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GN Store Nord (GN) investor relations material
GN Store Nord Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved -1% organic growth in 2025, with strong performance in Hearing (+5%), offset by declines in Enterprise (-6%) and Gaming (-2%), while gaining market share and executing well despite challenging conditions.
EBITA margin reached 11.4% for the year, reflecting effective cost control, pricing initiatives, and an extraordinary R&D write-down.
Free cash flow (excl. M&A) was DKK 1.1 billion, supporting balance sheet improvement, deleveraging, and debt reduction.
Product innovation and launches, notably the Evolve3 headset and Vivya platform, are expected to drive future growth.
Strengthened business fundamentals and prepared for profitable growth in 2026 through innovation and cost control.
Financial highlights
Q4 2025 organic revenue growth was -2%; full-year organic revenue growth was -1%.
Q4 EBITA margin was 13.4%, impacted by an extraordinary R&D write-down related to a new partnership.
Net interest-bearing debt reduced by over DKK 800 million, enabling refinancing at attractive terms.
Free cash flow for Q4 (excl. M&A) was DKK 744 million; full-year DKK 1,112 million.
Net profit for 2025 was DKK 710 million, with EPS at 4.48.
Outlook and guidance
2026 group organic revenue growth guided at 3%-7%, with EBITA margin of 11.5%-13.5%.
Underlying margin expansion of 1-3 percentage points expected, driven by revenue growth and operational leverage.
Hearing expected to grow 3%-7%, Enterprise 0%-6%, and Gaming 7%-13% in 2026.
Long-term EBITA margin target remains 16%-17%, with margin expansion expected beyond 2026.
Growth in 2026 expected to be back-end loaded, especially in Enterprise and Gaming.
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