--- title: "GN Q2 2026 Conference Call Presentation" period: "2026-h1" kind: "conference-call-presentation" source_url: "https://www.gn.com/-/media/Files/Financial-Download-Center/2026/Q3/GN-Q2-2026-conference-call.pdf" downloaded_at: "2026-08-25" pdf_sha256: "fad18b263ebfa5fbc557eeacea0e8db51e3f635d1b57223301a75b3702435cdb" pdf_size_bytes: 1472348 extractor: "pdfjs-dist-6.0.227" --- GN Interim Report Q2 2026 Conference call presentation August 20, 2026 --- Safe Harbor Statement 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, 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). This presentation should not be considered an offer to sell or buy securities in GN Store Nord. 2 --- Agenda Hearing divestment update Group highlights Financial guidance 2026 3 --- Hearing divestment: Update and recent progress Hearing business Creating a global integrated leader in audiology combining hearing technology leadership with high-quality, innovative hearing care Carve-out process well underway – closing still expected towards the end of the year Amplifon shareholding has a staggered lock up period between 9 to 15 months after closing Upfront tax payment estimated to DKK 1.5 - 2.0 billion. GN can use same amount to reduce its taxes in coming years Capital allocation: GN will target a leverage of 1.0x-1.5x in the short-term. GN will initiate a share buyback program after closing. No plans for larger acquisitions Immediate cost initiatives to be executed during 2026, which will drive around DKK 200 million in structural cost savings in 2027 (compared to 2026) to counter the DKK 200 million in “stranded costs” To drive the carve-out and restore profitability, GN will incur one-off cash costs in the area of DKK 750 million across 2026 and 2027. In addition, a number of non-cash impairments have been executed in Q1 2026 4 --- ReSound Sensia This is what the best sounds like Built on GN’s new AI platform and leveraging a trio of breakthroughs technologies to prioritise what users want to hear and reduce the effort to hear clearly in noisy situations. Automatic. Accurate. Proven. Senses the sound. Gets it right. Most accurate real-time sound sensing with AcoustIQ 1 Right decisions, right away. Focuses on speech. Instantly. Narrowest 4-mic beamforming with Clear Focus 2 Proven to deliver delivers leading speech clarity in noise. best audibility of the voice you want to hear Validated by Hörzentrum DNN denoising. When you need it. 4 Oldenburg Best automatic DNN for all-around intelligence lifting 3 conversations with less effort. Connect with 1 Groth & Cui (2026); Groth et al. (2023); Jespersen & Skovlund (2025); 2 Jespersen & Hashem (2026); Jespersen, Dieu & Rubachandran (2024); Jespersen & Skovlund (2025); 3 Compared to other premium hearing aid brand with DNN denoising, Jespersen & Rubachandran (2026); Listeners with Intelligent Focus are less distracted by competing talkers in complex listening environments, Jespersen, Heeren & Quilter (2026); Quilter, Heeren & Jespersen (2026); 4) Quilter, Heeren & Jespersen (2026) --- Agenda Hearing divestment update Group highlights Financial guidance 2026 6 --- Evolve3 success and gross margin improvement boding well for strong H2 2026 Momentum: Continued strong growth in NA and APAC. The EMEA market, and GN’s EMEA business, remains under pressure but is showing signs of improvement compared to Q1 2026. Organic revenue growth of -7%, due to a demanding comparison base in FalCom Evolve3: Solid double-digit positive sell-out growth in premium headsets driven by Evolve3 Margin progression: Gross margin improvements, while executing channel investments to support growth in H2 2026 driven by the next wave of Evolve3 launches Enterprise Momentum: 5% organic revenue growth supported by headset market share gains driven by Nova Pro Omni Margin progression: Margin expansion driven by pricing discipline, success of new products, a lower tariff level, a provision release as well as FX Short-term growth opportunities: Significant growth and further margin expansion expected for H2 2026 supported by coming mice and keyboard launch and headset market share gains driven by Nova Pro Omni Gaming 7 --- Enterprise: Continued momentum in North America and APAC and improvements in EMEA DKK million Q2 2026 Q2 2025 Growth • Continued strong growth in North America and APAC. Decline in EMEA but with signs of improvement compared to Q1 2026 driven by Evolve3. Organic revenue growth of -7%, while the Revenue 1,558 1,713 -9% organic revenue growth excluding FalCom ended at -3% - Organic growth -7% -7% • Improving development in headset, and healthy growth in - M&A impact 0% 0% meeting rooms and front-line worker segments. FalCom - FX impact -2% -2% continued to progress its project pipeline, but revenue 1 Gross profit 891 961 -7% contribution was as expected limited in the quarter 1 Gross margin 57.2% 56.1% 1.1%p • Adj. gross profit of DKK 891 million, translating into an adj. 1 S&M -408 -378 8% gross margin of 57.2% compared to 56.1% in Q2 2025, 1 Divisional profit 483 583 -17% reflecting pricing discipline, lower tariffs and FX 1 Divisional profit margin 31.0% 34.0% -3.0%p • Adj. Divisional profit of DKK 483 million, translating into an adj. divisional profit margin of 31.0% (compared to 34.0% in Q2 2025) reflecting deliberate channel investments to support the upcoming Evolve3 products Note 1: Excluding one-off costs 8 --- Evolve3 for every workstyle, anywhere – adding Evolve3 45, 65 and 65 Flex to build on strong momentum from premium headsets March 2026 launch September 2026 launch Evolve3 85 Evolve3 75 Evolve3 65 Evolve3 45 Evolve3 65 Flex ...more products to come Better voice pick-up outdoor The lightest Better sound (spatial, music) More appeal (mic arm-free) Better ANC (4 mic Adaptive) Best office voice pick-up Better ANC (includes wind adaptability) ANC Better Busy light (360°) More portable Premium Entry-level Evolve3 portfolio expansion sets the stage for returning to growth in H2 2026 9 --- Sell-out numbers from Evolve3 premium headsets are better than expected. Shipment of next wave of Evolve3 products commencing in early September Assumptions on the headset revenue build-up for 2026 Strong success in premium Bluetooth category Enterprise demand in EMEA foreseen to remain challenged – Enterprise product split but improving - due to macro environment Sell-through growth in 1 Premium Bluetooth ~15% Solid double-digit Gradual rollout and launch of Evolve3 platform .. Resulting in slightly more seasonality than normal ~65% Q2 2025 Q2 2026 Enterprise headsets 2026 enterprise headset revenue development (sell-in) ...driving solid double-digit (illustrative) sell-in growth in Premium Bluetooth as well <20% 2025 1 Premium Bluetooth headsets Remaining enterprise headset portfolio 2 Other categories Q1 2026 Q2 2026 Q3 2026 Q4 2026 Evolve3 portfolio Remaining enterprise headset portfolio Note 1: Evolve portfolio (75 and 85 technology levels), ~15% of Enterprise headset portfolio. Note 2: Other categories include “Frontline worker”, “Meeting room video & audio” and “FalCom” 10 --- Gaming: Headset market share gains driven by Nova Pro Omni, while driving strong margin improvement DKK million Q2 2026 Q2 2025 Growth • Gaming delivered 5% organic revenue growth despite continued muted consumer sentiment supported by headset market share gains driven by Nova Pro Omni Revenue 613 589 4% 1 - Organic growth 5% 0% • Double-digit growth in North America, while EMEA and APAC declined due to continued muted consumer sentiment - M&A impact 0% 0% - FX impact -1% -4% • Both headsets and keyboard delivered solid growth and 2 Gross profit 240 200 20% market share gains, while mice had a more difficult quarter - 2 Gross margin 39.2% 34.0% 5.2%p predominantly due to the aging portfolio 2 S&M -148 -128 16% • Adj. gross profit of DKK 240 million, translating into an adj. 2 Divisional profit 92 72 28% gross margin of 39.2%, compared to 34.0% in Q2 2025, 2 Divisional profit margin 15.0% 12.2% 2.8%p driven by pricing discipline, success of new products, a provision release as well as FX • Adj. divisional profit of DKK 92 million, translating into an adj. divisional profit margin of 15.0% compared to 12.2% in Q2 2025, reflecting continued cost focus and some level of targeted channel investments to support significant growth opportunities in H2 2026 Note 1: Excluding wind-down of Elite and Talk Note 2: Excluding one-off costs 11 --- Gaming: Consistent innovation driving market shares – SteelSeries now #1 globally in gaming headsets 1 Headset market share development (2017 – Q2 2026) “THE NOVA PRO OMINI IS THE MOST WELL-ROUNDED GAMING HEADSETS AVAILABLE – HI-RES SOUND, LONG- TERM COMFORT AND TON OF VERATILTIY” Arctis Arctis headset line Arctis 9 Arctis 7+ Arctis Nova Arctis Nova “THE BEST HEADSET GOING… THIS IS GameBuds Pro Pro Omni THE DEFAULT PICK AND MIGHT JUST BE THE BEST HEADSET ON THE MARKET” Arctis Nova “THE STEELSERIES ARCTIS NOVA PRO Elite OMNI IS THE BEST HEADSET I’VE TESTED… THIS IS THE BEST OF THE BEST” “THIS IS ONE OF THE MOST COMPLETE HEADSETS OUT THERE... AND ONE OF Arctis Nova THE BEST FOR VERSATILTIY AND SHEER Pro Omni QUALITY” Q1 Q2 2017 2026 SteelSeries Competitor 2 Competitor 4 Competitor 1 Competitor 3 Competitor 5 Note 1: Circana Point of Sales Data, United States & Canada; GfK Point of Sales Data, United Kingdom, France, Germany, Nordics, Poland, Benelux, Central Eastern Europe, Turkey, Japan 12 --- Agenda Hearing divestment update Group highlights Financial guidance 2026 13 --- GN Store Nord: Steady progress, while Continuing operations making targeted investments to support Revenue (DKKm) 2,302 growth in H2 2026 2,171 -4% -2% 0% Continuing operations • Organic revenue growth of -4%, while revenue growth ended at -6% Q2 2025 Organic growth FX growth M&A growth Q2 2026 • Adj. gross profit of DKK 1,131 million, equal to a gross margin Adj. gross profit (DKKm) Adj. EBITA (DKKm) of 52.1%, driven by improving gross margins across Enterprise and Gaming 1,161 1,131 164 • Adj. EBITA ended at DKK 110 million, equal to an adjusted 110 50.4% 52.1% EBITA margin of 5.1% compared to 7.1% in Q2 2025, 7.1% 5.1% reflecting the revenue development as well as targeted investments to support growth in H2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 GN Store Nord GN Store Nord • Free cash flow excl. M&A ended at DKK -616 million, driven FCF excl. M&A (DKKm) NIBD (DKKm) and leverage by a temporary increase in working capital, due to insourcing 9,850 9,566 353 activities in the supply chain, which is expected to normalize during the rest of the year, as well as one-off costs related to 4.0x 4.4x the Hearing carve-out process -616 • Net interest-bearing debt of DKK 9.6 billion, corresponding to Q2 2025 Q2 2026 Q2 2025 Q2 2026 a negative pro-forma leverage (including Hearing divestment proceeds) 14 --- 2026 financial guidance 1 Organic revenue growth Adjusted EBITA margin Updated Prior Updated Prior Continuing operations 0-3% 0-6% 9-10% 8-9% Note 1:Excluding one-off costs in connection with the Hearing transaction 15 --- Margin expansion in H2 2026 through operating leverage driven by revenue seasonality and continued cost focus H2 2026 main drivers Revenue (DKKm) Illustrative H2 2026 1 4-9% organic growth • Traditional seasonality in Gaming and slightly more seasonality H1 2026: -4% organic growth than normal in Enterprise due to Evolve3 roll-out • Infliction point in Group revenue development with the 2,171 2,096 Group assumed to be back to positive growth (y-o-y) from Q3 2026 Q1 2026 Q2 2026 H2 2026 Adj. gross margin 52.1% 48.2% • Gross margin improvement in Q2 2026. Positive tariff refund impact assumed in H2 2026 between DKK 100-150 million Q1 2026 Q2 2026 Adj. EBITA margin • Sequential improvement in adj. EBITA margin during the 5.1% 0.3% year driven by operating leverage from revenue seasonality and tariff refunds Q1 2026 Q2 2026 H2 2026 Note 1: Implied H2 2026 org growth based on the financial guidance 16 --- Q&A www.gn.com E-mail: investor@gn.com Rune Sandager, Head of Investor Relations, Tel.: +45 4575 9257 17 --- Appendix 18 --- Overview of one-off costs to drive carve-out of Hearing and profitability of NewGN Transaction costs Carve-out costs Right-sizing costs Balance sheet • Advisor and consultant • Severance costs • Asset impairments • Advisor and consultant fees across IT, R&D and fees facilities • Legal costs • Legal costs Examples of • IT system landscape • Internal project costs cost items • Facility separation costs • Retention costs • Shared contract separation costs Cash Cash Cash Non-cash Nature 2026 2026 and 2027 2026 and 2027 H1 2026 Timing Around DKK 1,300 million Around DKK 750 million, of which approximately 75% is expected in 2026 Amount and 2026 estimated split split ~30% ~30% ~70% ~70% 19 Continuing operations Discontinued operations --- GN Store Nord (continuing and discontinued operations) – five-year performance 2021 2022 2023 2024 2025 DKK million GN Store Nord Revenue 15,775 18,687 18,120 17,985 16,782 Organic growth* 20% -3% -1% 1% -1% Gross profit margin 55.0% 48.9% 49.4% 53.2% 54.6% EBITA 2,619 1,560 1,200 2,153 1,908 EBITA margin 16.6% 8.3% 6.6% 12.0% 11.4% Operating profit 2,397 1,111 869 1,860 1,596 Financial items -90 -405 -462 -492 -685 Profit before tax 2,271 725 343 1,361 914 Effective tax rate 21% 21% 22% 22% 22% Net profit 1,790 570 266 1,059 710 ROIC (EBITA/Invested capital) 25% 9% 5% 10% 9% Free cash flow excl. M&A 702 -1,291 1,092 1,081 1,112 Cash conversion** 27% -83% 91% 50% 58% EPS 13.63 4.00 1.64 6.79 4.48 *Excl. the wind-down of Elite and Talk **Free cash flow excl. M&A / EBITA 20 --- GN continuing operations – financial development, excl. one-offs Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 DKK million Continuing operations Revenue 2,283 2,302 2,211 2,772 9,568 2,096 2,171 Enterprise 1,666 1,713 1,624 1,896 6,899 1,516 1,558 Gaming 617 589 587 876 2,669 580 613 Organic growth* -4% -5% -3% -6% -5% -4% -4% Enterprise -9% -7% -4% -3% -6% -5% -7% Gaming* 11% 0% 3% -12% -2% -1% 5% Gross profit margin 50.7% 50.4% 49.0% 48.6% 49.6% 48.2% 52.1% Enterprise 55.9% 56.1% 55.8% 55.5% 55.8% 53.7% 57.2% Gaming 36.8% 34.0% 30.3% 33.7% 33.7% 34.0% 39.2% Divisional profit margin 26.8% 28.5% 26.3% 27.9% 27.4% 23.8% 26.5% Enterprise 32.9% 34.0% 33.8% 33.3% 33.5% 28.7% 31.0% Gaming 10.4% 12.2% 5.5% 16.2% 11.6% 11.0% 15.0% EBITA 129 164 194 240 727 6 110 EBITA margin 5.7% 7.1% 8.8% 8.7% 7.6% 0.3% 5.1% Operating profit 53 87 108 175 423 -68 58 Financial items -100 -255 -152 -109 -616 -89 -265 Profit before tax -47 -168 -44 66 -193 -157 -207 *Excl. the wind-down of Elite and Talk 21 --- GN Store Nord share overview Share price development • GN has a share capital of DKK 603,650,860, which is consisting of 120 150,912,715 shares, each carrying four votes. GN has one share class, 110 100 and there are no restrictions on ownership or voting rights 90 80 • GN is, among other indices, included in the C25 index and Large Cap 70 index on Nasdaq Copenhagen, as well as the Stoxx Europe 600 index, 31-Dec-2025 1-Mar-2026 30-Apr-2026 29-Jun-2026 GN C25 CAP Index: 31-12-2025 = 100 • Ticker symbols: GN:DC (Bloomberg) and GN.CO (Reuters) Financial calendar 2026 • Number of registered shareholders: ~63,000 (2025) Date Event • Treasury shares: 5.3 million, 3.5% of shares (Q2 2026) November 5, 2026 Interim Report Q3 2026 • Market cap: DKK 13 billion (Q2 2026) • Largest shareholder: William Demant Invest A/S (>10%) 22