Core Insights - GN Store Nord has adjusted its financial guidance for 2025, now expecting organic revenue growth of -3% to +3%, an EBITA margin of 11% to 13%, and free cash flow excluding M&A to remain around DKK 800 million [2][6]. Financial Guidance for 2025 - The company anticipates organic revenue growth excluding wind to be down from a prior estimate of 3% to 7% to a new range of -3% to +3% [2]. - EBITA margin guidance has been revised down from 12% to 14% to a new range of 11% to 13% [2]. - Free cash flow excluding M&A is confirmed to be approximately DKK 800 million, unchanged from previous guidance [2]. Revenue Assumptions by Division Hearing Division - GN expects the hearing aid market to grow at historical rates, projecting a market volume growth of 4-6% and a market value growth of 3-5% in 2025 [3]. - The division aims for organic revenue growth of 5% to 9%, supported by the launch of ReSound Vivia and ReSound Savi [3]. Enterprise Division - The current market environment has led to uncertainty, causing companies to postpone IT projects, which negatively impacts the addressable market [4]. - The division anticipates organic revenue growth of -8% to 0% due to these challenges and prioritization of product variants shipped to the U.S. [4]. Gaming Division - The gaming gear market is expected to be negatively impacted by a decline in consumer sentiment in the U.S. and global economic uncertainty [5]. - The division projects organic revenue growth of -6% to +2%, excluding the impact from the wind-down of certain product lines [5]. Q1 2025 Financial Performance - GN reported a group revenue of DKK 3,986 million for Q1 2025, reflecting a 7% decline compared to Q1 2024 [6]. - The Hearing division experienced a -1% organic revenue growth, while the Enterprise division faced a -9% decline [6]. - The Gaming division reported an 11% organic revenue growth, excluding the impact from the wind-down of certain product lines [6]. - Group EBITA was DKK 300 million, with an EBITA margin of 8%, indicating a significant decline from previous periods [6]. - Free cash flow excluding M&A was reported at DKK -395 million, influenced by seasonality and higher interest payments [6]. Management Commentary - The CEO expressed confidence in the underlying strength of the business despite short-term challenges and emphasized the successful launch of ReSound Vivia [6][8]. - The company is taking significant actions to mitigate the impact of tariffs, including diversifying its manufacturing footprint and implementing price increases in the U.S. [6][9].

V i e w p o i n t | 14 Apr 2025 02:12:21 ET │ 10 pages China Economics The Sequence of Monetary Policies Amid Tariff Escalations CITI'S TAKE New credit beat in March, and the economy should have stayed in a solid shape. That said, we look through this set of numbers as trade dispute escalated in April. The domestic economy also started to show more weakness in April, especially in the housing sector. More policy easing should be warranted. The next few weeks could be a window for monetary policy actions, in ...