GN Store Nord (GN) Q3 2026 earnings summary

Executive summary

• Continuing-operations revenue grew 3% to DKK 2,267m, including 2% organic growth; adjusted EBITA was DKK 413m, with an 18.2% margin versus 8.8% a year earlier.

• Evolve3 and Gaming launches supported momentum; DKK 153m of tariff refunds also boosted Q3 gross profit.

Financial highlights

• Adjusted gross profit was DKK 1,324m and adjusted gross margin was 58.4%, versus DKK 1,084m and 49.0% in Q3 2025.

• Free cash flow excluding M&A was DKK 45m; working-capital changes were negative DKK 205m, with a build-up ahead of Q4.

• Net interest-bearing debt was DKK 9,578m and adjusted leverage was 3.9x, versus 4.0x in Q3 2025.

• Continuing-operations net profit was DKK 144m; total profit including discontinued operations was DKK 379m.

Outlook and guidance

• FY 2026 guidance was confirmed: continuing-operations organic revenue growth of 0%–3% and adjusted EBITA margin of 9%–10%, excluding Hearing transaction one-off costs.

• Enterprise is expected to grow in the lower half of its -3% to +3% range; Gaming is expected in the lower half of its 7% to 13% range, implying strong double-digit Q4 growth.

• Core Enterprise, excluding FalCom and BlueParrott, is expected to sustain Q3 momentum in Q4; further wireless launches are planned for early 2027.

• FalCom FY26 revenue is now expected at DKK 150m versus DKK 200m previously, as larger projects move into 2027; Q4 faces a 2%–3% comparative headwind.

• Q4 OPEX is expected to be marginally higher, mainly due to sales and marketing launch support; Q3 G&A was unusually low after allocation corrections.