Denmark · Delayed Price · Currency is DKK GN Store Nord Earnings Call Transcripts
Fiscal Year 2026
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The sale of the Hearing business to Amplifon for DKK 17 billion will create a global audiology leader and refocus the company on technology innovation, with significant financial flexibility and growth prospects. Regulatory approval is required, and the deal 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 organic revenue decline, but gross margin improved and gaming delivered strong growth. The company is mitigating tariff impacts through supply chain diversification, price increases, and cost controls, with guidance reflecting ongoing uncertainty. Hearing is expected to rebound, led by the Vivia launch.
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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.