GN Store Nord (GN) AGM 2025 summary

Opening remarks and agenda

• AGM held March 12, 2025, following the announced agenda; the Board’s report on the past year was noted.

• Meeting was lawfully convened with proper notice and quorum under Danish legislation and the articles of association.

Financial performance review

• FY 2024 organic growth was 1%, or 4% excluding wind-downs; Hearing grew 10%, Gaming 7%, Enterprise declined 3% and Consumer declined 31%.

• Gross margin was 53.2%; reported EBITA rose 79% to DKK 2,153m, with a 12.0% margin, up 5.4 percentage points.

• Free cash flow excluding M&A was DKK 1,081m; net interest-bearing debt fell to DKK 9.7bn and adjusted leverage ended the year at 3.5x.

Board and executive committee updates

• Jukka Pekka Pertola, Klaus Holse, Hélène Barnekow, Jørgen Bundgaard Hansen and Kim Vejlby Hansen were re-elected; Charlotte Johs and Lise Skaarup Mortensen were elected as new Board members.

• After the AGM, Pertola was elected Chair and Holse Deputy Chair; Pertola, Barnekow and Mortensen were elected chairs of the Technology & Innovation, Remuneration & Nomination, and Audit Committees, respectively.

• External board evaluation found constructive dialogue and preparation, while identifying possible need for additional Enterprise and Gaming market expertise.

• 2024 executive remuneration totaled DKK 33.7m: CEO Peter Karlstromer DKK 21.5m and CFO Søren Jelert DKK 12.2m.