GN Store Nord: Thoughts into Q2 2026 results

研报英文原文证据摘录

GN Store Nord: Thoughts into Q2 2026 results

J P M O R G A N Europe Equity Research

26 June 2026

GN Store Nord Neutral

GN.CO, GN DC

Thoughts into Q2 2026 results Price (25 Jun 26):Dkr89.32

Price Target (Jun-27):Dkr131.80

Ahead of GN’s Q2 results (20 August), and following a catch up with IR, we set European Medical Technologies &

out our latest thoughts. Q1 underlying dynamics in Enterprise appear to have Services

continued into Q2, although it faces a tough comp from the large FalCom orders David Adlington AC

captured in Q2’25. For Gaming, the company notes expectations for gradually (44-20) 7134-5828

improving consumer sentiment assuming no further macro shocks, while comps david.adlington@jpmorgan.com

get easier from Q2. In Hearing, while the Company refrains from providing market Anchal Verma

data, IR notes not having seen anything to suggest any changes to fundamentals. (44-20) 3493-6144

We make no changes to our full-year estimates, although lower Enterprise Q2 anchal.verma@jpmorgan.com

organic growth to reflect the FalCom comp, and seemingly unchanged market Philip S Omnou

(44-20) 3493-5648

dynamics, which we previously had not reflected (we lowered Enterprise Q2 philip.omnou@jpmorgan.com

organic to -10% from -1.5%). As such, we lower group Q2 organic to -5.1% J.P. Morgan Securities plc

(previously +1.2%). BBG consensus currently looks for -4.3% organic in

Enterprise which looks too high, although based on limited inputs likely given the Specialist Sales contact details:

recent structure change. Nevertheless, continued low visibility keeps us on the Marjan Daeipour - Specialist Sales -

sidelines. European Healthcare

(44 20) 7134-1329

• Enterprise. The company notes underlying trends have continued into Q2 (- marjan.daeipour@jpmorgan.com