Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	29226000000	dkk
ifrs-full:Assets	2024-12-31	30611000000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	16782000000	dkk
ifrs-full:Revenue	2024-01-01	2024-12-31	17985000000	dkk

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These measures include a guidance model to ensure that a diverse pool of candidates must be presented for such positions, that diversity must exist on short-lists, and that hiring boards must be diverse. As the target is not fully met, these initiatives will continue into 2026 to further ensure diversity in leadership. Diversity in leadership  2025 2024 1 – Board of Directors Total number - elected by General Meeting / employee elected 7 / 3 6 / 3 Underrepresented gender (%)  43 / 33 33 / 33 Target (%) *  40 / 40  40 / 40 Target year (both elected by General Meeting and by employees) June 30, 2026 June 30, 2026 2 – Executive Management** Total number 2 2 Underrepresented gender (%) 0 0 3 – Senior Leadership*** Total number 13 10 Underrepresented gender (%) 31 30 Target (%) 33 33 Target year June 30, 2026 June 30, 2026 *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-pends on the number of members but is the number that is closest to 40%, without ex-ceeding 49%. The target of “equal gender distribution” has been met for both members elected by the general meeting and employee-elected members of the Board of Directors. **Executive Management as registered with the Danish Business Authority.*** Senior Leadership as defined in section 3(5) of the Danish gender balance act com-prises GN’s Executive Management, Executive Leadership Team employed by GN Store 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 Further, managers on garden leave (i.e. formally employed but no longer active in the company) are included to comply with this act.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. Board of DirectorsJukka Pekka Pertola Chair (since 2023) Board member since: 2020 Term: 2025/2026 Considered independent: Yes Nationality/gender: Finnish/male Year of birth: 1960 M.Sc. (Electrical Engineering) Professional board member. Former CEO of Siemens A/S Chair of the Boards of Tryg A/S*, Tryg Forsikring A/S, Cowi Holding A/S, and Siemens Gamesa Renewable Energy A/S.  Committee memberships: Technology &amp; Innovation (Chair), Remunera-tion &amp; Nomination (member); in Tryg A/S: Remuneration (Chair), Nomi-nation (Chair), and IT-Data (member); in Cowi Holding A/S: Nomination and Remuneration (Chair). Broad international background with more than 20 years of manage-ment experience in the ICT, energy, industry, infrastructure, and healthcare sectors, solid experience with various business models stretching from B2C to complex project business, IT outsourcing solu-tions, technology services, and professional services. Klaus Holse Deputy Chair (since 2023) Board member since: 2023 Term: 2025/2026 Considered independent: Yes Nationality/gender: Danish/male Year of birth: 1961 M.Sc. (Computer Science) Professional board member. Former CEO of SimCorp A/S Chair of the Boards of Danish Industry, Vizrt Group AS, EG A/S, and Su-perOffice AS. Deputy chair of the Boards of Thomas B. Thriges Fond, Terma A/S, and IAD - Industriens Arbejdsgivere i Danmark. Member of the Boards of Macrobond Financial AB, Thrige Holding A/S and Zenegy ApS. CEO, Khaboom ApS. Committee memberships: Audit (member), Remuneration &amp; Nomina-tion (member), and Technology &amp; Innovation (member). Remuneration (member) in Vizrt Group AS and SuperOffice AS. Broad international background with more than 20 years of manage-ment experience in the IT and software industry and brings to the Board a vast experience and insight into the green agenda, ESG/sus-tainability, and digitalization. Claus Holmbeck-Madsen Employee elected member (since 2022) Term: 2022/2026 Nationality/gender: Danish/male Year of birth: 1968 Academy Foundation Degree (Business) Global Head of Knowledge &amp; Learning, Global Customer Experience Board and Committee positions: Member of the Board of the GN Store Nord Foundation. Lise Skaarup Mortensen Board member (since 2025) Term: 2025/2026 Considered independent: Yes Nationality/gender: Danish/female Year of birth: 1968 M.Sc. BA &amp; Econ Professional board member. Former CFO of Chr. Hansen Holding A/S Member of the Boards of Dovista A/S, Vizrt Group AS, Royal Unibrew A/S*, Saltfoss Energy ApS, Seasalt Group ApS, and InstallatørGruppen A/S. Executive director of LSM Consulting ApS. Committee memberships: Audit (Chair). Remuneration &amp; Nomination (member); Audit (Chair) in Dovista, in Royal Unibrew*, and Vizrt Group. Broad international leadership experience from the field of finance, strategy, and M&amp;A. Executive leadership accomplishments within global and end-to-end finance functional leadership, ESG, and IT/digi-tal governance and cybersecurity. Industry knowledge primarily from digital and biotech innovation. Cathrin Inge Hansen Employee elected member (since 2022) Term: 2022/2026 Nationality/gender: Danish/female Year of birth: 1969 B.Sc. (International Marketing), Graduate Diploma (Business Admin-istration &amp; International Trade) Sr. Regulatory Compliance Strategic Project Manager Leo Larsen Employee elected member (since 2007) Term: 2022/2026 Nationality/gender: Danish/male Year of birth: 1959 M.Sc. (Electrical Engineering) and a diploma in business administration and international trade Principal Portfolio Scientist, Research &amp; Exploration Board and Committee positions: Member of the Board of the GN Store Kim Vejlby Hansen Board member (since 2024) Term: 2025/2026 Considered independent: Yes Nationality/gender: Danish/male Year of birth: 1964 Civil Engineer (E), Ph.D. CEO at FOSS A/S (including at FOSS Analytical A/S and FOSS af 24. au-gust 1998 ApS) Chair of the Boards of Ibsen Photonics A/S, Au2mate A/S, FOSS Ejendomme SLG A/S, N. F. Falcon Blocker Inc., and Wasatch Photonics LLC. Member of the Boards of SPIO Systems ApS, Graspian ApS, FOSS Analytical A/S, and FOSS af 24. august 1998 ApS. Committee memberships: Technology &amp; Innovation (member). Extensive executive leadership career with globally operating FOSS since 2002 (Vice President R&amp;D, Executive Vice President Business &amp; Product Development, COO and member of Executive Management, and CEO since 2016). Deep expertise within general management, business development, M&amp;A, product development (software, hardware, digital signal pro-cessing, including in hearing aids), quality, service &amp; sales support, pro-duction, procurement, and logistics. Hélène Barnekow Board member (since 2013) Term: 2025/2026 Considered independent: No Nationality/gender: Swedish/female Year of birth: 1964 M.Sc. (International Business) Partner, Gaia Leadership. Former CEO, Microsoft Sweden * Company listed on a regulated market Chair of the Boards of Storytel AB* and Mindler AB. Deputy Chair of the Swedish Chamber of Commerce for the UK. Member of the Board of Handelsbanken AB*. Member of the Board of Latour AB*. Committee memberships: Remuneration &amp; Nomination (Chair), in Sto-rytel AB: Remuneration (Chair), Audit (member), and Strategy (mem-ber). Long international experience, mainly in the technology sector and in different C-level positions. Experience ranging from product develop-ment to sales and marketing. Managed significant digital transfor-mations across companies and geographies with focus on inclusive transformation leadership. Jørgen Bundgaard Hansen Board member (since 2024) Term: 2025/2026 Considered independent: Yes Nationality/gender: Danish and American/male Year of birth: 1967 B.Sc. Mechanical Engineering; B.Sc. International Commerce.  CEO at Aspen Surgical Products, Inc. Member of the Boards of Siren Care Inc., AdvaMed Accel, Gravitas Med-ical Inc. , and Lifelens Technologies Inc. Committee memberships: Audit (member). Experienced international leader of large organizations for more than 20 years with a global agenda of growth and major transformation. Has led public, private equity, and venture capital owned companies, primarily within health care in the U.S., E.U., and Asia. Has led transfor-mational turnarounds, change management, and major restructurings.  Extensive global expertise within strategy, M&amp;A, sales, marketing, R&amp;D, operations, ESG/sustainability, supply chain, public company leadership, and investor relations as well as private equity and venture capital markets. Charlotte Johs Board member (since 2025) Term: 2025/2026 Considered independent: Yes Nationality/gender: Danish/female Year of birth: 1964 M.Sc. International Business. Board Certification Professional board member and advisor, co-owner and advisor of JO-HS LLC. Member of the Boards of Center for internationale strukturrationaliser-inger ApS and Fællesskabet af januar 2024 ApS.  Committee memberships: Technology &amp; Innovation (member) A senior international executive with extensive experience in large global corporations in the consumer goods and consumer electronics industries. Over a decade of experience on the executive team at Logitech and further past leadership positions with Cadbury, DANDY, Sara Lee, l’Oreal, and Cherry SE. Expertise within general management, consumer centric innovation and brand &amp; marketing strategies driving increased customer value.Sustainability statementGeneral informationOur Better for planet sustainability strategy Strategic direction ___________________________________ SBM-1 In 2025, we launched our updated Better for planet sustainability strat-egy, as a pillar of our overall corporate strategy (see p. 10), aimed at: 1.  Protecting the planet and people 2.  Sustained competitive edge and supporting our commitment to customer centricity by meeting sustainability requirements of cus-tomers and business partners 3.  Compliance with current and future sustainability legislation 4.  Continued high investor ESG ratings We strive to meet the requirements of leading third-party standards and verifications, such as the Science Based Targets initiative (SBTi), TCO Certified, and the Responsible Business Alliance (RBA).   Being a pillar in our corporate strategy means that Better for planet supports our focus on customer-centric innovation by driving improve-ment in four focus areas: 1.  Reducing our carbon footprint, with science-based targets to re-duce our carbon footprint by 80% in scopes 1 and 2 and by 25% in scope 3 by 2030 compared to 2021 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  We have further sub-targets across these focus areas, which are cov-ered in this statement. This includes five pillars to enable us to deliver on our focus areas and targets:  1.  Clean Power and Electrification a.  Renewable energy for GN and key suppliers b.  Low-carbon car fleet c.  Improving energy efficiency at our sites 2.  Circularity through design a.  Increase the use of sustainable materials in products b.  Improve repairability  c.  Improve recyclability  3.  Circularity through material recovery a.  Expand remanufacturing scope in the Hearing division to wireless accessories and chargers  4.  Expanding TCO Certified  a.  Continuously meet requirements of TCO Certified for cov-ered products in Enterprise and Gaming 5.  Strengthening our due diligence  a.  Execute third-party RBA-aligned audits both in our own sites and with key suppliers b.  Use EcoVadis to track and improve supplier performance  c.  Maintain due diligence programs related to conflict miner-als and forced labor The enablers of Better for planet are solid data systems and reporting (including life cycle assessments (LCAs)), a governance that anchors execution within existing processes (see p. 51) and an ongoing tracking of external requirements to adjust focus areas or pillars if needed.  Each of the pillars and targets have been set based on input and en-gagement with affected internal and external stakeholders. These in-clude subject matter experts, employees, value chain workers, custom-ers, suppliers, investors, as well as industry and ESG associations (see p. 53). We have also gathered baseline data on the current performance in each specific pillar. We aim to continuously assess the relevance of these topics to guide the business in prioritizing the most significant is-sues to GN and society.    Better for planet strategy framework ___________________________________ SBM-1  Better for planet  strategyContributing to a more climate conscious, circular and ethical futureReducing our carbon footprint80% reduction of scopes 1 and 2 and 25% reduction of scope 3 carbon emissions by 2030Advancing circular products and services40% sustainable materials* by 2030Safeguarding the rights of people in our value chainLimiting our use of hazardoussubstancesClean power and Circularity through Circularity through Expanding TCO Strengthening our 1Electrification2design3material recovery4Certified5due diligence•Renewable energy for •Increase the use of •Expand remanufacturing •Continuously meet •Execute third-party RBA-GN and key supplierssustainable materials in scope in the Hearing requirements of TCO aligned audits both in productsdivision to wireless Certified for covered our own sites and with •Low-carbon car fleetaccessories and chargers products in Enterprise key suppliers•Improve repairability •Improving energy and Gaming•Use EcoVadis to track efficiency at our sites•Improve recyclability and improve supplier performance •Maintain due diligence programs related to conflict minerals and forced laborData systems and reporting automationCollaboration and governance modelTrack changing external requirements ESG data foundation and product LCAsto integrate sustainability into  existingto stay ahead of legislation and customer processesneeds* Recycled and sustainably sourced bio-based material  Impacts, risks, and opportunities (IROs)  addressed by Better for planet E1 Climate change IROs related to our own and supply chain emissions, climate transition and physical risks, reliance on fossil fuels, and energy efficiency. E5 Resource use and circular economy Negative impacts relating to the use of virgin and non-renewable mate-rials, and recycling. S2 Workers in the value chain Negative impacts related to working conditions and equal treatment, as well as risks associated with other worker-related rights. E2 Pollution Negative impacts associated with pollution to water, soil, and food, in-cluding use of substances of (very high) concern. IROs partially or not addressed by  Better for planet: S1 Own workforce Human rights impacts related to our own workforce are addressed by Better for planet, other S1 IROs are addressed through policies, actions, and targets governed under our People &amp; Communication function. S4 Consumers and end-users IROs are addressed by existing compliance processes related to data privacy and product safety, and by our core business activities in the Hearing division where they relate to the positive impact on people with hearing loss. G1 Business conduct All IROs are addressed by existing business ethics and compliance pro-cesses. See each of the topical chapters for more details. Our material impacts, risks, and opportunities Double Materiality Assessment (DMA) ___________________________________ IRO-1; SBM-3 In 2025, we updated the double materiality assessment (DMA) first car-ried out in 2024. Through this process, we identified 26 material im-pacts, risks, and opportunities (IROs) across seven ESRS topical stand-ards, including two entity-specific disclosures. The visualization on the next page links each IRO to its position in the upstream, own opera-tions, and downstream parts of our value chain and shows key inputs and outputs. The original DMA completed in 2024 was based on more than 40 exter-nal reports from NGOs, governments, and suppliers, and five internal workshops with 27 subject matter experts. For the update in 2025, we used desk research, benchmarking against other companies in our in-dustries and additional stakeholder workshops to reassess and, where relevant, merge IROs. We also aimed to better capture positive im-pacts and opportunities, and align more closely with our Enterprise Risk Management (ERM) process to assess the financial effects of risks.This update reduced the number of IROs in several topical standards and improved how we identify and prioritize risks and opportunities, without changing the disclosure requirements we report against. Methodology  For impact materiality, we give equal weight to the three dimensions of severity (scale, scope, irremediability) and to likelihood, prioritizing negative impacts accordingly. For human rights-related impacts, we follow ESRS 1, giving precedence to severity over likelihood. For finan-cial materiality, we aligned with ERM, giving equal weight to likelihood and financial impact, using consistent thresholds based on relative im-pact on EBITA and assessing both impacts and financial effects on a gross basis before mitigation. We refined our 1–5 scoring scale for im-pacts, risks, and opportunities and set a materiality threshold at 3 or above. For impacts, this corresponds to a medium scale and scope, a remediable character with some effort and a likely outcome; for finan-cial risks and opportunities, it equates to an expected absolute EBITA impact of at least 10% with a likely outcome. Time horizons for IROs are aligned with our ERM process: 0–1 years for short term and 2–3 years for medium term, with all IROs defined in the short term except climate-related risks, which are assessed over a 4–30-year medium- to long-term horizon (see E1, p. 61). Our DMA process is under ongoing senior management review and is approved annually by the Audit Committee. Across our own operations and value chain, we find material IROs re-lated to climate change, pollution, resource use and circular economy, our own workers and workers in the value chain, consumers and end-users, and governance-related risks. In our own operations, we as-sessed IROs by focusing on our main assets and activities, including hearing aid component assembly in Denmark, manufacturing in China and Malaysia, final assembly in regional operation centers (ROCs), R&amp;D and product testing, sales and external collaboration, and white-collar back-office functions. In the value chain, we focused on six industries critical to our business model and with elevated ESG risk: mining, plas-tic and aluminium production, paper production, freight and business travel, electronics manufacturing and e-waste treatment. For biodiversity and water-related sub-topics, we combined geographic impact assessments with industry and location-specific reports on our own sites and those of suppliers and sub-suppliers. This helped us understand both impacts on local ecosystems and communities and our dependency on these ecosystems. Based on this analysis, we did not consider any biodiversity or water topics to be material from nei-ther an impact nor a financial risk perspective. IROs and our business model ___________________________________ SBM-1 As a developer and manufacturer of innovative hearing aids for people with hearing loss; headsets, speakerphones, and video equipment for collaboration at work; and a broad range of gaming gear, GN is com-mitted to building the technology of the future in a way that minimizes the negative impact on the climate, environment, and society. As part of developing our Better for planet sustainability strategy, we have as-sessed the nature, severity, and implications of these IROs on the over-all resilience and sustainability of our business and assessed that we do not need to alter our strategy and business model to adequately ad-dress IROs at a scale and pace beyond our capacity to adjust if re-quired. As described in more detail in each of the topical chapters, we assess that, in general, we can manage IROs through policies, targets, and actions that fit within the context of our existing business model and the implementation of Better for planet.  On the next page, we depict a visual representation of our value chain, specifically linking our material IROs to our upstream, own operations, and downstream input and output.   Employee headcount by geographical area  2025 2024 Africa 3 7 Asia &amp; Pacific  3,401 3,390 Europe 3,029 2,939 Middle East  16  21 North America  1,644  1,697 South/Latin America 97  91 Material IROs across the value chain ___________________________________ SBM-1; SBM-3 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. The IROs under the headers apply to all activities in upstream, downstream, or own operations.  EnvironmentalE1 Climate• Scopes 1 and 2 emissions 1• Scope 3 emissions2• Reliance on fossil fuels33• Cost volatility risks related to the climate transition44• Financial opportunities from products and services with a lower environmental impact5• Extreme weather events6• Energy efficiency7E2 Pollution• Pollution to water, soil and food8• Use of substances of 9(very high) concernE5 Resource use and circular economy• Use of virgin and non-renewable resources10• Non-circular products11SocialS1 Own workforce• Excessive overtime in own operations12• Non-decent wages in own operations13• Inadequate protections of health and safety in own operations14• Pay inequality in own operations15• Harassment in the workplace in own operations16• Diversity and gender equality issues in own operations17S2 Workers in the value chain• Inadequate working conditions in the value chain18• Inadequate protections of health and safety in the value chain19• Diversity and gender equality issues in the value chain2021• Child and forced labor in the value chain21S4 Consumers and end-users• Risk of non-compliance with privacy laws22•23Violation of health and safety standards24• Hearing health (Entity specific)24GovernanceG1 Business Conduct• Third-party relations25• Corruption and bribery26Risk: Opportunity:Impact: Sustainability governance Sustainability governance ___________________________________ GOV-1; GOV-2 GN’s Executive Leadership Team (ELT) is responsible for monitoring, managing, and overseeing the implementation of policies, targets, and actions related to effective management of IROs. Group Sustainability,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 also prepares this statement and collects and controls ESG data for re-porting. The Audit Committee holds overall responsibility for overseeing the management of ESG-related IROs, reporting to the Board for related decision-making. ESG is a quarterly recurring agenda topic in the Audit Committee, including formal approval of the double materiality assess-ment, and bi-annually in the Board. For an overview of the composition and diversity of the members of GN’s administrative, management, and supervisory bodies, see p. 40. To ensure appropriate skills and expertise in sustainability, ESG is part of the Board’s annual self-evaluation process. Sustainability-related 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-bers. To implement Better for planet we depend on a cross-functional gov-ernance structure, headed by a senior leadership steering committee to execute each of the five strategic pillars. Key functions responsible for the execution are Global Operations, R&amp;D, and the divisions, with support from other functions across the business. We monitor and re-view progress on our targets continuously by subject matter experts   Board of Directors Accountable for ESG reporting, direction, and management of all related impacts,  risks, and opportunitiesExecutive Leadership Team (E LT )Monitors, manages, and oversees implementation of policies, actions, and targetsOversight of strategyGroup Sustainability• Development of  Better for planet , coordination of implementation• Subject matter expertise support on Better for planet execution• ESG Reporting and sustainability-related engagement with investors, customers, industry groups and other stakeholders• Tracking ESG legislationBetter for planet strategyContributing to a more climate conscious, circular and ethical future in 2030Reducing our carbon footprintAdvancing circular products and services80% reduction of scopes 1 and 2 and 25% 40% sustainable materials by 2030reduction of scope 3 carbon emissions by 2030Safeguarding the rights of people in  ourLimiting our use of hazardous substancesvalue chainProactive compliance with all relevant Integrate our commitment to RBA in  ourlegislation on the use of substances of concern human rights- and due diligence programsin electronicsGlobal OperationsExecution of Better for planet  initiatives relating to manufacturing, logistics, and supplier engagement in the areas of climate,  circularity,and human rightsDivisions Set product requirements in achieving targets under Better for planet, and engage with customers on sustainabilityR&amp;DExecution of Better for planet initiatives relating to product development, LCAs and in the areas of climate, circularity, and hazardous substancesLegal and Group ComplianceCompliance and reporting in governance areasPeople &amp; CommunicationResponsible for own workforce, including compliance, reporting and coordinating Better for people  strategyDigital, Data &amp; ITESG data systems and automationStrategyAnchoring of Better for planet  in corporate strategyin the business and discuss these quarterly in the management teams of all divisions and functions of scale. Sustainability related performance incentive schemes ___________________________________ GOV-3 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 &amp; 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&amp;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. All members of the ELT also had targets related to Diversity and be-longing, focusing on initiatives aimed to increase representation of women in senior leadership roles across GN (see p. 40). Where this is required, these objectives are cascaded down into the monetary short-term incentive objectives on an operational level across relevant divisions and functions.ESG-related objectives (including diversity) for the CEO and CFO are approved annually by the RNC. Like in 2024, in the reporting year, 12% of the annual bonus was dependent on these objectives for the CEO and CFO, of which 15% was related to reduction of carbon emissions (2024: 50%). Stakeholder engagement Stakeholder engagement ___________________________________ SBM-2; S1-2; S2-2 We are in continuous dialogue with our stakeholders to ensure we understand their requirements and find ways to work in partnership to strengthen our business and the societies in which we operate. Naturally, we continuously use the outcome of all stakeholder engagement as input to both our business model and strategy. Below is an overview of key stakeholders and the purpose, as well as means of our engagement with them.  StakeholderEmployeesValue chain workersConsumers and end-usersInvestorsRegulatory authoritiesSuppliersIndustry and ESG associationsPurpose of engagement•  Inform and consult employees on (sustainability) strategy and policies •  Ensure all voices are heard, including all demographics •  Safeguard and improve employee wellbeing •Inform and consult employees on sustainability strategy  •  To ensure compliance with the UN Global Compact principles of responsible business and the SA8000 standard •  To identify and correct issues relating to working conditions and worker rights •  To live up to our commitment to customer-centricity, we try to understand our cus-tomer better than they know themselves •  Capture customer sustainability requirements •  Timely, transparent disclosure of financial and ESG information for the purpose of fair valuation through annual and interim reporting •  Track and interpret (ESG-related) legislation to proactively comply •  Ensure adherence to our Supplier Code of Conduct and broader sustainability requirements •  Collect ESG data for reporting and LCAs •  Collaborate with peers to develop standards and align on policy positions How we engage•  Biannual development dialogues for all employees •  Annual Employee satisfaction surveys •  Direct meeting between senior leadership and employee groups representing specific demographics •  Employee-elected Board of Directors •  GN Alertline and regular HR channels •  Annual audits of all tier 1 suppliers and bi-annual audits of tier 2 suppliers •  Third-party audits •  Credible proxies, such as third-party due diligence organizations for conflict minerals and forced labor•  GN Alertline •  Direct customer dialogues •  Customer councils •  Product feedback channels •  Customer surveys •  AGM •  Roadshows and individual investor meetings •  Through industry associations (DI, EHIMA) •  Directly when necessary •  ESG requirements in supplier onboarding •  Ongoing score-based performance and compliance assessment •  We engage with suppliers on an ongoing basis as part of regular business processes •  Working groups •  AGMs •Joint initiatives General disclosure requirementsGeneral basis for preparation ___________________________________ BP-1; BP-2 The consolidation and reporting scope of GN’s Sustainability State-ment is prepared in accordance with the EU’s Corporate Sustainability Reporting Directive (CSRD) and the underlying European Sustainability Reporting Standards (ESRS). We report based on the same consolida-tion principles as the financial statements, covering all GN divisions, markets, and global levels. Following the double materiality assess-ment (DMA) and due diligence processes, this Sustainability Statement covers all upstream and downstream value chain activities. We have not used the option to omit a specific piece of information correspond-ing to intellectual property, know-how, or the results of innovation. Information and data disclosed about specific IROs may be limited to certain divisions, employee groups, and products based on the out-come of the DMA. Where the ESRS allows for this, GN has made use of 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 topical chapters relating to S2 and S4 and selected data points within E1-9. All greenhouse gas (GHG) emission intensity metrics are calculated us-ing group level revenues apart from the energy intensity for activities in high climate impact sectors which is calculated based on revenue for the Hearing division. Key accounting estimates  For some environmental metrics we have been required to make esti-mates affecting reported data. For our scope 3 GHG emission account-ing, we have applied secondary or industry averaged emission factors in certain categories, as well as for the rate of recyclable content of our products and packaging, which are based on a high-level assessment of recyclability of the component materials.  Data completeness has been limited for data points calculated using product-level assessments (LCAs) or repairability assessments, such as scope 3 GHG emissions categories 1, 11, and 12, resource inflows and resource outflows: repairability and rate of recyclable content, since we have not conducted assessments for all products. For pollution data, we do not have completeness across our sites so we have esti-mated using data from sites with similar activities. Some environmen-tal metrics, particularly in scope 3, have been estimated based on 9 months of actual data.  Some of the environmental metrics in this report are subject to meas-urement uncertainty because of the limited availability of primary data, especially where we require downstream value chain data. For details on the assumptions, approximations, and judgements made in the estimation of these metrics, please refer to the accounting policies on pp. 66, 68, 72, 76, and 77. For details on the restated comparative figures, see pp. 66, 67, 73, 76, and 77.  Disclosures incorporated by reference Information that is mandatory to disclose as part of the ESRS and that 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-port under “Board of Directors” on pp. 41-43. Disclosure requirement ESRS2 GOV-1 d) is included under “Gender Diversity at Board and Leadership levels” on p. 40. All other ESRS-mandatory information is disclosed in the Sustainability Statement. Disclosures from other legislations In addition to information prescribed in ESRS, we have disclosed infor-mation about the EU Taxonomy Regulation (see pp. 57-60), article 99d of the Danish Financial Statements Act (see p. 95), and article 107d of the Danish Financial Statements Act (see pp. 85-86). Sustainability due diligence ___________________________________ GOV-4 For an overview of our due diligence initiatives and supply chain en-gagement, the table below captures the core elements of this process and the references to the relevant paragraphs in this report.  Sustainability reporting risk management and internal controls ___________________________________ GOV-5 Our sustainability reporting is integrated into the annual reporting pro-cess, which has a well-established process for internal approval, con-trols, and preparation for external assurance. ESG data is subject to in-ternal controlling through a dedicated ESG control function in our finance organization. As 2025 is the second year of CSRD reporting, the control environment is still developing and less mature than in finan-cial reporting.  Using a risk methodology aligned with our enterprise risk management process, where we considered likelihood and impact of a risk material-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), where we depend on input from suppliers that is not third-party veri-fied, or where we must estimate using data from different time periods or geographies. To reduce these risks, we take the following measures: •  For ESG data derived from financial data, all financial input data used are sourced from same data used in the financial statements •  Where we are dependent on supplier input data, such as for LCAs, we use third-party verified data where it is available •  Where we use estimates, we base these on the closest possi-ble time periods and geographies or widely used third-party datasets, such as EcoInvent for carbon emission factors Metrics reported in this report which are partly based on estimates are Core elements of due diligenceEmbedding due diligence in governance, strategy and business modelEngaging with affected stakeholders in all key steps of the due diligenceIdentifying and assessing adverse impactsTaking actions to address those adverse impactsTracking the effectiveness of these efforts and communicatingParagraphs in the Sustainability Statement• ESRS 2 GOV-2 Information provided to, and sustainability matters addressed by the undertaking’s administrative, management, and supervisory bodies, p. 51• ESRS 2 GOV-3 Sustainability-related performance in incentive schemes, p. 52• ESRS 2 SBM-3 Material impacts, risks and opportunities and how they interact with its strategy and business model, pp. 49 -50• ESRS 2 GOV-2 Information provided to, and sustainability matters addressed by the undertaking’s administrative, management, and supervisory bodies, p. 51• ESRS 2 SBM-2 Interests and views of stakeholders, p. 53• ESRS 2 IRO-1 Process to identify and assess material impacts, risks, and opportunities, p. 49• MDR-P Policies adopted to manage material sustainability matters (see topical chapters)• 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• S1-1 Policies related to own workforce, p. 81• S2-2 Processes for engaging with value chain workers about impacts, p. 53• 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, p. 92• 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• 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, p. 92• MDR-M Metrics in relation to material sustainability matters (see topical chapters)• MDR-T Tracking effectiveness of policies and actions through targets (see topical chapters)• 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. 92Sustainability statement EnvironmentRecognition 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-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 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 the category of New Product of the Year in Artificial Intel-ligence • 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 AwardsClimate change Material impacts, risks, and opportunities ___________________________________ IRO-1, SBM-3; E1-9 We have identified seven IROs related to climate change and energy, reflecting the dependence of our business model on fossil fuel-inten-sive industries and activities, as well as our exposure to the physical im-pacts of climate change and the legislation devised to address it.  In making the transition to net zero, GN could also realize opportunitto reduce operational costs in the short term and potentially create new revenue streams in the long term. Our approach to assessing climate-related risks and opportunities Our ERM process continuously identifies new business risks and in-cludes processes related to defining and managing climate-related risks. We have carried out a climate-related risk assessment, including  a climate scenario analysis.  GN’s exposure to climate-related hazards and transition events were assessed for sites in our own operations, key supply chain activities, and the market locations of our customers. The risk assessment and resili-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-tory change, changing customer behavior, and availability of materials. For climate-related physical risks, geolocations data for our facilities and those of our suppliers were used, while country- and regional-level analysis was applied across the value chain activities.  The magnitude and likelihood of physical and transition risks were as-sessed irrespective of planned mitigating actions. Anticipated financial effects were assessed through a resilience analysis and expressed in terms of potential financial loss or gain (e.g. in revenue, operational costs, asset value), given GN’s current corporate strategy, including our climate targets. Qualitative assessments were carried out, using vari-ous data inputs, as well as our product LCAs, corporate GHG account-ing, and publicly available tools and reports, such as the WWF Water Risk Filter, climate impact projections from IPCC AR6 WGII, and the World Bank Carbon Pricing Dashboard. We also looked at historical in-cidence of extreme weather events and consequent disruption in own operations and supply chain.  Climate scenario analysis The scenario analysis applied four scenarios: a high-emission future (SSP3-7.0), low-emission future (SSP1-2.6), International Energy Agency (IEA) Net-Zero Emissions by 2050 (NZE), and IEA STEPS. The SSP3-7.0 scenario gives us the likely upper end risk exposure of the business to climate-related hazards in the future (near- and mid-term Material IROsScopes 1 and 2 emissions Scope 3 emissionsReliance on fossil fuelsCost volatility risks related to the climate transitionFinancial opportunities from products and services with a lower environmental impactExtreme weather eventsEnergy efficiencyImpact:  Risk:Addressed in Descriptionvalue chainPart of our operations run on fossil fuels, resulting in both scopes 1 and 2 emissions with 1negative impacts on the environment A majority of our value chain run on fossil fuels, resulting in high value chain emissions 2(scope 3) with negative impacts on the environment The majority of energy used in our value chain is from fossil fuels, as well as some energy 3used in our own operations. This results in negative impacts on the environment GN faces higher costs and supply constraints from higher customer, carbon pricing and 4compliance demands, risking market shares if we cannot meet these There is an opportunity to create new revenue streams from products or services with a lower environmental impact, such as low-carbon and refurbished products or product 5takeback and recycling schemes Extreme weather events in the long-term could disrupt our operations, leading to higher 6operational costs due impacts on productivity and supply continuity Increased energy efficiency will lead to reduced operational costs from lower energy 7consumption portunity:reference periods were applied). Here, the Shared Socioeconomic Path-way 3 was chosen to reflect recent trends in international affairs, while STEPS was chosen to reflect the current climate policy landscape. SSP1-2.6, IEA's new Net Zero Roadmap report and NZE were applied toidentify and assess climate-related transition risks and opportunities that GN may face in the future if the world pursues a path to net-zero emissions by 2050. In assessing physical risks for the high-emission sce-nario, poor international cooperation with limited ambition of climate policies and slow uptake of low-carbon technologies were the drivers considered. In assessing transition risks, we assumed that the cost of carbon would increase in the NZE scenario but remain constant for the STEPS and high-emission scenarios and that the uptake of renewable energy in the grid would dramatically increase. The scenario analysis underlying the climate risk assessment and resili-ence analysis assumed that GN’s core business activities and operating model and the distribution of major production facilities do not change,as this is also a key assumption in our Better for planet strategy. We also assumed that the geographical distribution of customers and sup-pliers broadly remains the same. These assumptions and the limited time period of GN’s corporate strategy give rise to uncertainty in the resilience analysis. We account for relevant climate-related impacts in our financial plan-ning but, given that we do not anticipate material short-term financial implications, they are not integrated into the financial statements. To better evaluate the most significant long-term risks and opportunities, we plan to conduct quantitative analysis including financial modelling, accounting for potential changes to our operating model and produc-tion locations. Material climate-related risks and opportunities A large proportion of GN components and products are manufactured across China and Southeast Asia, which are areas exposed to long-termphysical risks like extreme weather events, particularly floods, storms, and heat waves. Such events could lead to supply chain disruption, causing increased operating costs and potentially loss of revenue and owned asset value. Regarding events related to the transition to a net-zero economy, the most significant long-term risk was assessed to be the increased operational costs associated with introduction and in-crease of carbon taxes. Adopting new technologies and practices to im-prove energy efficiency could reduce operating costs in the long term, and designing products and services with a lower environmental foot-print that meet new and emerging customer demands could create new revenue streams in the long term. Climate strategy ___________________________________ E1-1 We are committed to playing our part in reducing emissions in line with the scientific consensus to minimize our climate impact. To meet this commitment, we have a climate transition plan in place, consisting of our environmental policy, climate-related incentives for the CEO and CFO (see p. 52), science-based targets, and several decarbonization ini-tiatives. The policy, targets, and incentives have been approved by the Board of Directors. Through the development of Better for planet, the overarching targets have been folded out into supporting targets, the initiatives have been detailed in a roadmap to 2030 and the governance framework has been strengthened to ensure successful implementation of the transition plan. Our emission reduction initiatives, as described on these pages, are anchored within our existing business model and financial planning.  In 2025, we applied a 10% threshold in our EU Taxonomy reporting, which means we have excluded several small secondary economic ac-tivities that are eligible under the climate change mitigation and adap-tation objectives. From this, one secondary economic activity (CCM / CCA 7.7) remains that exceeds the threshold, which is associated with leases and ownership of various buildings, such as offices, manufactur-ing sites, and warehouses. However, due to our core business being heavily associated with the circular economy objective, we have not in-vested significant CAPEX or OPEX in initiatives tied to CCM / CCA 7.7 (see EU Taxonomy disclosures on pp. 57-60).  None of our assets or business activities are considered incompatible with or need significant efforts to be compatible with a transition to a climate-neutral economy, for example due to significant locked-in GHG emissions or the requirements for alignment to the EU Taxonomy re-quirements. This is supported by the fact that GN is not excluded from the Paris-aligned benchmarks. For these reasons, we also do not expect alignment of our economic activities with the delegated act on climate objectives to change significantly in future. Policies ___________________________________ E1-2 Our Environmental Policy covers our approach to achieving our climatetargets and meeting our commitment to be net-zero by 2050.  To address our scopes 1 and 2 emissions, where electricity consump-tion constitutes a major part of our footprint, we prioritize sourcing re-newable energy through instruments that ensure local generation and newly or not yet commissioned projects. Opportunities to improve en-ergy efficiency at our sites are identified, evaluated, and implemented on an ongoing basis.   As the vast majority of our emissions are in our value chain (scope 3), we set expectations and requirements to suppliers in GN’s Supplier Code of Conduct (SCOC), which has been updated to include require-ments that support the objectives of Better for planet, such as setting climate targets, switching to renewable energy and providing accurate carbon data to enable us to track progress and review and adjust our strategy using a data-driven approach.  We do not consider carbon offsetting as an alternative to carbon re-duction. We will only engage in carbon removal that is independently certified, and we will not claim any carbon avoidance claims related to our products as part of meeting our climate targets (see p. 70). Climate targets ___________________________________ E1-4 In November 2022, our near-term science-based emission reduction targets were validated by the SBTi to be aligned with limiting global warming to 1.5 degrees. We are committed to reducing absolute GHG emissions in scopes 1 and 2 by 80% and in scope 3 by 25% by 2030 from a 2021 baseline. GN has also set a long-term target to reach net-zero emissions by 2050 at the latest, meaning a 90% reduction with neutralization of unabated emissions.  These targets cover all GHGs stipulated in the GHG Protocol and all ac-tivities in GN’s own operations and value chain globally. Our near-term targets have been set using SBTi Criteria v5.0 with the absolute con-traction approach and the cross-sector pathway, which is based on the P1 scenario in the IPCC Special Report on Global Warming of 1.5°C. It has been assumed that GN’s core business activities will not change by 2030. We have aligned our net-zero target to the SBTi’s cross-sector absolute reduction method for long-term targets.  Through our climate targets, we demonstrate our commitment to en-sure our business is compatible with the transition to a net-zero econ-omy and with the limiting of global warming to 1.5°C in line with the Paris Agreement. Our 2030 reduction targets are the first milestone to-wards achieving net-zero emissions by 2050, which we currently assess to be reachable without changing our business model. The necessary reductions can be achieved through several decarbonization levers, some of which have been integrated into Better for planet under the Clean Power and Electrification and Circularity Through Design pillars (see p. 48.) Other levers, such as reducing the share of air freight ship-ments, exist elsewhere in GN’s functional and divisional strategies.  When identifying our decarbonization levers, we used the International Energy Agency’s Net-Zero Emissions scenario to sketch out the decar-bonization that will likely occur irrespective of our strategy. For exam-ple, the expected share of renewable energy in the power grids for our major markets was relevant to understanding the trajectory for our scope 3 category 11 emissions, irrespective of any potential improve-ments to the energy efficiency of our products. An estimated 33,216 tCO2e are locked-in emissions from the use phase of GN products sold in 2025, representing 14% of our total scope 3 emissions (see p. 68). These emissions are a result of our product port-folio over this time period and the global energy mix. While the nature of our business model means we cannot anticipate changes in emis-sions related to our product portfolio, we expect substantial decreases as the global energy sector decarbonizes and, given typical product lifetimes, we assume that the locked-in emissions will not prevent us from reaching net-zero by 2050, regardless of the pace of the renewa-ble-energy transition.     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 (&lt;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) Performance against our 2030 targets Scopes 1 and 2 emissions increased in 2025 because of a combination of the temporary overlap of our two major sites in the U.S. and in-creased electricity consumption outside of the PPA in Denmark. How-ever, we are still on track to meet our 2030 target of 80% reduction in scopes 1 and 2 emissions, having reduced our emissions by 53% versus the baseline. In scope 3, a further decrease in 2025 means that we re-main beyond our reduction target of 25% by 2030, having reduced emissions by 33% from the baseline.  While we have made real emission reductions through our continued efforts, manufacturing of products in the Enterprise and Gaming divi-sions remains one of our largest emission drivers. Given our growth am-bitions and the gap to our net-zero target, our drive to decarbonize re-mains to decouple our emissions from growth in the business. Scopes 1 &amp; 2 emissions (tCO2eq)  Beyond 2030 We are focused on executing Better for planet to reach our 2030 tar-gets and expect this will set the foundation to achieve the required de-carbonization to achieve net zero between 2030 and 2050. Achieving our target to be net zero in 2050 will require that we continuously as-sess whether we need further adjustments to our strategy and poten-tially our business model, including the use of new technologies partic-ularly related to use of sustainably sourced materials in our products 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-tainties around the decarbonization pathways of the industries we de-pend on in our value chain in the period 2030-2050, we cannot yet as-sess the nature and extent of the required adjustments. We do believe reaching our 2050 net-zero target is achievable, as there is no indica-tion from our climate scenario analysis that decarbonization trends in the power and transport sectors will prevent us from reaching this. Scope 3 emissions (tCO2eq) As part of our Better for planet strategy, we have set renewable energy targets for tier 1 suppliers and tier 2 suppliers of carbon-intensive components.Climate actions ___________________________________ E1-3 Several initiatives have been implemented in 2025, using the decarbon-ization levers we have identified (see table on p. 65). While some initia-tives have led to direct emission reductions in 2025, others such as the development of our global renewable energy program have laid the groundwork for us to make significant future reductions to meet our climate targets.  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 from our tier 1 and selected tier 2 suppliers that will be made available via the implementation of Better for planet.  Actions to reduce emissions ___________________________________ E1-3 DecarbonizationleversRenewable energy at GNEnergy efficiencyFleet electrificationRenewable energy in the supply chainReducing the share of air freightProduct design: low-carbon materialsAssociated targets80% reduction in scopes 1 and 2100% renewable power at all GN sitesLocal target at our site in Malaysia: 0% increase in electricity consumption in 2025 from 2024 80% reduction in scopes 1 and 225% reduction in scope 325% reduction in scope 325% reduction in scope 340% recycled and sustainably sourced bio-based materials (see E5-3 on pp.74-75)Actions taken in 2025We 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 governance structure to support implementation, and the integration of energy-related criteria into existing processes, such as new site selection. We continued sourcing renewable energy at several sites in 2025 (see p. 66).Energy efficiency initiatives have been implemented, such as after-hours shutdowns of lighting and HVAC systems were introduced at our production sites in Malaysia and India.31 out of 98 (32%) new car leases in 2025 were battery electric vehicles or plug-in hybrid vehicles. The GN-ownedfossil fuel vehicle at our Xiamen production site was replaced with an electric vehicle.As part of Better for planet, we have set renewable energy targets for tier 1 suppliers and tier 2 suppliers of carbon intensive components, which have been further supported by an update to our Supplier Code of Conduct.Minimizing air freight in our inbound logistics (by weight) has been an ongoing initiative since 2021. We will continue to switch to ocean or ground freight where possible and have dedicated short -term bonus objectives to support this initiative.We launched 11 new products containing recycled or biocircular materials in 2025. Of the total weight of plastic and metal used in our products in 2025, 5.2% was recycled or biocircular (up from 2.7% in 2024).Actions planned beyond 2025Implementation of the new  long-term global renewable energy program.Energy audits to be conducted at all production facilities.We will continue to electrify our company fleet, including changes to local company car policies and replacement of onsite vehicles.In 2026, we will implement a new supplier engagement program to increase adoption of renewable energy in line with our 2030 targets.We continuously test recycled and bio -basealternatives for their suitability for use in mechanical components. This testing will be rolled out to our Hearing division and feasibility of expanding to electronic components will be investigated.Achieved emissions reduction in 2025Of the reduction in market-based scope 2 emissions from the baseline, 40% was achievedthrough the unbundled RECs purchased in 2025.Energy consumption at our global production site in Malaysia decreased by 4% from 2024, despite increased production output. This achieved an emissions reduction of 116 tCOeq (2%) in location-based emissions from the baseline.Transitioning to electric cars has achieved a reduction of 57 tCO2eq, compared with the scenario where new leases in 2025 were fossil fuel cars.Impact on emissions to be measured upon 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 14% from 17% in 2024 was the main driver for the absolute reduction of  10,578 tCO2eq in scope 3 category 4 emissions in 2025.An estimated 372 tCO2eq reduction was achieved for Enterprise and Gaming products released in 2025 by replacing virgin aluminium and virgin fossil plastics with recycled or renewable alternatives.Expected outcomes/emissions reduction (tCO2eq) Reduce market-based scope 2 emissions from electricity to zero by 2030.An estimated reduction in power consumption by 114 MWh per year, avoiding approximately 70 tCO2eq (1%) of location -based scope 2 emissions per year from the implemented energy efficiency initiative in Malaysia.Reducing the number of fossil fuel cars in our fleet will lead to an increasing annual reduction of our scope 1 emissions, the majority of which come from car fuels.While supplier emissions data accuracy is expected to improve with the implementation of this initiative, we estimate that these targets will lead to a reduction of 3-5% in current scope 3 emissions, depending on growth in production volumes to 2030.We expect further emission reductions from this action, but we  are not able to quantify these, as freight volumes fluctuate.We expect further emission reductions from this action, but we are not able to quantify these, as production volumes vary.Energy consumption &amp; mix ___________________________________ E1-5 Total energy consumption has increased 14% from 2024, primarily because of the overlap in operations at our U.S. manufacturing sites. This is also reflected in increased total energy consumption from high climate impact sectors. GN’s renewable energy share increased from 42% in 2024 to 47%. To achieve this, we procured 4,510 MWh of bundled Renewable Energy Certificate (RECs) – 4,500 MWh from a power purchase agreement (PPA) in Denmark and 10 MWh from greentariffs) – and 9,758 MWh of unbundled RECs from solar or wind generation in Malaysia, China, and the U.S. Our new site in Sydney, Australia, is heated and cooled using onsite solar power generation. corrected in error in our accounting of electricity from the PPA in Renewable heatingGrid renewablesDenmark, as well as updating the national mixes to use residual mix. MWh 2025 2024 2024 (previously disclosed) Fuel consumption from coal and coal products   -   -   - Fuel consumption from crude oil and petroleum products 10,354   11,613   11,613 Fuel consumption from natural gas 4,391   2,064   2,064 Fuel consumption from other fossil sources   -   -   - 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   -   -   - 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 renewable energy consumption  17,048   13,311 12,754 Share of renewable sources in total energy consumption 47% 42% 40% Total energy consumption  36,368   32,017   32,017 Accounting policiesEnergy consumption and mix Only energy purchased directly from the vendor is included. Where actual energy consumption from invoices is unavailable, consumption is esti-mated based on the relevant historical period. For the calculation of the consumption, refer to the accounting policies for GHG emissions in scopes 1 and 2 on p. 69. For electricity and heat, supplier-specific energy mix is used where availa-ble. Otherwise, national grid mix is assumed (residual mix where available), sourced from country-level data on electricity generation sources from the IEA. Aside from consumption in Denmark, where renewable versus residual mix electricity is split on a monthly level, the energy mix is applied to the total annual consumption for any given site or vehicle. This applies for both actual and estimated consumption data. For car fuel consumption, where only distance data is available, the aver-age fuel consumption per km for different vehicle types is estimated using fuel economy data from the U.S. Department of Energy (2024). 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-newable energy source.  High climate impact sector: GN’s Hearing division falls under NACE Code C26.6: Manufacture of irradiation, electromedical, and electrotherapeutic equipment. Energy intensity based on net revenue Unit 2025 2024 Total energy consumption from activities in high climate im-pact sectors  MWh 24,708 18,072 Net revenue from activities in high climate impact sectors   DKKm 7,214 7,104 Energy intensity MWh/ DKK million   3,43   2,54 Greenhouse gas emissions ___________________________________ E1-6 Scopes 1 and 2  GHG emissions in scopes 1 and 2 (market-based) have increased by 10% from 2024, which was mainly caused by an 113% increase in sta-tionary scope 1 emissions from natural gas heating at our Bloomington and Shakopee production sites. Given the decreasing activity at our Bloomington site, we expect scope 1 emissions to decrease again in 2026. Mobile emissions have decreased by 11% since 2024, primarily from the electrification of the company car fleet.  Market-based scope 2 emissions have increased by 18% from 2024 but remain 77% lower than the 2021 baseline. An increase in electricity consumption in Denmark that is not covered by the PPA was the main cause of the increase in 2025. Location-based scope 2 emissions have increased by 11% from 2024, primarily because of the temporary over-lap in operations at our Bloomington and Shakopee sites in 2025, whichled to increased electricity consumption.  Scope 3  Total scope 3 emissions have decreased by 10% from 2024 and 33% from the 2021 baseline, keeping us beyond our 2030 target for scope 3.The largest contributor to the decrease in scope 3 emissions from 2024 was the 26% drop in category 4 (upstream transportation and distribu-tion) emissions. This was largely a result of continued reduction in the share of air freighted shipments. A 4% decrease occurred in category 1 (purchased goods and services). Here, emissions from direct procurement decreased by 5% because of continued low demand for Enterprise and Gaming products, but also because of the release of more products that contain lower carbon materials. Indirect procurement emissions decreased by 2% because of lower spending, particularly on services. Other larger decreases occurred in category 2 (capital goods), where emissions have decreased by 24%, mainly because the Shakopee lease was recognized as an asset in 2024 when entering into the lease, and in categories 11 (use of sold products), which decreased by 13% from last year, which was mainly caused by lower sales of Enterprise products with higher power consumption. Greenhouse gas intensity GHG emission intensity per unit revenue (market-based) has also de-creased by  4% from 2024, which is largely a result of the growth in the share of GN’s revenue from the Hearing division, which is less carbon intensive. Restatements GN disclosed GHG emissions, covering all business activities, for the first time in 2021. Data accuracy for that reporting year is sufficient for reliable represen-tation of GN’s GHG emissions. However, to improve accuracy, we con-tinually update our methodology. To ensure comparability, we recalcu-late the baseline and restate previous year’s emissions where new methods or data have been used. GHG emissions in 2021 have been restated for categories 1, 3, and 12, while categories, 1, 3, 4, 6, 11, and 12 have been restated for 2024, see table below. The scope 3 target baseline has therefore been restated for both years. New data from product LCAs conducted during 2025 was the main reason for restating categories 1, 11, and 12. Category 3 has been restated because additional upstream emission factors are now available for countries where we apply IEA emission factors. Cate-gory 4 has been restated because of a change in the availability of data from our suppliers as well as the updating of their methodology to in-clude actual, rather than assumed distances. Category 6 has been re-stated because we have reassessed the cost groups that are included in the spend-based uplift for activities booked outside of partner travel agencies.  Previous base-Restated base-Previous 2024 Restated 2024 GHG Emissions scope line (tCO2eq) line (tCO2eq) % change (tCO2eq) (tCO2eq) % change Scope 3   349,006   356,424  2 257,107   267,490  4 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 4 Upstream transportation and distribution  39,932   40,691  2 6 Business travel 9,605 10,219  6 11 Use of sold products   41,792  38,295 -8 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 Total GHG emissions (market-based)   358,837   366,255  2 261,290 271,673  4 Biogenic emissions in the value chain   -4,956   -4,365  -12   -4,780   -3,999  -16 GHG emissions intensity (tCO2eq/ DKK million) Total GHG emissions (location-based) per net revenue 19.4   23.2   20 14.8 15.4  5 Total GHG emissions (market-based) per net revenue 19.4   23.3   20 14.5 15.2  5 GHG Emissions (tCO2eq) Calculation method Emission Factors 2021  (Baseline) 2024 2025 %  change Scope 1 GHG emissions Gross Scope 1 GHG emissions DEFRA   2,447   2,748 2,912  6 Percentage Scope 1 GHG emissions from regulated emissions trading scheme (%)   -   -   -  - Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions IEA, EPA, DEFRA   6,264   5,748   6,356  11 Energy attribute-specific, Supplier Gross market-based Scope 2 GHG emissions specific and residual mixes   7,384 1,435  1,691 18 Scopes 1 &amp; 2 GHG emissions (market-based)  9,831  4,183 4,603 10 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 2 Capital goods Average spend-based DEFRA   17,131 12,632 9,612 -24 3 Fuel and energy-related activities Average-data method DEFRA, IEA 1,745 1,949 1,974   1 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 6 Business travel Distance and spend-based DEFRA   2,630  10,219   8,907  -13 7 Employee commuting Distance-based DEFRA 9,617   7,258   7,852  8 8 Upstream leased assets Asset-specific IEA, EPA, DEFRA 1,870 1,922 1,348 -30 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 12 End-of-life treatment of sold products Waste-type-specific DEFRA   2,257 1,927 1,466 -24 Total GHG emissions (location-based) 365,135   275,986 248,991  -10 Total GHG emissions (market-based)   366,255 271,673   244,326  -10 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 GHG emissions intensity (tCO2eq/ DKK million) Total GHG emissions (location-based) per net revenue   23,1   15,3 14,8 -3 Total GHG emissions (market-based) per net revenue  23,2 15,1 14,6 -4 Accounting policies Use of primary data Primary data, meaning energy or emissions (intensity) data from our sup-pliers, was used across categories 1, 3, 4, 7, and 8, which amounted to an estimated 10% of our total scope 3 emissions. In category 1, we collected scopes 1 and 2 emission intensities per unit revenue data from key tier 1 suppliers. In category 4, we collected allocated emissions data for the re-gional distribution hubs. Primary data is also used in several emission re-ports from logistics providers, but emissions from this data cannot be in-cluded in our use of primary data metric. Category 7 included primary data collected from a sample of employees. In categories 3 and 8, data was ob-tained on energy use, not supplier-specific upstream emission factors for the production and distribution of the energy sources. Sources of uncertainty There are several sources of measurement uncertainty within our GHG ac-counting. The most significant are the following: •  Category 1 and 2 – the use of industry average spend-based emission factors for indirect procurement, the gap in LCA cover-age of our product portfolio and the lack of supplier assembly emissions data in in the baseline year. •  Category 4 – a potential overlap in data from suppliers covering outbound shipments, though these shipments do not signifi-cantly contribute to the total in this category. Also, varied and changing supplier methodologies, but we mitigate this through recalculation, where possible. •  Category 6 – the uplift of emissions from activity data using spend data and our inability to use new financial account struc-ture for 2021 uplift. •  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. Accounting policies Scopes 1 and 2Direct emissions (scope 1) come from the combustion of purchased fuels onsite for heat and in vehicles owned or leased by the company, as well as fugitive emissions, which arise from GN’s use of refrigerant gases in produc-tion facilities.Indirect emissions (scope 2) are from purchased electricity and district heat-ing for production sites and offices and electric or hybrid vehicles that are owned or leased by the company.Only fuel, electricity, and heat that is purchased directly from the vendor by GN is accounted for in scopes 1 and 2. Natural gas, electricity, and district heating consumption is reported based on actual consumption from in-voices, where possible.Emissions from vehicles is calculated using the fuel-based method. Fuel or electricity consumption from vehicles is obtained from either invoices or system-generated reports from vendors, including leasing companies and fuel card vendors. Where consumption data is unavailable, emissions from vehicles are accounted for using the distance-based method. Where actual data is not available for the reporting period, consumption is estimated based on the relevant historical period. The quantity of energy consumed is multiplied by the relevant emission fac-tor as part of the consolidation process in our environmental management system. The emission factors are determined from internationally recog-nized sources: Department for Environment, Food &amp; Rural Affairs (DEFRA) factors for emissions from electricity consumed in the UK, heat, fuel, and transport, US EPA factors for electricity consumed in the U.S., and IEA fac-tors for all other electricity consumption. GHG emission attributes (fromRECs), supplier-specific and residual mix factors are used to calculate mar-ket-based scope 2 emissions. Otherwise, location-based factors are used. Emission factors applied to scope 2 emissions do not separate the percent-age of biomass or biogenic CO2. Scope 3Reporting of scope 3 GHG emissions is based on the GHG Protocol guid-ance. Categories 10 (Processing of sold products), 13 (Downstream leased assets) and 14 (Franchises) are not relevant to GN and are not reported. Category 15 (Investments) is not deemed material because most invest-ments relate to retail activities in the Hearing division, which are covered in Category 9 (Downstream transportation and distribution).Actual data is used where available. Otherwise, industry averaged data or esti-mates are used. Where activity data quality is insufficient, spend data is used as a proxy. All transport-related emissions are calculated on a Well-to-Wheel basis. Category 1 – Purchased goods and services For indirect procurement, emissions from goods and services purchased by GN are calculated using categorized spend data adjusted for inflation com-pared with the emission factor year.  Cradle-to-gate LCAs across all divisions are used to calculate emissions from direct procurement (purchasing of components, semi-finished and finished goods). Our LCAs covered 18% of volumes with actual data, versus 19% in 2024. In Enterprise and Gaming, where the emissions are generally higher, coverage was increased from 44% in 2024 to 47% in 2025. The LCA coverage also applies to categories 11 and 12.Category 2 – Capital goods Emissions from property, plant, and equipment (PPE), calculated using cate-gorized spend data adjusted for inflation compared with the emission factor year. Category 3 – Fuel and energy-related activities Upstream emissions from energy consumption at sites and for fleet vehicles where GN has operational control are calculated using actual energy con-sumption data, where available. Otherwise, emissions have been calculated from estimated energy consumption.Category 4 – Upstream transportation and distribution Emissions from upstream transportation are calculated using supplier-specificreported emissions or from distance and chargeable weight data. Where chargeable weight was not available for the baseline year, it was estimated from gross weight, based on professional judgement of the expected ratio be-tween the two.Where needed, distances are extracted from EcoTransIT using coordinates, port codes or city location.Scope 3 category 4 includes some emissions from outbound freighting of GN goods that we do not pay for, as these shipments could not be distinguished from shipments in the same transport leg that GN pays for.Category 5 – Waste generated in operations Collection and treatment emissions associated with waste generated by GN offices and production sites. Emissions are calculated using data from waste management providers serving four of our five major production sites and headquarters. For remaining sites, estimates are made based on production volumes (production sites) and employee numbers (office and retail sites).Category 6 – Business travel Emissions from air travel, train travel, and hotel stay, calculated using ticket data gathered from travel partners, uplifted using spend data to include travel not booked through GN’s travel partners. Emissions from fuel pur-chased by employees for road travel are accounted for in category 1.Category 7 – Employee commuting Emissions from employees commuting is based on a survey conducted in the reporting year, scaled for country-level changes in employee numbers.  Category 8 – Upstream leased assets 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-agement providers and, where necessary, estimates based on floorspace and actual data from a site with similar geography and activities.Category 9 – Downstream transportation and distribution Emissions from warehousing or retail of GN products after sale, where these activities and services are not owned or purchased by GN. Emissions from re-tail and warehousing are estimated using energy intensity per unit floorspace for retail and non-refrigerated warehouse buildings in the US Commercial Buildings Energy Consumption Survey (CBECS) and allocated supplier-specific emissions from upstream warehousing, together with an estimation of the to-tal floorspace occupation of all GN products sold in the year.Category 11 – Use of sold products Emissions from the power consumption of all GN products, calculated using power consumption measurements from product LCA samples, estimated av-erage use cases and product lifetimes for main product categories. For Enter-prise and Gaming products, market data was used to define the use cases. All products were assumed to be in use for five years. Category 12 – End-of-life treatment of sold products Collection and waste treatment of GN products and packaging, calculated us-ing averaged products and packaging weights by grouped market locations.Categories 1 (direct), 3, 4, 6, 7, and 11 are calculated from 12 months of data, category 1 (indirect), 4 from 11 months of data and categories 2, 5, 8, 9, and 12 are calculated from 9 months of data. Greenhouse gas removals ___________________________________ E1-7 During the last reporting period, GN enabled GHG removals from seven climate change mitigation projects outside our value chain. These have been financed through the purchase of carbon credits and will amount to the removal of 263 tCO2eq when completed. No additional GHG re-movals have been initiated in 2025, however four of the existing pro-jects are due to be retired in 2026, representing the removal of 248 tCO2eq. 15% of the total GHG removals (39 tCO2eq) have been issued from projects in the EU, namely ‘Carbuna’ in Germany. GN is committed to reaching net-zero emissions by 2050 at the latest, which will require us to neutralize any unabated emissions by the same year. For the scope, methodology, and frameworks applied in setting this target, please refer to E1-4 (Climate change mitigation targets). We plan to expand upon our current carbon removal portfolio and neu-tralize residual emissions through removal projects occurring outside our own operations and value chain. We monitor the development of the carbon removal market to assess opportunities to maximize the safety and reliability of our carbon credits. Accounting policiesGHG removals The metrics represent the carbon removal of seven climate change mitiga-tion projects from five countries, including the applicable offset method, certification standard and the relevant time period. All metrics, except from one project (Running Tide), have been externally verified by both the certifying party of the relevant carbon credit(s) and Klimate.co, ensuring the validity and accuracy of the carbon removal. GN only partners with reputable suppliers and business partners, ensur-ing that all projects have undergone thorough due diligence assess-ments to certify quality and integrity. Projects are assessed based on indicators relating to climate impact, co-benefits, integrity, and the outlook of each project to validate the safety and reliability of the car-bon storage. All projects, except one, are certified under a recognized quality standard.  All GHG removals are from technological sinks and fall under category 5 in the Oxford Offsetting Principles. This means the carbon removal involves extracting CO2 from the atmosphere and storing it in the geo-sphere, such as through direct air capture with geological storage (DACCS) or converting atmospheric carbon into rock through reminer-alization. Date and amount of carbon credits cancelled and expected to be cancelled in the future Retirement status Project name tCO2eq Retired in 2024/25   - Totals for 2024/25   - Planned to retire in 2026 Bio-Logical 13 Carboneers - Odisha &amp; Planned to retire in 2026 Assam   22 Planned to retire in 2026 Carbuna   39 Planned to retire in 2026 Varaha - Banni Biochar 174 Totals for 2026 248 Charm Industrial - 2027 Planned to retire in 2027 Vintage  4 Totals for 2027  4 Charm Industrial - 2028 Planned to retire in 2028 Vintage  3 Totals for 2028  3 Grand totals 256 Credits by offset method Removal or reduction Oxford category Offset method Biogenic or Technological 2025 (tCO2eq) 2024 (tCO2eq) 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 Share of each recognized quality standard 2025 2024 Credits by certification standard tCO2eq Percentage tCO2eq Percentage Artisanal C-sink standard - - 196 74% EBC C - Sink - -   39 15% Puro.earth - - 13 5% Isometric - -  8 3% No certification - -  7 3% Grand totals - - 263 100% Pollution Material impacts ___________________________________ SBM-3 We have identified two potential negative impacts related to pollution, related to the use of substances of (very high) concern across our value chain.  Policies  ___________________________________ E2-1 GN’s Environmental Policy addresses our pollution-related negative im-pact in terms of substances used during both production in our own op-erations and outsourced manufacturing. Our policy commitments in-clude compliance with all pollution-related legislation related to the use of substances of concern and very high concern, such as REACH and RoHS, and the substitution of substances with less harmful alter-natives that can fulfil the same purpose, even when not legally re-quired. This policy is supported by internal procedures on controlling and limiting the impact of incidents and emergency situations.    Our SCOC covers supplier requirements in terms of pollution, specifi-cally addressing our negative impacts relating to our value chain. Through this, we expect suppliers to comply with all pollution-related legislation and proactively minimize or eliminate emissions and dis-charges of pollution, which can have a potential negative impact on thepollution of water, soil, and food. The implementation of these policy commitments is managed by sen-ior management functions in our quality and legal functions. In supportof achieving our policy intentions, we continuously evaluate and test performance to ensure compliance with legal requirements. Products that are manufactured in our own operations (hearing aids) are subject to medical regulatory requirements, which include obligations on ma-terial use. For products for which manufacturing is outsourced, all sup-pliers providing products or components to GN are required to com-plete a declaration of compliance to conform with our policies.  In response to the impact related to water, soil, and food pollution in our value chain, we audit suppliers on breaches of our Code of Conduct as part of our wider supplier due diligence processes, where major violations are subject to mandatory corrective action in order to meet our ambitions for ongoing full compliance. Targets and actions ___________________________________ E2-3; E2-2 To address these potential negative impacts, we strive to continuously substitute or reduce our use of hazardous substances, in our own oper-ations and value chain wherever possible.  Own operations We have not set targets regarding the use of substances of (very high) concern for our own operations, as we assess that we will not achieve our policy objective more effectively than our current processes based on continuous compliance and improvements.  To help reduce the use of hazardous substances in our own operations, in 2025 we stopped using xylene as a thinner in our Behind the ear (BTE) printing workshop at our Xiamen site, replacing it with a more ef-fective and less harmful alternative from July onwards. We estimate that this action has also reduced hazardous waste from the site by ap-proximately 2 metric tons per year. In 2026, we will assess additional areas where we can take actions in substituting substances with less harmful alternatives throughout our production processes. Value chain We comply with both the REACH and RoHS regulations across all divi-sions, warranting that any relevant hazardous substances concern are not used or contained in our products (at or above the specified con-centration limits). Material IROsPollution to water, soil, and foodUse of substances of (very high) concernImpact:  Risk:DescriptionIndustries such as manufacturing, mining, fossil fuel extraction, paper and e-waste have the potential to lead to negative impacts in terms of pollution of water, soil, and food Substances of (very high) concern are used by both by GN during manufacturing and by value chain industries such as mining and component manufacturing. This can lead to damage to the environment and human health Opportunity:Addressed in value chainAbove that, as part of Better for planet, we have a target to expand the coverage of TCO Certified certification for relevant products in Enter-prise and Gaming, which has implications for our use of substances in our products. At a minimum, we therefore aim to continuously meet TCO Certified certification requirements related to this, where it should be noted that TCO Certified continuously raises the bar when introduc-ing updated standards.   We do not have targets for air, soil, and food pollution in the value chain. Our supplier due diligence processes ensure that we are only working with suppliers that are compliant with pollution-related regu-lations as well as our Supplier Code of Conduct. To meet our objectives, a key focus is the continuous evaluation of compliance regarding the use of harmful substances by our suppliers. During 2025, all relevant suppliers have completed a declaration of compliance to show adherence to our policies in this area. This has ena-bled a better view of any high-risk areas in our value chain, as well as a better understanding of potential negative impacts relating to pollu-tion of water, soil, and food, driven as a result of the use of hazardous substances. Where we depend on outsourced manufacturing, our focus is on man-aging and phasing out halogens (specifically bromine, choline, and fluo-rine) in line with external standards and our internal requirements. We apply halogen‑free (HF) requirements to printed circuit boards (PCBs) 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.  Accounting policiesTotal amount of substances of concern and substances of very high concern used in own operations To report the total volume of substances of (very high) concern for produc-tion sites, we have collected usage or purchasing data for the substances 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 have similar activities. Total amounts have been grouped by their re-spective hazard class as well as the level of severity within a given hazard class. All volumes are reported in litres. The metrics and use of substances of (very high) concern is externally verified at all sites and in accordance with local environmental legislation. The hazard of a substance divides health, environmental, and physical haz-ards into separate hazard classes such as reproductive toxicity, skin sensiti-zation, carcinogenicity etc. The severity of the hazard within each class is described by the category. Some classes have five categories; other classes have only one category. Category 1 always represents the most severe haz-ard within that class. The higher the category number, the lower the sever-ity of the hazard. Each substance can have more than one hazard class and several of the substances used will therefore be accounted for in more 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-zation hazard and once in the carcinogenicity hazard). For detailed information about the hazard classes and its categories please refer to Regulation (EC) No 1272/2008 (the CLP regulation) or see guid-ance on CLP (https://echa.europa.eu/guidance-documents/guidance-on-clp) Where halogen content in these parts exceeds the HF limits, we require clarification on whether the halogens originate from regulated sub-stances. In addition, we apply an internal HF requirement for mechani-cal parts, packaging, and cables with a weight above 25 grams to fur-ther minimize compliance risk and environmental impact. We expect to phase out fluorine by 2026 for these same parts, targeting a concentra-tion below 50 ppm, excluding applicable derogations.  For Enterprise products, we set these requirements for suppliers and verify compliance through in‑house testing and documentation. Cur-rently, we obtain full material declarations (FMDs) for approximately 90% of relevant components and report SVHCs via the SCIP platform. At present, we do not systematically report substances of concern (SoCs) according to the CLP list due to limited available data and data-base capabilities, and we are assessing whether full traceability of all SoCs is feasible and required. To support further efforts towards compliance with the Ecodesign for Sustainable Products Regulation (ESPR) and Digital Product Passport (DPP), we have assessed the potential of integrating our systems and automatic efforts to capture data on the full product lifecycle. In 2025, we continued to develop our capabilities in this area, such as investigat-ing the use of new technology and applicable tools to improve data capture relating to substances of concern that are embedded in our products.  Substances of concern and substances of very high concern  ___________________________________ E2-5 We will not report this metric for substances in products or compo-nents for which manufacturing is outsourced, as these fall under the phase in provision given that these substances are added to compo-nents or products in our value chain. As such, our reported metric only includes substances added to products or components in our own oper-ations, i.e. as part of manufacturing hearing aids.  Restatement  Whereas in 2024 we reported substances used in production and in products separately, in this report we have merged these into a single metric, because due to the complexities of data collection required to report on this metric, we have greater confidence in the accuracy of the total combined volume.  Overview of substances of concern 2025 2024 Amount in litres Amount in litres used, or used, or procured procured during produc-during production tion and leaving facilities and leaving facilities Hazard class as products as products Hazard - Carciogenity  207  215 Category 1   35 150 Category 2 172   65 Hazard - Chronic hazard to the Aquatic Environment 5,942  6,120 Category 1 147   269 Category 2   450   625 Category 3   3,654 1,497 Category 4  1,691   3,729 Hazard - Germ Cell Mutagenity   -  3 Category 2   -  3 Hazard - Reproductive Toxicity  1,259  1,135 Category 1   1,011   74 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 Resource use and circular economyMaterial impacts ___________________________________ SBM-3 We have identified two IROs related to resource use and circular econ-omy reflecting the environmental impacts of our dependence on a wide range of finite materials for the manufacturing of our products.  Aside from mitigating the impacts of relying on finite and scarce re-sources, in the long term, we expect that moving towards a more circu-lar business model provides opportunities to reduce electronic waste and meet increasing demand for circular products and services.  The relevance of circularity to our sustainability agenda is confirmed by the fact that the EU Taxonomy considers the relevant environmental objective for potential alignment of our core economic activity with the taxonomy to be circular economy. In other words, GN can make a sub-stantial contribution to a circular economy.  Policies  ___________________________________ E5-1 Our Environmental Policy, covering GN’s approach to all material envi-ronmental topics across our own operations and value chain, includes a section on resource inflows, stating that our commitment to reducing these by optimizing for efficient resource use in the design of our prod-ucts and in avoiding unnecessary production waste. Where this is tech-nically and operationally feasible, we are committed to introducing re-cycled or renewable alternatives for materials used in our products. For biological or renewable materials, such as paper and cardboard used in our packaging, we strive to source these materials sustainably to en-sure this does not lead to deforestation. The provenance of the materi-als we use is pivotal to the impact of our value chain, which is why we source materials with credible third-party certifications, such as FSC, ISCC Plus and the Global Recycling Standard.  Our Environmental Policy also covers resource outflows, stating that we strive to minimize generation of waste from our business by includ-ing circularity principles, such as durability, repairability, recyclability, and ease-of-disassembly, into the design of our products. The policy also states that in terms of management of in-market products or at end-of-life, we strive to recover or maintain value through services and partnerships. These include those that support reuse, refurbishment or recycling through enabling remanufacturing, refurbishment, repair, out-of-warranty takeback schemes, and as-a-service leasing models. Our policy commitments also include ongoing work to ensure compli-ance with product recycling legislation, where we finance recycling in-frastructure according to the EU WEEE directive in EU markets. This also includes several states and provinces in the U.S. and Canada, where some of our products are covered by extended producer respon-sibility (EPR) legislation.  Targets and actions – Resource inflows ___________________________________ E5-3; E5-2 Targets Since 2024, we have had targets to increase recycled and sustainably sourced bio-based material share across our full product portfolio. The target for 2025 was 25% (the 2024 baseline at the time of setting the initial target was 19.1%). For 2026, our target is 28%. As part of Better for planet, in 2025 we also added a medium-term target: 40% by 2030. Actions To reach these targets, we execute the following actions: •  We have an ongoing requirement of at least 50% recycled or sustainably sourced bio‑based materials as a % of the total weight of mechanical parts (plastics, metals, fabrics, other non‑electronic parts) for new product developments in Enter-prise in Gaming, where this is feasible •  Expand our catalogue of recycled and biocircular renewable materials to use in future products, through testing and sup-plier development, and investigate more sustainable materials for electronic components (PCBs, speaker drivers, batteries) with suppliers and partners Material IROsUse of virgin and non-renewable resourcesNon-circular productsImpact:  Risk:Addressed in Descriptionvalue chainGN products contain a wide variety of materials from virgin and non-renewable 10resources, impacting the need to extract ever more finite resources Where GN products are disposed without recovery and reuse of valuable materials, this 11negatively impacts the environment as it requires further use of raw materials instead Opportunity:•  For packaging, we continue the rollout of FSC-certified pack-aging, which ensures our packaging material qualifies for this target Progress •  In 2025, we increased the total share of recycled and sustaina-bly sourced bio‑based material across the full product portfo-lio to 26%, thereby reaching our short-term target set last year. The share of recycled content in our products and pack-aging increased from 2% to 3% in 2025, while the share of FSC‑certified material in our packaging increased from 50% in 2024 to 58% (of total packaging weight) •  We launched 11 products containing recycled or biocircular materials in Enterprise and Gaming, ranging from 17% to over 50% as a share of the weight of mechanical parts, while we ex-pect that product developments commenced in 2025 will meet the requirement of at least 50% where this is feasible  Share of materials 2%3%21%24%40%77%73%60%20242025 2030 targetUncertified virgin materials FSC- packaging and biocircular plastics Recycled materialsTargets and actions – Resource outflows ___________________________________ E5-3; E5-2 RepairWe 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 relevance of new regional external indices for the purpose of adjusting our Targetsapproach and targets in accordance with the latest repairability standards. Although no such legislation currently applies to our products, our design efforts are focused on ensuring our products are ready to meet these standards when they enter into force.DesignA key action in 2025 was to finalize embedding repairability requirements in the product development process and manufacturing partner requirements to ensure 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 Actionsand in-development products in Enterprise and Gaming. In some cases, we ran multiple assessments for different builds of the same product. In 2025, we executed 44 repairability assessments covering 38 in-market products, and 44 assessments covering 21 products in-development. TargetsAs part of Better for planet , we are committed to enable repair of our products in accordance with right to repair legislation globally. Given the scope of the legislation, this excludes hearing products. In 2024, we started a program running through 2027 to develop processes, partnerships and services to enable repair as stipulated. Key elements of this program in 2025 were:Enabling • Rollout of end-user repair kits, consisting of repair guides, spare parts ( e.g.activitiesbatteries, ear cushions, headbands) and simple tools ( e.g. screwdrivers) where needed. Repair kits are a requirement in our product development processes so that they are available at launch for new products. This setup is completed for selected products in Enterprise, with additional SKUs being added in 2026.Actions• Preparation of a commercial repair network setup to enable simple third -party repair close to the end user. This commercial setup is planned to be established in 2026.• Development of an out -of-warranty repair service, following a service analysis completed in 2025. Implementation started in November 2025 and will continue into 2026, with launch targeted for 2026.In 2025, we also explored how diagnostics could increase our capacity to do more targeted fast repairs of our hearing aids, only replacing components that are  faulty.RecyclingAs part of Better for planet , we have a target to develop a design for recycling framework in 2026, aimed at optimizing our product design for recycling of components at end -of-life.To meet our target, in 2026 our key action is to translate the design for recyclability requirements from the EU Taxonomy as well as other recycling requirements into GN-relevant design requirements, to be embedded in product development processes.Our overall objective to enable recycling of our products is to comply with extended producer responsibility (EPR) legislation, while offering  take-back service of products at end of life for recycling where feasible in selected markets for selected products.We run a take-back program for end -of-life devices in the Enterprise division, where we see a customer needfor this. This program ensures collected devices are responsibly recycled, and upon completion of the process, customers are issued a Certificate of Destruction (often known as Certificate of Recycling). These certificates provide official documentation that materials have been processed, data securely destroyed, and all actions conducted in compliance with industry standards for responsible electronic waste management. We comply with recycling legislation by ensuring reporting and financial contributions are made in relation to relevant extended producer responsibility (EPR) schemes in geographies where GN is classified as a manufacturer. Material recoveryWe do not have any targets related to material recovery. We do not have any design actions for material recovery. As part of Better for planet , we have a goal to expand remanufacturing of products from the Hearing division to cover more chargers and wireless accessories by 2027.Returned hearing aids and chargers are remanufactured at our site in Malaysia and returned to the market as replacement devices. In 2025, we achieved a remanufacturing rate of 59% for returned hearing aids.In 2026, to achieve our  Better for planet goal, we will explore the business case for expanding our remanufacturing process to include more chargers and wireless accessories.Resource inflows ___________________________________ E5-4 Resource use associated with the manufacturing of our products and packaging is a highly material topic for GN. Multiple material types, in-cluding plastics, metals, textiles, cardboard, and adhesives are required to make our products and packaging. GN purchases intermediary and finished products from our suppliers. The total weight of these prod-ucts that are used across our own product and packaging portfolio are therefore reported, including breakdown of broad material types to provide greater insight into GN’s resource consumption and manage-ment of transition risks related to critical raw materials. An estimated 27% of the materials used in our products and packaging in 2025 were either recycled or sustainably sourced biological materials, an increase from 23% in 2024. For GN, biological materials refer to paper, cardboard and bio-based plastics used in our products and packaging. Within this, we source FSC-certified packaging and ISCC Plus-certified biocircular plastics. Therefore, we report on the percentage of biological materials that have either of these certifications. Secondary intermediary products are used in the form of post-consumer recycled plastic pellets, with varying percentages of recycled content, depending on the product. Resource inflows - products and packaging 2025 2024 Total weight of material  (metric tons) 12,385  11,990 Percentage of biological materials that is sustainably sourced (FSC) 24% 21% Total weight of recycled materials (metric tons)   340 261 Percentage of recycled materials 3% 2% Resource inflows - products and packaging 2024 (previously disclosed) Total weight of material  (metric tons)  11,178 Percentage of biological materials that is sustainably sourced (FSC) 17% Total weight of recycled materials (metric tons)   309 Percentage of recycled materials 3% Restatements Resource inflows in 2024 have been restated because of newly availa-ble data from product LCAs conducted during 2025. The increased cov-erage of our product portfolio among the LCAs improves the accuracy of our 2024 reporting. The 2024 baseline for the target for increasing sustainably sourced materials has been restated from 20% to 23%. Across GN, our LCAs covered 18% of volumes with actual data in 2025, versus 19% in 2024. Coverage of volumes has increased from 44% to 47% for Enterprise and Gaming products, which account for 92% of re-sources used in products and packaging, while Hearing only accounts for 8% of inflows.   Resource inflows per material type (by weight)* 1% batteries2% plastic packaging1%textiles3%PCBs and electronic components5% other packaging34% cardboard and paper packaging9% cables and power adaptors10% metal parts and magnets 17% other parts (incl. rubber)19% plastic partsAccounting policiesResource inflows metrics are estimated using product LCAs, as these contain verified component-level data, including material composition and measured weight. The LCAs we have available are allocated at the item level across the product portfolio. All LCAs are third-party verified according to ISO 14067. For Enterprise, Gaming, and Consumer (Consumer discontinued in end of 2024) products, the calculation is based on 12 months of data and one unit packaging per unit product has been assumed. For Hearing, the calculation is based on 9 months of data (uplifted to 12 months) and packaging is captured in the reference LCA allocated to the given item produced. Total weight of products and materials The total weight of products is calculated by multiplying product or part component-level weights by the total production or purchase volumes at product or part level in the reporting year.  Percentage of biological materials that is sustainably sourced Product and packaging components containing biological materials and corresponding certifications (FSC) for sustainable sourcing are tagged on the component level and their weights calculated proportionately to the relevant total.  Weight of secondary intermediary products GN product and packaging components containing secondary intermediary products are tagged on the component level. The percentage recycled content of the intermediary product is multiplied by the total weight of the component.Sources of uncertainty The main source of measurement uncertainty is the coverage of our prod-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 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 aver-age per unit volume purchased or produced. Resource outflows - Recyclability ___________________________________ E5-5 The rate of recyclable content across GN products in 2025 was 70%, which decreased from 74% in 2024 because of increased demand for product categories that generally contain more non-recyclable materi-als. Recyclable content of packaging in 2025 increased to 89% from 87% in 2024, mainly because of continued rollout of FSC-certified cardboard and paper packaging designs in the Hearing division. Materi-als considered to be recyclable, such as cardboard and paper, plastics, and metals accounted for approximately 34%, 21%, and 9% of total product weight, respectively.  Restatements As with the restatement of resource inflows, the rate of recyclable con-tent in 2024 has been restated because of increased data availability from new product LCAs conducted during 2025. Recyclability 2025 2024 Rate of recyclable content in products 70% 74% Rate of recyclable content in packaging 89% 87% Recyclability 2024 (previously disclosed) Rate of recyclable content in products 67% Rate of recyclable content in packaging 81% Accounting policiesThe recyclability of products and packaging The share of products and packaging that is recyclable has been estimated by weight using our product LCAs, as these contain verified component-level data, including material composition and measured weight. The LCAs we have available are allocated at the item level across the product portfolio. All LCAs are third-party verified according to ISO 14067. The total share of recyclable products and packaging is calculated by multiplying product or part component-level weight by the total product- or part-level production or purchase volumes in the reporting year. The weight is then summarized by material categories and broad product category (i.e. headsets, keyboards etc.). The summed weight for the material and product categories considered to be recyclable at scale are then calculated as a percentage of total weight of resource inflows. The metrics are calculated using 9 months of data, uplifted for 12 months. Sources of uncertainty The main source of measurement uncertainty for this metric is the lack 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.  The other source of uncertainty arises from the lack of full coverage of 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. Resource outflows – Product repairability ___________________________________ E5-5 To increase transparency around the repairability of our products, we have updated our accounting methodology for Enterprise and Gaming products, for which new data is available through internal repairability assessments.  To measure repairability, we have calculated the proportion of our product portfolio for which relevant critical components can be re-placed by the user (batteries and ear cushions) or by GN’s Global Repair Center (headband, speaker, microphone, PCBA and camera module).  GN’s repairability assessments cover 57% of the product portfolio in the Enterprise and Gaming divisions (by production volumes). Overall, the number of products designed for the replacement of critical com-ponents has increased from 2024 to 2025. Returned hearing aids are remanufactured at our site in Malaysia and returned to the market as replacement devices. Our setup enables us to drive circularity by reusing as many components as possible. Some of our hearing aid devices have not only been given a second life, but also a third. In 2025, we achieved a remanufacturing rate of 87% for re-turned hearing aids, versus 65% in 2024. We are also exploring how we can use diagnostics to enable more targeted fast repairs, only replacing components that are broken.  Accounting policiesThe repairability of products Repairability of Enterprise and Gaming products has been measured in terms of the degree to which they designed for repair. For batteries and ear cushions, we also account for the availability of spare parts to end users, while for other critical components considered, we only re-port on whether components are accessible and replaceable through disassembly (i.e. designed for repair). We account for products where batteries and ear cushions can be re-placed by the end user and products where headbands, speakers, micro-phones, PCBAs or camera modules (where relevant) can be accessed and removed without specialized tools by our Global Repair Center. Specifically, critical components were considered repairable in a given product if both of the following are true: •  Component is accessible without the need for specialist tools and without damage or scrapping of components. •  Component is removable without excessive residue, dam-age, force, or specialist tools. For each component, the results are expressed as the percentage of our product portfolio (by production volume) where the above is rele-vant and true. Accessories, spare parts, cables, and non-electronic products like mouse pads were excluded from the scope of this exer-cise. For hearing products, we have not executed a repairability assessment but have instead assessed repairability based on whether hearing aids are repairable in practice through our owned remanufacturing setup. This setup demonstrates hearing aids are generally repairable.  Restatements We previously disclosed that 60-70% of Enterprise products assessed in 2024 were highly or very repairable. The new methodology has a broader scope (all Enterprise and Gaming products) and transparency to the com-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 covered in the calculation, which is also applied in 2025. Resource outflows - Product durability ___________________________________ E5-5 For Enterprise and Gaming products, based on the data inputs used (see accounting policy), it was concluded that legal warranty period is the most appropriate data type for estimating products’ durability. We estimate that product durability for these products is equal to the war-ranty period at a minimum. In practice our products will often last longer than the minimum warranty period. The warranty period for our products differs, ranging from 1 to 5 years.  •  Gaming products typically have 1-2 years warranty •  Video products typically have 2 years warranty •  Selected Biz, BlueParrott, and Engage headsets typically have 3 years warranty 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. Accounting policiesKey products from the production process From our three core business areas, the following products are in scope: •  Hearing: Hearing aid, accessories, and packaging •  Enterprise: Audio and video devices for professional use and packag-ing •  Gaming: Gaming devices, peripherals and packaging, consumer au-dio devices and packaging audio devices and packaging The durability of video, audio and gaming products To assess the durability of these products, we have used the following data  inputs:  •  Durability requirements set in the product development phase of products, reflecting the intended durability of products •  The legal warranty period, representing the minimum expected life-time of a product in the market •  Return rates within the warranty period, in order to confirm that products generally do not break during the warranty period •  Where feasible, the nature and timing of product returns to assess whether returns reflected end-of-life of a product The durability of hearing aids• To assess the durability of hearing aids, we considered the design re-quirements for durability, which are included in binding submissions to authorities as part of product approval. These design require-ments take origin in the legal requirements as stipulated in the Med-ical Device Directive in terms of the minimum required duration for manufacturers of hearing aids to ensure safe and effective use of the product Sustainability statementSocialArctis 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.  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 wireless, optimized fast charging, and 260g of comfort. Own workforce Material impacts, risks, and opportunities ___________________________________ SBM-3 We have identified six potential negative impacts related to our own workforce. Overall, these impacts reflect our business model, which de-pends on human input as a resource for all our key activities in our own operations: hearing aid component assembly in Denmark, manufactur-ing of hearing aids in China and Malaysia, final assembly of hearing aids in ROCs, R&amp;D and product testing, sales and external collaboration, and white-collar back-office functions.  For this assessment, employees are grouped into two categories: blue-collar employees at major manufacturing sites and full workforce (white- and blue-collar employees).  We also have an entity-specific metric related to equal pay, the adjusted pay gap, which more accurately reflects pay inequality than Human and labor rights The management of all IROs is supported by our cross-cutting policies, actions, and targets related to human and labor rights. Policies  ___________________________________ S1-1 As a member of the UN Global Compact since 2010, GN is committed to safeguarding human and labor rights in our own workforce. Accord-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 Multinational Enterprises.  GN upholds human rights principles through the implementation of policies and procedures to prevent discrimination, harassment, ad-vance diversity, and ensure fair and equal treatment of our employees.  The GN Ethics Guide outlines our employment practices, which are aligned with human and labor rights principles. GN also respects volun-tary freedom of association, including the right to organize and bargain collectively in a manner that is legally compliant. GN does not accept child labor and forced labor as defined by the UN Convention on the Rights of the Child.  GN policies are designed for all employee groups at every level to elimi-nate discrimination and uphold human rights principles.  Targets and actions ___________________________________ S1-5; S1-4 One of the focus areas in our Better for planet strategy is safeguarding the rights of workers, which includes our own employees. We aim to achieve this through a targeted program to strengthen our human Material IROsExcessive overtime in own operationsNon-decent wages in own operationsInadequate protections of healthand safety in own operationsPay inequality in own operationsHarassment in the workplace in own operationsDiversity and gender equality issues in own operationsImpact: Risk:Addressed in Descriptionvalue chainBlue collar employees can be exposed to excessive overtime, which potentially leads to 12negative impacts on employee health, well-being, and safety While GN pays all employees at least a minimum wage and assesses this to be adequate, there is a potential impact of blue-collar employees being paid inadequate wages affect-13ing their quality of life Health and safety incidents occurring at major GN manufacturing sites in China and Ma-14laysia can negatively impact employee health, well-being, and safety While GN has processes in place for equal remuneration, both white- and blue-collar 15workers can be potentially impacted by not receiving equal pay for equal work Where inadequate protections and grievance mechanisms are not provided or do not func-16tion effectively, this can potentially impact employee well-being relating to harassment GN promotes and takes action to increase diversity in the workplace, but a potential lack of diversity in management could lead to negative impacts for the underrepresented 17gender in being offered career opportunities Opportunity: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 culturights due diligence between now and 2030 (see p. 91). As we believe that the strength of our human rights due diligence program is best re-flected in widely-recognized external standards that capture the full width of human rights performance, we have set targets related to our score in EcoVadis as well as related to reinforcing our membership withthe RBA and promoting their code of conduct in our own operations.  Our EcoVadis target is to achieve a score of 70/100 by 2030. The cur-rent baseline is a score of 57/100. Our second target is to undertake third-party audits via the Validated Assessment Program (VAP) on the RBA platform at all our key manufacturing sites and ROCs. Our current baseline for this target is 0% of sites having undergone a VAP audit process. To ensure we are able to take action towards achieving this target, we plan to engage all site managers to register our sites and perform a Self-Assessment Questionnaire (SAQ), which is required for each site before we can begin the VAP audit process.  Our management of IROs related to more specific human or labor rights is described in the sections below.  Health &amp; Safety Manufacturing set-up To improve reporting on health and safety, as part of the DMA update in 2025, we reassessed at which of our sites serious work-related inci-dents are most likely to occur. We concluded that the most material potential health and safety impacts occur at our major manufacturing 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 health and safety management systems at these sites further reflects the materiality of this topic for these sites specifically. Consequently, our IRO and related reporting was adjusted to only cover these sites. Policies ___________________________________ S1-1 We are committed to providing a safe and healthy working environ-ment for all employees. A global H&amp;S organization was set up in 2025 to further formulate and implement global H&amp;S policies and standards going forward. All GN's manufacturing sites have locally anchored H&amp;S groups or global H&amp;S Committees. In 2026, a global health and safety policy is scheduled to be finalized. Specific to our IRO, both our Xiamen Johor Bahru sites have implemented formal Health &amp; Safety policies, that comply with applicable local laws. As part of these policies, management at these sites aims to promote a strong H&amp;S culture to prevent workplace injuries and enhance the working environment for GN employees, prioritizing continuous im-provement and embedding safe working practices through targeted training, performance monitoring, and proactive communication. A sys-tematic H&amp;S management system identifies and assesses risks early and implements controls to prevent work-related accidents. Targets and actions ___________________________________ S1-5; S1-4 H&amp;S targets and actions are set by the local H&amp;S organization, re-viewed by the H&amp;S Committee with final approval by the local general manager in accordance with local H&amp;S Objective Management proce-dure. Objectives and target performance are reviewed at least once an-nually in accordance with Xiamen and Johor Bahru H&amp;S Management Review Procedure. H&amp;S management in Xiamen and Johor Bahru will include employee in-put when setting H&amp;S targets and actions. Employees are represented on-site and can voice their opinion or raise concerns via safety repre-sentatives, line managers, H&amp;S committees, whistleblower hotlines, and internal/external audits. Sites also use employee surveys to moni-tor performance against site health targets. At the Xiamen and Johor Bahru facilities, H&amp;S policies define quarterly reviews of H&amp;S performance, and H&amp;S management system processes include an annual HSE target plan. We have the following targets for our major manufacturing sites in Xia-men and Johor Bahru: •  Johor Bahru and Xiamen have set a target for 2025 to receive zero major non-conformities for the external audits, in line with the 2024 baseline. In August and September 2025, the sites closed external audits with no major non-conformities, and the same target is applicable for 2026 •  Additionally, in Johor Bahru, an objective was set to improve H&amp;S awareness via training for local teams and an H&amp;S work-shop for all employees. The target is to achieve a 100% com-pletion rate for all the training planned throughout 2025, compared to a 95% completion rate in 2023. In 2025, 100% of the training was completed, and the same target is applicable for 2026 •  For Xiamen, the H&amp;S plan for 2025 included a target of zero fatality and lost time injuries in line with the 2024 baseline. In 2025, there were no major incidents. The same target is appli-cable for 2026 Workplace risk assessments, training, and audits are conducted regu-larly to mitigate H&amp;S risks and reduce work-related accidents. Formal processes for setting actions are currently implemented in the major manufacturing facilities in Xiamen; and Johor Bahru. From October 2025 these processes will be reinforced under a global H&amp;S governance framework, including a global H&amp;S policy to be implemented by early 2026. The following covers some of the determined actions for 2025 at the Johor Bahru and Xiamen sites. •  In Johor Bahru and Xiamen, one of the key actions is to contin-ually improve the H&amp;S management system by conducting in-ternal audits. In Johor Bahru, an internal audit is conducted twice a year while in Xiamen an internal audit is conducted once a year. All non-conformances and findings were moni-tored and closed or mitigated, and audit findings informed im-provements to the H&amp;S management system •  At the Xiamen facility, local regulations require us to conduct 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 questionnaire, newsletter, and drills were in focus •  In October 2025, we established a global H&amp;S organization to define and implement companywide H&amp;S policies, standardize processes, and drive ISO 45001 certification across selected manufacturing sites. It will oversee global H&amp;S governance while ensuring local ownership and implementation Health &amp; 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, resulting in a work-related accident rate of 0,6. Importantly, there were no fatalities due to work-related injuries or occupational ill health. Restatements In line with the update to our IRO, the H&amp;S metrics have been restated in 2025 to focus only on our manufacturing facilities in Xiamen and Jo-hor Bahru. The 2024 data has been restated accordingly. As part of ma-turing our H&amp;S processes and data quality, we have also improved our data collection process compared to 2024 to ensure the reported inci-dents are recorded in H&amp;S management systems as work-related inju-ries that result lost time or medical intervention. Our 2025 data more accurately reflects recorded incidents than the number we reported in 2024, meaning a comparison with the numbers reported in 2024 would not be meaningful. Health &amp; safety figures for own workforce in Xiamen and Johor Bahru Unit 2025 2024 Own workforce covered by GN's health &amp; safety management system % 100% 100% Fatalities as a result of work-related injuries and work-related ill health number 0 0 Recordable work-related accidents number 3 8 Recordable work-related accidents rate 0,6 1,7 Accounting policiesWork related accidents and fatalities A work-related accident is an event that results in injury or ill health be-cause of work-related activities. Data on work-related accidents were col-lected for the two main manufacturing sites Xiamen and Johor Bahru.  H&amp;S data is recorded and stored in the H&amp;S management systems locally. The number of work-related accidents relates to GN’s own employees while the number of fatalities relates to GN’s own employees as well as others working on GN sites. Rate of work-related accidents In line with CSRD reporting requirements, the rate of work-related accidents was calculated as the number of work-related accidents per one million hours worked. Employee working hours were collected from local H&amp;S management systems. Working time Policies ___________________________________ S1-1 In GN, our engaged employees are the core differentiator in a competi-tive marketplace. We are dedicated to fostering a great workplace for our people across the globe. One prerequisite for this is to ensure effec-tive workflows and people management to avoid excessive overtime, which we have identified as a material IRO for blue collars in our pro-duction sites due to the potentially negative impact on the health and well- being of employees.  Accordingly, GN has a global policy for working time and specifically for employees within the European Union a working time policy and registration procedure. These policies govern our approach to Work Time management and helps to ensure GN's compliance with local la-bor laws and international regulations (such as the EU Working Time Directive).  GN’s Global Working Time and Registration Policy provides a framework for the management of employees’ work hours to ensure effective re-source management and the avoidance of excessive overtime. GN’s European Union Time and Registration Policy ensures we comply with the EU Working Time Directive. As the EU Directive has been im-plemented through local legislation and/or local collective agree-ments, the rules vary in the different countries. The policy therefore serves as the main guideline, but in case local policies or legislation dif-fers, the local policies and legislation will always prevail.  The Global Working Time Policy was introduced in GN in 2024 and dur-ing 2025 we have continued our efforts to ensure that adequate moni-toring systems are in place in light of our policy. This is not considered a major risk as local procedures are in place in the meantime.   Targets and actions ___________________________________ S1-5; S1-4 GN intends to comply with the Global Working Time and Registration Policy standards and to promote a healthy work-life balance. Regional and/or local policies and/or procedures are aligned with GN’s globally defined standards. Local management and HR departments monitor working hours and take corrective actions to prevent breaches of local and international regulations. GN has been attentive to compliance with working time regulations across all locations, and in connection with CSRD, we have introduced a formal framework. During 2025 – and going into 2026 - GN is working on two actions re-lated to the working time policies. Firstly, a ‘Policy Access &amp; Awareness’ action in which we have established a central hub for HR Policies and Procedures. A hub where we will consolidate further policies and proce-dures. Secondly, as we consolidate our policies and procedures for time management we will be reviewing local policies and procedures for our main production sites to ensure that they conform to our global policy.  Adequate wages Policies ___________________________________ S1-1 GN is committed to ensuring adequate wages for all employees glob-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.  Targets and actions ___________________________________ S1-5; S1-4 To maintain fair and competitive compensation, GN continuously moni-tors employee pay levels against defined pay ranges across all loca-tions. This ensures that pay remains aligned with market standards and internal equity principles. Beyond ensuring that all GN employees receive wages at or above the legally mandated minimum, GN has not established additional targets related to adequate wages. Local HR teams are responsible for contin-uously monitoring compliance with local legislation and/or collective agreements to ensure adherence. Controls on adequate wages are con-ducted annually from a global perspective, confirming that all GN em-ployees receive wages at or above the applicable country's minimum wage based on base salary alone.  To maintain fair and competitive compensation, GN continuously moni-tors employee pay levels against defined pay ranges across all loca-tions. This ensures that pay remains aligned with market standards and internal equity principles. Accounting policiesAdequate wages Hourly pay of all active employees during the calendar year is assessed against the national minimum wage benchmark established through legis-lation or collective bargaining agreements.  Adequate wage metric ___________________________________ S1-10 As was the case in 2024, in 2025, all GN employees are paid wages that exceed the minimum requirements set by local laws and/or collective agreements in every country GN operates. Diversity and belonging Policies ___________________________________ S1-1 At GN, fostering an inclusive culture while promoting greater diversity in voices, backgrounds and experiences is central to what we stand for and the way we work. The latest engagement survey demonstrates that our efforts to create a diverse and inclusive workplace are recog-nized by employees and leaders alike. Our goal is to create a strong and respectful culture that guides our leadership and interactions to strengthen collaboration, spark innova-tion, and drive sustainable growth. Our global policy for diversity and belonging outlines our beliefs and aspirations, ensuring accountability at the highest levels, including ELT.The policy addresses issues related to diversity and applies to all Group entities and employees.  A regular review and update of the policy is done to reflect contemporary guidance, and progress on established targets is monitored by the ELT. Targets and actions ___________________________________ S1-5; S1-4 In 2025, we have continued our efforts to strengthen an inclusive or-ganizational culture across GN and increase diversity across leadership pipelines. We have not set a diversity target for senior leadership at Group level, but only for the parent company, GN Store Nord A/S, as the Gender Balance Act requires. For reporting on senior leadership target in ac-cordance with the Gender Balance Act, see p. 40 of the Management’s Report. In 2024, we also reported on ‘extended leadership’, comprising a larger group of senior employees. As this is not a legal requirement, we have chosen to limit our reporting for 2025 to what is legally required and have therefore excluded it from this report. Our initiatives in diversity and belonging are still targeted at leaders across GN, including this wider group.  In 2025, we have made significant strides in our Diversity and belonging initiatives: •  An inclusive language platform launched in 2024 to attract a diverse candidate pool, was in 2025 made available to all em-ployees to help develop a welcoming culture •  A global campaign on psychological safety has been carried out to reinforce our Leadership Commitments and provide 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 fostering a culture of inclusivity and belonging across all levels of leadership in GN •  During the year, 12 cultural celebrations have taken place to reflect the diversity in GN's global organization. •  Continuous implementation of the governance model in the regions where it applies to ensure that women are consistently shortlisted and considered for leadership positions and promo-tions Based on our internal priorities, we have postponed our 2025 action of developing  an improved exit interview process to inform drivers of turnover and ensure that voluntary turnover between women and men is balanced to 2026. We are aware of the series of recent Executive Orders in the United States, and we are committed to complying with local law in the US and elsewhere with regard to the initiatives and programs discussed in this chapter. For example, diversity related targets and quotas are not set or tracked with respect to our US businesses or employ-ees. We will continue to monitor Executive Orders and other devel-opments under applicable law and will adjust our approaches and practices to ensure continued compliance. Our US team remains committed to equal opportunity employment and does not discrim-inate based on race, gender, or any other protected characteristic. In 2026, our focus on diversity and belonging will continue and several initiatives have been planned to support this. Key initiatives include: •  rollout and implementation of Our Commitments to all GN employees with awareness campaigns and skill building on in-clusive behaviors •  rollout of a global cultures campaign to further develop GN leaders’ capabilities in managing global teams and enhance global collaboration. The diversity targets and actions are 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 In 2025, the share of women in Senior Leadership positions at Group 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. Restatements 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). * Our reporting on diversity and belonging also cover the requirements of the Danish FinanciDistribution of employees by age group ___________________________________ S1-9 The share of workers per age group is in line with our expectations where 30-50 year olds make up the majority of our workforce – approx-imately 60%, with younger and older workers making up roughly 20% each.  8,1458,1901,5021,592over 50over 504,9615,026between 30between 30and 50and 501,6821,572below 30below 302024 2025Equal pay Fairness in pay is a key element of GN’s approach to sustainable busi-ness practices. We are committed to providing employees with equita-ble and market-aligned remuneration that reflects their responsibilities, performance, and contributions. To achieve this, GN continuously mon-itors and benchmarks pay across all locations and against relevant mar-ket standards. We implement structured processes to ensure pay eq-uity, including formal pay gap analyses, independent reviews, and ob-jective assessments of compensation for comparable roles. These measures allow us to identify and address potential disparities proac-tively and maintain a consistent, fair approach to remuneration across the organization. In addition, bi-annual surveys are conducted to gather employee feedback on compensation where the results indicate that the majority of our employees evaluate that they are rewarded fairly.  Policies ___________________________________ S1-1 GN’s Remuneration Policy addresses our material negative impact re-lating to equal pay, covers all employees globally, and aims to ensure a consistent approach to pay across GN as well as fair pay for each job.  Targets and actions ___________________________________ S1-5; S1-4 While we have not yet established specific quantitative targets for the effectiveness of our Remuneration Policy, our ambition remains to min-imize pay gaps and ensure equal pay for equal work across GN.  In 2025, GN continued implementing initiatives aimed at improving the share of women in senior positions, focusing on both internal promo-tions and external recruitment. These initiatives are part of a multi-year plan to strengthen gender diversity in leadership, which is expected to gradually reduce the overall unadjusted gender pay gap over time. We maintain metrics that monitor pay positioning relative to market benchmarks and assess potential bias in the pay process, especially those related to gender.   Compensation metrics (pay gap and total compensation) ___________________________________ S1-16 In 2025, GN’s unadjusted gender pay gap based on base salary for all active employees, was 36.9% (2024: 38.3%).  To ensure that differences in pay are not driven by bias, GN established an entity specific metric - adjusted gender pay gap analysis to compare the base salary of men and women performing comparable work within the same country.  In 2025, GN’s adjusted gender pay gap was 4.3% (2024: 3.3%). Alt-hough the adjusted gender pay gap is relatively small, the analysis highlighted areas for continued attention. GN will maintain annual re-views to ensure fairness, transparency and consistency in pay practices. Several factors significantly impact the above-mentioned unadjusted gender pay gap, notably the organizational structure in question and the balance of men and women across different organizational levels, where GN has higher proportion of men in senior, higher-paid positions than women. Another factor influencing our unadjusted gender pay gap is material differences in pay levels across GN locations combined with the differ-ing gender compositions in each location.  In addition to pay gap analyses, GN monitors overall pay equity through the total remuneration ratio. For 2025, the ratio between the CEO’s annual total remuneration and the median total remuneration at GN is 46.4 (2024: 43.5). Further details on remuneration components and methodology are available in the 2025 Remuneration Report. Fur-ther details on total remuneration ratio can be found in the 2025 Re-muneration Report.  Accounting policiesUnadjusted gender pay gap The gender pay gap calculation follows ESRS reporting requirements illus-trating gender pay gap on base salary on an aggregated organizational level. Gender pay gap is calculated as the difference between average hourly pay of male and female employees expressed as a percentage. All active employees during the calendar year are included in the calculation.  Adjusted gender pay gap From 2025, GN has strengthened its methodology for assessing the adjusted gender pay gap to ensure greater objectivity. An independent third-party provider now conducts the analysis using regression models that control for legitimate pay drivers such as job complexity, experience, performance, and location. This enhanced approach covers all active employees during the calendar year and isolates only the unexplained pay differences between women and men in comparable roles. Total remuneration ratio To calculate total remuneration ratio the median employee’s salary is measured against our highest paid individual. Total remuneration for the median employee is defined on the basis of base salary analysis where an employee with a median base salary across all GN employees is selected and remaining total remuneration components are calculated. All the ac-tive employees during the calendar year are included in the calculation. GN will work towards obtaining the data in a centralized system to include em-ployee total remuneration in the calculations for future reporting periods. Violence and harassment Policies ___________________________________ S1-1 To address the identified material potential negative impact on the health and well-being of employees because of violence and harass-ment, GN has implemented a dedicated Anti-Harassment Policy, which aims to promote a respectful and inclusive culture and raise awareness 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 as channels for reporting violence and harassment cases. The policy ap-plies to all GN employees and activities, including interactions with cus-tomers, business relationships, visitors, vendor employees, and interns. Targets and actions ___________________________________ S1-5; S1-4 GN runs an annual mandatory anti-harassment e-learning for all em-ployees. The main purpose of the program is to educate all employees on identifying, preventing, and responding to harassment in the work-place. GN also has the GN Alertline, where relevant cases are thor-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. Incidents, complaints, and severe human rights impacts___________________________________ S1-17 GN employees and external stakeholders can report concerns confiden-tially through the whistleblower hotline. Cases are investigated by the designated whistleblower investigation unit (Group Business Ethics &amp; Compliance department) with support from other Group Functions where needed. All cases are reported quarterly to the Audit Commit-tee.  GN has not incurred any fines, penalties or compensation for damages related to reported incidents and complaints and has not identified anysevere human rights incidents connected to GN’s workforce.   Accounting policiesIncidents, complaints and severe human rights impacts All cases reported through the GN Alertline are included in this metric. The GN Alertline is a secure and confidential reporting tool hosted by an inde-pendent third party. This hotline is available to all employees and external stakeholders and can be accessed on the GN Group website via www.gn.com/whistleblower and for employees also via GN's intranet.  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 Employee characteristics ___________________________________ S1-6 At the end of the reporting period, our total employee headcount is 8,190 employees. The most representative number in the financial statements can be found in note 2.3 on page 127. Our operations are widespread, with significant employee presence in key regions.  The gender distribution is balanced with 4,080 males, 4,045 females (10 workers who identify as non-binary and 55 workers where gender data is missing).  The majority of our workforce (6,751 employees) are on permanent contracts while 819 are on temporary contracts and 620 are non-guar-anteed hours workers.  The temporary workers, that make up 10% of our total employees, are crucial for managing operational peaks and lows. Notably, 68% of these workers are in our Operations function, often due to legal re-quirements - or local market practices - at our production sites. Our to-tal employee turnover during 2025 was 1,118 employees, resulting in a turnover rate of 13.7% (2024:15.2%). Employee headcount by gender 2025 2024 Male 4,080 4,098 Female 4,045 3,969 Other  10  12 Not reported 55 66 Total employees 8,190 8,145 Employee headcount in countries where GN has at least 50 employees 2025 2024 Denmark  1,888   1,841 United States of America  1,550  1,608 China  1,404  1,427 Malaysia   1,013  997 India  340  338 Spain  202   193 Germany   166   172 United Kingdom   172   169 Japan   169 161 Australia   158   156 Poland  206   166 France 121   122 Taiwan 92 92 Brazil 95 89 Canada 94 89 Italy 93 83 Korea, Republic of 77 73 Netherlands 73 72 Singapore 66 64 Female Male Other (*) Not disclosed Total Employee headcount by contract type and gender 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Employees 4,045 3,969 4,080 4,098  10  12 55 66 8,190 8,145 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 Accounting policiesEmployee headcount stEmployee headcount is measured and reported as of 31 of December 2025. End-of-year figures gives the most accurate current state picture without letting workforce fluctuations impact our figures. Reporting on gender Information about gender is recorded in GN’s HR management system, Workday, where we host our total global workforce and other employee master data. Employee headcount is disclosed as “Not reported” (see “Employee headcount by gender”) when employees do not provide gender information during the onboarding process. Category “Other” refer to employees who identify themselves as non-binary.  Reporting on contract type Until September 2024, the Workday system did not systematically capture whether employees have employment contracts with guaranteed or non-guaranteed hours. We have estimated the percentage of non-guaranteed hours workers in the four countries with the highest employee count: Denmark, the U.S., China, and Malaysia. Based on the analysis of the general and local market conditions, it was concluded that non-guaranteed hours employees are only relevant for the U.S. where 40% of the workforce is under such employment conditions. Employee turnover Employee turnover includes both voluntary and involuntary permanent turnover for both white collar and blue collar employees. The rate is calcu-lated using the total headcount of employees as the denominator. Workers in the value chain Material impacts and risks ___________________________________ SBM-3 We have identified four IROs related to workers in the value chain. OurIROs reflect our dependence for our core activity of manufacturing electronic devices on suppliers in industries with documented negative social impacts, specifically mining, plastic and aluminum production, paper production, freight and logistics, electronics manufacturing, and e-waste treatment. We cannot accurately link the majority of these IROs to GN’s activities,because they occur in industries that are at tier 2 or beyond supplier level in our upstream value chain. We directly or indirectly have busi-ness relations with a very large number of sub-suppliers, in a part of our value chain where we have limited visibility to leverage an assessment of potential social impacts. For this reason, it is also not possible for us to identify very specific (groups of) people or geogra-phies where GN’s activities lead to impacts. Workers we consider to be at high risk of impact and therefore in scope of this assessment in-clude:  •  Agency workers working on GN sites in countries with weak worker protection controls (this covers agency workers at our manufacturing site in Malaysia). •  Blue collar workers working for upstream entities involved in mining, plastic, steel, aluminum and paper production, elec-tronics manufacturing. •  Blue collar workers working for downstream entities involved in freight and distribution, and electronic waste processing. One of the focus areas in our Better for planet strategy is safeguarding the rights of workers across our value chain. We aim to achieve this through a targeted program to strengthen our human rights due dili-gence (see next page) between now and 2030. We expect that by suc-cessfully executing this program, we will effectively manage material 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, views, and rights of workers in the value chain are taken into account in how we run our business.   Policies ___________________________________ S2-1; G1-2 GN is committed to ensuring that hu-man rights are safeguarded and that we manage our material sustainability mat-ters related to value chain workers. Our human rights policy commitments cover all value chain workers across all geographies in which we operate to enable identification, as-sessment, and management, or remediation of our material IROs. A cornerstone of our human rights due diligence is our membership with the RBA and our commitment to their code of conduct. Material IROsInadequate working conditions in the value chainInadequate protections of health and safety in the value chainDiversity and gender equality issues in the value chainChild and forced labor in the value chainImpact:  Risk:Addressed in Descriptionvalue chainSome industries in GN’s value chain may have poor labor practices, such as excessive overtime, insecure work, weak rights and inadequate pay/leave. This can harm workers’ 18health, wellbeing and safetyMining industries, manufacturing, logistics and e -waste are linked to negative impacts to 19health and safety of value chain workersSome parts of GN’s value chain may lack legal protections against harassment and fail to promote workforce diversity. This can harm workers’ health and disproportionately, 20affecting marginalized groups like migrant workersMining and manufacturing are linked to negative impacts of both child labor and other 21forms of forced labor. There is also a financial risk, leading to risks to earnings due to 21trade compliance, as well as fines and reputational damagesOpportunity: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-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 operations, and downstream, ensuring that we address IROs relating toworking conditions, health and safety, diversity, gender equality, child labor and other forms of forced labor. It states that suppliers to all GN 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-dits conducted by GN.  To ensure business partners and suppli-ers comply with our SCOC, we use the RBA and EcoVadis platforms to assess human rights impacts and risks with key suppliers. 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-ulations for governing late payments and guidelines for managing rela-tionships with our suppliers, as well as small medium enterprises (SMEs). These procedures are supported by our various policy commit-ments, such as our SCOC.  Other relevant policy commitments supporting the management of our material IROs in this area are our Sustainability ESG Policy and the recently updated Modern Slavery Statement and Conflict Minerals Pol-icy. These describe how we consider social sustainability in everything we do across our full value chain, as well as specifically addressing re-spect for human rights, including labor rights, of workers and the aboli-tion of child and forced labor. These policies guide our purchasing and supplier selection, in which potential new suppliers are required to complete a survey to verify compliance with applicable labor law, in-cluding laws that ban slavery and human trafficking. GN requires its suppliers to exclude minerals originating from conflict-affected and high-risk areas (CAHRAs), which include, but are not limited to, the Democratic Republic of the Congo and adjoining countries. Targets and actions ___________________________________ S2-5; S2-4 In 2024, we committed to undertaking a comprehensive review of all human rights-related policy areas to understand any applicable targets that can be set. This also included taking actions to expand upon exist-ing initiatives connected to using platforms, such as RBA, EcoVadis and FRDM, to introduce a standardized process for tracking supplier perfor-mance related to social indicators. We set a target to onboard at least 80% of our largest material and component suppliers (i.e. in terms of amount of materials supplied) on the EcoVadis platform, including en-suring we extend our supplier audit processes to account for CSDDD and adjusting supplier contracts and the SCOC, where required. During 2025, we onboarded 86% (83 out of 96 suppliers) of this group on EcoVadis and conducted 86 supplier audits across China and Southeast Asia. Following these audits, we have worked with suppliers to address all findings through corrective action plans, ensuring that they comply with our policy objectives.  In 2025, we also conducted a human rights impact assessment as part of developing Better for planet. As depicted in the infographic on the previous page, the overall target for 2030 is to strengthen GN’s human rights due diligence processes through increased use of EcoVadis and RBA. This will allow for better identification of material impacts and risks connected to value chain workers and to track the effectiveness of our policies and actions when responding to these, while strengthen-ing our ability to monitor progress and assess the effectiveness of the targets over time.   We have targets for both our own operations and supply chain (see S1 chapter for more details regarding targets relating to our own opera-tions). Each target is designed to accomplish a specific improvement area relating to material impacts, such as poor working conditions, health and safety, discrimination, and lacking diversity and gender equality, in ongoing initiatives with our tier 1 partners and tier 2 suppli-ers. They also address areas further in our upstream value chain to mit-igate impacts and risks associated with forced labor and conflict miner-als. As part of the development of Better for planet, we engaged with value chain workers via credible proxies, such as our own audits, RBA audit findings and EcoVadis scorecards.  To ensure we meet our targets, we intend to take the following ac-tions: •  In line with RBA requirements, we intend to fully map and as-sess risks covering 80% of our spending with tier 1 manufac-turing partners and tier 2 suppliers. These assessments will be based on SAQs on the RBA platform and/or EcoVadis score-cards •  Linked to this, we plan to finalize the development and imple-mentation of a new supplier and partner engagement routines until end of 2027 to make better use of the RBA and EcoVadis platform. The intention of this is to ensure that our key part-ners share with us third-party scores and audit insights (e.g. as part of RBA’s VAP), and actively work on the improvements of their performance until 2030. "For our supplier engagement program, tier 1 manufacturing partners will be required to be onboarded on RBA, as well as complete an up-to-date SAQ. We are progressing towards this target with 62% of our part-ners already having been onboarded on RBA and completed the required SAQ. Furthermore, 68% of partners have under-gone a VAP audit process with a Silver result   We are currently in process of updating our scope for con-ducting ESG audits by reviewing the checklists used by our teams conducting the audits. The aim of this is to capture and review data points from all suppliers relating to our material IROs, as well as the targets in Better for planet   As part of our other supplier engagement programs, we plan to introduce RBA code of conduct training for relevant GN functions through the RBA Academy. This training, through our existing SCOC, will also be rolled out and shared with our suppliers   Where required, we will continue to onboard all suppliers in scope of the program on EcoVadis. However, for our tier 1 partners, we view alignment with RBA as the main require-ment   Finally, we will continue our responsible minerals sourcing program as set out by OECD Due Diligence Guidance for Re-sponsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas (CAHRAs) across all markets in which we operate. We will continue to make use of our existing partner-ship with Greensoft Technology who perform due diligence on our behalf focusing on 3TG conflict minerals and cobalt in our upstream value chain in relevant CAHRAs 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-portunity and positive impact (hearing health) related to consumers and end-users.  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.  GN has implemented several policies, actions, and targets for manag-ing product safety and data privacy related risks. For more information see the table below and a dedicated section in this chapter for each IRO.  Material IROsRisk of non-compliance with privacy lawsViolation of health and safety standardsHearing healthImpact:  Risk:Addressed in Descriptionvalue chainThere is a financial risk as a consequence of non-compliance with privacy laws, if GN fails to 22protect customer personal data (including security failures) There is a financial risk as a consequence of recalls or reputational damage if a GN product 23fails to meet product safety standards There is a positive impact on society in terms of our capacity to offer millions of end-users 24with better hearing, as well as allowing for a reduction in stigma of hearing loss. There is 24also an opportunity in this space as our hearing products help to increase awareness Opportunity:Helping people with hearing loss Hearing health is both an actual positive impact and an opportunity for GN. Our core activity of manufacturing hearing aids enables us to cre-ate positive impact by helping millions of people with hearing loss. We aim to help more people with hearing loss through customer-centric in-novation, partnerships, and operational and commercial effectiveness.  Policies ___________________________________ S4-1 As hearing is inherent to the core activity in our Hearing division, it is not covered in a policy as such. We strive to maximize our positive im-pact by growing our Hearing business, which is reflected in our ex-pected Group organic revenue growth of 5-8% annually until 2028. For more information on our growth assumptions, see Financial targets 2025-2028, p 32. Beyond hearing aid manufacturing, GN takes a step further by address-ing the connections between hearing loss and overall health, especially brain health, to motivate more people to take action on their hearing loss. We strive to shape the hearing health agenda and drive a societal shift that positions hearing as essential to cognitive, mental, social, and physical well-being with initiatives such as LISTEN TO THIS™. One of our key commitments is to monitor research and generate insights that support and guide the development of the hearing products to create positive impact for users – improving mental health, productivity, and the overall quality of life. Targets and actions ___________________________________ S4-5; S4-4 The global hearing aid adoption rate remains low, suggesting a need to increase awareness of hearing health as part of overall health and well-being. Our ambition is to drive awareness of hearing health by educat-ing healthcare professionals and a broader audience with evidence based content and practical tools. Additionally, we collaborate with trusted partners to advance new knowledge and public health ap-proaches.  We set a target in 2021 to help 10 mil-lion people with hearing loss by 2025. We have already exceeded that mile-stone: in 2024, we helped 11.2 million people hear better and live better lives, and as of 2025 this increased to 12.1 million people. Accounting policiesHelping people with hearing loss This number represents the number of people estimated to be using our products on 31 December 2025. It is calculated using sales volumes of GN hearing aids and assumptions based on EHIMA figures for binaural treat-ment (i.e. whether users use one or two hearing aids) and estimated re-placement rates (where we used five years for users based in high-income countries U.S., Europe, Japan, Korea, and Australia and eight years for other countries). In 2025, we continued several actions to raise awareness about hearing health, reduce stigma and improve the overall quality of life for people with hearing loss. •  We launched the world’s smallest AI powered hearing aid that enhances sound quality even in challenging situations like noisy restaurants or crowded venues •  We added a new Mental Health section to the LISTEN TO THIS platform to highlight the importance of brain health and its connection to hearing health. LISTEN TO THIS shapes the hearing health agenda and amplifies GN’s impact by turning insights into engagement and partnerships. It helps position GN as a trusted leader in hearing and broader health and ena-bles GN to maximize its positive impact on society by strengthening its voice. As of October 2025, more than 1,500 hearing-care professionals have signed up to learn about the link between hearing and cognition, gaining tools and insights to initiate and act on hearing-health conversations •  In November, alongside the Ambassador of Denmark to the United States, His Excellency Jesper Møller Sørensen and with LISTEN TO THIS, we brought together voices from healthcare, technology, policy, and patient communities for an exclusive gathering designed as a public affairs platform to foster dia-logue and strengthen relationships. The invited guests include representatives from AARP, GSA, UsAgainstAlzheimer’s, HIA, the VA, and other select organization on the topic of "Hearing and cognitive health: Addressing a silent risk of dementia.” •  We also continued to help people with hearing loss without di-rect access to hearing health due to their circumstances, through a variety of product donation efforts globally •  We partnered with the Danish fashion brand HAN Kjøbenhavn to bring hearing health into the spotlight at Copenhagen Fashion Week, showcasing hearing aids as modern design ob-jects rather than something to hide. Two models with hearing loss walked the runway wearing GN devices. The collaboration is part of our mission to break stigma and make hearing health visible, relatable, and culturally relevant Data privacy Data privacy of customers is a material risk in the value chain and in our own operations, as GN holds a range of data on customers, some of which is highly sensitive (e.g. health records, as part of the activities in our hearing aid division). Failure to protect this data could have sig-nificant financial implications. Policies ___________________________________ S4-1 GN’s ambition is to ensure that all employees have the proper knowledge of data privacy and that GN protects all personal data. GN continuously reviews internal procedures and follows regulations to protect consumer and end-user data and ensure the effectiveness of policies. To address the material risk related to data privacy, our Data Privacy Code of Conduct and Data Privacy Policy are created to ensure that all GN employees have the knowledge to mitigate risks and to ensure that GN complies with relevant data protection regulations as the General Data Protection Regulation (GDPR).  Our Data Privacy Code of Conduct guides how all employees process and protect the consumer and end-user data that GN handles. The Data Privacy Code of Conduct also describes processes for collecting, processing, and protecting consumer and end-user data and applies to all employees in GN.  The Data Privacy Policy aims to provide direction to identify and meet the requirements regarding maintenance of privacy as well as the pro-tection of personal identifiable information. This is in accordance with applicable laws, regulations, and contractual agreements. The policy describes rules and restrictions for international transfer of personal data, how to collect, process, store, and inform personal data, etc.  A key ongoing initiative to ensure compliance with our Data Privacy Policy and GDPR regulation is a GDPR risk assessment. As part of this, questionnaires are sent to business process owners via our compliance application. The aim with the initiative is to assess data privacy risks across all business processes including alignment with the EU AI Act, where AI systems and models are used in connection with personal data.  Another ongoing initiative to contribute to compliance with our Data Privacy Policy and work procedures is ‘zero trust technologies’. It as-sumes that individuals, devices, and services that are attempting to ac-cess company resources, even if inside the network, cannot automati-cally be trusted. The initiative has resulted in significantly reducing any intruders’ ability to breach GN systems and data.  Targets and actions ___________________________________ S4-5; S4-4  Besides compliance with international and local regulations, GN has not set targets related to data privacy. GN complies with privacy regu-lations such as GDPR, Health Insurance Portability and Accountability Act USA (HIPAA), Personal Information Protection Law (China) (PIPL), and The Personal Information Protection and Electronic Documents Act (Canada)(PIPEDA). GN continuously reviews internal procedures and follows regulations to protect consumer and end-user data and en-sure the effectiveness of policies and actions implemented. In connec-tion with CSRD implementation, the process is formalized from 2024.  A new third party awareness training software for privacy and security has been implemented in the beginning of 2025. This has improved and modernized the general data privacy e-learning, and an extended use of the tool will be implemented during 2026 by introducing short, topic specific e-learning modules on a more frequent basis, thus ensuring a more constant awareness of the data privacy principles.   Data ethics  GN uses data for various purposes, which leads to benefits for GN and its customers. GN is committed to act ethically responsible with data and comply with ethical principles. By actively considering data ethics, GN intends to ensure human dignity, equality, fairness, responsible use of data, transparency, and awareness by minimizing risk of algorithm bias and discrimination, lack of transparency, lack of control, and lack of responsibility and accountability. GN is implementing appropriate organizational and technical security measures to ensure that any use of data happens in a safe and secure manner. GN will periodically re-view the contents of GN data ethics taking into consideration input from employees and partners, development in trends, technology, leg-islation, and ethical data values. See GN’s Data Ethics Policy: www.gn.com/dataethicspolicy. (§ 99 d) Product safety Product safety of our hearing products is a material risk where medical devices fall under strict product safety regulation to protect hearing aid users. A product-safety failure could have significant financial con-sequences and lead to health and safety harms for end-users. Policies ___________________________________ S4-1 GN develops, manufactures, and markets hearing aids, which are classi-fied as medical devices. Ensuring product safety to manage the mate-rial risk related to this is fundamental to our business and we adhere to strict regulatory frameworks and safety standards to effectively man-age product safety risks.  GN safety policies ensure that our hearing products meet and exceed safety and quality standards, safeguarding user health and well-being. The policies apply to all hearing aids and associated accessories de-signed and manufactured by the company, covering all aspects from development to post-market monitoring. The policies do not cover third-party accessories or components not designed or manufactured by GN, nor does it apply to non-medical electronics.  Our safety policies outline measures to identify, assess, and mitigate product safety risks throughout the product lifecycle. The policies in-clude details on adherence to medical device standards, quality control protocols, and post-market surveillance activities. Furthermore, poli-cies cover risk management approaches focusing on design safety, usa-bility, and compliance with regulations.  We have a continuous improvement process for product safety through feedback, technological innovation, and compliance with evolving standards. According to CSRD Article 2, the 2017/745 Medical Device Regulation defines the specific safety requirement applicable for all hearing aids and associated accessories designed and manufac-tured by the company, covering all aspects from development to post-market monitoring. Additionally, our devices comply with the 2014/53 Radio Equipment Directive (RED) for wireless communication, includ-ing Bluetooth functionality, to ensure the safe and effective use of wireless technology.   Targets and actions ___________________________________ S4-5; S4-4 For our hearing products, as part of our commitment to continuous im-provement of quality and compliance practice, we strive to ensure we always comply with country-specific regulation and deadlines in rela-tion to electronic Medical Device Reporting (eMDR) and vigilance re-porting, which are both critical in ensuring timely identification of and response to potential safety issues.  We have set a target on deviation response time, which we measure as the time taken to initiate corrective actions if we have three consecu-tive months of underperformance against our response time KPI. The ongoing target and baseline value was 20 days which was formally de-fined in 2024. The average response time in 2025 was 17 days, which is below the target value. To set this target, we utilized a combination of quantitative analysis (e.g., incident data trends, KPI metrics) and qualitative assessment (e.g., internal audits, stakeholder feedback). Cross-functional teams in-cluding Quality, Regulatory Affairs, Risk Management, and Product De-velopment are involved in defining, monitoring, and refining our KPIs. Feedback from regulatory bodies and industry partners informs our ap-proach, particularly for adjusting compliance timelines and addressing emerging risks.  Regular management review meetings ensure that the target and KPIs are continually aligned with regulatory requirements and industry best practices. Vigilance processes are aligned with national and interna-tional regulatory requirements, where specific deadlines dictate the timeline for reporting incidents. We employ a trigger-based monitoring approach for CAPA (Corrective and Preventive Actions), where certain thresholds (e.g., exceeding specific KPI limits) automatically initiate a root cause analysis.  At GN, we utilize robust internal processes to monitor key aspects of product safety, regulatory compliance, and risk management. Our overarching ambition is to maintain compliance with regulatory re-quirements, while proactively mitigating risks associated with product safety.  Several product safety related initiatives were implemented in GN dur-ing 2025:  •  GN is exposed to regular audits and inspections to assess com-pliance with internal and external safety requirements. In 2025, we had a total of 25 external audits, including 15 exter-nal audits by our Notified Bodies •  GN continues to perform and document training activities as part of its continuous education programs, ensuring that em-ployees remain informed about product safety best practices and regulatory developments. In 2025, the focus has been on deepening knowledge of upcoming regulatory requirements, strengthening capabilities within risk management, advancing cyber security awareness, and building competence in AI-re-lated compliance. Targeted training sessions have supported employees in adapting to these evolving areas, ensuring GN maintains a high level of preparedness and compliance across its operationsSustainability statementGovernance Spearheading the Auracast revolution 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. 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 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. Business conduct Material impacts, risks, and opportunities ___________________________________ SBM-3 We have two material risks related to business conduct, reflecting thatas a global company we engage in business relationships across a wide variety of geographies. The first risk is related to third party relations, indicating the financial risk associated with failure in due diligence of third parties we deal with. The second risk is related to corruption and bribery, reflecting the financial risk associated with failure to prevent these practices. GN has implemented appropriate policies and proce-dures for mitigating these risks. Business conduct and corporate culture ___________________________________ G1-1; S1-3; S2-3; GOV-1 Our success is founded on ethical conduct, which is central to who we are and how we operate. In a rapidly changing world, upholding the highest ethical standards is both a responsibility and a privilege that guides our decisions and safeguards our reputation as a trusted leader.At GN, we are committed to integrity, transparency, and ethical con-duct across our entire organization, fostering a culture in which employees feel empowered and safe to raise concerns, including through the whistleblower hotline – GN Alertline.  The GN Business Ethics &amp; Compliance program is designed to prevent, detect, and respond to misconduct, ensuring that stakeholders act re-sponsibly and in accordance with applicable laws and GN policies as set out in the GN Ethics Guide – Code of Conduct. Core program compo-nents include compliance policies, training, and communication, whis-tleblower hotline investigations, anti-corruption compliance reviews, third-party due diligence, and economic sanctions management. The Group Business Ethics &amp; Compliance team partners across the or-ganization to mitigate the risk of non-compliance with anti-corruption laws and GN policies worldwide. Anti-corruption training is mandatory on an annual basis for all employees, including consultants. GN’s commitment to business ethics is anchored in our GN Ethics Guide – Code of Conduct, which sets out the responsibilities and ethical stand-ards expected of all employees, members of the Board of Directors, and business partners. This Guide is aligned with recognized standards of ethical business conduct and applicable regulations and publicly available in ten languages at www.gn.com/documents and on GN’s in-tranet. The Group Business Ethics &amp; Compliance team is supported by our net-work of local Compliance Champions, who act as local compliance liai-sons. The Compliance Champions help promote and raise awareness of compliance-related matters and regularly facilitate local training activi-ties. This program is a key element in preventing potential violations and misconduct within GN.  GN Alertline (confidential reporting system) At GN, we are committed to providing a safe environment where both internal and external stakeholders can confidently raise their concerns. GN has established the whistleblower hotline – GN Alertline, to enable reporting of business ethics misconduct and to reinforce our commit-ment to conducting business in a financially, socially, and environmen-tally responsible manner. The Alertline reports form the basis for inves-tigations into potential misconduct, violation of law, or company policy breaches.  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 employees). Concerns may be submitted verbally or in writing.  The Group Business Ethics &amp; Compliance department is GN’s desig-nated investigation unit in accordance with the Danish whistleblower law has established an Investigation Guideline, a procedural tool that details the step‑by‑step process for investigating concerns raised by employees.  Material IROsThird party relationCorruption and briberyImpact:  Risk:G1-2 – Management of relationships with supplierAddressed in Descriptionvalue chainThere is a financial risk in the electronics industry due to evidence of supplier malpractice. 25This can have reputational risks as GN is dependent on suppliers for its value creationThere is a financial risk due to bribery and corruption as this can lead to legal fines and fees, reputational damage, market disqualification, operational disruptions and contract 26terminationsOpportunity:see “Policies” on pp. 90-92Oversight of these investigations lies with GN’s Audit Committee, which is updated quarterly on findings and recommendations on cases received through the GN Alertline. 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-Retaliation Policy. Compliance Training and Awareness GN is committed to conducting business ethically. To ensure this com-mitment is shared across the organization, all GN employees are re-quired to complete the annual GN Ethics Guide training. This online course explains why ethical conduct matters to GN and our stakehold-ers, outlines the main compliance and ethics risks we face, and illus-trates how to recognize and respond to potential issues. The key focus areas of this training are speaking up, bribery and corrup-tion, conflicts of interest, third-party risk, and managers’ responsibili-ties. The e-learning is accompanied by a “read and acknowledge” of our GN Ethics Guide, compliance policies, and is available in ten languages.  More in-depth, in-person training is also provided as required and is mandated for employees in higher risk roles and functions, as deter-mined by our risk assessments, in addition to being available on re-quest. 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.  We communicate the policy through internal awareness campaigns, e-learning, and in-person training. Additional policies and processes in-clude our Gifts and Hospitality Policy and our third-party management program.  The Group Business Ethics &amp; Compliance team regularly conducts on-site compliance reviews across all levels of GN, with a particular focus on anti-corruption and anti-bribery controls. These reviews are de-signed to assess and mitigate the risk of corruption practices within GN by identifying potential vulnerabilities or gaps in our compliance pro-cesses.  The main objectives of an anti-corruption compliance review are to:  •  Identify and assess local compliance challenges and issues  •  Advise the business on how to manage specific compliance risks  •  Support the business in ensuring compliance with applicable laws and regulations (e.g., the US FCPA and the UK Bribery Act) and GN policies The team also carries out broader, planned combined reviews with Group Legal and Group Financial Reporting &amp; Controlling.  Incidents of corruption and bribery ___________________________________ G1-4 Consistent with the previous year, GN has not recorded any convictions or fines related to violations of anti-corruption or anti-bribery laws. Incidents of corruption and bribery Unit 2025 2024 Confirmed incidents of corruption or bribery number 0 0 Fines related to violation of anti-corruption or anti-bribery laws DKK 0 0 Accounting policiesConvictions and fines related to violation of anti-corruption  Fines, penalties and compensation related to violations of anti-corruption or anti-bribery laws are covered by our internal policy and process on man-datory engagement of Group Legal, who therefore have visibility of any such instances.  Sustainability statementAppendicesContents tables of disclosure requirements ___________________________________ IRO-2 ESRS2 - General disclosures  Disclosure requirement Page BP-1 General basis for preparation of the sustainability statement 54 BP-2 Disclosures in relation to specific circumstances  54 GOV-1 The role of the administrative, management and supervisory bodies  51 Information provided to, and sustainability matters addressed by the undertaking’s administrative, management GOV-2 and supervisory bodies 51 GOV-3 Sustainability-related performance in incentive schemes  52 GOV-4 Statement on due diligence  55 GOV-5 Risk management and internal controls over sustainability reporting  55 SBM-1 Strategy, business model and value chain 47-50 SBM-2 Interests and views of stakeholders 53 SBM-3 Material impacts, risks and opportunities and how they interact with its strategy and business model  49-50 IRO-1 Process to identify and assess material impacts, risks and opportunities  49 IRO-2 Disclosure requirements in ESRS covered by the sustainability statement  101-104 ESRS E1 - Climate change Disclosure requirement Page GOV-3  Integration of sustainability-related performance in incentive schemes  52 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model   61 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities  49; 61-62 N/A Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) 57-60 E1-1 Transition plan for climate change mitigation   62 E1-2 Policies related to climate change mitigation and adaption   63 E1-3 Actions and resources in relation to climate change policies  64-65 E1-4 Targets related to climate change mitigation and adaption  63-64 E1-5 Energy consumption &amp; mix   66 E1-6 Gross scopes 1, 2, 3 and Total GHG emissions  67-69 E1-7 GHG removals and GHG mitigation projects financed through carbon credits   70 E1-9 Anticipated financial effects from material physical and transition risks and potential 61-62 ESRS E2  - Pollution Disclosure requirement Page Description of the processes to identify and assess material pollution-related impacts, risks and opportu-IRO-1 nities  49 E2-1 Policies related to pollution    71 E2-2 Actions and resources related to pollution 71-72 E2-3 Targets related to pollution   71-72 E2-5 Substances of concern and substances of very high concern 73 ESRS E5  - Resource and circular economy Disclosure requirement Page Description of the processes to identify and assess material resource use and circular economy-related IRO-1 impacts, risks and opportunities  49 E5-1 Policies related to resource use &amp; circular economy 74 E5-2 Actions and resources related to resource use &amp; circular economy   74-75 E5-3 Targets related to resource use &amp; circular economy  74-75 E5-4 Resource inflows   76 E5-5 Resource outflows  77-79 ESRS S1 - Own workforce 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 81 S1-1 Policies related to own workforce 81-82; 84-85; 87-88 S1-2 Processes for engaging with own workforce and workers’ representatives about impacts 53 S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns   98-99 Taking action on material impacts on own workforce, and approaches to mitigating material risks and S1-4 pursuing material opportunities related to own workforce, and effectiveness of those actions  81-85; 87-88 Targets related to managing material negative impacts, advancing positive impacts, and managing mate-S1-5 rial risks and opportunities 81-85; 87-88  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 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 Data points that are derived from other EU legislationIRO-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 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 Abbreviation glossary Abbreviation glossary Abbreviation Definition Abbreviation Definition BTE Behind the ear H&amp;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, &amp; 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 &amp; 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</mrv:SustainabilityReport>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f0__s8__7__27" xml:lang="en">EU Taxonomy Regulation disclosure The EU Taxonomy is a ‘green’ classification system of economic activi-ties, aimed at promoting sustainable ways of working for financial and non-financial companies. During 2025, the EU Commission proposed a number of simplification measures to this regulation, which GN reports in accordance with. GN’s eligible economic activities in 2025 In line with these changes, we have performed an eligibility assessment based on a full screening of our economic activities against those listed in the Annexes to the climate and environmental delegated acts. Our findings indicate that three economic activities are considered eligible based on a threshold of 10% relative to eligible revenue, capital ex-penditure (CAPEX), and operational expenditure (OPEX). Eligibility is linked to three of the environment objectives: the transition to a circu-lar economy, climate change mitigation and adaptation. Our main business activity is CE 1.2 Manufacture of electrical and elec-tronic equipment, which relates to the circular economy objective. This covers the manufacturing and sale of all our products from the Hear-ing, Enterprise, and Gaming divisions.  In support of this activity, we also engage in CE 5.1 Repair, refurbish-ment and remanufacturing, which includes repair-related services in all divisions, as well as remanufacturing of returned products in our Hear-ing division. Our third eligible economic activity is CCM / CCA 7.7 Acquisition and ownership of buildings, which is associated with the climate change mitigation and adaptation objectives and relates to leases and owner-ship of various buildings, such as offices, manufacturing sites, and warehouses. Our alignment assessment in 2025 focused on CE 1.2 as we consider it to be material to our business model given that it covers most of our eligible proportions of revenue, CAPEX, and OPEX. Based on a brief as-sessment of the other two economic activities, we have found that nei-ther of these can be considered Taxonomy-aligned. As these are not considered core activities, we have not prioritized conducting a full alignment assessment. For example, we cannot document our compli-ance with the Do No Significant Harm (DNSH) criteria under climate change adaptation, which requires us to adapt our assets against iden-tified physical climate risks.  Accounting practice The financial KPIs are expressed as the eligible proportion of turnover, capitalized expenditure, and direct non-capitalized expenditures which are related to a product, service, asset, or process of an eligible eco-nomic activity. The reporting scope covers the entirety of GN Group and its subsidiaries. We also have processes in place to make sure there is no double counting in the reported information. In contrast to our disclosure in 2024, and in line with the updated regu-lation, we have excluded economic activities which do not meet the 10% threshold.This means a minor reduction in the eligible proportion of our turnover, CAPEX, and OPEX KPIs (see below footnote for an overview of the excluded economic activities)*. No other key drivers have resulted in year-on-year changes in the KPIs. Turnover The turnover KPI is defined as Taxonomy-eligible turnover divided by total turnover. The total turnover is GN’s total net revenue. Our con-solidated net revenue can be reconciled to our consolidated financial statements (see section 2.1). CAPEX The CAPEX KPI is defined as Taxonomy-eligible CAPEX divided by total CAPEX. The total CAPEX consists of additions to tangible and intangi-ble assets, before depreciation, amortization, and any re-measurements. It includes acquisitions of property plant and equip-ment, intangible assets, leases with usage rights (IFRS 16), investment properties, additions due to acquired business but excludes current and non-current assets, as well as goodwill. The total additions under the CAPEX KPI can be reconciled to our consolidated financial statements (see sections 3.1 and 3.2). OPEX The OPEX KPI is defined as Taxonomy-eligible OPEX divided by total OPEX. The total OPEX consists of research and development, exclud-ing overheads; building renovation, short-term lease agreements, maintenance/upkeep and repairs, and any other direct expenditure re-lated to the routine maintenance of tangible assets by us or by the third party to whom activities are outsourced that are necessary to en-sure the continued and effective functioning of such assets. EU Taxonomy alignment in 2025 To align with the EU Taxonomy, these activities need to comply with all of the substantial contribution criteria, as well as the DNSH and minimum safeguards criteria.  While we have established that none of our revenue, CAPEX, nor OPEX fully meets these requirements, we have undertaken a systematic re-view of existing initiatives, including our updated Better for planet sus-tainability strategy, to better understand the potential for making a substantial contribution to the circular economy objective under our main economic activity in the future (see p. 59). For a complete over-view of all our circularity initiatives, and how these relate to the EU Taxonomy requirements (see E5, pp. 74-79). * Excluded economic activities based on the 10% threshold: CE 5.2 Sale of spare parts [&lt;1% Turnover], CCM 6.5 / CCA 6.5 Transport by motorbikes, passenger cars and light commercial vehicles [&lt;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, &lt;1% OPEX], CCM 7.3 / CCA 7.3 Installation, maintenance and repair of energy efficiency equipment [&lt;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) [&lt;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 [&lt;1% OPEX], CCM 8.1 / CCA 8.1 Data processing, hosting and related activities [&lt;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-KPITotal 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% TurnoverFinancial 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% CAPEXFinancial 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% Total KPI (CAPEX) 95%- 0% 0% 0% 0% 0% 0% 0% OPEXFinancial 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% Progress towards EU Taxonomy alignment  The visual on the right depicts our progress towards alignment for our main economic activity, CE 1.2 Manufacture of electrical and electronic equipment. We have only focused on the substantial contribution crite-ria as we consider these requirements to have the main synergies with existing initiatives and strategic pillars in our Better for planet strategy.  The scope for this assessment is all GN divisions and eligible products (i.e. products defined under electrical and electronic equipment). The 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-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-quirements (but not all) were met. If none of the requirements were met, we consider the criteria not fulfilled. Finally, some of the criteria were considered not relevant to GN as the requirements cannot be ap-plied to our products. To understand how our progress towards alignment will evolve over the next reporting periods, we expect that as we achieve our targets under the relevant strategic pillars, we will fulfil more of the substan-tial contribution criteria. See more details on the next page.  1. Repairability (criteria partially fulfilled) •  We have assessed most of the criteria to be partially fulfilled based on our existing repair initiatives, see pp. 74-79. Beyond applying GN’s internal repairability index to assess the repaira-bility potential of our products, we are also working to ensure we comply with external indices, such as the upcoming EU re-pairability index for our products •  We will move towards fully satisfying the criteria through our repair program (see pp. 74-79). This includes initiatives aimed at designing products with high repairability and enabling re-pair through the development of out of warranty repair, as well as making repair guides, repair kits, and spare parts avail-able through a global repair network 2. Recyclability (criteria not fulfilled) •  While we have currently not fulfilled the criterion requiring an assessment of recyclability, as part of Better for planet we are taking the needed steps by developing a new ‘design for recy-cling’ framework in 2026 to guide product development. The aim is to ensure all new product initiatives will align with EN standards, such as EN 45555:2019, thereby demonstrating su-perior recyclability, in accordance with the taxonomy require-ment 3. Long lifetime, reuse, and remanufacturing (criteria partially fulfilled) •  This criterion applies to our wireless products, where some of our most recent product launches already comply with the re-quirements. More specifically, we are ensuring compliance with the EU’s new battery legislation, requiring that all new products allow end-users to readily remove and replace the battery without using specialized or proprietary tools •  Other criteria relate to software update requirements and re-set functions, which do not apply to our products. While our products can be used with various software (e.g. Jabra Direct), they do not depend on them to function as intended. How-ever, it is unclear whether in-house software calibration can have negative impacts on the circularity potential of our prod-ucts, e.g. the ability of a third party or professional repairer to undertake more complex repairs 4. Hazardous substances (criteria partially fulfilled) •  We comply with both the Registration, Evaluation, Authorisa-tion and Restriction of Chemicals (REACH) and Restriction of Hazardous Substances (RoHS) regulations across all divisions, warranting that any relevant hazardous substances are not used or contained in our products (at or above the specified concentration limits) •  To further comply with these criteria, proactive substitution of hazardous substances is required to the extent possible. More-over, all substances of very high concern (SVHCs) should be tracked accordingly via public tools, such as in the SCIP data-base. While we meet these criteria in our Enterprise and Hear-ing divisions, such as by phasing out the use of hazardous sub-stances like halogen, we do not consistently apply this practice across all divisions (see pp. 71-73) 5. End-of-life management (criteria partially fulfilled) •  GN partially fulfils relevant criteria related to product end-of-life management, which is linked to ongoing compliance with the waste electrical and electronic equipment directive (WEEE). We ensure reporting and financial contributions are made in relation to relevant extended producer responsibility (EPR) schemes in the member states where GN is classified as a manufacturer. This relates to product volumes and weights, including recycling information to enable separate collection for waste electronics and portable batteries •  While we do not fully satisfy requirements for recovery poten-tial and take- or buy-back options for our products, as well as waste batteries, we are taking steps to move towards fulfilling these criteria through existing initiatives focused on design for repairability and recyclability. This will enhance the ability to access critical and replaceable components, therefore improv-ing end-of-life management and recycling possibilities DNSH criteria •  To understand our performance against the EU Taxonomy as baseline, our assessment has prioritized the substantial contri-bution criteria. We have therefore not performed a full assess-ment of the DNSH criteria Minimum Safeguards •  Assuming we achieve the objectives of the human rights due diligence pillar of Better for planet and maintain our existing due diligence processes in relation to corruption and bribery, taxation and fair competition, we expect that we will fulfil the requirements of not only the Minimum Safeguards, but also the upcoming Corporate Sustainability Due Diligence Directive (CSDDD) •  More specifically, initiatives aimed at strengthening our hu-man rights due diligence process, such as requiring both our tier 1 and tier 2 suppliers to undergo third-party audit pro-grams, where required, by the RBA, will move us closer to-wards complying with the human rights requirements under the minimum safeguards (see pp. 90-92)</mrv:DescriptionofTheTaxonomyRegulation>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f0__s8__7__18" xml:lang="en">Diversity and belonging Policies ___________________________________ S1-1 At GN, fostering an inclusive culture while promoting greater diversity in voices, backgrounds and experiences is central to what we stand for and the way we work. The latest engagement survey demonstrates that our efforts to create a diverse and inclusive workplace are recog-nized by employees and leaders alike. Our goal is to create a strong and respectful culture that guides our leadership and interactions to strengthen collaboration, spark innova-tion, and drive sustainable growth. Our global policy for diversity and belonging outlines our beliefs and aspirations, ensuring accountability at the highest levels, including ELT.The policy addresses issues related to diversity and applies to all Group entities and employees.  A regular review and update of the policy is done to reflect contemporary guidance, and progress on established targets is monitored by the ELT. Targets and actions ___________________________________ S1-5; S1-4 In 2025, we have continued our efforts to strengthen an inclusive or-ganizational culture across GN and increase diversity across leadership pipelines. We have not set a diversity target for senior leadership at Group level, but only for the parent company, GN Store Nord A/S, as the Gender Balance Act requires. For reporting on senior leadership target in ac-cordance with the Gender Balance Act, see p. 40 of the Management’s Report. In 2024, we also reported on ‘extended leadership’, comprising a larger group of senior employees. As this is not a legal requirement, we have chosen to limit our reporting for 2025 to what is legally required and have therefore excluded it from this report. Our initiatives in diversity and belonging are still targeted at leaders across GN, including this wider group.  In 2025, we have made significant strides in our Diversity and belonging initiatives: •  An inclusive language platform launched in 2024 to attract a diverse candidate pool, was in 2025 made available to all em-ployees to help develop a welcoming culture •  A global campaign on psychological safety has been carried out to reinforce our Leadership Commitments and provide 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 fostering a culture of inclusivity and belonging across all levels of leadership in GN •  During the year, 12 cultural celebrations have taken place to reflect the diversity in GN's global organization. •  Continuous implementation of the governance model in the regions where it applies to ensure that women are consistently shortlisted and considered for leadership positions and promo-tions Based on our internal priorities, we have postponed our 2025 action of developing  an improved exit interview process to inform drivers of turnover and ensure that voluntary turnover between women and men is balanced to 2026. We are aware of the series of recent Executive Orders in the United States, and we are committed to complying with local law in the US and elsewhere with regard to the initiatives and programs discussed in this chapter. For example, diversity related targets and quotas are not set or tracked with respect to our US businesses or employ-ees. We will continue to monitor Executive Orders and other devel-opments under applicable law and will adjust our approaches and practices to ensure continued compliance. Our US team remains committed to equal opportunity employment and does not discrim-inate based on race, gender, or any other protected characteristic. In 2026, our focus on diversity and belonging will continue and several initiatives have been planned to support this. Key initiatives include: •  rollout and implementation of Our Commitments to all GN employees with awareness campaigns and skill building on in-clusive behaviors •  rollout of a global cultures campaign to further develop GN leaders’ capabilities in managing global teams and enhance global collaboration. The diversity targets and actions are 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 In 2025, the share of women in Senior Leadership positions at Group 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. Restatements 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). * Our reporting on diversity and belonging also cover the requirements of the Danish FinanciDistribution of employees by age group ___________________________________ S1-9 The share of workers per age group is in line with our expectations where 30-50 year olds make up the majority of our workforce – approx-imately 60%, with younger and older workers making up roughly 20% each.  8,1458,1901,5021,592over 50over 504,9615,026between 30between 30and 50and 501,6821,572below 30below 302024 2025</mrv:StatementOfTheDiversityPolicies>
   <mrv:PrimaryActionsForFulfillmentOfTargetFigureOtherManagementLevels contextRef="ctx-2" id="f0__s8__7__17" xml:lang="en">Gender distribution at senior leadership ___________________________________ S1-9 In 2025, the share of women in Senior Leadership positions at Group 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. Restatements 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). * Our reporting on diversity and belonging also cover the requirements of the Danish Financi</mrv:PrimaryActionsForFulfillmentOfTargetFigureOtherManagementLevels>
   <mrv:TheMainContentOfThePolicyOfTheUnderrepresentedGenderOtherManagementLevels contextRef="ctx-2" id="f0__s8__7__16" xml:lang="en">Gender distribution at senior leadership ___________________________________ S1-9 In 2025, the share of women in Senior Leadership positions at Group 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. Restatements 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). * Our reporting on diversity and belonging also cover the requirements of the Danish Financi</mrv:TheMainContentOfThePolicyOfTheUnderrepresentedGenderOtherManagementLevels>
   <mrv:LinkToStatementOfPolicyForDataEthics contextRef="ctx-47" id="f0__s8__7__29">www.gn.com/dataethicspolicy</mrv:LinkToStatementOfPolicyForDataEthics>
   <fsa:AverageNumberOfEmployees contextRef="ctx-1"
                                 decimals="0"
                                 id="f0__s8__7__36"
                                 unitRef="pure">7299</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx-64"
                                 decimals="0"
                                 id="f0__s8__8__36"
                                 unitRef="pure">7201</fsa:AverageNumberOfEmployees>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f0__s8__7__38" xml:lang="en">Statements by the Executive Management and the Board of DirectorsThe Board of Directors and Executive Board have today considered andadopted the Annual Report of GN Store Nord A/S for the financial year1 January – 31 December 2025. The Consolidated Financial Statements and the Parent Company Fi-nancial Statements have been prepared in accordance with IFRS Ac-counting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. Management’s Report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financiaposition at 31 December 2025 of the Group and the Parent Company and of the results of the Group and Parent Company operations and 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-cial position of the Group and the Parent Company as well as a descrip-tion of the most significant risks and elements of uncertainty, which 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 includes compliance with the European Sustainability Reporting Stand-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 disclosure” of the sustainability statement are, in all material respects, in accordance with Article 8 of EU Regulation 2020/852 (the “Taxon-omy Regulation”). The sustainability statement includes forward-looking statements based on disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected. In our opinion, the annual report of GN Store Nord A/S for the financial year 1 January to 31 December 2025 with the file name GNStoreNord-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation. We recommend that the Annual Report be adopted at the Annual Gen-eral Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f0__s8__7__39" xml:lang="en">Ballerup</sob:PlaceOfSignatureOfStatement>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-48" id="f0__s8__7__41" xml:lang="en">Peter Karlstromer</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-48" id="f0__s8__7__42" xml:lang="en">Group CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-49" id="f0__s8__7__43" xml:lang="en">Søren Jelert</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-49" id="f0__s8__7__44" xml:lang="en">Group CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-50" id="f0__s8__7__45" xml:lang="en">Jukka Pekka Pertola</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-50" id="f0__s8__7__46" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-51" id="f0__s8__7__47" xml:lang="en">Klaus Holse</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-51" id="f0__s8__7__48" xml:lang="en">Deputy Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-52" id="f0__s8__7__49" xml:lang="en">Hélène Barnekow</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-53" id="f0__s8__7__50" xml:lang="en">Kim Vejlby Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-54" id="f0__s8__7__51" xml:lang="en">Jørgen Bundgaard Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-55" id="f0__s8__7__52" xml:lang="en">Charlotte Johs</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-56" id="f0__s8__7__53" xml:lang="en">Lise Skaarup Mortensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-57" id="f0__s8__7__54" xml:lang="en">Leo Larsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-58" id="f0__s8__7__55" xml:lang="en">Cathrin Inge Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-59" id="f0__s8__7__56" xml:lang="en">Claus Holmbeck-Madsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__7__58" xml:lang="en">To the shareholders of GN Store Nord A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__7__59" xml:lang="en">Our opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2025 and of the results of the Group’s and the Parent Company’s operations and 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 further requirements in the Danish Financial Statements Act. Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Directors. What we have audited The Consolidated Financial Statements and Parent Company Financial Statements of GN Store Nord A/S for the financial year 1 January to 31 December 2025, comprise income statement and statement of com-prehensive income, balance sheet, statement of cash flow, statement of equity and notes, including material accounting policy information for the Group as well as for the Parent Company. Collectively referred to as the “Financial Statements”.</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__7__60" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are fur-ther described in the Auditor’s responsibilities for the audit of the Fi-nancial Statements section of our report.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) as applicable to audits of fi-nancial statements of public interest entities, and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge and belief, prohibited non-audit services 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.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-1" id="f0__s8__7__61" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judge-ment, were of most significance in our audit of the Financial State-ments for 2025. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opin-ion thereon, and we do not provide a separate opinion on these mat-ters. Key audit matter Capitalisation and valuation of development costs The Group capitalises development costs within the Hearing, Enterprise and Gaming seg-ment when certain criteria according to IFRS Accounting Standards are met.The criterias for recognition and measurement of development costs are subject to Man-agement’s estimates and judgments, which are uncertain by nature.Completed development projects are assessed for impairment indications during the year. For in-progress development projects impairment tests are performed at least yearly. The impairment tests are based on a strategy plan approved by Management and value-in-use calculations based on expected future cash flows.We focused on this area because the criterias for recognition and measurement of develop-ment projects are subject to Management estimates and judgments.Refer to note 3.1 in the Financial Statements How our audit addressed the key audit matter  We assessed whether the Group’s material accounting policies related to capitalisation and valuation of development costs are in accordance with IFRS Accounting Standards.We updated our understanding of relevant controls, including Group controlling proce-dures, IT systems and business processes regarding development costs. For the controls, we assessed whether they were designed and implemented to effectively address the risk of material misstatement. For selected controls which we planned to rely upon, we tested the operating effectiveness.We selected a sample of in-progress development projects and considered whether all cri-terias described in IFRS Accounting Standards were met as a basis for capitalisation. We performed substantive audit procedures to verify capitalised amounts.We evaluated and challenged Management’s assessment of impairment indicators of com-pleted development projects based on the commercial prospects of the projects.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.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__7__62" xml:lang="en">Statement on Management’s Report Management is responsible for Management’s Report. Our opinion on the Financial Statements does not cover Management’s Report, and we do not as part of the audit express any form of assur-ance conclusion thereon. In connection with our audit of the Financial Statements, our responsi-bility is to read Management’s Report and, in doing so, consider whether Management’s Report is materially inconsistent with the Fi-nancial Statements or our knowledge obtained in the audit, or other-wise appears to be materially misstated.  Moreover, we considered whether Management’s Report includes the disclosures required by the Danish Financial Statements Act. This does not include the requirements in paragraph 99 a related to the sustaina-bility statement covered by the separate auditor’s limited assurance re-port hereon.  Based on the work we have performed, in our view, Management’s Re-port is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act, except for the requirements in paragraph 99 a related to the sus-tainability statement, cf. above. We did not identify any material mis-statement in Management’s Report.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f0__s8__7__63" xml:lang="en">Management’s responsibilities for the Financial Statements Management is responsible for the preparation of consolidated finan-cial statements and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal control as Management deter-mines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or er-ror. In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Man-agement either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f0__s8__7__64" xml:lang="en">Auditor’s responsibilities for the audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that in-cludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always de-tect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the eco-nomic decisions of users taken on the basis of these Financial State-ments. As part of an audit in accordance with ISAs and the additional require-ments applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: •  Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to pro-vide a basis for our opinion. The risk of not detecting a mate-rial misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related dis-closures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting and based on the audit evi-dence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a go-ing concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclu-sions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group or the Parent Company to cease to con-tinue as a going concern. Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the group audit to obtain sufficient appro-priate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are re-sponsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.  We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inter-nal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding inde-pendence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f0__s8__7__65" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Financial Statements we performed proce-dures to express an opinion on whether the annual report of GN Store 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-rial respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regu-lation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes. Management is responsible for preparing an annual report that com-plies with the ESEF Regulation. This responsibility includes: •  The preparing of the annual report in XHTML format; •  The selection and application of appropriate iXBRL tags, in-cluding extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial infor-mation required to be tagged using judgement where neces-sary; •  Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-reada-ble format; and •  For such internal control as Management determines neces-sary to enable the preparation of an annual report that is com-pliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the an-nual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The pro-cedures include: •  Testing whether the annual report is prepared in XHTML for-mat; •  Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; •  Evaluating the completeness of the iXBRL tagging of the Con-solidated Financial Statements including notes; •  Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified;  •  Evaluating the use of anchoring of extension elements to ele-ments in the ESEF taxonomy; and •  Reconciling the iXBRL tagged data with the audited Consoli-dated Financial Statements. In our opinion, the annual report of GN Store Nord A/S for the financial year 1 January to 31 December 2025 with the file name GNStoreNord-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f0__s8__7__66" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f0__s8__7__67">2026-02-05</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx-61" id="f0__s8__7__73" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx-60" id="f0__s8__7__68" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-60" id="f0__s8__7__69">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-61" id="f0__s8__7__74">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-60" id="f0__s8__7__70" xml:lang="en">Mads Melgaard</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-60" id="f0__s8__7__71" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-60" id="f0__s8__7__72">mne34354</cmn:IdentificationNumberOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-61" id="f0__s8__7__75" xml:lang="en">Søren Ørjan Jensen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-61" id="f0__s8__7__76" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-61" id="f0__s8__7__77">mne33226</cmn:IdentificationNumberOfAuditor>
   <arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="f0__s8__7__80" xml:lang="en">To the stakeholders of GN Store Nord A/S</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
   <arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="f0__s8__7__81" xml:lang="en">Limited assurance conclusion We have conducted a limited assurance engagement on the sustaina-bility statement of GN Store Nord A/S (the “Group”) included in the Management’s Report (the “Sustainability Statement”), for the finan-cial year 1 January – 31 December 2025. </arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
   <arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" id="f0__s8__7__82" xml:lang="en">Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material re-spects, in accordance with the Danish Financial Statements Act para-graph 99 a, including:  •  compliance with the European Sustainability Reporting Stand-ards (ESRS), including that the process carried out by the management to identify the information reported in the Sus-tainability Statement (the “Process”) is in accordance with the description set out in the section “Double Materiality Assess-ment (DMA)” on page 49; and •  compliance of the disclosures in the section “EU Taxonomy Regulation disclosures” of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regula-tion”).</arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
   <arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="f0__s8__7__79" xml:lang="en">Independent Auditor’s limited assurance reporton the Sustainability StatementTo the stakeholders of GN Store Nord A/S  Limited assurance conclusion We have conducted a limited assurance engagement on the sustaina-bility statement of GN Store Nord A/S (the “Group”) included in the Management’s Report (the “Sustainability Statement”), for the finan-cial year 1 January – 31 December 2025. Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material re-spects, in accordance with the Danish Financial Statements Act para-graph 99 a, including:  •  compliance with the European Sustainability Reporting Stand-ards (ESRS), including that the process carried out by the management to identify the information reported in the Sus-tainability Statement (the “Process”) is in accordance with the description set out in the section “Double Materiality Assess-ment (DMA)” on page 49; and •  compliance of the disclosures in the section “EU Taxonomy Regulation disclosures” of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regula-tion”). Basis for conclusion  We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Re-vised), Assurance engagements other than audits or reviews of historical financial information (“ISAE 3000 (Revised)”) and the addi-tional requirements applicable in Denmark.  The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance en-gagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. We believe that the evidence we have obtained is sufficient and appro-priate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditor’s responsibilities for the assurance engagement section of our report.  Our independence and quality management We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compli-ance with ethical requirements, professional standards and applicable legal and regulatory requirements. Management’s responsibilities for the Sustainability Statement Management is responsible for designing and implementing a process to identify the information reported in the Sustainability Statement in accordance with the ESRS and for disclosing this Process as included in the section “Double Materiality Assessment (DMA)” of the Sustainabil-ity Statement. This responsibility includes: •  understanding the context in which the Group’s activities and business relationships take place and developing an under-standing of its affected stakeholders; •  the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term; •  the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by se-lecting and applying appropriate thresholds; and •  making assumptions that are reasonable in the circumstances. Management is further responsible for the preparation of the Sustaina-bility Statement, which includes the information identified by the Pro-cess, in accordance with the Danish Financial Statements Act para-graph 99 a, including:  •  compliance with the ESRS; •  preparing the disclosures as included in the section “EU Tax-onomy Regulation disclosures” of the Sustainability Statement, in compliance with Article 8 of the Taxonomy Reg-ulation; •  designing, implementing and maintaining such internal con-trol that management determines is necessary to enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and •  the selection and application of appropriate sustainability re-porting methods and making assumptions and estimates that are reasonable in the circumstances.  Inherent limitations in preparing the Sustainability Statement In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not oc-cur as expected. Auditor’s responsibilities for the assurance engagement Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstate-ments can arise from fraud or error and are considered material if, indi-vidually or in the aggregate, they could reasonably be expected to in-fluence decisions of users taken on the basis of the Sustainability Statement as a whole.  As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain pro-fessional scepticism throughout the engagement.  Our responsibilities in respect of the Process include: •  Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process;  •  Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and  •  Designing and performing procedures to evaluate whether the Process is consistent with the Group’s description of its Pro-cess, as disclosed in the section “Double Materiality Assess-ment (DMA)”.   Our other responsibilities in respect of the Sustainability Statement in-clude:  •  Identifying where material misstatements are likely to arise, whether due to fraud or error; and  •  Designing and performing procedures responsive to disclo-sures in the Sustainability Statement where material misstate-ments are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one re-sulting from error, as fraud may involve collusion, forgery, in-tentional omissions, misrepresentations, or the override of in-ternal control. Summary of the work performed A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstate-ments are likely to arise, whether due to fraud or error, in the Sustaina-bility Statement. In conducting our limited assurance engagement, with respect to the Process, we:  •  Obtained an understanding of the Process by performing in-quiries to understand the sources of the information used by management; and reviewing the Group’s internal documenta-tion of its Process; and •  Evaluated whether the evidence obtained from our proce-dures about the Process implemented by the Group was con-sistent with the description of the Process set out in the sec-tion “Double Materiality Assessment (DMA)”. In conducting our limited assurance engagement, with respect to the Sustainability Statement, we: •  Obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustainability Statement in-cluding the consolidation processes by obtaining an under-standing of the Group’s control environment, processes and information systems relevant to the preparation of the Sus-tainability Statement but not evaluating the design of particu-lar control activities, obtaining evidence about their imple-mentation or testing their operating effectiveness;  •  Evaluated whether the information identified by the Process is included in the Sustainability Statement; •  Evaluated whether the structure and the presentation of the Sustainability Statement are in accordance with the ESRS; •  Performed inquiries of relevant personnel and analytical pro-cedures on selected information in the Sustainability State-ment; •  Performed substantive assurance procedures on selected in-formation in the Sustainability Statement; •  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. </arr:AuditorsReportOnSubstainabilityReport>
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