Gn Store Nord A/S Adr

Hello everyone and welcome to GN's conference call in relation to our annual report announced this morning. Participating in today's call is Group CEO Peter Karlstrammer, Group CFO Søren Hedert and myself, Rune Søren, Head of Investor Relations. The presentation is expected to last about 25 minutes, after which we'll turn to the Q&A session. The presentation is already uploaded on GN.com. And with that, I'm happy to hand over to Peter for some opening remarks.

Thank you, Rune, and thank you all for joining us today. 25 were a year where we continued to execute on our strategic and operational agenda in a difficult market environment influenced by uncertain trade and macroeconomic weakness. In hearing, we continue to deliver very strong performance and we are now at record high market shares driven by recent Vivia that was launched in the beginning of the year. Our premium products sell very well and our margin is under control in spite of an adverse country and business growth mix in 2025. Our product and software platforms are in strong shape and we plan to launch further innovation in 2026 that will support our growth. In enterprise, the US and APAC market continue to grow modestly throughout the year, while the European market still experiences some weakness. We are pleased with our own execution in this environment and well prepared to benefit from a continued gradual strengthening of the market. In 2025, we successfully accelerated several supply chain and pricing initiatives to manage the uncertain trade environment. We have managed this well and have mitigated most of this change. We have a strong pipeline of products in video and headsets that we will launch in 26. The most important one for our financial results is the Vol3 headset platform, which we announced a few weeks ago and will start to ship later in this quarter. Additional launches under this new platform will follow later in the year. In gaming, we continue to gain market shares in a challenging gaming equipment market. While gaming also faced some of the same margin headwinds as enterprise, we have executed sustainable margin initiatives and operational resilience initiatives supporting our long-term margin aspirations for the division. In addition, we have also launched exciting products in gaming, including our new gaming headset, the Nova Elite, which is very much a premium offering. Also here, our product pipeline is strong, and we look forward to exciting launches in 26. The markets that our three divisions operate in have been challenged in 2025. While we aspire to a little bit stronger absolute numbers in the year, we feel very good about our relative performance across our divisions and focus on the things that are within our own control. We have taken several supply chain and operational improvement initiatives that we will benefit from in the years to come. In addition, our product pipeline across our three divisions is stronger than it's been for a very long time. We remain firm in our beliefs that our markets remain attractive and look forward to further developing our business in 26 and the years to come. With this introduction, I'm happy to hand it to Søren for further details on our performance in the group.

Thank you, Peter, and thank you all for joining us today. Essentially, as Peter mentions, we are satisfied with what we achieved during 25 under these challenging circumstances. The group delivered a negative 1% organic growth for the year, supported by a 5% organic growth from our hearing divisions, a negative 6% organic growth from our enterprise divisions and a negative 2% organic growth from our gaming division. Our profitability, we are pleased with where we landed for the year with an EBITDA margin of 11.4%, as this essentially demonstrates strong mitigation of what is within our own control. We have successfully increased prices and kept a strong focus on cost while harvesting group-wide benefits from the scale of GM. The profitability also positively influenced the free cash flow generation where we ended the year with 1.1 billion DKK in free cash flow. Moving to the financial details on slide 6. Starting with results of the fourth quarter of 25, the group delivered organic revenue growth of a negative 2%, reflecting solid execution across our divisions in some difficult market conditions. The EBITDA margin ended at 13.4%, reflecting a group-wide cost focus offset by an extraordinary R&D write-down due to the new partnership with Hotly in our video collaboration business. Lastly, the group generated free cash flow excluding M&A of 744 million DKK, reflecting the strong profitability and positive development from our working capital. For the full year, the group landed at an organic revenue growth of negative 1% in line with our financial guidance. The group delivered an EBITDA margin of 11.4%, which reflects prudent cost management while strengthening business fundamentals and preparing for future growth. The free cash flow excluding M&A generated for the year was 1.1 billion DKK, driven by solid earnings and positive impact from working capital. In 2025, we have decreased our net interest-bearing debt by more than 800 million, which also allow us to refinance our main loan facilities during the year with attractive terms. In summary, at a group level, we delivered solid profitability and good cash generation while continuing to improve the balance sheet. We also accelerated our efforts to ensure a flexible and diversified operational setup while making important progress on our product roadmaps, paving the way for growth opportunities in 2026 and beyond. And with those group highlights, I'm happy to hand you over to Peter for some additional color on the three divisions.