and plan for corrective action. Further, the Code is embedded in the digital tender process. Suppliers must accept Demant’s terms and condi-tions, including the requirements of the Code, to register and submit a bid. The Hearing Aids pro-curement function covers procurement for our Hearing Care business area.   Due to internal prioritisation and unclear legisla-tive expectations in the EU, progress on imple-menting the updated risk and due diligence pro-cesses in 2025 was slower than intended. Imple-mentation is now planned for 2026.  Diagnostics business area Before engaging with new suppliers in select high-risk locations, we conduct an initial on-site audit for vendor approval through a third party.  In 2025, we focused on implementing the sustain-ability supplier risk assessment process across the Group. This included onboarding and training of buyers and creating a central process platform. We will complete the roll-out to all manufacturing sites in 2026. We also introduced an ESG ques-tionnaire for selected high-risk suppliers to assess adherence to our Third Party Compliance Code.  Tracking effectiveness ESRS 2 MDR-T and S2-5 Continuous evaluation of our actions and prac-tices is embedded in our ways of working. We are currently focusing on aligning due diligence pro-cesses to coming legislative requirements. We have not yet set specific targets related to the im-pact on workers in the value chain but will explore options to do so, as we mature our internal pro-cesses.    S4 Consumers and end-users Our core commitment to society is to help people become aware of and overcome hearing loss and improve their quality of life through innovative solutions and access to personalised hearing care.Own Hearing ClinicValue chainUpstreamDownstreamOwn operationsIROsO PProviding life-changing hearing healthProviding life-changing hearing healthRProduct quality and safetyNRRight to privacy for end-usersRight to privacy for end-usersProgress against targets2030202516 millionLives improved12.1 million203020252 millionPeople tested1.6 millionProviding life-changing hearing health According to the World Health Organization, one in five people today lives with hearing loss. If untreated, it impacts their ability to interact in life.  ESRS 2 SBM-3 S4 and S4-2  We have identified one actual positive impact and one opportunity related to end-users: •  Through our products, Demant positively im-pacts users living with hearing loss. •  Delivering hearing health solutions is the core of the Demant business and a key driving force behind revenue growth and market ex-pansion. Hearing loss has immense societal implications (read more on page 15). Demant’s purpose, strat-egy and business model are built on making a positive impact for people living with hearing loss, ultimately improving our users’ quality of life. As this is inherent to our core activities, it is not cov-ered by a specific policy.  Actions and results S4-2 and S4-4   Continuous feedback from users, hearing care professionals and wholesale customers drives us to focus on research and development of innova-tive technology and enables us to provide a high level of service and care in our hearing care clin-ics. See an overview of how we engage with cus-tomers on page 94 and read more about user en-gagement on the next pages. Our key actions towards maximising our positive impact and pursuing material opportunities are to grow our business. This is reflected in our strate-gic aspirations and expected growth. Read more on page 17. How we create value is presented on page 19. As part of our strategy, we are committed to con-tinuing to invest in R&amp;D and further expanding the distribution of our products in both existing and new markets going forward. In 2025, Demant in-vested DKK 1,402 million in R&amp;D to drive innova-tion and ensure continuous technological leader-ship to the benefit of our users.  Raising awareness of hearing loss Raising awareness of the importance of hearing loss is an important driver towards succeeding in our purpose and growing our business. Our ap-proach is centred around addressing the stigma related to hearing loss. We do so by repositioning hearing loss treatment and the use of hearing aids to something positive and by focusing on the ben-efits of good hearing. We believe that people ex-periencing hearing loss should be motivated to address it, but the fact is that they often carry with them internal and external barriers in the form of stigma, bias and lacking awareness of hearing health. So, we focus our efforts on removing the barriers to having hearing loss addressed and treated. This is the main objective of our global campaign ‘Love your ears’.  Many of our hearing care clinics actively engage with their local communities to create public awareness and to connect with those who may have a hearing loss but are unaware of it. Through outreach activities, we provide free hear-ing screening, enabling people living with an un-treated hearing loss to embark on their own jour-ney towards treatment.  Building capacity in healthcare  Across our business areas, we provide global ac-cess to the most current and relevant clinical knowledge about hearing health. Building capacity among ear-nose-throat doctors, audiologists and healthcare professionals is crucial to ensure early intervention for hearing loss and ultimately, ad-dressing hearing loss. Our training offerings help support building hearing health capacity in coun-tries and regions with no or very little formal audi-ology education, enabling better access to higher quality hearing healthcare for people living with hearing loss.  Ensuring access  Demant operates globally, providing access to in-novative hearing healthcare through its vast net-work of clinics. The international companies that are part of our Diagnostics business area cover every major customer segment in all key geo-graphic regions, while our Hearing Aids business area is present with sales companies in more than 30 countries.  In markets where Demant is not present, we have long-term partnerships with distributors, who often have a strong background in audiology. We sup-port them in driving digital marketing, increasing consumer awareness and maturing their business to push hearing aid penetration, which in some markets is as low as 0-5% of people who need them. Global distribution provides access to our innovative products and supports healthy competi-tion in markets characterised by low supply of hearing health services for the benefit of users. See our global presence on page 11. A highly competitive hearing aid market powered by innovation leads to competitive pricing. Through our diversified portfolio of hearing aids, with products and services ranging from basic to premium, we offer a range of lower-priced and more easily accessible products, which benefits users with a lower income. Pricing in the retail market includes a high level of service and full re-turn assurance for the benefit of users. Demant also participates in public tenders globally, thereby supporting affordability.  Targets and metrics S4-5  Demant has established the following targets for advancing positive impacts for people with hear-ing loss: •  Improve more than 16 million lives by 2030  •  Increase awareness by performing hearing tests on more than 2 million people by 2030  The targets are set based on Demant’s overall ambition and purpose and cover all markets where Demant is present. Lives improved (million lives improved) 1412.11210.310.99.4108.8864202021¹ 2022¹ 2023¹ 2024 20251Not covered by the Independent Auditor’s limited assurance report Based on the estimated lifetime of hearing aids, the number of hearing aids sold and the number of fittings made by the Group in 2025, we improved 12.1 million lives in 2025. In H1 2025, the number of lives improved increased from 10.9 to 11.4 million, a rise of 4.6%. Progress continued in H2, and, with an increase of 11% from 2024 to 2025, we are on track to meet our long-term ambi-tion to improve 16 million lives by 2030. People tested(million people) 2.001.6 1.751.5 1.501.251.000.750.500.25Data not available0.002021 2022 2023 2024 2025In 2025, Demant tested 1.6 million people with  suspected hearing loss. Continued efforts focus on keeping this momentum. Entity-specific metrics R&amp;D costs  (DKK million) 1,3941,4011,5001,2261,0829431,00050002021 2022 2023 2024 2025Reflecting the company’s ongoing commitment to product innovation, R&amp;D investments remained broadly stable in 2025. Following R&amp;D costs of 1.39 billion in 2024, expenditure increased slightly during the year and reached 1.40 billion at year-end, reflecting a stabilisation of the growth pattern observed in previous years. Accounting policy Lives improved The number of lives improved is determined by the number of hearing aids sold and the binaural rate. The calculation also accounts for a mortality rate to reflect that not all users remain active over the full period. The number is accumulated based on a five-year product lifecycle. Hearing tests performed Hearing tests performed is the number of tested people in our clinics during the reporting period.  For entities without actual data, the number of tests is estimated, using a proxy based on hearing aids sold. This proxy assumes that regional aver-ages for the ratio between hearing aids sold and hearing tests can be applied to countries that do not have actual data. The accounting policy for R&amp;D costs is described on page 124. Product quality and safety Ensuring the highest standards of quality and safety in our products is  crucial to our purpose of providing life-changing differences through  hearing health. ESRS 2 SBM-3 S4  We have identified one risk related to the safety of consumers: •  If quality requirements are not met or medical device regulations are not complied with, it represents a risk to Demant’s licence to oper-ate and our ability to bring products to market.  Policies guiding our behaviour S4-1 Working with quality is vital for us to sustain the high standards and reliability of our products and to ensure the safety of our customers and users. We define quality management in policies for the Hearing Aids and Diagnostics business areas. The quality policies are embedded in our decision-making and ways of working and reflect our inten-tions regarding the quality of our products and services to enable us to deliver the best to our customers and users. The policies provide the foundation for meeting regulatory requirements, such as the EU Medical Device Regulation (MDR) and MDSAP requirements, as well as all local country regulatory requirements. The policies cover activities that support product development, manufacturing, marketing and servicing.  Demant’s Executive Leadership Team carries the overall responsibility for product quality and safety, and specific managerial responsibilities are defined and described for relevant activities. Leaders in the quality functions are accountable for ensuring that quality and compliance are delivered by the organisation and for maintaining the quality policies.  Engaging with users and customers  S4-2 and S4-3  We have established customer support service platforms and channels for our three business ar-eas, enabling complaints and feedback from users throughout the user journey. These channels al-low our stakeholders to raise concerns and com-municate cases of negative impact. All complaints are handled by dedicated customer service teams, ensuring documentation and follow-up with the complainant. This includes any remediation, such as fitting support, repair and replacement, where relevant.  User interaction through user quality surveys and daily engagement with hearing aid users through our global network of hearing clinics enable De-mant to continuously assess issues related to product quality and safety in hearing aids. If an in-cident related to product quality or safety occurs, it will be handled in our CAPA (corrective and pre-ventive action) system through which we conduct methodical risk analyses and root cause analyses, take corrective actions and initiate preventive measures. Following our processes, we report in-cidents to national health authorities, when re-quired.  Actions and results S4-4  Quality management By using quality management systems, our Hear-ing Aids and Diagnostics business areas have a framework to demonstrate their ongoing commit-ment to providing safe and effective medical de-vices that consistently meet customer needs and comply with regulatory requirements. Certification against ISO 13485 cements that we have a pro-cess-based approach to ongoing quality manage-ment, ensuring that processes are well-defined, controlled and continuously improved. Risk man-agement is integrated into every stage of the product lifecycle. All Demant’s development and manufacturing sites are covered by ISO 13485 certification.  We keep up to date with all requirements to en-sure compliance where we sell our products. This includes scouting regulatory requirements, which enables us to plan and implement processes to support compliance with future regulatory require-ments.  Training  We ensure that all employees are continuously trained in processes relevant to their tasks. Man-agers establish employee training plans to ensure relevant training ahead of any critical quality or safety activities. All training is documented, and we evaluate training performance and effective-ness. All employees involved in our quality man-agement system are by default trained and their training is recorded.  Extensive testing  In our Hearing Aids business area, products are tested against reliability requirements at component, assembly and product level to ensure that products are safe and effective throughout their lifetime. The reliability requirements are based on standards, regulations and our exten-sive experience in manufacturing hearing aids. At the end of the development process, final verifica-tion tests are conducted by internal specialists and external accredited test providers to ensure safety and effectiveness. Internally, the system is audited by our quality team and maintained to re-flect developments and changes in our organisa-tion. Before we release products in our Diagnostics business area, they are tested extensively by ac-credited test houses and verified according to es-tablished performance standards. We perform a full and final inspection of our products to ensure that all items are checked for defects, functionality and compliance with all specifications.  Biological safety evaluation We mitigate risks associated with quality and safety through biological safety evaluation. We strive to use the same materials to avoid new bio-compatibility testing. When strictly needed, we evaluate materials in skin contact in accordance with ISO 10993. When necessary, we perform an-imal testing according to ISO 10993-10, while evaluating whether chemical extraction and char-acterisation are deemed sufficient instead. Animal tests are conducted by accredited external part-ners, who are required to meet the expectations of our Third Party Compliance Code. Since 2021, only a few such tests have been conducted.  Strong safety processes  We have strong processes to ensure user safety and actively use complaint handling and continu-ous risk assessments anchored in all processes to assess any need for product recalls. For the past many years, we have had no need to use the re-call management system. Continuous audits Audits are a central element of ongoing quality management in Demant. We use internal and ex-ternal audits to continuously assess the effective-ness of our actions. Sales and service activities at key Diagnostics sites are certified and audited against ISO 9001. External audits are also con-ducted by national authorities and customers. In-ternally, we audit relevant processes for medical devices, including complaints and recall manage-ment, on a continuous basis.  Demant is annually audited against ISO 13485, MDR and MDSAP. The audits are conducted by notified body TÜV SÜD for both our Hearing Aids and Diagnostics business and cover all Demant development and manufacturing sites.  In 2025, we had the following audit results:  •  In Hearing Aids, we had no major findings and three minor findings  •  In Diagnostics, we had one major finding and 12 minor findings All findings are handled following our CAPA pro-cesses.  Tracking effectiveness and metrics ESRS 2 MDR-T and S4-5  Demant has not set group targets related to prod-uct quality and safety. We assess effectiveness through business area-specific indicators related to product quality and safety. These include, but are not limited to, monthly process quality control (PQC), achievement progress for internal audit plans and a continuous target of zero vigilance cases.When audited in accordance with certification re-quirements for ISO 13485, MDR and MDSAP, De-mant aims for zero major findings year after year.   Entity-specific metrics Product recalls 111202220212025 2024 2023Hearing Aids    0    0    0    0    0 Diagnostics    0    0    0    0    0 1Not covered by the Independent Auditor’s limited assurance report Demant monitors product recalls as an important indicator of product quality, consumer safety and the strength of our internal control environment. In 2025, we recorded zero product recalls, reflecting the effective performance of our quality-manage-ment systems throughout the year.  Accounting policy Product recalls Product recalls cover both voluntary and manda-tory recalls. This metric includes all products in our portfolio that are placed on the market and are subject to applicable regulatory requirements. Right to privacy  ESRS 2 SBM-3 S4  We have identified one potential negative impact and one risk related to user privacy: •  Demant has access to users’ sensitive per-sonal data, potentially resulting in negative im-pacts if the data is compromised.  •  Based on GDPR regulations, Demant may be subject to a penalty, if we fail to adequately protect the privacy of our users. Collecting personal data is not only necessary for the delivery of our products and services, but it also presents opportunities. The data available to Demant supports internal identification of efficien-cies, development of new products, gaining cus-tomer insights, optimising operations and tailoring business strategies. However, the collection and use of data also present an inherent risk of mis-use or access by threat actors, such as hackers and cybercriminals. Protecting data privacy is therefore dependent on strong security measures. Read more about our cyber security management on page 38.  Policies guiding our behaviour  S4-1  Demant has a data privacy programme to manage potentially negative impacts on the privacy of our employees, customers and users. This includes policies and processes for handling personal data as well as processes for engaging with affected stakeholders. Our Code of Conduct outlines our clear expecta-tions of employees’ conduct in relation to data pri-vacy. Demant has implemented a global Data Eth-ics Policy, which outlines the Group’s commitment to handling data with a high level of integrity. The Policy covers all processing of data globally, in-cluding both personal data and non-personal data. It is mandatory for all employees in Demant to comply with the Policy.   Our Data Privacy Policy establishes the overall framework for working with personal and sensitive personal data in Demant and is implemented as a General Operating Procedure (GOP). It applies to all Demant employees, who receive, handle, ac-cess, distribute, transmit, protect or store personal or sensitive personal data in any form.  Data privacy and ethics are governed by our Global Legal &amp; Compliance Board. Group Legal &amp; Compliance reports regularly on material issues to this Board, which includes the Executive Leader-ship Team, and to the audit committee.  Engaging with our stakeholders  S4-2 and S4-3  We handle personal data of our stakeholders with the utmost care and respect, recognising its sensi-tive nature, especially when it comes to hearing health information. Information about data privacy is provided in privacy notices when required by lo-cal legislation. All relevant stakeholders are in-formed of the use of their personal data and are also guided on how to exercise their legal rights regarding their personal data. The contact details of the Demant Group’s Data Protection Officer are communicated to all relevant stakeholders in the respective privacy notices, and the Demant pri-vacy mailbox is accessible on our company web-site.  We continue to experience an increasing interest in privacy matters, both internally and externally, and we spend significant resources on ensuring that all privacy queries are timely addressed. Most often, privacy violations occur due to human error and are categorised as minor data breaches. Re-medial action is taken in accordance with the type of data breach, the risk category and any local re-quirements.  Actions and results S4-4   All ongoing collection and processing of personal data are done in accordance with applicable laws and regulations, including the EU General Data Protection Regulation (GDPR) in the EU/EEA and California Consumer Privacy Act (CCPA) and the Health Insurance Portability and Accountability Act (HIPAA) in the US.  The Data Privacy team, which is part of Demant’s Group Legal &amp; Compliance, supports legal col-leagues and the business in relevant areas of our business. To support local implementation and awareness of data privacy policies and proce-dures, we have appointed around 100 data pri-vacy champions across our European sites. They receive ongoing training on privacy matters and notify the Data Privacy team if they encounter concerns or complaints related to data privacy. Tools and training  The Data Privacy team maintains a privacy portal for employees, containing relevant national and international legislation and guidelines that the Demant Group must comply with, training materi-als and access to relevant policies, templates and processes.  We started updating our data privacy training in 2025. The digital learning is mandatory for rele-vant employees and is key to preventing data breaches. Implementation will continue into 2026. Ad hoc training is also provided when incidents occur to mitigate future breaches. Based on risk assessment, we initiate awareness campaigns targeted towards relevant employees and func-tions on a continuous basis. Data breach response  In addition to established IT security measures, we have a well-functioning data breach response procedure. The Data Privacy team monitors any alerts of a potential data breach every day of the year and ensures that appropriate action is taken. After a data breach has been addressed, the Data Breach Response Team reviews the incident and implements measures to prevent future breaches. These may include reviewing physical and tech-nical access controls and/or security, reviewing policies and procedures, conducting obligatory training or ultimately imposing sanctions on em-ployees. Tracking effectiveness ESRS 2 MDR-T and S4-5  Demant has not set group targets related to data privacy. To assess effectiveness of our actions, we continuously evaluate our processes and prac-tices, which is embedded in our ways of working. We strive to limit data breaches across our opera-tions and aim for year-on-year improvement.  G1 Business conduct We take a proactive approach to business ethics to ensure that  we behave as a company we can be proud of.Own Hearing ClinicValue chainUpstreamDownstreamOwn operationsIROsRCorruption and briberyOAdvocacy for hearing healthProgress against targets20302025100%Code of conduct training for 99%highly exposed employeesCorruption and bribery We strive for high ethical standards and conduct business with integrity  and honesty. We have identified one risk related to business conduct: •  Demant operates in countries with risks of corruption and bribery, exposing our commer-cial departments to financial risk. We work with distributors who operate in countries where these risks are higher than in the coun-tries where Demant operates directly.  Policies, actions and results G1-1 and G1-3  Business ethics programme  Our Code of Conduct reflects our commitment to a high level of business ethics and is the over-arching compliance document for our Group. It sets the minimum standards and ethical principles applicable to all employees, regardless of location and the nature of their work, and provides every-one with a common understanding of how we con-duct our business.  Our business ethics programme lays a solid foun-dation for ensuring that Demant can identify, re-port and investigate any concerns about unlawful behaviour or behaviour that contradicts our Code of Conduct. In addition to the Code of Conduct, the business ethics programme covers the global whistleblower hotline as well as a portfolio of global programmes with relevant policies and guidelines, processes, tools, risk assessments, training and advice.  In 2025, we updated our General Manager In-struction to extend its scope to also cover the broader top management. Going forward, it will be called the Demant Group Management Instructions and will apply from 1 January 2026. The Instructions are legally binding and clearly outline expectations of the employees in scope within the Demant Group with a view to creating transparency on their role and related responsibili-ties.  Business ethics compliance is governed by the Legal &amp; Compliance Board. The Demant Group’s General Counsel is accountable for of all the poli-cies described in this section, while implementa-tion lies with the business. Group Legal &amp; Compli-ance is supported by a network of about 65 busi-ness ethics champions appointed in subsidiaries globally and in Group business functions.   Whistleblower hotline  The Demant whistleblower hotline enables em-ployees, business partners and all other internal and external stakeholders to report any concerns about serious and sensitive matters confidentially and anonymously. We encourage employees and external stakeholders to raise their concerns about serious and sensitive actions that (1) fail to comply with our Code of Conduct, (2) fail to com-ply with applicable laws and regulations and/or (3) jeopardise the health and safety of our employ-ees. These include concerns relating to corruption and bribery.  When incidents that fall into one or more of the above categories are reported, either directly through the hotline or through other channels, we initiate incident investigation, response and cor-rective action. Group Legal &amp; Compliance man-ages the whistleblower hotline, and our Investiga-tion Guideline describes step-by-step how an investigation is conducted. The Guideline ensures that the investigator involved in a specific whistle-blower case is independent from the chain of management involved in the matter.  When needed, Group Legal &amp; Compliance can escalate cases to the global Whistleblower Board, consisting of Demant’s CEO, CFO and Group General Counsel. Group Legal &amp; Compliance re-ports regularly on relevant reports received through the whistleblower hotline to the audit com-mittee.  We are committed to ensuring that there will be no discriminatory or retaliatory action against any employee or third party who, in good faith, raises a concern through the whistleblower hotline. Anti-retaliation is covered by our Whistleblower Policy, which we updated in 2025, and our efforts comply with Directive (EU) 2019/1937.  Anti-corruption and bribery It is a fundamental principle for Demant to com-pete for business on fair terms and solely on the merits of our services and products. Through an anti-corruption risk assessment, we have identi-fied the functions that are exposed to the highest risk in respect of corruption and bribery. These, among others, include employees that are in di-rect contact with public officials, for instance by participating in negotiations for public tenders on Demant’s behalf.  We have implemented policies and guidelines to mitigate corruption risks throughout our organisa-tion. These include an Anti-Corruption Policy, which was updated in 2025 to align with new inter-nal guidelines, and our Gifts &amp; Hospitality Guide-line, which contains country-specific appendices with local monetary limits. In 2025, we prepared a Conflict of Interest Guideline, which will apply from 1 January 2026. The Guideline will be imple-mented through updated processes and training of all relevant employees.  For distributors, we have a due diligence process where we assess the ethical risks, including anti-corruption risk, associated with dealing with third parties. Based on our findings, we implement ap-propriate mitigating measures, such as specific anti-corruption wording in contracts with third par-ties. Our Third Party Compliance Code, which contains a section on anti-corruption, is included as an appendix to contracts with third parties. Training and awareness To implement our policies and guidelines on busi-ness ethics, we train our employees and create awareness around risks. Our Code of Conduct e-learning broadly introduces the business ethics themes covered by the Code. Importantly, the e-learning informs employees about the whistle-blower hotline, what they can report and how to report, and provides information about our anti-re-taliation principles. Further, the Code of Conduct e-learning contains a deep dive into anti-corrup-tion. The e-learning is a central pillar of the induc-tion programme for new employees.  It is mandatory for all employees, including the Executive Leadership Team, to complete the e-learning. We closely follow training completion for employees that are considered to be highly ex-posed to corruption risk. In 2025, we initiated a project to update our Code of Conduct training to ensure a better fit to the different types of employ-ees across Demant. It is our ambition to conduct physical training of production and warehouse staff, and in 2026, we will focus on implementa-tion. We plan to relaunch e-training every three years to ensure ongoing knowledge and awareness of Demant’s Code of Conduct and business ethics principles and expectations. Our business ethics champions have received training on anti-corruption. As they are appointed throughout subsidiaries globally, they help us de-tect local issues, which could be problematic from an anti-corruption perspective, and ensure that Group Legal &amp; Compliance is involved to the ex-tent necessary. In addition, our business ethics champions help us raise awareness locally about the Code of Conduct, the whistleblower hotline as well as our Anti-Corruption Policy and guidelines that apply to all employees globally.  Targets and metrics Demant is committed to increasing business con-duct excellence, and in 2024, we set a target to ensure that 100% of highly exposed employees complete Code of Conduct training by 2030 (see accounting policy for scope). The target aligns with the objectives outlined in our Code of Con-duct.  Entity-specific metrics  Code of Conduct training  – highly exposed employees 99%100%76%80%60%40%20%No data available0%2021 2022 2023 2024 2025In 2025, 99% of the Group’s employees that are considered highly exposed completed the Code of Conduct training, representing a 23 percentage point increase compared to 2024.  The improvement was primarily driven by targeted follow-ups with employees who had not yet com-pleted the training. Code of Conduct training  – all employees 100%79%80%58%60%40%20%No data available0%2021 2022 2023 2024 2025Data on Code of Conduct training in our e-learn-ing module for the period from 2021-2023 is not available, as e-learning was introduced in 2024. Relevant employees received training through other channels prior to 2024. Whistleblower reports 140126120908710080604847402002021¹ 2022¹ 2023¹ 2024 20251Not covered by the Independent Auditor’s limited assurance report In 2025, Demant received 126 reports through the whistleblower hotline. Please note that not all re-ports received qualify as whistleblower cases.  The increase in reported cases reflects increased employee awareness of the whistleblower hotline which is likely driven by references to the hotline in this year’s anti-harassment and anti-discrimination campaign and awareness created through a higher completion rate of the Code of Conduct and Whistleblower Training. Distributor due diligence  10086758065576053402002021¹ 2022¹ 2023¹ 2024 20251Not covered by the Independent Auditor’s limited assurance report In 2025, Demant conducted 86 due diligence screenings. The increase in the number of distrib-utor due diligence assessments in 2025 reflects strengthened compliance efforts. G1-4 We had no confirmed incidents of corruption or bribery in Demant in 2025. Therefore, there have been no convictions or fines for violation of anti-corruption and anti-bribery laws in 2025. Accounting policy Code of Conduct training Code of Conduct training refers to the share of employees who completed the Code of Conduct training during the year and is reported separately for all employees and for highly exposed employ-ees. Highly exposed employees are employees in senior leadership and high-risk functions, e.g. Management, commercial functions, Finance, Le-gal, Export and Procurement. Only employees registered in our learning platform are included in the data. Employees in entities acquired after 30 September 2025 as well as employees hired after that date are not included in the numbers. Whistleblower reports Whistleblower reports refer to the number of whis-tleblower reports received through the whistle-blower hotline or through other channels, which were registered by the whistleblower unit in the system during the year. Distributor due diligence Distributor due diligence refers to the number of distributor due diligence processes conducted. Advocacy for hearing health Our advocacy efforts are closely intertwined with our objective of raising awareness about hearing healthcare and driven by our main purpose. G1-5  We have identified one opportunity related to polit-ical influence and lobbying activities: •  Engaging with governments and local authori-ties to raise awareness about the importance of hearing health represents an opportunity for Demant.  Policies guiding our behaviour  Our Anti-Corruption Policy establishes how De-mant’s Management and employees are expected to conduct themselves in relation to corruption. Demant is against any form of direct or indirect corruption and bribery, aiming at securing an im-proper advantage. The Policy does not allow polit-ical contributions, whether direct or indirect, which are defined as contributions to politicians, political campaigns and political parties.  The Demant Vice President of Corporate Commu-nication &amp; Sustainability is responsible for over-sight of our advocacy activities and supports De-mant’s Executive Leadership Team in our global advocacy efforts.  Actions  When carrying out advocacy activities, we carry with us our principles of conducting business with integrity and high ethical standards. We engage in advocacy activities through industry organisations by advocating industry-level initiatives and regula-tions to support the establishment of a more ad-vanced and better hearing healthcare infrastruc-ture. The objective is to ultimately ensure the best possible treatment for people with hearing loss, which underpins our material positive impact and opportunity related to life-changing hearing health (see page 92). We take active part in relevant industry organisa-tions, including, but not limited to, the following:  European Hearing Instrument Manufacturers Association (EHIMA)  The main objectives of EHIMA are to build and support public awareness of hearing issues, en-courage scientific research related to hearing in-struments, monitor common issues within the hearing instruments industry in Europe and repre-sent and protect the common interests of the members in the appropriate official EU bodies, other public institutions and private organisations. Demant is represented in the General Assembly and in the Technical, Regulatory, Public Affairs and Sustainability Committees.  EHIMA is registered in the EU Transparency Reg-ister under ID 34590331316-73.  Hearing Industries Association (HIA)  HIA serves as a forum for hearing aid manufactur-ers, suppliers, distributors and hearing health pro-fessionals in the US. HIA supports its members and carries out its mission through advocacy with Congress and the Administration, interaction with government agencies, focusing on the FDA, FTC and FCC, and engagement with professional pro-vider organisations and other consumer groups. Demant is represented in the board of directors and the Technical and Regulatory, Market In-sights, Market Analytics and Claims Committees.  Transparency We are transparent about our stance and advo-cate topics directly linked to our company purposeand strategy. How we engage politically varies, depending on local conditions, as activities to pro-mote hearing health depend entirely on country-specific legislation and hearing health infrastruc-ture.  In 2026, we plan to implement lobbying and advo-cacy guidelines to ensure alignment across the Group. Further, we plan to define a stronger gov-ernance structure to support our efforts.  Sustainability reporting risks and internal controlsDemant is committed to ensuring adequate reporting data quality and  mitigating significant risks related to sustainability reporting.Scoping of material topics A double materiality assessment is conducted on a yearly basis, please refer to page 62.  ESRS 2 GOV-5 Risk management in relation to sustainability reporting Demant’s sustainability reporting risk manage-ment framework is designed to identify, assess and manage risks related to sustainability report-ing. Key risk factors include regulatory compli-ance, data accuracy and stakeholder expecta-tions. We apply a comprehensive risk assessment process, involving regular reviews and updates. Through this process, we ensure that all identified potential risks are adequately addressed based on the scope of material sustainability topics iden-tified in the double materiality assessment. The identified risks are assessed as either high, medium or low. The sustainability reporting risk categorisation is based on inherent reporting risks, such as completeness and accuracy of the data. High risks have a higher prioritisation than medium and low risks. The main reporting risks are related to complete-ness and accuracy of the data submitted. The Sustainability Board receives updates on a quarterly basis and includes any findings in the in-ternal control framework related to sustainability reporting as well as measures to mitigate risks.  Disclosure requirements andincorporation by referenceESRS 2 IRO-2  The following tables outline all ESRS disclosure requirements in ESRS 2 and five topical stand-ards, which are relevant to Demant and have guided us in the preparation of this Sustainability statement. We have excluded disclosure require-ments in E2, E3, E4 and S3, as they are below our materiality thresholds.  The tables serve as guides for locating infor-mation on specific disclosure requirements in the Sustainability statement. They also indicate where information on a specific disclosure requirement not included in the Sustainability statement can be found. This information is ‘incorporated by refer-ence’ either in the Management statement and Fi-nancial statements of this Annual Report 2025 or in the separately published Remuneration Report.  Cross-cutting standards ESRS 2 General disclosures Disclosure requirementsStatementPageBP-1 General basis for preparationSustainability  50  BP-2 Datapoints that derive from other EU legislationSustainability  111 Management/The role of the administrative, management and 40, 46, GOV-1 supervisory bodiesSustainability47, 55  Information provided to and sustainability matters Management/addressed by the undertaking's administrative, GOV-2 management and supervisory bodiesSustainability55 Integration of sustainability-related performance in Remuneration GOV-3 incentive schemesreport  6-9 GOV-4 Statement on sustainability due diligenceSustainability  61  Risk management and internal controls over GOV-5 sustainability reportingSustainability  103  Strategy, business model and value chain Management/12, 16, SBM-1 (products, markets and customers)Sustainability19, 56 Strategy, business model and value chain SBM-1 (headcount by country)Sustainability  83, 88  Strategy, business model and value chain SBM-1 (breakdown of revenue)Financial  128  SBM-2 Interest and views of stakeholdersSustainability  61-62 56, 65, 75, 84, 86, 90, Material impacts, risks and opportunities and their 92, 94, SBM-3 interaction with strategy and business modelSustainability96  Description of the process to identify and assess IRO-1 material impacts, risks and opportunitiesSustainability  61 Environmental standardsESRS E1 Climate change Disclosure requirementsStatementPageE1-1 Transition plan for climate change mitigationSustainability  66  ESRS 2, Material impacts, risks and opportunities and their in-SBM-3 teraction with strategy and business modelSustainability  65  Description of the processes to identify and ESRS 2, IRO-assess material climate-related impacts, risks  1 and opportunitiesSustainability  61  Policies related to climate change mitigation and ad-E1-2 aptationSustainability  65  Actions and resources in relation to climate change E1-3 policiesSustainability  67  Targets related to climate change mitigation and ad-E1-4 aptationSustainability  68  E1-5 Energy consumption and mixSustainability  69  E1-6 Gross scopes 1, 2, 3 and total GHG emissionsSustainability  70  ESRS E5 Resource use and circular economy Disclosure requirementsStatementPageMaterial impacts, risks and opportunities and their ESRS 2 SBM-3 interaction with strategy and business modelSustainability  75 Description of the processes to identify and assess material resource use and circular ESRS 2, IRO-1 economy-related impacts, risks and opportunities Sustainability  61  Policies related to resource use and circular E5-1 economySustainability  75  Actions and resources related to resource use E5-2 and circular economySustainability  75  Targets related to resource use and circular econ-E5-3 omySustainability  76 E5-4 Resource inflowsSustainability  76  E5-5 Resource outflowsSustainability  76-77  Social standardsESRS S1 Own workforce Disclosure requirementsStatementPageMaterial impacts, risks and opportunities and their ESRS 2, SBM-3 interaction with strategy and business modelSustainability  84, 86  81, 84, S1-1 Policies related to own workforceSustainability86 Processes for engaging with own workers and S1-2 workers’ representatives about impactsSustainability  81, 84 Processes to remediate negative impacts and S1-3 channels for own workers to raise concernsSustainability  81, 84  Taking action on material impacts on own work-force, and approaches to managing material risks and pursuing material opportunities related to81, 84, S1-4 own workforce, and effectiveness of those actionsSustainability86 Targets related to managing material negative impacts, advancing positive impacts and managing S1-5 material risks and opportunitiesSustainability  85, 87 82-83, S1-6 Characteristics of the undertaking’s employeesSustainability85 S1-9                       Diversity metricsSustainability  87 S1-14 Health and safety metricsSustainability  85 Remunerations metrics (pay gap and total S1-16 remunerations)Sustainability  88  Incidents, complaints and severe human rights S1-17 impactsSustainability  88  Social standardsESRS S2 Workers in the value chain Disclosure requirementsStatementPageMaterial impacts, risks and opportunities and their ESRS 2, SBM-3 interaction with strategy and business modelSustainability  90  S2-1 Policies related to value chain workersSustainability  90  Processes for engaging with value chain workers S2-2 about impactsSustainability  90  Processes to remediate negative impacts and S2-3 channels for value chain workers to raise concernsSustainability  90  Taking action on material impacts on value chain workers and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those S2-4 actionsSustainability  90  Targets related to managing material negative impacts, advancing positive impacts and managing S2-5 material risks and opportunitiesSustainability  90  Social standards ESRS S4 Consumers and end-users Disclosure requirementsStatementPageMaterial impacts, risks and opportunities and their 92, 94, ESRS 2, SBM-3 interaction with strategy and business modelSustainability96 S4-1 Policies related to consumers and end-users Sustainability  94, 96 Processes for engaging with consumers and 92, 94, S4-2 end-users about impacts Sustainability96 Processes to remediate negative impacts and channels for consumers and end-users to raise S4-3 concernsSustainability  94, 96 Taking action on material impacts on consumers and end-users and approaches to mitigating  material risks and pursuing material opportunities related to consumers and end-users, and  92, 94, S4-4 effectiveness of those actionsSustainability96  Targets related to managing material negative impacts, advancing positive impacts and managing 92-95-S4-5 material risks and opportunitiesSustainability96  Governance standardsESRS G1 Business conduct Disclosure requirementsStatementPageThe role of the administrative, supervisory and 40, 46-ESRS 2, GOV-1 management bodiesManagement47, 55  G1-1 Business conduct policies and corporate cultureSustainability  99  G1-3 Prevention and detection of corruption and briberySustainability  99 G1-4 Incidents of corruption or briberySustainability  100 G1-5 Political influence and lobbying activitiesSustainability  101 Datapoints in cross-cutting and topical standards The table below outlines the list of datapoints in cross-cutting standards that derive from other EU legislation. Benchmark Disclosure SFDR Pillar 3 regulation  EU climate law requirementsDatapoints referencereferencereferencereferenceReport/section PageManagement ESRS 2 GOV-1  21 (d)  Board's gender diversity xxstatement40 Management ESRS 2 GOV-1    21 (e)  Percentage of board members who are independent paragraph xstatement46-47 Statement on due ESRS 2 GOV-4    30  Statement on due diligence xdiligence61 ESRS 2 SBM-1    40 (d) i  Involvement in activities related to fossil fuel activities paragraph xxxNot materialESRS 2 SBM-1  40 (d) ii  Involvement in activities related to chemical production xxNot materialESRS 2 SBM-1  40 (d) iii  Involvement in activities related to controversial weapons xxNot materialESRS 2 SBM-1   40 (d) iv  Involvement in activities related to cultivation and production of tobacco xNot materialESRS E1-1   14  Transition plan to reach climate neutrality by 2050 xClimate change66 ESRS E1-1   16 (g)  Undertakings excluded from the EU Paris-Aligned Benchmark xxNot materialESRS E1-4   34  GHG emissions reduction targets xxxClimate change68 Energy consumption from fossil sources disaggregated by sources (only ESRS E1-5  38 high climate-impact sectors) xClimate change69 ESRS E1-5  37  Energy consumption and mix xClimate change 69  ESRS E1-5   40-43  Energy intensity associated with activities in high climate-impact sectors xClimate change69 ESRS E1-6   44  Gross scope 1, 2 and 3 and total GHG emissions xxxClimate change70 ESRS E1-6   53-55  Gross GHG emissions intensity xxxClimate change71 ESRS E1-7   56  GHG removals and carbon credits xNot materialESRS E1-9   66  Exposure of the benchmark portfolio to climate-related physical risks XNot materialESRS E1-9   66 (a)  Disaggregation of monetary amounts by acute and chronic physical risk xNot materialESRS E1-9   66 (c)  Location of significant assets at material physical risk xNot materialBreakdown of the carrying value of real estate assets by energy- ESRS E1-9   67 (c) efficiency classes xNot materialESRS E1-9    69  Degree of exposure of the portfolio to climate-related opportunities XNot materialBenchmark Disclosure SFDR Pillar 3 regulation  EU climate law requirementsDatapointsreferencereferencereferencereferenceReport/section PageAmount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water ESRS E2-4   28 and soil xNot materialESRS E3-1   9  Water and marine resources xNot materialESRS E3-1   13  Dedicated policy xNot materialESRS E3-1   14  Sustainable oceans and seas xNot materialESRS E3-4   28 (c)  Total water recycled and reused xNot material3ESRS E3-4   29  Total water consumption in m per net revenue on own operations xNot materialESRS 2 -  SBM 3 - E4  16 (a) i    xNot materialESRS 2 -  SBM 3 - E4  16 (b)    xNot materialESRS 2 -  SBM 3 - E4 16 (c)    xNot materialESRS E4-2   24 (b)  Sustainable land/agriculture practices or policies xNot materialESRS E4-2   24 (c)  Sustainable oceans/seas practices or policies xNot materialESRS E4-2   24 (d)  Policies to address deforestation xNot materialESRS E5-5   37 (d)  Non-recycled waste xNot materialESRS E5-5   39  Hazardous waste and radioactive waste xNot materialESRS 2 -  SBM3 - S1   14 (f)  Risk of incidents of forced labour xOwn workforce88 ESRS 2 -  SBM3 - S1  14 (g)  Risk of incidents of child labour xOwn workforce54 ESRS S1-1   20  Human rights policy commitments xOwn workforce54 Due diligence policies on issues addressed by the fundamental Interna-ESRS S1-1   21 tional Labour Organization Conventions 1 to 8 xOwn workforce84 ESRS S1-1   22  Processes and measures for preventing trafficking in human beings xOwn workforce54 ESRS S1-1   23  Workplace accident prevention policy or management system xOwn workforce84-85 ESRS S1-3   32 (c)  Grievance/complaints handling mechanisms xOwn workforce81 88 (b), ESRS S1-14  (c)  Number of fatalities and number and rate of work-related accidents xxOwn workforce85 ESRS S1-14   88 (e)  Number of days lost to injuries, accidents, fatalities or illness xNot materialESRS S1-16   97 (a)  Unadjusted gender pay gap xxOwn workforce88 Benchmark Disclosure SFDR Pillar 3 regulation  EU climate law requirementsDatapointsreferencereferencereferencereferenceReport/section PageESRS S1-17   103 (a)  Incidents of discrimination  xOwn workforce88 Non-compliance with UNGPs on Business and Human Rights and ESRS S1-17  104 (a) OECD Guidelines xxOwn workforce88 ESRS 2 -  Workers in the SBM3 - S2  11 (b)  Significant risk of child labour or forced labour in the value chain xvalue chain90 Workers in the ESRS S2-1  17  Human rights policy commitments xvalue chain54 Workers in the ESRS S2-1  18  Policies related to value chain workers xvalue chain90 Non-compliance with UNGPs on Business and Human Rights principles Workers in the ESRS S2-1  19 and OECD guidelines xxvalue chain90 Due diligence policies on issues addressed by the fundamental Interna-Workers in the ESRS S2-1   19 tional Labour Organization Conventions 1 to 8 xvalue chain90 Human rights issues and incidents connected to upstream and down-Workers in the ESRS S2-4  36 stream value chain xvalue chain90 ESRS S3-1   16  Human rights policy commitments xNot materialNon-compliance with UNGPs on Business and Human Rights, ILO prin-ESRS S3-1   17 ciples or OECD guidelines xxNot materialESRS S3-4  36  Human rights issues and incidents xNot materialConsumers and ESRS S4-1  16  Policies related to consumers and end-users xend-users 94, 96 Non-compliance with UNGPs on Business and Human Rights and Consumers and ESRS S4-1  17 OECD guidelines xxend-users 94, 96 Consumers and ESRS S4-4   35  Human rights issues and incidents xend-users 94, 96 ESRS G1-1    10 (b)  United Nations Convention against Corruption paragraph xBusiness conduct99 ESRS G1-1    10 (d)  Protection of whistleblowers paragraph xBusiness conduct99 ESRS G1-4    24 (a)  Fines for violation of anti-corruption and anti-bribery laws paragraph xXBusiness conduct100 ESRS G1-4  24 (b)  Standards of anti-corruption and anti-bribery xBusiness conduct99</mrv:SustainabilityReport>
   <mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="f1__s10__7__9" xml:lang="en">Data and IT security As our Group becomes increasingly digitalised, more devices and control systems are connected online, resulting in a broader interface across our IT infrastructure that could potentially be compro-mised. As a large, global organisation, we are dependent on numerous IT systems and the general IT infra-structure to operate efficiently across our value chain. This carries an inherent risk of system er-rors, human errors, data breaches or other inter-ruptions that may impact the Group financially. In addition, we may be exposed to attempts to ac-cess or steal information, computer viruses, denial of service and other digital security breaches. Since 2020, Demant has performed annual ma-turity assessments based on the Cyber Security Framework (CSF) of the National Institute of Standards and Technology (NIST). Starting in 2025, the audit committee is responsible for re-viewing these assessments to ensure our continu-ous focus on relevant parameters. The assess-ment for 2025 was conducted internally. Confirming our commitment to protect client data and continuously improve cybersecurity, we have obtained ISO 27001 certification.  We train and educate our employees in IT-related topics on an ongoing basis to limit any IT-related incidents caused by human errors. We regularly revise policies to ensure that they are up-to-date and reflect the current environment.    Demant is entrusted with personal data on em-ployees, customers, users and business partners, which are collected and processed in accordance with applicable laws and regulations. As our busi-ness continues to grow, the complexity of manag-ing customers’ data increases. We remain com-mitted to protecting personal data, and failure to do so could have serious consequences for the people whose data we possess as well as for the Group. We have a global Data Ethics Policy, and it is mandatory for all employees to comply with the Policy. The Policy covers all processing of data, including personal and non-personal, and goes beyond compliance, as we already work dili-gently to ensure that personal data is processed in accordance with regulatory frameworks. For more information on how we manage personal data to protect our users’ right to privacy, please refer to page 96 and our Data Ethics Policy. •  We continuously assess our IT maturity and remain focused on ensuring proper IT security. •  We train and educate our employees in IT-related topics. •  We ensure an adequate response and timely reporting in case of an IT security incident. •  We remain committed to protecting per-sonal data.</mrv:StatementOfPolicyForDataEthics>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f1__s10__7__19" xml:lang="en">Diversity In Demant, we work to foster respect for diversity, and we strive to treat all employees fairly. The Global Policy on Human Resources has two dis-tinct drivers related to equal treatment: belonging and personal awareness. The overview of Demant’s compliance with sus-tainability and ESG reporting requirements, in-cluding diversity metrics for the Group and for the legal entity Demant A/S, can be found in the Sus-tainability Statement.  Furthermore, the sections below outline the com-position, diversity and qualifications of the Board of Directors and the Executive Leadership Team</mrv:StatementOfTheDiversityPolicies>
   <mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory contextRef="ctx-1" id="f1__s10__7__20" xml:lang="en">Material impacts, risks and opportunitiesESRS 2 SBM-3 and SBM-1  Our annual assessment of materiality of sustaina-bility topics informs strategic decisions and guides our external reporting. When we assess sustaina-bility topics, we consider both the impacts of our business on society and the environment (impact materiality) and how sustainability topics affect Demant’s financial performance in the form of business risks and opportunities (financial materi-ality).  We have identified material impacts, risks and op-portunities (IROs) across six topical standards as illustrated in the overview on this page. They con-sist of one positive impact, 11 negative impacts, six risks and three opportunities and are de-scribed on the following pages. Managing impacts is part of our day-to-day opera-tions. It is embedded in policies, guidelines and in-structions that guide our actions. All identified IROs are integral to our business model, and based on our assessment, they do not require any major changes to our strategy or operations be-yond ongoing adjustments and continuous im-provements.  In the model on page 53, we illustrate the interac-tion between the material topics and our strategy. The methodology and process used to identify the material IROs are described on page 61. Financially material Double material S1  Talent attraction and retention  E1  GHG emissions (scope 1, 2 and 3)  S4  Product quality and safety  E5  Resource consumption  G1  Corruption and bribery  E5  Non-circular economy practices G1  Advocacy for hearing health  S4  Providing life-changing hearing health  S4  Right to privacy for end-users  Not material Impact material European Sustainability  Reporting Standard topics We have not identified any IROs within the  E5  Use of packaging  topical standards E2 pollution, E3 biodiversity, E1  Climate change  E4 water and S3 affected communities.   S1  Healthy and safe working environment  E5  Resource use and circular economy  S1  Working time  S1  Own workforce S1  Discrimination and harassment  S1S2  Workers in the value chain   Equal opportunities  S4  Customers and end-users  S1  Equal pay for work of equal value  G1  Business conduct S2  Working conditions for value chain workers  Impact material Return, service and repairIROs in our value chain Raw materialsComponent LogisticsRetail LogisticsEnd of lifePurchase of raw manufacturing Transportation Counselling, Transportation Disposal of materials by Conversion of of components fitting and of hearing aids products suppliersraw materials into to Demant’s dispensing of and diagnostic according to componentsproduction hearing aids to equipment to local waste sitesusers by own external legislationhearing care customersprofessionalsOwn Hearing ClinicValue chainUpstream DownstreamOwn operationsIROsGHG emissions (scope 1, 2 and 3)Resource consumptionUse of packagingNon-circular economy practicesHealthy and safe working environmentWorking timeTalent attraction and retentionProduct circularityDiscrimination and harasmentEqual opportunitiesEqual pay for work of equal valueProduct circularityProviding life-changing hearing healthProduct quality and safetyRight to privacy for end-usersCorruption and briberyAdvocacy for hearing healthOur IROs On the following pages, we outline the IROs that were identified and  assessed as material during the double materiality assessment.  Value Time  Climate change (E1) IRO chain horizon Climate change mitigation GHG emissions (scope 1, 2 and 3) Demant’s direct and indirect greenhouse gas emissions have a nega-UP Short tive impact on climate change. Most greenhouse gas emissions are NOO Medium scope 3 emissions stemming from suppliers’ operations and from ma-DO Long terials and components that are difficult to replace. There is a risk that Demant will face commercial disadvantages, if we do not address our climate change impact, e.g. through established ROO  Long and publicly disclosed targets and action plans to reduce our green-house gas (GHG) emissions. Impact, risk or opportunity Value chain Time horizon   = Negative impact   NUP = Upstream Short (1 year)   = Positive impact  POO = Own operations Medium (2-5 years)   = Risk  RDO = Downstream Long (More than 5 years)   = Opportunity OValue Time  Resource use and circular economy (E5) IRO chain horizon Resource inflows, including resource use Resource consumption The quantities and sourcing of the different materials that we require for our operations have negative impacts on the environment related NUP  Short to resource extraction, such as pollution and ecosystem impacts, and on the potential depletion of non-renewable resources. The risk is related to the scarcity and availability of the resources De-mant needs. If Demant cannot access key materials, it will disrupt our ability to produce and deliver products. There is an increased financial ROO  Medium risk when demand for these resources increases, while supply re-mains constrained, leading to price increases and higher production costs for Demant and, consequently, lower profits. Use of packaging We require packaging for transportation, protection and delivery of our products to users, which adds pressure on the market for the use and extraction of resources, such as paper, cardboard and plastics. The NUP  Short environmental impact of packaging is defined by the packaging de-sign, the amount and type of material used and sourcing of such mate-rials.  Resource outflows related to products and services Non-circular economy practices Demant’s current product design and process follow a linear economy UP model, meaning that once a product is no longer used, its materials Medium NOO are not reused or recycled. The lack of component recovery and recy-Long cling increases the use of new materials and thus has a negative im-DO pact on the environment. If Demant introduces circular actions to reincorporate materials and components into production, this can reduce material dependency on Medium OOO new components and the need for virgin materials and potentially re-Long duce costs for purchasing materials and components.  Value Time  Own workforce (S1) IRO chain horizon Working conditions Healthy and safe working environment Physical health and safety incidents occur across Demant’s sites. Short NOO These, along with cases of stress leave, can negatively impact our Medium employees’ health and well-being.  Working time  Excessive overtime can sometimes be a problem across the Demant NOO  Short Group and have a negative impact on employees’ well-being and af-fect their work-life balance, if they do not get the rest they need. Talent attraction and retention There is a risk related to the availability of skilled personnel, to our ability to attract the right talent and to high turnover rates in some em-ROO  Short ployment areas, which could mean high expenses for the recruitment, onboarding and training of new staff. Equal treatment and opportunities for all Discrimination and harassment Cases of discrimination and harassment that can, among others, be based on gender, nationality or ethnicity sometimes occur in the global Short NOO multicultural workforce. This can lead to negative impact on own em-Medium ployees. There is a higher likelihood of negative impacts in some re-gions and in relation to minorities in more homogenous populations.  Equal opportunities  Some employee groups may encounter barriers to professional ad-Short vancement due to their personal demographics. This can have nega-NOO tive impacts on those employees’ professional development and thus Medium their wellbeing and engagement in the workplace. Equal pay for work of equal value Demant may have a negative impact on employees’ right to equal pay Short for equal work. A documented systemic pay gap still exists between NOO genders in many societies. This can affect employees’ standard of liv-Medium ing as well as their wellbeing and engagement in the workplace.  Value Time  Workers in the value chain (S2) IRO chain horizon Working conditions Working conditions for value chain workers Demant operates a long and complex value chain, engaging with sup-pliers that operate in countries and industries, where workers’ rights to a fair and safe working environment may not be observed. Known se-NUP  Short vere impacts include forced and child labour in the electronics manu-facturing sector and related supply chain, which is part of Demant’s supply chain. Value Time  IROs Consumers and end-users (S4) chain horizon Social inclusion of consumers and end-users Providing life-changing hearing health  Through our products, Demant positively impacts people living with Short hearing loss, our users, by enhancing their engagement in life and cre-PDO Medium ating a positive ripple effect on their surroundings, including their fami-Long lies, colleagues and friends.  The enhancement of people’s quality of life through hearing health so-Short lutions is the core of our business and a key driving force behind reve-OOO Medium nue growth and market expansion. Safety of consumers Product quality and safety In case of lack of quality or non-compliance with medical device regu-lations, the company’s licence to operate and its ability to bring prod-ROO  Short ucts to market are at risk. Any product recalls would also have nega-tive financial effects on Demant.  Information-related impacts for consumers and/or end-users Right to privacy for end-users  Due to the nature of our business, we have access to patients’ and us-NDO  Short ers’ sensitive personal data, which means that if such data is compro-mised, the impact will potentially be negative.  Under GDPR, Demant may face penalties if we fail to adequately pro-ROO  Short tect user privacy. Value Time  Business conduct (G1) IRO chain horizon Corruption and bribery Corruption and bribery Demant operates in countries with risks of corruption and bribery, ex-posing our commercial departments to these risks. Corruption inci-Short dents may lead to fines and reputational damage and thereby affect ROO Demant’s ability to win public tenders. We also work with distributors Medium who operate in countries where these risks are higher than in the countries where Demant operates directly.  Political influence and lobbying activities  Advocacy for hearing health Engaging with governments and local authorities to raise awareness about the importance of hearing health by testing more people and  Medium OOO ultimately treating their hearing loss represents an opportunity for  Long Demant, since the level of reimbursement in individual countries  affects the penetration rate and thus impacts markets. There are few changes in IROs compared to our 2024 reporting. Enabled by a more granular and objective assessment, we have: •  Assessed climate change adaptation not to be material  •  Disaggregated ‘product circularity’ into three distinct IROs: resource consumption, non-cir-cular economy practices and packaging •  Disaggregated ‘working conditions’ into two distinct IROs: safe and healthy working condi-tions and working time •  Disaggregated ‘diversity, equity and inclusion’ into three distinct IROs: discrimination and harassment, equal opportunities and equal pay for work of equal value  •  Integrated ‘hearing health awareness’ into the IRO ‘life-changing hearing health’  More information on each IRO, including how we manage them through polices, actions and tar-gets, is provided in the topical Environment, So-cial and Governance sections. Double materiality assessment  Building on a strong foundation, we matured our due diligence mapping and our financial assessment processes in 2025.  ESRS 2 IRO-1, GOV-4, SBM-2, IRO-1 E1 and E5 Impact assessment  To enable a more granular and objective identifi-cation of impacts, we initiated a corporate-wide sustainability due diligence mapping process in 2025, which is aligned to best practices in the OECD Guidelines and the UNGPs. The process builds on the human rights assessment and envi-ronmental analysis conducted in 2024.  The objective of the due diligence mapping pro-cess was to assess the adverse impacts that De-mant has or may have on defined human rights and in environmental and governance areas. The assessments focused on the more likely impacts, not all imaginable impacts, as well as on areas where Demant may cause or contribute to ad-verse impacts. To assess impacts that Demant is linked to, we defined value chain scope as ‘known severe impacts’ based on desktop research.  The starting point for this process was a thorough value chain mapping, defining own operations as entities with operational control. This enabled con-sideration of geographies with elevated risk of po-tential impact as well as alignment on our core ac-tivities. Please refer to This is Demant on page 11 and the value chain model on page 57. The sup-ply chain mapping focused on the main tier-one suppliers’ activities as well as their most important component and material value chains.  The identification and assessment of impacts were initially informed by desktop research, using sources, such as established risk indices for country and sector risks and expert articles from NGOs and academia. Engagement with internal stakeholders further qualified the identification and scoring of impacts, also leveraging external stake-holders’ perspectives based on internal knowledge from existing stakeholder engagement processes. Read more about how Demant en-gages with stakeholders on page 62.  The due diligence process incorporated assess-ment of materiality through a scoring methodology that included the following parameters: scale, scope and irremediability to assess impact sever-ity, and likelihood. For scoring of potential nega-tive human rights impacts, severity took prece-dence over likelihood.  Disclosures in this section (page 56-61) and in the topical sections (page 64-101) map how we apply the main aspects and steps of due diligence in re-lation to embedding due diligence in governance and strategy, engaging stakeholders, preventing and mitigating negative impacts and tracking ef-fectiveness.  To assess the materiality of climate change, we started by examining our own greenhouse gas emissions (GHG) accounting. We assessed our emissions performance against our climate tar-gets and our general emissions trend to determine materiality.  In relation to circular economy, the identification and assessment of impacts were based on our own business understanding and current business model practices.  No material IROs were identified for pollution, wa-ter and biodiversity. We conducted a two‑step en-vironmental assessment of our main locations evaluating the geographic context with the WWF Risk Tool and site-specific activities through envi-ronmental questionnaires completed by on-site employees.  Financial assessment The starting point for the financial assessment of sustainability matters was the identified impacts. We further assessed what dependencies Demant has in relation to the business model and whether these lead to any risks or opportunities.  We assessed financial materiality through a scor-ing methodology that included the following pa-rameters: size of financial effect, likelihood, and impact on reputation.  In 2025, we matured our approach to financial as-sessment through increased use of quantitative measures to support our conclusions on material-ity. We engaged internal risk management and commercial operations specialists from our key business areas to qualify the assessment ap-proach for each risk and opportunity that the core project team had initially identified. We also con-sulted our Investor Relations team and our Fi-nance department to ensure that the perspectives of investors and lenders, whom we define as the primary users of our annual reports, were consid-ered.  To assess climate-related transition risks, i.e. risks that arise from technological, market and legal shifts toward a low-carbon economy, Demant identified relevant transition events under scenar-ios limiting global warming by the end of the cen-tury to 1.5°C with minimal overshoot. In the as-sessment, we considered different types of transi-tion events, influencing our own operations and those of the supply chain within a 2050 horizon.  Climate-related physical risks across key loca-tions, such as headquarters, manufacturing sites and the sites of our main suppliers, were as-sessed, using IPCC scenarios (RCP2.6, RCP4.5, RCP8.5) with a 2065 horizon. Based on the most granular secondary data available, the analysis covered climate-related hazards, such as wildfires and droughts. Based on the results, we deter-mined that climate-related physical risks were not financially material to Demant. To identify material risks and opportunities related to circular economy, we conducted a qualitative assessment of the key materials used in produc-tion and how these are sourced. Based on sec-ondary information from the electronics industry, the assessment considered criteria, such as the percentage of materials not recycled at the end of a product’s life.  Qualification and validation  Subject matter owners were engaged through the whole process to qualify and validate final scoring, yielding a final list of material IROs ranked over the internally aligned quantitative materiality threshold on either impact, financial effect or both. Alignment on the threshold ensured consistency across all topics, while allowing subject matter ex-perts and owners to provide sound qualitative ar-guments to inform the final materiality assessment in those cases where the quantitative assessment was very close to the threshold.  The material IROs were then discussed and vali-dated in the forum of the Sustainability Board, which is ultimately accountable for the assess-ment and management of material IROs. The au-dit committee also provided their validation of ma-terial IROs, ensuring that sustainability-related im-pacts and risks are considered appropriately alongside other types of risks and are integrated into the continuous risk management processes of the Group’s business areas and functions.</mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f1__s10__7__16-1" xml:lang="en">EU taxonomy regulation disclosureEligibility To determine Demant’s eligible activities, we screened our turnover, OPEX (the cost of R&amp;D, short-term leases, maintenance and repair) and CAPEX (net investments in property, plant and equipment, intangible assets and addition of right-of-use assets) against the activities of the Taxon-omy Compass.  The three eligible economic activities that are sub-ject to alignment under the EU taxonomy are: •  Manufacture of electrical and electronic equip-ment, which relates to our manufacture of hearing aids and diagnostic instruments. •  Data processing, hosting and related activi-ties, which relates to our IT servers. •  Acquisition and ownership of buildings, which relate to our offices, manufacturing facilities and retail. Alignment  For each eligible activity, we are not able to com-ply with at least one of the technical screening cri-teria. Therefore, we are not able to claim align-ment for any of our eligible activities. For example, under the manufacture of electrical and electronic equipment activity, Demant should provide access to repairability information to external professional repairers. This is, however, information that we currently do not disclose externally, as it is consid-ered sensitive to our business.  Demant continuously works to reduce the environ-mental impact associated with our business. How-ever, fulfilling all the alignment requirements for our eligible activities is not a strategic priority for us. For the mandatory reporting templates, see Addi-tional information on pages 111-113. EU Taxonomy overview table(DKK million)Economic activities Turnover Capex Opex Total Turnover, CAPEX, OPEX      22,971   100%  2,108   100%  1,484   100% Taxonomy non-eligible activi-ties     3,570   16%   240   11%  1,433   97% Climate change mitigation   7.7 Acquisition and ownership of buildings  -  0%  1,685   80%    -  -   8.1 Data processing and hosting  -  0%   25   1%    51   3% 1.2 Manufacturing of electrical and electronic Circular Economy equipment   19,401   84%    158   8%    -  - Eligible not aligned       19,401   84%  1,868   89%    51   3% Accounting policy As our eligible taxonomy activities are very lim-ited, the risk of double counting is considered very low. However, to make sure that we do not in-clude the same amounts multiple times, we per-form a reconciliation against the supporting finan-cial information to ensure that the total aligns with the financial notes. Turnover  Turnover is reported and defined as taxonomy-eli-gible turnover (numerator) divided by the total turnover (denominator). OPEX Total OPEX covers direct non-capitalised costs pertaining to R&amp;D, renovation of buildings, short-term leases, maintenance and other direct costs relating to the day-to-day servicing of property, plant and equipment. The KPI is defined as  taxonomy-eligible OPEX (numerator) divided by total OPEX (denominator). CAPEX CAPEX consists of additions to property, plant and equipment, intangible assets, excluding good-will, as well as right-of-use assets. The KPI is de-fined as taxonomy-eligible CAPEX (numerator) di-vided by total CAPEX (denominator).EU Taxonomy regulation disclosure Turnover   Substantial contributions to objectives 1-6 (%)  Do no significant harm to objectives 1-6 (y/n)          Propor-Climate Climate Water Pollution Protec-Climate Climate Water Pollution Protec-Minimum Propor-Category tion of change change and ma-preven-tion of change change and ma-preven-tion of social tion of enabling/ Absolute turnover mitiga-adapta-rine re-Circular tion and biodiver-mitiga-adapta-rine re-Circular tion and biodiver-safe-turnover transi-Economic activity Code turnover in 2025 tion tion sources economy control sity tion tion sources economy control sity guards in 2024 tional  DKK million  %  %  %  %  %  %  %  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  %  E/T A.1 Taxonomy aligned activitiesNone0 0 0 0  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a 0  n/a Turnover of taxonomy aligned activities (A.1) 0   0   0   0   n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  0   n/a Of which enabling0 0 0 0  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a 0  n/a Of which transitional0 0 0  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a 0  n/a Taxonomy eligible but not aligned activitiesManufacturing of electrical and electronic equipmentCE 1.2   19,401 84 0 0 0  100  0   0   84 Turnover of taxonomy eligible but not aligned activities (A.2)  19,401 84 0 0 0   100  0   0   84   Turnover of taxonomy eligible activities (A1 + A2)  19,401 84 0 0 0   100  0   0   84   B. Taxonomy non-eligible activities Turnover of taxonomy non-eligible activities3,570  16 16 Total¹   22,971   100   100 ¹Total revenue, Financial statements 2025, Note 2.1. CAPEX    Substantial contributions to objectives 1-6 (%)  Do no significant harm to objectives 1-6 (y/n)          Propor-Climate Climate Water Pollution Protec-Climate Climate Water Pollution Protec-Minimum Propor-Category tion of change change and ma-preven-tion of change change and ma-preven-tion of social tion of enabling/ Absolute CAPEX in mitiga-adapta-rine re-Circular tion and biodiver-mitiga-adapta-rine re-Circular tion and biodiver-safe-CAPEX in transi-Economic activity Code CAPEX 2025 tion tion sources economy control sity tion tion sources economy control sity guards 2024 tional  DKK million  %  %  %  %  %  %  %  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  %  E/T A.1 Taxonomy aligned activitiesNone0 0 0 0  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a 0  n/a Turnover of taxonomy aligned activities (A.1) 0   0   0   0   n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  0   n/a Of which enabling0 0 0 0  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a 0  n/a Of which transitional0 0 0  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a 0  n/a Taxonomy eligible but not aligned activitiesAcquisition and ownership of buildingsCCM 7.7  1,685  80 100 0 0  0   0   0   57 Manufacturing of electrical and electronic equipmentCE 1.2    158 7 0 0 0   100 0   0   8   Data processing and hostingCCM 8.1  25 1 100 0 0  0   0   0    2   CAPEX of taxonomy eligible  but not aligned activities (A.2)    1,868  88 100 0 0   100  0   0   67 CAPEX of taxonomy eligible  activities (A1 + A2)1868  88   100  0  0    100  0   0   67 B. Taxonomy non-eligible activities   CAPEX of taxonomy non-eligible activities24012 33 Total¹ 2,108   100   100 ¹Property, plant and equipment, Financial statements, Note 4.2 and 4.3. OPEX   Substantial contributions to objectives 1-6 (%)  Do no significant harm to objectives 1-6 (%)          Category Propor-Climate Climate Water Pollution Protec-Climate Climate Water Pollution Protec-Minimum Propor-ena-tion of change change and ma-preven-tion of change change and ma-preven-tion of social tion of bling/ Absolute OPEX in mitiga-adapta-rine re-Circular tion and biodiver-mitiga-adapta-rine re-Circular tion and biodiver-safe-OPEX in transi-Economic activity Code OPEX 2025 tion tion sources economy control sity tion tion sources economy control sity guards 2024 tional  DKK million  %  %  %  %  %  %  %  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  %  E/T A.1 Taxonomy aligned activitiesNone0 0 0 0  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a 0  n/a OPEX of taxonomy aligned  activities (A.1) 0   0   0   0   n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  0   n/a Of which enabling0 0 0 0  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a 0  n/a Of which transitional0 0 0  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a 0  n/a Taxonomy eligible but not aligned activitiesData processing and hostingCCM 8.1  51 3 100 0 0  0   0   0   3   OPEX of taxonomy eligible but  not aligned activities (A.2)   51 3 0 0 0  0   0   0    3   OPEX of taxonomy eligible  activities (A1 + A2)  51 3 0 0 0  0   0   0    3   B. Taxonomy non-eligible activities OPEX of taxonomy non-eligible  activities  1,433 97  97   Total 1,484   100   100</mrv:DescriptionofTheTaxonomyRegulation>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f1__s10__7__235" xml:lang="en">Statement by Management The Board of Directors and the Executive Board have today considered and adopted the Annual Report of Demant A/S for the financial year 1 Jan-uary to 31 December 2025. The consolidated financial statements for Demant A/S have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and the Parent financial state-ments have been prepared in accordance with the Danish Financial Statements Act. The Manage-ment statement has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial state-ments and the Parent financial statements give a true and fair view of the financial position at 31 December 2025 of the Group and the Parent and the results of the Group and the Parent operations and consolidated cash flows for the financial year 1 January to 31 December 2025. In our opinion, the Management statement in-cludes a fair review of the development in the op-erations and financial circumstances of the Group and the Parent, of the results for the year and of the financial position of the Group and the Parent as well as a description of the most significant risks and elements of uncertainty, which the Group and the Parent are facing. Additionally, the Sustainability statement, which is part of the Management statement, has been pre-pared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99a. This includes compliance with the European Sustainability Reporting Standards (ESRS), in-cluding that the process undertaken by Manage-ment to identify the reported information (the “Pro-cess”) is in accordance with the description set out in the Double materiality assessment section. Furthermore, disclosures in the EU taxonomy sub-section under the Environment section of the Sus-tainability statement are, in all material respects, in accordance with article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”). The Sustainability statement includes forward-looking statements based on disclosed assump-tions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different, since antici-pated events frequently do not occur as expected.  In our opinion, the Annual Report of Demant A/S for the financial year 1 January to 31 December 2025 with the file name DEMANT-2025-12-31-en.zip is prepared, in all material respects, in com-pliance with the ESEF Regulation. We recommend that the Annual Report 2025 be adopted at the annual general meeting on 5 March 2026.</sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f1__s10__7__236" xml:lang="en">Smørum</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f1__s10__7__237">2026-02-03</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-37" id="f1__s10__7__238" xml:lang="en">Søren Nielsen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-37" id="f1__s10__7__239" xml:lang="en">President &amp; CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-38" id="f1__s10__7__240" xml:lang="en">René Schneider</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-38" id="f1__s10__7__241" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-39" id="f1__s10__7__242" xml:lang="en">Niels Wagner,</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-39" id="f1__s10__7__243" xml:lang="en">President Hearing Care</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" id="f1__s10__7__244" xml:lang="en">Niels B. Christiansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-40" id="f1__s10__7__245" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-41" id="f1__s10__7__246" xml:lang="en">Niels Jacobsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-41" id="f1__s10__7__247" xml:lang="en">Vice Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-42" id="f1__s10__7__248" xml:lang="en">Thomas Duer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="f1__s10__7__250" xml:lang="en">Heidir Hørby</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="f1__s10__7__251" xml:lang="en">Sisse Fjelsted Rasmussen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-43" id="f1__s10__7__249" xml:lang="en">Anders Højsgaard Thomsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="f1__s10__7__252" xml:lang="en">Kristian Villumsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="f1__s10__7__253" xml:lang="en">Katrin Pucknat</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__255" xml:lang="en">To the shareholders of Demant A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__256" xml:lang="en">Our opinion In our opinion, the Consolidated Financial State-ments give a true and fair view of the Group’s fi-nancial position at 31 December 2025 and of the results of the Group’s operations and cash flows for the financial year 1 January to 31 December 2025 in accordance with IFRS Accounting Stand-ards as adopted by the EU and further require-ments in the Danish Financial Statements Act. Moreover, in our opinion, the Parent Company Fi-nancial Statements give a true and fair view of the Parent Company’s financial position at 31 Decem-ber 2025 and of the results of the Parent Com-pany’s operations for the financial year 1 January to 31 December 2025 in accordance with the Dan-ish Financial Statements Act. Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Directors. What we have audited The Consolidated Financial Statements of De-mant A/S for the financial year 1 January to 31 December 2025 comprise the consolidated in-come statement and consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated cash flow statement, the consolidated statement of changes in equity and the notes, including material accounting policy in-formation.  The Parent Company Financial Statements of De-mant A/S for the financial year 1 January to 31 December 2025 comprise the income statement, the balance sheet, the statement of changes in equity and the notes, including material account-ing policy information. Collectively referred to as the “Financial Statements”.</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__257" xml:lang="en">Basis for opinion We conducted our audit in accordance with Inter-national Standards on Auditing (ISAs) and the ad-ditional requirements applicable in Denmark. Our responsibilities under those standards and re-quirements are further described in the Auditor’s responsibilities for the audit of the Financial State-ments section of our report.   We believe that the audit evidence we have ob-tained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Pro-fessional Accountants (IESBA Code) as applica-ble to audits of financial statements of public inter-est entities, and the additional ethical require-ments applicable in Denmark. We have also ful-filled our other ethical responsibilities in accord-ance with these requirements and the IESBA Code.   To the best of our knowledge and belief, prohib-ited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.   Appointment We were first appointed auditors of Demant A/S on 10 March 2022 for the financial year 2022. We have been reappointed annually by shareholder resolution for a total period of uninterrupted en-gagement of four years including the financial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-1" id="f1__s10__7__258" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2025. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter Acquisitions Acquisitions are complex transactions, which are subject to significant estimates, including the identification and valuation of assets, liabilities and contingent con-sideration etc. In order to determine the fair value of the separately identified as-sets and liabilities in a business combina-tion, the valuation methodologies require input based on assumptions about the fu-ture and applied discounted cash flow forecasts, including market development and WACC.We focused on this area because of the significance to the Financial Statements, the inherent complexity and high degree of estimation in the accounting for acqui-sitions, as well as the potential inherent risk related to the control environment.Our main focus of the area was on the acquisition of KIND Group.Reference is made to Note 7.1 Acquisi-tion of businesses in the consolidated fi-nancial statements.How our audit addressed the key audit matter We performed risk assessment procedures with the pur-pose of achieving an understanding of procedures and rel-evant controls relating to acquisition accounting. In re-spect of controls, we assessed whether these were de-signed and implemented effectively to address the risk of material misstatement. Our audit procedures included assessing the appropriate-ness of the accounting policies for acquisitions applied by Management and assessing compliance with IFRS Ac-counting Standards. We assessed the valuation methodologies applied by Management and challenged Management’s significant assumptions used to determine the fair value of the ac-quired assets and liabilities in the acquisitions, including the fair value of the intangible assets. Finally, we assessed the adequacy of disclosures relating to the acquisitions. Key audit matter Revenue recognition Recognition of revenue is inherently complex due to the extent of different revenue streams, several performance obligations, trial periods and prepaid dis-counts, which are subject to interpreta-tion, including the point in time of satis-faction of the performance obligations and recognition of related deferred reve-nue in respect of e.g. extended warran-ties, after sales services, etc.We focused on this area because of the significance to the Financial Statements, as well as the complexity and high de-gree of estimation related to e.g. prepaid discounts, provision for sales returns and extended warranties and deferred reve-nue. In addition, we focused on this area as revenue comprises a substantial num-ber of transactions, with different charac-teristics depending on the business area the revenue relates to.Reference is made to Note 2.1 Revenue and segment disclosures in the consoli-dated financial statements.How our audit addressed the key audit matter Our audit procedures included considering the appropri-ateness of the accounting policies for revenue recognition applied by Management and assessing compliance with IFRS Accounting Standards. We performed risk assessment procedures to understand the information processing activities in relation to revenue recognition and evaluated whether the information sys-tems appropriately support revenue recognition and measurement in accordance with the accounting policies. We identified controls addressing risk of material misstate-ments determined to be significant risk and evaluated the design of the controls and determined whether the con-trols have been implemented. We assessed the accounting estimates related to the recognition and presentation of revenue with Manage-ment. Further, we performed substantive procedures regarding invoicing, significant contracts and provision for e.g. sales returns and extended warranties in order to assess the ac-counting treatment and principles applied. We applied data analysis in our testing of selected reve-nue streams in order to identify transactions outside the ordinary transaction flow, including journal entry testing. Finally, we assessed the adequacy of disclosures relating to revenue recognition</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__259" xml:lang="en">Statement on Management’s review Management is responsible for Management’s re-view. Management's review consist of the Man-agement statement (page 4-48) and the Sustaina-bility statement (page 49-113). Our opinion on the Financial Statements does not cover Management’s review, and we do not as part of the audit express any form of assurance conclusion thereon. In connection with our audit of the Financial State-ments, our responsibility is to read Management’s review and, in doing so, consider whether Man-agement’s review is materially inconsistent with the Financial Statements or our knowledge ob-tained in the audit, or otherwise appears to be ma-terially misstated. Moreover, we considered whether Management’s review includes the disclosures required by the Danish Financial Statements Act. This does not include the requirements in paragraph 99 a re-lated to the sustainability statement covered by the separate auditor’s limited assurance report hereon. Based on the work we have performed, in our view, Management’s review is in accordance with the Consolidated financial statements and the Parent Company Financial Statements and has been prepared in accordance with the require-ments of the Danish Financial Statements Act, ex-cept for the requirements in paragraph 99 a re-lated to the sustainability statement, cf. above. We did not identify any material misstatement in Man-agement’s review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f1__s10__7__260" xml:lang="en">Management’s responsibilities for the Financial Statements Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further re-quirements in the Danish Financial Statements Act and for the preparation of parent company fi-nancial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Manage-ment is responsible for assessing the Group’s and the Parent Company’s ability to continue as a go-ing concern, disclosing, as applicable, matters re-lated to going concern and using the going con-cern basis of accounting unless Management ei-ther intends to liquidate the Group or the Parent Company or to cease operations, or has no realis-tic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f1__s10__7__261" xml:lang="en">Auditor’s responsibilities for  the audit of the Financial Statements Our objectives are to obtain reasonable assur-ance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an au-ditor’s report that includes our opinion. Reasona-ble assurance is a high level of assurance, but is not a guarantee that an audit conducted in ac-cordance with ISAs and the additional require-ments applicable in Denmark will always detect a material misstatement when it exists. Misstate-ments can arise from fraud or error and are con-sidered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the ba-sis of these Financial Statements. As part of an audit in accordance with ISAs and the additional requirements applicable in Den-mark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:  •  Identify and assess the risks of material mis-statement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and ob-tain audit evidence that is sufficient and appro-priate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one re-sulting from error, as fraud may involve collu-sion, forgery, intentional omissions, misrepre-sentations, or the override of internal control. •  Obtain an understanding of internal control rel-evant to the audit in order to design audit pro-cedures that are appropriate in the circum-stances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control. •  Evaluate the appropriateness of accounting policies used and the reasonableness of ac-counting estimates and related disclosures made by Management. •  Conclude on the appropriateness of Manage-ment’s use of the going concern basis of ac-counting and based on the audit evidence ob-tained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Par-ent Company’s ability to continue as a going concern. If we conclude that a material uncer-tainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclo-sures are inadequate, to modify our opinion. Our conclusions are based on the audit evi-dence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern. •  Evaluate the overall presentation, structure and content of the Financial Statements, in-cluding the disclosures, and whether the Fi-nancial Statements represent the underlying transactions and events in a manner that gives a true and fair view. •  Plan and perform the group audit to obtain suf-ficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial State-ments and the Parent Company Financial Statements. We are responsible for the direc-tion, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with govern-ance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with rele-vant ethical requirements regarding independ-ence, and to communicate with them all relation-ships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We de-scribe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f1__s10__7__262" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Financial Statements, we performed procedures to express an opinion on whether the annual report of Demant A/S for the financial year 1 January to 31 December 2025 with the filename DEMANT-2025-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic For-mat (ESEF Regulation) which includes require-ments related to the preparation of the annual re-port in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes. Management is responsible for preparing an an-nual report that complies with the ESEF Regula-tion. This responsibility includes: •  The preparing of the annual report in XHTML format; •  The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to ele-ments in the taxonomy, for all financial infor-mation required to be tagged using judgement where necessary; •  Ensuring consistency between iXBRL tagged data and the Consolidated Financial State-ments presented in human-readable format; and •  For such internal control as Management de-termines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assur-ance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have ob-tained, and to issue a report that includes our opinion. The nature, timing and extent of proce-dures selected depend on the auditor’s judge-ment, including the assessment of the risks of ma-terial departures from the requirements set out in the ESEF Regulation, whether due to fraud or er-ror. The procedures include: •  Testing whether the annual report is prepared in XHTML format; •  Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process;  •  Evaluating the completeness of the iXBRL tag-ging of the Consolidated Financial Statements including notes; •  Evaluating the appropriateness of the com-pany’s use of iXBRL elements selected from the ESEF taxonomy and the creation of exten-sion elements where no suitable element in the ESEF taxonomy has been identified;  •  Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and •  Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report of Demant A/S for the financial year 1 January to 31 December 2025 with the file name DEMANT-2025-12-31-en.zip is prepared, in all material respects, in com-pliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f1__s10__7__263" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f1__s10__7__264">2026-02-03</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx-49" id="f1__s10__7__266" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx-48" id="f1__s10__7__265" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-48" id="f1__s10__7__267">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-49" id="f1__s10__7__268">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-48" id="f1__s10__7__269" xml:lang="en">Rasmus Friis Jørgensen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-48" id="f1__s10__7__270" xml:lang="en">State-Authorised</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-48" id="f1__s10__7__271">mne28705</cmn:IdentificationNumberOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-49" id="f1__s10__7__272" xml:lang="en">Torben Jensen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-49" id="f1__s10__7__273" xml:lang="en">State-Authorised</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-49" id="f1__s10__7__274">mne18651</cmn:IdentificationNumberOfAuditor>
   <arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="f1__s10__7__277" xml:lang="en">To the stakeholders of Demant A/S</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
   <arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="f1__s10__7__278" xml:lang="en">Limited assurance conclusion We have conducted a limited assurance engage-ment on the sustainability statement of Demant A/S (the “Group”) included in management state-ment (the “Sustainability Statement”), page 49- 113, for the financial year 1 January – 31 Decem-ber 2025.</arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
   <arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" id="f1__s10__7__279" xml:lang="en">Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all ma-terial respects, in accordance with the Danish Fi-nancial Statements Act paragraph 99 a, including:  •  Compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the Sus-tainability Statement (the “Process”) is in ac-cordance with the description set out in the section “Double materiality assessment”; and •  Compliance of the disclosures in the section “EU Taxonomy regulation disclosure” of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regula-tion”).</arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
   <arr:EmphasisOfMatterSubstainabilityReport contextRef="ctx-1" id="f1__s10__7__281" xml:lang="en">Other Matter The comparative information for the financial years 1 January – 31 December 2023, 2022 and 2021 included in the Sustainability Statement of the Group was not subject to an assurance en-gagement. Our conclusion is not modified in re-spect of this limitation of scope. Management’s responsibilities for the Sustainability Statement Management is responsible for designing and im-plementing a process to identify the information reported in the Sustainability Statement in accord-ance with the ESRS and for disclosing this Pro-cess as included in the section “Double materiality assessment” of the Sustainability Statement. This responsibility includes: •  Understanding the context in which the Group’s activities and business relationships take place and developing an understanding of its affected stakeholders; •  The identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and op-portunities that affect, or could reasonably be expected to affect, the Group’s  financial posi-tion, financial performance, cash flows, ac-cess to finance or cost of capital over the short-, medium-, or long-term; •  The assessment of the materiality of the iden-tified impacts, risks and opportunities related to sustainability matters by selecting and ap-plying appropriate thresholds; and •  Making assumptions that are reasonable in the circumstances. Management is further responsible for the prepa-ration of the Sustainability Statement, which in-cludes the information identified by the Process, in accordance with the Danish Financial Statements Act paragraph 99 a, including:  •  Compliance with the ESRS; •  Preparing the disclosures as included in the section “EU Taxonomy regulation disclosure” of the Sustainability Statement, in compliance with Article 8 of the Taxonomy Regulation; •  Designing, implementing and maintaining such internal control that management determines is necessary to enable the prepa-ration of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and •  The selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasona-ble in the circumstances.  Inherent limitations in preparing the Sustainability Statement In reporting forward-looking information in accord-ance with ESRS, management is required to pre-pare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be differ-ent since anticipated events frequently do not oc-cur as expected. Auditor’s responsibilities for the assurance engagement Our responsibility is to plan and perform the as-surance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered mate-rial if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.  As part of a limited assurance engagement in ac-cordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement.  Our responsibilities in respect of the Process in-clude: •  Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Pro-cess, including the outcome of the Process;  •  Considering whether the information identified addresses the applicable disclosure require-ments of the ESRS; and  •  Designing and performing procedures to eval-uate whether the Process is consistent with the Group’s description of its Process, as dis-closed in the section “Double materiality as-sessment”.   Our other responsibilities in respect of the Sus-tainability Statement include:  •  Identifying where material misstatements are likely to arise, whether due to fraud or error; and  •  Designing and performing procedures respon-sive to disclosures in the Sustainability State-ment where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omis-sions, misrepresentations, or the override of internal control. Summary of the work performed A limited assurance engagement involves per-forming procedures to obtain evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on profes-sional judgement, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability Statement. In conducting our limited assurance engagement, with respect to the Process, we:  •  Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by manage-ment; and reviewing the Group’s internal doc-umentation of its Process; and •  Evaluated whether the evidence obtained from our procedures about the Process imple-mented by the Group was consistent with the description of the Process set out in the sec-tion “Double materiality assessment”. In conducting our limited assurance engagement, with respect to the Sustainability Statement, we: •  Obtained an understanding of the Group’s re-porting processes relevant to the preparation of its Sustainability Statement including the consolidation processes by obtaining an un-derstanding of the Group’s control environ-ment, processes and information systems rel-evant to the preparation of the Sustainability Statement but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their op-erating effectiveness;  •  Evaluated whether the information identified by the Process is included in the Sustainability Statement; •  Evaluated whether the structure and the presentation of the Sustainability Statement is in accordance with the ESRS; •  Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement; •  Performed substantive assurance procedures on selected information in the Sustainability Statement; •  Where applicable, compared disclosures in the Sustainability Statement with the corre-sponding disclosures in the financial state-ments and management statement. Evaluated the methods, assumptions and data for devel-oping estimates and forward-looking infor-mation; and •  Obtained an understanding of the Group’s process to identify taxonomy-eligible and tax-onomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement.</arr:EmphasisOfMatterSubstainabilityReport>
   <arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="f1__s10__7__276" xml:lang="en">Independent auditor’s limited assurance report on the SustainabilityStatement  To the stakeholders of Demant A/S Limited assurance conclusion We have conducted a limited assurance engage-ment on the sustainability statement of Demant A/S (the “Group”) included in management state-ment (the “Sustainability Statement”), page 49- 113, for the financial year 1 January – 31 Decem-ber 2025. Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all ma-terial respects, in accordance with the Danish Fi-nancial Statements Act paragraph 99 a, including:  •  Compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the Sus-tainability Statement (the “Process”) is in ac-cordance with the description set out in the section “Double materiality assessment”; and •  Compliance of the disclosures in the section “EU Taxonomy regulation disclosure” of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regula-tion”). Basis for conclusion  We conducted our limited assurance engagement in accordance with International Standard on As-surance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or re-views of historical financial information (“ISAE 3000 (Revised)”) and the additional requirements applicable in Denmark.  The procedures in a limited assurance engage-ment vary in nature and timing from, and are less in extent than for, a reasonable assurance en-gagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditor’s re-sponsibilities for the assurance engagement sec-tion of our report.  Our independence and quality management We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Pro-fessional Accountants (IESBA Code) and the additional ethical requirements applicable in Den-mark. We have also fulfilled our other ethical re-sponsibilities in accordance with these require-ments and the IESBA Code. Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality man-agement including policies or procedures regard-ing compliance with ethical requirements, profes-sional standards and applicable legal and regula-tory requirements. Other Matter The comparative information for the financial years 1 January – 31 December 2023, 2022 and 2021 included in the Sustainability Statement of the Group was not subject to an assurance en-gagement. Our conclusion is not modified in re-spect of this limitation of scope. Management’s responsibilities for the Sustainability Statement Management is responsible for designing and im-plementing a process to identify the information reported in the Sustainability Statement in accord-ance with the ESRS and for disclosing this Pro-cess as included in the section “Double materiality assessment” of the Sustainability Statement. This responsibility includes: •  Understanding the context in which the Group’s activities and business relationships take place and developing an understanding of its affected stakeholders; •  The identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and op-portunities that affect, or could reasonably be expected to affect, the Group’s  financial posi-tion, financial performance, cash flows, ac-cess to finance or cost of capital over the short-, medium-, or long-term; •  The assessment of the materiality of the iden-tified impacts, risks and opportunities related to sustainability matters by selecting and ap-plying appropriate thresholds; and •  Making assumptions that are reasonable in the circumstances. Management is further responsible for the prepa-ration of the Sustainability Statement, which in-cludes the information identified by the Process, in accordance with the Danish Financial Statements Act paragraph 99 a, including:  •  Compliance with the ESRS; •  Preparing the disclosures as included in the section “EU Taxonomy regulation disclosure” of the Sustainability Statement, in compliance with Article 8 of the Taxonomy Regulation; •  Designing, implementing and maintaining such internal control that management determines is necessary to enable the prepa-ration of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and •  The selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasona-ble in the circumstances.  Inherent limitations in preparing the Sustainability Statement In reporting forward-looking information in accord-ance with ESRS, management is required to pre-pare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be differ-ent since anticipated events frequently do not oc-cur as expected. Auditor’s responsibilities for the assurance engagement Our responsibility is to plan and perform the as-surance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered mate-rial if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.  As part of a limited assurance engagement in ac-cordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement.  Our responsibilities in respect of the Process in-clude: •  Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Pro-cess, including the outcome of the Process;  •  Considering whether the information identified addresses the applicable disclosure require-ments of the ESRS; and  •  Designing and performing procedures to eval-uate whether the Process is consistent with the Group’s description of its Process, as dis-closed in the section “Double materiality as-sessment”.   Our other responsibilities in respect of the Sus-tainability Statement include:  •  Identifying where material misstatements are likely to arise, whether due to fraud or error; and  •  Designing and performing procedures respon-sive to disclosures in the Sustainability State-ment where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omis-sions, misrepresentations, or the override of internal control. Summary of the work performed A limited assurance engagement involves per-forming procedures to obtain evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on profes-sional judgement, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability Statement. In conducting our limited assurance engagement, with respect to the Process, we:  •  Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by manage-ment; and reviewing the Group’s internal doc-umentation of its Process; and •  Evaluated whether the evidence obtained from our procedures about the Process imple-mented by the Group was consistent with the description of the Process set out in the sec-tion “Double materiality assessment”. In conducting our limited assurance engagement, with respect to the Sustainability Statement, we: •  Obtained an understanding of the Group’s re-porting processes relevant to the preparation of its Sustainability Statement including the consolidation processes by obtaining an un-derstanding of the Group’s control environ-ment, processes and information systems rel-evant to the preparation of the Sustainability Statement but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their op-erating effectiveness;  •  Evaluated whether the information identified by the Process is included in the Sustainability Statement; •  Evaluated whether the structure and the presentation of the Sustainability Statement is in accordance with the ESRS; •  Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement; •  Performed substantive assurance procedures on selected information in the Sustainability Statement; •  Where applicable, compared disclosures in the Sustainability Statement with the corre-sponding disclosures in the financial state-ments and management statement. Evaluated the methods, assumptions and data for devel-oping estimates and forward-looking infor-mation; and •  Obtained an understanding of the Group’s process to identify taxonomy-eligible and tax-onomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement.</arr:AuditorsReportOnSubstainabilityReport>
   <arr:StatementOfAuditorsResponsibilitySubstainabilityReport contextRef="ctx-1" id="f1__s10__7__280" xml:lang="en">Auditor’s responsibilities for the assurance engagement Our responsibility is to plan and perform the as-surance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered mate-rial if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.  As part of a limited assurance engagement in ac-cordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement.  Our responsibilities in respect of the Process in-clude: •  Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Pro-cess, including the outcome of the Process;  •  Considering whether the information identified addresses the applicable disclosure require-ments of the ESRS; and  •  Designing and performing procedures to eval-uate whether the Process is consistent with the Group’s description of its Process, as dis-closed in the section “Double materiality as-sessment”.   Our other responsibilities in respect of the Sus-tainability Statement include:  •  Identifying where material misstatements are likely to arise, whether due to fraud or error; and  •  Designing and performing procedures respon-sive to disclosures in the Sustainability State-ment where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omis-sions, misrepresentations, or the override of internal control.</arr:StatementOfAuditorsResponsibilitySubstainabilityReport>
   <arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx-1" id="f1__s10__7__282" xml:lang="en">Hellerup</arr:SignatureOfSubstainabilityAuditorsPlace>
   <arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx-1" id="f1__s10__7__283">2026-02-03</arr:SignatureOfSubstainabilityAuditorsDate>
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   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-50" id="f1__s10__7__288" xml:lang="en">Rasmus Friis Jørgensen</cmn:NameAndSurnameOfSubstainabilityAuditor>
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   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-51" id="f1__s10__7__291" xml:lang="en">Torben Jensen</cmn:NameAndSurnameOfSubstainabilityAuditor>
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