In the third quarter of 2021, GN Store Nord achieved 2% organic revenue growth and announced the acquisition of SteelSeries. Revision of GN Audio’s organic revenue growth forecasts


– – GN Store North

  • GN achieved 2% organic revenue growth in the third quarter of 2021, on the basis of a very good third quarter of 2020

  • EBITA reached DKK 625 million in Q3 2021, compared to DKK 681 million in Q3 2020, excluding transaction costs and gains from legal settlements and litigation, reflecting continued investments in the business

  • Free cash flow excluding M&A amounted to DKK 493 million in Q3 2021, a cash conversion of 81%

  • Leverage of 1.5x net debt bearing interest on EBITDA

  • Announcement of the acquisition of SteelSeries by GN – an ideal strategic fit and access to the rapidly growing gaming equipment market. Share buyback program suspended

  • As a result of revised financial guidance for GN Audio’s organic revenue growth, GN Store Nord now expects EPS growth of over 40% for 2021 excluding transaction costs.

– – GN hearing

  • GN Hearing recorded organic revenue growth of 4% in Q3 2021 (-6% compared to Q3 2019) in a hearing aid market, which is still impacted by significant regional differences due to COVID- 19

  • EBITA increased to DKK 173 million in Q3 2021 from DKK 169 million in Q3 2020 driven by revenue growth and supported by prudent cost management

  • Free cash flow excluding M&A amounted to DKK 340 million in the third quarter of 2021, compared to DKK 47 million in the third quarter of 2020, mainly due to a gain on channel investments

– – GN Audio

  • GN Audio continued to experience strong business and consumer demand and achieved 1% organic revenue growth in the third quarter of 2021, in addition to the 72% growth recorded in the third quarter of 2020. This reflects a level of high absolute revenue, but sales negatively affected by global conditions. supply situation. GN Audio continues to work closely with component suppliers to meet demand

  • EBITA decreased to DKK 488 million in the third quarter of 2021 from DKK 550 million in the third quarter of 2020, excluding transaction costs and gains from legal settlements and litigation, thanks to investments in future growth opportunities . EBITA margin reached 20.0% in Q3 2021 versus 22.7% in Q3 2020

  • Free cash flow excluding M&A amounted to DKK 281 million in the third quarter of 2021, compared to DKK 592 million in the third quarter of 2020, reflecting lower EBITA as well as the gain from legal settlements and litigation

  • GN Audio is today revising its forecast for organic revenue growth for 2021 from over 25% to 22-25% due to significantly increased volatility and accelerating delays in component deliveries as well as contractual decommitments from certain GN Audio suppliers. Confirmation of EBITA margin guidance of over 21% excluding transaction costs

Management quotes
Gitte Aabo, CEO of GN Hearing, comments: “Unfortunately, we have had to revise our financial forecast for the year due to product launch delays. However, we are firmly convinced that the transformation we have initiated in our R&D setup will ensure new product launches in 2022, which will allow us to continue our journey towards providing more natural and personalized hearing aids.In addition, we are very happy to finally see the proposed OTC settlement, which will open up new market opportunities, and we are look forward to the opportunity to comment on the FDA proposal.

René Svendsen-Tune, CEO of GN Audio, comments: “We are seeing very strong and continued demand in our segments and given the growing challenges and volatility associated with the global shortage of certain components, we are very pleased with the growth achieved during the quarter in addition to the very solid base. from last year. However, the increased volatility linked to the global supply situation has forced us to revise our forecasts. We are understandably disappointed with the revised guidance, but remain very comfortable with the demand and the underlying trends, which bodes well for our business in the years to come. With the launches of the new Jabra Elite line of true wireless headphones, the launch of the Jabra Evolve2 75 as well as our expanded Jabra PanaCast video conferencing portfolio, GN Audio continues to offer an industry-leading product portfolio.

Q3 2021 financial overview

GN hearing

GN Audio

GN North store *

Million DKK

Q3 2021

Q3 2020



Q3 2020



Q3 2020







2 421


3 787



Organic growth







Gross profit





1 239





Gross margin



+ 0.9% p



-1.1% p



-0.3% p





488 ***

550 **


625 ***

681 **


EBITA margin



0% p

20.0% ***

22.7% **

-2.7% p

16.5% ***

18.2% **

-1.7% p

Earnings per share (EPS) – DKK

3.46 ***

4.09 **


Free cash flow excluding Mergers and Acquisitions










Converting to cash



+ 169% p






+ 4% p

* Including “Others”, ** Excluding gain of DKK 114 million from legal settlements and litigation

*** Excluding transaction costs of DKK 14 million related to the acquisition of SteelSeries

GN Store Nord will host a conference call at 11:00 am CET today. Please visit to access the conference call. Presentation material will be available on the website prior to the start of the teleconference.

For more information, please contact:

Investors and analysts
Henriette wennicke
Vice-President – Investor Relations and Treasury
Phone: +45 45 75 03 33


Runic sandagra
Director – Investor Relations & Treasury
Phone: +45 45 75 92 57

Press and media
Lars Otto Andersen Lange
Head of media relations and corporate public affairs
Phone: +45 45 75 02 55

About the GN Group

The GN Group empowers people to hear more, do more and be more through its intelligent auditory, audio and video collaboration solutions. Inspired by people and driven by our leadership in innovation, we leverage technological synergies to deliver unique and increasingly individualized user experiences in our products and solutions.

150 years ago, GN was founded with a truly innovative and global mindset. Today, we honor that legacy with cutting-edge expertise in the human ear, audio and video processing, wireless technology, miniaturization and collaborations with leading technology partners. . GN solutions are marketed by the brands ReSound, Beltone, Interton, Jabra, BlueParrott and FalCom in 100 countries. Founded in 1869, the GN group employs 6,500 people and is listed on the Nasdaq Copenhagen (GN.CO).

Visit our homepage – and connect with us on LinkedIn, Facebook and Twitter.



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