GN Hearing Posts 5% Growth as Amplifon Sale Nears Completion

GN Hearing, the business behind ReSound, Beltone, and Jabra Enhance hearing aids, reported 5% organic revenue growth in the third quarter of 2026, supported by the launch of ReSound Sensia. The results come as parent company GN Store Nord prepares to complete the sale of its hearing healthcare division to Amplifon by year-end.

Quarterly Hearing revenue reached DKK 1.831 billion (US$274.8 million), compared with DKK 1.747 billion (US$262.2 million) a year earlier. GN described growth as broad-based across regions and sales channels, despite a demanding comparison with the 7% organic growth recorded in the third quarter of 2025. For the first nine months of 2026, Hearing’s organic revenue growth was 4%.

Analysts at DNB Carnegie and Bernstein viewed GN’s third-quarter results as better than expected, although tariff refunds and other accounting effects influenced reported profitability. Carnegie’s Niels Leth found that earnings remained ahead of his expectations after adjusting for these items and welcomed greater clarity on planned share repurchases following the Hearing sale. Bernstein’s Suzannah Ludwig and colleagues said the quarter increased confidence in GN’s full-year outlook, while cautioning that further acceleration—particularly in Gaming—would be needed in the final quarter. Bernstein also anticipated continued growth in Hearing as the business moves toward its planned acquisition by Amplifon.

The positive news extended to GN Hearing’s prospective buyer, Amplifon, as its shares rose more than 5% in early Milan trading following GN’s November 5 report, before paring their gains. Analysts at Equita described Hearing’s results as reassuring and consistent with their full-year estimates, according to Reuters.

GN Hearing’s 5% organic growth was more modest than the 17% increase in external hearing aid revenue reported by Demant, which credited Oticon Reveal and continued momentum from Zeal, alongside gains in both unit sales and average selling prices. In hearing care retail, Demant reported 6% organic growth, while Amplifon posted 3.6%, alongside improved adjusted profitability as its restructuring program progressed. However, differences in the company’s business and distribution, product launch timing, and prior-year comparisons make direct comparisons difficult. Demant confirmed its previously upgraded full-year outlook in its November 3 update, while Amplifon also maintained its guidance. GN maintained its outlook as well, although that forecast now covers Enterprise and Gaming and excludes the Hearing business being sold.

Hearing earnings rise

Hearing’s adjusted earnings before interest, taxes, and amortization (EBITA) increased 64% to DKK 396 million (US$59.4 million), from DKK 241 million (US$36.2 million) a year earlier. Its adjusted EBITA margin rose to 21.6%, compared with 13.8%.

Those adjusted figures exclude DKK 89 million (US$13.4 million) in one-off costs recognized during the quarter following the decision to sell the business. For January through September, Hearing generated adjusted EBITA of DKK 1.017 billion (US$152.7 million), representing a 19.0% margin.

During GN’s earnings call, CFO Søren Jelert attributed Hearing’s quarterly growth to the strong initial reception of ReSound Sensia. He said preparations to separate the business were in their final stages, while completion of the sale remained subject to regulatory approvals and the separation process.

New products across hearing brands

The quarter included a major refresh of GN’s prescription hearing aid portfolio. ReSound Sensia and its Beltone counterpart, Illuminate, began rolling out in the United States, Germany, and Austria on August 20, with additional markets to follow.

As described in HearingTracker’s article on the launch, the platform combines environmental sound classification, four-microphone directional beamforming, and deep neural network noise reduction. According to GN, these technologies work together to emphasize the speech a wearer wants to follow while automatically adapting to the listening environment. The product families include receiver-in-ear and custom styles.

Jabra Enhance also launched new over-the-counter hearing aids on August 18, with the Jabra Enhance Select M Series that includes the M3, M2, and M1. The lineup adds app-based self-fitting, allowing customers to complete a hearing test through the hearing aids and apply personalized settings. Purchases directly from Jabra Enhance and certain resellers include three years of virtual audiology services, combining self-adjustment with access to licensed hearing professionals. However, GN’s quarterly report did not separate Jabra Enhance sales.

Amplifon-GN deal remains on track for year-end closing; gains European Commission’s approval

GN agreed in March to sell its entire Hearing business to Amplifon in a transaction initially valued at DKK 17 billion (US$2.552 billion) on a cash-free, debt-free basis. The consideration comprises DKK 12.6 billion (US$1.891 billion) in cash, subject to closing adjustments, and 56 million Amplifon shares.

The agreement covers Hearing’s brands, intellectual property, research and development, manufacturing, and operations, including the Beltone network. It would combine GN’s hearing aid manufacturing capabilities with Amplifon’s international hearing care retail network that includes Miracle-Ear. (See HearingTracker's interview with Peter Karlströmmer.)