GN Store Nord reported a 6% year-over-year decline in Q2 2026 revenue to DKK 2.17 billion, while adjusted gross margin improved to 52.1% from 50.4% in the prior year. The Copenhagen-based audio equipment maker attributed the margin expansion to cost discipline amid weaker sales, with adjusted EBITA of DKK 110 million translating to a 5.1% margin, down from 7.1% in Q2 2025.
The company’s gaming division posted 5% organic revenue growth to DKK 613 million, driven by SteelSeries’ market-leading headset portfolio, including the Arctis Nova Pro Omni. Gross margin in the segment surged to 39.2% from 34.0%, while divisional profit margin expanded to 15.0% from 12.2%. In contrast, the enterprise division saw a 7% organic revenue decline to DKK 1.56 billion, with adjusted gross profit of DKK 891 million and a margin of 57.2%, up from 56.1%.
GN’s Q2 2026 organic revenue fell 4% overall, with free cash flow turning negative at DKK -616 million compared to DKK 353 million in the prior year. Net interest-bearing debt stood at DKK 9.6 billion, yielding a leverage ratio of 4.4x, though the company targets a post-transaction leverage of 1.0x to 1.5x following the planned divestment of its hearing business to Amplifon. The transaction, valued at DKK 12.6 billion in cash plus 56 million Amplifon shares, remains on track for completion by year-end 2026, with a shareholder lock-up period of 9 to 15 months afterward.
Structural savings of approximately DKK 200 million are expected to offset DKK 200 million in stranded costs in 2027, while one-off cash costs total DKK 750 million across 2026 and 2027. GN also recorded non-cash impairments of DKK 1.3 billion in Q1 2026 related to IT, R&D, and facilities assets.
The company narrowed its full-year 2026 organic revenue growth guidance to 0–3%, down from a prior range of 0–6%, while raising its adjusted EBITA margin target to 9–10% from 8–9%. Management cited tariff refund impacts of DKK 100–150 million in H2 2026, implying implied organic growth of 4–9% for the second half of the year.
GN’s shares fell 4.85% to $96.19 following the release, trading 23% below its 52-week high of $124.70, with a market capitalization of $2.16 billion and a P/E ratio of 53.
