Gn Store Nord A/s · OMXCOP:GN
Gn Store Nord A/s — FY2025 Earnings Presentation
25 slides from Gn Store Nord A/s's earnings presentation, Feb 5, 2026
Slide 1: Annual Report 2025 Conference call presentation
Annual Report 2025 Conference call presentation February 5, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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 o
Slide 3: Agenda
Group highlights 2025 Agenda Divisional highlights 2025 Preparing for profitable growth in 2026 Financial guidance 2026 3
Slide 4: Group highlights
Group highlights Solid execution leading to market share gains… Hearing Enterprise Gaming Record high market share driven by Positive sell-out growth outside of Market share gains in a challenged ReSound Vivia Europe, while maintaining market shares gaming equipment market in a difficult European ma
Slide 5: Solid performance in a challenging year while strengthening business fundamentals
Solid performance in a challenging year while strengthening business fundamentals -1% Organic growth 11.4% 1,112m (excl. wind-down) Free cash flow excl. • 5% in Hearing EBITA margin M&A (DKK) • -6% in Enterprise • -2% in Gaming 5
Slide 6: GN Store Nord: Solid performance in a challenging year while strengthening business fundamentals
GN Store Nord: Solid performance in a Revenue (DKKm) challenging year while strengthening 17,985 16,782 business fundamentals -3% -1% -3% 0% Q4 2025 FY 2024 Wind-down FY 2025 Organic FX growth M&A FY 2025 • Organic revenue growth of -2% (excluding wind-down) driven effect revenue growth growth by so
Slide 7: Agenda
Group highlights 2025 Agenda Divisional highlights 2025 Preparing for profitable growth in 2026 Financial guidance 2026 7
Slide 8: Hearing: Another year with customer-centric innovation and solid execution leading to record high market share
Hearing: Another year with customer- centric innovation and solid execution DKK million Q4 2025 FY 2025 FY 2024 Growth leading to record high market share Revenue 1,906 7,214 7,104 +2% - Organic growth +7% +5% +10% Q4 2025 - M&A impact 0% -1% -4% • Ending the year strongly with 7% organic revenue gr
Slide 9: Enterprise: Positive sell-out growth outside of Europe
Enterprise: Positive sell-out growth outside of Europe. Focused pricing DKK million Q4 2025 FY 2025 FY 2024 Growth discipline effectively offset tariff costs Revenue 1,896 6,899 7,474 -8% Q4 2025 - Organic growth -3% -6% -3% • Organic revenue growth of -3% reflecting continued market - M&A impact 0%
Slide 10: Gaming: Another year of solid market share gains in a difficult gaming equipment market
Gaming: Another year of solid market share gains in a difficult gaming Gaming only Wind-down equipment market DKK million Q4 2025 FY 2025 FY 2024 Growth FY 2025 FY 2024 Growth Q4 2025 Revenue 882 2,683 2,810 -5% -14 597 -102% • Organic revenue growth of -12% in Gaming reflecting a - Organic growth -
Slide 11: Agenda
Group highlights 2025 Agenda Divisional highlights 2025 Preparing for profitable growth in 2026 Financial guidance 2026 11
Slide 12: Hearing: Strong growth momentum driven by innovation and commercial excellence
Hearing: Strong growth momentum driven by innovation and commercial excellence Healthy growing hearing aid market (DKKbn)1 Current momentum to be fuelled by ReSound Vivia and 2026 launches • The ReSound Vivia platform has been yet +4% CAGR another pioneer for growth in Hearing and puts a testimony t
Slide 13: Enterprise: Technology shifts have been the primary reason for headset adoption
Enterprise: Technology shifts have been the primary reason for headset adoption 2014 Trends to impact the next penetration wave 2015 2016 Increased adoption of UC platforms The UC 2017 2018 Revolution Enterprise grade headset penetration ~10% 99% Say poor sound impacts online meetings1 2019 Work fro
Slide 14: Enterprise: Evolve3 is first true cross-over headset
Enterprise: Evolve3 is first true cross-over headset - delivering professional grade performance while significantly improving design & comfort Evolve3 - The best headset for modern work Effortless device mgt & Enhanced comfort - up to certified security with 30% lighter Jabra+ AI-powered ClearVoice
Slide 15: Enterprise: Evolve3 is the preferred companion in a flexible working world
Enterprise: Evolve3 is the preferred companion in a flexible working world 15
Slide 16: Gaming: Continuing to win in an attractive market
Gaming: Continuing to win in an attractive market, while driving margin expansion SteelSeries innovation drive market share gains1 Factors supporting growth in 2026... ...while driving sustainable margin initiatives 17% Continued strong underlying market drivers Gaming now fully integrated 16% • Con
Slide 17: Market share gains across divisions expected for 2026
Market share gains across divisions expected for 2026 Division Hearing Enterprise Gaming • Favorable demographic trends • Regions outside EMEA to • Continued growth in gaming, time • Increased adoption continue growth pattern observed spent and players Underlying market • Increased wealth among midd
Slide 18: Agenda
Group highlights 2025 Agenda Divisional highlights 2025 Returning to profitable growth 2026 Financial guidance 2026 18
Slide 19: 2026 financial guidance
2026 financial guidance Organic revenue growth EBITA margin GN Store Nord 3% to 7% 11.5% - 13.5% 19
Slide 20: Solid underlying margin expansion expected for 2026
Solid underlying margin expansion expected for 2026 supporting long-term margin ambitions EBITA margin bridge 2026 11.5% - 13.5% 11.4% 1-3%p underlying margin improvement correlated with revenue growth FY 2025 2025 temporary Full year tariff effect Net effect from non- Gross margin Operating leverag
Slide 21: Q&A
Q&A www.gn.com E-mail: investor@gn.com Rune Sandager, Head of Investor Relations, Tel.: +45 4575 9257 21
Slide 22: Appendix
Appendix "s GN
Slide 23: GN Store Nord – five-year performance
GN Store Nord – five-year performance DKK million 2021 2022 2023 2024 2025 GN Store Nord Revenue 15,775 18,687 18,120 17,985 16,782 Organic growth 20% -3% -1% 1% -1% Gross margin 55.0% 48.9% 49.4% 53.2% 54.6% EBITA 2,619 1,560 1,200 2,153 1,908 EBITA margin 16.6% 8.3% 6.6% 12.0% 11.4% Operating prof
Slide 24: Maturity profile Q4 2025
Maturity profile Q4 2025 DKKm 3,720 6,969 1,490 722 451 112 179 52 112 112 112 -1,119 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 2027 2028 2029 2036 2037 Cash at hand Commercial paper, MM Loan and Overdraft EMTN bond Undrawn RCF Drawn Term Loan R&D Loan HQ Financing Note: Short term commercial papers,
Slide 25: GN Store Nord share overview
GN Store Nord share overview Share price development • GN has a share capital of DKK 603,650,860, which is consisting of 130 150,912,715 shares, each carrying four votes. GN has one share class, 110 and there are no restrictions on ownership or voting rights 90 70 • GN is, among other indices, inclu