Interim report
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GN Store Nord A/S Interim Report Q3 2026
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Interim Report Q3 2026 2/28 Successful product launches leading to 2% organic revenue growth and margin expansion Group adj. EBITA (continuing operations) ended at DKK 413 million, equal to an adj. EBITA margin of 18.2%, compared to 8.8% in Q3 2025 reflecting tariff refunds of DKK 153 million, as well as a controlled OPEX development compared to last year. Free cash flow excl. M&A ended at DKK 45 million, driven by one-off costs in relation to the Hearing carve-out process as earlier communicated as well as timing effect on net working capital ahead of Q4 2026. The financial guidance is confirmed. Pending the closing of the Hearing transaction (which is expected by the end of the year), GN aims to distribute at least DKK 4 billion to shareholders until the end of 2027. The Hearing division (discontinued operations) delivered revenue of DKK 1,831 million (5% organic revenue growth) in the quarter on a demanding comparison base. The Enterprise division delivered organic revenue growth of 1%, following posi- tive market reception of the second wave of the Evolve3 launch. The develop- ment reflects continued solid performance in North America and APAC, while the EMEA business continued its gradual improvement driven by the strong de- mand for the Evolve3 portfolio. The divisional profit margin ended at 36.7% re- flecting tariff refunds, a stable underlying gross margin similar to Q2 2026 and channel investments to support the ongoing launch activities of the Evolve3 platform. The Gaming division delivered organic revenue growth of 5% in a recovering market. The growth was driven by strong growth across North America and Eu- rope, while Rest of World was challenged by a difficult comparison base. The di- visional profit margin ended at 28.5% (5.5% in Q3 2025) supported by strong un- derlying gross margin and tariff refunds, in a period with elevated channel in- vestments to support ongoing launches. Financial overview Q3 2026 Continuing operations Discontinued operations Total Enterprise division Gaming division Hearing division DKK million Q3 2026 Q3 2025 Growth Q3 2026 Q3 2025 Growth Q3 2026 Q3 2025 Growth Q3 2026 Q3 2025 Growth Revenue 2,267 2,211 3% 1,639 1,624 1% 628 587 7% 1,831 1,747 5% Organic growth 2% -3%*** 1% -4% 5% 3%*** 5% 7% Gross profit* 1,324 1,084 22% 992 906 9% 332 178 87% Gross margin* 58.4% 49.0% 9.4%p 60.5% 55.8% 4.7%p 52.9% 30.3% 22.6%p Divisional profit* 780 581 34% 601 549 9% 179 32 459% Divisional profit margin* 34.4% 26.3% 8.1%p 36.7% 33.8% 2.9%p 28.5% 5.5% 23.0%p EBITA* 413 194 113% 396 241 64% EBITA margin* 18.2% 8.8% 9.4%p 21.6% 13.8% 7.8%p Non-recurring items -48 0 -89 0 Free cash flow excl. M&A** 45 410 *Excluding one-off costs in Q3 2026, but including tariff refunds **Including continuing and discontinued operations ***Excluding wind-down of Elite and Talk. The reported organic revenue growth was -13% for the Gaming division and -6% for Continuing operations Interim Report Q3 2026 Organic revenue growth 2% % 2/28 Continuing operations Adj. EBITA margin 18.2% Adj. EBITA (DKKm) 413
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Interim Report Q3 2026 3/28 DKK million Q3 2026 (unaud.) Q3 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) Full year 2025 (aud.)*** Continuing operations Revenue 2,267 2,211 6,534 6,796 9,568 Revenue growth 3% -9% -4% -12% -12% Organic growth 2% -6% -2% -11% -10% Gross profit margin 58.4% 49.0% 53.0% 50.1% 49.6% EBITA* 365 194 3 487 727 EBITA margin* 16.1% 8.8% 0.0% 7.2% 7.6% Adjusted EBITA* 413 194 529 487 727 Adjusted EBITA margin* 18.2% 8.8% 8.1% 7.2% 7.6% Profit (loss) for the period 144 -32 -511 -200 -150 EBITDA 409 239 157 629 937 Earnings per share, basic (EPS) 0.83 -0.22 -3.51 -1.37 -1.03 Earnings per share, fully diluted (EPS diluted) 0.82 -0.22 -3.48 -1.37 -1.03 GN Store Nord (continuing and discontinued operations) Profit (loss) for the period 379 91 -578 360 710 ROIC (EBITA*/Average invested capital) 5% 9% 5% 9% 9% Earnings per share, basic (EPS) 2.45 0.50 -4.26 2.12 4.48 Earnings per share, fully diluted (EPS diluted) 2.42 0.50 -4.22 2.12 4.48 Equity ratio 34.7% 36.3% 34.7% 36.3% 37.3% Net interest-bearing debt** 9,578 9,413 9,578 9,413 8,876 Net interest-bearing debt (period-end)/EBITDA** 5.3 4.0 5.3 4.0 3.8 Net interest-bearing debt (period-end)/ adjusted EBITDA** 3.9 4.0 3.9 4.0 3.8 Outstanding shares, end of period (thousand) 145,613 145,613 145,613 145,613 145,613 Average number of outstanding shares (thousand) 145,613 145,613 145,613 145,613 145,613 Average number of outstanding shares, fully diluted (thousand) 147,243 145,613 147,049 145,613 145,712 Treasury shares, end of period (thousand) 5,300 5,300 5,300 5,300 5,300 Share price at the end of the period 110.8 107.4 110.8 107.4 106.8 Market capitalization 16,127 15,639 16,127 15,639 15,555 Number of employees, end of period 7,856 7,464 7,856 7,464 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 devel- opment projects and software developed in-house. ** NIBD including Loans to dispensers *** All full year 2025 numbers, marked as audited, have only been audited for the full consolidated numbers (continuing and d iscontinued operations). The split between continuing and discontinued operations has not been audited. DKK million Q3 2026 (unaud.) Q3 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) Full year 2025 (aud.)*** Enterprise division Revenue 1,639 1,624 4,713 5,003 6,899 Revenue growth 1% -7% -6% -8% -8% Organic growth 1% -4% -4% -7% -6% Gross profit margin 60.5% 55.8% 57.1% 55.9% 55.8% Divisional profit 567 549 1,459 1,680 2,311 Divisional margin 34.6% 33.8% 31.0% 33.6% 33.5% Gaming division Revenue 628 587 1,821 1,793 2,669 Revenue growth 7% -16% 2% -22% -22% Organic growth 5% -13% 3% -21% -19% Gross profit margin 52.9% 30.3% 42.2% 33.7% 33.7% Divisional profit 171 32 324 168 310 Divisional margin 27.2% 5.5% 17.8% 9.4% 11.6% Hearing division (discontinued operations) Revenue 1,831 1,747 5,358 5,308 7,214 Revenue growth 5% 1% 1% 1% 2% Organic growth 5% 7% 4% 4% 5% EBITA 307 241 -37 794 1,181 EBITA margin 16.8% 13.8% -0.7% 15.0% 16.4% Adjusted EBITA 396 241 1,017 794 1,181 Adjusted EBITA margin 21.6% 13.8% 19.0% 15.0% 16.4% Profit (loss) for the period 235 123 -67 560 860 Financial highlights
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Interim Report Q3 2026 4/28 Successful product launches leading to 2% organic revenue growth and margin expansion Revenue In Q3 2026, GN’s organic revenue growth ended at 2% as a conse- quence of 1% in Enterprise and 5% in Gaming. Group revenue amounted to DKK 2,267 million equal to a reported revenue growth of 3%. In the first 9 months of the year, the group delivered an organic revenue growth of -2%. Gross profit Excluding one-off costs, gross profit ended at DKK 1,324 million in Q3 2026, equal to a gross margin of 58.4% (compared to 49.0% in Q3 2025), driven by strong underlying gross margin across Enterprise and Gaming and tariff refunds of DKK 153 million. Divisional profit Excluding one-off costs, divisional profit ended at DKK 780 million in Q3 2026 compared to DKK 581 million in Q3 2025. This translates into an adj. divisional profit margin of 34.4%, compared to a divisional profit margin of 26.3% in Q3 2025, reflecting the gross margin development, as well as targeted channel investments to ongoing launches. In the first 9 months of the year, the group delivered an adj. divisional profit of DKK 1,854 million (28.4% margin). Development costs Excluding one-off costs, development costs ended at DKK -207 million in the quarter (compared to DKK -157 million in Q3 2025). This reflects a slight increase in incurred development, while the capitalization ratio was 5.2 percentage points lower than in Q3 2025. Amortization of de- velopment costs increased to DKK -100 million (compared to DKK -66 million in Q3 2025) reflecting the recent launches across Enterprise headsets, video and Gaming peripherals. Management and administration costs Excluding one-off costs, management and administration costs ended at DKK -160 million, which was significantly lower than Q3 2025, re- flecting reduced general spending patterns during the carve-out pro- cess as well as increased clarity on the cost allocation across the con- tinuing and discontinuing businesses. EBITA Group adj. EBITA ended at DKK 413 million compared to DKK 194 mil- lion in Q3 2025, reflecting the positive gross margin development as well as targeted channel investments to support ongoing launches. The adj. EBITA margin ended at 18.2% in Q3 2026 compared to 8.8% in Q3 2025. Total one-off costs – related to the Hearing divestment - amounted to DKK -48 million in the quarter. In the first 9 months of the year, the group delivered an adj. EBITA of DKK 529 million (8.1% margin). Other financial highlights Amortization of acquired intangible assets amounted to DKK -55 mil- lion compared to DKK -86 million in Q3 2025. Financial items were DKK -124 million compared to DKK -152 million in Q3 2025, reflecting FX revaluation of balance sheet items. Profit before tax ended at DKK 186 million, while the effective tax rate was 22.6%, leading to a net profit of DKK 144 million. The net profit for discontinued operations ended at DKK 235 million. Cash flow development (continuing and discontinued operations) GN Store Nord’s operational free cash flow ended at DKK 773 million in Q3 2026, including one-off costs associated with the transaction in GN - Continuing operations Interim Report Q3 2026 Revenue (DKKm) Gross profit (DKKm) and gross margin (%) Divisional profit (DKKm) and divisional profit margin (%) 587 628 1,624 1,639 Q3 2025 Q3 2026 2,211 2,267 2% Organic growth Enterprise division Gaming division 5% 1% 906 (55.8%) 178 (30.3%) Q3 2025 992 (60.5%) 332 (52.9%) Q3 2026 1,084 (49.0%) 1,324 (58.4%) Enterprise division Gaming division 549 (33.8%) 32 (5.5%) Q3 2025 601 (36.7%) 179 (28.5%) Q3 2026 581 (26.3%) 780 (34.4%) Enterprise division Gaming division 4/28
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Interim Report Q3 2026 5/28 line with previously communicated plans. The change in net working capital was DKK -205 million, reflecting a negative timing effect in rela- tion to working capital build-up ahead of Q4 2026. Investment activi- ties excl. M&A ended at DKK -357 million, driven by continued invest- ments into products, software and solutions. Financial items, net were DKK -134 million, while tax payments were DKK -32 million. In total, free cash flow excl. M&A ended at DKK 45 million in Q3 2026. Capital structure (continuing and discontinued operations) The net interest-bearing debt ended at DKK 9,578 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 3.9x (compared to 4.0x in Q3 2025), including the adj. EBITDA contribution from the dis- continued operations. Update on the Hearing transaction On March 16, 2026, GN entered into a definitive agreement for the sale of GN’s Hearing business to Amplifon S.p.A. (“Amplifon”), a leading global hearing care retailer. The transaction is subject to customary regulatory approvals and completion of the Hearing business separa- tion from GN, which is expected by the end of the year. As a conse- quence of the separation, GN will be liable for a tax payment, which will result in an equal size tax asset that can be utilized by GN to re- duce its taxes going forward. The size of the upfront payment (and the tax asset) is – among other – dependent on the valuation of GN (includ- ing the book value of certain assets and liabilities) and Amplifon. It is currently estimated that the size of the tax payment (and asset) will be DKK 300-500 million (compared to DKK 1.5-2.0 billion assumed ear- lier). Management quote “We are encouraged by the improving momentum across our busi- nesses. In Enterprise, the Evolve3 portfolio launch continues to do well and supports the gradual recovery of the business which delivered growth in the quarter. In Gaming, we also benefit from several strong launches during the year. We had a good quarter and remain optimistic about a strong finish to the year. As for the changes to our group, we re- main on track to successfully close the Hearing transaction towards the end of the year and will then start a significant shareholder distribution program where we already in 2026-2027 plan to distribute at least DKK 4 billion with more to come into the future. In February, we will host a capital markets day where we will lay out our strategy and priorities for how to successfully build GN into the future with benefits for customers, partners, shareholders and employees. Thanks to you all for the continued collaboration and support.” Peter Karlstromer, CEO of GN Store Nord Interim Report Q3 2026 6/1 Adjusted EBITA (DKKm) and adjusted EBITA margin Net interest-bearing debt (DKKm) and adjusted leverage Free cash flow (DKKm) 194 (8.8%) 241 (13.8%) Q3 2025 413 (18.2%) 396 (21.6%) Q3 2026 435 (11.0%) 809 (19.7%) Net interest-bearing debt (DKKm) Leverage 4.0x 3.9x 773 45 Cash ow from operating activities -205 Changes in working capital -357 Cash ow from investing activities excl. M&A -32 Tax payments -134 Financial items, net FCF excl. M&A 5/28
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Interim Report Q3 2026 6/28 Updated capital allocation policy GN’s overall financial target is to deliver a competitive shareholder return through a combination of dividend payments and share price appreciation. GN aims to pay out a dividend corresponding to 20 - 40% of the annual net profit and to distribute additional excess cash to shareholders through share buyback programs. Dividend payments and share buybacks are subject to, among other factors, cash requirements to support the ongoing operations, strategic opportunities, and the company’s capital structure. GN intends to distribute the net proceeds from the Amplifon transaction (after debt repayments) to its shareholders through share buybacks and dividends. Immediately after closing of the transaction, GN expects to initiate a Safe Harbour share buyback program of up to DKK 1 billion based on the current AGM mandate to repurchase shares. The program is expected to be concluded before the AGM in 2027. GN also plans to seek approval at its AGM in 2027 to carry out further share buybacks, allowing the company to return at least DKK 3 billion in the period from the AGM to the end of 2027. The future proceeds from a sale of shares in Amplifon following a realization of value of the investment are intended to be returned to the shareholders. GN’s financials are strong and the underlying cash flow is healthy. GN assesses its appropriate leverage (net interest- bearing debt / EBITDA) to be between 1.0x-1.5x. Capital allocation policy Interim Report Q3 2026 Reinstatement of dividend policy of 20-40% of annual net profit Additional excess cash to be distributed back to shareholders through share buyback programs Future proceeds from Amplifon shareholding intended for shareholder distribution Leverage ratio target of 1.0x – 1.5x (net interest-bearing debt / EBITDA) 6/28
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Interim Report Q3 2026 7/28 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 delivered growth in the first 9 months of 2026, while the market conditions in EMEA remain challeng- ing but have gradually improved during the year. While some channel inventory reductions have weighed on reported revenue in EMEA during the first two quarters of the year, they were stable in Q3 reflecting the successful introduction of the second wave of Evolve3. Some of the earlier assumed upside scenarios for FalCom's 2026 reve- nue are now expected to shift into 2027, as mentioned in earlier com- munication. Consequently, it is assumed that Enterprise will contribute with organic revenue growth in the lower half of the originally assumed range of -3% to +3%. 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 despite the continued muted consumer sentiment. 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 strong double-digit growth in Q4 2026 on a fairly undemanding comparison base. Key EBITA margin assumptions for the financial guidance of 2026 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 Q3 2026, GN received and subsequently recognized tariff refunds of DKK 153 million (earlier assumption of DKK 100 – 150 million), which posi- tively impact margins and cash flow. Financial guidance 2026 organic revenue growth 0% to 3% GN Store Nord Adj. EBITA margin 9% to10%
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Interim Report Q3 2026 8/28 Evolve3 headset launches support the continued building of momentum and positive growth for the division Revenue The Enterprise division delivered 1% organic revenue growth in the quarter driven by the successful launches of the Evolve3 headset across premium, mid-tier, and part of entry level segments – The cur- rent Evolve3 line-up now addresses approximately 50% of the Enter- prise business. The positive development was also supported by a more equal balance between sell-in and sell-out numbers, while the market conditions in EMEA continued to be challenging, but improving. Total revenue ended at DKK 1,639 million (compared to DKK 1,624 million in Q3 2025), with no impact from FX. In the first 9 months of the year, the Enterprise division delivered an organic revenue growth of -4%. The headset segment delivered sequential improvement with flat or- ganic revenue growth for the quarter driven by the successful launch of the Evolve3 headsets into mid-tier and part of entry level segments. The meeting room segment delivered strong organic revenue growth, while the front-line worker segment and FalCom saw absolute reve- nues in line with Q3 2025. The regional performance in the quarter was fairly balanced, with im- provements in EMEA driven by the successful introduction of Evolve3. The markets and GN’s performance across North America and APAC continue to be solid. Gross profit Excluding one-off costs, gross profit ended at DKK 992 million, trans- lating into a gross margin of 60.5% (compared to 55.8% in Q3 2025), mainly reflecting tariff refunds of DKK 78 million (underlying gross margin before tariff refunds of 55.8%). Sales and distribution costs Excluding one-off costs, sales and distribution costs ended at DKK -391 million compared to DKK -357 million in Q3 2025 reflecting deliberate channel investments to support the ongoing Evolve3 launch. Divisional profit Excluding one-off costs, divisional profit ended at DKK 601 million, translating into a divisional profit margin of 36.7% (compared to 33.8% in Q3 2025), reflecting the gross margin development as well as invest- ments into the launch and roll-out of the Evolve3 product portfolio to support growth. In the first 9 months of the year, adj. divisional profit was DKK 1,519 million (32.2% margin). Business highlights In September, GN launched Jabra Reach, a new single-connection solu- tion designed to work across the Jabra PanaCast portfolio to help or- ganizations create more manageable and consistent meeting room de- ployments. On October 1, GN introduced Jabra Perform Plus and Jabra Perform 55, an integrated retail communication and device fleet management solution for multi-shift retail environments. These portfolio additions provide a foundation for introducing future voice-enabled AI workflows across retail operations. Enterprise division Interim Report Q3 2026 Revenue (DKKm) Gross profit (DKKm) Divisional profit (DKKm) Q3 2025 1% Organic revenue growth 0% F growth 0% M&A growth Q3 2026 1% 55.8% Q3 2025 60.5% Q3 2026 906 992 33.8% Q3 2025 36.7% Q3 2026 549 601 8/28
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Interim Report Q3 2026 9/28 Strong launches and execution driving growth in combination with underlying gross margin expansion Revenue The Gaming division delivered organic revenue growth of 5% in the quarter, supported by market share gains in headsets, driven by Nova Pro Omni. The development during the quarter led to an overall reve- nue in the Gaming division of DKK 628 million compared to DKK 587 million in Q3 2025 including an impact of 2% from FX. In the first 9 months of the year, Gaming delivered an organic revenue growth of 3%. In terms of product categories, growth was mainly driven by the head- set category where GN continued to improve its leading position driven by Nova Pro Omni. Keyboards also contributed to growth for the quar- ter, while mice had a more difficult quarter, reflecting an aging product portfolio ahead of the September launch of Sensei Pro and Rival Pro. The regional organic revenue performance was driven by strong growth in EMEA and North America, while APAC experienced a reve- nue decline due to a challenging comparison base. Gross profit Excluding one-off costs, gross profit ended at DKK 332 million, trans- lating into a gross margin of 52.9% (compared to 30.3% in Q3 2025), mainly driven by tariff refunds (DKK 75 million), success of new prod- ucts, pricing discipline and supply chain improvements. Excluding tariff refunds, the gross margin level of 40.9% was the highest level achieved under GN ownership. Sales and distribution costs Excluding one-off costs, sales and distribution costs ended at DKK -153 million compared to DKK -146 million in Q3 2025 reflecting targeted channel investments to support the current market share momentum ahead of the upcoming important fourth quarter of the year. Divisional profit Excluding one-off costs, divisional profit ended at DKK 179 million, translating into a divisional profit margin of 28.5% (compared to 5.5% in Q3 2025), reflecting the gross margin development, while driving de- liberate channel investments to support short term growth opportuni- ties. In the first 9 months of the year, Gaming delivered a divisional profit of DKK 335 million (18.4% margin). Business highlights In September, GN launched a new generation of SteelSeries’ most iconic mouse franchises, the Sensei Pro and Rival Pro series. This long- awaited mice portfolio upgrade is the first wireless mice to use ultra- wideband, with true 8K performance and an infinite power system for uninterrupted play. In September, GN launched SteelSeries Aeon Pro, the world's first con- troller with a QuickSwitch dock for Xbox and PC. Gaming division Interim Report Q3 2026 Revenue (DKKm) Gross profit (DKKm) Divisional profit (DKKm) Q3 2025 5% Organic revenue growth 2% F growth 0% M&A growth Q3 2026 7% 30.3% Q3 2025 52.9% Q3 2026 178 332 5.5% Q3 2025 28.5% Q3 2026 32 179 9/28
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Interim Report Q3 2026 10/28 5% organic revenue growth driven by ReSound Sensia and an EBITA margin of 21.6% Revenue The Hearing division delivered 5% organic revenue growth in the quar- ter on top of a demanding comparison base (+7% in Q3 2025). The growth was broad-based across regions and channels, reflecting the strong initial reception of the ReSound Sensia launch in the quarter. The development resulted in revenue in the quarter of DKK 1,831 mil- lion (compared to DKK 1,747 million in Q3 2025) and revenue growth of 5%. In the first 9 months of the year, Hearing delivered an organic revenue growth of 4%. EBITA The adj. EBITA ended at DKK 396 million (compared to DKK 241 mil- lion in Q3 2025), equal to an adj. EBITA margin of 21.6%. Following the decision to sell the Hearing business to Amplifon, a number of one-off costs have been recognized in the quarter, totaling DKK -89 million im- pacting EBITA in Q3 2026. In the first 9 months of the year, Hearing de- livered an adj. EBITA of DKK 1,017 million (equaling an adj. EBITA mar- gin of 19.0%). 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 GN’s new AI platform and leverages a trio of technological advancements to prioritize what users want to hear and reduce the ef- fort to hear clearly in noisy environments. ReSound Sensia combines the world’s most accurate environmental classifier, an advanced 4-mi- crophone directional beamformer and Deep Neural Network (DNN) noise reduction to automatically enhance the speech the user wants to focus on. This powerful combination of technologies has been recog- nized as best in class by world-renowned institutions and by users in real-world scenarios. The new family of hearing aids started its gradual launch from August 20 starting with the US, Germany and Austria, with more markets to follow in the following months. The new family includes a range of popular 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) 10/28 Interim Report Q3 2026 Revenue (DKKm) Adjusted EBITA (DKKm) 10/28 Q3 2025 5% Organic revenue growth 0% F growth 0% M&A growth Q3 2026 5% 13.8% Q3 2025 21.6% Q3 2026 241 396
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Interim Report Q3 2026 11/28 Teleconference GN will host a teleconference at 11.00 am CET on November 5, 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 2027 Annual Report 2026: February 11, 2027 Annual General Meeting*: March 10, 2027 Capital Markets Day: February 24, 2027 Interim Report Q1 2027: April 29, 2027 Interim Report Q2 2027: August 26, 2027 Interim Report Q3 2027: November 4, 2027 *Proposals to the agenda for the GN Store Nord Annual General Meet- ing must be submitted no later than six weeks before the meeting (i.e. January 26, 2027) 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, 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 2025. This Interim Report should not be considered an offer to sell securities in GN.
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Interim Report Q3 2026 12/28 Financial statements Quarterly reporting by segment (excl. one-off items) 13 Consolidated income statement 14 Consolidated statement of comprehensive income 14 Consolidated balance sheet 15 Consolidated statement of cash flows 16 Consolidated statement of changes in equity 17 Notes Note 1 – Accounting policies 18 Note 2 – Segment disclosures Q3 2026 (as reported including one-off items) 19 Note 3 – Discontinued operations (as reported including one- off items) 23 Note 4 – Assets & liabilities held for sale 24 Note 5 – Disposal of activities 24 Note 6 – Intangible assets 25 Note 7 – Overview of one-off costs 26 Note 8 – Incentive plans 26 Note 9 – Shareholdings 26 Content Financial statements 12/28 Interim Report Q3 2026
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Interim Report Q3 2026 13/28 Continuing operations DKK million Q3 2025 (unaud.) Q4 2025 (unaud.) Q1 2026 (unaud.) Q2 2026 (unaud.) Q3 2026 (unaud.) Full Year 2025 (aud.) Income statement Revenue Enterprise 1,624 1,896 1,516 1,558 1,639 6,899 Gaming 587 876 580 613 628 2,669 Total 2,211 2,772 2,096 2,171 2,267 9,568 Organic growth Enterprise -4% -3% -5% -7% 1% -6% Gaming -13% -18% -1% 5% 5% -19% Total -6% -8% -4% -4% 2% -10% Gross profit Enterprise 906 1,052 814 891 992 3,850 Gaming 178 295 197 240 332 900 Total 1,084 1,347 1,011 1,131 1,324 4,750 Gross profit margin Enterprise 55.8% 55.5% 53.7% 57.2% 60.5% 55.8% Gaming 30.3% 33.7% 34.0% 39.2% 52.9% 33.7% Total 49.0% 48.6% 48.2% 52.1% 58.4% 49.6% Selling and distribution costs Enterprise -357 -421 -379 -408 -391 -1,539 Gaming -146 -153 -133 -148 -153 -590 Total -503 -574 -512 -556 -544 -2,129 Divisional profit Enterprise 549 631 435 483 601 2,311 Gaming 32 142 64 92 179 310 Total 581 773 499 575 780 2,621 Divisional profit margin Enterprise 33.8% 33.3% 28.7% 31.0% 36.7% 33.5% Gaming 5.5% 16.2% 11.0% 15.0% 28.5% 11.6% Total 26.3% 27.9% 23.8% 26.5% 34.4% 27.4% Continuing operations DKK million Q3 2025 (unaud.) Q4 2025 (unaud.) Q1 2026 (unaud.) Q2 2026 (unaud.) Q3 2026 (unaud.) Full Year 2025 (aud.) Other group information Development costs -157 -233 -242 -216 -207 -857 Management and administrative expenses -235 -300 -251 -249 -160 -1,040 Other operating income and costs, net 5 - - - - 3 EBITA 194 240 6 110 413 727 EBITA margin 8.8% 8.7% 0.3% 5.1% 18.2% 7.6% Amortization and impairment of acquired intangible assets -86 -65 -74 -52 -55 -304 Operating profit (loss) 108 175 -68 58 358 423 Financial items, net -152 -109 -89 -265 -124 -616 Profit (loss) before tax -44 66 -157 -207 234 -193 Depreciation and software amortization -45 -68 -57 -42 -44 -210 EBITDA 239 308 63 152 457 937 Discontinued operations DKK million Q3 2025 (unaud.) Q4 2025 (unaud.) Q1 2026 (unaud.) Q2 2026 (unaud.) Q3 2026 (unaud.) Full Year 2025 (aud.) Revenue 1,747 1,906 1,755 1,772 1,831 7,214 EBITDA 282 460 330 321 396 1,386 EBITA 241 387 300 321 396 1,181 EBITA margin 13.8% 20.3% 17.1% 18.1% 21.6% 16.4% Operating profit (loss) 232 406 291 321 396 1,173 Profit (loss) before tax 162 384 253 325 391 1,107 Quarterly reporting by segment (excl. one-off items)
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Interim Report Q3 2026 14/28 DKK million Q3 2026 (unaud.) Q3 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) Full Year 2025 (aud.) Revenue 2,267 2,211 6,534 6,796 9,568 Production costs -944 -1,127 -3,073 -3,393 -4,818 Gross profit 1,323 1,084 3,461 3,403 4,750 Development costs -207 -157 -1,044 -624 -857 Selling and distribution costs -585 -503 -1,678 -1,555 -2,129 Management and administrative expenses -166 -235 -736 -740 -1,040 Other operating income and costs, net - 5 - 3 3 EBITA* 365 194 3 487 727 Amortization and impairment of acquired intangible assets -55 -86 -181 -239 -304 Gain (loss) on divestment of operations etc. - - - - - Operating profit (loss) 310 108 -178 248 423 Share of profit (loss) in associates - - - - - Financial income 30 4 150 115 219 Financial expenses -154 -156 -628 -622 -835 Profit (loss) before tax 186 -44 -656 -259 -193 Tax on profit (loss) -42 12 145 59 43 Profit (loss) for the period, continuing operations 144 -32 -511 -200 -150 Profit (loss) for the period, discontinued operations 235 123 -67 560 860 Profit (loss) for the period, continuing and discontinued operations 379 91 -578 360 710 Attributable to: Non-controlling interests 23 18 43 51 57 Shareholders in GN Store Nord A/S 356 73 -621 309 653 Earnings per share (EPS): Continuing and discontinued operations earnings per share (EPS) 2.45 0.50 -4.26 2.12 4.48 Continuing and discontinued operations earnings per share. fully diluted (EPS diluted) 2.42 0.50 -4.22 2.12 4.48 Continuing operations earnings per share (EPS) 0.83 -0.22 -3.51 -1.37 -1.03 Continuing operations earnings per share, fully diluted (EPS diluted) 0.82 -0.22 -3.48 -1.37 -1.03 *Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortiz ation of devel- opment projects and software developed in-house. DKK million Q3 2026 (unaud.) Q3 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) Full Year 2025 (aud.) Profit (loss) for the period 379 91 -578 360 710 Other comprehensive income Items that will not be reclassified to profit or loss Actuarial gains (losses) 2 - 2 - 4 Tax relating to actuarial gains (losses) - - - - -1 Items that may be reclassified subsequently to profit or loss Adjustment of cash flow hedges 12 2 -19 -21 -85 Foreign exchange adjustments, etc. -169 31 135 -609 -473 Tax relating to other comprehensive income -3 - 4 5 19 Other comprehensive income for the period -158 33 122 -625 -536 Total comprehensive income for the period 221 124 -456 -265 174 Attributable to: Non-controlling interests 23 18 43 51 57 Shareholders in GN Store Nord A/S 198 106 -499 -316 117 Consolidated income statement Consolidated statement of comprehensive income
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Interim Report Q3 2026 15/28 DKK million Sep. 30 2026 (unaud.) Jun. 30 2026 (unaud.) Mar. 31 2026 (unaud.) Dec. 31 2025 (aud.) Sep. 30 2025 (unaud.) Assets Intangible assets 9,900 9,968 9,885 17,035 16,930 Property, plant and equipment 230 204 212 1,067 1,010 Investments in associates 28 26 - 53 71 Receivables from associates - - - 152 157 Deferred tax assets - - - 410 507 Other non-current assets 1 4 186 1,870 1,847 Total non-current assets 10,159 10,202 10,283 20,587 20,522 Inventories 2,069 1,836 1,551 2,314 2,376 Trade receivables 2,641 2,382 2,047 4,383 4,192 Tax receivables - 48 - 139 395 Other receivables 815 562 388 684 804 Cash and cash equivalents 685 806 865 1,119 767 Total current assets 6,210 5,634 4,851 8,639 8,534 Assets classified as held for sale 13,944 13,715 13,421 - - Total assets 30,313 29,551 28,555 29,226 29,056 DKK million Sep. 30 2026 (unaud.) Jun. 30 2026 (unaud.) Mar. 31 2026 (unaud.) Dec. 31 2025 (aud.) Sep. 30 2025 (unaud.) Equity and liabilities Equity 10,509 10,268 10,122 10,898 10,543 Bank loans and issued bonds, non-current 7,715 8,040 8,029 8,563 8,589 Lease liabilities, non-current 99 69 76 332 315 Pension obligations 20 20 19 28 29 Provisions, non-current 61 74 46 161 176 Deferred tax liabilities 678 689 661 1,025 1,026 Other non-current liabilities 409 382 382 904 910 Total non-current liabilities 8,982 9,274 9,213 11,013 11,045 Bank loans and issued bonds, current 2,647 2,391 1,795 1,823 2,003 Overdraft facilities - 3 - - 1 Lease liabilities, current 35 45 60 97 87 Trade payables 1,360 1,079 1,010 1,496 1,395 Tax payables 68 - 112 101 331 Provisions, current 102 102 91 293 267 Other current liabilities 2,269 2,346 1,834 3,505 3,384 Total current liabilities 6,481 5,966 4,902 7,315 7,468 Liabilities directly associated with assets classified as held for sale 4,341 4,043 4,318 - - Total equity and liabilities 30,313 29,551 28,555 29,226 29,056 Consolidated balance sheet
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Interim Report Q3 2026 16/28 DKK million Q3 2026 (unaud.) Q3 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) Full Year 2025 (aud.) Operating activities Operating profit (loss), continuing operations 310 108 -178 248 423 Operating profit (loss), discontinued operations 307 232 -46 767 1,173 Depreciation, amortization and impairment 196 332 1,975 949 1,336 Other non-cash adjustments -40 -41 71 -29 -25 Cash flow from operating activities before changes in working capital 773 631 1,822 1,935 2,907 Changes in working capital -205 219 -880 -151 163 Cash flow from operating activities before financial items and tax 568 850 942 1,784 3,070 Financial items, net -134 43 -386 -185 -267 Tax paid, net -32 -59 -63 -158 -127 Cash flow from operating activities 402 834 493 1,441 2,676 Investing activities Development projects -277 -260 -773 -740 -1,034 Investments in other intangible assets, net -32 -91 -153 -213 -337 Investments in property, plant and equipment, net -51 -61 -168 -86 -168 Investments in other non-current assets, net 3 -26 -25 -54 -45 Company acquisitions - - - -27 -27 Received dividends - 14 10 20 20 Cash flow from investing activities -357 -424 -1,109 -1,100 -1,591 Cash flow from operating and investing activities (free cash flow) 45 410 -616 341 1,085 DKK million Q3 2026 (unaud.) Q3 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) Full Year 2025 (aud.) Financing activities Proceeds from borrowings 316 6,904 912 7,694 7,695 Repayment of bank loans -395 -492 -448 -513 -766 Repayment of issued bonds - -7,028 - -7,301 -7,300 Repayment of lease liabilities -32 -32 -96 -84 -135 Repayment of other non-current liabilities -3 -1 -39 -35 -37 Paid dividends to non-controlling interests -17 - -17 - -85 Drawn/(repaid) on credit facilities -3 -112 - -258 -258 Cash flow from financing activities -134 -761 312 -497 -886 Net cash flow -89 -351 -304 -156 199 Cash and cash equivalents, beginning of period 903 1,130 1,119 980 980 Adjustment foreign currency, cash and cash equivalents 2 -12 1 -57 -60 Cash and cash equivalents, end of period 816 767 816 767 1,119 Cash and cash equivalents included in assets held for sale 131 84 131 84 79 Cash and cash equivalents 685 683 685 683 1,040 Cash and cash equivalents, end of period 816 767 816 767 1,119 Consolidated statement of cash flows
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Interim Report Q3 2026 17/28 Q3 2026 Other reserves DKK million Share capital* Foreign exchange adjust- ments Hedging reserve Treasury shares Proposed dividends for the year Retained earnings Equity, share- holders in GN Store Nord A/S Non-con- trolling interests Total equity Balance at January 1, 2026 604 -1,259 5 -2,725 - 14,273 10,898 - 10,898 Reclassification - - - - - - - - - Profit/loss for the period - - - - - -621 -621 43 -578 Adjustment of actuarial gains (losses) - - - - - 2 2 - 2 Adjustment of cash flow hedges - - -19 - - - -19 - -19 Foreign exchange adjustments, etc. - 135 - - - - 135 - 135 Tax relating to other comprehen- sive income - - 4 - - - 4 - 4 Other comprehensive income for the period - 135 -15 - - 2 122 - 122 Total comprehensive income for the period - 135 -15 - - -619 -499 43 -456 Share-based payment (granted) - - - - - 67 67 - 67 Fair value adjustment of put op- tion liability - - - - - 43 43 -43 - Balance at September 30, 2026 604 -1,124 -10 -2,725 - 13,764 10,509 - 10,509 *The share capital is divided into 150,912,715 shares of nominal DKK 4 each. Q3 2025 Other reserves DKK million Share capital* Foreign exchange adjust- ments Hedging reserve Treasury shares Proposed dividends for the year Retained earnings Equity, share- holders in GN Store Nord A/S Non-con- trolling interests Total equity Balance at January 1, 2025 604 -786 71 -2,725 - 13,660 10,824 - 10,824 Reclassification - 45 -45 - - - - - - Profit/loss for the period - - - - - 309 309 51 360 Adjustment of cash flow hedges - - -21 - - - -21 - -21 Foreign exchange adjustments, etc. - -609 - - - - -609 - -609 Tax relating to other comprehen- sive income - - 5 - - - 5 - 5 Other comprehensive income for the period - -609 -16 - - - -625 - -625 Total comprehensive income for the period - -609 -16 - - 309 -316 51 -265 Share-based payment (granted) - - - - - - - - - Share-based payment (exercised) - - - - - -16 -16 - -16 Fair value adjustment of put op- tion liability - - - - - 51 51 -51 - Balance at September 30, 2025 604 -1,350 10 -2,725 - 14,004 10,543 - 10,543 Consolidated statement of changes in equity
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Interim Report Q3 2026 18/28 Note 1 – Accounting policies This interim report has been prepared in accordance with IAS 34 “In- terim Financial Reporting” as adopted by the EU and Danish interim financial 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.
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Interim Report Q3 2026 19/28 Note 2 – Segment disclosures Q3 2026 (as reported including one-off items) Income statement Continuing operations Discontinued operations Enterprise Gaming Total continuing operations Hearing GN Store Nord DKK million Q3 2026 (unaud.) Q3 2025 (unaud.) Q3 2026 (unaud.) Q3 2025 (unaud.) Q3 2026 (unaud.) Q3 2025 (unaud.) Q3 2026 (unaud.) Q3 2025 (unaud.) Q3 2026 (unaud.) Q3 2025 (unaud.) Revenue 1,639 1,624 628 587 2,267 2,211 1,831 1,747 4,098 3,958 Production costs -648 -718 -296 -409 -944 -1,127 Gross profit 991 906 332 178 1,323 1,084 Selling and distribution costs -424 -357 -161 -146 -585 -503 Divisional profit 567 549 171 32 738 581 Development costs -207 -157 Management and administrative expenses -166 -235 Other operating income and costs, net - 5 EBITA* 365 194 307 241 672 435 Amortization and impairment of acquired intangible assets -55 -86 - -9 -55 -95 Gain (loss) on divestment of operations, etc. - - - - - - Operating profit (loss) 310 108 307 232 617 340 Share of profit (loss) in associates - - -6 -10 -6 -10 Financial items -124 -152 1 -60 -123 -212 Profit (loss) before tax 186 -44 302 162 488 118 Tax on profit (loss) -42 12 -67 -39 -109 -27 Profit (loss) for the period 144 -32 235 123 379 91 * 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.
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Interim Report Q3 2026 20/28 Note 2 – Segment disclosures Q3 2026 (as reported including one-off items) (Continued) Additional information Continuing operations Discontinued operations Enterprise Gaming*** Total continuing operations Hearing GN Store Nord DKK million Q3 2026 (unaud.) Q3 2025 (unaud.) Q3 2026 (unaud.) Q3 2025 (unaud.) Q3 2026 (unaud.) Q3 2025 (unaud.) Q3 2026 (unaud.) Q3 2025 (unaud.) Q3 2026 (unaud.) Q3 2025 (unaud.) Revenue distributed geographically Europe 796 817 246 221 1,042 1,038 North America 451 446 260 237 711 683 Rest of World 392 361 122 129 514 490 Revenue 1,639 1,624 628 587 2,267 2,211 1,831 1,747 4,098 3,958 Revenue growth composition Organic growth 1% -4% 5% -13% 2% -6% 5% 7% 3% -1% F growth 0% -3% 2% -3% 1% -3% 0% -5% 1% -4% M&A growth 0% 0% 0% 0% 0% 0% 0% -1% 0% 0% Revenue growth 1% -7% 7% -16% 3% -9% 5% 1% 4% -5% Incurred development costs -257 -250 Capitalized development costs 150 159 Amortization, impairment and depreciation of develop- ment projects** -100 -66 Expensed development costs -207 -157 EBITDA 409 239 307 282 716 521 Depreciation, impairment and software amortization -44 -45 - -41 -44 -86 EBITA* 365 194 307 241 672 435 EBITA margin 16.1% 8.8% 16.8% 13.8% 16.4% 11.0% Number of employees, end of period 7,856 7,464 * 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. ** Does not include amortization of acquired intangible assets, cf. definition of EBITA *** Comparative figures for 2025 have been restated to reflect the revised geographical allocation of revenue
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Interim Report Q3 2026 21/28 Note 2 – Segment disclosures YTD 2026 (as reported including one-off items) (Continued) Income statement Continuing operations Discontinued operations Enterprise Gaming Total continuing operations Hearing GN Store Nord DKK million YTD 2026 (unaud.) YTD 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) Revenue 4,713 5,003 1,821 1,793 6,534 6,796 5,358 5,308 11,892 12,104 Production costs -2,020 -2,205 -1,053 -1,188 -3,073 -3,393 Gross profit 2,693 2,798 768 605 3,461 3,403 Selling and distribution costs -1,234 -1,118 -444 -437 -1,678 -1,555 Divisional profit 1,459 1,680 324 168 1,783 1,848 Development costs -1,044 -624 Management and administrative expenses -736 -740 Other operating income and costs, net - 3 EBITA* 3 487 -37 794 -34 1,281 Amortization and impairment of acquired intangible assets -181 -239 -9 -26 -190 -265 Gain (loss) on divestment of operations, etc. - - - -1 - -1 Operating profit (loss) -178 248 -46 767 -224 1,015 Share of profit (loss) in associates - - 9 -4 9 -4 Financial items -478 -507 -48 -40 -526 -547 Profit (loss) before tax -656 -259 -85 723 -741 464 Tax on profit (loss) 145 59 18 -163 163 -104 Profit (loss) for the period -511 -200 -67 560 -578 360 * 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.
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Interim Report Q3 2026 22/28 Note 2 – Segment disclosures YTD 2026 (as reported including one-off items) (Continued) Additional information Continuing operations Discontinued operations Enterprise Gaming*** Total continuing operations Hearing GN Store Nord DKK million YTD 2026 (unaud.) YTD 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) Revenue distributed geographically Europe 2,359 2,676 620 610 2,979 3,286 North America 1,275 1,249 864 816 2,139 2,065 Rest of World 1,079 1,078 337 367 1,416 1,445 Revenue 4,713 5,003 1,821 1,793 6,534 6,796 5,358 5,308 11,892 12,104 Revenue growth composition Organic growth -4% -7% 3% -21% -2% -11% 4% 4% 1% -5% F growth -2% -1% -1% -1% -2% -1% -3% -2% -3% -2% M&A growth 0% 0% 0% 0% 0% 0% 0% -1% 0% 0% Revenue growth -6% -8% 2% -22% -4% -12% 1% 1% -2% -7% Incurred development costs -797 -837 Capitalized development costs 417 431 Amortization, impairment and depreciation of develop- ment projects** -664 -218 Expensed development costs -1,044 -624 EBITDA 157 629 884 926 1,041 1,555 Depreciation, impairment and software amortization -154 -142 -921 -132 -1,075 -274 EBITA* 3 487 -37 794 -34 1,281 EBITA margin 0.0% 7.2% -0.7% 15.0% -0.3% 10.6% Number of employees, end of period 7,856 7,464 * 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. ** Does not include amortization of acquired intangible assets, cf. definition of EBITA *** Comparative figures for 2025 have been restated to reflect the revised geographical allocation of revenue
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Interim Report Q3 2026 23/28 Note 3 – Discontinued operations (as reported including one-off items) DKK million Q3 2026 (unaud.) Q3 2025 (unaud.) YTD 2026 (unaud.) YTD 2025 (unaud.) Revenue 1,831 1,747 5,358 5,308 Costs -1,524 -1,506 -4,504 -4,514 Impairment - - -891 - EBITA 307 241 -37 794 Amortization and impairment of acquired intangible assets - -9 -9 -26 Gain (loss) on divestment of operations etc. - - - -1 Operating profit (loss) 307 232 -46 767 Share of profit (loss) in associates -6 -10 9 -4 Financial items 1 -60 -48 -40 Profit (loss) before tax 302 162 -85 723 Tax for the year -67 -39 18 -163 Profit (loss) for the period, discontinued operations 235 123 -67 560 Cash flow statement: Cash flow from operating activities 187 248 662 688 Cash flow from investing activities -146 -82 -489 -433 Cash flow from financing activities 4 -153 -112 -328 Earnings per share: Discontinued operations per share 1.61 0.72 -0.75 3.50 Discontinued operations per share, fully diluted 1.60 0.72 -0.75 3.50
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Interim Report Q3 2026 24/28 Note 4 – Assets & liabilities held for sale DKK million Q3 2026 (unaud.) Q2 2026 (unaud.) Q1 2026 (unaud.) Intangible assets 6,365 6,220 6,078 Property, plant and equipment 1,019 975 909 Investments in associates 36 53 53 Receivables from associates 179 177 177 Deferred tax assets 523 531 528 Other non-current assets 1,772 1,770 1,748 Inventories 1,024 987 965 Trade receivables 1,508 1,475 1,470 Tax receivables 900 827 882 Other receivables 487 603 520 Cash and cash equivalents 131 97 91 Carrying amount of assets held for sale 13,944 13,715 13,421 Bank loans and issued bonds, non-current 408 414 421 Lease liabilities, non-current 278 299 277 Pension obligations 8 9 9 Provisions, non-current 119 120 121 Deferred tax liabilities 473 398 478 Other non-current liabilities 532 534 503 Bank loans and issued bonds, current 22 22 22 Lease liabilities, current 47 47 54 Trade payables 350 557 382 Tax payables 602 492 526 Provisions, current 209 211 213 Other current liabilities 1,293 940 1,312 Liabilities directly associated with assets classified as held for sale 4,341 4,043 4,318 Carrying amount of net assets held for sale 9,603 9,672 9,103 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 delivering high-quality, innovative products.
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Interim Report Q3 2026 25/28 Note 6 – Intangible assets DKK million Goodwill In-house development projects Acquired development projects and software Customer relationships Software Patents and rights Other Total Cost at January 1 10,813 8,759 703 820 2,189 920 990 25,194 Additions - 773 - - 153 - - 926 Disposals - -91 - - - - -8 -99 Foreign exchange adjustments 127 - - 8 5 5 5 150 Transferred to assets held for sale -4,190 -5,414 -10 -105 -736 -310 -253 -11,018 Cost at September 30 6,750 4,027 693 723 1,611 615 734 15,153 Amortization and impairment at January 1 - -5,728 -136 -311 -722 -846 -416 -8,159 Amortization - -338 -61 -65 -65 -16 -51 -596 Disposals - 91 - - - - 8 99 Impairment - -375 - - -855 - - -1,230 Foreign exchange adjustments - - - -7 -4 -5 -4 -20 Transferred to assets held for sale - 3,607 11 71 457 301 206 4,653 Amortization and impairment at September 30 - -2,743 -186 -312 -1,189 -566 -257 -5,253 Carrying amount at September 30, 2026 6,750 1,284 507 411 422 49 477 9,900
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Interim Report Q3 2026 26/28 Note 7 – Overview of one-off costs Continuing operations DKK million Reported Q3 2026 (unaud.) One-offs Q3 2026 (unaud.) Adjusted Q3 2026 (unaud.) Reported YTD 2026 (unaud.) One-offs YTD 2026 (unaud.) Adjusted YTD 2026 (unaud.) Revenue 2,267 - 2,267 6,534 - 6,534 COGS -944 -1 -943 -3,073 -5 -3,068 Gross profit 1,323 -1 1,324 3,461 -5 3,466 Development costs -207 - -207 -1,044 -379 -665 Selling and distribution costs -585 -41 -544 -1,678 -66 -1,612 Management and administra- tive expenses -166 -6 -160 -736 -76 -660 Other operating income and costs, net - - - - - - EBITA 365 -48 413 3 -526 529 Discontinued operations DKK million Reported Q3 2026 (unaud.) One-offs Q3 2026 (unaud.) Adjusted Q3 2026 (unaud.) Reported YTD 2026 (unaud.) One-offs YTD 2026 (unaud.) Adjusted YTD 2026 (unaud.) Revenue 1,831 - 1,831 5,358 - 5,358 Costs -1,524 -89 -1,435 -5,395 -1,054 -4,341 EBITA 307 -89 396 -37 -1,054 1,017 Note 8 – Incentive plans As of September 30, 2026, the total number of outstanding options and PSU’s in GN Store Nord is 2,639,003 (1.7% of the shares issued in GN Store Nord). Note 9 – Shareholdings On September 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 September 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 interest in excess of 10% of GN’s share capital. Foreign ownership of GN is estimated to be around 55%.
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Interim Report Q3 2026 27/28 Today, the Board of Directors and the Executive Management have reviewed and approved the interim report for GN Store Nord A/S for the period July 1 – September 30, 2026. The interim report, which has not been audited or reviewed by the company’s auditors, has been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and Danish disclo- sure requirements for listed companies. In our opinion, the interim report gives a true and fair view of the group's assets, liabilities, and financial position on September 30, 2026, and of the results of the group's operations and cash flows for the pe- riod July 1 – September 30, 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 finan- cial matters, the results of the group for the period and the group's financial position as a whole and describes the significant risks and uncertainties pertaining to the group. Statements by the Executive Management and the Board of Directors Ballerup, November 5, 2026 Executive Management Peter Karlstromer Group CEO Søren Jelert Group CFO Board of Directors Jukka Pekka Pertola Chair Klaus Holse Deputy Chair Jørgen Bundgaard Hansen Kim Vejlby Hansen Charlotte Johs Lise Skaarup Mortensen Jens Kirkelund Lasse Emil Holmegaard Korff Anders Roikjær
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Interim Report Q3 2026 28/28 GN Store Nord A/S Lautrupbjerg 7 2750 Ballerup Denmark +45 45 75 00 00 info@gn.com gn.com Co.reg. no 24257843