GN Store Nord (GN) Q4 2025 earnings summary

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.