--- title: "GN Annual Report 2025" period: "2025-fy" kind: "annual-report" source_url: "https://www.gn.com/-/media/Files/Financial-Download-Center/2026/Q1/GN-Annual-Report-2025.pdf" downloaded_at: "2026-06-06" pdf_sha256: "3deac8acec8e35cbd49fca178e9e21cff5a200801af61a5f18d87f789200e555" pdf_size_bytes: 14110699 extractor: "pdfjs-dist-6.0.227" --- Annual Report 2025 GN Store Nord A/S GN Stor Nord A/S --- GN Store Nord Annual Report 2025 Content Table of contents Management’s report Statements Business review Sustainability statement Additional financials Introduction General information Q4 2025 (unaudited) Consolidated Financial statements Letter from the Chair and CEO 3 Our Better for planet sustainability strategy 47 Q4 financial highlights 107 Income statement 115 GN at a glance 5 Our material impacts, risks, and opportunities 49 Quarterly financial highlights 108 Statement of comprehensive income 115 Our key brands and portfolio 6 Sustainability governance 51 Quarterly reporting by segment 109 Balance sheet at December 31 116 Key events in 2025 7 Stakeholder engagement 53 Quarterly reporting 110 Statement of cash flow 117 Performance highlights 8 General disclosure requirements 54 Q4 segment disclosures 111 Statement of equity 118 2025 segment disclosures 112 Consolidated notes 120 GN’s strategy Environment Expensed development cost 113 Our purpose and strategic framework 10 EU Taxonomy Regulation disclosure 57 Parent company Financial statements Our strategy at a glance 12 Climate change 61 Statements 170 Pollution 71 Parent Company notes 174 Financials 2025 Resource use and circular economy 74 Five year overview 22 Statements Group financial review 23 Social Statements by the Executive Management Hearing division 25 Own workforce 81 and the Board of Directors 187 Enterprise division 26 Workers in the value chain 90 Independent Auditor’s Reports 188 Gaming division 27 Consumers and end-users 93 Independent Auditor’s limited assurance Financial guidance 2026 28 report on the Sustainability Statement 192 Governance Company information Business conduct 98 Shareholder information 30 Appendices Risk management 33 Corporate governance 37 Board and leadership 41 Other 2025 reports Reporting framework 2/195 www.gn.com/remuneration2025 Our annual reporting suite comprises this Annual Report on GN Store Nord’s financial, environmental, social, and governance performance – including GN Store Nord A/S +45 45 75 00 00 www.gn.com/corporategovernance2025 sustainability statement in accordance with the EU’s Corporate Sustainability Reporting Directive, as well as a separate Remuneration Report and a Cor- Lautrupbjerg 7 info@gn.com porate Governance Report. Our reporting is prepared in accordance with International Financial Reporting Standards as adopted by the EU and further 2750 Ballerup www.gn.com requirements in the Danish Financial Statements Act. This annual reporting suite constitutes GN’s reporting according to Section 99a, 99d, 107d, and Denmark Co.reg. no 24257843 107f in the Danish Financial Statements Act and the Communication on Progress to the UN Global Compact. --- GN Store Nord Annual Report 2025 Content Letter from the Chair and CEO Investments in innovation and agile operations create strong foundation for profitable growth in years ahead Solid financial performance in a challenging year During 2025, uncertain trade policies and macroeconomic weakness presented multiple challenges to consumers and companies around the world – including GN. In this environment, GN managed to deliver -1% organic growth with a revenue of DKK 16.8 billion, an EBITA mar- gin of 11.4%, and free cash flow excl. M&A of DKK 1.1 billion. While we would have liked to continue our revenue and profitability growth jour- ney, we are pleased with our ability to manage our results well in this difficult environment, while also strengthening our business fundamen- tals. Our Hearing division outperformed the market with 5% organic growth, our Enterprise division maintained its leadership in difficult markets with -6% organic growth, and our Gaming division battled equally challenging conditions with -2% organic growth and winning market share. For all three divisions, the key to success in challenging times lies in customer-centric and relevant product innovation, tight value-adding partnerships, and focused market execution – supported by our agile and scalable global operations. Based on strong fundamental operational improvements in the past few years, GN in 2025 successfully refinanced its primary loan facilities. With a strong commitment from our core banking group, the new facil- ities will allow us to continue to drive our strategic priorities, while at the same time allowing us to reduce our financing costs. Chair of the Board of Directors Jukka Pertola (right) 3/1953/195 and Chief Executive Officer Peter Karlstromer (left) --- GN Store Nord Annual Report 2025 Content Flexible operating model helped mitigate with the announcement of the new Evolve3 headset series, we have re- Our future growth opportunities are stimulated by rapid technological the uncertain trade and macro-environment inforced innovation leadership, introducing a boomless attractive de- developments, machine learning and the adoption of Artificial Intelli- GN in 2025 worked diligently with what is within our control to miti- sign with class-leading comfort and portability, future-ready voice ac- gence for a host of daily tasks at home, at work, and on the go. gate negative impact from new tariffs and macroeconomic headwinds. cess for AI, and real-time adaptive noise cancellation. During the past several years, GN has pursued an operational strategy GN has a unique position as we develop products to be used “at the to leverage scale and increase supply chain agility and resilience. This In our Gaming division, we continue to elevate the gaming experience edge”, meaning on or near the end-user, providing seamless user expe- diversification strategy was accelerated during 2025, which has de- through a unified suite of products and software, enhancing gamers' riences where hardware and software play optimally together. Shipping risked GN. 31 Enterprise and Gaming production lines were relocated, skills and experiences to help them improve and enjoy their gaming a product every second, we touch a staggering number of people with so that all major products now can be supplied from multiple countries. better than ever. We continue to push boundaries. An example of this such “at the edge” products. We take our responsibility to provide cus- is the new flagship Arctis Nova Elite that brings audiophile-grade sound tomers with optimal and safe products and solutions very seriously. Investments in our operations around the world will over time also help to wireless gaming headsets and has opened a new “ultra-premium” Only by serving our customers in a reliable way can we fulfill our pur- improve our efficiency, enhance quality, and augment our customer category for the gaming headset market. pose of Bringing People Closer. service. In addition to a strong operational response, the tariff impact was reduced via targeted price increases for Enterprise and Gaming These are just some of the product innovations that will reaffirm our in- In conclusion, we feel that we have greatly improved our strategic and products and via company-wide cost control. novation leadership and support above-market growth in 2026. execution capabilities across GN. We have placed solid investments in innovation, technology, and operations, which support profitable Innovating for growth Important transformational milestones completed growth in 2026 and beyond. The past few years have been challenging Preparing for growth in 2026 and beyond, GN has also invested signifi- With our one-company transformation completed, we are now turning in our markets. We feel good about how we have navigated this and cantly in new product innovation: to a new chapter in the pursuit of a range of exciting future business how we have fundamentally strengthened our company. We are well opportunities which we can begin capitalizing on already this year. positioned to continue to navigate macroeconomic challenges and In Hearing, we launched our most intelligent hearing solutions portfolio ready to benefit from improving markets. to date, based on GN’s unique approach to AI and Deep Neural Net- Each of our three business divisions made significant strategic ad- work technology. Thanks to this and years of focus we are able to offer vances supported by group-wide functions with strong shared capabili- Thanks to our employees, customers, and partners the world's best hearing in noise experience. Our launches this year ties. Today, Hearing stands out as consistently growing faster than the Our progress is driven by the loyalty and outstanding contributions of continue a successful product introduction trajectory that have helped market. Enterprise is a clear leader in hybrid work solutions based on our employees across the globe – thank you for everything you do. us grow faster than the market for three consecutive years. unrivaled innovation and enterprise grade experiences. And Gaming Thanks also to our customers and partners around the world for your commands the leading brand in esports, software development, and trust and support. Our journey and success are only possible thanks to Our Enterprise division defended its leadership position with a broad being the number one brand gamers talk about. you. portfolio engineered to address key customer needs and daily pains in enterprises of all sizes and built for Unified Communications with en- In summary we believe that as we enter 2026, our three businesses, Jukka Pertola, Chair – Peter Karlstromer, CEO terprise grade quality and security. Growth in 2026 will be supported by product roadmaps, innovation, and operational agility are in a better the launch of next-generation solutions for video and audio collabora- position than they ever have been. tion. Our updated video portfolio targeting the rapidly expanding mar- ket for intelligent meetings will enable us to serve all room sizes. And 4/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent GN at a glance Born global In 1869, Danish industrialist C.F. Tietgen envisioned a more connected world and founded GN to facilitate communication for people worldwide. Hearing GN offices Enterprise Own presence GN distributors Gaming We help people with hearing loss overcome real-life challenges, improve communication and collaboration for businesses, and provide great experiences for gaming enthusiasts. Revenue by division 16% Gaming Revenue by regions 100 countries ~30 million 43% Serving customers across the globe 39% Hearing products produced North annually America 40% Europe 7,500+ 41% 21% employees worldwide (FTE) Rest of World Enterprise 5/1955/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Our key brands and portfolio Audio and video solutions for Innovative medical grade enterprises and organizations Premium software-enabled and – in and beyond the office hearing aids and care solutions system-integrated gaming gear Highly advanced and innovative medical grade in- Cutting-edge headsets, speakerphones, and Worldwide leader in gaming and esports periph- dividualized hearing solutions sold globally via video collaboration solutions to help people work erals and industry-leading pioneer in innovation hearing care professionals in the way that suits them best, from the office for over 20 years, creating premium gaming gear to the home office and everywhere in between and software Leading hearing brand based on individual care and technically optimal hearing solutions – sold Communication headsets for professional drivers Creator of Performance Gaming Gear™, combin- via 1,500 Beltone branded hearing care stores in and enterprise workers, providing superior call ing the latest science of ergonomics and proprie- the U.S. and via hearing care professionals in se- quality in high-noise environments, all-day com- tary non-slip materials to enhance the player ex- lect other markets fort, and durability perience by maximizing comfort, precision, and control Medical-grade hearing aids providing excellent Integrated communications and hearing protec- speech clarity and advanced features for every tion system for special operations, military, law budget and lifestyle, offering more choice and con- enforcement and security personnel for optimal venience for select direct-to-consumer channels perception in extreme environments 6/1956/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Key events in 2025 Arctis Nova 3 Mitigating tariff impacts GN signs two new Opening new North ReSound Enzo IA and Jabra PanaCast wireless series Accelerate diversification of loan facilities American headquarter Beltone Boost Max S 40 VBS supply chain to mitigate negative GN finalizes loan agreements headsets x Arctis app Exceptional speech under - In Shakopee, Minnesota, USA, The first 180° Android-powered impact from tariffs and for Term Loan Facility and standing and all-day battery life GN opens new 218,000 sq. ft. video bar designed for small SteelSeries raises the bar for a macroeconomic headwinds. Revolving Credit Facility. – in the world’s smallest re - (20,000 m2) facility to serve as rooms. new level of premium audio chargeable Super Power with real-time audio control for a regional operational center hearing aid. FalCom launches 12 console gamers. for all GN divisions and U.S. GN’s most intelligent headquarter for GN's Hearing new products hearing portfolio yet business. New revolutionary suite of ReSound Vivia, the world's tactical communication and smallest AI powered hearing aid, hearing protection systems and ReSound Savi, an essentials delivering unmatched flexibility, range featuring Bluetooth® Low modularity, and user -centric Energy Audio and Auracast innovation. broadcast audio. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Partnering with Huddly Bringing Auracast Human-focused AI Jabra Perform 75 Jabra announces The purpose-built headset for Jabra and Huddly partner to to hearing aid users software for call centers bring plug-and-play simplicity to retail shiftwork to boost extended collaboration GN collaborates with other Jabra launches Engage AI large meeting rooms. collaboration and productivity. institutions to implement Complete, software for call with Zoom Auracast broadcast audio centers uniquely analyzing not Empowering both frontline and Jabra Speak2 75 Arctis Nova Elite technology in Sydney Opera only what is said, but also how it hybrid workers with communi- House. is said. SteelSeries’ new flagship product linking feature cation tools that help them stay brings audiophile-grade sound to connected and productive in Extending meeting room audio wireless gaming headsets. any environment. with Speak2 75 linking feature to double the audio. 7/1957/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Performance highlights Sustainability Financials Reduction in scopes 1 Reduction in scope 3 Revenue (DKK) and 2 carbon emissions carbon emissions 53% 33% 16.8bn -1% organic revenue growth vs 2021* vs 2021* Reported EBITA (DKK) People with hearing loss helped 1.9bn 11.4% EBITA margin vs 11.2 million in 2024 12.1m AGM-elected women Women in GN’s Senior Free cash flow excl. M&A (DKK) 43% 31% on GN’s Board Leadership 1.1bn ESG rating ESG rating ESG rating Reduction in net interest-bearing 14.6 AA A- debt (DKK) MSCI Sustainalytics CDP Climate 0.8bn (low risk) vs 2024 Change Guidance 2026 See more details on financial performance and ESG performance *) 2021 is the baseline year for our climate targets 8/1958/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Jabra Evolve3 series Business review Next generation professional headsets bring together industry- leading voice technology, attractive design, and seamless integra- tion with the tools and platforms enterprises rely on every day. Building on the success of Evolve and Evolve2, this new generation Jabra Evolve3 delivers professional-grade voice clarity with new deep GN’s strategy learning technology, future-ready voice access for AI, real-time adap- tive noise cancellation, and spatial sound for clear conversations in any environment without the customary boom arm. It features a slim, modern silhouette in black or warm gray, with long battery life and wireless charging. Jabra Evolve3 is built for business Our purpose and strategic framework 10 with platform certifications, secure Bluetooth connections, and cen- Our strategy at a glance 12 tralized device management through the Jabra Plus software suite to support easy deployment, updates and long-term performance. It’s engineered for the needs of today’s hybrid professionals. 9/1959/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Our purpose and strategic framework Our purpose We are driven by a single, unifying purpose: Bringing People Closer™. Bringing People Closer We design, engineer, and deliver products and technologies that make Our corporate winning aspiration connecting more natural and more powerful. Being a customer-centric innovator at scale and drive profitable growth Our products shape the ways people communicate with one another and Our business division strategy increasingly with intelligent, AI-enabled tools. Hearing division Enterprise division Gaming division Helping even more people hear Making work-life better for Helping every gamer feel From innovative hearing aids that restore the richness of sound, to headsets, better and live better lives businesses and professionals like a star speakerphones and video systems that transform workplace collaboration, to high-performance gear that elevates the gaming experience. Our key strategic pillars Every day we bring our purpose to life through a shared set of Commitments that unlock the creative potential of the people of GN — helping us serve cus- Customer- Multiplying our Agile and Better for Better for Winning in tomers better, execute with discipline, and build a workplace where diverse back- centric impact through scalable people planet our markets grounds and perspectives are a source of competitive strength. innovation partnerships operations For more than 155 years, GN has focused on enabling meaningful human Our Commitments interaction through customer-centric technology, always with the aim of BE A CUSTOMER GEEK MAKE IT HAPPEN EMBRACE TO WIN bringing people closer to one another and to what matters most. 10/19510/195 --- GN Store Nord Annual Report 2025 Content Global megatrends driving GN’s market opportunities Hearing ● Enterprise ● Gaming – powered by personalization, AI and sustainability Business division drivers Group-wide drivers Healthy aging fuels hearing growth Technology personalized to you • Global aging, rising affluence, and active lifestyles increase demand • Growing demand for personalized, adaptable hardware + software • Adoption still relatively low – significant growth opportunity • Seamless integration with users' preferred ecosystems is essential • Complex tech + high entry barriers → attractive margins • GN leverages cross-vertical competencies to deliver individualized offerings Hybrid work and GenAI adoption AI utilized in products and operations • Less physical space, more tech supporting productivity anywhere • Machine Learning/AI personalize offerings and improve productivity • High certification and security barriers – favors global players and partners • GN applies combined AI expertise across R&D and IT • Premium pricing for enterprise-grade solutions • AI supports innovation in products and internal operations Gaming: a permanent part of life Sustainability as investment • Ubiquitous, social, cross-demographic – more than a trend, a permanent part of life • Net-zero and circular design shape manufacturing and supply chains • High demand for premium peripherals + integrated software experiences • Sustainability drives product and business development opportunities • Evergreen market with continuous growth in users and hours played • Decisions that help the planet also support long-term business success 11/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Our strategy at a glance Being a customer-centric innovator at scale and drive profitable growth Multiplying our impact Customer- Agile and centric through scalable Better Better Winning in innovation partnerships operations for people for planet our markets Drive innovation to deliver real Innovate and co -develop with Enhance supply-chain Foster an attractive and global Reduce our carbon footprint Hearing: Helping even more customer value and solve partners to unlock value resilience, including de -risking workplace with an engaging people hear better and live unmet needs employee experience Advance circular products and better lives Strengthen commercial Improve cost and operational services Develop hardware and partnerships efficiency through digitization Deliver a future fit Enterprise: Making work-life software for seamless user and automation organization with capabilities, Safeguard the rights of people better for businesses and experiences Partner to become leading leadership, and talent needed in our value chain professionals device interface to GenAI Pursue customer and quality for success Maintain lead in AI, Bluetooth centricity Limit our use of hazardous Gaming: Helping every gamer LE Audio / Auracast, and Build roadmaps with partners Improve global processes to substances push the boundaries of Always-On Connectivity to boost customer stickiness Integrate sustainability to support performance awesome and feel like a star and drive adoption drive responsible growth 12/19512/195 --- GN Store Nord Annual Report 2025 Content Customer-centric innovation GN’s innovation philosophy emphasizes customer-centricity to deliver Our hearing product innovation philosophy Our enterprise product innovation philosophy real customer value and solve unmet needs. We have a unique position as we develop products to be used “at the edge”, meaning on or near GN’s unique Organic Hearing™ philosophy balances nature with GN’s enterprise products and solutions are engineered to address key the user, providing seamless user experiences where hardware and science by designing hearing solutions that sound, feel, and connect customer needs and daily pains in enterprises of all sizes: software play optimally together. naturally: • Built for Unified Communication and GenAI platforms with en- • Selective innovation - focusing on the right improvements terprise grade security By bringing together customer and partner insights, bundling the best for the customer • Leading audio and visual gateway for GenAI agents and work- technologies, and securing relevant patents, we effectively understand • Well-timed industry first innovation with predictable flows market opportunities and ensure scalable innovation investments cadences • Irresistible, sustainable design made to be worn all day across hearing, enterprise, and gaming customer segments. • No compromises, e.g. between sound quality, product size, • User experience engineered to optimize well-being, minimize power consumption, and fitting experience stress and cognitive load Co-innovation with ecosystem partners is engrained in our innovation philosophy to unleash the full potential of our inhouse competencies Our gaming product innovation philosophy Our integrated innovation philosophy and of our specialist partners. GN’s gaming products are built by gamers for gamers – taking cus- Product innovation is organized in line focused development teams, Further, GN has over many years developed and follows strict R&D tomer centricity to the extreme to push the boundaries: and scale is supported by shared innovation teams covering e.g.: governance processes and methodologies to ensure that time and cost • Innovation that earns premium pricing, e.g. through best-in- • AI and Deep Neural Network infrastructure and capabilities is spent on developing customer relevant products and futile innova- class acoustic engineering • Sound processing, battery management, connectivity, Blue- tion is discontinued quickly. • Pioneering the intersection between products, software and tooth LE Audio, sensor technology firmware, including SteelSeries Sonar, AI for enhanced audio • Software, app development and infrastructure Today, GN has product innovation centers in Denmark, the U.S., the performance like Clear cast, and a Mobile app - allowing for Netherlands, Poland, France, Italy, and China. In 2025, GN invested • Partner integration and co-innovation real time audio personalization DKK 1.9 billion in research and development. • Patent development and intellectual property rights protection Recent key innovations Jabra Engage Jabra PanaCast 40 VBS ReSound Vivia ReSound Enzo IA Arctis Nova Elite FalCom suite Jabra Evolve3 AI Complete Arctis Nova 3 wireless 13/195 --- GN Store Nord Annual Report 2025 Content Multiplying our impact through partnerships GN has a long history of co-developing and innovating with partners to unlock the full value of our people and competencies. We maintain a diverse pool of innovative and commercial collaborations with partners who help enable our growth as we are allies rather than competitors. We co-innovate with partners to become the leading interface to GenAI and in implementing local AI-based processing and inference in our devices. We align with partners' roadmaps to increase customer stickiness and facilitate even further product and software adoption. Together with our partners, we deliver technological advancements and commercial success. Select strategic partnerships Digital, Data, & IT Hearing Enterprise Gaming R&D Manufacturing i • Strategic partnerships and • Strategic partnerships and • Being a preferred partner • Co-innovating with eco- • Attracting leading exter- • Building relationships with alliances to accelerate alliances with key ecosys- for Apple, Microsoft system partners: Driving nal tech partners to ob- suppliers that are adapta- scale and impact (Apple, tem partners (e.g., Mi- (Xbox), and Google use cases and specifica- tain a competitive edge in ble and flexible to our Bluetooth LE Audio/Au- crosoft, Zoom, and tions with ecosystem pro- the market growth momentum racast, Cochlear, etc.) Google) and go-to-market • Empowering all Lenovo viders to explore further partners to maximize gaming notebooks and MSI AI opportunities • Engaging and collaborat- • Strong partnerships with • Collaborate with trusted reach (e.g., Huddly, High end gaming note- ing with partners that suppliers to deliver inno- partners to advance new Lenovo, and Crestron) books with SteelSeries Au- • Integrating technologies yield a positive return on vative solutions at com- knowledge and im- dio software for our customers to cap- investment petitive costs portance of hearing • Flexible approach that ture the full potential health makes it easy for partners • Collaborating with some of • Agile setup allowing for to integrate GN solutions the world’s best e-sports accelerated diversification into their own systems, re- players, game publishers, of supply chain gardless of technology and influencers 14/195 --- GN Store Nord Annual Report 2025 Content Agile and scalable operations During the past several years, GN has pursued an operations and sup- ply chain strategy to leverage scale and increase agility and resilience. This has had the added benefit of de-risking and mitigating impact Diversified manufacturing footprint across multiple countries from current macroeconomic instability and uncertain trade policies. In 2025, this strategy was successfully accelerated: In-house manufacturing Outsourced manufacturing Enhance supply-chain resilience, flexibility, and thus de-risking • Ensuring continuous operations via established systems and contingency mechanisms regardless of macro-environment • All major products can now be sourced, manufactured, and supplied from multiple countries • Ensure all three divisions can be sourced, manufactured, and shipped across the world Improve cost efficiency and operational efficiency through digitiza- tion and automation • Manufacturing automation and efficiency ramped up • Standardizing and simplifying processes and tools, driving cost efficiency and capturing synergies • Deploying AI for acceleration of business development and impact realization Significant regionalization Pursue customer centricity and sustainability focus and risk-mitigation • 19 Enterprise production lines were • Continue a customer and quality centric approach enhancing transferred out of China to Germany, the customer experience by reducing return rates and com- Vietnam, Malaysia, Thailand, and plaint volumes Taiwan • Further integrate sustainability into operations and product • 12 Gaming production lines were ~30m >300 >3,000 >5,500 decisions to drive long-term value and responsible growth transferred out of China to Vietnam, annual volume of number of own staff in staff in outsourced Malaysia, Thailand, and Taiwan products produced product types operations operations 15/19515/195 --- GN Store Nord Annual Report 2025 Content Better for people We believe that a skilled, engaged, and diverse employee base will ena- With Our Commitments we set the tone for how we work and interact ble continued innovation, customer satisfaction, and performance for with our key stakeholders: our customers and our colleagues. And how GN. As an organization we need to be future fit at all times, having the we retain the dynamic work environment that sets us apart from others right leadership, capabilities, culture, and mindset to succeed in a rap- - combined with a strong focus on inclusion and collaboration. idly evolving business environment. For more detail on people data and initiatives, see the Sustainability GN is and should continue to be an exciting place to work for curious Statement from p. 80. specialists with a passion for, among other, innovation, sound, audio- logy, gaming, AI, and technology at large. A place where talent comes to fuel their professional passion and can realize their true potential. Four focus areas Key strategic initiatives 1. Strengthen our corporate and employer brand to attract top talent and Build a strong corporate and elevate our market position employer brand 2. Create a consistent, engaging employee experience that fosters pride, Foster an attractive and global workplace growth, and belonging 3. Develop the capabilities, leadership, and talent needed for long -term Deliver a future fit organization business success Scale globally through smart 4. Strengthen our delivery model to increase quality and performance paired delivery with consistency and scale 16/19516/195 --- GN Store Nord Annual Report 2025 Content Better for planet Our commitment to sustainability remains firm. In 2025, we updated Our Better for planet strategy consists of four focus areas and five stra- our sustainability strategy, setting priorities in ESG areas most material tegic pillars to deliver on each of the four focus areas. to GN. Through our Better for planet strategy, we aim to continue meeting our climate targets for 2030 and to be net zero by 2050. We For more detail on our sustainability strategy and progress, see the will also strengthen our focus on circularity, hazardous substances, and Sustainability Statement from p. 46. Human Rights. Four focus areas Five strategic pillars 1. Clean power and electrification Reduce our emissions by 80% in scopes 1 and 2 and 25% in scope 3 by 2030 through renewable Reducing our energy, cleaner car fleet, and supplier decarbonization requirements carbon footprint 2. Circularity through design Comply with growing circularity legislation and design our products to optimize circularity at end of life Advancing circularity 3. Circularity through material recovery Recover more material for remanufacturing by expanding scope for remanufacturing to wireless accessories and chargers, and investigate takeback at product end of life Safeguarding human rights across our value chain 4. Expanding TCO Certified Meet customer demands by achieving the premium sustainability certification for covered products (TCO is a global sustainability certification for IT products) Limiting our use of 5. Strengthening our due diligence hazardous substances Mandate third-party Human Rights audits for both our own sites and key manufacturers in accordance with the Responsible Business Alliance (RBA) standards 17/19517/195 --- GN Store Nord Annual Report 2025 Content Winning in the hearing market Helping even more people hear better and live better lives The global hearing market is resilient and non-cyclical with growth driven by health awareness and an aging population. It is a profitable A complete, innovative, and highly intelligent hearing aid portfolio industry with high entry barriers. ReSound Vivia Strategic focus areas World’s best for ReSound Nexia hearing in noise in Full premium family • Lead customer-centric innovation the smallest AI with next era hearing Premium powered hearing aid experience • Be the trusted partner • Building leading operational capabilities ReSound Savi ReSound Key Best-in-class all-around Full core family with Core hearing and comfort proven features ReSound Enzo IA We want to be the fastest growing hearing company Exceptional speech under- in the world, so we can help even more people hear standing in the world’s ReSound CROS smallest rechargeable Superior all-around better and live better lives as well as create value Specialty Super Power product hearing clarity for our owners. We will achieve this with our team of passionate experts delivering the best customer- centric innovation and ensuring that we are the most trusted partner in our industry. All-inclusive Best rated app connectivity Empowering the Clearest streamed sound in Peter Justesen With Bluetooth LE user to be in control public and private at the President Hearing division Connectivity Audio and Auracast App volume you prefer of their hearing Only selected products are shown here. Visit ReSound.com and Beltone.com to see our full portfolio for hearing solutions. 18/195 --- GN Store Nord Annual Report 2025 Content Winning in the enterprise market Making work-life better for business and professionals The enterprise market is driven by hybrid “technology rich” work which is here to stay. User experience and tech shifts like GenAI drive innova- Specialist audio and video technology tion. It is a structurally profitable industry with high entry barriers with engineered to address needs in enterprises of all sizes channel network required for reach in the market. Strategic focus areas Take headset experience to a whole new level Build on leadership position and grow ahead of the market by increasing penetration and re- • Freedom of choice: Broad portfolio and flexible approach to placement, entering new segments and share take. Retain premium position through innovation Unified Communication, management software, and AI agents (e.g., GenAI voice access, security, and new form factors) Headsets • Innovation with purpose: Jabra is the only enterprise-grade au- dio-video specialist brand – ensuring a deep understanding of customer needs Offer all types of customers new video collaboration experiences Extending our portfolio for increased room coverage and relevance to all partners. Differentiate Video and • Trusted partner: Partner-powered, privacy-minded, and highly through focus on the Android segment, security, fast, flexible deployments, and image pro- reliable solutions speakerphones cessing (incl. AI) Accelerate FalCom growth based on new portfolio Tactical Build on FalCom’s new suite of products that fundamentally transforms tactical communication communication and hearing protection for special operations, military, law enforcement, and security personnel Our promise is Making Work-Life Better. Our who all depend on optimal perception in extreme environments solutions ambition is to help every company and their people to work better, no matter where or how they choose to work. Enhance reach with Frontline Workers Accelerate frontline worker growth through segment focus (Retail and Warehousing), and ex- Calum MacDougall Other revenue panded portfolio offering while sustaining the BlueParrott business for professional truck driv- President Enterprise division streams ers in the U.S. Only selected products are shown here. Visit Jabra.com to see our full portfolio for enterprise solutions and FalCom.net for our tactical communication solutions. 19/195 --- GN Store Nord Annual Report 2025 Content Winning in the gaming market Helping every gamer feel like a star Gaming is an attractive market where innovation and brand strength Best-in-class awards (500+) and coverage in top-tier gaming, tech, lifestyle and mainstream media, including IGN, WIRED, Rolling Stone, are requirements to drive success – both of which are strongholds for Esquire, CNN and more GN and SteelSeries. And the gaming market has become mainstream*: 3.6 billion people are gamers; engagement is growing; replacement cy- cles are short, less than two years, with gamers looking for an edge and is a key attach to new platforms and games. Strategic focus areas GN offices • Customer-centric innovation – leader in premium gaming au- Countries with direct sales dio and top 3 overall across our core categories • Bringing leading software to gamers across all platforms • Leverage GN scale to drive increased profitability Win through relentless innovation Products continuously receiving rave reviews, such as the Nova Elite being praised as “10/10 Masterpiece” and Edi- tor’s Choice Award from IGN We aspire to help every gamer push the boundaries of awesome and feel like a star. We uniquely solve Seamless hardware and software integration problems through a unified suite of products and Mobile app and cross connectivity ensuring the best experience regardless of how you play services, enhancing gamers' skills and experiences as a leader in innovation and software. Enthusiast-driven grass-roots brand activation Ehtisham Rabbani SteelSeries is perceived as the leading brand in esports, software development and being the number one brand President Gaming division gamers like to talk about *) Data according to global leader in PC & console games data Newzoo (newzoo.com) Only selected products are shown here. Visit SteelSeries.com to see our full portfolio for gaming solutions and Kontrolfreek.com for our performance gaming gear. 20/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Business review Financials 2025 ReSound Enzo IA Exceptional speech understanding and all-day battery life – in the Five year overview 22 world’s smallest rechargeable Super Power hearing aid. Group financial review 23 Hearing division 25 ReSound Enzo IA addresses the number one challenge for people Enterprise division 26 with severe to profound hearing loss – understanding speech espe- Gaming division 27 cially in difficult environments. It is the world's smallest rechargea- Financial guidance 2026 28 ble Super Power hearing aid, providing maximum comfort, while en- suring all-day battery life. ReSound Enzo IA also offers unprece- dented seamless streaming and connectivity as the world's first Su- ® per Power hearing aid made for Bluetooth Low Energy (LE) Audio and Auracast broadcast audio, supported by the ReSound Smart 3D app. 21/19521/195 --- GN Store Nord Annual Report 2025 Content Five year overview DKK million 2021 2022 2023 2024 2025 GN Store Nord Revenue 15,775 18,687 18,120 17,985 16,782 Revenue growth 17% 18% -3% -1% -7% Organic growth 20% -3% -1% 1% -4% Gross profit margin 55.0% 48.9% 49.4% 53.2% 54.6% EBITA* 2,619 1,560 1,200 2,153 1,908 EBITA margin* 16.6% 8.3% 6.6% 12.0% 11.4% Operating profit (loss) 2,397 1,111 869 1,860 1,596 Financial items, net -90 -405 -462 -492 -685 Profit (loss) before tax 2,271 725 343 1,361 914 Effective tax rate 21.2% 21.4% 22.4% 22.2% 22.3% Profit (loss) for the year 1,790 570 266 1059 710 Total assets 23,552 30,589 30,642 30,611 29,226 Total equity 6,229 6,800 9,587 10,824 10,898 ROIC (EBITA*/Average invested capital) 25% 9% 5% 10% 9% Earnings per share DKK, basic (EPS) 13.63 4.00 1.64 6.79 4.48 Earnings per share DKK, fully diluted (EPS diluted) 13.49 3.99 1.64 6.78 4.48 Investments in property, plant and equipment -457 -209 -351 -120 -168 Free cash flow excl. company acquisitions and divestments 702 -1291 1,092 1,081 1,112 Cash conversion (free cash flow excl. company acquisitions and divest- 27% -83% 91% 50% 58% ments/EBITA*) Equity ratio 26.4% 22.2% 31.3% 35.4% 37.3% Net interest-bearing debt** 4,829 14,561 10,567 9,699 8,876 Net interest-bearing debt (period-end)/EBITDA 1.6 7.1 6.0 3.8 3.8 Payout ratio 12% - - - - Share buybacks*** 1,166 - - - - Outstanding shares, end of period (thousand) 127,718 127,973 145,613 145,613 145,613 Average number of outstanding shares (thousand) 128,816 127,823 138,883 145,613 145,613 Average number of outstanding shares, fully diluted (thousand) 130,194 128,126 138,991 145,712 145,712 Treasury shares, end of period (thousand) 10,458 9,220 5,300 5,300 5,300 Share price at the end of the period 411.3 159.8 171.8 133.8 106.8 Market capitalization 52,530 20,444 25,016 19,476 15,555 * Please refer to Key Ratio Definitions on p. 168 for definition of EBITA ** Please refer to Key Ratio Definitions on p. 168 for definition of Net interest-bearing debt. NIBD figures have been adjusted to include Loans to dispensers as these are interest bearing *** Including buybacks as part of the share-based incentive programs 22/19522/195 --- GN Store Nord Annual Report 2025 Content Group financial review Divisional profit Revenue Revenue (DKKm) and organic revenue growth (%) Group divisional profit ended at DKK 5,042 million compared to DKK In 2025, GN delivered solid financial performance in a challenging year Org. 20% -3% -1% 1% -1%* 5,207 million in 2024. This led to a divisional margin expansion of 1.0 growth impacted by uncertain trade policies and macroeconomic weakness, 18,687 percentage points reflecting the gross margin improvement and the 18,120 which presented multiple challenges to consumers and companies 17,985 2,317 focused group-wide cost management program initiated during the around the world. Despite the challenges on global demand, GN exe- 16,782 2,602 2,810 15,775 year. cuted strongly leading to a revenue of DKK 16,782 million. Organic rev- 1,094 2,683 984 1,798 597 enue growth ended at -1% excluding the wind-down (of the Elite and Development costs Talk product lines), which was in line with the financial guidance for the Group development costs ended at DKK -1,460 million compared to year. The development was driven by 5% organic growth in Hearing, 7,474 9,048 7,732 6,899 -1,491 million in 2024. This reflects continued investments into GN’s -6% in Enterprise, and -2% in Gaming (excluding wind-down). Reported 8,645 R&D roadmap, including 2025 product launches of ReSound Vivia, Re- organic growth was -4%, reflecting a -3% impact from the wind-down. Sound Enzo IA and PanaCast 40 VBS, as well as the ongoing work on For the Group, total revenue growth was -7%, due to -3% impact from the Evolve3 platform, but offset by cost savings across non-product re- FX. lated activities. 7,214 7,104 6,802 6,227 Gross profit 5,332 Management and administration costs Group gross profit ended at DKK 9,157 million compared to DKK 9,564 Group management and administration costs ended at DKK -1,683 mil- million in 2024, equaling a gross margin improvement of 1.4 2021 2022 2023 2024 2025 lion compared to DKK -1,543 million in 2024. The development re- percentage points. The development reflected positive business mix, Revenue Hearing business (DKKm) Revenue Consumer business ( DKKm) flected focused cost control across the organization, while investing strong pricing discipline, and group-wide synergies, offset by direct Revenue Gaming business (DKKm) Revenue Enterprise business (DKKm) into the business to ensure a sustainable and resilient growth platform. tariff costs in Enterprise and Gaming. * Excluding wind-down effect Revenue distribution Financial overview 2025 GN Store Nord Hearing division Enterprise division Gaming division Gaming Consumer North DKK million 2025 2024 Growth 2025 2024 Growth 2025 2024 Growth 2025 2024 Growth 2025 2024 Growth Europe America Revenue 16,782 17,985 -7% 7,214 7,104 2% 6,899 7,474 -8% 2,683 2,810 -5% -14 597 -102% Organic growth -1%* 1% 5% 10% -6% -3% -2% 7% -102% -39% 40% 39% 9,157 9,564 -4% 4,407 4,458 -1% 3,850 4,146 -7% 895 910 -2% 5 50 NA Gross profit Gross profit margin 54.6% 53.2% 1.4%p 61.1% 62.8% -1.7%p 55.8% 55.5% 0.3%p 33.4% 32.4% 1.1%p NA 8.4% NA Divisional profit 5,042 5,207 -3% 2,421 2,464 -2% 2,311 2,662 -13% 346 -36 Divisional profit margin 30.0% 29.0% 1.0%p 33.6% 34.7% -1.1%p 33.5% 35.6% -2.1%p 12.9% NA Rest of 1,908 2,153 -11% EBITA the world EBITA margin 11.4% 12.0% -0.6%p Free cash flow excl. M&A 1,112 1,081 31 21% * Excluding wind-down effect. Reported organic revenue growth of -4% 23/195 --- GN Store Nord Annual Report 2025 Content EBITA (DKKm) and EBITA margin (%) EBITA Capital structure Group EBITA ended at DKK 1,908 million compared to DKK 2,153 mil- The net interest-bearing debt decreased by DKK 823 million to DKK EBITA 16.6% 8.3% 6.6% 12.0% 11.4% margin lion in 2024, equivalent to a margin of 11.4%, which was in line with 8,876 million by the end of 2025, reflecting the solid cash flow genera- the financial guidance for the year. This margin development reflected tion. Consequently, the reported leverage ended at 3.8x, which was the increasing gross margin as well as prudent cost management but similar to 2024. 2,619 was offset by tariffs and negative operating leverage. 2,153 1,908 1,560 During the year, GN signed two new facilities with its core banking 1,200 Other profit & loss items group. A new EUR 1,000 million term loan to refinance existing debt, In 2025, amortization of acquired intangible assets amounted to DKK and a new EUR 500 million revolving credit facility, which will replace 2021 2022 2023 2024 2025 -322 million compared to DKK -365 million in 2024. Financial items the existing EUR 520 million undrawn facility. Based on GN’s strong Reported EBITA GN Store Nord ( DKKm) ended at DKK -685 million in 2025 compared to DKK -492 million in fundamental operational improvements executed in the past few 2024, primarily driven by increased financing costs due to debt refi- years, the new facilities reflect improved terms and conditions, includ- nancing during 2023, as well as FX revaluation of balance sheet items. ing lower interest rates, compared to existing loans. The new facilities Free cash flow excl. M&A (DKKm) mature in 2028 (with the option to extend by up to two years, i.e. 2030, In 2025, share of profit (loss) in associates was DKK 3 million compared in agreement with the banks). 1,092 1,081 1,112 702 to DKK -7 million in 2024. Gain (loss) on divestment of operations, etc. was DKK 9 million compared to DKK 72 million in 2024, due to the di- Flexible operating model helped mitigate -1,291 vestment of Dansk HøreCenter in 2024. Profit before tax was DKK 914 the uncertain trade and macro-environment million compared to DKK 1,361 million in 2024. GN has worked diligently with what is within the company’s control to 2021 2022 2023 2024 2025 mitigate the negative impact from newly introduced tariffs and macro- The effective tax rate was 22.3% compared to 22.2% in 2024, translat- economic headwinds. During the past several years, GN has pursued an ing into a net profit of DKK 710 million compared to DKK 1,059 million operational strategy to leverage scale and increase supply chain agility Net interest-bearing debt (DKKm) and leverage in 2024. Earnings per share (EPS) was DKK 4.48 in 2025 compared to and resilience. 14,561 DKK 6.79 in 2024. In 2025 these efforts were accelerated, and all major products now can 10,567 Free cash flow be supplied from multiple countries. Thanks to this, the group-wide 9,699 8,876 Group operational free cash flow ended at DKK 2,907 million com- cost control efforts, and the commercial actions that were taken pared to DKK 3,126 million in 2024. The change in working capital con- across Enterprise and Gaming, the overall impact is being mitigated 4,829 tributed positively with DKK 163 million, while investment activities well. GN will continuously assess the development and additional pru- excl. M&A decreased to DKK 1,564 million. As a result, free cash flow dent and diligent actions will be taken as needed going forward. 1.6x 7.1x 6.0x 3.8x 3.8x excl. M&A ended at DKK 1,112 million (in line with the financial guid- ance for the year) compared to DKK 1,081 million in 2024. 2021 2022 2023 2024 2025 Net interest-bearing debt (DKKm) Leverage 24/195 --- GN Store Nord Annual Report 2025 Content Hearing division In Rest of World, GN continued to do well with significant market share Revenue (DKKm) Another year with market share gains gains across many markets, leading to a solid organic revenue growth +2% contribution. The growth was supported by strong performance across driven by customer-centric innovation -2% +5% -1% markets like ANZ, India, and Global Distributor Sales, while the growth and solid commercial execution was negatively impacted by a difficult Chinese market. Overall revenue in Rest of World ended at DKK 1,624 million (compared to DKK 1,641 million in 2024). 7,214 7,104 Revenue The Hearing division delivered another strong year with 5% organic Gross profit growth (on top of 10% in 2024 and 13% in 2023), yet again outper- Gross profit reached DKK 4,407 million compared to DKK 4,458 million forming the market. Growth was driven by broad-based market share in 2024, corresponding to a gross margin of 61.1% in 2025. The decline gains of the new ReSound Vivia platform, the world’s smallest AI-pow- 2024 Organic FX growth M&A growth 2025 in gross margin was mainly due to an adverse development from ered hearing aid, enabling the division to capture record high market revenue growth country and business mix as well as the divestment of Dansk share across various markets, underscoring its innovative strength and HøreCenter in 2024. effective market execution. As a result, overall revenue ended at DKK 7,214 million, compared to DKK 7,104 million in 2024, including an im- Gross profit (DKKm) Sales and distribution costs pact of -1% from M&A and -2% from FX. Sales and distribution costs ended at -1,986 million compared to DKK 4,458 4,407 -1,994 million in 2024. The development was driven by the group-wide In 2025, the global hearing aid market was negatively impacted by cost program, while continuing to invest in initiatives to support the global uncertainty and weak consumer sentiment, resulting in market strong momentum of ReSound Vivia. 62.8% 61.1% value growth below its structural trends of 3-5%. Divisional profit In North America, GN delivered solid organic revenue growth in the in- 2024 2025 The divisional profit ended at DKK 2,421 million compared to DKK dependent segment and VA, while the comparison base at a large re- 2,464 million in 2024, corresponding to a divisional profit margin of tailer was challenging and the JabraEnhance.com business was im- 33.6% compared to 34.7% in 2024. This reflects the gross margin de- pacted by low consumer sentiment. Overall revenue in North America velopment partly offset by prudent cost management on sales and dis- ended at DKK 3,537 million (compared to DKK 3,616 million in 2024). Divisional profit (DKKm) tribution costs, while continuing to invest into the ReSound Vivia mo- mentum. In Europe, GN gained broad-based market share, leading to double- 2,464 2,421 digit organic revenue growth. The performance was driven by strong execution in especially Germany and France. The overall revenue in Eu- rope ended at DKK 2,053 million (compared to DKK 1,847 million in 34.7% 33.6% 2024). 2024 2025 25/195 --- GN Store Nord Annual Report 2025 Content Enterprise division revenue growth) was negative for the year, despite being positively im- Revenue (DKKm) Strong channel execution led to positive pacted by a significant revenue contribution from FalCom. -8% sell-out growth outside of Europe, while -6% In Rest of World, sell-out growth was positive in 2025, driven by a fairly -2% 0% market shares were maintained in a diffi- normal market environment, which led to positive sell-in growth (or- ganic revenue growth) for the year as a whole. cult European market. Focused pricing 7,474 Gross profit discipline effectively off-set tariff cost 6,899 Gross profit reached DKK 3,850 million corresponding to a gross mar- gin of 55.8% compared to 55.5% in 2024. The positive development Revenue was achieved through a combination of strong pricing discipline as well The Enterprise division demonstrated continued resilience and focused as a successful supply chain diversification strategy and price adjust- 2024 Organic FX growth M&A growth 2025 execution in 2025 by effectively mitigating impacts from uncertain ments in the U.S. effectively offsetting the direct impact from tariff revenue growth trade policies and macroeconomic weakness, while maintaining its costs. market leading position and preparing for the strategic important Evolve3 launch in 2026. Organic growth was -6% in 2025, reflecting fo- Sales and distribution costs Gross profit (DKKm) cused execution in a gradually improving market but negatively im- Sales and distribution costs ended at DKK -1,539 million compared to pacted by the uncertain trade policies. Revenue ended at DKK 6,899 DKK -1,484 million in 2024. The development reflected good cost 4,146 3,850 million compared to DKK 7,474 million in 2024, including an impact of control, offset by targeted market investments to fuel the current -2% from FX. market share momentum and prepare for the Evolve3 launch. 55.5% 55.8% In North America, sell-out growth was positive in 2025, underpinning Divisional profit GN’s strong channel execution and market-leading product portfolio Divisional profit ended at DKK 2,311 million, representing a divisional 2024 2025 resulting in solid market share gains. Sell-in growth (organic revenue profit margin of 33.5% (compared to 35.6% in 2024). The performance growth) was negative for the year, reflecting significant channel inven- was a result of effective tariff mitigation, focused cost control, but off- tory reductions. set by negative operating leverage from the development in revenue. Divisional profit (DKKm) In Europe, sell-out growth was negatively impacted by the challenged 2,662 market due to the indirect effects of the uncertain trade policies, mak- 2,311 ing several companies hold back investments. However, strong channel execution and a market-leading product portfolio allowed GN to main- 35.6% tain its market share in the region. As a result of the difficult end-mar- 33.5% kets and some channel inventory reductions, sell-in growth (organic 2024 2025 26/195 --- GN Store Nord Annual Report 2025 Content Gaming division Gross profit Revenue (DKKm) Another year of solid market share gains Gross profit for the Gaming division reached DKK 900 million com- -22% pared to DKK 960 million in 2024. This was a result of DKK 895 million in a difficult market impacted by low -17% in gross profit contribution from SteelSeries products (gross margin of -2% consumer sentiment, while executing -3% 33.4% in 2025 compared to 32.4% in 2024) and DKK 5 million from the 0% wind-down of Elite and Talk product lines. The development within the sustainable margin initiatives despite gross margin of SteelSeries products reflects strong pricing discipline, 3,407 continued benefits from the supply chain integration, but partly offset tariffs 2,669 by direct tariffs costs. Revenue Sales and distribution costs The Gaming business gained market share in a difficult gaming equip- Sales and distribution costs ended at DKK -590 million (including DKK ment market resulting in organic revenue growth of -2% (excluding the -41 million in wind-down costs), reflecting a decrease of 33% compared 2024 Wind-down Organic FX growth M&A 2025 wind-down effect). As a consequence of the wind-down of the Elite and to DKK -879 million in 2024. The positive development reflects the revenue growth Talk product lines during 2024, the reported organic revenue growth structural savings from the wind-down and the general group-wide growth for the division ended at -19%. As a result, overall revenue ended at cost program. DKK 2,669 million, compared to DKK 3,407 million in 2024, including Gross profit (DKKm) an impact of -3% from FX. Divisional profit The divisional profit ended at DKK 310 million, translating into a divi- 960 900 In North America, SteelSeries performed very well in a gaming equip- sional profit margin of 11.6% (compared to 2.4% in 2024) driven by the ment market that was significantly impacted by decreasing consumer improved gross margin and positive operating leverage. Excluding the sentiment during the year. Driven by the strong commercial execution 28.2% effects of the wind-down, the divisional profit ended at DKK 346 mil- 33.7% and relevant product introductions, SteelSeries managed to perform lion, equal to a divisional profit margin of 12.9%. well compared to the market, which led to a single-digit decline in or- 2024 2025 ganic revenue growth. Wind-down effects As a consequence of the wind-down of the Elite and Talk product lines In Europe, SteelSeries continued its recent years of success and con- in 2024, the Gaming division was impacted by DKK -14 million in reve- tributed with positive organic revenue growth in the region Divisional profit (DKKm) nue, DKK 19 million in COGS and DKK -41 million in sales and distribu- particularly driven by countries like Germany and France. 310 tion costs linked to the wind-down for general service and warranty commitments. In Rest of World, SteelSeries delivered strong organic growth with par- ticularly strong performance in Japan. 11.6% 81 2.4% 2024 2025 27/195 --- GN Store Nord Annual Report 2025 Content Financial guidance 2026 consumer sentiment, it is assumed that the hearing aid market in 2026 GN expects to continue to gain market shares driven by the very strong will grow at the low end of its structural trend. brand, innovation leadership, and category expansion. Consequently, Gaming assumes to contribute with organic revenue growth of 7% to GN Store Nord Based on the strong sales momentum of ReSound Vivia and further 13%. product launches throughout 2026, it is currently expected that GN will continue to grow strongly despite the difficult comparison bases Key EBITA margin assumptions for the and the weaker-than-normal market growth. Consequently, the Hear- organic 11.5% 3% ing division assumes to contribute with organic revenue growth of 3% financial guidance of 2026 to 7%. revenue EBITA Following a difficult 2025, where the primary focus was to protect to13.5% to 7% growth margin Enterprise division Group profitability, GN is expected to return to profitable growth in Following a longer period of market stabilization, the Enterprise mar- 2026. kets outside of Europe experienced positive sell-out growth in 2025, which is assumed to continue in 2026. As a consequence of the trade In 2026, the EBITA margin is expected to be supported by the tempo- environment, the European market experienced a setback during 2025, rary nature of certain supply chain costs in 2025, gross margin expan- The development in tariffs and its impact on our markets makes our en- but was showing positive signs towards the end of the year. It is there- sion and operating leverage. vironment more uncertain than normal. As a base assumption for the fi- fore assumed that the European market will gradually recover during nancial guidance we assume that tariff rates as of today are constant 2026. The guidance also takes into consideration the annualization of tariffs throughout the remainder of the year. For 2026, it has been decided not from 2025. In addition, the group margin is also expected to be nega- to guide specifically on free cash flow excl. M&A following the signifi- Driven by a gradual launch of our Evolve3 headset portfolio, other tively impacted by the non-cash contribution from higher absolute cantly improved capital structure and leverage. GN’s focus on profitable product introductions and strong execution it is assumed that the En- amortizations from prior capitalizations compared to 2025. growth and healthy cash flow generation continues. terprise division will contribute with organic revenue growth of 0% to 6%. The underlying margin expansion for 2026 is supporting the journey to- Key revenue assumptions for the financial wards the structural margin target level of 16-17%. Gaming division guidance of 2026 Similar to the Enterprise market, the Gaming equipment market was also impacted by the change in trade environment and general weak Hearing division consumer sentiment during 2025. As a consequence of the macro-eco- GN is exposed to an attractive hearing aid market, which has histori- nomic environment, it is currently assumed that the broader gaming cally been growing 4-6% in volumes driven by ongoing favorable de- equipment market will experience modest growth in 2026 driven by mographic trends. With an assumed -1% yearly ASP impact, the struc- continued increase in number of global gamers as well as important tural market value growth assumptions of 3-5%. As a consequence of new game introductions towards the end of the year. the current macro-economic challenges including the low level of 28/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Business review Company information Arctis Nova Elite SteelSeries’ new flagship Arctis Nova Elite brings audiophile-grade sound to wireless gaming headset, creating a new “ultra-pre- mium” category for the gaming headset market. Shareholder information 30 Risk management 33 The Arctis Nova Elite is a story of meticulous design, engineering, Corporate governance 37 and craftsmanship to deliver the first Hi-Res Wireless Certified im- Board and leadership 41 mersive listening experience across PS5/Xbox/Nintendo Switch/PC, music, entertainment, work & play. Custom Carbon Fiber Drivers, OmniPlay that gives the ability to Connect/Mix/Play up to four sources on PC/Console/Bluetooth simultaneously, and AI Noise Re- jecting Microphones come together to create the ultimate gaming headset. 29/19529/195 --- GN Store Nord Annual Report 2025 Content Shareholder information Denmark Through an open and active dialogue, 45% GN strives to provide all stakeholders Europe with timely and relevant information North America 25% 30% The GN share The total market value of GN’s shares, excluding treasury shares, was DKK 15.6 billion at the end of 2025. The price of the GN share was DKK 107 on December 31, 2025. GN is, among other indices, included in the C25 index and Large Cap in- Rest of the World dex on Nasdaq Copenhagen, as well as the Stoxx Europe 600 index and Geographical split of shareholders the Stoxx Europe Sustainability index. <1% (% of share capital) Ownership The GN share is 100% free float, and the company has no dominant shareholders. GN has approximately 65,000 registered shareholders. Of the entire ownership, it is estimated that around 45% are held by in- vestors in Denmark, around 25% in rest of Europe, around 30% in North America, and less than 1% in Rest of World. the Board of Directors to increase the share capital and issue new Major indices including GN Store Nord The 10 largest registered shareholders held in total around 40% of the shares in accordance with the Articles of Association. GN share capital at the end of 2025 (including GN’s holding of treasury Index Focus shares). By the end of 2025, one shareholder, William Demant Invest Treasury shares A/S, has reported an ownership interest in excess of 10% of GN’s share OMX C25 CAP Denmark On December 31, 2025, GN held 5.3 million treasury shares corre- capital. sponding to 3.5% of the share capital, and the value of the treasury STOXX Europe 600 Europe shares was DKK 566 million. OMX Nordic Large Cap Nordics Share capital and voting rights GN’s share capital of DKK 603,650,860 consists of 150,912,715 shares, Until the Annual General Meeting on March 11, 2026, the Board of Di- each carrying four votes. GN has one share class with no restrictions on rectors is authorized to acquire shares in GN. The company's holding of ownership or voting rights. The Annual General Meeting has authorized treasury shares may at no time exceed 10% of the share capital of the company. 30/195 --- GN Store Nord Annual Report 2025 ContentContent Dividend policy and share buyback programs Investor relations policy Share price development* GN’s overall financial target is to deliver a competitive shareholder As part of GN’s investor relations activities, an active dialogue is pur- 130 return through a combination of dividend payments and share price sued with existing and potential shareholders as well as with financial appreciation. Historically, GN has been paying out dividend corre- analysts. GN ensures that relevant and timely information is provided 120 sponding to 15 - 25% of the annual net profit and has been distributing to the financial community to ensure that the GN share is fairly priced. 110 additional excess cash to shareholders through share buyback pro- This is accomplished through information continually announced to 100 grams. the market as company announcements and press releases, combined with investor meetings, conferences, and presentations of the com- 90 Dividend payments and share buybacks are subject to, among other, pany’s interim and annual results. 80 cash requirements to support the ongoing operations, strategic oppor- 70 tunities, and the company’s capital structure. During 2025, GN’s net in- Following the release of interim and annual results, GN conducts road- 60 terest-bearing debt decreased by DKK 0.8 billion to DKK 8.9 billion, shows where the Executive Management and Investor Relations inform driven by the positive free cash flow, reflecting a leverage of 3.8x. GN investors and financial analysts about the recent developments in the 50 31 Dec 2024 1 Apr 2025 1 Jul 2025 30 Sep 2025 31 Dec 2025 remain focused on delivering shareholder value and will consider doing company. GN is covered by sell-side analysts, who continually release GN C25 CAP shareholder distribution again, once the leverage is closer to the long- analyst research reports on GN and the industry dynamics. * Index: 30-12-2024 = 100 term target of 2.0x. GN will not pay out dividend in respect of the fi- nancial year 2025 and share buyback programs have been paused for GN has a 30-days silent period prior to publication of a financial report. the time being. During these silent periods, any communication with stakeholders is restricted. Incentive programs Financial calendar for 2026 By the end of 2025, the total number of outstanding options in GN GN’s website, www.gn.com, contains historic and current information Store Nord were 3,156,295 (2.1%) of the share capital in GN Store about GN, including company announcements and press releases, Event Date Nord. current and historic share price data, investor presentations, and annual and interim reports. The Investor Relations team can be Annual General Meeting March 11, 2026 contacted at: Investor@gn.com. Interim Report Q1 2026 May 7, 2026 Notices for the Annual General Meeting Interim Report Q2 2026 August 20, 2026 Additional relevant information GN sends notices to convene Annual General Meetings by email. GN’s investor relations policy is available at: Interim Report Q3 2026 November 5, 2026 Letters are sent to shareholders who have requested this instead of www.gn.com/aboutIR Read company announcements on www.gn.com. emails. Thus, GN encourages all registered shareholders to sign up at A full list of the analysts covering GN is available at: the investor portal with their email addresses and check the box la- www.gn.com/analysts belled “subscribe/unsubscribe” in the field “Notice for the Annual General Meeting”. Shareholders will then receive the notice by email in the future. 31/195 --- GN Store Nord Annual Report 2025 Content The GN investment case We enhance communication between people and create value and growth by leveraging our unique capabilities and global scale across attractive markets. We do this based on the following characteristics: Focused, talented, and Attractive markets Deep expertise and Multiplying our impact Agile operations and Protecting our planet Asset light business passionate people across Tech and proven track-record in and execution power by global supply chain by running our company model and strong MedTech backed by the intersection being a unique, "non- scale to support growth in a climate-friendly and margin focus leading to fundamental between hardware and competing" and and navigating possible sustainable way solid cash flows megatrends and high software delivering attractive global future disruptions supported by group- entry barriers customer-centric partner to technology wide synergies innovation and value and channel leaders across the value chain Financial targets 2025-2028 Organic revenue growth EBITA margin Leverage GN Store Nord 5%-8%* 16%-17% (by 2028) 2.0x (by 2028) * Assuming 3-5% market value growth in Hearing, 3-5% market value growth in Enterprise headsets, and ~5% market value growth in Gaming 32/195 --- GN Store Nord Annual Report 2025 Content Risk management Effective risk management ensures that Risk identification and mitigation process GN remains resilient, agile, and competi- 7) Lessons Learned tive in an ever-changing global environ- Adapting and improving the process ment and resources to changing business 6) Board and Audit Committee requirements and environment. 1) Initial risk assessment process Top Risk Review Prioritized areas receive automated risk We continue to evaluate and refine our approach, focusing on key Board of Directors and Audit and maturity questionnaires. areas such as market, technological integration, innovation, product Dec Jan Committee review GN’s Corpo- quality, workforce development, IT infrastructure, and finance. rate Risk Management process. The responses are automatically calcu- Nov Feb lated into likelihood, taking the maturity Risk governance at GN is overseen by the Board of Directors, who en- into account, while the financial impact sure risks are managed across the value chain. Risks are identified and is assessed in close collaboration with Fi- governed by a risk department and the Executive Leadership Team for 5) Executive impact review Mar Oct Q4 Q1 nance. each division and selected functions. Final meeting with Execu- tive Leadership Team who Hereafter, the results are evaluated and Risks are evaluated based on their impact and likelihood, taking GN’s collectively challenges, vali- Sep Apr challenged by the Corporate Risk Gov- setup and maturity into account. A comprehensive risk report, re- dates, and prioritizes risks Q3 Q2 ernance team and consolidated in meet- viewed and prioritized by the Executive Leadership Team, is presented and risk handling activities. ings with Strategy and respective mem- to the Board of Directors annually for approval. Aug May bers of the Executive Leadership Team. The main risks associated with GN’s businesses, and the main risk miti- Jul gation taken to manage these, are outlined on the following pages. Jun 4) Strategy review 2) Financial impact assessment Final review and re-vali- Meetings with Finance to assess and dation with Strategy. validate financial risk impact. 3) Mitigation activity tracking Meetings with respective Strategy partners to track the status of previ- ously defined mitigation activities. 33/19533/195 --- GN Store Nord Annual Report 2025 Content Risk description Mitigating actions Assessment The macroeconomy and global trade policies General macroeconomic uncertainty, instability in trade policies, and increasing trade tar- To mitigate macroeconomic uncertainty and instability in trade relations, we continuously GN continuously evaluates the extent to which its organization systematically assesses and iffs may decrease households’ and enterprises’ spending, which may result in declining de- analyze emerging threats and scenario-based risks to inform decision-making across the or- manages risks in the macro-environment associated with collaboration across diverse loca- mand for GN’s products and/or increasing costs. ganization, including enabling readiness to take prompt and appropriate cost actions, if tions, ensuring that strategies are in place to mitigate potential disruptions. necessary. Further, we are proactively assessing upcoming regulations to adapt the organi- Such uncertainty may also impact key suppliers and GN’s operations. And this in turn may In GN’s operations organization, the active assessment of these risks involves monitoring zation’s structures, processes, and compliance measures in good time. impact GN’s ability to continue to supply key markets. regional stability and adapting processes to maintain efficiency. Assessing our operational To ensure GN’s operational resilience, a manufacturing and supply chain diversification resilience and efficiency is essential for ensuring our ability to anticipate and manage dis- GN’s supply chains, including component sourcing, remain dependent on the availability of strategy is being executed. As part of this strategy, we are preparing regional operations ruptions effectively. This assessment includes a thorough analysis of our relationships with components and manufacturing capacity across Asia. across all three regions and divisions to enable faster, market‑tailored execution. Addition- key suppliers, which is critical for maintaining product quality throughout the lifecycle. We ally, we have relocated and diversified our production facilities so that all relevant products assess and manage risks in the macro-environment, focusing on diversifying risks within our It is critical to GN’s success that its in-house as well as outsourced manufacturing and sup- specifically for the U.S. market can now be supplied from multiple countries, reducing sup- operations to enhance stability. ply chain setup is resilient, cost efficient, and that GN as a whole is able to deliver products ply chain exposure. and services to customers of the right quality, the right price, and on time across the world. Similarly, in sales and marketing, evaluating these risks helps tailor strategies to navigate Additionally, we are implementing a harmonized Product Lifecycle Management system, market dynamics and protect brand integrity in various macro-environment contexts. strengthening our data foundation, and streamlining IT architecture to enhance cross-func- Our commitment to continuous improvement is also reflected in initiatives aimed at miti- tional collaboration. At the same time, we are modernizing operational IT systems and im- gating risks associated with extreme weather, climate change, and human rights issues. By proving process alignment to ensure stability and scalable capacity. implementing robust risk mitigation strategies, we strengthen our operational framework We are currently reinforcing the security and resilience of our most critical manufacturing and ensure long-term sustainability and resilience in the face of evolving challenges. sites through targeted protective measures and contingency planning. And we are securing GN’s assessment is that adequate strategies and measures are in place to manage these diverse, strategic sourcing partnerships and drive contingency planning to maintain conti- risks in a balanced way. nuity and enable rapid recovery. Together, these actions are designed to safeguard supply chain continuity, regulatory read- iness, and long-term operational stability. Also, these initiatives are intended to reduce product returns, increase product and service quality, and improve customer interactions, creating a more agile and resilient operations platform. 34/195 --- GN Store Nord Annual Report 2025 Content Risk description Mitigating actions Assessment People, technology, and quality GN operates on the cutting edge of technological advances to provide new relevant user To increase transparency and simplify decision-making, we are implementing cross-func- The evaluation of our alignment with market demands and technological advancements is experiences and functionalities to its customers. Any failure to gain access to and deploy tional forums, standardized processes, and shared practices across teams. In addition, we essential for fostering a culture of innovation and ensuring product quality throughout the the latest technologies and competencies within hardware, software, and services in a are using strategic capability mapping to identify and proactively address gaps in people entire product lifecycle. timely manner would impact GN’s future earnings potential. resources and key competencies. By assessing and promoting collaboration and integration across various functions, we en- Equally, the ability to attract and retain the right people and competencies is critical to sus- Across divisions and functions, we are strengthening our focus on product quality while ex- hance operational efficiency and responsiveness to market changes. Our focus on assessing taining innovation and technological leadership. panding automated testing and shifting testing earlier in the development cycle to improve continuous improvement is vital for sustaining competitiveness and driving long-term busi- resilience. ness growth. In addition to maintaining technological leadership, GN must ensure that products and ser- vices operate without defects or other quality issues from their launch through their lifecy- Furthermore, we are also conducting continuous risk assessments, prioritizing a sustainable Through these initiatives, we create a resilient organization that not only meets current cle. Quality deficiencies could cause significant reputational harm and ultimately jeopardize platform strategy, and selectively bringing development activities in‑house to enhance con- market demands but anticipates future challenges, positioning us for sustained success in GN’s ability to remain a relevant player in key markets. trol and long‑term operational resilience. an ever-changing landscape. Further, technology products and solutions that connect to the internet or to other inter- Our product cybersecurity improvements take a risk-based approach, evaluating factors A holistic approach ensures that our systems are fortified against cyber threats from multi- net-connected devices have an inherent risk of being compromised, thus exposing users to such as sales volume, attack surface, and third-party dependencies. We have rolled out se- ple angles, enhancing the overall resilience of our offerings. Our evaluation extends to the cyber threats. It is critical for GN’s continued success and trust with customers that our cure coding practices and architecture training across our teams. R&D strategy for managing risks associated with cybersecurity and data privacy. This strat- products are designed to be secure and resilient toward cyber-attacks. egy is aligned with our broader organizational goals, ensuring that we remain vigilant and Moreover, threat modelling has been extended to cover new products, feature changes, proactive in the face of evolving threats. By continuously assessing and refining our prac- and legacy systems, with a commitment to advancing towards more sophisticated threat tices and strategies, we aim to uphold the highest standards of security and integrity in all modelling techniques. At the same time, penetration testing is being integrated as a struc- our products and services, ultimately fostering trust and confidence among our stakehold- tured and consistent part of the product development lifecycle to proactively identify and ers. address vulnerabilities. Competitive dynamics Highly competitive dynamics characterize the product categories in which GN operates. We are focused on strengthening customer relationships, driving innovation, and enhanc- We have a strong organizational focus on assessing, anticipating, and adapting to evolving Products must provide compelling user experiences to compete. GN experiences market ing operational efficiency to ensure competitiveness and support sustainable growth. This market trends, effectively managing brand recognition, analyzing competitive threats, and consolidation, product commoditization, and attempts at conquering market share from includes deepening integration with key accounts and expanding strategic partnerships understanding shifting customer needs and behaviors, including increasing consumer de- incumbents and new competitors. while maintaining leadership in AI and product quality. mands, particularly in relation to sustainability. As purchase decisions within some GN categories potentially migrate from professional GN’s approach emphasizes launching attractive and innovative new products in targeted By integrating these insights into our strategic planning, we enhance our competitive ad- buyers to the end-user, brand awareness becomes increasingly important for some of GN’s categories, conducting thorough post-launch reviews to drive continuous improvement, vantage and ensure long-term success in the marketplace. product lines in maintaining and expanding market share. and advancing transformation programs that improve priority setting, planning, and cross- functional collaboration at scale. We are also broadening our product portfolios, advancing cybersecurity initiatives, explor- ing new market segments, and increasing marketing efficiency through strategic partner- ships. 35/195 --- GN Store Nord Annual Report 2025 Content Risk description Mitigating actions Assessment Cyber security IT and data are foundational business enablers for GN across all value chain components. To secure availability as well as to strengthen our security posture and governance, we are GN ongoing evaluates readiness and response to emerging cyber threats, incident response All platforms are required to be available and provide the functionalities needed. Addition- conducting internal penetration testing and internal IT process and system reviews. Busi- protocols, data protection measures, and third-party relationship risks. We assess the com- ally, systems must protect data and privacy. Poor availability, consequences of cyber-at- ness continuity and data recovery plans are in place and cyber incident response is tested prehensiveness and current state of our cybersecurity measures across different threat vec- tacks, lack of functionality in business-critical systems, or data breaches could impact GN’s yearly. We are reassessing vendors based on their handling of data and impact on our infra- tors and layers, as well as the culture of continuous improvement in cyber security prac- operations, business continuity/data recovery, and reputation and may result in significant structure to reduce third‑party risks. In addition, we are inventorying and managing all soft- tices. Key findings highlight strengths and areas for improvement. fines and financial loss. ware used across the organization to establish a clear protection and remediation priority. We are also further segmenting the network and implementing enhanced network controls to reduce the attack surface and improve overall resilience. Interest and foreign exchange rates Due to the nature of its operations, investments, and financing activities, GN is exposed to a During 2025, GN successfully signed EUR 1,500 million loan facilities with its core banking GN has centralized the handling of financial risks in Group Treasury except for commercial number of financial risks including changes in interest rates and foreign exchange rates. group consisting of a EUR 1,000 million term loan facility and a EUR 500 million revolving risks, which are managed by the Group’s operating businesses (divisions). credit facility. The new facilities mature in 2028, with the option to extend by up to two GN’s net interest-bearing debt decreased during 2025 to DKK 8,792 million (2024: DKK The financial risks are managed in accordance with the overall financial risk management years, i.e. 2030, in agreement with the banks. 9,699 million). As a result, the net interest-bearing debt to EBITDA ratio ended at 3.8x guidelines set out in GN’s Group Treasury Policy, which is reviewed on an ongoing basis. (2024: 3.8x) driven by the strong cash flow generation. The EUR 1,000 million term loan facility was used to refinance the EUR 800 million term Please refer to note 4.2 in the financial statements for further information about financial loan (maturity in Q3 2026) as well as EUR 140 million R&D loans (maturity in 2026–2029). GN’s loans are primarily long-term with maturities until 2036 with a split of fixed and float- risks. EUR 937 million of the new term loan facility was utilized as of December 31, 2025, and the ing interest rates. undrawn EUR 63 million of the facility has been cancelled. The EUR 500 million revolving credit facility replaced the previous EUR 520 million revolving credit facility. The purpose of As GN is a global company, it has revenue and costs in a number of different currencies, the revolving credit facility is to mitigate potential liquidity or refinancing risk. The EUR 500 which creates a financial risk from changes in the foreign exchange rates. million revolving credit facility remains undrawn as of December 31, 2025. Annual EBITA impact from a 5% increase in currency before hedging GN has short-term uncommitted Money Market lines and Overdraft facilities in place to di- (DKK million) versify its borrowing instruments and manage working capital. The total size remains at EUR 432 million, with a utilization of EUR 161 million on December 31, 2025. GN also has a Currency GN Store Nord short-term, uncommitted Euro Commercial Paper program (“ECP”) in place to diversify its USD -28 borrowing instruments. The program size is up to EUR 250 million with a utilization of EUR GBP 28 70 million on December 31, 2025. In total, GN has outstanding senior unsecured Private AUD 18 Placements of around EUR 95 million in aggregate under the EMTN program by December JPY 11 31, 2025, with maturities in 2036. Moreover, GN currently has R&D loans outstanding of EUR 60 million with maturities from 1 to 3 years with fixed interest rates. GN is actively mitigating the financial risk related to currency fluctuations by targeting a balanced mix between revenue and costs across currencies. In addition, GN has hedged a substantial part of the expected net EBITA in foreign currencies to secure the EBITA contri- bution of the material trading currencies for the next 12 months. 36/195 --- GN Store Nord Annual Report 2025 Content Corporate governance finance, and change management. See pp. 42-43 for a description of Management structure the board members’ competencies and experience. GN is governed by a two-tier management structure. The Board of Di- rectors is responsible for the overall governance of the company, and GN’s framework The Board of Directors’ annual self-evaluation the Executive Management handles the daily management under the The Board evaluates on an annual basis the composition, diversity, and guidelines and supervision of the Board. The ultimate authority rests for corporate governance competencies of the Board as a whole - as well as each individual board with the shareholders at the General Meeting. member’s special competencies - to ensure the most optimal perfor- The board members of GN are elected at GN’s General Meeting. mance of the Board. As part of such evaluation, the Chair of the Board The Executive Management consists of a Chief Executive Officer and a The Board of Directors has established Audit, Remuneration & cooperates with each individual member to ensure that the members Chief Financial Officer. Further, an Executive Leadership Team is re- Nomination, and Technology & Innovation Committees, and ap- update and supplement their knowledge of relevant matters with a sponsible for the day-to-day operations of their respective areas and points the members of the Executive Management. In addition, GN view to ensure that the members’ special knowledge and qualifications serve as part of the Group’s overall leadership. has established an Executive Leadership Team. are applied in the best possible manner. Board of Directors In 2025, the Board of Directors performed its annual self-evaluation GN's Board currently comprises ten members, of which seven have General Meeting with the assistance of an external advisor. The Danish Committee on been elected by the shareholders at the General Meeting, and three by Corporate Governance recommends that companies conduct an exter- the employees in accordance with the Danish Companies Act. nal, objective evaluation at least every three years. Board of Directors Competencies of the Board The process GN’s Board strives to recruit board members with a diversified range of The evaluation was based on the input from ten Board members and mutually complementary competencies. The current Board is a diverse Board Committees seven executives. It encompassed an online questionnaire and various group in terms of global experience, functional competencies, and in- benchmarking to other peer boards as well as a reporting on the re- dustry background which ensures that it can fulfil its obligations. sults of the evaluation facilitated by the external consultant. Executive Management The composition is a mix of members with executive positions and pro- The results of the Board evaluation, including practical recommenda- fessional board members, providing a good balance between Executive Leadership Team tions for focus areas, was discussed at a board meeting in December knowledge, competencies, experience, and availability for a substantial 2025 with key findings presented by the external consultant. workload. The board members possess global expertise within med-tech & healthcare, strategy, M&A, ESG/sustainability, innovation, R&D and product development, IT, software, digital transformation, marketing, commercialization, supply chain, technology & professional services, 37/195 37/195 --- GN Store Nord Annual Report 2025 Content General conclusions more complex due to a rapidly changing global landscape, and an in- Board committees In line with last year’s results, it was concluded that the Board has a creased internal strategic focus on the Group necessitates rebalancing As part of the overall governance of the company, the Board has es- good working relationship and a constructive dialogue with the CEO of the depth in strategy implementation across the Group’s divisions. tablished Audit, Remuneration & Nomination, and Technology & Inno- and management and are empowered to express their thoughts and vation committees to assist with monitoring and preparatory work re- opinions; Board meetings are conducted in a manner that ensures Finally, the Board identified a development opportunity to create a lating to key areas of the Board’s responsibilities. The committees’ open, relevant discussions and meaningful participation. clearer view on how the Board should or could relate to stakeholders. work in 2025 is summarized in the following: The Chair sets the style and tone of the Board to promote open, hon- The Chair of the Board will account for the process and the general Audit Committee est, and constructive debate and the relationship between the Chair conclusions in his statement at the Annual General Meeting. Additional The Audit Committee works according to an annual agenda with fixed and the Executive Management is effective. The board members do information on the evaluation process and the general conclusions of items following key events of the annual financial reporting cycle. In their homework in advance of meetings based on the materials distrib- the 2025 evaluation may be found on the company’s website: addition, the Audit Committee requests additional topics to be dis- uted to them and the Chair encourages active engagement by all www.gn.com/boardevaluation2025 cussed in the meetings from time to time. board members. The Board has diverse experiences, personal styles, cultural back- grounds, and a good gender balance. The Chair is seen as an inclusive and seasoned professional, well trusted by the management and with a sincere ambition to do what is right. Download GN’s 2025 Corporate Governance Report: Report on Corporate Governance cf. section 107b of the Danish www.gn.com/corporategovernance2025 Financial Statements Act The Board achieved its highest scores in committee effectiveness and The Board and the Executive Management continuously strive cooperation with CEO/executive team and respondents highlighted Risk management related to financial reporting is described in to maintain a good corporate governance level. constructive dialogue, well-prepared committee work, and an open, this report on page 36. Internal control systems are described in collaborative, and respectful tone in the boardroom. the above-mentioned Corporate Governance Report. This consti- The website of the Committee on Corporate Governance tutes GN’s statutory report on corporate governance as required - Corporategovernance.dk/english – lists its recom- As part of the general evaluation conclusions, the external advisor pro- under section 107b of the Danish Financial Statements Act. mended best practice guidelines. vided a number of recommended focus areas, which the Board intends to take into consideration going forward. GN’s Remuneration Policy is available at www.gn.com/re- GN is required to report on its compliance with these recom- munerationpolicy mendations according to the “comply or explain” principle. GN’s Succession planning was identified as an improvement area, which re- compliance with the individual recommendations is reviewed quires that the Board establishes clearer succession processes with GN’s Remuneration Report for 2025 is available at: once a year by the Board. more depth and increased Board visibility into talent pipelines. http://www.gn.com/remuneration2025 Another identified development area was strategy implementation. Although strategy processes are solid, implementation is becoming 38/195 --- GN Store Nord Annual Report 2025 Content The Audit Committee completed all planned meetings in 2025 and fo- out its own annual composition/competency review and a self-assess- Technology & Innovation Committee cused on governance, financial reporting quality, risk oversight, compli- ment of its performance. In 2025, the Technology & Innovation Committee completed its second ance, and the control environment. During the year, the Audit Commit- year of operation. In line with its charter, the Committee explored tee concentrated on the Annual Report and year-end matters, over- Further, the Audit Committee considered the need for an internal audit long-term strategic technology and innovation opportunities for GN. sight of the external auditor (PwC), CSRD reporting, refinancing, the function, which was not deemed necessary at this time. The Committee participated in a series of portfolio reviews to validate whistleblower reporting system, material legal cases, and recurring an- long-term direction as well as identify cross‑business synergies. It also nual reviews (tax, treasury, insurance, capital structure, internal con- Remuneration & Nomination Committee assessed central research and technology themes that support GN’s trol maturity, and risk management). The Audit Committee also carried Following the 2025 Annual General Meeting, the Remuneration Com- ambition to accelerate cross‑company innovation through shared plat- mittee and the Nomination Committee have been combined into a forms, modules and common technologies. joint Remuneration & Nomination Committee to enhance efficiency Meeting attendance and create stronger synergies across their respective areas of responsi- See charters and composition of the four committees at: Chairman- Remuneration & Technology & Board ship Audit Nomination Innovation bility. www.gn.com/boardcommittees Jukka Pekka (C) (C) - (M) (C) Pertola 15/15 9/9 7/7 4/4 In 2025, the Committee supported the Board in ensuring that GN’s Remuneration Klaus Holse (DC) (DC) (M) (M) (M) leadership composition, competencies, and remuneration structures GN pursues a policy of offering the Board of Directors and Executive 15/15 9/9 5/5 5/5 4/4 effectively underpin the company’s strategy and purpose. It oversaw Management remuneration that is competitive with industry peers and Hélène Barnekow (M) - - (C) - 14/15 7/7 the composition and succession planning for the Board of Directors other global companies to retain and attract competent professional Jørgen Bundgaard (M) - (M) - - and Executive Management, ensuring an appropriate balance of skills leaders of the business and members of the Board of Directors. The ac- Hansen 14/15 5/5 and experience in line with GN’s strategic direction. In doing so, the tual remuneration is accounted for in GN Remuneration Report 2025, Kim Vejlby (M) - - - (M) Committee emphasized a strong culture, diversity, and good govern- available at: http://www.gn.com/remuneration2025. Hansen 15/15 4/4 ance in all appointments and succession activities. The Committee also Lise Skaarup Morten- (M) - (C) (M) - evaluated the performance and composition of the Board to ensure sen* 12/12 4/4 4/4 Charlotte Johs* (M) (M) continued effectiveness and compliance with governance and diversity 12/12 3/3 standards. Leo Larsen (M) - - - (M) 15/15 4/4 In addition, the Committee supervised and reviewed GN’s remunera- Cathrin Inge (M) - - - - tion policy to ensure it supports long-term strategic objectives and Hansen 14/15 aligns with shareholder interests. Its responsibilities included reviewing Claus Holmbeck- (M) - - - - Madsen 15/15 and approving long-term incentive grants, setting performance tar- (C) Chairman (DC) Deputy Chairman (M) Member gets, overseeing the design and implementation of incentive programs, *) Was not a member of the Board or the Committee for the full year. and preparing the Remuneration Report. 39/195 --- GN Store Nord Annual Report 2025 Content Gender diversity at Board and Leadership levels Diversity in leadership 2025 2024 GN generally pursues to have a diverse workforce as we believe this 1 – Board of Directors supports continued innovation, customer satisfaction, and perfor- Total number - elected by General Meeting / employee elected 7 / 3 6 / 3 mance. This also applies to Board and Leadership levels. Underrepresented gender (%) 43 / 33 33 / 33 Target (%) * 40 / 40 40 / 40 The percentages as of December 31, 2025, of the underrepresented Target year (both elected by General Meeting and by gender and the set targets for GN’s Board and Leadership are reflected employees) June 30, 2026 June 30, 2026 in the table below. 2 – Executive Management** Total number 2 2 Underrepresented gender (%) 0 0 The Board evaluates on an annual basis the composition, diversity, and 3 – Senior Leadership*** competencies of the Board and has in that context performed a fo- Total number 13 10 cused search to be able to recommend more female members for elec- Underrepresented gender (%) 31 30 tion to the Board. In March 2025, two new female members were Target (%) 33 33 Target year June 30, 2026 June 30, 2026 elected resulting in GN reaching the target for equal gender. *GN is subject to the Danish gender balance act and required to set a target of having “equal gender distribution” for the Board of Directors. “Equal gender distribution” de- At senior leadership levels, various measures continued during 2025 to pends on the number of members but is the number that is closest to 40%, without ex- increase diversity. These measures include a guidance model to ensure ceeding 49%. The target of “equal gender distribution” has been met for both members that a diverse pool of candidates must be presented for such positions, elected by the general meeting and employee-elected members of the Board of Directors. **Executive Management as registered with the Danish Business Authority. that diversity must exist on short-lists, and that hiring boards must be *** Senior Leadership as defined in section 3(5) of the Danish gender balance act com- diverse. As the target is not fully met, these initiatives will continue prises GN’s Executive Management, Executive Leadership Team employed by GN Store into 2026 to further ensure diversity in leadership. Nord A/S, and other managers of GN Store Nord A/S reporting to the Executive Manage- ment. Note: This table is part of meeting disclosure requirement ESRS2 GOV-1 21 (d), related to Board diversity. Restatements Gender distribution in Senior Leadership has been restated in 2025 to only include senior leaders in the parent company, GN Store Nord A/S, in order to align reporting with the Danish gender balance act. Further, managers on garden leave (i.e. formally employed but no longer active in the company) are included to comply with this act. Had such managers not been counted in, the diversity target for Senior Leadership would have been met with 33%. In 2024, before restatement, the reported share of women in Senior Leadership posi- tions was 26%. In 2024, GN also reported on extended leadership positions (a population of then 360 managers). As this is not a legal requirement, we have chosen to limit our re- porting for 2025 to what is legally required and have therefore excluded it from this re- port but will internally continue activities and tracking to continue progressing diversity. 40/195 --- GN Store Nord Annual Report 2025 Content Board of Directors Lise Skaarup Jukka Pekka Klaus Holse Jørgen Mortensen Pertola Bundgaard Leo Larsen Hansen Cathrin Inge Kim Vejlby Hansen Hansen Hélène Barnekow Charlotte Claus Holmbeck-Madsen Johs The sections on Board of Directors and Executive Leadership Team are part of the Sustainability Statement on the disclosure of ESRS 2 GOV-1. 41/195 --- GN Store Nord Annual Report 2025 Content Board of Directors Jukka Pekka Pertola Chair of the Boards of Danish Industry, Vizrt Group AS, EG A/S, and Su- Member of the Boards of Dovista A/S, Vizrt Group AS, Royal Unibrew Chair (since 2023) perOffice AS. Deputy chair of the Boards of Thomas B. Thriges Fond, A/S*, Saltfoss Energy ApS, Seasalt Group ApS, and InstallatørGruppen Board member since: 2020 Terma A/S, and IAD - Industriens Arbejdsgivere i Danmark. Member of A/S. Executive director of LSM Consulting ApS. Term: 2025/2026 the Boards of Macrobond Financial AB, Thrige Holding A/S and Zenegy Committee memberships: Audit (Chair). Remuneration & Nomination Considered independent: Yes ApS. CEO, Khaboom ApS. (member); Audit (Chair) in Dovista, in Royal Unibrew*, and Vizrt Group. Nationality/gender: Finnish/male Committee memberships: Audit (member), Remuneration & Nomina- Year of birth: 1960 tion (member), and Technology & Innovation (member). Remuneration Broad international leadership experience from the field of finance, M.Sc. (Electrical Engineering) (member) in Vizrt Group AS and SuperOffice AS. strategy, and M&A. Executive leadership accomplishments within Professional board member. Former CEO of Siemens A/S global and end-to-end finance functional leadership, ESG, and IT/digi- Broad international background with more than 20 years of manage- tal governance and cybersecurity. Industry knowledge primarily from Chair of the Boards of Tryg A/S*, Tryg Forsikring A/S, Cowi Holding ment experience in the IT and software industry and brings to the digital and biotech innovation. A/S, and Siemens Gamesa Renewable Energy A/S. Board a vast experience and insight into the green agenda, ESG/sus- Committee memberships: Technology & Innovation (Chair), Remunera- tainability, and digitalization. Cathrin Inge Hansen tion & Nomination (member); in Tryg A/S: Remuneration (Chair), Nomi- Employee elected member (since 2022) nation (Chair), and IT-Data (member); in Cowi Holding A/S: Nomination Claus Holmbeck-Madsen Term: 2022/2026 and Remuneration (Chair). Employee elected member (since 2022) Nationality/gender: Danish/female Term: 2022/2026 Year of birth: 1969 Broad international background with more than 20 years of manage- Nationality/gender: Danish/male B.Sc. (International Marketing), Graduate Diploma (Business Admin- ment experience in the ICT, energy, industry, infrastructure, and Year of birth: 1968 istration & International Trade) healthcare sectors, solid experience with various business models Academy Foundation Degree (Business) Sr. Regulatory Compliance Strategic Project Manager stretching from B2C to complex project business, IT outsourcing solu- Global Head of Knowledge & Learning, Global Customer Experience tions, technology services, and professional services. Leo Larsen Board and Committee positions: Member of the Board of the GN Store Employee elected member (since 2007) Klaus Holse Nord Foundation. Term: 2022/2026 Deputy Chair (since 2023) Nationality/gender: Danish/male Board member since: 2023 Lise Skaarup Mortensen Year of birth: 1959 Term: 2025/2026 Board member (since 2025) M.Sc. (Electrical Engineering) and a diploma in business administration Considered independent: Yes Term: 2025/2026 and international trade Nationality/gender: Danish/male Considered independent: Yes Principal Portfolio Scientist, Research & Exploration Year of birth: 1961 Nationality/gender: Danish/female M.Sc. (Computer Science) Year of birth: 1968 Board and Committee positions: Member of the Board of the GN Store Professional board member. Former CEO of SimCorp A/S M.Sc. BA & Econ Nord Foundation and of the Technology & Innovation Committee. Professional board member. Former CFO of Chr. Hansen Holding A/S * Company listed on a regulated market 42/195 --- GN Store Nord Annual Report 2025 Content Kim Vejlby Hansen Chair of the Boards of Storytel AB* and Mindler AB. Deputy Chair of leadership, and investor relations as well as private equity and venture Board member (since 2024) the Swedish Chamber of Commerce for the UK. Member of the Board capital markets. Term: 2025/2026 of Handelsbanken AB*. Member of the Board of Latour AB*. Considered independent: Yes Committee memberships: Remuneration & Nomination (Chair), in Sto- Charlotte Johs Nationality/gender: Danish/male rytel AB: Remuneration (Chair), Audit (member), and Strategy (mem- Board member (since 2025) Year of birth: 1964 ber). Term: 2025/2026 Civil Engineer (E), Ph.D. Considered independent: Yes CEO at FOSS A/S (including at FOSS Analytical A/S and FOSS af 24. au- Long international experience, mainly in the technology sector and in Nationality/gender: Danish/female gust 1998 ApS) different C-level positions. Experience ranging from product develop- Year of birth: 1964 ment to sales and marketing. Managed significant digital transfor- M.Sc. International Business. Board Certification Chair of the Boards of Ibsen Photonics A/S, Au2mate A/S, FOSS mations across companies and geographies with focus on inclusive Professional board member and advisor, co-owner and advisor of JO- Ejendomme SLG A/S, N. F. Falcon Blocker Inc., and Wasatch Photonics transformation leadership. HS LLC. LLC. Member of the Boards of SPIO Systems ApS, Graspian ApS, FOSS Analytical A/S, and FOSS af 24. august 1998 ApS. Jørgen Bundgaard Hansen Member of the Boards of Center for internationale strukturrationaliser- Committee memberships: Technology & Innovation (member). Board member (since 2024) inger ApS and Fællesskabet af januar 2024 ApS. Term: 2025/2026 Committee memberships: Technology & Innovation (member) Extensive executive leadership career with globally operating FOSS Considered independent: Yes since 2002 (Vice President R&D, Executive Vice President Business & Nationality/gender: Danish and American/male A senior international executive with extensive experience in large Product Development, COO and member of Executive Management, Year of birth: 1967 global corporations in the consumer goods and consumer electronics and CEO since 2016). B.Sc. Mechanical Engineering; B.Sc. International Commerce. industries. Over a decade of experience on the executive team at CEO at Aspen Surgical Products, Inc. Logitech and further past leadership positions with Cadbury, DANDY, Deep expertise within general management, business development, Sara Lee, l’Oreal, and Cherry SE. M&A, product development (software, hardware, digital signal pro- Member of the Boards of Siren Care Inc., AdvaMed Accel, Gravitas Med- cessing, including in hearing aids), quality, service & sales support, pro- ical Inc. , and Lifelens Technologies Inc. Expertise within general management, consumer centric innovation duction, procurement, and logistics. Committee memberships: Audit (member). and brand & marketing strategies driving increased customer value. Hélène Barnekow Experienced international leader of large organizations for more than Board member (since 2013) 20 years with a global agenda of growth and major transformation. Term: 2025/2026 Has led public, private equity, and venture capital owned companies, Considered independent: No primarily within health care in the U.S., E.U., and Asia. Has led transfor- Nationality/gender: Swedish/female mational turnarounds, change management, and major restructurings. Year of birth: 1964 M.Sc. (International Business) Extensive global expertise within strategy, M&A, sales, marketing, R&D, Partner, Gaia Leadership. Former CEO, Microsoft Sweden operations, ESG/sustainability, supply chain, public company * Company listed on a regulated market 43/195 --- GN Store Nord Annual Report 2025 Content Executive Leadership Team Stefan Ehtisham Søren Ann Igor Peter Calum Anu Peter Bergfors Rabbani Jelert Fogelgren Tasevski Karlstromer MacDougall Kerns Justesen Peter Karlstromer Chief Executive Officer (CEO) Member since: 2023 Year of birth: 1971 Member of Executive Management. Peter brings a strong international senior leadership track record, working with multiple aspects of technology around the world. Peter holds an M.Sc. Management, Business Administration and Eco- nomics, and a M.Sc. Electrical and Electronics Engineering from Lund University. Prior to joining GN, Peter held leadership positions with McKinsey & Company, Cisco Systems, and Securitas Group. Søren Jelert Chief Financial Officer (CFO) Member since: 2023 Year of birth: 1972 Member of Executive Management. Søren is an internationally experienced finance professional, who con- tributes with strong financial and business leadership, including ESG/sustainability, building strong teams and solid relationships with investors. Søren graduated with a B.Sc., M.Sc. Management Accounting from Co- penhagen Business School. His career spans operational and finance leadership positions with Maersk Oil & Gas, Novo Nordisk, NNE Phar- maplan, and prior to joining GN as CFO of ALK-Abello. 44/195 --- GN Store Nord Annual Report 2025 Content Stefan Bergfors Systems, from Copenhagen Business School as well as an MBA, from Anu Kerns Chief Operations Officer (COO) Northern Arizona University. Prior to joining GN, Ann held positions as Chief People & Communication Officer Joined GN in 2017 CIO with Berlingske Media and Børsen as well as IT leadership positions Joined GN in 2025 with Oticon, NNIT, Atea, and TDC Mobile. Stefan first established a world-class highly scalable manufacturing Anu brings a wealth of experience from leading roles in People, Culture and supply chain set-up in GN’s Enterprise business, and in April 2023 Igor Tasevski and Communications from around the world and a proven track record took over responsibility for all Global Operations across GN’s busi- Chief Product Officer in building strong organizations and driving positive change around nesses. Stefan holds a M.Sc. BA, Economics, from Lund University and Joined GN in 2025 people, culture, and communication. Kristianstad University. Prior to joining GN, Stefan held leadership posi- tions within supply chain, customer service and planning in companies Igor holds a Master’s degree in Electrical Engineering and has a strong Anu joined GN from a position as Executive Vice President for People, such as Orbital Systems, FedEx, HTC, and Sony Ericsson Mobile Com- technical background. Being an engineer a heart, Igor has spent his en- Organization, and Sustainability with Bavarian Nordic. Prior, Anu has munications. tire career in R&D where he has demonstrated strong and successful had an extensive career with leading roles in the areas of HR, Commu- leadership across semiconductors, hardware, embedded software and nication and Transformation in Novo Nordisk and Danske Bank Group. Ehtisham Rabbani cloud native development. President Gaming division Peter Justesen Joined GN in 2022 Igor is known for his track-record of winning in technology transitions President Hearing division and for his ability to build successful teams. He joined GN from a posi- Joined GN in 2012 Ehtisham was appointed CEO in SteelSeries in September 2014 and tion as VP, Head of RAN Software & Compute Platforms with Ericsson, was instrumental in growing this start-up to a global leader in gaming where he has been leading an organization of 12,000 people across Peter started his career as an attorney-at-law and investment banker. gear. Ehtisham is, of course, himself a passionate gamer. He holds an several continents. In 2012, Peter joined GN as head of Strategy, Business Development MBA, Marketing, International Business, from UCLA Anderson School and M&A. He was later appointed head of Investor Relations before he of Management, as well as BS, Computer Science, from the University Calum MacDougall in 2018 moved to GN’s hearing business, as VP Global Key Accounts of Iowa. Prior to joining SteelSeries, Ehtisham had experience from sen- President Enterprise division and later interim head of Product Management and then head of the ior leadership positions in Logitech, LG Electronics MobileComm, Joined GN in 2015 distributor business (Global Partner Sales). Procter & Gamble, and Mars. Heading up first the marketing organization in GN’s Enterprise busi- In 2020, Peter was appointed President International Sales with re- Ann Fogelgren ness, Calum has had a crucial role in establishing Jabra as a leader in sponsibility for GN’s hearing business in Europe, APAC, LATAM, AMEA, Chief Information Officer (CIO) enterprise collaboration solutions with a strong brand presence. In Eastern Europe and CIS, and in 2025, he was appointed President of Joined GN in 2020 September 2023, Calum took over leadership of the entire Enterprise the Hearing division. Peter holds an MBA from London Business School division. and has before joining GN lived and worked in Brussels, London and Heading up GN’s Digital, Data & IT organization, Ann has spearheaded New York. a fundamental transformation and modernization of GN’s digital land- Calum holds a BA Hons, History, from the University of Bristol. Prior to scape, including a host of business-critical systems. In 2022, Ann was joining GN, Calum held marketing leadership positions with Sony Mo- awarded CIO of the Year in Denmark. Ann holds a PhD, Information bile Communications. 45/195 --- GN Store Nord Annual Report 2025 ContentContent Sustainability statement General New range of scalable video collaboration solutions information Jabra PanaCast Room Kits offer complete video and audio cover- age across meeting spaces. Including Jabra’s new PanaCast 55 VBS, the PanaCast SpeakerMic, and PanaCast Room Kits, this solu- tion creates a new portfolio of expandable room solutions that de- liver a unified, scalable video collaboration system that adapts to Our Better for planet sustainability strategy 47 meeting room needs. Our material impacts, risks, and opportunities 49 Sustainability governance 51 Built to support clear, natural interaction, the room kits combine Stakeholder engagement 53 intelligent video, room filling sound, and flexible expansion to help General disclosure requirements 54 organizations create environments where every participant can equally take part in the conversation, no matter where they sit in the room. Jabra PanaCast Room Kits are available in configurations with one, three or five cameras, giving organizations the flexibility to choose the right setup for their space – and with a plug and play design that simplifies setup and minimizes the effort required to support and maintain rooms over time. 46/195 46/195 --- GN Store Nord Annual Report 2025 Content Our Better for planet sustainability strategy Strategic direction We have further sub-targets across these focus areas, which are cov- The enablers of Better for planet are solid data systems and reporting ___________________________________ ered in this statement. This includes five pillars to enable us to deliver (including life cycle assessments (LCAs)), a governance that anchors SBM-1 on our focus areas and targets: execution within existing processes (see p. 51) and an ongoing tracking In 2025, we launched our updated Better for planet sustainability strat- of external requirements to adjust focus areas or pillars if needed. egy, as a pillar of our overall corporate strategy (see p. 10), aimed at: 1. Clean Power and Electrification a. Renewable energy for GN and key suppliers Each of the pillars and targets have been set based on input and en- 1. Protecting the planet and people b. Low-carbon car fleet gagement with affected internal and external stakeholders. These in- c. Improving energy efficiency at our sites clude subject matter experts, employees, value chain workers, custom- 2. Sustained competitive edge and supporting our commitment to ers, suppliers, investors, as well as industry and ESG associations (see p. customer centricity by meeting sustainability requirements of cus- 2. Circularity through design 53). We have also gathered baseline data on the current performance tomers and business partners a. Increase the use of sustainable materials in products in each specific pillar. We aim to continuously assess the relevance of b. Improve repairability these topics to guide the business in prioritizing the most significant is- 3. Compliance with current and future sustainability legislation c. Improve recyclability sues to GN and society. 4. Continued high investor ESG ratings 3. Circularity through material recovery a. Expand remanufacturing scope in the Hearing division to We strive to meet the requirements of leading third-party standards wireless accessories and chargers Our four focus areas and verifications, such as the Science Based Targets initiative (SBTi), TCO Certified, and the Responsible Business Alliance (RBA). 4. Expanding TCO Certified a. Continuously meet requirements of TCO Certified for cov- Being a pillar in our corporate strategy means that Better for planet ered products in Enterprise and Gaming supports our focus on customer-centric innovation by driving improve- ment in four focus areas: 5. Strengthening our due diligence a. Execute third-party RBA-aligned audits both in our own 1. Reducing our carbon footprint, with science-based targets to re- Reducing our Advancing circular sites and with key suppliers duce our carbon footprint by 80% in scopes 1 and 2 and by 25% in carbon footprint products and services b. Use EcoVadis to track and improve supplier performance scope 3 by 2030 compared to 2021 c. Maintain due diligence programs related to conflict miner- als and forced labor 2. Advancing circular products and services, with a target to use 40% sustainable material (see pp. 74-75) in products by 2030 3. Safeguarding the rights of people in our value chain 4. Limiting our use of hazardous substances Safeguarding the rights of Limiting our use of people in our value chain hazardous substances 47/195 47/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Better for planet strategy framework ___________________________________ SBM-1 Impacts, risks, and opportunities (IROs) Better for planet strategy addressed by Better for planet Contributing to a more climate conscious, circular and ethical future E1 Climate change IROs related to our own and supply chain emissions, climate transition Reducing our carbon footprint and physical risks, reliance on fossil fuels, and energy efficiency. 80% reduction of scopes 1 and 2 and 25% reduction of scope 3 carbon emissions by 2030 E5 Resource use and circular economy Advancing circular products and services Negative impacts relating to the use of virgin and non-renewable mate- 40% sustainable materials* by 2030 rials, and recycling. S2 Workers in the value chain Safeguarding the rights of people in our Negative impacts related to working conditions and equal treatment, value chain as well as risks associated with other worker-related rights. E2 Pollution Limiting our use Negative impacts associated with pollution to water, soil, and food, in- of hazardous Four focus areas and targets cluding use of substances of (very high) concern. substances Circularity through Circularity through Expanding TCO Strengthening our IROs partially or not addressed by Clean power and 3 material recovery 4 Certified 5 due diligence 1 Electrification 2 design Better for planet: • Expand remanufacturing • Continuously meet • Execute third-party RBA- • Renewable energy for • Increase the use of GN and key suppliers sustainable materials in scope in the Hearing requirements of TCO aligned audits both in S1 Own workforce products division to wireless Certified for covered our own sites and with Human rights impacts related to our own workforce are addressed by • Low-carbon car fleet products in Enterprise key suppliers accessories and chargers • Improve repairability Better for planet, other S1 IROs are addressed through policies, actions, • Improving energy and Gaming • Use EcoVadis to track efficiency at our sites • Improve recyclability and targets governed under our People & Communication function. and improve supplier performance S4 Consumers and end-users • Maintain due diligence IROs are addressed by existing compliance processes related to data programs related to Achieved through five strategic pillars privacy and product safety, and by our core business activities in the conflict minerals and forced labor Hearing division where they relate to the positive impact on people with hearing loss. G1 Business conduct Data systems and reporting automation Collaboration and governance model Track changing external requirements All IROs are addressed by existing business ethics and compliance pro- ESG data foundation and product LCAs to integrate sustainability into existing to stay ahead of legislation and customer cesses. processes needs Foundation See each of the topical chapters for more details. 48/195 48/195 * Recycled and sustainably sourced bio-based material --- GN Store Nord Annual Report 2025 Content Our material impacts, risks, and opportunities Double Materiality Assessment (DMA) remediable character with some effort and a likely outcome; for finan- understand both impacts on local ecosystems and communities and ___________________________________ cial risks and opportunities, it equates to an expected absolute EBITA our dependency on these ecosystems. Based on this analysis, we did IRO-1; SBM-3 impact of at least 10% with a likely outcome. Time horizons for IROs not consider any biodiversity or water topics to be material from nei- In 2025, we updated the double materiality assessment (DMA) first car- are aligned with our ERM process: 0–1 years for short term and 2–3 ther an impact nor a financial risk perspective. ried out in 2024. Through this process, we identified 26 material im- years for medium term, with all IROs defined in the short term except pacts, risks, and opportunities (IROs) across seven ESRS topical stand- climate-related risks, which are assessed over a 4–30-year medium- to IROs and our business model ___________________________________ ards, including two entity-specific disclosures. The visualization on the long-term horizon (see E1, p. 61). Our DMA process is under ongoing next page links each IRO to its position in the upstream, own opera- SBM-1 senior management review and is approved annually by the Audit tions, and downstream parts of our value chain and shows key inputs As a developer and manufacturer of innovative hearing aids for people Committee. and outputs. with hearing loss; headsets, speakerphones, and video equipment for collaboration at work; and a broad range of gaming gear, GN is com- Across our own operations and value chain, we find material IROs re- The original DMA completed in 2024 was based on more than 40 exter- mitted to building the technology of the future in a way that minimizes lated to climate change, pollution, resource use and circular economy, nal reports from NGOs, governments, and suppliers, and five internal the negative impact on the climate, environment, and society. As part our own workers and workers in the value chain, consumers and end- workshops with 27 subject matter experts. For the update in 2025, we of developing our Better for planet sustainability strategy, we have as- users, and governance-related risks. In our own operations, we as- used desk research, benchmarking against other companies in our in- sessed the nature, severity, and implications of these IROs on the over- sessed IROs by focusing on our main assets and activities, including dustries and additional stakeholder workshops to reassess and, where all resilience and sustainability of our business and assessed that we do hearing aid component assembly in Denmark, manufacturing in China relevant, merge IROs. We also aimed to better capture positive im- not need to alter our strategy and business model to adequately ad- and Malaysia, final assembly in regional operation centers (ROCs), R&D pacts and opportunities, and align more closely with our Enterprise dress IROs at a scale and pace beyond our capacity to adjust if re- and product testing, sales and external collaboration, and white-collar Risk Management (ERM) process to assess the financial effects of risks. quired. As described in more detail in each of the topical chapters, we back-office functions. In the value chain, we focused on six industries This update reduced the number of IROs in several topical standards assess that, in general, we can manage IROs through policies, targets, critical to our business model and with elevated ESG risk: mining, plas- and improved how we identify and prioritize risks and opportunities, and actions that fit within the context of our existing business model tic and aluminium production, paper production, freight and business without changing the disclosure requirements we report against. and the implementation of Better for planet. travel, electronics manufacturing and e-waste treatment. Methodology On the next page, we depict a visual representation of our value chain, For biodiversity and water-related sub-topics, we combined geographic For impact materiality, we give equal weight to the three dimensions specifically linking our material IROs to our upstream, own operations, impact assessments with industry and location-specific reports on our of severity (scale, scope, irremediability) and to likelihood, prioritizing and downstream input and output. own sites and those of suppliers and sub-suppliers. This helped us negative impacts accordingly. For human rights-related impacts, we follow ESRS 1, giving precedence to severity over likelihood. For finan- Employee headcount by geographical area 2025 2024 cial materiality, we aligned with ERM, giving equal weight to likelihood Africa 3 7 and financial impact, using consistent thresholds based on relative im- Asia & Pacific 3,401 3,390 Europe 3,029 2,939 pact on EBITA and assessing both impacts and financial effects on a Middle East 16 21 gross basis before mitigation. We refined our 1–5 scoring scale for im- North America 1,644 1,697 pacts, risks, and opportunities and set a materiality threshold at 3 or South/Latin America 97 91 above. For impacts, this corresponds to a medium scale and scope, a 49/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Material IROs across the value chain Environmental ___________________________________ E1 Climate SBM-1; SBM-3 1 • Scopes 1 and 2 emissions The below graphic gives a high-level representation of GN’s value chain and the key activities, flows, and users across our full value chain. 2 • Scope 3 emissions The IROs under the headers apply to all activities in upstream, downstream, or own operations. 33 • Reliance on fossil fuels 4 •4 Cost volatility risks related to the climate transition •5 Financial opportunities from products and services with a lower environmental impact Own operations Upstream Downstream 6 • Extreme weather events 1 3 4 7 13 15 16 17 25 26 2 4 5 22 2 3 4 6 26 7 • Energy efficiency E2 Pollution 18 24 24 23 8 • Pollution to water, soil and food 8 9 10 21 9 • Use of substances of (very high) concern 20 18 19 21 E5 Resource use and circular economy 10 • Use of virgin and non-renewable resources 11 • Non-circular products Raw material Processing of raw Outsourced hearing Hearing aid users extraction: Mining, materials: Smelting, aid retail Social forestry, fossil, fuel refining, petrochemicals, S1 Own workforce extraction paper milling 12 • Excessive overtime in own operations 13 • Non-decent wages in own operations 14 • Inadequate protections of health and safety in own operations 9 10 15 • Pay inequality in own operations Gamers 18 19 20 6 9 12 14 •16 Harassment in the workplace in own operations 18 19 20 •17 Diversity and gender equality issues in own operations S2 Workers in the value chain Outsourced manufacturing: Owned hearing aid Distribution and retail 18 • Inadequate working conditions in the value chain Components, packaging for (re)manufacturing and 19 • Inadequate protections of health and safety in the value chain Enterprise and Gaming final assembly 20 • Diversity and gender equality issues in the value chain Professionals 21 21 • Child and forced labor in the value chain S4 Consumers and end-users 22 • Risk of non -compliance with privacy laws 23 • Violation of health and safety standards 10 18 19 20 18 19 20 5 10 11 8 9 11 24 24 • Hearing health (Entity specific) 18 19 20 12 14 Governance G1 Business Conduct Outsourced final assembly of GN offices: Product development, Repair center Product disposal and Freight: Air, ocean, rail, 25 • Third-party relations Enterprise and Gaming products and road transport sales and marketing, back -office e-waste treatment •26 Corruption and bribery functions 50/195 50/195 Impact: Risk: Opportunity: --- GN Store Nord Annual Report 2025 Content Sustainability governance Sustainability governance ___________________________________ Board of Directors Executive Leadership Team (ELT) GOV-1; GOV-2 Accountable for ESG reporting, direction, and management of Monitors, manages, and oversees implementation of policies, GN’s Executive Leadership Team (ELT) is responsible for monitoring, all related impacts, risks, and opportunities actions, and targets managing, and overseeing the implementation of policies, targets, and actions related to effective management of IROs. Group Sustainability, Oversight of strategy reporting directly to the CFO, holds overall responsibility for support- ing the business in IRO management, setting strategic direction and supporting the business in strategy execution. Group Sustainability Group Sustainability Better for planet strategy also prepares this statement and collects and controls ESG data for re- • Development of Better for planet, Contributing to a more climate conscious, circular and ethical future in 2030 porting. coordination of implementation The Audit Committee holds overall responsibility for overseeing the • Subject matter expertise support on Reducing our carbon footprint Advancing circular products and services management of ESG-related IROs, reporting to the Board for related Better for planet execution 80% reduction of scopes 1 and 2 and 25% 40% sustainable materials by 2030 reduction of scope 3 carbon emissions by 2030 decision-making. ESG is a quarterly recurring agenda topic in the Audit • ESG Reporting and sustainability -related Committee, including formal approval of the double materiality assess- engagement with investors, customers, ment, and bi-annually in the Board. industry groups and other stakeholders Safeguarding the rights of people in our Limiting our use of hazardous substances value chain Proactive compliance with all relevant For an overview of the composition and diversity of the members of Integrate our commitment to RBA in our legislation on the use of substances of concern • Tracking ESG legislation GN’s administrative, management, and supervisory bodies, see p. 40. human rights- and due diligence programs in electronics To ensure appropriate skills and expertise in sustainability, ESG is part of the Board’s annual self-evaluation process. Sustainability-related Execution skills and expertise related to our material IROs are currently assessed to be sufficient across the Board, but if this changes, it will be included in Board training or as a requirement in the recruitment of new mem- Global Operations Divisions R&D bers. Execution of Better for planet initiatives relating Set product requirements in achieving targets Execution of Better for planet initiatives relating to manufacturing, logistics, and supplier under Better for planet, and engage with to product development, LCAs and in the areas To implement Better for planet we depend on a cross-functional gov- engagement in the areas of climate, circularity, customers on sustainability of climate, circularity, and hazardous ernance structure, headed by a senior leadership steering committee and human rights substances to execute each of the five strategic pillars. Key functions responsible for the execution are Global Operations, R&D, and the divisions, with support from other functions across the business. We monitor and re- Legal and Group Compliance People & Communication Digital, Data & IT Strategy Compliance and reporting in governance Responsible for own workforce, including ESG data systems and automation Anchoring of Better for planet in corporate view progress on our targets continuously by subject matter experts areas compliance, reporting and coordinating strategy Better for people strategy 51/195 --- GN Store Nord Annual Report 2025 Content in the business and discuss these quarterly in the management teams All members of the ELT also had targets related to Diversity and be- ESG-related objectives (including diversity) for the CEO and CFO are of all divisions and functions of scale. longing, focusing on initiatives aimed to increase representation of approved annually by the RNC. Like in 2024, in the reporting year, 12% women in senior leadership roles across GN (see p. 40). of the annual bonus was dependent on these objectives for the CEO Sustainability related performance incentive schemes and CFO, of which 15% was related to reduction of carbon emissions ___________________________________ Where this is required, these objectives are cascaded down into the (2024: 50%). GOV-3 monetary short-term incentive objectives on an operational level across relevant divisions and functions. To anchor Better for planet in the busi- ness, ESG-related performance is part of (annual) short-term incentive (bonus) objectives for all members of the ELT. Annual ESG-related bonus objectives are discussed and approved by the Remuneration & Nomination Committee (RNC). As stipulated in our Remuneration Policy and reported in remuneration reports, the RNC is tasked to ensure ESG bonus objectives are aligned with the management of the most material ESG issues as part of the Board of Directors’ wider oversight of ESG topics. For the year 2025, the main objective consisted of ensuring integration of ESG into corporate, division, operations, and R&D strategies, which has been achieved through the launch of Better for planet. In addition, there was an objective to ensure compliance with existing ESG and hu- man rights legislation. Finally, there were six objectives related to spe- cific sustainability initiatives covering decarbonization in specific areas and overall emissions reductions to reach our 2030 climate targets, in- creasing our use of recycled and sustainably sourced materials, and en- hancing the repairability of our products. 52/195 52/195 --- GN Store Nord Annual Report 2025 Content Stakeholder engagement Stakeholder engagement ___________________________________ SBM-2; S1-2; S2-2 We are in continuous dialogue with our stakeholders to ensure we Naturally, we continuously use the outcome of all stakeholder Below is an overview of key stakeholders and the purpose, as well as understand their requirements and find ways to work in partnership to engagement as input to both our business model and strategy. means of our engagement with them. strengthen our business and the societies in which we operate. Stakeholder Purpose of engagement How we engage • Biannual development dialogues for all employees • Inform and consult employees on (sustainability) strategy and policies • Annual Employee satisfaction surveys • Ensure all voices are heard, including all demographics • Direct meeting between senior leadership and employee groups representing specific demographics • Safeguard and improve employee wellbeing • Employee-elected Board of Directors Employees • Inform and consult employees on sustainability strategy • GN Alertline and regular HR channels • Annual audits of all tier 1 suppliers and bi-annual audits of tier 2 suppliers • To ensure compliance with the UN Global Compact principles of responsible business • Third-party audits and the SA8000 standard • Credible proxies, such as third-party due diligence organizations for conflict minerals and forced labor Value chain workers • To identify and correct issues relating to working conditions and worker rights • GN Alertline • Direct customer dialogues • To live up to our commitment to customer-centricity, we try to understand our cus- • Customer councils tomer better than they know themselves • Product feedback channels Consumers and end-users • Capture customer sustainability requirements • Customer surveys • Timely, transparent disclosure of financial and ESG information for the purpose of fair • AGM Investors valuation through annual and interim reporting • Roadshows and individual investor meetings • Through industry associations (DI, EHIMA) Regulatory authorities • Track and interpret (ESG-related) legislation to proactively comply • Directly when necessary • ESG requirements in supplier onboarding • Ensure adherence to our Supplier Code of Conduct and broader sustainability requirements • Ongoing score-based performance and compliance assessment Suppliers • Collect ESG data for reporting and LCAs • We engage with suppliers on an ongoing basis as part of regular business processes • Working groups Industry and ESG • AGMs associations • Collaborate with peers to develop standards and align on policy positions • Joint initiatives 53/195 --- GN Store Nord Annual Report 2025 Content General disclosure requirements General basis for preparation Data completeness has been limited for data points calculated using ___________________________________ product-level assessments (LCAs) or repairability assessments, such as BP-1; BP-2 scope 3 GHG emissions categories 1, 11, and 12, resource inflows and The consolidation and reporting scope of GN’s Sustainability State- resource outflows: repairability and rate of recyclable content, since ment is prepared in accordance with the EU’s Corporate Sustainability we have not conducted assessments for all products. For pollution Reporting Directive (CSRD) and the underlying European Sustainability data, we do not have completeness across our sites so we have esti- Reporting Standards (ESRS). We report based on the same consolida- mated using data from sites with similar activities. Some environmen- tion principles as the financial statements, covering all GN divisions, tal metrics, particularly in scope 3, have been estimated based on 9 markets, and global levels. Following the double materiality assess- months of actual data. ment (DMA) and due diligence processes, this Sustainability Statement covers all upstream and downstream value chain activities. We have Some of the environmental metrics in this report are subject to meas- not used the option to omit a specific piece of information correspond- urement uncertainty because of the limited availability of primary ing to intellectual property, know-how, or the results of innovation. data, especially where we require downstream value chain data. For details on the assumptions, approximations, and judgements made in Information and data disclosed about specific IROs may be limited to the estimation of these metrics, please refer to the accounting policies certain divisions, employee groups, and products based on the out- on pp. 66, 68, 72, 76, and 77. For details on the restated comparative come of the DMA. Where the ESRS allows for this, GN has made use of figures, see pp. 66, 67, 73, 76, and 77. phase-in and transitional provisions, meaning we do not report on data points that are voluntary on this basis for the reporting year except for Disclosures incorporated by reference topical chapters relating to S2 and S4 and selected data points within Information that is mandatory to disclose as part of the ESRS and that E1-9. has been placed outside of the Sustainability Statement relates to ESRS2 GOV-1 21 1 a), b), c), and e) are included in the management re- All greenhouse gas (GHG) emission intensity metrics are calculated us- port under “Board of Directors” on pp. 41-43. Disclosure requirement ing group level revenues apart from the energy intensity for activities ESRS2 GOV-1 d) is included under “Gender Diversity at Board and in high climate impact sectors which is calculated based on revenue for Leadership levels” on p. 40. All other ESRS-mandatory information is the Hearing division. disclosed in the Sustainability Statement. Key accounting estimates Disclosures from other legislations For some environmental metrics we have been required to make esti- In addition to information prescribed in ESRS, we have disclosed infor- mates affecting reported data. For our scope 3 GHG emission account- mation about the EU Taxonomy Regulation (see pp. 57-60), article 99d ing, we have applied secondary or industry averaged emission factors of the Danish Financial Statements Act (see p. 95), and article 107d of in certain categories, as well as for the rate of recyclable content of our the Danish Financial Statements Act (see pp. 85-86). products and packaging, which are based on a high-level assessment of recyclability of the component materials. 54/195 54/195 --- GN Store Nord Annual Report 2025 Content Sustainability due diligence Sustainability reporting risk management and internal controls finance organization. As 2025 is the second year of CSRD reporting, the ___________________________________ ___________________________________ control environment is still developing and less mature than in finan- GOV-4 GOV-5 cial reporting. For an overview of our due diligence initiatives and supply chain en- Our sustainability reporting is integrated into the annual reporting pro- gagement, the table below captures the core elements of this process cess, which has a well-established process for internal approval, con- Using a risk methodology aligned with our enterprise risk management and the references to the relevant paragraphs in this report. trols, and preparation for external assurance. ESG data is subject to in- process, where we considered likelihood and impact of a risk material- ternal controlling through a dedicated ESG control function in our izing, we established that the main risks associated with our sustaina- bility reporting relate to the accuracy and completeness of data, espe- cially where ESG data is derived from spend data (versus activity data), Core elements where we depend on input from suppliers that is not third-party veri- of due diligence Paragraphs in the Sustainability Statement fied, or where we must estimate using data from different time periods or geographies. To reduce these risks, we take the following measures: • ESRS 2 GOV-2 Information provided to, and sustainability matters addressed by the undertaking’s administrative, management, and Embedding due diligence in supervisory bodies, p. 51 governance, strategy and • ESRS 2 GOV-3 Sustainability-related performance in incentive schemes, p. 52 • For ESG data derived from financial data, all financial input business model • ESRS 2 SBM-3 Material impacts, risks and opportunities and how they interact with its strategy and business model, pp. 49 -50 data used are sourced from same data used in the financial statements • ESRS 2 GOV-2 Information provided to, and sustainability matters addressed by the undertaking’s administrative, management, and supervisory bodies, p. 51 Engaging with affected • ESRS 2 SBM-2 Interests and views of stakeholders, p. 53 • Where we are dependent on supplier input data, such as for stakeholders in all key steps • ESRS 2 IRO-1 Process to identify and assess material impacts, risks, and opportunities, p. 49 LCAs, we use third-party verified data where it is available of the due diligence • MDR-P Policies adopted to manage material sustainability matters (see topical chapters) • Where we use estimates, we base these on the closest possi- • ESRS 2 IRO-1 Process to identify and assess material impacts, risks, and opportunities, p. 49 • ESRS 2 SBM-3 Material impacts, risks, and opportunities and how they interact with its strategy and business model, pp. 49 -50 ble time periods and geographies or widely used third-party • S1-1 Policies related to own workforce, p. 81 datasets, such as EcoInvent for carbon emission factors • S2-2 Processes for engaging with value chain workers about impacts, p. 53 Identifying and assessing • S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks related to value chain workers, adverse impacts and effectiveness of those actions, p. 92 Metrics reported in this report which are partly based on estimates are a result of management's best estimate. • MDR-A Actions and resources in relation to material sustainability matters (see topical chapters) • S1-1 Policies related to own workforce, p. 81 • S2-2 Processes for engaging with value chain workers about impacts, p. 53 Taking actions to address • S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks related to value chain workers, those adverse impacts and effectiveness of those actions, p. 92 • MDR-M Metrics in relation to material sustainability matters (see topical chapters) Tracking the effectiveness • MDR-T Tracking effectiveness of policies and actions through targets (see topical chapters) of these efforts and • E2-3 Targets related to pollution, pp. 71 -72 • S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks, p. 92 communicating 55/195 --- GN Store Nord Annual Report 2025 Content Recognition to the world's smallest AI powered hearing aid Launched in early 2025, ReSound Vivia has triumphed around the world among hearing care practitioners and people in search of better hearing. With ReSound Vivia, we fundamentally reimagined how AI can en- Sustainability statement hance the hearing experience. Our unique Intelligent Focus feature mimics natural human behavior, allowing AI to prioritize sounds based on where the user is looking, not just how loud they are. This creates a far more intuitive and natural listening experience, seam- lessly integrating with the user's own perception of their environ- ment. It's not just about amplifying sound; it's about intelligently Environment enhancing the sounds that matter most. The innovative hearing aid has been recognized not only by users, but also received multiple awards: • Gold at The Stevie Awards for Technology Excellence in EU Taxonomy Regulation disclosure 57 the category of New Product of the Year in Artificial Intel- Climate change 61 ligence Pollution 71 Resource use and circular economy 74 • Gold Award by the Industry Eagle Awards for Best Use of AI in the Healthcare Category • Winner of the AI Award for Healthcare at the 2025 Na- tional AI Awards * Excluded economic activities based on the 10% materiality threshold:CE 5.2 Sale of spare parts[<1% Turnover], CCM 6.5 / CCA 6.5 Transport by motorbikes, passenger cars and light commercial vehicles[<1% CAPEX/OPEX], CCM 7.1 / CCA 7.1 / CE 3.1 Construction of new buildings[~1% CAPEX], CCM 7.2 / CCA 7.2 / CE 3.2 Renovation of existing buildings[~2% CAPEX, <1% OPEX], CCM 7.3 / CCA 7.3 Installation, maintenance and repair of energy efficiency equipment[<1% CAPEX/OPEX], CCM 7.4 / CCA 7.4 Installation, maintenance and repair of charging stations of electric vehicles in buildings (and parking spaces attached to buildings)[<1% CAPEX/OPEX], CCM 7.5 / CCA 7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings[<1% OPEX], CCM 8.1 / CCA 8.1 Data processing, hosting and related activities[<1% CAPEX/OPEX] 56/195 --- GN Store Nord Annual Report 2025 Content EU Taxonomy Regulation disclosure The EU Taxonomy is a ‘green’ classification system of economic activi- eligible proportions of revenue, CAPEX, and OPEX. Based on a brief as- measurements. It includes acquisitions of property plant and equip- ties, aimed at promoting sustainable ways of working for financial and sessment of the other two economic activities, we have found that nei- ment, intangible assets, leases with usage rights (IFRS 16), investment non-financial companies. During 2025, the EU Commission proposed a ther of these can be considered Taxonomy-aligned. As these are not properties, additions due to acquired business but excludes current and number of simplification measures to this regulation, which GN reports considered core activities, we have not prioritized conducting a full non-current assets, as well as goodwill. The total additions under the in accordance with. alignment assessment. For example, we cannot document our compli- CAPEX KPI can be reconciled to our consolidated financial statements ance with the Do No Significant Harm (DNSH) criteria under climate (see sections 3.1 and 3.2). GN’s eligible economic activities in 2025 change adaptation, which requires us to adapt our assets against iden- In line with these changes, we have performed an eligibility assessment tified physical climate risks. OPEX based on a full screening of our economic activities against those listed The OPEX KPI is defined as Taxonomy-eligible OPEX divided by total in the Annexes to the climate and environmental delegated acts. Our Accounting practice OPEX. The total OPEX consists of research and development, exclud- findings indicate that three economic activities are considered eligible The financial KPIs are expressed as the eligible proportion of turnover, ing overheads; building renovation, short-term lease agreements, based on a threshold of 10% relative to eligible revenue, capital ex- capitalized expenditure, and direct non-capitalized expenditures which maintenance/upkeep and repairs, and any other direct expenditure re- penditure (CAPEX), and operational expenditure (OPEX). Eligibility is are related to a product, service, asset, or process of an eligible eco- lated to the routine maintenance of tangible assets by us or by the linked to three of the environment objectives: the transition to a circu- nomic activity. The reporting scope covers the entirety of GN Group third party to whom activities are outsourced that are necessary to en- lar economy, climate change mitigation and adaptation. and its subsidiaries. We also have processes in place to make sure there sure the continued and effective functioning of such assets. is no double counting in the reported information. Our main business activity is CE 1.2 Manufacture of electrical and elec- EU Taxonomy alignment in 2025 tronic equipment, which relates to the circular economy objective. This In contrast to our disclosure in 2024, and in line with the updated regu- To align with the EU Taxonomy, these activities need to comply with covers the manufacturing and sale of all our products from the Hear- lation, we have excluded economic activities which do not meet the all of the substantial contribution criteria, as well as the DNSH and ing, Enterprise, and Gaming divisions. 10% threshold. This means a minor reduction in the eligible proportion minimum safeguards criteria. of our turnover, CAPEX, and OPEX KPIs (see below footnote for an In support of this activity, we also engage in CE 5.1 Repair, refurbish- overview of the excluded economic activities)*. No other key drivers While we have established that none of our revenue, CAPEX, nor OPEX ment and remanufacturing, which includes repair-related services in all have resulted in year-on-year changes in the KPIs. fully meets these requirements, we have undertaken a systematic re- divisions, as well as remanufacturing of returned products in our Hear- view of existing initiatives, including our updated Better for planet sus- ing division. Turnover tainability strategy, to better understand the potential for making a The turnover KPI is defined as Taxonomy-eligible turnover divided by substantial contribution to the circular economy objective under our Our third eligible economic activity is CCM / CCA 7.7 Acquisition and total turnover. The total turnover is GN’s total net revenue. Our con- main economic activity in the future (see p. 59). For a complete over- ownership of buildings, which is associated with the climate change solidated net revenue can be reconciled to our consolidated financial view of all our circularity initiatives, and how these relate to the EU mitigation and adaptation objectives and relates to leases and owner- statements (see section 2.1). Taxonomy requirements (see E5, pp. 74-79). ship of various buildings, such as offices, manufacturing sites, and warehouses. CAPEX The CAPEX KPI is defined as Taxonomy-eligible CAPEX divided by total Our alignment assessment in 2025 focused on CE 1.2 as we consider it CAPEX. The total CAPEX consists of additions to tangible and intangi- to be material to our business model given that it covers most of our ble assets, before depreciation, amortization, and any re- * Excluded economic activities based on the 10% threshold: CE 5.2 Sale of spare parts [<1% Turnover], CCM 6.5 / CCA 6.5 Transport by motorbikes, passenger cars and light commercial vehicles [<1% CAPEX/OPEX], CCM 7.1 / CCA 7.1 / CE 3.1 Construction of new buildings 57/195 [~1% CAPEX], CCM 7.2 / CCA 7.2 / CE 3.2 Renovation of existing buildings [~2% CAPEX, <1% OPEX], CCM 7.3 / CCA 7.3 Installation, maintenance and repair of energy efficiency equipment [<1% CAPEX/OPEX], CCM 7.4 / CCA 7.4 Installation, maintenance and repair of charging stations of electric vehicles in buildings (and parking spaces attached to buildings) [<1% CAPEX/OPEX], CCM 7.5 / CCA 7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings [<1% OPEX], CCM 8.1 / CCA 8.1 Data processing, hosting and related activities [<1% CAPEX/OPEX] --- Financial year 2025 2025 Breakdown by environmental objectives of Taxonomy aligned activities Proportion Climate Climate Not assessed activ- Proportion of Proportion of Tax- of Taxonomy Change Miti- Change Circular Proportion ities Taxonomy aligned activ- Taxonomy aligned activ- KPI Total onomy eligible ac- Taxonomy aligned aligned gation Adaption Economy Pollution Bio- Proportion of ena- of transitional ac- considered non- ities in previous financial ities in previous financial (1) (2) tivities (3) activities (4) activities (5) (6) (7) Water (8) (9) (10) diversity (11) bling activities (12) tivities (13) material (14) year (2024) (15) year (2024) (26) DKK m % DKK m % % % % % % % % % % DKK % Turnover 16,782 99% - 0% 0% 0% 0% 1% - 0% CAPEX 1,667 95% - 0% 0% 0% 0% 0% 0% 5% - 0% OPEX 1,963 99% - 0% 0% 0% 0% 0% 0% 1% - 0% Turnover Financial year 2025 2025 Environmental objective of Taxonomy aligned activities Taxonomy eligible KPI Taxonomy aligned KPI Climate (Proportion of Taxon- Taxonomy aligned KPI (Proportion of Taxon- Climate Change Circular Proportion of Taxonomy Code omy eligible Turnover) (monetary value of omy aligned Turnover) Change Miti- Adaption Economy Pollution Biodiversity Enabling activity Transitional activ- aligned in Taxonomy eli- Economic activities (2) (3) Turnover) (4) (5) gation (6) (7) Water (8) (9) (10) (11) (12) ity 813) gible (14) % DKK m % % % % % % % % Manufacture of electrical and electronic equipment CE 1.2 99% - 0% 0% 0% Sum of alignment per objective 0% Total KPI (Turnover) 99% - 0% 0% 0% 0% 0% CAPEX Financial year 2025 2025 Environmental objective of Taxonomy aligned activities Climate Taxonomy eligible KPI Taxonomy aligned KPI Taxonomy aligned KPI Climate Change Circular Proportion of Taxonomy Code (Proportion of Taxon- (monetary value of (Proportion of Taxon- Change Miti- Adaption Economy Pollution Biodiversity Enabling activity Transitional activ- aligned in Taxonomy eli- Economic activities (2) omy eligible CAPEX) (3) CAPEX) (4) omy aligned CAPEX) (5) gation (6) (7) Water (8) (9) (10) (11) (12) ity 813) gible (14) % DKK m % % % % % % % % Manufacture of electrical and electronic equipment CE 1.2 89% - 0% 0% 0% Acquisition and ownership of buildings CCM / CCA 7.7 7% - 0% 0% 0% 0% Sum of alignment per objective - 0% 0% 0% 95% - 0% 0% 0% 0% 0% 0% 0% Total KPI (CAPEX) OPEX Financial year 2025 2025 Environmental objective of Taxonomy aligned activities Climate Taxonomy eligible KPI Taxonomy aligned KPI Taxonomy aligned KPI Climate Change Circular Proportion of Taxonomy Code (Proportion of Taxon- (monetary value of (Proportion of Taxon- Change Miti- Adaption Economy Pollution Biodiversity Enabling activity Transitional activ- aligned in Taxonomy eli- Economic activities (2) omy eligible OPEX) (3) OPEX) (4) omy aligned OPEX) (5) gation (6) (7) Water (8) (9) (10) (11) (12) ity 813) gible (14) % DKK m % % % % % % % % Manufacture of electrical and electronic equipment CE 1.2 75% - 0% 0% 0% Repair, refurbishment and remanufacturing CE 5.1 17% - 0% 0% 0% Acquisition and ownership of buildings CCM / CCA 7.7 7% - 0% 0% 0% 0% Sum of alignment per objective 0% 0% 0% Total KPI (OPEX) 99% - 0% 0% 0% 0% 0% 0% 0% --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Progress towards EU Taxonomy alignment 1. Repairability 2. Recyclability 3. Long lifetime, reuse, and remanufacturing The visual on the right depicts our progress towards alignment for our main economic activity, CE 1.2 Manufacture of electrical and electronic 1.1 Product repair scoring 1.4 Public availability of 2.1 Demonstrated superior Software update Full reset function of devices equipment. We have only focused on the substantial contribution crite- systems instructions recyclability of products requirements (N.A) (N.A) ria as we consider these requirements to have the main synergies with existing initiatives and strategic pillars in our Better for planet strategy. 1.2 Third-party and 1.5 Non-destructive 2.2 Use of applicable EN 3.1 Removable and portable Data privacy and professional repairers disassembly Standards for recyclability batteries confidentiality (N.A) The scope for this assessment is all GN divisions and eligible products 1.3 Availability of key spare 1.6 Commercial guarantee (3 - 3.2 Software compatibility (i.e. products defined under electrical and electronic equipment). The parts year warranty) with circularity criteria were assessed based on whether we fully, partially, or fail to ful- fil the requirements as set out under the relevant Annex of the environ- Health and safety risks of repair (N.A) mental delegated act. We consider the criteria to be fulfilled if all re- quirements were met or partially fulfilled if only one or more of the re- 4. Hazardous quirements (but not all) were met. If none of the requirements were 5. End-of-life management substances met, we consider the criteria not fulfilled. Finally, some of the criteria were considered not relevant to GN as the requirements cannot be ap- 4.1 ‘Demonstrated process’ 5.1 Product end-of-life 5.6 Participation in EPR Environmental benefits ( N.A) plied to our products. for proactive substitution management schemes 4.2 Absolute restrictions on 5.2 Recovery potential of 5.4 Buy-back, sell -back, and 5.7 Take -back and collection To understand how our progress towards alignment will evolve over Substantial contribution criteriacertain hazardous substances critical raw materials take-back options systems for portable batteries the next reporting periods, we expect that as we achieve our targets under the relevant strategic pillars, we will fulfil more of the substan- 4.3 Restrictions on the use of 5.5 Separate collection of 5.3 Tracking of SVHCs other substances waste electronics tial contribution criteria. See more details on the next page. Circularity through design Circularity through material recovery Expanding TCO Certified Improve repairability via design for repair initiatives Expand remanufacturing scope in the Hearing division Continuously meet requirements of TCO Certified for with suppliers to wireless accessories and chargers covered products strategic Improve recyclability by aligning with EN standards pillars Better for planet Advancing circular products and services Limiting our use of hazardous substances Criteria fulfilled Criteria partially fulfilled Criteria not relevant to GN Criteria not fulfilled 59/195 59/195 --- GN Store Nord Annual Report 2025 Content 1. Repairability (criteria partially fulfilled) • Other criteria relate to software update requirements and re- including recycling information to enable separate collection • We have assessed most of the criteria to be partially fulfilled set functions, which do not apply to our products. While our for waste electronics and portable batteries based on our existing repair initiatives, see pp. 74-79. Beyond products can be used with various software (e.g. Jabra Direct), applying GN’s internal repairability index to assess the repaira- they do not depend on them to function as intended. How- • While we do not fully satisfy requirements for recovery poten- bility potential of our products, we are also working to ensure ever, it is unclear whether in-house software calibration can tial and take- or buy-back options for our products, as well as we comply with external indices, such as the upcoming EU re- have negative impacts on the circularity potential of our prod- waste batteries, we are taking steps to move towards fulfilling pairability index for our products ucts, e.g. the ability of a third party or professional repairer to these criteria through existing initiatives focused on design for undertake more complex repairs repairability and recyclability. This will enhance the ability to • We will move towards fully satisfying the criteria through our access critical and replaceable components, therefore improv- repair program (see pp. 74-79). This includes initiatives aimed 4. Hazardous substances (criteria partially fulfilled) ing end-of-life management and recycling possibilities at designing products with high repairability and enabling re- • We comply with both the Registration, Evaluation, Authorisa- pair through the development of out of warranty repair, as tion and Restriction of Chemicals (REACH) and Restriction of DNSH criteria well as making repair guides, repair kits, and spare parts avail- Hazardous Substances (RoHS) regulations across all divisions, • To understand our performance against the EU Taxonomy as able through a global repair network warranting that any relevant hazardous substances are not baseline, our assessment has prioritized the substantial contri- used or contained in our products (at or above the specified bution criteria. We have therefore not performed a full assess- 2. Recyclability (criteria not fulfilled) concentration limits) ment of the DNSH criteria • While we have currently not fulfilled the criterion requiring an assessment of recyclability, as part of Better for planet we are • To further comply with these criteria, proactive substitution of Minimum Safeguards taking the needed steps by developing a new ‘design for recy- hazardous substances is required to the extent possible. More- • Assuming we achieve the objectives of the human rights due cling’ framework in 2026 to guide product development. The over, all substances of very high concern (SVHCs) should be diligence pillar of Better for planet and maintain our existing aim is to ensure all new product initiatives will align with EN tracked accordingly via public tools, such as in the SCIP data- due diligence processes in relation to corruption and bribery, standards, such as EN 45555:2019, thereby demonstrating su- base. While we meet these criteria in our Enterprise and Hear- taxation and fair competition, we expect that we will fulfil the perior recyclability, in accordance with the taxonomy require- ing divisions, such as by phasing out the use of hazardous sub- requirements of not only the Minimum Safeguards, but also ment stances like halogen, we do not consistently apply this practice the upcoming Corporate Sustainability Due Diligence Directive across all divisions (see pp. 71-73) (CSDDD) 3. Long lifetime, reuse, and remanufacturing (criteria partially fulfilled) • This criterion applies to our wireless products, where some of 5. End-of-life management (criteria partially fulfilled) • More specifically, initiatives aimed at strengthening our hu- our most recent product launches already comply with the re- • GN partially fulfils relevant criteria related to product end-of- man rights due diligence process, such as requiring both our quirements. More specifically, we are ensuring compliance life management, which is linked to ongoing compliance with tier 1 and tier 2 suppliers to undergo third-party audit pro- with the EU’s new battery legislation, requiring that all new the waste electrical and electronic equipment directive grams, where required, by the RBA, will move us closer to- products allow end-users to readily remove and replace the (WEEE). We ensure reporting and financial contributions are wards complying with the human rights requirements under battery without using specialized or proprietary tools made in relation to relevant extended producer responsibility the minimum safeguards (see pp. 90-92) (EPR) schemes in the member states where GN is classified as a manufacturer. This relates to product volumes and weights, 60/195 --- GN Store Nord Annual Report 2025 Content Climate change Material impacts, risks, and opportunities In making the transition to net zero, GN could also realize opportunities risks. We have carried out a climate-related risk assessment, including ___________________________________ to reduce operational costs in the short term and potentially create a climate scenario analysis. IRO-1, SBM-3; E1-9 new revenue streams in the long term. We have identified seven IROs related to climate change and energy, GN’s exposure to climate-related hazards and transition events were reflecting the dependence of our business model on fossil fuel-inten- Our approach to assessing climate-related risks and opportunities assessed for sites in our own operations, key supply chain activities, and sive industries and activities, as well as our exposure to the physical im- Our ERM process continuously identifies new business risks and in- the market locations of our customers. The risk assessment and resili- pacts of climate change and the legislation devised to address it. cludes processes related to defining and managing climate-related ence analysis excluded downstream activities beyond the customer's own operations. Climate-related acute and chronic physical risks cov- ered were extreme weather events, heat and water stress, wildfires and sea level rise. Transition risks covered included carbon pricing, regula- Addressed in tory change, changing customer behavior, and availability of materials. Material IROs Description value chain For climate-related physical risks, geolocations data for our facilities Part of our operations run on fossil fuels, resulting in both scopes 1 and 2 emissions with and those of our suppliers were used, while country- and regional-level 1 Scopes 1 and 2 emissions negative impacts on the environment analysis was applied across the value chain activities. A majority of our value chain run on fossil fuels, resulting in high value chain emissions The magnitude and likelihood of physical and transition risks were as- 2 (scope 3) with negative impacts on the environment Scope 3 emissions sessed irrespective of planned mitigating actions. Anticipated financial effects were assessed through a resilience analysis and expressed in The majority of energy used in our value chain is from fossil fuels, as well as some energy 3 terms of potential financial loss or gain (e.g. in revenue, operational Reliance on fossil fuels used in our own operations. This results in negative impacts on the environment costs, asset value), given GN’s current corporate strategy, including our climate targets. Qualitative assessments were carried out, using vari- GN faces higher costs and supply constraints from higher customer, carbon pricing and Cost volatility risks related 4 ous data inputs, as well as our product LCAs, corporate GHG account- compliance demands, risking market shares if we cannot meet these to the climate transition ing, and publicly available tools and reports, such as the WWF Water There is an opportunity to create new revenue streams from products or services with a Financial opportunities from Risk Filter, climate impact projections from IPCC AR6 WGII, and the lower environmental impact, such as low-carbon and refurbished products or product products and services with a 5 World Bank Carbon Pricing Dashboard. We also looked at historical in- lower environmental impact takeback and recycling schemes cidence of extreme weather events and consequent disruption in own operations and supply chain. Extreme weather events in the long-term could disrupt our operations, leading to higher 6 operational costs due impacts on productivity and supply continuity Extreme weather events Climate scenario analysis The scenario analysis applied four scenarios: a high-emission future Increased energy efficiency will lead to reduced operational costs from lower energy 7 (SSP3-7.0), low-emission future (SSP1-2.6), International Energy Energy efficiency consumption Agency (IEA) Net-Zero Emissions by 2050 (NZE), and IEA STEPS. The Impact: Risk: SSP3-7.0 scenario gives us the likely upper end risk exposure of the Opportunity: business to climate-related hazards in the future (near- and mid-term 61/195 --- GN Store Nord Annual Report 2025 Content reference periods were applied). Here, the Shared Socioeconomic Path- physical risks like extreme weather events, particularly floods, storms, CCA 7.7) remains that exceeds the threshold, which is associated with way 3 was chosen to reflect recent trends in international affairs, while and heat waves. Such events could lead to supply chain disruption, leases and ownership of various buildings, such as offices, manufactur- STEPS was chosen to reflect the current climate policy landscape. causing increased operating costs and potentially loss of revenue and ing sites, and warehouses. However, due to our core business being SSP1-2.6, IEA's new Net Zero Roadmap report and NZE were applied to owned asset value. Regarding events related to the transition to a net- heavily associated with the circular economy objective, we have not in- identify and assess climate-related transition risks and opportunities zero economy, the most significant long-term risk was assessed to be vested significant CAPEX or OPEX in initiatives tied to CCM / CCA 7.7 that GN may face in the future if the world pursues a path to net-zero the increased operational costs associated with introduction and in- (see EU Taxonomy disclosures on pp. 57-60). emissions by 2050. In assessing physical risks for the high-emission sce- crease of carbon taxes. Adopting new technologies and practices to im- nario, poor international cooperation with limited ambition of climate prove energy efficiency could reduce operating costs in the long term, None of our assets or business activities are considered incompatible policies and slow uptake of low-carbon technologies were the drivers and designing products and services with a lower environmental foot- with or need significant efforts to be compatible with a transition to a considered. In assessing transition risks, we assumed that the cost of print that meet new and emerging customer demands could create climate-neutral economy, for example due to significant locked-in GHG carbon would increase in the NZE scenario but remain constant for the new revenue streams in the long term. emissions or the requirements for alignment to the EU Taxonomy re- STEPS and high-emission scenarios and that the uptake of renewable quirements. This is supported by the fact that GN is not excluded from energy in the grid would dramatically increase. Climate strategy the Paris-aligned benchmarks. For these reasons, we also do not expect ___________________________________ alignment of our economic activities with the delegated act on climate E1-1 The scenario analysis underlying the climate risk assessment and resili- objectives to change significantly in future. We are committed to playing our part in reducing emissions in line with ence analysis assumed that GN’s core business activities and operating the scientific consensus to minimize our climate impact. To meet this model and the distribution of major production facilities do not change, commitment, we have a climate transition plan in place, consisting of as this is also a key assumption in our Better for planet strategy. We our environmental policy, climate-related incentives for the CEO and also assumed that the geographical distribution of customers and sup- CFO (see p. 52), science-based targets, and several decarbonization ini- pliers broadly remains the same. These assumptions and the limited tiatives. The policy, targets, and incentives have been approved by the time period of GN’s corporate strategy give rise to uncertainty in the Board of Directors. resilience analysis. Through the development of Better for planet, the overarching targets We account for relevant climate-related impacts in our financial plan- have been folded out into supporting targets, the initiatives have been ning but, given that we do not anticipate material short-term financial detailed in a roadmap to 2030 and the governance framework has been implications, they are not integrated into the financial statements. To strengthened to ensure successful implementation of the transition better evaluate the most significant long-term risks and opportunities, plan. Our emission reduction initiatives, as described on these pages, we plan to conduct quantitative analysis including financial modelling, are anchored within our existing business model and financial planning. accounting for potential changes to our operating model and produc- tion locations. In 2025, we applied a 10% threshold in our EU Taxonomy reporting, which means we have excluded several small secondary economic ac- Material climate-related risks and opportunities tivities that are eligible under the climate change mitigation and adap- A large proportion of GN components and products are manufactured tation objectives. From this, one secondary economic activity (CCM / across China and Southeast Asia, which are areas exposed to long-term 62/195 --- GN Store Nord Annual Report 2025 Content Policies Climate targets reductions can be achieved through several decarbonization levers, ___________________________________ ___________________________________ some of which have been integrated into Better for planet under the E1-2 E1-4 Clean Power and Electrification and Circularity Through Design pillars Our Environmental Policy covers our approach to achieving our climate In November 2022, our near-term science-based emission reduction (see p. 48.) Other levers, such as reducing the share of air freight ship- targets and meeting our commitment to be net-zero by 2050. targets were validated by the SBTi to be aligned with limiting global ments, exist elsewhere in GN’s functional and divisional strategies. warming to 1.5 degrees. We are committed to reducing absolute GHG To address our scopes 1 and 2 emissions, where electricity consump- emissions in scopes 1 and 2 by 80% and in scope 3 by 25% by 2030 When identifying our decarbonization levers, we used the International tion constitutes a major part of our footprint, we prioritize sourcing re- from a 2021 baseline. GN has also set a long-term target to reach net- Energy Agency’s Net-Zero Emissions scenario to sketch out the decar- newable energy through instruments that ensure local generation and zero emissions by 2050 at the latest, meaning a 90% reduction with bonization that will likely occur irrespective of our strategy. For exam- newly or not yet commissioned projects. Opportunities to improve en- neutralization of unabated emissions. ple, the expected share of renewable energy in the power grids for our ergy efficiency at our sites are identified, evaluated, and implemented major markets was relevant to understanding the trajectory for our on an ongoing basis. These targets cover all GHGs stipulated in the GHG Protocol and all ac- scope 3 category 11 emissions, irrespective of any potential improve- tivities in GN’s own operations and value chain globally. Our near-term ments to the energy efficiency of our products. As the vast majority of our emissions are in our value chain (scope 3), targets have been set using SBTi Criteria v5.0 with the absolute con- we set expectations and requirements to suppliers in GN’s Supplier traction approach and the cross-sector pathway, which is based on the An estimated 33,216 tCO2e are locked-in emissions from the use phase Code of Conduct (SCOC), which has been updated to include require- P1 scenario in the IPCC Special Report on Global Warming of 1.5°C. It of GN products sold in 2025, representing 14% of our total scope 3 ments that support the objectives of Better for planet, such as setting has been assumed that GN’s core business activities will not change by emissions (see p. 68). These emissions are a result of our product port- climate targets, switching to renewable energy and providing accurate 2030. We have aligned our net-zero target to the SBTi’s cross-sector folio over this time period and the global energy mix. While the nature carbon data to enable us to track progress and review and adjust our absolute reduction method for long-term targets. of our business model means we cannot anticipate changes in emis- strategy using a data-driven approach. sions related to our product portfolio, we expect substantial decreases Through our climate targets, we demonstrate our commitment to en- as the global energy sector decarbonizes and, given typical product We do not consider carbon offsetting as an alternative to carbon re- sure our business is compatible with the transition to a net-zero econ- lifetimes, we assume that the locked-in emissions will not prevent us duction. We will only engage in carbon removal that is independently omy and with the limiting of global warming to 1.5°C in line with the from reaching net-zero by 2050, regardless of the pace of the renewa- certified, and we will not claim any carbon avoidance claims related to Paris Agreement. Our 2030 reduction targets are the first milestone to- ble-energy transition. our products as part of meeting our climate targets (see p. 70). wards achieving net-zero emissions by 2050, which we currently assess to be reachable without changing our business model. The necessary Progress to target Target reference Target Scopes Base year Baseline value* Target year Target value Reduction % Current value % value** Methodology Near-term target 1 Scope 1 (23%) scope 2 market-based (77%) 2021 9,831 2030 1,966 80% 4,603 66% 5,702 Science-based target, approved by SBTi Near-term target 2 Scope 3 2021 356,424 2030 267,318 25% 239,723 131% 178,212 Science-based target, approved by SBTi Long-term target Scopes 1 (<1%), 2 (2%) and 3 (98%) 2021 366,255 2050 36,626 90% 244,326 37% 36,626 Science-based target, not approved by SBTi * Target baselines for scope 3 and net-zero targets have been restated (see p. 67) ** Cross-sector (ACA) reductions pathway based on the year 2020 as the reference year from Pathways to Net-zero –SBTi Technical Summary (Version 1.0, October 2021) 63/195 --- GN Store Nord Annual Report 2025 Content Performance against our 2030 targets Beyond 2030 As part of our Better for planet strategy, Scopes 1 and 2 emissions increased in 2025 because of a combination We are focused on executing Better for planet to reach our 2030 tar- of the temporary overlap of our two major sites in the U.S. and in- gets and expect this will set the foundation to achieve the required de- we have set renewable energy targets creased electricity consumption outside of the PPA in Denmark. How- carbonization to achieve net zero between 2030 and 2050. Achieving for tier 1 suppliers and tier 2 suppliers of ever, we are still on track to meet our 2030 target of 80% reduction in our target to be net zero in 2050 will require that we continuously as- scopes 1 and 2 emissions, having reduced our emissions by 53% versus sess whether we need further adjustments to our strategy and poten- carbon-intensive components. the baseline. In scope 3, a further decrease in 2025 means that we re- tially our business model, including the use of new technologies partic- main beyond our reduction target of 25% by 2030, having reduced ularly related to use of sustainably sourced materials in our products Climate actions emissions by 33% from the baseline. and the use of low-carbon fuels by our logistics partners. As our strat- ___________________________________ egy period does not extend beyond 2030 and there are many uncer- E1-3 While we have made real emission reductions through our continued tainties around the decarbonization pathways of the industries we de- Several initiatives have been implemented in 2025, using the decarbon- efforts, manufacturing of products in the Enterprise and Gaming divi- pend on in our value chain in the period 2030-2050, we cannot yet as- ization levers we have identified (see table on p. 65). While some initia- sions remains one of our largest emission drivers. Given our growth am- sess the nature and extent of the required adjustments. We do believe tives have led to direct emission reductions in 2025, others such as the bitions and the gap to our net-zero target, our drive to decarbonize re- reaching our 2050 net-zero target is achievable, as there is no indica- development of our global renewable energy program have laid the mains to decouple our emissions from growth in the business. tion from our climate scenario analysis that decarbonization trends in groundwork for us to make significant future reductions to meet our the power and transport sectors will prevent us from reaching this. climate targets. Scopes 1 & 2 emissions (tCO2eq) Scope 3 emissions (tCO2eq) In 2025, we also conducted 10 new product LCAs and updated 5 exist- ing LCAs. Next year, we plan to integrate the supplier-specific data -53% -33% from our tier 1 and selected tier 2 suppliers that will be made available 9,831 356,424 via the implementation of Better for planet. 3% 9% 267,490 267,318 4,603 14% 4,183 7% 239,723 9% 1,966 7% 983 25% 8% 14% 14% 15% 2021 2024 2025 2030 2050 Net zero target 13% Scope 1 actuals Scope 2 actuals Targets 49% 55% 58% 35,642 2021 2024 2025 2030 target 2050 Net zero target Purchased goods and services Use of sold products Employee transport Upstream transportation and distribution Other activities Total scope 3 emissions 64/195 --- GN Store Nord Annual Report 2025 Content Actions to reduce emissions ___________________________________ E1-3 Decarbonization Achieved emissions Expected outcomes/ levers Associated target s Actions taken in 2025 emissions reduction (tCO2eq) Actions planned beyond 2025 reduction in 2025 We developed a roadmap and guidelines for a globally coordinated renewable energy program aligned with our 2030 climate targets. This involved technical feasibility assessments for onsite generation at major production sites, a new 80% reduction in scopes 1 and 2 governance structure to support implementation, and the integration of energy -related criteria into existing processes, Of the reduction in market-based scope 2 Renewable 100% renewable power at all GN such as new site selection. We continued sourcing renewable Implementation of the new long-term emissions from the baseline, 40% was achieved Reduce market-based scope 2 emissions from energy at GN sites energy at several sites in 2025 (see p. 66). global renewable energy program. through the unbundled RECs purchased in 2025. electricity to zero by 2030. Energy consumption at our global production site An estimated reduction in power consumption by Local target at our site in in Malaysia decreased by 4% from 2024, despite 114 MWh per year, avoiding approximately 70 Malaysia: 0% increase in Energy efficiency initiatives have been implemented, such as increased production output. This achieved an tCO2eq (1%) of location -based scope 2 emissions per Energy electricity consumption in 2025 after-hours shutdowns of lighting and HVAC systems were Energy audits to be conducted at all emissions reduction of 116 tCOeq (2%) in year from the implemented energy efficiency efficiency from 2024 introduced at our production sites in Malaysia and India. production facilities. location-based emissions from the baseline. initiative in Malaysia. 31 out of 98 (32%) new car leases in 2025 were battery electric We will continue to electrify our company Transitioning to electric cars has achieved a Reducing the number of fossil fuel cars in our fleet vehicles or plug-in hybrid vehicles. The GN-owned fossil fuel fleet, including changes to local company reduction of 57 tCO2eq, compared with the will lead to an increasing annual reduction of our Fleet vehicle at our Xiamen production site was replaced with an car policies and replacement of onsite scenario where new leases in 2025 were fossil scope 1 emissions, the majority of which come from electrification 80% reduction in scopes 1 and 2 electric vehicle. vehicles. fuel cars. car fuels. While supplier emissions data accuracy is expected to improve with the implementation of this initiative, As part of Better for planet, we have set renewable energy In 2026, we will implement a new supplier we estimate that these targets will lead to a targets for tier 1 suppliers and tier 2 suppliers of carbon engagement program to increase adoption reduction of 3-5% in current scope 3 emissions, Renewable energy intensive components, which have been further supported by of renewable energy in line with our 2030 Impact on emissions to be measured upon depending on growth in production volumes to 2030 . in the supply chain 25% reduction in scope 3 an update to our Supplier Code of Conduct. targets. implementation. Further reduction in the share of air freight (by tonkm) from the global to regional distribution hubs in our Enterprise and Gaming divisions to Minimizing air freight in our inbound logistics (by weight) has been an ongoing initiative since 2021. We will 14% from 17% in 2024 was the main driver for the We expect further emission reductions from this Reducing the share continue to switch to ocean or ground freight where possible and have dedicated short -term bonus objectives to absolute reduction of 10,578 tCO2eq in scope 3 action, but we are not able to quantify these, as of air freight 25% reduction in scope 3 support this initiative. category 4 emissions in 2025. freight volumes fluctuate. We continuously test recycled and bio -based 25% reduction in scope 3 alternatives for their suitability for use in An estimated 372 tCO2eq reduction was achieved We launched 11 new products containing recycled or mechanical components. This testing will be for Enterprise and Gaming products released in biocircular materials in 2025. Of the total weight of plastic and Product design: 40% recycled and sustainably rolled out to our Hearing division and 2025 by replacing virgin aluminium and virgin We expect further emission reductions from this metal used in our products in 2025, 5.2% was recycled or low-carbon sourced bio-based materials feasibility of expanding to electronic fossil plastics with recycled or renewable action, but we are not able to quantify these, as biocircular (up from 2.7% in 2024). materials (see E5-3 on pp.74-75) components will be investigated. alternatives. production volumes vary. 65/195 --- GN Store Nord Annual Report 2025 Content Energy consumption & mix 3% 3% Accounting policies ___________________________________ 5% 15% E1-5 12% 42% 47% Energy consumption and mix Total energy consumption has increased 14% from 2024, primarily Renewable Renewable Only energy purchased directly from the vendor is included. Where actual 24% 27% energy energy because of the overlap in operations at our U.S. manufacturing sites. energy consumption from invoices is unavailable, consumption is esti- mated based on the relevant historical period. For the calculation of the This is also reflected in increased total energy consumption from high consumption, refer to the accounting policies for GHG emissions in scopes climate impact sectors. GN’s renewable energy share increased from 1 and 2 on p. 69. 42% in 2024 to 47%. To achieve this, we procured 4,510 MWh of 43% 41% 53% bundled Renewable Energy Certificate (RECs) – 4,500 MWh from a 58% For electricity and heat, supplier-specific energy mix is used where availa- Non-renewable power purchase agreement (PPA) in Denmark and 10 MWh from green Non-renewable ble. Otherwise, national grid mix is assumed (residual mix where available), energy energy sourced from country-level data on electricity generation sources from the tariffs) – and 9,758 MWh of unbundled RECs from solar or wind IEA. Aside from consumption in Denmark, where renewable versus residual 9% generation in Malaysia, China, and the U.S. Our new site in Sydney, 5% mix electricity is split on a monthly level, the energy mix is applied to the 7% 6% Australia, is heated and cooled using onsite solar power generation. total annual consumption for any given site or vehicle. This applies for both 2024 2025 actual and estimated consumption data. Restatements Residual mix electricity District heating Fuels For car fuel consumption, where only distance data is available, the aver- We have restated selected energy mix metrics for 2024, as we have Unbundled RECs Bundled RECs age fuel consumption per km for different vehicle types is estimated using corrected in error in our accounting of electricity from the PPA in Renewable heating Grid renewables fuel economy data from the U.S. Department of Energy (2024). Denmark, as well as updating the national mixes to use residual mix. Renewable energy sources considered are solar, wind, hydro, geothermal, tidal, and biomass. Where single sources were not identifiable, they are ac- counted for as ‘other renewable sources’. Waste is considered as a non-re- MWh 2025 2024 2024 (previously disclosed) newable energy source. Fuel consumption from coal and coal products - - - Fuel consumption from crude oil and petroleum products 10,354 11,613 11,613 High climate impact sector: GN’s Hearing division falls under NACE Code Fuel consumption from natural gas 4,391 2,064 2,064 C26.6: Manufacture of irradiation, electromedical, and electrotherapeutic Fuel consumption from other fossil sources - - - equipment. Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources 4,051 4,710 5,200 Total fossil energy consumption 18,796 18,387 18,897 Share of fossil sources in total energy consumption 52% 57% 59% Consumption from nuclear sources 524 319 366 Share of consumption from nuclear sources in total energy consumption 1% 1% 1% Fuel consumption for renewable sources, including biomass - - - Energy intensity based on net revenue Unit 2025 2024 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources 17,048 13,311 12,754 The consumption of self-generated non-fuel renewable energy - - - Total energy consumption from activities in high climate im- Total renewable energy consumption 17,048 13,311 12,754 pact sectors MWh 24,708 18,072 Share of renewable sources in total energy consumption 47% 42% 40% Net revenue from activities in high climate impact sectors DKKm 7,214 7,104 Total energy consumption 36,368 32,017 32,017 Energy intensity MWh/ DKK million 3,43 2,54 66/195 --- GN Store Nord Annual Report 2025 Content materials. Indirect procurement emissions decreased by 2% because of Data accuracy for that reporting year is sufficient for reliable represen- Greenhouse gas emissions lower spending, particularly on services. tation of GN’s GHG emissions. However, to improve accuracy, we con- ___________________________________ tinually update our methodology. To ensure comparability, we recalcu- E1-6 Other larger decreases occurred in category 2 (capital goods), where late the baseline and restate previous year’s emissions where new Scopes 1 and 2 emissions have decreased by 24%, mainly because the Shakopee lease methods or data have been used. GHG emissions in scopes 1 and 2 (market-based) have increased by was recognized as an asset in 2024 when entering into the lease, and in 10% from 2024, which was mainly caused by an 113% increase in sta- categories 11 (use of sold products), which decreased by 13% from last GHG emissions in 2021 have been restated for categories 1, 3, and 12, tionary scope 1 emissions from natural gas heating at our Bloomington year, which was mainly caused by lower sales of Enterprise products while categories, 1, 3, 4, 6, 11, and 12 have been restated for 2024, see and Shakopee production sites. Given the decreasing activity at our with higher power consumption. table below. The scope 3 target baseline has therefore been restated Bloomington site, we expect scope 1 emissions to decrease again in for both years. New data from product LCAs conducted during 2025 2026. Mobile emissions have decreased by 11% since 2024, primarily Greenhouse gas intensity was the main reason for restating categories 1, 11, and 12. Category 3 from the electrification of the company car fleet. GHG emission intensity per unit revenue (market-based) has also de- has been restated because additional upstream emission factors are creased by 4% from 2024, which is largely a result of the growth in the now available for countries where we apply IEA emission factors. Cate- Market-based scope 2 emissions have increased by 18% from 2024 but share of GN’s revenue from the Hearing division, which is less carbon gory 4 has been restated because of a change in the availability of data remain 77% lower than the 2021 baseline. An increase in electricity intensive. from our suppliers as well as the updating of their methodology to in- consumption in Denmark that is not covered by the PPA was the main clude actual, rather than assumed distances. Category 6 has been re- cause of the increase in 2025. Location-based scope 2 emissions have Restatements stated because we have reassessed the cost groups that are included in increased by 11% from 2024, primarily because of the temporary over- GN disclosed GHG emissions, covering all business activities, for the the spend-based uplift for activities booked outside of partner travel lap in operations at our Bloomington and Shakopee sites in 2025, which first time in 2021. agencies. led to increased electricity consumption. Previous base- Restated base- Previous 2024 Restated 2024 Scope 3 GHG Emissions scope line (tCO2eq) line (tCO2eq) % change (tCO2eq) (tCO2eq) % change Total scope 3 emissions have decreased by 10% from 2024 and 33% Scope 3 349,006 356,424 2 257,107 267,490 4 from the 2021 baseline, keeping us beyond our 2030 target for scope 3. 1 Purchased goods and services 164,916 171,389 4 135,345 146,618 8 3 Fuel and energy-related activities 859 1,745 103 1,100 1,949 77 The largest contributor to the decrease in scope 3 emissions from 2024 4 Upstream transportation and distribution 39,932 40,691 2 was the 26% drop in category 4 (upstream transportation and distribu- 6 Business travel 9,605 10,219 6 tion) emissions. This was largely a result of continued reduction in the 11 Use of sold products 41,792 38,295 -8 share of air freighted shipments. 12 End-of-life treatment of sold products 2,197 2,257 3 1,542 1,927 25 Total GHG emissions (location-based) 357,717 365,135 2 265,603 275,986 4 358,837 366,255 2 261,290 271,673 4 Total GHG emissions (market-based) A 4% decrease occurred in category 1 (purchased goods and services). Biogenic emissions in the value chain -4,956 -4,365 -12 -4,780 -3,999 -16 Here, emissions from direct procurement decreased by 5% because of GHG emissions intensity (tCO2eq/ DKK million) continued low demand for Enterprise and Gaming products, but also Total GHG emissions (location-based) per net revenue 19.4 23.2 20 14.8 15.4 5 because of the release of more products that contain lower carbon Total GHG emissions (market-based) per net revenue 19.4 23.3 20 14.5 15.2 5 67/195 --- GN Store Nord Annual Report 2025 Content Accounting policies Use of primary data Primary data, meaning energy or emissions (intensity) data from our sup- GHG Emissions (tCO2eq) Calculation method Emission Factors 2021 (Baseline) 2024 2025 % change pliers, was used across categories 1, 3, 4, 7, and 8, which amounted to an Scope 1 GHG emissions estimated 10% of our total scope 3 emissions. In category 1, we collected Gross Scope 1 GHG emissions DEFRA 2,447 2,748 2,912 6 scopes 1 and 2 emission intensities per unit revenue data from key tier 1 Percentage Scope 1 GHG emissions from regulated suppliers. In category 4, we collected allocated emissions data for the re- emissions trading scheme (%) - - - - gional distribution hubs. Primary data is also used in several emission re- Scope 2 GHG emissions ports from logistics providers, but emissions from this data cannot be in- Gross location-based Scope 2 GHG emissions IEA, EPA, DEFRA 6,264 5,748 6,356 11 cluded in our use of primary data metric. Category 7 included primary data Energy attribute-specific, Supplier collected from a sample of employees. In categories 3 and 8, data was ob- Gross market-based Scope 2 GHG emissions specific and residual mixes 7,384 1,435 1,691 18 tained on energy use, not supplier-specific upstream emission factors for Scopes 1 & 2 GHG emissions (market-based) 9,831 4,183 4,603 10 the production and distribution of the energy sources. Scope 3 GHG emissions 356,424 267,490 239,723 -10 1 Purchased goods and services Spend-based and LCAs Ecoinvent, Supplier specific, DEFRA 171,389 146,618 140,143 -4 Sources of uncertainty 2 Capital goods Average spend-based DEFRA 17,131 12,632 9,612 -24 There are several sources of measurement uncertainty within our GHG ac- 3 Fuel and energy-related activities Average-data method DEFRA, IEA 1,745 1,949 1,974 1 counting. The most significant are the following: 4 Upstream transportation and distribution Distance-based and average-data DEFRA, Supplier specific 90,245 40,691 30,113 -26 5 Waste generated in operations Waste-type-specific DEFRA 93 230 263 14 • Category 1 and 2 – the use of industry average spend-based 6 Business travel Distance and spend-based DEFRA 2,630 10,219 8,907 -13 emission factors for indirect procurement, the gap in LCA cover- 7 Employee commuting Distance-based DEFRA 9,617 7,258 7,852 8 age of our product portfolio and the lack of supplier assembly 8 Upstream leased assets Asset-specific IEA, EPA, DEFRA 1,870 1,922 1,348 -30 emissions data in in the baseline year. 9 Downstream transportation and distribution Distance-based and average data DEFRA 8,953 5,749 4,829 -16 11 Use of sold products Direct use-phase emissions IEA, EPA, DEFRA 50,495 38,295 33,216 -13 • Category 4 – a potential overlap in data from suppliers covering 12 End-of-life treatment of sold products Waste-type-specific DEFRA 2,257 1,927 1,466 -24 outbound shipments, though these shipments do not signifi- Total GHG emissions (location-based) 365,135 275,986 248,991 -10 cantly contribute to the total in this category. Also, varied and Total GHG emissions (market-based) 366,255 271,673 244,326 -10 changing supplier methodologies, but we mitigate this through recalculation, where possible. Biogenic CO2 emissions in Scope 1 DEFRA 0,10 0,13 0,14 8 Biogenic emissions in the value chain Ecoinvent, DEFRA -4,365 -3,999 -3,893 -3 • Category 6 – the uplift of emissions from activity data using GHG emissions intensity (tCO2eq/ DKK million) spend data and our inability to use new financial account struc- Total GHG emissions (location-based) per net revenue 23,1 15,3 14,8 -3 ture for 2021 uplift. Total GHG emissions (market-based) per net revenue 23,2 15,1 14,6 -4 • Category 11 – the lack of useable data on the product lifespans across our product portfolio and the gap in LCA coverage of our product portfolio. • Category 12 – the lack of actual data on the end-of-life treat- ment of our products and the gap in LCA coverage of our prod- uct portfolio. 68/195 --- GN Store Nord Annual Report 2025 Content Accounting policies Actual data is used where available. Otherwise, industry averaged data or esti- management providers serving four of our five major production sites and mates are used. Where activity data quality is insufficient, spend data is used headquarters. For remaining sites, estimates are made based on production Scopes 1 and 2 as a proxy. All transport-related emissions are calculated on a Well-to-Wheel volumes (production sites) and employee numbers (office and retail sites). Direct emissions (scope 1) come from the combustion of purchased fuels basis. onsite for heat and in vehicles owned or leased by the company, as well as Category 6 – Business travel fugitive emissions, which arise from GN’s use of refrigerant gases in produc- Category 1 – Purchased goods and services Emissions from air travel, train travel, and hotel stay, calculated using ticket tion facilities. For indirect procurement, emissions from goods and services purchased by data gathered from travel partners, uplifted using spend data to include GN are calculated using categorized spend data adjusted for inflation com- travel not booked through GN’s travel partners. Emissions from fuel pur- Indirect emissions (scope 2) are from purchased electricity and district heat- pared with the emission factor year. chased by employees for road travel are accounted for in category 1. ing for production sites and offices and electric or hybrid vehicles that are owned or leased by the company. Cradle-to-gate LCAs across all divisions are used to calculate emissions from Category 7 – Employee commuting direct procurement (purchasing of components, semi-finished and finished Emissions from employees commuting is based on a survey conducted in the Only fuel, electricity, and heat that is purchased directly from the vendor by goods). Our LCAs covered 18% of volumes with actual data, versus 19% in reporting year, scaled for country-level changes in employee numbers. GN is accounted for in scopes 1 and 2. Natural gas, electricity, and district 2024. In Enterprise and Gaming, where the emissions are generally higher, heating consumption is reported based on actual consumption from in- coverage was increased from 44% in 2024 to 47% in 2025. The LCA coverage Category 8 – Upstream leased assets voices, where possible. also applies to categories 11 and 12. Energy use at sites not included in scopes 1 and 2. Emissions are calculated with a market-based approach using actual data obtained from building man- Emissions from vehicles is calculated using the fuel-based method. Fuel or Category 2 – Capital goods agement providers and, where necessary, estimates based on floorspace and electricity consumption from vehicles is obtained from either invoices or Emissions from property, plant, and equipment (PPE), calculated using cate- actual data from a site with similar geography and activities. system-generated reports from vendors, including leasing companies and gorized spend data adjusted for inflation compared with the emission factor fuel card vendors. Where consumption data is unavailable, emissions from year. Category 9 – Downstream transportation and distribution vehicles are accounted for using the distance-based method. Emissions from warehousing or retail of GN products after sale, where these Category 3 – Fuel and energy-related activities activities and services are not owned or purchased by GN. Emissions from re- Where actual data is not available for the reporting period, consumption is Upstream emissions from energy consumption at sites and for fleet vehicles tail and warehousing are estimated using energy intensity per unit floorspace estimated based on the relevant historical period. where GN has operational control are calculated using actual energy con- for retail and non-refrigerated warehouse buildings in the US Commercial sumption data, where available. Otherwise, emissions have been calculated Buildings Energy Consumption Survey (CBECS) and allocated supplier-specific The quantity of energy consumed is multiplied by the relevant emission fac- from estimated energy consumption. emissions from upstream warehousing, together with an estimation of the to- tor as part of the consolidation process in our environmental management tal floorspace occupation of all GN products sold in the year. system. The emission factors are determined from internationally recog- Category 4 – Upstream transportation and distribution nized sources: Department for Environment, Food & Rural Affairs (DEFRA) Emissions from upstream transportation are calculated using supplier-specific Category 11 – Use of sold products factors for emissions from electricity consumed in the UK, heat, fuel, and reported emissions or from distance and chargeable weight data. Where Emissions from the power consumption of all GN products, calculated using transport, US EPA factors for electricity consumed in the U.S., and IEA fac- chargeable weight was not available for the baseline year, it was estimated power consumption measurements from product LCA samples, estimated av- tors for all other electricity consumption. GHG emission attributes (from from gross weight, based on professional judgement of the expected ratio be- erage use cases and product lifetimes for main product categories. For Enter- RECs), supplier-specific and residual mix factors are used to calculate mar- tween the two. prise and Gaming products, market data was used to define the use cases. All ket-based scope 2 emissions. Otherwise, location-based factors are used. products were assumed to be in use for five years. Emission factors applied to scope 2 emissions do not separate the percent- Where needed, distances are extracted from EcoTransIT using coordinates, age of biomass or biogenic CO2. port codes or city location. Category 12 – End-of-life treatment of sold products Collection and waste treatment of GN products and packaging, calculated us- Scope 3 Scope 3 category 4 includes some emissions from outbound freighting of GN ing averaged products and packaging weights by grouped market locations. Reporting of scope 3 GHG emissions is based on the GHG Protocol guid- goods that we do not pay for, as these shipments could not be distinguished ance. Categories 10 (Processing of sold products), 13 (Downstream leased from shipments in the same transport leg that GN pays for. Categories 1 (direct), 3, 4, 6, 7, and 11 are calculated from 12 months of data, assets) and 14 (Franchises) are not relevant to GN and are not reported. category 1 (indirect), 4 from 11 months of data and categories 2, 5, 8, 9, and Category 15 (Investments) is not deemed material because most invest- Category 5 – Waste generated in operations 12 are calculated from 9 months of data. ments relate to retail activities in the Hearing division, which are covered in Collection and treatment emissions associated with waste generated by GN Category 9 (Downstream transportation and distribution). offices and production sites. Emissions are calculated using data from waste 69/195 --- GN Store Nord Annual Report 2025 Content Greenhouse gas removals GN only partners with reputable suppliers and business partners, ensur- Date and amount of carbon credits cancelled and expected to be ___________________________________ ing that all projects have undergone thorough due diligence assess- cancelled in the future E1-7 ments to certify quality and integrity. Projects are assessed based on During the last reporting period, GN enabled GHG removals from seven Retirement status Project name tCO2eq indicators relating to climate impact, co-benefits, integrity, and the Retired in 2024/25 - climate change mitigation projects outside our value chain. These have outlook of each project to validate the safety and reliability of the car- - Totals for 2024/25 been financed through the purchase of carbon credits and will amount bon storage. All projects, except one, are certified under a recognized Planned to retire in 2026 Bio-Logical 13 to the removal of 263 tCO2eq when completed. No additional GHG re- quality standard. Carboneers - Odisha & movals have been initiated in 2025, however four of the existing pro- Planned to retire in 2026 Assam 22 jects are due to be retired in 2026, representing the removal of 248 Planned to retire in 2026 Carbuna 39 All GHG removals are from technological sinks and fall under category Planned to retire in 2026 Varaha - Banni Biochar 174 tCO2eq. 15% of the total GHG removals (39 tCO2eq) have been issued 5 in the Oxford Offsetting Principles. This means the carbon removal Totals for 2026 248 from projects in the EU, namely ‘Carbuna’ in Germany. involves extracting CO2 from the atmosphere and storing it in the geo- Charm Industrial - 2027 sphere, such as through direct air capture with geological storage Planned to retire in 2027 Vintage 4 GN is committed to reaching net-zero emissions by 2050 at the latest, (DACCS) or converting atmospheric carbon into rock through reminer- 4 Totals for 2027 which will require us to neutralize any unabated emissions by the same alization. Charm Industrial - 2028 year. For the scope, methodology, and frameworks applied in setting Planned to retire in 2028 Vintage 3 this target, please refer to E1-4 (Climate change mitigation targets). Totals for 2028 3 Grand totals 256 We plan to expand upon our current carbon removal portfolio and neu- tralize residual emissions through removal projects occurring outside Credits by offset method our own operations and value chain. We monitor the development of the carbon removal market to assess opportunities to maximize the Removal or reduction Oxford category Offset method Biogenic or Technological 2025 (tCO2eq) 2024 (tCO2eq) safety and reliability of our carbon credits. Removal project 5 Aquatic Biomass Sinking Technological - 7 Removal project 5 Artisanal Biochar Technological - 196 Removal project 5 Bio-oil Technological - 8 Removal project 5 Industrial Biochar Technological - 53 Grand totals - 263 Accounting policies Share of each recognized quality standard GHG removals 2025 2024 The metrics represent the carbon removal of seven climate change mitiga- tCO2eq Percentage tCO2eq Percentage Credits by certification standard tion projects from five countries, including the applicable offset method, Artisanal C-sink standard - - 196 74% certification standard and the relevant time period. All metrics, except EBC C - Sink - - 39 15% from one project (Running Tide), have been externally verified by both the Puro.earth - - 13 5% certifying party of the relevant carbon credit(s) and Klimate.co, ensuring Isometric - - 8 3% the validity and accuracy of the carbon removal. No certification - - 7 3% Grand totals - - 263 100% 70/195 --- GN Store Nord Annual Report 2025 Content Pollution Material impacts Our SCOC covers supplier requirements in terms of pollution, specifi- violations are subject to mandatory corrective action in order to meet ___________________________________ cally addressing our negative impacts relating to our value chain. our ambitions for ongoing full compliance. SBM-3 Through this, we expect suppliers to comply with all pollution-related We have identified two potential negative impacts related to pollution, legislation and proactively minimize or eliminate emissions and dis- Targets and actions ___________________________________ related to the use of substances of (very high) concern across our value charges of pollution, which can have a potential negative impact on the chain. E2-3; E2-2 pollution of water, soil, and food. To address these potential negative impacts, we strive to continuously Policies substitute or reduce our use of hazardous substances, in our own oper- The implementation of these policy commitments is managed by sen- ___________________________________ ations and value chain wherever possible. ior management functions in our quality and legal functions. In support E2-1 of achieving our policy intentions, we continuously evaluate and test GN’s Environmental Policy addresses our pollution-related negative im- Own operations performance to ensure compliance with legal requirements. Products pact in terms of substances used during both production in our own op- We have not set targets regarding the use of substances of (very high) that are manufactured in our own operations (hearing aids) are subject erations and outsourced manufacturing. Our policy commitments in- concern for our own operations, as we assess that we will not achieve to medical regulatory requirements, which include obligations on ma- clude compliance with all pollution-related legislation related to the our policy objective more effectively than our current processes based terial use. For products for which manufacturing is outsourced, all sup- use of substances of concern and very high concern, such as REACH on continuous compliance and improvements. pliers providing products or components to GN are required to com- and RoHS, and the substitution of substances with less harmful alter- plete a declaration of compliance to conform with our policies. natives that can fulfil the same purpose, even when not legally re- To help reduce the use of hazardous substances in our own operations, quired. This policy is supported by internal procedures on controlling in 2025 we stopped using xylene as a thinner in our Behind the ear In response to the impact related to water, soil, and food pollution in and limiting the impact of incidents and emergency situations. (BTE) printing workshop at our Xiamen site, replacing it with a more ef- our value chain, we audit suppliers on breaches of our Code of Conduct fective and less harmful alternative from July onwards. We estimate as part of our wider supplier due diligence processes, where major that this action has also reduced hazardous waste from the site by ap- proximately 2 metric tons per year. Addressed in Material IROs In 2026, we will assess additional areas where we can take actions in Description value chain substituting substances with less harmful alternatives throughout our Industries such as manufacturing, mining, fossil fuel extraction, paper and e-waste have Pollution to water, soil, and production processes. 8 the potential to lead to negative impacts in terms of pollution of water, soil, and food food Value chain Substances of (very high) concern are used by both by GN during manufacturing and by We comply with both the REACH and RoHS regulations across all divi- 9 Use of substances of (very value chain industries such as mining and component manufacturing. This can lead to sions, warranting that any relevant hazardous substances concern are high) concern damage to the environment and human health not used or contained in our products (at or above the specified con- Impact: Risk: Opportunity: centration limits). 71/195 --- GN Store Nord Annual Report 2025 Content Above that, as part of Better for planet, we have a target to expand the Where halogen content in these parts exceeds the HF limits, we require coverage of TCO Certified certification for relevant products in Enter- clarification on whether the halogens originate from regulated sub- Accounting policies prise and Gaming, which has implications for our use of substances in stances. In addition, we apply an internal HF requirement for mechani- Total amount of substances of concern and substances of very high our products. At a minimum, we therefore aim to continuously meet cal parts, packaging, and cables with a weight above 25 grams to fur- concern used in own operations TCO Certified certification requirements related to this, where it should ther minimize compliance risk and environmental impact. We expect to To report the total volume of substances of (very high) concern for produc- be noted that TCO Certified continuously raises the bar when introduc- phase out fluorine by 2026 for these same parts, targeting a concentra- tion sites, we have collected usage or purchasing data for the substances ing updated standards. tion below 50 ppm, excluding applicable derogations. that are in scope at our manufacturing sites in Xiamen, Malaysia, Præstø, Ballerup, and Spain. The total quantities used at these sites have been ex- trapolated to account for the remainder of our manufacturing sites where We do not have targets for air, soil, and food pollution in the value For Enterprise products, we set these requirements for suppliers and we have similar activities. Total amounts have been grouped by their re- chain. Our supplier due diligence processes ensure that we are only verify compliance through in‑house testing and documentation. Cur- spective hazard class as well as the level of severity within a given hazard working with suppliers that are compliant with pollution-related regu- rently, we obtain full material declarations (FMDs) for approximately class. All volumes are reported in litres. The metrics and use of substances lations as well as our Supplier Code of Conduct. 90% of relevant components and report SVHCs via the SCIP platform. of (very high) concern is externally verified at all sites and in accordance with local environmental legislation. At present, we do not systematically report substances of concern To meet our objectives, a key focus is the continuous evaluation of (SoCs) according to the CLP list due to limited available data and data- The hazard of a substance divides health, environmental, and physical haz- compliance regarding the use of harmful substances by our suppliers. base capabilities, and we are assessing whether full traceability of all ards into separate hazard classes such as reproductive toxicity, skin sensiti- During 2025, all relevant suppliers have completed a declaration of SoCs is feasible and required. zation, carcinogenicity etc. The severity of the hazard within each class is compliance to show adherence to our policies in this area. This has ena- described by the category. Some classes have five categories; other classes have only one category. Category 1 always represents the most severe haz- bled a better view of any high-risk areas in our value chain, as well as a To support further efforts towards compliance with the Ecodesign for ard within that class. The higher the category number, the lower the sever- better understanding of potential negative impacts relating to pollu- Sustainable Products Regulation (ESPR) and Digital Product Passport ity of the hazard. Each substance can have more than one hazard class and tion of water, soil, and food, driven as a result of the use of hazardous (DPP), we have assessed the potential of integrating our systems and several of the substances used will therefore be accounted for in more substances. automatic efforts to capture data on the full product lifecycle. In 2025, than one hazard class. For example, a substance that is skin sensitizing can also be carcinogenic and will be counted twice (one time in the skin sensiti- we continued to develop our capabilities in this area, such as investigat- zation hazard and once in the carcinogenicity hazard). Where we depend on outsourced manufacturing, our focus is on man- ing the use of new technology and applicable tools to improve data aging and phasing out halogens (specifically bromine, choline, and fluo- capture relating to substances of concern that are embedded in our For detailed information about the hazard classes and its categories please rine) in line with external standards and our internal requirements. We products. refer to Regulation (EC) No 1272/2008 (the CLP regulation) or see guid- apply halogen‑free (HF) requirements to printed circuit boards (PCBs) ance on CLP (https://echa.europa.eu/guidance-documents/guidance-on- clp) as per HF standards, and we specify HF requirements for mechanical parts, packaging, and cables with a weight above 0.5 grams in accord- ance with TCO Certified requirements. 72/195 --- GN Store Nord Annual Report 2025 Content Substances of concern and substances of very high concern Overview of substances of concern 2025 2024 ___________________________________ Amount in litres E2-5 Amount in litres used, or used, or procured We will not report this metric for substances in products or compo- procured during produc- during production tion and leaving facilities and leaving facilities nents for which manufacturing is outsourced, as these fall under the as products as products Hazard class phase in provision given that these substances are added to compo- Hazard - Carciogenity 207 215 nents or products in our value chain. As such, our reported metric only Category 1 35 150 includes substances added to products or components in our own oper- Category 2 172 65 ations, i.e. as part of manufacturing hearing aids. Hazard - Chronic hazard to the Aquatic Environment 5,942 6,120 Category 1 147 269 Category 2 450 625 Restatement Category 3 3,654 1,497 Whereas in 2024 we reported substances used in production and in Category 4 1,691 3,729 products separately, in this report we have merged these into a single Hazard - Germ Cell Mutagenity - 3 metric, because due to the complexities of data collection required to Category 2 - 3 report on this metric, we have greater confidence in the accuracy of the Hazard - Reproductive Toxicity 1,259 1,135 Category 1 1,011 74 total combined volume. Category 2 248 1,061 Hazard - Respiratory Sensitisation 1,487 3,096 Category 1 1,487 3,096 Hazard - Skin Sensitisation 10,666 6,020 Category 1 10,666 6,020 Hazard - Specific Target Organ Toxicity, repeated exposure 1,383 3,668 Category 1 4 1,192 Category 2 1,379 2,476 Hazard - Specific Target Organ Toxicity, single exposure - 1,326 Category 1 - 6 Category 2 - 1,320 Overview of substances of very high concern 2025 2024 Amount in litres gener- Amount in litres gener- ated, used or procured ated, used or procured Hazard class Substance during production during production PBT (Article 57d) or vPvB (Article 57e) * Octamethyl Cyclotetrasiloxane - - Totals for Toxic for reproduction (Article 57c) 130 246 Bis(2-hydroxy-3-tert-butyl-5-methylphenyl)me- Toxic for reproduction (Article 57c) ** thane - - Toxic for reproduction (Article 57c) Diphenyl(2,4,6-trimethylbenzoyl)phosphine oxide 130 246 * Refers to the REACH regulation and covers substances that have Persistent, Bioaccumulative and Toxic properties or substances that have very Persistent and very Bioaccumulative properties. Very small amounts of substances that has these properties, are used ** Very small amounts of substances are used 73/195 --- GN Store Nord Annual Report 2025 Content Resource use and circular economy Material impacts section on resource inflows, stating that our commitment to reducing Our policy commitments also include ongoing work to ensure compli- ___________________________________ these by optimizing for efficient resource use in the design of our prod- ance with product recycling legislation, where we finance recycling in- SBM-3 ucts and in avoiding unnecessary production waste. Where this is tech- frastructure according to the EU WEEE directive in EU markets. This We have identified two IROs related to resource use and circular econ- nically and operationally feasible, we are committed to introducing re- also includes several states and provinces in the U.S. and Canada, omy reflecting the environmental impacts of our dependence on a wide cycled or renewable alternatives for materials used in our products. For where some of our products are covered by extended producer respon- range of finite materials for the manufacturing of our products. biological or renewable materials, such as paper and cardboard used in sibility (EPR) legislation. our packaging, we strive to source these materials sustainably to en- Aside from mitigating the impacts of relying on finite and scarce re- sure this does not lead to deforestation. The provenance of the materi- Targets and actions – Resource inflows ___________________________________ sources, in the long term, we expect that moving towards a more circu- als we use is pivotal to the impact of our value chain, which is why we lar business model provides opportunities to reduce electronic waste E5-3; E5-2 source materials with credible third-party certifications, such as FSC, and meet increasing demand for circular products and services. Targets ISCC Plus and the Global Recycling Standard. Since 2024, we have had targets to increase recycled and sustainably The relevance of circularity to our sustainability agenda is confirmed by sourced bio-based material share across our full product portfolio. The Our Environmental Policy also covers resource outflows, stating that the fact that the EU Taxonomy considers the relevant environmental target for 2025 was 25% (the 2024 baseline at the time of setting the we strive to minimize generation of waste from our business by includ- objective for potential alignment of our core economic activity with the initial target was 19.1%). For 2026, our target is 28%. As part of Better ing circularity principles, such as durability, repairability, recyclability, taxonomy to be circular economy. In other words, GN can make a sub- for planet, in 2025 we also added a medium-term target: 40% by 2030. and ease-of-disassembly, into the design of our products. The policy stantial contribution to a circular economy. also states that in terms of management of in-market products or at Actions end-of-life, we strive to recover or maintain value through services and Policies To reach these targets, we execute the following actions: partnerships. These include those that support reuse, refurbishment or ___________________________________ recycling through enabling remanufacturing, refurbishment, repair, E5-1 • We have an ongoing requirement of at least 50% recycled or out-of-warranty takeback schemes, and as-a-service leasing models. Our Environmental Policy, covering GN’s approach to all material envi- sustainably sourced bio‑based materials as a % of the total ronmental topics across our own operations and value chain, includes a weight of mechanical parts (plastics, metals, fabrics, other non‑electronic parts) for new product developments in Enter- prise in Gaming, where this is feasible Addressed in • Expand our catalogue of recycled and biocircular renewable Material IROs Description value chain materials to use in future products, through testing and sup- GN products contain a wide variety of materials from virgin and non-renewable Use of virgin and non -renewable plier development, and investigate more sustainable materials 10 resources resources, impacting the need to extract ever more finite resources for electronic components (PCBs, speaker drivers, batteries) with suppliers and partners Where GN products are disposed without recovery and reuse of valuable materials, this 11 Non-circular products negatively impacts the environment as it requires further use of raw materials instead Impact: Risk: Opportunity: 74/195 --- GN Store Nord Annual Report 2025 Content • For packaging, we continue the rollout of FSC-certified pack- Targets and actions – Resource outflows ___________________________________ aging, which ensures our packaging material qualifies for this E5-3; E5-2 target Repair Recycling Material recovery Progress We have an ongoing target that new non -Hearing products should score a B or higher on GN’s internal repairability index (scale A –E). We continuously assess the • In 2025, we increased the total share of recycled and sustaina- relevance of new regional external indices for the purpose of adjusting our bly sourced bio‑based material across the full product portfo- Targets approach and targets in accordance with the latest repairability standards. As part ofBetter for planet, we have a target to Although no such legislation currently applies to our products, our design efforts develop a design for recycling framework in 2026, lio to 26%, thereby reaching our short-term target set last are focused on ensuring our products are ready to meet these standards when they aimed at optimizing our product design for recycling We do not have any targets related year. The share of recycled content in our products and pack- enter into force. of components at end -of-life. to material recovery. aging increased from 2% to 3% in 2025, while the share of Design A key action in 2025 was to finalize embedding repairability requirements in the FSC‑certified material in our packaging increased from 50% in product development process and manufacturing partner requirements to ensure 2024 to 58% (of total packaging weight) we meet our target. To support this process with relevant insights, we ran product repairability assessments against our internal repairability index for both in -market To meet our target, in 2026 our key action is to Actions and in-development products in Enterprise and Gaming. In some cases, we ran translate the design for recyclability requirements • We launched 11 products containing recycled or biocircular multiple assessments for different builds of the same product. In 2025, we from the EU Taxonomy as well as other recycling executed 44 repairability assessments covering 38 in -market products, and 44 requirements into GN-relevant design requirements, We do not have any design actions materials in Enterprise and Gaming, ranging from 17% to over assessments covering 21 products in-development. to be embedded in product development processes. for material recovery. 50% as a share of the weight of mechanical parts, while we ex- pect that product developments commenced in 2025 will Our overall objective to enable recycling of our meet the requirement of at least 50% where this is feasible products is to comply with extended producer As part ofBetter for planet, we have responsibility (EPR) legislation, while offering take- a goal to expand remanufacturing Targets As part ofBetter for planet, we are committed to enable repair of our products in back service of products at end of life for recycling of products from the Hearing Share of materials accordance with right to repair legislation globally. Given the scope of the where feasible in selected markets for selected division to cover more chargers and products. wireless accessories by 2027. legislation, this excludes hearing products. 2% 3% In 2024, we started a program running through 2027 to develop processes, partnerships and services to enable repair as stipulated. 21% We run a take-back program for end -of-life devices in 24% Key elements of this program in 2025 were: 40% the Enterprise division, where we see a customer need Enabling for this. This program ensures collected devices are • Rollout of end -user repair kits, consisting of repair guides, spare parts ( e.g. activities responsibly recycled, and upon completion of the batteries, ear cushions, headbands) and simple tools ( e.g. screwdrivers) where process, customers are issued a Certificate of Returned hearing aids and chargers needed. Repair kits are a requirement in our product development processes so Destruction (often known as Certificate of Recycling). are remanufactured at our site in that they are available at launch for new products. This setup is completed for 77% 73% These certificates provide official documentation that Malaysia and returned to the market selected products in Enterprise, with additional SKUs being added in 2026. 60% Actions materials have been processed, data securely as replacement devices. In 2025, we • Preparation of a commercial repair network setup to enable simple third -party destroyed, and all actions conducted in compliance achieved a remanufacturing rate of repair close to the end user. This commercial setup is planned to be established with industry standards for responsible electronic 59% for returned hearing aids. in 2026. waste management. 2024 2025 2030 target In 2026, to achieve our Better for • Development of an out -of-warranty repair service, following a service analysis We comply with recycling legislation by ensuring planet goal, we will explore the completed in 2025. Implementation started in November 2025 and will Uncertified virgin materials FSC- packaging and biocircular plastics Recycled materials reporting and financial contributions are made in business case for expanding our continue into 2026, with launch targeted for 2026. relation to relevant extended producer responsibility remanufacturing process to include In 2025, we also explored how diagnostics could increase our capacity to do more (EPR) schemes in geographies where GN is classified more chargers and wireless targeted fast repairs of our hearing aids, only replacing components that are faulty. as a manufacturer. accessories. 75/195 --- GN Store Nord Annual Report 2025 Content Resource inflows Restatements ___________________________________ Accounting policies Resource inflows in 2024 have been restated because of newly availa- E5-4 ble data from product LCAs conducted during 2025. The increased cov- Resource inflows metrics are estimated using product LCAs, as these Resource use associated with the manufacturing of our products and erage of our product portfolio among the LCAs improves the accuracy contain verified component-level data, including material composition and packaging is a highly material topic for GN. Multiple material types, in- of our 2024 reporting. The 2024 baseline for the target for increasing measured weight. The LCAs we have available are allocated at the item cluding plastics, metals, textiles, cardboard, and adhesives are required level across the product portfolio. All LCAs are third-party verified sustainably sourced materials has been restated from 20% to 23%. to make our products and packaging. GN purchases intermediary and according to ISO 14067. Across GN, our LCAs covered 18% of volumes with actual data in 2025, finished products from our suppliers. The total weight of these prod- versus 19% in 2024. Coverage of volumes has increased from 44% to For Enterprise, Gaming, and Consumer (Consumer discontinued in end of ucts that are used across our own product and packaging portfolio are 47% for Enterprise and Gaming products, which account for 92% of re- 2024) products, the calculation is based on 12 months of data and one unit therefore reported, including breakdown of broad material types to sources used in products and packaging, while Hearing only accounts packaging per unit product has been assumed. For Hearing, the calculation provide greater insight into GN’s resource consumption and manage- is based on 9 months of data (uplifted to 12 months) and packaging is for 8% of inflows. captured in the reference LCA allocated to the given item produced. ment of transition risks related to critical raw materials. An estimated 27% of the materials used in our products and packaging in 2025 were Resource inflows per material type (by weight)* Total weight of products and materials either recycled or sustainably sourced biological materials, an increase The total weight of products is calculated by multiplying product or part from 23% in 2024. component-level weights by the total production or purchase volumes at product or part level in the reporting year. 1% batteries For GN, biological materials refer to paper, cardboard and bio-based Percentage of biological materials that is sustainably sourced 2% plastic packaging plastics used in our products and packaging. Within this, we source 1% textiles Product and packaging components containing biological materials and FSC-certified packaging and ISCC Plus-certified biocircular plastics. 3% PCBs and electronic components corresponding certifications (FSC) for sustainable sourcing are tagged on Therefore, we report on the percentage of biological materials that the component level and their weights calculated proportionately to the 5% other packaging 34% cardboard relevant total. have either of these certifications. Secondary intermediary products and paper packaging are used in the form of post-consumer recycled plastic pellets, with 9% cables and power adaptors Weight of secondary intermediary products varying percentages of recycled content, depending on the product. GN product and packaging components containing secondary intermediary products are tagged on the component level. The percentage recycled Resource inflows - products and packaging 2025 2024 10% metal parts and magnets content of the intermediary product is multiplied by the total weight of the Total weight of material (metric tons) 12,385 11,990 component. Percentage of biological materials that is sustainably sourced (FSC) 24% 21% Total weight of recycled materials (metric tons) 340 261 Sources of uncertainty Percentage of recycled materials 3% 2% The main source of measurement uncertainty is the coverage of our prod- 17% other parts (incl. rubber) 19% plastic parts uct LCAs across the portfolio. For products lacking an LCA, a proxy LCA is allocated. Professional judgement is applied in the selection of a reference Resource inflows - products and packaging 2024 (previously disclosed) that will best represent the product or part. An uplift is conducted for Total weight of material (metric tons) 11,178 items that cannot be represented by an LCA, based on the calculated aver- Percentage of biological materials that is sustainably sourced (FSC) 17% age per unit volume purchased or produced. Total weight of recycled materials (metric tons) 309 Percentage of recycled materials 3% * based on 9 months of data 2025 76/195 --- GN Store Nord Annual Report 2025 Content Resource outflows - Recyclability ___________________________________ Accounting policies E5-5 The rate of recyclable content across GN products in 2025 was 70%, The recyclability of products and packaging which decreased from 74% in 2024 because of increased demand for The share of products and packaging that is recyclable has been product categories that generally contain more non-recyclable materi- estimated by weight using our product LCAs, as these contain verified als. Recyclable content of packaging in 2025 increased to 89% from component-level data, including material composition and measured weight. The LCAs we have available are allocated at the item level across 87% in 2024, mainly because of continued rollout of FSC-certified the product portfolio. All LCAs are third-party verified according to ISO cardboard and paper packaging designs in the Hearing division. Materi- 14067. als considered to be recyclable, such as cardboard and paper, plastics, and metals accounted for approximately 34%, 21%, and 9% of total The total share of recyclable products and packaging is calculated by multiplying product or part component-level weight by the total product weight, respectively. product- or part-level production or purchase volumes in the reporting year. The weight is then summarized by material categories and broad Restatements product category (i.e. headsets, keyboards etc.). The summed weight for As with the restatement of resource inflows, the rate of recyclable con- the material and product categories considered to be recyclable at scale tent in 2024 has been restated because of increased data availability are then calculated as a percentage of total weight of resource inflows. The metrics are calculated using 9 months of data, uplifted for 12 from new product LCAs conducted during 2025. months. Recyclability 2025 2024 Sources of uncertainty Rate of recyclable content in products 70% 74% The main source of measurement uncertainty for this metric is the lack Rate of recyclable content in packaging 89% 87% of consideration of the join types for certain critical components that must be removed or separated before the recycling process. This has been limited by considering this factor for batteries, which is the main barrier to recycling. Recyclability 2024 (previously disclosed) Rate of recyclable content in products 67% The other source of uncertainty arises from the lack of full coverage of Rate of recyclable content in packaging 81% our product LCAs across the portfolio. For products currently lacking an LCA, a reference LCA is allocated. Professional judgement is applied in the selection of a reference that will best represent the product or part. An uplift is conducted for items that cannot be represented by an LCA, based on the calculated average recyclable weight per unit volume pur- chased or produced. For Enterprise, Gaming, and Consumer (Consumer discontinued in end of 2024) products, one unit packaging per unit prod- uct has been assumed. For Hearing, packaging is captured in the refer- ence LCA allocated to the given item produced. 77/195 77/195 --- GN Store Nord Annual Report 2025 Content Accounting policies The repairability of products Resource outflows – Product repairability GN’s repairability assessments cover 57% of the product portfolio in Repairability of Enterprise and Gaming products has been measured in ___________________________________ the Enterprise and Gaming divisions (by production volumes). Overall, terms of the degree to which they designed for repair. For batteries E5-5 the number of products designed for the replacement of critical com- and ear cushions, we also account for the availability of spare parts to To increase transparency around the repairability of our products, we ponents has increased from 2024 to 2025. end users, while for other critical components considered, we only re- have updated our accounting methodology for Enterprise and Gaming port on whether components are accessible and replaceable through disassembly (i.e. designed for repair). products, for which new data is available through internal repairability Returned hearing aids are remanufactured at our site in Malaysia and assessments. returned to the market as replacement devices. Our setup enables us We account for products where batteries and ear cushions can be re- to drive circularity by reusing as many components as possible. Some placed by the end user and products where headbands, speakers, micro- To measure repairability, we have calculated the proportion of our phones, PCBAs or camera modules (where relevant) can be accessed and of our hearing aid devices have not only been given a second life, but product portfolio for which relevant critical components can be re- removed without specialized tools by our Global Repair Center. also a third. In 2025, we achieved a remanufacturing rate of 87% for re- placed by the user (batteries and ear cushions) or by GN’s Global Repair turned hearing aids, versus 65% in 2024. We are also exploring how we Specifically, critical components were considered repairable in a given Center (headband, speaker, microphone, PCBA and camera module). can use diagnostics to enable more targeted fast repairs, only replacing product if both of the following are true: components that are broken. • Component is accessible without the need for specialist tools and without damage or scrapping of components. Repair by user Repair by GN’s Global Repair Center • Component is removable without excessive residue, dam- 100% age, force, or specialist tools. 90% For each component, the results are expressed as the percentage of our product portfolio (by production volume) where the above is rele- 80% vant and true. Accessories, spare parts, cables, and non-electronic 70% products like mouse pads were excluded from the scope of this exer- cise. 60% For hearing products, we have not executed a repairability assessment 50% but have instead assessed repairability based on whether hearing aids are repairable in practice through our owned remanufacturing setup. This 40% setup demonstrates hearing aids are generally repairable. 30% Restatements Share of units produced We previously disclosed that 60-70% of Enterprise products assessed in 20% 2024 were highly or very repairable. The new methodology has a broader scope (all Enterprise and Gaming products) and transparency to the com- 10% ponent level. In 2024, we disclosed a hearing aid remanufacturing rate of 48%. This has been updated to 65% based update scope of return stock 0% covered in the calculation, which is also applied in 2025. 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 Battery Ear cushions Headband Speaker Microphone PCBA Camera Replaceable by design + spare parts available Replaceable by design Not replaceable without damage Not assessed 78/195 --- GN Store Nord Annual Report 2025 Content Resource outflows - Product durability ___________________________________ • The legal warranty period, representing the minimum expected life- E5-5 Accounting policies time of a product in the market For Enterprise and Gaming products, based on the data inputs used Key products from the production process (see accounting policy), it was concluded that legal warranty period is • Return rates within the warranty period, in order to confirm that From our three core business areas, the following products are in scope: the most appropriate data type for estimating products’ durability. We products generally do not break during the warranty period estimate that product durability for these products is equal to the war- • Hearing: Hearing aid, accessories, and packaging ranty period at a minimum. In practice our products will often last • Where feasible, the nature and timing of product returns to assess whether returns reflected end-of-life of a product longer than the minimum warranty period. The warranty period for our • Enterprise: Audio and video devices for professional use and packag- ing products differs, ranging from 1 to 5 years. The durability of hearing aids • Gaming: Gaming devices, peripherals and packaging, consumer au- • To assess the durability of hearing aids, we considered the design re- • Gaming products typically have 1-2 years warranty dio devices and packaging audio devices and packaging quirements for durability, which are included in binding submissions to authorities as part of product approval. These design require- • Video products typically have 2 years warranty ments take origin in the legal requirements as stipulated in the Med- The durability of video, audio and gaming products ical Device Directive in terms of the minimum required duration for To assess the durability of these products, we have used the following data manufacturers of hearing aids to ensure safe and effective use of • Selected Biz, BlueParrott, and Engage headsets typically have inputs: the product 3 years warranty • Durability requirements set in the product development phase of products, reflecting the intended durability of products Extended warranty services can increase warranty up to 5 years for se- lected products. • For hearing aids, we design our products to minimum 5-year durability, see the accounting policy for details Comparing to an industry average is not possible, as this metric is not widely reported on. 79/195 --- GN Store Nord Annual Report 2025 Content GN Store Nord Annual Report 2025 Content Sustainability statement Arctis Nova 3 Wireless The Arctis Nova 3 Wireless x Arctis App from SteelSeries empow- ers gamers to unlock next-gen 360° Spatial Audio for next-gen consoles. Social The Arctis App offers gamers “real-time audio control” with preci- sion audio presets for the top games on the planet, including Call of Duty, Fortnite, Grand Theft Auto, and over 200 more. The Arctis Nova 3 Wireless Series headsets feature custom audio drivers, both Bluetooth and a USB-C dongle for high-speed 2.4GHz Own workforce 81 wireless, optimized fast charging, and 260g of comfort. Workers in the value chain 90 Consumers and end-users 93 80/195 80/195 --- GN Store Nord Annual Report 2025 Content Own workforce Material impacts, risks, and opportunities Human and labor rights ___________________________________ The management of all IROs is supported by our cross-cutting policies, SBM-3 actions, and targets related to human and labor rights. For this assessment, employees are grouped into two categories: blue- We have identified six potential negative impacts related to our own collar employees at major manufacturing sites and full workforce workforce. Overall, these impacts reflect our business model, which de- Policies (white- and blue-collar employees). ___________________________________ pends on human input as a resource for all our key activities in our own operations: hearing aid component assembly in Denmark, manufactur- S1-1 We also have an entity-specific metric related to equal pay, the ing of hearing aids in China and Malaysia, final assembly of hearing aids As a member of the UN Global Compact since 2010, GN is committed adjusted pay gap, which more accurately reflects pay inequality than in ROCs, R&D and product testing, sales and external collaboration, and to safeguarding human and labor rights in our own workforce. Accord- the unadjusted pay gap. white-collar back-office functions. ingly, GN operations and business activities are guided by the UN guid- ing principles on Business and Human Rights, ILO Declaration on Fun- damental Principles and Rights at Work and the OECD Guidelines for Addressed in Multinational Enterprises. Material IROs value chain Description GN upholds human rights principles through the implementation of Blue collar employees can be exposed to excessive overtime, which potentially leads to Excessive overtime in own policies and procedures to prevent discrimination, harassment, ad- 12 negative impacts on employee health, well-being, and safety operations vance diversity, and ensure fair and equal treatment of our employees. While GN pays all employees at least a minimum wage and assesses this to be adequate, The GN Ethics Guide outlines our employment practices, which are Non-decent wages in own 13 there is a potential impact of blue-collar employees being paid inadequate wages affect- aligned with human and labor rights principles. GN also respects volun- operations ing their quality of life tary freedom of association, including the right to organize and bargain Health and safety incidents occurring at major GN manufacturing sites in China and Ma- collectively in a manner that is legally compliant. GN does not accept Inadequate protections of health 14 and safety in own operations laysia can negatively impact employee health, well-being, and safety child labor and forced labor as defined by the UN Convention on the Rights of the Child. While GN has processes in place for equal remuneration, both white- and blue-collar 15 Pay inequality in own operations workers can be potentially impacted by not receiving equal pay for equal work GN policies are designed for all employee groups at every level to elimi- nate discrimination and uphold human rights principles. Where inadequate protections and grievance mechanisms are not provided or do not func- Harassment in the workplace in 16 tion effectively, this can potentially impact employee well-being relating to harassment own operations Targets and actions ___________________________________ GN promotes and takes action to increase diversity in the workplace, but a potential lack S1-5; S1-4 17 Diversity and gender equality of diversity in management could lead to negative impacts for the underrepresented One of the focus areas in our Better for planet strategy is safeguarding issues in own operations gender in being offered career opportunities the rights of workers, which includes our own employees. We aim to Impact: Risk: Opportunity: achieve this through a targeted program to strengthen our human S1-2 –Processes for engaging with own workforce and workers’ representatives about impacts– see “Stakeholder engagement” on p. 53 S1-3 – Processes to remediate negative impacts and channels for own workforce to raise concerns– see “Business conduct and corporate culture” on pp. 98-99 81/195 --- GN Store Nord Annual Report 2025 Content rights due diligence between now and 2030 (see p. 91). As we believe Policies and internal/external audits. Sites also use employee surveys to moni- ___________________________________ that the strength of our human rights due diligence program is best re- tor performance against site health targets. S1-1 flected in widely-recognized external standards that capture the full We are committed to providing a safe and healthy working environ- width of human rights performance, we have set targets related to our At the Xiamen and Johor Bahru facilities, H&S policies define quarterly ment for all employees. A global H&S organization was set up in 2025 score in EcoVadis as well as related to reinforcing our membership with reviews of H&S performance, and H&S management system processes to further formulate and implement global H&S policies and standards the RBA and promoting their code of conduct in our own operations. include an annual HSE target plan. going forward. All GN's manufacturing sites have locally anchored H&S groups or global H&S Committees. In 2026, a global health and safety Our EcoVadis target is to achieve a score of 70/100 by 2030. The cur- We have the following targets for our major manufacturing sites in Xia- policy is scheduled to be finalized. Specific to our IRO, both our Xiamen rent baseline is a score of 57/100. Our second target is to undertake men and Johor Bahru: Johor Bahru sites have implemented formal Health & Safety policies, third-party audits via the Validated Assessment Program (VAP) on the that comply with applicable local laws. RBA platform at all our key manufacturing sites and ROCs. Our current • Johor Bahru and Xiamen have set a target for 2025 to receive baseline for this target is 0% of sites having undergone a VAP audit zero major non-conformities for the external audits, in line As part of these policies, management at these sites aims to promote a process. To ensure we are able to take action towards achieving this with the 2024 baseline. In August and September 2025, the strong H&S culture to prevent workplace injuries and enhance the target, we plan to engage all site managers to register our sites and sites closed external audits with no major non-conformities, working environment for GN employees, prioritizing continuous im- perform a Self-Assessment Questionnaire (SAQ), which is required for and the same target is applicable for 2026 provement and embedding safe working practices through targeted each site before we can begin the VAP audit process. training, performance monitoring, and proactive communication. A sys- • Additionally, in Johor Bahru, an objective was set to improve tematic H&S management system identifies and assesses risks early Our management of IROs related to more specific human or labor H&S awareness via training for local teams and an H&S work- and implements controls to prevent work-related accidents. rights is described in the sections below. shop for all employees. The target is to achieve a 100% com- pletion rate for all the training planned throughout 2025, Targets and actions compared to a 95% completion rate in 2023. In 2025, 100% of ___________________________________ Health & Safety the training was completed, and the same target is applicable S1-5; S1-4 for 2026 H&S targets and actions are set by the local H&S organization, re- Manufacturing set-up viewed by the H&S Committee with final approval by the local general To improve reporting on health and safety, as part of the DMA update • For Xiamen, the H&S plan for 2025 included a target of zero manager in accordance with local H&S Objective Management proce- in 2025, we reassessed at which of our sites serious work-related inci- fatality and lost time injuries in line with the 2024 baseline. In dure. Objectives and target performance are reviewed at least once an- dents are most likely to occur. We concluded that the most material 2025, there were no major incidents. The same target is appli- nually in accordance with Xiamen and Johor Bahru H&S Management potential health and safety impacts occur at our major manufacturing cable for 2026 Review Procedure. sites in Xiamen (China) and Johor Bahru (Malaysia), due to the scale and the nature of work taking place at these sites. The presence of Workplace risk assessments, training, and audits are conducted regu- H&S management in Xiamen and Johor Bahru will include employee in- health and safety management systems at these sites further reflects larly to mitigate H&S risks and reduce work-related accidents. Formal put when setting H&S targets and actions. Employees are represented the materiality of this topic for these sites specifically. Consequently, processes for setting actions are currently implemented in the major on-site and can voice their opinion or raise concerns via safety repre- our IRO and related reporting was adjusted to only cover these sites. manufacturing facilities in Xiamen; and Johor Bahru. From October sentatives, line managers, H&S committees, whistleblower hotlines, 2025 these processes will be reinforced under a global H&S governance 82/195 --- GN Store Nord Annual Report 2025 Content framework, including a global H&S policy to be implemented by early resulting in a work-related accident rate of 0,6. Importantly, there were 2026. no fatalities due to work-related injuries or occupational ill health. Accounting policies Work related accidents and fatalities The following covers some of the determined actions for 2025 at Restatements A work-related accident is an event that results in injury or ill health be- the Johor Bahru and Xiamen sites. In line with the update to our IRO, the H&S metrics have been restated cause of work-related activities. Data on work-related accidents were col- in 2025 to focus only on our manufacturing facilities in Xiamen and Jo- lected for the two main manufacturing sites Xiamen and Johor Bahru. • In Johor Bahru and Xiamen, one of the key actions is to contin- hor Bahru. The 2024 data has been restated accordingly. As part of ma- H&S data is recorded and stored in the H&S management systems locally. ually improve the H&S management system by conducting in- turing our H&S processes and data quality, we have also improved our The number of work-related accidents relates to GN’s own employees ternal audits. In Johor Bahru, an internal audit is conducted data collection process compared to 2024 to ensure the reported inci- while the number of fatalities relates to GN’s own employees as well as twice a year while in Xiamen an internal audit is conducted dents are recorded in H&S management systems as work-related inju- others working on GN sites. once a year. All non-conformances and findings were moni- ries that result lost time or medical intervention. Our 2025 data more Rate of work-related accidents tored and closed or mitigated, and audit findings informed im- accurately reflects recorded incidents than the number we reported in In line with CSRD reporting requirements, the rate of work-related provements to the H&S management system 2024, meaning a comparison with the numbers reported in 2024 would accidents was calculated as the number of work-related accidents per one not be meaningful. million hours worked. Employee working hours were collected from local • At the Xiamen facility, local regulations require us to conduct H&S management systems. risk assessment and annual hazard identification on a regular basis. We also increased awareness about health and safety risks at this site. As part of this action, June 2025 was “safety month” where various activities such as a safety knowledge Health & safety figures for own workforce in Xiamen and Johor Bahru Unit 2025 2024 questionnaire, newsletter, and drills were in focus Own workforce covered by GN's health & safety management system % 100% 100% Fatalities as a result of work-related injuries and work-related ill health number 0 0 • In October 2025, we established a global H&S organization to Recordable work-related accidents number 3 8 define and implement companywide H&S policies, standardize Recordable work-related accidents rate 0,6 1,7 processes, and drive ISO 45001 certification across selected manufacturing sites. It will oversee global H&S governance while ensuring local ownership and implementation Health & safety metrics ___________________________________ S1-14 In line with the adjustment to our IRO, we limit reporting to the Xiamen and Johor Bahru manufacturing sites. In 2025, these sites reported three non-severe work-related accidents, of which one led to lost time, 83/195 --- GN Store Nord Annual Report 2025 Content The Global Working Time Policy was introduced in GN in 2024 and dur- Targets and actions Working time ___________________________________ ing 2025 we have continued our efforts to ensure that adequate moni- S1-5; S1-4 toring systems are in place in light of our policy. This is not considered Policies To maintain fair and competitive compensation, GN continuously moni- a major risk as local procedures are in place in the meantime. ___________________________________ tors employee pay levels against defined pay ranges across all loca- S1-1 tions. This ensures that pay remains aligned with market standards and Targets and actions In GN, our engaged employees are the core differentiator in a competi- ___________________________________ internal equity principles. tive marketplace. We are dedicated to fostering a great workplace for S1-5; S1-4 our people across the globe. One prerequisite for this is to ensure effec- GN intends to comply with the Global Working Time and Registration Beyond ensuring that all GN employees receive wages at or above the tive workflows and people management to avoid excessive overtime, Policy standards and to promote a healthy work-life balance. Regional legally mandated minimum, GN has not established additional targets which we have identified as a material IRO for blue collars in our pro- and/or local policies and/or procedures are aligned with GN’s globally related to adequate wages. Local HR teams are responsible for contin- duction sites due to the potentially negative impact on the health and defined standards. Local management and HR departments monitor uously monitoring compliance with local legislation and/or collective well- working hours and take corrective actions to prevent breaches of local agreements to ensure adherence. Controls on adequate wages are con- being of employees. and international regulations. GN has been attentive to compliance ducted annually from a global perspective, confirming that all GN em- with working time regulations across all locations, and in connection ployees receive wages at or above the applicable country's minimum Accordingly, GN has a global policy for working time and specifically with CSRD, we have introduced a formal framework. wage based on base salary alone. for employees within the European Union a working time policy and registration procedure. These policies govern our approach to Work During 2025 – and going into 2026 - GN is working on two actions re- To maintain fair and competitive compensation, GN continuously moni- Time management and helps to ensure GN's compliance with local la- lated to the working time policies. Firstly, a ‘Policy Access & Awareness’ tors employee pay levels against defined pay ranges across all loca- bor laws and international regulations (such as the EU Working Time action in which we have established a central hub for HR Policies and tions. This ensures that pay remains aligned with market standards and Directive). Procedures. A hub where we will consolidate further policies and proce- internal equity principles. dures. Secondly, as we consolidate our policies and procedures for time GN’s Global Working Time and Registration Policy provides a framework management we will be reviewing local policies and procedures for our for the management of employees’ work hours to ensure effective re- main production sites to ensure that they conform to our global policy. Accounting policies source management and the avoidance of excessive overtime. Adequate wages Adequate wages GN’s European Union Time and Registration Policy ensures we comply Hourly pay of all active employees during the calendar year is assessed with the EU Working Time Directive. As the EU Directive has been im- against the national minimum wage benchmark established through legis- lation or collective bargaining agreements. plemented through local legislation and/or local collective agree- Policies ___________________________________ ments, the rules vary in the different countries. The policy therefore S1-1 serves as the main guideline, but in case local policies or legislation dif- GN is committed to ensuring adequate wages for all employees glob- fers, the local policies and legislation will always prevail. ally. As GN operates across multiple jurisdictions, we comply with all applicable country-specific legislation and/or collective agreements. Therefore, a single global policy has not been defined. 84/195 --- GN Store Nord Annual Report 2025 Content Adequate wage metric Targets and actions fostering a culture of inclusivity and belonging across all levels ___________________________________ ___________________________________ of leadership in GN S1-10 S1-5; S1-4 As was the case in 2024, in 2025, all GN employees are paid wages that In 2025, we have continued our efforts to strengthen an inclusive or- • During the year, 12 cultural celebrations have taken place to exceed the minimum requirements set by local laws and/or collective ganizational culture across GN and increase diversity across leadership reflect the diversity in GN's global organization. agreements in every country GN operates. pipelines. • Continuous implementation of the governance model in the We have not set a diversity target for senior leadership at Group level, regions where it applies to ensure that women are consistently Diversity and belonging but only for the parent company, GN Store Nord A/S, as the Gender shortlisted and considered for leadership positions and promo- Balance Act requires. For reporting on senior leadership target in ac- tions Policies cordance with the Gender Balance Act, see p. 40 of the Management’s ___________________________________ Report. S1-1 Based on our internal priorities, we have postponed our 2025 action of At GN, fostering an inclusive culture while promoting greater diversity developing an improved exit interview process to inform drivers of In 2024, we also reported on ‘extended leadership’, comprising a larger in voices, backgrounds and experiences is central to what we stand for turnover and ensure that voluntary turnover between women and men group of senior employees. As this is not a legal requirement, we have and the way we work. The latest engagement survey demonstrates is balanced to 2026. chosen to limit our reporting for 2025 to what is legally required and that our efforts to create a diverse and inclusive workplace are recog- have therefore excluded it from this report. Our initiatives in diversity nized by employees and leaders alike. and belonging are still targeted at leaders across GN, including this wider group. Our goal is to create a strong and respectful culture that guides our We are aware of the series of recent Executive Orders in the United leadership and interactions to strengthen collaboration, spark innova- In 2025, we have made significant strides in our Diversity and belonging States, and we are committed to complying with local law in the US tion, and drive sustainable growth. initiatives: and elsewhere with regard to the initiatives and programs discussed in this chapter. For example, diversity related targets and quotas Our global policy for diversity and belonging outlines our beliefs and • An inclusive language platform launched in 2024 to attract a are not set or tracked with respect to our US businesses or employ- aspirations, ensuring accountability at the highest levels, including ELT. diverse candidate pool, was in 2025 made available to all em- ees. We will continue to monitor Executive Orders and other devel- The policy addresses issues related to diversity and applies to all Group ployees to help develop a welcoming culture opments under applicable law and will adjust our approaches and entities and employees. A regular review and update of the policy is practices to ensure continued compliance. Our US team remains done to reflect contemporary guidance, and progress on established • A global campaign on psychological safety has been carried committed to equal opportunity employment and does not discrim- targets is monitored by the ELT. out to reinforce our Leadership Commitments and provide inate based on race, gender, or any other protected characteristic. practical resources to help employees foster psychological safety in their teams • Our commitment Embrace to Win (see p. 10) in 2025 was inte- grated in leadership development training, with a focus on 85/195 --- GN Store Nord Annual Report 2025 Content In 2026, our focus on diversity and belonging will continue and several Distribution of employees by age group ___________________________________ initiatives have been planned to support this. S1-9 The share of workers per age group is in line with our expectations Key initiatives include: where 30-50 year olds make up the majority of our workforce – approx- imately 60%, with younger and older workers making up roughly 20% • rollout and implementation of Our Commitments to all GN each. employees with awareness campaigns and skill building on in- clusive behaviors 8,190 8,145 • rollout of a global cultures campaign to further develop GN leaders’ capabilities in managing global teams and enhance 1,502 1,592 global collaboration. The diversity targets and actions are over 50 over 50 measured and reported to the ELT on a quarterly basis and to the Board of Directors twice a year. Gender distribution at senior leadership ___________________________________ S1-9 4,961 5,026 between 30 between 30 In 2025, the share of women in Senior Leadership positions at Group and 50 and 50 level was 26.1% (6 women out of 23 individuals) and share of men was 73.9% (17 men out of 23 individuals). In 2024, the share of women was 25% (5 women out of 20 individuals) and share of men was 75% (15 men out of 20 individuals). For the accounting policy see “Reporting on gender” in the accounting policies for “Employee Characteristics” on p. 89. 1,682 1,572 below 30 below 30 Restatements 2024 2025 Gender distribution in Senior Leadership has been restated in 2025 to include managers on garden leave in order to align reporting with other local regulations (Danish Gender Balance Act). In 2024, the reported share of women in Senior Leadership positions was 26.3% (5 women out of 19 individuals) and share of men was 73.7% (14 men out of 19 individuals). 86/195 * Our reporting on diversity and belonging also cover the requirements of the Danish Financial Statements Act §107d --- GN Store Nord Annual Report 2025 Content gradually reduce the overall unadjusted gender pay gap over time. We GN is 46.4 (2024: 43.5). Further details on remuneration components Equal pay maintain metrics that monitor pay positioning relative to market and methodology are available in the 2025 Remuneration Report. Fur- benchmarks and assess potential bias in the pay process, especially ther details on total remuneration ratio can be found in the 2025 Re- Fairness in pay is a key element of GN’s approach to sustainable busi- those related to gender. muneration Report. ness practices. We are committed to providing employees with equita- ble and market-aligned remuneration that reflects their responsibilities, Compensation metrics (pay gap and total compensation) performance, and contributions. To achieve this, GN continuously mon- ___________________________________ Accounting policies itors and benchmarks pay across all locations and against relevant mar- S1-16 ket standards. We implement structured processes to ensure pay eq- In 2025, GN’s unadjusted gender pay gap based on base salary for all Unadjusted gender pay gap uity, including formal pay gap analyses, independent reviews, and ob- The gender pay gap calculation follows ESRS reporting requirements illus- active employees, was 36.9% (2024: 38.3%). trating gender pay gap on base salary on an aggregated organizational jective assessments of compensation for comparable roles. These level. Gender pay gap is calculated as the difference between average measures allow us to identify and address potential disparities proac- To ensure that differences in pay are not driven by bias, GN established hourly pay of male and female employees expressed as a percentage. All tively and maintain a consistent, fair approach to remuneration across an entity specific metric - adjusted gender pay gap analysis to compare active employees during the calendar year are included in the calculation. the organization. In addition, bi-annual surveys are conducted to gather the base salary of men and women performing comparable work within employee feedback on compensation where the results indicate that Adjusted gender pay gap the same country. From 2025, GN has strengthened its methodology for assessing the the majority of our employees evaluate that they are rewarded fairly. adjusted gender pay gap to ensure greater objectivity. An independent In 2025, GN’s adjusted gender pay gap was 4.3% (2024: 3.3%). Alt- third-party provider now conducts the analysis using regression models Policies hough the adjusted gender pay gap is relatively small, the analysis ___________________________________ that control for legitimate pay drivers such as job complexity, experience, highlighted areas for continued attention. GN will maintain annual re- performance, and location. This enhanced approach covers all active S1-1 views to ensure fairness, transparency and consistency in pay practices. employees during the calendar year and isolates only the unexplained pay GN’s Remuneration Policy addresses our material negative impact re- differences between women and men in comparable roles. lating to equal pay, covers all employees globally, and aims to ensure a Several factors significantly impact the above-mentioned unadjusted consistent approach to pay across GN as well as fair pay for each job. gender pay gap, notably the organizational structure in question and Total remuneration ratio To calculate total remuneration ratio the median employee’s salary is the balance of men and women across different organizational levels, Targets and actions measured against our highest paid individual. Total remuneration for the where GN has higher proportion of men in senior, higher-paid positions ___________________________________ median employee is defined on the basis of base salary analysis where an than women. S1-5; S1-4 employee with a median base salary across all GN employees is selected and remaining total remuneration components are calculated. All the ac- While we have not yet established specific quantitative targets for the tive employees during the calendar year are included in the calculation. GN Another factor influencing our unadjusted gender pay gap is material effectiveness of our Remuneration Policy, our ambition remains to min- will work towards obtaining the data in a centralized system to include em- differences in pay levels across GN locations combined with the differ- imize pay gaps and ensure equal pay for equal work across GN. ployee total remuneration in the calculations for future reporting periods. ing gender compositions in each location. In 2025, GN continued implementing initiatives aimed at improving the In addition to pay gap analyses, GN monitors overall pay equity share of women in senior positions, focusing on both internal promo- through the total remuneration ratio. For 2025, the ratio between the tions and external recruitment. These initiatives are part of a multi-year CEO’s annual total remuneration and the median total remuneration at plan to strengthen gender diversity in leadership, which is expected to 87/195 --- GN Store Nord Annual Report 2025 Content Violence and harassment Incidents, complaints, and severe human rights impacts ___________________________________ Policies S1-17 ___________________________________ GN employees and external stakeholders can report concerns confiden- S1-1 tially through the whistleblower hotline. Cases are investigated by the To address the identified material potential negative impact on the designated whistleblower investigation unit (Group Business Ethics & health and well-being of employees because of violence and harass- Compliance department) with support from other Group Functions ment, GN has implemented a dedicated Anti-Harassment Policy, which where needed. All cases are reported quarterly to the Audit Commit- aims to promote a respectful and inclusive culture and raise awareness tee. of bullying and harassment. It defines what GN considers to be harass- ment and outlines actions to take when such cases are observed as well GN has not incurred any fines, penalties or compensation for damages as channels for reporting violence and harassment cases. The policy ap- related to reported incidents and complaints and has not identified any plies to all GN employees and activities, including interactions with cus- severe human rights incidents connected to GN’s workforce. tomers, business relationships, visitors, vendor employees, and interns. Targets and actions ___________________________________ Accounting policies Incidents, complaints and severe human rights impacts S1-5; S1-4 GN runs an annual mandatory anti-harassment e-learning for all em- All cases reported through the GN Alertline are included in this metric. The ployees. The main purpose of the program is to educate all employees GN Alertline is a secure and confidential reporting tool hosted by an inde- on identifying, preventing, and responding to harassment in the work- pendent third party. This hotline is available to all employees and external place. GN also has the GN Alertline, where relevant cases are thor- stakeholders and can be accessed on the GN Group website via www.gn.com/whistleblower and for employees also via GN's intranet. oughly investigated and reported to the Board’s Audit Committee on a quarterly basis. Currently, GN does not track the effectiveness of the Anti-Harassment Policy. Grievance channels and corresponding numbers Unit 2025 2024 Total number of cases reported through GN Alertline by people in own workforce number 36 40 Number of cases related to discrimination, including harassment number 16 26 Fines, penalties and compensation for damages as a result of the incidents DKK 0 0 Confirmed severe human rights incidents connected to own workforce number 0 0 Confirmed severe human rights incidents connected to value chain workers number 0 0 Fines, penalties and compensation related to confirmed severe human rights incidents DKK 0 0 88/195 88/195 --- GN Store Nord Annual Report 2025 Content Employee characteristics ___________________________________ S1-6 Employee headcount by gender 2025 2024 Accounting policies At the end of the reporting period, our total employee headcount is Male 4,080 4,098 Female 4,045 3,969 8,190 employees. The most representative number in the financial Employee headcount Other 10 12 statements can be found in note 2.3 on page 127. Our operations are st Employee headcount is measured and reported as of 31 of December Not reported 55 66 widespread, with significant employee presence in key regions. 2025. End-of-year figures gives the most accurate current state picture 8,190 8,145 Total employees without letting workforce fluctuations impact our figures. The gender distribution is balanced with 4,080 males, 4,045 females Employee headcount in countries where GN has at least 50 employees 2025 2024 (10 workers who identify as non-binary and 55 workers where gender Reporting on gender Denmark 1,888 1,841 Information about gender is recorded in GN’s HR management system, data is missing). United States of America 1,550 1,608 China 1,404 1,427 Workday, where we host our total global workforce and other employee Malaysia 1,013 997 master data. Employee headcount is disclosed as “Not reported” (see The majority of our workforce (6,751 employees) are on permanent India 340 338 “Employee headcount by gender”) when employees do not provide gender contracts while 819 are on temporary contracts and 620 are non-guar- Spain 202 193 information during the onboarding process. Category “Other” refer to anteed hours workers. Germany 166 172 employees who identify themselves as non-binary. United Kingdom 172 169 Japan 169 161 The temporary workers, that make up 10% of our total employees, are Reporting on contract type Australia 158 156 crucial for managing operational peaks and lows. Notably, 68% of Until September 2024, the Workday system did not systematically capture Poland 206 166 these workers are in our Operations function, often due to legal re- whether employees have employment contracts with guaranteed or non- France 121 122 quirements - or local market practices - at our production sites. Our to- Taiwan 92 92 guaranteed hours. We have estimated the percentage of non-guaranteed Brazil 95 89 hours workers in the four countries with the highest employee count: tal employee turnover during 2025 was 1,118 employees, resulting in a Canada 94 89 Denmark, the U.S., China, and Malaysia. Based on the analysis of the turnover rate of 13.7% (2024:15.2%). Italy 93 83 general and local market conditions, it was concluded that non-guaranteed Korea, Republic of 77 73 hours employees are only relevant for the U.S. where 40% of the workforce Netherlands 73 72 is under such employment conditions. Singapore 66 64 Employee turnover Female Male Other (*) Not disclosed Total Employee turnover includes both voluntary and involuntary permanent 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Employee headcount by contract type and gender turnover for both white collar and blue collar employees. The rate is calcu- Employees 4,045 3,969 4,080 4,098 10 12 55 66 8,190 8,145 lated using the total headcount of employees as the denominator. Permanent employees 3,139 3,023 3,557 3,532 8 8 47 59 6,751 6,622 Temporary employees 596 631 216 243 - - 7 6 819 880 Non-guaranteed hours employees 310 315 307 323 2 4 1 1 620 643 (*) Gender as specified by the employees themselves 89/195 --- GN Store Nord Annual Report 2025 Content Workers in the value chain Material impacts and risks assessment of potential social impacts. For this reason, it is also not • Blue collar workers working for downstream entities involved ___________________________________ possible for us to identify very specific (groups of) people or geogra- in freight and distribution, and electronic waste processing. SBM-3 phies where GN’s activities lead to impacts. Workers we consider to be We have identified four IROs related to workers in the value chain. Our at high risk of impact and therefore in scope of this assessment in- One of the focus areas in our Better for planet strategy is safeguarding IROs reflect our dependence for our core activity of manufacturing clude: the rights of workers across our value chain. We aim to achieve this electronic devices on suppliers in industries with documented negative through a targeted program to strengthen our human rights due dili- social impacts, specifically mining, plastic and aluminum production, • Agency workers working on GN sites in countries with weak gence (see next page) between now and 2030. We expect that by suc- paper production, freight and logistics, electronics manufacturing, and worker protection controls (this covers agency workers at our cessfully executing this program, we will effectively manage material e-waste treatment. manufacturing site in Malaysia). impacts and risks in this area and comply with legislation in this area. As Better for planet is part of GN’s overall strategy, the interests, We cannot accurately link the majority of these IROs to GN’s activities, • Blue collar workers working for upstream entities involved in views, and rights of workers in the value chain are taken into account in because they occur in industries that are at tier 2 or beyond supplier mining, plastic, steel, aluminum and paper production, elec- how we run our business. level in our upstream value chain. We directly or indirectly have busi- tronics manufacturing. ness relations with a very large number of sub-suppliers, in a part of Policies ___________________________________ our value chain where we have limited visibility to leverage an S2-1; G1-2 Addressed in GN is committed to ensuring that hu- Material IROs Description value chain man rights are safeguarded and that we Some industries in GN’s value chain may have poor labor practices, such as excessive 18 Inadequate working overtime, insecure work, weak rights and inadequate pay/leave. This can harm workers’ manage our material sustainability mat- conditions in the value chain health, wellbeing and safety ters related to value chain workers. Inadequate protections of health Mining industries, manufacturing, logistics and e -waste are linked to negative impacts to 19 and safety in the value chain health and safety of value chain workers Our human rights policy commitments cover all value chain workers across all geographies in which we operate to enable identification, as- Some parts of GN’s value chain may lack legal protections against harassment and fail sessment, and management, or remediation of our material IROs. A Diversity and gender equality to promote workforce diversity. This can harm workers’ health and disproportionately, 20 cornerstone of our human rights due diligence is our membership with issues in the value chain affecting marginalized groups like migrant workers the RBA and our commitment to their code of conduct. Mining and manufacturing are linked to negative impacts of both child labor and other 21 Child and forced labor in the forms of forced labor. There is also a financial risk, leading to risks to earnings due to 21 value chain trade compliance, as well as fines and reputational damages Impact: Risk: Opportunity: S2-2 – Processes for engaging with value chain workers about impacts – see “Stakeholder engagement” on p. 53 90/195 S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns – see “Business conduct and corporate culture” on pp. 98-99 --- GN Store Nord Annual Report 2025 Content GN’s Supplier Code of Conduct (SCOC) is based on the RBA counter- part, and is aligned with all relevant international frameworks, such as the ILO Conventions, the UN Guiding Principles on Business and Hu- Our human rights due diligence program man Rights, the UN Global Compact, and the OECD Guidance for Re- sponsible Business Conduct. Our SCOC covers engagements with all suppliers and business relationships for activities in our upstream, own * ** EcoVadis SAQ RBA SAQ RBA VAP audits operations, and downstream, ensuring that we address IROs relating to working conditions, health and safety, diversity, gender equality, child Coverage 2025 2030 2025 2030 2025 2030 labor and other forms of forced labor. It states that suppliers to all GN baseline target baseline target baseline target companies, including all subsidiaries and affiliates, are expected to op- erate in accordance with the minimum requirements set out in this code. Our tier 1 and tier 2 suppliers are also subject to annual ESG au- 0% 0% 100% 100% 57/100 70/100 dits conducted by GN. of manufacturing of manufacturing of manufacturing of manufacturing EcoVadis score EcoVadis score sites and ROCs sites and ROCs sites and ROCs to sites and ROCs to (reporting (reporting have completed have undergone undergo a VAP Own complete an RBA company) company) a VAP Audit audit an RBA SAQ SAQ To ensure business partners and suppli- operations Strengthening ers comply with our SCOC, we use the our RBA membership RBA and EcoVadis platforms to assess 62% 100% 68% 100% completed to complete completed a VAP completed a VAP human rights impacts and risks with key 2030 facility & facility & Audit with a Audit with a Voluntary EcoVadis requirements corporate risk corporate risk minimum minimum Silver assessment on assessment on suppliers. Silver*** result result RBA RBA partners (T1)Top 80% Manufacturing spend We have established procedures and policies for managing relation- ships with suppliers to ensure structured procurement processes and fair behavior with business partners. All supplier contracts include stip- 86% 100% 2030 ulations for governing late payments and guidelines for managing rela- Ensuring we onboarded on to be onboarded RBA requirements for prioritized suppliers with high -risk profiles EcoVadis on EcoVadis tionships with our suppliers, as well as small medium enterprises Supply chain comply with component (SMEs). These procedures are supported by our various policy commit- Material and all EU supply suppliers (T2) chain due ments, such as our SCOC. diligence Indirect procurement: include responsible business conduct requirements with our indirect procurement suppliers based on risk exposure laws Other relevant policy commitments supporting the management of Legislative: continued initiatives to ensure compliance with forced labor and conflict minerals legislation across our markets our material IROs in this area are our Sustainability ESG Policy and the * SAQ – Self Assessment Questionnaire under RBA ** VAP Audits – Validated Assessment Program Audits under RBA 91/19591/195 *** Silver result – all priority findings are resolved as a result of a VAP Audit --- GN Store Nord Annual Report 2025 Content recently updated Modern Slavery Statement and Conflict Minerals Pol- rights due diligence processes through increased use of EcoVadis and their performance until 2030. "For our supplier engagement icy. These describe how we consider social sustainability in everything RBA. This will allow for better identification of material impacts and program, tier 1 manufacturing partners will be required to be we do across our full value chain, as well as specifically addressing re- risks connected to value chain workers and to track the effectiveness onboarded on RBA, as well as complete an up-to-date SAQ. spect for human rights, including labor rights, of workers and the aboli- of our policies and actions when responding to these, while strengthen- We are progressing towards this target with 62% of our part- tion of child and forced labor. These policies guide our purchasing and ing our ability to monitor progress and assess the effectiveness of the ners already having been onboarded on RBA and completed supplier selection, in which potential new suppliers are required to targets over time. the required SAQ. Furthermore, 68% of partners have under- complete a survey to verify compliance with applicable labor law, in- gone a VAP audit process with a Silver result cluding laws that ban slavery and human trafficking. GN requires its We have targets for both our own operations and supply chain (see S1 suppliers to exclude minerals originating from conflict-affected and chapter for more details regarding targets relating to our own opera- • We are currently in process of updating our scope for con- high-risk areas (CAHRAs), which include, but are not limited to, the tions). Each target is designed to accomplish a specific improvement ducting ESG audits by reviewing the checklists used by our Democratic Republic of the Congo and adjoining countries. area relating to material impacts, such as poor working conditions, teams conducting the audits. The aim of this is to capture and health and safety, discrimination, and lacking diversity and gender review data points from all suppliers relating to our material Targets and actions equality, in ongoing initiatives with our tier 1 partners and tier 2 suppli- IROs, as well as the targets in Better for planet ___________________________________ ers. They also address areas further in our upstream value chain to mit- S2-5; S2-4 igate impacts and risks associated with forced labor and conflict miner- • As part of our other supplier engagement programs, we plan In 2024, we committed to undertaking a comprehensive review of all als. As part of the development of Better for planet, we engaged with to introduce RBA code of conduct training for relevant GN human rights-related policy areas to understand any applicable targets value chain workers via credible proxies, such as our own audits, RBA functions through the RBA Academy. This training, through that can be set. This also included taking actions to expand upon exist- audit findings and EcoVadis scorecards. our existing SCOC, will also be rolled out and shared with our ing initiatives connected to using platforms, such as RBA, EcoVadis and suppliers FRDM, to introduce a standardized process for tracking supplier perfor- To ensure we meet our targets, we intend to take the following ac- mance related to social indicators. We set a target to onboard at least tions: • Where required, we will continue to onboard all suppliers in 80% of our largest material and component suppliers (i.e. in terms of scope of the program on EcoVadis. However, for our tier 1 amount of materials supplied) on the EcoVadis platform, including en- • In line with RBA requirements, we intend to fully map and as- partners, we view alignment with RBA as the main require- suring we extend our supplier audit processes to account for CSDDD sess risks covering 80% of our spending with tier 1 manufac- ment and adjusting supplier contracts and the SCOC, where required. During turing partners and tier 2 suppliers. These assessments will be 2025, we onboarded 86% (83 out of 96 suppliers) of this group on based on SAQs on the RBA platform and/or EcoVadis score- • Finally, we will continue our responsible minerals sourcing EcoVadis and conducted 86 supplier audits across China and Southeast cards program as set out by OECD Due Diligence Guidance for Re- Asia. Following these audits, we have worked with suppliers to address sponsible Supply Chains of Minerals from Conflict-Affected all findings through corrective action plans, ensuring that they comply • Linked to this, we plan to finalize the development and imple- and High-Risk Areas (CAHRAs) across all markets in which we with our policy objectives. mentation of a new supplier and partner engagement routines operate. We will continue to make use of our existing partner- until end of 2027 to make better use of the RBA and EcoVadis ship with Greensoft Technology who perform due diligence on In 2025, we also conducted a human rights impact assessment as part platform. The intention of this is to ensure that our key part- our behalf focusing on 3TG conflict minerals and cobalt in our of developing Better for planet. As depicted in the infographic on the ners share with us third-party scores and audit insights (e.g. as upstream value chain in relevant CAHRAs previous page, the overall target for 2030 is to strengthen GN’s human part of RBA’s VAP), and actively work on the improvements of 92/195 --- GN Store Nord Annual Report 2025 Content Consumers and end-users Material impacts, risks, and opportunities ___________________________________ SBM-3; S4-5 We have identified two risks (data privacy, product safety) and one op- GN has implemented several policies, actions, and targets for manag- portunity and positive impact (hearing health) related to consumers ing product safety and data privacy related risks. For more information and end-users. see the table below and a dedicated section in this chapter for each IRO. We respond to these risks by ensuring robust product safety and data privacy processes within the context of our existing business model and strategy. As data privacy and product safety are strictly regulated by international and local laws, targets are mainly determined based on these regulations. For hearing health, we have established an entity-specific metric—the number of people helped with hearing loss—to quantify GN’s positive impact on consumers and end users. Given the compliance-based nature of IROs, GN has not directly engaged with consumers and end-users when setting targets, tracking performance, or when identifying lessons learnt. Addressed in Material IROs Description value chain Risk of non-compliance with There is a financial risk as a consequence of non-compliance with privacy laws, if GN fails to 22 privacy laws protect customer personal data (including security failures) There is a financial risk as a consequence of recalls or reputational damage if a GN product Violation of health and 23 fails to meet product safety standards safety standards There is a positive impact on society in terms of our capacity to offer millions of end-users 24 with better hearing, as well as allowing for a reduction in stigma of hearing loss. There is 24 also an opportunity in this space as our hearing products help to increase awareness Hearing health Impact: Risk: Opportunity: 93/19593/195 --- GN Store Nord Annual Report 2025 Content being. Our ambition is to drive awareness of hearing health by educat- • We launched the world’s smallest AI powered hearing aid that Helping people with hearing loss ing healthcare professionals and a broader audience with evidence enhances sound quality even in challenging situations like based content and practical tools. Additionally, we collaborate with noisy restaurants or crowded venues Hearing health is both an actual positive impact and an opportunity for trusted partners to advance new knowledge and public health ap- GN. Our core activity of manufacturing hearing aids enables us to cre- proaches. • We added a new Mental Health section to the LISTEN TO ate positive impact by helping millions of people with hearing loss. We THIS platform to highlight the importance of brain health and aim to help more people with hearing loss through customer-centric in- its connection to hearing health. LISTEN TO THIS shapes the novation, partnerships, and operational and commercial effectiveness. We set a target in 2021 to help 10 mil- hearing health agenda and amplifies GN’s impact by turning insights into engagement and partnerships. It helps position lion people with hearing loss by 2025. Policies GN as a trusted leader in hearing and broader health and ena- ___________________________________ We have already exceeded that mile- bles GN to maximize its positive impact on society by S4-1 strengthening its voice. As of October 2025, more than 1,500 As hearing is inherent to the core activity in our Hearing division, it is stone: in 2024, we helped 11.2 million hearing-care professionals have signed up to learn about the not covered in a policy as such. We strive to maximize our positive im- link between hearing and cognition, gaining tools and insights people hear better and live better lives, pact by growing our Hearing business, which is reflected in our ex- to initiate and act on hearing-health conversations pected Group organic revenue growth of 5-8% annually until 2028. For and as of 2025 this increased to 12.1 more information on our growth assumptions, see Financial targets • In November, alongside the Ambassador of Denmark to the 2025-2028, p 32. million people. United States, His Excellency Jesper Møller Sørensen and with LISTEN TO THIS, we brought together voices from healthcare, Beyond hearing aid manufacturing, GN takes a step further by address- technology, policy, and patient communities for an exclusive ing the connections between hearing loss and overall health, especially Accounting policies gathering designed as a public affairs platform to foster dia- brain health, to motivate more people to take action on their hearing Helping people with hearing loss logue and strengthen relationships. The invited guests include loss. We strive to shape the hearing health agenda and drive a societal This number represents the number of people estimated to be using our representatives from AARP, GSA, UsAgainstAlzheimer’s, HIA, shift that positions hearing as essential to cognitive, mental, social, and products on 31 December 2025. It is calculated using sales volumes of GN the VA, and other select organization on the topic of "Hearing physical well-being with initiatives such as LISTEN TO THIS™. One of hearing aids and assumptions based on EHIMA figures for binaural treat- and cognitive health: Addressing a silent risk of dementia.” ment (i.e. whether users use one or two hearing aids) and estimated re- our key commitments is to monitor research and generate insights that placement rates (where we used five years for users based in high-income support and guide the development of the hearing products to create countries U.S., Europe, Japan, Korea, and Australia and eight years for • We also continued to help people with hearing loss without di- positive impact for users – improving mental health, productivity, and other countries). rect access to hearing health due to their circumstances, the overall quality of life. through a variety of product donation efforts globally Targets and actions In 2025, we continued several actions to raise awareness about hearing ___________________________________ • We partnered with the Danish fashion brand HAN Kjøbenhavn health, reduce stigma and improve the overall quality of life for people S4-5; S4-4 to bring hearing health into the spotlight at Copenhagen with hearing loss. The global hearing aid adoption rate remains low, suggesting a need to Fashion Week, showcasing hearing aids as modern design ob- increase awareness of hearing health as part of overall health and well- jects rather than something to hide. Two models with hearing 94/195 --- GN Store Nord Annual Report 2025 Content loss walked the runway wearing GN devices. The collaboration The Data Privacy Policy aims to provide direction to identify and meet A new third party awareness training software for privacy and security is part of our mission to break stigma and make hearing health the requirements regarding maintenance of privacy as well as the pro- has been implemented in the beginning of 2025. This has improved and visible, relatable, and culturally relevant tection of personal identifiable information. This is in accordance with modernized the general data privacy e-learning, and an extended use applicable laws, regulations, and contractual agreements. The policy of the tool will be implemented during 2026 by introducing short, topic describes rules and restrictions for international transfer of personal specific e-learning modules on a more frequent basis, thus ensuring a Data privacy data, how to collect, process, store, and inform personal data, etc. more constant awareness of the data privacy principles. Data privacy of customers is a material risk in the value chain and in A key ongoing initiative to ensure compliance with our Data Privacy Data ethics our own operations, as GN holds a range of data on customers, some Policy and GDPR regulation is a GDPR risk assessment. As part of this, GN uses data for various purposes, which leads to benefits for GN and of which is highly sensitive (e.g. health records, as part of the activities questionnaires are sent to business process owners via our compliance its customers. GN is committed to act ethically responsible with data in our hearing aid division). Failure to protect this data could have sig- application. The aim with the initiative is to assess data privacy risks and comply with ethical principles. By actively considering data ethics, nificant financial implications. across all business processes including alignment with the EU AI Act, GN intends to ensure human dignity, equality, fairness, responsible use where AI systems and models are used in connection with personal of data, transparency, and awareness by minimizing risk of algorithm Policies data. bias and discrimination, lack of transparency, lack of control, and lack ___________________________________ of responsibility and accountability. GN is implementing appropriate S4-1 Another ongoing initiative to contribute to compliance with our Data organizational and technical security measures to ensure that any use GN’s ambition is to ensure that all employees have the proper Privacy Policy and work procedures is ‘zero trust technologies’. It as- of data happens in a safe and secure manner. GN will periodically re- knowledge of data privacy and that GN protects all personal data. GN sumes that individuals, devices, and services that are attempting to ac- view the contents of GN data ethics taking into consideration input continuously reviews internal procedures and follows regulations to cess company resources, even if inside the network, cannot automati- from employees and partners, development in trends, technology, leg- protect consumer and end-user data and ensure the effectiveness of cally be trusted. The initiative has resulted in significantly reducing any islation, and ethical data values. See GN’s Data Ethics Policy: policies. intruders’ ability to breach GN systems and data. www.gn.com/dataethicspolicy. (§ 99 d) To address the material risk related to data privacy, our Data Privacy Targets and actions Code of Conduct and Data Privacy Policy are created to ensure that all Product safety ___________________________________ GN employees have the knowledge to mitigate risks and to ensure that S4-5; S4-4 GN complies with relevant data protection regulations as the General Product safety of our hearing products is a material risk where medical Besides compliance with international and local regulations, GN has Data Protection Regulation (GDPR). devices fall under strict product safety regulation to protect hearing not set targets related to data privacy. GN complies with privacy regu- aid users. A product-safety failure could have significant financial con- lations such as GDPR, Health Insurance Portability and Accountability Our Data Privacy Code of Conduct guides how all employees process sequences and lead to health and safety harms for end-users. Act USA (HIPAA), Personal Information Protection Law (China) (PIPL), and protect the consumer and end-user data that GN handles. The and The Personal Information Protection and Electronic Documents Data Privacy Code of Conduct also describes processes for collecting, Act (Canada)(PIPEDA). GN continuously reviews internal procedures processing, and protecting consumer and end-user data and applies to and follows regulations to protect consumer and end-user data and en- all employees in GN. sure the effectiveness of policies and actions implemented. In connec- tion with CSRD implementation, the process is formalized from 2024. 95/195 --- GN Store Nord Annual Report 2025 Content Policies Targets and actions At GN, we utilize robust internal processes to monitor key aspects of ___________________________________ ___________________________________ product safety, regulatory compliance, and risk management. Our S4-1 S4-5; S4-4 overarching ambition is to maintain compliance with regulatory re- GN develops, manufactures, and markets hearing aids, which are classi- For our hearing products, as part of our commitment to continuous im- quirements, while proactively mitigating risks associated with product fied as medical devices. Ensuring product safety to manage the mate- provement of quality and compliance practice, we strive to ensure we safety. rial risk related to this is fundamental to our business and we adhere to always comply with country-specific regulation and deadlines in rela- strict regulatory frameworks and safety standards to effectively man- tion to electronic Medical Device Reporting (eMDR) and vigilance re- Several product safety related initiatives were implemented in GN dur- age product safety risks. porting, which are both critical in ensuring timely identification of and ing 2025: response to potential safety issues. GN safety policies ensure that our hearing products meet and exceed • GN is exposed to regular audits and inspections to assess com- safety and quality standards, safeguarding user health and well-being. We have set a target on deviation response time, which we measure as pliance with internal and external safety requirements. In The policies apply to all hearing aids and associated accessories de- the time taken to initiate corrective actions if we have three consecu- 2025, we had a total of 25 external audits, including 15 exter- signed and manufactured by the company, covering all aspects from tive months of underperformance against our response time KPI. The nal audits by our Notified Bodies development to post-market monitoring. The policies do not cover ongoing target and baseline value was 20 days which was formally de- third-party accessories or components not designed or manufactured fined in 2024. The average response time in 2025 was 17 days, which is • GN continues to perform and document training activities as by GN, nor does it apply to non-medical electronics. below the target value. part of its continuous education programs, ensuring that em- ployees remain informed about product safety best practices Our safety policies outline measures to identify, assess, and mitigate To set this target, we utilized a combination of quantitative analysis and regulatory developments. In 2025, the focus has been on product safety risks throughout the product lifecycle. The policies in- (e.g., incident data trends, KPI metrics) and qualitative assessment deepening knowledge of upcoming regulatory requirements, clude details on adherence to medical device standards, quality control (e.g., internal audits, stakeholder feedback). Cross-functional teams in- strengthening capabilities within risk management, advancing protocols, and post-market surveillance activities. Furthermore, poli- cluding Quality, Regulatory Affairs, Risk Management, and Product De- cyber security awareness, and building competence in AI-re- cies cover risk management approaches focusing on design safety, usa- velopment are involved in defining, monitoring, and refining our KPIs. lated compliance. Targeted training sessions have supported bility, and compliance with regulations. Feedback from regulatory bodies and industry partners informs our ap- employees in adapting to these evolving areas, ensuring GN proach, particularly for adjusting compliance timelines and addressing maintains a high level of preparedness and compliance across We have a continuous improvement process for product safety emerging risks. its operations through feedback, technological innovation, and compliance with evolving standards. According to CSRD Article 2, the 2017/745 Medical Regular management review meetings ensure that the target and KPIs Device Regulation defines the specific safety requirement applicable are continually aligned with regulatory requirements and industry best for all hearing aids and associated accessories designed and manufac- practices. Vigilance processes are aligned with national and interna- tured by the company, covering all aspects from development to post- tional regulatory requirements, where specific deadlines dictate the market monitoring. Additionally, our devices comply with the 2014/53 timeline for reporting incidents. We employ a trigger-based monitoring Radio Equipment Directive (RED) for wireless communication, includ- approach for CAPA (Corrective and Preventive Actions), where certain ing Bluetooth functionality, to ensure the safe and effective use of thresholds (e.g., exceeding specific KPI limits) automatically initiate a wireless technology. root cause analysis. 96/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Spearheading the Auracast revolution Sustainability statement More than a decade ago, GN initiated the setup of a hearing aid working group within the Bluetooth Special Interest Group (SIG), where GN took a leading role in the development of a new Blue- tooth standard – Bluetooth Low Energy (LE) Audio – supporting Auracast broadcast audio. Governance Throughout 2025, multiple sites around the world have imple- mented Auracast, transforming how users experience audio in private and public spaces now and into the future. Auracast is be- coming the gold standard for increased accessibility in theaters, music halls, conference venues, public transportation and air- ports, museums, places of worship, and even sports bars – not Business conduct 98 only for hearing aid users but also for the wider community. This was a big milestone for GN and our mission to make sound more inclusive, pioneering this accessible technology in hearing aids — helping even more people hear better and live better lives. Many other technology companies are now following in our foot- steps allowing people to use Auracast to also stream audio di- rectly from TV sets, radio, various electronic devices, etc. The Sydney Opera House in Australia was the first cultural institu- tion worldwide to permanently install Auracast broadcast audio in its Playhouse, Drama Theatre and Studio. 97/19597/195 --- GN Store Nord Annual Report 2025 Content Business conduct Material impacts, risks, and opportunities employees feel empowered and safe to raise concerns, including available in ten languages at www.gn.com/documents and on GN’s in- ___________________________________ through the whistleblower hotline – GN Alertline. tranet. SBM-3 We have two material risks related to business conduct, reflecting that The GN Business Ethics & Compliance program is designed to prevent, The Group Business Ethics & Compliance team is supported by our net- as a global company we engage in business relationships across a wide detect, and respond to misconduct, ensuring that stakeholders act re- work of local Compliance Champions, who act as local compliance liai- variety of geographies. The first risk is related to third party relations, sponsibly and in accordance with applicable laws and GN policies as set sons. The Compliance Champions help promote and raise awareness of indicating the financial risk associated with failure in due diligence of out in the GN Ethics Guide – Code of Conduct. Core program compo- compliance-related matters and regularly facilitate local training activi- third parties we deal with. The second risk is related to corruption and nents include compliance policies, training, and communication, whis- ties. This program is a key element in preventing potential violations bribery, reflecting the financial risk associated with failure to prevent tleblower hotline investigations, anti-corruption compliance reviews, and misconduct within GN. these practices. GN has implemented appropriate policies and proce- third-party due diligence, and economic sanctions management. dures for mitigating these risks. GN Alertline (confidential reporting system) The Group Business Ethics & Compliance team partners across the or- At GN, we are committed to providing a safe environment where both Business conduct and corporate culture ganization to mitigate the risk of non-compliance with anti-corruption internal and external stakeholders can confidently raise their concerns. ___________________________________ laws and GN policies worldwide. Anti-corruption training is mandatory G1-1; S1-3; S2-3; GOV-1 on an annual basis for all employees, including consultants. GN has established the whistleblower hotline – GN Alertline, to enable Our success is founded on ethical conduct, which is central to who we reporting of business ethics misconduct and to reinforce our commit- are and how we operate. In a rapidly changing world, upholding the GN’s commitment to business ethics is anchored in our GN Ethics Guide ment to conducting business in a financially, socially, and environmen- highest ethical standards is both a responsibility and a privilege that – Code of Conduct, which sets out the responsibilities and ethical stand- tally responsible manner. The Alertline reports form the basis for inves- guides our decisions and safeguards our reputation as a trusted leader. ards expected of all employees, members of the Board of Directors, tigations into potential misconduct, violation of law, or company policy and business partners. This Guide is aligned with recognized standards breaches. At GN, we are committed to integrity, transparency, and ethical con- of ethical business conduct and applicable regulations and publicly duct across our entire organization, fostering a culture in which The Alertline is a secure, confidential reporting channel hosted by an independent third party and is available to employees and external stakeholders via www.gn.com/whistleblower (and on the intranet for Addressed in employees). Concerns may be submitted verbally or in writing. Material IROs Description value chain The Group Business Ethics & Compliance department is GN’s desig- There is a financial risk in the electronics industry due to evidence of supplier malpractice. nated investigation unit in accordance with the Danish whistleblower 25 Third party relations This can have reputational risks as GN is dependent on suppliers for its value creation law has established an Investigation Guideline, a procedural tool that details the step‑by‑step process for investigating concerns raised by There is a financial risk due to bribery and corruption as this can lead to legal fines and employees. fees, reputational damage, market disqualification, operational disruptions and contract 26 Corruption and bribery terminations Impact: Risk: Opportunity: G1-2 – Management of relationships with suppliers – see “Policies” on pp. 90-92 98/195 --- GN Store Nord Annual Report 2025 Content Oversight of these investigations lies with GN’s Audit Committee, We communicate the policy through internal awareness campaigns, e- Incidents of corruption and bribery ___________________________________ which is updated quarterly on findings and recommendations on cases learning, and in-person training. Additional policies and processes in- G1-4 received through the GN Alertline. clude our Gifts and Hospitality Policy and our third-party management Consistent with the previous year, GN has not recorded any convictions program. or fines related to violations of anti-corruption or anti-bribery laws. GN is committed to ensuring that any person who reports a concern in good faith will not be subject to retaliatory action in line with our Non- The Group Business Ethics & Compliance team regularly conducts on- Incidents of corruption and bribery Unit 2025 2024 Retaliation Policy. site compliance reviews across all levels of GN, with a particular focus Confirmed incidents of corruption or bribery number 0 0 on anti-corruption and anti-bribery controls. These reviews are de- Fines related to violation of anti-corruption or anti-bribery Compliance Training and Awareness signed to assess and mitigate the risk of corruption practices within GN laws DKK 0 0 GN is committed to conducting business ethically. To ensure this com- by identifying potential vulnerabilities or gaps in our compliance pro- mitment is shared across the organization, all GN employees are re- cesses. quired to complete the annual GN Ethics Guide training. This online course explains why ethical conduct matters to GN and our stakehold- The main objectives of an anti-corruption compliance review are to: Accounting policies ers, outlines the main compliance and ethics risks we face, and illus- Convictions and fines related to violation of anti-corruption trates how to recognize and respond to potential issues. • Identify and assess local compliance challenges and issues Fines, penalties and compensation related to violations of anti-corruption or anti-bribery laws are covered by our internal policy and process on man- The key focus areas of this training are speaking up, bribery and corrup- • Advise the business on how to manage specific compliance datory engagement of Group Legal, who therefore have visibility of any tion, conflicts of interest, third-party risk, and managers’ responsibili- risks such instances. ties. The e-learning is accompanied by a “read and acknowledge” of our GN Ethics Guide, compliance policies, and is available in ten languages. • Support the business in ensuring compliance with applicable laws and regulations (e.g., the US FCPA and the UK Bribery More in-depth, in-person training is also provided as required and is Act) and GN policies mandated for employees in higher risk roles and functions, as deter- mined by our risk assessments, in addition to being available on re- The team also carries out broader, planned combined reviews with quest. Group Legal and Group Financial Reporting & Controlling. Prevention and detection of corruption and bribery ___________________________________ G1-3 GN maintains a zero‑tolerance stance on bribery and corruption, as set out in our Anti-Corruption Policy. The policy defines expectations and mandatory controls to prevent corrupt practices across the organiza- tion and provides guidance on reporting misconduct or seeking clarifi- cation. 99/195 --- GN Store NordGN Store NordGN Store Nord Annual Report 2025Annual Report 2025Annual Report 2025 ContentContentContent Sustainability statement Appendices 100/195100/195 --- GN Store Nord Annual Report 2025 Content Contents tables of disclosure requirements ___________________________________ IRO-2 ESRS E2 - Pollution ESRS2 - General disclosures Disclosure requirement Page Disclosure requirement Page Description of the processes to identify and assess material pollution-related impacts, risks and opportu- BP-1 General basis for preparation of the sustainability statement 54 IRO-1 nities 49 BP-2 Disclosures in relation to specific circumstances 54 E2-1 Policies related to pollution 71 GOV-1 The role of the administrative, management and supervisory bodies 51 E2-2 Actions and resources related to pollution 71-72 Information provided to, and sustainability matters addressed by the undertaking’s administrative, management E2-3 Targets related to pollution 71-72 GOV-2 and supervisory bodies 51 E2-5 Substances of concern and substances of very high concern 73 GOV-3 Sustainability-related performance in incentive schemes 52 GOV-4 Statement on due diligence 55 ESRS E5 - Resource and circular economy GOV-5 Risk management and internal controls over sustainability reporting 55 Disclosure requirement Page SBM-1 Strategy, business model and value chain 47-50 Description of the processes to identify and assess material resource use and circular economy-related SBM-2 Interests and views of stakeholders 53 IRO-1 impacts, risks and opportunities 49 SBM-3 Material impacts, risks and opportunities and how they interact with its strategy and business model 49-50 E5-1 Policies related to resource use & circular economy 74 IRO-1 Process to identify and assess material impacts, risks and opportunities 49 E5-2 Actions and resources related to resource use & circular economy 74-75 IRO-2 Disclosure requirements in ESRS covered by the sustainability statement 101-104 E5-3 Targets related to resource use & circular economy 74-75 E5-4 Resource inflows 76 E5-5 Resource outflows 77-79 ESRS E1 - Climate change Disclosure requirement Page GOV-3 Integration of sustainability-related performance in incentive schemes 52 ESRS S1 - Own workforce SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 61 Disclosure requirement Page IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities 49; 61-62 SBM-2 Interests and views of stakeholders 53 N/A Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) 57-60 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 81 E1-1 Transition plan for climate change mitigation 62 S1-1 Policies related to own workforce 81-82; 84-85; 87-88 E1-2 Policies related to climate change mitigation and adaption 63 S1-2 Processes for engaging with own workforce and workers’ representatives about impacts 53 E1-3 Actions and resources in relation to climate change policies 64-65 S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns 98-99 E1-4 Targets related to climate change mitigation and adaption 63-64 Taking action on material impacts on own workforce, and approaches to mitigating material risks and E1-5 Energy consumption & mix 66 S1-4 pursuing material opportunities related to own workforce, and effectiveness of those actions 81-85; 87-88 E1-6 Gross scopes 1, 2, 3 and Total GHG emissions 67-69 Targets related to managing material negative impacts, advancing positive impacts, and managing mate- E1-7 GHG removals and GHG mitigation projects financed through carbon credits 70 S1-5 rial risks and opportunities 81-85; 87-88 E1-9 Anticipated financial effects from material physical and transition risks and potential 61-62 S1-6 Characteristics of the undertaking’s employees 89 S1-9 Diversity metrics 86 S1-10 Adequate wages 85 S1-14 Health and safety metrics 83 S1-16 Compensation metrics (pay gap and total compensation) 87 S1-17 Incidents, complaints and severe human rights impacts 88 101/195 --- GN Store Nord Annual Report 2025 Content ESRS S2 - Workers in the value chain Disclosure requirement Page SBM-2 Interests and views of stakeholders 53 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 90 S2-1 Policies related to value chain workers 90-92 S2-2 Processes for engaging with value chain workers about impacts 53 S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns 98-99 S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks related to value chain workers, and effectiveness of those actions 92 S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks 92 ESRS S4 - Consumers and end users Disclosure requirement Page SBM-2 Interests and views of stakeholders 53 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 93 S4-1 Policies related to consumers and end-users 94-96 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and S4-4 pursuing material opportunities related to consumers and end users, and effectiveness of those actions 94-96 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks S4-5 and opportunities 93-96 ESRS G1 - Business conduct Disclosure requirement Page GOV-1 The role of the administrative, supervisory and management bodies 98 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 49 G1-1 Corporate culture and business conduct policies 98-99 G1-2 Management of relationships with suppliers 90-92 G1-3 Prevention and detection of corruption and bribery 99 G1-4 Confirmed incidents of corruption and bribery 99 102/195 --- GN Store Nord Annual Report 2025 Content Data points that are derived from other EU legislation ___________________________________ IRO-2 Disclosure Benchmark EU Climate Law requirement Data point SFDR reference Pillar 3 reference regulation reference reference Material Page number ESRS 2 GOV-1 21 (d) Board's gender diversity x x x 40 ESRS 2 GOV-1 21 (e) Percentage of board members who are independent x x 41-43 ESRS 2 GOV-4 30 Statement on due diligence x x 55 ESRS 2 SBM-1 40 (d) i Involvement in activities related to fossil fuel activities paragraph x x x ESRS 2 SBM-1 40 (d) ii Involvement in activities related to chemical production paragraph x x ESRS 2 SBM-1 40 (d) iii Involvement in activities related to controversial weapons paragraph x x ESRS 2 SBM-1 40 (d) iv Involvement in activities related to cultivation and production of tobacco paragraph x ESRS E1-1 14 Transition plan to reach climate neutrality by 2050 x x 62 ESRS E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks paragraph x x x 62 ESRS E1-4 34 GHG emission reduction targets x x x x 63-64 ESRS E1-5 38 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) x x 66 ESRS E1-5 37 Energy consumption and mix x x 66 ESRS E1-5 40-43 Energy intensity associated with activities in high climate impact sectors x x 66 ESRS E1-6 44 Gross Scope 1, 2, 3 and Total GHG emissions x x x x 68 ESRS E1-6 53-55 Gross GHG emissions intensity x x x x 68 ESRS E1-7 56 GHG removals and carbon credits x x 70 ESRS E1-9 66 Exposure of the benchmark portfolio to climate-related physical risks x Disaggregation of monetary amounts by acute and chronic physical risk ; Location of significant assets ESRS E1-9 66 (a); 66 (c) at material physical risk x ESRS E1-9 67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency classes x ESRS E1-9 69 Degree of exposure of the portfolio to climate- related opportunities x Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and ESRS E2-4 28 Transfer Register) emitted to air, water and soil x ESRS E3-1 9 Water and marine resources x ESRS E3-1 13 Dedicated policy x ESRS E3-1 14 Sustainable oceans and seas x ESRS E3-4 28 (c) Total water recycled and reused x ESRS E3-4 29 Total water consumption in m3 per net revenue on own operations x ESRS 2- IRO 1 - E4 16 (a) i x ESRS 2- IRO 1 - E4 16 (b) x ESRS 2- IRO 1 - E4 16 (c) x ESRS E4-2 24 (b) Sustainable land / agriculture practices or policies x 103/195 --- GN Store Nord Annual Report 2025 Content Disclosure Benchmark EU Climate Law requirement Data point SFDR reference Pillar 3 reference regulation reference reference Material Page number ESRS E4-2 24 (c) Sustainable oceans / seas practices or policies x ESRS E4-2 24 (d) Policies to address deforestation x ESRS E5-5 37 (d) Non-recycled waste x ESRS E5-5 39 Hazardous waste and radioactive waste x ESRS 2- SBM3 - S1 14 (f) Risk of incidents of forced labour x ESRS 2- SBM3 - S1 14 (g) Risk of incidents of child labour x ESRS S1-1 20 Human rights policy commitments x x 81 Due diligence policies on issues addressed by the fundamental International Labor Organisation Con- ESRS S1-1 21 ventions 1 to 8 x x 81 ESRS S1-1 22 Processes and measures for preventing trafficking in human beings x x 81 ESRS S1-1 23 Workplace accident prevention policy or management system x x 82-83 ESRS S1-3 32 (c) Grievance/complaints handling mechanisms x x 98-99 ESRS S1-14 88 (b) (c) Number of fatalities and number and rate of work-related accident x x x 83 ESRS S1-14 88 (e) Number of days lost to injuries, accidents, fatalities or illness x x (Phased in) ESRS S1-16 97 (a) Unadjusted gender pay gap x x x 87 ESRS S1-16 97 (b) Excessive CEO pay ratio x x 87 ESRS S1-17 103 (a) Incidents of discrimination x x 88 ESRS S1-17 104 (a) Non-respect of UNGPs on Business and Human Rights and OECD x x x 88 ESRS 2- SBM3 – S2 11 (b) Significant risk of child labour or forced labour in the value chain x x 90 ESRS S2-1 17 Human rights policy commitments x x 90-92 ESRS S2-1 18 Policies related to value chain workers x x 90-92 ESRS S2-1 19 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines x x x 90-92 Due diligence policies on issues addressed by the fundamental International Labor Organisation Con- ESRS S2-1 19 ventions 1 to 8 x x 90-92 ESRS S2-4 36 Human rights issues and incidents connected to its upstream and downstream value chain x x 92 ESRS S3-1 16 Human rights policy commitments x ESRS S3-1 17 Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines x x ESRS S3-4 36 Human rights issues and incidents x ESRS S4-1 16 Policies related to consumers and end-users x ESRS S4-1 17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines x x ESRS S4-4 35 Human rights issues and incidents x ESRS G1-1 10 (b) United Nations Convention against Corruption x ESRS G1-1 10 (d) Protection of whistleblowers x ESRS G1-4 24 (a) Fines for violation of anticorruption and anti-bribery laws x x x 99 ESRS G1-4 24 (b) Standards of anti- corruption and anti- bribery x x 99 104/195 --- GN Store Nord Annual Report 2025 Content Abbreviation glossary Abbreviation glossary Abbreviation Definition Abbreviation Definition BTE Behind the ear H&S Health and safety CAPA Corrective and Preventive Actions HIPAA Health Insurance Portability and Accountability Act CBECS Commercial Buildings Energy Consumption Survey HSE Health, Safety, & Environment CCA Climate change adaptation HVAC heating, ventilation, and air conditioning CCM Climate change mitigation IEA International Energy Agency CoE Center of Excellence IPCC Intergovernmental Panel on Climate Change CRM Corporate Risk Management IPE International Position Evaluation CRT Cobalt reporting templates IRO Impacts, risk, and opportunity CSDDD Corporate Sustainability Due Diligence Directive ISCC International Sustainability and Carbon Certification CSRD Corporate Sustainability Reporting Directive LCA Life cycle assessment DACCS Direct air carbon capture and storage NZE Net-Zero Emissions DEFRA Department for Environment, Food & Rural Affairs OECD Organisation for Economic Co-operation and Development DMA Double materiality assessment PC/ABS Polycarbonate-Acrylonitrile Butadiene Styrene DNSH Do No Significant Harm PCB Printed circuit board DPP Digital Product Passport PIPEDA The Personal Information Protection and Electronic Documents Act DRC Democratic Republic of the Congo PIPL Personal Information Protection Law EFRAG European Financial Reporting Advisory Group ppm Parts per million EHIMA European Hearing Instrument Manufacturers Association RBA Responsible Business Alliance ELT Executive Leadership Team REACH Registration, Evaluation, Authorisation and Restriction of Chemicals eMDRs electronic Medical Device Reporting REC Renewable Energy Certificate EPA Environmental Protection Agency RED Radio Equipment Directive ESPR Ecodesign for Sustainable Products Regulation ROC Regional operation center ESRS European Sustainability Reporting Standards RoHS Restriction of Hazardous Substances EU WEEE Directive Waste Electrical and Electronic Equipment Directive SBTi Science Based Targets initiative FRDM Freedom STEPS Stated Policies Scenario FSC Forest Stewardship Council SKU Stock keeping unit GDPR General Data Protection Regulation TCFD Taskforce for Climate-Related Financial Disclosures GHG Greenhouse gas TWS TrueWireless GLEC Global Logistics Emissions Council 105/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Additional financials Revolutionary suite of tactical communica- tion and hearing protection systems In September 2025, FalCom launched a suite of twelve ground- breaking products. Marking the most significant milestone in FalCom’s history, this comprehensive next-generation portfolio Q4 2025 (unaudited) sets a new industry benchmark with highly modular, scalable, and mission-ready systems designed to empower operators in the most demanding environments. The suite fundamentally transforms tactical communication and hearing protection by delivering unmatched flexibility, modularity, Q4 financial highlights 107 and user-centric innovation. FalCom systems are designed not just Quarterly financial highlights 108 to meet but to anticipate operational needs – seamlessly integrat- Quarterly reporting by segment 109 ing audio, data, and power in the smallest, most rugged form fac- Quarterly reporting 110 tors. Q4 segment disclosures 111 2025 segment disclosures 112 FalCom now offers the industry’s highest-rated hearing protection, Expensed development cost 113 the world’s smallest audio, data, and power control units, deliver- ing unmatched modularity and communication efficiency with min- imal carrier footprint, and the first-ever tactical data hub integrat- ing audio, data, and power into a single, rugged platform – setting new standards for battlefield connectivity and efficiency. 106/195106/195 --- GN Store Nord Annual Report 2025 Content Q4 financial highlights GN Group in Q4 2024). The development reflects negative country and channel Gaming division Revenue ended at DKK 4,678 million, due to organic revenue growth of mix. Hearing’s divisional profit was DKK 671 million corresponding to a Revenue from SteelSeries in Q4 2025 was DKK 882 million compared -2% (excluding the wind-down), while the impact from FX was -4%. divisional profit margin of 35.2%. to DKK 1,053 million in Q4 2024, equal to -12% organic revenue Gross profit ended at DKK 2,499 million, reflecting a gross margin of growth. The development reflects a difficult gaming equipment mar- 53.4% compared to 53.2% in Q4 2024 driven by strong pricing disci- Enterprise division ket in the quarter as a consequence of the low level of consumer senti- pline and group-wide synergies, offset by direct tariff costs in Enter- Revenue in Q4 2025 was DKK 1,896 million compared to DKK 2,050 ment and a demanding comparison base from Q4 2024, where prise and Gaming. R&D investments ended at DKK -425 million in the million in Q4 2024, equal to -3% organic revenue growth. Revenue SteelSeries delivered organic revenue growth of 16%. Total revenue quarter, which included a DKK -63 million non-cash write-down of se- growth was -8% including around -5% impact from the development in growth (including wind-down) was -22% with -4% impact from the de- lected development projects as a consequence of the recently an- FX. The development in the quarter reflects positive growth across velopment in FX. The gross profit contribution from SteelSeries prod- nounced partnership between GN and Huddly concerning large room North America and APAC, while EMEA was negatively impacted by ucts was DKK 300 million, equivalent to 34.0% compared to 34.5% in video solutions. Management and administrative costs ended at DKK continued market challenges, as well as some channel inventory reduc- Q4 2024 driven by group-wide synergies, but offset by despite direct -396 million in the quarter compared to DKK -467 million in Q4 2024, tions. In addition, Enterprise experienced a significant revenue contri- tariff costs. The divisional profit contribution from SteelSeries products reflecting continued cost focus. Reported EBITA ended at DKK 627 mil- bution from FalCom. Enterprise’s gross profit ended at DKK 1,052 mil- was DKK 145 million (equivalent to a strong divisional profit margin of lion, equaling an EBITA margin of 13.4% compared to 13.7% in Q4 lion in Q4 2025, equivalent to a gross margin of 55.5% (compared to 16.4%). 2024, reflecting the positive development in the gross margin and 57.5% in Q4 2024). The development reflects a positive pricing effect group-wide cost focus, but offset by the R&D write-down. In Q4 2025, as well as the impact of the group-wide synergies despite direct tariff amortization of acquired intangible assets amounted to DKK -57 mil- costs. Enterprise’s divisional profit was DKK 631 million, corresponding lion. Financial items ended at DKK -138 million, consisting of DKK -103 to a divisional profit margin of 33.3%. million in underlying financial items, and DKK -35 million in FX revalua- tion of balance sheet items. Free cash flow excl. M&A reached DKK 744 million in the quarter as a result of the strong profitability and a posi- tive development in net working capital. Financial overview Q4 2025 GN Store Nord Hearing division Enterprise division Gaming division Hearing division Gaming Consumer Revenue in Q4 2025 was DKK 1,906 million compared to DKK 1,850 DKK million Q4 2025 Q4 2024 Growth Q4 2025 Q4 2024 Growth Q4 2025 Q4 2024 Growth Q4 2025 Q4 2024 Growth Q4 2025 Q4 2024 Growth Revenue 4,678 5,019 -7% 1,906 1,850 3% 1,896 2,050 -8% 882 1,053 -16% -6 66 NA million in Q4 2024, driven by an organic revenue growth of 7%. Reve- Organic growth -2%* 0% 7% 7% -3% -3% -12% 16% -108% -78% nue growth was 3% including around -4% impact from the develop- Gross profit 2,499 2,672 -6% 1,152 1,135 1% 1,052 1,178 -11% 300 363 -17% -5 -4 NA ment in FX. In North America, Hearing experienced solid organic reve- Gross profit margin 53.4% 53.2% 0.2%p 60.4% 61.4% -1.0%p 55.5% 57.5% -2.0%p 34.0% 34.5% -0.5%p NA -6.1% NA nue growth, primarily driven by the independent segment and VA. In Divisional profit 1,444 1,521 -5% 671 667 1% 631 775 -19% 145 -3 Europe, Hearing continued to deliver double-digit organic revenue Divisional profit margin 30.9% 30.3% 0.6%p 35.2% 36.1% -0.9%p 33.3% 37.8% -4.5%p 16.4% NA growth supported by strong performance in France and Germany. The EBITA 627 688 -9% growth in Rest of World was impacted by a challenging comparison EBITA margin 13.4% 13.7% -0.3%p base from Q4 2024. Hearing’s gross profit ended at DKK 1,152 million Free cash flow excl. M&A 744 94 650 in Q4 2025, equivalent to a gross margin of 60.4% (compared to 61.4% * Excluding wind-down effects. Reported organic revenue growth of -3% 107/195 --- GN Store Nord Annual Report 2025 Content Quarterly financial highlights Q4 Q4 Full year Full year Q4 Q4 Full year Full year 2025 2024 2025 2024 2025 2024 2025 2024 (unaud.) (unaud.) (aud.) (aud.) (unaud.) (unaud.) (aud.) (aud.) DKK million DKK million GN Store Nord Hearing division Revenue 4,678 5,019 16,782 17,985 Revenue 1,906 1,850 7,214 7,104 Revenue growth -7% -1% -7% -1% Revenue growth 3% 2% 2% 4% Organic growth -3% 0% -4% 1% Organic growth 7% 7% 5% 10% Gross profit margin 60.4% 61.4% 61.1% 62.8% Gross profit margin 53.4% 53.2% 54.6% 53.2% Divisional profit 671 667 2,421 2,464 EBITA* 627 688 1,908 2,153 Divisional margin 35.2% 36.1% 33.6% 34.7% EBITA margin* 13.4% 13.7% 11.4% 12.0% Profit (loss) before tax 450 503 914 1,361 Enterprise division Effective tax rate 22.2% 22.1% 22.3% 22.2% Revenue 1,896 2,050 6,899 7,474 Revenue growth -8% -1% -8% -3% EBITDA 768 780 2,323 2,541 Organic growth -3% -3% -6% -3% ROIC (EBITA*/Average invested capital) 9% 10% 9% 10% Gross profit margin 55.5% 57.5% 55.8% 55.5% Earnings per share DKK, basic (EPS) 2.36 2.52 4.48 6.79 Divisional profit 631 775 2,311 2,662 Earnings per share DKK, fully diluted (EPS diluted) 2.36 2.52 4.48 6.78 Divisional margin 33.3% 37.8% 33.5% 35.6% Free cash flow excl. M&A 744 94 1,112 1,081 Gaming division Cash conversion (Free cash flow excl. M&A/EBITA*) 119% 14% 58% 50% Revenue 876 1,119 2,669 3,407 Revenue growth -22% -6% -22% -5% Equity ratio 37.3% 35.4% 37.3% 35.4% Organic growth -18% -7% -19% -5% Net interest-bearing debt 8,876 9,699 8,876 9,699 Gross profit margin 33.7% 32.1% 33.7% 28.2% Net interest-bearing debt (period-end)/EBITDA 3.8 3.8 3.8 3.8 Divisional profit 142 79 310 81 Divisional margin 16.2% 7.1% 11.6% 2.4% Outstanding shares, end of period (thousand) 145,613 145,613 145,613 145,613 Average number of outstanding shares (thousand) 145,613 145,613 145,613 145,613 Average number of outstanding shares, fully diluted (thousand) 145,712 145,712 145,712 145,712 Treasury shares, end of period (thousand) 5,300 5,300 5,300 5,300 Share price at the end of the period 106.8 133.8 106.8 133.8 Market capitalization 15,555 19,476 15,555 19,476 ROIC and NIBD/EBITDA are calculated based on EBITA and EBITDA for the latest four quarters * Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of development projects and software developed in-house. 108/195 --- GN Store Nord Annual Report 2025 Content Quarterly reporting by segment Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year 2024 Full Year 2025 DKK million (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) Income statement Revenue 1,737 1,792 1,725 1,850 1,703 1,858 1,747 1,906 7,104 7,214 Hearing 1,811 1,873 1,740 2,050 1,666 1,713 1,624 1,896 7,474 6,899 Enterprise 755 834 699 1,119 617 589 587 876 3,407 2,669 Gaming Total 4,303 4,499 4,164 5,019 3,986 4,160 3,958 4,678 17,985 16,782 Organic growth Hearing 14% 10% 10% 7% -1% 8% 7% 7% 10% 5% Enterprise -1% -1% -7% -3% -9% -7% -4% -3% -3% -6% Gaming 1% 9% -21% -7% -20% -27% -13% -18% -5% -19% Total 5% 5% -4% 0% -8% -5% -1% -3% 1% -4% Gross profit 1,089 1,131 1,103 1,135 1,032 1,152 1,071 1,152 4,458 4,407 Hearing 992 1,015 961 1,178 931 961 906 1,052 4,146 3,850 Enterprise 194 188 219 359 227 200 178 295 960 900 Gaming Total 2,275 2,334 2,283 2,672 2,190 2,313 2,155 2,499 9,564 9,157 Gross profit margin Hearing 62.7% 63.1% 64.0% 61.4% 60.6% 62.0% 61.3% 60.4% 62.8% 61.1% Enterprise 54.8% 54.2% 55.2% 57.5% 55.9% 56.1% 55.8% 55.5% 55.5% 55.8% Gaming 25.7% 22.5% 31.3% 32.1% 36.8% 34.0% 30.3% 33.7% 28.2% 33.7% Total 52.9% 51.9% 54.8% 53.2% 54.9% 55.6% 54.4% 53.4% 53.2% 54.6% Divisional profit 599 598 600 667 484 668 598 671 2,464 2,421 Hearing 638 651 598 775 548 583 549 631 2,662 2,311 Enterprise 12 -10 - 79 64 72 32 142 81 310 Gaming Total 1,249 1,239 1,198 1,521 1,096 1,323 1,179 1,444 5,207 5,042 Divisional margin Hearing 34.5% 33.4% 34.8% 36.1% 28.4% 36.0% 34.2% 35.2% 34.7% 33.6% Enterprise 35.2% 34.8% 34.4% 37.8% 32.9% 34.0% 33.8% 33.3% 35.6% 33.5% Gaming 1.6% -1.2% 0.0% 7.1% 10.4% 12.2% 5.5% 16.2% 2.4% 11.6% Total 29.0% 27.5% 28.8% 30.3% 27.5% 31.8% 29.8% 30.9% 29.0% 30.0% 109/195 --- GN Store Nord Annual Report 2025 Content Quarterly reporting Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year 2024 Full Year 2025 DKK million (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) Other Group information Depreciation and software amortization -101 -99 -96 -92 -95 -93 -86 -141 -388 -415 EBITDA 639 473 649 780 395 639 521 768 2,541 2,323 EBITA 538 374 553 688 300 546 435 627 2,153 1,908 Amortization and impairment of acquired intangible assets -91 -89 -94 -91 -85 -85 -95 -57 -365 -322 Profit (loss) 266 112 289 392 89 180 91 350 1,059 710 Free cash flow excl. M&A 46 155 786 94 -395 353 410 744 1,081 1,112 Acquisitions and divestments of companies -35 - 106 29 -27 - - - 100 -27 Free cash flow 11 155 892 123 -422 353 410 744 1,181 1,085 110/195 --- GN Store Nord Annual Report 2025 Content Q4 segment disclosures Additional information Hearing Enterprise Gaming Group Income statement Hearing Enterprise Gaming Group Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 (DKK million) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (DKK million) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) (unaud.) 1,906 1,850 1,896 2,050 876 1,119 4,678 5,019 Revenue distributed geographically Revenue Europe 554 485 991 1,130 359 419 1,904 2,023 Production costs -754 -715 -844 -872 -581 -760 -2,179 -2,347 North America 921 901 463 497 420 591 1,804 1,996 Gross profit 1,152 1,135 1,052 1,178 295 359 2,499 2,672 Rest of World 431 464 442 423 97 109 970 1,000 Selling and distribution costs -481 -468 -421 -403 -153 -280 -1,055 -1,151 Revenue 1,906 1,850 1,896 2,050 876 1,119 4,678 5,019 Divisional profit 671 667 631 775 142 79 1,444 1,521 Revenue growth composition Development costs -425 -355 Organic growth 7% 7% -3% -3% -18% -7% -3% 0% Management and administrative expenses -396 -467 FX growth -4% -2% -5% 2% -4% 1% -4% 0% Other operating income and costs, net 4 -11 M&A growth 0% -3% 0% 0% 0% 0% 0% -1% EBITA* 627 688 3% 2% -8% -1% -22% -6% -7% -1% Revenue growth Amortization and impairment of acquired intangible assets -57 -91 EBITDA 768 780 Gain (loss) on divestment of operations etc. 11 4 Depreciation and software amortization -141 -92 Operating profit (loss) 581 601 EBITA* 627 688 Share of profit (loss) in associates 7 -1 Financial items -138 -97 EBITA margin 13.4% 13.7% Profit (loss) before tax 450 503 Number of FTEs, end of period 7,611 7,347 * Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of de- Tax on profit (loss) -100 -111 velopment projects and software developed in-house. Profit (loss) for the period 350 392 111/195 --- GN Store Nord Annual Report 2025 Content 2025 segment disclosures Income statement Hearing Enterprise Gaming Group Additional information Hearing Enterprise Gaming Group (DKK million) 2025 2024 2025 2024 2025 2024 2025 2024 (DKK million) 2025 2024 2025 2024 2025 2024 2025 2024 Revenue 7,214 7,104 6,899 7,474 2,669 3,407 16,782 17,985 Revenue distributed geographically Production costs -2,807 -2,646 -3,049 -3,328 -1,769 -2,447 -7,625 -8,421 Europe 2,053 1,847 3,667 3,942 1,022 1,288 6,742 7,077 Gross profit 4,407 4,458 3,850 4,146 900 960 9,157 9,564 North America 3,537 3,616 1,712 1,913 1,236 1,581 6,485 7,110 Rest of World 1,624 1,641 1,520 1,619 411 538 3,555 3,798 Selling and distribution costs -1,986 -1,994 -1,539 -1,484 -590 -879 -4,115 -4,357 Revenue 7,214 7,104 6,899 7,474 2,669 3,407 16,782 17,985 Divisional profit 2,421 2,464 2,311 2,662 310 81 5,042 5,207 Revenue growth composition Development costs -1,460 -1,491 Management and administrative expenses -1,683 -1,543 Organic growth 5% 10% -6% -3% -19% -5% -4% 1% Other operating income and costs, net 9 -20 FX growth -2% -2% -2% 0% -3% 0% -3% 0% EBITA* 1,908 2,153 M&A growth -1% -4% 0% 0% 0% 0% 0% -2% Amortization and impairment of acquired intangible 2% 4% -8% -3% -22% -5% -7% -1% Revenue growth assets -322 -365 Incurred development costs -1,861 -1,784 Gain (loss) on divestment of operations etc. 10 72 Capitalized development costs 1,034 1,015 Operating profit (loss) 1,596 1,860 Amortization, impairment and depreciation of devel- Share of profit (loss) in associates 3 -7 opment projects** -633 -722 Financial items -685 -492 Expensed development costs -1,460 -1,491 Profit (loss) before tax 914 1,361 EBITDA 2,323 2,541 Tax on profit (loss) -204 -302 Depreciation and software amortization -415 -388 Profit (loss) for the period 710 1,059 EBITA* 1,908 2,153 EBITA margin 11.4% 12.0% Number of FTEs, end of period 7,611 7,347 * Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of de- velopment projects and software developed in-house. ** Does not include amortization of acquired intangible assets, cf. definition of EBITA. 112/195 --- GN Store Nord Annual Report 2025 Content Expensed development cost An amortization of a Purchase Price Allocation related to SteelSeries transaction has affected the presented R&D amortization in Q1, Q2 and Q3 2025. The amortization on the Purchase Price Allocation re- lated to SteelSeries does not relate to in-house developed R&D pro- jects and has not been included in the R&D income statement. Conse- quently, reported expensed development costs in Q1, Q2 and Q3 2025 have not been affected. Amortizations on in-house developed R&D in each quarter has been im- pacted by DKK 20 million, as the amortization have been overstated by this amount. To adjust for this Purchase Price Allocation, the R&D dis- closures for Q1, Q2 and Q3 have been restated (no changes to already presented quarterly income statement, balance sheet or cash flow statements): Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year DKK million 2024 2025 Incurred development costs -415 -473 -335 -561 -1,784 -433 -485 -431 -512 -1,861 Capitalized development costs 207 267 128 413 1,015 207 273 260 294 1,034 Amortization, impairment, and depreciation of development projects -143 -236 -136 -207 -722 -147 -132 -147 -207 -633 -351 -442 -343 -355 -1,491 -373 -344 -318 -425 -1,460 Expensed development costs 113/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 Financial Statements – Consolidated ContentContent Consolidated financial statements Consolidated income statement 115 Consolidated Statement of comprehensive income 115 Consolidated balance sheet at December 31 116 Consolidated statement of cash flow 117 Consolidated statement of equity 118 114/195114/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Consolidated income Consolidated statement statement of comprehensive income Note 2025 2024 Note 2025 2024 DKK million DKK million 16,782 17,985 710 1,059 Revenue 2.2 Profit (loss) for the year Production costs 2.3, 3.4, 3.6 -7,625 -8,421 Other comprehensive income Gross profit 9,157 9,564 Items that will not be reclassified to the income statement Actuarial gains (losses) 4 -52 Development costs 2.3, 3.4 -1,460 -1,491 Tax relating to actuarial gains (losses) 2.4 -1 13 Selling and distribution costs 2.3, 3.4 -4,115 -4,357 Management and administrative expenses 2.3, 3.4, 5.6 -1,683 -1,543 Items that may be reclassified subsequently to the income statement Other operating income and costs, net 9 -20 Adjustment of cash flow hedges 4.3 -85 105 Foreign exchange adjustments, etc. -473 269 EBITA* 1,908 2,153 Tax relating to other comprehensive income 2.4 19 -23 Amortization and impairment of acquired intangible assets 2.5, 3.4 -322 -365 Other comprehensive income for the year, net of tax -536 312 Gain (loss) on divestment of operations etc. 5.1 10 72 174 1,371 Total comprehensive income for the year Operating profit (loss) 1,596 1,860 Attributable to: Share of profit (loss) in associates 5.4 3 -7 Non-controlling interests 57 71 Financial income 4.6 390 358 Shareholders in GN Store Nord A/S 117 1,300 Financial expenses 4.6 -1,075 -850 Profit (loss) before tax 914 1,361 Tax on profit (loss) 2.4 -204 -302 Profit (loss) for the year 710 1,059 Attributable to: Non-controlling interests 57 71 Shareholders in GN Store Nord A/S 4.1 653 988 Earnings per share (EPS) Earnings per share DKK, basic (EPS) 4.1 4.48 6.79 Earnings per share DKK, fully diluted (EPS diluted) 4.1 4.48 6.78 * Please refer to Key Ratio Definitions on p. 168 for definition of EBITA 115/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Consolidated balance sheet at December 31 Note 2025 2024 DKK million Note 2025 2024 DKK million Equity and Liabilities Assets Intangible assets 3.1, 3.4 17,035 17,318 Share capital 604 604 Property, plant and equipment 3.2, 3.3, 3.4 1,067 1,088 Other reserves -3,979 -3,440 Investments in associates 5.4 53 296 Retained earnings 14,273 13,660 Receivables from associates 4.4, 5.4 152 211 Total equity 10,898 10,824 Deferred tax assets 2.4 410 566 Bank loans and issued bonds, non-current 4.2, 4.4, 4.5 8,563 9,036 Other non-current assets 3.5, 4.4 1,870 1,804 Lease liabilities, non-current 3.3, 4.4, 4.5 332 362 Total non-current assets 20,587 21,283 Pension obligations 28 30 Provisions, non-current 3.8 161 218 Inventories 3.6 2,314 2,585 Deferred tax liabilities 2.4 1,025 1,036 Trade receivables 3.7, 4.4 4,383 4,673 Other non-current liabilities 4.3, 4.4, 4.5 904 954 Tax receivables 2.4 139 289 Total non-current liabilities 11,013 11,636 Receivables from associates 4.4, 5.4 67 - Other receivables 4.4 617 801 Bank loans and issued bonds, current 4.2, 4.4, 4.5 1,823 1,746 Cash and cash equivalents 1,119 980 Overdraft facilities 4.4, 4.5 - 258 Total current assets 8,639 9,328 Lease liabilities, current 3.3, 4.4, 4.5 97 85 Trade payables 4.2, 4.4 1,496 1,627 Total assets 29,226 30,611 Tax payables 2.4 101 280 Provisions, current 3.8 293 305 Other current liabilities 4.3, 4.4 3,505 3,850 7,315 8,151 Total current liabilities Total equity and liabilities 29,226 30,611 116/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Consolidated statement of cash flows Note 2025 2024 Note 2025 2024 DKK million DKK million Operating activities Financing activities Operating profit (loss) 1,596 1,860 Proceeds from borrowings 4.5 7,695 - Depreciation, amortization and impairment 3.4 1,336 1,379 Repayment of bank loans 4.5 -766 -1,086 Other non-cash adjustments 5.5 -25 -113 Repayment of issued bonds 4.5 -7,300 -1,406 Repayment of lease liabilities 4.5 -135 -99 Cash flow from operating activities before changes in working capital 2,907 3,126 Repayment of other non-current liabilities 4.5 -37 -32 Change in inventories 263 85 Paid dividends to non-controlling interests -85 - Change in receivables 123 -163 Drawn (repaid) on credit facilities 4.5 -258 258 Change in trade payables and other payables -223 254 Cash flow from financing activities -886 -2,365 Total changes in working capital 163 176 Net cash flow 199 -1,184 Cash flow from operating activities before financial items and tax 3,070 3,302 Cash and cash equivalents, beginning of period 980 2,162 Interest received 255 92 Adjustment foreign currency, cash and cash equivalents -60 2 Interest etc. paid -522 -434 Cash and cash equivalents, end of period 1,119 980 Tax paid, net 2.4 -127 -235 Cash flow from operating activities 2,676 2,725 Investing activities Development projects 3.1 -1,034 -1,015 Investments in intangible assets, excluding development projects 3.1 -337 -269 Investments in property, plant and equipment 3.2 -168 -120 Investments in other non-current assets -265 -298 Repayment of other non-current assets 220 109 Contingent consideration paid - -51 Acquisition of companies/operations -27 -35 Divestment of companies/operations 5.1 - 135 Received dividend 20 - Cash flow from investing activities -1,591 -1,544 Cash flow from operating and investing activities (free cash flow) 1,085 1,181 117/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Consolidated statement of changes in equity 2025 Other reserves Foreign Equity, exchange Hedging Treasury Proposed dividends Retained shareholders in Non-controlling Total Share capital adjustments reserve shares for the year earnings GN Store Nord A/S interests equity DKK million 604 -786 71 -2,725 - 13,660 10,824 - 10,824 Balance at January 1, 2025 - - - - - - - - - Reclassification Profit (loss) for the period - - - - - 653 653 57 710 - - - - - 4 4 - 4 Actuarial gains (losses) Tax relating to actuarial gains (losses) - - - - - -1 -1 - -1 - - -85 - - - -85 - -85 Adjustment of cash flow hedges Tax relating to cash flow hedges - - 19 - - - 19 - 19 Foreign exchange adjustments, etc. -473 - - - - -473 - -473 - -473 -66 - - 3 -536 - -536 Other comprehensive income for the year Total comprehensive income for the year - -473 -66 - - 656 117 57 174 Share-based payment (granted) - - - - - 63 63 - 63 Share-based payment (reversed) - - - - - -104 -104 - -104 Tax relating to share-based payment - - - - - -7 -7 - -7 Fair value adjustment of put option liability - - - - - 5 5 28 33 - - - - - - - -85 -85 Paid dividends 604 -1,259 5 -2,725 - 14,273 10,898 - 10,898 Balance at December 31, 2025 Reference is made to note 5.1 for accounting policies on fair value adjustment of put option. 118/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Consolidated statement of changes in equity (Continued) 2024 Other reserves Foreign Equity, exchange Hedging Treasury Proposed dividends Retained shareholders in Non-controlling Total DKK million Share capital adjustments reserve shares for the year earnings GN Store Nord A/S interests equity 604 -1,062 -11 -2,725 - 12,781 9,587 - 9,587 Balance at January 1, 2024 Profit (loss) for the period - - - - - 988 988 71 1,059 Actuarial gains (losses) - - - - - -52 -52 - -52 Tax relating to actuarial gains (losses) - - - - - 13 13 - 13 Adjustment of cash flow hedges - - 105 - - - 105 - 105 Tax relating to cash flow hedges - - -23 - - - -23 - -23 Foreign exchange adjustments, etc. - 276 - - - -7 269 - 269 Other comprehensive income for the year - 276 82 - - -46 312 - 312 Total comprehensive income for the year - 276 82 - - 942 1,300 71 1,371 Share-based payment (granted) - - - - - 57 57 - 57 Share-based payment (reversed) - - - - - -93 -93 - -93 Fair value adjustment of put option liability - - - - - -27 -27 -71 -98 Balance at December 31, 2024 604 -786 71 -2,725 - 13,660 10,824 - 10,824 119/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 Financial Statements – ConsolidatedFinancial Statements – Consolidated ContentContent Consolidated notes Section 3 - Operating assets and liabilities Section 5 - Other disclosures Section 1 - Basis of preparation Insights into the assets that form the basis for the activities in the Statutory notes and other disclosures. Overview of the financial accounting policies in general and an Group, and the related liabilities. Most of these are included in invested introduction to Management's key accounting estimates and 5.1 Acquisition and divestment of companies and operations 159 capital and some in net working capital. judgments. 5.2 Share-based incentive plans 161 3.1 Intangible assets 133 5.3 Contingent liabilities 164 1.1 Material accounting policies 121 3.2 Property, plant and equipment 136 5.4 Investments in associates 165 1.2 Key accounting estimates and judgements 123 3.3 Leases 138 5.5 Other non-cash adjustments 165 1.3 Non-IFRS measures 123 3.4 Depreciation, amortization and impairment 139 5.6 Fees to statutory auditors 165 3.5 Other non-current assets 140 5.7 Related parties 165 3.6 Inventories 142 5.8 Events after the reporting period 165 Section 2 - Results of the year 3.7 Trade receivables 143 Insights into the results for the year, including operating segments, 3.8 Provisions 144 employee costs and taxes. 2.1 Segment disclosures 125 2.2 Revenue and geographical information 126 Section 4 - Capital structure and financing 2.3 Staff costs and management remuneration 128 2.4 Tax 129 items 2.5 Consolidated income statement classified by function 131 Insight into GN Store Nord's capital structure and financial items as well as financial risks. 4.1 Share capital and capital structure 146 4.2 Financial risks 147 4.3 Derivatives 151 4.4 Financial instruments 152 4.5 Liabilities from financing activities 156 4.6 Financial income and expenses 157 120/195120/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Section 1 - Basis of preparation Control is achieved when Group is exposed or has rights to variable re- the latest annual report is recognized in the income statement as fi- 1.1 Material accounting policies turns from its involvement with the investee and has the ability to af- nancial income or financial expense. fect those returns through its power over the investee. Generally, there The annual report of GN Group (Group) has been prepared in accord- is a presumption that a majority of voting rights results in control. To Translation of Subsidiaries ance with IFRS Accounting Standards (IFRS) as adopted by the EU and support this presumption and when Group has less than a majority of On recognition in the consolidated financial statements of foreign enti- the Danish disclosure requirements for annual reports of listed compa- the voting or similar rights of an investee, Group considers all relevant ties with a functional currency other than the Group’s presentation nies and it is presented in compliance with reporting Class D under the facts and circumstances in assessing whether it has power over an in- currency, the income statements are translated at the exchange rates Danish Financial Statements Act. vestee. at the transaction date, and the balance sheet items are translated at the exchange rates at the balance sheet date. An average exchange The notes to the annual report have been updated compared to prior Group companies are listed on pp. 166-167. Enterprises that are not rate for the month is used as the exchange rate at the transaction date year in certain instances to provide a more accurate representation. In subsidiaries, but where Group exercises significant influence, but where to the extent that this does not significantly distort the presentation of such cases, comparative figures have been adjusted accordingly. it does not have power to govern the financial and operating policies, the underlying transactions. Foreign exchange differences arising on are considered associates. When assessing whether Group exercises translation of the opening balance of equity of such enterprises at the The annual report has been prepared in accordance with the historical control or significant influence, potential voting rights that are sub- exchange rates at the balance sheet date and on translation of the in- cost convention, as modified by the revaluation of certain financial in- stantive and options on acquisition of additional ownership interests come statements from the exchange rates at the transaction date to struments (including derivative financial instruments) at fair value. are taken into account. the exchange rates at the balance sheet date are recognized in other comprehensive income. The description of the accounting policies in the individual notes is part Foreign Currency Translation of the complete description of Group’s accounting policies. Functional Currency and Presentation Currency Foreign exchange adjustment of balances with foreign entities that are The consolidated financial statements are presented in Danish kroner considered part of the investment in the entity is recognized in other Defining materiality (DKK), which is the functional currency and presentation currency of comprehensive income in the consolidated financial statements under The annual report is based on the concept of materiality, to ensure the parent company. a separate translation reserve. that the content is material and relevant to the users. Group provides the specific disclosures required by IFRS unless the information is con- Translation of Transactions and Balances Cash Flow Statement sidered immaterial. Transactions denominated in foreign currencies are translated to the The cash flow statement is presented using the indirect method based functional currency at the exchange rates at the transaction date. For- on the operating profit (loss). The cash flow statement shows the cash Consolidated Financial Statements eign exchange differences arising between the exchange rates at the flow from operating, investing and financing activities for the year and The consolidated financial statements comprise the financial state- transaction date and at the date of payment are recognized in the in- the year’s changes in cash and cash equivalents as well as the cash and ments of the parent company, GN Store Nord A/S, and its controlled come statement as financial income or financial expenses. Receivables, cash equivalents at the beginning and end of the year. The cash flow subsidiaries in accordance with the Group’s accounting policies. Intra- payables and other monetary items denominated in foreign currencies effect of acquisitions and disposals of enterprises is shown separately group transactions, -shareholdings, -balances, -dividends, and realized are translated at the exchange rates at the balance sheet date. The dif- in cash flows from investing activities. Cash flow from acquired enter- and unrealized gains and losses on intra-group transactions are elimi- ference between the exchange rates at the balance sheet date and at prises is recognized in the cash flow statement from the acquisition nated. the date at which the receivable or payable arose or was recognized in date. Cash flow from disposed of enterprises is recognized up until the disposal date. 121/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Cash flow from operating activities comprises cash flow from the The annual report submitted to the Danish Financial Supervisory Au- IFRS 18, Presentation and Disclosure in Financial Statements year’s operations adjusted for non-cash operating items and changes in thority consists of the XHTML document together with certain tech- IFRS 18 includes requirements for the presentation and disclosure of working capital. Working capital comprises current assets excluding nical files, all included in a file named GNStoreNord-2025-12-31-en.zip. information in financial statements. items stated as cash and cash equivalents and excluding tax receivable, as well as current liabilities excluding bank loans, tax payable and pro- New standards, interpretations and amendments adopted by Group The statement of profit or loss will be presented into five categories, visions. Group has adopted all relevant new or revised International Financial operating, investing, financing, income tax and discontinued operations Reporting Standards and IFRIC Interpretations with effective date Jan- categories based on an assessment of Group’s business activities. The Cash flow from investing activities comprises payments in connection uary 1, 2025, with the following being the most relevant for Group: standard also includes requirements related to aggregation and dis- with acquisitions and disposals of enterprises and activities, acquisi- aggregation of information in the primary financial statements and tions and disposals of intangible assets, property, plant and equipment • The Effects of Changes in Foreign Exchange Rates – amend- notes. Further, IFRS 18 requires Group to identify its management de- and other non-current assets and acquisitions and disposals of securi- ments to IAS 21 fined performance measures (MPM) as detailed disclosures need to be ties that are not included in cash and cash equivalents. included in the notes for them. This should enable users of consoli- The new or revised standards and interpretations did not affect recog- dated financial statements to understand the aspect of financial per- Cash flow from financing activities comprises changes in the size or nition and measurement materially nor did they result in any material formance that in management’s view is communicated by an MPM and composition of the share capital and related costs as well as the raising changes to disclosures in the notes. Apart from this, the annual report how the MPM compares with measures defined by IFRS Accounting of loans, repayment of interest-bearing debt, payment of the principal is presented in accordance with the accounting policies applied in pre- Standards. portion of lease liabilities, acquisition and disposal of treasury shares vious years’ annual reports. and payment of dividends to shareholders. The Group is assessing the impact of IFRS 18. Accounting standards not yet adopted Cash and cash equivalents comprise cash and short-term marketable A number of new standards, amendments to standards and interpreta- None of the other new standards, amendments to standards and inter- securities with a term of three months or less and are subject to an in- tions are effective for annual periods beginning after January 1, 2026 pretations are expected to have material impact on the consolidated significant risk of changes in value. and have not been applied in preparing this annual report. Group will financial statements of Group. adopt new standards and interpretations as of the effective dates: IXBRL reporting Group is required to file its annual report in the European Single Elec- • Amendments to the Classification and Measurement of Finan- tronic Format (ESEF). The primary statements and notes in the consoli- cial Instruments – amendments to IFRS 9 and IFRS 7 (effective dated financial statements are tagged using inline eXtensible Business January 1, 2026) Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed • Annual Improvements Volume 11 (effective January 1, 2026) based on the IFRS taxonomy published by the IFRS Foundation. • IFRS 18, Presentation and Disclosure in Financial Statements Where a financial statement line item is not defined in the ESEF taxon- (effective January 1, 2027) omy, an extension to the taxonomy has been created. 122/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content A description of key accounting estimates and judgments is included in 1.2 Key accounting estimates 1.3 Non-IFRS measures the relevant notes: and judgements This Annual Report includes financial measures which are not defined Estimate/ by IFRS Accounting Standards. These measures are included because Note Key accounting estimates and judgements judgement The recognition of certain items of income and expenses and the deter- they are used by Management to analyze and manage the business and 2.2 Revenue and geographical Revenue recognition Estimate mination of the carrying amount of certain assets and liabilities implies information to provide stakeholders with useful information on the group’s finan- making accounting estimates and judgments. 2.4 Tax Deferred tax assets valuation Judgement cial position, performance and development. Please refer to Key Ratio 3.1 Intangible assets Recognition and measurement of goodwill Estimate Definitions on p. 168 for a definition of these measures. Key accounting estimate and development projects 3.5 Other non-current assets Ownership interest in dispensers Judgement The estimates used are based on assumptions, which by Management are deemed reliable, but by nature are associated with uncertainty. The assumptions may be incomplete or incorrect, and unexpected events or circumstances may arise. Accordingly, the Group is subject to risks and uncertainties that may lead to a situation where actual results dif- fer from estimates. We believe that our estimates are the most likely outcome of future events. Key accounting judgement Key accounting judgements are made when applying accounting poli- cies. The application of the Group’s accounting policies may require Management to make judgements that can have a significant impact on the amounts recognized in the consolidated financial statements. The impact assessment is based on a combination of quantitative and qualitative measures, such as outcome expectations, complexity and subjectivity to indicating the impact to the consolidated financial state- ments. No new areas have been categorized as key accounting estimates and judgements, compared to last year. 123/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 Financial Statements – ConsolidatedFinancial Statements – Consolidated ContentContent Section 2 - Results of the year 2.1 Segment disclosures 125 2.2 Revenue and geographical information 126 2.3 Staff costs and management remuneration 128 2.4 Tax 129 2.5 Consolidated income statement classified by function 131 124/195124/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 2.1 Segment disclosures Accounting policies The segments are aligned with the internal reporting structure of the Segment Information Group. Group’s segment reporting will occur on the following three di- Management has identified Hearing, Enterprise and Gaming as the reportable segments in the Group. Hearing is operating within the hearing instrument indus- try, primarily producing and selling hearing instruments and products related hereto. Enterprise is a leading supplier in the market for audio and video devices visions: for professional use. Gaming is operating to produce gaming devices and peripherals. • Hearing; Segment information is based on the Group’s accounting policies. In the Group, segment performance is evaluated on the basis of gross profit and divisional profit. Segment revenue and expense comprise items directly attributable to a segment and items that can be allocated to a segment on a reasonable basis. Non-attributable costs are not allocated. • Enterprise; and • Gaming Income statement Management has identified Hearing, Enterprise, and Gaming as key Hearing Enterprise Gaming Group markets and therefore the reportable segments in the Group, as this (DKK million) 2025 2024 2025 2024 2025 2024 2025 2024 reflects the management of activities, results and the use of resources. 7,214 7,104 6,899 7,474 2,669 3,407 16,782 17,985 Revenue Production costs -2,807 -2,646 -3,049 -3,328 -1,769 -2,447 -7,625 -8,421 Segment performance is evaluated on Divisional profit. Divisional Gross profit 4,407 4,458 3,850 4,146 900 960 9,157 9,564 profit is calculated as gross profit less selling and distribution costs. Selling and distribution costs -1,986 -1,994 -1,539 -1,484 -590 -879 -4,115 -4,357 Divisional profit 2,421 2,464 2,311 2,662 310 81 5,042 5,207 Development costs -1,460 -1,491 Following the decision to move the BlueParrott business from the Management and administrative expenses -1,683 -1,543 Gaming division to the Enterprise division the historical divisional num- Other operating income and costs, net 9 -20 EBITA* 1,908 2,153 bers have been restated. No change in Group numbers or Hearing divi- Amortization and impairment of acquired sional numbers. intangible assets -322 -365 Gain (loss) on divestment of operations etc. 10 72 Operating profit (loss) 1,596 1,860 Share of profit (loss) in associates 3 -7 Financial items -685 -492 Profit (loss) before tax 914 1,361 Tax on profit (loss) -204 -302 Profit (loss) for the period 710 1,059 125/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 2.2 Revenue and geographical information Geographical information on assets Contract liabilities Revenue disaggregation Assets are attributed to countries based on the domicile location of the Group has recognized the following revenue-related contract liabilities: Revenue is predominantly recognized at a point in time, and revenue asset. Denmark represents a material single country and constitutes recognized over time is not significant. Revenue is in all material DKK million 2025 2024 the vast majority of assets in Europe, DKK 12,281 million (2024: 11,987 respects related to sale of goods; hearing aid instruments, DKK 7,214 million). The US represents a material single country and constitutes Deferred revenue related to pre-paid extended warranties (Other million (2024: DKK 7,104 million), audio and collaboration solutions, 251 256 current liabilities and Other non-current liabilities) the vast majority of assets in North America, DKK 4,824 million (2024: DKK 6,899 million (2024: DKK 7,474 million), and gaming equipment, Accrued rights of return (Other current liabilities) 186 124 DKK 5,449 million). 437 380 DKK 2,669 million (2024: 3,407 million). Revenue is attributed to Contract liabilities at December 31 countries on the basis of the customer's location. Denmark accounted Revenue recognized, included in contract liabilities at the begin- for revenue of DKK 262 million (2024: DKK 282 million). The US ning of the year 252 295 represent a material single country and accounts for revenue of DKK 6,100 million (2024: DKK 6,479 million). One distributor, mainly in As of December 31, 2025, accrued customer rebates amounted to DKK Enterprise, comprises more than 10% of the group's total revenue 932 million (2024: DKK 1,032 million). amounting to DKK 2,001 million (2024: DKK 2,485 million). Key accounting estimates Estimating variable consideration Intangible assets and prop- Certain contracts with customers include a right of return and volume re- Revenue from contracts with customers erty, plant and equipment bates that give rise to variable consideration. In estimating the variable consideration Group is required to use either the expected value method or Hearing Enterprise Gaming Consolidated total Consolidated total the most likely amount method based on which method better predicts the DKK million 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 amount of consideration to which it will be entitled. Significant accounting 2,053 1,847 3,667 3,942 1,022 1,288 6,742 7,077 12,883 12,537 estimates and judgments involve determining the portion of expected re- Europe turns of goods as well as the amount of discounts and rebates. The portion 3,537 3,616 1,712 1,913 1,236 1,581 6,485 7,110 4,872 5,496 North America of goods sold that is expected to be returned is estimated based on histori- 1,624 1,641 1,520 1,619 411 538 3,555 3,798 347 373 Rest of World cal product returns data. Total 7,214 7,104 6,899 7,474 2,669 3,407 16,782 17,985 18,102 18,406 126/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 2.2 Revenue and geographical information (Continued) Accounting policies Revenue Revenue from the sale of hearing aids, audio and collaboration solutions and returns data. The estimated amounts of both returns, discounts and rebates Development Costs gaming equipment is recognized in the income statement when the customer are reassessed at each reporting date. Development costs comprise costs, salaries, and depreciation of operating obtains control of the goods. When considering at what point in time the cus- assets and equipment directly or indirectly attributable to the Group’s tomer obtains control of the goods, a number of indicators are considered, in- Group typically provides warranties for general repairs of defects that existed development activities. Furthermore, amortization and write-down of cluding whether: at the time of sale, as required by law. These assurance-type warranties are capitalized development projects are included as part of development costs. accounted for as described in the accounting policies for warranty provisions. • Group has a present right to payment for the goods Selling and Distribution Costs • The customer has legal title to the goods As part of a sales transaction, certain future services such as extended Selling and distribution costs comprise costs relating to the sale and • The customer has physical possession of the goods warranties may be included. In case such service-type warranties are sold, the distribution of products and services, including salaries, sales commissions, • The customer has the significant risks and rewards of ownership of transaction price is allocated to the promised goods and services based on advertising and marketing costs, depreciation and impairment, expected the goods stand-alone selling prices. Observable prices are as far as possible used to losses on trade receivables etc. • The customer has accepted the goods determine the stand-alone selling prices but if such are not available a cost plus a margin approach is used. Management and Administrative Expenses In the majority of sales, the customer obtains control of the goods either Management and administrative expenses comprise expenses upon shipment from a distribution hub or upon delivery to the customer. Extended warranties are initially recognized as contract liabilities in the incurred for management and administration. Administrative expenses balance sheet and recognized in the income statement on a straight-line basis include office expenses, depreciation and impairment, etc. The amount of revenue recognized varies with discounts and rebates offered over the term of the extended warranty period. to customers. Discounts and rebates are estimated based on the expected Other Operating Income and Costs, net amount to be provided to the customers and reduce revenues recognized. The typical payment terms for customers is between 30 and 60 days. Group Other operating income and costs comprise items secondary to the principal Revenue is only recognized to the extent that it is highly probable that a does not expect to have contracts with payment terms exceeding one year. As activities of the enterprises. significant reversal will not occur. Revenue from contracts in which Group a consequence, the transaction prices are not adjusted for the time value of provides on-going access to research against a fee and in which the money. Revenue is measured excluding VAT, taxes and granted cash and counterparty reasonably expects that Group will continue to perform quantity discounts in relation to the sale and expected returns of goods. research is recognized over the access period. Production Costs When goods are sold with a right of return, a refund liability and a right to the Production costs comprise costs, including depreciation and salaries, incurred returned products are recognized as other current liabilities and a current in generating the revenue for the year. Production costs include direct and in- asset, respectively. The refund liability is deducted from revenue and the right direct costs for raw materials and consumables, wages and salaries, inventory to the returned products is offset in cost of sales. The portion of goods sold write-downs, maintenance and depreciation and impairment of production that is expected to be returned is estimated based on historical product plant and costs and expenses relating to the operation, administration and management of factories. 127/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 2.3 Staff costs and management remuneration Remuneration of the Board of Directors and Executive Management The Group does not make pension contributions for members of the Staff costs DKK million 2025 2024 DKK million 2025 2024 Executive Management. Executive Management has usual severance 3,656 3,665 15 15 Wages, salaries and remuneration Fixed pay* agreements and change-of-control agreements. Pensions, defined contribution plans 235 213 Short-term incentives 8 12 Other social security costs 433 419 Cost of current share-based incentive 6 7 Members of the Board of Directors receive a fixed remuneration as Cost of current share-based incentive 63 58 Value of reversed share-based incentive -7 - approved by the shareholders at the Annual General Meeting on March Value of reversed share-based incentive -104 -93 22 34 Total Executive Management remuneration 12, 2025. The base fee for the Board of Directors did not change from Total 4,283 4,262 Executive Management termination benefits 6 4 2024 to 2025. The fixed remuneration is based on the Group’s corpo- Board of Directors remuneration 10 10 Included in: rate governance structure in which an Audit Committee, a Technology Total remuneration to Executive Management and Production costs and change in payroll costs included & Innovation Committee, and a Remuneration & Nomination Commit- Board of Directors 38 48 in inventories 346 310 tee have been established. Further, the appointed board members of Development costs 767 676 * Fixed pay include Base salary and Other benefits. Other benefits include car allowances, Group also serve on the Board of Directors of GN Hearing A/S. Selling and distribution costs 2,367 2,497 company paid telephone and internet cost. For the Board of Directors Other benefits in- Management and administrative expenses 803 779 clude travel allowance and social security costs. 4,283 4,262 Total In addition to the remuneration, members of the Board of Directors who are not Danish residents are entitled to a fixed travel allowance in Average number of FTEs 7,299 7,201 The total remuneration of the Executive Management is based on the Number of FTEs, year-end 7,611 7,347 connection with participation in board meetings in Denmark. “General Guidelines for Incentive Pay to Management”, as adopted at Group´s Annual General Meeting. For details related to the remuneration of the Board of Directors and Share-based incentive plans Executive Management, refer to the Remuneration Report 2025. The remuneration of the Executive Management is based on a fixed The Group's long-term equity-settled incentive program is specified base salary and participation in Group‘s option- and performance share and described in note 5.2 share-based incentive plans. unit-based long-term incentive programs. Furthermore, the remunera- tion includes an annual bonus plan (short-term incentives) with a tar- get bonus of 50% of the base salary with a potential to underperform or outperform the target leading to an effective potential bonus range between 0 - 100% of the base salary. 128/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 2.4 Tax Tax on profit (loss) Deferred Tax 2025 2024 2025 2024 DKK million DKK million Unrecognized tax assets are based on the Group's expectations to the Tax on profit (loss) Deferred tax, net future utilization of the tax assets. All tax losses carryforward have no Current tax for the year -129 -106 Deferred tax at January 1, net -470 -251 expiry date. Deferred tax, net includes DKK 128 million expected to be Deferred tax for the year -68 -221 Adjustment with respect to prior years -16 -16 utilized within 12 months (2024: DKK 62 million). Effect of change in income tax rates - -1 Effect of change in income tax rates - -1 Withholding tax - -1 Deferred tax for the year recognized in profit (loss) for the year -68 -221 Adjustment to current tax with respect to prior years 9 42 Deferred tax for the year recognized in other comprehensive income Adjustment to deferred tax with respect to prior years -16 -15 for the year -18 10 Tax related to share-based incentive plans 7 13 Accounting policies Total -204 -302 Foreign exchange adjustments -50 -4 Reconciliation of effective tax rate Tax on profit (loss) for the year Deferred tax at December 31, net -615 -470 Danish tax rate 22.0% 22.0% The parent company is jointly taxed with all Danish subsidiaries. The cur- Effect of tax rates in foreign jurisdictions 1.0% 1.1% Deferred tax is recognized in the balance sheet as follows: rent Danish corporation tax is allocated between the jointly taxed compa- Non-taxable income -0.3% -1.0% Deferred tax assets 410 566 nies in proportion to their taxable income. The jointly taxed companies are Non-deductible expenses 3.9% 3.2% Deferred tax liabilities -1,025 -1,036 taxed under the on-account tax scheme. Other, including provisions for uncertain tax positions* -4.3% -3.1% Deferred tax at December 31, net -615 -470 Effective tax rate 22.3% 22.2% Tax for the year comprises current tax and changes in deferred tax for the Deferred tax, net relates to: year. The tax expense relating to the profit (loss) for the year is recognized Intangible assets -1,280 -1,150 Tax relating to other comprehensive income in the income statement, and the tax expense relating to amounts recog- Actuarial gains (losses) -1 13 Property, plant and equipment 54 23 nized in other comprehensive income is recognized in other comprehensive Adjustment of cash flow hedges 19 -23 Other securities 2 5 income. Current assets 139 175 Total 18 -10 Current liabilities 3 4 *Other primarily relates to tax subsidies relating to R&D countered by provisions for uncer- Current tax payable is recognized in current liabilities and deferred tax is Intercompany liabilities -1 -2 tain tax positions. recognized in non-current liabilities. Tax receivable is recognized in current Tax loss carryforwards 148 96 assets and deferred tax assets are recognized in non-current assets. Provisions 289 339 Other 31 40 Total -615 -470 Tax value of unrecognized tax assets Tax loss carryforwards 87 137 Other tax assets 136 83 Unrecognized tax assets at December 31 223 220 129/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 2.4 Tax (Continued) Approach to tax and taxes paid Group is subject to taxation in the countries in which we operate. The The tax Group pays is an important part of our wider economic and so- tax legislation and tax rates in these countries differ, impacting the tax Accounting policies cial impact and a key mechanism by which Group contributes to the de- we pay. The allocation of taxes paid is based on the “principal model”, Deferred Tax velopment of the countries where we operate. Group is committed to which is in alignment with our operational and commercial activities Deferred tax assets, including the tax base of tax loss carryforwards, are paying tax responsibly, complying with tax regulations and acknowl- and is recognized by OECD as an acceptable transfer pricing model to recognized at the expected value of their utilization, either as a set-off edges its responsibility to stakeholders to meet expectations of good allocate taxable profits. The allocation is based on functions, assets, against tax on future income or as a set-off against deferred tax liabilities tax practices. and risks in every entity. in the same legal tax entity and jurisdiction. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Deferred tax The Group Tax Policy is reviewed annually and approved by the Board While acting responsibly, Group observes and complies with the appli- is not recognized on goodwill unless this is deductible for tax purposes. De- of Directors. Please refer to our tax policy on the Group website: cable international tax initiatives regarding reporting and disclosure re- ferred tax is measured according to the tax rules and at the tax rates appli- www.gn.com/taxpolicy. quirements. We continuously monitor the development to consider cable in the respective countries at the balance sheet date when the de- our response to the proposed international disclosure requirements. ferred tax is expected to crystallize as current tax. The change in deferred tax as a result of changes in tax rates is recognized in the income state- We monitor and support the international initiatives building trust in ment. If a tax deduction on computation of the taxable income in Denmark multinationals tax management and payments. In acting responsibly, Group is subject to the Pillar Two rules and has had no material top-up or in foreign jurisdictions is obtained as a result of share-based payment we disclose our main taxes paid on a regional level and for Denmark tax in 2025. Group has applied the mandatory exception and has there- programs, the tax benefit for the deduction is recognized directly in the separately. For the financial year 2025, our estimated corporate tax fore not recognized any Pillar Two related deferred taxes in 2025. balance sheet. Deferred tax assets are subject to annual impairment tests and are recognized only to the extent that it is probable that the assets will payment amounts to DKK 148 million (2024: DKK 235 million). be utilized. Number of employ- EBT IFRS (DKK Effective tax Tax paid (DKK Accrued tax Regions Nature of Activity ees, end of period million) rate million) (DKK million) Denmark Principal 1,834 70 17.0% 3 20 Key accounting judgement Europe R&D, Production, distribution and sales 1,115 356 28.9% 45 18 Deferred tax assets valuation North America R&D, Production, distribution and sales 1,616 242 32.0% 10 26 Management has made judgments in determining the extent to which de- Rest of World R&D, Production, distribution and sales 3,046 246 27.5% 69 31 ferred tax assets are recognized. Group recognizes deferred tax assets only Total Total Group 7,611 914 22.3% 127 95 to the extent that it is probable that taxable profit will be available against Eliminations and other adjust- which the temporary differences and unused tax losses can be utilized. ments IFRS Annual Report 2025 Total Group 7,611 914 22.3% 127 95 130/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 2.5 Consolidated income statement classified by function The Group presents the consolidated income statement based on a classification of costs by function. However, in order to present EBITA in the consolidated income statement, which is the measure of profit used by Management, amortization and impairment of acquired intan- gible assets are separated from the individual functions and presented as a separate line item. If amortization and impairment of acquired in- tangible assets are allocated to the individual line items by function, the consolidated income statement is presented as follows: DKK million 2025 2024 16,782 17,985 Revenue Production costs -7,634 -8,432 Gross profit 9,148 9,553 Development costs -1,561 -1,612 Selling and distribution costs -4,284 -4,544 Management and administrative expenses -1,726 -1,589 Other operating income and costs, net 9 -20 Gain (loss) on divestment of operations etc. 10 72 1,596 1,860 Operating profit (loss) In the above income statement amortization and impairment of acquired intangible assets has been allocated to functions as follows: Production costs -9 -11 Development costs -101 -121 Selling and distribution costs -169 -187 Management and administrative expenses -43 -46 Amortization and impairment of acquired intangible assets -322 -365 131/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 Financial Statements – ConsolidatedFinancial Statements – Consolidated ContentContent Section 3 - Operating assets and liabilities Introduction Insights into the assets that form the basis for the activities in the Group, and the related liabilities. Most of these are included in invested capital and some in net working capital. 3.1 Intangible assets 133 3.2 Property, plant and equipment 136 3.3 Leases 138 3.4 Depreciation, amortization and impairment 139 3.5 Other non-current assets 140 3.6 Inventories 142 3.7 Trade receivables 143 3.8 Provisions 144 132/195132/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 3.1 Intangible assets Acquired In-house development development projects and Customer Patents DKK million Goodwill projects software relationships Software and rights Other Total The carrying amount of In-house development projects and software 11,358 7,995 903 1,141 2,302 958 1,417 26,074 Cost at January 1 include development in progress of DKK 1,726 million and DKK 776 Additions - 1,034 - - 337 - - 1,371 million respectively (2024: DKK 1,625 million and DKK 815 million). Disposals - -270 -200 -315 -447 -38 -385 -1,655 Transfers - - - - - - 4 4 Of the total impairment of DKK 87 million, DKK 70 million can be allo- Foreign exchange adjustments -545 - - -6 -3 - -46 -600 cated to Enterprise, while DKK 17 million can be allocated to Hearing. Cost at December 31 10,813 8,759 703 820 2,189 920 990 25,194 Amortization and impairment at January 1 - -5,385 -257 -530 -1,048 -812 -724 -8,756 In 2024 the total impairment of 104 million could be allocated to Gam- Amortization - -538 -79 -96 -109 -74 -79 -975 ing, and relates to Consumer products. Disposals - 270 200 315 447 38 385 1,655 Impairment - -75 - - -12 - - -87 Goodwill Foreign exchange adjustments - - - - - 2 2 4 Goodwill arising from business acquisitions is recognized in the consoli- Amortization and impairment at December 31 - -5,728 -136 -311 -722 -846 -416 -8,159 Carrying amount at December 31, 2025 10,813 3,031 567 509 1,467 74 574 17,035 dated financial statements. There were no additions during the year (2024: no additions). Cost at January 1 11,154 6,981 903 1,223 2,090 958 1,421 24,730 Additions - 1,015 - - 269 - - 1,284 Disposals -1 - -50 -58 - - -109 Management performs an annual impairment test of the carrying Disposal on company divestments -37 - - -32 - - -5 -74 amount of goodwill. The impairment test covers the Group's cash- Foreign exchange adjustments 241 - - - 1 - 1 243 generating units (CGU) to which the carrying amount of goodwill is Cost at December 31 11,358 7,995 903 1,141 2,302 958 1,417 26,074 allocated. Amortization and impairment at January 1 - -4,684 -226 -530 -984 -729 -652 -7,805 Amortization - -597 -41 -82 -95 -83 -76 -974 Disposals - - 10 50 31 - - 91 Disposals on company divestments - - - 32 - - 4 36 Impairment - -104 - - - - - -104 Amortization and impairment at December 31 - -5,385 -257 -530 -1,048 -812 -724 -8,756 Carrying amount at December 31, 2024 11,358 2,610 646 611 1,254 146 693 17,318 133/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content • Intensified noise pollution driving the increased prevalence of Development projects and software 3.1 Intangible assets (Continued) hearing loss In-progress and completed development projects comprise develop- ment and design of hearing instruments, audio and collaboration solu- Goodwill at 31 December 2025 is as follows: • Increased penetration rates as more people with a hearing tions, and gaming equipment. Most development projects are expected loss will use hearing aids in the future, and to be completed in the coming years, after which product sales and Carrying amount of Pre-tax Weighted average marketing can be commenced. Management performs at least one an- goodwill discount rate cost of capital • Increased use of two hearing aids, which is relatively common nual impairment test of the carrying amount of recognized develop- DKK million % % 2025 2024 2025 2024 2025 2024 today, instead of only one ment costs. The recoverable amount is assessed based on sales fore- CGUs casts. During the year, impairments of DKK 75 million (2024: DKK 104 Hearing 4,058 4,483 7.9 7.8 7.5 7.5 Enterprise: million) related to projects were recognized, mainly attributable to Enterprise 4,383 4,503 8.4 8.0 8.0 7.8 • UC technology has the potential to reduce travel cost and car- video collaboration projects as a result of the new partnership with an Gaming 2,372 2,372 8.5 8.2 8.1 8.0 bon footprint by the companies that adopt the technology external partner for large room video solutions. In Management's as- 10,813 11,358 Total sessments, the recoverable amount exceeds the carrying amount at • Continued transition from desk phones to Unified Communi- December 31, 2025. In the impairment test, the discounted future cash flows of each CGU cations (the value in use) were compared with the carrying amounts. Future Software comprises development, design and test of production, plan- cash flows are based on the budget for 2026, market forecasts for • Video playing an increasingly larger role in future experiences ning software and reporting systems, business intelligence etc. 2027 – 2028, strategy financial models, etc. approved by the Board of Implementation of these systems is expected to optimize internal pro- Directors. Budgets and strategy financial models are based on specific • Increasing flexibility requirements by office-workers, demands cedures and processes. During the year, impairments of DKK 12 million assumptions for the individual CGU regarding sales, operating profit, for productivity, focus on cloud-based solutions, and general (2024: DKK 0 million) related to software were recognized. In 2025, working capital, investments in non-current assets, etc. The calcula- technology improvements Management assessed that the expected useful lives were reflected in tions apply expected growth in the terminal period of 2.0% p.a. for all the carrying amounts at December 31, 2025. CGUs (2024: 2.0% p.a.). Assumptions regarding sales and operating Gaming: profit are based on Market assumption and growth, the WACC is based • Continued growth in gaming, time spent and players Customer relationships on peers, working capital and investments in non-current assets are Customer relationships primarily comprise acquired customer relation- based on historical data and strategy plan. • Growing appetite for premium features, driving higher Aver- ships. The most significant customer relationship relates to the acquisi- age Sales Price (ASP) tion of SteelSeries, Audigy, BlueParrott and US Beltone. The long-term market growth in the Hearing, Enterprise, and Gaming industries is driven by the following main factors: The expected revenue growth across the three divisions is based on the current differentiated product offering unique technology as well as Hearing: future product launches. Based on the impairment test and related as- • Shifting demographics with a growing elderly and more afflu- sumptions, Management has not identified any goodwill impairment at ent population December 31, 2025. No likely change in the assumptions applied will result in an impairment. 134/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Other 3.1 Intangible assets (Continued) The Group's other intangible assets mainly comprise of DKK 557 mil- lion (2024: DKK 627 million) related to trademarks, DKK 11 million Patents and rights (2024: DKK 21 million) related to supply agreements. In Management's Patents and rights primarily comprise acquired patents and rights. The assessments, the recoverable amount exceeds the carrying amount at most significant patents and rights relate to technologies for the de- December 31, 2025. velopment of new hearing instruments for Hearing and rights to the use of certain technologies for development of headsets, video com- munications solutions and gaming equipment. Accounting policies Goodwill The expected useful lives are as follows: At the acquisition date goodwill is recognized in the balance sheet at cost as Gains or losses on the disposal of intangible assets are determined as the described under Business combinations (note 5.1). Subsequently, goodwill is 2025 difference between the selling price less selling costs and the carrying amount measured at cost less accumulated impairment losses. Goodwill is not Completed development projects 1-5 years at the disposal date and are recognized in the income statement as other amortized but is tested for impairment at least once a year. The carrying operating income or other operating costs, respectively. amount of goodwill is allocated to the Group’s cash-generating units at the Software 3-10 years acquisition date. Identification of cash-generating units is based on how Customer relationships up to 10 Impairment of Goodwill and in-progress development projects Management monitors the operation in the Management reporting. years Goodwill is subject to at least one annual impairment test. Similarly, in- progress development projects are tested for impairment at least annually. As a result of the integration of acquired enterprises in the existing group, Patents, licenses, trademarks and up to 20 An impairment test is also performed whenever there is an indication that an Management assesses that the smallest cash-generating units to which the other intellectual property rights years asset may be impaired. carrying amount of goodwill can be allocated are: Hearing, Enterprise and Gaming. Development projects that are clearly defined and identifiable, where the The carrying amount of goodwill is tested for impairment together with the technical utilization degree, sufficient resources and a potential future market other non-current assets in the cash-generating unit to which the goodwill is Development projects, Software, Patents, Licenses and or development opportunities in the Company is evidenced, and where Group allocated. Goodwill is written down to the recoverable amount if the carrying Other Intangible Assets intends to produce, market or use the project, are recognized as intangible as- amount is higher than the recoverable amount. The recoverable amount is Intangible assets are measured at cost less accumulated amortization and im- sets if it is probable that costs incurred will be covered by future earnings. The computed as the present value of the expected future net cash flows from pairment. Amortization is provided on a straight-line basis over the expected cost of such development projects includes direct wages, salaries, materials the enterprises or activities to which the goodwill is allocated. useful lives of the assets. When changing the depreciation period, the effect and other direct and indirect costs attributable to the development projects. on the depreciation is recognized prospectively as a change in accounting esti- Amortization and write-down of such capitalized development projects are Recognition of impairment losses in the consolidated income statement mates. Amortization and impairment is recognized in the income statement started at the date of completion and are included in development costs. An impairment loss is recognized if the carrying amount of an asset or its as production costs, development costs, distribution costs and administrative Other development costs are recognized in the income statement as incurred. cash-generating unit exceeds the recoverable amount of the asset or the expenses. cash-generating unit. Impairment of goodwill is recognized in a separate line item in the income statement. Impairment of goodwill is not reversed. 135/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 3.1 Intangible assets (Continued) 3.2 Property, plant and equipment Factories and Leasehold Plant and Operating assets Assets under DKK million office buildings improvements machinery and equipment construction Total Key accounting estimates 703 209 956 768 24 2,660 Cost at January 1 Valuation of intangible assets - goodwill Transfers 35 -3 -302 270 -4 -4 Determining whether goodwill is impaired requires a comparison of the Additions 9 50 31 52 26 168 recoverable amount with the carrying amount. The recoverable amount is Disposals - -50 -81 -108 - -239 determined as the net present value of the future cash flows expected to Foreign exchange adjustments -4 -14 -40 -17 - -75 arise from the cash-generating unit to which goodwill is allocated. Cost at December 31 743 192 564 965 46 2,510 Depreciation and impairment at January 1 -320 -149 -870 -662 - -2,001 Depreciation -32 -21 -38 -54 - -145 Disposals - 50 81 107 - 238 Transfers -27 1 295 -269 - - Key accounting estimates Foreign exchange adjustments 3 10 40 15 - 68 Depreciation and impairment at December 31 -376 -109 -492 -863 - -1,840 Valuation of intangible assets - development projects Carrying amount at December 31, 2025 367 83 72 102 46 670 Development projects are measured at cost less accumulated amortization Leased assets, c.f. note 3.3 356 - - 41 - 397 and impairment. An impairment test is performed of the carrying amount Total carrying amount at December 31, 2025 723 83 72 143 46 1,067 of recognized development projects. The impairment test is based on assumptions regarding strategy, product lifecycle, market conditions, Cost at January 1 679 210 935 773 14 2,611 discount rates and budgets, etc., after the project has been completed and Reclassification -5 -17 -10 32 - - production has commenced. If market-related assumptions, etc., are Additions 28 39 30 13 10 120 changed, development projects may have to be written down. Disposals - -13 -2 -18 - -33 Management examines and assesses the underlying assumptions when Disposals on company divestments - -12 - -17 - -29 determining whether or not the carrying amount should be written down. Foreign exchange adjustments 1 2 3 -15 - -9 Cost at December 31 703 209 956 768 24 2,660 Depreciation and impairment at January 1 -281 -157 -782 -644 - -1,864 Depreciation -27 -18 -66 -74 - -185 Impairment - - -6 - - -6 Disposals - 13 1 16 - 30 Disposals on company divestments - 12 - 16 - 28 Transfers 3 3 - -6 - - Foreign exchange adjustments -15 -2 -17 30 - -4 Depreciation and impairment at December 31 -320 -149 -870 -662 - -2,001 383 60 86 106 24 659 Carrying amount at December 31, 2024 Leased assets, c.f. note 3.3 383 - - 46 - 429 Total carrying amount at December 31, 2024 766 60 86 152 24 1,088 136/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 3.2 Property, plant and equipment (Continued) Accounting policies When determining the useful lives impact of climate-related risks have been assessed. Such risks include new climate-related legislation restricting or Property, plant and equipment changing the use of certain assets. Land and buildings, plant and machinery and fixtures and fittings, other plant and equipment are measured at cost less accumulated depreciation and The basis of depreciation is calculated as the residual value of the asset less impairment losses. Cost comprises the purchase price and costs of materials, impairment losses. The residual value is determined at the acquisition date components, suppliers, direct wages and salaries and indirect production and reassessed annually. If the residual value exceeds the carrying amount, costs until the date when the asset is available for use. Liabilities related to depreciation is discontinued. When changing the depreciation period or the dismantling and removing the asset and restoring the site on which the asset residual value, the effect on the depreciation is recognized prospectively as a is located are added to the cost. Where individual components of an item of change in accounting estimates. Depreciation and impairment is recognized in property, plant and equipment have different useful lives, they are accounted the income statement as production costs, development costs, distribution for as separate items, which are depreciated separately. costs and administrative expenses. Depreciation is provided on a straight-line basis over the expected useful lives Expenses for repairs and maintenance of property, plant and equipment are of property, plant and equipment. The expected useful lives are as follows: included in the income statement. Gains or losses on disposal or scrapping of an item of property, plant and equipment are determined as the difference 2025 between the sales price reduced by costs related to dismantling and removing the asset, selling costs and costs related to restoring the site on which the as- Buildings and installations (land is not depreci- 10-50 years set is located and the carrying amount. Gains or losses are recognized in the ated) income statement as other operating income or other operating costs, Leasehold improvements 5-20 years respectively. Plant and machinery 1-7 years Operating assets and equipment 2-7 years 137/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Lease liabilities 3.3 Leases DKK million 2025 2024 Contractual maturity analysis of lease liabilities: Right-of-use assets from leases included in property, plant and equipment Less than one year 118 113 2025 2024 Between one and three years 162 153 Factories and Operating assets Factories and Operating assets More than three years 192 301 DKK million office buildings and equipment Total office buildings and equipment Total 472 567 Total 383 46 429 272 17 289 Carrying amount at January 1 The maturity analysis is based on non-discounted cash flows. Reclassification - - - -33 33 - Additions 101 26 127 250 28 278 Disposals - - - -32 -1 -33 Amounts expensed in the income statement and total cash outflow Remeasurements 7 -1 6 8 - 8 Depreciation -100 -29 -129 -84 -26 -110 DKK million 2025 2024 Foreign exchange adjustments -35 -1 -36 2 -5 -3 23 10 Interest expense on lease liabilities Carrying amount at December 31 356 41 397 383 46 429 Expenses for low-value assets and short-term leases 57 53 Total cash outflow re. lease liabilities 135 99 Group’s leases mainly consist of property leases of e.g. offices but also include cars and office equipment. Rental contracts are typically made for fixed periods but may have extension options. Contracts may con- tain both lease and non-lease components. In such cases the considera- tion in the contract is allocated to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. 138/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 3.3 Leases (Continued) 3.4 Depreciation, amortization and impairment DKK million 2025 2024 Depreciation, amortization and impairment for the year of prop- Accounting policies erty, plant and equipment (incl. leased assets) and intangible as- sets are recognized in the income statement as follows: Leases Production costs -67 -113 Leases are recognized as a right-of-use asset and a corresponding liability at The lease payments are discounted using the interest rate implicit in the Development costs -633 -722 the date at which the leased asset is available for use by the group. Each lease lease. If that rate cannot be determined, the lessee’s incremental borrowing Selling and distribution costs -55 -64 payment is allocated between the liability and finance cost. The finance cost rate is used, being the rate that the lessee would have to pay to borrow the Management and administrative expenses -259 -115 is charged to profit or loss over the lease period so as to produce a constant funds necessary to obtain an asset of similar value in a similar economic Amortization and impairment of acquired intangible assets -322 -365 periodic rate of interest on the remaining balance of the liability for each environment with similar terms and conditions. Right-of-use assets are Total -1,336 -1.379 period. The right-of use asset is depreciated over the shorter of the asset's measured at cost comprising the following: useful life and the lease term on a straight-line basis. Depreciation and impairment of property, plant and equipment • the amount of the initial measurement of lease liability (incl. leased assets) are recognized in the income statement as fol- Assets and liabilities arising from a lease are initially measured on a present • any lease payments made at or before the commencement date less lows: value basis. Lease liabilities include the net present value of the following any lease incentives received Production costs -67 -113 lease payments: • any initial direct costs, and Development costs -20 -21 • restoration costs Selling and distribution costs -51 -59 • fixed payments (including in-substance fixed payments), less any Management and administrative expenses -136 -108 lease incentives receivable Payments associated with short-term leases and leases of low-value assets -274 -301 Total • variable lease payment that are based on an index or a rate are recognized on a straight-line basis as an expense in profit or loss. Short- • amounts expected to be payable by the lessee under residual value term leases have a lease term of 12 months or less. Low-value assets Amortization of intangible assets is recognized in the income state- guarantees comprise e.g. IT-equipment and small items of office furniture. ment as follows: • the exercise price of a purchase option if the lessee is reasonably cer- Development costs -538 -597 tain to exercise that option, and Extension and termination options Selling and distribution costs -4 -5 • payments of penalties for terminating the lease, if the lease term re- Extension and termination options are included in a number of leases across Management and administrative expenses -111 -7 flects the lessee exercising that option the group. These terms are used to maximize operational flexibility. Amortization and impairment of acquired intangible assets -322 -365 Total -975 -974 Impairment of intangible assets is recognized in the income state- ment as follows: Development costs -75 -104 Management and administrative expenses -12 - Total -87 -104 Specification of the Group’s total impairment and the distribution of im- pairment across segments is provided in section 3.1 ‘Intangible assets’. 139/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 3.5 Other non-current assets The table below illustrates how the 12-month and lifetime expected 2025 2024 DKK million credit loss are calculated for dispenser loans and how the credit risk ex- Loans to dispensers of Hearing products 819 808 posure on dispenser loans are grouped by Group’s internal credit rat- Pre-paid discounts 273 316 Ownership interests 366 157 ing. RAP, SIP and DCP 373 473 Other 39 50 2025 2024 Total 1,870 1,804 Expected credit Estimated gross carry- Carrying amount (net Expected credit Estimated gross carry- Carrying amount (net loss rate ing amount at default of loss allowance) loss rate ing amount at default of loss allowance) RAP (Retirement Advantage Plan) and SIP (Savings and Investment GN Store Nord internal credit rating DKK million DKK million DKK million DKK million Plan) are programs in which customers earn funds based on purchases. 3% 841 819 Performing 12-month expected credit loss 3% 829 808 DCP (Deferred Compensation Plan) is a program in which Management Underperforming Lifetime expected credit losses 100% 75 - 100% 107 - in certain foreign subsidiaries may choose to defer compensation. The Total dispenser loans at December 31 916 819 936 808 amounts invested by the Group on behalf of customers and Manage- ment are recognized in Other non-current assets. The Group’s liabilities related to the programs are recognized in Other non-current liabilities The 12-month and lifetime expected credit losses have developed as follows: Performing Underperforming at DKK 333 million (2024: DKK 346 million). DKK million (12 month ECL) (lifetime ECL) Total -21 -107 -128 Opening loss allowance as at January 1, 2025 All ownership interests are accounted for at fair value through profit or New dispenser loans, net -1 -11 -12 loss. Write-off Assets derecognized through the income statement - 31 31 Foreign exchange adjustments and other changes - 12 12 Dispenser loans are provided to dispensers of Hearing products in or- Closing loss allowance as at December 31, 2025 -22 -75 -97 der to support their future growth. The majority of dispenser loans is Opening loss allowance as at January 1, 2024 -20 -112 -132 related to dispensers in the US. Hearing's assessment of credit risk as- New dispenser loans, net -1 -19 -20 sociated with non-current loans to dispensers depends primarily on Write-off Assets derecognized through the income statement - 23 23 Foreign exchange adjustments and other changes - 1 1 change in payment behavior and current economic conditions. Before a Closing loss allowance as at December 31, 2024 -21 -107 -128 loan is extended, the creditworthiness of the individual dispenser is an- alyzed. Calculating the expected credit loss rates, Group considers his- torical loss rates for each category of dispensers, and provides for credit losses against loans to customers by comparing the develop- ment in the actual loan balance to the agreed development in the loan balance. 140/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 3.5 Other non-current assets (Continued) development in loan balances with more than 40%. At this point the loan is Key accounting judgments Accounting policies considered to be in default and credit impaired. Financial support arrangements Loans to dispensers Group grants loans to dispensers and acquires ownership interests in dis- The calculation of lifetime expected credit losses on dispenser loans is based Loans to dispensers and other receivables are measured at amortized cost pensers. The agreements are typically comprehensive, complex and cover on the difference between the development in the actual loan balances and less an allowance for expected credit losses. Both loans to dispensers and several aspects of the relationship between the parties. Management as- the agreed development in loan balances. The allowances are increased in other receivables are held for collection of contractual cash flows and those sesses the recognition and classification of income and expenses for each steps if the difference between the actual loan balance and the agreed devel- cash flows represent solely payments of principal and interest. of these agreements, including whether the agreement represent a dis- opment in loan balances increases. count on future sales. Management also assesses whether current eco- Ownership Interests and savings plans nomic conditions and changes in customers' payment behavior could indi- Indicators that there is no reasonable expectation of recovery of a dispenser Ownership interests between 20% and 50% in unlisted enterprises in which cate impairment of the outstanding balances. loan include bankruptcy, change of control and change in the payment the Group does not exercise significant influence on the financial and operat- behavior or financial situation of the dispenser. In such cases a full or partial ing policies are recognized under non-current assets at fair value. Gains and write-off of a dispenser loan will be recognized by derecognizing the asset. Ownership Interests losses on such ownership interests are recorded under financial items in the Where recoveries are made, these are recognized in the income statement. When considering whether or not Hearing exercises significant influence in income statement. unlisted enterprises a number of judgments are made. These judgments in- clude considering: Impairment of Pre-paid discounts Changes in the fair value of ownership interests at fair value though profit or The carrying amount of Pre-paid discounts is subject to an annual test for loss are recognized in financial items in the income statement. • Representation on the board of directors indications of impairment. When there is an indication that assets may be • Participation in policy-making processes impaired, the recoverable amount of the asset is determined. The savings plans RAP, SIP and DCP are measured at fair value through profit • Material transactions between the entity and Group or loss. • Interchange of managerial personnel Recognition of impairment losses in the income statement • Provision of essential technical information Impairment of dispenser loans Impairment losses are recognized in the income statement in the relevant functional line items. Impairment of dispenser loans are reversed only to the Loss allowances on dispenser loans are measured equal to 12-month extent of changes in the assumptions and estimates underlying the impair- expected credit losses, if the credit risk has not increased significantly since ment calculation. initial recognition. If the credit risk has increased significantly, the loss allowance are measured at an amount equal to lifetime expected credit losses. The calculation of 12-month expected credit losses on dispenser loans are based on a weighted average of historical annual losses on customers. Payment plans are agreed with dispensers when issuing loans to these. The credit risk of loans to dispensers is considered to have increased significantly since initial recognition when actual loan balances differ from the agreed 141/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 3.6 Inventories 2025 2024 DKK million Accounting policies Raw materials and consumables 609 561 Inventories Work in progress 31 24 Inventories are measured at cost in accordance with the FIFO-principle Finished goods and merchandise 1,674 2,000 using the standard cost method. Standard costs take into account normal Total 2,314 2,585 levels of raw materials and consumables, staff costs, efficiency and The above includes write-downs amounting to capacity utilization. Standard costs are reviewed regularly and adjusted in accordance with the FIFO-principle. Inventories, provision -253 -281 Costs of goods sold included in Production Costs -5,800 -6,770 Raw materials and goods for resale are measured at cost, comprising pur- chase price plus delivery costs. The write-down of inventories were amongst others related to the clos- Work in progress and finished goods are measured at cost, comprising the ing of the Consumer business. cost of direct materials, wages and salaries and indirect production over- heads. Indirect production overheads comprise indirect materials, wages and salaries, maintenance and depreciation of production machinery, buildings and equipment as well as factory administration and management. Where the net realizable value is lower than cost, inventories are written down to this lower value. The net realizable value of inventories is calcu- lated as the sales amount less costs of completion and costs necessary to make the sale. z 142/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 3.7 Trade receivables Accounting policies Measurement of trade receivables Trade receivables are measured at amortized cost less expected lifetime 1-60 days past 61-90 days past 91-120 days 121-180 days More than 181 credit losses. The expected loss rates are based on days past due and DKK million Current due due past due past due days past due Total whether a receivable concerns a Hearing, Enterprise, or Gaming customer. 3,874 293 64 41 60 254 4,586 Gross carrying amount - Trade receivables Current expectations and estimates of expected credit losses are Loss allowance at December 31 -29 - -5 -4 -11 -154 -203 furthermore based on change in customer behavior and current economic Trade receivables at December 31, 2025 3,845 293 59 37 49 100 4,383 conditions. Expected credit losses are based on an individual assessment of Expected loss rate 1% 0% 8% 10% 18% 61% 4% each receivable and at portfolio level. Gross carrying amount - Trade receivables 4,008 406 90 75 63 217 4,859 Loss allowance at December 31 -14 -6 -4 -6 -14 -142 -186 Trade receivables at December 31, 2024 3,994 400 86 69 49 75 4,673 Expected loss rate 0% 1% 4% 8% 22% 65% 4% The loss allowance included in total trade receivables, based on the above aging profile and expected loss rates, have developed as follows: Group has sold selected trade receivables through a non-recourse re- ceivables purchase arrangement to accelerate cash collection in order DKK million 2025 2024 to drive an interest optimization strategy. Group does not bear the -186 -185 Loss allowance at January 1 credit risk on those customers, and the receivables have been derecog- Increase in loss allowance during the year -105 -34 nized. The effect on trade working capital from the receivables pur- Trade receivables written off as uncollectible 10 12 chase agreement was limited. Reversal of unused loss allowance 69 20 Disposal on company divestments - 1 Foreign exchange adjustments 9 - No security has been pledged to Group for trade receivables. Loss allowance at December 31 -203 -186 The total loss allowance of DKK 203 million is included in trade receiv- ables at December 31, 2025 (2024: DKK 186 million). Group's assess- ment of credit risk associated with individual receivables depends pri- marily on aging, change in customer payment behavior, current eco- nomic conditions etc. as described in significant accounting estimates. 143/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 3.8 Provisions Warranty Other provisions provisions Total DKK million Accounting policies Provisions at January 1 373 150 523 Provisions Additions 397 3 400 Warranty provisions are recognized as the underlying goods and services Consumed -374 -35 -409 are sold based on warranty costs incurred in previous years and expecta- Reversed -7 -24 -31 tions of future costs. Foreign exchange adjustments -27 -2 -29 Provisions at December 31, 2025 362 92 454 Provisions are recognized when, as a result of events before or at the bal- Which is presented in the consolidated balance sheet as: ance sheet date, the Group has a legal or a constructive obligation and it is Non-current liabilities 118 43 161 probable that there may be an outflow of resources embodying economic Current liabilities 244 49 293 benefits to settle the obligation. On measurement of provisions, the costs Provisions at December 31, 2025 362 92 454 required to settle the liability are discounted if the effect is material to the measurement of the liability. A provision for onerous contracts is recognized when the expected benefits Warranty provisions concern products sold. The warranty provision to be derived by the Group from a contract are lower than the unavoidable covers any defects in design, materials and workmanship for a period costs of meeting its obligations under the contract (onerous contracts). A provision for onerous contracts is recognized e.g. when the Group has en- of 1-4 years from delivery and completion. Other provisions primarily tered a binding legal agreement for the purchase of components from sup- consist of provisions for legal disputes, obligations regarding onerous pliers that exceeds the benefits from the expected future use of the com- contracts and property leases. ponents and the Group can only sell the components at a loss. 144/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 Financial Statements – ConsolidatedFinancial Statements – Consolidated ContentContent Section 4 - Capital structure and financing items Introduction Insight into GN Store Nord's capital structure and financial items as well as financial risks. 4.1 Share capital and capital structure 146 4.2 Financial risks 147 4.3 Derivatives 151 4.4 Financial instruments 152 4.5 Liabilities from financing activities 156 4.6 Financial income and expenses 157 145/195145/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 4.1 Share capital and capital structure Share capital Weighted average number of shares Capital structure 2025 2024 Shares, thousands All shares are fully issued and paid up. The nominal value of each share The Board of Directors regularly assess the capital structure. Group’s is DKK 4 and no shares carry any special rights. current capital structure policy targets are as follows: Weighted average number of outstanding shares 145,613 145,613 Dilutive effect of share-based payment with positive intrin- sic value – average for the period 99 99 Treasury shares • Leverage 2.0x NIBD/EBITDA Diluted weighted average number of shares 145,712 145,712 The treasury shares had a market value of DKK 566 million at December 31, 2025 (2024: DKK 709 million). • Dividend payout of 15-25% of the annual net profit Result used for calculating EPS Group’s overall target is to deliver a competitive shareholder return Treasury shares have been acquired under the share buyback program DKK million 2025 2024 through a combination of dividend payments and share price apprecia- in order to reduce the share capital, hedge and the LTI program. Profit (loss) for the year attributable to shareholders in GN tion. Group aims to distribute any excess cash to shareholders through 653 988 Store Nord A/S used for the calculation of earnings per share share buyback programs, subject to amongst others, requirements to support the ongoing operations, strategic opportunities, and the capi- tal structure. Group remain focused on delivering shareholder value and will con- sider doing shareholder distribution again, once the leverage is closer to the long-term target of 2.0x. Nominal value Nominal value Nominal value Treasury shares Cash distributions Outstanding Total number of outstanding of treasury of total shares as a percentage For the year ended December 31, 2025, there has been paid a dividend Thousands shares Treasury shares of shares shares (DKK) shares (DKK) (DKK) of share capital of DKK 85 million relating to non-controlling interests in a subsidiary. 145,613 5,300 150,913 582,450 21,202 603,652 3.5% Number/value of shares at January 1, 2025 For 2024, there has been no dividend paid related to prior years nor has Number/value of shares at December 31, 2025 145,613 5,300 150,913 582,450 21,202 603,652 3.5% there been proposed dividend for the year. Nominal value Nominal value Nominal value Treasury shares Outstanding Total number of outstanding of treasury of total shares as a percentage Thousands shares Treasury shares of shares shares (DKK) shares (DKK) (DKK) of share capital Number/value of shares at January 1, 2024 145,613 5,300 150,913 582,450 21,202 603,652 3.5% 145,613 5,300 150,913 582,450 21,202 603,652 3.5% Number/value of shares at December 31, 2024 146/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 4.2 Financial risks 4.1 Share capital and capital structure Group is exposed to several financial risks arising from its operating, in- (Continued) vesting and financing activities, comprising foreign currency risk, inter- est rate risk, liquidity risk and credit risk. Financial risks are to the ex- Accounting policies tent possible managed centrally by Group Treasury. Commercial credit risk, arising primarily from trade and other receivables, is managed de- Earnings per Share and Diluted Earnings per Share Treasury Shares Earnings per share (EPS) is calculated by dividing Profit (loss) for the year Treasury shares are recognized at cost. Gains and losses on disposal of own centralized through the divisions (Hearing, Enterprise and Gaming). attributable to shareholders in GN Store Nord A/S by the weighted average shares are calculated as the difference between the purchase price measured number of shares outstanding in the year. in accordance with the FIFO-principle and the selling price. Gains or losses are The Treasury Policy is revised on a continuous basis to adapt to the Diluted earnings per share is calculated by increasing the weighted average recognized directly in retained earnings. Dividends received from treasury changing financial risk situation, and the Treasury Policy has been re- number of shares outstanding by the number of additional ordinary shares shares are recognized directly in retained earnings. Capital reductions from viewed by the Audit Committee and approved by the Board of Direc- that would be outstanding if potentially dilutive shares were issued. The the cancellation of treasury shares are deducted from the share capital at an dilutive effect of outstanding share-based payment is calculated using the amount corresponding to the nominal value of the shares. tors. Treasury Stock method. Foreign exchange adjustments The Treasury Policy, including the Limits of Authority for Group Treas- The translation reserve in the consolidated financial statements comprises Equity ury, sets the overall requirements and limits for the treasury activities foreign exchange differences arising on translation of financial statements of Dividends foreign subsidiaries from their functional currencies into the presentation within the Group including Group’s hedging policy. It is Group’s policy The expected dividend payment for the year is disclosed as a separate item in currency used by Group (DKK) and foreign exchange adjustments of balances equity. Proposed dividends are recognized as a liability at the date they are only to enter into financial transactions to mitigate risks arising from considered to be part of the total net investment in foreign entities. adopted by the Annual General Meeting (declaration date). business activities, thus no transactions are made purely on speculative basis. Hedging reserve The hedging reserve includes the accumulated net change in the fair value of hedging transactions qualifying for hedge accounting. Group’s objectives, policies and process for measuring and managing the risk exposure related to foreign currency risk, interest rate risk, li- quidity risk and credit risk are summarized in the table and further ex- plained in the notes below. 147/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 4.2 Financial risks (Continued) Financial risk Exposure Risk Management Policy Mitigating actions Entities within the Group transact in currencies other than their functional cur- The Treasury Policy aims to minimize the foreign currency exposure on operating Group has hedged a substantial part of the expected net EBITA in foreign curren- Foreign currency risk rency, thus are exposed to fluctuations in foreign currencies. profit, net income and free cash flow. The general approach is to manage currency cies to secure the EBITA contribution of the material trading currencies for the risks through natural matching of inflows and outflows or through hedging activi- next 12 months. The hedges have been designated with revenue and production The foreign currency exposures arise primarily from purchases of materials, sales ties using commonly used derivatives such as FX spots and FX forwards. cost, respectively as the hedged items. of products, and loans. Based on the current revenue, cost and loan composition, the primary foreign currency exposures for the Group in 2025 arise from USD and The Policy sets forth thresholds and requirements for the hedging strategy. It is GBP. generally the Group’s policy to hedge a minimum of 75% and not more than 100% of net foreign currency exposure at EBITA level for operating business and to The EUR foreign currency risk is regarded as low in Danish entities due to Den- maintain this hedging level at any point in time. All hedging is conducted at Group mark’s fixed exchange rate policy towards EUR. level. Interest rate risks arise from interest-bearing assets and liabilities. Interest-bearing The Treasury Policy aims to minimize the interest rate exposure on operating Group currently has more than 50% floating interest rate exposure. The group has Interest rate risk items consist primarily of cash and cash equivalents and bank loans and issued profit, net income and free cash flow. At least 50% of all interest-bearing debt decided to deviate from the Treasury Policy, which has been approved by the bonds. should be fixed-rate, either through fixed-rate agreements or through derivatives, Board of Directors. such as interest forwards or interest swaps. Group’s loans and Euro Medium Term Loan (EMTN) notes are primarily long-term The Treasury Policy aims to ensure that sufficient funding is available for Group to To mitigate potential liquidity or refinancing risks, Group has EUR 500 million Re- Liquidity risk with maturities extended until 2036 with mixture of fixed and floating interest fulfil its financial obligations at any point in time for the next 12 months. Main volving Credit Facility with maturity in 2028, with the option to extend by up to rates. funding arrangements are managed or approved by Group Treasury, structuring two years, i.e. 2030, in agreement with the banks. As of December 31, 2025, the the funding facilities with committed and uncommitted facilities mainly with a Revolving Credit Facilities were fully unutilized. group of relationship banks. Liquidity is managed centrally through cash, cash pools and working capital management practice. Group’s exposure to credit risk arises primarily from trade receivables, other re- Group has established policies for credit risk management related to customers in- Group has decentralized the credit risk management relating to customers includ- Credit risk ceivables, dispenser loans and cash and cash equivalents. cluding the use of credit rating agencies. ing the use of credit rating agencies to the divisions (Hearing, Enterprise and Gam- ing). The financial institutes applied by Group must be highly rated by Moody’s or S&P. 148/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content The sensitivity analysis comprises cash and cash equivalents, current Liquidity risks 4.2 Financial risks (Continued) receivables, trade payables, current and non-current loans, intercom- The Group’s capital structure includes interest-bearing long-term debt pany balances and derivatives as of December 31. The effects of a ranging from 2026 to 2036, including bank loans, notes under the Foreign currency risk change in foreign exchange rates related to these items would be in- EMTN program, and two drawing rights attached to a EUR 500 million Group has exposure towards foreign currencies, mainly arising from cluded in the Income statement. A change in the value of derivatives committed revolving credit facility and a EUR 1,000 million committed the fluctuations in USD and GBP. The general policy is to minimize used for hedging would be included in Other comprehensive income if term loan facility. As of December 31, 2025, the EUR 500 million com- Group's currency exposure through natural matching of in- and out- hedge accounting is applied. mitted revolving credit facility was fully undrawn and EUR 937 million flows to mitigate the impact of exchange rate fluctuations on earnings out of the EUR 1,000 million committed term loan facility was drawn. and cash flow, thereby increasing the predictability of the financial re- Interest rate risk (2024: EUR 520 million committed revolving credit facility unutilized sults. Foreign currency risk is reduced by hedging the foreign currency Group’s non-current debt comprises instruments with both fixed and and EUR 800 million committed term loan facility fully utilized). exposures in accordance with the Treasury Policy. Foreign currency ex- floating interest rates. These include the listed instruments of EUR 50 posures are hedged through FX forwards and FX Swaps. Group’s hedg- million private placement with fixed coupon of 1.97% per annum and To diversify borrowing instruments and manage its net working capital ing setup aims to centralize foreign currency exposure in GN Store GBP 40 million private placement with fixed coupon of 3.2% per an- movements, the Group maintains EUR 432 million in short-term, un- Nord A/S through internal contracts and trade the net foreign currency num as well as bilateral R&D loans with fixed interest rates. committed Money Market lines and Overdraft facilities with its main re- exposures in the market. lationship banks. The utilization as of December 31, 2025, was EUR 161 In 2025, Group successfully executed EUR 1,500 million loan agree- million (2024: EUR 169 million utilized). Sensitivity analysis for foreign currency risk ments, consisting of EUR 1,000 million term loan facility and EUR 500 The below sensitivity analyses illustrates the potential change in million revolving credit facility, with its core banking group. Both facili- In addition, Group also managed a short-term, uncommitted Euro Group’s profit or loss and equity in a response to a weakening / ties mature in 2028, with the option to extend by up to two years, i.e. Commercial Paper program of up to EUR 250 million. EUR 70 million strengthening of the currencies of which Group has significant expo- 2030, in agreement with the banks. was utilized as of December 31, 2025 (2024: EUR 47 million utilized). sure to at the balance sheet date. This analysis assumes that all other variables in particular interest rates, remain constant. At year-end an The EUR 1,000 million term loan facility was used to refinance EUR increase of 10% in the USD exchange rate and 5% in the GBP exchange 800 million term loan maturing in Q3 2026 as well as EUR 137 million rate would affect the income statement and Equity as outlined in the in R&D loans maturing between 2026 and 2029. following table: The EUR 500 million revolving credit facility replaced the previous EUR USD GBP 520 million facility. Its primary purpose is to mitigate potential liquidity DKK million 2025 2024 2025 2024 or refinancing risk. 128 225 - -1 Profit or loss after tax Equity after tax 33 51 -17 -23 Interest Rate Sensitivity An increase of floating interest rates of 1 percentage point would re- sult in a decrease in the annual profit of DKK 70 million (2024: DKK 60 The exposure at year-end is not necessarily representative of the past million). or future exposure of the Group. 149/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content few years, the new facilities reflect improved terms & conditions in financial institutions (i.e. banks with at least an external investment 4.2 Financial risks (Continued) general including financial covenants. grade rating by Moody’s or S&P). No bank accounts may be opened without prior approval from Group Treasury. Maturity profile Credit risk Credit risk arises from the possibility that transactional counterparties The Group has entered into International Swaps and Derivatives Asso- may default on their obligations, causing financial losses for the Group. ciation agreements with all financial institution counterparties used for Credit loss refers to the impairment of financial assets due to credit trading derivative financial instruments under which Group has a right DKKm losses. When financial assets are impaired by credit losses, the Group to off-set should certain credit event occur, which means that the discloses a reconciliation of changes in that account during the period Group’s actual credit risk is limited to the net assets per counterparty. 3,720 for each class of financial assets, such as bad debt provisions. The Group’s exposure to various risks associated with the financial in- struments is discussed in note 4.4. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned below. 6,969 Trade receivables and other non-current assets Group may incur losses if the credit quality of its customers deterio- rates or if they default on their payment obligations to Group. Group’s 1,721 exposure to credit risk arises primarily from trade and other receiva- 722 451 bles. Such credit risk is managed decentralized through the divisions 112 112 112 112 2026 2027 2028 2029 2036 2037 (Hearing, Enterprise and Gaming). Assessment of credit risks related to R&D loan Drawn term loan EMTN notes customers is further described in note 3.7 Trade receivables and note Commercial paper and MM loan Undrawn RCF HQ financing 3.5 Other non-current assets. Financial instruments and cash deposits Group does not operate in restricted countries, thus the group does Surplus cash positions in the Group are mainly held in current accounts not have restricted cash constraints. or as short-term money market deposits. Cash positions are primarily held with financial institutions through which Group conducts its day- Covenants to-day banking transactions and which are highly rated with Moody’s The Group’s loan portfolio is subject to financial covenants that are and Standard & Poor’s. common and expected for a company the size of the Group. The Group regularly monitors compliance with the covenants. Based on Group’s It is Group Treasury policy that all counterparties for financial transac- strong fundamental operational improvements executed in the past tions (whether on-balance sheet or derivatives) must be highly rated 150/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Fair value adjustments of cash flow and economic hedges Accounting policies 4.3 Derivatives DKK million 2025 2024 Derivative Financial Instruments Fair value adjustment for the year recognized in Other comprehen- Foreign currency risk Derivative financial instruments are initially and subsequently recognized sive income -50 111 The risk relating to purchase and sales in foreign currencies are hedged in the balance sheet at fair value. Positive and negative fair values of deriv- Reclassified from equity to revenue during the year -98 15 ative financial instruments are recognized as other receivables and paya- Reclassified from equity to production costs during the year 63 -21 using FX forwards and FX spots related to highly probable forecasted bles, respectively. Fair values of derivative financial instruments are com- -85 105 Adjustment of cash flow hedges in Other comprehensive income sales and purchase transactions and are designated as cash flow puted on the basis of market data and generally accepted valuation meth- hedges. Derivatives used to hedge other than highly probable fore- Fair value adjustment of economic hedges recognized in Other op- ods. erating income and costs, net 2 2 casted transactions are considered economic hedges. Fair value adjustment of economic hedges recognized in financial Changes in the fair value of derivative financial instruments designated as items 270 -123 and qualifying for recognition as a hedge of the fair value of a recognized The primary sources of ineffectiveness are changes to planned pur- asset or liability are recognized in the income statement together with chases, sales or payments. No material ineffectiveness was detected changes in the value of the hedged asset or liability, as far as the hedged All exchange rate instruments mature within 12 months from the bal- during the year (2024: No material ineffectiveness). portion is concerned. Changes in the portion of the fair value of derivative ance sheet date. financial instruments designated as and qualifying as a cash flow hedge that is an effective hedge of changes in the value of the hedged item are recognized in other comprehensive income. If the hedged transaction re- sults in gains or losses, amounts previously recognized in other compre- hensive income are transferred from equity to the same item as the hedged item. Exchange rate instruments 2025 2024 When a hedging instrument expires, or is terminated, or when a hedge no longer meets the criteria for hedge accounting, any gains or losses previ- Average rate Contract Fair value, Fair value, Average rate Contract Fair value, Fair value, ously recognized in other comprehensive income remains in equity until DKK million (DKK) amount, net* assets liabilities (DKK) amount, net* assets liabilities the forecast transaction occurs. When the forecast transaction is no longer Cash flow hedges expected to occur, the cumulative gain or loss that were reported in equity AUD / DKK 417 284 1 -3 450 323 7 - are immediately reclassified to the income statement. When the forecast GBP / EUR 848 425 3 -2 869 568 - -11 transaction is no longer expected to occur, the cumulative gain or loss that INR / DKK 7 159 7 - 8 81 - -3 were reported in equity are immediately reclassified to the consolidated in- USD / DKK 646 -432 2 -12 675 -621 30 - come statement. Other currency pairs 181 11 - 199 9 -1 Total 617 24 -17 550 46 -15 For derivative financial instruments, where hedge accounting is not applied (economic hedges), changes in fair value are recognized in the Income Economic hedges statement as either other operating income and costs, net or financial USD / DKK - - - - 710 -391 4 - items. EUR / USD 741 -2,002 17 -1 704 -3,109 - -56 Other currency pairs -51 4 - -359 - - Total -2,053 21 -1 -3,859 4 -56 * Positive contract amounts indicate sale of currencies vs. DKK or EUR 151/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 4.4 Financial instruments Categories of financial assets and liabilities The financial assets and liabilities presented in the consolidated balance sheet can be grouped in the following categories: DKK million 2025 2024 Accounting policies Financial assets Trade receivables 4,383 4,673 Financial Liabilities Other receivables 572 751 Amounts owed to credit institutions and banks as well as the issued EMTN Receivables from associates 219 211 bonds are recognized at the date of borrowing at fair value of the proceeds Other non-current assets 1,131 1,174 received less transaction costs paid. In subsequent periods, the financial Financial assets at amortized cost 6,305 6,809 liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest rate. Accordingly, the difference between Derivative financial instruments included in Other receivables 21 4 the proceeds and the nominal value is recognized in the consolidated RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 739 630 income statement over the term of the loan. Financial assets at fair value through profit or loss 760 634 Issued Bond-With-Warrant units are initially recognized at fair value less Derivative financial instruments included in Other receivables 24 46 related transaction costs. The fair value of the bonds is estimated by calcu- Financial assets at fair value through Other comprehensive income 24 46 lating the present value of all contractual future cash flows using an inter- Financial liabilities est rate for a bond with similar credit risk and duration as the issued bonds, Issued bonds (bond-with-warrant units), non-current 373 8,199 but without the attached warrants. The difference between the fair value Issued EMTN bonds, non-current 344 371 and the proceeds is considered to be the value of the warrants and is rec- Bank loans, non-current 7,846 466 ognized in equity. The equity component is not re-measured subsequently. Bank loans and issued bonds, current 1,823 1,746 After initial recognition the bonds are measured at amortized cost using Overdraft facilities - 258 the effective interest method. By applying the effective interest method a Lease liabilities 429 447 constant interest rate is used to increase the carrying amount of the bonds Other non-current liabilities - - and the difference between the carrying amount and the principal amount Trade payables 1,496 1,627 is in this way recognized as an interest expense in financial expenses over Financial liabilities at amortized cost 12,311 13,114 the remaining term to maturity. In case the bonds are redeemed before maturity, the difference between the carrying amount at amortized cost Derivative financial instruments included in Other liabilities 1 56 and the principal amount will be recognized as a loss in financial expenses. RAP, SIP and DCP included in Other non-current liabilities 333 346 Contingent consideration included in Other liabilities 56 59 Other liabilities, comprising trade payables, amounts owed to associates as Financial liabilities at fair value through profit or loss 390 461 well as other payables, are measured at amortized cost. Due to their short- term nature and the fact that they are settled at or close to their nominal Derivative financial instruments included in Other liabilities 17 16 amounts, their carrying amounts are considered to approximate fair value. Financial liabilities at fair value through Other comprehensive income 17 16 152/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 4.4 Financial instruments (Continued) Contractual maturity analysis for financial liabilities 2025 2024 Between one More than Between one More than DKK million Less than one year and three years three years Total Less than one year and three years three years Total 25 37 856 918 26 38 895 959 Issued bonds Bank loans 1,871 7,003 448 9,322 1,862 6,039 1,850 9,751 Lease liabilities 118 162 192 472 113 153 301 567 Other liabilities - 333 - 333 - 346 1 347 Trade payables 1,496 - - 1,496 1,627 - - 1,627 Contingent consideration - 56 - 56 - 36 23 59 Total non-derivative financial liabilities 3,510 7,591 1,496 12,597 3,628 6,612 3,070 13,310 Derivative financial liabilities 18 - - 18 72 - - 72 Total 3,528 7,591 1,496 12,615 3,700 6,612 3,070 13,382 The maturity analysis is based on non-discounted cash flows. Reference is made to note 4.2 for description of liquidity risk. 153/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 4.4 Financial instruments (Continued) 2025 2024 Quoted prices Observable input Unobservable input Quoted prices Observable input Unobservable input DKK million (level 1) (level 2) (level 3) Total (level 1) (level 2) (level 3) Total Financial Assets Derivative financial instruments included in Other receivables - 21 - 21 - 4 - 4 RAP, SIP, DCP included in Other non-current assets - 373 - 373 - 473 - 473 Ownership interests etc. included in Other non-current assets - - 366 366 - - 157 157 Financial assets at fair value through profit or loss - 394 366 760 - 477 157 634 Derivative financial instruments included in Other receivables - 24 - 24 - 46 - 46 Financial assets at fair value through Other comprehensive income - 24 - 24 - 46 - 46 Financial Liabilities Derivative financial instruments included in Other liabilities - 1 - 1 - 56 - 56 RAP, SIP and DCP included in Other non-current liabilities - 333 - 333 - 346 - 346 Contingent consideration included in Other liabilities - - 56 56 - - 59 59 Financial Liabilities at fair value through profit or loss - 334 56 390 - 402 59 461 Derivative financial instruments included in Other liabilities - 17 - 17 - 16 - 16 Financial Liabilities at fair value through Other comprehensive income - 17 - 17 - 16 - 16 154/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Ownership interests investments, and the liability is based on the value generated by partic- The fair value of the ownership interests is based on a market approach ipant contributions, participant distributions, forfeitures, and invest- 4.4 Financial instruments (Continued) model. The key input is market observations of sales prices of compa- ment earnings or losses. Both assets and liabilities are categorized as rable retail entities, combined with internal Group data such as number level 2 in the fair value hierarchy. Each quarter Group receives a report 2025 2024 DKK million of sold hearing aids and the financial statements in which Group holds regarding the fair value of the assets from a third-party contractor, and Fair value net gains (losses) recognized in the income statement: an interest. In the model, the ownership interests are divided into four will update the financial statements according to this report. Net fair value gains (losses) on RAP, SIP and DCP -4 35 Net fair value gains (losses) on ownership interests and derivatives groups of revenue multiple, according to the relative size and profita- re. ownership interests -10 14 bility of the dispensers. Since most of the data is based on non-observ- Contingent consideration Net fair value gains (losses) on contingent able data, the model is categorized as level 3 in the fair value hierarchy. Contingent consideration, resulting from business combinations or di- consideration -4 -1 The model is updated on a quarterly basis, and any changes are re- vestments, is valued at fair value at the acquisition or divestment date flected in the Income statement or in Other comprehensive income as as part of the transaction. The fair value is based on discounted cash applicable. The fair value models are sensitive to the dispenser’s finan- flows and contractual terms of the contingent considerations and on Fair value hierarchy cial performance for the last 24 months rolling on a quarterly basis. non-observable inputs, such as the financial performance of the ac- Financial instruments measured at fair value are categorized into the quired enterprises. The key assumptions take into consideration the following levels of the fair value hierarchy. Derivative financial instruments related to ownership interests probability of meeting each performance target and the discount fac- Derivative financial instruments related to ownership interests in dis- tor. Contingent considerations are categorized as level 3 (unobservable Level 1: Observable market prices for identical instruments. pensers of Hearing products are recognized in the balance sheet at fair inputs) in the fair value hierarchy. The models are updated on a quar- value. The fair value model is based on a market approach model, using terly basis, and any changes are reflected in the income statement. The Level 2: Generally accepted valuation techniques primarily market observations of sales prices of comparable retail entities. The fair value models are sensitive to the financial performance of the ac- based on observable data or traded prices for compa- key inputs used are the number of hearing aid units sold by customers, quired enterprises, the probabilities of meeting the agreed objectives rable instruments. Derivatives are not traded in an ac- average selling prices, and the estimated probability that the instru- and the discount factor. tive market and fair value is determined using market- ments will be exercised. The fair value model is categorized as level 3 in based data input. the fair value hierarchy, and is updated on a quarterly basis, and any Fair value disclosures re. financial instruments at amortized cost material changes are reflected in the income statement. The fair value Based on observable inputs (fair value hierarchy level 2), the fair value Level 3: Valuation techniques primarily based on unobservable models are sensitive to the customers’ financial performance the last of EMTN bonds amounted to DKK 548 million (2024: DKK 546 million). prices. twelve months of any quarter and the probability of the instruments For other financial assets and liabilities, the fair value is approximately being exercised. equal to the carrying amount. Exchange rate instruments and interests rate swaps The fair value of the exchange rate instruments and interest rate RAP, SIP and DCP programs swaps are determined using quoted forward exchange rates and for- RAP (Retirement Advantage Plan) and SIP (Savings and Investment ward interest rates, respectively at the balance sheet date and can be Plan) are programs in which customers earn funds based on purchases categorized as level 2 (observable inputs) in the fair value hierarchy. made. DCP (Deferred Compensation Plan) is a program in which Man- agement in certain foreign subsidiaries may choose to defer compensa- tion. The asset value is based on the fair value of the mutual fund 155/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 4.5 Liabilities from financing activities 2025 2024 Bank loans, Issued bonds, Other non-cur- Bank loans and is- Overdraft Bank loans, Issued bonds, Other non-cur- Bank loans and is- Overdraft DKK million non-current non-current rent liabilities Lease liabilities sued bonds, current facilities Total non-current non-current rent liabilities Lease liabilities sued bonds, current facilities Total 465 8,571 767 447 1,746 258 12,254 Liabilities at January 1 503 3,024 777 298 9,674 - 14,276 Cash flows 6,930 -7,300 -37 -135 -1 -258 -801 -18 -1,406 -32 -99 -1,068 258 -2,365 Foreign exchange adjustments 2 -12 -35 -38 - - -83 - - 18 2 - - 20 New leases - - - 124 - - 124 - - - 268 - - 268 Non-cash interest expenses - - - 23 5 - 28 - - - 10 - - 10 Additions on companies acquired - - - - - - - Disposal on companies sold - - - - - - - - - - -16 - - -16 Disposal, leases - - - - - - - - - - -9 - - -9 Reclassification to current / non-current 464 -542 - - 78 - - -20 6,931 - - -6,911 - - Reclassification to working capital - - - - - - - - - -168 - - - -168 Other non-cash adjustments -15 - 26 8 -5 - 14 - 22 172 -7 51 - 238 Liabilities at December 31 7,846 717 721 429 1,823 - 11,536 465 8,571 767 447 1,746 258 12,254 156/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 4.6 Financial income and expenses 2025 2024 DKK million Accounting policies Financial income Gains and fair value adjustments on ownership interests - 14 Financial income and expenses Dividend received from ownership interests 14 - Financial income and expenses comprise interest income and expense, Interest income* 80 92 costs of permanent loan facilities, gains and losses on securities, receiva- Financial income, other 26 156 bles, payables and transactions denominated in foreign currencies, credit Fair value adjustments of derivative financial instruments, net 270 - card fees, amortization and impairment of financial assets and liabilities, Foreign exchange gain, net - 96 etc. Also included are realized and unrealized gains and losses on derivative Total 390 358 financial instruments that are not designated as hedges. Financial expenses Borrowing costs that are directly attributable to the construction or Loss and fair value adjustments on ownership interests -24 - production of a qualifying asset form part of the cost of that asset. Other Interest expenses* -396 -379 borrowing costs are recognized as an expense. A qualifying asset is an asset Financial expenses, other -249 -326 that necessarily takes a substantial period of time to get ready for its Fair value adjustments of derivative financial instruments, net - -106 intended use. Foreign exchange loss, net -395 - Impairments on loans to dispensers -11 -39 Total -1,075 -850 * Interest income and expenses from financial assets and liabilities at amortized cost 157/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 Financial Statements – ConsolidatedFinancial Statements – Consolidated ContentContent Section 5 - Other disclosures Introduction Statutory notes and other disclosures. 5.1 Acquisition and divestment of companies and operations 159 5.2 Share-based incentive plans 161 5.3 Contingent liabilities 164 5.4 Investments in associates 165 5.5 Other non-cash adjustments 165 5.6 Fees to statutory auditors 165 5.7 Related parties 165 5.8 Events after the reporting period 165 158/195158/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 5.1 Acquisition and divestment of companies and operations DKK million 2024 Acquisitions Non-current assets -55 During 2025, there were no material business acquisitions (2024: no ma- Current assets -28 terial business acquisitions). Non-current liabilities 14 Current liabilities 6 Divestments etc. Disposed net assets -63 There were no divestments in 2025. Cash consideration received 138 Directly attributable cost -3 In 2024, Group entered into an agreement to divest Dansk HøreCenter Net proceeds 135 (DHC) to Demant. DHC was acquired by Group’s Hearing division in 2013 in connection with a generational transition and is a well-reputed hear- Gain on divestment of operations etc. 72 ing aid retail chain operating 36 stores across Denmark. In 2023, DHC’s retail revenue accounted for approximately 1% of the Hearing division’s revenue, while the wholesale value for Group was insignificant. The transaction was completed on September 2, 2024, and demon- strates Group’s commitment to its successful strategy of not owning re- tail and focus on being a key partner to strong independent hearing aid dispensers. In line with this, Group has over the past couple of years di- vested the vast majority of its retail stores to focus its investments on synergetic assets that are accretive to growth and margins. 159/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 5.1 Acquisition and divestment of companies and operations (Continued) Accounting policies Business Combinations Enterprises acquired or formed during the year are recognized in the consoli- changes to contingent considerations are recognized in the income state- In business combinations where put options have been issued regarding dated financial statements from the date of acquisition or formation. The ac- ment. If uncertainties regarding measurement of identifiable assets, liabilities shares held by non-controlling interests the non-controlling interests are rec- quisition date is the date when the parent company effectively obtains con- and contingent liabilities exist at the acquisition date, initial recognition will ognized initially. As long as the put options remain unexercised the non-con- trol of the acquired enterprise. Enterprises disposed of are recognized in the take place based on preliminary fair values. If identifiable assets, liabilities and trolling interests are updated at the end of each reporting period, including its consolidated income statement until the disposal date. The comparative fig- contingent liabilities are subsequently determined to have different fair value share of allocations of profit or loss. The non-controlling interests are thereaf- ures are not restated for acquisitions. at the acquisition date than first assumed, goodwill is adjusted up until twelve ter derecognized by recognizing a financial liability for the put options and the months after the acquisition. The effect of the adjustments is recognized in difference is included as an equity transaction. If the put options are exer- For acquisitions of new enterprises in which the parent company is able to ex- the opening balance of equity, and the comparative figures are restated ac- cised, the same treatment is applied up to the date of exercise. The amount ercise control over the acquired enterprise, the purchase method is used. The cordingly. recognized as the financial liability at that date, is extinguished by the pay- acquired enterprises’ identifiable assets, liabilities and contingent liabilities ment of the exercise price. If the put option expires unexercised, the position are measured at fair value at the acquisition date. Identifiable intangible as- When acquiring a controlling interest in steps, Group assesses the fair value of is unwound so the non-controlling interest is recognized at the amount it sets are recognized if they are separable or arise from a contractual right. De- the acquired net assets at the time control is obtained. At such time, interests would have been, had the put options never been issued. The financial liability ferred tax on revaluations is recognized. acquired previously are also adjusted to fair value. The difference between the is derecognized in equity. fair value and the carrying amount is recognized in the income statement. Any excess of the cost over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognized as goodwill under intangible Acquisition of additional equity interest after a business combination is not Key accounting estimates assets. Goodwill is not amortized but is tested at least annually for impair- accounted for using the acquisition method, but rather as equity transactions. ment. The first impairment test is performed within the end of the acquisition Disposals of equity interest while retaining control are also accounted for as Purchase price allocation in business combinations year. Upon acquisition, goodwill is allocated to the cash-generating units, equity transactions. Transactions resulting in a loss of control result in a gain The application of the acquisition method for business combinations involves which subsequently form the basis for the impairment test. Goodwill and fair or loss being recognized in the income statement. the use of significant estimates as the identifiable net assets of the acquiree value adjustments in connection with the acquisition of a foreign entity with are recognized at their fair value for which observable market prices are another functional currency than the presentation currency used by Group When acquiring less than 100% of the shares in a company, Group recognizes typically not available. This is particularly relevant for intangible assets which are treated as assets and liabilities belonging to the foreign entity and trans- the goodwill on a transaction-by-transaction basis or as a proportion of good- require use of valuation techniques. Accordingly, management makes lated into the foreign entity’s functional currency at the exchange rate at the will in accordance with Group’s ownership interest. estimates of the fair value of acquired assets, liabilities and contingent transaction date. liabilities. Depending on the nature of the item, the determined fair value of an item may be associated with uncertainty and possibly adjusted The cost of a business combination comprises the fair value of the considera- subsequently. tion agreed upon. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the adjustment is probable and can be measured in a reliable manner. Subsequent 160/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Vesting conditions of performance unit shares Valuation model and assumptions 5.2 Share-based incentive plans The 2025 long-term incentive program with a three-year performance The fair value of the options is calculated using the principles of the and vesting commencing the first day of the financial year of the grant Black-Scholes option pricing model. The fair values of options granted Option and performance share unit programs date. The program includes a performance multiplier, based on revenue during the year are based on the underlying market prices at the grant The Group has an option-based and performance share unit-based long- growth, EBITA margin and total shareholder return. Thus, after the dates. term equity-settled incentive program whereby the Executive Manage- three-year vesting period, the initial share option grant can either in- ment and other employees in key positions are granted options and per- crease, decrease or stay the same, depending on Group’s performance. The exercise price for the annual ordinary grant of options is based on formance share unit linked to shares in GN Store Nord A/S. For members The maximum effect of the performance multiplier is to decrease the the average share price for GN Store Nord A/S in the five days following of Executive Management, the grant size can vary between 50% - 100% number of options to 0 or increase the number of options by a factor of the release of the annual report in the year in which the options are of their base salary. Performance share units and options are granted at 2. For Executive Management the gross return on each annual grant is awarded. no consideration. capped at a value equal to four times the annual base salary at the time of grant. The fair value of the performance unit shares at grant date is based on Performance unit program granted in 2025 and the option programs the market price of GN Store Nord A/S shares. The performance share granted from 2019-2024 are based on shares of GN Store Nord A/S. No subject to non-market conditions, the fair value is based on the share option program has been granted in 2025. price at grant date without adjustment for expected performance out- comes. Vesting conditions and exercise of options The 2019-2024 programs are long-term incentive programs with a three- The following assumptions were applied for the calculation of the fair value at the grant date of Group options: year vesting period from the grant date. The programs include a perfor- mance multiplier, based on revenue growth and EBITDA improvement Executive Management Other employees relative to a broad peer group of comparable companies. This means, 2025 2024 2025 2024 that after the three-year vesting period, the initial share option grant - 200,360 - 1,333,958 Number of options granted in the year can either increase, decrease or stay the same, depending on the Share price of GN Store Nord A/S at ordinary grant date - 183 - 183 Group’s performance relative to a peer group. The maximum effect of Vesting period - 3 years - 3 years Life of option - 6 years - 6 years the performance multiplier is to decrease the number of options to 0 or Volatility* - 45% - 45% increase the number of options by a factor of 2. For Executive Manage- Expected dividend - 0.4% - 0.4% ment the gross return on each annual grant is capped at a value equal to Risk-free interest rate** - 2.37% - 2.37% four times the annual base salary at the time of grant. Vested options Fair value per option at ordinary grant (DKK)*** - 45**** - 70 Total fair value at grant (DKK million) - 9 - 93 may be exercised at any time outside black-out periods for a three-year Amortization period of the program - 2024 - 2027 - 2024 - 2027 period after vesting. * Volatility is estimated by external experts, and is calculated based on data from a historical period matching the expected time to expiry of the options ** Risk-free interest rate is estimated by external experts and based on the zero yield curve derived from Danish government bonds with maturity equal to the expiry of the options In 2025, the 2022 grant did not vest as the vesting criteria related to *** The fair value assumes a performance multiplier of 1 EBITDA improvement in the period 2022-2025 was not met. **** Weighted average of the fair value of options granted to Executive Management adjusted for the cap. 161/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content GN Store Nord A/S 5.2 Share-based incentive plans (Continued) DKK Number of options* Average Executive Other exercise price Management employees Total Exercise of warrants and options 279 851,864 3,192,994 4,044,858 Outstanding at January 1, 2024 In 2025, there has been no exercise of vested share options. Granted during the year 179 200,360 1,333,958 1,534,318 Exercised during the year - - - - Forfeited during the year 507 -96,500 -379,297 -475,797 225 955,724 4,147,655 5,103,379 Outstanding at December 31, 2024 Granted during the year na - - - Exercised during the year - - - - Forfeited during the year 314 -459,225 -1,487,859 -1,947,084 Outstanding at December 31, 2025 171 496,499 2,659,796 3,156,295 Weighted average term to maturity (Years) Exercisable at December 31, 2024 313,725 687,352 1,001,077 Exercisable at December 31, 2025 - - - * Recognition of expenses on options granted are accelerated for participants not forfeiting the vesting conditions in connection with terminations (good leavers) unless a service is provided in the remaining vesting period. The recognized expenses in 2025 include acceleration of 165,726 options granted to Other employees of the Group. Accounting policies Outstanding options at December 31, 2025, by grant date are shown below: GN Store Nord A/S Share-based incentive plans The Executive Management and a number of key employees are included in DKK Number of options* share-based incentive plans (equity-settled plans). For equity-settled pro- Exercise Executive Other grams, the warrants and options are measured at the fair value at the Grant date price Management employees Total grant date and recognized in the income statement as a staff cost of the February 2023 164 94,000 1,359,237 1,453,237 respective functions over the vesting period. The counter item is recog- March 2023 151 97,300 - 97,300 nized in equity. On initial recognition, an estimate is made of the number of April 2023 149 - 4,215 4,215 warrants and options expected to vest. This estimate is subsequently re- June 2023 170 104,839 - 104,839 vised for changes in the number of warrants and options expected to vest. October 2023 125 - 4,387 4,387 Accordingly, recognition is based on the number of warrants and options February 2024 179 200,360 1,280,009 1,480,369 that are ultimately vested. The fair value of granted warrants and options April 2024 184 - 7,194 7,194 is estimated using the Black-Scholes option pricing model. Vesting condi- August 2024 176 - 4,754 4,754 tions are taken into account when estimating the fair value of the warrants Outstanding at December 31 496,499 2,659,796 3,156,295 and options. * The performance multiplier can decrease the number of non-vested options to 0 or as maximum effect increase the number by a factor of two. 162/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 5.2 Share-based incentive plans (Continued) The following assumptions were applied for the calculation of the fair value at the grant date of Group performance share units: Executive Management Other employees 2025 2024 2025 2024 Number of shares granted 94,510 - 718,504 - Grant Price (ordinary grant) 142 - 142 - Vesting Period 3 years - 3 years - Fair Value Per PSU at ordinary grant date 142 - 142 - Total market value at grant (DKK million) 13 - 102 - Amortisation period of the program 2025 - 2028 - 2025 - 2028 - 163/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 5.3 Contingent liabilities Guarantees Pending litigations and disputes The majority of guarantees are related to performance guarantees. The Group is party to pending litigations, claims and disputes arising out of the normal conduct of their business including various cases involving Security patent infringements. While provisions that management deem to be The Group has not pledged any assets as security in the present or prior reasonable and appropriate have been made for probable losses, there financial years. are uncertainties connected with these estimates. Group does not ex- pect the pending litigations and claims to have a material impact on Purchase obligations Group’s financial position, operating profit or cash flows in addition to Group has agreed with a number of suppliers that the suppliers will pur- the amounts recognized as provisions for legal disputes. chase components for the production of hearing instruments and head- sets based on sales estimates prepared by Group. To the extent that Group‘s sales estimates exceed actual purchases from suppliers, Group is under an obligation to purchase any remaining components from the suppliers. Management assesses sales estimates on an ongoing basis. To the extent that component inventories at suppliers exceed the volumes expected to be used, Group recognizes a provision for onerous purchase contracts. 164/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content 5.4 Investments in associates 5.5 Other non-cash adjustments 5.7 Related parties 2025 2024 2025 2024 DKK million DKK million No single entity or person has control or exercises significant influence Aggregated financial information for associates: Share-based payment (granted) -41 -36 over the Group as a whole. Key Management personnel and associated Total share of profit (loss) in associates, including im- 3 -7 (Gain) loss on divestment of operations -9 -72 companies are the sole related parties of the Group. Transactions with pairments Loss allowance on trade receivables, inventory write- Key Management personnel constitute remuneration, as disclosed in Total share of net assets in associates 53 296 downs, etc. 62 -20 note 2.3 Staff costs and management remuneration and 5.2 Share- Carrying amount of associates 53 296 (Gain) or loss on sale of fixed assets - 9 Adjustment of provisions -41 38 based incentive plans, and transactions with associates are disclosed in Other adjustments 4 -32 note 5.4 Investments in associates. Transactions with associates comprise sale of goods of DKK 138 million Total -25 -113 (2024: DKK 138 million). At year end Group has DKK 219 million (2024: DKK 211 million) in receivables from associates and DKK 56 million 5.8 Events after the reporting period (2024: DKK 43 million) of payables to associates. There were no profit of 5.6 Fees to statutory auditors dividend received in excess of carrying value of the associates to be in- No material subsequent events have occurred. cluded in Share of profit (loss) in associates in 2025 and 2024. DKK million 2025 2024 Statutory audit -11 -12 During 2025 HearX, a former associated company, has been merged into Tax advice services -2 -1 Other assurance engagements -2 -3 LXE Hearing. As part of the transaction GN Store Nord A/S’ ownership Other services -4 -3 has been diluted. Consequently, the investment is accounted for as a fi- Total -20 -19 nancial asset. Note: PwC's global other service fees amount to 30% of total Statutory audit fees. Accounting policies Fees for services other than statutory audit of the financial statements Investments in Associates in the Consolidated Financial Statements and other assurance engagements amount to DKK 6 million (2024: DKK On acquisition of investments in associates, the purchase method is used, 4 million). cf. Business Combinations. Services other than statutory audit of the financial statements provided In the consolidated financial statements investments in associates are rec- ognized according to the equity method. Investments in associates are by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab measured at the proportionate share of the enterprises’ net asset values (PricewaterhouseCoopers Denmark) mainly consist of tax related advice, calculated in accordance with the Group’s accounting policies minus or transaction/project support, technical accounting advisory services, plus the proportionate share of unrealized intra-group profits and losses other advisory services and limited assurance on sustainability state- and plus the carrying amount of goodwill. ment. Profit (loss) from Investments in Associates The proportionate share of the profit (loss) after tax of the individual asso- ciates is recognized in the income statement of the Group after elimination of the proportionate share of intra-group profits (losses). 165/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Companies in GN Group Ownership % Share capital Ownership % Share Capital Domicile Currency Domicile Currency GN Hearing Australia Pty. Ltd. Australia AUD 100 4,000,002 Denmark DKK 603,650,860 GN Store Nord A/S GN Hearing Austria GmbH Austria EUR 100 482,500 GN Financing A/S Denmark DKK 100 400,000 GN ReSound Produtos Médicos Ltda. Brazil BRL 100 1,019,327 Denmark DKK 100 65,252,600 GN Hearing A/S GN Hearing Care Canada Ltd. Canada CAD 100 8,435,000 Falcom A/S Denmark DKK 100 88,504,000 GN Hearing Shanghai Ltd. China CNY 100 20,491,300 GN Audio DK Sales A/S Denmark DKK 100 400,000 GN ReSound China Ltd. China CNY 100 34,000,000 GN Audio Australia Pty Ltd. Australia AUD 100 2,500,000 GN Hearing Czech Republic spol. s r.o. Czech Republic CZK 100 102,000 GN Áudio Brasil Importacão & Comércio Ltda. Brazil BRL 100 407,821 Audigy Group International A/S Denmark DKK 100 400,000 GN Audio Canada Inc. Canada CAD 100 409,800 GN Hearing Finland Oy/Ab Finland EUR 100 55,502 GN Audio (China) Ltd. China CNY 100 65,252,600 GN Hearing SAS France EUR 100 2,300,000 GN Audio (Shanghai) Co., Ltd. China CNY 100 15,481,000 GN Hearing GmbH Germany EUR 100 296,549 GN Audio Logistic (Xiamen) Ltd. China CNY 100 4,133,738 GN ReSound GmbH Hörtechnologie Germany EUR 100 2,162,253 GN Audio France SA France EUR 100 80,000 GN Hearing India Private Limited India INR 100 20,983,210 GN Audio Germany GmbH Germany EUR 100 51,100 GN Hearing S.r.l. Italy EUR 100 181,190 GN Audio Hong Kong Limited Hong Kong HKD 100 33,500,000 GN Hearing Japan K.K. Japan JPY 100 499,000,000 GN Audio India Private Limited India INR 100 40,000,000 GN Hearing Korea Co., Ltd. Korea KRW 100 136,700,000 Jabra Connect India Private Limited India INR 51 20,000,000 GN Hearing (Malaysia) Sdn Bhd Malaysia MYR 100 2,500,000 GN Audio Italy s.r.l. Italy EUR 100 10,200 GN Hearing Benelux B.V. Netherlands EUR 100 680,670 GN Audio Japan Ltd. Japan JPY 100 10,000,000 GN Hearing New Zealand Limited New Zealand NZD 100 2,000,000 GN Audio Benelux B.V. Netherlands EUR 100 18,000 GN Hearing Norway AS Norway NOK 100 2,000,000 GN Audio Philippines, Inc. Philippines PHP 100 10,000,000 GN Hearing Care S.A. Spain EUR 100 66,110 GN Audio Poland Sp. Z.o.o. Poland PLN 100 50,000 GN Hearing Sverige AB Sweden SEK 100 100,000 GN SDC Poland Sp. Z.o.o. Poland PLN 100 50,000 GN Hearing Switzerland AG Switzerland CHF 100 500,000 GN Audio Singapore Pte. Ltd. Singapore USD 100 700,000 GN Hearing UK Ltd. United Kingdom GBP 100 7,376,000 Jabra Connect Singapore Pte.Ltd. Singapore USD 51 12,000 GN Consumer Hearing Cooperation USA USD 100 35,232,370 GN Audio Spain, S.A. Spain EUR 100 66,111 GN US Holdings Inc. USA USD 100 36,000,000 GN Audio UK Ltd. United Kingdom GBP 100 100,000 Great Hearing Benefits, LLC* USA USD 100 - Falcom US, LLC* USA USD 100 - Beltone Holdings US, LLC USA USD 100 3,000 SteelSeries France S.A.S France EUR 100 2,363,600 Beltone Hearing Care Foundation* USA USD 100 - 3D Aim Trainer BV Belgium EUR 100 2,079,502 GN Hearing Care Corporation USA USD 100 190,000 Audigy Group, LLC* USA USD 100 - GN NB Holdings Inc USA USD 100 100,000 GN HX Holdings Inc USA USD 100 1 166/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content Companies in GN Group (Continued) Ownership % Share capital Domicile Currency Associates Himpp A/S** Denmark DKK 9 1,600,000 K/S Himpp** Denmark USD 9 19,950,000 HIMSA II A/S Denmark DKK 17 500,000 Himsa II K/S Denmark DKK 15 3,250,000 Progetto Udire S.R.L. Italy EUR 35 838,700 Audio Nova S.R.L. Romania ROL 49 1,000 Louqe AB Corporation* Sweden SEK 26 - BelMart LLC USA USD 30 3,556,822 Bold North Beltone, LLC USA USD 30 375,000 AXE Audiology, LLC USA USD 30 493,300 Beltopia LLC USA USD 25 1,734,500 Other Investments LXE Hearing USA USD 9 - Nations Benefits LLC USA USD 19 9,900,000 * Without par value ** The company is directly owned by the Parent Company GN Store Nord A/S Note: Minor companies have been omitted from the list. 167/195 --- GN Store Nord Annual Report 2025 Financial Statements – Consolidated Content In this annual report the following financial terms and non-IFRS measures are used: Divisional profit (loss) Revenue subtracted by production costs and selling and distribution costs Invested capital = NWC + property, plant and equipment and intangible assets + loans to dispensers of Hearing prod- ucts + pre-paid discounts + ownership interests – provisions Operating profit (loss) Profit (loss) before tax and financial items. Cash conversion = Free cash flow excl. company acquisitions and divestments EBITDA Operating profit (loss) before depreciation and impairment of property, plant and equipment, amor- EBITA tization and impairment of intangible assets, except development projects, impairment of goodwill and gains (losses) on divestment of operations etc.. EBITDA therefore include amortization of devel- Leverage = NIBD opment projects developed in-house. EBITDA EBITA Operating profit (loss) before amortization and impairment of acquired intangible assets, impair- Return on equity (ROE) = Profit (loss) for the year ment of goodwill and gains (losses) on divestment of operations etc. EBITA therefore include amor- Average equity of the Group tization of development projects and software developed in-house. Equity ratio = Equity of the Group Free cash flow Cash flow from operating and investing activities Total assets Key Ratio Definitions Earnings per share, basic (EPS) = Profit (loss) for the year attributable to shareholders in GN Store Nord A/S Organic growth = Absolute organic revenue growth Average number of shares outstanding Revenue in comparative period Earnings per share, fully diluted = Profit (loss) for the year attributable to shareholders in GN Store Nord A/S (EPS diluted) Organic growth is a measure of growth excluding the impact of acquisitions, divestments and for- Average number of shares outstanding, fully diluted eign exchange adjustments from year-on-year comparisons. Market capitalization Number of shares outstanding x share price at the end of the period Net working capital (NWC) = Inventories + receivables + other operating assets - trade payables - other operating liabilities Outstanding shares Number of shares listed - treasury shares Net interest bearing debt (NIBD) = Bank loans and issued bonds + Overdraft facilities + Lease liabilities - Cash and cash equivalents - Loans to dispensers Dividend payout ratio = Total dividend Profit (loss) for the year Gross margin = Gross profit Revenue Divisional profit margin Divisional profit Revenue EBITA margin = EBITA Revenue ROIC (Return on invested = EBITA capital including goodwill) Average invested capital including goodwill 168/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 Financial Statements – Parent CompanyFinancial Statements – Consolidated ContentContent Parent Company Financial statements Income statements 170 Statement of comprehensive income 170 Balance sheet at December 31 171 Statement of cash flow 172 Statement of equity 173 169/195169/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content Income statement Statement of comprehensive income DKK million Note 2025 2024 DKK million 2025 2024 828 898 653 988 Revenue Profit (loss) for the year 828 898 Gross profit Other comprehensive income Development costs -67 -194 Items that may be reclassified subsequently to the income statement Management and administrative expenses 1,2,3,4 -989 -1,059 Adjustment of cash flow hedges -85 - Other operating income and costs, net - -12 Foreign exchange adjustments, etc. -473 269 Operating profit (loss) -228 -367 Other changes in equity in subsidiaries 4 53 Share of profit after tax in subsidiaries 10 1,593 1,712 Tax relating to other comprehensive income 18 -10 Financial income 5 121 224 Other comprehensive income for the year -536 312 Financial expenses 5 -742 -690 744 879 Total comprehensive income for the year 117 1,300 Profit (loss) before tax Tax on profit (loss) 6 -91 109 Profit (loss) for the year 653 988 170/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content Balance sheet at December 31 Note 2025 2024 DKK million Assets Intangible assets 7 1,972 1,809 Property, plant and equipment 8, 9 13 30 Investments in subsidiaries 10 19,565 18,549 Amounts owed by subsidiaries 13 592 214 Other non-current assets 2 4 Total non-current assets 22,144 20,606 Tax receivables - 59 Other receivables 13 177 327 Cash and cash equivalents 23 688 Total current assets 200 1,074 Total assets 22,344 21,680 Equity and liabilities Share capital 604 604 Other reserves 5,642 4,446 Retained earnings 4,652 5,774 Total equity 10,898 10,824 Bank loans and issued bonds, non-current 13, 16 8,135 8,571 Lease liabilities, non-current 9, 13 - 8 Provisions, non-current 1 26 Deferred tax liabilities 11 187 44 Total non-current liabilities 8,323 8,649 Bank loans and issued bonds, current 13, 16 1,801 1,725 Lease liabilities, current 9, 13 1 8 Trade payables 13 83 116 Tax payables 230 - Amounts owed to subsidiaries, interest bearing 13, 16 627 - Amounts owed to subsidiaries, current 13, 16 187 57 Other current liabilities 194 301 Total current liabilities 3,123 2,207 Total equity and liabilities 22,344 21,680 171/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content Statement of cash flows DKK million Note 2025 2024 Note 2025 2024 DKK million Operating activities Financing activities Operating profit (loss) -228 -367 Proceeds from issuance of borrowings 7,695 - Depreciation, amortization and impairment 3 172 152 Repayment of bank loans -759 -1,068 Other non-cash adjustments -33 2 Repayment of issued bonds -7,300 -1,406 -89 -213 Repayment of lease liabilities -1 -7 Cash flow from operating activities before changes in working capital Amounts owed to subsidiaries 468 - Change in receivables -362 117 Cash flow from financing activities 103 -2,481 Change in trade payables and other payables 46 -663 Total changes in working capital -316 -546 Net cash flow -665 -3,849 Cash and cash equivalents, beginning of period 688 4,537 -405 -759 Cash flow from operating activities before financial items and tax Cash and cash equivalents, end of period 23 688 Interest and dividends, etc. received 122 219 Interest paid -494 -635 Tax paid, net 339 71 Cash flow from operating activities -438 -1,104 Investing activities Investments in intangible assets 7 -328 -264 Investments in tangible assets 8 -2 - -330 -264 Cash flow from investing activities Cash flow from operating and investing activities (free cash flow) -768 -1,368 172/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content Statement of changes in equity 2025 2024 Other reserves Other reserves Reserve Reserve according Reserve Proposed according Reserve Proposed to the for devel- dividends to the for devel- dividends Share Hedging Treasury equity opment for the Retained Total Share Hedging Treasury equity opment for the Retained Total capital* reserve shares method projects year earnings equity capital* reserve shares method projects year earnings equity DKK million DKK million 604 - -2,725 6,231 940 - 5,774 10,824 604 - -2,725 4,269 801 - 6,638 9,587 Balance at January 1, 2025 Balance at January 1, 2024 Profit (loss) for the period - - - 1,593 179 - -1,119 653 Profit (loss) for the period - - - 1,712 139 - -863 988 Adjustment of cash flow hedges - - - -85 - - - -85 Adjustment of cash flow hedges - - - - - - - - Other changes in equity in subsidiaries - - - 4 - - - 4 Other changes in equity in subsidiaries - - - 53 - - - 53 Foreign currency translation adjust- - - - -473 - - - -473 Foreign currency translation adjust- ments of investments in subsidiaries etc. ments of investments in subsidiaries etc. - - - 269 - - - 269 Tax relating to other comprehensive in- - - - 18 - - - 18 Tax relating to other comprehensive in- come come - - - -10 - - - -10 Other comprehensive income for the - - - -536 - - - -536 Other comprehensive income for the year year - - - 312 - - - 312 Total comprehensive income for the - - - 1,057 179 - -1,119 117 Total comprehensive income for the year year - - - 2,024 139 - -863 1,300 Tax related to share-based incentive - - - -7 - - - -7 Tax related to share-based incentive plans plans - - - - - - - - Share-based payment (granted) - - - 57 - - 6 63 Share-based payment (granted) - - - 57 - - - 57 Share-based payment (reversed) - - - -95 - - -9 -104 Share-based payment (reversed) - - - -92 - - -1 -93 Other changes in equity in subsidiaries - - - 5 - - - 5 Other changes in equity in subsidiaries - - - -27 - - - -27 Balance at December 31, 2025 604 - -2,725 7,248 1,119 - 4,652 10,898 Balance at December 31, 2024 604 - -2,725 6,231 940 - 5,774 10,824 The reserve according to the equity method includes foreign exchange adjustments of DKK 1,259 million (2024: DKK -786 million). Retained earnings, which are available for distribution from the Parent Company amounts to DKK 1,927 million (2024: DKK 3,049 million). 173/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 Financial Statements – Parent CompanyFinancial Statements – Parent Company ContentContent Parent Company notes Notes – Other disclosures Notes – Income statement and balance sheet 13 Financial instruments 183 1 Staff costs and management remuneration 175 14 Share capital and capital structure 184 2 Share-based incentive plans 175 15 Related party transactions 184 3 Depreciation, amortization and impairment 178 16 Liabilities from financing activities 185 4 Fees to statutory auditors 178 17 Accounting policies 185 5 Financial income and expenses 178 6 Tax 178 7 Intangible assets 179 8 Property, plant and equipment 180 9 Leases 181 10 Investments in subsidiaries 182 11 Deferred tax 182 12 Contingent assets and liabilities 182 174/195174/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content 2 Share-based incentive plans 1 Staff costs and management remuneration For 2020-2025 a share-based incentive plan has been implemented in Recognition of expenses on options granted are accelerated for partici- GN Store Nord A/S. For a description of this, see note 5.2 Share-based pants not forfeiting the vesting conditions in connection with termina- DKK million 2025 2024 incentive plans in the consolidated financial statements. The following tions (good leavers) unless a service is provided in the remaining vest- 291 296 Wages, salaries and remuneration assumption was applied for the calculation of the fair value at the ing period. The recognized expenses in 2025 include acceleration of Pensions 33 30 grant date of the options: 2,614 options granted to Other employees of GN Store Nord A/S Cost of current share-based incentive 6 9 Value of reversed share-based incentive -9 -10 (2024: 83,271 options accelerated). Other social security costs 2 2 Total 323 327 Executive Management Other employees Executive Management remuneration can be specified 2025 2024 2025 2024 as follows: Number of options awarded in the year - 200,360 - 119,709 Share price of GN Store Nord A/S at ordinary grant date - 183 - 183 Fixed pay* 15 15 Vesting period - 3 years - 3 years Short term incentives 8 12 Life of option - 6 years - 6 years Cost of current share-based incentive 6 7 Volatility* - 45% - 45% Value of reversed share-based incentive -7 - Expected dividend - 0.4% - 0.4% Total 22 34 Risk-free interest rate** - 2.37% - 2.36% Board of Directors remuneration 10 10 Fair Value per option at ordinary grant (DKK)*** - 45**** - 70 Total market value at grant (DKK million) - 9 - 8 Total remuneration 32 44 Amortization period of the program - 2024 - 2027 - 2024 - 2027 Staff costs are included in Management and adminis- * Volatility is estimated by external experts, and is calculated based on data from a historical period matching the expected time to expiry of the options trative expenses. ** Risk-free interest rate is estimated by external experts and based on the zero-yield curve derived from Danish government bonds with maturity equal to the expiry of the options Average number of FTEs 414 372 *** The fair value assumes a performance multiplier of 1 Number of FTEs at year-end 439 397 **** Weighted average of the fair value of options granted to executive management adjusted for the cap. * Fixed pay include Base salary and Other benefits. Other benefits include car allowances, company paid telephone and internet cost. For information regarding Executive Management and Board of Direc- tors total remuneration please refer to Note 2.3 Staff cost and man- agement remuneration in the consolidated financial statements. 175/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content 2 Share-based incentive plans (Continued) DKK Number Average Executive Other exercise price Management employees Total 284 355,548 265,945 621,493 Outstanding options at January 1, 2024 Options granted during the year 179 200,360 119,709 320,069 Options forfeited during the year/corrections 502 -18,250 -41,474 -59,724 217 537,658 344,180 881,838 Outstanding options at December 31, 2024 Options granted during the year - - - - Option increase from multiplier at vesting - - - - Options exercised during the year - - - - Options forfeited during the year/corrections 326 -135,159 -126,055 -261,214 Outstanding options at December 31, 2025 174 402,499 218,125 620,624 Weighted average term to maturity (Years) 3.7 3.7 3.7 Number of exercisable options at December 31, 2024 108,659 85,004 193,663 Number of exercisable options at December 31, 2025 - - - *The performance multiplier can decrease the number of options to 0 or as maximum effect increase the number of options by a factor of 2. DKK Number Exercise Executive Other Grant date price Management employees Total February 2023 164 - 101,398 101,398 March 2023 151 97,300 - 97,300 June 2023 170 104,839 - 104,839 February 2024 179 200,360 104,779 305,139 April 2024 184 - 7,194 7,194 August 2024 176 - 4,754 4,754 Outstanding options at December 31, 2025 402,499 218,125 620,624 * The performance multiplier can decrease the number of non-vested options to 0 or as maximum effect increase the number by a factor of 2. 176/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content 2 Share-based incentive programs (Continued) For 2025, performance share units have been established in GN Nord Store A/S. For description of this see note 5.2 Shared based incentive plans in the consolidated financial statements. The following grant date parameters were considered for the fair value calculation of the performance share units: Executive Management Other employees 2025 2024 2025 2024 Number of shares granted 94,510 - 73,326 - Grant Price (ordinary grant) 142 - 142 - Vesting Period 3 years - 3 years - Fair Value Per PSU at ordinary grant date 142 - 142 - Total market value at grant (DKK million) 13 - 11 - Amortisation period of the program 2025 - 2028 - 2025 - 2028 - 177/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content 3 Depreciation, amortization and 5 Financial income and expenses 6 Tax impairment 2025 2024 2025 2024 DKK million DKK million Financial income Tax on profit (loss) Depreciation, amortization and impairment for the year of property, Interest income from subsidiaries* 73 164 Current tax for the year - 149 Interest income from bank balances* - 20 Deferred tax for the year 142 -31 plant and equipment (incl. leased assets) and intangible assets of DKK Fair value adjustment of derivative financial instru- Adjustment to current tax in respect of prior years 52 -82 172 million (2024: DKK 150 million), is recognized in the income state- ments, net 48 40 Adjustment to deferred tax in respect of prior years -285 73 ment as management and administrative expenses. Total 121 224 Total -91 109 Financial expenses Reconciliation of effective tax rate 4 Fees to statutory auditors Interest expense to subsidiaries* -101 -139 Danish tax rate 22.0% 22.0% Interest expenses on bank loans and issued bonds* -380 -313 Non-taxable income 0.0% -0.4% Financial expenses, other -118 -183 Non-deductible expenses 4.3% 7.7% DKK million 2025 2024 Foreign exchange loss, net -143 -55 Adjustment of tax with respect of prior years 29.2% 1.1% -2 -3 Statutory audit Share of profit (loss) in subsidiaries -44.1% -42.7% Total -742 -690 Tax advice services -2 -1 Other, including provisions for uncertain tax positions 0.0% -0.1% Other assurance engagements -2 -3 *Interest income and expenses from financial assets and liabilities at amortized cost Effective tax rate 11.4% -12.4% Other services -4 -1 Total -10 -8 In 2025, the company paid preliminary taxes of DKK 20 million in Dan- ish corporate income tax for the year on behalf of the joint Group taxa- Services other than statutory audit are described in note 5.6 Fees to tion (2024: DKK 85 million was paid in final tax for the year in Danish statutory auditors in the consolidated financial statements. corporate income tax). 178/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content 7 Intangible assets 2025 2024 DKK million Software Patents & License Total Software Patents & License Total 1,885 667 2,552 1,687 667 2,354 Cost at January 1 Additions 328 - 328 264 - 264 Disposals -347 - -347 -66 - -66 Cost at December 31 1,866 667 2,533 1,885 667 2,552 Amortization and impairment at January 1 -681 -62 -743 -660 - -660 Amortization -89 -65 -154 -76 -62 -138 Disposals 348 - 348 55 - 55 Impairment -12 - -12 - - - Amortization and impairment at December 31 -434 -127 -561 -681 -62 -743 Carrying amount at December 31 1,432 540 1,972 1,204 605 1,809 Amortized over 3-10 years 3-10 years 3-10 years 3-10 years The carrying amount includes software in progress of DKK 774 million (2024: DKK 813 million). 179/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content 8 Property, plant and equipment 2025 2024 Operating Operating Factories and assets and Assets under Factories and assets and Assets under DKK million office buildings equipment construction Total office buildings equipment construction Total - 64 - 64 - 64 - 64 Cost at January 1 - - 2 2 - - - - Additions Disposals - - - - - - - - Cost at December 31 - 64 2 66 - 64 - 64 Depreciation and impairment at January 1 - -49 - -49 - -43 - -43 Depreciation - -5 - -5 - -6 - -6 Depreciation and impairment at December 31 - -54 - -54 - -49 - -49 Carrying amount at December 31 - 10 2 12 - 15 - 15 Leased assets, c.f. note 9 - 1 - 1 13 2 - 15 Total carrying amount at December 31 - 11 2 13 13 17 - 30 Operating assets and equipment are depreciated over 2-7 years. 180/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content 9 Leases The following right-of-use assets from leases are included in property, plant and equipment: Leased assets 2025 2024 Factories Operating Factories Operating and office assets and and office assets and buildings equipment Total buildings equipment Total DKK million 13 2 15 19 2 21 Carrying amount at January 1 Transfer to a group company -13 - -13 - - - Additions - - - - 1 1 Remeasurements - - - - - - Disposal - - - - - - Depreciation - -1 -1 -6 -1 -7 Carrying amount at December 31 - 1 1 13 2 15 Amounts expensed in the income statement and total cash outflow Lease liabilities 2025 2024 DKK million 2025 2024 DKK million Expense relating to low-value assets and short-term leases 3 5 Contractual maturity analysis of lease liabilities: Total cash outflow re. lease liabilities 1 7 Less than one year 1 9 Between one and three years - 10 More than three years - - Total 1 19 The Parent Company’s leases mainly consist of property leases of cars and office equipment. Rental contracts are typically made for fixed pe- riods but may have extension options. Contracts may contain both lease and non-lease components. In such cases the consideration in the contract is allocated to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an indi- vidual basis and contain a wide range of different terms and conditions. 181/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content 10 Investments in subsidiaries 11 Deferred tax 12 Contingent assets and liabilities 2025 2024 2025 2024 TDKK million DKK million The Parent Company has not issued any guarantees on behalf of sub- Cost at January 1 12,318 12,318 Deferred tax, net sidiaries in 2025 (2024: DKK 0 million). Additions, capital contribution - - Deferred tax at January 1, net -44 -86 Other adjustments - - Adjustment in respect of prior years -285 73 The company is jointly taxed with all Danish subsidiaries. The company Deferred tax for the year recognized in profit (loss) for Cost at December 31 12,318 12,318 is jointly and severally liable with the other companies in the joint taxa- the year 142 -31 Value adjustment at January 1 6,231 4,269 Tax related to other comprehensive income - - tion for Danish corporate taxes and withholding taxes on dividend, in- Share of profit after tax in subsidiaries 1,593 1,712 Deferred tax at December 31, net -187 -44 terests and royalties within the joint taxation. Foreign currency translation adjustments -473 269 Direct equity postings in subsidiaries -104 -19 Deferred tax, net relates to Intangible assets -263 -228 Value adjustments at December 31 7,247 6,231 Other 76 184 Carrying amount at December 31 19,565 18,549 Total -187 -44 Group companies are listed on pp. 166-167. 182/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content Contractual maturity analysis for financial liabilities Fair value disclosures re. financial instruments at amortized cost 13 Financial instruments Based on observable inputs (fair value hierarchy level 2), the fair value Between one of EMTN bonds amounted to DKK 548 million (2024: DKK 546 million). Less than and three More than Categories of financial assets and liabilities DKK million one year years three years Total For other financial assets and liabilities, the fair value is approximately 2025 2024 DKK million 2025 equal to the carrying amount. Financial assets Issued bonds 25 37 856 918 Other receivables 91 181 Bank loans 1,871 7,003 448 9,322 Amounts owed by subsidiaries 592 214 The foreign currency risk in GN Store Nord A/S mainly arises from Lease liabilities 1 - - 1 Financial assets at amortized cost 683 395 translation of receivables, debt and cash balances related to EUR and Trade payables 83 - - 83 USD, of which a large part of the USD risk is related to intercompany Amounts owed to subsidiaries, current 187 - - 187 Derivative financial instruments included in Other receivables 86 146 Amounts owed to subsidiaries, inter- balances. The foreign currency risk is mitigated through non-desig- Financial assets at fair value through profit or loss 86 146 est bearing 627 - - 627 nated derivatives. At year-end 2025 the FX derivatives had a fair value Financial liabilities Total non-derivative financial liabilities 2,794 7,040 1,304 11,138 of DKK 4 million (2024: DKK 5 million), of which DKK -1 million (2024: Issued bonds (bond-with-warrant units), non-current 373 8,199 Derivative financial liabilities 82 - - 82 Issued EMTN bonds, non-current 344 372 DKK 5 million) are related to derivatives of USD vs EUR or DKK and 2,876 7,040 1,304 11,220 Total financial liabilities Bank Loans, non-current 7,418 - DKK 5 million (2024: DKK 0 million) are related to derivatives of GBP vs Bank loans and issued bonds, current 1,801 1,725 2024 DKK. The fair value of derivatives is categorized as level 2 (observable Lease liabilities 1 16 Issued Bonds 26 38 895 959 inputs) in the fair value hierarchy. Trade payables 83 116 Bank loans 1,862 6,039 1,850 9,751 Amounts owed to subsidiaries, current 187 57 Lease liabilities 9 10 - 19 Amounts owed to subsidiaries, interest bearing 627 - Trade payables 116 - - 116 Financial liabilities at amortized cost 10,834 10,485 Amounts owed to subsidiaries 57 - - 57 Total non-derivative financial liabilities 2,070 6,087 2,745 10,902 Derivative financial instruments included in Other payables 82 141 Derivative financial liabilities 141 - - 141 Financial liabilities at fair value through profit or loss 82 141 2,211 6,087 2,745 11,043 Total financial liabilities The maturity analysis is based on non-discounted cash flows. For a description of loans in Group, as well as interest rate and foreign Economic hedges exchange risk on these, please refer to note 4.2 Financial risks in the consolidated financial statements. 2025 2024 Average rate Contract Fair value, Fair value, Average rate Contract Fair value, Fair value, DKK million (DKK) amount, net* assets liabilities (DKK) amount, net* assets liabilities USD / DKK 639 -2,014 37 -54 705 -3,453 114 -53 EUR / USD 741 -2,002 17 -1 704 -3,109 - -56 Other currency pairs -51 31 -27 -350 32 -31 85 -82 146 -140 Total * Positive contract amounts indicate sale of currencies vs. DKK or EUR 183/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content 14 Share capital and capital structure 15 Related party transactions For information regarding outstanding shares and treasury shares In addition to disclosures given in note 5.7 Related parties, related par- please refer to note 4.1 Outstanding shares and treasury shares in the ties for the parent company comprise group enterprises and associates consolidated financial statements. over which GN Store Nord A/S exercises control or significant influ- ence. Group companies are listed on pp. 166-167. Trade with group enter- prises comprised: DKK million 2025 2024 Sale of services to group enterprises 828 933 Lease income from group enterprises - 20 Purchase of services from group enterprises -182 -191 Lease costs paid to group enterprises - -30 The Parent Company's balances with group enterprises at December 31, 2025 are disclosed in the balance sheet. Interest income and expenses with respect to group enterprises are disclosed in note 5 Financial income and expenses. Further, balances with Group enter- prises comprise trade balances related to the purchase and sale of goods and services. Sale of services to group enterprises consists of facility services, can- teen services, management fee and IT costs. Purchase of services from group enterprises mainly consists of facility services and canteen ser- vices. Furthermore, the parent company has purchased development services from subsidiaries related to the exploring research projects. No transactions have been carried out with the Board of Directors, the Executive Management, senior employees, major shareholders or other related parties, apart from remuneration disclosed in notes 2.3 Staff costs and management remuneration and 5.2 Share-based incentive plans in the consolidated financial statements. 184/195 --- GN Store Nord Annual Report 2025 Financial Statements – Parent Company Content Supplementary accounting policies for the parent company 16 Liabilities from financing activities Investments in subsidiaries Revenue in the parent company primarily relates to services rendered Bank loans and to Group companies during the year. Bank loans, issued bonds, Amounts owed DKK million non-current Issued bonds Lease liabilities current to subsidiaries Total Investments in subsidiaries are accounted for using the equity method - 8,571 16 1,725 - 10,312 Liabilities at January 1 Cash flows 6,943 -7,300 -1 -7 469 104 whereby the investment is initially recognized at cost and adjusted Foreign exchange adjustments - - - - 158 158 thereafter for the post-acquisition change in the share of the subsidi- New leases - - - - - - ary’s net assets. The share of the subsidiaries’ profit or loss, less unreal- Reclassified to current/non-current 473 -553 - 80 - - ized intra-Group profits, is included in the income statement of the par- Reclassified to working capital - - - - - - ent company and the share of the subsidiaries’ other comprehensive in- Non-cash interest expenses - - - 3 - 3 Other non-cash adjustments 2 -1 -14 - - -13 come is included in other comprehensive income of the parent com- Liabilities at December 31, 2025 7,418 717 1 1,801 627 10,564 pany. Received dividends reduce the carrying amount of the invest- ments in subsidiaries. Liabilities at January 1 - 3,024 29 9,674 749 13,476 Cash flows - -1,406 -7 -1,068 - -2,481 To the extent net profit in subsidiaries exceeds declared or proposed Foreign exchange adjustments - - - - - - dividends from such companies, net revaluation of investments in sub- New leases - - - - - - Reclassified to current/non-current - 6,931 - -6,931 - - sidiaries is transferred to Net revaluation reserve under Equity accord- Reclassified to working capital - - - - -749 -749 ing to the equity method. Non-cash interest expenses - - - - - - Other non-cash adjustments - 22 -6 50 - 66 Management’s report for the Parent Company Liabilities at December 31, 2024 - 8,571 16 1,725 - 10,312 The Parent Company reports corporate level activities and investments into subsidiaries. Revenue in 2025 amounted to DKK 828 million (2024: DKK 898 million). The Parent Company applies the eq- 17 Accounting policies uity method for recognizing share of profit and investments in subsidi- The accounting policies for the financial statements of the parent com- aries and profit for the year and total equity developed in line with the The financial statements of the parent company, GN Store Nord A/S pany have been changed in line with the changes to accounting policies Group’s overall development. In 2025, cash flow from operating activi- have been prepared in accordance with IFRS Accounting Standards as described in note 1.1 in the consolidated financial statements. These ties was positively impacted by interests received in the total amount adopted by the EU and Danish disclosure requirements for annual re- changes have not had any material impact on recognition and meas- of DKK 122 million (2024: DKK 219 million). ports of listed companies. The financial statements have been pre- urement in the parent company. Apart from the above-mentioned pared in accordance with the historical cost convention, as modified by changes, the accounting policies for the financial statements of the the revaluation of certain financial instruments (including derivative fi- parent company are unchanged from the last financial year and are the nancial instruments) at fair value. same as for the consolidated financial statements with the following additions: 185/195 --- GN Store NordGN Store Nord Annual Report 2025Annual Report 2025 ContentContent Statements Statements by the Executive Management and the Board of Directors 187 Independent Auditor’s Reports 188 Independent Auditor’s limited assurance report on the Sustainability Statement 192 186/195186/195 --- GN Store Nord Annual Report 2025 Content Statements by the Executive Management and the Board of Directors disclosure” of the sustainability statement are, in all material respects, 2025-12-31-en.zip is prepared, in all material respects, in compliance The Board of Directors and Executive Board have today considered and in accordance with Article 8 of EU Regulation 2020/852 (the “Taxon- with the ESEF Regulation. adopted the Annual Report of GN Store Nord A/S for the financial year omy Regulation”). 1 January – 31 December 2025. We recommend that the Annual Report be adopted at the Annual Gen- The sustainability statement includes forward-looking statements eral Meeting. The Consolidated Financial Statements and the Parent Company Fi- based on disclosed assumptions about events that may occur in the nancial Statements have been prepared in accordance with IFRS Ac- future and possible future actions by the Group. Actual outcomes are counting Standards as adopted by the EU and further requirements in likely to be different since anticipated events frequently do not occur the Danish Financial Statements Act. Management’s Report has been as expected. prepared in accordance with the Danish Financial Statements Act. In our opinion, the annual report of GN Store Nord A/S for the financial In our opinion, the Consolidated Financial Statements and the Parent year 1 January to 31 December 2025 with the file name GNStoreNord- Company Financial Statements give a true and fair view of the financial Ballerup, February 5, 2026 position at 31 December 2025 of the Group and the Parent Company and of the results of the Group and Parent Company operations and Executive Management cash flows for 2025. In our opinion, Management’s Report includes a fair review of the de- velopment in the operations and financial circumstances of the Group and the Parent Company, of the results for the year and of the finan- Peter Karlstromer Søren Jelert cial position of the Group and the Parent Company as well as a descrip- Group CEO Group CFO tion of the most significant risks and elements of uncertainty, which Board of Directors the Group and the Parent Company are facing. Additionally, the sustainability statement, which is part of Manage- ment’s Report, has been prepared, in all material respects, in accord- ance with paragraph 99 a of the Danish Financial Statements Act. This Jukka Pekka Pertola Klaus Holse Hélène Barnekow Kim Vejlby Hansen Jørgen Bundgaard Hansen includes compliance with the European Sustainability Reporting Stand- Chair Deputy Chair ards (ESRS) including that the process undertaken by Management to identify the reported information (the “Process”) is in accordance with the description set out in the section “Double Materiality Assessment (DMA)”. Furthermore, disclosures within “EU Taxonomy Regulation Charlotte Johs Lise Skaarup Mortensen Leo Larsen Cathrin Inge Hansen Claus Holmbeck-Madsen 187/195 --- GN Store Nord Annual Report 2025 Content Independent Auditor’s Reports To the shareholders of GN Store Nord A/S Report on the audit of the Financial Statements Basis for opinion Our opinion We conducted our audit in accordance with International Standards on In our opinion, the Consolidated Financial Statements and the Parent Auditing (ISAs) and the additional requirements applicable in Denmark. Company Financial Statements give a true and fair view of the Group’s Our responsibilities under those standards and requirements are fur- and the Parent Company’s financial position at 31 December 2025 and ther described in the Auditor’s responsibilities for the audit of the Fi- of the results of the Group’s and the Parent Company’s operations and nancial Statements section of our report. cash flows for the financial year 1 January to 31 December 2025 in ac- cordance with IFRS Accounting Standards as adopted by the EU and We believe that the audit evidence we have obtained is sufficient and further requirements in the Danish Financial Statements Act. appropriate to provide a basis for our opinion. Our opinion is consistent with our Auditor’s Long-form Report to the Independence Audit Committee and the Board of Directors. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics What we have audited for Professional Accountants (IESBA Code) as applicable to audits of fi- The Consolidated Financial Statements and Parent Company Financial nancial statements of public interest entities, and the additional ethical Statements of GN Store Nord A/S for the financial year 1 January to 31 requirements applicable in Denmark. We have also fulfilled our other December 2025, comprise income statement and statement of com- ethical responsibilities in accordance with these requirements and the prehensive income, balance sheet, statement of cash flow, statement IESBA Code. of equity and notes, including material accounting policy information for the Group as well as for the Parent Company. Collectively referred To the best of our knowledge and belief, prohibited non-audit services to as the “Financial Statements”. referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided. Appointment We were first appointed auditors of GN Store Nord A/S on 21 March 2019 for the financial year 2019. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engage- ment of seven years including the financial year 2025. 188/195 --- GN Store Nord Annual Report 2025 Content Key audit matters Key audit matter How our audit addressed the key audit matter Key audit matters are those matters that, in our professional judge- Capitalisation and valuation of development costs We assessed whether the Group’s material accounting policies related to capitalisation and ment, were of most significance in our audit of the Financial State- valuation of development costs are in accordance with IFRS Accounting Standards. ments for 2025. These matters were addressed in the context of our The Group capitalises development costs within the Hearing, Enterprise and Gaming seg- audit of the Financial Statements as a whole, and in forming our opin- ment when certain criteria according to IFRS Accounting Standards are met. We updated our understanding of relevant controls, including Group controlling proce- dures, IT systems and business processes regarding development costs. For the controls, ion thereon, and we do not provide a separate opinion on these mat- The criterias for recognition and measurement of development costs are subject to Man- we assessed whether they were designed and implemented to effectively address the risk ters. agement’s estimates and judgments, which are uncertain by nature. of material misstatement. For selected controls which we planned to rely upon, we tested the operating effectiveness. Completed development projects are assessed for impairment indications during the year. For in-progress development projects impairment tests are performed at least yearly. The We selected a sample of in-progress development projects and considered whether all cri- impairment tests are based on a strategy plan approved by Management and value-in-use terias described in IFRS Accounting Standards were met as a basis for capitalisation. We calculations based on expected future cash flows. performed substantive audit procedures to verify capitalised amounts. We focused on this area because the criterias for recognition and measurement of develop- We evaluated and challenged Management’s assessment of impairment indicators of com- ment projects are subject to Management estimates and judgments. pleted development projects based on the commercial prospects of the projects. Refer to note 3.1 in the Financial Statements For in-progress development projects and completed projects where there are indications of impairment, we challenged the significant assumptions applied in the value-in-use calcu- lations. Our work was based on our understanding of the business cases and key assump- tions applied. We challenged whether the intend to finalise the projects remain and whether the projects are expected to generate future economic benefits exceeding the car- rying values. We assessed the completeness and accuracy of the disclosures of development projects and related impairment tests against the disclosure requirements in IAS 36 and IAS 38. 189/195 --- GN Store Nord Annual Report 2025 Content Statement on Management’s Report that are free from material misstatement, whether due to fraud or er- intentional omissions, misrepresentations, or the override of Management is responsible for Management’s Report. ror. internal control. • Obtain an understanding of internal control relevant to the Our opinion on the Financial Statements does not cover Management’s In preparing the Financial Statements, Management is responsible for audit in order to design audit procedures that are appropriate Report, and we do not as part of the audit express any form of assur- assessing the Group’s and the Parent Company’s ability to continue as in the circumstances, but not for the purpose of expressing an ance conclusion thereon. a going concern, disclosing, as applicable, matters related to going opinion on the effectiveness of the Group’s and the Parent concern and using the going concern basis of accounting unless Man- Company’s internal control. In connection with our audit of the Financial Statements, our responsi- agement either intends to liquidate the Group or the Parent Company bility is to read Management’s Report and, in doing so, consider or to cease operations, or has no realistic alternative but to do so. • Evaluate the appropriateness of accounting policies used and whether Management’s Report is materially inconsistent with the Fi- the reasonableness of accounting estimates and related dis- nancial Statements or our knowledge obtained in the audit, or other- Auditor’s responsibilities for the audit of the Financial Statements closures made by Management. wise appears to be materially misstated. Our objectives are to obtain reasonable assurance about whether the • Conclude on the appropriateness of Management’s use of the Financial Statements as a whole are free from material misstatement, going concern basis of accounting and based on the audit evi- Moreover, we considered whether Management’s Report includes the whether due to fraud or error, and to issue an auditor’s report that in- dence obtained, whether a material uncertainty exists related disclosures required by the Danish Financial Statements Act. This does cludes our opinion. Reasonable assurance is a high level of assurance, to events or conditions that may cast significant doubt on the not include the requirements in paragraph 99 a related to the sustaina- but is not a guarantee that an audit conducted in accordance with ISAs Group’s and the Parent Company’s ability to continue as a go- bility statement covered by the separate auditor’s limited assurance re- and the additional requirements applicable in Denmark will always de- ing concern. If we conclude that a material uncertainty exists, port hereon. tect a material misstatement when it exists. Misstatements can arise we are required to draw attention in our auditor’s report to from fraud or error and are considered material if, individually or in the the related disclosures in the Financial Statements or, if such Based on the work we have performed, in our view, Management’s Re- aggregate, they could reasonably be expected to influence the eco- disclosures are inadequate, to modify our opinion. Our conclu- port is in accordance with the Consolidated Financial Statements and nomic decisions of users taken on the basis of these Financial State- sions are based on the audit evidence obtained up to the date the Parent Company Financial Statements and has been prepared in ments. of our auditor’s report. However, future events or conditions accordance with the requirements of the Danish Financial Statements may cause the Group or the Parent Company to cease to con- Act, except for the requirements in paragraph 99 a related to the sus- As part of an audit in accordance with ISAs and the additional require- tinue as a going concern. tainability statement, cf. above. We did not identify any material mis- ments applicable in Denmark, we exercise professional judgement and statement in Management’s Report. maintain professional scepticism throughout the audit. We also: • Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and Management’s responsibilities for the Financial Statements • Identify and assess the risks of material misstatement of the whether the Financial Statements represent the underlying Management is responsible for the preparation of consolidated finan- Financial Statements, whether due to fraud or error, design transactions and events in a manner that gives a true and fair cial statements and parent company financial statements that give a and perform audit procedures responsive to those risks, and view. true and fair view in accordance with IFRS Accounting Standards as obtain audit evidence that is sufficient and appropriate to pro- • Plan and perform the group audit to obtain sufficient appro- adopted by the EU and further requirements in the Danish Financial vide a basis for our opinion. The risk of not detecting a mate- priate audit evidence regarding the financial information of Statements Act, and for such internal control as Management deter- rial misstatement resulting from fraud is higher than for one the entities or business units within the group as a basis for mines is necessary to enable the preparation of financial statements resulting from error, as fraud may involve collusion, forgery, 190/195 --- GN Store Nord Annual Report 2025 Content forming an opinion on the Consolidated Financial Statements Management is responsible for preparing an annual report that com- • Evaluating the appropriateness of the company’s use of iXBRL and the Parent Company Financial Statements. We are re- plies with the ESEF Regulation. This responsibility includes: elements selected from the ESEF taxonomy and the creation sponsible for the direction, supervision and review of the audit of extension elements where no suitable element in the ESEF • The preparing of the annual report in XHTML format; work performed for purposes of the group audit. We remain taxonomy has been identified; solely responsible for our audit opinion. • The selection and application of appropriate iXBRL tags, in- • Evaluating the use of anchoring of extension elements to ele- cluding extensions to the ESEF taxonomy and the anchoring ments in the ESEF taxonomy; and We communicate with those charged with governance regarding, thereof to elements in the taxonomy, for all financial infor- among other matters, the planned scope and timing of the audit and mation required to be tagged using judgement where neces- • Reconciling the iXBRL tagged data with the audited Consoli- significant audit findings, including any significant deficiencies in inter- sary; dated Financial Statements. nal control that we identify during our audit. • Ensuring consistency between iXBRL tagged data and the In our opinion, the annual report of GN Store Nord A/S for the financial Consolidated Financial Statements presented in human-reada- We also provide those charged with governance with a statement that year 1 January to 31 December 2025 with the file name GNStoreNord- ble format; and we have complied with relevant ethical requirements regarding inde- 2025-12-31-en.zip is prepared, in all material respects, in compliance pendence, and to communicate with them all relationships and other with the ESEF Regulation. • For such internal control as Management determines neces- matters that may reasonably be thought to bear on our independence sary to enable the preparation of an annual report that is com- Hellerup, 5 February 2026 and, where applicable, actions taken to eliminate threats or safeguards pliant with the ESEF Regulation. applied. PricewaterhouseCoopers Our responsibility is to obtain reasonable assurance on whether the an- Statsautoriseret Revisionspartnerselskab From the matters communicated with those charged with governance, nual report is prepared, in all material respects, in compliance with the CVR no 3377 1231 we determine those matters that were of most significance in the audit ESEF Regulation based on the evidence we have obtained, and to issue of the Financial Statements of the current period and are therefore the a report that includes our opinion. The nature, timing and extent of key audit matters. We describe these matters in our auditor’s report procedures selected depend on the auditor’s judgement, including the unless law or regulation precludes public disclosure about the matter. assessment of the risks of material departures from the requirements Mads Melgaard set out in the ESEF Regulation, whether due to fraud or error. The pro- Report on compliance with the ESEF Regulation State Authorised Public Accountant cedures include: As part of our audit of the Financial Statements we performed proce- mne34354 • Testing whether the annual report is prepared in XHTML for- dures to express an opinion on whether the annual report of GN Store mat; Nord A/S for the financial year 1 January to 31 December 2025 with the filename GNStoreNord-2025-12-31-en.zip is prepared, in all mate- • Obtaining an understanding of the company’s iXBRL tagging rial respects, in compliance with the Commission Delegated Regulation process and of internal control over the tagging process; Søren Ørjan Jensen (EU) 2019/815 on the European Single Electronic Format (ESEF Regu- State Authorised Public Accountant • Evaluating the completeness of the iXBRL tagging of the Con- lation) which includes requirements related to the preparation of the mne33226 solidated Financial Statements including notes; annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes. 191/195 --- GN Store Nord Annual Report 2025 Content Independent Auditor’s limited assurance report on the Sustainability Statement historical financial information (“ISAE 3000 (Revised)”) and the addi- Management’s responsibilities for the Sustainability Statement To the stakeholders of GN Store Nord A/S tional requirements applicable in Denmark. Management is responsible for designing and implementing a process to identify the information reported in the Sustainability Statement in Limited assurance conclusion The procedures in a limited assurance engagement vary in nature and accordance with the ESRS and for disclosing this Process as included in We have conducted a limited assurance engagement on the sustaina- timing from, and are less in extent than for, a reasonable assurance en- the section “Double Materiality Assessment (DMA)” of the Sustainabil- bility statement of GN Store Nord A/S (the “Group”) included in the gagement. Consequently, the level of assurance obtained in a limited ity Statement. This responsibility includes: Management’s Report (the “Sustainability Statement”), for the finan- assurance engagement is substantially lower than the assurance that cial year 1 January – 31 December 2025. • understanding the context in which the Group’s activities and would have been obtained had a reasonable assurance engagement business relationships take place and developing an under- been performed. Based on the procedures we have performed and the evidence we have standing of its affected stakeholders; obtained, nothing has come to our attention that causes us to believe We believe that the evidence we have obtained is sufficient and appro- • the identification of the actual and potential impacts (both that the Sustainability Statement is not prepared, in all material re- priate to provide a basis for our conclusion. Our responsibilities under negative and positive) related to sustainability matters, as spects, in accordance with the Danish Financial Statements Act para- this standard are further described in the Auditor’s responsibilities for well as risks and opportunities that affect, or could reasonably graph 99 a, including: the assurance engagement section of our report. be expected to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost of capital • compliance with the European Sustainability Reporting Stand- Our independence and quality management over the short-, medium-, or long-term; ards (ESRS), including that the process carried out by the We are independent of the Group in accordance with the International management to identify the information reported in the Sus- • the assessment of the materiality of the identified impacts, Ethics Standards Board for Accountants’ International Code of Ethics tainability Statement (the “Process”) is in accordance with the risks and opportunities related to sustainability matters by se- for Professional Accountants (IESBA Code) and the additional ethical description set out in the section “Double Materiality Assess- lecting and applying appropriate thresholds; and requirements applicable in Denmark. We have also fulfilled our other ment (DMA)” on page 49; and ethical responsibilities in accordance with these requirements and the • making assumptions that are reasonable in the circumstances. IESBA Code. • compliance of the disclosures in the section “EU Taxonomy Regulation disclosures” of the Sustainability Statement with Management is further responsible for the preparation of the Sustaina- Our firm applies International Standard on Quality Management 1, Article 8 of EU Regulation 2020/852 (the “Taxonomy Regula- bility Statement, which includes the information identified by the Pro- which requires the firm to design, implement and operate a system of tion”). cess, in accordance with the Danish Financial Statements Act para- quality management including policies or procedures regarding compli- graph 99 a, including: ance with ethical requirements, professional standards and applicable Basis for conclusion • compliance with the ESRS; legal and regulatory requirements. We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Re- • preparing the disclosures as included in the section “EU Tax- vised), Assurance engagements other than audits or reviews of onomy Regulation disclosures” of the Sustainability 192/195 --- GN Store Nord Annual Report 2025 Content Statement, in compliance with Article 8 of the Taxonomy Reg- • Obtaining an understanding of the Process, but not for the In conducting our limited assurance engagement, with respect to the ulation; purpose of providing a conclusion on the effectiveness of the Process, we: Process, including the outcome of the Process; • designing, implementing and maintaining such internal con- • Obtained an understanding of the Process by performing in- trol that management determines is necessary to enable the • Considering whether the information identified addresses the quiries to understand the sources of the information used by preparation of the Sustainability Statement that is free from applicable disclosure requirements of the ESRS; and management; and reviewing the Group’s internal documenta- material misstatement, whether due to fraud or error; and tion of its Process; and • Designing and performing procedures to evaluate whether the • the selection and application of appropriate sustainability re- Process is consistent with the Group’s description of its Pro- • Evaluated whether the evidence obtained from our proce- porting methods and making assumptions and estimates that cess, as disclosed in the section “Double Materiality Assess- dures about the Process implemented by the Group was con- are reasonable in the circumstances. ment (DMA)”. sistent with the description of the Process set out in the sec- tion “Double Materiality Assessment (DMA)”. Inherent limitations in preparing the Sustainability Statement Our other responsibilities in respect of the Sustainability Statement in- In reporting forward-looking information in accordance with ESRS, clude: In conducting our limited assurance engagement, with respect to the management is required to prepare the forward-looking information Sustainability Statement, we: on the basis of disclosed assumptions about events that may occur in • Identifying where material misstatements are likely to arise, • Obtained an understanding of the Group’s reporting processes the future and possible future actions by the Group. Actual outcomes whether due to fraud or error; and relevant to the preparation of its Sustainability Statement in- are likely to be different since anticipated events frequently do not oc- • Designing and performing procedures responsive to disclo- cluding the consolidation processes by obtaining an under- cur as expected. sures in the Sustainability Statement where material misstate- standing of the Group’s control environment, processes and ments are likely to arise. The risk of not detecting a material information systems relevant to the preparation of the Sus- Auditor’s responsibilities for the assurance engagement misstatement resulting from fraud is higher than for one re- tainability Statement but not evaluating the design of particu- Our responsibility is to plan and perform the assurance engagement to sulting from error, as fraud may involve collusion, forgery, in- lar control activities, obtaining evidence about their imple- obtain limited assurance about whether the Sustainability Statement is tentional omissions, misrepresentations, or the override of in- mentation or testing their operating effectiveness; free from material misstatement, whether due to fraud or error, and to ternal control. issue a limited assurance report that includes our conclusion. Misstate- • Evaluated whether the information identified by the Process is ments can arise from fraud or error and are considered material if, indi- included in the Sustainability Statement; Summary of the work performed vidually or in the aggregate, they could reasonably be expected to in- A limited assurance engagement involves performing procedures to • Evaluated whether the structure and the presentation of the fluence decisions of users taken on the basis of the Sustainability obtain evidence about the Sustainability Statement. The nature, timing Sustainability Statement are in accordance with the ESRS; Statement as a whole. and extent of procedures selected depend on professional judgement, • Performed inquiries of relevant personnel and analytical pro- including the identification of disclosures where material misstate- As part of a limited assurance engagement in accordance with ISAE cedures on selected information in the Sustainability State- ments are likely to arise, whether due to fraud or error, in the Sustaina- 3000 (Revised) we exercise professional judgement and maintain pro- ment; bility Statement. fessional scepticism throughout the engagement. • Performed substantive assurance procedures on selected in- formation in the Sustainability Statement; Our responsibilities in respect of the Process include: 193/195 --- GN Store Nord Annual Report 2025 Content • Where applicable, compared disclosures in the Sustainability Statement with the corresponding disclosures in the financial statements and Management’s Report; • Evaluated the methods, assumptions and data for developing estimates and forward-looking information; and • Obtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability State- ment. Hellerup, 5 February 2026 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab CVR no 3377 1231 Mads Melgaard State Authorised Public Accountant mne34354 Søren Ørjan Jensen State Authorised Public Accountant mne33226 194/195 --- GN Store Nord Annual Report 2025 Content Forward-looking statements The forward-looking statements in this report reflect the management's current expectations of certain future events and financial results. Statements regard- ing 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 develop- ments in the financial markets as well as foreign exchange rates, technological developments, changes and amendments to legislation and regulations govern- ing GN’s markets, changes in the demand for GN's products, competition, fluc- tuations in sub-contractor supplies, and developments in ongoing litigation (in- cluding but not limited to class action and patent infringement litigation in the United States). For more information, please see the "Management's report" and "Risk manage- ment” sections in this Annual Report. This Annual Report should not be consid- ered an offer to sell securities in GN. © 2026 GN Store Nord A/S. All rights reserved. Beltone, BlueParrott, Danavox, FalCom, Interton, Jabra, ReSound, and SteelSeries are trademarks of the GN Group. Apple, the Apple logo, iPhone, iPad and iPod touch are trademarks of Ap- ple Inc., registered in the U.S. and other countries. App Store is a service mark of GN Store Nord A/S +45 45 75 00 00 Apple Inc., registered in the U.S. and other countries. Android, Google Play and Lautrupbjerg 7 info@gn.com the Google Play logo are trademarks of Google LLC. The Bluetooth word mark 2750 Ballerup gn.com and logos are registered trademarks owned by Bluetooth SIG, Inc. The Auracast Denmark Co.reg. no 24257843 word mark and logos are trademarks owned by Bluetooth SIG. 195/195