GN Store Nord A/S
Interim Report
Q1 2026
Interim Report Q1 2026
2/28
Income statement for 2026, including comparative figures
sion, the financial performance related hereto is treated as discontinued opera-
tions in the Q1 2026 report and until closing of the transaction (expected by the
end of 2026).
As a consequence, the income statement for Q1 2026 includes discontinued op-
erations as a separate line and the remaining line items in the income statement
include continuing operations only. Comparative figures related to both contin-
uing and discontinued operations have been restated. For the consolidated
statement of comprehensive income and the consolidated statement of
changes in equity, discontinued operations are included in all line items.
Balance sheet
Assets and liabilities classified as held for sale are presented as separate line
items from the date of such classification as held for sale (March 31, 2026).
Comparative figures for all affected line items have not been restated.
Consolidated statement of cash flows
In the consolidated cash flow statement, cash flow from discontinued opera-
tions is included.
Audit of restated figures
All full year 2025 numbers, marked as audited, have only been audited for the
full consolidated numbers (continuing and discontinued operations). The split
between continuing and discontinued operations has not been audited.
Quarterly reporting by segment (page 14)
To provide the most accurate presentation of the underlying performance of
the continuing and discontinued operations, non-recurring items have been
excluded from the figures presented for the quarterly reporting by segment
on page 14. All other cases throughout the report, where it has been as-
sessed appropriate to present a figure exclusive of non-recurring items, the
Key financial highlights under prior reporting structure
If GN had not treated the hearing division as discontinued operations, the
following would have been key financial highlights of the quarter
• Organic revenue growth of 2% as a result of +9% in Hearing, -5% in En-
terprise and -1% in Gaming
• Adj. EBITA of DKK 306 million compared to DKK 300 million in Q1 2025
driven by operating leverage
• Free cash flow excl. M&A of DKK -45 million compared to DKK -395 mil-
lion driven by well-managed working capital
Interim Report Q1 2026
2/28
Continuing and discontinued
operations
Organic revenue
growth
2%
%
FCF excl. M&A
(DKKm)
-45
Adj. EBITA (DKKm)
306
Interim Report Q1 2026
3/28
Group adj. EBITA (continuing operations) ended at DKK 6 million, equal to
an adj. EBITA margin of 0.3%, compared to 5.7% in Q1 2025 reflecting the
development in revenue, the annualization of tariffs, an inventory provision
as well as channel investments to support the ongoing product launches. In-
cluding the discontinued operations, the adj. EBITA ended at DKK 306 mil-
lion (compared to DKK 300 million in Q1 2025).
Free cash flow excl. M&A ended at DKK -45 million, driven by traditional
seasonality, but partly offset by well-managed working capital.
On May 6 the financial guidance was updated to reflect the carve-out of the
Hearing division. In 2026, GN (continuing operations) expects to deliver or-
ganic revenue growth of 0-6% and an adj. EBITA margin of 8-9% (compared
to 7.6% in 2025). In addition, the Group will execute cost initiatives that are
expected to result in structural run-rate cost savings of around DKK 200 mil-
lion (compared to 2026) that will positively impact group margins in 2027
and beyond.
The Enterprise division delivered organic revenue growth of -5%. The business
grew strongly in North America and APAC but declined in EMEA due to contin-
ued weak demand and channel inventory reductions. The launch of Evolve3 is
progressing well driving significant growth in the premium segment of headsets.
The contribution from the launch will grow stronger later in the year as more
products are launched. The divisional profit margin ended at 28.7% compared to
32.9% in Q1 2025 due to temporary effects related to annualization of tariff
costs, an inventory provision related to warehouse movement in the US, and on-
going investments into selling and distribution costs to support the successful
launch and rollout of Evolve3.
The Gaming division operated in a market with continued muted consumer sen-
timent but delivered solid execution, resulting in organic revenue growth of -1%
on top of a demanding comparison base (+11% in Q1 2025). The divisional profit
margin of 11.0% (10.4% in Q1 2025) reflects a continued cost focus, partly off-
set by annualization of tariff costs and targeted channel investments to support
current market share momentum.
DKK million
*Excluding one-off costs in Q1 2026
**Including continuing and discontinued operations
***Excluding wind-down of Elite and Talk. The reported organic revenue growth was -20%
Interim Report Q1 2026
4/28
Interim Report Q1 2026
Strong performance by the
Hearing division in the quarter
Carve-out process well underway
closing expected by the end of
the year
Cost reductions to right size the company and improve profitability
To drive a sustainable short- and long-term margin structure for the Group,
GN is taking actions to set the company up for long-term profitable growth.
During the rest of this year, GN will be executing cost initiatives across the
continuing operations that are expected to lead to run-rate structural cost
savings (compared to 2026) of around DKK 200 million, which will positively
impact 2027 and beyond. These structural cost savings will counter the DKK
group costs that will
remain in the continuing operations following the transaction.
To drive the carve-out process, and to improve cost and productivity, GN will
incur one-off cash costs of around DKK 750 million across 2026 and 2027, of
which 75% is expected in 2026. The one-off cash costs will be a combination
of transaction costs, carve-out costs and right-sizing costs. In addition, a
number of non-cash balance sheet impairments have been executed across
continuing and discontinued operations of around DKK 1,300 million for
2026.
Shareholder distribution & capital allocation target
-bear-
ing debt, GN expects to use the proceeds to 1) significantly reduce debt (to a
short-term leverage of 1.0-1.5x), 2) invest in the ongoing business to support
sustainable and profitable growth as well as 3) returning capital to share-
holders, subject to applicable law and in line with the dividend policy.
To drive shareholder value, the company intends to execute a share buyback
program under the Safe Harbour rules after closing of the transaction. The
size of the program will be subject to 1) the current authorization holding
limit within the article of associations, and 2) the Safe Habor rules, including
a limitation on the size of daily repurchases.
Hearing business to be sold to Amplifon
On March 16, 2026, GN announced the sale of its Hearing division to Amplifon
valuing the Hearing division at DKK 17.0 billion
1
on a cash-free and debt-free
basis that will be settled with DKK 12.6 billion in cash and 56 million shares in
Amplifon. The transaction is subject to customary regulatory approvals and
completion of the Hearing business separation from GN and is expected to be
completed by the end of 2026.
The carve-out of the business is progressing according to plan and GN remains
committed to serving the customers of the Hearing business and deliver high-
quality, innovative products.
Prior to closing of the transaction, the Hearing business will be separated from
GN through a carve-out, including an expected statutory demerger of GN
Hearing A/S in accordance with the Danish Business Act. The demerger will
take place as a taxable transaction, but the payable tax at closing will result in
an equal size tax asset that can be utilized by GN going forward. The size of the
tax asset will be among other dependent on the valuation of GN and Ampli-
fon at closing, but with current valuation, it is estimated to be between DKK
1.5 2 billion.
Q1 financial performance
vision, the financial performance related hereto is treated as discontinued op-
erations in the Q1 2026 report and until closing of the transaction.
In Q1 2026, the Hearing division continued its recent strong market share mo-
mentum and delivered 9% organic revenue growth in the quarter. Supported
by the strong organic revenue growth, the business delivered an adj. EBITA of
DKK 300 million, equivalent to an adj. EBITA margin of 17.1%
.
DKK ~200 million of structural
cost savings being executed
DKK ~750 million in total cash
one-off costs expected across
2026 and 2027
New share buyback to be initi-
ated after closing
Note 1: Share component value based on EUR 10.52 per Amplifon share as of March 13, 2026
4/28
Interim Report Q1 2026
5/28
DKK million
ROIC and NIBD/EBITDA are calculated based on EBITA and EBITDA for the latest four quarters
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amorti-
zation of development projects and software developed in-house.
** NIBD including Loans to dispensers
DKK million
Interim Report Q1 2026
6/28
Navigating challenging markets in EMEA
and taking actions to adjust the cost
structure for future healthy margins
Revenue
In Q1 2026organic revenue growth ended at -4% as a conse-
quence of -5% in Enterprise and -1% in Gaming. Group revenue
amounted to DKK 2,096 million, with -4% impact from the develop-
ment in foreign exchange rates.
Gross profit
Gross profit ended at DKK 1,011 million in Q1 2026 compared to DKK
1,158 million in Q1 2025, equal to a gross margin of 48.2% (compared
to 50.7% in Q1 2025), reflecting annualization of tariffs, as well as an
inventory provision in Enterprise.
Divisional profit
Due to the topline development, the divisional profit ended at DKK 499
million in Q1 2026 compared to DKK 612 million in Q1 2025. This
translates into a divisional profit margin of 23.8%, which compared to a
divisional profit margin of 26.8% in Q1 2025, reflects the gross margin
development, negative operational leverage as well as traditional sea-
sonality.
Development costs
Excluding one-off costs, the development costs ended at DKK -242 mil-
lion in the quarter (compared to DKK -240 million in Q1 2025). This re-
flects a fairly stable investment level into the current R&D roadmap, in-
cluding the Evolve3 platform. The capitalization ratio in the quarter
ended at 45%, while the amortization of development costs increased
to DKK -91 million (compared to DKK -79 million) in the quarter re-
flecting the recent launches of Evolve3 85 and 75 and Panacast 40
VBS. Total one-off costs in the quarter ended at DKK 375 million, re-
flecting non-cash balance sheet impairments in Enterprise due to the
recent market weakness.
Management and administration costs
Excluding one-off costs, management and administration costs ended
at DKK -251 million compared to DKK -245 million in Q1 2025, reflect-
ing a fairly stable cost base. Total one-off costs amounted to DKK -29
million in the quarter, due to transaction costs.
EBITA
Group adj. EBITA ended at DKK 6 million compared to DKK 129 million
in Q1 2025, reflecting the development in revenue, the annualization
of tariffs, channel investments to support the ongoing product
launches as well as traditional seasonality. The adj. EBITA margin
ended at 0.3% in Q1 2026 compared to 5.7% in Q1 2025. Including the
discontinued operations, the adj. EBITA ended at DKK 306 million.
Other financial highlights
Amortization of acquired intangible assets amounted to DKK -74 mil-
lion compared to DKK -76 million in Q1 2025. Financial items were DKK
-89 million. Profit before tax ended at DKK -561 million, while the ef-
fective tax rate was 22%, leading to a net profit of DKK -437 million.
The net profit for discontinued operations ended at DKK -509 million.
Cash flow development (continuing and discontinued operations)
524 million
in Q1 2026 reflecting the solid underlying earnings level, but offset by
one-off costs associated with the transaction. The change in net work-
ing capital was DKK -95 million reflecting traditional seasonality, but
partly offset by well-managed working capital. Investment activities
excl. M&A ended at DKK -384 million, driven by continued investments
Interim Report Q1 2026
Revenue (DKKm)
Gross profit (DKKm) and gross margin (%)
Divisional profit (DKKm) and divisional profit margin (%)
6/28
Interim Report Q1 2026
7/28
into future customer-centric innovations. Financial items, net were
DKK -152 million, while tax payments amounted to DKK 62 million.
Consequently, free cash flow excl. M&A ended at DKK -45 million in Q1
2026.
Capital structure (continuing and discontinued operations)
Compared to Q1 2025, the net interest-bearing debt decreased to DKK
8,914 million, corresponding to an adjusted leverage of 3.8x (compared
to 4.4x in Q1 2025), including the adj. EBITDA contribution from the
discontinued operations.
Cost reductions to right-size the company and improve profitability
To drive a sustainable short- and long-term margin structure for the
Group, GN is taking actions to set the company up for long-term profit-
able growth. During the rest of this year, GN will be executing cost ini-
tiatives across the continuing operations that are expected to lead to
run-rate structural cost savings (compared to 2026) of around DKK
200 million, which will positively impact 2027 and beyond. These struc-
which are the shared group costs that will remain in the continuing op-
erations following the transaction.
Management quote
“We are navigating a market environment that remains more challeng-
ing than usual, especially in EMEA, while North America and APAC con-
tinue to show encouraging momentum in Enterprise. We are executing
well on our priorities: Enterprise is leveraging the successful launch of
Evolve3, Gaming is maintaining its positive market share trajectory de-
spite muted consumer sentiment, and our Hearing business continues to
deliver strong organic growth as we prepare for the divestment to Am-
plifon. As we move into the coming quarters, our focus is to turn the
business into growth with the support of further Evolve3 Enterprise
headsets, video and gaming launches. In parallel, we will complete the
separation of Hearing, take cost actions, and nurture our innovation
pipeline to set GN up for long term success and profitable growth.“
Peter Karlstromer, CEO of GN Store Nord
Interim Report Q1 2026
6/1
Adjusted EBITA (DKKm) and adjusted EBITA margin
Net interest-bearing debt (DKKm) and adjusted leverage
Free cash flow (DKKm)
7/28
Interim Report Q1 2026
8/28
Following the announcement on 16 March 2026 to sell the Hearing busi-
ness to Amplifon, the Hearing business will be classified as discontinued
operations, and associated assets and liabilities as held-for-sale. GN’s fi-
nancial guidance for 2026 now excludes discontinued operations and
therefore only reflects Enterprise and Gaming
Key revenue assumptions for the financial
guidance of 2026
Enterprise division
Following a longer period of market stabilization, the Enterprise mar-
kets outside of Europe experienced positive sell-out growth in 2025,
which is assumed to continue in 2026. As a consequence of the trade
environment, the European market experienced a setback during 2025,
but was showing positive signs towards the end of the year. However,
the recent geopolitical uncertainty has negatively impacted the ex-
pected market recovery in EMEA. It is now assumed that the markets
across EMEA will continue to be pressured throughout 2026. In
addition, it is assumed that GN will experience some level of channel
inventory reductions in EMEA in the short term.
Due to the relative size of the EMEA market, it is now assumed that the
global addressable market of Enterprise will be in some level of mod-
est decline throughout 2026. Driven by a gradual launch of the Evolve3
headset portfolio, other product introductions and strong execution, it
is still assumed that the Enterprise division will drive market share
gains in 2026. Consequently, it is assumed that Enterprise will contrib-
ute with organic revenue growth of -3% to +3% in a modestly declining
market.
Gaming division
As a consequence of the macro-economic environment, it is currently
assumed that the broader gaming equipment market will experience
modest growth in 2026 driven by continued increase in number of
global gamers as well as important new game introductions towards
the end of the year.
GN expects to continue to gain market shares driven by the very strong
brand, innovation leadership, and category expansion. Consequently,
Gaming assumes to contribute with organic revenue growth of 7% to
13%.
Key EBITA margin assumptions for the
financial guidance of 2026
To drive a sustainable short- and long-term margin structure for the
Group, GN is taking actions to set the company up for long-term profit-
able growth. During the rest of this year, GN will be executing cost ini-
tiatives across the continuing operations that are expected to lead to
run-rate structural cost savings (compared to 2026) of around DKK
200 million, which will positively impact 2027 and beyond. These struc-
which are the shared group costs that will remain in the continuing op-
erations following the transaction.
To drive the carve-out process, and to improve cost and productivity,
GN will incur one-off cash costs of around DKK 750 million across 2026
and 2027, of which 75% is expected in 2026. The one-off cash costs will
be a combination of transaction costs, carve-out costs and right-sizing
costs. In addition, a number of non-cash balance sheet impairments
have been executed across continuing and discontinued operations of
around DKK 1,300 million for 2026.
The adj. EBITA margin (excluding one-off costs) for the continuing op-
erations is expected to be 8-9% in 2026 (compared to 7.6% in 2025),
and on top of this, GN expects a further run-rate cost benefit of around
2 percentage points from the announced cost actions to positively im-
pact 2027.
Interim Report Q1 2026
9/28
Strong growth in North America and
APAC, while continued weak demand
and channel inventory reductions in
EMEA. Evolve3 is driving accelerated
growth in premium segment.
Revenue
The Enterprise division was negatively impacted by geopolitical uncer-
tainty resulting in challenging market conditions, and channel inven-
tory reductions in EMEA leading to Q1 2026 organic revenue growth of
-5%.
The launch of Evolve3 has been well-received and is driving acceler-
ated growth in the premium headset segment, which is approximately
15% of the total Enterprise business. The impact of the Evolve 3 launch
will grow stronger towards the end of the year when more products
are launched.
The regional performance in the quarter was mixed. In North America,
the sell-out and sell-in growth were both strong, reflecting structural
market demand as well as strong channel execution. In APAC, the
trends were similar to North America, with strong sell-in and sell-out
growth. In EMEA, the demand continues to be weak due to the geopo-
litical uncertainty. In addition, GN has experienced channel inventory
reductions in the EMEA region, leading to a lower sell-in than sell-out
revenue.
growth for the division ended at -5% in the quarter leading to revenue
of DKK 1,516 million (compared to DKK 1,666 million in Q1 2025). Due
to an impact of -4% from FX, the revenue growth ended at -9%.
Gross profit
Gross profit ended at DKK 814 million, translating into a gross margin
of 53.7% (compared to 55.9% in Q1 2025), primarily due to an annual-
ization of tariff costs as well as increasing inventory provisions predom-
inantly due to warehouse movement in the US.
Sales and distribution costs
Sales and distribution costs ended at DKK -379 million in Q1 2026 com-
pared to DKK -383 million in Q1 2025 reflecting some launch and chan-
nel investments to support the Evolve3 platform.
Divisional profit
Divisional profit ended at DKK 435 million, translating into a divisional
profit margin of 28.7% (compared to 32.9% in Q1 2025), reflecting an-
nualization of tariff costs, an inventory provision and channel invest-
ments into the successful launch and rollout of Evolve3 as well as tra-
ditional seasonality.
Business highlights
In March 2026, GN started shipment of the new Evolve3 85 and 75.
The new platform delivers professional-grade voice clarity through
Jabra ClearVoice with new deep learning technology (DNN), adaptive
ANC and spatial sound for clear conversations in any environment. In
addition, it features a slim, modern design in black or warm gray, with
up to 120 hours of music and 25 hours of calls, plus fast-charge sup-
port that delivers up to 10 hours of power in just 10 minutes. GN will
launch additional technology levels under the Evolve3 platform
throughout the year.
Interim Report Q1 2026
Revenue (DKKm)
Gross profit (DKKm)
Divisional profit (DKKm)
9/28
Interim Report Q1 2026
10/28
-1% organic revenue growth on a de-
manding comparison base, while driving
margin expansion
Revenue
The Gaming division operated in a market with continued muted con-
sumer sentiment but delivered solid execution, resulting in organic rev-
enue growth of -1% on top of a demanding comparison base (+11% in
Q1 2025).
In North America, GN managed to drive solid organic revenue growth,
despite the muted consumer sentiment, while markets across Europe
and Rest of World were somewhat more impacted by the difficult mar-
ket conditions. In terms of product categories, GN improved its leading
position in the headset category, which drove solid growth in the quar-
ter. Keyboards and mice had a more difficult quarter predominantly in
the lower price points, leading to declining revenues.
The development during the quarter led to an overall Gaming revenue
of DKK 580 million compared to DKK 617 million in Q1 2025. Due to an
impact of -5% from FX, the revenue growth ended at -6%.
Gross profit
Gross profit ended at DKK 197 million, translating into a gross margin
of 34.0% (compared to 36.8% in Q1 2025), primarily driven by solid
ASP increase, partly offset by an annualization of tariff costs as well as
wind-down effects from the Elite and Talk product lines in Q1 2025.
Sales and distribution costs
Sales and distribution costs ended at DKK -133 million in Q1 2026 com-
pared to DKK -163 million in Q1 2025 reflecting continued cost control,
while making targeted channel investments to drive the current mar-
ket share momentum.
Divisional profit
Divisional profit ended at DKK 64 million, translating into a divisional
profit margin of 11.0% (compared to 10.4% in Q1 2025), reflecting
continued cost focus, partly offset by an annualization of tariff costs
and traditional seasonality.
Business highlights
In April 2026, SteelSeries expanded the luxury category of gaming au-
dio with the introduction of the Arctis Nova Pro Omni - a new gaming
headset engineered for audiophile-grade performance and designed
for all possibilities, for all systems, all at once. The new headset in-
cludes Arctis Nova Omni ANC, which blocks up to 40% more back-
ground noise versus the competition through improved processing
power and the latest ANC algorithm, and the new ClearCast Pro micro-
phone (based on AI noise reduction) reducing up to 96% of background
noise, which is up to 30x more than other gaming headsets.
In April 2026, SteelSeries also unveiled the Aerox 3 Wireless Gen 2 se-
ries of gaming mice. Building on the legacy of the original Aerox ul-
tralight gaming mice, which debuted in 2020, the new Aerox 3 Wireless
sponsiveness with a 4K (4000 Hz) polling rate and 1.2 ms click response
resistant design and additional optimization
through advanced performance tuning in the SteelSeries GG software
suite.
Interim Report Q1 2026
Revenue (DKKm)
Gross profit (DKKm)
Divisional profit (DKKm)
10/28
Interim Report Q1 2026
11/28
ReSound Vivia continued to drive mar-
ket share gains, leading to 9% organic
revenue growth and an adj. EBITA of
17%
Revenue
The Hearing division continued its recent strong market share momen-
tum and delivered 9% organic revenue growth in the quarter leading to
revenue of DKK 1,755 million (compared to DKK 1,703 million in Q1
2025).
EBITA
As a result of the strong development in revenue, the adj. EBITA ended
at DKK 300 million (compared to DKK 171 million in Q1 2025), equal to
an adj. EBITA margin of 17.1%. Following the decision to sell the Hear-
ing business to Amplifon, a number of one-off costs have been recog-
nized in the quarter, including a non-cash impairment of certain IT de-
velopment projects, which are not part of the transaction perimeter.
Total one-off costs impacting EBITA in Q1 2026 was DKK -907 million.
Business highlights
In February 2026, GN announced new custom In-The-Canal and Com-
pletely-In-
essential wireless In-The-Canal with Auracast broadcast audio. In ad-
dition, ReSound Smart Fit 2.3 is being introduced, which will be the
-NL3 sup-
port for enhanced precision.
Hearing business to be sold to Amplifon
On March 16, 2026, GN announced the sale of its Hearing division to
Amplifon DKK 17.0 billion (share component value based on EUR 10.52
per Amplifon share as of March 13, 2026) on a cash-free and debt-free
basis and will be settled with DKK 12.6 billion in cash and 56 million
shares in Amplifon. The transaction is subject to customary regulatory
approvals and completion of the Hearing business separation from GN
and is expected to be completed by the end of 2026.
As a result of the transaction, the Hearing division is treated as discon-
tinued operations. The carve-out of the business is progressing accord-
ing to plan while GN remains committed to serving the customers of
the Hearing business and deliver high-quality, innovative products.
Interim Report Q1 2026
11/28
Interim Report Q1 2026
Revenue (DKKm)
Adjusted EBITA (DKKm)
11/28
Interim Report Q1 2026
12/28
Teleconference
GN will host a teleconference at 11.00 am CEST on May 7, 2026. Please
visit www.gn.com to access the teleconference. Presentation material
will be available on the website prior to the start of the teleconference.
Financial calendar 2026
Interim Report Q2 2026: August 20, 2026
Interim Report Q3 2026: November 5, 2026
For further information please contact:
Rune Sandager
Head of Investor Relations
GN Store Nord A/S
Email: rsandager@gn.com
Tel: +45 45 75 92 57
GN Store Nord A/S
Lautrupbjerg 7
2750 Ballerup
Denmark
Company reg. no. 24257843
Forward-looking statements
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 outlook set forth. Furthermore, some of these expectations
are based on assumptions regarding future events, which may prove incorrect. Changes to such expectation and
assumptions will not be disclosed on an ongoing basis, unless required pursuant to general disclosure obligations
to which GN is subject.
Factors that may cause actual results to deviate materially from expectations include but are not limited to
general economic developments and developments in the financial markets as well as foreign exchange rates,
changes in the demand for GN's products, competition, fluctuations in sub-contractor supplies, and developments
in ongoing litigation (including but not limited to class action and patent infringement litigation in the United
States).
Annual
Report 2025. This Interim Report should not be considered an offer to sell securities in GN.
Interim Report Q1 2026
13/28
Financial statements
Quarterly reporting by segment
(excl. one-off items) 14
Consolidated income statement 15
Consolidated statement of comprehensive
income 15
Consolidated balance sheet 16
Consolidated statement of cash flows 17
Consolidated statement of changes in equity 18
Notes
Note 1 Accounting policies 19
Note 2 Segment disclosures Q1 2026
(as reported including one-off items) 20
Note 3 Discontinued operations 22
Note 4 Assets & liabilities held for sale 23
Note 5 Disposal of activities 23
Note 6 Intangible assets 24
Note 7 Overview of one-off costs 25
Note 8 Incentive plans 26
Note 9 Shareholdings 26
13/28
Interim Report Q1 2026
Interim Report Q1 2026
14/28
DKK million
DKK million
DKK million
Interim Report Q1 2026
15/28
DKK million
2,096
2,283
9,568
-1,085
-1,125
-4,818
1,011
1,158
4,750
617
240
857
512
546
-2,129
280
245
-1,040
2
398
129
74
76
304
-
-
-
472
53
423
-
-
99
188
205
835
561
47
193
10
43
437
37
150
509
946
18
57
955
71
653
-6.56
0.49
-6.51
0.49
-3.06
-0.38
-1.42
-3.04
-0.38
-1.42
DKK million
946
710
4
-1
-4
85
473
19
536
802
174
57
811
117
Interim Report Q1 2026
16/28
DKK million
9,885
17,035
16,930
16,849
17,126
212
1,067
1,010
1,009
1,052
-
53
71
321
323
-
152
157
189
207
-
410
507
511
552
186
1,870
1,847
1,619
1,794
10,283
20,587
20,522
20,498
21,054
1,551
2,314
2,376
2,402
2,572
2,047
4,383
4,192
4,238
4,282
-
139
395
357
335
388
684
804
867
913
865
1,119
767
1,130
787
4,851
8,639
8,534
8,994
8,889
13,421
-
-
-
-
-
-
-
-
29,226
29,056
29,492
29,943
10,898
10,543
10,448
10,752
8,029
8,563
8,589
8,707
8,758
76
332
315
330
355
19
28
29
28
29
136
161
176
185
217
661
1,025
1,026
1,029
1,032
382
904
910
877
907
9,303
11,013
11,045
11,156
11,298
1,795
1,823
2,003
2,544
2,381
-
-
1
112
183
60
97
87
93
94
1,010
1,496
1,395
1,325
1,472
112
101
331
326
311
1
293
267
272
292
1,834
3,505
3,384
3,216
3,160
4,812
7,315
7,468
7,888
7,893
4,318
-
-
-
-
29,226
29,056
29,492
29,943
Interim Report Q1 2026
17/28
DKK million
472
616
1,579
339
1,336
33
93
25
524
647
2,907
95
482
163
429
165
3,070
152
165
267
62
43
127
339
43
2,676
240
207
-1,034
74
69
337
47
10
168
33
72
45
-
27
27
10
384
379
-1,591
45
422
DKK million
-
48
11
766
-
245
-7,300
34
25
135
36
32
-37
85
-
75
258
118
886
163
180
1,119
-
13
60
956
91
Interim Report Q1 2026
18/28
DKK million
604
786
71
-2,725
10,824
45
-
-
-
-
71
18
89
-
14
-
-
14
14
128
-
-
128
128
-
3
-
-
3
128
11
-
-
139
139
128
11
-
71
68
18
50
18
-
604
869
15
-2,725
10,752
Q1 2026
Other reserves
DKK million
Share
capital*
Foreign
exchange
adjustme
nts*
Hedging
reserve**
Treasury
shares
Proposed
dividends
for the
year
Retained
earnings
Equity,
sharehold
ers in GN
Store
Nord A/S
Non-
controllin
g
interests
Total
equity
Balance at January 1, 2026
Profit/loss for the period
Adjustment of cash flow hedges
Foreign exchange adjustments,
etc.
Tax relating to other
comprehensive income
Other comprehensive income for
the period
Total comprehensive income for
the period
Share-based payment (granted)
Reclassification of non-
controlling interests by
recognizing a put option liability
Balance at March 31, 2026
- - - - - 22 22 - 22
Interim Report Q1 2026
19/28
Note 1 Accounting policies
nancial reporting requirements for listed companies.
Discontinued operations
Discontinued activities comprise disposal groups, which have been dis-
posed of, ceased or are classified as held for sale and represent a sepa-
rate major line of business or geographical area. Discontinued activities
are presented in the income statement as profit/loss for the year, dis-
continued activities and consist of operating income after tax. Gains or
losses from disposal of the assets related to the discontinued activities
and adjustments hereto are likewise presented as discontinued activi-
ties in the income statement. In the consolidated cash flow statement,
cash flow from discontinued activities is included in cash flow from op-
erating, investing and financing activities together with cash flow from
continuing activities.
Assets & liabilities held for sale
Non-current assets, as well as assets and liabilities expected to be sold
as a group in a single transaction, are reclassified as assets and liabili-
ties classified as held for sale if their carrying value is likely to be recov-
ered through sale within 12 months, in accordance with a formal plan.
Assets or disposal groups held for sale are measured at the lower of
the carrying value and the fair value less costs to sell. Assets and liabili-
ties related to activities held for sale are presented on separate line
items from the date the activities become discontinued. Hence, com-
parative figures in the balance sheet are not restated.
New standards, interpretations, and amendments adopted by GN
Store Nord
As of January 1, 2026, GN Store Nord adopted all relevant new or re-
vised International Financial Reporting Standards and IFRIC Interpreta-
tions with effective date January 1, 2026, or earlier. The new or revised
Standards and Interpretations did not affect recognition and measure-
ment or result in any material changes to disclosures. Apart from this,
the accounting policies applied are unchanged from those applied in
the Annual Report 2025.
Interim Report Q1 2026
20/28
Note 2 Segment disclosures Q1 2026 (as reported including one-off items)
DKK million
Interim Report Q1 2026
21/28
Note 2 Segment disclosures Q1 2026 (as reported including one-off items) continued
DKK million
Interim Report Q1 2026
22/28
Note 3 Discontinued operations (as reported including one-off items)
DKK million
Interim Report Q1 2026
23/28
Note 4 Assets & liabilities held for sale
DKK million
Note 5 Disposal of activities
On March 16, 2026, GN announced the sale of its Hearing division to Amplifon. The results of the division are
treated as discontinued operations until closing of the transaction, which is expected by the end of 2026.
The carve-out of the business is progressing according to plan while GN remains committed to serving the
customers of the Hearing business and deliver high-quality, innovative products.
Interim Report Q1 2026
24/28
Note 6 Intangible assets
DKK million
Interim Report Q1 2026
25/28
Note 7 Overview of one-off costs
Q1 2026
Q1 2026
Interim Report Q1 2026
26/28
Note 8 Incentive plans
As of March 31, 2026, the total number of outstanding options and
is 3,031,999 (2.0% of the shares issued in GN
Store Nord).
Note 9 Shareholdings
On March 31, 2026, members of the board of directors and the executive
management, respectively, own 77,188 and 133,204 shares in GN Store
Nord.
On March 31, 2026, GN owns 5,300,179 treasury shares, equivalent to
3.5% of the 150,912,715 shares issued.
The GN stock is 100% free float, and the company has no dominant
shareholders. William Demant Invest A/S has reported an ownership in-
terest in excess of 10%
estimated to be around 55%.
Interim Report Q1 2026
27/28
Executive Management
Board of Directors
Interim Report Q1 2026
28/28
Co.reg. no 242 57843