Denmark · Delayed Price · Currency is DKK GN Store Nord Earnings Call Transcripts
Fiscal Year 2026
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Q1 saw strong growth in premium headsets and gaming, but EMEA enterprise demand remained weak, impacting group revenue and margins. Guidance for 2026 is 0%-6% organic revenue growth and 8%-9% EBITA margin, with significant cost savings and shareholder returns planned post-hearing divestment.
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The sale of the Hearing business to Amplifon for DKK 17 billion will create a global audiology leader and enable a sharper focus on technology innovation in enterprise and gaming. The deal strengthens the balance sheet, supports future growth, and is expected to close by year-end.
Fiscal Year 2025
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2025 saw resilient execution amid macro headwinds, with strong Hearing growth offset by Enterprise and Gaming declines. 2026 guidance targets 3%-7% organic growth and margin expansion, driven by product innovation and operational improvements.
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Q3 saw 1% organic revenue growth, strong hearing and gaming performance, and healthy margins despite tariff headwinds. Guidance for the year is reconfirmed, with new product launches and refinancing expected to support future growth.
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Q2 saw strong execution amid global trade and macro challenges, with Hearing up 8% organically and margin improvements across divisions. Guidance narrowed to -2% to +2% organic growth, with tariff mitigation and supply chain diversification progressing well.
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Q1 saw mixed results with group organic revenue down 3% year-over-year, but strong launches in hearing and gaming offsetting enterprise weakness. Guidance for 2025 expects -3% to +3% organic growth and 11%-13% EBITDA margin, with proactive cost and supply chain actions mitigating tariff risks.
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The meeting reviewed strong EBITDA growth, margin expansion, and successful debt reduction, despite mixed revenue performance and market uncertainties. Strategic focus remains on innovation, operational synergies, and achieving 2028 growth and margin targets. All proposals, including new board appointments and governance changes, were approved.
Fiscal Year 2024
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Delivered strong 2024 results with 10% organic growth in hearing, 7% in gaming, and improved margins from the One-GN transformation. 2025 guidance targets 3–7% organic growth (excl. wind-down) and 12–14% EBITDA margin, with continued innovation and market share gains expected.
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Margins and cash flow improved significantly in Q3, driven by synergies and cost control, despite a 4% organic revenue decline. Hearing delivered double-digit growth, enterprise faced European headwinds, and gaming was impacted by product wind-downs. Free cash flow guidance was upgraded to DKK 1.1 billion.
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Group delivered 5% organic growth in Q2, with strong performance in hearing and gaming, improved margins, and continued transformation. Guidance for 2024 is maintained, with hearing trending at the upper end and enterprise recovery expected by year-end.