GN Store Nord (GN) Q3 2025 earnings summary

Executive summary

• Achieved 1% organic revenue growth (excluding wind-down), led by strong performance in Hearing and Gaming, while Enterprise faced challenges due to EMEA market uncertainty; reported organic growth was -1% due to wind-down effects.

• EBITA margin was 11% in Q3 2025, down from 13.3% in Q3 2024, with free cash flow (excl. M&A) of DKK 410 million, reflecting strong cost focus and operational execution.

• Leverage improved to 4.0x from 4.3x year-over-year, supported by new financing arrangements and healthy cash flow.

• Recent product launches (Vivia, Enzo, Arctis Nova Elite) received positive market feedback and are expected to support future growth.

Financial highlights

• Group revenue for Q3 2025 was DKK 4,060 million, with gross profit at DKK 2,155 million and gross margin of 54.4%, down 0.4pp year-over-year.

• EBITA was DKK 435 million, margin at 11.0%; free cash flow (excl. M&A) was DKK 410 million, driven by earnings and working capital improvements.

• Net interest-bearing debt decreased to DKK 9.4 billion, leverage at 4.0x.

• Divisional profit margins: Hearing 34.2%, Enterprise 33.8%, Gaming 8.6% (excluding wind-down).

• Earnings per share (EPS) was DKK 0.50 (Q3 2024: DKK 1.86); equity ratio at 29%.

Outlook and guidance

• 2025 guidance confirmed: organic revenue growth (excluding wind-down) of -2% to +2%, EBITA margin of 11–13%, and free cash flow (excl. M&A) of DKK 800 million.

• Wind-down expected to negatively impact reported organic revenue growth by approximately 3 percentage points.

• Management expects gradual improvement in Enterprise and continued strong performance in Hearing into Q4.