GN Store Nord
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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.
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Q4 2025 earnings summary5 Feb, 2026

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.

Evolve3: What specific market shifts will it address?
Explain Hearing's '26 gross margin improvement plan
Why is Gaming's mice market share stable?
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Frequently asked questions

GN Store Nord A/S develops, manufactures, and markets hearing instruments, hearing aid accessories and solutions, and other products primarily for professional and consumer use in the GN Audio business segment. It offers the GN Cruizer hearing instrument, which is characterized by the company as an easy-to-use device that takes up less space, improves the quality of sound to the user during listening situations, and connects to multiple GN audio devices; and Ventia hearing instruments that include different types of hearing instruments (hearing aids and acoustic loop systems). It also provides GN 360° is a wireless communication platform that facilitates audio transmission between medical staff, patients and equipment. Further, the company provides its products through a network of authorized dealers located across Europe.

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