GN Store Nord: Key themes to keep in mind for Q3 2026E results on November 5th

This Bernstein comment follows a meeting with GN Store Nord (GN) ahead of its Q3 2026 results on November 5th and the associated quiet period. Bernstein rates GN Underperform with a target price of DKK 79.15. On Enterprise, GN indicated limited change in the external environment since Q2, with macro assumptions broadly unchanged and a "status quo" base case. The Evolve 3 mid-range portfolio is now in launch mode, with shipments starting on 1 September as planned and no quality issues reported, though it is too early to assess underlying sell-out. As GN recognizes revenue on sell-in to distributors, Q3 benefits from initial channel stocking, while September sell-out data (available end of October) should better indicate underlying demand. GN continues to expect an H2 improvement weighted towards Q4. On Falcom, no meaningful Q3 sales are expected, with a FY 2026 target of c. DKK 200m. In Gaming, consumer sentiment remains weak but solid Q3 growth and a more pronounced Q4 acceleration are