Interim Report Q1 2025: Growth challenged by market uncertainty – proactive cost mitigation initiated to support long-term margins

HighlightsThe Hearing division delivered -1% organic revenue growth driven by a strong initial uptake of ReSound Vivia, but off-set by a challenged U.S. market as well as some slowdown of existing products in anticipation of ReSound Vivia. The strong uptake of ReSound Vivia has continued into April, lending support for expected market share gains. As a consequence of the launch initiatives and the challenged U.S. market, the divisional profit margin ended at 28.4%.The Enterprise...

Ballerup, 30/04/2025 (informazione.news - comunicati stampa - salute e benessere)

In 2025, GN expects the hearing aid markets to grow in line with the historical growth rates supported by ongoing favorable demographic trends. As such, GN projects 4-6% market volume growth and -1% market ASP decline, equaling a market value growth of 3-5%. Based on the attractive market fundamentals, the current sales momentum, as well as the launch of ReSound Vivia and ReSound Savi, GN expects to continue to gain market share in 2025. Consequently, the Hearing division assumes to contribute with organic revenue growth of 5% to 9%.

Following a longer period of market stabilization, the current market environment creates uncertainty that makes companies postpone certain IT projects - including peripherals categories. As a consequence, GN assumes a negative impact on the addressable market for the remainder of the year. In addition, GN will make a prioritization of product variants shipped to the U.S., until the supply chain diversification is concluded, which is expected to temporary impact revenue negatively. The end customers are expected to experience limited disruption due to currently available channel inventory. Consequently, the Enterprise division assumes to contribute with organic revenue growth of -8% to 0%.

Due to the recent sharp decline in consumer sentiment in the U.S. as well as the general uncertainty in the global economy, GN expects its gaming gear market to be negatively impacted. In addition, GN will make a prioritization of product variants offered to its U.S. customers, until the supply chain diversification is concluded, which is expected to temporary impact revenue in the short-term. Consequently, the Gaming division assumes to contribute with organic revenue growth of -6% to +2% (excluding the impact from the wind-down).

Peter Karlstromer, CEO of GN Store Nord, comments: 

GN Store Nord will host a teleconference at 11.00 a.m. CET on May 1, 2025. 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.

Rune Sandager +45 45 75 92 57



Steen Frentz Laursen +45 20 65 34 20

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.

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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