GN Store Nord: Key themes to keep in mind Q2 2026E results on August 20th

研报英文原文证据摘录

GN Store Nord: Key themes to keep in mind Q2 2026E results on August 20th

Susannah Ludwig +41 582 723 127 susannah.ludwig@bernsteinsg.com 26 June 2026

The company expects a more pronounced acceleration in H2, particularly in Q4, driven by both easier comps and improving end-market

conditions. The company noted that lower oil and electricity prices are beginning to ease pressure on consumer spending, which could

support sentiment into the second half. In addition, the confirmed launch of the game Grand Theft Auto VI in November is expected to act

as a meaningful tailwind for gaming peripherals as users will concurrently upgrade hardware with purchase of the game. This benefit could

start to materialize already ahead of the launch through early purchasing activity.

In Gaming, we estimate organic revenue growth of +5% in Q2 2026E, versus -1% in Q1 2026 and 0% in Q2 2025.

Profitability & one-offs

With respect to profitability and one-offs, GN indicated that the majority of restructuring-related one-offs have already been recognized in

Q1. Of the remaining c. DKK 750m cash costs, around 75% (c. DKK 550m) is expected to be incurred in FY 2026, with the balance in 2027.

The majority of the remaining costs relate to the Hearing business as discontinued operations, and the quarterly phasing is expected to be

relatively even.

On the cost base, GN reiterated that underlying OPEX should be broadly evenly distributed across the year. While some quarterly variation

may occur due to provisions, the overall cost base is expected to remain stable through 2026, with benefits from the cost-saving initiatives

becoming more visible in 2027. The recently announced cost savings program (c. DKK 200m savings) is primarily driven by FTE reductions,

with most of these actions initiated in June.