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GN Store Nord reported a challenging first quarter for its continuing businesses, but its Hearing division—which is expected to be sold to Amplifon by year’s end—remained a bright spot, delivering strong organic growth and sharply higher adjusted profitability.
The Hearing division posted 9% organic revenue growth in Q1 2026, compared with a 1% decline in the same quarter last year. Reported revenue rose 3% to DKK 1.755 billion (about US$276 million), up from DKK 1.703 billion in Q1 2025, with foreign exchange reducing reported growth by 6 percentage points. GN said the performance reflected continued “strong market share momentum,” with ReSound Vivia highlighted as a key growth driver.
Profitability also improved substantially. GN Hearing delivered adjusted EBITA of DKK 300 million (≈US$47 million), up from DKK 171 million a year earlier, corresponding to an adjusted EBITA margin of 17.1%, compared with 10.0% in Q1 2025. GN attributed the gain to the division’s revenue growth and operating leverage.
However, outside Hearing, the picture was less rosy. GN’s continuing operations—which include Jabra and SteelSeries, as well as BlueParrott and FalCom—faced weaker demand, especially in EMEA. Enterprise organic revenue declined 5%, while Gaming declined 1%. GN updated its 2026 guidance for the remaining company and said it will pursue structural cost savings of about DKK 200 million (≈US$31 million) to offset stranded costs after the Hearing transaction closes.
GN CEO Peter KarlströmerWe 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. We are executing well on our priorities: Enterprise is leveraging the successful launch of Evolve3, Gaming is maintaining its positive market share trajectory despite muted consumer sentiment, and our Hearing business continues to deliver strong organic growth as we prepare for the divestment to Amplifon. 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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The results come as GN prepares to separate the Hearing business from the rest of the company— potentially changing the industry’s landscape. GN announced in March that it had agreed to sell its Hearing division to Amplifon—which includes ReSound, Beltone, and Jabra Enhance—in a transaction valuing GN Hearing at DKK 17.0 billion (≈US$2.7 billion) on a cash-free, debt-free basis. The deal is expected to be settled through DKK 12.6 billion (≈US$2.0 billion) in cash and 56 million Amplifon shares, subject to regulatory approvals and completion of the carve-out. GN said the transaction is expected to close by the end of 2026.
Because of the planned sale, GN now reports the Hearing division as discontinued operations. The accounting treatment also led to significant one-time costs in the quarter, including a non-cash impairment of certain IT development projects outside the transaction perimeter. GN reported total one-off costs affecting Hearing EBITA of DKK -907 million (≈US$143 million) in Q1.
For audiologists and hearing industry watchers, GN’s report suggests the company is not only maintaining but increasing its commercial momentum in Hearing during a complex transition period. GN said the carve-out is “progressing according to plan” and remains committed to serving Hearing business customers and delivering high-quality, innovative products throughout the separation process. This was emphasized to HearingTracker in a recent conversation with Karlströmer. It also makes sense for shareholders, since GN will be a significant future stakeholder in Amplifon.
In its financial report, GN also pointed to recent product and fitting-software developments. In February, it announced new custom ITC and CIC styles for ReSound Savi, including what it describes as the industry’s first essential wireless in-the-canal hearing aid with Auracast broadcast audio. GN also highlighted ReSound Smart Fit 2.3, which it says will be the first fitting software to incorporate NAL-NL3 support.
The company is also reported to be launching a new hearing aid platform for ReSound and Beltone later this year.
SOURCE: GN Q1 Announcement and Q1 Interim Financial Report
Karl Strom ist der Chefredakteur von HearingTracker. Er war Gründungsredakteur von The Hearing Review und berichtet seit über 30 Jahren über die Hörhilfenindustrie.
