GN STORE NORD A/S
Medical devices·GN · Nasdaq Copenhagen·Fiscal year to 31/12/2025
Our Hearing division outperformed the market with 5% organic growth, our Enterprise division maintained its leadership in difficult markets with -6% organic growth, and our Gaming division battled equally challenging conditions with -2% organic growth and winning market share.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Artificial intelligence
Technology
DriverPositive impact: strengthens
“Our future growth opportunities are stimulated by rapid technological developments, machine learning and the adoption of Artificial Intelligence for a host of daily tasks at home, at work, and on the go.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The enterprise market is driven by hybrid “technology rich” work which is here to stay.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“People, technology, and quality GN operates on the cutting edge of technological advances to provide new relevant user experiences and functionalities to its customers. Any failure to gain access to and deploy the latest technologies and competencies within hardware, software, and services in a timely manner would impact GN’s future earnings potential.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Preparing for growth in 2026 and beyond, GN has also invested significantly in new product innovation: In Hearing, we launched our most intelligent hearing solutions portfolio to date, based on GN’s unique approach to AI and Deep Neural Network technology. Thanks to this and years of focus we are able to offer the world's best hearing in noise experience.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Growth in 2026 will be supported by the launch of next-generation solutions for video and audio collaboration. Our updated video portfolio targeting the rapidly expanding market for intelligent meetings will enable us to serve all room sizes.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, GN invested DKK 1.9 billion in research and development.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We maintain a diverse pool of innovative and commercial collaborations with partners who help enable our growth as we are allies rather than competitors.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Group development costs ended at DKK -1,460 million compared to -1,491 million in 2024. This reflects continued investments into GN’s R&D roadmap, including 2025 product launches of ReSound Vivia, Re- Sound Enzo IA and PanaCast 40 VBS, as well as the ongoing work on the Evolve3 platform, but offset by cost savings across non-product related activities.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“GN expects to continue to gain market shares driven by the very strong brand, innovation leadership, and category expansion.”
Annual report 2025A · The company itself
Market
“Free cash flow excl. M&A (DKKm) Net interest -bearing debt (DKKm) and leverage 2,619 1,560 1,200 2,153 1,908 2021 2022 EBITA margin 16.6% 8.3% 6.6% 12.0% 11.4% Reported EBITA GN Store Nord ( DKKm) 2025 -1,291 1,092 1,081 ,112 Net interest-bearing debt (DKKm) Leverage 8,876 4,829 14,561 10,567 9,699 2025 1.6x 7.1x 6.0x 3.8x 3.8x Content Another year with market share gains driven by customer-centric innovation and solid commercial execution Revenue The Hearing division delivered another strong year with 5% organic growth (on top of 10% in 2024 and 13% in 2023), yet again outperforming the market. Growth was driven by broad-based market share gains of the new ReSound Vivia platform, the world’s smallest AI-powered hearing aid, enabling the division to capture record high market share across various markets, underscoring its innovative strength and effective market execution.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Investments in innovation and agile operations create strong foundation for profitable growth in years ahead Solid financial performance in a challenging year During 2025, uncertain trade policies and macroeconomic weakness presented multiple challenges to consumers and companies around the world – including GN.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“During the past several years, GN has pursued an operational strategy to leverage scale and increase supply chain agility and resilience. This diversification strategy was accelerated during 2025, which has derisked GN.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Flexible operating model helped mitigate the uncertain trade and macro-environment GN has worked diligently with what is within the company’s control to mitigate the negative impact from newly introduced tariffs and macroeconomic headwinds. During the past several years, GN has pursued an operational strategy to leverage scale and increase supply chain agility and resilience.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The macroeconomy and global trade policies General macroeconomic uncertainty, instability in trade policies, and increasing trade tariffs may decrease households’ and enterprises’ spending, which may result in declining demand for GN’s products and/or increasing costs.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The development reflected positive business mix, strong pricing discipline, and group-wide synergies, offset by direct tariff costs in Enterprise and Gaming.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The positive development was achieved through a combination of strong pricing discipline as well as a successful supply chain diversification strategy and price adjustments in the U.S. effectively offsetting the direct impact from tariff costs.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“This was a result of DKK 895 million in gross profit contribution from SteelSeries products (gross margin of 33.4% in 2025 compared to 32.4% in 2024) and DKK 5 million from the wind-down of Elite and Talk product lines. The development within the gross margin of SteelSeries products reflects strong pricing discipline, continued benefits from the supply chain integration, but partly offset by direct tariffs costs.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Diversified manufacturing footprint across multiple countries In-house manufacturing Outsourced manufacturing Significant regionalization and risk-mitigation • 19 Enterprise production lines were transferred out of China to Germany, Vietnam, Malaysia, Thailand, and Taiwan • 12 Gaming production lines were transferred out of China to Vietnam, Malaysia, Thailand, and Taiwan ~30m annual volume of products produced >3,000 own staff in operations >300 number of product types >5,500 staff in outsourced operations During the past several years, GN has pursued an operations and supply chain strategy to leverage scale and increase agility and resilience.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“This has had the added benefit of de-risking and mitigating impact from current macroeconomic instability and uncertain trade policies.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Hybrid work and office use
Macro
DriverPositive impact: strengthens
“The enterprise market is driven by hybrid “technology rich” work which is here to stay.”
Annual report 2025A · The company itself
Market
“Our Hearing division outperformed the market with 5% organic growth, our Enterprise division maintained its leadership in difficult markets with -6% organic growth, and our Gaming division battled equally challenging conditions with -2% organic growth and winning market share.”
Annual report 2025A · The company itself
Market
“Our Enterprise division defended its leadership position with a broad portfolio engineered to address key customer needs and daily pains in enterprises of all sizes and built for Unified Communications with enterprise grade quality and security.”
Annual report 2025A · The company itself
Market
“Enterprise is a clear leader in hybrid work solutions based on unrivaled innovation and enterprise grade experiences.”
Annual report 2025A · The company itself
Chains out: this weakens Office and commercial property
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Investments in innovation and agile operations create strong foundation for profitable growth in years ahead Solid financial performance in a challenging year During 2025, uncertain trade policies and macroeconomic weakness presented multiple challenges to consumers and companies around the world – including GN.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Organic growth was -6% in 2025, reflecting focused execution in a gradually improving market but negatively impacted by the uncertain trade policies.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“This has had the added benefit of de-risking and mitigating impact from current macroeconomic instability and uncertain trade policies.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Further, technology products and solutions that connect to the internet or to other internet-connected devices have an inherent risk of being compromised, thus exposing users to cyber threats. It is critical for GN’s continued success and trust with customers that our products are designed to be secure and resilient toward cyber-attacks.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our product cybersecurity improvements take a risk-based approach, evaluating factors such as sales volume, attack surface, and third-party dependencies. We have rolled out secure coding practices and architecture training across our teams.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Digitalisation
Technology
StrategyPositive impact: strengthens
“Growth in 2026 will be supported by the launch of next-generation solutions for video and audio collaboration. Our updated video portfolio targeting the rapidly expanding market for intelligent meetings will enable us to serve all room sizes.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, GN invested DKK 1.9 billion in research and development.”
Annual report 2025A · The company itself
Market
“Our Hearing division outperformed the market with 5% organic growth, our Enterprise division maintained its leadership in difficult markets with -6% organic growth, and our Gaming division battled equally challenging conditions with -2% organic growth and winning market share.”
Annual report 2025A · The company itself
Market
“Our Enterprise division defended its leadership position with a broad portfolio engineered to address key customer needs and daily pains in enterprises of all sizes and built for Unified Communications with enterprise grade quality and security.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Hearing aids and hearing care
End markets
Market
“The underlying margin expansion for 2026 is supporting the journey towards the structural margin target level of 16-17%.”
Annual report 2025A · The company itself
Market
“Gross profit reached DKK 4,407 million compared to DKK 4,458 million in 2024, corresponding to a gross margin of 61.1% in 2025. The decline in gross margin was mainly due to an adverse development from country and business mix as well as the divestment of Dansk HøreCenter in 2024.”
Annual report 2025A · The company itself
Market
“(DKKm) 7,104 7,214 2024 +5% Organic revenue growth -2% -1% M&A growth 2025 +2% 62.8% 2024 61.1% 2025 4,458 4,407 34.7% 2024 33.6% 2025 2,464 2,421 Content Strong channel execution led to positive sell-out growth outside of Europe, while market shares were maintained in a difficult European market.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens
Automation and robotics
Technology
StrategyPositive impact: strengthens
“In 2025 these efforts were accelerated, and all major products now can be supplied from multiple countries.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“To ensure GN’s operational resilience, a manufacturing and supply chain diversification strategy is being executed. As part of this strategy, we are preparing regional operations across all three regions and divisions to enable faster, market‑tailored execution.”
Annual report 2025A · The company itself
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“Our commitment to continuous improvement is also reflected in initiatives aimed at mitigating risks associated with extreme weather, climate change, and human rights issues. By implementing robust risk mitigation strategies, we strengthen our operational framework and ensure long-term sustainability and resilience in the face of evolving challenges.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, we updated our sustainability strategy, setting priorities in ESG areas most material to GN. Through our Better for planet strategy, we aim to continue meeting our climate targets for 2030 and to be net zero by 2050.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Industrial manufacturing
End markets
Market
“Gross profit reached DKK 3,850 million corresponding to a gross margin of 55.8% compared to 55.5% in 2024.”
Annual report 2025A · The company itself
Market
“Focused pricing discipline effectively off-set tariff cost Revenue The Enterprise division demonstrated continued resilience and focused execution in 2025 by effectively mitigating impacts from uncertain trade policies and macroeconomic weakness, while maintaining its market leading position and preparing for the strategic important Evolve3 launch in 2026.”
Annual report 2025A · The company itself
Media and entertainment
End markets
Market
“The Arctis Nova Elite is a story of meticulous design, engineering, and craftsmanship to deliver the first Hi-Res Wireless Certified immersive listening experience across PS5/Xbox/Nintendo Switch/PC, music, entertainment, work & play. Custom Carbon Fiber Drivers, OmniPlay that gives the ability to Connect/Mix/Play up to four sources on PC/Console/Bluetooth simultaneously, and AI Noise Rejecting Microphones come together to create the ultimate gaming headset.”
Annual report 2025A · The company itself
Market
“As a result, overall revenue ended at DKK 2,669 million, compared to DKK 3,407 million in 2024, including an impact of -3% from FX. In North America, SteelSeries performed very well in a gaming equipment market that was significantly impacted by decreasing consumer sentiment during the year. Driven by the strong commercial execution and relevant product introductions, SteelSeries managed to perform well compared to the market, which led to a single-digit decline in organic revenue growth.”
Annual report 2025A · The company itself
Global trade volumes
Macro
StrategyPositive impact: strengthens
“31 Enterprise and Gaming production lines were relocated, so that all major products now can be supplied from multiple countries.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Healthcare and hospitals
End markets
Market
“Serving customers across the globe 7,500+ employees worldwide (FTE) Hearing Enterprise Gaming We help people with hearing loss overcome real-life challenges, improve communication and collaboration for businesses, and provide great experiences for gaming enthusiasts.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Premium consumers
End markets
Market
“Serving customers across the globe 7,500+ employees worldwide (FTE) Hearing Enterprise Gaming We help people with hearing loss overcome real-life challenges, improve communication and collaboration for businesses, and provide great experiences for gaming enthusiasts.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
SMEs
End markets
Market
“Serving customers across the globe 7,500+ employees worldwide (FTE) Hearing Enterprise Gaming We help people with hearing loss overcome real-life challenges, improve communication and collaboration for businesses, and provide great experiences for gaming enthusiasts.”
Annual report 2025A · The company itself
Consumer spending
Macro
DriverNegative impact: weakens
“Our Hearing division outperformed the market with 5% organic growth, our Enterprise division maintained its leadership in difficult markets with -6% organic growth, and our Gaming division battled equally challenging conditions with -2% organic growth and winning market share.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Free cash flow excl. M&A (DKKm) Net interest -bearing debt (DKKm) and leverage 2,619 1,560 1,200 2,153 1,908 2021 2022 EBITA margin 16.6% 8.3% 6.6% 12.0% 11.4% Reported EBITA GN Store Nord ( DKKm) 2025 -1,291 1,092 1,081 ,112 Net interest-bearing debt (DKKm) Leverage 8,876 4,829 14,561 10,567 9,699 2025 1.6x 7.1x 6.0x 3.8x 3.8x Content Another year with market share gains driven by customer-centric innovation and solid commercial execution Revenue The Hearing division delivered another strong year with 5% organic growth (on top of 10% in 2024 and 13% in 2023), yet again outperforming the market.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Another year of solid market share gains in a difficult market impacted by low consumer sentiment, while executing sustainable margin initiatives despite tariffs Revenue The Gaming business gained market share in a difficult gaming equipment market resulting in organic revenue growth of -2% (excluding the wind-down effect). As a consequence of the wind-down of the Elite and Talk product lines during 2024, the reported organic revenue growth for the division ended at -19%.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“As a consequence of the current macro-economic challenges including the low level of consumer sentiment, it is assumed that the hearing aid market in 2026 will grow at the low end of its structural trend.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Similar to the Enterprise market, the Gaming equipment market was also impacted by the change in trade environment and general weak consumer sentiment during 2025. As a consequence of the macro-economic environment, it is currently assumed that the broader gaming equipment market will experience modest growth in 2026 driven by continued increase in number of global gamers as well as important new game introductions towards the end of the year.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In 2025, the global hearing aid market was negatively impacted by global uncertainty and weak consumer sentiment, resulting in market value growth below its structural trends of 3-5%.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Ageing population
Geography
DriverPositive impact: strengthens
“Today, Hearing stands out as consistently growing faster than the market.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Mandate third-party Human Rights audits for both our own sites and key manufacturers in accordance with the Responsible Business Alliance (RBA) standards Five strategic pillars Content The global hearing market is resilient and non-cyclical with growth driven by health awareness and an aging population.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Key revenue assumptions for the financial guidance of 2026 GN is exposed to an attractive hearing aid market, which has historically been growing 4-6% in volumes driven by ongoing favorable demographic trends.”
Annual report 2025A · The company itself
Chains out: this strengthens Healthcare and hospitals, strengthens Medical devices, strengthens Hearing aids and hearing care
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Flexible operating model helped mitigate the uncertain trade and macro-environment GN has worked diligently with what is within the company’s control to mitigate the negative impact from newly introduced tariffs and macroeconomic headwinds. During the past several years, GN has pursued an operational strategy to leverage scale and increase supply chain agility and resilience.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The macroeconomy and global trade policies General macroeconomic uncertainty, instability in trade policies, and increasing trade tariffs may decrease households’ and enterprises’ spending, which may result in declining demand for GN’s products and/or increasing costs.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
M&A and consolidation
Macro
DriverNegative impact: weakens
“Highly competitive dynamics characterize the product categories in which GN operates. Products must provide compelling user experiences to compete.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“GN experiences market consolidation, product commoditization, and attempts at conquering market share from incumbents and new competitors.”
Annual report 2025A · The company itself
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Our commitment to continuous improvement is also reflected in initiatives aimed at mitigating risks associated with extreme weather, climate change, and human rights issues. By implementing robust risk mitigation strategies, we strengthen our operational framework and ensure long-term sustainability and resilience in the face of evolving challenges.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“GN’s supply chains, including component sourcing, remain dependent on the availability of components and manufacturing capacity across Asia. It is critical to GN’s success that its in-house as well as outsourced manufacturing and supply chain setup is resilient, cost efficient, and that GN as a whole is able to deliver products and services to customers of the right quality, the right price, and on time across the world.”
Annual report 2025A · The company itself
Semiconductors and electronic components
Raw materials and inputs
InputNegative impact: weakens
“GN’s supply chains, including component sourcing, remain dependent on the availability of components and manufacturing capacity across Asia. It is critical to GN’s success that its in-house as well as outsourced manufacturing and supply chain setup is resilient, cost efficient, and that GN as a whole is able to deliver products and services to customers of the right quality, the right price, and on time across the world.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Europe
Geography
Geography
“In Europe, GN gained broad-based market share, leading to doubledigit organic revenue growth. The performance was driven by strong execution in especially Germany and France.”
Annual report 2025A · The company itself
Geography
“In Europe, SteelSeries continued its recent years of success and contributed with positive organic revenue growth in the region particularly driven by countries like Germany and France. In Rest of World, SteelSeries delivered strong organic growth with particularly strong performance in Japan.”
Annual report 2025A · The company itself
Geography
“In Europe, sell-out growth was negatively impacted by the challenged market due to the indirect effects of the uncertain trade policies, making several companies hold back investments. However, strong channel execution and a market-leading product portfolio allowed GN to maintain its market share in the region.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
Geography
“In Rest of World, GN continued to do well with significant market share gains across many markets, leading to a solid organic revenue growth contribution. The growth was supported by strong performance across markets like ANZ, India, and Global Distributor Sales, while the growth was negatively impacted by a difficult Chinese market.”
Annual report 2025A · The company itself
China
Geography
Geography
“The growth was supported by strong performance across markets like ANZ, India, and Global Distributor Sales, while the growth was negatively impacted by a difficult Chinese market.”
Annual report 2025A · The company itself
Inflation
Macro
DriverNegative impact: weakens
“With an assumed -1% yearly ASP impact, the structural market value growth assumptions of 3-5%.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
United States
Geography
Geography
“Overall revenue in North America ended at DKK 3,537 million (compared to DKK 3,616 million in 2024).”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 16.78 bn DKK |
| Revenue growth vs. the year before, same method | -6.7 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 9.7 bn DKK |
| Diluted EPS per share | 4.48 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.