Gn Store Nord A/S Adr (GNNDY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello everyone and welcome to GN's conference call in relation to a Q2 report announced yesterday evening. Participating in today's call is Group CEO Peter Karlstromer, Group CFO Soren Jelert and myself, Rune Sandager, Head of Investor Relations. The presentation is expected to last around 20 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. Before going into the business performance during the quarter, I would like to spend a few minutes on the development around the hearing transaction and the hearing business. To remind everyone, we took the decision in March to sell our hearing business to Amplifon to create a global lead on hearing care. The carve-out process is well underway and closing of the sale to Amplifon remains expected towards the end of this year. Let me also remind you about a few items that we shared in connection with our Q1 report in May. The proceeds of the transaction are 12.6 billion Danish kronor in cash and 56 million Amplifon shares. As part of the process, we will make a carve-out of our continuing activities, which will be taxable. We estimate this upfront tax payment to be between 1.5 to 2 billion Danish kronor. However, we will also get an equal-sized tax asset that we can use for tax reductions in the coming years. The estimated total one-off cash cost related to the transaction is 750 million Danish kroner. This includes transaction costs, carve-out costs and rightsizing costs for the continuing GN. We announced in Q1 a cost reduction program that will reduce the running cost of the continuing year of around 200 million Danish kronor compared to the realized l...