--- title: "GN Interim Report Q1 2026" period: "2026-q1" kind: "interim-report" source_url: "https://www.gn.com/-/media/Files/Financial-Download-Center/2026/Q2/GN-Interim-Report-Q1-2026.pdf" downloaded_at: "2026-06-06" pdf_sha256: "3e94e922dcec3e679621d07f7a92b194eba38969c20c4a5147bfa3d293be0a84" pdf_size_bytes: 768835 extractor: "pdfjs-dist-6.0.227" --- Interim Report Q1 2026 GN Store Nord A/S --- Interim Report Q1 2026 Interim Report Q1 2026 Updated financial reporting following the Continuing and discontinued operations Hearing transaction Quarterly reporting by segment (page 14) Income statement for 2026, including comparative figures To provide the most accurate presentation of the underlying performance of Following the announcement of GN Store Nord’s divestment of its Hearing divi- Organic revenue the continuing and discontinued operations, non-recurring items have been sion, the financial performance related hereto is treated as discontinued opera- growth 2% excluded from the figures presented for the quarterly reporting by segment tions in the Q1 2026 report and until closing of the transaction (expected by the end of 2026). 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 figure has been labelled as “adjusted”. 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 Key financial highlights under prior reporting structure include continuing operations only. Comparative figures related to both contin- If GN had not treated the hearing division as discontinued operations, the uing and discontinued operations have been restated. For the consolidated following would have been key financial highlights of the quarter statement of comprehensive income and the consolidated statement of Adj. EBITA (DKKm) changes in equity, discontinued operations are included in all line items. 306 • Organic revenue growth of 2% as a result of +9% in Hearing, -5% in En- terprise and -1% in Gaming Balance sheet Assets and liabilities classified as held for sale are presented as separate line • Adj. EBITA of DKK 306 million compared to DKK 300 million in Q1 2025 items from the date of such classification as held for sale (March 31, 2026). driven by operating leverage Comparative figures for all affected line items have not been restated. • Free cash flow excl. M&A of DKK -45 million compared to DKK -395 mil- Consolidated statement of cash flows lion driven by well-managed working capital In the consolidated cash flow statement, cash flow from discontinued opera- tions is included. FCF excl. M&A -45 (DKKm) 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. 2/28 2/28 --- Interim Report Q1 2026 Navigating challenging markets in EMEA and taking actions to adjust the cost structure for future healthy margins The Enterprise division delivered organic revenue growth of -5%. The business Group adj. EBITA (continuing operations) ended at DKK 6 million, equal to grew strongly in North America and APAC but declined in EMEA due to contin- an adj. EBITA margin of 0.3%, compared to 5.7% in Q1 2025 reflecting the ued weak demand and channel inventory reductions. The launch of Evolve3 is development in revenue, the annualization of tariffs, an inventory provision progressing well driving significant growth in the premium segment of headsets. as well as channel investments to support the ongoing product launches. In- The contribution from the launch will grow stronger later in the year as more cluding the discontinued operations, the adj. EBITA ended at DKK 306 mil- products are launched. The divisional profit margin ended at 28.7% compared to lion (compared to DKK 300 million in Q1 2025). 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- Free cash flow excl. M&A ended at DKK -45 million, driven by traditional going investments into selling and distribution costs to support the successful seasonality, but partly offset by well-managed working capital. launch and rollout of Evolve3. On May 6 the financial guidance was updated to reflect the carve-out of the The Gaming division operated in a market with continued muted consumer sen- Hearing division. In 2026, GN (continuing operations) expects to deliver or- timent but delivered solid execution, resulting in organic revenue growth of -1% ganic revenue growth of 0-6% and an adj. EBITA margin of 8-9% (compared on top of a demanding comparison base (+11% in Q1 2025). The divisional profit to 7.6% in 2025). In addition, the Group will execute cost initiatives that are margin of 11.0% (10.4% in Q1 2025) reflects a continued cost focus, partly off- expected to result in structural run-rate cost savings of around DKK 200 mil- set by annualization of tariff costs and targeted channel investments to support lion (compared to 2026) that will positively impact group margins in 2027 current market share momentum. and beyond. 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% 1,011 1,158 -13% 814 931 -13% 197 227 -13% Gross profit* Gross 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 -18% 435 548 -21% 64 64 0% Divisional profit margin* 23.8% 26.8% -3.0%p 28.7% 32.9% -4.2%p 11.0% 10.4% 0.6%p 6 129 -95% 300 171 75% EBITA* 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% 3/28 --- Interim Report Q1 2026 Interim Report Q1 2026 Hearing division transaction – status and impact on New-GN Hearing business to be sold to Amplifon Cost reductions to right size the company and improve profitability On March 16, 2026, GN announced the sale of its Hearing division to Amplifon To drive a sustainable short- and long-term margin structure for the Group, 1 Strong performance by the valuing the Hearing division at DKK 17.0 billion on a cash-free and debt-free GN is taking actions to set the company up for long-term profitable growth. basis that will be settled with DKK 12.6 billion in cash and 56 million shares in During the rest of this year, GN will be executing cost initiatives across the Hearing division in the quarter Amplifon. The transaction is subject to customary regulatory approvals and continuing operations that are expected to lead to run-rate structural cost completion of the Hearing business separation from GN and is expected to be savings (compared to 2026) of around DKK 200 million, which will positively completed by the end of 2026. impact 2027 and beyond. These structural cost savings will counter the DKK 200 million in “stranded costs”, which are the shared group costs that will Carve-out process well underway The carve-out of the business is progressing according to plan and GN remains remain in the continuing operations following the transaction. – closing expected by the end of committed to serving the customers of the Hearing business and deliver high- quality, innovative products. To drive the carve-out process, and to improve cost and productivity, GN will the year incur one-off cash costs of around DKK 750 million across 2026 and 2027, of Prior to closing of the transaction, the Hearing business will be separated from which 75% is expected in 2026. The one-off cash costs will be a combination GN through a carve-out, including an expected statutory demerger of GN of transaction costs, carve-out costs and right-sizing costs. In addition, a Hearing A/S in accordance with the Danish Business Act. The demerger will number of non-cash balance sheet impairments have been executed across DKK ~200 million of structural take place as a taxable transaction, but the payable tax at closing will result in continuing and discontinued operations of around DKK 1,300 million for cost savings being executed an equal size tax asset that can be utilized by GN going forward. The size of the 2026. 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 Shareholder distribution & capital allocation target 1.5 – 2 billion. As the proceeds from the transaction are larger than GN’s net interest-bear- DKK ~750 million in total cash ing debt, GN expects to use the proceeds to 1) significantly reduce debt (to a one-off costs expected across Q1 financial performance short-term leverage of 1.0-1.5x), 2) invest in the ongoing business to support Following the announcement of GN Store Nord’s divestment of its Hearing di- sustainable and profitable growth as well as 3) returning capital to share- 2026 and 2027 vision, the financial performance related hereto is treated as discontinued op- holders, subject to applicable law and in line with the dividend policy. erations in the Q1 2026 report and until closing of the transaction. To drive shareholder value, the company intends to execute a share buyback New share buyback to be initi- In Q1 2026, the Hearing division continued its recent strong market share mo- program under the Safe Harbour rules after closing of the transaction. The mentum and delivered 9% organic revenue growth in the quarter. Supported size of the program will be subject to 1) the current authorization holding ated after closing by the strong organic revenue growth, the business delivered an adj. EBITA of limit within the article of associations, and 2) the Safe Habor rules, including DKK 300 million, equivalent to an adj. EBITA margin of 17.1% a limitation on the size of daily repurchases. . 4/284/28 Note 1: Share component value based on EUR 10.52 per Amplifon share as of March 13, 2026 --- Interim Report Q1 2026 Financial highlights Q1 Q1 Full year Q1 Q1 Full year 2026 2025 2025 2026 2025 2025 DKK million (unaud.) (unaud.) (aud.) DKK million (unaud.) (unaud.) (aud.) Continuing operations Enterprise division Revenue 2,096 2,283 9,568 Revenue 1,516 1,666 6,899 Revenue growth -8% -11% -12% Revenue growth -9% -8% -8% Organic growth -4% -12% -10% Organic growth -5% -9% -6% Gross profit margin 53.7% 55.9% 55.8% Gross profit margin 48.2% 50.7% 49.6% Divisional profit 435 548 2,311 EBITA* -398 129 727 Divisional margin 28.7% 32.9% 33.5% EBITA margin* -19.0% 5.7% 7.6% Adjusted EBITA* 6 129 727 Gaming division Adjusted EBITA margin* 0.3% 5.7% 7.6% Revenue 580 617 2,669 Profit (loss) for the period -437 -37 -150 Revenue growth -6% -18% -22% EBITDA -341 180 937 Organic growth -1% -20% -19% Earnings per share, basic (EPS) -3.00 -0.03 -1.03 Gross profit margin 34.0% 36.8% 33.7% Earnings per share, fully diluted (EPS diluted) -2.98 -0.03 -1.02 Divisional profit 64 64 310 Divisional margin 11.0% 10.4% 11.6% GN Store Nord (continuing and discontinued operations) Profit (loss) for the period -946 89 710 Hearing division (discontinued operations) ROIC (EBITA*/Average invested capital) 6% 9% 9% Revenue 1,755 1,703 7,214 Earnings per share, basic (EPS) -6.56 0.49 4.48 Revenue growth 3% -2% 2% Earnings per share, fully diluted (EPS diluted) -6.51 0.49 4.48 Organic growth 9% -1% 5% EBITA -607 171 1,181 Equity ratio 35.4% 35.9% 37.3% EBITA margin -34.6% 10.0% 16.4% Net interest-bearing debt** 8,914 10,145 8,876 Adjusted EBITA 300 171 1,181 Net interest-bearing debt (period-end)/EBITDA** 4.7 4.4 3.8 Adjusted EBITA margin 17.1% 10.0% 16.4% Net interest-bearing debt (period-end)/ adjusted EBITDA** 3.8 4.4 3.8 Profit (loss) for the period -509 126 860 Outstanding shares, end of period (thousand) 145,613 145,613 145,613 Average number of outstanding shares (thousand) 145,613 145,613 145,613 Average number of outstanding shares, fully diluted (thousand) 146,653 145,613 145,712 Treasury shares, end of period (thousand) 5,300 5,300 5,300 Share price at the end of the period 100.9 107.1 106.8 Market capitalization 14,685 15,588 15,555 Number of employees, end of period 7,736 7,304 7,611 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 5/28 --- Interim Report Q1 2026 Interim Report Q1 2026 GN - Continuing operations Revenue (DKKm) Organic growth to DKK -91 million (compared to DKK -79 million) in the quarter re- -4% Navigating challenging markets in EMEA flecting the recent launches of Evolve3 85 and 75 and Panacast 40 2,283 2,096 VBS. Total one-off costs in the quarter ended at DKK 375 million, re- and taking actions to adjust the cost flecting non-cash balance sheet impairments in Enterprise due to the 1,666 -5% 1,516 recent market weakness. structure for future healthy margins -1% 617 580 Management and administration costs Excluding one-off costs, management and administration costs ended Q1 2025 Q1 2026 Revenue at DKK -251 million compared to DKK -245 million in Q1 2025, reflect- Enterprise division Gaming division In Q1 2026, GN’s organic revenue growth ended at -4% as a conse- ing a fairly stable cost base. Total one-off costs amounted to DKK -29 quence of -5% in Enterprise and -1% in Gaming. Group revenue million in the quarter, due to transaction costs. amounted to DKK 2,096 million, with -4% impact from the develop- Gross profit (DKKm) and gross margin (%) ment in foreign exchange rates. EBITA Group adj. EBITA ended at DKK 6 million compared to DKK 129 million Gross profit in Q1 2025, reflecting the development in revenue, the annualization 1,158 (50.7%) Gross profit ended at DKK 1,011 million in Q1 2026 compared to DKK 1,011 (48.2%) of tariffs, channel investments to support the ongoing product 1,158 million in Q1 2025, equal to a gross margin of 48.2% (compared launches as well as traditional seasonality. The adj. EBITA margin to 50.7% in Q1 2025), reflecting annualization of tariffs, as well as an 931 (55.9%) 814 (53.7%) ended at 0.3% in Q1 2026 compared to 5.7% in Q1 2025. Including the inventory provision in Enterprise. discontinued operations, the adj. EBITA ended at DKK 306 million. 227 (36.8%) 197 (34.0%) Divisional profit Q1 2025 Q1 2026 Other financial highlights Due to the topline development, the divisional profit ended at DKK 499 Amortization of acquired intangible assets amounted to DKK -74 mil- Enterprise division Gaming division million in Q1 2026 compared to DKK 612 million in Q1 2025. This lion compared to DKK -76 million in Q1 2025. Financial items were DKK translates into a divisional profit margin of 23.8%, which compared to a -89 million. Profit before tax ended at DKK -561 million, while the ef- divisional profit margin of 26.8% in Q1 2025, reflects the gross margin fective tax rate was 22%, leading to a net profit of DKK -437 million. development, negative operational leverage as well as traditional sea- Divisional profit (DKKm) and divisional profit margin (%) The net profit for discontinued operations ended at DKK -509 million. sonality. Cash flow development (continuing and discontinued operations) Development costs 612 (26.8%) GN Store Nord’s operational free cash flow ended at DKK 524 million Excluding one-off costs, the development costs ended at DKK -242 mil- 499 (23.8%) in Q1 2026 reflecting the solid underlying earnings level, but offset by lion in the quarter (compared to DKK -240 million in Q1 2025). This re- one-off costs associated with the transaction. The change in net work- 548 (32.9%) flects a fairly stable investment level into the current R&D roadmap, in- 435 (28.7%) ing capital was DKK -95 million reflecting traditional seasonality, but cluding the Evolve3 platform. The capitalization ratio in the quarter partly offset by well-managed working capital. Investment activities ended at 45%, while the amortization of development costs increased 64 (10.4%) 64 (11.0%) excl. M&A ended at DKK -384 million, driven by continued investments Q1 2025 Q1 2026 Enterprise division Gaming division 6/28 6/28 --- 6/1 Interim Report Q1 2026 Interim Report Q1 2026 Adjusted EBITA (DKKm) and adjusted EBITA margin into future customer-centric innovations. Financial items, net were Management quote 306 (7.9%) 300 (7.5%) DKK -152 million, while tax payments amounted to DKK 62 million. “We are navigating a market environment that remains more challeng- 6 (0.3%) 129 (5.7%) Consequently, free cash flow excl. M&A ended at DKK -45 million in Q1 ing than usual, especially in EMEA, while North America and APAC con- 2026. tinue to show encouraging momentum in Enterprise. We are executing 300 (17.1%) 171 (10.0%) well on our priorities: Enterprise is leveraging the successful launch of Capital structure (continuing and discontinued operations) Evolve3, Gaming is maintaining its positive market share trajectory de- Q1 2025 Q1 2026 Compared to Q1 2025, the net interest-bearing debt decreased to DKK spite muted consumer sentiment, and our Hearing business continues to 8,914 million, corresponding to an adjusted leverage of 3.8x (compared deliver strong organic growth as we prepare for the divestment to Am- to 4.4x in Q1 2025), including the adj. EBITDA contribution from the plifon. As we move into the coming quarters, our focus is to turn the discontinued operations. business into growth with the support of further Evolve3 Enterprise headsets, video and gaming launches. In parallel, we will complete the Net interest-bearing debt (DKKm) and adjusted leverage Cost reductions to right-size the company and improve profitability separation of Hearing, take cost actions, and nurture our innovation To drive a sustainable short- and long-term margin structure for the pipeline to set GN up for long term success and profitable growth.“ 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- Peter Karlstromer, CEO of GN Store Nord tiatives across the continuing operations that are expected to lead to 4.4x 3.8x run-rate structural cost savings (compared to 2026) of around DKK 200 million, which will positively impact 2027 and beyond. These struc- tural cost savings will counter the DKK 200 million in “stranded costs”, which are the shared group costs that will remain in the continuing op- Net interest -bearing debt (DKKm) everage erations following the transaction. Free cash flow (DKKm) 524 -95 -384 62 -152 -45 Cash ow Changes Cash ow Tax payments Financial FCF excl. M&A from in working from investing items, net operating capital activities excl. activities M&A 7/28 7/28 --- Interim Report Q1 2026 Financial guidance 2026 addition, it is assumed that GN will experience some level of channel 200 million, which will positively impact 2027 and beyond. These struc- inventory reductions in EMEA in the short term. tural cost savings will counter the DKK 200 million in “stranded costs”, which are the shared group costs that will remain in the continuing op- GN tore Nord Due to the relative size of the EMEA market, it is now assumed that the erations following the transaction. global addressable market of Enterprise will be in some level of mod- est decline throughout 2026. Driven by a gradual launch of the Evolve3 To drive the carve-out process, and to improve cost and productivity, headset portfolio, other product introductions and strong execution, it GN will incur one-off cash costs of around DKK 750 million across 2026 organic 8% Adj. 0% is still assumed that the Enterprise division will drive market share and 2027, of which 75% is expected in 2026. The one-off cash costs will revenue EBITA gains in 2026. Consequently, it is assumed that Enterprise will contrib- be a combination of transaction costs, carve-out costs and right-sizing ute with organic revenue growth of -3% to +3% in a modestly declining costs. In addition, a number of non-cash balance sheet impairments to 6% growth to9% margin market. have been executed across continuing and discontinued operations of around DKK 1,300 million for 2026. Gaming division As a consequence of the macro-economic environment, it is currently The adj. EBITA margin (excluding one-off costs) for the continuing op- Following the announcement on 16 March 2026 to sell the Hearing busi- assumed that the broader gaming equipment market will experience erations is expected to be 8-9% in 2026 (compared to 7.6% in 2025), ness to Amplifon, the Hearing business will be classified as discontinued modest growth in 2026 driven by continued increase in number of and on top of this, GN expects a further run-rate cost benefit of around operations, and associated assets and liabilities as held-for-sale. GN’s fi- global gamers as well as important new game introductions towards 2 percentage points from the announced cost actions to positively im- nancial guidance for 2026 now excludes discontinued operations and the end of the year. pact 2027. therefore only reflects Enterprise and Gaming GN expects to continue to gain market shares driven by the very strong Key revenue assumptions for the financial brand, innovation leadership, and category expansion. Consequently, guidance of 2026 Gaming assumes to contribute with organic revenue growth of 7% to 13%. Enterprise division Following a longer period of market stabilization, the Enterprise mar- Key EBITA margin assumptions for the kets outside of Europe experienced positive sell-out growth in 2025, financial guidance of 2026 which is assumed to continue in 2026. As a consequence of the trade environment, the European market experienced a setback during 2025, To drive a sustainable short- and long-term margin structure for the but was showing positive signs towards the end of the year. However, Group, GN is taking actions to set the company up for long-term profit- the recent geopolitical uncertainty has negatively impacted the ex- able growth. During the rest of this year, GN will be executing cost ini- pected market recovery in EMEA. It is now assumed that the markets tiatives across the continuing operations that are expected to lead to across EMEA will continue to be pressured throughout 2026. In run-rate structural cost savings (compared to 2026) of around DKK 8/28 --- Interim Report Q1 2026 Interim Report Q1 2026 Enterprise division Revenue (DKKm) of DKK 1,516 million (compared to DKK 1,666 million in Q1 2025). Due -9% Strong growth in North America and to an impact of -4% from FX, the revenue growth ended at -9%. -5% -4% 0% APAC, while continued weak demand Gross profit Gross profit ended at DKK 814 million, translating into a gross margin and channel inventory reductions in 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- EMEA. Evolve3 is driving accelerated inantly due to warehouse movement in the US. growth in premium segment. Sales and distribution costs Q1 2025 Organic F growth M&A growth Q1 2026 Sales and distribution costs ended at DKK -379 million in Q1 2026 com- revenue growth Revenue pared to DKK -383 million in Q1 2025 reflecting some launch and chan- The Enterprise division was negatively impacted by geopolitical uncer- Gross profit (DKKm) nel investments to support the Evolve3 platform. tainty resulting in challenging market conditions, and channel inven- 931 tory reductions in EMEA leading to Q1 2026 organic revenue growth of Divisional profit 814 -5%. 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- The launch of Evolve3 has been well-received and is driving acceler- nualization of tariff costs, an inventory provision and channel invest- 55.9% 53.7% ated growth in the premium headset segment, which is approximately ments into the successful launch and rollout of Evolve3 as well as tra- 15% of the total Enterprise business. The impact of the Evolve 3 launch ditional seasonality. will grow stronger towards the end of the year when more products are launched. Business highlights Q1 2025 Q1 2026 In March 2026, GN started shipment of the new Evolve3 85 and 75. The regional performance in the quarter was mixed. In North America, The new platform delivers professional-grade voice clarity through the sell-out and sell-in growth were both strong, reflecting structural Jabra ClearVoice with new deep learning technology (DNN), adaptive Divisional profit (DKKm) market demand as well as strong channel execution. In APAC, the ANC and spatial sound for clear conversations in any environment. In trends were similar to North America, with strong sell-in and sell-out addition, it features a slim, modern design in black or warm gray, with 548 growth. In EMEA, the demand continues to be weak due to the geopo- up to 120 hours of music and 25 hours of calls, plus fast-charge sup- 435 litical uncertainty. In addition, GN has experienced channel inventory port that delivers up to 10 hours of power in just 10 minutes. GN will reductions in the EMEA region, leading to a lower sell-in than sell-out launch additional technology levels under the Evolve3 platform revenue. throughout the year. 32.9% 28.7% As a reflection of GN’s relative exposure in EMEA, the organic revenue growth for the division ended at -5% in the quarter leading to revenue Q1 2025 Q1 2026 9/289/28 --- Interim Report Q1 2026 Interim Report Q1 2026 Gaming division Revenue (DKKm) -6% Sales and distribution costs -1% -1% organic revenue growth on a de- -5% 0% 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, manding comparison base, while driving while making targeted channel investments to drive the current mar- ket share momentum. margin expansion Divisional profit Divisional profit ended at DKK 64 million, translating into a divisional Revenue profit margin of 11.0% (compared to 10.4% in Q1 2025), reflecting The Gaming division operated in a market with continued muted con- Q1 2025 Organic F growth M&A growth Q1 2026 continued cost focus, partly offset by an annualization of tariff costs sumer sentiment but delivered solid execution, resulting in organic rev- revenue growth and traditional seasonality. enue growth of -1% on top of a demanding comparison base (+11% in Gross profit (DKKm) Q1 2025). Business highlights In April 2026, SteelSeries expanded the luxury category of gaming au- In North America, GN managed to drive solid organic revenue growth, 227 dio with the introduction of the Arctis Nova Pro Omni - a new gaming despite the muted consumer sentiment, while markets across Europe 197 headset engineered for audiophile-grade performance and designed and Rest of World were somewhat more impacted by the difficult mar- for all possibilities, for all systems, all at once. The new headset in- ket conditions. In terms of product categories, GN improved its leading 36.8% cludes Arctis Nova Omni ANC, which blocks up to 40% more back- 34.0% position in the headset category, which drove solid growth in the quar- ground noise versus the competition through improved processing ter. Keyboards and mice had a more difficult quarter predominantly in power and the latest ANC algorithm, and the new ClearCast Pro micro- the lower price points, leading to declining revenues. phone (based on AI noise reduction) reducing up to 96% of background Q1 2025 Q1 2026 noise, which is up to 30x more than other gaming headsets. 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 Divisional profit (DKKm) In April 2026, SteelSeries also unveiled the Aerox 3 Wireless Gen 2 se- impact of -5% from FX, the revenue growth ended at -6%. 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 64 64 Gross profit Gen 2 takes the franchise to the next level. It delivers near‑instant re- Gross profit ended at DKK 197 million, translating into a gross margin sponsiveness with a 4K (4000 Hz) polling rate and 1.2 ms click response of 34.0% (compared to 36.8% in Q1 2025), primarily driven by solid time, powered by a high‑performance TrueMove 26K optical sensor ASP increase, partly offset by an annualization of tariff costs as well as 10.4% 11.0% with true 1‑to‑1 tracking. All of this is wrapped in an ultra‑lightweight, wind-down effects from the Elite and Talk product lines in Q1 2025. ultra‑durable, water‑resistant design and additional optimization through advanced performance tuning in the SteelSeries GG software suite. Q1 2025 Q1 2026 10/28 10/28 --- Interim Report Q1 2026Interim Report Q1 2026 Interim Report Q1 2026 Hearing division Revenue (DKKm) (discontinued operations) 3% -6% 9% 0% world’s first hearing aid fitting software to incorporate NA -NL3™ sup- ReSound Vivia continued to drive mar- port for enhanced precision. ket share gains, leading to 9% organic Hearing business to be sold to Amplifon On March 16, 2026, GN announced the sale of its Hearing division to revenue growth and an adj. EBITA of 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 Q1 2025 Organic F growth M&A growth Q1 2026 17% revenue growth 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 Revenue and is expected to be completed by the end of 2026. The Hearing division continued its recent strong market share momen- Adjusted EBITA (DKKm) tum and delivered 9% organic revenue growth in the quarter leading to 300 revenue of DKK 1,755 million (compared to DKK 1,703 million in Q1 As a result of the transaction, the Hearing division is treated as discon- 2025). tinued operations. The carve-out of the business is progressing accord- 171 ing to plan while GN remains committed to serving the customers of 17.1% the Hearing business and deliver high-quality, innovative products. EBITA 10.0% 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 Q1 2025 Q1 2026 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-Canal styles for ReSound Savi, including the industry’s first essential wireless In-The-Canal with Auracast™ broadcast audio. In ad- dition, ReSound Smart Fit 2.3 is being introduced, which will be the 11/28 11/2811/28 --- Interim Report Q1 2026 Additional information Teleconference Forward-looking statements GN will host a teleconference at 11.00 am CEST on May 7, 2026. Please The forward-looking statements in this report reflect the management's current expectations of certain future visit www.gn.com to access the teleconference. Presentation material events and financial results. Statements regarding the future are, naturally, subject to risks and uncertainties, will be available on the website prior to the start of the teleconference. 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 Financial calendar 2026 assumptions will not be disclosed on an ongoing basis, unless required pursuant to general disclosure obligations Interim Report Q2 2026: August 20, 2026 to which GN is subject. Interim Report Q3 2026: November 5, 2026 Factors that may cause actual results to deviate materially from expectations include – but are not limited to – For further information please contact: 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, Rune Sandager changes in the demand for GN's products, competition, fluctuations in sub-contractor supplies, and developments Head of Investor Relations in ongoing litigation (including but not limited to class action and patent infringement litigation in the United GN Store Nord A/S States). Email: rsandager@gn.com Tel: +45 45 75 92 57 For more information, please see the "Management's report" and "Risk management” sections in the Annual Report 2025. This Interim Report should not be considered an offer to sell securities in GN. GN Store Nord A/S Lautrupbjerg 7 2750 Ballerup Denmark Company reg. no. 24257843 12/28 --- Interim Report Q1 2026Interim Report Q1 2026 Content Financial statements Financial statements Notes Quarterly reporting by segment Note 1 – Accounting policies 19 (excl. one-off items) 14 Note 2 – Segment disclosures Q1 2026 Consolidated income statement 15 (as reported including one-off items) 20 Consolidated statement of comprehensive Note 3 – Discontinued operations 22 income 15 Note 4 – Assets & liabilities held for sale 23 Consolidated balance sheet 16 Note 5 – Disposal of activities 23 Consolidated statement of cash flows 17 Note 6 – Intangible assets 24 Consolidated statement of changes in equity 18 Note 7 – Overview of one-off costs 25 Note 8 – Incentive plans 26 Note 9 – Shareholdings 26 13/2813/28 --- Interim Report Q1 2026 Quarterly reporting by segment (excl. one-off items) Continuing operations Continuing operations Full Year Full Year Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 2025 (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (aud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (aud.) DKK million DKK million Income statement Other group information Development costs -240 -227 -157 -233 -242 -857 Revenue Enterprise 1,666 1,713 1,624 1,896 1,516 6,899 Management and administrative expenses -245 -260 -235 -300 -251 -1,040 Gaming 617 589 587 876 580 2,669 Other operating income and costs, net 2 -4 5 - - 3 EBITA 129 164 194 240 6 727 Total 2,283 2,302 2,211 2,772 2,096 9,568 EBITA margin 5.7% 7.1% 8.8% 8.7% 0.3% 7.6% Organic growth Amortization and impairment of acquired intangible assets -76 -77 -86 -65 -74 -304 Enterprise -9% -7% -4% -3% -5% -6% Operating profit (loss) 53 87 108 175 -68 423 Gaming -20% -27% -13% -18% -1% -19% Financial items, net -100 -255 -152 -109 -89 -616 Total -12% -13% -7% -9% -4% -10% Profit (loss) before tax -47 -168 -44 66 -157 -193 Gross profit Enterprise 931 961 906 1,052 814 3,850 Depreciation and software amortization -51 -46 -45 -68 -57 -210 Gaming 227 200 178 295 197 900 EBITDA 180 210 239 308 63 937 Total 1,158 1,161 1,084 1,347 1,011 4,750 Gross profit margin Enterprise 55.9% 56.1% 55.8% 55.5% 53.7% 55.8% Gaming 36.8% 34.0% 30.3% 33.7% 34.0% 33.7% Discontinued operations Total 50.7% 50.4% 49.0% 48.6% 48.2% 49.6% Full Year Selling and distribution costs Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 2025 -383 -378 -357 -421 -379 -1,539 Enterprise DKK million (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (aud.) -163 -128 -146 -153 -133 -590 Gaming Revenue 1,703 1,858 1,747 1,906 1,755 7,214 Total -546 -506 -503 -574 -512 -2,129 EBITDA 215 429 282 460 330 1,386 Divisional profit EBITA 171 382 241 387 300 1,181 Enterprise 548 583 549 631 435 2,311 EBITA margin 10.0% 20.6% 13.7% 20.3% 17.1% 16.4% Gaming 64 72 32 142 64 310 Operating profit (loss) 162 373 232 406 291 1,173 Total 612 655 581 773 499 2,621 Profit (loss) before tax 161 400 162 384 253 1,107 Divisional margin Enterprise 32.9% 34.0% 33.8% 33.3% 28.7% 33.5% Gaming 10.4% 12.2% 5.5% 16.2% 11.0% 11.6% Total 26.8% 28.5% 26.3% 27.9% 23.8% 27.4% 14/28 --- Interim Report Q1 2026 Consolidated income Consolidated statement of statement comprehensive income Full Year Full Year Q1 2026 Q1 2025 2025 Q1 2026 Q1 2025 2025 DKK million (unaud.) (unaud.) (aud.) DKK million (unaud.) (unaud.) (aud.) Revenue 2,096 2,283 9,568 Profit (loss) for the period -946 89 710 Production costs -1,085 -1,125 -4,818 Other comprehensive income 1,011 1,158 4,750 Gross profit Items that will not be reclassified to profit or loss Actuarial gains (losses) - - 4 Development costs -617 -240 -857 Tax relating to actuarial gains (losses) - - -1 Selling and distribution costs -512 -546 -2,129 Management and administrative expenses -280 -245 -1,040 Items that may be reclassified subsequently to profit or loss Other operating income and costs, net - 2 4 Adjustment of cash flow hedges -4 24 -85 EBITA* -398 129 727 Foreign exchange adjustments, etc. 147 99 - 473 Tax relating to other comprehensive income 1 -5 19 Amortization and impairment of acquired intangible assets -74 -76 -304 Other comprehensive income for the period 144 118 -536 Gain (loss) on divestment of operations etc. - - - -472 53 423 Operating profit (loss) Total comprehensive income for the period -802 -384 174 Share of profit (loss) in associates - - - Attributable to: Financial income 99 105 219 Non-controlling interests 9 12 57 Financial expenses -188 -205 -835 Shareholders in GN Store Nord A/S -811 372 117 Profit (loss) before tax -561 -47 -193 Tax on profit (loss) 124 10 43 -437 -37 -150 Profit (loss) for the period, continuing operations -509 126 860 Profit (loss) for the period, discontinued operations Profit (loss) for the period, continuing and discontinued operations -946 89 710 Attributable to: Non-controlling interests 9 18 57 Shareholders in GN Store Nord A/S -955 71 653 Earnings per share (EPS): Continuing and discontinued operations earnings per share (EPS) -6.56 0.49 4.48 Continuing and discontinued operations earnings per share, fully diluted (EPS diluted), -6.51 0.49 4.48 Continuing operations earnings per share (EPS) -3.06 -0.38 -1.42 Continuing operations earnings per share, fully diluted (EPS diluted) -3.04 -0.38 -1.42 *Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of devel- opment projects and software developed in-house. 15/28 --- Interim Report Q1 2026 Consolidated balance sheet Mar. 31 2026 Dec. 31 2025 Sep. 30 2025 Jun. 30 2025 Mar. 31 2025 DKK million (unaud.) (aud.) (unaud.) (unaud.) (unaud.) Assets Intangible assets 9,885 17,035 16,930 16,849 17,126 Property, plant and equipment 212 1,067 1,010 1,009 1,052 Investments in associates - 53 71 321 323 Receivables from associates - 152 157 189 207 Deferred tax assets - 410 507 511 552 Other non-current assets 186 1,870 1,847 1,619 1,794 Total non-current assets 10,283 20,587 20,522 20,498 21,054 Inventories 1,551 2,314 2,376 2,402 2,572 Trade receivables 2,047 4,383 4,192 4,238 4,282 Tax receivables - 139 395 357 335 Other receivables 388 684 804 867 913 Cash and cash equivalents 865 1,119 767 1,130 787 4,851 8,639 8,534 8,994 8,889 Total current assets 13,421 - - - - Assets classified as held for sale - - - - Total assets 28,555 29,226 29,056 29,492 29,943 Equity and liabilities Equity 10,122 10,898 10,543 10,448 10,752 Bank loans and issued bonds, non-current 8,029 8,563 8,589 8,707 8,758 ease liabilities, non-current 76 332 315 330 355 Pension obligations 19 28 29 28 29 Provisions, non-current 136 161 176 185 217 Deferred tax liabilities 661 1,025 1,026 1,029 1,032 Other non-current liabilities 382 904 910 877 907 Total non-current liabilities 9,303 11,013 11,045 11,156 11,298 Bank loans and issued bonds, current 1,795 1,823 2,003 2,544 2,381 Overdraft facilities - - 1 112 183 ease liabilities, current 60 97 87 93 94 Trade payables 1,010 1,496 1,395 1,325 1,472 Tax payables 112 101 331 326 311 Provisions, current 1 293 267 272 292 Other current liabilities 1,834 3,505 3,384 3,216 3,160 4,812 7,315 7,468 7,888 7,893 Total current liabilities 4,318 - - - - iabilities directly associated with assets classified as held for sale Total equity and liabilities 28,555 29,226 29,056 29,492 29,943 16/28 --- Interim Report Q1 2026 Consolidated statement of cash flows Full Year Full Year Q1 2026 Q1 2025 2025 Q1 2026 Q1 2025 2025 DKK million (unaud.) (unaud.) (aud.) DKK million (unaud.) (unaud.) (aud.) Operating activities Financing activities Operating profit (loss), continuing operations -472 53 423 Proceeds from borrowings - 630 7,695 Operating profit (loss), discontinued operations -616 162 1,173 Repayment of bank loans -48 -11 -766 Depreciation, amortization and impairment 1,579 339 1,336 Repayment of issued bonds - -245 -7,300 Other non-cash adjustments 33 93 -25 Repayment of lease liabilities -34 -25 -135 Repayment of other non-current liabilities -36 -32 -37 Cash flow from operating activities before changes in working capital 524 647 2,907 Paid dividends to non-controlling interests - - -85 Changes in working capital -95 -482 163 Drawn/(repaid) on credit facilities - -75 -258 Cash flow from financing activities -118 242 -886 Cash flow from operating activities before financial items and tax 429 165 3,070 Net cash flow -163 -180 199 Financial items, net -152 -165 -267 Tax paid, net 62 -43 -127 Cash and cash equivalents, beginning of period 1,119 980 980 339 -43 2,676 Cash flow from operating activities Adjustment foreign currency, cash and cash equivalents - -13 -60 Cash and cash equivalents, end of period 956 787 1,119 Investing activities 91 104 79 Cash and cash equivalents included in assets held for sale Development projects -240 -207 -1,034 865 683 1,040 Cash and cash equivalents Investments in other intangible assets, net -74 -69 -337 Cash and cash equivalents, end of period 956 787 1,119 Investments in property, plant and equipment, net -47 -10 -168 Investments in other non-current assets, net -33 -72 -45 Company acquisitions - -27 -27 Received dividends 10 6 20 -384 -379 -1,591 Cash flow from investing activities Cash flow from operating and investing activities (free cash flow) -45 -422 1,085 17/28 --- Interim Report Q1 2026 Consolidated statement of changes in equity Q1 2026 Q1 2025 Other reserves Other reserves Equity, Equity, Foreign Proposed share- Foreign Proposed share- exchange dividends holders in Non-con- exchange dividends holders in Non-con- Share adjust- Hedging Treasury for the Retained GN Store trolling Total Share adjust- Hedging Treasury for the Retained GN Store trolling Total DKK million capital* ments* reserve** shares year earnings Nord A/S interests equity DKK million capital* ments* reserve** shares year earnings Nord A/S interests equity Balance at January 1, 2026 Balance at January 1, 2025 604 -1,259 5 -2,725 - 14,273 10,898 - 10,898 604 -786 71 -2,725 - 13,660 10,824 - 10,824 Reclassification - 45 -45 - - - - - - Profit/loss for the period - - - - - -955 -955 9 -946 Profit/loss for the period - - - - - 71 71 18 89 Adjustment of cash flow hedges - - -4 - - - -4 - -4 Foreign exchange adjustments, - 147 - - - - 147 - 147 Adjustment of cash flow hedges - - -14 - - - -14 - -14 etc. Foreign exchange adjustments, Tax relating to other comprehen- - - 1 - - - 1 - 1 etc. - -128 - - - - -128 - -128 sive income Tax relating to other comprehen- Other comprehensive income for - 147 -3 - - - 144 - 144 sive income - - 3 - - - 3 - 3 the period Other comprehensive income for Total comprehensive income for - -128 -11 - - - -139 - -139 - 147 -3 - - -955 -811 9 -802 the period the period Total comprehensive income for - -128 -11 - - 71 -68 18 -50 the period Share-based payment (granted) - - - - - 26 26 - 26 Reclassification of non-control- - - - - - 9 9 -9 - Share-based payment (granted) - - - - - -22 -22 - -22 ling interests by recognizing a put Reclassification of non-controlling option liability interests by recognizing a put op- tion liability - - - - - 18 18 -18 - Balance at March 31, 2026 604 -1,112 2 -2,725 - 13,353 10,122 - 10,122 Balance at March 31, 2025 604 -869 15 -2,725 - 13,727 10,752 - 10,752 * The share capital is divided into 150,912,715 shares of nominal DKK 4 each. ** Restatement of opening balance to reflect the reclassification from hedging reserves to foreign exchange adjustments as a result of an error. 18/28 --- Interim Report Q1 2026 New standards, interpretations, and amendments adopted by GN Note 1 – Accounting policies Store Nord As of January 1, 2026, GN Store Nord adopted all relevant new or re- This interim report has been prepared in accordance with IAS 34 “In- vised International Financial Reporting Standards and IFRIC Interpreta- terim Financial Reporting” as adopted by the EU and Danish interim fi- tions with effective date January 1, 2026, or earlier. The new or revised nancial reporting requirements for listed companies. Standards and Interpretations did not affect recognition and measure- ment or result in any material changes to disclosures. Apart from this, Discontinued operations the accounting policies applied are unchanged from those applied in Discontinued activities comprise disposal groups, which have been dis- the Annual Report 2025. 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. 19/28 --- Interim Report Q1 2026 Note 2 – Segment disclosures Q1 2026 (as reported including one-off items) Continuing operations Discontinued operations Income statement Enterprise Gaming Total continuing operations Hearing GN Store Nord Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) DKK million 1,516 1,666 580 617 2,096 2,283 1,755 1,703 3,851 3,986 Revenue Production costs -702 -735 -383 -390 -1,085 -1,125 Gross profit 814 931 197 227 1,011 1,158 Selling and distribution costs -379 -383 -133 -163 -512 -546 Divisional profit 435 548 64 64 499 612 Development costs -617 -240 Management and administrative expenses -280 -245 Other operating income and costs, net - 2 EBITA* -398 129 -607 171 -1,005 300 Amortization and impairment of acquired intan- -74 -76 -9 -9 -83 -85 gible assets Gain (loss) on divestment of operations, etc. - - - - - - -472 53 -616 162 -1,088 215 Operating profit (loss) Share of profit (loss) in associates - - - 6 - 6 Financial items -89 -100 -38 -7 -127 -107 Profit (loss) before tax -561 -47 -654 161 -1,215 114 Tax on profit (loss) 124 10 145 -35 269 -25 Profit (loss) for the period -437 -37 -509 126 -946 89 * Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of development projects and software developed in-house. 20/28 --- Interim Report Q1 2026 Note 2 – Segment disclosures Q1 2026 (as reported including one-off items) continued Continuing operations Discontinued operations Additional information Enterprise Gaming Total continuing operations Hearing GN Store Nord Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 DKK million (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) Revenue distributed geographically Europe 820 896 294 221 1,114 1,117 North America 374 413 191 306 565 719 Rest of World 322 357 95 90 417 447 Revenue 1,516 1,666 580 617 2,096 2,283 1,755 1,703 3,851 3,986 Revenue growth composition Organic growth -5% -9% -1% -20% -4% -12% 9% -1% 2% -8% F growth -4% 1% -5% 2% -4% 1% -6% -1% -5% 1% M&A growth 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Revenue growth -9% -8% -6% -18% -8% -11% 3% -2% -3% -7% Incurred development costs -273 -268 Capitalized development costs 122 107 Amortization, impairment and depreciation of devel- -466 -79 opment projects** Expensed development costs -617 -240 EBITDA -341 180 314 215 -27 395 Depreciation, impairment and software amortization -57 -51 -921 -44 -978 -95 EBITA* -398 129 -607 171 -1,005 300 EBITA margin -19.0% 5.7% -34.6% 10.0% -26.1% 7.5% Number of employees, end of period 7,736 7,304 * Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of development projects and software developed in-house. ** Does not include amortization of acquired intangible assets, cf. definition of EBITA 21/28 --- Interim Report Q1 2026 Note 3 – Discontinued operations (as reported including one-off items) Q1 2026 Q1 2025 DKK million (unaud.) (unaud.) Revenue 1,755 1,703 Costs -1,471 -1,532 Impairment -891 0 -607 171 EBITA Amortization and impairment of acquired intangible assets -9 -9 Gain (loss) on divestment of operations etc. - - Operating profit (loss) -616 162 Share of profit (loss) in associates - 6 Financial items -38 -7 -654 161 Profit (loss) before tax Tax for the year 145 -35 Profit (loss) for the period, discontinued operations -509 126 Cash flow statement: Cash flow from operating activities 112 126 Cash flow from investing activities -182 -203 Cash flow from financing activities 91 85 Earnings per share: Discontinued operations per share -3.50 0.86 Discontinued operations per share, fully diluted -3.47 0.86 22/28 --- Interim Report Q1 2026 Note 4 – Assets & liabilities held for sale Note 5 – Disposal of activities Q1 2026 On March 16, 2026, GN announced the sale of its Hearing division to Amplifon. The results of the division are DKK million (unaud.) treated as discontinued operations until closing of the transaction, which is expected by the end of 2026. Intangible assets 6,078 The carve-out of the business is progressing according to plan while GN remains committed to serving the Property, plant and equipment 909 customers of the Hearing business and deliver high-quality, innovative products. Investments in associates 53 Receivables from associates 177 Deferred tax assets 528 Other non-current assets 1,748 Inventories 965 Trade receivables 1,470 Tax receivables 882 Other receivables 520 Cash and cash equivalents 91 13,421 Carrying amount of assets held for sale Bank loans and issued bonds, non-current 421 ease liabilities, non-current 277 Pension obligations 9 Provisions, non-current 332 Deferred tax liabilities 478 Other non-current liabilities 503 Bank loans and issued bonds, current 22 ease liabilities, current 54 Trade payables 382 Tax payables 526 Provisions, current 2 Other current liabilities 1,312 Liabilities directly associated with assets classified as held for sale 4,318 Carrying amount of net assets held for sale 9,103 23/28 --- Interim Report Q1 2026 Note 6 – Intangible assets Acquired In-house development development projects and Customer Patents DKK million Goodwill projects software relationships Software and rights Other Total 10,813 8,759 703 820 2,189 920 990 25,194 Cost at January 1 Additions - 240 - - 74 - - 314 Disposals - -43 - - - - -2 -45 Foreign exchange adjustments 102 - - 3 3 3 3 114 Transferred to assets held for sale -4,138 -5,176 -10 -102 -730 -310 -257 -10,723 Cost at March 31 6,777 3,780 693 721 1,536 614 734 14,854 Amortization and impairment at January 1 - -5,728 -136 -311 -722 -846 -416 -8,159 Amortization - -145 -21 -23 -31 -22 -18 -260 Disposals - 43 - - - - 2 45 Impairment - -375 - - -855 - - -1,230 Foreign exchange adjustments - - - -3 -3 -3 -2 -11 Transferred to assets held for sale - 3,602 11 69 451 301 211 4,646 Amortization and impairment at March 31 - -2,603 -146 -268 -1,160 -570 -223 -4,969 Carrying amount at March 31, 2026 6,777 1,177 547 453 376 44 511 9,885 24/28 --- Interim Report Q1 2026 Note 7 – Overview of one-off costs Continuing operations Q1 2026 Reported One-offs Adjusted 2,096 - 2,096 Revenue COGS 1,085 - 1,085 Gross profit 1,011 - 1,011 Development costs -617 -375 -242 Selling and distribution costs -512 - -512 Management and administrative expenses -280 -29 -251 Other operating income and costs, net - - - EBITA -398 -404 6 Discontinued operations Q1 2026 Reported One-offs Adjusted 1,755 - 1,755 Revenue Costs -2,362 -907 -1,455 EBITA -607 -907 300 25/28 --- Interim Report Q1 2026 Note 8 – Incentive plans As of March 31, 2026, the total number of outstanding options and PSU’s in GN Store Nord 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% of GN’s share capital. Foreign ownership of GN is estimated to be around 55%. 26/28 --- Interim Report Q1 2026 tatements by the Executive Management and the Board of Directors Today, the Board of Directors and the Executive Management have re- Ballerup, May 6, 2026 viewed and approved the interim report for GN Store Nord A/S for the Executive Management period January 1 – March 31, 2026. The interim report, which has not been audited or reviewed by the com- pany’s auditors, has been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and Danish disclosure re- Peter Karlstromer Søren Jelert quirements for listed companies. Group CEO Group CFO In our opinion, the interim report gives a true and fair view of the group's assets, liabilities, and financial position on March 31, 2026, and of the re- Board of Directors sults of the group's operations and cash flows for the period January 1 – March 31, 2026. Further, in our opinion the Executive Management's review gives a true and fair view of the development in the group's operations and financial Jukka Pekka Pertola Klaus Holse Jørgen Bundgaard Hansen matters, the results of the group for the period and the group's financial Chair Deputy Chair position as a whole and describes the significant risks and uncertainties pertaining to the group. Kim Vejlby Hansen Charlotte Johs Lise Skaarup Mortensen Jens Kirkelund Lasse Emil Holmegaard Korff Anders Roikjær 27/28 --- Interim Report Q1 2026 GN Store Nord A/S +45 45 75 00 00 Lautrupbjerg 7 info@gn.com 2750 Ballerup gn.com Denmark Co.reg. no 24257843 28/28