GN Store Nord A/S
Interim Report
Q3 2025
Interim Report Q3 2025
2/22
Solid quarter with 1% organic growth, 11%
EBITA margin and DKK 410 million cash flow
Financial overview Q3 2025
GN Store Nord
Hearing division
Enterprise division
Gaming division
Gaming
Consumer
DKK million
Q3 2025
Q3 2024
Growth
Q3 2025
Q3 2024
Growth
Q3 2025
Q3 2024
Growth
Q3 2025
Q3 2024
Growth
Q3 2025
Q3 2024
Growth
Revenue
3,958
4,164
-5%
1,747
1,725
1%
1,624
1,740
-7%
592
595
-1%
-5
104
-105%
Organic growth
1%*
-4%
7%
10%
-4%
-7%
3%
-4%
-105%
-61%
Gross profit
2,155
2,283
-6%
1,071
1,103
-3%
906
961
-6%
182
224
-19%
-4
-5
-20%
Gross profit margin
54.4%
54.8%
-0.4%p
61.3%
64.0%
-2.7%p
55.8%
55.2%
0.6%p
30.7%
37.6%
-6.9%p
NA
-4.8%p
NA
Divisional profit
1,179
1,198
-2%
598
600
0%
549
598
-8%
51
-19
Divisional profit margin
29.8%
28.8%
1.0%p
34.2%
34.8%
-0.6%p
33.8%
34.4%
-0.6%p
8.6%
NA
EBITA
435
553
-21%
EBITA margin
11.0%
13.3%
-2.3%p
Free cash flow excl. M&A
410
786
-376
Interim Report Q3 2025
Group reported EBITA ended at DKK 435 million (equal to an EBITA margin of
11%), reflecting the development in revenue and the strong cost focus
Free cash flow excl. M&A ended at DKK 410 million reflecting the earnings profile
and positive impact on working capital. Net interest-bearing debt ended at DKK 9.4
billion, equaling a reported leverage of 4.0x (reported leverage of 4.3x in Q3 2024)
Following a successful execution in the first nine months of the year, GN’s financial
guidance for 2025 is confirmed
The Hearing division delivered 7% organic revenue growth driven by the continued
strong performance of ReSound Vivia, enabling broad-based market share gains. The
divisional profit margin ended at 34%, driven by positive operating leverage, but
partly offset by negative country mix
The Enterprise division continued to experience positive sell-out growth outside of
Europe, driven by strong channel execution and market leading innovation, while
Europe continued to be challenged due to market uncertainty. Reflecting continued
inventory reductions in North America, organic revenue growth ended at -4%. The
divisional profit margin ended at 34%, as a result of negative operating leverage and
tariff headwinds offset by price increases and cost focus
The Gaming division continued to perform well and take share in a challenged mar-
ket, delivering organic growth of 3%. The divisional profit margin (excluding wind-
down effects) ended at 9%, reflecting tariff costs, partly offset by price increases.
2/22
* Excluding wind-down effect. Reported organic revenue growth of -1%
Reported EBITA mar-
gin
11%
Organic growth
excl. wind-down
(-1% reported)
1%
%
Free cash flow
excl. M&A (DKKm)
410
Interim Report Q3 2025
3/22
Q3
Q3
YTD
YTD
Full year
2025
2024
2025
2024
2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(aud.)
GN Store Nord
Revenue
3,958
4,164
12,104
12,966
17,985
Revenue growth
-5%
-6%
-7%
-1%
-1%
Organic growth
-1%
-4%
-5%
2%
1%
Gross profit margin
54.4%
54.8%
55.0%
53.2%
53.2%
EBITA*
435
553
1,281
1,465
2,153
EBITA margin*
11.0%
13.3%
10.6%
11.3%
12.0%
Profit (loss) before tax
118
371
464
858
1,361
Effective tax rate
22.9%
22.1%
22.4%
22.3%
22.2%
EBITDA
521
649
1,555
1,761
2,541
ROIC (EBITA*/Average invested capital)
9%
8%
9%
8%
10%
Earnings per share, basic (EPS)
0.50
1.86
2.12
4.26
6.79
Earnings per share, fully diluted (EPS diluted)
0.50
1.86
2.12
4.26
6.78
Free cash flow excl. M&A
410
786
368
987
1,081
Cash conversion (Free cash flow excl. M&A/EBITA*)
94%
144%
29%
67%
50%
Equity ratio
36.3%
34.4%
36.3%
34.4%
35.4%
Net interest-bearing debt**
9,413
9,698
9,413
9,698
9,699
Net interest-bearing debt (period-end)/EBITDA**
4.0
4.3
4.0
4.3
4.4
Outstanding shares, end of period (thousand)
145,613
145,613
145,613
145,613
145,613
Average number of outstanding shares (thousand)
145,613
145,613
145,613
145,613
145,613
Average number of outstanding shares, fully diluted (thousand)
145,613
145,677
145,613
145,745
145,712
Treasury shares, end of period (thousand)
5,300
5,300
5,300
5,300
5,300
Share price at the end of the period
107.4
149.8
107.4
149.8
133.8
Market capitalization
15,639
21,806
15,639
21,806
19,476
Number of employees, end of period
7,464
7,281
7,464
7,281
7,347
ROIC and NIBD/EBITDA are calculated based on EBITA and EBITDA for the latest four quarters
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amorti zation of
development projects and software developed in-house.
** NIBD including Loans to dispensers
Q3
Q3
YTD
YTD
Full year
2025
2024
2025
2024
2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(aud.)
Hearing division
Revenue
1,747
1,725
5,308
5,254
7,104
Revenue growth
1%
4%
1%
5%
4%
Organic growth
7%
10%
4%
11%
10%
Gross profit margin
61.3%
64.0%
61.3%
63.2%
62.8%
Divisional profit
598
600
1,750
1,797
2,464
Divisional margin
34.2%
34.8%
33.0%
34.2%
34.7%
Enterprise division
Revenue
1,624
1,740
5,003
5,424
7,474
Revenue growth
-7%
-9%
-8%
-4%
-3%
Organic growth
-4%
-7%
-7%
-3%
-3%
Gross profit margin
55.8%
55.2%
55.9%
54.7%
55.5%
Divisional profit
549
598
1,680
1,887
2,662
Divisional margin
33.8%
34.4%
33.6%
34.8%
35.6%
Gaming division
Revenue
587
699
1,793
2,288
3,407
Revenue growth
-16%
-21%
-22%
-4%
-5%
Organic growth
-13%
-21%
-20%
-5%
-5%
Gross profit margin
30.3%
31.3%
33.7%
26.3%
28.2%
Divisional profit
32
-
168
2
81
Divisional margin
5.5%
0.0%
9.4%
0.1%
2.4%
Financial highlights
Interim Report Q3 2025
4/22
Focused execution and market-leading
product portfolio enabled another quarter
with market share gains
Revenue
In Q3 2025, GN’s organic revenue growth ended at 1% excluding the Elite
and Talk product lines wind-down impact (reported organic revenue
growth was -1%). Group revenue amounted to DKK 3,958 million, equal to
revenue growth of -5%, with -4% impact from the development in foreign
exchange rates and an insignificant impact from M&A. In the first nine
months of the year the organic revenue growth excluding the wind-down
effect was -1%.
Gross profit
Gross profit ended at DKK 2,155 million in Q3 2025 compared to DKK 2,283
million in Q3 2024, equal to a gross margin of 54.4% (compared to 54.8%).
The development reflects positive business mix, strong pricing discipline
and group-wide synergies, offset by direct tariff costs in Enterprise and
Gaming. In the first nine months of the year the gross margin was 55.0%
(compared to 53.2%) driven by strong mitigation actions despite the in-
creased level of tariffs.
Divisional profit
Due to the topline development, the divisional profit ended at DKK 1,179
million in Q3 2025 compared to DKK 1,198 million in Q3 2024. The devel-
opment translated into a divisional profit margin of 29.8%, reflecting the
gross margin development and operational leverage. In the first nine
months of the year the divisional profit margin was 29.7%.
Development costs
Development costs ended at DKK -318 million in the quarter. This reflects
continued investment into the current R&D roadmap, including the upcom-
ing Enterprise headset platform, while driving cost savings across non-
product-related activities in R&D. As a function of the continued product in-
novation focus and cost savings elsewhere, the capitalization ratio in-
creased to 63% in the quarter. The amortization of development costs in-
creased to DKK -167 million in the quarter reflecting the recent launches of
ReSound Vivia, ReSound ENZO and Panacast 40 VBS.
In the first nine months of the year, incurred development costs increased
slightly compared to the same period of 2024, while the capitalization ratio
has been 57%, which is slightly higher than the historical pattern driven by
cost savings across non-product related activities throughout the year.
Management and administration costs
Management and administration costs ended at DKK -434 million, reflecting
continued costs focus, while investing into modernization of group HQ.
EBITA
Group EBITA ended at DKK 435 million compared to DKK 553 million in Q3
2024, reflecting the development in revenue. The EBITA margin ended at
11.0% in Q3 2025 compared to 13.3% in Q3 2024. In the first nine months
of the year the EBITA margin was 10.6%.
Other financial highlights
Amortization of acquired intangible assets amounted to DKK -95 million
compared to DKK -94 million in Q3 2024. Financial items were DKK -212
million in the quarter consisting of around DKK -150 million in underlying
financial items, around DKK -50 million non-cash write-down of earlier cap-
italized up-front fees in relation to prior terminated loans as well as a small
negative effect from FX revaluation of balance sheet items. Profit before tax
ended at DKK 118 million, while the effective tax rate was 22.9%, leading to
a net profit of DKK 91 million.
GN Store Nord
Interim Report Q3 2025
Revenue (DKKm)
Gross profit (DKKm) and gross margin (%)
Divisional profit (DKKm) and divisional profit margin (%)
4/22
Interim Report Q3 2025
5/22
Cash flow development
GN Store Nord’s operational free cash flow ended at DKK 631 million in Q3
2025, while the change in net working capital was DKK 219 million reflect-
ing a positive development across several balance sheet items. Investment
activities excl. M&A ended at DKK -424 million, driven by continued invest-
ments into future customer-centric innovations. Financial items, net were
DKK 43 million, while tax payments amounted to DKK -59 million. Conse-
quently, free cash flow excl. M&A ended at DKK 410 million in Q3 2025,
equaling a cash conversion before financial items of 84%. In the first nine
months of the year free cash flow excl. M&A was DKK 368 million.
Capital structure
Driven by the positive development in the cash flow, the net interest-bear-
ing debt decreased by DKK 0.3 billion to DKK 9,413 million, corresponding
to a leverage of 4.0x (compared to 4.3x in Q3 2024). By Q3 2025, GN had
cash and cash equivalents of DKK 767 million. In line with the 2023 capital
plan, GN will continue to prioritize deleverage towards a target of 2.0x
through improving operational performance. In addition, GN’s minority in-
terests in various non-core assets may contain significant value and could
be divested to increase the speed of the deleverage.
In September, GN signed the two new facilities with its core banking group.
A new EUR 1,000 million term loan to refinance existing debt, and a new
EUR 500 million revolving credit facility, which will replace the existing
EUR 520 million undrawn facility. Based on GN’s strong fundamental opera-
tional improvements executed in the past few years, the new facilities re-
flect improved terms & conditions, including lower interest rates, compared
to existing loans. The new facilities mature in 2028 (with the option to ex-
tend by up to two years, i.e. 2030, in agreement with the banks).
Mitigating actions in response to impact of global trade war
In the quarter, we managed to largely complete our manufacturing foot-
print diversification to mitigate impact from tariffs and ensure a resilient
supply chain. Thanks to this, 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.
Management quote
”We are executing well across our priorities in markets currently growing be-
low normal trends. The diversification of our manufacturing footprint pro-
gresses according to plan, and this together with commercial levers and cost
control help us manage the tariff situation in line with our plans. We continue
to see the benefits of our market-leading product portfolio, and remain ex-
cited about our innovation pipeline to support GN’s growth in the years to
come.“
Peter Karlstromer, CEO of GN Store Nord
Interim Report Q3 2025
EBITA (DKKm)
Net interest-bearing debt (DKKm)
Free cash flow (DKKm)
5/22 5/22
Interim Report Q3 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 demographic
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
still expected that the market in 2025 will grow slower than its structural
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 still
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 nine months of the year, the Gam-
ing division is still assuming to contribute with organic revenue growth in
the upper 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 mitigation 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 now more or less concluded, mean-
ing that GN will be able to serve the vast majority of the U.S. market with
manufacturing outside of China by the end of 2025. Thanks to this, the
group-wide cost control efforts and the commercial actions that were taken
across Enterprise and Gaming, the overall im-pact 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 still ex-
pected that the net impact from tariffs will impact group EBITA margin by
around -1% in 2025 (as earlier communicated), of which around 0.5% has a
more temporary effect.
Financial guidance 2025
Interim Report Q3 2025
7/22
ReSound Vivia continued to drive market
share gains, leading to 7% organic reve-
nue growth with a divisional profit margin
of 34%
Revenue
The Hearing division delivered strong organic revenue growth of 7% (on
top of 10% in Q3 2024) driven by broad-based market share gains of Re-
Sound Vivia across markets.
In North America, GN delivered solid organic revenue growth in the inde-
pendent segment and VA, while the comparison base at a large retailer was
challenging in the quarter and the JabraEnhance.com business being im-
pacted by low consumer sentiment. Across Europe and Rest of World, GN
delivered strong organic growth with particular strong performance and
market share gains in Germany and U.K.
Driven by 7% organic revenue growth, overall revenue ended at DKK 1,747
million, equal to 1% revenue growth, due to -1% impact from M&A and -5%
impact from FX. In the first nine months of the year the organic revenue
growth was 4%.
Gross profit
Gross profit ended at DKK 1,071 million, translating into a gross margin of
61.3% (compared to 64.0% in Q3 2024), reflecting the divestment of Dansk
HøreCenter as well as negative country and channel mix. In the first nine
months of the year the gross margin was 61.3%.
Sales and distribution costs
Sales and distribution costs decreased 6% to DKK -473 million in Q3 2025
(compared to DKK -503 million in Q3 2024), driven by the general group-
wide cost program, while continuing to invest in initiatives to support the
strong momentum of ReSound Vivia.
Divisional profit
Divisional profit ended at DKK 598 million compared to DKK 600 million Q3
2024, reflecting the gross margin development offset by positive operating
leverage, leading to a divisional profit margin of 34.2%. In the first nine
months of the year the divisional profit was DKK 1,750 million, equal to a
divisional profit margin of 33.0%.
Business highlights
During the quarter, GN started shipment of ReSound Enzo IA – the world’s
smallest rechargeable Super Power hearing aid. ReSound Enzo IA addresses
the number one challenge for people with severe to profound hearing loss –
understanding speech especially in difficult environments.
Hearing division
Interim Report Q3 2025
Revenue (DKKm)
Gross profit (DKKm)
Divisional profit (DKKm)
7/22
Interim Report Q3 2025
8/22
Strong channel execution leading to con-
tinued positive sell-out growth outside of
Europe, while market challenges continue
in Europe
Revenue
The Enterprise division continued to experience positive sell-out growth
outside of Europe, driven by strong channel execution and market leading
innovation, while Europe continued to be challenged due to market uncer-
tainty. Reflecting continued inventory reductions in North America and an
easing comparison base, organic revenue growth ended at -4%.
The regional performance in the quarter was mixed. In North America, the
sell-out growth continues to be solid, while sell-in was negatively impacted
by channel inventory reductions. In Europe, revenue declined due to contin-
ued market challenges, while both sell-out and sell-in were solid in APAC.
FalCom had limited revenue in the quarter but signed a larger order with
planned delivery in Q4 2025.
The development in the quarter led to an overall revenue of DKK 1,624 mil-
lion, equal to revenue growth of -4%, due to -3% impact from foreign ex-
change effects. In the first nine months of the year the organic revenue
growth was -7%.
Gross profit
Gross profit ended at DKK 906 million, translating into a gross margin of
55.8%, reflecting a 0.6 percentage points improvement compared to Q3
2024, despite direct tariff costs. The favorable development was driven by
positive pricing effects as well as the impact of the group-wide synergies
despite direct tariff costs. In the first nine months of the year the gross mar-
gin was 55.9%.
Sales and distribution costs
Sales and distribution costs ended at DKK -357 million in Q3 2025 com-
pared to DKK -363 million in Q3 2024. The development reflects good cost
control, while at the same time executing targeted market investments go-
ing into the important fourth quarter.
Divisional profit
Divisional profit ended at DKK 549 million, translating into a divisional
profit margin of 33.8% compared to 34.4% in Q3 2024, reflecting negative
operating leverage. In the first nine months of the year the divisional profit
margin was 33.6%.
Business highlights
During the quarter, Jabra announced a collaboration with Huddly, the Nor-
wegian video technology company. With complementary product portfolios
the two companies will work together to launch a unified video/audio solu-
tion for large meeting spaces with a planned market launch in 2026.
In September, FalCom announced twelve groundbreaking products at De-
fense and Security Equipment International (DSEI), thereby setting a new
industry benchmark with highly modular, scalable, and mission-ready sys-
tems designed to empower operators in the most demanding environments.
Enterprise division
Interim Report Q3 2025
Revenue (DKKm)
Gross profit (DKKm)
Divisional profit (DKKm)
8/22
Interim Report Q3 2025
9/22
Continued market share gains, leading to
3% organic revenue growth in a difficult
gaming equipment market
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, SteelSeries continued to take market share, leading
to 3% organic revenue growth.
In North America, revenue was negatively impacted by the weak consumer
sentiment leading to declining revenues in the quarter. In Europe and Rest
of Word, SteelSeries continued to take share, and despite a difficult market
environment, the two regions contributed with strong organic revenue
growth rates.
The development during the quarter led to an overall Gaming revenue of
DKK 592 million compared to DKK 595 million in Q3 2024. The overall rev-
enue growth for the division was -15%, due to -3% impact from foreign ex-
change effects and the wind-down of the Elite and Talk product lines. In the
first nine months of the year the organic revenue growth excluding the
wind-down effect was 4%.
Gross profit
Gross profit reached DKK 182 million in Q3 2025 (DKK 178 million includ-
ing wind-down effects) corresponding to a gross margin of 30.7%
compared to 31.3% in Q3 2024. The development was driven by direct tar-
iff costs in the quarter, and a provision release in Q3 2024. In the first nine
months of the year the reported gross margin was 33.7%.
Sales and distribution costs
Sales and distribution costs ended at DKK -131 million in Q3 2025 (DKK -
146 million including wind-down effects) compared to DKK -219 million in
Q3 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 51
million, translating into a divisional profit margin of 8.6% compared to
3.3% in Q3 2024 driven by positive operating leverage. Including the effects
of the wind-down, the divisional profit ended at DKK 32 million, equal to a
divisional profit margin of 5.4% compared to 0.0% in Q3 2024. In the first
nine months of the year the reported divisional profit margin was 9.4%.
Business highlights
In September, SteelSeries announced its next flagship headset; Arctis Nova
Elite, bringing audiophile-grade sound to wireless gaming headsets. The
Arctis Nova Elite is a story of meticulous design, engineering, and crafts-
manship to deliver the first Hi-Res Wireless Certified immersive listening
experience across PC, consoles, music, entertainment, work & play.
Wind-down effects
As a consequence of the wind-down of the Elite and Talk product lines
in 2024, the Gaming division was impacted by DKK -5 million in revenue,
DKK 1 million in COGS and DKK -15 million in sales and distribution costs
linked to the wind-down for general service and warranty
commitments in Q3 2025
Gaming division
Interim Report Q3 2025
Revenue (DKKm)
Gaming Consumer
Gross profit (DKKm) – excluding wind-down costs
Divisional profit (DKKm) – excluding wind-down costs
9/22
Interim Report Q3 2025
10/22
Teleconference
GN will host a teleconference at 11.00 am CET on November 6, 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 2026
Annual Report 2025: February 5, 2026
Annual General Meeting*: March 11, 2026
Interim Report Q1 2026: May 7, 2026
Interim Report Q2 2026: August 20, 2026
Interim Report Q3 2026: November 5, 2026
*Proposals to the agenda for the GN Store Nord Annual General Meeting
must be submitted no later than six weeks before the meeting (i.e. January
27, 2026)
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 Q3 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 Q3 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 Q3 2025
Interim Report Q3 2025
12/22
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Full Year
2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(aud.)
Income statement
Revenue
Hearing
1,725
1,850
1,703
1,858
1,747
7,104
Enterprise
1,740
2,050
1,666
1,713
1,624
7,474
Gaming
699
1,119
617
589
587
3,407
Total
4,164
5,019
3,986
4,160
3,958
17,985
Organic growth
Hearing
10%
7%
-1%
8%
7%
10%
Enterprise
-7%
-3%
-9%
-7%
-4%
-3%
Gaming
-21%
-7%
-20%
-27%
-13%
-5%
Total
-4%
0%
-8%
-5%
-1%
1%
Gross profit
Hearing
1,103
1,135
1,032
1,152
1,071
4,458
Enterprise
961
1,178
931
961
906
4,146
Gaming
219
359
227
200
178
960
Total
2,283
2,672
2,190
2,313
2,155
9,564
Gross profit margin
Hearing
64.0%
61.4%
60.6%
62.0%
61.3%
62.8%
Enterprise
55.2%
57.5%
55.9%
56.1%
55.8%
55.5%
Gaming
31.3%
32.1%
36.8%
34.0%
30.3%
28.2%
Total
54.8%
53.2%
54.9%
55.6%
54.4%
53.2%
Divisional profit
Hearing
600
667
484
668
598
2,464
Enterprise
598
775
548
583
549
2,662
Gaming
-
79
64
72
32
81
Total
1,198
1,521
1,096
1,323
1,179
5,207
Divisional margin
Hearing
34.8%
36.1%
28.4%
36.0%
34.2%
34.7%
Enterprise
34.4%
37.8%
32.9%
34.0%
33.8%
35.6%
Gaming
0.0%
7.1%
10.4%
12.2%
5.5%
2.4%
Total
28.8%
30.3%
27.5%
31.8%
29.8%
29.0%
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Full Year
2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(aud.)
Other group information
Depreciation and software amortization
-96
-92
-95
-93
-86
-388
EBITDA
649
780
395
639
521
2,541
EBITA
553
688
300
546
435
2,153
Amortization and impairment of acquired intangible assets
-94
-91
-85
-85
-95
-365
Profit (loss)
289
392
89
180
91
1,059
Free cash flow excl. M&A
786
94
-395
353
410
1,081
Acquisitions and divestments of companies
106
29
-27
-
-
100
Free cash flow
892
123
-422
353
410
1,181
Quarterly reporting by segment
Interim Report Q3 2025
13/22
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Full Year
2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(aud.)
Revenue
Production costs
-1,803
-1,881
-5,446
-6,074
-8,421
Gross profit
Development costs
-318
-343
-1,035
-1,136
-1,491
Selling and distribution costs
-976
-1,085
-3,060
-3,206
-4,357
Management and administrative expenses
-434
-303
-1,287
-1,076
-1,543
Other operating income and costs, net
-9
-20
EBITA*
Amortization and impairment of acquired intangible assets
-95
-94
-265
-274
-365
Gain (loss) on divestment of operations etc.
-1
Operating profit (loss)
Share of profit (loss) in associates
-10
-4
-6
-7
Financial income
Financial expenses
-254
-790
-779
-1,297
-850
Profit (loss) before tax
Tax on profit (loss)
-27
-82
-104
-191
-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 amorti zation of development
projects and software developed in-house.
Q3 2025
Q3 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
-25
-21
Foreign exchange adjustments, etc.
-288
-609
-92
Tax relating to other comprehensive income
-11
Other comprehensive income for the period
-303
-625
-92
Total comprehensive income for the period
-14
-265
Attributable to:
Non-controlling interests
Shareholders in GN Store Nord A/S
-32
-316
Consolidated income
statement
Consolidated statement of
comprehensive income
Interim Report Q3 2025
14/22
Sep. 30
2025
Jun. 30
2025
Mar. 31
2025
Dec. 31
2024
Sep. 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 Q3 2025
15/22
Q3 2025
Q3 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
-41
-102
-29
-78
-113
Cash flow from operating activities before changes in working capital
Changes in working capital
-151
Cash flow from operating activities before financial items and tax
Financial items, net
-84
-185
-213
-342
Tax paid, net
-59
-34
-158
-176
-235
Cash flow from operating activities
Investing activities
Development projects
-260
-128
-740
-583
-1,015
Investments in other intangible assets, net
-91
-54
-213
-216
-269
Investments in property, plant and equipment, net
-61
-11
-86
-56
-120
Investments in other non-current assets, net
-26
-27
-54
-172
-189
Company acquisitions
-27
-35
-35
Company divestments
Contingent consideration paid
-51
Received dividends
Cash flow from investing activities
-424
-114
-1,100
-956
-1,544
Cash flow from operating and investing activities (free cash flow)
Q3 2025
Q3 2024
YTD 2025
YTD 2024
Full Year
2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(aud.)
Financing activities
Proceeds from borrowings
Repayment of bank loans
-492
-513
-1,086
Repayment of issued bonds
-7,028
-7,301
-1,406
Repayment of lease liabilities
-32
-84
-99
Repayment of other non-current liabilities
-1
-35
-32
Drawn/(repaid) on credit facilities
-112
-480
-258
-2,118
Cash flow from financing activities
-761
-480
-497
-2,118
-2,365
Net cash flow
-351
-156
-1,060
-1,184
Cash and cash equivalents, beginning of period
Adjustment foreign currency, cash and cash equivalents
-12
-6
-57
-2
Cash and cash equivalents, end of period
Consolidated statement of cash flows
Interim Report Q3 2025
16/22
Q3 2025
Other reserves
DKK million
Share cap-
ital*
Foreign
exchange
adjust-
ments*
Hedging re-
serve**
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
-21
-21
-21
Foreign exchange adjustments, etc.
-609
-609
-609
Tax relating to other comprehen-
sive income
Other comprehensive income for
the period
-609
-16
-625
-625
Total comprehensive income for
the period
-609
-16
-316
-265
Share-based payment (granted)
Share-based payment (exercised)
-16
-16
-16
Fair value adjustment of put option
liability
-51
Paid dividends
Balance at September 30, 2025
-1,350
-2,725
* The share capital is divided into 150,912,715 shares of nominal DKK 4 each.
** Restatement of opening balance to reflect the reclassification from hedging reserves to retained earnings as a result of an error.
Q3 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.
-92
-92
-92
Tax relating to other comprehen-
sive income
-
Other comprehensive income for
the period
-92
-92
-92
Total comprehensive income for
the period
-92
Share-based payment (granted)
-
Share-based payment (exercised)
Fair value adjustment of put option
liability
Paid dividends
-46
Balance at September 30, 2024
-1,154
-11
-2,725
* The share capital is divided into 150,912,715 shares of nominal DKK 4 each.
Consolidated statement of changes in equity
Interim Report Q3 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 Q3 2025
18/22
Note 2 – Segment disclosures Q3 2025
Income statement
Hearing
Enterprise
Gaming
Consolidated total
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Revenue
1,747
1,725
1,624
1,740
587
699
3,958
4,164
Production costs
-676
-622
-718
-779
-409
-480
-1,803
-1,881
Gross profit
1,071
1,103
906
961
178
219
2,155
2,283
Selling and distribution costs
-473
-503
-357
-363
-146
-219
-976
-1,085
Divisional profit
598
600
549
598
32
-
1,179
1,198
Development costs
-318
-343
Management and administrative expenses
-434
-303
Other operating income and costs, net
8
1
EBITA*
435
553
Amortization and impairment of acquired intan-
gible assets
-95
-94
Gain (loss) on divestment of operations etc.
-
57
Operating profit (loss)
340
516
Share of profit (loss) in associates
-10
-
Financial items
-212
-145
Profit (loss) before tax
118
371
Tax on profit (loss)
-27
-82
Profit (loss) for the period
91
289
Additional information
Hearing
Enterprise
Gaming
Consolidated total
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Revenue distributed geographically
Europe
486
425
817
812
242
281
1,545
1,518
North America
844
904
446
507
237
319
1,527
1,730
Rest of World
417
396
361
421
108
99
886
916
Revenue
1,747
1,725
1,624
1,740
587
699
3,958
4,164
Revenue growth composition
Organic growth
7%
10%
-4%
-7%
-13%
-21%
-1%
-4%
FX growth
-5%
-1%
-3%
-1%
-3%
0%
-4%
-1%
M&A growth
-1%
-5%
0%
0%
0%
0%
0%
-1%
Revenue growth
1%
4%
-7%
-8%
-16%
-21%
-5%
-6%
Incurred development costs
-411
-340
Capitalized development costs
260
128
Amortization, impairment and depreciation of
development projects**
-167
-131
Expensed development costs
-318
-343
EBITDA
521
649
Depreciation and software amortization
-86
-96
EBITA*
435
553
EBITA margin
11.0%
13.3%
Number of employees, end of period
7,464
7,281
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amorti zation of development
projects and software developed in-house.
** Does not include amortization of acquired intangible assets, cf. definition of EBITA
Interim Report Q3 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
5,308
5,254
5,003
5,424
1,793
2,288
12,104
12,966
Production costs
-2,053
-1,931
-2,205
-2,456
-1,188
-1,687
-5,446
-6,074
Gross profit
3,255
3,323
2,798
2,968
605
601
6,658
6,892
Selling and distribution costs
-1,505
-1,526
-1,118
-1,081
-437
-599
-3,060
-3,206
Divisional profit
1,750
1,797
1,680
1,887
168
2
3,598
3,686
Development costs
-1,035
-1,136
Management and administrative expenses
-1,287
-1,076
Other operating income and costs, net
5
-9
EBITA*
1,281
1,465
Amortization and impairment of acquired intan-
gible assets
-265
-274
Gain (loss) on divestment of operations etc.
-1
68
Operating profit (loss)
1,015
1,259
Share of profit (loss) in associates
-4
-6
Financial items
-547
-395
Profit (loss) before tax
464
858
Tax on profit (loss)
-104
-191
Profit (loss) for the period
360
667
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
1,499
1,362
2,676
2,812
663
869
4,838
5,043
North America
2,616
2,715
1,249
1,416
816
990
4,681
5,121
Rest of World
1,193
1,177
1,078
1,196
314
429
2,585
2,802
Revenue
5,308
5,254
5,003
5,424
1,793
2,288
12,104
12,966
Revenue growth composition
Organic growth
4%
11%
-7%
-3%
-21%
-5%
-5%
2%
FX growth
-2%
-1%
-1%
-1%
-1%
0%
-2%
-1%
M&A growth
-1%
-5%
0%
0%
0%
0%
0%
-2%
Revenue growth
1%
5%
-8%
-4%
-22%
-5%
-7%
-1%
Incurred development costs
-1,289
-1,238
Capitalized development costs
740
602
Amortization, impairment and depreciation of
development projects**
-486
-500
Expensed development costs
-1,035
-1,136
EBITDA
1,555
1,761
Depreciation and software amortization
-274
-296
EBITA*
1,281
1,465
EBITA margin
10.6%
11.3%
Number of employees, end of period
7,464
7,281
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amorti zation of development
projects and software developed in-house.
** Does not include amortization of acquired intangible assets, cf. definition of EBITA
Interim Report Q3 2025
20/22
Note 3 – Incentive plans
As of September 30, 2025, the total number of outstanding options and
PSU’s in GN Store Nord is 3,719,300 (2.5% of the shares issued in GN Store
Nord).
Note 4 – Shareholdings
On September 30, 2025, members of the board of directors and the execu-
tive management, respectively, own 84,237 and 103,204 shares in GN Store
Nord.
On September 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 Q3 2025
21/22
Executive Management
Board of Directors
Interim Report Q3 2025
22/22
Co.reg. no 242578 43