Slides
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GN Interim Report Q3 2026 Conference call presentation November 5, 2026
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Safe Harbor Statement 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). This presentation should not be considered an offer to sell or buy securities in GN Store Nord. 2
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Group highlights Financial guidance 2026 Transaction update & shareholder distribution 3 Agenda
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Sales momentum: 1% organic revenue growth driven by positive market reception of the Evolve3 product portfolio reflecting solid performance in North America and APAC, while the EMEA business continued its gradual improvement Evolve3 status: Encouraging sell-out growth in premium segment, and strong initial reception in mid- and entry level segment with double-digit sell-in growth Solid margins: Stability in underlying gross margins, while executing channel investments to support the ongoing Evolve3 launch Successful product launches leading to 2% organic revenue growth and margin expansion 4 Sales momentum: 5% organic revenue growth supported by momentum in headset market share gains driven by Nova Pro Omni, in a recovering market Significant margin progression: Underlying margin expansion driven by success of new products and operation initiatives Short-term growth opportunities: Sustaining momentum in headsets, as well as recent product introduction in Mice, should support double-digit growth aspiration in Q4 2026 Gaming Enterprise
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Enterprise: Evolve3 launches support the building of momentum and positive growth for the division • Enterprise delivered 1% organic revenue growth driven by the successful launches of the Evolve3 headset across premium, mid-tier and part of entry level segments • Improving development in the headset segment, and healthy growth in the meeting room segment, while the front-line worker segment and FalCom saw absolute revenues in line with Q3 2025, as expected • Adj. gross profit of DKK 992 million, translating into an adj. gross margin of 60.5% compared to 55.8% in Q3 2025, mainly reflecting tariff refunds (DKK 78 million) and stability in the underlying margin • Adj. Divisional profit of DKK 601 million, translating into an adj. divisional profit margin of 36.7% (compared to 33.8% in Q3 2025) reflecting the gross margin development as well as investments into the launch and roll-out of the Evolve3 product portfolio to support future growth 5 DKK million Q3 2026 Q3 2025 Growth Revenue 1,639 1,624 1% - Organic growth 1% -4% - M&A impact 0% 0% - FX impact 0% -3% Gross profit1 992 906 9% Gross margin1 60.5% 55.8% 4.7%p S&M1 -391 -357 10% Divisional profit1 601 549 9% Divisional profit margin1 36.7% 33.8% 2.9%p Note 1: Excluding one-off costs
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Evolve3 launch continues and is now addressing 50% of the Enterprise business – positive growth in Q3 and we expect continued benefits going forward 6 Enterprise product split ~15% ~35% ~30% <20% 2025 Premium Bluetooth1 Mid- and entry level Bluetooth2 Remaining enterprise headset portfolio Other categories3 Enterprise headsets Note 1: Evolve portfolio (78 and 85 technology levels) Note 2: Evolve portfolio (45, 55, 65 and 65 Flex technology levels) Note 3: Other categories include “Frontline worker”, “Meeting room video & audio” and “FalCom” Premium Bluetooth1 Three quarters with solid market momentum Mid and entry level Bluetooth2 Early days – however, strong initial channel reception with solid double-digit sell-in growth Remaining enterprise headsets Continue accelerated cadence of new product introductions into 2027 with both portfolio refresh & extension 85 Evolve3 launches 75 March 2026 65 Flex 65 September 2026 45 2027
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Gaming: Strong launches and execution driving growth in combination with underlying gross margin expansion 7 DKK million Q3 2026 Q3 2025 Growth Revenue 628 587 7% - Organic growth 5% 3%1 - M&A impact 0% 0% - FX impact 2% -3% Gross profit2 332 178 87% Gross margin2 52.9% 30.3% 22.6%p S&M2 -153 -146 5% Divisional profit2 179 32 459% Divisional profit margin2 28.5% 5.5% 23.0%p • Gaming delivered 5% organic revenue growth in a recovering market supported by headset market share gains driven by Nova Pro Omni • Strong growth in North America and EMEA, while APAC declined due to a challenging comparison base • Both headsets and keyboard contributed with solid growth, while mice had a more difficult quarter - predominantly due to the aging portfolio ahead of the September launch • Adj. gross profit of DKK 332 million, translating into an adj. gross margin of 52.9%, compared to 30.3% in Q3 2025, driven by tariff refunds (DKK 75 million), success of new products, pricing discipline and supply chain improvements • Adj. divisional profit of DKK 179 million, translating into an adj. divisional profit margin of 28.5% compared to 5.5% in Q3 2025, reflecting the development in gross margin, while driving deliberate channel investments to support short term growth opportunities Note 1: Excluding wind-down of Elite and Talk Note 2: Excluding one-off costs
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Rival Pro and Sensei Pro: Significant innovation to support growth and margins 8 World’s first pure UWB wireless mice with unlimited battery life Unlimited & Sustained 8k performance Advanced aim tools & software tuning Several form factors – providing more choice across fit, shape, and grip Battle-tested with some of the top esports pros in the world Consumer excitement Effective grassroot marketing - viral launch film with +33m views Top media reviews High channel demand Significant initial channel demand in October Revenue distribution (2025) Growth potential in mice category ~60% ~15% ~10% ~15% Headsets Keyboards Mice Other Rival and Sensei Pro Early market proof points Important launch into mice category – to support growth and margins
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Group highlights Financial guidance 2026 Transaction update & shareholder distribution 9 Agenda
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GN Store Nord: Successful product launches leading to 2% organic revenue growth and margin expansion • Revenue growth of 3%, driven by organic revenue growth of 2% and 1% impact from FX • Adj. gross profit of DKK 1,324 million, equal to a gross margin of 58.4%, driven by tariff refunds and a strong underlying gross margin across Enterprise and Gaming • Adj. EBITA ended at DKK 413 million, equal to an adjusted EBITA margin of 18.2% compared to 8.8% in Q3 2025, reflecting the positive gross margin development as well as targeted channel investments to support ongoing launches 10 2,211 2,267 Q3 2025 2% Organic growth 1% FX growth 0% M&A growth Q3 2026 Revenue (DKKm) 49.0% Q3 2025 58.4% Q3 2026 1,084 1,324 Adj. gross profit1 (DKKm) Adj. EBITA1 (DKKm) 8.8% Q3 2025 18.2% Q3 2026 194 413 Continuing operations GN Store Nord 410 45 Q3 2025 Q3 2026 FCF excl. M&A (DKKm) NIBD (DKKm) and leverage 9,413 9,578 Q3 2025 Q3 2026 4.0x 3.9x GN Store Nord Continuing operations • Free cash flow excl. M&A ended at DKK 45 million, driven by strong operational free cash flow, offset by a negative timing effect in relation to working capital build-up ahead of Q4 2026 • Net interest-bearing debt of DKK 9.6 billion, corresponding to a positive pro-forma leverage (including Hearing divestment proceeds) Note 1: Excluding one-off costs in connection with the Hearing transaction
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Solid underlying gross margins and tariffs supporting 8.1% adj. EBITA margin (YTD) • Revenue uptake from recent launches across Enterprise and Gaming • Traditional seasonality to boost absolute revenue further in Q4 2026 11 2,096 2,171 2,267 Q1 2026 Q2 2026 Q3 2026 • Healthy underlying gross margins supported by tariff refunds in Q3 2026 • Sequential improvement in underlying EBITA margin driven by operating leverage • Supported by DKK 153 million in tariff refunds in Q3 2026 • Adj EBITA margin of 8.1% YTD Revenue (DKKm) Q1 2026 Q2 2026 6.7% 11.5% Q3 2026 0.3% 5.1% 18.2%Adj. EBITA margin1 Development 48.2% 52.1% 51.7% 6.7% 58.4% Q1 2026 Q2 2026 Q3 2026 Adj. gross margin1 Q1 2026 Q2 2026 Q3 2026 -1,005 -1,021 -911 Total OPEX1 (DKKm) • Targeted channel investments to support launches • Reduced general spending patterns during the carve-out process • Increased clarity on the cost allocation across the continuing and discontinuing businesses Tariff refunds Note 1: Excluding one-off costs in connection with the Hearing transaction
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2026 financial guidance confirmed 12 Note 1:Excluding one-off costs in connection with the Hearing transaction Organic revenue growth Adjusted EBITA margin1 Continuing operations 0% to 3% 9% - 10%
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Group highlights Financial guidance 2026 Transaction update & shareholder distribution 13 Agenda
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Hearing divestment: Update and recent progress 14 Carve-out process well underway Closing expected by the end of the year Hearing business Amplifon shareholding has a staggered lock up period between 9 to 15 months after closing Upfront tax payment estimated to DKK 300-500 million. GN can use same amount to reduce its taxes in coming years Completion of internal demerger of GN Hearing A/S on November 1 concluding the separation of assets
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Intention to distribute at least DKK 4 billion to shareholders from Closing until the end of 2027 15 Leverage ratio target: 1.0x-1.5x Closing • Launch of new Safe Harbor share buyback program of up to DKK 1 billion, subject to current holding limit of own shares • Program to run from Closing until latest March 9, 2027 AGM 2027 • Cancel treasury shares and subsequent reduce share capital • Ask for renewed authorization to buy back shares until AGM 2028 • Potential dividend in respect of the financial year 2026 subject to a dividend policy of 20-40% of net profits Post-AGM 2027 Future • Intention to distribute at least DKK 3 billion to shareholders, taking the total shareholder distribution to at least DKK 4 billion before the end of 2027 • Future proceeds from Amplifon shareholding intended for shareholder distributions as well • Adhere to leverage ratio target of 1.0x-1.5x Time End of 2026 March 10, 2027
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16 Save the Date Capital Markets Day February 24, 2027
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17 www.gn.com E-mail: investor@gn.com Rune Sandager, Head of Investor Relations, Tel.: +45 4575 9257 Q&A
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Appendix 18
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Overview of one-off costs to drive carve-out of Hearing and profitability of NewGN 19 Transaction costs Carve-out costs Right-sizing costs • Advisor and consultant fees • Legal costs • Internal project costs • Retention costs Examples of cost items Nature Timing Amount and split Balance sheet • Advisor and consultant fees • Legal costs • IT system landscape • Facility separation costs • Shared contract separation costs • Severance costs • Asset impairments across IT, R&D and facilities Cash Cash Cash Non-cash 2026 2026 and 2027 2026 and 2027 H1 2026 Around DKK 1,300 millionAround DKK 750 million, of which approximately 75% is expected in 2026 ~30% ~70% Continuing operations Discontinued operations 2026 estimated split ~30% ~70%
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Transaction will unlock value for GN allowing for significant shareholder distribution in 2027 and beyond. Intention to distribute at least DKK 4 billion before end of ‘27 Net interest-bearing debt before closing 12.6bn Transaction proceeds (cash) 0.3-0.5bn Transaction tax payment Operating cash flow in 2027 1.0-1.5x Target debt additions to hit leverage target >4bn Shareholder distribution Conceptual framework for shareholder distribution in 2027 (DKK) 20 (illustrative) Will result in an equal sized tax asset that will be utilized going forward Amplifon shares expected to be sold over time
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GN Store Nord (continuing and discontinued operations) – five-year performance *Excl. the wind-down of Elite and Talk **Free cash flow excl. M&A / EBITA DKK million 2021 2022 2023 2024 2025 GN Store Nord Revenue 15,775 18,687 18,120 17,985 16,782 Organic growth* 20% -3% -1% 1% -1% 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 2,397 1,111 869 1,860 1,596 Financial items -90 -405 -462 -492 -685 Profit before tax 2,271 725 343 1,361 914 Effective tax rate 21% 21% 22% 22% 22% Net profit 1,790 570 266 1,059 710 ROIC (EBITA/Invested capital) 25% 9% 5% 10% 9% Free cash flow excl. M&A 702 -1,291 1,092 1,081 1,112 Cash conversion** 27% -83% 91% 50% 58% EPS 13.63 4.00 1.64 6.79 4.48 21
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GN continuing operations – financial development, excl. one-offs *Excl. the wind-down of Elite and Talk DKK million Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 Continuing operations Revenue 2,283 2,302 2,211 2,772 9,568 2,096 2,171 2,267 Enterprise 1,666 1,713 1,624 1,896 6,899 1,516 1,558 1,639 Gaming 617 589 587 876 2,669 580 613 628 Organic growth* -4% -5% -3% -6% -5% -4% -4% 2% Enterprise -9% -7% -4% -3% -6% -5% -7% 1% Gaming* 11% 0% 3% -12% -2% -1% 5% 5% Gross profit margin 50.7% 50.4% 49.0% 48.6% 49.6% 48.2% 52.1% 58.4% Enterprise 55.9% 56.1% 55.8% 55.5% 55.8% 53.7% 57.2% 60.5% Gaming 36.8% 34.0% 30.3% 33.7% 33.7% 34.0% 39.2% 52.9% Divisional profit margin 26.8% 28.5% 26.3% 27.9% 27.4% 23.8% 26.5% 34.4% Enterprise 32.9% 34.0% 33.8% 33.3% 33.5% 28.7% 31.0% 36.7% Gaming 10.4% 12.2% 5.5% 16.2% 11.6% 11.0% 15.0% 28.5% EBITA 129 164 194 240 727 6 110 413 EBITA margin 5.7% 7.1% 8.8% 8.7% 7.6% 0.3% 5.1% 18.2% Operating profit 53 87 108 175 423 -68 58 358 Financial items -100 -255 -152 -109 -616 -89 -265 -124 Profit before tax -47 -168 -44 66 -193 -157 -207 234 22
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IFRS 5 vs. IFRS 18 reporting: Limited impact expected for GN 23 Continuing operations IFRS 5 Estimated Impact from reclassificationDKKm Revenue 2,267 Production cost -943 Gross profit 1,324 Selling and distribution costs -544 -49 Research and development costs -207 -4 Management and administrative expenses -160 0 Other operating income and costs, net 0 -39 EBITA 413 - Amortizations and impairment of acquired intangible assets -55 55 Operating Profit 358 -37 Financial income 30 10 Financial expenses -154 45 Net foreign exchange effects on intercompany balances and other investing gains (IFRS 18 reclassifications) 0 -18 Profit (loss) before tax 234 0 Operating Profit 358 Add back: Depreciation and software amortizations 44 Add back: Amortizations and impairment of acquired intangible assets 55 EBITDA 457 Q3 2026 P&L Continuing operations IFRS 18 DKKm Unaudited Revenue 2,267 Production cost -943 Gross profit 1,324 Selling and distribution costs -593 Research and development costs -211 Management and administrative expenses -160 FX operating income/expense1 -39 Operating Profit 321 Income from cash and cash equivalents 6 FX investing gain/loss2 and other investing gains/losses -24 Profit (loss) before financing and income tax 303 Financial income 40 Financial expenses -109 Profit (loss) before tax 234 Operating Profit 321 Add back: FX operating income/expense1 39 Add back: Depreciation and software amortizations 44 Add back: Amortizations and impairment of acquired intangible assets 55 EBITDA (MPM) 459 A A B B C C Note 1: “FX operating income/expense” = Net foreign exchange effects on trade working capital and other operating expenses Note 2: “FX investing gain/loss” = Net foreign exchange effects on intercompany balances
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Share price development Financial calendar 2027 GN Store Nord share overview 24 Index: 31-12-2025 = 100 Date Event February 11, 2027 Annual Report 2026 February 24, 2027 Capital Markets Day March 10, 2027 Annual General Meeting April 29, 2027 Interim Report Q1 2027 August 26, 2027 Interim Report Q2, 2027 November 4, 2027 Interim Report Q3, 2027 • GN has a share capital of DKK 603,650,860, which is consisting of 150,912,715 shares, each carrying four votes. GN has one share class, and there are no restrictions on ownership or voting rights • GN is, among other indices, included in the C25 index and Large Cap index on Nasdaq Copenhagen, as well as the Stoxx Europe 600 index, • Ticker symbols: GN:DC (Bloomberg) and GN.CO (Reuters) • Number of registered shareholders: ~63,000 (2025) • Treasury shares: 5.3 million, 3.5% of shares (Q3 2026) • Market cap: DKK 16.1 billion (Q3 2026) • Largest shareholder: William Demant Invest A/S (>10%) 70 80 90 100 110 120 31-Dec-2025 1-Apr-2026 1-Jul-2026 30-Sept-2026 GN C25 CAP