GN Store Nord A/S
Interim Report
Q2 2025
Interim Report Q2 2025
2/22
Commercial and operational agility drove
market share gains and 46% EBITA growth
Financial overview Q2 2025
GN Store Nord
Hearing division
Enterprise division
Gaming division
Gaming
Consumer
DKK million
Q2 2025
Q2 2024
Growth
Q2 2025
Q2 2024
Growth
Q2 2025
Q2 2024
Growth
Q2 2025
Q2 2024
Growth
Q2 2025
Q2 2024
Growth
Revenue
4,160
4,499
-8%
1,858
1,792
4%
1,713
1,873
-9%
589
611
-4%
0
223
-100%
Organic growth
0%*
5%
8%
10%
-7%
-1%
0%
12%
-100%
3%
Gross profit
2,313
2,334
-1%
1,152
1,131
2%
961
1,015
-5%
191
186
3%
9
2
350%
Gross profit margin
55.6%
51.9%
3.7%p
62.0%
63.1%
-1.1%p
56.1%
54.2%
1.9%p
32.4%
30.4%
2.0%p
NA
0.9%
NA
Divisional profit
1,323
1,239
7%
668
598
12%
583
651
-10%
70
2
Divisional profit margin
31.8%
27.5%
4.3%p
36.0%
33.4%
2.6%p
34.0%
34.8%
-0.8%p
11.9%
NA
EBITA
546
374
46%
EBITA margin
13.1%
8.3%
4.8%p
Free cash flow excl. M&A
353
155
198
Interim Report Q2 2025
Group reported EBITA increased 46% to DKK 546 million (EBITA margin of 13%),
reflecting gross margin improvements, strong cost focus due to the group-wide cost
program and no extraordinary costs.
Free cash flow excl. M&A ended at DKK 353 million reflecting the earnings profile
and positive impact on working capital. Net interest-bearing debt ended at DKK
9,850 million, equaling a reported leverage of 4.0x (reported leverage of 4.9x in Q2
2024).
Following a successful execution in the first half of the year, and GN’s company-wide
agility, the financial guidance for 2025 is confirmed. The organic revenue growth
guidance of -3% to +3% (excluding wind-down effects) is narrowed to -2% to +2%.
The guidance on EBITA-margin and free cash flow excl. M&A is confirmed.
The Hearing division delivered 8% organic revenue growth driven by broad-based
market share gains of ReSound Vivia across global markets growing below struc-
tural trends. The strong growth led to 12% growth in divisional profit, equaling a di-
visional profit margin of 36% driven by operating leverage.
The Enterprise division was – as expected – challenged by market uncertainty due
to the global trade environment. The organic revenue growth was -7% due to the
market uncertainty and a difficult comparison base, while being supported by strong
progress in FalCom. The divisional profit margin ended at 34% as a result of pricing
discipline and cost focus, offsetting the direct tariff costs.
The Gaming division was – as expected – challenged by the tariff environment and
weak consumer sentiment. Despite these challenges, Gaming performed well leading
to 0% organic revenue growth on top of a very challenging comparison base. The di-
visional profit margin (excluding wind-down effects) ended at 12% as a result of
pricing discipline and one-company supply chain benefits.
2/22
* Excluding wind-down effect. Reported organic revenue growth of -5%
Reported EBITA mar-
gin
13%
Organic growth
excl. wind-down
(-5% reported)
0%
%
Free cash flow
excl. M&A (DKKm)
353
Interim Report Q2 2025
3/22
Interim Report Q2 2025
4/22
Successfully navigating a challenging mar-
ket environment
Revenue
In Q2 2025, GN’s organic revenue growth ended at 0% excluding the Elite
and Talk product lines wind-down impact (reported organic revenue
growth was -5%). The development led to group revenue of DKK 4,160 mil-
lion, equal to revenue growth of -8%, with -3% impact from the develop-
ment in foreign exchange rates and an insignificant impact from M&A. In
the first 6 months of the year the organic revenue growth excluding the
wind-down effect was -1%.
Gross profit
Gross profit ended at DKK 2,313 million in Q2 2025 compared to DKK 2,334
million in Q2 2024, equal to a gross margin of 55.6%, which was 3.7 per-
centage points higher than Q2 2024. The development reflects broad-based
improvements, driven by strong pricing discipline, favorable business mix,
and annualized group-wide synergies, partly offset by the direct impact
from tariffs. In the first 6 months of the year the gross margin was 55.3%.
Divisional profit
Divisional profit increased 7% to DKK 1,323 million in Q2 2025 compared
to DKK 1,239 million in Q2 2024. The development translated into a divi-
sional profit margin of 31.8%, equal to an increase of 4.3 percentage points,
reflecting the gross margin development and cost control related to tariff
mitigation. In the first 6 months of the year the divisional profit margin was
29.7%.
Development costs
Development costs ended at DKK -344 million compared to DKK -442 mil-
lion in Q2 2024. This reflects a relative stable development in incurred
development costs driven by continued investments into future innovation
including the finalization of the new PanaCast 40 VBS and the coming En-
terprise headset platform. The capitalization ratio increased slightly to 59%
reflecting the prioritization of coming product launches, while amortization
of development costs ended at DKK -152 million compared to DKK -136
million in Q2 2024 (Q2 2024 also included DKK -95 million in write-down
of assets due to the wind-down of the Elite and Talk product lines). In the
first six months of the year incurred development costs have been relatively
stable compared to the same period of 2024, while the capitalization ratio
has been 55%, which is in line with the historical pattern.
Management and administration costs
Management and administration costs ended at DKK -428 million, which
was stable compared to Q2 2024. The development reflects early benefits of
the group-wide cost program in response to tariffs but offset by invest-
ments into modernization of group HQ.
EBITA
Group EBITA increased 46% to DKK 546 million compared to DKK 374 mil-
lion in Q2 2024, driven by the favorable gross margin, prudent cost man-
agement and no extraordinary costs. The EBITA margin ended at 13.1%
compared to 8.3% in Q2 2024. In the first 6 months of the year the EBITA
margin was 10.4%.
Other financial highlights
Amortization of acquired intangible assets amounted to DKK -85 million
compared to DKK -89 million in Q2 2024. Financial items were DKK -228
million in the quarter compared to DKK -140 million in Q2 2024, reflecting
the higher financing costs as a consequence of the debt refinancing during
2024, and a negative non-cash revaluation of balance sheet items due to
changes in FX in the region of DKK -70 million. Gain (loss) on disposals
were DKK -1 million compared to DKK -1 million in Q2 2024. Profit before
tax ended at DKK 232 million, while the effective tax rate was 22.4%, lead-
ing to a net profit of DKK 180 million.
GN Store Nord
Interim Report Q2 2025
Revenue (DKKm)
Gross profit (DKKm) and gross margin (%)
Divisional profit (DKKm) and divisional profit margin (%)
4/22
Interim Report Q2 2025
5/22
Cash flow development
GN Store Nord’s operational free cash flow ended at DKK 657 million in Q2
2025, while the change in net working capital was DKK 112 million reflect-
ing a positive development in inventories. Investment activities excl. M&A
ended at DKK -297 million, which was slightly lower than Q2 2024. Finan-
cial items, net were DKK -63 million. Consequently, free cash flow excl. M&A
ended at DKK 353 million in Q2 2025, equaling a cash conversion before fi-
nancial items of 76%. In the first 6 months of the year free cash flow excl.
M&A was DKK -42 million.
Capital structure
As a consequence of the cash flow, the net interest-bearing debt decreased
by DKK 0.3 billion to DKK 9,850 million, corresponding to a leverage of 4.0x
(compared to 4.9x in Q2 2024). By Q2 2025, GN had cash and cash equiva-
lents of DKK 1,130 million.
Taking advantage of the strong fundamental operational improvements in
the last few years, GN has successfully negotiated terms for a new facility
agreement of up to EUR 1 billion with its core banking group planning to re-
finance the existing EUR 800 million Term Loan (originally maturing in Q3
2026) and up to EUR 200 million other existing debt. Further, GN has nego-
tiated terms for a new EUR 500 million revolving credit facility to replace
the current (undrawn) EUR 520 million revolving credit facility (originally
maturing in Q2 2027). The new facilities mature in 2028 (with the option to
extend by up to two years, i.e. 2030, in agreement with the banks) and re-
flect improved terms & conditions, including lower interest rates, compared
to existing loans. The facilities are subject to final agreement on customary
long form documentation, which is expected to be concluded during Q3
2025.
Mitigating actions in response to impact of global trade war
In light of the evolving changes in the global trade environment, GN
launched significant mitigation actions in April 2025 to protect Group prof-
itability. These significant actions included but were not limited to 1)
Acceleration of diversification of manufacturing footprint; 2) U.S. price in-
creases for Enterprise and Gaming; 3) Group-wide cost and cash initiatives.
In the quarter, the changing trade environment has been managed well. The
efforts to diversify the supply chain are continuing in line with original
plans. Thanks to this, the group-wide cost control efforts and the commer-
cial actions that were taken across Enterprise and Gaming, the overall im-
pact is being mitigated well. We are continuously assessing the develop-
ments and additional prudent and diligent actions will be taken as needed
going forward. It is currently expected that the net impact from tariffs will
impact group EBITA margin by around -1% for the year, of which around
0.5% has a more temporary effect.
Management quote
”While the macro-economic environment continues to pose challenges to GN
and to our customers, we are very pleased with our execution and the pro-
gress we are making. In Hearing, our Vivia launch is going very well, leading
to market share gains around the world. In Enterprise and Gaming, we have
continued the diversification of our supply chain and also taken constructive
commercial actions to manage the changing trade environment. We have
done this well with limited negative impact while continuing to serve our cus-
tomers with no disruption. All in all, we are gradually taking ourselves
through a challenging period and remain very excited about the opportunities
we have ahead of us across our markets and our group. Thanks to all custom-
ers, partners and employees for making this possible.“
Peter Karlstromer, CEO of GN Store Nord
Interim Report Q2 2025
EBITA (DKKm)
Net interest-bearing debt (DKKm)
Free cash flow (DKKm)
5/22 5/22
Interim Report Q2 2025
6/22
The development in tariffs and its impact on our markets makes our environ-
ment more uncertain than normal. As a base assumption for the financial
guidance, we assume that tariff rates as of today are constant throughout the
remainder of the year.
Key revenue assumptions for the financial
guidance of 2025
Hearing division
GN is exposed to an attractive hearing aid market, which has historically
been growing 4-6% in volumes driven by ongoing favorable demo-graphic
trends. With an assumed -1% yearly ASP impact, the structural market
value growth assumptions of 3-5%. As a consequence of the slower begin-
ning of the year driven by the uncertain macroeconomic environment, it is
currently expected that the market in 2025 will grow slower than its struc-
tural trend.
Based on the strong sales momentum of ReSound Vivia and ReSound Savi,
GN in 2025 expects to continue to gain market share. In the be-ginning of
2025, we assumed the Hearing division to contribute with organic revenue
growth of 5% to 9%. Due to the lower market growth assumption, it is cur-
rently assumed that the Hearing division will grow at the lower half of that
range.
Enterprise division
The uncertainty and change in the trade environment are impacting our En-
terprise division. We have taken significant actions to further diversify our
manufacturing footprint to mitigate this, and we have also implemented
targeted price adjustments in the U.S. With these initiatives in place, we are
progressing well towards the existing assumptions for the year. In April
2025, we assumed the Enterprise division would contribute with organic
revenue growth of -8% to 0%, and we are continuing to assume a contribu-
tion in the middle of this range.
Gaming division
Similar to the Enterprise market, the Gaming market is also impacted by the
change in trade environment and general weak consumer sentiment. We
have taken several mitigation actions including diversification of our manu-
facturing footprint and targeted price increases. These initiatives work well.
In April 2025, we assumed the Gaming division to contribute with organic
revenue growth of -6% to +2% (excluding the impact from the wind-down).
Driven by the strong execution in the first half of the year, the Gaming divi-
sion is now assuming to contribute with organic revenue growth in the up-
per half of that range.
Wind-down impact on Group organic revenue growth
Due to the successfully executed wind-down of the Elite and Talk product
lines during 2024, the revenue contribution from these product lines in
2025 is assumed to be insignificant (in 2024, the product lines generated
revenue of DKK 597 million). As a result, the negative impact from the
wind-down on group organic revenue growth will be around 3 percentage
points, while the negative impact specifically in the Gaming division will be
16-18 percentage points. The group financial guidance on organic revenue
growth is adjusted for this impact, why the reported organic revenue
growth will be around 3 percentage points lower.
Key EBITA margin assumptions for the financial
guidance of 2025
In light of the evolving changes in the global trade environment, GN
launched significant mitigating actions in May 2025 to protect Group profit-
ability. These significant actions included but were not limited to 1) Accel-
eration of diversification of manufacturing footprint; 2) U.S. price increases
for Enterprise and Gaming; 3) Group-wide cost and cash initiatives.
In the quarter, the changing trade environment has been managed well. The
efforts to diversify the supply chain are continuing in line with original
plans. Thanks to this diversification, the group-wide cost control efforts and
the commercial actions that were taken across Enterprise and Gaming, the
overall impact is being mitigated well. We are continuously assessing the
developments and additional prudent and diligent actions will be taken as
needed going forward. It is currently expected that the net impact from tar-
iffs will impact group EBITA margin by around -1% in 2025 (as earlier com-
municated), of which around 0.5% has a more temporary effect.
Financial guidance 2025
Interim Report Q2 2025
7/22
ReSound Vivia success leading to market
share gains and 8% organic revenue
growth with a divisional profit margin of
36%
Revenue
The Hearing division delivered strong organic revenue growth of 8% (on
top of 10% in Q2 2024) driven by broad-based market share gains of Re-
Sound Vivia across markets growing below structural trends.
In Q2 2025, the U.S. market saw a return to positive market growth, while
the European and Rest of World markets experienced aggregate growth
slightly below historical growth rates.
In North America, GN delivered solid organic revenue growth, driven by
strong growth in the independent segment and VA, while the comparison
base at a large retailer was challenging in the quarter. Across Europe and
Rest of World, GN delivered strong organic growth with particular strong
performance in Germany and U.K as a result of a very successful broad-
based introduction of ReSound Vivia.
The performance in the quarter led to overall revenue of DKK 1,858 million,
equal to 4% revenue growth, due to -1% impact from M&A and -3% impact
from FX. In the first 6 months of the year the organic revenue growth was
3%.
Gross profit
Gross profit increased to DKK 1,152 million, translating into a gross margin
of 62.0% (compared to 63.1% in Q2 2024), reflecting the divestment of
Dansk HøreCenter as well as negative country mix. In the first 6 months of
the year the gross margin was 61.3%.
Sales and distribution costs
Sales and distribution costs decreased to DKK -484 million in Q2 2025
(compared to DKK -533 million in Q2 2024), driven by the general group-
wide cost program.
Divisional profit
Divisional profit increased 12% to DKK 668 million compared to DKK 598
million Q2 2024. The development was driven by the favorable topline de-
velopment and solid operating leverage, leading to a strong divisional profit
margin of 36.0%. In the first 6 months of the year the divisional profit was
32.4%.
Business highlights
On August 12, GN announced ReSound Enzo IA – exceptional speech under-
standing and all-day battery life – in the world’s smallest rechargeable Su-
per Power hearing aid. ReSound Enzo IA addresses the number one chal-
lenge for people with severe to profound hearing loss – understanding
speech especially in difficult environments. ReSound Enzo IA delivers pow-
erful amplification while spotlighting speech and preventing unwanted
feedback. Moreover, ReSound Enzo IA is the world's smallest rechargeable
Super Power hearing aid, providing maximum comfort, while ensuring all-
day battery life. In addition, ReSound Enzo IA offers unprecedented seam-
less streaming and connectivity as the world's first Super Power hearing aid
made for Bluetooth® Low Energy (LE) Audio and Auracast broadcast audio,
supported by the ReSound Smart 3 app.
Hearing division
Interim Report Q2 2025
Revenue (DKKm)
Gross profit (DKKm)
Divisional profit (DKKm)
7/22
Interim Report Q2 2025
8/22
-7% organic revenue growth and 34% di-
visional profit margin, despite market un-
certainty and tariff costs
Revenue
The Enterprise division was – as expected – challenged by market uncer-
tainty due to the global trade environment. The organic revenue growth
was -7% due to market uncertainty and a difficult comparison base. The di-
vision’s sell-out growth in North America and Rest of the World was posi-
tive for the third consecutive quarter, while the European markets contin-
ued to be challenged. The sell-in growth was lower than sell-out due to in-
ventory reductions at distributors.
In North America, revenue was negatively affected by the deliberate deci-
sion to limit certain product variants in the U.S. in the first part of the quar-
ter due to elevated tariff rates, while the price increases executed during
the quarter (in response to the tariff rates) were supportive to revenue. In
Europe, GN sustained its leading market share position, but the revenue
was negatively impacted by the challenged market due to the indirect ef-
fects of the uncertain trade environment. However, the performance in the
quarter was supported by a significant revenue contribution from FalCom
following strong execution on several tenders. In Rest of the World, GN con-
tinued to perform strongly with solid organic revenue growth. The develop-
ment in the quarter led to an overall revenue of DKK 1,713 million, equal to
revenue growth of -9%, due to -2% impact from foreign exchange effects. In
the first 6 months of the year the organic revenue growth was -8%.
Gross profit
Gross profit ended at DKK 961 million, translating into a gross margin of
56.1%, reflecting a 1.9 percentage points improvement compared to Q2
2024, despite significant direct tariff costs. The favorable development was
driven by positive pricing effects as well as the annualized impact of the
group-wide synergies. In the first 6 months of the year the gross margin
was 56.0%.
Sales and distribution costs
Sales and distribution costs ended at DKK -378 million in Q2 2025 com-
pared to DKK -364 million in Q2 2024. The development reflects good cost
control and targeted market investments.
Divisional profit
Divisional profit ended at DKK 583 million compared to DKK 651 million in
Q2 2024 primarily as a result of the topline development. The divisional
profit margin ended at 34.0%. In the first 6 months of the year the divi-
sional profit margin was 33.5%.
Business highlights
During the quarter, Jabra Engage AI Complete was launched, which is a sig-
nificant upgrade to the AI-driven call center solution. The new release helps
call center teams maximize every conversation by providing real-time in-
sights into not only what is said, but also how it’s said, while advanced AI
technology eliminates unwanted background noise to ensure crystal-clear
calls.
Jabra PanaCast 40 VBS, the next planned addition to the Jabra video line-up,
continues to garner awards and positive customer feedback as part of the
Early Adopter Program ahead of planned shipping in Q3 2025, securing a
Best in Show award at Infocom in June, the largest AV industry exhibition &
conference in North America.
Enterprise division
Interim Report Q2 2025
Revenue (DKKm)
Gross profit (DKKm)
Divisional profit (DKKm)
8/22
Interim Report Q2 2025
9/22
0% organic revenue growth and 12% divi-
sional profit margin, despite market un-
certainty and tariff costs
Revenue
The Gaming division was challenged by the tariff environment and weak
consumer sentiment leading to a declining gaming equipment market. De-
spite these challenges, Gaming performed well leading to 0% organic reve-
nue growth on top of a very challenging comparison base (12% organic rev-
enue growth in Q2 2024).
In North America, revenue was negatively affected by the deliberate deci-
sion to limit certain product variants in the U.S. due to elevated tariff rates.
The price increases executed during the quarter (in response to the tariff
rates) were supportive to revenue. In Europe, growth was negatively im-
pacted by low consumer sentiment and a difficult comparison base from
last year. In Rest of World, SteelSeries delivered strong organic revenue
growth. Globally and in every region, SteelSeries continued to grow faster
than the market, resulting in significant market share gains. The develop-
ment during the quarter led to an overall Gaming revenue of DKK 589 mil-
lion compared to DKK 611 million in Q2 2024. The overall revenue growth
for the division was - 29%, due to -2% impact from foreign exchange effects
and the wind-down of the Elite and Talk product lines. In the first 6 months
of the year the organic revenue growth excluding the wind-down effect was
5%.
Gross profit
Gross profit reached DKK 191 million in Q2 2025 (DKK 200 million includ-
ing wind-down effects) corresponding to a gross margin of 32.4%
compared to 29.7% in Q2 2024 supported by pricing discipline
as well as the annualized impact of the group-wide synergies. The quarter
only included limited direct tariff costs as SteelSeries was taking advantage
of already declared U.S. inventories. In the first 6 months of the year the re-
ported gross margin was 35.4%.
Sales and distribution costs
Sales and distribution costs ended at DKK -121 million in Q2 2025 (DKK -
128 million including wind-down effects) compared to DKK -198 million in
Q2 2024, reflecting structural savings from the wind-down and the general
group-wide cost program.
Divisional profit
The divisional profit (excluding the wind-down effects) ended at DKK 70
million, translating into a divisional profit margin of 11.9% compared to
6.0% in Q2 2024 driven by the strong gross margin improvements, and the
positive operating leverage. Including the effects of the wind-down, the di-
visional profit ended at DKK 72 million, equal to a divisional profit margin
of 12.2% compared to -1.2% in Q2 2024. In the first 6 months of the year
the reported divisional profit margin was 11.3%.
Business highlights
On June 3, SteelSeries unveiled the Arctis Nova 3 Wireless x Arctis App,
which empowers gamers to unlock next-gen 360° Spatial Audio for next-
gen consoles. Arctis App offers gamers “real-time audio control” with preci-
sion audio presets for the top games on the planet.
Wind-down effects
As a consequence of the wind-down of the Elite and Talk product lines in
2024, the Gaming division was impacted with DKK 9 million in COGS and
DKK -7 million in sales and distribution costs linked to the wind-down for
general service and warranty commitments in Q2 2025.
Gaming division
Content
Page 9/22
Interim Report Q2 2025
Revenue (DKKm)
Gaming Consumer
Gross profit (DKKm) – excluding wind-down costs
Divisional profit (DKKm) – excluding wind-down costs
9/22
Interim Report Q2 2025
10/22
Teleconference
GN will host a teleconference at 11.00 am CEST on August 21, 2025. Please
visit www.gn.com to access the teleconference. Presentation material will
be available on the website prior to the start of the teleconference.
Financial calendar 2025
Interim Report Q3 2025: November 6, 2025
For further information please contact:
Rune Sandager
Head of Investor Relations
GN Store Nord A/S
Email: rsandager@gn.com
Tel: +45 45 75 92 57
GN Store Nord A/S
Lautrupbjerg 7
2750 Ballerup
Denmark
Company reg. no. 24257843
Additional information
Forward-looking statements
The forward-looking statements in this report reflect the management's current expectations of certain future events and
financial results. Statements regarding the future are, naturally, subject to risks and uncertainties, which may result in
considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions
regarding future events, which may prove incorrect. Changes to such expectation and assumptions will not be disclosed
on an ongoing basis, unless required pursuant to general disclosure obligations to which GN is subject.
Factors that may cause actual results to deviate materially from expectations include – but are not limited to – general
economic developments and developments in the financial markets as well as foreign exchange rates, technological
developments, changes and amendments to legislation and regulations governing GN’s markets, changes in the demand
for GN's products, competition, fluctuations in sub-contractor supplies, and developments in ongoing litigation (including
but not limited to class action and patent infringement litigation in the United States).
For more information, please see the "Management's report" and "Risk management” sections in the Annual Report 2024.
This Interim Report should not be considered an offer to sell securities in GN.
Interim Report Q2 2025
11/22
Financial statements
Quarterly reporting by segment 12
Consolidated income statement 13
Consolidated statement of comprehensive
income 13
Consolidated balance sheet 14
Consolidated statement of cash flows 15
Consolidated statement of changes in equity 16
Notes
Note 1 – Accounting policies 17
Note 2 – Segment disclosures Q2 2025 18
Note 2 – Segment disclosures YTD 2025 19
Note 3 – Incentive plans 20
Note 4 – Shareholdings 20
Content
Financial statements
11/22
Interim Report Q2 2025
Interim Report Q2 2025
12/22
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Full Year
2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(aud.)
Income statement
Revenue
Hearing
1,792
1,725
1,850
1,703
1,858
7,104
Enterprise
1,873
1,740
2,050
1,666
1,713
7,474
Gaming
834
699
1,119
617
589
3,407
Total
4,499
4,164
5,019
3,986
4,160
17,985
Organic growth
Hearing
10%
10%
7%
-1%
8%
10%
Enterprise
-1%
-7%
-3%
-9%
-7%
-3%
Gaming
9%
-21%
-7%
-20%
-27%
-5%
Total
5%
-4%
0%
-8%
-5%
1%
Gross profit
Hearing
1,131
1,103
1,135
1,032
1,152
4,458
Enterprise
1,015
961
1,178
931
961
4,146
Gaming
188
219
359
227
200
960
Total
2,334
2,283
2,672
2,190
2,313
9,564
Gross profit margin
Hearing
63.1%
63.9%
61.4%
60.6%
62.0%
62.8%
Enterprise
54.2%
55.2%
57.5%
55.9%
56.1%
55.5%
Gaming
22.5%
31.3%
32.1%
36.8%
34.0%
28.2%
Total
51.9%
54.8%
53.2%
54.9%
55.6%
53.2%
Divisional profit
Hearing
598
600
667
484
668
2,464
Enterprise
651
598
775
548
583
2,662
Gaming
-10
-
79
64
72
81
Total
1,239
1,198
1,521
1,096
1,323
5,207
Divisional margin
Hearing
33.4%
34.8%
36.1%
28.4%
36.0%
34.7%
Enterprise
34.8%
34.4%
37.8%
32.9%
34.0%
35.6%
Gaming
-1.2%
0.0%
7.1%
10.4%
12.2%
2.4%
Total
27.5%
28.8%
30.3%
27.5%
31.8%
29.0%
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Full Year
2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(aud.)
Other group information
Depreciation and software amortization
-99
-96
-92
-95
-93
-388
EBITDA
473
649
780
395
639
2,541
EBITA
374
553
688
300
546
2,153
Amortization and impairment of acquired intangible assets
-89
-94
-91
-85
-85
-365
Profit (loss)
112
289
392
89
180
1,059
Free cash flow excl. M&A
155
786
94
-395
353
1,081
Acquisitions and divestments of companies
-
106
29
-27
-
100
Free cash flow
155
892
123
-422
353
1,181
Quarterly reporting by segment
Interim Report Q2 2025
13/22
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Full Year
2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(aud.)
Revenue
Production costs
-1,847
-2,165
-3,643
-4,193
-8,421
Gross profit
Development costs
-344
-442
-717
-793
-1,491
Selling and distribution costs
-990
-1,095
-2,084
-2,121
-4,357
Management and administrative expenses
-428
-421
-853
-773
-1,543
Other operating income and costs, net
-5
-2
-3
-10
-20
EBITA*
Amortization and impairment of acquired intangible assets
-85
-89
-170
-180
-365
Gain (loss) on divestment of operations etc.
-1
-1
-1
Operating profit (loss)
Share of profit (loss) in associates
-6
-7
Financial income
Financial expenses
-297
-229
-525
-507
-850
Profit (loss) before tax
Tax on profit (loss)
-52
-32
-77
-109
-302
Profit (loss) for the period
Attributable to:
Non-controlling interests
Shareholders in GN Store Nord A/S
Earnings per share (EPS):
Earnings per share (EPS)
Earnings per share, fully diluted (EPS diluted)
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of development
projects and software developed in-house.
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Full Year
2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(aud.)
Profit (loss) for the period
Other comprehensive income
Items that will not be reclassified to profit or loss
Actuarial gains (losses)
-52
Tax relating to actuarial gains (losses)
Items that may be reclassified subsequently to profit or loss
Adjustment of cash flow hedges
-9
-23
Foreign exchange adjustments, etc.
-512
-640
Tax relating to other comprehensive income
-5
-10
-11
Other comprehensive income for the period
-519
-658
Total comprehensive income for the period
-339
-389
Attributable to:
Non-controlling interests
Shareholders in GN Store Nord A/S
-354
-422
Consolidated income
statement
Consolidated statement of
comprehensive income
Interim Report Q2 2025
14/22
Jun. 30
2025
Mar. 31
2025
Dec. 31
2024
Sep. 30
2024
Jun. 30
2024
DKK million
(unaud.)
(unaud.)
(aud.)
(unaud.)
(unaud.)
Assets
Intangible assets
Property, plant and equipment
Investments in associates
Receivables from associates
Deferred tax assets
Other non-current assets
Total non-current assets
Inventories
Trade receivables
Tax receivables
Other receivables
Cash and cash equivalents
Total current assets
Total assets
Equity and liabilities
Equity
Bank loans and issued bonds, non-current
Lease liabilities, non-current
Pension obligations
Provisions, non-current
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Bank loans and issued bonds, current
Overdraft facilities
Lease liabilities, current
Trade payables
Tax payables
Provisions, current
Other current liabilities
Total current liabilities
Total equity and liabilities
Consolidated balance sheet
Interim Report Q2 2025
15/22
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Full Year
2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(aud.)
Operating activities
Operating profit (loss)
Depreciation, amortization and impairment
Other non-cash adjustments
-81
-113
Cash flow from operating activities before changes in working capital
Changes in working capital
-68
-370
-226
Cash flow from operating activities before financial items and tax
Financial items, net
-63
-59
-228
-129
-342
Tax paid, net
-56
-56
-99
-142
-235
Cash flow from operating activities
Investing activities
Development projects
-273
-247
-480
-455
-1,015
Investments in other intangible assets, net
-53
-74
-122
-162
-269
Investments in property, plant and equipment, net
-15
-44
-25
-45
-120
Investments in other non-current assets, net
-19
-28
-145
-189
Company acquisitions
-27
-35
-35
Company divestments
Contingent consideration paid
-51
Received dividends
Cash flow from investing activities
-297
-384
-676
-842
-1,544
Cash flow from operating and investing activities (free cash flow)
-69
Q2 2025
Q2 2024
YTD 2025
YTD 2024
Full Year
2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(aud.)
Financing activities
Proceeds from borrowings
Repayment of bank loans
-10
-21
-957
-1,086
Repayment of issued bonds
-28
-273
-1,406
Repayment of lease liabilities
-27
-52
-99
Repayment of other non-current liabilities
-2
-34
-32
Drawn/(repaid) on credit facilities
-71
-681
-146
-681
Cash flow from financing activities
-681
-1,638
-2,365
Net cash flow
-526
-1,472
-1,184
Cash and cash equivalents, beginning of period
Adjustment foreign currency, cash and cash equivalents
-32
-4
-45
Cash and cash equivalents, end of period
Consolidated statement of cash flows
Interim Report Q2 2025
16/22
Q2 2025
Other reserves
DKK million
Share cap-
ital*
Foreign
exchange
adjust-
ments**
Hedging
reserve**
Treasury
shares
Proposed
dividends
for the
year
Retained
earnings
Equity,
sharehold-
ers in GN
Store
Nord A/S
Non-con-
trolling in-
terests
Total
equity
Balance at December 31, 2024
-786
-2,725
Reclassification
-45
Profit/loss for the period
Adjustment of cash flow hedges
-23
-23
-23
Foreign exchange adjustments, etc.
-640
-640
-640
Tax relating to other comprehen-
sive income
Other comprehensive income for
the period
-640
-18
-658
-658
Total comprehensive income for
the period
-640
-18
-422
-389
Share-based payment (granted)
Share-based payment (exercised)
Fair value adjustment of put option
liability
-33
Paid dividends
Balance at June 30, 2025
-1,381
-2,725
* Shares of DKK 4 each
** Restatement of opening balance to reflect the reclassification from hedging reserves to retained earnings as a result of an error.
Q2 2024
Other reserves
DKK million
Share cap-
ital*
Foreign
exchange
adjust-
ments
Hedging
reserve
Treasury
shares
Proposed
dividends
for the
year
Retained
earnings
Equity,
sharehold-
ers in GN
Store
Nord A/S
Non-con-
trolling in-
terests
Total
equity
Balance at December 31, 2023
-1,062
-11
-2,725
Reclassification
-
Profit (loss) for the period
Adjustment of cash flow hedges
Foreign exchange adjustments, etc.
Tax relating to other comprehen-
sive income
-10
-10
-10
Other comprehensive income for
the period
Total comprehensive income for
the period
Share based payment (granted)
Share-based payment (exercised)
Fair value adjustment of put option
liability
-28
Paid dividends
Balance at June 30, 2024
-866
-2,725
Consolidated statement of changes in equity
Interim Report Q2 2025
17/22
Note 1 – Accounting policies
This interim report has been prepared in accordance with IAS 34 “Interim
Financial Reporting” as adopted by the EU and Danish interim financial re-
porting requirements for listed companies.
New standards, interpretations, and amendments adopted by GN Store
Nord
As of January 1, 2025, GN Store Nord adopted all relevant new or revised
International Financial Reporting Standards and IFRIC Interpretations with
effective date January 1, 2025, or earlier. The new or revised Standards and
Interpretations did not affect recognition and measurement or result in any
material changes to disclosures. Apart from this, the accounting policies ap-
plied are unchanged from those applied in the Annual Report 2024.
Following the decision to move the BlueParrott business from ”Consumer”
to ”Enterprise” the historical divisional numbers have been restated.
Interim Report Q2 2025
18/22
Note 2 – Segment disclosures Q2 2025
Income statement
Hearing
Enterprise
Gaming
Consolidated total
Q2 2025
Q2 2024
Q2 2025
Q2 2024
Q2 2025
Q2 2024
Q2 2025
Q2 2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Revenue
1,858
1,792
1,713
1,873
589
834
4,160
4,499
Production costs
-706
-661
-752
-858
-389
-646
-1,847
-2,165
Gross profit
1,152
1,131
961
1,015
200
188
2,313
2,334
Selling and distribution costs
-484
-533
-378
-364
-128
-198
-990
-1,095
Divisional profit
668
598
583
651
72
-10
1,323
1,239
Development costs
-344
-442
Management and administrative expenses
-428
-421
Other operating income and costs, net
-5
-2
EBITA*
546
374
Amortization and impairment of acquired intan-
gible assets
-85
-89
Gain (loss) on divestment of operations etc.
-1
-1
Operating profit (loss)
460
284
Share of profit (loss) in associates
-
-
Financial items
-228
-140
Profit (loss) before tax
232
144
Tax on profit (loss)
-52
-32
Profit (loss) for the period
180
112
Additional information
Hearing
Enterprise
Gaming
Consolidated total
Q2 2025
Q2 2024
Q2 2025
Q2 2024
Q2 2025
Q2 2024
Q2 2025
Q2 2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Revenue distributed geographically
Europe
532
467
963
965
200
309
1,695
1,742
North America
938
918
390
497
273
356
1,601
1,771
Rest of World
388
407
360
411
116
169
864
986
Revenue
1,858
1,792
1,713
1,873
589
834
4,160
4,499
Revenue growth composition
Organic growth
8%
10%
-7%
-1%
-27%
12%
-5%
5%
FX growth
-3%
-2%
-2%
-1%
-2%
1%
-3%
-1%
M&A growth
-1%
-4%
0%
0%
0%
0%
0%
-2%
Revenue growth
4%
4%
-9%
-2%
-29%
13%
-8%
2%
Incurred development costs
-465
-478
Capitalized development costs
273
267
Amortization, impairment and depreciation of
development projects**
-152
-231
Expensed development costs
-344
-442
EBITDA
639
473
Depreciation and software amortization
-93
-99
EBITA*
546
374
EBITA margin
13.1%
8.3%
Number of employees, end of period
7,407
7,162
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of development
projects and software developed in-house.
** Does not include amortization of acquired intangible assets, cf. definition of EBITA
Interim Report Q2 2025
19/22
Note 2 – Segment disclosures YTD 2025
Income statement
Hearing
Enterprise
Gaming
Consolidated total
YTD 2025
YTD 2024
YTD 2025
YTD 2024
YTD 2025
YTD 2024
YTD 2025
YTD 2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Revenue
3,561
3,529
3,379
3,684
1,206
1,589
8,146
8,802
Production costs
-1,377
-1,309
-1,487
-1,677
-779
-1,207
-3,643
-4,193
Gross profit
2,184
2,220
1,892
2,007
427
382
4,503
4,609
Selling and distribution costs
-1,032
-1,023
-761
-718
-291
-380
-2,084
-2,121
Divisional profit
1,152
1,197
1,131
1,289
136
2
2,419
2,488
Development costs
-717
-793
Management and administrative expenses
-853
-773
Other operating income and costs, net
-3
-10
EBITA*
846
912
Amortization and impairment of acquired intan-
gible assets
-170
-180
Gain (loss) on divestment of operations etc.
-1
11
Operating profit (loss)
675
743
Share of profit (loss) in associates
6
-6
Financial items
-335
-250
Profit (loss) before tax
346
487
Tax on profit (loss)
-77
-109
Profit (loss) for the period
269
378
Additional information
Hearing
Enterprise
Gaming
Consolidated total
YTD 2025
YTD 2024
YTD 2025
YTD 2024
YTD 2025
YTD 2024
YTD 2025
YTD 2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Revenue distributed geographically
Europe
1,116
937
1,984
2,008
346
591
3,446
3,536
North America
1,721
1,811
704
904
676
669
3,101
3,384
Rest of World
724
781
691
771
184
330
1,599
1,882
Revenue
3,561
3,529
3,379
3,683
1,206
1,590
8,146
8,802
Revenue growth composition
Organic growth
3%
12%
-8%
-2%
-23%
6%
-6%
5%
FX growth
-1%
-2%
0%
-1%
-1%
0%
-1%
-1%
M&A growth
-1%
-4%
0%
0%
0%
0%
0%
-2%
Revenue growth
1%
6%
-8%
-3%
-24%
6%
-7%
2%
Incurred development costs
-878
-898
Capitalized development costs
480
474
Amortization, impairment and depreciation of
development projects**
-319
-369
Expensed development costs
-717
-793
EBITDA
1,034
1,112
Depreciation and software amortization
-188
-200
EBITA*
846
912
EBITA margin
10.4%
10.4%
Number of employees, end of period
7,407
7,162
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of development
projects and software developed in-house.
** Does not include amortization of acquired intangible assets, cf. definition of EBITA
Interim Report Q2 2025
20/22
Note 3 – Incentive plans
As of June 30, 2025, the total number of outstanding options and PSU’s in
GN Store Nord is 3,711,341 (2.5% of the shares issued in GN Store Nord).
Note 4 – Shareholdings
On June 30, 2025, members of the board of directors and the executive
management, respectively, own 84,237 and 103,204 shares in GN Store
Nord.
On June 30, 2025, GN owns 5,300,179 treasury shares, equivalent to 3.5%
of the 150,912,715 shares issued.
The GN stock is 100% free float, and the company has no dominant
shareholders. William Demant Invest A/S has reported an ownership
interest in excess of 10% of GN’s share capital. Foreign ownership of GN is
estimated to be around 60%.
Interim Report Q2 2025
21/22
Executive Management
Board of Directors
Interim Report Q2 2025
22/22
Co.reg. no 24257843