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GN GN Store Nord + 46 % organic revenue growth GN Audio + 82 % , GN Hearing + 1 % New share buyback of DKK 2.5 billion initiated GN Store Nord 46 % organic growth GN Hearing 1 % organic growth GN Audio 82 % organic growth ● GN delivered strong 46 % organic revenue growth in Q1 2021 EBITA reached DKK 753 million corresponding to an EBITA margin of 18.3 % compared to 10.1 % in Q1 2020 , reflecting strong execution across the company Free cash flow excl . M & A was DKK -22 million in Q1 2021 , reflecting the strong earnings but offset by traditional seasonality leading to leverage of 1.6x by the end of Q1 2021 ● New share buyback program to be initiated today , with the intention to buy back shares worth DKK 2.5 billion until March 8 , 2022 The financial guidance , upgraded on April 14 , 2021 , is confirmed . Due to the COVID - 19 situation , it must be stressed that the basic assumptions behind the guidance remain significantly more uncertain than normal GN Hearing delivered positive organic revenue growth of 1 % in Q1 2021 in a market continuously impacted by the ongoing COVID - 19 pandemic . Signs of market recovery towards the end of the quarter , especially in US and UK ● EBITA was DKK 98 million in Q1 2021 compared to DKK 55 million in Q1 2020 supported by the sustainable quarterly cost savings and prudent cost management on top of investments into R & D and IT infrastructure Free cash flow excl . M & A was DKK -204 million in Q1 2021 compared to DKK -66 million in Q1 2020 , mainly driven by traditional seasonality and a negative development in net working capital GN Audio continued the exceptionally strong momentum going into 2021 and delivered outstanding 82 % organic revenue growth in Q1 2021 , driven by strong double - digit growth in both the enterprise and the consumer segment EBITA increased by 148 % to DKK 714 million in Q1 2021 corresponding to an EBITA margin of 24.8 % . The EBITA margin development primarily reflects the strong topline development and phasing of OPEX Free cash flow excl . M & A was DKK 438 million in Q1 2021 compared to DKK -67 million in Q1 2020 , reflecting the strong growth in revenue and EBITA GN Audio continue to work closely with suppliers of components to address immediate and future demand Financial overview Q1 2021 DKK million Revenue Organic growth Gross profit Gross profit margin EBITA EBITA margin Earnings per share ( EPS ) Free cash flow excl . M & A Cash conversion * Including " Other " GN Making Life Sound Better Q1 2021 1,234 1 % 769 62.3 % 98 7.9 % Interim Report Q1 2021 -204 -208 % GN Hearing GN Audio GN Store Nord * Q1 Q1 Q1 2020 Growth 1,314 -6 % -14 % Q1 Q1 2021 2020 Growth 2021 2020 Growth 2,876 1,653 74 % 4,110 2,967 39 % 82 % 22 % 46 % 3 % 1,480 827 79 % 2,249 1,668 -1.7 % p 51.5 % 50.0 % + 1.5 % p 54.7 % 56.2 % 55 78 % 714 288 148 % 753 4.2 % + 3.7 % 24.8 % 17.4 % + 7.4 % p 18.3 % 3.66 841 64.0 % -9 % 300 10.1 % 0.78 -160 -22 -3 % -53 % -66 -120 % -138 -88 % p 438 61 % -67 -23 % 505 + 84 % p 35 % -1.5 % p 151 % + 8.2 % p 369 % 138 + 50 % p