GN Store Nord A/S: Update of financial guidance for 2023

EQS-Ad-hoc: GN Store Nord A/S / Key word(s): Change in Forecast
GN Store Nord A/S: Update of financial guidance for 2023

16-Aug-2023 / 19:34 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Following a stronger than expected Q2 2023 and continued strong sales
momentum, GN Hearing is upgrading its organic revenue growth guidance from
'5% to 10%' to '9% to 13%'. The EBITA margin in the core business of '14% to
16%' is confirmed to allow for further investments to drive growth, as well
as preserving flexibility to take appropriate actions to ensure continued
margin expansion.
Following a slower than expected market recovery in GN Audio's Enterprise
business, GN Audio's organic revenue guidance is narrowed from '-10% to +5%'
to '-10% to -4%'. As a consequence of the expected revenue development, GN
Audio's adj. EBITA margin is narrowed from '10% to 15%' to '10% to 12%'.
Reflecting the guidance updates for GN Hearing and GN Audio, GN Store Nord's
organic revenue growth guidance is narrowed from '-5% to +7%' to '-4% to
+2%'.
All other guidance parameters are unchanged.
GN will publish the Q2 Interim Report on August 16, 2023.

Financial guidance 2023

                           Organic      Adjusted    Non-recurring items
                           revenue      EBITA       (DKK million)
                           growth       margin2)
    GN Hearing             9% to 13%
    - Core business                     14% to 16%  - -150
    - Emerging Business1)               - -150
    (DKK million)
    GN Audio               -10% to -4%  10% to 12%  - -150
    Other (DKK million)                 - -200
    GN Store Nord          -4% to +2%               - -300

Note 1) Emerging Business mainly includes the JabraEnhance.com (formerly
Lively)
Note 2) Excluding non-recurring items
Based on foreign exchange rates as of August 16, 2023

Primary risk factors in relation to the financial guidance

The basic assumptions behind the guidance remain more uncertain than normal.
Primary risk factors include inflationary pressures, consumer sentiment and
general economic uncertainty. GN's supply chains, including component
sourcing and local and geopolitical instability and deteriorating trade
relations may impact key suppliers and GN's operations.



For further information, please contact:

Investor Relations
Anne Sofie Staunsbæk Veyhe +45 45 75 85 06
Rune Sandager +45 45 75 92 57


Media Relations
Steen Frentz Laursen +45 20 65 34 20


Forward-looking statements
The forward-looking statements in this report reflect the management's
current expectations of certain future events and financial results.
Statements regarding the future are, naturally, subject to risks and
uncertainties, which may result in considerable deviations from the outlook
set forth. Furthermore, some of these expectations are based on assumptions
regarding future events, which may prove incorrect. Changes to such
expectation and assumptions will not be disclosed on an ongoing basis,
unless required pursuant to general disclosure obligations to which GN is
subject.

Factors that may cause actual results to deviate materially from
expectations include - but are not limited to - general economic
developments and developments in the financial markets, technological
developments, changes and amendments to legislation and regulations
governing GN's markets, changes in the demand for GN's products,
competition, fluctuations in sub-contractor supplies and developments in
ongoing litigation (including but not limited to class action and patent
infringement litigation in the United States).

The securities offered will not be and have not been registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an applicable exemption from
registration requirements

For more information, see the 'Management's report' and 'Risk management'
elsewhere in the 2022 Annual Report. This Report should not be considered an
offer to sell securities in GN.

About GN

GN brings people closer through our leading intelligent hearing, audio,
video, and gaming solutions. Inspired by people and driven by innovation, we
deliver technology that enhance the senses of hearing and sight. We help
people with hearing loss overcome real-life challenges, improve
communication and collaboration for businesses, and provide great
experiences for audio and gaming enthusiasts.

GN was founded more than 150 years ago with a vision to connect the world.
Today, inspired by our strong heritage, GN touches more lives than ever with
our unique expertise and the broadest portfolio of products and services in
our history - bringing people closer to what is important to them.

We market our solutions with the brands Jabra, ReSound, SteelSeries,
Beltone, Interton, BlueParrott, Danavox, and FalCom in 100 countries.
Founded in 1869, GN Group employs more than 7,500 people and is listed on
Nasdaq Copenhagen (GN.CO).

Visit our homepage GN.com and connect with us on LinkedIn, Facebook, and
Twitter.


End of Inside Information

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   Language:       English
   Company:        GN Store Nord A/S
                   Lautrupbjerg 7
                   2750 Ballerup
                   Denmark
   Phone:          +45 457 50000
   E-mail:         investor@gn.com
   Internet:       www.gn.com
   ISIN:           DK0010272632
   WKN:            854734
   Listed:         Regulated Unofficial Market in Berlin, Dusseldorf,
                   Frankfurt, Hamburg, Munich, Stuttgart, Tradegate
                   Exchange
   EQS News ID:    1705217

End of Announcement EQS News Service
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1705217 16-Aug-2023 CET/CEST