Financial guidance 2026: Upgrading adjusted EBITA margin, while narrowing organic revenue growth guidance

As a consequence of strong improvements in the second quarter, and an assumption of continued improvements in the second half of the year (including expected refunds of tariffs), GN Store Nord is upgrading its adjusted EBITA margin, while narrowing its organic revenue growth guidance.

Adjusted EBITA margin
In Q2 2026, GN delivered slightly above internal assumptions, including an improving gross margin, leading to an adjusted EBITA of DKK 110 million (adjusted EBITA margin of 5.1%), which is boding well for a strong H2 2026 driven by traditional revenue seasonality and further margin progression.

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. As a consequence of the revenue seasonality, strong focus on margin improvements and the assumed tariff refunds, GN is expecting a strong adjusted EBITA margin improvement in H2 2026, which is expected to lead to an adjusted EBITA margin of 9-10% in 2026.

Organic revenue growth
The development in the Enterprise business in Q2 2026 has been slightly above earlier assumptions, including an organic revenue growth of -7% in the quarter. Enterprise markets outside of EMEA continued to deliver strong growth in H1 2026 and this is assumed to continue throughout the remainder 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 expected 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 quarters, 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.

The development in the Gaming business in Q2 2026 has been in line with earlier assumptions, including an organic revenue growth of 5% in the quarter. It is currently assumed that the broader gaming equipment market will experience modest growth in 2026 driven by important new game introductions 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.

Following the updated divisional assumptions, GN Store Nord (continuing operations) is narrowing its organic revenue growth guidance from 0% to 6% to now 0% to 3%.

Financial guidance for 2026 (continuing operations)

Organic revenue growth		Adj. EBITA margin
Updated	Prior	Updated	Prior
0% to 3%	0% to 6%	9% to 10%	8% to 9%

GN expects to publish its Q2 2026 interim report later tonight.

For further information, please contact:

Investor Relations
Rune Sandager +45 45 75 92 57
Media Relations
Helge Coroli Frandsen +45 22 94 98 24
This announcement contains inside information within the meaning of Article 7 of Regulation (EU) No 596/2014 (the Market Abuse Regulation).

Forward-looking statements
The forward-looking statements in this report reflect the management's current expectations of certain future events and financial results. Statements regarding the future are, naturally, subject to risks and uncertainties, which may result in considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Changes to such expectations and assumptions will not be disclosed on an ongoing basis, unless required pursuant to general disclosure obligations to which GN is subject.

Factors that may cause actual results to deviate materially from expectations include – but are not limited to – general economic developments and developments in the financial markets as well as foreign exchange rates, technological developments, changes and amendments to legislation and regulations governing GN’s markets, changes in the demand for GN's products, competition, fluctuations in sub-contractor supplies, and developments in ongoing litigation (including but not limited to class action and patent infringement litigation in the United States).

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

About GN
GN facilitates communication between people through intelligent hearing, audio, video, and gaming technology. Inspired by people and driven by our passion for innovation, we leverage technologies to deliver unique user experiences that bring people closer through the power of sound and vision.

GN was founded more than 150 years ago with a vision to connect the world. Today, we proudly honor that legacy with our world-leading expertise in the human ear, audio, video and speech, wireless technologies, software, miniaturization, and collaboration with leading technology partners. GN's solutions are marketed by the brands ReSound, SteelSeries, Jabra, Beltone, Interton, BlueParrott, Danavox and FalCom in 100 countries. Founded in 1869, the GN Group employs 7,000 people and is listed on Nasdaq Copenhagen (GN.CO).

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