Nasdaq CopenhagenIFRS · DKK

T&W Medical A/S

T&W Medical A/S is a Danish investment holding company focused on equity investments in medtech and life science businesses. Through its group interests, it is exposed to products and technologies related to hearing care, epilepsy care, and other medical and health-related solutions.

Ask about the company
Revenue19.3bn DKK
+0.0 %y/y
Operating profit (EBIT)1,907m DKK
+0.0 %y/y
EBIT margin9.9%
+0.0 ppy/y
Net income-347m DKK
+0.0 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

-1001020bn DKK2023: 19.7 bn DKK2023: EBIT -7.6 bn DKK20232024: 19.3 bn DKK2024: EBIT 1.9 bn DKK20242025: 19.3 bn DKK2025: EBIT 1.9 bn DKK202519.31.9
RevenueOperating profit (EBIT)
Ask Clarifo about T&W Medical A/S

Business

Share of revenue
Hearing care solutions95 %

Hearing aids and associated hearing-care products sold through operating group interests.

Neurology and epilepsy devices3 %

Implantable and EEG-based devices and solutions for epilepsy and neurological care.

Investment holdings2 %

Ownership interests in medtech and life science companies and related investments.

Customers

The company serves end users and healthcare channels through its operating interests, especially people needing hearing solutions and patients with epilepsy-related care needs. Its products are also sold through audiology professionals, clinics, and independent distributors that support diagnosis, fitting, and ongoing device use.

Hearing-impaired consumers

Buy hearing aids and related products to improve daily hearing and communication.

Audiology professionals and clinics

Purchase, fit, and service hearing solutions for end users.

Independent distributors

Buy hearing products for resale in local markets and channel coverage.

Epilepsy care patients and providers

Use EEG and implantable devices for monitoring and managing epilepsy care.

Strategy

T&W Medical’s stated focus is to own and invest in high-technology medtech and life science companies that improve quality of life. The portfolio approach combines long-term ownership with exposure to specialized healthcare technologies and established commercial platforms.

Build value through medtech ownershipLong term

The holding company model depends on developing and supporting businesses with durable medical technology positions.

Support commercial scale in core health platformsMedium term

Global distribution and product adoption are central to monetizing specialized healthcare technologies.

Geography

The group has a global operating footprint through its hearing-care interests, with products sold worldwide via own sales companies and independent distributors. Denmark is the company’s home base, while the underlying businesses depend on international markets, supply chains, and regulatory approvals across multiple countries.

Risks

The business is exposed to operating-company risks from medtech commercialization, including competition, product development, and regulatory approval requirements. It also faces supply-chain, cyber, foreign exchange, and refinancing risks through its underlying group interests and international operations.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Supply chain disruption1Regulatory and approval risk2Cybersecurity and IT disruption3Refinancing and interest rate risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Supply chain disruptionImpact: HighLikelihood: High

    The operating businesses rely on international suppliers for components.

    ExposureComponentsProductionLaunches
  2. Regulatory and approval riskImpact: HighLikelihood: Medium

    Medical devices require approvals across jurisdictions, and standards can change over time.

    Exposure: Hearing aids and implantable devices

  3. Cybersecurity and IT disruptionImpact: HighLikelihood: Medium

    Ransomware or data breaches can halt operations and affect sensitive medical information.

    Exposure: Production systems and patient data

  4. Refinancing and interest rate riskImpact: HighLikelihood: Medium

    Floating-rate debt and maturity refinancing can pressure cash flow if markets tighten.

    Exposure: Senior secured loans

Ask Clarifo about T&W Medical A/S

Accounting

Judgemental items
Purchase price allocation amortization

Amortization of acquired identifiable assets can materially depress EBIT and distort year-to-year comparisons.

Impact: Reported operating profit

Special items

Non-recurring acquisition-related or other exceptional costs are excluded from adjusted measures, affecting underlying performance interpretation.

Impact: Adjusted EBITDA and EBIT

Intangible asset impairment

Medtech acquisitions and technology assets require impairment testing if performance weakens.

Impact: Asset carrying values and earnings

Last updated: 24/10/2026