GNNasdaq CopenhagenMedical DevicesIFRS · DKK

GN Store Nord A/S

GN Store Nord A/S is a Danish industrial technology group with operations in hearing and audio communications. The company has historically been organized around hearing solutions and enterprise audio equipment, serving users through specialized devices and systems sold across international markets.

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Revenue16.8bn DKK
−6.7 %y/y
Operating profit (EBIT)1,596m DKK
−14.2 %y/y
EBIT margin9.5%
−0.8 ppy/y
Net income710m DKK
−33.0 %y/y
Free cash flow2,508m DKK
−3.7 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

05101520bn DKK2021: 15.8 bn DKK2021: EBIT 2.4 bn DKK20212022: 18.7 bn DKK2022: EBIT 1.1 bn DKK20222023: 18.1 bn DKK2023: EBIT 0.87 bn DKK20232024: 18.0 bn DKK2024: EBIT 1.9 bn DKK20242025: 16.8 bn DKK2025: EBIT 1.6 bn DKK202516.81.6
RevenueOperating profit (EBIT)
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Business

Share of revenue
Enterprise audio36 %

Headsets, speakerphones, and communication devices for business users and contact centers.

Gaming audio14 %

Headsets and accessories designed for gaming and consumer entertainment use.

Hearing solutions50 %

Hearing instruments, fitting systems, and related accessories for hearing care.

Customers

GN Store Nord sells through distinct customer groups, including businesses that equip employees with audio communication devices and consumers or gamers who buy premium headsets. Its hearing-related products are purchased through hearing care professionals and clinics that fit devices for end users. The business depends on both institutional purchasing channels and specialized retail or professional distribution.

Enterprise communication customers

Businesses and contact centers buying headsets and speakerphones for workplace communication.

Hearing care channel

Audiologists, clinics, and other professionals that fit hearing devices for patients.

Gaming consumers

Consumers buying gaming headsets and accessories for entertainment use.

Distribution partners

Resellers and channel partners that place product into local markets.

Strategy

The company’s strategy centers on specialized audio and hearing technology, with emphasis on product innovation, channel execution, and brand strength in niche end markets. Its competitive position depends on maintaining relevance in enterprise communications while supporting gaming and hearing-care franchises with differentiated products and distribution reach.

Product innovationMedium term

Audio and hearing markets reward device quality, ergonomics, and software-enabled features.

Channel executionShort term

Reaching end users depends on strong relationships with distributors, clinics, and enterprise buyers.

Portfolio focusMedium term

Different end markets have different demand cycles, so portfolio balance helps stabilize the business.

Geography

GN Store Nord operates internationally, with a Nordic base and sales spanning multiple major regions. Its revenue exposure is tied to global enterprise, gaming, and hearing-care demand, which makes regional mix and channel access important to performance. The company’s operations and customer base are diversified across Europe, North America, and other international markets.

Risks

GN Store Nord is exposed to cyclical demand in enterprise and gaming audio, as well as competitive and reimbursement-related pressure in hearing solutions. Its international footprint also creates exposure to foreign exchange, supply chain, and channel execution risks. Accounting outcomes can be affected by intangible assets, hedging, and impairment judgments where market conditions change quickly.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cyclical enterprise demand1Competitive pressure in hearing care2Gaming market volatility3Foreign exchange exposure4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cyclical enterprise demandImpact: HighLikelihood: High

    Headsets and communication tools are tied to business procurement cycles and office spending.

    Exposure: Enterprise audio

  2. Competitive pressure in hearing careImpact: HighLikelihood: Medium

    Hearing devices compete on technology, pricing, and professional channel access.

    Exposure: Hearing solutions

  3. Gaming market volatilityImpact: MediumLikelihood: High

    Gaming hardware demand can swing with product cycles and consumer discretionary spending.

    Exposure: Gaming division

  4. Foreign exchange exposureImpact: MediumLikelihood: High

    A multinational revenue base and cost structure create translation and transaction risk.

    Exposure: Europe and global markets

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Accounting

Judgemental items
Revenue recognition

Sales are driven by shipped devices and channel deliveries, so timing affects period-to-period comparability.

Impact: Can shift revenue between quarters and affect reported growth

Goodwill and intangible impairment

Acquisitions and brand-related assets may require impairment testing if market conditions weaken.

Impact: Potentially material non-cash charges

Hedge accounting

Foreign exchange and commodity exposures can create derivative gains and losses.

Impact: Affects reported volatility in finance income and OCI

Lease accounting

Operating sites and offices create right-of-use assets and lease liabilities.

Impact: Influences leverage and EBITDA-style measures

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Last updated: 24/10/2026