Interim Report Q3 2026: Successful product launches leading to 2% organic revenue growth and margin expansion
Summary by AI BETAClose X
Highlights
- The Enterprise division delivered organic revenue growth of 1%, following positive market reception of the second wave of the Evolve3 launch. The development reflects continued solid performance in North America and APAC, while the EMEA business continued its gradual improvement driven by the strong demand for the Evolve3 portfolio. The divisional profit margin ended at 36.7% reflecting tariff refunds, a stable underlying gross margin similar to Q2 2026 and channel investments to support the ongoing launch activities of the Evolve3 platform
- The Gaming division delivered organic revenue growth of 5% in a recovering market. The growth was driven by strong growth across North America and Europe, while Rest of World was challenged by a difficult comparison base. The divisional profit margin ended at 28.5% (5.5% in Q3 2025) supported by strong underlying gross margin and tariff refunds, in a period with elevated channel investments to support ongoing launches
- Group adj. EBITA (continuing operations) ended at DKK 413 million, equal to an adj. EBITA margin of 18.2%, compared to 8.8% in Q3 2025 reflecting tariff refunds of DKK 153 million, as well as a controlled OPEX development compared to last year.
- Free cash flow excl. M&A ended at DKK 45 million, driven by one-off costs in relation to the Hearing carve-out process as earlier communicated as well as timing effect on net working capital ahead of Q4 2026
- The financial guidance is confirmed. Pending the closing of the Hearing transaction (which is expected by the end of the year), GN aims to distribute at least DKK 4 billion to shareholders until the end of 2027
- The Hearing division (discontinued operations) delivered revenue of DKK 1,831 million (5% organic revenue growth) in the quarter on a demanding comparison base
Update on the Hearing transaction
On March 16, 2026, GN entered into a definitive agreement for the sale of GN’s Hearing business to Amplifon S.p.A. (“Amplifon”), a leading global hearing care retailer. The transaction is subject to customary regulatory approvals and completion of the Hearing business separation from GN, which is expected by the end of the year. As a consequence of the separation, GN will be liable for a tax payment, which will result in an equal size tax asset that can be utilized by GN to reduce its taxes going forward. The size of the upfront payment (and the tax asset) is – among other – dependent on the valuation of GN (including the book value of certain assets and liabilities) and Amplifon. It is currently estimated that the size of the tax payment (and asset) will be DKK 300-500 million (compared to DKK 1.5-2.0 billion assumed earlier).
Quote from Executive Management
Peter Karlstromer, CEO of GN Store Nord, comments: “We are encouraged by the improving momentum across our businesses. In Enterprise, the Evolve3 portfolio launch continues to do well and supports the gradual recovery of the business which delivered growth in the quarter. In Gaming, we also benefit from several strong launches during the year. We had a good quarter and remain optimistic about a strong finish to the year. As for the changes to our group, we remain on track to successfully close the Hearing transaction towards the end of the year and will then start a significant shareholder distribution program where we already in 2026-2027 plan to distribute at least DKK 4 billion with more to come into the future.
In February, we will host a capital markets day where we will lay out our strategy and priorities for how to successfully build GN into the future with benefits for customers, partners, shareholders and employees. Thanks to you all for the continued collaboration and support.”
Financial guidance 2026 (continuing operations) - unchanged
| Organic revenue growth | Adj. EBITA margin |
| 0-3% | 9-10% |
Financial overview Q3 2026
| Continuing operations | Discontinued operations | ||||||||||||
| Total | Enterprise division | Gaming division | Hearing division | ||||||||||
| DKK million | Q3 2026 | Q3 2025 | Growth | Q3 2026 | Q3 2025 | Growth | Q3 2026 | Q3 2025 | Growth | Q3 2026 | Q3 2025 | Growth | |
| Revenue | 2,267 | 2,211 | 3% | 1,639 | 1,624 | 1% | 628 | 587 | 7% | 1,831 | 1,747 | 5% | |
| Organic growth | 2% | -3%*** | 1% | -4% | 5% | 3%*** | 5% | 7% | |||||
| Gross profit* | 1,324 | 1,084 | 22% | 992 | 906 | 9% | 332 | 178 | 87% | ||||
| Gross profit margin* | 58.4% | 49.0% | 9.4%p | 60.5% | 55.8% | 4.7%p | 52.9% | 30.3% | 22.6%p | ||||
| Divisional profit* | 780 | 581 | 34% | 601 | 549 | 9% | 179 | 32 | 459% | ||||
| Divisional profit margin* | 34.4% | 26.3% | 8.1%p | 36.7% | 33.8% | 2.9%p | 28.5% | 5.5% | 23.0%p | ||||
| EBITA* | 413 | 194 | 113% | 396 | 241 | 64% | |||||||
| EBITA margin* | 18.2% | 8.8% | 9.4%p | 21.6% | 13.8% | 7.8%p | |||||||
| Non-recurring items | -48 | 0 | -89 | 0 | |||||||||
| Free cash flow excl. M&A** | 45 | 410 | |||||||||||
*Excluding one-off costs in Q3 2026 but including tariff refunds
**Including continuing and discontinued operations
***Excluding wind-down of Elite and Talk. The reported organic revenue growth was -13% for the gaming division and -6% for continuing operations
Teleconference
GN Store Nord will host a teleconference at 11.00 a.m. CET on November 5, 2026. Please visit www.gn.com/investor to access the teleconference. Presentation material will be available on the website prior to the start of the teleconference.
For further information, please contact:
Investor Relations
Rune Sandager +45 45 75 92 57
Media Relations
Helge Coroli Frandsen +45 22 94 98 24
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 expectations 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. This Report should not be considered an offer to sell securities in GN.
About GN
GN brings people closer through our leading intelligent hearing, audio, video, and gaming solutions. Inspired by people and driven by innovation, we deliver technologies that enhance the senses of hearing and sight. We help people with hearing loss overcome real-life challenges, improve communication and collaboration for businesses, and provide great experiences for audio and gaming enthusiasts. GN was founded more than 150 years ago with a vision to connect the world. Today, inspired by our strong heritage, GN touches more lives than ever with our unique expertise and the broadest portfolio of products and services in our history – bringing people closer to what is important to them.
We market our solutions with the brands Jabra, ReSound, SteelSeries, Beltone, Interton, BlueParrott, Danavox, and FalCom in 100 countries. Founded in 1869, GN Group employs more than 7,000 people and is listed on Nasdaq Copenhagen (GN.CO).
Visit our homepage GN.com and connect with us on LinkedIn, Facebook and X.
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