Company Reports

We will discontinue analyst coverage of GN Store Nord on or about Oct. 14, 2026.

GN Store Nord reported DKK 2,171 million in sales in the second quarter, down 4% organically. The adjusted EBITA margin increased to 5.1% from 0.3% in the previous quarter. Management trimmed its organic revenue growth outlook to 0%-3% while raising its adjusted EBITA margin outlook to 9%-10%.

GN Store Nord is a Danish manufacturer focused on enterprise headsets, communication systems, and gaming accessories. The company is in the process of divesting its hearing business to Amplifon for a total enterprise value of DKK 17 billion, following the 2025 divestment of its consumer audio business—including the Jabra Elite wireless earbuds line—as intensifying competition from dominant players such as Apple made that market increasingly competitive. Proceeds from these transactions have been reallocated to its two remaining core businesses.

GN Store Nord reported first-quarter results, disclosing for the first time the hearing division as discontinued operations following the anticipated Amplifon deal. Continuing operations saw 4% organic sales decline. Full-year guidance was maintained.

GN Store Nord is a Danish manufacturer focused on hearing aids, enterprise headsets, communication systems, and gaming accessories. Its hearing business operates under the well-known ReSound brand, while the enterprise and gaming divisions are marketed under the Jabra and SteelSeries brands. We see meaningful synergies across these product groups, enabling GN to leverage research and development capabilities across segments. In 2025, GN divested its consumer audio business, including the Jabra Elite wireless earbuds line, as the market had become highly competitive and risk-intensive due to dominant players such as Apple. Capital was subsequently reallocated to its three remaining core businesses.

GN Store Nord is divesting its hearing division to Amplifon for DKK 17 billion in a cash-and-stock deal. GN will receive roughly 16% of Amplifon’s shares. Shares of GN are trading 25% higher intraday, and Amplifon's shares are 8% lower.

We are transferring coverage of Demant to a new analyst. GN Store Nord is a Danish manufacturer focused on hearing aids, enterprise headsets, communication systems, and gaming accessories.

GN Store Nord is a Danish manufacturer focused on hearing aids, enterprise headsets, communication systems, and gaming accessories. Its hearing business operates under the well-known ReSound brand, while the Enterprise and Gaming divisions are marketed under the Jabra and SteelSeries brands. We see meaningful synergies across these product groups, enabling GN to leverage R&D capabilities across segments. In 2025, GN divested its Consumer Audio business, including the Jabra Elite wireless earbuds line, as the market had become highly competitive and risk-intensive due to dominant players such as Apple. Capital was subsequently reallocated to its three remaining core businesses.

GN Store Nord reported third-quarter organic sales growth of 1%, excluding wind-down effects, and the adjusted EBITA margin declined to 11% from 13%. The company reaffirmed its full-year guidance. Shares are up 3% intraday.

The annual European Hearing Instrument Conference will take place next week in Germany, where all major industry participants will attend and hold investor events. We plan to participate in this event.

GN Group consists of two businesses: hearing instrumentation and audio products/premium gaming gear. While a combination of hearing aids and consumer and professional audio solutions seemingly lacks symbiosis, we believe it opens up opportunities for GN Group to leverage its R&D and make inroads in the nonmedical hearables market. The hearing aid market deregulation in the US, with the introduction of the over-the-counter, or OTC, category, blurs the boundaries between medical and consumer devices. Consumers’ demand is shifting toward connectivity and interoperability in the devices they wear, regardless of the product's nature (medical or consumer). GN Hearing, being one of the early movers into the connectivity market, could allow the company to capitalize on these trends.

GN Store Nord reported second-quarter 2025 results in line with PitchBook consensus, with sales falling 8% year over year due to currency and wind-down effects. Excluding these, organic growth was flat. The adjusted EBITDA margin rose to 13.1% from 8.3%. Shares are up 10%-plus intraday.

GN Store Nord reported organic revenue growth of negative 7% in the first quarter of 2025 and adjusted EBITDA margins declining to 7.5% from 12.5% a year earlier. Shares are trading 6% lower intraday.

GN Store Nord reported organic revenue growth of 4% in fourth-quarter 2024 and an improvement in operating margin. Shares were up modestly on the news.

GN Store Nord released its third-quarter results, which were largely in line with our estimates. The company's updated guidance implies strong performance in the hearing segment but continuing challenges in the enterprise business. We maintain our narrow moat rating and our fair value estimate. Even as the market is receiving the results positively, shares remain deeply undervalued.

We're maintaining our DKK 270 fair value estimate for GN Store Nord following its release of second-quarter results. While results on the surface were in line with our forecast, management is now pushing back recovery in enterprise toward the end of the year rather than the second half. The company continues to show a gradual improvement in its profitability and financial leverage. At current levels shares are undervalued.

We are maintaining our DKK 270 fair value estimate for narrow-moat GN Store Nord following first-quarter results. The market is responding positively to the results, but the shares remain undervalued.

We are maintaining our DKK 270 fair value estimate for narrow-moat GN Store Nord following fourth-quarter results. While the market is responding positively to the results, the shares remain undervalued, in our view.

GN Group consists of two businesses: hearing instrumentation and audio products/premium gaming gear. While a combination of hearing aids and consumer and professional audio solutions seemingly lacks symbiosis, we believe it opens up opportunities for GN Group to leverage its R&D and make inroads in the nonmedical hearables market. The hearing aid market deregulation in the U.S., with the introduction of the over-the-counter, or OTC, category, blurs the boundaries between medical and consumer devices. Consumers’ demand is shifting toward connectivity and interoperability in the devices they wear, regardless of product nature (medical or consumer). GN Hearing, being one of the early movers into the connectivity market, could allow the company to capitalize on these trends.

We are maintaining our DKK 270 fair value estimate for narrow-moat GN Store Nord following third-quarter results. We currently view the shares as undervalued.