Q4 2025 GN Store Nord A/S Earnings Call Transcript
Key Points
- GN Store Nord AS (GGNDF) achieved a record-high market share in the Hearing division, driven by the successful launch of ReSound Vivia.
- The company maintained a strong EBITA margin of 11.4% for the year, demonstrating effective cost management and price increases.
- GN Store Nord AS (GGNDF) generated a free cash flow of DKK1.1 billion, reflecting solid profitability and positive working capital developments.
- The company successfully reduced its net interest-bearing debt by more than DKK800 million, allowing for refinancing at attractive terms.
- The Evolve3 headset platform launch is expected to drive growth in the Enterprise division, with additional product launches planned for 2026.
- The group reported a negative 1% organic growth for the year, with declines in the Enterprise and Gaming divisions.
- The European market for the Enterprise division continues to experience weakness, impacting overall performance.
- The Gaming division faced a challenging market environment, resulting in a negative 2% organic growth for the year.
- The company's gross margin in the Hearing division decreased due to an adverse country and business mix.
- The EBITA margin guidance for 2026 reflects potential short-term headwinds, including increased amortizations and tariff impacts.
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Hello, everyone, and welcome to GN's conference call in relation to our annual report announced this morning. Participating in today's call is Group CEO, Peter Karlstromer; Group CFO, Søren Jelert; and myself Rune Sandager, Head of Investor Relations.
The presentation is expected to last about 25 minutes, after which, we'll turn to the Q&A session. The presentation is already uploaded on gn.com. And with that, I'm happy to hand over to Peter for some opening remarks.
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Thank you, Rune, and thank you all for joining us today. '25 were a year where we continue to execute on our strategic and operational agenda in a difficult market environment influenced by uncertain trade and macroeconomic weakness.
In Hearing, we continue to deliver very strong performance, and we are now at record-high market shares driven
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