GN Store Nord A/S
Interim Report
Q2 2026
Interim Report Q2 2026
2/28
Successful reception of Evolve3 headsets and gross
margin improvement boding well for strong H2 2026
Group adj. EBITA (continuing operations) ended at DKK 110 million, equal
to an adj. EBITA margin of 5.1%, compared to 7.1% in Q2 2025 reflecting
gross margin improvements, offset by front-loaded channel investments
tied to the significant number of product launches that will support growth
and margin expansion in H2 2026.
Free cash flow excl. M&A ended at DKK -616 million, driven by a temporary
increase in working capital, due to insourcing activities in the supply chain,
which is expected to normalize during the rest of the year as well as one-off
costs related to the Hearing carve-out process as earlier communicated.
On August 19, the financial guidance was updated, reflecting an upgrade to
the adj. EBITA margin from 8-9% to now 9-10% as well as a narrowing of the
organic revenue growth from 0-6% to now 0-3%.
The Hearing division (discontinued operations) delivered revenue of DKK
1,772 million in the quarter on a demanding comparison base. Transaction
still expected to close by end of 2026.
The Enterprise division delivered organic revenue growth of -7%, while the or-
ganic revenue growth excl. FalCom ended at -3%. The development reflects
continued strong growth in North America and APAC. The EMEA market, and
remain under pressure but is showing signs of improve-
ment compared to Q1 2026 supported by strong sell-out growth of Evolve3. The
divisional profit margin ended at 31.0% reflecting gross margin improvements
(57.2%), and channel investments to support growth in H2 2026 from further
Evolve3 launches, including the three new products launching in September.
The Gaming division delivered organic revenue growth of 5% in a market that
continues to be challenged by weak consumer sentiment. The growth is sup-
ported by market share gains in headsets, driven by Nova Pro Omni. The divi-
sional profit margin of 15.0% (12.2% in Q2 2025) reflects a significant gross
margin expansion (39.2%) benefiting from lower level of tariffs and ASP in-
creases, while making targeted channel investments to support the growth op-
portunities in H2 2026, including launches across mice and keyboards.
DKK million
*Excluding one-off costs in Q2 2026
**Including continuing and discontinued operations
***Excluding wind-down of Elite and Talk. The reported organic revenue growth was -27% for the Gaming division and -13% for Continuing operations
Interim Report Q2 2026
Organic revenue
growth
-4%
%
Adj. EBITA (DKKm)
110
2/28
Continuing operations
Adj. EBITA margin
5%
3/28
Interim Report Q2 2026
Interim Report Q2 2026
4/28
Continued success of product launches
drives improvements in revenue and
gross margins
Revenue
In Q2 2026organic revenue growth ended at -4% as a conse-
quence of -7% in Enterprise and 5% in Gaming. Group revenue
amounted to DKK 2,171 million, with -2% impact from the develop-
ment in foreign exchange rates. In the first 6 months of the year, the
group delivered an organic revenue growth of -4%.
Gross profit
Excluding one-off-costs, gross profit ended at DKK 1,131 million in Q2
2026 compared to DKK 1,161 million in Q2 2025, equal to a gross mar-
gin of 52.1% (compared to 50.4% in Q2 2025), driven by gross margin
improvement across Enterprise and Gaming.
Divisional profit
Excluding one-off costs, divisional profit ended at DKK 575 million in
Q2 2026 compared to DKK 655 million in Q2 2025, reflecting the top-
line development. This translates into an adj. divisional profit margin of
26.5%, compared to a divisional profit margin of 28.5% in Q2 2025, re-
flecting the revenue development as well as targeted channel invest-
ments to support the growth opportunities in H2 2026. In the first 6
months of the year, the group delivered an adj. divisional profit of DKK
1,074 million (25.2% margin).
Development costs
Excluding one-off costs, development costs ended at DKK -216 million
in the quarter (compared to DKK -227 million in Q2 2025). This reflects
a decrease in incurred development costs due to timing, while the capi-
talization ratio in the quarter ended at 55%. Amortization of develop-
ment costs increased to DKK -98 million (compared to DKK -73 million
in Q2 2025) reflecting the recent launches of Evolve3 85 and 75, Pana-
cast 40 VBS and Arctis Nova Pro Omni.
Management and administration costs
Excluding one-off costs, management and administration costs ended
at DKK -249 million, which was slightly down compared with Q2 2025,
reflecting focused cost control.
EBITA
Group adj. EBITA ended at DKK 110 million compared to DKK 164 mil-
lion in Q2 2025, reflecting the development in revenue and channel in-
vestments to support the upcoming product launches. The adj. EBITA
margin ended at 5.1% in Q2 2026 compared to 7.1% in Q2 2025. Total
one-off costs related to the Hearing divestment - amounted to DKK
-74 million in the quarter. In the first 6 months of the year, the group
delivered an adj. EBITA of DKK 116 million (2.7% margin).
Including the discontinued operations, the adj. EBITA ended at DKK
431 million.
Other financial highlights
Amortization of acquired intangible assets amounted to DKK -52 mil-
lion compared to DKK -77 million in Q2 2025. Financial items were DKK
-265 million, reflecting underlying financial items of DKK -83 million as
well as a one-off non-cash full and final impairment of DKK -182 mil-
lion in relation to financial ownership position in LXE Hearing.
Profit before tax ended at DKK -281 million, while the effective tax rate
was 22.4%, leading to a net profit of DKK -218 million. The net profit
for discontinued operations ended at DKK 207 million.
GN - Continuing operations
Interim Report Q2 2026
Revenue (DKKm)
Gross profit (DKKm) and gross margin (%)
Divisional profit (DKKm) and divisional profit margin (%)
4/28
Interim Report Q2 2026
5/28
Cash flow development (continuing and discontinued operations)
525 million
in Q2 2026, including one-off costs associated with the transaction in
line with previously communicated plans. The change in net working
capital was DKK -580 million, reflecting insourcing of activities in the
supply chain driving a temporary increase in working capital, which is
expected to normalize during the rest of the year. Investment activities
excl. M&A ended at DKK -368 million, driven by continued investments
in products, software and solutions. Net financial items were DKK -100
million, while tax payments amounted to DKK -93 million. In total, free
cash flow excl. M&A ended at DKK -616 million in Q2 2026.
Capital structure (continuing and discontinued operations)
Compared to Q2 2025, the net interest-bearing debt decreased to DKK
9,566 million. On a pro-forma basis, reflecting the Amplifon proceeds
of DKK 12.6 billion in cash (plus Amplifon shares), leverage is expected
to be negative at closing. Technically, the adjusted leverage ended at
4.4x (compared to 4.0x in Q2 2025), including the adj. EBITDA contri-
bution from the discontinued operations.
Cost reductions to right-size the company and improve profitability
During the quarter, GN made significant progress on the cost initiatives
communicated earlier in the year. The initiatives have now been exe-
cuted, which is resulting in expected run-rate structural cost savings of
around DKK 200 million. These savings are expected to take effect
from early 2027 and right size the shared group functions remaining in
the continuing operations following the transaction.
Management quote
“We continue to make strong progress in creating the future for GN.
The Evolve3 headsets we recently launched in Enterprise and the Nova
Pro Omni headsets we launched in Gaming support improvements in un-
derlying revenue and margins. Thanks to the great work by our teams,
we are launching more products than we have in years – strengthening
our position and the markets we serve. In Hearing, the ReSound Sensia
platform will strengthen the business as we progress the carve-out and
advance toward closing the divestment to Amplifon. Taken together,
the building blocks for a strong second half are in place, and we are exe-
cuting with conviction”.
Peter Karlstromer, CEO of GN Store Nord
Interim Report Q2 2026
6/1
Adjusted EBITA (DKKm) and adjusted EBITA margin
Net interest-bearing debt (DKKm) and adjusted leverage
Free cash flow (DKKm)
5/28
Interim Report Q2 2026
6/28
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
Enterprise markets outside of EMEA continued to deliver strong
growth in H1 2026 and this is assumed to continue throughout the re-
mainder of the year. In EMEA, market conditions remain challenging
but continue to gradually improve.
Sell-out trends showed signs of improvement in Q2 2026 and this is ex-
pected to continue into the second half of 2026 with more Evolve3
products being launched. While some channel inventory reductions
have weighed on reported revenue in EMEA during the last few quar-
ters, they are assumed to be more stable in the coming quarters.
Lastly, some of the earlier assumed upside scenarios for FalCom's 2026
revenue are now expected to shift into 2027.
Consequently, it is assumed that Enterprise will contribute with
organic revenue growth in the lower half of the earlier assumed range
of -3% to +3% this would imply a return to positive organic revenue
growth in H2 2026.
Gaming division
It is currently assumed that the broader gaming equipment market will
experience modest growth in 2026 driven by important new game in-
troductions towards the end of the year. However, the pace of market
recovery has proven slightly more gradual than assumed earlier, with
consumer sentiment remaining muted across key regions.
GN expects to continue to gain market shares driven by the very strong
brand, innovation leadership, and category expansion. Consequently, it
is assumed that Gaming will contribute with organic revenue growth in
the lower half of the earlier assumed range of 7% to 13% this would
imply double-digit growth in H2 2026.
Key EBITA margin assumptions for the
financial guidance of 2026
To drive a sustainable short- and long-term margin structure for the
Group, GN has taken actions to set the company up for long-term prof-
itable growth. During Q2 2026, GN has executed the prior announced
cost initiatives across the continuing operations that, as earlier com-
municated, are expected to lead to run-rate 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 200 million
are the shared 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, as earlier communicated, expects to incur one-off cash costs of
around DKK 750 million across 2026 and 2027, of which ~75% is ex-
pected in 2026. The one-off cash costs will be a combination of trans-
action costs, carve-out costs and right-sizing costs. It is currently as-
sumed that ~70% of these one-off cash costs will be related to the dis-
continued business, and ~30% in relation to the continuing business.
During H1 2026, GN applied for refunds of the US IEEPA tariffs. In H2
2026, GN now expects to receive (and consequently recognize) tariff
refunds between DKK 100 - 150 million (nothing recognized in H1 2026
and nothing was assumed in the prior guidance), which will positively
impact margins and cash flow in H2 2026.
Financial guidance 2026
GN Store Nord
Interim Report Q2 2026
7/28
Evolve3 headsets driving strong sell-out
growth contributing to continued mo-
mentum in North America and APAC
and improvements in EMEA
Revenue
The Enterprise division experienced a meaningful underlying improve-
ment in the quarter despite continued challenging market conditions.
The division delivered Q2 2026 organic revenue growth of -7%, mainly
driven by a difficult comparison base in FalCom. The organic revenue
growth excluding FalCom was -3%. Total revenue ended at DKK 1,558
million (compared to DKK 1,713 million in Q2 2025), with an impact
from FX of -2%. In the first 6 months of the year, the Enterprise divi-
sion delivered an organic revenue growth of -6%.
The headset segment saw negative organic revenue growth driven by
channel inventory reductions in EMEA. The strong customer reception
of Evolve3 led to solid double-digit sell-out growth and market share
gains in the premium segment, supporting a flat development in sell-
out growth for the entire headset segment, which was a strong im-
provement compared with Q1 2026. The meeting room segment deliv-
ered strong organic revenue growth, which was also the case for the
front-line worker segment. FalCom continued to advance on the pro-
ject pipeline, but the revenue contribution was as expected - limited
in the quarter.
The regional performance in the quarter was encouraging with contin-
ued strong sell-out and sell-in growth in North America and APAC
while EMEA showed signs of improvement as Evolve3 gained traction
in the market. Despite the improvements, EMEA continues to be influ-
enced by challenging market conditions, resulting in negative organic
growth for the quarter, also reflecting continued channel reductions.
Gross profit
Excluding one-off costs, gross profit ended at DKK 891 million, trans-
lating into a gross margin of 57.2% (compared to 56.1% in Q2 2025),
mainly reflecting pricing discipline, lower tariffs and FX.
Sales and distribution costs
Excluding one-off costs, sales and distribution costs ended at DKK -408
million compared to DKK -378 million in Q2 2025 reflecting deliberate
channel investments to support the upcoming Evolve3 products.
Divisional profit
Excluding one-off costs, divisional profit ended at DKK 483 million,
translating into a divisional profit margin of 31.0% (compared to 34.0%
in Q2 2025), reflecting the revenue development as well as invest-
ments into the launch and roll-out of the Evolve3 product portfolio to
support growth in H2 2026. In the first 6 months of the year, adj. divi-
sional profit was DKK 918 million (29.9% margin).
Business highlights
In May, GN launched the PanaCast U30 video bar combining intelligent
video technology, professional audio performance and simplified de-
ployment in a compact device, that delivers a simple and affordable
way to equip small rooms for high-quality hybrid meetings.
On July 1, GN announced three additions to the Evolve3 headset port-
folio - the Evolve3 65 flex, 65 and 45. The portfolio expansion brings
advanced voice pickup, in-call ANC and audio optimized for AI-driven
communication to desk-based, open-office and flexible workstyles.
These portfolio additions will start global shipment from September
2026.
Enterprise division
Interim Report Q2 2026
Revenue (DKKm)
Gross profit (DKKm)
Divisional profit (DKKm)
7/28
Interim Report Q2 2026
8/28
Headset market share gains driven by
Nova Pro Omni. Focused execution lead-
ing to strong margin improvement
Revenue
The Gaming division delivered organic revenue growth of 5% in the
quarter despite continued muted consumer sentiment. The growth
was supported by market share gains in headsets, driven by Nova Pro
Omni. The development during the quarter led to an overall revenue in
the Gaming division of DKK 613 million compared to DKK 589 million
in Q2 2025. Due to an impact of -1% from FX, the revenue growth
ended at 4%. In the first 6 months of the year, Gaming delivered an or-
ganic revenue growth of 2%.
In terms of product categories, growth was mainly driven by the head-
set category where GN improved its leading position thanks to the suc-
cess of the Nova Pro Omni and broadly healthy sales of the remaining
headset portfolio. Keyboards also contributed to growth for the quar-
ter, while mice had a more difficult quarter, reflecting an aging product
portfolio.
In North America, GN managed to deliver another quarter with solid
double-digit organic revenue growth, despite the muted consumer sen-
timent, while markets across EMEA and APAC were somewhat more
impacted by the difficult market conditions.
Gross profit
Excluding one-off costs, gross profit ended at DKK 240 million, trans-
lating into a gross margin of 39.2% (compared to 34.0% in Q2 2025),
driven by a combination of pricing discipline, success of new products,
a provision release as well as FX.
Sales and distribution costs
Excluding one-off costs, sales and distribution costs ended at DKK -148
million compared to DKK -128 million in Q2 2025 reflecting continued
cost control, while making targeted channel investments to drive the
current market share momentum and support product launches in-
cluding the next generation of gaming mice later in the year.
Divisional profit
Excluding one-off costs, divisional profit ended at DKK 92 million,
translating into a divisional profit margin of 15.0% (compared to 12.2%
in Q2 2025), reflecting the strong gross margin increase, off-set by tar-
geted channel investments to support the significant growth opportu-
nities in H2 2026. In the first 6 months of the year, Gaming delivered a
divisional profit of DKK 156 million (13.1% margin).
Business highlights
Building on the successful launch of Nova Pro Omni, SteelSeries
achieved a historic milestone: the #1 position in global gaming headset
market share across all price points not only the premium part of the
market. The achievement is a result of relentless and constant innova-
tion for pushing the boundaries on what gamers actually need.
SteelSeries has been named the official global peripherals partner to
Riot Games for both League of Legends and VALORANT. Combined
with the existing Fortnite partnership, SteelSeries now holds official
partner status across gaming's most culturally dominant franchises,
creating an unrivalled platform for brand relevance, accessories
growth, and cultural leadership in gaming.
Gaming division
Interim Report Q2 2026
Revenue (DKKm)
Gross profit (DKKm)
Divisional profit (DKKm)
8/28
Interim Report Q2 2026
9/28
-2% organic revenue growth on top of
demanding comparison base and an
EBITA margin of 18.1%
Revenue
The Hearing division delivered -2% organic revenue growth in the quar-
ter on top of a demanding comparison base (+8% in Q2 2025). The
growth was impacted by a challenging revenue development in one of
the major US key accounts, while the growth outside of US was strong.
The development resulted in revenue in the quarter of DKK 1,772 mil-
lion (compared to DKK 1,858 million in Q2 2025). Due to an impact of -
3% from FX, the revenue growth ended at -5%. In the first 6 months of
the year, Hearing delivered an organic revenue growth of 3%.
EBITA
The adj. EBITA ended at DKK 321 million (compared to DKK 382 mil-
lion in Q2 2025), equal to an adj. EBITA margin of 18.1%. Following the
decision to sell the Hearing business to Amplifon, a number of one-off
costs have been recognized in the quarter, totaling DKK -58 million im-
pacting EBITA in Q2 2026. In the first 6 months of the year, Hearing de-
livered an adj. EBITA of DKK 621 million (equaling an adj. EBITA margin
of 17.6%).
Business highlights
On August 10, GN announced ReSound Sensia (and corresponding Bel-
tone Illuminate), a new hearing family of hearing aids, which is built on
advancements to prioritize what users want to hear and reduce the ef-
fort to hear clearly in noisy situations. ReSound Sensia combines the
-micro-
phone directional beamformer and Deep Neural Network (DNN) noise
reduction to automatically lift the speech the user wants to focus on.
This powerful combination of technologies has been proven to tackle
hearing in noisy environments by world-renowned institutions and by
users in real-world scenarios.
The new family of hearing aids will be launched gradually from August
20 starting with the US, Germany and Austria, with more markets to
follow in the coming months. The new family includes a range of popu-
lar form factors across RIEs and ITEs.
Hearing business to be sold to Amplifon
On March 16, 2026, GN announced the sale of its Hearing division to
Amplifon. The transaction is expected to be completed by the end of
2026 subject to customary regulatory approvals and completion of the
Hearing business separation from GN. In this period and beyond GN re-
mains committed to serving the customers of the Hearing business and
delivering high-quality, innovative products with the same philosophy
and strong teams that have developed the business over years.
Hearing division
(discontinued operations)
Interim Report Q1 2026
9/28
Interim Report Q2 2026
Revenue (DKKm)
Adjusted EBITA (DKKm)
9/28
Interim Report Q2 2026
10/28
Teleconference
GN will host a teleconference at 11.00 am CEST on August 20, 2026.
Please visit www.gn.com to access the teleconference. Presentation
material will be available on the website prior to the start of the tele-
conference.
Financial calendar 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
Additional information
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 Q2 2026
11/28
Financial statements
Quarterly reporting by segment
(excl. one-off items) 12
Consolidated income statement 13
Consolidated statement of comprehensive
income 13
Consolidated balance sheet 14
Consolidated statement of cash flows 15
Consolidated statement of changes in equity 15
Notes
Note 1 Accounting policies 17
Note 2 Segment disclosures Q2 2026
(as reported including one-off items) 18
Note 3 Discontinued operations
(as reported including one-off items) 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
Content
Financial statements
11/28
Interim Report Q2 2026
Interim Report Q2 2026
12/28
DKK million
DKK million
Quarterly reporting by segment (excl. one-off items)
DKK million
Interim Report Q2 2026
13/28
DKK million
2,171
2,302
4,267
4,585
9,568
-1,044
-1,141
-2,129
-2,266
-4,818
1,127
1,161
2,138
2,319
4,750
220
227
837
467
857
581
506
-1,093
-1,052
-2,129
290
260
570
505
-1,040
-
-4
-
2
3
36
164
362
293
727
52
77
126
153
304
-
-
-
-
-
16
87
488
140
423
-
-
-
-
-
21
6
120
111
219
286
261
474
466
835
281
168
842
215
193
63
37
187
47
43
218
131
655
168
150
207
311
302
437
860
11
180
957
269
710
11
15
20
33
57
22
165
977
236
653
-0.15
-6.65
-0.15
-6.71
-1.50
-0.90
-4.50
-1.15
-1.03
-1.48
-0.90
-4.46
-1.15
-1.03
DKK million
11
180
957
269
710
4
-1
27
-9
31
23
85
512
640
473
19
519
658
536
339
-677
389
174
57
354
-697
422
117
Consolidated income
statement
Consolidated statement of
comprehensive income
Interim Report Q2 2026
14/28
DKK million
9,968
9,885
17,035
16,930
16,849
204
212
1,067
1,010
1,009
26
-
53
71
321
-
-
152
157
189
-
-
410
507
511
4
186
1,870
1,847
1,619
10,202
10,283
20,587
20,522
20,498
1,836
1,551
2,314
2,376
2,402
2,382
2,047
4,383
4,192
4,238
48
-
139
395
357
562
388
684
804
867
806
865
1,119
767
1,130
5,634
4,851
8,639
8,534
8,994
13,715
13,421
-
-
-
29,551
28,555
29,226
29,056
29,492
10,268
10,122
10,898
10,543
10,448
8,040
8,029
8,563
8,589
8,707
69
76
332
315
330
20
19
28
29
28
74
46
161
176
185
689
661
1,025
1,026
1,029
382
382
904
910
877
9,274
9,213
11,013
11,045
11,156
2,391
1,795
1,823
2,003
2,544
3
-
-
1
112
45
60
97
87
93
1,079
1,010
1,496
1,395
1,325
-
112
101
331
326
102
91
293
267
272
2,346
1,834
3,505
3,384
3,216
5,966
4,902
7,315
7,468
7,888
4,043
4,318
-
-
-
29,551
28,555
29,226
29,056
29,492
Consolidated balance sheet
Interim Report Q2 2026
15/28
DKK million
16
87
488
140
423
263
373
353
535
1,173
200
278
1,779
617
1,336
78
81
111
12
25
525
657
1,049
1,304
2,907
580
112
675
370
163
55
769
374
934
3,070
100
63
252
228
267
93
56
31
99
127
248
650
91
607
2,676
256
273
496
480
-1,034
47
53
121
122
337
70
15
117
25
168
5
44
28
28
45
-
-
-
27
27
-
-
10
6
20
368
297
752
676
-1,591
616
353
661
69
1,085
DKK million
596
160
596
790
7,695
-5
10
53
21
766
-
28
-
273
-7,300
30
27
64
52
135
-
2
36
34
37
-
-
85
3
71
3
146
258
564
22
446
264
886
52
375
215
195
199
956
787
1,119
980
980
-1
32
1
45
60
903
1,130
903
1,130
1,119
97
74
97
79
806
1,056
806
1,040
903
1,130
903
1,130
1,119
Consolidated statement of cash flows
Interim Report Q2 2026
16/28
DKK million
-1,259
-2,725
-977
-977
-957
31
31
31
24
24
-977
-697
-677
-20
-955
19
-2,725
DKK million
786
-2,725
45
23
23
23
640
640
640
640
18
658
658
640
18
422
389
33
-1,381
-2,725
Consolidated statement of changes in equity
Interim Report Q2 2026
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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 Q2 2026
18/28
Note 2 Segment disclosures Q2 2026 (as reported including one-off items)
DKK million
Interim Report Q2 2026
19/28
Note 2 Segment disclosures Q2 2026 (as reported including one-off items) (Continued)
DKK million
Interim Report Q2 2026
20/28
Note 2 Segment disclosures YTD 2026 (as reported including one-off items)
DKK million
Interim Report Q2 2026
21/28
Note 2 Segment disclosures YTD 2026 (as reported including one-off items) (Continued)
DKK million
Interim Report Q2 2026
22/28
Note 3 Discontinued operations (as reported including one-off items)
DKK million
Interim Report Q2 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 Q2 2026
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Note 6 Intangible assets
DKK million
Interim Report Q2 2026
25/28
Note 7 Overview of one-off costs
DKK million
DKK million
Interim Report Q2 2026
26/28
Note 8 Incentive plans
in GN Store Nord is 2,648,721 (1.8% of the shares issued in GN Store
Nord).
Note 9 Shareholdings
On June 30, 2026, members of the board of directors and the executive
management, respectively, own 77,388 and 143,204 shares in GN Store
Nord.
On June 30, 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-
estimated to be around 55%.
27/28
Interim Report Q2 2026
Executive Management
Board of Directors
Interim Report Q2 2026
28/28
Co.reg. no 242 57843