GN Stor Nord A/S
Annual Report 2024
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GN Store Nord
Annual Report 2024
Content
Introduction
2024 performance highlights 3
Letter from the Chair and CEO 4
2024 key events 5
GN’s strategic direction
Our purpose is Bringing People Closer 8
Unfolding GN’s value potential 9
Key markets and global trends 11
Building the technology for the future,
responsibly 15
GN investment case 17
Financials
Five year overview 19
Group financial review 2024 20
Hearing division 22
Enterprise division 23
Gaming & Consumer division 24
Financial guidance 2025 25
Company information
Shareholder information 27
Risk management 29
Corporate governance 33
Board and leadership 36
General information
General basis for preparation 41
Sustainability governance 44
Stakeholder engagement 46
Business model 47
Value chain 48
Double materiality assessment 49
Material IROs 52
Contents tables of disclosure requirements 58
Data points that are derived from other EU
legislation 60
Environment
EU Taxonomy Regulation disclosure 63
Climate change 67
Pollution 77
Resource use and circular economy 80
Social
Own workforce 87
Workers in the value chain 95
Consumers and end-users 99
Governance
Business conduct 103
Q4 2024 (unaudited)
Q4 financial highlights 106
Quarterly financial highlights 107
Quarterly reporting by segment 108
Quarterly reporting 109
Q4 segment disclosures 110
YTD 2024 segment disclosures 111
Consolidated Financial statements
Income statement 113
Statement of comprehensive income 113
Balance sheet at December 31 114
Statement of cash flow 115
Statement of equity 116
Consolidated notes 118
Parent company Financial statements
Statements 169
Parent Company notes 173
Statements
Statements by the Executive Management
and the Board of Directors 185
Independent Auditor’s Reports 186
Independent auditor’s limited assurance
report on the Sustainability Statement 190
Table of contents
Management’s report
Statements
Business review
Sustainability statement
Additional financials
Other 2024 reports
www.gn.com/remuneration2024
www.gn.com/corporategovernance2024
Reporting framework
Our annual reporting suite comprises this integrated Annual Report on GN Store Nord’s financial, environmental, social, and g
overnance performance –
including sustainability statement in accordance with the EU’s Corporate Sustainability Reporting Directive (CSRD)
, our Remuneration Report, and our
Corporate Governance Report. Our reporting is prepared in accordance with International Financial Reporting Standards as adop
ted by the EU and fur-
ther requirements in the Danish Financial Statem
ents Act. This annual reporting suite constitutes GN’s reporting according to Section 99a, 99b, 99d, and
107d in the Danish Financial Statements Act, section §139c in Danish Companies Act, and the Communication on Progress to the UN Global Compact.
GN Store Nord A/S
Lautrupbjerg 7
2750 Ballerup
Denmark
+45 45 75 00 00
info@gn.com
www.gn.com
Co.reg. no 24257843
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2024 performance highlights
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Revenue (DKK)
1% organic revenue growth
(4% organic revenue growth excl. wind-
down of Elite and Talk product lines)
18.0 bn
Reported EBITA (DKK)
12% EBITA margin
2.2 bn
reduction in net interest-
bearing debt (DKK)
vs 2023
0.9 bn
Free cash flow excl. M&A (DKK)
1.1 bn
reduction in scope 3 carbon emissions
vs 2021*
26%
reduction in scope 1 and 2 carbon emissions
vs 2021*
58%
AGM-elected women on GN’s Board
33%
women in GN’s Senior Leadership
26%
people with hearing loss helped
vs 10.5 million in 2023
11.2 m
ESG ratings
MSCI
AA
Sustainalytics
10.6
(low risk)
CDP
Climate
Change
B
Guidance 2025
See more details on performance
*) 2021 is the baseline year for our climate targets
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A stronger foundation for driving
profitable growth in years ahead based
on customer-centric innovation
Solid financial performance in diverse market conditions
GN’s financial performance in 2024 demonstrates that we are on track
to deliver the intended results from our transformation into a simpler
and more efficient one-company setup, driving profitable growth in at-
tractive markets.
During the year, we have executed well in our markets, increased mar-
gins, and generated healthy cash flows. Combined with our strong fo-
cus on cost, realization of synergies, and significant reduction of inter-
est-bearing debt, we are now at a stage where we can direct more at-
tention and targeted investments to create future profitable growth.
While we will continue our strong focus on cost, cash flow, and profit
margins, we now also take steps to further incrementally invest in our
supply chain and systems to ensure a sustainable platform for growth.
Our three divisions performed well in somewhat different market con-
ditions. Hearing continued to gain market share in a market that per-
formed in line with historical growth rates. In Enterprise, we main-
tained our market leading position and we remain optimistic about the
further improvements we see in the market following the post-Covid
adjustment. In Gaming, we continued to gain market share in a rela-
tively flat market thanks to gamers’ strong appreciation of our hard-
ware and software offerings.
Overall, we are pleased with our execution and progress during the
year, where we have created a stronger GN and prepared for future
growth.
Important transformational milestones
The transformation of GN aims to drive simplicity, efficiency, and bet-
ter utilization of shared capabilities to become a customer-centric in-
novator at scale.
During 2024, we continued to implement changes to ensure a flexible
and resilient global supply chain that can secure deliveries at a compet-
itive cost and over time withstand potential macro and political chal-
lenges. Going forward, we will continue this change by modernizing
and diversifying our global manufacturing footprint and distribution to
better utilize our combined assets and improve customer service.
Our research and development teams have come together in a unified
organization to utilize scale, talent, processes, and facilities to
accelerate our innovation in products and services to the benefit of our
customers. This will be further emphasized by the innovative new
products we will launch during 2025 across our three divisions.
We have made a range of other changes to streamline our finance op-
erations and systems, including gradually bringing all business divisions
onto the same systems and establishing a shared service center.
Profitable and sustainable growth
Our core business is to enhance communication between people and
create value and growth by leveraging our unique capabilities and
global scale across attractive markets. And doing so in a manner where
we maximize the positive impact of our products for our customers
and minimize negative impact on the environment in accordance with
our sustainability targets.
Today, we operate in the attractive hearing, enterprise communica-
tions, and gaming equipment markets. During 2024, we exited the gen-
eral consumer market where we had operated with our Elite and Talk
product lines – and, consequently, this year renamed the Gaming &
Consumer division to Gaming division. As we move forward, we will
continue with a strong focus on shareholder value creation and make
sure that we invest in areas where we believe we can deliver distinct
customer innovation and generate healthy returns.
Our financial targets towards 2028 are ambitious – in 2024, we made
healthy progress towards delivering on these as well as strengthening
our foundation for further success.
Thanks to our customers, partners, and employees
Looking into 2025 and beyond, we will continue to nurture our innova-
tive culture to make GN an even greater place to work for focused, tal-
ented, and passionate people, bringing value to our customers and
other stakeholders.
We would like to sincerely thank our customers and partners for the
trust they place in us – and all our employees for their focus and great
efforts in helping create a stronger GN for the future.
Jukka Pertola, Chair – Peter Karlstromer, CEO
Letter from the Chair and CEO
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2024 key events
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August
GN announces divestment
of D
anish hearing aid re-
tailer, Dansk HøreCenter
,
having
now divested essen-
tially all brick
-and-mortar
retail in accordance with
our
customer-centric part-
nership
strategy
July
GN launches Jabra+ for ad-
mins
, the new remote
management platform
for
meeting room
s and devices
,
providing
instant room sta-
tus, easy troubleshooting,
remote reboot of devices,
easy mass configuration
and updates, and more
GN launches The New
Norm
– a stigma-busting
image bank that challenges
misperceptions about hear-
ing loss and hearing aids
March
May
GN Capital Markets Day
2024
: Unfolding GN’s value
potential
GN
unveils 100+ game-spe-
cific audio profiles with new
SteelSeries
Arctis Nova 5
and
companion app
GN launches its smallest
over
-the-counter hearing
aid yet,
the Jabra Enhance
Select 500
, with future-
ready Auracast connectivity
September
SteelSeries sets new bench-
mark for earbuds with the
introduction of
Arctis
Gamebuds
Following GN’s transition
into a one
-company setup,
the operating entities
GN
Audio A/S and GN Hearing
A/S w
ere merged as the
first of a series of mergers
to reduce and simplify GN’s
global legal footprint
September
GN released new versions of
the
Jabra Evolve 65, and
several
Jabra Engage head-
sets
, making them compati-
ble with the EU regulation
around batteries and
repair-
ability
GN further extends the
ReSound Nexia
family, re-
leases updated fitting soft-
ware,
ReSound Smart Fit
2.0
, and introduces the
world’s first remote micro-
phone with Auracast, the
Multi
-Mic+
August
April
New GN initiative LISTEN
TO THIS
unites global in-
dustry leaders, academic in-
stitutions, NGOs, and more
to raise awareness of the
link between hearing and
cognitive health
and to
mak
e hearing health an
urgent priority
June
GN announces decision to
gradually
wind down its
Elite and Talk product lines
to further increase focus
and resources on more at-
tractive parts of GN’s busi-
ness
–
and at the same time
unveils
the second
and final
generation
of Elite 8 Active
and Elite 10
earbuds
, taking
sound and streaming to the
next level
November
GN announces new LISTEN
TO THIS masterclass
initia-
tive
designed to empower
hearing care professionals
with essential insights into
the critical interplay be-
tween hearing health, brain
health, and overall quality
of life
Jabra introduces a new op-
tion for the PanaCast 50
Video Bar System (VBS)
–
the
PanaCast 50 VBS bar
only
September
GN announces relocation of
North American headquar-
ters from Bloomington to
Shakopee driving agility,
scale, and flexibility into op-
erations
SteelSeries takes the
world's fastest keyboard to
the next level with the new
Apex Pro Gen 3 series
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Taking customer-centric innovation to the next level
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Standalone PanaCast 50 Video
Bar System
with great possibili-
ties to integrate the bar
with ex-
isting meeting room set
-ups
PanaCast 50 VBS bar only
The world's fastest keyboard
taken
to the next level –
smarter,
stronger,
and faster
Apex Pro Gen 3 series
ReSound Vivia is the world’s best
for hearing in noise and
the
world’s smallest AI hearing aid.
Sound is more vivid than ever
with Intelligence Augmented
–
a human approach to AI
ReSound Vivia
A secure, cloud-based platform
for remote monitoring and man-
agement of all Jabra meeting
room solutions
Jabra+ for admins
100+ game-specific audio pro-
files
unveiled with new Arctis
Nova 5
and companion app
Arctis Nova 5
Jabra Perform 75
The new Jabra Perform 75 is a
purpose
-built headset for retail
shiftwork to boost collaboration
and
productivity for frontline
workers
Arctis Gamebuds
Wireless gaming earbuds,
crafted for a versatile gaming
lifestyle
– setting a new bench-
mark
with
true gaming audio ex-
perience
in earbuds
Expanding ReSound Nexia
ReSound Nexia family extension,
u
pdated fitting software
ReSound Smart Fit 2.0
, and the
world’s
first remote microphone
with Auracast
, Multi-Mic+
Jabra Enhance Select 500
The smallest over-the-counter
hearing aid
yet, with future-
ready connectivity
– Bluetooth
Low Energy
and Auracast
PanaCast 40 VBS
The new Jabra PanaCast 40 VBS
is the only Android
-powered
video bar
designed specifically
for small meeting rooms
that
captures the entire room
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Our purpose is Bringing People Closer 8
Unfolding GN’s value potential 9
Key markets and global trends 11
Daring to set hearing free 12
Making work-life better for businesses and
professionals 13
Helping every gamer feel like a star 14
Building the technology for the future,
responsibly 15
GN investment case 17
Business review
GN’s
strategic
direction
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Built on decades of shared AI research and
development across the GN Group, our R&D
team has pioneered a unique approach to AI
that mimics the brain’s natural sound pro-
cessing via a new Intelligent Focus feature to
create a superior hearing experience in
noise.
This breakthrough technology is available in
GN’s most intelligent hearing aid yet,
ReSound Vivia, the industry's smallest Re-
ceiver-in-Ear (RIE) hearing aid with uncom-
promised battery power - and the world's
smallest AI powered hearing aid.
ReSound Vivia is powered by a dedicated
Deep Neural Network (DNN) chip trained on
13.5 million spoken sentences that spot-
lights speech and eliminates distracting
noise, offering the best solution for hearing
in noise without cutting people off from the
world around them.
ReSound Vivia is made for Bluetooth® LE
Audio and the world’s first Auracast
Assis-
tant for hearing aids, enabling Auracast for
All.
Customer-centric innovation
for hearing aid users
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Developing audio and video technology
at the edge guided by strong values,
ethics, and clear leadership
GN was founded with an innovative, pioneering, and global mindset.
Originating in Denmark, GN has for more than 155 years developed
technology solutions with the purpose of bringing people closer to one
another.
Today, we develop, manufacture, and market innovative hearing aids
for people with hearing loss; headsets, speakerphones, and video equip-
ment for collaboration at work; and a broad range of gear for gaming
aficionados.
Our products support how we communicate with other people and in-
creasingly also how we communicate by use of voice and hearing with
technology solutions that assist us in our everyday life and work.
We combine innovative software and hardware solutions to help peo-
ple seamlessly interact and experience the world around them – en-
hancing hearing, speech, and sight.
We are committed to consistently create value to customers,
employees, shareholders, and the communities in which we operate.
In doing so, our Nordic roots permeates the company fabric – how we
innovate and collaborate, how we look at customers and technology,
how we care for each other and the world in which we live. We are
committed to doing things the right way, demonstrating the highest
level of ethics and integrity in our business dealings.
Strong values and clear leadership
Our common values are critical enablers for us to achieve our purpose
of bringing people closer: We listen to what everyone has to say, we
challenge the status quo, and we strive to transform the world.
Our leadership commitments guide how we drive our business forward:
We obsess about our customers, we view strong execution and empow-
erment as a differentiator to really make things happen, and we em-
brace our diversity of thought, personality, and background to win in
the market.
The development of the world
is dependent on communication
GN founder C.F. Tietgen, 1869
Our purpose is Bringing People Closer
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Hearing
Shared capabilities across R&D, Operations, and other key functions of scale
Gaming
Three focused divisions supported by shared functions of scale
Enterprise
New one-GN organization with world-
class sound and visual processing
competencies powered by shared
resources at scale drive innovation,
synergies, and value to customers
GN is an innovation-focused company with deep digital sound and vis-
ual processing competencies. As an integrated hardware, software, and
AI enabled innovation powerhouse, GN delivers personalized and cus-
tomer-centric experiences by providing the seamless interface between
the user and technology ecosystems.
Simplicity, focus, and scale
Our transformation during 2023 and 2024 into a one-company setup
has created a simpler organizational structure and a stronger company
to the benefit of our people, our customers, and our partners.
GN’s business activities are organized in three focused divisions with
accountability for customer and business success: Hearing, Enterprise,
and Gaming (renamed from Gaming & Consumer as of January 1,
2025).
These divisions are supported by strong functions to drive scale across
the company: R&D; Operations; Finance; People & Culture; Digital, Data
& IT; and Strategy & Transformation.
Customer-centric innovation
By truly listening to our customers and understanding their pain points,
we can develop innovative solutions that not only meet their needs but
exceed their expectations.
We unite the strength of GN to deliver a customer-first approach to in-
novation, ensuring that all innovation brings value to our customers
and users leveraging the latest technologies including AI opportunities.
In 2023, we merged our diverse R&D teams into one organization. Dur-
ing 2024, we have finalized the new organizational setup and stream-
lined processes to better utilize common technologies and expertise
across hearing, enterprise, and gaming product groups.
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Customer-centric
innovation
Multiplying
our impact
through
partnerships
Agile and
scalable
operations
GN’s shared capabilities
This new organizational setup has increased scale and critical mass
within talents, ideas, technologies, and investments allowing us to in-
novate more, faster, and better to the benefit of customers.
Multiplying our impact through partnerships
We drive channel and technology reach through a strategic approach
to partnerships across the value chain. This accelerates how we build
our technology leadership. Our strategy is to focus on being a strong
partner for e.g., tech companies and unfold how we can build leading
propositions into the future. Our technology leadership in leveraging AI
is sustained and drive value through partnerships with large tech play-
ers in the eco-system such as Microsoft, Zoom, Google, Apple, and
more.
Agile and scalable operations
We bring true scale in our manufacturing, sourcing, and supply chain
around the world. Being one integrated company, we are not only a
stronger partner for our ecosystems and customers, and better for our
people. We are also a larger, scalable, and cost-efficient force focused
on driving real benefits and significant synergies through scalable net-
works, processes, and systems.
In 2023, we merged our previous two Operations organizations. During
2024, we have continued the reorganization of our global setup for
manufacturing, sourcing, and supply chain with the dual aim to harvest
synergies and increase operational resilience, which includes diversifica-
tion of the manufacturing footprint to ensure required flexibility in a
world with more geopolitical uncertainty.
People and culture
We believe that engaged employees who thrive, grow, and perform is a
core differentiator that will make GN win. We are dedicated to foster a
great workplace for our people across the globe, where aspirations
meet opportunities, a place where talent come to fuel their profes-
sional passion, where they realize their potential, and where they feel
that they truly belong regardless of who they are.
Through a genuine commitment to leadership and culture we will nur-
ture an environment where strong leadership, inclusivity, and collabo-
ration are the seeds from which our company's diversity, innovation,
and performance bloom.
Key intangible resources
As described on these pages, GN’s business model relies on certain in-
tangible resources, of which the most important are the availability of
skilled staff across the company’s value chain and certain intellectual
property rights, such as patent, trademark, and design patent rights, to
protect key inventions and maintain our innovation leadership. Key in-
ventions cover various aspects, such as digital signal processing, wire-
less communication, as well as security solutions and user interfaces,
for example, with headset, video, hearing aid, and gaming applications.
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Global megatrends contribute to making
GN’s chosen market segments particu-
larly attractive
Based on our innovative and market-leading portfolio of hardware and
software solutions, we have deliberately positioned GN in market seg-
ments where we have unique capabilities and where we benefit from
important global trends and multiple long-term growth drivers.
Hearing, enterprise, and gaming are three attractive markets charac-
terized by structurally positive megatrends:
Healthy aging supports further growth for hearing aids
Across the world people grow older, become more affluent, and want
to stay active and healthy into a higher age. These demographic trends
support the hearing aid market which is resilient and non-cyclical. Suc-
cess is driven by complex technology innovation and insight into what
truly matters for users and hearing care professionals. This creates high
entry barriers and attractive margins.
The adoption of hearing aids is still relatively low with many opportuni-
ties for further growth. In 2024, GN spearheaded LISTEN TO THIS™, a
global initiative inviting healthcare partners, policy makers, patient
organizations, and more to drive a new hearing health movement. This
partnership’s mission is to raise greater awareness of hearing loss,
promote better hearing care, and support continued research around
hearing and cognition. Through evidence, collaboration, and
innovation, the goal is to ensure hearing health is recognized as a
critical factor in good cognitive health and overall wellbeing.
Hybrid work and work-life blending is the new norm
Enterprises and organizations today establish themselves with less
physical space but more technology to support productivity in-office
and also when we travel, commute, or work from home. The enterprise
market is relatively difficult to enter as technology, certification, and
data security requirements are high. To succeed you need to operate
on a global scale and forge strong partnerships with other leading tech-
nology companies and go-to-market partners, including distributors
and resellers. The market supports attractive pricing for premium solu-
tions.
Gaming is the new entertainment format
Gaming has become ubiquitous and increasingly replace mainstream
entertainment. It has become the preeminent form of social engage-
ment and a lifestyle for all ages and genders. Gamers are no longer the
male teenagers in the basement but constitute a global and growing
market with attractive profitability levels for high-end quality products
with strong software solutions.
Technology should cater to my personal needs
As users of technology we demand more and more. We like it to be per-
sonalized. We like it to be ours. We like it to be adaptable to what we
want. This raises the bar on what great technology is and how
hardware and software should be able to play seamlessly together with
other eco-systems we like to use. GN can utilize the full range of com-
petencies across our verticals to develop unique and competitive indi-
vidualized offerings.
Artificial Intelligence in product innovation and business management
The rapid development of machine learning and artificial intelligence
presents great opportunities for technology companies to further per-
sonalize their offerings and already today plays an increasing role in all
GN’s business areas. And, wisely used, it also offers great productivity
gains in running a technology company where GN is already at the fore-
front in developing and utilizing internal AI tools for efficiency gains.
GN has years of combined AI and machine learning expertise across its
different product areas, which is now utilized in close collaboration be-
tween its R&D and IT departments and throughout the organization.
Sustainability as an investment rather than a cost
The growing focus on sustainability and responsible governance from
customers, employees, and other stakeholders may present challenges
but also offers opportunities for business development. The ambition
to reach net-zero carbon emissions and support the transition to a cir-
cular economy drives a range of design, manufacturing, and supply
chain decisions, which are not only better for the planet, but ultimately
also for the success of a company.
Key markets and global trends
Sustainability drives design
and manufacturing decisions
Health awareness becoming
the norm
Hybrid work normalization
and work-life blending
Gaming goes mainstream
Increasing user demand for
personalized experiences
Cutting-edge technology
advancements incl. AI
Sustainability drives design
and manufacturing decisions
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Delivering world-first hearing innovation
based on genuine customer insights
The vision for our Hearing division is to enable everyone to find a hear-
ing solution that fits their lifestyle – whether in-person, remote, or in
any combination. We will further strengthen our partnerships with
hearing care professionals and build new ways of connecting with con-
sumers and partners.
Lead customer-centric innovation
The foundation for success in the hearing market is innovating great
products and delivering them to customers in high quality and with
good service. Our two latest platforms, ReSound OMNIA and Nexia,
have been highly successful and fueled growth based on such feats.
Our new platform, ReSound Vivia, will continue this journey, represent-
ing the most profound update of our hearing solutions ever and the es-
sence of our product development strategy.
GN’s hearing aids are built on our Organic Hearing™ philosophy which
with the support of AI emulates both the natural hearing process and
the natural way we listen.
GN has worked with AI in our hearing aids for years. With ReSound
Vivia, we introduce Intelligence Augmented as an evolution to Organic
Hearing. In plain words this approach empowers the human brain with
the help from AI, rather than empowering AI to help the human. With
this, we are taking a human approach to AI.
This allows GN to address the actual needs of hearing aid users and
avoid the many compromises they have had to live with:
• The world’s best for hearing in noise – spotlight speech, eliminate
distractions without cutting the user off from the world
• The world's smallest AI hearing aid – delivering all-day wearing
comfort and all-weatherproof design
• All-day battery with no trade-offs – delivering full day use even
with streaming
• Made for Bluetooth
®
LE Audio and Auracast™ - delivering the clear-
est Bluetooth experience ever and the world’s first Auracast Assis-
tant for hearing aids, enabling Auracast for all
Be the trusted partner
We have a long legacy of delivering world-first hearing innovation
based on genuine customer insights and partnering – and this contin-
ues to be the primary focus of our product innovation. Further, we will
ensure to deliver consistently and reliably through our structured R&D
development process and fixed release cadence.
Another critical prerequisite for success in the hearing market is our
unique hearing value proposition and how we think as a company: We
do not compete with our customers. We lean into partnerships and our
hearing strategy centers around building partnerships and helping our
partners grow in their local marketplace. With the sale of a Danish
hearing aid retail chain in September 2024, GN has now divested essen-
tially all brick-and-mortar retail in accordance with this strategy.
So, it is not just about the product, it is just as much about the service
we render, the quality of our partnership support, and how we inte-
grate closely with our partners. Part of this is truly understanding the
players in the diverse channels in the market and what they request
from us as their partner. We will continue to grow our hearing business
in a diversified way across channels and partners.
Modernize for effectiveness and efficiency
To best support our product innovation, our partner support, and drive
profitability, we are modernizing our hearing business to become more
effective and efficient. We do this through three pillars:
• Delivering predictive metrics and quality in everything we do for
everyone we serve, manifesting GN as a reliable partner
• Improving our IT infrastructure to create a modern digital back-
bone to better support partners and become easier to do business
with - localizing, simplifying, and automating operations while lev-
eraging the scale of GN to deliver the best experience at the right
cost
• Establishing a strong partner-driven commercial model with the
capabilities required to serve our individual partners
Daring to set hearing free
>
The hearing market
• Resilient, non-cyclical market
• Aging population and health awareness drive growth
• Profitable industry with high entry barriers
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Market leader in specialist audio and
video technology for work and life
GN’s Enterprise business operates in the market under the Jabra brand,
which is seen as the leader in professional headsets, personal speaker-
phones, and in video meeting quality and engagement. From January 1,
2025, the BlueParrott product line was moved to the Enterprise divi-
sion to drive growth in the front-line worker opportunity.
While GN’s enterprise grade products in themselves offer premium de-
sign and hardware, the true value is greatly enhanced by embedded
software and application layers to provide outstanding user experi-
ences when connecting with solutions delivered by partners such as Mi-
crosoft, Zoom, and Google.
Thus, the real value for businesses and professionals of our enterprise
solutions is improved productivity, performance, and efficiency, allow-
ing enterprises to unlock the full value of their software investments.
Innovative thought-leader for modern work
GN’s enterprise products and solutions address key customer needs
and daily pains in enterprises of all sizes. Some of the key characteris-
tics of ‘enterprise grade’ products and solutions which contribute to
making this category unique and difficult to enter are:
• Headset, speaker, or video solution have to be optimized and certi-
fied for the enterprise’s choice of software solution and the whole
package needs a very high degree of data security, including cyber
security
• Products and solutions need to be easy to deploy globally, and a
scalable device management system needs to ensure easy and
efficient daily management, enabling upgrades, management of
settings, tracking of devices, and many other services and features
• And, today, great quality hardware not only needs to work well but
also have to look great to satisfy employees’ lifestyle choices
GN has a long history in enterprise and will continue to invest signifi-
cant resources in understanding true customer needs and innovate to
meet current and future needs among businesses and professionals.
One example of an expected future customer need is enabling profes-
sionals to easily interact with generative AI through voice. With our
sound processing capabilities, GN is uniquely positioned to capitalize on
this opportunity.
Preferred partner for Unified Communication & software platforms
Another key stronghold for GN’s Enterprise division is strong ecosys-
tem-led partnerships developed over many years that drive co-develop-
ment opportunities to further enhance customer value.
Jabra enterprise solutions are certified for all major Unified Communi-
cations software vendors, notably Microsoft, Zoom, and Google. The
Jabra enterprise solutions are the preferred choice by large enterprises
– e.g., more than 80% of Fortune 100 companies.
Most trusted and reliable vendor in our categories
To be the most trusted and reliable vendor in our categories, high per-
formance in the ‘essentials’ of our products is needed - e.g., ease of use
and high ingoing and outgoing audio quality. We also need high quality
launches, continued upgrades, and support throughout the product life
cycle. Finally, we need to make it easy for the end-customer to transact
and obtain necessary information and services through the channel.
Best in category go-to-market execution
GN’s Enterprise division has an extended channel network of 20,000 re-
sellers to reach a long tail of small and medium-sized enterprises. Sig-
nificant resources continue to be invested in nourishing this network.
Furthermore, our Enterprise division has a strong high-touch sales
force working directly with our largest end-customers. Finally, go-to-
market partnerships with UC and hardware partners, incl. Lenovo and
Creston, ensure an even broader market reach and impact.
Making work-life better for businesses and professionals
The enterprise market
• Hybrid “technology rich” work is here to stay
• Experience and tech shifts like generative AI drive
innovation
• Structurally profitable industry with high entry bar-
riers
• Channel network required for reach in the market
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Pushing the boundaries and taking
customer centricity to the extreme
Today, gaming has become mainstream entertainment. 45% of gamers
are women
1
. The average age of gamers is 32 years
1
. Many who have
retired from work now pick up gaming again. The myth that gaming is
for teenagers in the basement no longer applies.
Historically, a key driver for the gaming business is e-sports, which has
grown into a major entertainment industry with 215 million monthly
viewers
2
. The structural fundamentals in the gaming industry provide a
solid platform for further growth for gaming peripherals.
SteelSeries was the original e-sports brand, and e-sports professionals
have won more money using SteelSeries gear than any other brand.
Over its 20+ years, it has become the brand of choice for those who
want to play like the pros.
The focus for SteelSeries is to provide best-in-class experiences
through performance-enhancing software combined with cutting-edge
hardware.
Unique go-to-market model
With e-sports being deeply rooted in SteelSeries’ DNA, the go-to-mar-
ket model, among other, builds on working closely with e-sports teams,
professionals, and hundreds of major streamers. SteelSeries also runs
their own streaming channels and e-sports tournaments.
1
Newzoo Global Gamer Study 2024
2
Newzoo Global Gamer Study 2023
This approach has created a significant grassroots audience of 160 mil-
lion gamers and SteelSeries is a widely known and recognized premium
gaming brand.
Customer-centric innovation
The SteelSeries winning formula is hard to replicate – SteelSeries was
founded by gamers and still is driven by gamers at the same time as
they are avid business professionals and innovative engineers and
product designers.
This allows the team to take customer centricity to the extreme, identi-
fying issues and opportunities before gamers themselves can even
identify their needs.
Integrated hardware and software enhance experiences
This formula has enabled SteelSeries to constantly be one step ahead
and innovate at the edge, thus solving problems for gamers via hard-
ware and software. While the hardware is great, the real magic lies in
software integration.
Since its foundation, SteelSeries has delivered an extensive list of
world-first innovations, including the first integrated software platform
for gamers as well as a range of software solutions that continue to en-
hance the product experience and create stickiness for gamers – exem-
plified with SteelSeries’ GG software platform now having crossed 3.5
million active users and the Moments feature having crossed 1 billion
clips created.
Solving real problems for gamers and staying premium
SteelSeries’ goal is to own the premium side of the gaming rig – the full
suite of peripherals that gamers want. The current offering encom-
passes headsets, keyboards, mice, controllers, surfaces, and recently
also microphones and speakers.
To potentially move into other gaming peripherals, it will require that
SteelSeries feel they can solve real problems for gamers that nobody
else is solving, thus allowing for premium pricing. Only then will they
play.
Helping every gamer feel like a star
The gaming market
• Gaming is going mainstream
• Growing engagement – more than gaming
• Fragmented market starting to consolidate
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Sustainability is a strategic lever to
maximize the positive impact of our
products, minimize negative impact on
the environment, and safeguard human
rights across our value chain
Products making a positive impact
With GN’s overarching purpose of Bringing People Closer, we are proud
of the positive difference our products make to society and people’s
lives – to mention just a few examples:
• Our hearing instruments help our users lead better lives – cur-
rently, more than 11.2 million people across the world benefit di-
rectly from our hearing solutions. As the connections between
hearing loss, cognition, and health become clearer, untreated hear-
ing loss becomes much more than a daily nuisance but rather a se-
rious health risk
• Our audio and video solutions help our customers choose remote
collaboration over carbon-emitting travel or commuting – switch-
ing e.g., long-distance travel with virtual meetings reduce enter-
prises’ climate footprint and daily work-life balance can improve
with increased workplace flexibility
• Our gaming solutions support people of all ages in their social in-
teractions with other gamers, representing a more active form of
entertainment than passive viewing – today, gaming is a fast grow-
ing community that positively impacts people interacting with
friends and expanding their social network
Reducing negative impact from our activities
Producing and distributing millions of technology products every year
obviously has an impact, which is why GN has laid out an ambitious
strategy to reduce any negative impact from our activities.
Building on our long history of responding to changing demands from
our stakeholders, sustainability has over the past years become increas-
ingly integrated into GN’s business strategy. GN’s approach to sustain-
ability is driven by a desire to create real and lasting value for all our
stakeholders.
Therefore, sustainability is integrated into how we run our company, as
a consideration in key decisions on how we design our products and run
our operations. Accordingly, we have not set up a separate sustainabil-
ity governance structure but use our existing business processes to
drive this agenda.
Overall, we focus on three areas where we have the most impact:
1. Sustainable design – developing product designs that impact the
experience of our products, not our environment
2. Decarbonization – reducing our carbon footprint as fast as the sci-
ence tells us
3. Supply chain responsibility – safeguarding human rights across our
full value chain
We continuously work on all environmental, social, and governance
topics that are material to our business and processes, whether it is
moving towards recycled material in products, nurturing a diverse and
inclusive workforce, or working with our suppliers on safeguarding hu-
man rights for everyone working in our value chain.
As the climate crisis intensifies, ensuring our children’s future requires
that we innovate and adapt. We are committed to protecting our
planet by reaching our 2030 climate goals and having net-zero emis-
sions by 2050, in line with the scientific consensus on the need to limit
global warming to 1.5 degrees Celsius.
We are focused on product and service development that will help us
achieve this target and support the transition to a circular economy. In
doing this, we are confident that we will comply with growing product-
related sustainability legislation, achieve sustainability certifications for
our products, and attract sustainability-minded customers and employ-
ees.
Building the technology for the future, responsibly
CSRD compliant reporting
Our status and progress on environmental, social, and govern-
ance topics (ESG) are described in detail in the Sustainability
statement of this report in accordance with the EU’s Corporate
Sustainability Reporting Directive (CSRD).
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Global reach, local presence
Research & Development
GN has R&D centers in Denmark, the U
nited States, the Netherlands,
Poland, France,
Italy, and China.
The Group
has a unique blend of leading expertise of the human ear,
audio, video, speech, gaming, wireless technologies,
miniaturization,
software, and
AI.
In 2024, GN invested D
KK 1.9 bn in research and development.
Manufacturing
GN has its
own central and regional manufacturing sites for hearing
aids
and accessories in Australia, China, Denmark, Japan, Malaysia,
South Korea
, Spain, and the United States.
GN’s
enterprise audio and video collaboration equipment and its gam-
ing products are produced by carefully selected manufacturers mainly in
Asia. Most
components are sourced from suppliers in Asia. GN works
with a small number of tier
1 manufacturers supported by more than
100 sub
-suppliers.
Sales and distribution
GN’s hearing aids
and accessories are sold in around 100 countries
across the world. GN has its own
customer teams in 30+ countries and
operates via partners and distributors in another 70 countries.
GN’s
enterprise audio and video collaboration equipment, software,
and services
, and its gaming products and software solutions
are sold via
distributors
, retailers, and GN’s own webstores in 80+ countries across
the world. Partners are responsible for logistics, local
customization,
and
final packaging to optimize lead
-time to the final customer, delivering
from four regional centers in Mexico, Poland, China, and Hong Kong.
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GN offices
Countries with direct sales
Countries with GN distributors
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We enhance communication between
people, and create value and growth by
leveraging our unique capabilities and
global scale across attractive markets
We do this based on the following characteristics:
• We operate in attractive markets across Tech and MedTech,
backed by fundamental megatrends and high entry barriers
• Our focused, talented, and passionate people have deep expertise
and proven track-record in the intersection between hardware and
software delivering customer-centric innovation and value
• We are multiplying our impact and execution power by being a
unique, "non-competing", and attractive global partner to
technology and channel leaders across the value chain
• We run agile operations and global supply chain scale to support
growth and navigate potential future disruptions
• We will protect our planet by running our company in a climate-
friendly and sustainable way
• We have an asset light business model and strong margin focus
leading to solid cash flows supported by group-wide synergies
GN investment case
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Content
At GN’s Capital Markets Day in May 2024, our Executive
Leadership Team laid out GN’s strategy and explained
to analysts and investors how GN will create value and
communicated GN’s financial targets towards 2028.
We have set ambitious financial targets for 2025-2028
Our financial targets towards 2028 are ambitious and will create
shareholder value that is imperative for our continued license to
operate:
• Deliver organic revenue growth of 5-8% (CAGR)
• Achieve sustainable EBITA margin target
at 16-17% by 2028*
• Reduce leverage to 2.0x by 2028
Each of our business divisions contributes to growth and margin
expansion in their attractive growing markets:
• Hearing drives continued market share gains across markets
with an expected ~3-4% market value growth. Preserving in-
novation leadership with focus on core strength and strong
partnership value proposition
• Enterprise drives market share gains in video, while maintain-
ing global market share position in headsets with an ex-
pected ~3-5% market value growth. Improving channel
strength while sustaining innovation leadership
• Gaming drives continued market share gains across gaming
gear with an expected ~5% market value growth. Improving
channel strength and maintaining innovation leadership
while prioritizing margins over growth
*) Based on FX rates as of May 7, 2024
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Five year overview 19
Group financial review 2024 20
Hearing division 22
Enterprise division 23
Gaming & Consumer division 24
Financial guidance 2025 25
Business review
Financial
s
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Customer-centric innovation for
enterprises
Jabra extends its premium collaboration portfolio with Pana-
Cast 40 Video Bar System (VBS), the only small room An-
droid-bar that captures the entire room with 180° field of
view.
The PanaCast 40 VBS brings customers advanced audio tech-
nology for exceptional voice clarity, quick and easy installa-
tion, ensuring a seamless setup experience.
For enterprises, this is a future-proof investment with flexi-
ble deployment options on Microsoft Teams, Zoom, or per-
manent bring-your-own-device setups and managed seam-
lessly with Jabra+ for admins.
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DKK million
2020
2021
2022
2023
2024
GN Store Nord
Revenue
13,449
15,775
18,687
18,120
17,985
Revenue growth
7%
17%
18%
-3%
-1%
Organic growth
9%
20%
-3%
-1%
1%
Gross profit margin
54.3%
55.0%
48.9%
49.4%
53.2%
EBITA*
1,866
2,619
1,560
1,200
2,153
EBITA margin*
13.9%
16.6%
8.3%
6.6%
12.0%
Operating profit (loss)
1,627
2,397
1,111
869
1,860
Financial items, net
-6
-90
-405
-462
-492
Profit (loss) before tax
1,612
2,271
725
343
1,361
Effective tax rate
21.3%
21.2%
21.4%
22.4%
22.2%
Profit (loss) for the year
1,269
1,790
570
266
1,059
Total assets
16,682
23,552
30,589
30,642
30,611
Total equity
5,178
6,229
6,800
9,587
10,824
ROIC (EBITA*/Average invested capital)
19%
25%
9%
5%
10%
Earnings per share, basic (EPS)
9.72
13.63
4.00
1.64
6.79
Earnings per share, fully diluted (EPS diluted)
9.63
13.49
3.99
1.64
6.78
Investments in property, plant and equipment
-221
-457
-209
-93
-120
Free cash flow excl. company acquisitions and divestments
1,865
702
-1,291
1,092
1,081
Cash conversion (free cash flow excl. company acquisitions and divest-
ments/EBITA*)
100% 27% -83% 91% 50%
Equity ratio
31.0%
26.4%
22.2%
31.3%
35.4%
Net interest-bearing debt**
3,755
4,829
14,561
10,567
9,699
Net interest-bearing debt (period-end)/EBITDA
1.6
1.6
7.1
6.0
3.8
Payout ratio
16%
12%
-
-
-
Share buybacks***
453
1,166
-
-
-
Outstanding shares, end of period (thousand)
128,975
127,718
127,973
145,613
145,613
Average number of outstanding shares (thousand)
128,805
128,816
127,823
138,883
145,613
Average number of outstanding shares, fully diluted (thousand)
130,032
130,194
128,126
138,991
145,712
Treasury shares, end of period (thousand)
13,293
10,458
9,220
5,300
5,300
Share price at the end of the period
487.2
411.3
159.8
171.8
133.8
Market capitalization
62,837
52,530
20,444
25,016
19,476
* Please refer to Key Ratio Definitions on
page 167 for definition of EBITA ** Please refer to Key Ratio Definitions on page 167 for
definition
of Net interest
-bearing debt. NIBD figures have been adjusted to include Loans to dispensers as these are interest bearing
*** Including buybacks as part of the share-based incentive programs
Five year overview
Content
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Revenue
In 2024, GN delivered strong financial performance, creating a solid
foundation for driving the desired profitable growth in the years to
come. Group revenue ended at DKK 17,985 million, driven by organic
revenue growth of 4% excluding the discontinued Elite and Talk prod-
uct lines. The reported organic revenue growth ended at 1% - in line
with revised financial guidance following the wind-down. The organic
growth was driven by 10% organic revenue growth in Hearing, -3% or-
ganic revenue growth in Enterprise, 7% organic revenue growth in
Gaming, and -31% organic revenue growth in Consumer as a conse-
quence of the wind-down. For the Group, total revenue growth was
-1%, as the impact from M&A was around -2%.
Gross profit
GN Store Nord’s gross profit reached DKK 9,564 million compared to
DKK 8,945 million in 2023. The gross margin ended at 53.2%
(compared to 49.4%), positively impacted by group-wide synergies,
pricing discipline, and positive business mix, while partly being off-set
by inventory write-downs in connection with the wind-down of the
Elite and Talk product lines as well as retail disposals including
BelAudição and Dansk HøreCenter towards the end of the year.
Divisional profit
GN Store Nord’s divisional profit increased by 14% to DKK 5,207 mil-
lion compared to DKK 4,548 million in 2023, which equals a divisional
profit margin of 29.0% (25.1% in 2023). This was driven by the strong
gross margin improvement, as well as a strict cost focus, partly off-set
by the extraordinary costs related to the wind-down of the Elite and
Talk product lines.
Development costs
GN Store Nord’s development costs ended at DKK -1,491 million com-
pared to -1,546 million in 2023, reflecting an R&D/revenue ratio of
8.3% compared to 8.5%. The development reflects some extraordinary
costs in relation to the wind-down and timing of product launches.
Group financial review 2024
Revenue (DKKm) and organic revenue growth (%)
Revenue distribution
4,725
5,332
6
,227
6,802
7,104
7,221
8,271
8,677
7,463
7,205
1,503
2,172
1,466
1,253
866
2,317
2,602
2,810
2020 2021 20232022 2024
Org.
growth
9% 20% -3% -1% 1%
18,120
17,985
18,687
15,775
13,449
Revenue Consumer business (DKKm)
Revenue Gaming business (DKKm)
Revenue Enterprise business (DKKm)
Revenue Hearing business (DKKm)
North
America
40%
Europe
39%
Rest of
World
21%
Financial overview 2024
GN Store Nord
Hearing division
Enterprise division
Gaming & Consumer division
DKK million
2024
2023
Growth
2024
2023
Growth
2024
2023
Growth
2024
2023
Growth
Revenue
17,985
18,120
-1%
7,104
6,802
4%
7,205
7,463
-3%
3,676
3,855
-5%
Organic growth
1%
-1%
10%
13%
-3%
-13%
-5%
5%
Gross profit
9,564
8,945
7%
4,458
4,076
9%
4,010
3,901
3%
1,096
968
13%
Gross profit margin
53.2%
49.4%
3.8%p
62.8%
59.9%
2.9%p
55.7%
52.3%
3.4%p
29.8%
25.1%
4.7%p
Divisional profit
5,207
4,548
14%
2,464
1,874
31%
2,544
2,442
4%
199
232
-14%
Divisional profit margin
29.0%
25.1%
3.9%p
34.7%
27.6%
7.1%p
35.3%
32.7%
2.6%p
5.4%
6.0%
-0.6%p
EBITA
2,153
1,200
79%
EBITA margin
12.0%
6.6%
5.4%p
Free cash flow excl. M&A
1,081
1,092
-11
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Management and administration costs
GN Store Nord’s management and administration costs decreased by
15% compared to 2023 and ended at DKK -1,543 million. The signifi-
cant decrease reflects cost control across the company, DKK 197 mil-
lion one-off cost in 2023, and timing of certain structural investments.
EBITA
GN Store Nord’s EBITA was DKK 2,153 million compared to DKK 1,200
million in 2023. The increase was primarily driven by strong gross profit
growth across the divisions, supported by group-wide synergies of DKK
~430 million, strong pricing discipline, and less extraordinary costs. The
EBITA-margin increased by 5.4 percentage points compared to 2023
and ended at 12.0% in line with revised financial guidance following
the wind-down.
Other profit & loss items
In 2024, amortization of acquired intangible assets amounted to DKK
-365 million compared to DKK -392 million in 2023. Financial items
were DKK -492 million in 2024 compared to DKK -462 million in 2023,
primarily driven by increasing financing costs as a consequence of the
debt refinancing.
In 2024, share of profit (loss) in associates was DKK -7 million com-
pared to DKK -64 million in 2023. Gain (loss) on divestment of opera-
tions, etc. was DKK 72 million compared to DKK 61 million in 2023, pri-
marily due to the divestment of Dansk HøreCenter. Profit before tax
was DKK 1,361 million compared to DKK 343 million in 2023.
The effective tax rate was 22.3% compared to 22.4% in 2023, translat-
ing into a net profit of DKK 1,058 million compared to DKK 266 million
in 2023. Earnings per share (EPS) was DKK 6.78 in 2024 compared to
DKK 1.64 in 2023, driven by the strong operating performance.
One-company transformation
To set the company up for success, the governance structure was sim-
plified in 2023. As part of this process, GN identified company-wide
synergies which support and accelerate the margin improvement
across the Group. The company identified DKK ~600 million in cost
synergies (across COGS and OPEX) to be realized by 2026 of which
roughly two-thirds was expected to be achieved in 2024. During 2024,
synergies worth of DKK ~430 million were realized, thus slightly higher
than expected. This was a result of the organizational changes exe-
cuted in 2023, as well as leveraging both structural and operational
synergies within sourcing, manufacturing and distribution.
Free cash flow
GN Store Nord managed to deliver yet another year with substantial
free cash flow excl. M&A of DKK 1,081 million (in line with financial
guidance) compared to DKK 1,092 million in 2023 mainly driven by the
solid earnings level and a positive change in working capital despite
somewhat higher interest payments following the successful debt refi-
nancing.
Capital structure
Net interest-bearing debt decreased significantly by DKK 868 million to
DKK 9,699 million compared to DKK 10,567 million by the end of 2023,
driven by the strong operational free cash flow generation as well as
the disposal of Dansk HøreCenter. The adj. leverage was reduced from
4.5x to 3.5x as a consequence of the strong earnings growth and the
DKK 0.9 billion debt reduction. Reported leverage ratio was 3.8x re-
flecting DKK -202 million extraordinary wind-down costs compared to
6.0x in 2023. By the end of 2024, GN had cash and cash equivalents of
DKK 980 million. Moreover, GN has access to an undrawn revolving
credit facility of DKK 3.9 billion (EUR 520 million) with maturity in Q2
2027.
EBITA (DKKm) and EBITA margin (%)
Free cash flow excl. M&A (DKKm) and cash conversion (%)
Net interest
-bearing debt (DKKm) and adj. leverage
1,866
2,619
1,560
1,200
2,153
2020 2021 2022 2023
EBITA
margin
13.9% 16.6% 8.3% 6.6% 12.0%
< Reported EBITA GN Store Nord (DKKm)
2024
1.865
702
-1.291
1.092
1,081
2021
2023
2020 2022 2024
Cash
conversion
100% 27% -83% 91% 50%
2020 2021 2022 2023 2024
3,755
4,829
14,561
10,567
9,699
Net interest-bearing debt (DKKm) Adj. leverage
1.8x 1.8x 5.5x 4.5x 3.5x
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Significant market share gains and
strong margin improvement
Revenue
The Hearing division had another year of double-digit organic revenue
growth and market share gains. The broad-based performance led to
10% organic revenue growth (on top of 13% organic revenue growth in
2023) driven by the successful ReSound Nexia product family (organic
revenue growth in Q4 2024 was 7%). Revenue increased by 4% to DKK
7,104 million, compared to DKK 6,802 million in 2023, including M&A
impact of around -4% while impact from foreign exchange rates was
around -2%.
In North America, the market experienced volume growth in line with
the historical 4-6%. GN delivered another year of significant market
share gains in North America, leading to strong organic revenue
growth, which was predominately driven by the independent channel
and JabraEnhance.com. The overall revenue in North America ended at
DKK 3,616 million (compared to DKK 3,407 million in 2023).
In Europe, the market experienced volume growth slightly below the
historical 4-6% growth rate. Despite the challenging market conditions
and a difficult comparison base, GN has gained market shares across
most countries, leading to organic revenue growth slightly below the
overall division growth. The performance was supported by strong exe-
cution in especially Germany and the U.K. The overall revenue in Eu-
rope ended at DKK 1,847 million (compared to DKK 1,887 million in
2023).
In Rest of World, the market experienced close to flat volume growth
following a strong 2023, suggesting a normalization of the market. De-
spite the flat market development, GN performed strongly leading to
strong double-digit organic revenue growth driven especially by Aus-
tralia and India, while the Chinese market was challenging. Overall rev-
enue in Rest of World ended at DKK 1,641 million (compared to DKK
1,508 million in 2023).
Gross profit
Gross profit reached DKK 4,458 million corresponding to a gross
margin of 62.8% compared to 59.9% in 2023. The increasing gross
margin was positively impacted by group synergies and the continued
success of ReSound Nexia, but partly off-set by retail disposals
including BelAudição and Dansk HøreCenter towards the end of the
year.
Sales and distribution costs
Sales and distribution costs decreased by 9% to DKK -1,994 million
compared to DKK -2,202 million in 2023. The reduction was mainly
driven by retail disposals including BelAudição and Dansk HøreCenter,
while Hearing continued to drive sales & marketing investments to
sustain the current market share momentum.
Divisional profit
The divisional profit increased by 31% to DKK 2,464, corresponding to
a divisional profit margin of 34.7% compared to 27.6% in 2023. This
significant increase was a result of the strong topline growth, gross
margin expansion, and tightly managed sales and distribution costs.
EBITA margin
The EBITA margin in the core Hearing business ended at 20.0% (14.7%
in 2023), using 2023 cost allocation methodology on functional group
costs.
Hearing division
Revenue (DKKm)
Gross profit
(DKKm)
Divisional profit (DKKm)
6,802
7,104
2023
+10%
Organic
revenue growth
-2%
FX growth
-4%
M&A growth 2024
+4%
59.9%
2023
62.8%
2024
4,076
4,458
+2.9%p
27.6%
2023
34.7%
2024
1,874
2,464
+7.1%p
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Strong margin improvement in a chal-
lenging yet stabilizing overall enterprise
market. Flat growth in the division ex-
cluding the speakerphone category
Revenue
The Enterprise division executed well during the year and maintained
its global market leadership position in a challenging but improving en-
terprise market. Revenue declined by 3% to DKK 7,205 million, com-
pared to DKK 7,463 million in 2023, including an organic revenue
growth of -3% (organic revenue growth in Q4 2024 was -2%).
From a regional perspective, North America contributed with flat or-
ganic revenue growth for the year, while Europe was negatively im-
pacted by economic growth challenges in parts of Central Europe in
the second half of the year. Rest of World experienced some level of
modest organic revenue growth for the year as a whole. The long-term
attractiveness of the enterprise market is fully intact driven by hybrid
working and the continued upgrade of collaboration tools to make the
experience seamless and more efficient. However, the return to growth
is taking slightly longer than anticipated in the beginning of 2024 pri-
marily as a result of the economic growth challenges seen in Central
Europe in the second half of 2024.
The major headset business maintained its market leading position in
an improving market, which led to flat organic revenue growth for the
year driven by GN’s leading product portfolio and continued strong ex-
ecution across the organization. The emerging video business drove
continued market share gains, leading to double-digit organic revenue
growth rates in 2024. As room investments are moving towards
integrated video and audio solutions, the speakerphone category expe-
rienced high double-digit decline as a result of the structurally declin-
ing market. This accounted for the majority of the organic revenue de-
cline, combined with a demanding comparison base from 2023, when
GN launched the successful Jabra Speak2 series.
Gross profit
Gross profit reached DKK 4,010 million corresponding to a gross mar-
gin of 55.7% compared to 52.3% in 2023. The positive development
was supported by group synergies and pricing discipline despite the
lower volumes.
Sales and distribution costs
Sales and distribution costs ended at DKK -1,466 million compared to
DKK -1,459 million in 2023. The development reflects continued
execution on certain channel investments to sustain its strong market
leading position in an anticipated enterprise market recovery, but also
some general cost focus.
Divisional profit
Despite the lower volumes and revenue, the divisional profit increased
by 4% and reached DKK 2,544 million compared to DKK 2,442 million
in 2023. The development corresponds to a divisional profit margin of
35.3% compared to 32.7% in 2023. The increase was driven by the solid
gross margin improvement and focused cost control on sales and dis-
tribution costs, despite the negative topline development.
Enterprise division
Revenue (DKKm)
Gross profit
(DKKm)
Divisional profit (DKKm)
7,463
7,205
2023
-3%
Organic
revenue growth
0%
FX growth
0%
M&A growth 2024
-3%
52.3%
2023
55.7%
2024
3,901
4,010
+3.4%p
32.7%
2023
35.3%
2024
2,442
2,544
+2.6%p
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Continued market share gains in Gam-
ing, while the wind-down of the Elite and
Talk product lines is now finalized
Revenue
The Gaming & Consumer business as a whole delivered revenue of DKK
3,676 million compared to DKK 3,855 million in 2023 with an organic
revenue growth of -5% as a direct consequence of the successful exe-
cution of the wind-down. Total revenue growth was -5%.
In the Gaming business, SteelSeries was exposed to a market in contin-
ued stabilization corresponding to a slightly growing market compared
to 2023. SteelSeries continued to grow rapidly even on top of a tough
comparison base (16% organic growth in 2023) and further improved
its market-leading position in the core gaming gear market with inno-
vative product launches during the year. The strong performance re-
sulted in revenue of DKK 2,810 million compared to DKK 2,602 million
in 2023 translating into organic revenue growth of 7% (Q4 2024 or-
ganic revenue growth of 16%).
In the Consumer business, the year was characterized by the decision in
June 2024 to wind down the Elite and Talk product lines with the ra-
tionale to increase focus and resources on more attractive parts of
GN’s business. The wind-down was successfully finalized by year-end.
As a result, the Consumer revenue was DKK 866 million compared to
DKK 1,253 million in 2023.
Gross profit
Gross profit reached DKK 1,096 million corresponding to a gross mar-
gin of 29.8% compared to 25.1% in 2023. The development reflects a
positive contribution from group synergies as well as strong pricing dis-
cipline in Gaming, however, partly off-set by extraordinary costs re-
lated to the wind-down and significant promotional activity in Con-
sumer to support the wind-down. In the Gaming business, the gross
profit ended at DKK 910 million, corresponding to a gross margin of
32.4% driven by group synergies and strong pricing discipline. In the
Consumer business, the gross profit ended at DKK 186 million, corre-
sponding to a gross margin of 21.5% driven by the wind-down.
Sales and distribution costs
Sales and distribution costs increased by 22% to DKK -897 million
compared to DKK -736 million in 2023. The development reflects
extraordinary costs related to the wind-down and continued channel
investments and marketing activity to sustain the market share
momentum in Gaming.
Divisional profit
The divisional profit ended at DKK 199 million corresponding to a divi-
sional profit margin of 5.4% compared to 6.0% in 2023 significantly im-
pacted by the effects of the wind-down.
Focusing on Gaming going forward
As a direct consequence of the wind-down, the Group experienced ex-
traordinary costs of DKK 202 million during 2024, including severance
payments, write-down of prior development projects and inventories.
Following the successful wind-down, the division was re-named to
“Gaming” as of January 1, 2025.
Gaming & Consumer division
Revenue (DKKm)
Gross profit
(DKKm)
Divisional profit (DKKm)
3,855
3,676
2023
-5%
Organic
revenue growth
0%
FX growth
0%
M&A growth 2024
-5%
25.1%
2023
29.8%
2024
968
1,096
+4.7%p
6.0%
2023
5.4%
2024
232
199
-0.6%p
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Key revenue assumptions for the financial
guidance of 2025
Hearing division
In 2025, GN expects the hearing aid markets to grow in line with the
historical growth rates supported by ongoing favorable demographic
trends. As such, GN projects 4-6% market volume growth and -1% mar-
ket ASP decline, equaling a market value growth of 3-5%.
Based on the attractive market fundamentals, the current sales mo-
mentum, as well as the launch of ReSound Vivia and ReSound Savi, GN
in 2025 expects to continue to gain market share. Consequently, the
Hearing division assumes to contribute with organic revenue growth of
5% to 9%.
Enterprise division
Following a longer period of market stabilization, GN expects the en-
terprise market to grow modestly in 2025. The projection is based on
an expected increase in general IT budgets, as well as improving
sentiment across GN’s customers, including distributors, resellers, and
end-customers. The market recovery is expected to be led by North
America and Rest of World, as parts of Europe is currently impacted by
economic growth challenges.
GN expects to be able to continue to maintain its market-leading posi-
tion in enterprise grade headsets, while gaining market shares in enter-
prise video communication systems. The assumption is driven by the
current market-leading product portfolio, launch of new customer-cen-
tric innovations across headsets and video, channel access strength,
and strong partnerships with leading software vendors. Consequently,
the Enterprise division assumes to contribute with organic revenue
growth of 0% to 4%.
Gaming division
In 2025, GN expects the gaming gear market to grow 3-5% driven by
continued increase in the number of global gamers, but held back by
the current consumer sentiment in Europe.
GN expects to continue to gain market shares driven by the very strong
brand, innovation leadership, and category expansion. Consequently,
Gaming assumes to contribute with organic revenue growth of 7% to
12% (excluding the impact from the wind-down).
Wind-down impact on Group organic revenue growth
Due to the successfully executed wind-down of the Elite and Talk prod-
uct lines during 2024, the revenue contribution from these product
lines in 2025 is assumed to be insignificant (in 2024, the product lines
generated revenue of DKK 597 million). As a result, the negative im-
pact from the wind-down on group organic revenue growth will be 3-4
percentage points, while the negative impact specifically in the Gaming
division will be 19-20 percentage points. The group financial guidance
on organic revenue growth is adjusted for this impact, why the re-
ported organic revenue growth will be 3-4 percentage points lower.
Key EBITA margin assumptions for the
financial guidance of 2025
Following a strong margin improvement in 2024, GN expects further
margin improvements in 2025, thereby being on a steady trajectory to-
wards the 2028 EBITA margin target of 16-17%.
The EBITA margin expansion in 2025 is supported by further one-GN
synergies as earlier communicated, the non-recurring nature of the
DKK 202 million extraordinary wind-down costs in 2024, as well as un-
derlying margin improvements driven by leverage and scale across the
three divisions.
In order to drive sustainable growth and deliver the targeted EBITA
margin by 2028, GN will invest into Operations to further diversify
manufacturing footprint, among other to withstand geopolitical chal-
lenges as well as continued IT modernization costs including ERP opti-
mization and cybersecurity to safeguard the company. In addition,
there will be certain costs linked to the wind-down for general service
and warranty commitments, expected to diminish over the next couple
of years. Finally, the development in foreign exchange rates, including
the appreciated USD is assumed to be a headwind for the EBITA mar-
gin in 2025.
Financial guidance 2025
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Shareholder information 27
Risk management 29
Corporate governance 33
Board and leadership 36
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Business review
Company
information
SteelSeries set a new benchmark for earbuds with
the introduction of Arctis Gamebuds .
Crafted for a versatile gaming lifestyle and engi-
neered to deliver a HiFi listening experience,
SteelSeries brought Arctis audio heritage and sig-
nature sound to a compact form factor through a
custom next-gen chipset that creates a true gam-
ing audio experience.
In the development process, SteelSeries utilized
GN's vast experience and R&D knowledge within
consumer earbuds.
Customer-centric innovation
for gamers
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Through an open and active dialogue,
GN strives to provide all stakeholders
with timely and relevant information
The GN share
The total market value of GN’s shares, excluding treasury shares, was
DKK 19,5 billion at the end of 2024. The price of the GN share was DKK
134 on December 31, 2024.
GN is, among other indices, included in the C25 index and Large Cap in-
dex on Nasdaq Copenhagen, as well as the Stoxx Europe 600 index and
the Stoxx Europe Sustainability index.
Ownership
The GN share is 100% free float, and the company has no dominant
shareholders. GN has approximately 63,000 registered shareholders.
Of the entire ownership, it is estimated that around 40% are held by in-
vestors in Denmark, around 35% in rest of Europe, around 25% in
North America, and less than 1% in Rest of World.
The 10 largest registered shareholders held in total around 35% of the
GN share capital at the end of 2024 (including GN’s holding of treasury
shares). By the end of 2024, one shareholder, William Demant Invest
A/S, has reported an ownership interest in excess of 10% of GN’s share
capital.
Share capital and voting rights
GN’s share capital of DKK 603,650,860 consists of 150,912,715 shares,
each carrying four votes. GN has one share class with no restrictions on
ownership or voting rights. The Annual General Meeting has authorized
the Board of Directors to increase the share capital and issue new
shares in accordance with the Articles of Association.
Treasury shares
On December 31, 2024, GN held 5.3 million treasury shares corre-
sponding to 3.5% of the share capital, and the value of the treasury
shares was DKK 709 million.
Until the Annual General Meeting on March 12, 2025, the Board of Di-
rectors is authorized to acquire shares in GN. The company's holding of
treasury shares may at no time exceed 10% of the share capital of the
company.
Dividend policy and share buyback programs
GN’s overall financial target is to deliver a competitive shareholder
return through a combination of dividend payments and share price
appreciation. GN aims to pay out a dividend corresponding to 15 - 25%
of the annual net profit and to distribute additional excess cash to
shareholders through share buyback programs.
Dividend payments and share buybacks are subject to, among other,
cash requirements to support the ongoing operations, strategic oppor-
tunities, and the company’s capital structure. During 2024, GN’s net in-
terest-bearing debt decreased by DKK 0.9 billion to DKK 9.7 billion,
driven by the strong operational free cash flow. Consequently, the adj.
leverage was reduced from 4.5x to 3.5x. GN remain focused on deliver-
ing shareholder value and will consider doing shareholder distribution
again, once the leverage is closer to the long-term target of 2.0x. GN
will not pay out dividend in respect of the financial year 2024 and share
buyback programs have been paused for the time being.
Shareholder information
Geographical split of shareholders (% of share capital)
Major indices including GN Store Nord
Index
Focus
OMX C25
Denmark
STOXX Europe 600
Europe
OMX Nordic Large Cap
Nordics
STXE Health Care
Europe
Denmark
40%
Europe
35%
North America
25%
Rest of the World
<1%
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Incentive programs
By the end of 2024, the total number of outstanding options in GN
Store Nord were 5,103,379 (3.4%) of the share capital in GN Store
Nord.
Investor relations policy
As part of GN’s investor relations activities, an active dialogue is pur-
sued with existing and potential shareholders as well as with financial
analysts. GN ensures that relevant and timely information is provided
to the financial community to ensure that the GN share is fairly priced.
This is accomplished through information continually announced to
the market as company announcements and press releases, combined
with investor meetings, conferences, and presentations of the com-
pany’s interim and annual results.
Following the release of interim and annual results, GN conducts road-
shows where the Executive Management and the Investor Relations
team inform investors and financial analysts about the recent
developments in the company. GN is covered by sell-side analysts, who
continually release analyst research reports on GN and the industry
dynamics.
GN has a 30-days silent period prior to publication of a financial report.
During these silent periods, any communication with stakeholders is
restricted.
GN’s website, www.gn.com, contains historic and current information
about GN, including company announcements and press releases,
current and historic share price data, investor presentations, and
annual and interim reports. The Investor Relations team can be
contacted at: Investor@gn.com.
Notices for the Annual General Meeting
GN sends notices to convene Annual General Meetings by email.
Letters are sent to shareholders who have requested this instead of
emails. Thus, GN encourages all registered shareholders to sign up at
the investor portal with their email addresses and check the box la-
belled “subscribe/unsubscribe” in the field “Notice for the Annual
General Meeting”. Shareholders will then receive the notice by email in
the future.
Share price development
* Index: 3
0-12-2022 = 100
Financial calendar for 202
5
Event
Date
Annual General Meeting
March 12, 202
5
Interim Report Q1 202
5 May 1, 202
5
Interim Report Q2 202
5 August 21, 202
5
Interim
Report Q3 2025 November 6, 202
5
Read company
announcements on www.gn.com.
50
60
70
80
90
100
110
120
130
140
31-Dec-2023 31-Mar-2024
1-Jul-2024
30-Sep-2024 31-Dec-2024
GN
C25 CAP
Additional relevant information
GN’s investor relations policy is available at:
www.gn.com/aboutIR
A full list of the analysts covering GN is available at:
www.gn.com/analysts
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Content
Effective risk management is a cornerstone in GN’s strategy, ensuring
that GN remains resilient, agile, and competitive in an ever-changing
global environment. We continue to evaluate and refine our approach,
focusing on key areas such as market, technological integration, inno-
vation, product quality, workforce development, ESG, and IT infrastruc-
ture.
Risk governance at GN is overseen by the Board of Directors, who en-
sure risks are managed across the value chain. Risks are identified and
governed by a risk department and the Executive Leadership Team for
each division and selected functions. Risks are evaluated based on their
impact and likelihood. A comprehensive risk report, reviewed and prior-
itized by the Executive Leadership Team, is presented to the Board of
Directors annually for approval.
The main risks associated with GN’s businesses, and the main risk miti-
gation taken to manage these, are outlined on the following pages.
Risk management
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Q1
Q2
Q
4
Q3
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Board of Directors’ risk review.
Board Top Risk Review
Prioritized areas receive automated
risk and maturity questionnaires
.
The responses are automatically
calculated into risk likelihood and
risk impact. Hereafter, the results
are evaluated and challenged by the
Corporate Risk Governance team
and consolidated in meetings with
managers from prioritized areas.
Initial risk assessment process
Meeting with Executive Leadership
Team who collectively challenges,
validates, and prioritizes risks and
risk handling activities.
Audit Committee reviews
Organization Risk Governance
process.
Audit Committee Risk
Governance Review
Executive impact review
Risk identification and mitigation process
Financial review
Meeting with Finance to assess
and validate impact of potential
financial risks.
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Risk description
Mitigating actions
Assessment
Geopolitical environment
General economic and geo-political uncertainty may decrease households’ and enterprises’
discretionary spending, which may result in declining demand for GN’s products. Also, GN’s
supply chains, including component sourcing, remain dependent on availability of compo-
nents and manufacturing capacity in China and Asia. Escalating geopolitical instability, de-
teriorating trade relations, and introduction of additional trade tariffs may impact key sup-
pliers and GN’s operations. And this in turn may impact GN’s ability to continue to supply
key markets.
During the past several years, GN has pursued an operations and supply chain strategy to
increase agility, leverage scale, and increase resilience to prepare for increased geopolitical
uncertainty. This strategy was further accentuated with the decision in mid-2023 to merge
all GN’s operations activities into one organization in connection with the one-GN strategy.
During 2024, this has led to reduced dependency on manufacturing in and sourcing from
e.g., China. This diversification strategy is ongoing and will, among other, enable GN within
a relatively short timeframe to serve almost the entire U.S. market (across all three divi-
sions) from manufacturing capabilities outside of China, should this be deemed beneficial.
GN ongoing evaluates the extent to which its organization systematically assesses and
manages geopolitical risks associated with collaboration across diverse locations, ensuring
that strategies are in place to mitigate potential disruptions. In GN’s operations organiza-
tion, the active assessment of geopolitical risks involves monitoring regional stability and
adapting processes to maintain efficiency. Similarly, in sales and marketing, evaluating
these risks helps tailor strategies to navigate market dynamics and protect brand integrity
in various geopolitical contexts. GN’s assessment is that adequate strategies and measures
are in place to manage these risks in a balanced way.
Market and competitiveness
Highly competitive dynamics characterize the product categories in which GN operates.
Products must provide compelling user experiences to compete. GN experiences market
consolidation, product commoditization, and attempts at conquering market share from
incumbents and new competitors.
As purchase decisions within some GN categories potentially migrate from professional
buyers to the end-user, brand awareness becomes increasingly important for some of GN’s
product lines in maintaining and expanding market share.
To enhance our brand recognition and market positioning, we are embedding brand aware-
ness more deeply into our regional and country planning initiatives. We adopt a proactive
approach to model potential future competitive behaviors and implement enhanced feed-
back mechanisms for in-market products. We continue to nurture relationships and de-
velop unique propositions, such as customer-centric innovations. Additionally, strengthen-
ing partnerships and engaging with regulators is essential as we work to simplify processes
across quality, product launches, supply chain, and marketing.
We have a strong organizational focus on assessing, anticipating, and adapting to evolving
market trends, effectively managing brand recognition, analyzing competitive threats, and
understanding shifting consumer behaviors, including increasing consumer demands, par-
ticularly in relation to sustainability. By integrating these insights into our strategic plan-
ning, we enhance our competitive advantage and ensure long-term success in the market-
place. Additionally, our proactive approach to managing geopolitical and potential disrup-
tions enables us to identify vulnerabilities and implement strategies to mitigate risks effec-
tively.
Cyber security
IT and data are foundational business enablers for GN across all value chain components.
All platforms are required to be available and provide the functionalities needed. Addition-
ally, systems must protect data and privacy. Poor availability, consequences of cyber-at-
tacks, lack of functionality in business-critical systems, or data breaches could impact GN’s
operations and reputation and may result in significant fines and financial loss.
We continuously implement processes and solutions that meet the increasing global data
privacy regulatory demands. In 2024, GN further strengthened our data protection posture
to provide excellent, secure, and trustworthy solutions.
GN ongoing ensures a high level of cyber security in our infrastructure, products, and ser-
vices, and adheres to legislation across the entire organization. We ensure continuous IT se-
curity monitoring through our Security Operations Center. This enables us to discover and
disable threats early. Information security management systems and information security
policies are in place, and training is conducted continuously for all employees. The infor-
mation security management system is being reviewed and approved on an annual basis by
the Board of Directors and Executive Management.
GN ongoing evaluates readiness and response to emerging cyber threats, incident response
protocols, data protection measures, and third-party relationship risks. We assess the com-
prehensiveness and current state of our cybersecurity measures across different threat vec-
tors and layers, as well as the culture of continuous improvement in cyber security prac-
tices. Key findings highlight strengths and areas for improvement.
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Risk description
Mitigating actions
Assessment
IT landscape
It is critical to GN to maintain a high degree of effectiveness of its IT landscape in support-
ing sales processes and strategic initiatives, as well as facilitating research and develop-
ment innovations. All platforms are required to be available and provide the functionalities
needed. Poor availability or lack of functionality in business-critical systems could impact
GN’s operations.
To enhance our operational efficiency and support business continuity, a significant transi-
tion and modernization of our IT systems is currently underway. This includes gradual re-
placement of our legacy system landscape and implementation of new systems including
ERP aimed at improving our logistics and product management capabilities. In parallel, we
are enhancing our current systems to ensure stability and increased capacity. Through
these initiatives, we aim to create an even more agile and responsive IT environment that
aligns with our strategic objectives and supports our growth in the market.
By analyzing current capabilities of our IT infrastructure, we identify specific areas for im-
provement that will better align our technological resources with organizational goals. This
alignment fosters greater agility and competitiveness in the market, enabling us to respond
swiftly to changing demands and opportunities. Through continuous evaluation and en-
hancement of our IT systems, we are committed to maintaining a robust framework that
supports our overall mission and enhances our competitive edge.
Operations (manufacturing and supply chain)
It is critical to GN’s success that its inhouse as well as outsourced manufacturing and sup-
ply chain setup is resilient, cost efficient, and able to deliver products and services to cus-
tomers of the right quality and on time across the world.
To enhance our operational resilience and efficiency, we are taking a series of proactive
steps. Key initiatives include improving visibility into inbound logistics and fostering proac-
tive communication and problem-solving capabilities when disruptions occur. Strengthen-
ing long-term strategic partnerships is also a priority, along with onboarding new vendors
that can produce outside of China. We are also investigating further regional manufactur-
ing options and enhancing current systems for improved stability and capacity. Addition-
ally, we are balancing operations between our different facilities. Our risk diversification
strategy primarily focuses on mitigating geopolitical threats, ensuring we remain agile and
responsive to market changes.
Assessing our operational resilience and efficiency is essential for ensuring our ability to an-
ticipate and manage disruptions effectively. This assessment includes a thorough analysis
of our relationships with key suppliers, which is critical for maintaining product quality
throughout the lifecycle. We assess and manage geopolitical risks, focusing on diversifying
risks within our operations to enhance stability. Our commitment to continuous improve-
ment is reflected in our initiatives aimed at mitigating risks associated with extreme
weather, climate change, and human rights issues. By implementing robust risk mitigation
strategies, we strengthen our operational framework and ensure long-term sustainability
and resilience in the face of evolving challenges.
R&D (hardware, software, and services)
GN operates on the cutting edge of technological advances to provide new relevant user
experiences and functionalities to its customers. Any failure to gain access to and deploy
the latest technologies and competencies within hardware, software, and services in a
timely manner would impact GN’s future earnings potential. In addition to maintaining
technological leadership, GN must ensure that products and services operate without
defects or other quality issues from their launch through their lifecycle. Quality deficiencies
could cause significant reputational harm, and ultimately jeopardize GN’s ability to remain
a relevant player in key markets.
In 2023, we merged our diverse R&D teams into one organization. During 2024, we have
streamlined processes to better utilize common technologies and expertise across product
groups. This increased scale and critical mass within talents, ideas, technologies, and in-
vestments allows GN to innovate more, faster, and better. This unified R&D organization is
born with a customer-first approach to innovation, ensuring that all innovation brings value
to customers and users leveraging the latest technologies. A new R&D collaborative
framework as well as a centralized quality function enhance teamwork and productivity,
emphasizing cross-functional collaboration, agile methodologies, and a focus on delivering
high-quality results. We ongoing address market demands and threats from
commoditization. Additionally, we are assessing geopolitical threats to R&D and ensuring
compliance with regulatory requirements.
The evaluation of our alignment with market demands and technological advancements is
essential for fostering a culture of innovation and ensuring product quality throughout the
entire product lifecycle. By assessing and promoting collaboration and integration across
various functions, we enhance operational efficiency and responsiveness to market
changes. Our focus on assessing continuous improvement is vital for sustaining
competitiveness and driving long-term business growth. Through these initiatives, we
create a resilient organization that not only meets current market demands but anticipates
future challenges, positioning us for sustained success in an ever-changing landscape.
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Risk description
Mitigating actions
Assessment
Products (cybersecurity by design)
Technology products and solutions that connect to the internet or to other internet-con-
nected devices have an inherent risk of being compromised, thus exposing users to cyber
threats. It is critical for GN’s continued success and trust with customers that our products
are designed to be secure and resilient towards cyber-attacks.
Secure practices within our software development processes are fundamental aspects of
our commitment to ensuring robust security throughout the entire product lifecycle. Fur-
ther, a Center of Excellence across GN is set to enforce security initiatives and facilitate
knowledge sharing. This includes implementing a Product Security Framework, alongside
comprehensive training, and risk management. To enhance cybersecurity, we are securing
all physical attack vectors in manufacturing and collaborating with chip vendors to ensure
compliance. Secure coding practices are set to identify and eliminate vulnerabilities, sup-
ported by appropriate tools and developer training. Additionally, we will document risk as-
sessments and conduct vulnerability scans for new software solutions.
A holistic approach ensures that our systems are fortified against cyber threats from multi-
ple angles, enhancing the overall resilience of our offerings. Our evaluation extends to the
R&D strategy for managing risks associated with cybersecurity and data privacy. This strat-
egy is aligned with our broader organizational goals, ensuring that we remain vigilant and
proactive in the face of evolving threats. By continuously assessing and refining our prac-
tices and strategies, we aim to uphold the highest standards of security and integrity in all
our products and services, ultimately fostering trust and confidence among our stakehold-
ers.
Financial risk
Due to the nature of its operations, investments, and financing activities, GN is exposed to
a number of financial risks including changes in interest rates and foreign exchange rates.
GN’s net interest-bearing debt decreased during 2024 to DKK 9,699 million (2023: DKK
10,567 million). As a result, the adjusted net interest-bearing debt to EBITDA ratio ended at
3.5x (2023: 4.5x) driven by the strong cash flow generation.
GN’s loans are primarily long-term with maturities until 2036 with a split of fixed and float-
ing interest rates.
Annual EBITA impact from a 5% increase in currency before hedging
(DKK million)
Currency
GN Store Nord
USD
-42
GBP
31
JPY
18
AUD
11
GN has hedged a substantial part of the expected net EBITA in foreign currencies to secure
the EBITA contribution of the material trading currencies for the next 12 months.
During 2024, GN has successfully redeemed its EUR 330 million Bond-with-Warrant-Units
0% and EUR 600 million notes with fixed coupon of 0.875% per annum. As result of these
redemptions, GN’s three-year EUR 800 million term loan facility was fully utilized as of De-
cember 31, 2024.
GN has short-term, uncommitted Money Market lines and Overdraft facilities in place to di-
versify its borrowing instruments and manage working capital. The total size remain at EUR
442 million, with a utilization of EUR 169 million on December 31, 2024.
GN also has a short-term, uncommitted Euro Commercial Paper program (“ECP”) in place
to diversify its borrowing instruments. The program size is up to EUR 250 million, with a uti-
lization of EUR 47 million on December 31, 2024.
In total, GN has outstanding senior unsecured Private Placements of around EUR 95 million
in aggregate under the EMTN program by December 31, 2024, with maturities in 2036.
Moreover, GN currently has R&D loans outstanding of EUR 291 million with maturities from
1 to 5 years with fixed interest rates.
To mitigate potential liquidity or refinancing risks, GN has access to a Revolving Credit Fa-
cility of EUR 520 million, which was undrawn as of December 31, 2024.
GN has centralized the handling of financial risks in Group Treasury except for commercial
risks, which are managed by the Group’s operating businesses (divisions).
The financial risks are managed in accordance with the overall financial risk management
guidelines set out in GN’s Group Treasury Policy, which is reviewed on an ongoing basis.
Please refer to note 4.2 in the financial statements for further information about financial
risks.
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GN’s framework
for corporate governance
General Meeting
Board of Directors
Board Committees
Executive Management
Executive Leadership Team
The board members of GN are elected at GN’s General Meeting.
The Board of Directors has established Audit, Remuneration, Nomi-
nation, and Technology & Innovation Committees, and appoints
the members of the Executive Management. In addition, GN has es-
tablished an Executive Leadership Team.
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Report on Corporate Governance cf. section 107b of the
Danish Financial Statements Act
The Board and the Executive Management continuously
strive to maintain a good corporate governance level.
The website of the Committee on Corporate Gov-
ernance - Corporategovernance.dk/english – lists
its recommended best practice guidelines.
GN is required to report on its compliance with these rec-
ommendations according to the “comply or explain” prin-
ciple. GN’s compliance with the individual recommenda-
tions is reviewed once a year by the Board.
Download GN’s 2024 Corporate Governance Re-
port: www.gn.com/corporategovernance2024
Risk management related to financial reporting is de-
scribed in this report on page 32. Internal control systems
are described in the above-mentioned Corporate Govern-
ance Report. This constitutes GN’s statutory report on
corporate governance as required under section 107b of
the Danish Financial Statements Act.
GN’s Remuneration Policy is available at
www.gn.com/remunerationpolicy
GN’s Remuneration Report for 2024 is available at:
www.gn.com/remuneration2024
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Jukka Pekka Pertola
(Chair)
M.Sc. (Electrical Engineering)
. Professional
board member. Former CEO of Siemens A/S
.
Chair since 2023
Chair of the Boards of Tryg A/S*, Tryg Forsikring A/S, Cowi Holding
A/S, and Siemens Gamesa Renewable Energy A/S.
Member of the Board of Asetek A/S
*.
Committee memberships:
Technology & Innovation (Chair), Nomina-
tion and Remuneration (member); in Tryg A/S: Remuneration (Chair),
Nomination (Chair), and IT
-Data; in Cowi
Holding A/S: Nomination and
Remuneration (Chair); in Asetek A/S: 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 outsourc
ing solu-
tions, technology services, and professional services.
Board member since
2020
Term
2024/2025
Considered independent
Yes
Nationality/gender
Finnish/male
Year of birth
1960
Note: This page is part of the Sustainability Statement on the disclosure of ESRS 2 GOV-1.
* Company listed on a regulated market
Klaus Holse
(
Deputy Chair)
M.Sc. (Computer Science)
. Professional board
member. Former CEO of SimCorp A/S
.
Deputy Chair since 2023
Chair of the Boards of Danish Industry, Vizrt Group AS, EG A/S, and Su-
perOffice AS. Member of the Boards of Macrobond Financial AB,
Terma A/S and Zenegy Ap
S. CEO, Khaboom ApS.
Committee memberships: Audit (member), Nomination (member), and
Technology & Innovation
(member).
Broad international background with more than 20
years of manage-
ment experience in the IT and software industry and brings to the
company’s Board of Directors a vast experience and insight into the
green agenda
, ESG/sustainability, and digitalization.
Board member since
2023
Term
2024/2025
Considered independent
Yes
Nationality/gender
Danish/male
Year of birth
1961
Hélène Barnekow
M.Sc. (International Business). Partner, Gaia
Leadership. Former CEO, Microsoft Sweden
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
*.
Committee memberships: Nomination (Chair), Remuneration (Chair).
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 o
n inclusive
transformation leadership.
Board member since
2013
Term
2024/2025
Considered independent
Yes
Nationality/gender
Swedish/female
Year of birth
1964
Board of Directors
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Jørgen Bundgaard Hansen
B.Sc.
Mechanical Engineering; B.Sc. International
Commerce
. CEO of Gravitas Medical Inc.
Member of the Boards of Sterilucent Inc., Siren Care Inc.*, and
AdvaMed Accel.
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&A, sales, marketing,
R&D, operations
, ESG/sustainability, supply chain, public company
leadership
, and investor relations as well as private equity and venture
capital
markets.
Board member since
2024
Term
2024/2025
Considered independent
Yes
Nationality/gender
Danish/male
Year of birth
1967
Note: This page is part of the Sustainability Statement on the disclosure of ESRS 2 GOV-1.
* Company listed on a regulated market
Kim Vejlby Hansen
Civil Engineer (E), Ph.D.
CEO at FOSS A/S
(including at FOSS Analytical A/S and FOSS
af 24. august 1998 ApS)
Chair of the Boards of Ibsen Photonics A/S and FOSS Ejendomme SLG
A/S; Member of the Boards of SPIO Systems ApS, FOSS Analytical A/S
and FOSS af 24. august 1998 ApS.
Committee memberships:
Technology & Innovation (member).
Extensive executive leadership career with globally operating FOSS
since 2002 (Vice President R&D, Executive Vice President Business &
Product Development, COO and member of Executive Management,
and CEO since 2016).
Deep expertise within general management, business
development,
M&A, product development (software, hardware, digital signal pro-
cessing, including in hearing aids), quality, service & sales support, pro-
duction, procurement, and logistics.
Board member since
2024
Term
2024/2025
Considered independent
Yes
Nationality/gender
Danish/male
Year of birth
1964
Anette Weber
Lic.oec HSG, Finance & Accounting. Group CFO
of BUCHERER AG
Member of the Supervisory Board of New Work SE.
Committee memberships: Audit (Chair) and
remuneration (member),
in New Work SE; Audit (Chair).
Extensive global leadership expertise and knowledge from various
leadership positions in the global healthcare, IT, and luxury retail in-
dustry. In
-depth knowledge of finance, digitalization, development,
general and change management,
ESG/sustainability, platform econo-
mies, and M&A
.
Board member since
2020
Term
2024/2025
Considered independent
Yes
Nationality/gender
German/female
Year of birth
1971
Board of Directors
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Leo Larsen
(Employee
elected member)
M.Sc. (Electrical Engineering) and a diploma in
business administration and international trade.
Principal Portfolio Scientist
, Research & Explora-
tion
Board and Committee positions
Member of the Board of
the GN Store Nord Foundation
and of the Technology &
Innovation Committee
Board member since
2007
Term
2022/2026
Nationality/gender
Danish/male
Year of birth
1959
Note: This page is part of the Sustainability Statement on the disclosure of ESRS 2 GOV-1.
Cathrin Inge Hansen
(
Employee elected member)
B.Sc. (International Marketing), Graduate
Diploma (Business Administration &
International Trade),
Sr. Regulatory Compliance
Strategic Project Manager
Board and Committee positions
-
Board member since
2022
Term
2022/2026
Nationality/gender
Danish/female
Year of birth
1969
Claus Holmbeck
-Madsen
(Employee
elected member)
Academy Foundation Degree (Business). Global
Head of Knowledge & Learning, Global
Customer Experience
Board and Committee positions
Member of the Board of
the GN Store Nord Foundation
Board member since
2022
Term
2022/2026
Nationality/gender
Danish/male
Year of birth
1968
Board of Directors
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Executive Leadership Team
Peter Karlstromer
Chief Executive Officer (CEO)
Member since
2023
Year of birth
1971
Member of Executive Management
Peter brings a strong
international senior leadership track record,
working with multiple aspects of technology around the world.
Peter holds a
n M.Sc. Management, Business Administration and Eco-
nomics, and a M.Sc. Electrical and Electronics Engineering from Lund
University. Prior to joining GN
, Peter held leadership positions with
McKinsey & Company, Cisco Systems, and Securitas Group
.
Ann Fogelgren
Chief Information Officer (CIO)
Joined GN in 2020
Christoph Schmid
Chief R&D Officer
Joined GN in 2021
Anu Kerns
Chief People
& Communication
Officer
Joins GN in March 2025
Stefan Bergfors
Chief Operations Officer (COO)
Joined GN in 2017
Calum MacDougall
President Enterprise division
Joined GN in 2015
Ehtisham Rabbani
President Gaming division
Joined GN in 2022
Scott Davis
President Hearing division
Joined GN in 2019
Trine Finnemann
Chief Strategy & Transformation
Officer
Joined GN in 2019
Søren Jelert
Chief Financial Officer (CFO)
Member since
2023
Year of birth
1972
Member of Executive Management
Søren is an internationally experienced finance professional, who con-
tributes with strong financial and business leadership
, including
ESG/sustainability
, building strong teams and solid relationships with
investors.
Søren graduated with a B.Sc., M.Sc. Management Accounting from Co-
penhagen Business School. His career spans operational and finance
leadership positions with Maersk Oil & Gas, Novo Nordisk, NNE Phar-
maplan, and prior to joining GN as CFO of ALK
-Abello.
Note: This page is part of the Sustainability Statement on the disclosure of ESRS 2 GOV-1.
Read more about our Executive Leadership Team and their backgrounds at www.gn.com/About/Management
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General basis for preparation 41
Sustainability governance 44
Stakeholder engagement 46
Business model 47
Value chain 48
Double materiality assessment 49
Material IROs 52
Contents tables of disclosure requirements 58
Data points that are derived from other EU
legislation 60
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With ReSound Nexia and Beltone Serene,
customers for the first time were able to en-
joy the remote microphone with Auracast.
As well as supporting Telecoil, FM systems,
and DAI/direct audio input, the new Multi-
Mic+ is designed to support users in chal-
lenging listening environments, including
distances and noisy acoustics.
Customer-centric innovation
for hearing aid users
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HCP
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Owned and
outsourced
hearing aid
retail
Processing of
raw materials:
Smelting,
refining,
petrochemicals,
paper milling
Raw material
extraction:
Mining,
forestry, fossil
fuel extraction
Own operations
Outsourced
product
manufacturing
(Enterprise,
Gaming &
Consumer)
Hearing aid
(re)manufacturing
Distribution
Hearing aid
users
Repair
center
Product
disposal
Major recycling waste streams
Return for remanufacturing
Upstream
Downstream
Knowledge
and
frontline
workers
Gamers and
consumers
E-waste
treatment
Hearing aid
component
manufacturing
Freight:
Air, ocean,
rail, and road
transport
Outsourced
manufacturing:
Components
,
packaging
(Enterprise,
Gaming &
Consumer)
GN offices
:
Product
development, sales
and marketing, back -
office functions
Hearing aid final
assembly
Outsourced
final assembly
Product repair
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Impact material
Double material
Non-material Financial material
Financial impact on GN
GN impact on people and environment
Social
S1 Own workforce
Adequate wages, working time and health & safety
Equal pay
Diversity
Other work-related rights
S2 Workers in the value chain
Secure employment, working time, social dialogue, ade-
quate wages, freedom of association, collective bargaining,
health & safety
Gender equality, violence & harassment and diversity
Child labor
Forced labor
Other work-related rights
S3 Affected communities
Economic, social, and cultural rights
Civil and political rights
Particular rights of indigenous people
S4 Consumers and end-users
Information related impacts
Personal safety
Social inclusion
Governance
G1 Business conduct
Corporate culture
Whistleblowers
Corruption and bribery
Management of relationships with suppliers
Animal welfare
Political engagement
Environmental
E1 Climate
Climate change mitigation
Energy
Climate change adaptation
E2 Pollution
Substance of (very high) concern
Pollution of air, water, soil and food
Microplastics
E3 Water and marine resources
Water
Marine resources
E4 Biodiversity and ecosystems
Direct impact drivers of biodiversity loss
State of species
Dependencies on ecosystem services
E5 Resource use and circular economy
Resource inflows
Resource outflows
Waste
19
18
15
16
17
33
32
31
30
28 27
13
22
7 6
16
19
20
21 17
1
4 5
2
15 12
35
30
33
32
31
34
29
28
27
26
25
24
23
21
20
22
13
12
14
10
11
9
7
8
4
5
6
3
1
2
3
8
9 10
35
34
29
26
25 24 23 18 14 11
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EU Taxonomy Regulation disclosure 63
Climate change 67
Pollution 77
Resource use and circular economy 80
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OPEX
Financial year 2024
2024
Substantial Contribution Criteria
DNSH criteria (‘Does Not Significantly Harm’)
Cli-
mate
Proportion of
Taxonomy
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Scope 3 emissions (tCO2eq)
2021 2024 2030 (Target) 2050 (Target)
349,006
257,107 261,755
34,901
47.2%
14.5
%
8.9%
25.9%
52.6%
15.5%
16.3%
9%
6.6%
3.5%
Purchased goods and services
Upstream transportation and distribution
Use of sold products
Other activities
Business travel and commuting
2024 emissions are below our 2030 target value, but this does not impact our decarbonization efforts,
as there are many factors influencing future emissions, including expected organic growth.
See page 69 for details.
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Scope 1 and 2 emissions (tCO2eq)
9,831
4,183
1,966
520
2021 2024 2030 (Target) 2050 (Net Zero Target)
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Renewable and non-renewable energy sources
Bundled RECs
Renewable energy*
Unbundled RECs
Non-renewable energy
Fuels
Residual mix electricity
District heating
39%
61%
15%
23%
43%
10%
9%
* Excluding renewable energy sources in the grid mix
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Own workforce 87
Workers in the value chain 95
Consumers and end-users 99
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GN offers customers the smallest over-the-counter
hearing aid yet with future-ready connectivity.
The Jabra Enhance Select 500 features a “micro”
design that is 25% smaller than standard receiver-
in-ear hearing aids.
It supports Bluetooth Low Energy Audio streaming
for calls, music, and media and is ready for the fu-
ture with Auracast broadcast audio for direct audio
transmissions in equipped concert venues, event
spaces, and transit centers
Customer-centric innovation
for over-the-counter hearing
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Business conduct 103
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SteelSeries’ Arctis Nova 5 and Companion
App feature the world’s first 100+ audio pre-
sets to deliver a distinct in-game advantage
for Xbox and PlayStation gamers.
The worldwide leader in esports and gaming
peripherals expands the award-winning line
of Arctis Nova headsets – purposely built for
a gaming lifestyle.
The Arctis Nova 5 creates a new “affordable
luxury” category for the gaming headset
market providing wireless freedom for Xbox,
PlayStation, Nintendo Switch, PC & Mobile.
Customer-centric innovation
for gamers
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Q4 financial highlights 106
Quarterly financial highlights 107
Quarterly reporting by segment 108
Quarterly reporting 109
Q4 segment disclosures 110
YTD 2024 segment disclosures 111
Additional financials
Q4 2024
(unaudited)
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Have better conversations, both at
home and in the office, with Jabra En-
gage 55.
This intuitive headset is designed for
those who spend most of their day in
calls or virtual meetings, providing an
extensive wireless range and the high-
est levels of security, for maximum
peace of mind.
Customer-centric
innovation for enterprises
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GN Group
Revenue ended at DKK 5,019 million, including an organic revenue
growth of 0% (excluding the wind-down the organic revenue growth
was 4%). R&D investments ended at DKK -355 million, reflecting a de-
crease from DKK -474 million in Q4 2023 due to non-recurring items in
Q4 2023 partly offset by investments into the 2025 product roadmap.
Gross profit increased 9% to DKK 2,672 million, reflecting a gross mar-
gin of 53.2% compared to 48.5% in Q4 2023 driven by group-wide syn-
ergies and strong pricing discipline. Management and administrative
costs ended at DKK -467 million in the quarter compared to DKK -638
million in Q4 2023, reflecting timing of certain costs as well as the non-
recurring costs in Q4 2023. Reported EBITA increased 159% to DKK
688 million compared to DKK 266 million in Q4 2023, driven by group-
wide synergies and the non-recurring costs in Q4 2023. The develop-
ment led to an EBITA margin of 13.7% for Q4 2024 compared to 5.2%
in Q4 2023. In Q4 2024, amortization of acquired intangible assets
amounted to DKK -91 million compared to DKK -90 million in Q4 2023.
Financial items were DKK -97 million in Q4 2024 compared to DKK -
117 million in Q4 2023, driven by higher run-rate effects from the re-
financed debt, off-set by a positive non-cash impact from the imple-
mentation of IAS 23. In Q4 2024, free cash flow excl. M&A reached DKK
94 million as a result of the strong profitability and a fairly stable de-
velopment in working capital.
Hearing division
Revenue in Q4 2024 was DKK 1,850 million compared to DKK 1,808
million in Q4 2023, driven by an organic revenue growth of 7%. Reve-
nue growth was 2% including around -2% impact from the develop-
ment in foreign exchange rates and around -3% impact from M&A. In
North America, Hearing delivered solid performance in the independ-
ent market on a very demanding comparison base driven by ReSound
Nexia, which was offset by the development in Veterans Affairs and a
larger retailer. In Europe, Hearing delivered double-digit organic
revenue growth supported by strong performance in the U.K. and Italy.
The growth in Rest of World was solid during the quarter with particu-
lar strong performance in ANZ and Global Partner Sales, partly off-set
by a difficult Chinese market. Hearing’s gross profit ended at DKK
1,135 million in Q4 2024 (compared to DKK 1,039 million in Q4 2023).
The development reflects group-wide synergies, partly off-set by the
disposal of retail activities including Dansk HøreCenter and country
mix. Hearing’s divisional profit was DKK 667 million corresponding to a
divisional profit margin of 36.1%.
Enterprise division
Revenue in Q4 2024 was DKK 1,989 million compared to DKK 1,997
million in Q4 2023, equal to -2% organic revenue growth. Revenue
growth was 0% including around 2% impact from the development in
foreign exchange rates. The development in the quarter reflects dou-
ble-digit growth in video, flat development in headsets, while the de-
cline in speakerphones was significant although improving sequen-
tially. The quarter also included positive growth in both North America
and Rest of World, while Europe is continuing to stabilize. Enterprise
delivered a gross margin of 57.5% in Q4 2024 compared to 52.9% in Q4
2023, driven by group synergies and strong pricing discipline. The divi-
sional profit ended at DKK 745 million in Q4 2024, translating into a di-
visional profit margin of 37.5%.
Gaming & Consumer division
Gaming & Consumer’s revenue in Q4 2024 was DKK 1,180 million com-
pared to DKK 1,264 million in Q4 2023, due to -8% organic revenue
growth. Revenue in Gaming was DKK 1,053 million, while revenue in
Consumer was DKK 127 million. Revenue growth was -7% including
around 1% impact from the development in foreign exchange rates.
The development was driven by 16% organic growth in Gaming on top
of 17% organic growth realized in Q4 2023, highlighting the success of
SteelSeries’ premium and innovative product portfolio making it the
best quarter ever for SteelSeries. The organic revenue growth for Con-
sumer was -66%, reflecting the wind-down of the Elite and Talk prod-
uct lines. Gaming & Consumer delivered a gross margin of 33.4% in Q4
2024 compared to 28.7% in Q4 2023, driven by the strong perfor-
mance in Gaming and group synergies while also impacted significantly
by pro-motional activities in Consumer due to the wind-down (Gross
margin in Gaming was 34.5%, while gross margin in Consumer was
24.4%). The divisional profit ended at DKK 109 million in Q4 2024 (in-
cluding DKK -24 million in extraordinary costs related to the wind-
down), translating into a divisional profit margin of 9.2%, compared to
14.2% in Q4 2023 reflecting the Consumer wind-down.
Q4 financial highlights
Financial overview Q4 2024
GN Store Nord
Hearing division
Enterprise division
Gaming & Consumer division
DKK million
Q4 2024
Q4 2023
Growth
Q4 2024
Q4 2023
Growth
Q4 2024
Q4 2023
Growth
Q4 2024
Q4 2023
Growth
Revenue
5,019
5,069
-1%
1,850
1,808
2%
1,989
1,997
0%
1,180
1,264
-7%
Organic growth
0%
0%
7%
7%
-2%
-9%
-8%
6%
Gross profit
2,672
2,458
9%
1,135
1,039
9%
1,143
1,056
8%
394
363
9%
Gross profit margin
53.2%
48.5%
4.7%p
61.4%
57.5%
3.9%p
57.5%
52.9%
4.6%p
33.4%
28.7%
4.7%p
Divisional profit
1,521
1,371
11%
667
522
28%
745
669
11%
109
180
-39%
Divisional profit margin
30.3%
27.0%
3.3%p
36.1%
28.9%
7.2%p
37.5%
33.5%
4.0%p
9.2%
14.2%
-5.0%p
EBITA
688
266
159%
EBITA margin
13.7%
5.2%
8.5%p
Free cash flow excl. M&A
94
769
-675
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Q4
Q4
Full year
Full year
2024
2023
2024
2023
DKK million
(unaud.)
(unaud.)
(aud.)
(aud.)
GN Store Nord
Revenue
5,019
5,069
17,985
18,120
Revenue growth
-1%
-4%
-1%
-3%
Organic growth
0%
0%
1%
-1%
Gross profit margin
53.2%
48.5%
53.2%
49.4%
EBITA*
688
266
2,153
1,200
EBITA margin*
13.7%
5.2%
12.0%
6.6%
Profit (loss) before tax
566
48
1,361
343
Effective tax rate
22.1%
18.8%
22.2%
22.4%
EBITDA
780
487
2,541
1,751
ROIC (EBITA*/Average invested capital)
10%
5%
10%
5%
Earnings per share, basic (EPS)
2.52
0.25
6.79
1.64
Earnings per share, fully diluted (EPS diluted)
2.52
0.25
6.78
1.64
Free cash flow excl. M&A
94
769
1,081
1,092
Cash conversion (Free cash flow excl. M&A/EBITA*)
14%
289%
50%
91%
Equity ratio
35.4%
31.3%
35.4%
31.3%
Net interest-bearing debt
9,699
10,567
9,699
10,567
Net interest-bearing debt (period-end)/EBITDA
3.8
6.0
3.8
6.0
Outstanding shares, end of period (thousand)
145,613
145,613
145,613
145,613
Average number of outstanding shares (thousand)
145,613
145,562
145,613
138,883
Average number of outstanding shares, fully diluted (thousand)
145,712
145,579
145,712
138,991
Treasury shares, end of period (thousand)
5,300
5,300
5,300
5,300
Share price at the end of the period
133.8
171.8
133.8
171.8
Market capitalization
19,476
25,016
19,476
25,016
ROIC and NIBD/EBITDA are calculated based on EBITA and EBITDA for the latest four quarters
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but
including amortization of development projects and software developed in-house.
Q4
Q4
Full year
Full year
2024
2023
2024
2023
DKK million
(unaud.)
(unaud.)
(aud.)
(aud.)
Hearing division
Revenue
1,850
1,808
7,104
6,802
Revenue growth
2%
0%
4%
9%
Organic growth
7%
7%
10%
13%
Gross profit margin
61.4%
57.5%
62.8%
59.9%
Divisional profit
667
522
2,464
1,874
Divisional margin
36.1%
28.9%
34.7%
27.6%
Enterprise division
Revenue
1,989
1,997
7,205
7,463
Revenue growth
0%
-11%
-3%
-14%
Organic growth
-2%
-9%
-3%
-13%
Gross profit margin
57.5%
52.9%
55.7%
52.3%
Divisional profit
745
669
2,544
2,442
Divisional margin
37.5%
33.5%
35.3%
32.7%
Gaming & Consumer division
Revenue
1,180
1,264
3,676
3,855
Revenue growth
-7%
3%
-5%
2%
Organic growth
-8%
6%
-5%
5%
Gross profit margin
33.4%
28.7%
29.8%
25.1%
Divisional profit
109
180
199
232
Divisional margin
9.2%
14.2%
5.4%
6.0%
Quarterly financial highlights
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Quarterly reporting by segment
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
YTD 2023
YTD 2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Income statement
Revenue
Hearing
1,622
1,719
1,653
1,808
1,737
1,792
1,725
1,850
6,802
7,104
Enterprise
1,767
1,861
1,838
1,997
1,751
1,785
1,680
1,989
7,463
7,205
Gaming & Consumer
825
814
952
1,264
815
922
759
1,180
3,855
3,676
Total
4,214
4,394
4,443
5,069
4,303
4,499
4,164
5,019
18,120
17,985
Organic growth
Hearing
15%
15%
15%
7%
14%
10%
10%
7%
13%
10%
Enterprise
-3%
-23%
-13%
-9%
0%
-3%
-7%
-2%
-13%
-3%
Gaming & Consumer
17%
-4%
3%
6%
0%
12%
-20%
-8%
5%
-5%
Total
7%
-8%
0%
0%
5%
5%
-4%
0%
-1%
1%
Gross profit
Hearing
979
1,039
1,019
1,039
1,089
1,131
1,103
1,135
4,076
4,458
Enterprise
883
986
976
1,056
963
977
927
1,143
3,901
4,010
Gaming & Consumer
179
197
229
363
223
226
253
394
968
1,096
Total
2,041
2,222
2,224
2,458
2,275
2,334
2,283
2,672
8,945
9,564
Gross profit margin
Hearing
60.4%
60.4%
61.6%
57.5%
62.7%
63.1%
64.0%
61.4%
59.9%
62.8%
Enterprise
50.0%
53.0%
53.1%
52.9%
55.0%
54.7%
55.2%
57.5%
52.3%
55.7%
Gaming & Consumer
21.7%
24.2%
24.1%
28.7%
27.4%
24.5%
33.3%
33.4%
25.1%
29.8%
Total
48.4%
50.6%
50.1%
48.5%
52.9%
51.9%
54.8%
53.2%
49.4%
53.2%
Divisional profit
Hearing
392
483
477
522
599
598
600
667
1,874
2,464
Enterprise
518
620
635
669
613
618
568
745
2,442
2,544
Gaming & Consumer
6
25
21
180
37
23
30
109
232
199
Total
916
1,128
1,133
1,371
1,249
1,239
1,198
1,521
4,548
5,207
Divisional margin
Hearing
24.2%
28.1%
28.9%
28.9%
34.5%
33.4%
34.8%
36.1%
27.6%
34.7%
Enterprise
29.3%
33.3%
34.5%
33.5%
35.0%
34.6%
33.8%
37.5%
32.7%
35.3%
Gaming & Consumer
0.7%
3.1%
2.2%
14.2%
4.5%
2.5%
4.0%
9.2%
6.0%
5.4%
Total
21.7%
25.7%
25.5%
27.0%
29.0%
27.5%
28.8%
30.3%
25.1%
29.0%
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Quarterly reporting
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
YTD 2023
YTD 2024
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Other Group information
Depreciation and software amortization
-109
-113
-108
-221
-101
-99
-96
-92
-551
-388
EBITDA
282
444
538
487
639
473
649
780
1,751
2,541
EBITA
173
331
430
266
538
374
553
688
1,200
2,153
Amortization and impairment of acquired intangible assets
-102
-101
-99
-90
-91
-89
-94
-91
-392
-365
Profit (loss)
-43
43
227
39
266
112
289
392
266
1,059
Free cash flow excl. M&A
-578
622
279
769
46
155
786
94
1,092
1,081
Acquisitions and divestments of companies
-36
-
441
-
-35
-
106
29
405
100
Free cash flow
-614
622
720
769
11
155
892
123
1,497
1,181
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Income statement
Hearing
Enterprise
Gaming &
Consumer
Group
Q4 2024
Q4 2023
Q4 2024
Q4 2023
Q4 2024
Q4 2023
Q4 2024
Q4 2023
(DKK million)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Revenue
1,850
1,808
1,989
1,997
1,180
1,264
5,019
5,069
Production costs
-715
-769
-846
-941
-786
-901
-2,347
-2,611
Gross profit
1,135
1,039
1,143
1,056
394
363
2,672
2,458
Selling and distribution costs
-468
-517
-398
-387
-285
-183
-1,151
-1,087
Divisional profit
667
522
745
669
109
180
1,521
1,371
Development costs
-355
-474
Management and administrative expenses
-467
-638
Other operating income and costs, net
-11
7
EBITA*
688
266
Amortization and impairment of acquired intangible
assets
-91
-90
Gain (loss) on divestment of operations etc.
4
1
Operating profit (loss)
601
177
Share of profit (loss) in associates
-1
-12
Financial items
-97
-117
Profit (loss) before tax
503
48
Tax on profit (loss)
-111
-9
Profit (loss) for the period
392
39
Additional information
Hearing
Enterprise
Gaming & Con-
sumer
Group
Q4 2024
Q4 2023
Q4 2024
Q4 2023
Q4 2024
Q4 2023
Q4 2024
Q4 2023
(DKK million)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Revenue distributed geographically
Europe
485
451
1,118
1,085
420
540
2,023
2,076
North America
901
996
443
460
652
559
1,996
2,015
Rest of World
464
361
428
452
108
165
1,000
978
Revenue
1,850
1,808
1,989
1,997
1,180
1,264
5,019
5,069
Revenue growth composition
Organic growth
7%
7%
-2%
-9%
-8%
6%
0%
0%
FX growth
-2%
-3%
2%
-2%
1%
-3%
0%
-3%
M&A growth
-3%
-4%
0%
0%
0%
0%
-1%
-1%
Revenue growth
2%
0%
0%
-11%
-7%
3%
-1%
-4%
Incurred development costs
-690
-394
Capitalized development costs
432
208
Amortization, impairment and depreciation of devel-
opment projects**
-97
-232
Expensed development costs
-355
-418
EBITDA
780
487
Depreciation and software amortization
-92
-221
EBITA*
688
266
EBITA margin
13.7%
5.2%
Number of full-time employees, end of period
7,347
7,165
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of de-
velopment projects and software developed in
-house.
** Does not include amortization of acquired intangible assets, cf. definition of EBITA.
Q4 segment disclosures
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Income statement
Hearing
Enterprise
Gaming & Con-
sumer
Group
(DKK million)
2024
2023
2024
2023
2024
2023
2024
2023
Revenue
7,104
6,802
7,205
7,463
3,676
3,855
17,985
18,120
Production costs
-2,646
-2,726
-3,195
-3,562
-2,580
-2,887
-8,421
-9,175
Gross profit
4,458
4,076
4,010
3,901
1,096
968
9,564
8,945
Selling and distribution costs
-1,994
-2,202
-1,466
-1,459
-897
-736
-4,357
-4,397
Divisional profit
2,464
1,874
2,544
2,442
199
232
5,207
4,548
Development costs
-1,491
-1,546
Management and administrative expenses
-1,543
-1,810
Other operating income and costs, net
-20
8
EBITA*
2,153
1,200
Amortization and impairment of acquired intangible
assets
-365
-392
Gain (loss) on divestment of operations etc.
72
61
Operating profit (loss)
1,860
869
Share of profit (loss) in associates
-7
-64
Financial items
-492
-462
Profit (loss) before tax
1,361
343
Tax on profit (loss)
-302
-77
Profit (loss) for the period
1,059
266
Additional information
Hearing
Enterprise
Gaming & Con-
sumer
Group
(DKK million)
2024
2023
2024
2023
2024
2023
2024
2023
Revenue distributed geographically
Europe
1,847
1,887
3,938
4,167
1,292
1,430
7,077
7,484
North America
3,616
3,407
1,648
1,679
1,846
1,753
7,110
6,839
Rest of World
1,641
1,508
1,619
1,617
538
672
3,798
3,797
Revenue
7,104
6,802
7,205
7,463
3,676
3,855
17,985
18,120
Revenue growth composition
Organic growth
10%
13%
-3%
-13%
-5%
5%
1%
-1%
FX growth
-2%
-3%
0%
-1%
0%
-3%
0%
-2%
M&A growth
-4%
-1%
0%
0%
0%
0%
-2%
0%
Revenue growth
4%
9%
-3%
-14%
-5%
2%
-1%
-3%
Incurred development costs
-1,909
-1,722
Capitalized development costs
1,015
951
Amortization, impairment and depreciation of devel-
opment projects**
-597
-775
Expensed development costs
-1,491
-1,546
EBITDA
2,541
1,751
Depreciation and software amortization
-388
-551
EBITA*
2,153
1,200
EBITA margin
12.0%
6.6%
Number of full-time employees, end of period
7,347
7,165
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of de-
velopment projects and software developed in
-house.
** Does not include amortization of acquired intangible assets, cf. definition of EBITA.
YTD 2024 segment disclosures
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Consolidated income statement 113
Consolidated Statement of comprehensive income 113
Consolidated balance sheet at December 31 114
Consolidated statement of cash flow 115
Consolidated statement of equity 116
Consolidated
f
inancial
statements
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Annual Report 2024 Financial Statements – Consolidated
Content
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Annual Report 2024 Financial Statements – Consolidated
Content
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DKK million
Note
2024
2023
Revenue
2.2
Production costs
2.3, 3.4, 3.6
-8,421
-9,175
Gross profit
Development costs
2.3, 3.4
-1,491
-1,546
Selling and distribution costs
2.3, 3.4
-4,357
-4,397
Management and administrative expenses
2.3, 3.4, 5.6
-1,543
-1,810
Other operating income and costs, net
-20
EBITA*
Amortization and impairment of acquired intangible assets
2.5, 3.4
-365
-392
Gain (loss) on divestment of operations etc.
5.1
Operating profit (loss)
Share of profit (loss) in associates
5.4
-7
-64
Financial income
4.6
Financial expenses
4.6
-850
-626
Profit (loss) before tax
Tax on profit (loss)
2.4
-302
-77
Profit (loss) for the year
Attributable to:
Non-controlling interests
Shareholders in GN Store Nord A/S
4.1
Earnings per share (EPS)
Earnings per share (EPS)
4.1
Earnings per share fully diluted (EPS diluted)
4.1
* Please refer to Key Ratio Definitions on page 167 for definition of EBITA
DKK million
Note
2024
2023
Profit (loss) for the year
Other comprehensive income
Items that will not be reclassified to the income statement
Actuarial gains (losses)
-52
-2
Tax relating to actuarial gains (losses)
2.4
-2
Items that may be reclassified subsequently to the income statement
Adjustment of cash flow hedges
4.3
Foreign exchange adjustments, etc.
-216
Tax relating to other comprehensive income
2.4
-23
-11
Other comprehensive income for the year, net of tax
-180
Total comprehensive income for the year
Attributable to:
Non-controlling interests
Shareholders in GN Store Nord A/S
Consolidated income
statement
Consolidated statement
of comprehensive income
GN Store Nord
Annual Report 2024 Financial Statements – Consolidated
Content
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DKK million
Note
2024
2023
Assets
Intangible assets
3.1, 3.4
Property, plant and equipment
3.2, 3.3, 3.4
Investments in associates
5.4
Receivables from associates
4.4
Deferred tax assets
2.4
Other non-current assets
3.5, 4.4, 5.4
Total non-current assets
Inventories
3.6
Trade receivables
3.7, 4.4
Tax receivables
Other receivables
4.4
Cash and cash equivalents
Total current assets
Total assets
DKK million
Note
2024
2023
Equity and Liabilities
Share capital
Other reserves
-3,440
-3,798
Retained earnings
Total equity
Bank loans and issued bonds, non-current
4.2, 4.4, 4.5
Lease liabilities, non-current
3.3, 4.4, 4.5
Pension obligations
Provisions, non-current
3.8
Deferred tax liabilities
2.4
Other non-current liabilities
4.3, 4.4, 4.5
Total non-current liabilities
Bank loans and issued bonds, current
4.2, 4.4, 4.5
Overdraft facilities
4.4, 4.5
Lease liabilities, current
3.3, 4.4, 4.5
Trade payables
Tax payables
Provisions, current
3.8
Other current liabilities
4.3, 4.4
Total current liabilities
Total equity and liabilities
Consolidated balance sheet at December 31
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Annual Report 2024 Financial Statements – Consolidated
Content
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DKK million
Note
2024
2023
Operating activities
Operating profit (loss)
Depreciation, amortization and impairment
3.4
Other non-cash adjustments
5.5
-113
Cash flow from operating activities before changes in working capital
Change in inventories
Change in receivables
-163
-490
Change in trade payables and other payables
Total changes in working capital
Cash flow from operating activities before financial items and tax
Interest received
Interest etc. paid
-434
-428
Tax paid, net
2.4
-235
-175
Cash flow from operating activities
Investing activities
Development projects
3.1
-1,015
-951
Investments in intangible assets, excluding development projects
3.1
-269
-388
Investments in property, plant and equipment
3.2
-120
-93
Investments in other non-current assets
-189
-131
Disposal of intangible assets and property, plant and equipment
Contingent consideration paid
-51
Acquisition of companies/operations
5.1
-35
-36
Divestment of companies/operations
5.1
Cash flow from investing activities
-1,544
-1,141
Cash flow from operating and investing activities (free cash flow)
DKK million
Note
2024
2023
Financing activities
Proceeds from borrowings
4.5
Repayment of bank loans
4.5
-1,086
-3,273
Repayment of issued bonds
4.5
-1,406
Repayment of lease liabilities
4.5
-99
Repayment of other non-current liabilities
4.5
-32
Paid dividends
-32
Share-based payment (exercised)
Proceeds from share placement, net of costs
Drawn/(repaid) on credit facilities
4.5
Other adjustments
Cash flow from financing activities
-2,365
-312
Net cash flow
-1,184
Cash and cash equivalents, beginning of period
Adjustment foreign currency, cash and cash equivalents
-13
Cash and cash equivalents, end of period
Consolidated statement of cash flows
GN Store Nord
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Consolidated statement of changes in equity
2024
Other reserves
DKK million
Share capital
Foreign
exchange
adjustments
Hedging
reserve
Treasury
shares
Proposed dividends
for the year
Retained
earnings
Equity,
shareholders in
GN Store Nord A/S
Non-controlling
interests
Total
equity
Balance at January 1, 2024
-1,062
-11
-2,725
Profit (loss) for the period
Actuarial gains (losses)
-52
-52
-52
Tax relating to actuarial gains (losses)
Adjustment of cash flow hedges
Tax relating to cash flow hedges
-23
-23
-23
Foreign exchange adjustments, etc.
-7
Other comprehensive income for the year
-46
Total comprehensive income for the year
Share-based payment (granted)
-36
-36
-36
Fair value adjustment of put option liability
-27
-27
-71
-98
Balance at December 31, 2024
-786
-2,725
GN Store Nord
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Consolidated statement of changes in equity
(continued)
2023
Other reserves
DKK million
Share capital
Foreign
exchange
adjustments
Hedging
reserve
Treasury
shares
Proposed dividends
for the year
Retained
earnings
Equity,
shareholders in
GN Store Nord A/S
Non-controlling in-
terests
Total
equity
Balance at January 1, 2023
-846
-51
-3,366
Profit (loss) for the period
Actuarial gains (losses)
-2
-2
-2
Tax relating to actuarial gains (losses)
-2
-2
-2
Adjustment of cash flow hedges
Foreign exchange adjustments, etc.
-216
-216
-216
Tax relating to other comprehensive income
-11
-11
-11
Other comprehensive income for the year
-216
-4
-180
-180
Total comprehensive income for the year
-216
Increase in share capital, net of costs
Share-based payment (granted)
Share-based payment (exercised)
-69
Tax related to share-based incentive plans
Sale of treasury shares
Fair value adjustment of put option liability
-6
Paid dividends
-32
-32
Balance at December 31, 2023
-1,062
-11
-2,725
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Section 1 - Basis of preparation
Overview of the financial accounting policies in general and an
introduction to Management's key accounting estimates and
judgments.
1.1 Material accounting policies 119
1.2 Key accounting estimates and judgments 121
1.3 Non-IFRS measures 121
Section 2 - Results of the year
Insights into the results for the year, including operating segments,
employee costs and taxes.
2.1 Segment disclosures 123
2.2 Revenue and geographical information 124
2.3 Staff costs and management remuneration 126
2.4 Tax 127
2.5 Income statement classified by function 129
Section 3 - Operating assets and liabilities
Insights into the assets that form the basis for the activities in GN
Store Nord, and the related liabilities. Most of these are included in
invested capital and some in net working capital.
3.1 Intangible assets 131
3.2 Property, plant and equipment 135
3.3 Leases 137
3.4 Depreciation, amortization and impairment 138
3.5 Other non-current assets 139
3.6 Inventories 141
3.7 Trade receivables 142
3.8 Provisions 143
Section 4 - Capital structure and financing
items
Insight into GN Store Nord's capital structure and financial items as
well as financial risks.
4.1 Share capital and capital structure 145
4.2 Financial risks 146
4.3 Derivatives 150
4.4 Financial instruments 151
4.5 Liabilities from financing activities 155
4.6 Financial income and expenses 156
Section 5 - Other disclosures
Statutory notes and other disclosures.
5.1 Acquisition and divestment of companies and operation 158
5.2 Share-based incentive plans 160
5.3 Contingent liabilities 163
5.4 Investments in associates 164
5.5 Other non-cash adjustments 164
5.6 Fees to statutory auditors 164
5.7 Related parties 164
5.8 Events after the reporting period 164
Consolidated
notes
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GN Store Nord
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Content
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GN Store Nord
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Content
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GN Store Nord
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Content
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GN Store Nord
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2.1
Segment disclosures 123
2.2 Revenue and geographical information 124
2.3 Staff costs and management remuneration 126
2.4 Tax 127
2.5 Income statement classified by function 129
Section 2
-
Results of the year
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GN Store Nord
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Content
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GN Store Nord
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Content
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GN Store Nord
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Content
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2.2 Revenue and geographical information
(Continued)
GN Store Nord
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Content
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GN Store Nord
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Content
127/193
GN Store Nord
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Content
128/193
2.4 Tax (Continued)
GN Store Nord
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Content
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GN Store Nord
Annual Report 2024 Financial Statements – Consolidated
Content
130/193
Introduction
Insights into the assets that form the basis for the activities in GN
Store Nord, and the related liabilities. Most of these are included in
invested capital and some in net working capital.
3.1 Intangible assets 131
3.2 Property, plant and equipment 135
3.3 Leases 137
3.4 Depreciation, amortization and impairment 138
3.5 Other non-current assets 139
3.6 Inventories 141
3.7 Trade receivables 142
3.8 Provisions 143
Section 3
-
Operating assets and liabilities
GN Store Nord
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GN Store Nord
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Content
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GN Store Nord
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Content
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3.1 Intangible assets (Continued)
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GN Store Nord
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3.1 Intangible assets (Continued)
GN Store Nord
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Content
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3.1 Intangible assets (Continued)
GN Store Nord
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Content
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3.2 Property, plant and equipment
(Continued)
GN Store Nord
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Content
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GN Store Nord
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Content
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3.3 Leases (continued)
GN Store Nord
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Content
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GN Store Nord
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Content
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3.5 Other non-current assets (Continued)
GN Store Nord
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Content
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GN Store Nord
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Content
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GN Store Nord
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Content
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GN Store Nord
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Content
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Introduction
Insight into GN Store Nord's capital structure and financial items as
well as financial risks.
4.1 Share capital and capital structure 145
4.2 Financial risks 146
4.3 Derivatives 150
4.4 Financial instruments 151
4.5 Liabilities from financing activities 155
4.6 Financial income and expenses 156
Section 4
- Capital structure
and financing items
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GN Store Nord
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Content
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GN Store Nord
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Content
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4.1 Share capital and capital structure
(Continued)
GN Store Nord
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Content
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4.2 Financial risks (Continued)
GN Store Nord
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Content
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4.2 Financial risks (Continued)
GN Store Nord
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Content
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4.2 Financial risks (Continued)
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GN Store Nord
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Content
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GN Store Nord
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4.4 Financial instruments (Continued)
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Content
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4.4 Financial instruments (Continued)
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Content
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4.4 Financial instruments (Continued)
GN Store Nord
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Content
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GN Store Nord
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Content
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GN Store Nord
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Introduction
Statutory notes and other disclosures.
5.1 Acquisition and divestment of companies and operation 158
5.2 Share-based incentive plans 160
5.3 Contingent liabilities 163
5.4 Investments in associates 164
5.5 Other non-cash adjustments 164
5.6 Fees to statutory auditors 164
5.7 Related parties 164
5.8 Events after the reporting period 164
Section 5
-
Other disclosures
GN Store Nord
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GN Store Nord
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Content
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GN Store Nord
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Content
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5.1 Acquisition and divestment of companies
and operations (Continued)
GN Store Nord
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Content
GN Store Nord
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Content
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5.2 Share-based incentive plans (Continued)
GN Store Nord
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Content
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5.2 Share-based incentive plans (Continued)
GN Store Nord
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Content
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GN Store Nord
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Content
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GN Store Nord
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Content
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GN Store Nord
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Content
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Companies in the GN Group (Continued)
GN Store Nord
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Content
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GN Store Nord
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Content
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Income statements 169
Statement of comprehensive income 169
Balance sheet at December 31 170
Statement of cash flow 171
Statement of equity 172
Parent Company
Financial
statements
GN Store Nord
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Content
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GN Store Nord
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DKK million
Note
2024
2023
Revenue
898
738
Gross profit
898
738
Development costs
-194
-66
Management and administrative expenses
1,2,3,4
-1,059
-1,021
Other operating income and costs, net
-12
-23
Operating profit (loss)
-367
-372
Share of profit after tax in subsidiaries
10
1,712
670
Share of profit (loss) in associates
11
-
-33
Financial income
5
224
432
Financial expenses
5
-690
-418
Profit (loss) before tax
879
279
Tax on profit (loss)
6
109
-51
Profit (loss) for the year
988
228
Proposed profit appropriation/distribution of loss
Transferred to reserve for net revaluation according to the equity method
1,712
670
Transferred to reserve for development projects
139
95
Retained earnings
-863
-537
988
228
DKK million
2024
2023
Profit (loss) for the year
988
228
Other comprehensive income
Items that may be reclassified subsequently to the income statement
Foreign exchange adjustments, etc.
269
-279
Other changes in equity in subsidiaries
53
60
Tax relating to other comprehensive income
-10
-11
Other comprehensive income for the year
312
-230
Total comprehensive income for the year
1,300
-2
Income statement
Statement of
comprehensive income
GN Store Nord
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DKK million
Note
2024
2023
Assets
Intangible assets
7
1,809
1,694
Property, plant and equipment
8, 9
30
43
Investments in subsidiaries
10
18,549
16,587
Amounts owed by subsidiaries
14
214
289
Other non-current assets
4
4
Total non-current assets
20,606
18,617
Tax receivables
59
61
Other receivables
14
327
339
Cash and cash equivalents
688
4,537
Total current assets
1,074
4,937
Total assets
21,680
23,554
Equity and liabilities
Share capital
604
604
Other reserves
4,446
2,345
Retained earnings
5,774
6,638
Total equity
10,824
9,587
Bank loans and issued bonds, non-current
14, 17
8,571
3,024
Lease liabilities, non-current
9, 14
8
18
Provisions, non-current
26
-
Deferred tax liabilities
12
44
86
Total non-current liabilities
8,649
3,128
Bank loans and issued bonds, current
14, 17
1,725
9,674
Lease liabilities, current
9, 14
8
8
Trade payables
14
116
125
Amounts owed to subsidiaries
14, 17
57
749
Provisions, current
-
49
Other current liabilities
301
234
Total current liabilities
2,207
10,839
Total equity and liabilities
21,680
23,554
Balance sheet at December 31
GN Store Nord
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DKK million
Note
2024
2023
Operating activities
Operating profit (loss)
-367
-372
Depreciation, amortization and impairment
3
152
205
Other non-cash adjustments
2
43
Cash flow from operating activities before changes in working capital
-213
-124
Change in receivables
117
-89
Change in trade payables and other payables
-663
7
Total changes in working capital
-546
-82
Cash flow from operating activities before financial items and tax
-759
-206
Interest and dividends, etc. received
219
405
Interest paid
-635
-332
Tax paid, net
71
187
Cash flow from operating activities
-1,104
54
Investing activities
Investments in intangible assets
7
-264
-980
Investments in tangible assets
8
-
-1
Investments in non-current assets
-
-4
Amounts owed by subsidiaries
-
-5,074
Cash flow from investing activities
-264
-6,059
Cash flow from operating and investing activities (free cash flow)
-1,368
-6,005
DKK million
Note
2024
2023
Financing activities
Proceeds from issuance of bonds
-
2,290
Repayment of borrowings
3
-1,068
-5,574
Repayment of issued bonds
-1,406
-
Repayment of lease liabilities
-7
-8
Proceeds from share placement, net of costs
-
2,621
Share-based payment (exercised)
-
19
Cash flow from financing activities
-2,481
-652
Net cash flow
-3,849
-6,657
Cash and cash equivalents, beginning of period
4,537
11,194
Cash and cash equivalents, end of period
688
4,537
Statement of cash flows
GN Store Nord
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2024
Other reserves
DKK million
Share
capital*
Hedging
reserve
Treasury
shares
Reserve
according
to the
equity
method
Reserve
for devel-
opment
projects
Proposed
dividends
for the
year
Retained
earnings
Total
equity
Balance at January 1, 2024
604
-
-2,725
4,269
801
-
6,638
9,587
Profit (loss) for the period
-
-
-
1,712
139
-
-863
988
Other changes in equity in subsidiaries
-
-
-
53
-
-
-
53
Foreign currency translation adjust-
ments of investments in subsidiaries
etc.
-
-
-
269
-
-
-
269
Tax relating to other comprehensive
income
-
-
-
-10
-
-
-10
Other comprehensive income for the
year
-
-
-
312
-
-
-
312
Total comprehensive income for the
year
-
-
-
2,024
139
-
-863
1,300
Share-based payment (granted)
-
-
-
-
-
-
-1
-1
Other changes in equity in subsidiaries
-
-
-
-62
-
-
-
-62
Balance at December 31, 2024
604
-
-2,725
6,231
940
-
5,774
10,824
The reserve according to the equity method includes foreign exchange adjustments of DKK -786 million
(2023: DKK -1,062 million). Retained earnings, which are available for distribution from the Parent Company
amounts to DKK 2,987 million (2023: DKK 4,008 million).
2023
Other reserves
DKK million
Share
capital*
Hedging
reserve
Treasury
shares
Reserve
according
to the
equity
method
Reserve
for devel-
opment
projects
Proposed
dividends
for the
year
Retained
earnings
Total
equity
Balance at January 1, 2023
549
-
-3,366
3,684
706
-
5,227
6,800
Profit (loss) for the period
-
-
-
670
95
-
-537
228
Other changes in equity in subsidiaries
-
-
-
60
-
-
-
60
Foreign currency translation adjust-
ments of investments in subsidiaries
etc.
-
-
-
-279
-
-
-
-279
Tax relating to other comprehensive
income
-
-
-
-13
-
2
-11
Other comprehensive income for the
year
-
-
-
-232
-
-
2
-230
Total comprehensive income for the
year
-
-
-
438
95
-
-535
-2
Increase in share capital
55
-
-
-
-
-
2,021
2,076
Other changes in equity in subsidiaries
-
-
-
147
-
-
-
147
Purchase of ownership interests in
subsidiaries by payment in treasury
shares
-
-
96
-
-
-
-69
27
Share-based payment (granted)
-
-
-
-
-
-
-6
-6
Purchase of treasury shares
-
-
545
-
-
-
-
545
Balance at December 31, 2023
604
-
-2,725
4,269
801
-
6,638
9,587
Statement of changes in equity
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Notes – Income statement and balance sheet
1 Staff costs and management 174
2 Share-based incentive plans 174
3 Depreciation, amortization and impairment 175
4 Fees to statutory auditors 175
5 Financial income and expenses 176
6 Tax 176
7 Intangible assets 177
8 Property, plant and equipment 178
9 Leases 179
10 Investments in subsidiaries 180
11 Investments in associates 180
12 Deferred tax 180
13 Contingent assets and liabilities 180
Notes – Other disclosures
14 Financial instruments 181
15 Share capital and capital structure 182
16 Related party transactions 182
17 Liabilities from financing activities 183
18 Accounting policies 183
Parent Company
notes
GN Store Nord
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GN Store Nord
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1 Staff costs and management
DKK million
2024
2023
Wages, salaries and remuneration
296
316
Pensions
30
27
Share-based incentives
-1
6
Other social security costs
2
2
Total
327
351
Executive Management remuneration can be specified
as follows:
Fixed pay*
15
15
Short term incentives
12
13
Share-based incentives
7
-
Total
34
28
Board of Directors remuneration
10
6
Total remuneration
44
34
Staff costs are included in Management and adminis-
trative expenses.
Average number of FTEs
372
359
Number of FTEs at year-end
397
354
* Fixed pay include Base salary and Other benefits. Other benefits include car allowances,
company paid telephone and internet cost.
For information regarding Executive Management and Board of Direc-
tors total remuneration please refer to Note 2.3 Staff cost and man-
agement remuneration in the consolidated
financial statements.
2 Share-based incentive plans
For 2019-2024 a share-based incentive plan has been implemented in
GN Store Nord. For a description of this, see note 5.2 Share-based in-
centive plans in the consolidated financial statements. The following
assumptions were applied for the calculation of the fair value at the
grant date of the options:
Recognition of expenses on options granted are accelerated for partici-
pants not forfeiting the vesting conditions in connection with termina-
tions (good leavers) unless a service is provided in the remaining vest-
ing period. The recognized expenses in 2024 include acceleration of
83,271 options granted to Other employees of GN Store Nord A/S
(2023: 27,537 options accelerated).
Executive Management
Other employees
2024
2023
2024
2023
Number of options awarded in the year
200,360
202,139
119,709
118,820
Share price of GN Store Nord A/S at ordinary grant date
183
167
183
167
Vesting period
3 years
3 years
3 years
3 years
Life of option
6 years
6 years
6 years
6 years
Volatility*
45%
0
45%
0
Expected dividend
0.4%
0
0.4%
0
Risk-free interest rate**
2.37%
0
2.36%
0
Fair Value per option at ordinary grant (DKK)***
45****
46
70
61
Total market value at grant (DKK million)
9
12
8
7
Amortization period of the program
2024 - 2027
2023 - 2026
2024 - 2027
2023 - 2026
* Volatility is estimated by external experts, and is calculated based on data from a historical period matching the expected time to expiry of the options
** Risk-free interest rate is estimated by external experts and based on the zero yield curve derived from Danish government bonds with maturity equal to the expiry of the options
*** The fair value assumes a performance multiplier of 1
****
Weighted average of the fair value of options granted to executive management adjusted for the cap.
GN Store Nord
Annual Report 2024 Financial Statements – Parent Company
Content
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2 Share-based incentive programs
(Continued)
3 Depreciation, amortization and
impairment
Depreciation, amortization and impairment for the year of property,
plant and equipment (incl. leased assets) and intangible assets of DKK
151 million (2023: DKK 208 million), is recognized in the income state-
ment as management and administrative expenses.
4 Fees to statutory auditors
DKK million
2024
2023
Statutory audit
-2
-3
Tax advice services
-1
-1
Other assurance engagements
-1
-
Other services
-3
-4
Total
-7
-8
Services other than statutory audit are described in note 5.6 Fees to
statutory auditors in the consolidated financial statements.
DKK
Number
Average
exercise
price
Executive
Management
Other
employees
Total
Outstanding options at January 1, 2023
375
202,994
231,746
434,740
Options granted during the year
167
202,139
118,820
320,959
Options forfeited during the year/corrections
378
-49,585
-84,621
-134,206
Outstanding options at December 31, 2023
284
355,548
265,945
621,493
Options granted during the year
179
200,360
119,709
320,069
Option increase from multiplier at vesting
-
-
-
-
Options exercised during the year
-
-
-
-
Options forfeited during the year/corrections
502
-18,250
-41,474
-59,724
Outstanding options at December 31, 2024
217
537,658
344,180
881,838
Weighted average term to maturity (Years)
3.7
3.4
3.6
Number of exercisable options at December 31, 2023
108,659
84,319
192,978
Number of exercisable options at December 31, 2024
108,659
85,004
193,663
*The performance multiplier can decrease the number of options to 0 or as maximum effect increase the number of options by a factor of 2
DKK
Number
Grant date
Exercise
price
Executive
Management
Other
employees
Total
April 2019**
313
108,659
85,004
193,663
February 2022
368
26,500
37,893
64,393
March 2022
307
-
3,158
3,158
February 2023
164
-
101,398
101,398
March 2023
151
97,300
-
97,300
June 2023
170
104,839
-
104,839
February 2024
179
200,360
104,779
305,139
April 2024
184
-
7,194
7,194
August 2024
176
-
4,754
4,754
Outstanding options at December 31, 2024
537,658
344,180
881,838
* The performance multiplier can decrease the number of non-vested options to 0 or as maximum effect increase the number by a factor of 2
** For the 2019 program, number of options have increased by final multiple of 1.71
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5 Financial income and expenses
DKK million
2024
2023
Financial income
Interest income from subsidiaries*
164
354
Interest income from bank balances*
20
14
Financial income, other
-
1
Fair value adjustment of derivative financial instru-
ments, net
40
63
Total
224
432
Financial expenses
Interest expense to subsidiaries*
-139
-8
Interest expenses on bank loans and issued bonds*
-313
-310
Financial expenses, other
-183
-89
Foreign exchange loss, net
-55
-11
Total
-690
-418
*Interest income and expenses from financial assets and liabilities at amortized cost
6 Tax
DKK million
2024
2023
Tax on profit (loss)
Current tax for the year
149
119
Deferred tax for the year
-31
-45
Adjustment to current tax in respect of prior years
-82
7
Adjustment to deferred tax in respect of prior years
73
-7
Total
109
74
Reconciliation of effective tax rate
Danish tax rate
22.0%
22.0%
Non-taxable income
-0.4%
0.9%
Non-deductible expenses
7.7%
-2.5%
Adjustment of tax with respect of prior years
1.0%
0.0%
Share of profit (loss) in subsidiaries
-42.7%
6.2%
Other, including provisions for uncertain tax positions
-0.1%
0.0%
Effective tax rate
-12.4%
26.6%
In 2024, the company paid preliminary taxes of DKK 85 million in Dan-
ish corporate income tax for the year on behalf of the joint Group taxa-
tion (2023: DKK 0 million was paid in final tax for the year in Danish
corporate income tax).
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7 Intangible assets
The carrying amount includes software in progress of DKK 813 million
(2023: DKK 642 million).
2024
2023
DKK million
Software
Patents & License
Total
Software
Patents & License
Total
Cost at January 1
1,687
667
2,354
1,374
-
1,374
Additions
266
-
266
313
667
980
Disposals
-68
-
-68
-
-
-
Cost at December 31
1,885
667
2,552
1,687
667
2,354
Amortization and impairment at January 1
-660
-
-660
-469
-
-469
Amortization
-76
-62
-138
-58
-
-58
Disposals
55
-
55
-
-
-
Impairment
-
-
-
-133
-
-133
Amortization and impairment at December 31
-681
-62
-743
-660
-
-660
Carrying amount at December 31
1,204
605
1,809
1,027
667
1,694
Amortized over
3-10 years
3-10 years
3-10 years
3-10 years
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8 Property, plant and equipment
Operating assets and equipment are depreciated over 2-7 years.
2024
2023
DKK million
Factory and office
buildings
Operating
assets and equip-
ment
Total
Factory and office
buildings
Operating
assets and equip-
ment
Total
Cost at January 1
-
64
64
-
63
63
Additions
-
1
1
Cost at December 31
-
64
64
-
64
64
Depreciation and impairment at January 1
-
-43
-43
-
-36
-36
Depreciation
-
-6
-6
-
-6
-6
Depreciation and impairment at December 31
-
-49
-49
-
-42
-42
Carrying amount at December 31
-
15
15
-
22
22
Leased assets, c.f. note 9
13
2
15
19
2
21
Total carrying amount at December 31
13
17
30
19
24
43
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9 Leases
Lease liabilities
DKK million
2024
2023
Contractual maturity analysis of lease liabilities:
Less than one year
9
8
Between one and three years
10
15
More than three years
-
3
Total
19
26
The parent company’s leases mainly consist of property leases of e.g.
offices but also include cars and office equipment. Rental contracts are
typically made for fixed periods but may have extension options. Con-
tracts may contain both lease and non-lease components. In such
cases the consideration in the contract is allocated to the lease and
Amounts expensed in the income statement and total cash outflow
DKK million
2024
2023
Interest expense on lease liabilities
-
1
Expense relating to low-value assets and short-term
leases
5
2
Total cash outflow re. lease liabilities
7
6
non-lease components based on their relative stand-alone prices. Lease
terms are negotiated on an individual basis and contain a wide range of
different terms and conditions.
The following right-of-use assets from leases are included in property, plant and equipment:
Leased assets
2024
2023
DKK million
Factory
and office
buildings
Operating
assets and
equipment
Total
Factory
and office
buildings
Operating
assets and
equipment
Total
Carrying amount at January 1
19
2
21
49
1
50
Additions
-
-
-
-
2
2
Remeasurements
-
-
-
-
-
-
Disposal
-
-
-
-20
-
-20
Depreciation
-6
-1
-7
-10
-1
-11
Carrying amount at December 31
13
1
14
19
2
21
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10 Investments in subsidiaries
DKK million
2024
2023
Cost at January 1
12,318
6,771
Additions, capital contribution
-
5,547
Other adjustments
-
-
Cost at December 31
12,318
12,318
Value adjustment at January 1
4,269
3,684
Share of profit after tax in subsidiaries
1,712
670
Foreign currency translation adjustments
269
-279
Direct equity postings in subsidiaries
-19
194
Value adjustments at December 31
6,231
4,269
Carrying amount at December 31
18,549
16,587
Group companies are listed on page 165-166.
11 Investments in associates
DKK million
2024
2023
Aggregated financial information for associates is
provided below:
Total share of loss in associates for the year
-
-33
12 Deferred tax
DKK million
2024
2023
Deferred tax, net
Deferred tax at January 1, net
-86
-34
Adjustment in respect of prior years
73
-7
Deferred tax for the year recognized in profit (loss) for
the year
-31
-45
Deferred tax at December 31, net
-44
-86
Deferred tax, net relates to
Intangible assets
-228
-220
Other
184
134
Total
-44
-86
13 Contingent assets and liabilities
The parent company has not issued any guarantees on behalf of sub-
sidiaries in 2024 (2023: DKK 0 million).
The company is jointly taxed with all Danish subsidiaries. The company
is jointly and severally liable with the other companies in the joint taxa-
tion for Danish corporate taxes and withholding taxes on dividend, in-
terests and royalties within the joint taxation.
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14 Financial instruments
Categories of financial assets and liabilities
DKK million
2024
2023
Financial assets
Other receivables
182
220
Amounts owed by subsidiaries
214
4,145
Financial assets at amortized cost
396
4,365
Derivative financial instruments included in Other receivables
146
119
Financial assets at fair value through profit or loss
146
119
Financial liabilities
Issued bonds (bond-with-warrant units), non-current
8,199
2,689
Issued EMTN bonds, non-current
372
335
Bank loans and issued bonds, current
2,004
9,674
Lease liabilities
16
23
Trade payables
116
125
Amounts owed to subsidiaries
57
749
Financial liabilities at amortized cost
10,764
13,595
Derivative financial instruments included in Other payables
141
119
Financial liabilities at fair value through profit or loss
141
119
For a description of loans in GN Store Nord, as well as interest rate and
foreign exchange risk on these, please refer to note 4.2 Financial risks
in the consolidated financial statements.
Contractual maturity analysis for financial liabilities
DKK million
Less than
one year
Between
one
and three
years
More than
three
years
Total
2024
Issued bonds
26
38
895
959
Bank loans
1,862
6,039
1,850
9,751
Lease liabilities
9
10
-
19
Trade payables
116
-
-
116
Amounts owed to subsidiaries
57
-
-
57
Total non-derivative financial liabilities
2,070
6,087
2,745
10,902
Derivative financial liabilities
141
-
-
141
Total financial liabilities
2,211
6,087
2,745
11,043
2023
Issued Bonds
7,053
37
892
7,982
Bank loans
2,548
449
2,029
5,026
Lease liabilities
8
15
3
26
Trade payables
125
-
-
125
Amounts owed to subsidiaries
749
-
-
749
Total non-derivative financial liabilities
10,483
501
2,924
13,908
Derivative financial liabilities
119
-
-
119
Total financial liabilities
10,602
501
2,924
14,027
Economic hedges
Fair value disclosures re. financial instruments at amortized cost
Based on observable inputs (fair value hierarchy level 2), the fair value
of EMTN bonds amounted to DKK 546 million (2023: DKK 4,726 mil-
lion). For other financial assets and liabilities, the fair value is approxi-
mately equal to the carrying amount.
The foreign currency risk in GN Store Nord A/S mainly arises from
translation of receivables, debt and cash balances related to EUR and
USD, of which a large part of the USD risk is related to intercompany
balances. The foreign currency risk is mitigated through non-desig-
nated derivatives. At year end 2024 the FX derivatives had a fair value
of DKK 5 million (2023: DKK 1 million), of which DKK 4.6 million (2023:
DKK 5 million) are related to derivatives of USD vs EUR or DKK and
DKK 0.2 million (2023: DKK -4 million) are related to derivatives of GBP
vs DKK. The fair value of derivatives is categorized as level 2 (observa-
ble inputs) in the fair value hierarchy.
2024
2023
DKK million
Average rate
(DKK)
Contract
amount, net*
Fair value, as-
sets
Fair value,
liabilities
Average rate
(DKK)
Contract
amount, net*
Fair value, as-
sets
Fair value,
liabilities
USD / DKK
705
-3,453
114
-53
688
-2,588
35
-94
USD / EUR
704
-3,109
-
-56
689
-2,767
65
-
Other currency pairs
-350
32
-31
-7,754
21
-25
Total
146
-140
121
-119
* Positive contract amounts indicate sale of currencies vs. DKK or EUR
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15 Share capital and capital structure
For information regarding share capital, capital structure and treasury
shares please refer to note 4.1 Share capital and capital structure in
the consolidated financial statements.
For information regarding financial risk management, please refer to
note 4.2 Financial risks in the consolidated financial statements.
16 Related party transactions
In addition to disclosures given in note 5.7 Related parties, related par-
ties for the parent company comprise group enterprises and associates
over which GN Store Nord A/S exercises control or significant influ-
ence.
Group companies are listed on page 165-166. Trade with group enter-
prises comprised:
DKK million
2024
2023
Sale of services to group enterprises
933
796
Lease income from group enterprises
20
31
Purchase of services from group enterprises
-191
-839
Lease costs paid to group enterprises
-30
-40
The parent company's balances with group enterprises at December
31, 2023 are disclosed in the balance sheet. Interest income and
expenses with respect to group enterprises are disclosed in note 5
Financial income and expenses. Further, balances with Group enter-
prises comprise trade balances related to the purchase and sale of
goods and services.
Sale of services to group enterprises consists of facility services, can-
teen services, management fee and IT costs. Purchase of services from
group enterprises mainly consists of facility services and canteen ser-
vices. Furthermore, the parent company has purchased development
services from subsidiaries related to the exploring research projects.
No transactions have been carried out with the Board of Directors, the
Executive Management, senior employees, major shareholders or other
related parties, apart from remuneration disclosed in notes 2.3 Staff
costs and management remuneration and 5.2 Share-based incentive
plans in the consolidated financial statements.
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17 Liabilities from financing activities
18 Accounting policies
The financial statements of the parent company, GN Store Nord A/S
have been prepared in accordance with IFRS Accounting Standards as
adopted by the EU and Danish disclosure requirements for annual re-
ports of listed companies. The financial statements have been pre-
pared in accordance with the historical cost convention, as modified by
the revaluation of certain financial instruments (including derivative fi-
nancial instruments) at fair value.
The accounting policies for the financial statements of the parent com-
pany have been changed in line with the changes to accounting policies
described in note 1.1 in the consolidated financial statements. These
changes have not had any material impact on recognition and meas-
urement in the parent company. Apart from the above-mentioned
changes the accounting policies for the financial statements of the par-
ent company are unchanged from the last financial year and are the
same as for the consolidated financial statements with the following
additions:
Supplementary accounting policies for the parent company
Investments in subsidiaries
Revenue in the parent company primarily relates to services rendered
to GN Group companies during the year.
Investments in subsidiaries are accounted for using the equity method
whereby the investment is initially recognized at cost and adjusted
thereafter for the post-acquisition change in the share of the subsidiar-
ies net assets. The share of the subsidiaries profit or loss, less unreal-
ized intra-Group profits, is included in the income statement of the par-
ent company and the share of the subsidiaries other comprehensive in-
come is included in other comprehensive income of the parent com-
pany. Received dividends reduce the carrying amount of the invest-
ments in subsidiaries.
To the extent net profit in subsidiaries exceeds declared or proposed
dividends from such companies, net revaluation of investments in sub-
sidiaries is transferred to Net revaluation reserve under Equity accord-
ing to the equity method.
Management’s report for the Parent company
The Parent Company reports corporate level activities and
investments into subsidiaries. Revenue in 2024 grew to DKK 898 mil-
lion (2023: DKK 738 million), primarily due to changes in the Group
Functions. The Parent Company applies the equity method for recog-
nizing share of profit and investments in subsidiaries and profit for the
year and total equity developed in line with the Group’s overall devel-
opment. In 2024, cash flow from operating activities was positively im-
pacted by interests received in the total amount of DKK 219 million
(2023: DKK 405 million). .
DKK million
Bank loans,
non-current
Issued bonds*)
Lease liabilities
Bank loans and
issued bonds,
current
Amounts owed
to subsidiaries
Total
Liabilities at January 1
-
3,024
29
9,674
749
13,476
Cash flows
-
-1,406
-7
-1,068
-
-2,481
Foreign exchange adjustments
-
-
-
-
-
-
New leases
-
-
-
-
-
-
Reclassified to current/non-current
6,931
-
-6,931
-
-
Reclassified to working capital
-
-
-
-
-749
-749
Non-cash interest expenses
-
-
-
-
-
Other non-cash adjustments
-
22
-6
50
-
66
Liabilities at December 31, 2024
-
8,571
16
1,725
-
10,312
Liabilities at January 1
2,312
7,548
53
6,005
1,411
17,329
Cash flows
-2,312
2,290
-8
-3,262
8
-3,284
Foreign exchange adjustments
-
57
-1
-
-670
-614
New leases and remeasurements
-
-
-15
-
-
-15
Bonds reclassified to current
-
-6,931
-
6,931
-
-
Non-cash interest expenses
-
60
-
-
-
60
Liabilities at December 31, 2023
-
3,024
29
9,674
749
13,476
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Executive Management
Board of Directors
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Report on the audit of the Financial Statements
Independent Auditor’s Reports
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CVR no 3377 1231
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Forward-looking statements
The forward-looking statements in this report reflect the management's current
expectations of certain future events and financial results. Statements regard-
ing the future are, naturally, subject to risks and uncertainties, which may result
in considerable deviations from the outlook set forth. Furthermore, some of
these expectations are based on assumptions regarding future events, which
may prove incorrect. Changes to such expectation and assumptions will not be
disclosed on an ongoing basis, unless required pursuant to general disclosure
obligations to which GN is subject.
Factors that may cause actual results to deviate materially from expectations
include – but are not limited to – general economic developments and develop-
ments in the financial markets as well as foreign exchange rates, technological
developments, changes and amendments to legislation and regulations govern-
ing GN’s markets, changes in the demand for GN's products, competition, fluc-
tuations in sub-contractor supplies, and developments in ongoing litigation (in-
cluding but not limited to class action and patent infringement litigation in the
United States).
For more information, please see the "Management's report" and "Risk manage-
ment” sections in this Annual Report. This Annual Report should not be consid-
ered an offer to sell securities in GN.
Co.reg. no 2 42578 43
© 2025 GN Store Nord A/S. All rights reserved. Beltone, BlueParrott, Danavox,
FalCom, Interton, Jabra, ReSound and SteelSeries are trademarks of the GN
Group. All other trademarks and logos included herein are the property of their
respective owners.