GN Store Nord A/S (GNNDY,GN.CO), a Danish provider of intelligent hearing, audio, video, and gaming solutions, reported Thursday a loss in its first quarter, compared to prior year's profit. Further, the firm issued fiscal 2026 outlook, expecting higher margin.
In Copenhagen, the shares were losing around 8.8 percent, trading at 94.58 kroner.
In the first quarter, loss was 946 million Danish kroner, compared to profit of 89 million kroner a year ago. Loss per share was 6.51 kroner, compared to earnings per share of 0.49 krone last year.
The latest results included discontinued operations of Hearing division following its proposed divestment.
On a continuing operations basis, loss was 437 million kroner, compared to loss of 37 million kroner last year. Loss per share was 2.98 kroner, compared to loss per share of 0.03 krone a year ago.
EBITA from continuing operations was negative 398 million kroner, compared to positive 129 million kroner last year. EBITA discontinued operations climbed 75 percent year-over-year to 300 million kroner.
Group adjusted EBITA from continuing operations was 6 million kroner, down 95 percent from 129 million kroner last year. Adjusted EBITA margin was 0.3 percent, compared to 5.7 percent a year ago.
Including the discontinued operations, the adjusted EBITA was 306 million kroner, compared to 300 million kroner in the prior year.
Revenue continuing operations dropped 8 percent to 2.10 billion kroner from 2.28 billion kroner last year. Organically, revenues dropped 4 percent.
Revenue from discontinued Hearing division operations increased 3 percent to 1.76 billion kroner.
Looking ahead for fiscal 2026, the company projects continuing operations to deliver organic revenue growth of 0-6 percent and an adjusted EBITA margin of 8 percent to 9 percent, compared to 7.6 percent in 2025.
In addition, the Group will execute cost initiatives that are expected to result in structural run-rate cost savings of around 200 million kroner that will positively impact group margins in 2027 and beyond.
Peter Karlstromer, CEO of GN Store Nord, stated, "We are navigating a market environment that remains more challenging than usual, especially in EMEA, while North America and APAC continue to show encouraging momentum in Enterprise.... As we move into the coming quarters, our focus is to turn the business into growth with the support of further Evolve3 Enterprise headsets, video and gaming launches. In parallel, we will complete the separation of Hearing, take cost actions, and nurture our innovation pipeline to set GN up for long term success and profitable growth."
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