GN Store Nord A/S: Q1 Review: H2 recovery?

研报英文原文证据摘录

GN Store Nord A/S: Q1 Review: H2 recovery?

ice Performance Exchange-CPH

comparatives become tougher through the year. We continue to see the Hearing 52 Week range DKK 125.90-85.12

divestment to Amplifon as supporting shareholder returns, with meaningful c.20–30%

market cap buyback capacity in 2027, alongside further monetisation upside from

Amplifon shares and GN’s NationsBenefits stake.

Key takes from management presentation: 1) Guidance: Q2 gross margin is expected to

improve versus Q1, with management noting Q1 was impacted by tariff annualization as well as

a one-time inventory provision in Enterprise related to warehouse movement in the US which

resulted in a 100bps drag. Enterprise growth to be lower on a q/q sequential basis in Q2, owing Source: IDC

Link to Barclays Live for interactive charting

to a tough comparison for FalCom (large order in Q2 25), with the core Enterprise business to

see similar growth to Q1. Narrow EBITA margin guidance range for 2026 given visibility on costs

and confidence on market trends and topline now that they are further into the year. Expect European Medical Technology &

more seasonality than normal, owing to macro and Evolve3 rollout which is expected to be a Services

larger contributor to growth in H2 (along with FalCom). 2) Enterprise market dynamics: EMEA Hassan Al-Wakeel, CFA

+44 (0)20 7773 3898(which is 60% of Enterprise revenue) saw DD declines, impacted by channel inventory

hassan.al-wakeel@barclays.com

reductions and weak demand with some share loss. DD organic revenue growth in North Barclays, UK

Jonathon Unwin

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies +44 (0)20 7773 0354

covered in its research reports.