July VA data shows further sequential share gains for Oticon

Equity Research 14 August 2026 | 9:30PM BST

July VA data shows further sequential share gains for Oticon

Hearing Aid data from the VA (U.S. Department of Veterans Affairs) for July Richard Felton, CFA | highlighted several key points. (1) Hearing Aid unit growth of +5.2% marked a solid Goldman Sachs International start of Q3. (2) Oticon delivered further share gains with an additional +40bps of Lauren Mitchell sequential value share gains, now +460bps of share gains vs April (prior to the launch | of Zeal), which confirms our view that Zeal is a standout launch for the sector. (3) Goldman Sachs International

Supported by key launches in the ITE category, the Custom Hearing Aid Category now represents 19.5% of Hearing Aids total value in the VA (up from ~13.5% in July 2025).

We review performance of the European listed manufacturers below; note units is Hearing Aid only and value includes Hearings Aids and chargers...

Oticon (Demant, Buy) saw Y/Y unit and value growth of +29.3% and +58.7% in July. In terms of market share, Oticon’s value market share has increased from 18.9% in April (prior to Zeal launch) to 23.5% in July. We note that +460bps share gain in three months post launch compares favourably to other recent launches.

Phonak (Sonova, Neutral) achieved Y/Y unit and value growth of +20.4% and +22.8% in July. In terms of market share, Phonak’s unit share increased from 50.8% in June to 51.3% in July, and its value share (including chargers) increased from 51.2% to 51.6% during the same period.

GN Resound (GN Store Nord, Not Rated) saw Y/Y unit decline of -12.8% in July, although value growth increased by +5.4% on Y/Y basis. In terms of market share, Resound’s unit share decreased from 9.3% in June to 9% in July, and its value share decreased 9.7% to 9.3% during the same period.

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Exhibit 1: Hearing aids: Summary snapshot for July 2026 (hearing aids only for units; hearing aids + chargers for sales growth) Period Market share (YoY) Unit growth in latest… (YoY) Sales growth in latest… Jul-26 Units Value Month Comp 3 months 12 months Month Comp 3 months 12 months Total Industry 5.2% -0.5% -0.7% 1.6% 13.5% 22.8% 7.4% 23.6% Oticon 23.1% #N/A 23.5% #N/A 29.3% #N/A -5.9% 22.5% #N/A 2.2% #N/A 58.7% #N/A 8.7% 49.5% #N/A 27.3% #N/A Sonova/Phonak 51.3% #N/A 51.6% 20.4% #N/A -6.6% 12.8% #N/A 11.2% #N/A 22.8% #N/A 19.9% 15.7% #N/A 33.6% #N/A GN Resound 9.0% #N/A 9.3% -12.8% #N/A 3.2% -17.8% #N/A -0.1% #N/A 5.4% #N/A 15.6% 0.1% #N/A 30.7% #N/A Starkey 9.9% 9.2% -33.4% 7.0% -35.9% -22.3% -32.4% 32.0% -34.8% -9.3%

Source: Data compiled by Goldman Sachs Global Investment Research, Veterans Affairs

Exhibit 2: Oticon saw +58.7% increase in value in July Oticon y/y value growth in the VA channel

Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26

Exhibit 3: ...and reached all-time highs in VA value share in July 2026 (3rd month since its the launch in the VA channel in May) Oticon-Value market share

Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26

Valuation methodology: Our 12-month price target of DKK 330 is derived using an equal blend of a DCF and a multiples-based valuation (using our annualised Q5-Q8 estimates). Our DCF implies an intrinsic value of DKK 337 per share and uses a WACC of 8.0% and terminal growth of +2.5%. Our multiples-based approach applies an 18.0x P/E multiple