Gn Store Nord A/s · OMXCOP:GN
Gn Store Nord A/s — Q1 2026 Earnings Presentation
23 slides from Gn Store Nord A/s's earnings presentation, May 7, 2026
Slide 1: GN Interim Report Q1 2026
GN Interim Report Q1 2026 Conference call presentation May 7, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement The forward-looking statements in this report reflect the management's current expectations of certain future events and financial results. Statements regarding the future are, naturally, subject to risks and uncertainties, which may result in considerable deviations from the o
Slide 3: Agenda
Group highlights Divisional highlights Hearing divestment – update and further financial details Agenda Financial guidance 2026 3
Slide 4: Group highlights
Group highlights Continuing operations Discontinued operations Enterprise Gaming Hearing Strong growth in NA and APAC while business Solid execution leading to -1% organic ReSound Vivia continues to do well with in EMEA continues to be challenged due to revenue growth in a difficult market strong pr
Slide 5: Agenda
Group highlights Divisional highlights Hearing divestment – update and further financial details Agenda Financial guidance 2026 5
Slide 6: Enterprise: Evolve3 drives accelerated growth in premium segment
Enterprise: Evolve3 drives accelerated growth in premium segment. Weak demand and channel reductions in EMEA • Strong growth in North America and APAC while business in DKK million Q1 2026 Q1 2025 Growth EMEA continues to be challenged due to weak demand and channel inventory reductions resulting in
Slide 7: Enterprise headsets
Evolve3 launch off to a promising start with strong growth in premium segment. Launch effects will grow stronger later in the year Enterprise product split Revenue development Assumptions on the headset revenue build-up for 2026 in Premium Bluetooth1 Enterprise demand in EMEA foreseen to remain chal
Slide 8: Strong growth in US and APAC while business in EMEA continues to be challenged
Strong growth in US and APAC while business in EMEA continues to be challenged due to weak demand and channel inventory reductions North America EMEA APAC ~25% of revenue ~60% of revenue ~15% of revenue Sell-out growth Market share Channel inventory Organic Double-digit positive Double-digit negativ
Slide 9: Gaming: -1% growth and margin expansion on demanding comparison base
Gaming: -1% growth and margin expansion on demanding comparison base • Gaming delivered organic revenue growth of -1% on top of a DKK million Q1 2026 Q1 2025 Growth demanding comparison base (+11% in Q1 2025) • Solid growth in North America, while difficult market Revenue 580 617 -6% conditions in E
Slide 10: Arctis Nova Pro Omni: A new high-end headset
Arctis Nova Pro Omni: A new high-end headset Will support growth already from Q2 Primary headset family Ultimate immersion Complete Omnipresence Audiophile grade sound across price points Omniplay – PC+PS+XBOX Hi-Res Wireless Certified2) “The Best ANC In Gaming” (up to 5 devices at once) Gaming Head
Slide 11: Agenda
Group highlights Divisional highlights Hearing divestment – update and further financial details Agenda Financial guidance 2026 11
Slide 12: Hearing divestment – update and further financial details
Hearing divestment – update and further financial details • Carve-out process well underway – closing still expected towards the end of the year • Amplifon shareholding has customary lock up period – strong believe in the strategic fit and significant shareholder creation in the future • Upfront tax
Slide 13: Transaction will unlock significant value
Transaction will unlock significant value: New share buyback program expected to be launched following closing Conceptual framework for shareholder distribution in 2027 (DKK) (illustrative) 1.0-1.5x 1.5-2.0bn 3.5-4.5bn Will result in an equal sized tax 12.6bn asset that will be utilized going Amplif
Slide 14: Initiatives being executed to right-size for an underlying EBITA margin of 10-11%
Initiatives being executed to right-size for an underlying EBITA margin of 10-11% Adj. EBITA margin bridge 2026 for continuing operations 10-11% ~2%p 8-9% 7.6% FY 20251 2026 margin expansion FY 2026 guidance Structural run-rate savings2 Underlying margin structure 2026 14 Note 1) Includes DKK 200 mi
Slide 15: Overview of one-off costs to drive carve-out of Hearing and profitability of NewGN
Overview of one-off costs to drive carve-out of Hearing and profitability of NewGN Transaction costs Carve-out costs Right-sizing costs Balance sheet • Advisor and consultant • Advisor and consultant • Severance costs • Asset impairments fees fees across IT, R&D and facilities • Legal costs • Legal
Slide 16: Agenda
Group highlights Divisional highlights Hearing divestment – update and further financial details Agenda Financial guidance 2026 16
Slide 17: Group result for Q1 2026 – Hearing business treated as discontinued
GN Store Nord: Group result for Q1 Continuing operations 2026 – Hearing business treated as Revenue (DKKm) discontinued operations 2,283 -4% -4% 0% 2,096 Continuing operations • Organic revenue growth of -4%, while revenue growth ended at -8% Q1 2025 Organic growth FX growth M&A growth Q1 2026 • Gro
Slide 18: 2026 financial guidance
2026 financial guidance Organic revenue growth Adjusted EBITA margin Continuing operations 0% to 6% 8% to 9% 18
Slide 19: Q&A
Q&A www.gn.com E-mail: investor@gn.com Rune Sandager, Head of Investor Relations, Tel.: +45 4575 9257 19
Slide 20: Appendix
Appendix "s GN
Slide 21: GN Store Nord – five-year performance
GN Store Nord (continuing and discontinued operations) – five-year performance DKK million 2021 2022 2023 2024 2025 GN Store Nord Revenue 15,775 18,687 18,120 17,985 16,782 Organic growth* 20% -3% -1% 1% -1% Gross profit margin 55.0% 48.9% 49.4% 53.2% 54.6% EBITA 2,619 1,560 1,200 2,153 1,908 EBITA
Slide 22: GN continuing operations – financial development, excl. one-offs
GN continuing operations – financial development, excl. one-offs DKK million Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Continuing operations Revenue 2,283 2,302 2,211 2,772 9,568 2,096 Enterprise 1,666 1,713 1,624 1,896 6,899 1,516 Gaming 617 589 587 876 2,669 580 Organic growth* -4% -5% -3% -
Slide 23: GN Store Nord share overview
GN Store Nord share overview Share price development • GN has a share capital of DKK 603,650,860, which is consisting of 120 150,912,715 shares, each carrying four votes. GN has one share class, 110 100 and there are no restrictions on ownership or voting rights 90 • GN is, among other indices, incl