GN Store Nord (GN) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed shareholders, board, executive management, auditors, and outlined meeting logistics, including translation and streaming options.

• Meeting was lawfully convened with proper notice and quorum, as per Danish legislation and company articles.

Financial performance review

• 2024 saw 1% organic growth overall, with 4% organic revenue growth excluding the wind-down of consumer business.

• Hearing division achieved 10% organic growth; gaming grew 7%; enterprise declined by 3%.

• EBITDA increased by 79% to DKK 2.15 billion, with margin rising to 12% from 6.6% in 2023.

• Free cash flow reached DKK 1.1 billion, and leverage reduced to 3.5x EBITDA.

• Gross margin improved to 53.2% from 49.4% in 2023, driven by pricing discipline and synergies.

Board and executive committee updates

• Board conducted an external evaluation, concluding strong working relationships and open dialogue.

• Identified need for additional expertise in enterprise and gaming; two new board members with relevant backgrounds were proposed and elected.

• Remuneration and Nomination Committees to be combined for improved governance and efficiency.