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GN Store Nord
Annual Report 2025
Content
Introduction
Letter from the Chair and CEO 3
GN at a glance 5
Our key brands and portfolio 6
Key events in 2025 7
Performance highlights 8
GN’s strategy
Our purpose and strategic framework 10
Our strategy at a glance 12
Financials 2025
Five year overview 22
Group financial review 23
Hearing division 25
Enterprise division 26
Gaming division 27
Financial guidance 2026 28
Company information
Shareholder information 30
Risk management 33
Corporate governance 37
Board and leadership 41
General information
Our Better for planet sustainability strategy 47
Our material impacts, risks, and opportunities 49
Sustainability governance 51
Stakeholder engagement 53
General disclosure requirements 54
Environment
EU Taxonomy Regulation disclosure 57
Climate change 61
Pollution 71
Resource use and circular economy 74
Social
Own workforce 81
Workers in the value chain 90
Consumers and end-users 93
Governance
Business conduct 98
Appendices
Q4 2025 (unaudited)
Q4 financial highlights 107
Quarterly financial highlights 108
Quarterly reporting by segment 109
Quarterly reporting 110
Q4 segment disclosures 111
2025 segment disclosures 112
Expensed development cost 113
Consolidated Financial statements
Income statement 115
Statement of comprehensive income 115
Balance sheet at December 31 116
Statement of cash flow 117
Statement of equity 118
Consolidated notes 120
Parent company Financial statements
Statements 170
Parent Company notes 174
Statements
Statements by the Executive Management
and the Board of Directors 187
Independent Auditor’s Reports 188
Independent Auditor’s limited assurance
report on the Sustainability Statement 192
Table of contents
Management’s report
Statements
Business review
Sustainability statement
Additional financials
Other 2025 reports
www.gn.com/remuneration2025
www.gn.com/corporategovernance2025
Reporting framework
Our annual reporting suite comprises this Annual Report on GN Store Nord’s financial, environmental, social, and governance p
erformance – including
sustainability statement in accordance with the EU’s Corporate Sustainability Reporting Directive
, as well as a separate Remuneration Report and a Cor-
porate Governance Report. Our reporting is prepared in accordance with International Financial Reporting Standards as adopted
by the EU and further
requirements in the Danish Financial Statement
s Act. This annual reporting suite constitutes GN’s reporting according to Section 99a, 99d, 107d, and
107f in the Danish Financial Statements 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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Investments in innovation and agile
operations create strong foundation for
profitable growth in years ahead
Solid financial performance in a challenging year
During 2025, uncertain trade policies and macroeconomic weakness
presented multiple challenges to consumers and companies around
the world – including GN. In this environment, GN managed to deliver
-1% organic growth with a revenue of DKK 16.8 billion, an EBITA mar-
gin of 11.4%, and free cash flow excl. M&A of DKK 1.1 billion. While we
would have liked to continue our revenue and profitability growth jour-
ney, we are pleased with our ability to manage our results well in this
difficult environment, while also strengthening our business fundamen-
tals.
Our Hearing division outperformed the market with 5% organic
growth, our Enterprise division maintained its leadership in difficult
markets with -6% organic growth, and our Gaming division battled
equally challenging conditions with -2% organic growth and winning
market share.
For all three divisions, the key to success in challenging times lies in
customer-centric and relevant product innovation, tight value-adding
partnerships, and focused market execution – supported by our agile
and scalable global operations.
Based on strong fundamental operational improvements in the past
few years, GN in 2025 successfully refinanced its primary loan facilities.
With a strong commitment from our core banking group, the new facil-
ities will allow us to continue to drive our strategic priorities, while at
the same time allowing us to reduce our financing costs.
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Chair of the Board of Directors Jukka Pertola (right)
and Chief Executive Officer Peter Karlstromer (left)
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Flexible operating model helped mitigate
the uncertain trade and macro-environment
GN in 2025 worked diligently with what is within our control to miti-
gate negative impact from new tariffs and macroeconomic headwinds.
During the past several years, GN has pursued an operational strategy
to leverage scale and increase supply chain agility and resilience. This
diversification strategy was accelerated during 2025, which has de-
risked GN. 31 Enterprise and Gaming production lines were relocated,
so that all major products now can be supplied from multiple countries.
Investments in our operations around the world will over time also help
improve our efficiency, enhance quality, and augment our customer
service. In addition to a strong operational response, the tariff impact
was reduced via targeted price increases for Enterprise and Gaming
products and via company-wide cost control.
Innovating for growth
Preparing for growth in 2026 and beyond, GN has also invested signifi-
cantly in new product innovation:
In Hearing, we launched our most intelligent hearing solutions portfolio
to date, based on GN’s unique approach to AI and Deep Neural Net-
work technology. Thanks to this and years of focus we are able to offer
the world's best hearing in noise experience. Our launches this year
continue a successful product introduction trajectory that have helped
us grow faster than the market for three consecutive years.
Our Enterprise division defended its leadership position with a broad
portfolio engineered to address key customer needs and daily pains in
enterprises of all sizes and built for Unified Communications with en-
terprise grade quality and security. Growth in 2026 will be supported by
the launch of next-generation solutions for video and audio collabora-
tion. Our updated video portfolio targeting the rapidly expanding mar-
ket for intelligent meetings will enable us to serve all room sizes. And
with the announcement of the new Evolve3 headset series, we have re-
inforced innovation leadership, introducing a boomless attractive de-
sign with class-leading comfort and portability, future-ready voice ac-
cess for AI, and real-time adaptive noise cancellation.
In our Gaming division, we continue to elevate the gaming experience
through a unified suite of products and software, enhancing gamers'
skills and experiences to help them improve and enjoy their gaming
better than ever. We continue to push boundaries. An example of this
is the new flagship Arctis Nova Elite that brings audiophile-grade sound
to wireless gaming headsets and has opened a new “ultra-premium”
category for the gaming headset market.
These are just some of the product innovations that will reaffirm our in-
novation leadership and support above-market growth in 2026.
Important transformational milestones completed
With our one-company transformation completed, we are now turning
to a new chapter in the pursuit of a range of exciting future business
opportunities which we can begin capitalizing on already this year.
Each of our three business divisions made significant strategic ad-
vances supported by group-wide functions with strong shared capabili-
ties. Today, Hearing stands out as consistently growing faster than the
market. Enterprise is a clear leader in hybrid work solutions based on
unrivaled innovation and enterprise grade experiences. And Gaming
commands the leading brand in esports, software development, and
being the number one brand gamers talk about.
In summary we believe that as we enter 2026, our three businesses,
product roadmaps, innovation, and operational agility are in a better
position than they ever have been.
Our future growth opportunities are stimulated by rapid technological
developments, machine learning and the adoption of Artificial Intelli-
gence for a host of daily tasks at home, at work, and on the go.
GN has a unique position as we develop products to be used “at the
edge”, meaning on or near the end-user, providing seamless user expe-
riences where hardware and software play optimally together. Shipping
a product every second, we touch a staggering number of people with
such “at the edge” products. We take our responsibility to provide cus-
tomers with optimal and safe products and solutions very seriously.
Only by serving our customers in a reliable way can we fulfill our pur-
pose of Bringing People Closer.
In conclusion, we feel that we have greatly improved our strategic and
execution capabilities across GN. We have placed solid investments in
innovation, technology, and operations, which support profitable
growth in 2026 and beyond. The past few years have been challenging
in our markets. We feel good about how we have navigated this and
how we have fundamentally strengthened our company. We are well
positioned to continue to navigate macroeconomic challenges and
ready to benefit from improving markets.
Thanks to our employees, customers, and partners
Our progress is driven by the loyalty and outstanding contributions of
our employees across the globe – thank you for everything you do.
Thanks also to our customers and partners around the world for your
trust and support. Our journey and success are only possible thanks to
you.
Jukka Pertola, Chair – Peter Karlstromer, CEO
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Own presence
GN distributors
GN offices
Born global
In 1869, Danish industrialist
C.F. Tietgen envisioned a more
connected world and founded
GN to facilitate communication
for people worldwide
.
GN at a glance
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100 countries
Serving customers across the globe
7,500+
employees worldwide (FTE)
Hearing
Enterprise
Gaming
41%
Revenue by division
Enterprise
16%
Gaming
43%
Hearing
~30 million
products produced
annually
21%
Revenue by regions
Rest of World
39%
North
America
40%
Europe
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Innovative medical grade
hearing aids and care solutions
Audio and video solutions for
enterprises and organizations
– in and beyond the office
Premium software-enabled and
system-integrated gaming gear
Our key brands and portfolio
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Highly advanced and innovative medical grade in-
dividualized hearing solutions sold globally via
hearing care professionals
Leading hearing brand based on individual care
and technically optimal hearing solutions – sold
via 1,500 Beltone branded hearing care stores in
the U.S. and via hearing care professionals in se-
lect other markets
Medical-grade hearing aids providing excellent
speech clarity and advanced features for every
budget and lifestyle, offering more choice and con-
venience for select direct-to-consumer channels
Cutting-edge headsets, speakerphones, and
video collaboration solutions to help people work
in the way that suits them best, from the office
to the home office and everywhere in between
Communication headsets for professional drivers
and enterprise workers, providing superior call
quality in high-noise environments, all-day com-
fort, and durability
Integrated communications and hearing protec-
tion system for special operations, military, law
enforcement and security personnel for optimal
perception in extreme environments
Worldwide leader in gaming and esports periph-
erals and industry-leading pioneer in innovation
for over 20 years, creating premium gaming gear
and software
Creator of Performance Gaming Gear™, combin-
ing the latest science of ergonomics and proprie-
tary non-slip materials to enhance the player ex-
perience by maximizing comfort, precision, and
control
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DecNovOctSep AugJulJunMayAprMarFebJan
Jabra Perform 75
The purpose-built headset for
retail shiftwork to boost
collaboration and productivity.
Jabra Speak2 75
linking feature
Extending meeting room audio
with Speak2 75 linking feature
to double the audio.
Jabra PanaCast
40 VBS
The first 180° Android-powered
video bar designed for small
rooms.
GN’s most intelligent
hearing portfolio yet
ReSound Vivia, the world's
smallest AI powered hearing aid,
and ReSound Savi, an essentials
range featuring Bluetooth® Low
Energy Audio and Auracast
broadcast audio.
Bringing Auracast
to hearing aid users
GN collaborates with other
institutions to implement
Auracast broadcast audio
technology in Sydney Opera
House.
Human-focused AI
software for call centers
Jabra launches Engage AI
Complete, software for call
centers uniquely analyzing not
only what is said, but also how it
is said.
ReSound Enzo IA and
Beltone Boost Max S
Exceptional speech under -
standing and all-day battery life
– in the world’s smallest re -
chargeable Super Power
hearing aid.
GN signs two new
loan facilities
GN finalizes loan agreements
for Term Loan Facility and
Revolving Credit Facility.
Partnering with Huddly
Jabra and Huddly
partner to
bring plug-and-play simplicity to
large meeting rooms.
Arctis Nova Elite
SteelSeries’ new flagship product
brings audiophile-grade sound to
wireless gaming headsets.
Arctis Nova 3
wireless series
headsets x Arctis app
SteelSeries raises the bar for a
new level of premium audio
with real-time audio control for
console gamers.
FalCom launches 12
new products
New revolutionary suite of
tactical communication and
hearing protection systems
delivering unmatched flexibility,
modularity, and user-centric
innovation.
Jabra announces
extended collaboration
with Zoom
Empowering both frontline and
hybrid workers with communi-
cation tools that help them stay
connected and productive in
any environment.
Mitigating tariff impacts
Accelerate diversification of
supply chain to mitigate negative
impact from tariffs and
macroeconomic headwinds.
Opening new North
American headquarter
In Shakopee, Minnesota, USA,
GN opens new 218,000 sq. ft.
(20,000 m2) facility to serve as
a regional operational center
for all GN divisions and U.S.
headquarter for GN's Hearing
business.
Key events in 2025
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Performance highlights
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Guidance 2026
See more details on
financial performance and ESG performance
*) 2021 is the baseline year for our climate target
s
Revenue (DKK)
-
1% organic revenue growth
16.8bn
Reported EBITA (DKK)
11.4
% EBITA margin
1.9bn
Free cash flow excl. M&A (DKK)
1.1bn
Reduction in net interest-bearing
debt (DKK)
vs 2024
0.8
bn
Reduction in
scopes 1
and 2 carbon emissions
vs 2021*
53
%
People with hearing loss helped
vs 1
1.2 million in 2024
12.1m
Reduction in
scope 3
carbon emissions
vs 2021*
33
%
Women in GN’s Senior
Leadership
31
%
AGM
-elected women
on GN’s Board
43
%
ESG rating
MSCI
AA
ESG rating
Sustainalytics
14
.6
(low risk)
ESG rating
CDP Climate
Change
A
-
Financials
Sustainability
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Our purpose and strategic framework 10
Our strategy at a glance 12
Business review
GN’s
strategy
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Jabra Evolve3 series
Next generation professional headsets bring together industry-
leading voice technology, attractive design, and seamless integra-
tion with the tools and platforms enterprises rely on every day.
Building on the success of Evolve and Evolve2, this new generation
Jabra Evolve3 delivers professional-grade voice clarity with new deep
learning technology, future-ready voice access for AI, real-time adap-
tive noise cancellation, and spatial sound for clear conversations in
any environment without the customary boom arm.
It features a slim, modern silhouette in black or warm gray, with long
battery life and wireless charging. Jabra Evolve3 is built for business
with platform certifications, secure Bluetooth connections, and cen-
tralized device management through the Jabra Plus software suite to
support easy deployment, updates and long-term performance.
It’s engineered for the needs of today’s hybrid professionals.
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We are driven by a single, unifying purpose: Bringing People Closer™.
We design, engineer, and deliver products and technologies that make
connecting more natural and more powerful.
Our products shape the ways people communicate with one another and
increasingly with intelligent, AI-enabled tools.
From innovative hearing aids that restore the richness of sound, to headsets,
speakerphones and video systems that transform workplace collaboration,
to high-performance gear that elevates the gaming experience.
Every day we bring our purpose to life through a shared set of Commitments
that unlock the creative potential of the people of GN — helping us serve cus-
tomers better, execute with discipline, and build a workplace where diverse back-
grounds and perspectives are a source of competitive strength.
For more than 155 years, GN has focused on enabling meaningful human
interaction through customer-centric technology, always with the aim of
bringing people closer to one another and to what matters most.
Our purpose and
strategic framework
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Our Commitments
BE A CUSTOMER GEEK EMBRACE TO WINMAKE IT HAPPEN
Hearing division
Helping even more people hear
better and live better lives
Gaming division
Helping every gamer feel
like a star
Enterprise division
Making work-life better for
businesses and professionals
Our corporate winning aspiration
Being a customer-centric innovator at scale and drive profitable growth
Our purpose
Bringing People Closer
Customer-
centric
innovation
Multiplying our
impact through
partnerships
Agile and
scalable
operations
Better for
people
Better for
planet
Winning in
our markets
Our business division strategy
Our key strategic pillars
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Global megatrends driving GN’s market opportunities
Gaming: a permanent part of life
• Ubiquitous, social, cross-demographic – more than a trend, a permanent part of life
• High demand for premium peripherals + integrated software experiences
• Evergreen market with continuous growth in users and hours played
Business division drivers
Group-wide drivers
Technology personalized to you
• Growing demand for personalized, adaptable hardware + software
• Seamless integration with users' preferred ecosystems is essential
• GN leverages cross-vertical competencies to deliver individualized offerings
Healthy aging fuels hearing growth
• Global aging, rising affluence, and active lifestyles increase demand
• Adoption still relatively low – significant growth opportunity
• Complex tech + high entry barriers → attractive margins
Sustainability as investment
• Net-zero and circular design shape manufacturing and supply chains
• Sustainability drives product and business development opportunities
• Decisions that help the planet also support long-term business success
AI utilized in products and operations
• Machine Learning/AI personalize offerings and improve productivity
• GN applies combined AI expertise across R&D and IT
• AI supports innovation in products and internal operations
Hearing ● Enterprise ● Gaming – powered by personalization, AI and sustainability
Hybrid work and GenAI adoption
• Less physical space, more tech supporting productivity anywhere
• High certification and security barriers – favors global players and partners
• Premium pricing for enterprise-grade solutions
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Customer-
centric
innovation
Drive innovation to deliver real
customer value and solve
unmet needs
Develop hardware and
software for seamless user
experiences
Maintain lead in AI, Bluetooth
LE Audio / Auracast, and
Always -On Connectivity
Agile and
scalable
operations
Enhance supply-chain
resilience, including de -risking
Improve cost and operational
efficiency through digitization
and automation
Pursue customer and quality
centricity
Integrate sustainability to
drive responsible growth
Multiplying
our impact
through
partnerships
Innovate and co -develop with
partners to unlock value
Strengthen commercial
partnerships
Partner to become leading
device interface to GenAI
Build roadmaps with partners
to boost customer stickiness
and drive adoption
Better
for people
Foster an attractive and global
workplace with an engaging
employee experience
Deliver a future fit
organization with capabilities,
leadership, and talent needed
for success
Improve global processes to
support performance
Better
for planet
Reduce our carbon footprint
Advance circular products and
services
Safeguard the rights of people
in our value chain
Limit
our use of hazardous
substances
Winning in
our markets
Hearing: Helping even more
people hear better and live
better lives
Enterprise: Making work-life
better for businesses and
professionals
Gaming: Helping every gamer
push the boundaries of
awesome and feel like a star
Our strategy at a glance
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Being a customer-centric innovator at scale and drive profitable growth
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GN’s innovation philosophy emphasizes customer-centricity to deliver
real customer value and solve unmet needs. We have a unique position
as we develop products to be used “at the edge”, meaning on or near
the user, providing seamless user experiences where hardware and
software play optimally together.
By bringing together customer and partner insights, bundling the best
technologies, and securing relevant patents, we effectively understand
market opportunities and ensure scalable innovation investments
across hearing, enterprise, and gaming customer segments.
Co-innovation with ecosystem partners is engrained in our innovation
philosophy to unleash the full potential of our inhouse competencies
and of our specialist partners.
Further, GN has over many years developed and follows strict R&D
governance processes and methodologies to ensure that time and cost
is spent on developing customer relevant products and futile innova-
tion is discontinued quickly.
Today, GN has product innovation centers in Denmark, the U.S., the
Netherlands, Poland, France, Italy, and China. In 2025, GN invested
DKK 1.9 billion in research and development.
Customer-centric innovation
Our hearing
product innovation philosophy
Our gaming product innovation philosophy
Our enterprise product innovation philosophy
Our integrated innovation philosophy
GN’s unique Organic Hearing™ philosophy balances nature with
science by designing hearing solutions that sound, feel, and connect
naturally:
• Selective innovation - focusing on the right improvements
for the customer
• Well-timed industry first innovation with predictable
cadences
• No compromises, e.g. between sound quality, product size,
power consumption, and fitting experience
GN’s enterprise products and solutions are engineered to address key
customer needs and daily pains in enterprises of all sizes:
• Built for Unified Communication and GenAI platforms with en-
terprise grade security
• Leading audio and visual gateway for GenAI agents and work-
flows
• Irresistible, sustainable design made to be worn all day
• User experience engineered to optimize well-being, minimize
stress and cognitive load
Product innovation is organized in line focused development teams,
and scale is supported by shared innovation teams covering e.g.:
• AI and Deep Neural Network infrastructure and capabilities
• Sound processing, battery management, connectivity, Blue-
tooth LE Audio, sensor technology
• Software, app development and infrastructure
• Partner integration and co-innovation
• Patent development and intellectual property rights protection
GN’s gaming products are built by gamers for gamers – taking cus-
tomer centricity to the extreme to push the boundaries:
• Innovation that earns premium pricing, e.g. through best-in-
class acoustic engineering
• Pioneering the intersection between products, software and
firmware, including SteelSeries Sonar, AI for enhanced audio
performance like Clear cast, and a Mobile app - allowing for
real time audio personalization
Recent key innovations
Jabra PanaCast 40 VBS
ReSound Vivia
Jabra Engage
AI Complete Arctis Nova 3 wireless
ReSound Enzo IA
Arctis Nova Elite FalCom suite
Jabra Evolve3
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Select strategic partnerships
Multiplying our impact through partnerships
• Strategic partnerships and
alliances to accelerate
scale and impact (Apple,
Bluetooth LE Audio/Au-
racast, Cochlear, etc.)
• Collaborate with trusted
partners to advance new
knowledge and im-
portance of hearing
health
• Strategic partnerships and
alliances with key ecosys-
tem partners (e.g., Mi-
crosoft, Zoom, and
Google) and go-to-market
partners to maximize
reach (e.g., Huddly,
Lenovo, and Crestron)
• Flexible approach that
makes it easy for partners
to integrate GN solutions
into their own systems, re-
gardless of technology
• Being a preferred partner
for Apple, Microsoft
(Xbox), and Google
• Empowering all Lenovo
gaming notebooks and MSI
High end gaming note-
books with SteelSeries Au-
dio software
• Collaborating with some of
the world’s best e-sports
players, game publishers,
and influencers
• Co-innovating with eco-
system partners: Driving
use cases and specifica-
tions with ecosystem pro-
viders to explore further
AI opportunities
• Integrating technologies
for our customers to cap-
ture the full potential
• Attracting leading exter-
nal tech partners to ob-
tain a competitive edge in
the market
• Engaging and collaborat-
ing with partners that
yield a positive return on
investment
• Building relationships with
suppliers that are adapta-
ble and flexible to our
growth momentum
• Strong partnerships with
suppliers to deliver inno-
vative solutions at com-
petitive costs
• Agile setup allowing for
accelerated diversification
of supply chain
Hearing
Enterprise
GN has a long history of co-developing and innovating with partners to unlock the full value of our people and competencies. We maintain a diverse pool of innovative and commercial collaborations with partners who
help enable our growth as we are allies rather than competitors. We co-innovate with partners to become the leading interface to GenAI and in implementing local AI-based processing and inference in our devices. We
align with partners' roadmaps to increase customer stickiness and facilitate even further product and software adoption. Together with our partners, we deliver technological advancements and commercial success.
Gaming
i
R&D
Digital,
Data, & IT
Manufacturing
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Diversified manufacturing footprint across multiple countries
In-house manufacturing
Outsourced manufacturing
Significant regionalization
and risk-mitigation
• 19 Enterprise production lines were
transferred out of China to Germany,
Vietnam, Malaysia, Thailand, and
Taiwan
• 12 Gaming production lines were
transferred out of China to Vietnam,
Malaysia, Thailand, and Taiwan
~30m
annual volume of
products produced
>3,000
own staff in
operations
>300
number of
product types
>5,500
staff in outsourced
operations
During the past several years, GN has pursued an operations and sup-
ply chain strategy to leverage scale and increase agility and resilience.
This has had the added benefit of de-risking and mitigating impact
from current macroeconomic instability and uncertain trade policies.
In 2025, this strategy was successfully accelerated:
Enhance supply-chain resilience, flexibility, and thus de-risking
• Ensuring continuous operations via established systems and
contingency mechanisms regardless of macro-environment
• All major products can now be sourced, manufactured,
and supplied from multiple countries
• Ensure all three divisions can be sourced, manufactured, and
shipped across the world
Improve cost efficiency and operational efficiency through digitiza-
tion and automation
• Manufacturing automation and efficiency ramped up
• Standardizing and simplifying processes and tools, driving
cost efficiency and capturing synergies
• Deploying AI for acceleration of business development and
impact realization
Pursue customer centricity and sustainability focus
• Continue a customer and quality centric approach enhancing
the customer experience by reducing return rates and com-
plaint volumes
• Further integrate sustainability into operations and product
decisions to drive long-term value and responsible growth
Agile and scalable operations
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We believe that a skilled, engaged, and diverse employee base will ena-
ble continued innovation, customer satisfaction, and performance for
GN. As an organization we need to be future fit at all times, having the
right leadership, capabilities, culture, and mindset to succeed in a rap-
idly evolving business environment.
GN is and should continue to be an exciting place to work for curious
specialists with a passion for, among other, innovation, sound, audio-
logy, gaming, AI, and technology at large. A place where talent comes
to fuel their professional passion and can realize their true potential.
With Our Commitments we set the tone for how we work and interact
with our key stakeholders: our customers and our colleagues. And how
we retain the dynamic work environment that sets us apart from others
- combined with a strong focus on inclusion and collaboration.
For more detail on people data and initiatives, see the Sustainability
Statement from p. 80.
Better for people
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Build a strong corporate and
employer brand
Foster an attractive and
global workplace
Deliver a future fit
organization
Scale globally through smart
delivery
Four focus areas
1.
Strengthen our corporate and employer brand to attract top talent and
elevate our market position
2.
Create a consistent, engaging employee experience that fosters pride,
growth, and belonging
3.
Develop the capabilities, leadership, and talent needed for long -term
business success
4.
Strengthen our delivery model to increase quality and performance paired
with consistency and scale
Key strategic initiatives
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Our commitment to sustainability remains firm. In 2025, we updated
our sustainability strategy, setting priorities in ESG areas most material
to GN. Through our Better for planet strategy, we aim to continue
meeting our climate targets for 2030 and to be net zero by 2050. We
will also strengthen our focus on circularity, hazardous substances, and
Human Rights.
Our Better for planet strategy consists of four focus areas and five stra-
tegic pillars to deliver on each of the four focus areas.
For more detail on our sustainability strategy and progress, see the
Sustainability Statement from p. 46.
Better for planet
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Safeguarding human
rights across our
value chain
Reducing our
carbon footprint
Advancing
circularity
Limiting our use of
hazardous substances
Four focus areas
1. Clean power and electrification
Reduce our emissions by 80% in scopes 1 and 2 and 25
% in scope 3
by 2030 through renewable
energy
, cleaner car fleet
, and supplier decarbonization requirements
2.
Circularity through design
Comply with growing circularity legislation and design our products to optimize circularity at
end of life
3.
Circularity through material recovery
Recover more material for remanufacturing by expanding scope for remanufacturing to
wireless accessories and chargers, and investigate takeback at product end of life
4.
Expanding TCO Certified
Meet customer demands by achieving the premium sustainability certification for covered
products (TCO is a global sustainability certification for IT products)
5.
Strengthening our due diligence
Mandate third-party Human Rights audits for both our own sites and key manufacturers in
accordance with the Responsible Business Alliance (RBA) standards
Five strategic pillars
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The global hearing market is resilient and non-cyclical with growth
driven by health awareness and an aging population. It is a profitable
industry with high entry barriers.
Strategic focus areas
• Lead customer-centric innovation
• Be the trusted partner
• Building leading operational capabilities
Winning in the hearing market
Helping even more people hear better and live better lives
Premium
ReSound Vivia
World’s best for
hearing in noise in
the smallest AI
powered hearing aid
A complete, innovative, and highly intelligent hearing aid portfolio
Connectivity
Core
ReSound Savi
Best-in-class all-around
hearing and comfort
ReSound Key
Full core family with
proven features
Specialty
ReSound Enzo
IA
Exceptional speech under-
standing in the world’s
smallest rechargeable
Super Power product
ReSound CROS
Superior all-around
hearing clarity
All-inclusive
connectivity
With Bluetooth LE
Audio and Auracast
Best rated app
Empowering the
user to be in control
of their hearing
App
Clearest streamed sound in
public and private at the
volume you prefer
ReSound Nexia
Full premium family
with next era hearing
experience
Only selected products are shown here. Visit ReSound.com and Beltone.com to see our full portfolio for hearing solutions.
We want to be the fastest growing hearing company
in the world, so we can help even more people hear
better and live better lives as well as create value
for our owners. We will achieve this with our team
of passionate experts delivering the best customer-
centric innovation and ensuring that we are the
most trusted partner in our industry.
Peter Justesen
President Hearing division
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The enterprise market is driven by hybrid “technology rich” work which
is here to stay. User experience and tech shifts like GenAI drive innova-
tion. It is a structurally profitable industry with high entry barriers with
channel network required for reach in the market.
Strategic focus areas
• Freedom of choice: Broad portfolio and flexible approach to
Unified Communication, management software, and AI agents
• Innovation with purpose: Jabra is the only enterprise-grade au-
dio-video specialist brand – ensuring a deep understanding of
customer needs
• Trusted partner: Partner-powered, privacy-minded, and highly
reliable solutions
Winning in the enterprise market
Making work-life better for business and professionals
Headsets
Specialist audio and video technology
engineered to address needs in enterprises of all sizes
Video and
speakerphones
Other revenue
streams
Tactical
communication
solutions
Only selected products are shown here. Visit Jabra.com to see our full portfolio for enterprise solutions and FalCom.net for our tactical communication solutions.
Take headset experience to a whole new level
Build on leadership position and grow ahead of the market by increasing penetration and re-
placement, entering new segments and share take. Retain premium position through innovation
(e.g., GenAI voice access, security, and new form factors)
Offer all types of customers new video collaboration experiences
Extending our portfolio for increased room coverage and relevance to all partners. Differentiate
through focus on the Android segment, security, fast, flexible deployments, and image pro-
cessing (incl. AI)
Enhance reach with Frontline Workers
Accelerate frontline worker growth through segment focus (Retail and Warehousing), and ex-
panded portfolio offering while sustaining the BlueParrott business for professional truck driv-
ers in the U.S.
Our promise is Making Work-Life Better. Our
ambition is to help every company and their
people to work better, no matter where or
how they choose to work.
Calum MacDougall
President Enterprise division
Accelerate FalCom growth based on new portfolio
Build on FalCom’s new suite of products that fundamentally transforms tactical communication
and hearing protection for special operations, military, law enforcement, and security personnel
who all depend on optimal perception in extreme environments
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Gaming is an attractive market where innovation and brand strength
are requirements to drive success – both of which are strongholds for
GN and SteelSeries. And the gaming market has become mainstream*:
3.6 billion people are gamers; engagement is growing; replacement cy-
cles are short, less than two years, with gamers looking for an edge and
is a key attach to new platforms and games.
Strategic focus areas
• Customer-centric innovation – leader in premium gaming au-
dio and top 3 overall across our core categories
• Bringing leading software to gamers across all platforms
• Leverage GN scale to drive increased profitability
Winning in the gaming market
GN offices
Countries with direct sales
Helping every gamer feel like a star
Best-in-class awards (500+) and coverage in top-tier gaming, tech, lifestyle and mainstream media, including IGN, WIRED, Rolling Stone,
Esquire, CNN and more
Win through relentless innovation
Products continuously receiving rave reviews, such as the Nova Elite being praised as “10/10 Masterpiece” and Edi-
tor’s Choice Award from IGN
Seamless hardware and software integration
Mobile app and cross connectivity ensuring the best experience regardless of how you play
Enthusiast-driven grass-roots brand activation
SteelSeries is perceived as the leading brand in esports, software development and being the number one brand
gamers like to talk about
Only selected products are shown here. Visit SteelSeries.com to see our full portfolio for gaming solutions and Kontrolfreek.com for our performance gaming gear.
*) Data according to global leader in PC & console games data Newzoo (newzoo.com)
We aspire to help every gamer push the boundaries
of awesome and feel like a star. We uniquely solve
problems through a unified suite of products and
services, enhancing gamers' skills and experiences
as a leader in innovation and software.
Ehtisham Rabbani
President Gaming division
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Five year overview 22
Group financial review 23
Hearing division 25
Enterprise division 26
Gaming division 27
Financial guidance 2026 28
Business review
Financial
s
2025
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ReSound Enzo IA
Exceptional speech understanding and all-day battery life – in the
world’s smallest rechargeable Super Power hearing aid.
ReSound Enzo IA addresses the number one challenge for people
with severe to profound hearing loss – understanding speech espe-
cially in difficult environments. It is the world's smallest rechargea-
ble Super Power hearing aid, providing maximum comfort, while en-
suring all-day battery life. ReSound Enzo IA also offers unprece-
dented seamless streaming and connectivity as the world's first Su-
per Power hearing aid made for Bluetooth
®
Low Energy (LE) Audio
and Auracast broadcast audio, supported by the ReSound Smart
3D
app.
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DKK million
2021
2022
2023
2024
2025
GN Store Nord
Revenue
15,775
18,687
18,120
17,985
16,782
Revenue growth
17%
18%
-3%
-1%
-7%
Organic growth
20%
-3%
-1%
1%
-4%
Gross profit margin
55.0%
48.9%
49.4%
53.2%
54.6%
EBITA*
2,619
1,560
1,200
2,153
1,908
EBITA margin*
16.6%
8.3%
6.6%
12.0%
11.4%
Operating profit (loss)
2,397
1,111
869
1,860
1,596
Financial items, net
-90
-405
-462
-492
-685
Profit (loss) before tax
2,271
725
343
1,361
914
Effective tax rate
21.2%
21.4%
22.4%
22.2%
22.3%
Profit (loss) for the year
1,790
570
266
1059
710
Total assets
23,552
30,589
30,642
30,611
29,226
Total equity
6,229
6,800
9,587
10,824
10,898
ROIC (EBITA*/Average invested capital)
25%
9%
5%
10%
9%
Earnings per share DKK, basic (EPS)
13.63
4.00
1.64
6.79
4.48
Earnings per share DKK, fully diluted (EPS diluted)
13.49
3.99
1.64
6.78
4.48
Investments in property, plant and equipment
-457
-209
-351
-120
-168
Free cash flow excl. company acquisitions and divestments
702
-1291
1,092
1,081
1,112
Cash conversion (free cash flow excl. company acquisitions and divest-
ments/EBITA*)
27% -83% 91% 50% 58%
Equity ratio
26.4%
22.2%
31.3%
35.4%
37.3%
Net interest-bearing debt**
4,829
14,561
10,567
9,699
8,876
Net interest-bearing debt (period-end)/EBITDA
1.6
7.1
6.0
3.8
3.8
Payout ratio
12%
-
-
-
-
Share buybacks***
1,166
-
-
-
-
Outstanding shares, end of period (thousand)
127,718
127,973
145,613
145,613
145,613
Average number of outstanding shares (thousand)
128,816
127,823
138,883
145,613
145,613
Average number of outstanding shares, fully diluted (thousand)
130,194
128,126
138,991
145,712
145,712
Treasury shares, end of period (thousand)
10,458
9,220
5,300
5,300
5,300
Share price at the end of the period
411.3
159.8
171.8
133.8
106.8
Market capitalization
52,530
20,444
25,016
19,476
15,555
* Please refer to Key Ratio Definitions on
p. 168 for definition of EBITA ** Please refer to Key Ratio Definitions on p. 168 for definition of
Net interest
-bearing debt. NIBD figures have been adjusted to include Loans to dispensers as these are interest bearing
*** Including buybacks as part of the share-based incentive programs
Five year overview
22/195
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Revenue
In 2025, GN delivered solid financial performance in a challenging year
impacted by uncertain trade policies and macroeconomic weakness,
which presented multiple challenges to consumers and companies
around the world. Despite the challenges on global demand, GN exe-
cuted strongly leading to a revenue of DKK 16,782 million. Organic rev-
enue growth ended at -1% excluding the wind-down (of the Elite and
Talk product lines), which was in line with the financial guidance for the
year. The development was driven by 5% organic growth in Hearing,
-6% in Enterprise, and -2% in Gaming (excluding wind-down). Reported
organic growth was -4%, reflecting a -3% impact from the wind-down.
For the Group, total revenue growth was -7%, due to -3% impact from
FX.
Gross profit
Group gross profit ended at DKK 9,157 million compared to DKK 9,564
million in 2024, equaling a gross margin improvement of 1.4
percentage points. The development reflected positive business mix,
strong pricing discipline, and group-wide synergies, offset by direct
tariff costs in Enterprise and Gaming.
Divisional profit
Group divisional profit ended at DKK 5,042 million compared to DKK
5,207 million in 2024. This led to a divisional margin expansion of 1.0
percentage points reflecting the gross margin improvement and the
focused group-wide cost management program initiated during the
year.
Development costs
Group development costs ended at DKK -1,460 million compared to
-1,491 million in 2024. This reflects continued investments into GN’s
R&D roadmap, including 2025 product launches of ReSound Vivia, Re-
Sound Enzo IA and PanaCast 40 VBS, as well as the ongoing work on
the Evolve3 platform, but offset by cost savings across non-product re-
lated activities.
Management and administration costs
Group management and administration costs ended at DKK -1,683 mil-
lion compared to DKK -1,543 million in 2024. The development re-
flected focused cost control across the organization, while investing
into the business to ensure a sustainable and resilient growth platform.
Group financial review
Financial overview 2025
GN Store Nord
Hearing division
Enterprise division
Gaming division
Gaming
Consumer
DKK million
2025
2024
Growth
2025
2024
Growth
2025
2024
Growth
2025
2024
Growth
2025
2024
Growth
Revenue
16,782
17,985
-7%
7,214
7,104
2%
6,899
7,474
-8%
2,683
2,810
-5%
-14
597
-102%
Organic growth
-1%*
1%
5%
10%
-6%
-3%
-2%
7%
-102%
-39%
Gross profit
9,157
9,564
-4%
4,407
4,458
-1%
3,850
4,146
-7%
895
910
-2%
5
50
NA
Gross profit margin
54.6%
53.2%
1.4%p
61.1%
62.8%
-1.7%p
55.8%
55.5%
0.3%p
33.4%
32.4%
1.1%p
NA
8.4%
NA
Divisional profit
5,042
5,207
-3%
2,421
2,464
-2%
2,311
2,662
-13%
346
-36
Divisional profit margin
30.0%
29.0%
1.0%p
33.6%
34.7%
-1.1%p
33.5%
35.6%
-2.1%p
12.9%
NA
EBITA
1,908
2,153
-11%
EBITA margin
11.4%
12.0%
-0.6%p
Free cash flow excl. M&A
1,112
1,081
31
*
Excluding wind-down effect. Reported organic revenue growth of -4%
Revenue (DKKm) and organic revenue growth (%)
Revenue distribution
5,332
6,227
6,802
7,104
7,214
8,645
9
,048
7,732
7,474
6,899
1,798
1,094
984
597
2
,317
2,602
2,810
2,683
2021 2022 20242023 2025
Org.
growth
20% -3% -1% 1% -1%*
17,985
16,782
18,120
18,687
15,775
Revenue Consumer business (DKKm
)
Revenue Gaming business (DKKm)
Revenue Enterprise business
(DKKm)
Revenue Hearing business (DKKm)
* Excluding wind-down effect
North
America
39%
Europe
40%
Rest of
the world
21%
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EBITA
Group EBITA ended at DKK 1,908 million compared to DKK 2,153 mil-
lion in 2024, equivalent to a margin of 11.4%, which was in line with
the financial guidance for the year. This margin development reflected
the increasing gross margin as well as prudent cost management but
was offset by tariffs and negative operating leverage.
Other profit & loss items
In 2025, amortization of acquired intangible assets amounted to DKK
-322 million compared to DKK -365 million in 2024. Financial items
ended at DKK -685 million in 2025 compared to DKK -492 million in
2024, primarily driven by increased financing costs due to debt refi-
nancing during 2023, as well as FX revaluation of balance sheet items.
In 2025, share of profit (loss) in associates was DKK 3 million compared
to DKK -7 million in 2024. Gain (loss) on divestment of operations, etc.
was DKK 9 million compared to DKK 72 million in 2024, due to the di-
vestment of Dansk HøreCenter in 2024. Profit before tax was DKK 914
million compared to DKK 1,361 million in 2024.
The effective tax rate was 22.3% compared to 22.2% in 2024, translat-
ing into a net profit of DKK 710 million compared to DKK 1,059 million
in 2024. Earnings per share (EPS) was DKK 4.48 in 2025 compared to
DKK 6.79 in 2024.
Free cash flow
Group operational free cash flow ended at DKK 2,907 million com-
pared to DKK 3,126 million in 2024. The change in working capital con-
tributed positively with DKK 163 million, while investment activities
excl. M&A decreased to DKK 1,564 million. As a result, free cash flow
excl. M&A ended at DKK 1,112 million (in line with the financial guid-
ance for the year) compared to DKK 1,081 million in 2024.
Capital structure
The net interest-bearing debt decreased by DKK 823 million to DKK
8,876 million by the end of 2025, reflecting the solid cash flow genera-
tion. Consequently, the reported leverage ended at 3.8x, which was
similar to 2024.
During the year, GN signed two new facilities with its core banking
group. A new EUR 1,000 million term loan to refinance existing debt,
and a new EUR 500 million revolving credit facility, which will replace
the existing EUR 520 million undrawn facility. Based on GN’s strong
fundamental operational improvements executed in the past few
years, the new facilities reflect improved terms and conditions, includ-
ing lower interest rates, compared to existing loans. The new facilities
mature in 2028 (with the option to extend by up to two years, i.e. 2030,
in agreement with the banks).
Flexible operating model helped mitigate
the uncertain trade and macro-environment
GN has worked diligently with what is within the company’s control to
mitigate the negative impact from newly introduced tariffs and macro-
economic headwinds. During the past several years, GN has pursued an
operational strategy to leverage scale and increase supply chain agility
and resilience.
In 2025 these efforts were accelerated, and all major products now can
be supplied from multiple countries. Thanks to this, the group-wide
cost control efforts, and the commercial actions that were taken
across Enterprise and Gaming, the overall impact is being mitigated
well. GN will continuously assess the development and additional pru-
dent and diligent actions will be taken as needed going forward.
EBITA (DKKm) and EBITA margin (%)
Free cash flow excl. M&A (DKKm)
Net interest
-bearing debt (DKKm) and leverage
2,619
1,560
1,200
2,153
1,908
2021
2022
2023 2024
EBITA
margin
16.6%
8.3%
6.6% 12.0%
11.4%
Reported EBITA GN Store Nord ( DKKm)
2025
702
-1,291
1,092
1,081
1
,112
2022 20242021 2023 2025
Net interest-bearing debt (DKKm) Leverage
8,876
2021 2022 2023 2024
4,829
14,561
10,567
9,699
2025
1.6x 7.1x 6.0x 3.8x 3.8x
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Another year with market share gains
driven by customer-centric innovation
and solid commercial execution
Revenue
The Hearing division delivered another strong year with 5% organic
growth (on top of 10% in 2024 and 13% in 2023), yet again outper-
forming the market. Growth was driven by broad-based market share
gains of the new ReSound Vivia platform, the world’s smallest AI-pow-
ered hearing aid, enabling the division to capture record high market
share across various markets, underscoring its innovative strength and
effective market execution. As a result, overall revenue ended at DKK
7,214 million, compared to DKK 7,104 million in 2024, including an im-
pact of -1% from M&A and -2% from FX.
In 2025, the global hearing aid market was negatively impacted by
global uncertainty and weak consumer sentiment, resulting in market
value growth below its structural trends of 3-5%.
In North America, GN delivered solid organic revenue growth in the in-
dependent segment and VA, while the comparison base at a large re-
tailer was challenging and the JabraEnhance.com business was im-
pacted by low consumer sentiment. Overall revenue in North America
ended at DKK 3,537 million (compared to DKK 3,616 million in 2024).
In Europe, GN gained broad-based market share, leading to double-
digit organic revenue growth. The performance was driven by strong
execution in especially Germany and France. The overall revenue in Eu-
rope ended at DKK 2,053 million (compared to DKK 1,847 million in
2024).
In Rest of World, GN continued to do well with significant market share
gains across many markets, leading to a solid organic revenue growth
contribution. The growth was supported by strong performance across
markets like ANZ, India, and Global Distributor Sales, while the growth
was negatively impacted by a difficult Chinese market. Overall revenue
in Rest of World ended at DKK 1,624 million (compared to DKK 1,641
million in 2024).
Gross profit
Gross profit reached DKK 4,407 million compared to DKK 4,458 million
in 2024, corresponding to a gross margin of 61.1% in 2025. The decline
in gross margin was mainly due to an adverse development from
country and business mix as well as the divestment of Dansk
HøreCenter in 2024.
Sales and distribution costs
Sales and distribution costs ended at -1,986 million compared to DKK
-1,994 million in 2024. The development was driven by the group-wide
cost program, while continuing to invest in initiatives to support the
strong momentum of ReSound Vivia.
Divisional profit
The divisional profit ended at DKK 2,421 million compared to DKK
2,464 million in 2024, corresponding to a divisional profit margin of
33.6% compared to 34.7% in 2024. This reflects the gross margin de-
velopment partly offset by prudent cost management on sales and dis-
tribution costs, while continuing to invest into the ReSound Vivia mo-
mentum.
Hearing division
Revenue (DKKm)
Gross profit
(DKKm)
Divisional profit (DKKm)
7,104
7,214
2024
+5%
Organic
revenue growth
-2%
FX growth
-1%
M&A growth 2025
+2%
62.8%
2024
61.1%
2025
4,458
4,407
34.7%
2024
33.6%
2025
2,464
2,421
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Strong channel execution led to positive
sell-out growth outside of Europe, while
market shares were maintained in a diffi-
cult European market. Focused pricing
discipline effectively off-set tariff cost
Revenue
The Enterprise division demonstrated continued resilience and focused
execution in 2025 by effectively mitigating impacts from uncertain
trade policies and macroeconomic weakness, while maintaining its
market leading position and preparing for the strategic important
Evolve3 launch in 2026. Organic growth was -6% in 2025, reflecting fo-
cused execution in a gradually improving market but negatively im-
pacted by the uncertain trade policies. Revenue ended at DKK 6,899
million compared to DKK 7,474 million in 2024, including an impact of
-2% from FX.
In North America, sell-out growth was positive in 2025, underpinning
GN’s strong channel execution and market-leading product portfolio
resulting in solid market share gains. Sell-in growth (organic revenue
growth) was negative for the year, reflecting significant channel inven-
tory reductions.
In Europe, sell-out growth was negatively impacted by the challenged
market due to the indirect effects of the uncertain trade policies, mak-
ing several companies hold back investments. However, strong channel
execution and a market-leading product portfolio allowed GN to main-
tain its market share in the region. As a result of the difficult end-mar-
kets and some channel inventory reductions, sell-in growth (organic
revenue growth) was negative for the year, despite being positively im-
pacted by a significant revenue contribution from FalCom.
In Rest of World, sell-out growth was positive in 2025, driven by a fairly
normal market environment, which led to positive sell-in growth (or-
ganic revenue growth) for the year as a whole.
Gross profit
Gross profit reached DKK 3,850 million corresponding to a gross mar-
gin of 55.8% compared to 55.5% in 2024. The positive development
was achieved through a combination of strong pricing discipline as well
as a successful supply chain diversification strategy and price adjust-
ments in the U.S. effectively offsetting the direct impact from tariff
costs.
Sales and distribution costs
Sales and distribution costs ended at DKK -1,539 million compared to
DKK -1,484 million in 2024. The development reflected good cost
control, offset by targeted market investments to fuel the current
market share momentum and prepare for the Evolve3 launch.
Divisional profit
Divisional profit ended at DKK 2,311 million, representing a divisional
profit margin of 33.5% (compared to 35.6% in 2024). The performance
was a result of effective tariff mitigation, focused cost control, but off-
set by negative operating leverage from the development in revenue.
Enterprise division
Revenue (DKKm)
Gross profit
(DKKm)
Divisional profit (DKKm)
7,474
6,899
2024
-6%
Organic
revenue growth
-2%
FX growth
0%
M&A growth 2025
-8%
55.5%
2024
55.8%
2025
4,146
3,850
35.6%
2024
33.5%
2025
2,662
2,311
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Another year of solid market share gains
in a difficult market impacted by low
consumer sentiment, while executing
sustainable margin initiatives despite
tariffs
Revenue
The Gaming business gained market share in a difficult gaming equip-
ment market resulting in organic revenue growth of -2% (excluding the
wind-down effect). As a consequence of the wind-down of the Elite and
Talk product lines during 2024, the reported organic revenue growth
for the division ended at -19%. As a result, overall revenue ended at
DKK 2,669 million, compared to DKK 3,407 million in 2024, including
an impact of -3% from FX.
In North America, SteelSeries performed very well in a gaming equip-
ment market that was significantly impacted by decreasing consumer
sentiment during the year. Driven by the strong commercial execution
and relevant product introductions, SteelSeries managed to perform
well compared to the market, which led to a single-digit decline in or-
ganic revenue growth.
In Europe, SteelSeries continued its recent years of success and con-
tributed with positive organic revenue growth in the region
particularly driven by countries like Germany and France.
In Rest of World, SteelSeries delivered strong organic growth with par-
ticularly strong performance in Japan.
Gross profit
Gross profit for the Gaming division reached DKK 900 million com-
pared to DKK 960 million in 2024. This was a result of DKK 895 million
in gross profit contribution from SteelSeries products (gross margin of
33.4% in 2025 compared to 32.4% in 2024) and DKK 5 million from the
wind-down of Elite and Talk product lines. The development within the
gross margin of SteelSeries products reflects strong pricing discipline,
continued benefits from the supply chain integration, but partly offset
by direct tariffs costs.
Sales and distribution costs
Sales and distribution costs ended at DKK -590 million (including DKK
-41 million in wind-down costs), reflecting a decrease of 33% compared
to DKK -879 million in 2024. The positive development reflects the
structural savings from the wind-down and the general group-wide
cost program.
Divisional profit
The divisional profit ended at DKK 310 million, translating into a divi-
sional profit margin of 11.6% (compared to 2.4% in 2024) driven by the
improved gross margin and positive operating leverage. Excluding the
effects of the wind-down, the divisional profit ended at DKK 346 mil-
lion, equal to a divisional profit margin of 12.9%.
Wind-down effects
As a consequence of the wind-down of the Elite and Talk product lines
in 2024, the Gaming division was impacted by DKK -14 million in reve-
nue, DKK 19 million in COGS and DKK -41 million in sales and distribu-
tion costs linked to the wind-down for general service and warranty
commitments.
Gaming division
Revenue (DKKm)
Gross profit
(DKKm)
Divisional profit (DKKm)
3,407
2,669
2024
-17%
Wind-down
-2%
Organic
revenue
growth
-3%
FX growth
0%
M&A
growth
2025
-22
%
28.2%
2024
33.7%
2025
960
900
2.4%
2024
11.6%
2025
81
310
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The development in tariffs and its impact on our markets makes our en-
vironment more uncertain than normal. As a base assumption for the fi-
nancial guidance we assume that tariff rates as of today are constant
throughout the remainder of the year. For 2026, it has been decided not
to guide specifically on free cash flow excl. M&A following the signifi-
cantly improved capital structure and leverage. GN’s focus on profitable
growth and healthy cash flow generation continues.
Key revenue assumptions for the financial
guidance of 2026
Hearing division
GN is exposed to an attractive hearing aid market, which has histori-
cally been growing 4-6% in volumes driven by ongoing favorable de-
mographic trends. With an assumed -1% yearly ASP impact, the struc-
tural market value growth assumptions of 3-5%. As a consequence of
the current macro-economic challenges including the low level of
consumer sentiment, it is assumed that the hearing aid market in 2026
will grow at the low end of its structural trend.
Based on the strong sales momentum of ReSound Vivia and further
product launches throughout 2026, it is currently expected that GN
will continue to grow strongly despite the difficult comparison bases
and the weaker-than-normal market growth. Consequently, the Hear-
ing division assumes to contribute with organic revenue growth of 3%
to 7%.
Enterprise division
Following a longer period of market stabilization, the Enterprise mar-
kets outside of Europe experienced positive sell-out growth in 2025,
which is assumed to continue in 2026. As a consequence of the trade
environment, the European market experienced a setback during 2025,
but was showing positive signs towards the end of the year. It is there-
fore assumed that the European market will gradually recover during
2026.
Driven by a gradual launch of our Evolve3 headset portfolio, other
product introductions and strong execution it is assumed that the En-
terprise division will contribute with organic revenue growth of 0% to
6%.
Gaming division
Similar to the Enterprise market, the Gaming equipment market was
also impacted by the change in trade environment and general weak
consumer sentiment during 2025. As a consequence of the macro-eco-
nomic environment, it is currently assumed that the broader gaming
equipment market will experience modest growth in 2026 driven by
continued increase in number of global gamers as well as important
new game introductions towards the end of the year.
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
13%.
Key EBITA margin assumptions for the
financial guidance of 2026
Following a difficult 2025, where the primary focus was to protect
Group profitability, GN is expected to return to profitable growth in
2026.
In 2026, the EBITA margin is expected to be supported by the tempo-
rary nature of certain supply chain costs in 2025, gross margin expan-
sion and operating leverage.
The guidance also takes into consideration the annualization of tariffs
from 2025. In addition, the group margin is also expected to be nega-
tively impacted by the non-cash contribution from higher absolute
amortizations from prior capitalizations compared to 2025.
The underlying margin expansion for 2026 is supporting the journey to-
wards the structural margin target level of 16-17%.
Financial guidance 2026
organic
revenue
growth
3%
to 7%
GN Store Nord
EBITA
margin
11.5%
to13.5%
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Shareholder information 30
Risk management 33
Corporate governance 37
Board and leadership 41
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Business review
Company
information
Arctis Nova Elite
SteelSeries’ new flagship Arctis Nova Elite brings audiophile-grade
sound to wireless gaming headset, creating a new “ultra-pre-
mium” category for the gaming headset market.
The Arctis Nova Elite is a story of meticulous design, engineering,
and craftsmanship to deliver the first Hi-Res Wireless Certified im-
mersive listening experience across PS5/Xbox/Nintendo Switch/PC,
music, entertainment, work & play. Custom Carbon Fiber Drivers,
OmniPlay that gives the ability to Connect/Mix/Play up to four
sources on PC/Console/Bluetooth simultaneously, and AI Noise Re-
jecting Microphones come together to create the ultimate gaming
headset.
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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 15.6 billion at the end of 2025. The price of the GN share was DKK
107 on December 31, 2025.
GN is, among other indices, included in the C25 index and Large Cap in-
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 65,000 registered shareholders.
Of the entire ownership, it is estimated that around 45% are held by in-
vestors in Denmark, around 25% in rest of Europe, around 30% in
North America, and less than 1% in Rest of World.
The 10 largest registered shareholders held in total around 40% of the
GN share capital at the end of 2025 (including GN’s holding of treasury
shares). By the end of 2025, 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, 2025, 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 566 million.
Until the Annual General Meeting on March 11, 2026, 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.
Shareholder information
Major indices including GN Store Nord
Index
Focus
OMX C25
CAP
Denmark
STOXX Europe 600
Europe
OMX Nordic Large Cap
Nordics
Geographical split of shareholders
(% of share capital)
Denmark
45%
Europe
25%
North America
30%
Rest of the World
<1%
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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. Historically, GN has been paying out dividend corre-
sponding to 15 - 25% of the annual net profit and has been distributing
additional excess cash to shareholders through share buyback pro-
grams.
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 2025, GN’s net in-
terest-bearing debt decreased by DKK 0.8 billion to DKK 8.9 billion,
driven by the positive free cash flow, reflecting a leverage of 3.8x. GN
remain focused on delivering 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 fi-
nancial year 2025 and share buyback programs have been paused for
the time being.
Incentive programs
By the end of 2025, the total number of outstanding options in GN
Store Nord were 3,156,295 (2.1%) 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 Investor Relations 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.
Content
Share price development*
* Index: 3
0-12-2024 = 100
Financial calendar for 202
6
Event
Date
Annual General Meeting
March 11, 202
6
Interim Report Q1 202
6 May 7, 202
6
Interim Report Q2 202
6 August 20, 202
6
Interim Report Q3 202
6 November 5, 202
6
Read company
announcements on www.gn.com.
50
60
70
80
90
100
110
120
130
31 Dec 2024 1 Apr 2025 1 Jul 2025 30 Sep 2025 31 Dec 2025
GN
C
25 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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The GN investment case
Attractive markets
across Tech and
MedTech backed by
fundamental
megatrends and high
entry barriers
Deep expertise and
proven track-record in
the intersection
between hardware and
software delivering
customer-centric
innovation and value
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
Agile operations and
global supply chain
scale to support growth
and navigating possible
future disruptions
Protecting our planet
by running our company
in a climate-friendly and
sustainable way
Asset light business
model and strong
margin focus leading to
solid cash flows
supported by group
-
wide synergies
Focused, talented, and
passionate people
Financial targets 2025-2028
Organic revenue growth EBITA margin Leverage
GN Store Nord 5%-8%* 16%-17% (by 2028) 2.0x (by 2028)
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:
* Assuming 3-5% market value growth in Hearing, 3-5% market value growth in Enterprise headsets, and ~5% market value growth in Gaming
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Effective risk management ensures that
GN remains resilient, agile, and competi-
tive in an ever-changing global environ-
ment
We continue to evaluate and refine our approach, focusing on key
areas such as market, technological integration, innovation, product
quality, workforce development, IT infrastructure, and finance.
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, taking GN’s
setup and maturity into account. A comprehensive risk report, re-
viewed and prioritized 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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Risk identification and mitigation process
Q1
Q2
Q4
Q3
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
7) Lessons Learned
Adapting and improving the process
and resources to changing business
requirements and environment.
1) Initial risk assessment process
Prioritized areas receive automated risk
and maturity questionnaires.
The responses are automatically calcu-
lated into likelihood, taking the maturity
into account, while the financial impact
is assessed in close collaboration with Fi-
nance.
Hereafter, the results are evaluated and
challenged by the Corporate Risk Gov-
ernance team and consolidated in meet-
ings with Strategy and respective mem-
bers of the Executive Leadership Team.
2) Financial impact assessment
Meetings with Finance to assess and
validate financial risk impact.
3) Mitigation activity tracking
Meetings with respective Strategy
partners to track the status of previ-
ously defined mitigation activities.
4) Strategy review
Final review and re-vali-
dation with Strategy.
5) Executive impact review
Final meeting with Execu-
tive Leadership Team who
collectively challenges, vali-
dates, and prioritizes risks
and risk handling activities.
6) Board and Audit Committee
Top Risk Review
Board of Directors and Audit
Committee review GN’s Corpo-
rate Risk Management process.
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Risk description
Mitigating actions
Assessment
The macroeconomy and global trade policies
General macroeconomic uncertainty, instability in trade policies, and increasing trade tar-
iffs may decrease households’ and enterprises’ spending, which may result in declining de-
mand for GN’s products and/or increasing costs.
Such uncertainty may also impact key suppliers and GN’s operations. And this in turn may
impact GN’s ability to continue to supply key markets.
GN’s supply chains, including component sourcing, remain dependent on the availability of
components and manufacturing capacity across Asia.
It is critical to GN’s success that its in-house as well as outsourced manufacturing and sup-
ply chain setup is resilient, cost efficient, and that GN as a whole is able to deliver products
and services to customers of the right quality, the right price, and on time across the world.
To mitigate macroeconomic uncertainty and instability in trade relations, we continuously
analyze emerging threats and scenario-based risks to inform decision-making across the or-
ganization, including enabling readiness to take prompt and appropriate cost actions, if
necessary. Further, we are proactively assessing upcoming regulations to adapt the organi-
zation’s structures, processes, and compliance measures in good time.
To ensure GN’s operational resilience, a manufacturing and supply chain diversification
strategy is being executed. As part of this strategy, we are preparing regional operations
across all three regions and divisions to enable faster, market‑tailored execution. Addition-
ally, we have relocated and diversified our production facilities so that all relevant products
specifically for the U.S. market can now be supplied from multiple countries, reducing sup-
ply chain exposure.
Additionally, we are implementing a harmonized Product Lifecycle Management system,
strengthening our data foundation, and streamlining IT architecture to enhance cross-func-
tional collaboration. At the same time, we are modernizing operational IT systems and im-
proving process alignment to ensure stability and scalable capacity.
We are currently reinforcing the security and resilience of our most critical manufacturing
sites through targeted protective measures and contingency planning. And we are securing
diverse, strategic sourcing partnerships and drive contingency planning to maintain conti-
nuity and enable rapid recovery.
Together, these actions are designed to safeguard supply chain continuity, regulatory read-
iness, and long-term operational stability. Also, these initiatives are intended to reduce
product returns, increase product and service quality, and improve customer interactions,
creating a more agile and resilient operations platform.
GN continuously evaluates the extent to which its organization systematically assesses and
manages risks in the macro-environment associated with collaboration across diverse loca-
tions, ensuring that strategies are in place to mitigate potential disruptions.
In GN’s operations organization, the active assessment of these risks involves monitoring
regional stability and adapting processes to maintain efficiency. Assessing our operational
resilience and efficiency is essential for ensuring our ability to anticipate and manage dis-
ruptions 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 risks in the macro-environment, focusing on diversifying risks within our
operations to enhance stability.
Similarly, in sales and marketing, evaluating these risks helps tailor strategies to navigate
market dynamics and protect brand integrity in various macro-environment contexts.
Our commitment to continuous improvement is also reflected in initiatives aimed at miti-
gating 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.
GN’s assessment is that adequate strategies and measures are in place to manage these
risks in a balanced way.
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Risk description
Mitigating actions
Assessment
People, technology, and quality
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.
Equally, the ability to attract and retain the right people and competencies is critical to sus-
taining innovation and technological leadership.
In addition to maintaining technological leadership, GN must ensure that products and ser-
vices operate without defects or other quality issues from their launch through their lifecy-
cle. Quality deficiencies could cause significant reputational harm and ultimately jeopardize
GN’s ability to remain a relevant player in key markets.
Further, technology products and solutions that connect to the internet or to other inter-
net-connected 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 toward cyber-attacks.
To increase transparency and simplify decision-making, we are implementing cross-func-
tional forums, standardized processes, and shared practices across teams. In addition, we
are using strategic capability mapping to identify and proactively address gaps in people
resources and key competencies.
Across divisions and functions, we are strengthening our focus on product quality while ex-
panding automated testing and shifting testing earlier in the development cycle to improve
resilience.
Furthermore, we are also conducting continuous risk assessments, prioritizing a sustainable
platform strategy, and selectively bringing development activities in‑house to enhance con-
trol and long‑term operational resilience.
Our product cybersecurity improvements take a risk-based approach, evaluating factors
such as sales volume, attack surface, and third-party dependencies. We have rolled out se-
cure coding practices and architecture training across our teams.
Moreover, threat modelling has been extended to cover new products, feature changes,
and legacy systems, with a commitment to advancing towards more sophisticated threat
modelling techniques. At the same time, penetration testing is being integrated as a struc-
tured and consistent part of the product development lifecycle to proactively identify and
address vulnerabilities.
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 en-
hance operational efficiency and responsiveness to market changes. Our focus on assessing
continuous improvement is vital for sustaining competitiveness and driving long-term busi-
ness 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.
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.
Competitive dynamics
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.
We are focused on strengthening customer relationships, driving innovation, and enhanc-
ing operational efficiency to ensure competitiveness and support sustainable growth. This
includes deepening integration with key accounts and expanding strategic partnerships
while maintaining leadership in AI and product quality.
GN’s approach emphasizes launching attractive and innovative new products in targeted
categories, conducting thorough post-launch reviews to drive continuous improvement,
and advancing transformation programs that improve priority setting, planning, and cross-
functional collaboration at scale.
We are also broadening our product portfolios, advancing cybersecurity initiatives, explor-
ing new market segments, and increasing marketing efficiency through strategic partner-
ships.
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 customer needs and behaviors, including increasing consumer de-
mands, particularly in relation to sustainability.
By integrating these insights into our strategic planning, we enhance our competitive ad-
vantage and ensure long-term success in the marketplace.
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Risk description
Mitigating actions
Assessment
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, business continuity/data recovery, and reputation and may result in significant
fines and financial loss.
To secure availability as well as to strengthen our security posture and governance, we are
conducting internal penetration testing and internal IT process and system reviews. Busi-
ness continuity and data recovery plans are in place and cyber incident response is tested
yearly. We are reassessing vendors based on their handling of data and impact on our infra-
structure to reduce third‑party risks. In addition, we are inventorying and managing all soft-
ware used across the organization to establish a clear protection and remediation priority.
We are also further segmenting the network and implementing enhanced network controls
to reduce the attack surface and improve overall resilience.
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.
Interest and foreign exchange rates
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 2025 to DKK 8,792 million (2024: DKK
9,699 million). As a result, the net interest-bearing debt to EBITDA ratio ended at 3.8x
(2024: 3.8x) 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.
As GN is a global company, it has revenue and costs in a number of different currencies,
which creates a financial risk from changes in the foreign exchange rates.
Annual EBITA impact from a 5% increase in currency before hedging
(DKK million)
Currency
GN Store Nord
USD
-28
GBP
28
AUD
18
JPY
11
During 2025, GN successfully signed EUR 1,500 million loan facilities with its core banking
group consisting of a EUR 1,000 million term loan facility and a EUR 500 million revolving
credit facility. The new facilities mature in 2028, with the option to extend by up to two
years, i.e. 2030, in agreement with the banks.
The EUR 1,000 million term loan facility was used to refinance the EUR 800 million term
loan (maturity in Q3 2026) as well as EUR 140 million R&D loans (maturity in 2026–2029).
EUR 937 million of the new term loan facility was utilized as of December 31, 2025, and the
undrawn EUR 63 million of the facility has been cancelled. The EUR 500 million revolving
credit facility replaced the previous EUR 520 million revolving credit facility. The purpose of
the revolving credit facility is to mitigate potential liquidity or refinancing risk. The EUR 500
million revolving credit facility remains undrawn as of December 31, 2025.
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 remains at
EUR 432 million, with a utilization of EUR 161 million on December 31, 2025. 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 utilization of EUR
70 million on December 31, 2025. In total, GN has outstanding senior unsecured Private
Placements of around EUR 95 million in aggregate under the EMTN program by December
31, 2025, with maturities in 2036. Moreover, GN currently has R&D loans outstanding of
EUR 60 million with maturities from 1 to 3 years with fixed interest rates.
GN is actively mitigating the financial risk related to currency fluctuations by targeting a
balanced mix between revenue and costs across currencies. In addition, GN has hedged a
substantial part of the expected net EBITA in foreign currencies to secure the EBITA contri-
bution of the material trading currencies for the next 12 months.
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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Management structure
GN is governed by a two-tier management structure. The Board of Di-
rectors is responsible for the overall governance of the company, and
the Executive Management handles the daily management under the
guidelines and supervision of the Board. The ultimate authority rests
with the shareholders at the General Meeting.
The Executive Management consists of a Chief Executive Officer and a
Chief Financial Officer. Further, an Executive Leadership Team is re-
sponsible for the day-to-day operations of their respective areas and
serve as part of the Group’s overall leadership.
Board of Directors
GN's Board currently comprises ten members, of which seven have
been elected by the shareholders at the General Meeting, and three by
the employees in accordance with the Danish Companies Act.
Competencies of the Board
GN’s Board strives to recruit board members with a diversified range of
mutually complementary competencies. The current Board is a diverse
group in terms of global experience, functional competencies, and in-
dustry background which ensures that it can fulfil its obligations.
The composition is a mix of members with executive positions and pro-
fessional board members, providing a good balance between
knowledge, competencies, experience, and availability for a substantial
workload.
The board members possess global expertise within med-tech &
healthcare, strategy, M&A, ESG/sustainability, innovation, R&D and
product development, IT, software, digital transformation, marketing,
commercialization, supply chain, technology & professional services,
finance, and change management. See pp. 42-43 for a description of
the board members’ competencies and experience.
The Board of Directors’ annual self-evaluation
The Board evaluates on an annual basis the composition, diversity, and
competencies of the Board as a whole - as well as each individual board
member’s special competencies - to ensure the most optimal perfor-
mance of the Board. As part of such evaluation, the Chair of the Board
cooperates with each individual member to ensure that the members
update and supplement their knowledge of relevant matters with a
view to ensure that the members’ special knowledge and qualifications
are applied in the best possible manner.
In 2025, the Board of Directors performed its annual self-evaluation
with the assistance of an external advisor. The Danish Committee on
Corporate Governance recommends that companies conduct an exter-
nal, objective evaluation at least every three years.
The process
The evaluation was based on the input from ten Board members and
seven executives. It encompassed an online questionnaire and various
benchmarking to other peer boards as well as a reporting on the re-
sults of the evaluation facilitated by the external consultant.
The results of the Board evaluation, including practical recommenda-
tions for focus areas, was discussed at a board meeting in December
2025 with key findings presented by the external consultant.
Corporate governance
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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 &
Nomination, and Technology & Innovation Committees, and ap-
points the members of the Executive Management. In addition, GN
has established an Executive Leadership Team.
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General conclusions
In line with last year’s results, it was concluded that the Board has a
good working relationship and a constructive dialogue with the CEO
and management and are empowered to express their thoughts and
opinions; Board meetings are conducted in a manner that ensures
open, relevant discussions and meaningful participation.
The Chair sets the style and tone of the Board to promote open, hon-
est, and constructive debate and the relationship between the Chair
and the Executive Management is effective. The board members do
their homework in advance of meetings based on the materials distrib-
uted to them and the Chair encourages active engagement by all
board members.
The Board has diverse experiences, personal styles, cultural back-
grounds, and a good gender balance. The Chair is seen as an inclusive
and seasoned professional, well trusted by the management and with a
sincere ambition to do what is right.
The Board achieved its highest scores in committee effectiveness and
cooperation with CEO/executive team and respondents highlighted
constructive dialogue, well-prepared committee work, and an open,
collaborative, and respectful tone in the boardroom.
As part of the general evaluation conclusions, the external advisor pro-
vided a number of recommended focus areas, which the Board intends
to take into consideration going forward.
Succession planning was identified as an improvement area, which re-
quires that the Board establishes clearer succession processes with
more depth and increased Board visibility into talent pipelines.
Another identified development area was strategy implementation.
Although strategy processes are solid, implementation is becoming
more complex due to a rapidly changing global landscape, and an in-
creased internal strategic focus on the Group necessitates rebalancing
of the depth in strategy implementation across the Group’s divisions.
Finally, the Board identified a development opportunity to create a
clearer view on how the Board should or could relate to stakeholders.
The Chair of the Board will account for the process and the general
conclusions in his statement at the Annual General Meeting. Additional
information on the evaluation process and the general conclusions of
the 2025 evaluation may be found on the company’s website:
www.gn.com/boardevaluation2025
Board committees
As part of the overall governance of the company, the Board has es-
tablished Audit, Remuneration & Nomination, and Technology & Inno-
vation committees to assist with monitoring and preparatory work re-
lating to key areas of the Board’s responsibilities. The committees’
work in 2025 is summarized in the following:
Audit Committee
The Audit Committee works according to an annual agenda with fixed
items following key events of the annual financial reporting cycle. In
addition, the Audit Committee requests additional topics to be dis-
cussed in the meetings from time to time.
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 Governance
- Corporategovernance.dk/english
– lists its recom-
mended best practice guidelines.
GN is required to report on its compliance with these recom-
mendations according to the “comply or explain” principle. GN’s
compliance with the individual recommendations is reviewed
once a year by the Board.
Download GN’s 2025 Corporate Governance Report:
Risk management related to financial reporting is described in
this report on page 36. Internal control systems are described in
the above-mentioned Corporate Governance Report. This consti-
tutes 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/re-
munerationpolicy
GN’s Remuneration Report for 2025 is available at:
http://www.gn.com/remuneration2025
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The Audit Committee completed all planned meetings in 2025 and fo-
cused on governance, financial reporting quality, risk oversight, compli-
ance, and the control environment. During the year, the Audit Commit-
tee concentrated on the Annual Report and year-end matters, over-
sight of the external auditor (PwC), CSRD reporting, refinancing, the
whistleblower reporting system, material legal cases, and recurring an-
nual reviews (tax, treasury, insurance, capital structure, internal con-
trol maturity, and risk management). The Audit Committee also carried
out its own annual composition/competency review and a self-assess-
ment of its performance.
Further, the Audit Committee considered the need for an internal audit
function, which was not deemed necessary at this time.
Remuneration & Nomination Committee
Following the 2025 Annual General Meeting, the Remuneration Com-
mittee and the Nomination Committee have been combined into a
joint Remuneration & Nomination Committee to enhance efficiency
and create stronger synergies across their respective areas of responsi-
bility.
In 2025, the Committee supported the Board in ensuring that GN’s
leadership composition, competencies, and remuneration structures
effectively underpin the company’s strategy and purpose. It oversaw
the composition and succession planning for the Board of Directors
and Executive Management, ensuring an appropriate balance of skills
and experience in line with GN’s strategic direction. In doing so, the
Committee emphasized a strong culture, diversity, and good govern-
ance in all appointments and succession activities. The Committee also
evaluated the performance and composition of the Board to ensure
continued effectiveness and compliance with governance and diversity
standards.
In addition, the Committee supervised and reviewed GN’s remunera-
tion policy to ensure it supports long-term strategic objectives and
aligns with shareholder interests. Its responsibilities included reviewing
and approving long-term incentive grants, setting performance tar-
gets, overseeing the design and implementation of incentive programs,
and preparing the Remuneration Report.
Technology & Innovation Committee
In 2025, the Technology & Innovation Committee completed its second
year of operation. In line with its charter, the Committee explored
long-term strategic technology and innovation opportunities for GN.
The Committee participated in a series of portfolio reviews to validate
long-term direction as well as identify cross‑business synergies. It also
assessed central research and technology themes that support GN’s
ambition to accelerate cross‑company innovation through shared plat-
forms, modules and common technologies.
See charters and composition of the four committees at:
www.gn.com/boardcommittees
Remuneration
GN pursues a policy of offering the Board of Directors and Executive
Management remuneration that is competitive with industry peers and
other global companies to retain and attract competent professional
leaders of the business and members of the Board of Directors. The ac-
tual remuneration is accounted for in GN Remuneration Report 2025,
available at: http://www.gn.com/remuneration2025.
Meeting attendance
Board
Chairman-
ship
Audit
Remuneration &
Nomination
Technology &
Innovation
Jukka Pekka
Pertola
(C)
15/15
(C)
9/9
-
(M)
7/7
(C)
4/4
Klaus Holse
(DC)
15/15
(DC)
9/9
(M)
5/5
(M)
5/5
(M)
4/4
Hélène Barnekow
(M)
14/15
-
-
(C)
7/7
-
Jørgen Bundgaard
Hansen
(M)
14/15
-
(M)
5/5
- -
Kim Vejlby
Hansen
(M)
15/15
-
-
-
(M)
4/4
Lise Skaarup Morten-
sen*
(M)
12/12
-
(C)
4/4
(M)
4/4
-
Charlotte Johs*
(M)
12/12
(M)
3/3
Leo Larsen
(M)
15/15
-
- - (M)
4/4
Cathrin Inge
Hansen
(M)
14/15
-
-
-
-
Claus Holmbeck-
Madsen
(M)
15/15
-
-
-
-
(C) Chairman
(DC) Deputy Chairman
(M) Member
*
) Was not a member of the Board or the Committee for the full year.
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Board of Directors
Claus
Holmbeck-Madsen
Lise Skaarup
Mortensen
Cathrin Inge
Hansen
Leo Larsen
Kim Vejlby
Hansen
Jukka Pekka
Pertola
Hélène
Barnekow
Klaus Holse
Jørgen
Bundgaard
Hansen
Charlotte
Johs
The sections on Board of Directors and Executive Leadership Team are part of the Sustainability Statement on the disclosure of ESRS 2 GOV-1.
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Nord Foundation and of the Technology & Innovation Committee.
* Company listed on a regulated market
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Peter Karlstromer
Chief Executive Officer (CEO)
Member since: 2023
Year of birth: 1971
Member of Executive Management.
Peter brings a strong international senior leadership track record,
working with multiple aspects of technology around the world.
Peter holds an M.Sc. Management, Business Administration and Eco-
nomics, and a M.Sc. Electrical and Electronics Engineering from Lund
University. Prior to joining GN, Peter held leadership positions with
McKinsey & Company, Cisco Systems, and Securitas Group.
Søren Jelert
Chief Financial Officer (CFO)
Member since: 2023
Year of birth: 1972
Member of Executive Management.
Søren is an internationally experienced finance professional, who con-
tributes with strong financial and business leadership, including
ESG/sustainability, building strong teams and solid relationships with
investors.
Søren graduated with a B.Sc., M.Sc. Management Accounting from Co-
penhagen Business School. His career spans operational and finance
leadership positions with Maersk Oil & Gas, Novo Nordisk, NNE Phar-
maplan, and prior to joining GN as CFO of ALK-Abello.
Executive Leadership Team
Stefan
Bergfors
Ehtisham
Rabbani
Søren
Jelert
Ann
Fogelgren
Igor
Tasevski
Peter
Karlstromer
Calum
MacDougall
Anu
Kerns
Peter
Justesen
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Stefan Bergfors
Chief Operations Officer (COO)
Joined GN in 2017
Stefan first established a world-class highly scalable manufacturing
and supply chain set-up in GN’s Enterprise business, and in April 2023
took over responsibility for all Global Operations across GN’s busi-
nesses. Stefan holds a M.Sc. BA, Economics, from Lund University and
Kristianstad University. Prior to joining GN, Stefan held leadership posi-
tions within supply chain, customer service and planning in companies
such as Orbital Systems, FedEx, HTC, and Sony Ericsson Mobile Com-
munications.
Ehtisham Rabbani
President Gaming division
Joined GN in 2022
Ehtisham was appointed CEO in SteelSeries in September 2014 and
was instrumental in growing this start-up to a global leader in gaming
gear. Ehtisham is, of course, himself a passionate gamer. He holds an
MBA, Marketing, International Business, from UCLA Anderson School
of Management, as well as BS, Computer Science, from the University
of Iowa. Prior to joining SteelSeries, Ehtisham had experience from sen-
ior leadership positions in Logitech, LG Electronics MobileComm,
Procter & Gamble, and Mars.
Ann Fogelgren
Chief Information Officer (CIO)
Joined GN in 2020
Heading up GN’s Digital, Data & IT organization, Ann has spearheaded
a fundamental transformation and modernization of GN’s digital land-
scape, including a host of business-critical systems. In 2022, Ann was
awarded CIO of the Year in Denmark. Ann holds a PhD, Information
Systems, from Copenhagen Business School as well as an MBA, from
Northern Arizona University. Prior to joining GN, Ann held positions as
CIO with Berlingske Media and Børsen as well as IT leadership positions
with Oticon, NNIT, Atea, and TDC Mobile.
Igor Tasevski
Chief Product Officer
Joined GN in 2025
Igor holds a Master’s degree in Electrical Engineering and has a strong
technical background. Being an engineer a heart, Igor has spent his en-
tire career in R&D where he has demonstrated strong and successful
leadership across semiconductors, hardware, embedded software and
cloud native development.
Igor is known for his track-record of winning in technology transitions
and for his ability to build successful teams. He joined GN from a posi-
tion as VP, Head of RAN Software & Compute Platforms with Ericsson,
where he has been leading an organization of 12,000 people across
several continents.
Calum MacDougall
President Enterprise division
Joined GN in 2015
Heading up first the marketing organization in GN’s Enterprise busi-
ness, Calum has had a crucial role in establishing Jabra as a leader in
enterprise collaboration solutions with a strong brand presence. In
September 2023, Calum took over leadership of the entire Enterprise
division.
Calum holds a BA Hons, History, from the University of Bristol. Prior to
joining GN, Calum held marketing leadership positions with Sony Mo-
bile Communications.
Anu Kerns
Chief People & Communication Officer
Joined GN in 2025
Anu brings a wealth of experience from leading roles in People, Culture
and Communications from around the world and a proven track record
in building strong organizations and driving positive change around
people, culture, and communication.
Anu joined GN from a position as Executive Vice President for People,
Organization, and Sustainability with Bavarian Nordic. Prior, Anu has
had an extensive career with leading roles in the areas of HR, Commu-
nication and Transformation in Novo Nordisk and Danske Bank Group.
Peter Justesen
President Hearing division
Joined GN in 2012
Peter started his career as an attorney-at-law and investment banker.
In 2012, Peter joined GN as head of Strategy, Business Development
and M&A. He was later appointed head of Investor Relations before he
in 2018 moved to GN’s hearing business, as VP Global Key Accounts
and later interim head of Product Management and then head of the
distributor business (Global Partner Sales).
In 2020, Peter was appointed President International Sales with re-
sponsibility for GN’s hearing business in Europe, APAC, LATAM, AMEA,
Eastern Europe and CIS, and in 2025, he was appointed President of
the Hearing division. Peter holds an MBA from London Business School
and has before joining GN lived and worked in Brussels, London and
New York.
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Our Better for planet sustainability strategy 47
Our material impacts, risks, and opportunities 49
Sustainability governance 51
Stakeholder engagement 53
General disclosure requirements 54
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New range of scalable video
collaboration solutions
Jabra PanaCast Room Kits offer complete video and audio cover-
age across meeting spaces. Including Jabra’s new PanaCast 55
VBS, the PanaCast SpeakerMic, and PanaCast Room Kits, this solu-
tion creates a new portfolio of expandable room solutions that de-
liver a unified, scalable video collaboration system that adapts to
meeting room needs.
Built to support clear, natural interaction, the room kits combine
intelligent video, room filling sound, and flexible expansion to help
organizations create environments where every participant can
equally take part in the conversation, no matter where they sit in
the room.
Jabra PanaCast Room Kits are available in configurations with one,
three or five cameras, giving organizations the flexibility to choose
the right setup for their space – and with a plug and play design
that simplifies setup and minimizes the effort required to support
and maintain rooms over time.
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Safeguarding the rights of
people in our value chain
Reducing our
carbon footprint
Advancing circular
products and services
Limiting our use of
hazardous substances
Our four focus areas
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Achieved through
five strategic pillars
Four focus areas and targets
Foundation
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Outsourced hearing
aid retail
Distribution and retail
Downstream
Processing of raw
materials: Smelting,
refining, petrochemicals,
paper milling
Product disposal and
e-waste treatment
Raw material
extraction: Mining,
forestry, fossil, fuel
extraction
Outsourced manufacturing:
Components, packaging for
Enterprise and Gaming
Freight:
Air, ocean, rail,
and road transport
Owned hearing aid
(re)manufacturing and
final assembly
Outsourced final assembly of
Enterprise and Gaming products
GN offices: Product development,
sales and marketing, back -office
functions
Repair center
Upstream
Gamers
9
18 19 20
10
2 3
4
6
26
2 54 22
10 18 19 20
6 9 12 14
8 9 10
20 18 19 21
Hearing aid users
24 2318
Professionals
19
20
18
18 19 20
5 10 11
12 14
8 9
11
18 19
20
Own operations
1 4 7
3
13 15 16 17 26
25
21
24
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Execution
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a result of management's best estimate.
* Excluded economic activities based on the 10% materiality threshold: CE 5.2 Sale of spare parts [<1% Turnover], CCM 6.5 / CCA 6.5 Transport by motorbikes, passenger cars and light commercial vehicles [<1% CAPEX/OPEX], CCM 7.1 / CCA 7.1 / CE 3.1 Construction of new buildings [~1% CAPEX], CCM 7.2 / CCA 7.2 / CE 3.2
Renovation of existing buildings [~2% CAPEX, <1% OPEX], CCM 7.3 / CCA 7.3 Installation, maintenance and repair of energy efficiency equipment [<1% CAPEX/OPEX], CCM 7.4 / CCA 7.4 Installation, maintenance and repair of charging stations of electric vehicles in buildings (and parking spaces attached to buildings) [<1%
CAPEX/OPEX], CCM 7.5 / CCA 7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings [<1% OPEX], CCM 8.1 / CCA 8.1 Data processing, hosting and related activities [<1% CAPEX/OPEX]
EU Taxonomy Regulation disclosure 57
Climate change 61
Pollution 71
Resource use and circular economy 74
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Better for
planet strategic
pillars
Circularity through design
Improve repairability via design for repair initiatives
with suppliers
Improve recyclability by aligning with EN standards
Circularity through material recovery
Expand remanufacturing scope in the Hearing division
to wireless accessories and chargers
Expanding TCO Certified
Continuously meet requirements of TCO Certified for
covered products
Advancing circular products and services Limiting our use of hazardous substances
Substantial
contribution criteria
4.3 Restrictions on the use of
other substances
Criteria fulfilled Criteria partially fulfilled
Criteria not fulfilled
Criteria not relevant to GN
5.5 Separate collection of
waste electronics
5.3 Tracking of SVHCs
4.2 Absolute restrictions on
certain hazardous substances
5.7 Take -back and collection
systems for portable batteries
5.4 Buy-back, sell -back, and
take-back options
5.2 Recovery potential of
critical raw materials
4.1 ‘Demonstrated process’
for proactive substitution
5.6 Participation in EPR
schemes
Environmental benefits
( N.A)
5.1 Product end-of-life
management
4. Hazardous
substances
5. End-of-life management
1.3 Availability of key spare
parts
3.2 Software compatibility
with circularity
1.6 Commercial guarantee (3 -
year warranty)
1.2 Third-party and
professional repairers
Data privacy and
confidentiality (N.A)
3.1 Removable and portable
batteries
2.2 Use of applicable EN
Standards for recyclability
1.5 Non-destructive
disassembly
1.1 Product repair scoring
systems
Full reset function of devices
(N.A)
Software update
requirements (N.A)
2.1 Demonstrated superior
recyclability of products
1.4 Public availability of
instructions
1. Repairability 3. Long lifetime, reuse, and remanufacturing2. Recyclability
Health and safety risks of
repair (N.A)
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Opportunity:
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Progress to target
Target reference
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267,318
35,642
49%
9%
25%
3%
14%
2021
55%
9%
14%
7%
15%
2024
58%
8%
14%
7%
13%
2025 2030 target 2050 Net zero target
356,424
267,490
239,723
-33%
Purchased goods and services
Other activitiesUpstream transportation and distribution
Employee transportUse of sold products
Total scope 3 emissions
983
2021 2024 2025 2030 2050 Net zero target
9,831
4,183
4,
603
1,966
-53%
Scope 1 actuals Scope 2 actuals Targets
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Restatements
We have restated selected energy mix metrics for 2024, as we have
15%
24%
43%
9%
2024
27%
7%
2025
Bundled RECs
Unbundled RECs
FuelsDistrict heatingResidual mix electricity
42%
Renewable
energy
58%
Non-renewable
energy
47%
Renewable
energy
53%
Non-renewable
energy
6%
5%
41%
12%
5%
3%
3%
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8
9
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
Battery Ear cushions Headband Speaker Microphone PCBA Camera
Share of units produced
Repair by GN’s Global Repair CenterRepair by user
Replaceable by design + spare parts available Replaceable by design Not replaceable without damage Not assessed
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Own workforce 81
Workers in the value chain 90
Consumers and end-users 93
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the unadjusted pay gap.
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S2-2 – Processes for engaging with value chain workers about impacts – see “Stakeholder engagement” on p. 53
S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns – see “Business conduct and corporate culture” on pp. 98-99
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RBA VAP
**
audits
Coverage
EcoVadis SAQ RBA SAQ
*
2025
baseline
2030
target
2025
baseline
2030
target
2025
baseline
2030
target
100%
of manufacturing
sites and ROCs to
complete an RBA
SAQ
0%
of manufacturing
sites and ROCs
have completed
an RBA SAQ
100%
of manufacturing
sites and ROCs to
undergo a VAP
audit
0%
of manufacturing
sites and ROCs
have undergone
a VAP Audit
70/100
EcoVadis score
(reporting
company)
Strengthening
our RBA
membership
Ensuring we
comply with
all EU supply
chain due
diligence
laws
Indirect procurement: include responsible business conduct requirements with our indirect procurement suppliers based on risk exposure
Legislative : continued initiatives to ensure compliance with forced labor and conflict minerals legislation across our markets
Manufacturing
partners (T1)
Top
80%
spend
100%
to complete
facility &
corporate risk
assessment on
RBA
62%
completed
facility &
corporate risk
assessment on
RBA
2030
Voluntary EcoVadis requirements
Material and
component
suppliers (T2)
100%
to be onboarded
on EcoVadis
86%
onboarded on
EcoVadis
2030
RBA requirements for prioritized suppliers with high-risk profiles
* SAQ – Self Assessment Questionnaire under RBA
** VAP Audits – Validated Assessment Program Audits under RBA
*** Silver result – all priority findings are resolved as a result of a VAP Audit
Supply chain
Own
operations
100%
completed a VAP
Audit with a
minimum Silver
result
68%
completed a VAP
Audit with a
minimum
Silver*** result
Our human rights due diligence program
57/100
EcoVadis score
(reporting
company)
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• We are currently in process of updating our scope for con-
• As part of our other supplier engagement programs, we plan
• Where required, we will continue to onboard all suppliers in
• Finally, we will continue our responsible minerals sourcing
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Business conduct 98
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Q4 financial highlights 107
Quarterly financial highlights 108
Quarterly reporting by segment 109
Quarterly reporting 110
Q4 segment disclosures 111
2025 segment disclosures 112
Expensed development cost 113
Additional financials
Q4 202
5 (unaudited)
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Revolutionary suite of tactical communica-
tion and hearing protection systems
In September 2025, FalCom launched a suite of twelve ground-
breaking products. Marking the most significant milestone in
FalCom’s history, this comprehensive next-generation portfolio
sets a new industry benchmark with highly modular, scalable, and
mission-ready systems designed to empower operators in the most
demanding environments.
The suite fundamentally transforms tactical communication and
hearing protection by delivering unmatched flexibility, modularity,
and user-centric innovation. FalCom systems are designed not just
to meet but to anticipate operational needs – seamlessly integrat-
ing audio, data, and power in the smallest, most rugged form fac-
tors.
FalCom now offers the industry’s highest-rated hearing protection,
the world’s smallest audio, data, and power control units, deliver-
ing unmatched modularity and communication efficiency with min-
imal carrier footprint, and the first-ever tactical data hub integrat-
ing audio, data, and power into a single, rugged platform – setting
new standards for battlefield connectivity and efficiency.
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GN Group
Revenue ended at DKK 4,678 million, due to organic revenue growth of
-2% (excluding the wind-down), while the impact from FX was -4%.
Gross profit ended at DKK 2,499 million, reflecting a gross margin of
53.4% compared to 53.2% in Q4 2024 driven by strong pricing disci-
pline and group-wide synergies, offset by direct tariff costs in Enter-
prise and Gaming. R&D investments ended at DKK -425 million in the
quarter, which included a DKK -63 million non-cash write-down of se-
lected development projects as a consequence of the recently an-
nounced partnership between GN and Huddly concerning large room
video solutions. Management and administrative costs ended at DKK
-396 million in the quarter compared to DKK -467 million in Q4 2024,
reflecting continued cost focus. Reported EBITA ended at DKK 627 mil-
lion, equaling an EBITA margin of 13.4% compared to 13.7% in Q4
2024, reflecting the positive development in the gross margin and
group-wide cost focus, but offset by the R&D write-down. In Q4 2025,
amortization of acquired intangible assets amounted to DKK -57 mil-
lion. Financial items ended at DKK -138 million, consisting of DKK -103
million in underlying financial items, and DKK -35 million in FX revalua-
tion of balance sheet items. Free cash flow excl. M&A reached DKK 744
million in the quarter as a result of the strong profitability and a posi-
tive development in net working capital.
Hearing division
Revenue in Q4 2025 was DKK 1,906 million compared to DKK 1,850
million in Q4 2024, driven by an organic revenue growth of 7%. Reve-
nue growth was 3% including around -4% impact from the develop-
ment in FX. In North America, Hearing experienced solid organic reve-
nue growth, primarily driven by the independent segment and VA. In
Europe, Hearing continued to deliver double-digit organic revenue
growth supported by strong performance in France and Germany. The
growth in Rest of World was impacted by a challenging comparison
base from Q4 2024. Hearing’s gross profit ended at DKK 1,152 million
in Q4 2025, equivalent to a gross margin of 60.4% (compared to 61.4%
in Q4 2024). The development reflects negative country and channel
mix. Hearing’s divisional profit was DKK 671 million corresponding to a
divisional profit margin of 35.2%.
Enterprise division
Revenue in Q4 2025 was DKK 1,896 million compared to DKK 2,050
million in Q4 2024, equal to -3% organic revenue growth. Revenue
growth was -8% including around -5% impact from the development in
FX. The development in the quarter reflects positive growth across
North America and APAC, while EMEA was negatively impacted by
continued market challenges, as well as some channel inventory reduc-
tions. In addition, Enterprise experienced a significant revenue contri-
bution from FalCom. Enterprise’s gross profit ended at DKK 1,052 mil-
lion in Q4 2025, equivalent to a gross margin of 55.5% (compared to
57.5% in Q4 2024). The development reflects a positive pricing effect
as well as the impact of the group-wide synergies despite direct tariff
costs. Enterprise’s divisional profit was DKK 631 million, corresponding
to a divisional profit margin of 33.3%.
Gaming division
Revenue from SteelSeries in Q4 2025 was DKK 882 million compared
to DKK 1,053 million in Q4 2024, equal to -12% organic revenue
growth. The development reflects a difficult gaming equipment mar-
ket in the quarter as a consequence of the low level of consumer senti-
ment and a demanding comparison base from Q4 2024, where
SteelSeries delivered organic revenue growth of 16%. Total revenue
growth (including wind-down) was -22% with -4% impact from the de-
velopment in FX. The gross profit contribution from SteelSeries prod-
ucts was DKK 300 million, equivalent to 34.0% compared to 34.5% in
Q4 2024 driven by group-wide synergies, but offset by despite direct
tariff costs. The divisional profit contribution from SteelSeries products
was DKK 145 million (equivalent to a strong divisional profit margin of
16.4%).
Q4 financial highlights
Financial overview Q4 2025
GN Store Nord
Hearing division
Enterprise division
Gaming division
Gaming
Consumer
DKK million
Q4 2025
Q4 2024
Growth
Q4 2025
Q4 2024
Growth
Q4 2025
Q4 2024
Growth
Q4 2025
Q4 2024
Growth
Q4 2025
Q4 2024
Growth
Revenue
4,678
5,019
-7%
1,906
1,850
3%
1,896
2,050
-8%
882
1,053
-16%
-6
66
NA
Organic growth
-2%*
0%
7%
7%
-3%
-3%
-12%
16%
-108%
-78%
Gross profit
2,499
2,672
-6%
1,152
1,135
1%
1,052
1,178
-11%
300
363
-17%
-5
-4
NA
Gross profit margin
53.4%
53.2%
0.2%p
60.4%
61.4%
-1.0%p
55.5%
57.5%
-2.0%p
34.0%
34.5%
-0.5%p
NA
-6.1%
NA
Divisional profit
1,444
1,521
-5%
671
667
1%
631
775
-19%
145
-3
Divisional profit margin
30.9%
30.3%
0.6%p
35.2%
36.1%
-0.9%p
33.3%
37.8%
-4.5%p
16.4%
NA
EBITA
627
688
-9%
EBITA margin
13.4%
13.7%
-0.3%p
Free cash flow excl. M&A
744
94
650
* Excluding wind-down effects. Reported organic revenue growth of -3%
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Q4
Q4
Full year
Full year
2025
2024
2025
2024
DKK million
(unaud.)
(unaud.)
(aud.)
(aud.)
GN Store Nord
Revenue
4,678
5,019
16,782
17,985
Revenue growth
-7%
-1%
-7%
-1%
Organic growth
-3%
0%
-4%
1%
Gross profit margin
53.4%
53.2%
54.6%
53.2%
EBITA*
627
688
1,908
2,153
EBITA margin*
13.4%
13.7%
11.4%
12.0%
Profit (loss) before tax
450
503
914
1,361
Effective tax rate
22.2%
22.1%
22.3%
22.2%
EBITDA
768
780
2,323
2,541
ROIC (EBITA*/Average invested capital)
9%
10%
9%
10%
Earnings per share DKK, basic (EPS)
2.36
2.52
4.48
6.79
Earnings per share DKK, fully diluted (EPS diluted)
2.36
2.52
4.48
6.78
Free cash flow excl. M&A
744
94
1,112
1,081
Cash conversion (Free cash flow excl. M&A/EBITA*)
119%
14%
58%
50%
Equity ratio
37.3%
35.4%
37.3%
35.4%
Net interest-bearing debt
8,876
9,699
8,876
9,699
Net interest-bearing debt (period-end)/EBITDA
3.8
3.8
3.8
3.8
Outstanding shares, end of period (thousand)
145,613
145,613
145,613
145,613
Average number of outstanding shares (thousand)
145,613
145,613
145,613
145,613
Average number of outstanding shares, fully diluted (thousand)
145,712
145,712
145,712
145,712
Treasury shares, end of period (thousand)
5,300
5,300
5,300
5,300
Share price at the end of the period
106.8
133.8
106.8
133.8
Market capitalization
15,555
19,476
15,555
19,476
ROIC and NIBD/EBITDA are calculated based on EBITA and EBITDA for the latest four quarters
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but
including amortization of development projects and software developed in-house.
Q4
Q4
Full year
Full year
2025
2024
2025
2024
DKK million
(unaud.)
(unaud.)
(aud.)
(aud.)
Hearing division
Revenue
1,906
1,850
7,214
7,104
Revenue growth
3%
2%
2%
4%
Organic growth
7%
7%
5%
10%
Gross profit margin
60.4%
61.4%
61.1%
62.8%
Divisional profit
671
667
2,421
2,464
Divisional margin
35.2%
36.1%
33.6%
34.7%
Enterprise division
Revenue
1,896
2,050
6,899
7,474
Revenue growth
-8%
-1%
-8%
-3%
Organic growth
-3%
-3%
-6%
-3%
Gross profit margin
55.5%
57.5%
55.8%
55.5%
Divisional profit
631
775
2,311
2,662
Divisional margin
33.3%
37.8%
33.5%
35.6%
Gaming division
Revenue
876
1,119
2,669
3,407
Revenue growth
-22%
-6%
-22%
-5%
Organic growth
-18%
-7%
-19%
-5%
Gross profit margin
33.7%
32.1%
33.7%
28.2%
Divisional profit
142
79
310
81
Divisional margin
16.2%
7.1%
11.6%
2.4%
Quarterly financial highlights
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Quarterly reporting by segment
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Full Year 2024
Full Year 2025
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Income statement
Revenue
Hearing
1,737
1,792
1,725
1,850
1,703
1,858
1,747
1,906
7,104
7,214
Enterprise
1,811
1,873
1,740
2,050
1,666
1,713
1,624
1,896
7,474
6,899
Gaming
755
834
699
1,119
617
589
587
876
3,407
2,669
Total
4,303
4,499
4,164
5,019
3,986
4,160
3,958
4,678
17,985
16,782
Organic growth
Hearing
14%
10%
10%
7%
-1%
8%
7%
7%
10%
5%
Enterprise
-1%
-1%
-7%
-3%
-9%
-7%
-4%
-3%
-3%
-6%
Gaming
1%
9%
-21%
-7%
-20%
-27%
-13%
-18%
-5%
-19%
Total
5%
5%
-4%
0%
-8%
-5%
-1%
-3%
1%
-4%
Gross profit
Hearing
1,089
1,131
1,103
1,135
1,032
1,152
1,071
1,152
4,458
4,407
Enterprise
992
1,015
961
1,178
931
961
906
1,052
4,146
3,850
Gaming
194
188
219
359
227
200
178
295
960
900
Total
2,275
2,334
2,283
2,672
2,190
2,313
2,155
2,499
9,564
9,157
Gross profit margin
Hearing
62.7%
63.1%
64.0%
61.4%
60.6%
62.0%
61.3%
60.4%
62.8%
61.1%
Enterprise
54.8%
54.2%
55.2%
57.5%
55.9%
56.1%
55.8%
55.5%
55.5%
55.8%
Gaming
25.7%
22.5%
31.3%
32.1%
36.8%
34.0%
30.3%
33.7%
28.2%
33.7%
Total
52.9%
51.9%
54.8%
53.2%
54.9%
55.6%
54.4%
53.4%
53.2%
54.6%
Divisional profit
Hearing
599
598
600
667
484
668
598
671
2,464
2,421
Enterprise
638
651
598
775
548
583
549
631
2,662
2,311
Gaming
12
-10
-
79
64
72
32
142
81
310
Total
1,249
1,239
1,198
1,521
1,096
1,323
1,179
1,444
5,207
5,042
Divisional margin
Hearing
34.5%
33.4%
34.8%
36.1%
28.4%
36.0%
34.2%
35.2%
34.7%
33.6%
Enterprise
35.2%
34.8%
34.4%
37.8%
32.9%
34.0%
33.8%
33.3%
35.6%
33.5%
Gaming
1.6%
-1.2%
0.0%
7.1%
10.4%
12.2%
5.5%
16.2%
2.4%
11.6%
Total
29.0%
27.5%
28.8%
30.3%
27.5%
31.8%
29.8%
30.9%
29.0%
30.0%
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Quarterly reporting
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Full Year 2024
Full Year 2025
DKK million
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Other Group information
Depreciation and software amortization
-101
-99
-96
-92
-95
-93
-86
-141
-388
-415
EBITDA
639
473
649
780
395
639
521
768
2,541
2,323
EBITA
538
374
553
688
300
546
435
627
2,153
1,908
Amortization and impairment of acquired intangible assets
-91
-89
-94
-91
-85
-85
-95
-57
-365
-322
Profit (loss)
266
112
289
392
89
180
91
350
1,059
710
Free cash flow excl. M&A
46
155
786
94
-395
353
410
744
1,081
1,112
Acquisitions and divestments of companies
-35
-
106
29
-27
-
-
-
100
-27
Free cash flow
11
155
892
123
-422
353
410
744
1,181
1,085
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Income statement
Hearing
Enterprise
Gaming
Group
Q4 2025
Q4 2024
Q4 2025
Q4 2024
Q4 2025
Q4 2024
Q4 2025
Q4 2024
(DKK million)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Revenue
1,906
1,850
1,896
2,050
876
1,119
4,678
5,019
Production costs
-754
-715
-844
-872
-581
-760
-2,179
-2,347
Gross profit
1,152
1,135
1,052
1,178
295
359
2,499
2,672
Selling and distribution costs
-481
-468
-421
-403
-153
-280
-1,055
-1,151
Divisional profit
671
667
631
775
142
79
1,444
1,521
Development costs
-425
-355
Management and administrative expenses
-396
-467
Other operating income and costs, net
4
-11
EBITA*
627
688
Amortization and impairment of acquired intangible
assets
-57
-91
Gain (loss) on divestment of operations etc.
11
4
Operating profit (loss)
581
601
Share of profit (loss) in associates
7
-1
Financial items
-138
-97
Profit (loss) before tax
450
503
Tax on profit (loss)
-100
-111
Profit (loss) for the period
350
392
Additional information
Hearing
Enterprise
Gaming
Group
Q4 2025
Q4 2024
Q4 2025
Q4 2024
Q4 2025
Q4 2024
Q4 2025
Q4 2024
(DKK million)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
(unaud.)
Revenue distributed geographically
Europe
554
485
991
1,130
359
419
1,904
2,023
North America
921
901
463
497
420
591
1,804
1,996
Rest of World
431
464
442
423
97
109
970
1,000
Revenue
1,906
1,850
1,896
2,050
876
1,119
4,678
5,019
Revenue growth composition
Organic growth
7%
7%
-3%
-3%
-18%
-7%
-3%
0%
FX growth
-4%
-2%
-5%
2%
-4%
1%
-4%
0%
M&A growth
0%
-3%
0%
0%
0%
0%
0%
-1%
Revenue growth
3%
2%
-8%
-1%
-22%
-6%
-7%
-1%
EBITDA
768
780
Depreciation and software amortization
-141
-92
EBITA*
627
688
EBITA margin
13.4%
13.7%
Number of FTEs, end of period
7,611
7,347
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of de-
velopment projects and software developed in-house.
Q4 segment disclosures
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Income statement
Hearing
Enterprise
Gaming
Group
(DKK million)
2025
2024
2025
2024
2025
2024
2025
2024
Revenue
7,214
7,104
6,899
7,474
2,669
3,407
16,782
17,985
Production costs
-2,807
-2,646
-3,049
-3,328
-1,769
-2,447
-7,625
-8,421
Gross profit
4,407
4,458
3,850
4,146
900
960
9,157
9,564
Selling and distribution costs
-1,986
-1,994
-1,539
-1,484
-590
-879
-4,115
-4,357
Divisional profit
2,421
2,464
2,311
2,662
310
81
5,042
5,207
Development costs
-1,460
-1,491
Management and administrative expenses
-1,683
-1,543
Other operating income and costs, net
9
-20
EBITA*
1,908
2,153
Amortization and impairment of acquired intangible
assets
-322
-365
Gain (loss) on divestment of operations etc.
10
72
Operating profit (loss)
1,596
1,860
Share of profit (loss) in associates
3
-7
Financial items
-685
-492
Profit (loss) before tax
914
1,361
Tax on profit (loss)
-204
-302
Profit (loss) for the period
710
1,059
Additional information
Hearing
Enterprise
Gaming
Group
(DKK million)
2025
2024
2025
2024
2025
2024
2025
2024
Revenue distributed geographically
Europe
2,053
1,847
3,667
3,942
1,022
1,288
6,742
7,077
North America
3,537
3,616
1,712
1,913
1,236
1,581
6,485
7,110
Rest of World
1,624
1,641
1,520
1,619
411
538
3,555
3,798
Revenue
7,214
7,104
6,899
7,474
2,669
3,407
16,782
17,985
Revenue growth composition
Organic growth
5%
10%
-6%
-3%
-19%
-5%
-4%
1%
FX growth
-2%
-2%
-2%
0%
-3%
0%
-3%
0%
M&A growth
-1%
-4%
0%
0%
0%
0%
0%
-2%
Revenue growth
2%
4%
-8%
-3%
-22%
-5%
-7%
-1%
Incurred development costs
-1,861
-1,784
Capitalized development costs
1,034
1,015
Amortization, impairment and depreciation of devel-
opment projects**
-633
-722
Expensed development costs
-1,460
-1,491
EBITDA
2,323
2,541
Depreciation and software amortization
-415
-388
EBITA*
1,908
2,153
EBITA margin
11.4%
12.0%
Number of FTEs, end of period
7,611
7,347
* Excluding gain (loss) on divestments of operations etc. and amortization of acquired intangible assets but including amortization of de-
velopment projects and software developed in
-house.
** Does not include amortization of acquired intangible assets, cf. definition of EBITA.
2025 segment disclosures
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An amortization of a Purchase Price Allocation related to SteelSeries
transaction has affected the presented R&D amortization in Q1, Q2
and Q3 2025. The amortization on the Purchase Price Allocation re-
lated to SteelSeries does not relate to in-house developed R&D pro-
jects and has not been included in the R&D income statement. Conse-
quently, reported expensed development costs in Q1, Q2 and Q3 2025
have not been affected.
Amortizations on in-house developed R&D in each quarter has been im-
pacted by DKK 20 million, as the amortization have been overstated by
this amount. To adjust for this Purchase Price Allocation, the R&D dis-
closures for Q1, Q2 and Q3 have been restated (no changes to already
presented quarterly income statement, balance sheet or cash flow
statements):
Expensed development cost
DKK million
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Full Year
2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Full Year
2025
Incurred development costs
-415
-473
-335
-561
-1,784
-433
-485
-431
-512
-1,861
Capitalized development costs
207
267
128
413
1,015
207
273
260
294
1,034
Amortization, impairment, and depreciation
of development projects
-143
-236
-136
-207
-722
-147
-132
-147
-207
-633
Expensed development costs
-351
-442
-343
-355
-1,491
-373
-344
-318
-425
-1,460
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Consolidated income statement 115
Consolidated Statement of comprehensive income 115
Consolidated balance sheet at December 31 116
Consolidated statement of cash flow 117
Consolidated statement of equity 118
Consolidated
f
inancial
statements
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DKK million
Note
2025
2024
Revenue
2.2
Production costs
2.3, 3.4, 3.6
-7,625
-8,421
Gross profit
Development costs
2.3, 3.4
-1,460
-1,491
Selling and distribution costs
2.3, 3.4
-4,115
-4,357
Management and administrative expenses
2.3, 3.4, 5.6
-1,683
-1,543
Other operating income and costs, net
-20
EBITA*
Amortization and impairment of acquired intangible assets
2.5, 3.4
-322
-365
Gain (loss) on divestment of operations etc.
5.1
Operating profit (loss)
Share of profit (loss) in associates
5.4
-7
Financial income
4.6
Financial expenses
4.6
-1,075
-850
Profit (loss) before tax
Tax on profit (loss)
2.4
-204
-302
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 DKK, basic (EPS)
4.1
Earnings per share DKK, fully diluted (EPS diluted)
4.1
* Please refer to Key Ratio Definitions on p. 168 for definition of EBITA
DKK million
Note
2025
2024
Profit (loss) for the year
Other comprehensive income
Items that will not be reclassified to the income statement
Actuarial gains (losses)
-52
Tax relating to actuarial gains (losses)
2.4
-1
Items that may be reclassified subsequently to the income statement
Adjustment of cash flow hedges
4.3
-85
Foreign exchange adjustments, etc.
-473
Tax relating to other comprehensive income
2.4
-23
Other comprehensive income for the year, net of tax
-536
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
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DKK million
Note
2025
2024
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, 5.4
Deferred tax assets
2.4
Other non-current assets
3.5, 4.4
Total non-current assets
Inventories
3.6
Trade receivables
3.7, 4.4
Tax receivables
2.4
Receivables from associates
4.4, 5.4
Other receivables
4.4
Cash and cash equivalents
Total current assets
Total assets
DKK million
Note
2025
2024
Equity and Liabilities
Share capital
Other reserves
-3,979
-3,440
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
4.2, 4.4
Tax payables
2.4
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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DKK million
Note
2025
2024
Operating activities
Operating profit (loss)
Depreciation, amortization and impairment
3.4
Other non-cash adjustments
5.5
-25
-113
Cash flow from operating activities before changes in working capital
Change in inventories
Change in receivables
-163
Change in trade payables and other payables
-223
Total changes in working capital
Cash flow from operating activities before financial items and tax
Interest received
Interest etc. paid
-522
-434
Tax paid, net
2.4
-127
-235
Cash flow from operating activities
Investing activities
Development projects
3.1
-1,034
-1,015
Investments in intangible assets, excluding development projects
3.1
-337
-269
Investments in property, plant and equipment
3.2
-168
-120
Investments in other non-current assets
-265
-298
Repayment of other non-current assets
Contingent consideration paid
-51
Acquisition of companies/operations
-27
-35
Divestment of companies/operations
5.1
Received dividend
Cash flow from investing activities
-1,591
-1,544
Cash flow from operating and investing activities (free cash flow)
DKK million
Note
2025
2024
Financing activities
Proceeds from borrowings
4.5
Repayment of bank loans
4.5
-766
-1,086
Repayment of issued bonds
4.5
-7,300
-1,406
Repayment of lease liabilities
4.5
-135
-99
Repayment of other non-current liabilities
4.5
-37
-32
Paid dividends to non-controlling interests
-85
Drawn (repaid) on credit facilities
4.5
-258
Cash flow from financing activities
-886
-2,365
Net cash flow
-1,184
Cash and cash equivalents, beginning of period
Adjustment foreign currency, cash and cash equivalents
-60
Cash and cash equivalents, end of period
Consolidated statement of cash flows
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Reference is made to note 5.1 for accounting policies on fair value adjustment of put option.
Consolidated statement of changes in equity
2025
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, 2025
-786
-2,725
Reclassification
Profit (loss) for the period
Actuarial gains (losses)
Tax relating to actuarial gains (losses)
-1
-1
-1
Adjustment of cash flow hedges
-85
-85
-85
Tax relating to cash flow hedges
Foreign exchange adjustments, etc.
-473
-473
-473
Other comprehensive income for the year
-473
-66
-536
-536
Total comprehensive income for the year
-473
-66
Share-based payment (granted)
Share-based payment (reversed)
-104
-104
-104
Tax relating to share-based payment
-7
-7
-7
Fair value adjustment of put option liability
Paid dividends
-85
-85
Balance at December 31, 2025
-1,259
-2,725
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Consolidated statement of changes in equity
(
Continued)
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)
Share-based payment (reversed)
-93
-93
-93
Fair value adjustment of put option liability
-27
-27
-71
-98
Balance at December 31, 2024
-786
-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 121
1.2 Key accounting estimates and judgements 123
1.3 Non-IFRS measures 123
Section 2 - Results of the year
Insights into the results for the year, including operating segments,
employee costs and taxes.
2.1 Segment disclosures 125
2.2 Revenue and geographical information 126
2.3 Staff costs and management remuneration 128
2.4 Tax 129
2.5 Consolidated income statement classified by function 131
Section 3 - Operating assets and liabilities
Insights into the assets that form the basis for the activities in the
Group, and the related liabilities. Most of these are included in invested
capital and some in net working capital.
3.1 Intangible assets 133
3.2 Property, plant and equipment 136
3.3 Leases 138
3.4 Depreciation, amortization and impairment 139
3.5 Other non-current assets 140
3.6 Inventories 142
3.7 Trade receivables 143
3.8 Provisions 144
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 146
4.2 Financial risks 147
4.3 Derivatives 151
4.4 Financial instruments 152
4.5 Liabilities from financing activities 156
4.6 Financial income and expenses 157
Section 5 - Other disclosures
Statutory notes and other disclosures.
5.1 Acquisition and divestment of companies and operations 159
5.2 Share-based incentive plans 161
5.3 Contingent liabilities 164
5.4 Investments in associates 165
5.5 Other non-cash adjustments 165
5.6 Fees to statutory auditors 165
5.7 Related parties 165
5.8 Events after the reporting period 165
Consolidated
notes
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2.1 Segment disclosures 125
2.2 Revenue and geographical information 126
2.3 Staff costs and management remuneration 128
2.4 Tax 129
2.5 Consolidated income statement classified by function 131
Section 2
-
Results of the year
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2.2 Revenue and geographical information
(Continued)
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2.4 Tax (Continued)
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Introduction
Insights into the assets that form the basis for the activities in the
Group, and the related liabilities. Most of these are included in invested
capital and some in net working capital.
3.1 Intangible assets 133
3.2 Property, plant and equipment 136
3.3 Leases 138
3.4 Depreciation, amortization and impairment 139
3.5 Other non-current assets 140
3.6 Inventories 142
3.7 Trade receivables 143
3.8 Provisions 144
Section 3
-
Operating assets and liabilities
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3.1 Intangible assets (Continued)
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3.1 Intangible assets (Continued)
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3.1 Intangible assets (Continued)
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3.2 Property, plant and equipment
(Continued)
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3.3 Leases (Continued)
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3.5 Other non-current assets (Continued)
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Group has sold selected trade receivables through a non-recourse re-
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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 146
4.2 Financial risks 147
4.3 Derivatives 151
4.4 Financial instruments 152
4.5 Liabilities from financing activities 156
4.6 Financial income and expenses 157
Section 4
- Capital structure
and financing items
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4.1 Share capital and capital structure
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4.1 Share capital and capital structure
(Continued)
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4.2 Financial risks (Continued)
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4.2 Financial risks (Continued)
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4.2 Financial risks (Continued)
112
112 112
112
6,969
722
1
,721
3,720
451
2026 2027 2028 2029 2036 2037
DKKm
R
&D loan Drawn term loan
EMTN notes
Commercial paper and MM loan Undrawn RCF HQ financing
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4.4 Financial instruments (Continued)
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4.4 Financial instruments (Continued)
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4.4 Financial instruments (Continued)
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Introduction
Statutory notes and other disclosures.
5.1 Acquisition and divestment of companies and operations 159
5.2 Share-based incentive plans 161
5.3 Contingent liabilities 164
5.4 Investments in associates 165
5.5 Other non-cash adjustments 165
5.6 Fees to statutory auditors 165
5.7 Related parties 165
5.8 Events after the reporting period 165
Section 5
-
Other disclosures
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5.1 Acquisition and divestment of companies
and operations (Continued)
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5.2 Share-based incentive plans (Continued)
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5.2 Share-based incentive plans (Continued)
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Companies in GN Group (Continued)
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Income statements 170
Statement of comprehensive income 170
Balance sheet at December 31 171
Statement of cash flow 172
Statement of equity 173
Parent Company
Financial
statements
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DKK million
Note
2025
2024
Revenue
828
898
Gross profit
828
898
Development costs
-67
-194
Management and administrative expenses
1,2,3,4
-989
-1,059
Other operating income and costs, net
-
-12
Operating profit (loss)
-228
-367
Share of profit after tax in subsidiaries
10
1,593
1,712
Financial income
5
121
224
Financial expenses
5
-742
-690
Profit (loss) before tax
744
879
Tax on profit (loss)
6
-91
109
Profit (loss) for the year
653
988
DKK million
2025
2024
Profit (loss) for the year
653
988
Other comprehensive income
Items that may be reclassified subsequently to the income statement
Adjustment of cash flow hedges
-85
-
Foreign exchange adjustments, etc.
-473
269
Other changes in equity in subsidiaries
4
53
Tax relating to other comprehensive income
18
-10
Other comprehensive income for the year
-536
312
Total comprehensive income for the year
117
1,300
Income statement
Statement of
comprehensive income
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DKK million
Note
2025
2024
Assets
Intangible assets
7
1,972
1,809
Property, plant and equipment
8, 9
13
30
Investments in subsidiaries
10
19,565
18,549
Amounts owed by subsidiaries
13
592
214
Other non-current assets
2
4
Total non-current assets
22,144
20,606
Tax receivables
-
59
Other receivables
13
177
327
Cash and cash equivalents
23
688
Total current assets
200
1,074
Total assets
22,344
21,680
Equity and liabilities
Share capital
604
604
Other reserves
5,642
4,446
Retained earnings
4,652
5,774
Total equity
10,898
10,824
Bank loans and issued bonds, non-current
13, 16
8,135
8,571
Lease liabilities, non-current
9, 13
-
8
Provisions, non-current
1
26
Deferred tax liabilities
11
187
44
Total non-current liabilities
8,323
8,649
Bank loans and issued bonds, current
13, 16
1,801
1,725
Lease liabilities, current
9, 13
1
8
Trade payables
13
83
116
Tax payables
230
-
Amounts owed to subsidiaries, interest bearing
13, 16
627
-
Amounts owed to subsidiaries, current
13, 16
187
57
Other current liabilities
194
301
Total current liabilities
3,123
2,207
Total equity and liabilities
22,344
21,680
Balance sheet at December 31
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DKK million
Note
2025
2024
Operating activities
Operating profit (loss)
-228
-367
Depreciation, amortization and impairment
3
172
152
Other non-cash adjustments
-33
2
Cash flow from operating activities before changes in working capital
-89
-213
Change in receivables
-362
117
Change in trade payables and other payables
46
-663
Total changes in working capital
-316
-546
Cash flow from operating activities before financial items and tax
-405
-759
Interest and dividends, etc. received
122
219
Interest paid
-494
-635
Tax paid, net
339
71
Cash flow from operating activities
-438
-1,104
Investing activities
Investments in intangible assets
7
-328
-264
Investments in tangible assets
8
-2
-
Cash flow from investing activities
-330
-264
Cash flow from operating and investing activities (free cash flow)
-768
-1,368
DKK million
Note
2025
2024
Financing activities
Proceeds from issuance of borrowings
7,695
-
Repayment of bank loans
-759
-1,068
Repayment of issued bonds
-7,300
-1,406
Repayment of lease liabilities
-1
-7
Amounts owed to subsidiaries
468
-
Cash flow from financing activities
103
-2,481
Net cash flow
-665
-3,849
Cash and cash equivalents, beginning of period
688
4,537
Cash and cash equivalents, end of period
23
688
Statement of cash flows
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2025
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, 2025
604
-
-2,725
6,231
940
-
5,774
10,824
Profit (loss) for the period
-
-
-
1,593
179
-
-1,119
653
Adjustment of cash flow hedges
-
-
-
-85
-
-
-
-85
Other changes in equity in subsidiaries
-
-
-
4
-
-
-
4
Foreign currency translation adjust-
ments of investments in subsidiaries etc.
-
-
-
-473
-
-
-
-473
Tax relating to other comprehensive in-
come
-
-
-
18
-
-
-
18
Other comprehensive income for the
year
-
-
-
-536
-
-
-
-536
Total comprehensive income for the
year
-
-
-
1,057
179
-
-1,119
117
Tax related to share-based incentive
plans
-
-
-
-7
-
-
-
-7
Share-based payment (granted)
-
-
-
57
-
-
6
63
Share-based payment (reversed)
-
-
-
-95
-
-
-9
-104
Other changes in equity in subsidiaries
-
-
-
5
-
-
-
5
Balance at December 31, 2025
604
-
-2,725
7,248
1,119
-
4,652
10,898
The reserve according to the equity method includes foreign exchange adjustments of DKK 1,259 million
(2024: DKK -786 million). Retained earnings, which are available for distribution from the Parent Company
amounts to DKK 1,927 million (2024: DKK 3,049 million).
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
Adjustment of cash flow hedges
-
-
-
-
-
-
-
-
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 in-
come
-
-
-
-10
-
-
-
-10
Other comprehensive income for the
year
-
-
-
312
-
-
-
312
Total comprehensive income for the
year
-
-
-
2,024
139
-
-863
1,300
Tax related to share-based incentive
plans
-
-
-
-
-
-
-
-
Share-based payment (granted)
-
-
-
57
-
-
-
57
Share-based payment (reversed)
-
-
-
-92
-
-
-1
-93
Other changes in equity in subsidiaries
-
-
-
-27
-
-
-
-27
Balance at December 31, 2024
604
-
-2,725
6,231
940
-
5,774
10,824
Statement of changes in equity
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Notes – Income statement and balance sheet
1 Staff costs and management remuneration 175
2 Share-based incentive plans 175
3 Depreciation, amortization and impairment 178
4 Fees to statutory auditors 178
5 Financial income and expenses 178
6 Tax 178
7 Intangible assets 179
8 Property, plant and equipment 180
9 Leases 181
10 Investments in subsidiaries 182
11 Deferred tax 182
12 Contingent assets and liabilities 182
Notes – Other disclosures
13 Financial instruments 183
14 Share capital and capital structure 184
15 Related party transactions 184
16 Liabilities from financing activities 185
17 Accounting policies 185
Parent Company
notes
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1 Staff costs and management
remuneration
DKK million
2025
2024
Wages, salaries and remuneration
291
296
Pensions
33
30
Cost of current share-based incentive
6
9
Value of reversed share-based incentive
-9
-10
Other social security costs
2
2
Total
323
327
Executive Management remuneration can be specified
as follows:
Fixed pay*
15
15
Short term incentives
8
12
Cost of current share-based incentive
6
7
Value of reversed share-based incentive
-7
-
Total
22
34
Board of Directors remuneration
10
10
Total remuneration
32
44
Staff costs are included in Management and adminis-
trative expenses.
Average number of FTEs
414
372
Number of FTEs at year-end
439
397
* 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 2020-2025 a share-based incentive plan has been implemented in
GN Store Nord A/S. For a description of this, see note 5.2 Share-based
incentive plans in the consolidated financial statements. The following
assumption was 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 2025 include acceleration of
2,614 options granted to Other employees of GN Store Nord A/S
(2024: 83,271 options accelerated).
Executive Management
Other employees
2025
2024
2025
2024
Number of options awarded in the year
-
200,360
-
119,709
Share price of GN Store Nord A/S at ordinary grant date
-
183
-
183
Vesting period
-
3 years
-
3 years
Life of option
-
6 years
-
6 years
Volatility*
-
45%
-
45%
Expected dividend
-
0.4%
-
0.4%
Risk-free interest rate**
-
2.37%
-
2.36%
Fair Value per option at ordinary grant (DKK)***
-
45****
-
70
Total market value at grant (DKK million)
-
9
-
8
Amortization period of the program
-
2024 - 2027
-
2024 - 2027
* 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.
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2 Share-based incentive plans (Continued)
DKK
Number
Average
exercise price
Executive
Management
Other
employees
Total
Outstanding options at January 1, 2024
284
355,548
265,945
621,493
Options granted during the year
179
200,360
119,709
320,069
Options forfeited during the year/corrections
502
-18,250
-41,474
-59,724
Outstanding options at December 31, 2024
217
537,658
344,180
881,838
Options granted during the year
-
-
-
-
Option increase from multiplier at vesting
-
-
-
-
Options exercised during the year
-
-
-
-
Options forfeited during the year/corrections
326
-135,159
-126,055
-261,214
Outstanding options at December 31, 2025
174
402,499
218,125
620,624
Weighted average term to maturity (Years)
3.7
3.7
3.7
Number of exercisable options at December 31, 2024
108,659
85,004
193,663
Number of exercisable options at December 31, 2025
-
-
-
*The performance multiplier can decrease the number of options to 0 or as maximum effect increase the number of options by a factor of 2.
DKK
Number
Grant date
Exercise
price
Executive
Management
Other
employees
Total
February 2023
164
-
101,398
101,398
March 2023
151
97,300
-
97,300
June 2023
170
104,839
-
104,839
February 2024
179
200,360
104,779
305,139
April 2024
184
-
7,194
7,194
August 2024
176
-
4,754
4,754
Outstanding options at December 31, 2025
402,499
218,125
620,624
* The performance multiplier can decrease the number of non-vested options to 0 or as maximum effect increase the number by a factor of 2.
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2 Share-based incentive programs
(Continued)
For 2025, performance share units have been established in GN Nord
Store A/S. For description of this see note 5.2 Shared based incentive
plans in the consolidated financial statements. The following grant
date parameters were considered for the fair value calculation of the
performance share units:
Executive Management
Other employees
2025
2024
2025
2024
Number of shares granted
94,510
-
73,326
-
Grant Price (ordinary grant)
142
-
142
-
Vesting Period
3 years
-
3 years
-
Fair Value Per PSU at ordinary grant date
142
-
142
-
Total market value at grant (DKK million)
13
-
11
-
Amortisation period of the program
2025 - 2028
-
2025 - 2028
-
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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
172 million (2024: DKK 150 million), is recognized in the income state-
ment as management and administrative expenses.
4 Fees to statutory auditors
DKK million
2025
2024
Statutory audit
-2
-3
Tax advice services
-2
-1
Other assurance engagements
-2
-3
Other services
-4
-1
Total
-10
-8
Services other than statutory audit are described in note 5.6 Fees to
statutory auditors in the consolidated financial statements.
5 Financial income and expenses
DKK million
2025
2024
Financial income
Interest income from subsidiaries*
73
164
Interest income from bank balances*
-
20
Fair value adjustment of derivative financial instru-
ments, net
48
40
Total
121
224
Financial expenses
Interest expense to subsidiaries*
-101
-139
Interest expenses on bank loans and issued bonds*
-380
-313
Financial expenses, other
-118
-183
Foreign exchange loss, net
-143
-55
Total
-742
-690
*Interest income and expenses from financial assets and liabilities at amortized cost
6 Tax
DKK million
2025
2024
Tax on profit (loss)
Current tax for the year
-
149
Deferred tax for the year
142
-31
Adjustment to current tax in respect of prior years
52
-82
Adjustment to deferred tax in respect of prior years
-285
73
Total
-91
109
Reconciliation of effective tax rate
Danish tax rate
22.0%
22.0%
Non-taxable income
0.0%
-0.4%
Non-deductible expenses
4.3%
7.7%
Adjustment of tax with respect of prior years
29.2%
1.1%
Share of profit (loss) in subsidiaries
-44.1%
-42.7%
Other, including provisions for uncertain tax positions
0.0%
-0.1%
Effective tax rate
11.4%
-12.4%
In 2025, the company paid preliminary taxes of DKK 20 million in Dan-
ish corporate income tax for the year on behalf of the joint Group taxa-
tion (2024: DKK 85 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 774 million
(2024: DKK 813 million).
2025
2024
DKK million
Software
Patents & License
Total
Software
Patents & License
Total
Cost at January 1
1,885
667
2,552
1,687
667
2,354
Additions
328
-
328
264
-
264
Disposals
-347
-
-347
-66
-
-66
Cost at December 31
1,866
667
2,533
1,885
667
2,552
Amortization and impairment at January 1
-681
-62
-743
-660
-
-660
Amortization
-89
-65
-154
-76
-62
-138
Disposals
348
-
348
55
-
55
Impairment
-12
-
-12
-
-
-
Amortization and impairment at December 31
-434
-127
-561
-681
-62
-743
Carrying amount at December 31
1,432
540
1,972
1,204
605
1,809
Amortized over
3-10 years
3-10 years
3-10 years
3-10 years
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8 Property, plant and equipment
Operating assets and equipment are depreciated over 2-7 years.
2025
2024
DKK million
Factories and
office buildings
Operating
assets and
equipment
Assets under
construction
Total
Factories and
office buildings
Operating
assets and
equipment
Assets under
construction
Total
Cost at January 1
-
64
-
64
-
64
-
64
Additions
-
-
2
2
-
-
-
-
Disposals
-
-
-
-
-
-
-
-
Cost at December 31
-
64
2
66
-
64
-
64
Depreciation and impairment at January 1
-
-49
-
-49
-
-43
-
-43
Depreciation
-
-5
-
-5
-
-6
-
-6
Depreciation and impairment at December 31
-
-54
-
-54
-
-49
-
-49
Carrying amount at December 31
-
10
2
12
-
15
-
15
Leased assets, c.f. note 9
-
1
-
1
13
2
-
15
Total carrying amount at December 31
-
11
2
13
13
17
-
30
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9 Leases
Lease liabilities
DKK million
2025
2024
Contractual maturity analysis of lease liabilities:
Less than one year
1
9
Between one and three years
-
10
More than three years
-
-
Total
1
19
The Parent Company’s leases mainly consist of property leases of cars
and office equipment. Rental contracts are typically made for fixed pe-
riods but may have extension options. Contracts may contain both
lease and non-lease components. In such cases the consideration in the
contract is allocated to the lease and non-lease components based on
their relative stand-alone prices. Lease terms are negotiated on an indi-
vidual basis and contain a wide range of different terms and conditions.
Amounts expensed in the income statement and total cash outflow
DKK million
2025
2024
Expense relating to low-value assets and short-term leases
3
5
Total cash outflow re. lease liabilities
1
7
The following right-of-use assets from leases are included in property, plant and equipment:
Leased assets
2025
2024
DKK million
Factories
and office
buildings
Operating
assets and
equipment
Total
Factories
and office
buildings
Operating
assets and
equipment
Total
Carrying amount at January 1
13
2
15
19
2
21
Transfer to a group company
-13
-
-13
-
-
-
Additions
-
-
-
-
1
1
Remeasurements
-
-
-
-
-
-
Disposal
-
-
-
-
-
-
Depreciation
-
-1
-1
-6
-1
-7
Carrying amount at December 31
-
1
1
13
2
15
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10 Investments in subsidiaries
TDKK million
2025
2024
Cost at January 1
12,318
12,318
Additions, capital contribution
-
-
Other adjustments
-
-
Cost at December 31
12,318
12,318
Value adjustment at January 1
6,231
4,269
Share of profit after tax in subsidiaries
1,593
1,712
Foreign currency translation adjustments
-473
269
Direct equity postings in subsidiaries
-104
-19
Value adjustments at December 31
7,247
6,231
Carrying amount at December 31
19,565
18,549
Group companies are listed on pp. 166-167.
11 Deferred tax
DKK million
2025
2024
Deferred tax, net
Deferred tax at January 1, net
-44
-86
Adjustment in respect of prior years
-285
73
Deferred tax for the year recognized in profit (loss) for
the year
142
-31
Tax related to other comprehensive income
-
-
Deferred tax at December 31, net
-187
-44
Deferred tax, net relates to
Intangible assets
-263
-228
Other
76
184
Total
-187
-44
12 Contingent assets and liabilities
The Parent Company has not issued any guarantees on behalf of sub-
sidiaries in 2025 (2024: 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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13 Financial instruments
Categories of financial assets and liabilities
DKK million
2025
2024
Financial assets
Other receivables
91
181
Amounts owed by subsidiaries
592
214
Financial assets at amortized cost
683
395
Derivative financial instruments included in Other receivables
86
146
Financial assets at fair value through profit or loss
86
146
Financial liabilities
Issued bonds (bond-with-warrant units), non-current
373
8,199
Issued EMTN bonds, non-current
344
372
Bank Loans, non-current
7,418
-
Bank loans and issued bonds, current
1,801
1,725
Lease liabilities
1
16
Trade payables
83
116
Amounts owed to subsidiaries, current
187
57
Amounts owed to subsidiaries, interest bearing
627
-
Financial liabilities at amortized cost
10,834
10,485
Derivative financial instruments included in Other payables
82
141
Financial liabilities at fair value through profit or loss
82
141
For a description of loans in Group, 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
2025
Issued bonds
25
37
856
918
Bank loans
1,871
7,003
448
9,322
Lease liabilities
1
-
-
1
Trade payables
83
-
-
83
Amounts owed to subsidiaries, current
187
-
-
187
Amounts owed to subsidiaries
, inter-
est bearing
627
-
-
627
Total non-derivative financial liabilities
2,794
7,040
1,304
11,138
Derivative financial liabilities
82
-
-
82
Total financial liabilities
2,876
7,040
1,304
11,220
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
The maturity analysis is based on non-discounted cash flows.
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 548 million (2024: DKK 546 million).
For other financial assets and liabilities, the fair value is approximately
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 2025 the FX derivatives had a fair value
of DKK 4 million (2024: DKK 5 million), of which DKK -1 million (2024:
DKK 5 million) are related to derivatives of USD vs EUR or DKK and
DKK 5 million (2024: DKK 0 million) are related to derivatives of GBP vs
DKK. The fair value of derivatives is categorized as level 2 (observable
inputs) in the fair value hierarchy.
2025
2024
DKK million
Average rate
(DKK)
Contract
amount, net*
Fair value,
assets
Fair value,
liabilities
Average rate
(DKK)
Contract
amount, net*
Fair value,
assets
Fair value,
liabilities
USD / DKK
639
-2,014
37
-54
705
-3,453
114
-53
EUR / USD
741
-2,002
17
-1
704
-3,109
-
-56
Other currency pairs
-51
31
-27
-350
32
-31
Total
85
-82
146
-140
* Positive contract amounts indicate sale of currencies vs. DKK or EUR
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14 Share capital and capital structure
For information regarding outstanding shares and treasury shares
please refer to note 4.1 Outstanding shares and treasury shares in the
consolidated financial statements.
15 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 pp. 166-167. Trade with group enter-
prises comprised:
DKK million
2025
2024
Sale of services to group enterprises
828
933
Lease income from group enterprises
-
20
Purchase of services from group enterprises
-182
-191
Lease costs paid to group enterprises
-
-30
The Parent Company's balances with group enterprises at December
31, 2025 are disclosed in the balance sheet. Interest income and
expenses with respect to group enterprises are disclosed in note 5
Financial income and expenses. Further, balances with Group enter-
prises comprise trade balances related to the purchase and sale of
goods and services.
Sale of services to group enterprises consists of facility services, can-
teen services, management fee and IT costs. Purchase of services from
group enterprises mainly consists of facility services and canteen ser-
vices. Furthermore, the parent company has purchased development
services from subsidiaries related to the exploring research projects.
No transactions have been carried out with the Board of Directors, the
Executive Management, senior employees, major shareholders or other
related parties, apart from remuneration disclosed in notes 2.3 Staff
costs and management remuneration and 5.2 Share-based incentive
plans in the consolidated financial statements.
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16 Liabilities from financing activities
17 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
parent 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 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 subsidi-
ary’s 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 2025 amounted to DKK 828
million (2024: DKK 898 million). The Parent Company applies the eq-
uity method for recognizing share of profit and investments in subsidi-
aries and profit for the year and total equity developed in line with the
Group’s overall development. In 2025, cash flow from operating activi-
ties was positively impacted by interests received in the total amount
of DKK 122 million (2024: DKK 219 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
-
8,571
16
1,725
-
10,312
Cash flows
6,943
-7,300
-1
-7
469
104
Foreign exchange adjustments
-
-
-
-
158
158
New leases
-
-
-
-
-
-
Reclassified to current/non-current
473
-553
-
80
-
-
Reclassified to working capital
-
-
-
-
-
-
Non-cash interest expenses
-
-
-
3
-
3
Other non-cash adjustments
2
-1
-14
-
-
-13
Liabilities at December 31, 2025
7,418
717
1
1,801
627
10,564
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
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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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• Obtain an understanding of internal control relevant to the
• Evaluate the appropriateness of accounting policies used and
• Conclude on the appropriateness of Management’s use of the
• Evaluate the overall presentation, structure and content of
• Plan and perform the group audit to obtain sufficient appro-
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CVR no 3377 1231
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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 24257843
© 2026 GN Store Nord A/S. All rights reserved. Beltone, BlueParrott, Danavox,
FalCom
, Interton, Jabra, ReSound, and SteelSeries are trademarks of the GN
Group.
Apple, the Apple logo, iPhone, iPad and iPod touch are trademarks of Ap-
ple Inc., registered in the U.S. and other countries. App Store is a service mark of
Apple Inc., registered in the U.S. and other countries. Android, Google Play and
the Google Play log
o are trademarks of Google LLC. The Bluetooth word mark
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