GN STORE NORD : Feedback (and thoughts) post sell-side meeting

Research evidence excerpt

GN STORE NORD : Feedback (and thoughts) post sell-side meeting

EQUITIES

MEDTECH & SERVICES

GN STORE NORD NEUTRALPRICE* DKK95.4  TARGET PRICE DKK100 (UPSIDE 5%)

GN STORE NORD ADR NEUTRALPRICE* USD45.1  TARGET PRICE USD47 (UPSIDE 4%)

FLASH NOTE

Feedback (and thoughts) post sell-side meeting

11 MAY 2026 Securities Research Report Production time: 10:51* (London time)

Research Analyst & Publishing Entities

Andjela Bozinovic BNP Paribas London Branch (+44) 203 430 8699 andjela.bozinovic@uk.bnpparibas.com

What happened?

GN hosted a sell-side meeting earlier today with CFO, Søren Jelert, and Head IR, Rune Sandager.

BNPP View:

In all, management seems confident that sale of GN Hearing to Amplifon is right strategic decision and see

disintegration as not challenging. Despite being “tech” company after the sale, conversations they had with

Demant foundation (that currently owns >9% of company) point to no change in ownership expected. On new

GN, they expect -HSD% decline in enterprise in Q2 impacted by 1/ less Evolve3 contributions due to channel

restocking in Q1 and 2/ high comps and lower contributing from FalCom. For FY26, they expect EMEA

enterprise destocking to end in Q2 but no longer assume growth in the region. Gaming is advancing in line

with expectations and acceleration will be helped with product launches and usual seasonality.

GN Hearing transaction & underlying Hearing business under control

Management believes transaction has been taken well by GN Hearing employees, and they haven’t seen any key

people departures so far. On technical side, Hearing had different ERP system vs GN Audio, making disintegration

easier. They see low to no risk of antitrust ruling against the transaction but highlight Amplifon is in charge of

communication with antitrust authorities.