GN Store Nord A/S

Latest Results (12.08.2026):

GN Store Nord A/S — Interim Report Q1 2026: The group reported continuing‑operations revenue of DKK 2,096m in Q1 2026 (‑8% vs Q1 2025; organic ‑4%). Adjusted EBITA for continuing operations was DKK 6m (0.3% margin), while including the Hearing division (treated as discontinued) group adjusted EBITA was DKK 306m. The company recorded a consolidated net loss of DKK ‑946m for Q1 2026 and free cash flow excl. M&A of DKK ‑45m; net interest‑bearing debt was DKK 8,914m (adjusted leverage ~3.8x).

Headline financials

Continuing operations revenue DKK 2,096m (‑8% YoY, organic ‑4%). Continuing adjusted EBITA DKK 6m (0.3% margin). Consolidated net loss Q1 2026 of DKK ‑946m (continuing operations loss DKK ‑437m; discontinued/Hearing loss DKK ‑509m). Free cash flow excl. M&A DKK ‑45m.

Performance by division

Enterprise: revenue DKK 1,516m (‑9% YoY; organic ‑5%), divisional profit DKK 435m (28.7% margin) hit by annualized tariffs, inventory provisions and channel investments (Evolve3 launch). Gaming: revenue DKK 580m (‑6% YoY; organic ‑1%), divisional profit DKK 64m (11.0% margin). Hearing (discontinued): revenue DKK 1,755m (+3% reported; organic +9%), adjusted EBITA DKK 300m (17.1% margin).

One‑off items, impairments and carve‑out costs

Q1 included material one‑off items tied to the Hearing divestment and carve‑out: DKK ‑907m impacting Hearing EBITA and significant non‑cash impairments in Enterprise (reported impairment activity in the quarter, noted at ~DKK 375m). GN expects further non‑cash impairments of ~DKK 1,300m for 2026 and one‑off cash costs of ~DKK 750m across 2026–27 (≈75% in 2026) related to transaction, carve‑out and right‑sizing.

Sale of Hearing division

On 16 March 2026 GN announced sale of the Hearing business to Amplifon for an enterprise consideration reported as DKK 17.0bn (cash component DKK 12.6bn + 56m Amplifon shares). The Hearing business is treated as discontinued in Q1 2026; closing and separation are expected by end‑2026 subject to approvals.

Capital structure & cash position

Net interest‑bearing debt at DKK 8,914m (period end), adjusted NIBD/EBITDA ~3.8x. Management intends to use Hearing proceeds to reduce debt (target short‑term leverage 1.0–1.5x), invest in the ongoing business and return capital (share buybacks subject to approvals and Safe Harbour rules).

Guidance and cost actions

Following the carve‑out, 2026 guidance excludes discontinued operations: GN (continuing) now expects organic revenue growth of 0–6% and an adjusted EBITA margin of 8–9% for 2026 (vs. 7.6% in 2025). GN targets structural run‑rate cost savings of ~DKK 200m (vs 2026) to offset ~DKK 200m of "stranded costs" that will remain post‑transaction.

Management comment

Management states Q1 was marked by challenging EMEA markets and channel inventory adjustments, solid Hearing market share momentum, continued product launches (Evolve3, new SteelSeries products), and active steps to right‑size the company and complete the Hearing carve‑out to position GN for profitable growth.