Interim Report Q1 2026: Navigating challenging markets in EMEA and taking actions to adjust the cost structure for future healthy margins

Highlights

• Following the announcement of GN Store Nord’s divestment of its Hearing division, the financial performance related hereto is treated as discontinued operations in the Q1 2026 report and until closing of the transaction. The Hearing division continued its recent strong market share momentum and delivered 9% organic revenue growth in the quarter. Supported by the strong organic revenue growth, the Hearing division delivered an adj. EBITA of DKK 300 million, equivalent to an adj. EBITA margin of 17.1%
• The Enterprise division delivered organic revenue growth of -5%. The business grew strongly in North America and APAC but declined in EMEA due to continued 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 ongoing 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 sentiment 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 offset by annualization of tariff costs and targeted channel investments to support current market share momentum.
• Group adj. EBITA (continuing operations only) 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. Including the discontinued operations, the adj. EBITA ended at DKK 306 million (compared to DKK 300 million in Q1 2025).
• Free cash flow excl. M&A (continuing and discontinued operations) 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 organic 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 million (compared to 2026) that will positively impact group margins in 2027 and beyond.

Quotes from Executive Management
Peter Karlstromer, CEO of GN Store Nord, comments: “We are navigating a market environment that remains more challenging than usual, especially in EMEA, while North America and APAC continue 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 despite muted consumer sentiment, and our Hearing business continues to deliver strong organic growth as we prepare for the divestment to Amplifon. 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.“

Financial overview Q1 2026

	Continuing operations										Discontinued operations
	Total			Enterprise division			Gaming division				Hearing division
DKK million	Q1 2026	Q1 2025	Growth	Q1 2026	Q1 2025	Growth	Q1 2026	Q1 2025	Growth		Q1 2026	Q1 2025	Growth
Revenue	2,096	2,283	-8%	1,516	1,666	-9%	580	617	-6%		1,755	1,703	3%
Organic growth	-4%	-12%		-5%	-9%		-1%	11%***			9%	-1%
Gross profit*	1,011	1,158	-13%	814	931	-13%	197	227	-14%
Gross profit margin*	48.2%	50.7%	-2.5%p	53.7%	55.9%	-2.2%p	34.0%	36.8%	-2.8%p
Divisional profit*	499	612	-19%	435	548	-21%	64	64	-1%
Divisional profit margin*	23.8%	26.8%	3.0%p	28.7%	32.9%	-4.2%p	11.0%	10.4%	-0.6%p
EBITA*	6	129	-95%								300	171	75%
EBITA margin*	0.3%	5.7%	-5.4%p								17.1%	10.0%	7.1%p
Non-recurring items	-404	0									-907	0
Free cash flow excl. M&A**	-45	-395	350

*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%

Teleconference
GN Store Nord will host a teleconference at 11.00 a.m. CEST on May 7, 2026. Please visit www.gn.com/investor to access the teleconference. Presentation material will be available on the website prior to the start of the teleconference.

For further information, please contact:

Investor Relations
Rune Sandager +45 45 75 92 57


Media Relations
Helge Coroli Frandsen +45 22 94 98 24

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 expectations 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, technological developments, changes and amendments to legislation and regulations governing GN’s markets, 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).

For more information, please see the "Management's report" and "Risk management” sections in the Annual Report. This Report should not be considered an offer to sell securities in GN.

About GN
GN brings people closer through our leading intelligent hearing, audio, video, and gaming solutions. Inspired by people and driven by innovation, we deliver technologies that enhance the senses of hearing and sight. We help people with hearing loss overcome real-life challenges, improve communication and collaboration for businesses, and provide great experiences for audio and gaming enthusiasts. GN was founded more than 150 years ago with a vision to connect the world. Today, inspired by our strong heritage, GN touches more lives than ever with our unique expertise and the broadest portfolio of products and services in our history – bringing people closer to what is important to them.

We market our solutions with the brands Jabra, ReSound, SteelSeries, Beltone, Interton, BlueParrott, Danavox, and FalCom in 100 countries. Founded in 1869, GN Group employs more than 7,000 people and is listed on Nasdaq Copenhagen (GN.CO).

Visit our homepage GN.com and connect with us on LinkedIn, Facebook and X.

Attachment

• GN Interim Report Q1 2026