### In terim Report Q 2 202 5
GN Store Nord A/S
## Commercial and operational agility drove market share gains and 46% EBITA growth
The **Hearing** division delivered 8% organic revenue growth driven by broadbased market share gains of ReSound Vivia across global markets growing below structural trends. The strong growth led to 12% growth in divisional profit, equaling a divisional profit margin of 36% driven by operating leverage.
The **Enterprise** division was – as expected – challenged by market uncertainty due to the global trade environment. The organic revenue growth was -7% due to the market uncertainty and a difficult comparison base, while being supported by strong progress in FalCom. The divisional profit margin ended at 34% as a result of pricing discipline and cost focus, offsetting the direct tariff costs.
The **Gaming** division was – as expected – challenged by the tariff environment and weak consumer sentiment. Despite these challenges, Gaming performed well leading to 0% organic revenue growth on top of a very challenging comparison base. The divisional profit margin (excluding wind-down effects) ended at 12% as a result of pricing discipline and one-company supply chain benefits.
Group reported **EBITA** increased 46% to DKK 546 million (EBITA margin of 13%), reflecting gross margin improvements, strong cost focus due to the group-wide cost program and no extraordinary costs.
**Free cash flow** excl. M&A ended at DKK 353 million reflecting the earnings profile and positive impact on working capital. Net interest-bearing debt ended at DKK 9,850 million, equaling a reported leverage of 4.0x (reported leverage of 4.9x in Q2 2024).
Following a successful execution in the first half of the year, and GN's company-wide agility, the financial guidance for 2025 is confirmed. The organic revenue growth guidance of -3% to +3% (excluding wind-down effects) is narrowed to -2% to +2%. The guidance on EBITA-margin and free cash flow excl. M&A is confirmed.
Reported EBITA 13% margin
#### Financial overview Q2 2025
| | GN Store Nord | | Hearing division | | Enterprise division | | Gaming division | | | | | | | | |
|--------------------------|---------------|---------|------------------|---------|---------------------|--------|-----------------|---------|--------|---------|---------|--------|---------|----------|--------|
| | | | | | | | | | | | Gaming | | | Consumer | |
| DKK million | Q2 2025 | Q2 2024 | Growth | Q2 2025 | Q2 2024 | Growth | Q2 2025 | Q2 2024 | Growth | Q2 2025 | Q2 2024 | Growth | Q2 2025 | Q2 2024 | Growth |
| Revenue | 4,160 | 4,499 | -8% | 1,858 | 1,792 | 4% | 1,713 | 1,873 | -9% | 589 | 611 | -4% | 0 | 223 | -100% |
| Organic growth | 0%* | 5% | | 8% | 10% | | -7% | -1% | | 0% | 12% | | -100% | 3% | |
| Gross profit | 2,313 | 2,334 | -1% | 1,152 | 1,131 | 2% | 961 | 1,015 | -5% | 191 | 186 | 3% | 9 | 2 | 350% |
| Gross profit margin | 55.6% | 51.9% | 3.7%p | 62.0% | 63.1% | -1.1%p | 56.1% | 54.2% | 1.9%p | 32.4% | 30.4% | 2.0%p | NA | 0.9% | NA |
| Divisional profit | 1,323 | 1,239 | 7% | 668 | 598 | 12% | 583 | 651 | -10% | 70 | | | 2 | | |
| Divisional profit margin | 31.8% | 27.5% | 4.3%p | 36.0% | 33.4% | 2.6%p | 34.0% | 34.8% | -0.8%p | 11.9% | | | NA | | |
| EBITA | 546 | 374 | 46% | | | | | | | | | | | | |
| EBITA margin | 13.1% | 8.3% | 4.8%p | | | | | | | | | | | | |
| Free cash flow excl. M&A | 353 | 155 | 198 | | | | | | | | | | | | |
Free cash flow 353 excl. M&A (DKKm)
*\* Excluding wind-down effect. Reported organic revenue growth of -5%*
## Financial highlights
| | Q2 | Q2 | YTD | YTD | Full year |
|----------------------------------------------------------------|----------|----------|----------|----------|-----------|
| | 2025 | 2024 | 2025 | 2024 | 2024 |
| DKK million | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (aud.) |
| GN Store Nord | | | | | |
| Revenue | 4,160 | 4,499 | 8,146 | 8,802 | 17,985 |
| Revenue growth | -8% | 2% | -7% | 2% | -1% |
| Organic growth | -5% | 5% | -6% | 5% | 1% |
| Gross profit margin | 55.6% | 51.9% | 55.3% | 52.4% | 53.2% |
| EBITA* | 546 | 374 | 846 | 912 | 2,153 |
| EBITA margin* | 13.1% | 8.3% | 10.4% | 10.4% | 12.0% |
| Profit (loss) before tax | 232 | 144 | 346 | 487 | 1,361 |
| Effective tax rate | 22.4% | 22.2% | 22.3% | 22.4% | 22.2% |
| EBITDA | 639 | 473 | 1,034 | 1,112 | 2,541 |
| ROIC (EBITA*/Average invested capital) | 10% | 7% | 10% | 7% | 10% |
| Earnings per share, basic (EPS) | 1.13 | 0.66 | 1.62 | 2.40 | 6.79 |
| Earnings per share, fully diluted (EPS diluted) | 1.13 | 0.66 | 1.62 | 2.40 | 6.78 |
| Free cash flow excl. M&A | 353 | 155 | -42 | 201 | 1,081 |
| Cash conversion (Free cash flow excl. M&A/EBITA*) | 65% | 41% | -5% | 22% | 50% |
| Equity ratio | 35.4% | 34.2% | 35.4% | 34.2% | 35.4% |
| Net interest-bearing debt** | 9,850 | 10,548 | 9,850 | 10,548 | 9,699 |
| Net interest-bearing debt (period-end)/EBITDA** | 4.0 | 4.9 | 4.0 | 4.9 | 4.4 |
| Outstanding shares, end of period (thousand) | 145,613 | 145,613 | 145,613 | 145,613 | 145,613 |
| Average number of outstanding shares (thousand) | 145,613 | 145,613 | 145,613 | 145,613 | 145,613 |
| Average number of outstanding shares, fully diluted (thousand) | 145,613 | 145,613 | 145,613 | 145,636 | 145,712 |
| Treasury shares, end of period (thousand) | 5,300 | 5,300 | 5,300 | 5,300 | 5,300 |
| Share price at the end of the period | 97.5 | 194.1 | 97.5 | 194.1 | 133.8 |
| Market capitalization | 14,197 | 28,263 | 14,197 | 28,263 | 19,476 |
| Number of employees, end of period | 7,407 | 7,162 | 7,407 | 7,162 | 7,347 |
| | Q2 | Q2 | YTD | YTD | Full year |
|---------------------|----------|----------|----------|----------|-----------|
| | 2025 | 2024 | 2025 | 2024 | 2024 |
| DKK million | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (aud.) |
| Hearing division | | | | | |
| Revenue | 1,858 | 1,792 | 3,561 | 3,529 | 7,104 |
| Revenue growth | 4% | 4% | 1% | 6% | 4% |
| Organic growth | 8% | 10% | 3% | 12% | 10% |
| Gross profit margin | 62.0% | 63.1% | 61.3% | 62.9% | 62.8% |
| Divisional profit | 668 | 598 | 1,152 | 1,197 | 2,464 |
| Divisional margin | 36.0% | 33.4% | 32.4% | 33.9% | 34.7% |
| Enterprise division | | | | | |
| Revenue | 1,713 | 1,873 | 3,379 | 3,684 | 7,474 |
| Revenue growth | -9% | -2% | -8% | -2% | -3% |
| Organic growth | -7% | -1% | -8% | -1% | -3% |
| Gross profit margin | 56.1% | 54.2% | 56.0% | 54.5% | 55.5% |
| Divisional profit | 583 | 651 | 1,131 | 1,289 | 2,662 |
| Divisional margin | 34.0% | 34.8% | 33.5% | 35.0% | 35.6% |
| Gaming division | | | | | |
| Revenue | 589 | 834 | 1,206 | 1,589 | 3,407 |
| Revenue growth | -29% | 10% | -24% | 5% | -5% |
| Organic growth | -27% | 9% | -23% | 5% | -5% |
| Gross profit margin | 34.0% | 22.5% | 35.4% | 24.0% | 28.2% |
| Divisional profit | 72 | -10 | 136 | 2 | 81 |
| Divisional margin | 12.2% | -1.2% | 11.3% | 0.1% | 2.4% |
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 amorti-
zation of development projects and software developed in-house.
\*\* NIBD including Loans to dispensers
## GN Store Nord
### Successfully navigating a challenging market environment
#### Revenue
In Q2 2025, GN's organic revenue growth ended at 0% excluding the Elite and Talk product lines wind-down impact (reported organic revenue growth was -5%). The development led to group revenue of DKK 4,160 million, equal to revenue growth of -8%, with -3% impact from the development in foreign exchange rates and an insignificant impact from M&A. In the first 6 months of the year the organic revenue growth excluding the wind-down effect was -1%.
#### Gross profit
Gross profit ended at DKK 2,313 million in Q2 2025 compared to DKK 2,334 million in Q2 2024, equal to a gross margin of 55.6%, which was 3.7 percentage points higher than Q2 2024. The development reflects broad-based improvements, driven by strong pricing discipline, favorable business mix, and annualized group-wide synergies, partly offset by the direct impact from tariffs. In the first 6 months of the year the gross margin was 55.3%.
#### Divisional profit
Divisional profit increased 7% to DKK 1,323 million in Q2 2025 compared to DKK 1,239 million in Q2 2024. The development translated into a divisional profit margin of 31.8%, equal to an increase of 4.3 percentage points, reflecting the gross margin development and cost control related to tariff mitigation. In the first 6 months of the year the divisional profit margin was 29.7%.
#### Development costs
Development costs ended at DKK -344 million compared to DKK -442 million in Q2 2024. This reflects a relative stable development in incurred development costs driven by continued investments into future innovation including the finalization of the new PanaCast 40 VBS and the coming Enterprise headset platform. The capitalization ratio increased slightly to 59% reflecting the prioritization of coming product launches, while amortization of development costs ended at DKK -152 million compared to DKK -136 million in Q2 2024 (Q2 2024 also included DKK -95 million in write-down of assets due to the wind-down of the Elite and Talk product lines). In the first six months of the year incurred development costs have been relatively stable compared to the same period of 2024, while the capitalization ratio has been 55%, which is in line with the historical pattern.
#### Management and administration costs
Management and administration costs ended at DKK -428 million, which was stable compared to Q2 2024. The development reflects early benefits of the group-wide cost program in response to tariffs but offset by investments into modernization of group HQ.
#### EBITA
Group EBITA increased 46% to DKK 546 million compared to DKK 374 million in Q2 2024, driven by the favorable gross margin, prudent cost management and no extraordinary costs. The EBITA margin ended at 13.1% compared to 8.3% in Q2 2024. In the first 6 months of the year the EBITA margin was 10.4%.
#### Other financial highlights
Amortization of acquired intangible assets amounted to DKK -85 million compared to DKK -89 million in Q2 2024. Financial items were DKK -228 million in the quarter compared to DKK -140 million in Q2 2024, reflecting the higher financing costs as a consequence of the debt refinancing during 2024, and a negative non-cash revaluation of balance
#### **Gross profit (DKKm) and gross margin (%)**
#### **Divisional profit (DKKm) and divisional profit margin (%)**
sheet items due to changes in FX in the region of DKK -70 million. Gain (loss) on disposals were DKK -1 million compared to DKK -1 million in Q2 2024. Profit before tax ended at DKK 232 million, while the effective tax rate was 22.4%, leading to a net profit of DKK 180 million.
#### Cash flow development
GN Store Nord's operational free cash flow ended at DKK 657 million in Q2 2025, while the change in net working capital was DKK 112 million reflecting a positive development in inventories. Investment activities excl. M&A ended at DKK -297 million, which was slightly lower than Q2 2024. Financial items, net were DKK -63 million. Consequently, free cash flow excl. M&A ended at DKK 353 million in Q2 2025, equaling a cash conversion before financial items of 76%. In the first 6 months of the year free cash flow excl. M&A was DKK -42 million.
#### Capital structure
As a consequence of the cash flow, the net interest-bearing debt decreased by DKK 0.3 billion to DKK 9,850 million, corresponding to a leverage of 4.0x (compared to 4.9x in Q2 2024). By Q2 2025, GN had cash and cash equivalents of DKK 1,130 million.
Taking advantage of the strong fundamental operational improvements in the last few years, GN has successfully negotiated terms for a new facility agreement of up to EUR 1 billion with its core banking group planning to refinance the existing EUR 800 million Term Loan (originally maturing in Q3 2026) and up to EUR 200 million other existing debt. Further, GN has negotiated terms for a new EUR 500 million revolving credit facility to replace the current (undrawn) EUR 520 million revolving credit facility (originally maturing in Q2 2027). The new facilities mature in 2028 (with the option to extend by up to two years, i.e. 2030, in agreement with the banks) and reflect improved terms & conditions, including lower interest rates, compared to existing loans. The facilities are subject to final agreement on customary long form documentation, which is expected to be concluded during Q3 2025.
#### Mitigating actions in response to impact of global trade war
In light of the evolving changes in the global trade environment, GN launched significant mitigation actions in April 2025 to protect Group profitability. These significant actions included but were not limited to 1) Acceleration of diversification of manufacturing footprint; 2) U.S. price increases for Enterprise and Gaming; 3) Group-wide cost and cash initiatives.
In the quarter, the changing trade environment has been managed well. The efforts to diversify the supply chain are continuing in line with original plans. 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. We are continuously assessing the developments and additional prudent and diligent actions will be taken as needed going forward. It is currently expected that the net impact from tariffs will impact group EBITA margin by around -1% for the year, of which around 0.5% has a more temporary effect.
#### Management quote
*"While the macro-economic environment continues to pose challenges to GN and to our customers, we are very pleased with our execution and the progress we are making. In Hearing, our Vivia launch is going very well, leading to market share gains around the world. In Enterprise and Gaming, we have continued the diversification of our supply chain and also taken constructive commercial actions to manage the changing trade environment. We have done this well with limited negative impact while continuing to serve our customers with no disruption. All in all, we are gradually taking ourselves through a challenging period and remain very excited about the opportunities we have ahead of us across our markets and our group. Thanks to all customers, partners and employees for making this possible."*
Peter Karlstromer, CEO of GN Store Nord
#### **EBITA (DKKm)**
#### **Net interest-bearing debt (DKKm)**
#### **Free cash flow (DKKm)**
## Financial guidance 2025
### GN Store Nord
*The development in tariffs and its impact on our markets makes our environment more uncertain than normal. As a base assumption for the financial guidance, we assume that tariff rates as of today are constant throughout the remainder of the year.*
### Key revenue assumptions for the financial guidance of 2025
#### Hearing division
GN is exposed to an attractive hearing aid market, which has historically been growing 4-6% in volumes driven by ongoing favorable demo-graphic trends. With an assumed -1% yearly ASP impact, the structural market value growth assumptions of 3-5%. As a consequence of the slower beginning of the year driven by the uncertain macroeconomic environment, it is currently expected that the market in 2025 will grow slower than its structural trend.
Based on the strong sales momentum of ReSound Vivia and ReSound Savi, GN in 2025 expects to continue to gain market share. In the beginning of 2025, we assumed the Hearing division to contribute with organic revenue growth of 5% to 9%. Due to the lower market growth assumption, it is currently assumed that the Hearing division will grow at the lower half of that range.
#### Enterprise division
The uncertainty and change in the trade environment are impacting our Enterprise division. We have taken significant actions to further diversify our manufacturing footprint to mitigate this, and we have also implemented targeted price adjustments in the U.S. With these initiatives in place, we are progressing well towards the existing assumptions for the year. In April 2025, we assumed the Enterprise division would contribute with organic revenue growth of -8% to 0%, and we are continuing to assume a contribution in the middle of this range.
#### Gaming division
Similar to the Enterprise market, the Gaming market is also impacted by the change in trade environment and general weak consumer sentiment. We have taken several mitigation actions including diversification of our manufacturing footprint and targeted price increases. These initiatives work well. In April 2025, we assumed the Gaming division to contribute with organic revenue growth of -6% to +2% (excluding the impact from the wind-down). Driven by the strong execution in the first half of the year, the Gaming division is now assuming to contribute with organic revenue growth in the upper half of that range.
#### Wind-down impact on Group organic revenue growth
Due to the successfully executed wind-down of the Elite and Talk product lines during 2024, the revenue contribution from these product lines in 2025 is assumed to be insignificant (in 2024, the product lines generated revenue of DKK 597 million). As a result, the negative impact from the wind-down on group organic revenue growth will be
around 3 percentage points, while the negative impact specifically in the Gaming division will be 16-18 percentage points. The group financial guidance on organic revenue growth is adjusted for this impact, why the reported organic revenue growth will be around 3 percentage points lower.
### Key EBITA margin assumptions for the financial guidance of 2025
In light of the evolving changes in the global trade environment, GN launched significant mitigating actions in May 2025 to protect Group profitability. These significant actions included but were not limited to 1) Acceleration of diversification of manufacturing footprint; 2) U.S. price increases for Enterprise and Gaming; 3) Group-wide cost and cash initiatives.
In the quarter, the changing trade environment has been managed well. The efforts to diversify the supply chain are continuing in line with original plans. Thanks to this diversification, the group-wide cost control efforts and the commercial actions that were taken across Enterprise and Gaming, the overall impact is being mitigated well. We are continuously assessing the developments and additional prudent and diligent actions will be taken as needed going forward. It is currently expected that the net impact from tariffs will impact group EBITA margin by around -1% in 2025 (as earlier communicated), of which around 0.5% has a more temporary effect.
## Hearing division
ReSound Vivia success leading to market share gains and 8% organic revenue growth with a divisional profit margin of 36%
#### Revenue
The Hearing division delivered strong organic revenue growth of 8% (on top of 10% in Q2 2024) driven by broad-based market share gains of ReSound Vivia across markets growing below structural trends.
In Q2 2025, the U.S. market saw a return to positive market growth, while the European and Rest of World markets experienced aggregate growth slightly below historical growth rates.
In North America, GN delivered solid organic revenue growth, driven by strong growth in the independent segment and VA, while the comparison base at a large retailer was challenging in the quarter. Across Europe and Rest of World, GN delivered strong organic growth with particular strong performance in Germany and U.K as a result of a very successful broad-based introduction of ReSound Vivia.
The performance in the quarter led to overall revenue of DKK 1,858 million, equal to 4% revenue growth, due to -1% impact from M&A and -3% impact from FX. In the first 6 months of the year the organic revenue growth was 3%.
#### Gross profit
Gross profit increased to DKK 1,152 million, translating into a gross margin of 62.0% (compared to 63.1% in Q2 2024), reflecting the
divestment of Dansk HøreCenter as well as negative country mix. In the first 6 months of the year the gross margin was 61.3%.
#### Sales and distribution costs
Sales and distribution costs decreased to DKK -484 million in Q2 2025 (compared to DKK -533 million in Q2 2024), driven by the general group-wide cost program.
#### Divisional profit
Divisional profit increased 12% to DKK 668 million compared to DKK 598 million Q2 2024. The development was driven by the favorable topline development and solid operating leverage, leading to a strong divisional profit margin of 36.0%. In the first 6 months of the year the divisional profit was 32.4%.
#### Business highlights
On August 12, GN announced 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 especially in difficult environments. ReSound Enzo IA delivers powerful amplification while spotlighting speech and preventing unwanted feedback. Moreover, ReSound Enzo IA is the world's smallest rechargeable Super Power hearing aid, providing maximum comfort, while ensuring all-day battery life. In addition, ReSound Enzo IA offers unprecedented seamless streaming and connectivity as the world's first Super Power hearing aid made for Bluetooth® Low Energy (LE) Audio and Auracast broadcast audio, supported by the Re-Sound Smart 3 app.
#### **Gross profit (DKKm)**
#### **Divisional profit (DKKm)**
## Enterprise division
-7% organic revenue growth and 34% divisional profit margin, despite market uncertainty and tariff costs
#### Revenue
The Enterprise division was – as expected – challenged by market uncertainty due to the global trade environment. The organic revenue growth was -7% due to market uncertainty and a difficult comparison base. The division's sell-out growth in North America and Rest of the World was positive for the third consecutive quarter, while the European markets continued to be challenged. The sell-in growth was lower than sell-out due to inventory reductions at distributors.
In North America, revenue was negatively affected by the deliberate decision to limit certain product variants in the U.S. in the first part of the quarter due to elevated tariff rates, while the price increases executed during the quarter (in response to the tariff rates) were supportive to revenue. In Europe, GN sustained its leading market share position, but the revenue was negatively impacted by the challenged market due to the indirect effects of the uncertain trade environment. However, the performance in the quarter was supported by a significant revenue contribution from FalCom following strong execution on several tenders. In Rest of the World, GN continued to perform strongly with solid organic revenue growth. The development in the quarter led to an overall revenue of DKK 1,713 million, equal to revenue growth of -9%, due to -2% impact from foreign exchange effects. In the first 6 months of the year the organic revenue growth was -8%.
#### Gross profit
Gross profit ended at DKK 961 million, translating into a gross margin of 56.1%, reflecting a 1.9 percentage points improvement compared to Q2 2024, despite significant direct tariff costs. The favorable development was driven by positive pricing effects as well as the annualized impact of the group-wide synergies. In the first 6 months of the year the gross margin was 56.0%.
#### Sales and distribution costs
Sales and distribution costs ended at DKK -378 million in Q2 2025 compared to DKK -364 million in Q2 2024. The development reflects good cost control and targeted market investments.
#### Divisional profit
Divisional profit ended at DKK 583 million compared to DKK 651 million in Q2 2024 primarily as a result of the topline development. The divisional profit margin ended at 34.0%. In the first 6 months of the year the divisional profit margin was 33.5%.
#### Business highlights
During the quarter, Jabra Engage AI Complete was launched, which is a significant upgrade to the AI-driven call center solution. The new release helps call center teams maximize every conversation by providing real-time insights into not only what is said, but also how it's said, while advanced AI technology eliminates unwanted background noise to ensure crystal-clear calls.
Jabra PanaCast 40 VBS, the next planned addition to the Jabra video line-up, continues to garner awards and positive customer feedback as part of the Early Adopter Program ahead of planned shipping in Q3 2025, securing a Best in Show award at Infocom in June, the largest AV industry exhibition & conference in North America.
**Revenue (DKKm)**
#### **Gross profit (DKKm)**
#### **Divisional profit (DKKm)**
## Gaming division
### 0% organic revenue growth and 12% divisional profit margin, despite market uncertainty and tariff costs
#### Revenue
The Gaming division was challenged by the tariff environment and weak consumer sentiment leading to a declining gaming equipment market. Despite these challenges, Gaming performed well leading to 0% organic revenue growth on top of a very challenging comparison base (12% organic revenue growth in Q2 2024).
In North America, revenue was negatively affected by the deliberate decision to limit certain product variants in the U.S. due to elevated tariff rates. The price increases executed during the quarter (in response to the tariff rates) were supportive to revenue. In Europe, growth was negatively impacted by low consumer sentiment and a difficult comparison base from last year. In Rest of World, SteelSeries delivered strong organic revenue growth. Globally and in every region, SteelSeries continued to grow faster than the market, resulting in significant market share gains. The development during the quarter led to an overall Gaming revenue of DKK 589 million compared to DKK 611 million in Q2 2024. The overall revenue growth for the division was - 29%, due to -2% impact from foreign exchange effects and the winddown of the Elite and Talk product lines. In the first 6 months of the year the organic revenue growth excluding the wind-down effect was 5%.
#### Gross profit
Gross profit reached DKK 191 million in Q2 2025 (DKK 200 million including wind-down effects) corresponding to a gross margin of 32.4% compared to 29.7% in Q2 2024 supported by pricing discipline as well as the annualized impact of the group-wide synergies. The quarter only included limited direct tariff costs as SteelSeries was taking advantage of already declared U.S. inventories. In the first 6 months of the year the reported gross margin was 35.4%.
#### Sales and distribution costs
Sales and distribution costs ended at DKK -121 million in Q2 2025 (DKK -128 million including wind-down effects) compared to DKK -198 million in Q2 2024, reflecting structural savings from the wind-down and the general group-wide cost program.
#### Divisional profit
The divisional profit (excluding the wind-down effects) ended at DKK 70 million, translating into a divisional profit margin of 11.9% compared to 6.0% in Q2 2024 driven by the strong gross margin improvements, and the positive operating leverage. Including the effects of the wind-down, the divisional profit ended at DKK 72 million, equal to a divisional profit margin of 12.2% compared to -1.2% in Q2 2024. In the first 6 months of the year the reported divisional profit margin was 11.3%.
#### Business highlights
On June 3, SteelSeries unveiled the Arctis Nova 3 Wireless x Arctis App, which empowers gamers to unlock next-gen 360° Spatial Audio for next-gen consoles. Arctis App offers gamers "real-time audio control" with precision audio presets for the top games on the planet.
#### Wind-down effects
As a consequence of the wind-down of the Elite and Talk product lines in 2024, the Gaming division was impacted with DKK 9 million in COGS and DKK -7 million in sales and distribution costs linked to the winddown for general service and warranty commitments in Q2 2025.
**Revenue (DKKm)**
#### **Divisional profit (DKKm) – excluding wind-down costs**
#### **Gross profit (DKKm) – excluding wind-down costs**
## Additional information
#### Teleconference
GN will host a teleconference at 11.00 am CEST on August 21, 2025. Please visit www.gn.com to access the teleconference. Presentation material will be available on the website prior to the start of the teleconference.
#### Financial calendar 2025
Interim Report Q3 2025: November 6, 2025
For further information please contact:
Rune Sandager Head of Investor Relations GN Store Nord A/S Email: rsandager@gn.com Tel: +45 45 75 92 57
GN Store Nord A/S Lautrupbjerg 7 2750 Ballerup Denmark Company reg. no. 24257843
#### Forward-looking statements
The forward-looking statements in this report reflect the management's current expectations of certain future events and financial results. Statements regarding 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 developments in the financial markets as well as foreign exchange rates, technological developments, changes and amendments to legislation and regulations governing GN's markets, changes in the demand for GN's products, competition, fluctuations in sub-contractor supplies, and developments in ongoing litigation (including 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 management" sections in the Annual Report 2024. This Interim Report should not be considered an offer to sell securities in GN.
# Content Financial statements
### Financial statements
| Quarterly reporting by segment | 12 |
|---------------------------------------------|----|
| Consolidated income statement | 13 |
| Consolidated statement of comprehensive | |
| income | 13 |
| Consolidated balance sheet | 14 |
| Consolidated statement of cash flows | 15 |
| Consolidated statement of changes in equity | 16 |
### Notes
| Note 1 –<br>Accounting policies | 17 |
|------------------------------------------|----|
| Note 2 –<br>Segment disclosures Q2 2025 | 18 |
| Note 2 –<br>Segment disclosures YTD 2025 | 19 |
| Note 3 –<br>Incentive plans | 20 |
| Note 4 –<br>Shareholdings | 20 |
## <span id="page-11-0"></span>Quarterly reporting by segment
| | | | | | | Full Year |
|---------------------|----------|----------|----------|----------|----------|-----------|
| | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | 2024 |
| DKK million | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (aud.) |
| Income statement | | | | | | |
| Revenue | | | | | | |
| Hearing | 1,792 | 1,725 | 1,850 | 1,703 | 1,858 | 7,104 |
| Enterprise | 1,873 | 1,740 | 2,050 | 1,666 | 1,713 | 7,474 |
| Gaming | 834 | 699 | 1,119 | 617 | 589 | 3,407 |
| Total | 4,499 | 4,164 | 5,019 | 3,986 | 4,160 | 17,985 |
| Organic growth | | | | | | |
| Hearing | 10% | 10% | 7% | -1% | 8% | 10% |
| Enterprise | -1% | -7% | -3% | -9% | -7% | -3% |
| Gaming | 9% | -21% | -7% | -20% | -27% | -5% |
| Total | 5% | -4% | 0% | -8% | -5% | 1% |
| Gross profit | | | | | | |
| Hearing | 1,131 | 1,103 | 1,135 | 1,032 | 1,152 | 4,458 |
| Enterprise | 1,015 | 961 | 1,178 | 931 | 961 | 4,146 |
| Gaming | 188 | 219 | 359 | 227 | 200 | 960 |
| Total | 2,334 | 2,283 | 2,672 | 2,190 | 2,313 | 9,564 |
| Gross profit margin | | | | | | |
| Hearing | 63.1% | 63.9% | 61.4% | 60.6% | 62.0% | 62.8% |
| Enterprise | 54.2% | 55.2% | 57.5% | 55.9% | 56.1% | 55.5% |
| Gaming | 22.5% | 31.3% | 32.1% | 36.8% | 34.0% | 28.2% |
| Total | 51.9% | 54.8% | 53.2% | 54.9% | 55.6% | 53.2% |
| Divisional profit | | | | | | |
| Hearing | 598 | 600 | 667 | 484 | 668 | 2,464 |
| Enterprise | 651 | 598 | 775 | 548 | 583 | 2,662 |
| Gaming | -10 | - | 79 | 64 | 72 | 81 |
| Total | 1,239 | 1,198 | 1,521 | 1,096 | 1,323 | 5,207 |
| Divisional margin | | | | | | |
| Hearing | 33.4% | 34.8% | 36.1% | 28.4% | 36.0% | 34.7% |
| Enterprise | 34.8% | 34.4% | 37.8% | 32.9% | 34.0% | 35.6% |
| Gaming | -1.2% | 0.0% | 7.1% | 10.4% | 12.2% | 2.4% |
| Total | 27.5% | 28.8% | 30.3% | 27.5% | 31.8% | 29.0% |
| | | | | | | Full Year |
|-----------------------------------------------------------|----------|----------|----------|----------|----------|-----------|
| | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | 2024 |
| DKK million | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (aud.) |
| Other group information | | | | | | |
| Depreciation and software amortization | -99 | -96 | -92 | -95 | -93 | -388 |
| EBITDA | 473 | 649 | 780 | 395 | 639 | 2,541 |
| EBITA | 374 | 553 | 688 | 300 | 546 | 2,153 |
| Amortization and impairment of acquired intangible assets | -89 | -94 | -91 | -85 | -85 | -365 |
| Profit (loss) | 112 | 289 | 392 | 89 | 180 | 1,059 |
| Free cash flow excl. M&A | 155 | 786 | 94 | -395 | 353 | 1,081 |
| Acquisitions and divestments of companies | - | 106 | 29 | -27 | - | 100 |
| Free cash flow | 155 | 892 | 123 | -422 | 353 | 1,181 |
## <span id="page-12-0"></span>Consolidated income statement
## <span id="page-12-1"></span>Consolidated statement of comprehensive income
| | | | | | Full Year |
|-----------------------------------------------------------|------------|------------|----------|----------|-----------|
| | Q2<br>2025 | Q2<br>2024 | YTD 2025 | YTD 2024 | 2024 |
| DKK million | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (aud.) |
| Revenue | 4,160 | 4,499 | 8,146 | 8,802 | 17,985 |
| Production costs | -1,847 | -2,165 | -3,643 | -4,193 | -8,421 |
| Gross profit | 2,313 | 2,334 | 4,503 | 4,609 | 9,564 |
| Development costs | -344 | -442 | -717 | -793 | -1,491 |
| Selling and distribution costs | -990 | -1,095 | -2,084 | -2,121 | -4,357 |
| Management and administrative expenses | -428 | -421 | -853 | -773 | -1,543 |
| Other operating income and costs, net | -5 | -2 | -3 | -10 | -20 |
| EBITA* | 546 | 374 | 846 | 912 | 2,153 |
| Amortization and impairment of acquired intangible assets | -85 | -89 | -170 | -180 | -365 |
| Gain (loss) on divestment of operations etc. | -1 | -1 | -1 | 11 | 72 |
| Operating profit (loss) | 460 | 284 | 675 | 743 | 1,860 |
| Share of profit (loss) in associates | - | - | 6 | -6 | -7 |
| Financial income | 69 | 89 | 190 | 257 | 358 |
| Financial expenses | -297 | -229 | -525 | -507 | -850 |
| Profit (loss) before tax | 232 | 144 | 346 | 487 | 1,361 |
| Tax on profit (loss) | -52 | -32 | -77 | -109 | -302 |
| Profit (loss) for the period | 180 | 112 | 269 | 378 | 1,059 |
| Attributable to: | | | | | |
| Non-controlling interests | 15 | 16 | 33 | 28 | 71 |
| Shareholders in GN Store Nord A/S | 165 | 96 | 236 | 350 | 988 |
| Earnings per share (EPS): | | | | | |
| Earnings per share (EPS) | 1.13 | 0.66 | 1.62 | 2.40 | 6.79 |
| Earnings per share, fully diluted (EPS diluted) | 1.13 | 0.66 | 1.62 | 2.40 | 6.78 |
\* 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.
| | | | | | Full Year |
|-------------------------------------------------------------------------------------|----------|----------|----------|----------|-----------|
| | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | 2024 |
| DKK million | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (aud.) |
| Profit (loss) for the period | 180 | 112 | 269 | 378 | 1,059 |
| Other comprehensive income<br>Items that will not be reclassified to profit or loss | | | | | |
| Actuarial gains (losses) | - | - | - | - | -52 |
| Tax relating to actuarial gains (losses) | - | - | - | - | 13 |
| Items that may be reclassified subsequently to profit or loss | | | | | |
| Adjustment of cash flow hedges | -9 | 1 | -23 | 25 | 48 |
| Foreign exchange adjustments, etc. | -512 | 97 | -640 | 196 | 314 |
| Tax relating to other comprehensive income | 2 | -5 | 5 | -10 | -11 |
| Other comprehensive income for the period | -519 | 93 | -658 | 211 | 312 |
| Total comprehensive income for the period | -339 | 205 | -389 | 589 | 1,371 |
| Attributable to: | | | | | |
| Non-controlling interests | 15 | 16 | 33 | 28 | 71 |
| Shareholders in GN Store Nord A/S | -354 | 189 | -422 | 561 | 1,300 |
## <span id="page-13-0"></span>Consolidated balance sheet
| | Jun. 30 | Mar. 31 | Dec. 31 | Sep. 30 | Jun. 30 |
|------------------------------------------|----------|----------|---------|----------|----------|
| | 2025 | 2025 | 2024 | 2024 | 2024 |
| DKK million | (unaud.) | (unaud.) | (aud.) | (unaud.) | (unaud.) |
| Assets | | | | | |
| Intangible assets | 16,849 | 17,126 | 17,318 | 16,802 | 17,100 |
| Property, plant and equipment | 1,009 | 1,052 | 1,088 | 885 | 948 |
| Investments in associates | 321 | 323 | 296 | 261 | 303 |
| Receivables from associates | 511 | 207 | 211 | 188 | 197 |
| Deferred tax assets | 189 | 552 | 566 | 486 | 502 |
| Other non-current assets | 1,619 | 1,794 | 1,804 | 1,751 | 1,735 |
| Total non-current assets | 20,498 | 21,054 | 21,283 | 20,373 | 20,785 |
| Inventories | 2,402 | 2,572 | 2,585 | 3,144 | 2,754 |
| Trade receivables | 4,238 | 4,282 | 4,673 | 4,000 | 4,534 |
| Tax receivables | 357 | 335 | 289 | 162 | 146 |
| Other receivables | 867 | 913 | 801 | 805 | 840 |
| Cash and cash equivalents | 1,130 | 787 | 980 | 1,100 | 694 |
| Total current assets | 8,994 | 8,889 | 9,328 | 9,211 | 8,968 |
| Total assets | 29,492 | 29,943 | 30,611 | 29,584 | 29,753 |
| Equity and liabilities | | | | | |
| Equity | 10,448 | 10,752 | 10,824 | 10,187 | 10,189 |
| Bank loans and issued bonds, non-current | 8,707 | 8,758 | 9,036 | 4,125 | 4,519 |
| Lease liabilities, non-current | 330 | 355 | 362 | 175 | 190 |
| Pension obligations | 28 | 29 | 30 | 8 | 8 |
| Provisions, non-current | 185 | 217 | 218 | 159 | 175 |
| Deferred tax liabilities | 1,029 | 1,032 | 1,036 | 748 | 753 |
| Other non-current liabilities | 877 | 907 | 954 | 795 | 797 |
| Total non-current liabilities | 11,156 | 11,298 | 11,636 | 6,010 | 6,442 |
| Bank loans and issued bonds, current | 2,544 | 2,381 | 1,746 | 7,189 | 7,157 |
| Overdraft facilities | 112 | 183 | 258 | - | 63 |
| Lease liabilities, current | 93 | 94 | 85 | 74 | 84 |
| Trade payables | 1,325 | 1,472 | 1,627 | 1,568 | 1,607 |
| Tax payables | 326 | 311 | 280 | 336 | 269 |
| Provisions, current | 272 | 292 | 305 | 344 | 356 |
| Other current liabilities | 3,216 | 3,160 | 3,850 | 3,876 | 3,586 |
| Total current liabilities | 7,888 | 7,893 | 8,151 | 13,387 | 13,122 |
| Total equity and liabilities | 29,492 | 29,943 | 30,611 | 29,584 | 29,753 |
## <span id="page-14-0"></span>Consolidated statement of cash flows
| | | | | | Full Year |
|-----------------------------------------------------------------------|----------|------------|----------|----------|-----------|
| | Q2 2025 | Q2<br>2024 | YTD 2025 | YTD 2024 | 2024 |
| DKK million | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (aud.) |
| Operating activities | | | | | |
| Operating profit (loss) | 460 | 284 | 675 | 743 | 1,860 |
| Depreciation, amortization and impairment | 278 | 413 | 617 | 738 | 1,379 |
| Other non-cash adjustments | -81 | 25 | 12 | 24 | -113 |
| Cash flow from operating activities before changes in working capital | 657 | 722 | 1,304 | 1,505 | 3,126 |
| Changes in working capital | 112 | -68 | -370 | -226 | 176 |
| Cash flow from operating activities before financial items and tax | 769 | 654 | 934 | 1,279 | 3,302 |
| Financial items, net | -63 | -59 | -228 | -129 | -342 |
| Tax paid, net | -56 | -56 | -99 | -142 | -235 |
| Cash flow from operating activities | 650 | 539 | 607 | 1,008 | 2,725 |
| Investing activities | | | | | |
| Development projects | -273 | -247 | -480 | -455 | -1,015 |
| Investments in other intangible assets, net | -53 | -74 | -122 | -162 | -269 |
| Investments in property, plant and equipment, net | -15 | -44 | -25 | -45 | -120 |
| Investments in other non-current assets, net | 44 | -19 | -28 | -145 | -189 |
| Company acquisitions | - | - | -27 | -35 | -35 |
| Company divestments | - | - | - | - | 135 |
| Contingent consideration paid | - | - | - | - | -51 |
| Received dividends | - | - | 6 | - | - |
| Cash flow from investing activities | -297 | -384 | -676 | -842 | -1,544 |
| Cash flow from operating and investing activities (free cash flow) | 353 | 155 | -69 | 166 | 1,181 |
| | | | | | Full Year |
|--------------------------------------------------------|----------|------------|----------|----------|-----------|
| | Q2 2025 | Q2<br>2024 | YTD 2025 | YTD 2024 | 2024 |
| DKK million | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (aud.) |
| Financing activities | | | | | |
| Proceeds from borrowings | 160 | - | 790 | - | - |
| Repayment of bank loans | -10 | - | -21 | -957 | -1,086 |
| Repayment of issued bonds | -28 | - | -273 | - | -1,406 |
| Repayment of lease liabilities | -27 | - | -52 | - | -99 |
| Repayment of other non-current liabilities | -2 | - | -34 | - | -32 |
| Drawn/(repaid) on credit facilities | -71 | -681 | -146 | -681 | 258 |
| Cash flow from financing activities | 22 | -681 | 264 | -1,638 | -2,365 |
| Net cash flow | 375 | -526 | 195 | -1,472 | -1,184 |
| Cash and cash equivalents, beginning of period | 787 | 1,224 | 980 | 2,162 | 2,162 |
| Adjustment foreign currency, cash and cash equivalents | -32 | -4 | -45 | 4 | 2 |
| Cash and cash equivalents, end of period | 1,130 | 694 | 1,130 | 694 | 980 |
## <span id="page-15-0"></span>Consolidated statement of changes in equity
| | | | | | Q2 2025 | | | | | | | | | | Q2 2024 | | | | |
|------------------------------------------------|-------------------|---------------------|----------------------|--------------------|-----------------------|----------------------|--------------------------------|-----------------------|-----------------|------------------------------------------------|-------------------|---------------------|--------------------|--------------------|-----------------------|----------------------|--------------------------------|-----------------------|-----------------|
| Other reserves | | | | | | | | Other reserves | | | | | | | | | | | |
| | | Foreign<br>exchange | | | Proposed<br>dividends | | Equity,<br>share<br>holders in | Non-con | | | | Foreign<br>exchange | | | Proposed<br>dividends | | Equity,<br>share<br>holders in | Non-con | |
| DKK million | Share<br>capital* | adjust<br>ments** | Hedging<br>reserve** | Treasury<br>shares | for the<br>year | Retained<br>earnings | GN Store<br>Nord A/S | trolling<br>interests | Total<br>equity | DKK million | Share<br>capital* | adjust<br>ments | Hedging<br>reserve | Treasury<br>shares | for the<br>year | Retained<br>earnings | GN Store<br>Nord A/S | trolling<br>interests | Total<br>equity |
| | | | | | | | | | | | | | | | | | | | |
| Balance at December 31, 2024 | 604 | -786 | 71 | -2,725 | - | 13,660 | 10,824 | - | 10,824 | Balance at December 31, 2023 | 604 | -1,062 | -11 | -2,725 | - | 12,781 | 9,587 | - | 9,587 |
| Reclassification | - | 45 | -45 | - | - | - | - | - | - | Reclassification | - | - | - | - | - | - | - | - | - |
| Profit/loss for the period | - | - | - | - | - | 236 | 236 | 33 | 269 | Profit (loss) for the period | - | - | - | - | - | 350 | 350 | 28 | 378 |
| Adjustment of cash flow hedges | - | - | -23 | - | - | - | -23 | - | -23 | Adjustment of cash flow hedges | - | - | 25 | - | - | - | 25 | - | 25 |
| Foreign exchange adjustments,<br>etc. | - | -640 | - | - | - | - | -640 | - | -640 | Foreign exchange adjustments,<br>etc. | - | 196 | - | - | - | - | 196 | - | 196 |
| Tax relating to other comprehen<br>sive income | - | - | 5 | - | - | - | 5 | - | 5 | Tax relating to other comprehen<br>sive income | - | - | -10 | - | - | - | -10 | - | -10 |
| Other comprehensive income for<br>the period | - | -640 | -18 | - | - | - | -658 | - | -658 | Other comprehensive income for<br>the period | - | 196 | 15 | - | - | - | 211 | - | 211 |
| Total comprehensive income for<br>the period | - | -640 | -18 | - | - | 236 | -422 | 33 | -389 | Total comprehensive income for<br>the period | - | 196 | 15 | - | - | 350 | 561 | 28 | 589 |
| Share-based payment (granted) | - | - | - | - | - | 13 | 13 | - | 13 | Share based payment (granted) | - | - | - | - | - | 13 | 13 | - | 13 |
| Share-based payment (exercised) | - | - | - | - | - | - | - | - | - | Share-based payment (exercised) | - | - | - | - | - | - | - | - | - |
| Fair value adjustment<br>of<br>put op | - | - | - | - | - | 33 | 33 | -33 | - | Fair value adjustment of put op | - | - | - | - | - | 28 | 28 | -28 | - |
| tion liability<br>Paid dividends | - | - | - | - | - | - | - | - | - | tion liability | | | | | | | | | |
| | | | | | | | | | | Paid dividends | - | - | - | - | - | - | - | - | - |
| Balance at June 30, 2025 | 604 | -1,381 | 8 | -2,725 | - | 13,942 | 10,448 | - | 10,448 | Balance at June 30, 2024 | 604 | -866 | 4 | -2,725 | - | 13,172 | 10,189 | - | 10,189 |
\* Shares of DKK 4 each
\*\* Restatement of opening balance to reflect the reclassification from hedging reserves to retained earnings as a result of an error.
### <span id="page-16-0"></span>Note 1 – Accounting policies
This interim report has been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and Danish interim financial reporting requirements for listed companies.
#### New standards, interpretations, and amendments adopted by GN Store Nord
As of January 1, 2025, GN Store Nord adopted all relevant new or revised International Financial Reporting Standards and IFRIC Interpretations with effective date January 1, 2025, or earlier. The new or revised Standards and Interpretations did not affect recognition and measurement or result in any material changes to disclosures. Apart from this, the accounting policies applied are unchanged from those applied in the Annual Report 2024.
Following the decision to move the BlueParrott business from "Consumer" to "Enterprise" the historical divisional numbers have been restated.
### <span id="page-17-0"></span>Note 2 – Segment disclosures Q2 2025
| Income statement | Hearing | | Enterprise | | Gaming | | Consolidated total | | |
|---------------------------------------------------------------|----------|----------|------------|----------|----------|----------|--------------------|----------|--|
| | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 | |
| DKK million | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | |
| Revenue | 1,858 | 1,792 | 1,713 | 1,873 | 589 | 834 | 4,160 | 4,499 | |
| Production costs | -706 | -661 | -752 | -858 | -389 | -646 | -1,847 | -2,165 | |
| Gross profit | 1,152 | 1,131 | 961 | 1,015 | 200 | 188 | 2,313 | 2,334 | |
| Selling and distribution costs | -484 | -533 | -378 | -364 | -128 | -198 | -990 | -1,095 | |
| Divisional profit | 668 | 598 | 583 | 651 | 72 | -10 | 1,323 | 1,239 | |
| Development costs | | | | | | | -344 | -442 | |
| Management and administrative expenses | | | | | | | -428 | -421 | |
| Other operating income and costs, net | | | | | | | -5 | -2 | |
| EBITA* | | | | | | | 546 | 374 | |
| Amortization and impairment of acquired in<br>tangible assets | | | | | | | -85 | -89 | |
| Gain (loss) on divestment of operations etc. | | | | | | | -1 | -1 | |
| Operating profit (loss) | | | | | | | 460 | 284 | |
| Share of profit (loss) in associates | | | | | | | - | - | |
| Financial items | | | | | | | -228 | -140 | |
| Profit (loss) before tax | | | | | | | 232 | 144 | |
| Tax on profit (loss) | | | | | | | -52 | -32 | |
| Profit (loss) for the period | | | | | | | 180 | 112 | |
| Additional information | Hearing | | Enterprise | | Gaming | | Consolidated total | | |
|-------------------------------------------|----------|----------|------------|----------|----------|----------|--------------------|----------|--|
| | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 | |
| DKK million | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | |
| Revenue distributed geographically | | | | | | | | | |
| Europe | 532 | 467 | 963 | 965 | 200 | 309 | 1,695 | 1,742 | |
| North America | 938 | 918 | 390 | 497 | 273 | 356 | 1,601 | 1,771 | |
| Rest of World | 388 | 407 | 360 | 411 | 116 | 169 | 864 | 986 | |
| Revenue | 1,858 | 1,792 | 1,713 | 1,873 | 589 | 834 | 4,160 | 4,499 | |
| Revenue growth composition | | | | | | | | | |
| Organic growth | 8% | 10% | -7% | -1% | -27% | 12% | -5% | 5% | |
| FX growth | -3% | -2% | -2% | -1% | -2% | 1% | -3% | -1% | |
| M&A growth | -1% | -4% | 0% | 0% | 0% | 0% | 0% | -2% | |
| Revenue growth | 4% | 4% | -9% | -2% | -29% | 13% | -8% | 2% | |
| Incurred development costs | | | | | | | -465 | -478 | |
| Capitalized development costs | | | | | | | 273 | 267 | |
| Amortization, impairment and depreciation | | | | | | | -152 | -231 | |
| of development projects** | | | | | | | | | |
| Expensed development costs | | | | | | | -344 | -442 | |
| EBITDA | | | | | | | 639 | 473 | |
| Depreciation and software amortization | | | | | | | -93 | -99 | |
| EBITA* | | | | | | | 546 | 374 | |
| EBITA margin | | | | | | | 13.1% | 8.3% | |
| | | | | | | | | | |
| Number of employees, end of period | | | | | | | 7,407 | 7,162 | |
\* 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.
\*\* Does not include amortization of acquired intangible assets, cf. definition of EBITA
### <span id="page-18-0"></span>Note 2 – Segment disclosures YTD 2025
| Income statement | Hearing | | Enterprise | | Gaming | | Consolidated total | | |
|---------------------------------------------------------------|----------|----------|------------|----------|----------|----------|--------------------|----------|--|
| | YTD 2025 | YTD 2024 | YTD 2025 | YTD 2024 | YTD 2025 | YTD 2024 | YTD 2025 | YTD 2024 | |
| DKK million | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | |
| Revenue | 3,561 | 3,529 | 3,379 | 3,684 | 1,206 | 1,589 | 8,146 | 8,802 | |
| Production costs | -1,377 | -1,309 | -1,487 | -1,677 | -779 | -1,207 | -3,643 | -4,193 | |
| Gross profit | 2,184 | 2,220 | 1,892 | 2,007 | 427 | 382 | 4,503 | 4,609 | |
| Selling and distribution costs | -1,032 | -1,023 | -761 | -718 | -291 | -380 | -2,084 | -2,121 | |
| Divisional profit | 1,152 | 1,197 | 1,131 | 1,289 | 136 | 2 | 2,419 | 2,488 | |
| Development costs | | | | | | | -717 | -793 | |
| Management and administrative expenses | | | | | | | -853 | -773 | |
| Other operating income and costs, net | | | | | | | -3 | -10 | |
| EBITA* | | | | | | | 846 | 912 | |
| Amortization and impairment of acquired in<br>tangible assets | | | | | | | -170 | -180 | |
| Gain (loss) on divestment of operations etc. | | | | | | | -1 | 11 | |
| Operating profit (loss) | | | | | | | 675 | 743 | |
| Share of profit (loss) in associates | | | | | | | 6 | -6 | |
| Financial items | | | | | | | -335 | -250 | |
| Profit (loss) before tax | | | | | | | 346 | 487 | |
| Tax on profit (loss) | | | | | | | -77 | -109 | |
| Profit (loss) for the period | | | | | | | 269 | 378 | |
| Additional information | Hearing | | Enterprise | | Gaming | | Consolidated total | | |
|-------------------------------------------|----------|----------|------------|----------|----------|----------|--------------------|----------|--|
| | YTD 2025 | YTD 2024 | YTD 2025 | YTD 2024 | YTD 2025 | YTD 2024 | YTD 2025 | YTD 2024 | |
| DKK million | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | (unaud.) | |
| Revenue distributed geographically | | | | | | | | | |
| Europe | 1,116 | 937 | 1,984 | 2,008 | 346 | 591 | 3,446 | 3,536 | |
| North America | 1,721 | 1,811 | 704 | 904 | 676 | 669 | 3,101 | 3,384 | |
| Rest of World | 724 | 781 | 691 | 771 | 184 | 330 | 1,599 | 1,882 | |
| Revenue | 3,561 | 3,529 | 3,379 | 3,683 | 1,206 | 1,590 | 8,146 | 8,802 | |
| Revenue growth composition | | | | | | | | | |
| Organic growth | 3% | 12% | -8% | -2% | -23% | 6% | -6% | 5% | |
| FX growth | -1% | -2% | 0% | -1% | -1% | 0% | -1% | -1% | |
| M&A growth | -1% | -4% | 0% | 0% | 0% | 0% | 0% | -2% | |
| Revenue growth | 1% | 6% | -8% | -3% | -24% | 6% | -7% | 2% | |
| Incurred development costs | | | | | | | -878 | -898 | |
| Capitalized development costs | | | | | | | 480 | 474 | |
| Amortization, impairment and depreciation | | | | | | | -319 | -369 | |
| of development projects** | | | | | | | | | |
| Expensed development costs | | | | | | | -717 | -793 | |
| EBITDA | | | | | | | 1,034 | 1,112 | |
| Depreciation and software amortization | | | | | | | -188 | -200 | |
| EBITA* | | | | | | | 846 | 912 | |
| | | | | | | | | | |
| EBITA margin | | | | | | | 10.4% | 10.4% | |
| Number of employees, end of period | | | | | | | 7,407 | 7,162 | |
\* 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.
\*\* Does not include amortization of acquired intangible assets, cf. definition of EBITA
### <span id="page-19-0"></span>Note 3 – Incentive plans
As of June 30, 2025, the total number of outstanding options and PSU's in GN Store Nord is 3,711,341 (2.5% of the shares issued in GN Store Nord).
### <span id="page-19-1"></span>Note 4 – Shareholdings
On June 30, 2025, members of the board of directors and the executive management, respectively, own 84,237 and 103,204 shares in GN Store Nord.
On June 30, 2025, GN owns 5,300,179 treasury shares, equivalent to 3.5% of the 150,912,715 shares issued.
The GN stock is 100% free float, and the company has no dominant shareholders. William Demant Invest A/S has reported an ownership interest in excess of 10% of GN's share capital. Foreign ownership of GN is estimated to be around 60%.
## Statements by the Executive Management and the Board of Directors
Today, the Board of Directors and the Executive Management have reviewed and approved the interim report for GN Store Nord A/S for the period January 1 – June 30, 2025. The interim report, which has not been audited or reviewed by the company's auditors, has been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and Danish disclosure requirements for listed companies. In our opinion, the interim report gives a true and fair view of the group's assets, liabilities, and financial position on June 30, 2025, and of the results of the group's operations and cash flows for the period January 1 – June 30, 2025. Further, in our opinion the Executive Management's review gives a true and fair view of the development in the group's operations and financial matters, the results of the group for the period and the group's financial position as a whole and describes the significant risks and uncertainties pertaining to the group. Ballerup, August 21, 2025 Executive Management **Peter Karlstromer** Group CEO **Søren Jelert** Group CFO Board of Directors **Jukka Pekka Pertola** Chair **Klaus Holse** Deputy Chair **Hélène Barnekow Jørgen Bundgaard Hansen Kim Vejlby Hansen Charlotte Johs Lise Skaarup Mortensen Leo Larsen Cathrin Inge Hansen Claus Holmbeck-Madsen**
GN Store Nord A/S Lautrupbjerg 7 2750 Ballerup Denmark
+45 45 75 00 00 info@gn.com gn.com Co.reg. no 24257843 Interim Report Q2 2025
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