Gn Store Nord A/s · OMXCOP:GN
Gn Store Nord A/s — Q2 2025 Earnings Presentation
22 slides from Gn Store Nord A/s's earnings presentation, Aug 21, 2025
Slide 1: GN Interim Report Q2 2025 Conference call presentation
GN Interim Report Q2 2025 Conference call presentation Aug 21, 2025
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 Divisional highlights Agenda Financial guidance 3
Slide 4: Group highlights
Group highlights Strong execution across challenged market environments Hearing Enterprise Gaming Launch of ReSound Vivia progressing Positive sell-out growth in North Market share gains in a challenged according to plan America and Rest of World, whereas gaming gear market leading to 0% Europe cont
Slide 5: Commercial and operational agility drove market share gains and 46% EBITA growth
Commercial and operational agility drove market share gains and 46% EBITA growth 0% Organic growth 13% 353m (excl. wind-down) Free cash flow excl. • 8% in Hearing EBITA margin M&A (DKK) • -7% in Enterprise • 0% in Gaming 5
Slide 6: GN Store Nord: Successfully navigating a challenging market environment
GN Store Nord: Successfully navigating Revenue (DKKm) a challenging market environment 4,499 -5% 4,276 +0% -3% +0% 4,160 • Organic revenue growth ended at 0% excluding wind-down Q2 2024 Wind-down Q2 2024 Organic FX growth M&A Q2 2025 effect (reported organic growth was -5%), leading to group effect
Slide 7: New facility agreements extending key maturities to 2028
Taking advantage of the strong fundamental operational improvements in the last few years, GN has successfully negotiated terms for new facility agreements Extending key maturities to 2028 (DKKbn)1 Refinancing overview ✓ Up to EUR 1bn (DKK ~7.4bn) new Term Primary scope for refinancing New facilitie
Slide 8: Agenda
Group highlights Divisional highlights Agenda Financial guidance 8
Slide 9: Hearing: ReSound Vivia success leading to substantial market share gains and 8% organic growth
Hearing: ReSound Vivia success leading to substantial market share gains and 8% organic growth • Hearing delivered strong organic revenue growth of 8% (on DKK million Q2 2025 Q2 2024 Growth top of 10% in Q2 2024), driven by broad-based market share gains of ReSound Vivia across markets growing below
Slide 10: Customer-centric innovation driving growth and market share gains in Hearing
Customer-centric innovation driving growth and market share gains in Hearing Vivia driving broad-based market share gains Launching Resound Enzo IA to sustain momentum launch metrics ahead of previous major product introductions, Improves understanding of speech in difficult environments, such as Ne
Slide 11: Enterprise: -7% organic revenue growth and 34% divisional profit margin
Enterprise: - 7% organic revenue growth and 34% divisional profit margin in an uncertain and challenged market environment DKK million Q2 2025 Q2 2024 Growth • Enterprise was challenged by the market uncertainty due to the global trade environment. The organic revenue was -7% Revenue 1,713 1,873 -9%
Slide 12: Positive sell-out growth across North America and Rest of World
Positive sell-out growth across North America and Rest of World Sell-in / sell-out trends in Enterprise market Regional comments • Solid growth in sell-out, driven by price increases and market share gains • Sell-in was negatively affected by the North America deliberate decision to limit certain pr
Slide 13: Gaming: 0% organic revenue growth and 12% divisional profit margin
Gaming: 0% organic revenue growth and 12% divisional profit margin, despite Gaming only Wind-down market uncertainty DKK million Q2 2025 Q2DKK 2024million Growth Q2 2025 Q2 2024 Growth • The Gaming market was challenged in the quarter by weak consumer spending and the uncertain trade environment. Re
Slide 14: GN is strongly positioned to effectively mitigate tariff impact
GN is strongly positioned to effectively mitigate tariff impact Diversification plan well on track … … strong execution on commercial … limited impact on group margins actions driving… Enterprise manufacturing split to US Implementation of U.S. price increases for Strong execution on mitigating acti
Slide 15: Agenda
Group highlights Divisional highlights Agenda Financial guidance 15
Slide 16: 2025 financial guidance is confirmed, but narrowed
2025 financial guidance is confirmed, but narrowed Organic revenue growth EBITA margin FCF excl. M&A (DKKm) excl. wind-down1) Updated Prior Confirmed Confirmed GN Store Nord -2% to +2% -3% to +3% 11-13% ~800 Note 1: The negative impact from the wind-down on group organic revenue growth in 2025 will
Slide 17: Save the date: EUHA 2025
Save the date: EUHA 2025 Investor and analyst meeting 69th International Congress of Hearing Aid Acousticians Nürnberg, Germany 9.00am, October 23, 2025 17
Slide 18: Q&A
Q&A www.gn.com E-mail: investor@gn.com Rune Sandager, Head of Investor Relations, Tel.: +45 4575 9257 18
Slide 19: Appendix
Appendix "s GN
Slide 20: GN Store Nord – five-year performance
GN Store Nord – five-year performance DKK million 2020 2021 2022 2023 2024 GN Store Nord Revenue 13,449 15,775 18,687 18,120 17,985 Organic growth 9% 20% -3% -1% 1% Gross margin 54.3% 55.0% 48.9% 49.4% 53.2% EBITA 1,866 2,619 1,560 1,200 2,153 EBITA margin 13.9% 16.6% 8.3% 6.6% 12.0% Operating profi
Slide 21: Maturity profile Q2 2025 – before refinancing
Maturity profile Q2 2025 – before refinancing DKKm 5,952 3,869 1,996 722 423 260 244 369 369 319 462 125 37 -1,130 Q2 2025 Q3 2025 Q4 2025 Q1 2026 2026 remain. 2027 2028 2029 2036 2037 Cash at hand Undrawn RCF HQ Financing Commercial paper, MM Loan and Overdraft Drawn Term Loan EMTN bond R&D Loan No
Slide 22: 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