#1128 GN Investor Presentation November 2022 GN Making Life Sound Better GN#2Safe 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. - - general Factors that may cause actual results to deviate materially from expectations include but are not limited to economic developments and developments in the financial markets, 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. GN Making Life Sound Better 2 GN#3Our purpose is Making Life Sound Better We bring people closer through the power of sound and vision - letting you hear more, do more, and be more in life and at work than you ever thought possible GN Making Life Sound Better GN#4Agenda GN at a glance GN Hearing GN Audio Financials GN Making Life Sound Better 4 GN#5GN's investment case GN Making Life Sound Better O Focused innovation within sound and video processing in selected market segments Leading positions in attractive markets with high entry barriers Focused growth model, dedicated developer, manufacturer and distributor, refraining from vertical integration Clear strategy underpinned by deep technology expertise and strategic global partnerships. Profitability in line with or better than peers Strong cash conversion and asset light business model 5 GN#6GN commands world leading hearing, audio, and video expertise - all under one roof Medical hearing technology G ES Professional collaboration ReSound GN Jabra GN Beltone Jabra GN Interton GN DANAVOX GN blueparrott GN AUDIGY GN Making Life Sound Better 6 Gaming, calls, and media steelseries Jabra GN blueparrott GN 000000 GN#7GN at a glance • • Global leader in intelligent audio solutions Founded in 1869 and listed on Nasdaq Copenhagen Technology-driven company primarily developing and manufacturing hearing aids (GN Hearing) and headsets, speakers and video (GN Audio) Innovation leader with expertise in the human ear, sound and wireless technology under one roof Unique portfolio of medical, professional and consumer audio solutions and deep R&D expertise (total R&D spend of DKK 1.4 billion per year) Strong track record of strategic partnerships with leading channels, customers and adjacent industry technology leaders Access to attractive and growing gaming gear market through the acquisition of SteelSeries Business areas and brands GN Hearing Global reach, local presence Countries with GN offices Countries with GN distributors Financial summary Revenue & organic growth (DKK million & %) EBITA & EBITA margin (DKK million & %) FCF & cash conversion* (DKK million & %) 15,775 1,865 2,619 10,607 12,574 15% 13,449 20% 2,321 1,296 1,956 1,866 1,110 100% 9% 18.4% 18.5% 57% 56% 702 16.6% 27% 13.9% ReSound GN GN Audio Interton GN Jabra GN Beltone Jabra GN blueparrott GN FALCOM GN 13% T AUDIGY DANAVOX GN GN Making Life Sound Better steelseries 7 2018 2019 2020 2021 2018 2019 2020 2021 2018 2019 2020 2021 *FCF: Free cash-flow excluding M&A, cash conversion: FCF / EBITA GN#8GN builds on innovation and ecosystem leadership GN's engineering capabilities in hardware and software for audio and video deliver unique and individualzied customer experiences. To enhance our impact, we partner with leading channels, ecosystems, scientists, and other industry leaders to leverage technology and market acess S 2003 1st to introduce an open mini BTE X)))) 2.4 GHz 2008 1st to introduce Asymmetric directionality 2012 1st to introduce 2.4 GHz e2e technology 2014 1st Made-for- iPhone hearing aids C Cochlear 2015 Smart Hearing Alliance with Cochlear android 2018 1st company to introduce direct streaming from Android devices using Bluetooth Low Energy 2020 1st to introduce All Access Directionality & M&RIE 2000 1st Bluetooth® headset 2004 1st digital amplifier with DSP Bluetooth® 2011 1st Bluetooth 2013 headset with ANC 1st BT Stereo headphones with Dolby DOLBY DIGITAL 2014 1st wireless earbuds with built-in heart rate monitor 2017 1st headset officially meeting Open Office Microsoft Skype for Business requirements S 2019 1st smart panoramic - 4k-pixel plug-and-play video solution 2021 1st all-in-one hearable, Jabra Enhance Plus In 2021 the R&D spend was DKK 1.4 bn, corresponding to an R&D to revenue ratio of 9% Definitions: DSP: Digital Signal Processing; e2e: Ear to Ear GN Making Life Sound Better 8 GN#9Agenda GN at a glance GN Hearing GN Audio Financials GN Making Life Sound Better 9 GN#10Brands, products and partnerships ReSound GN Beltone Jabra GN Interton GN DANAVOX GN AUDIGY GN Hearing at a glance Strategic Focus Individualized customer experience: We will obsess about customer experience for users of hearing aids and business support for hearing care professionals Innovation leadership: We will continue to lead in innovation - in individualized hearing experience, in overall user experience, in connectivity, and in customer care Commercial & ecosystem excellence: We will build more and stronger relationships with hearing care professionals and ecosystem partners ReSound Financial Performance Revenue & organic growth (DKK million & %) 5,833 EBITA & EBITA margin (DKK million & %) 6,351 1,284 1,194 5,332 4,725 21% 20% 16% 7% 7% 2018 -24% 2019 2020 2021 Note 1: FCF: Free cash-flow excluding M&A, cash conversion: FCF /EBITA GN Making Life Sound Better m. FCF & cash conversion1 (DKK million & %) 574 672 310% 643 12% 198 31% 127 41 48% 52% 1% 2018 2019 2020 2021 2018 2019 2020 2021 10 GN#11Living with untreated hearing loss increases the risk of health problems The incidence of dementia is greater in people with hearing loss¹, and early studies show that wearing hearing aids may have a positive effect on cognitive function2 People with mild hearing loss were nearly three times more likely to have a history of falling than those with no hearing loss³. One study shows that wearing hearing aids may improve balance4 Wearing hearing aids reduce the risk of depression5 Untreated hearing loss reduces quality of life 6 References: 1 Lin FR, Metter EJ, O'Brien RJ, Resnick SM, Zonderman A, Ferrucci L. Hearing loss and incident dementia. Arch Neurol. 2011 Feb;68(2):214-20 2 Lancet Commission on Dementia Prevention: Intervention and Care Reference, August 2019 3 Lin F. & Ferrucci, L. (2012) Hearing Loss and Falls Among Older People in the United States. Arch Intern Med. 2012;172(4):369-371 4 Hullar, T: The effect of hearing aids on postural stability. Laryngoscope, 2014. 5 Hearing Industries Association: MT10:MarkeTrak, March 27, 2019 6 Kochkin, S. MarkeTrak VIII: Patients report improved quality of life with hearing aid usage, Hearing Journal, Vol. 64 (6), June 2011. GN Making Life Sound Better 11 GN#12The hearing aid market remains very attractive and robust in the mid to long term 01 ~4-6% expected unit CAGR in coming years¹ Global hearing aids market growth1 (unit growth) ~4-6% '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22E GDP growth (annual %)² 0% GDP growth 1) ASP decline of 1-2%. Based on company estimates, industry association EHIMA 2) World bank 02 Room for penetration growth Penetration still low, especially for less Profound Severe severe hearing loss Moderately severe Moderate Mild Degree of penetration Source: MarkeTrak, EuroTrak, GN estimates GN Making Life Sound Better 03 Multiple attractive megatrends driving market growth • . 65+ population expected to grow significantly in the years to come Baby boomers generation reaching retirement age Increasing noise pollution drives prevalence of hearing loss Increasing wealth among larger middle class 04 High barriers to entry to the market Regulations • FDA regulations (Medical . Class II devices) Increasing requirements from the EU Medical Device Regulation • Extensive investments needed into quality management systems Technology • 75+ years of knowhow in the • hearing aid space . Significant investments required into R&D • Extensive intellectual property rights in the hearing aid space 12 • Distribution Users of hearing aids tend to choose hearing aids based on inputs from their hearing care professional Sticky distribution as hearing care professionals tend to partner with same manufactures GN#13Worldwide: 80% of people with a hearing loss currently live without hearing aids ? "What prevents you from buying a hearing aid?" B Not penetrated 80% Source: Internal GN Hearing study analyzing the reasons for not buying hearing aids GN Making Life Sound Better I can wait 35% of respondents It won't work (for me) 22% of respondents It cost too much 20% of respondents Stigma and self-perception 15% of respondents It's too difficult 9% of respondents 13 GN#14GN Hearing's growth is supported by strong and attractive megatrends Aging populations with low adoption rates Consumerization Changing competitive landscape Digitalization and data GN Making Life Sound Better Regulatory shifts expanding the market Sustainability drives design and manufacturing decisons 14 GN#15The hearing aid market is expanding with new opportunities emerging + Medical Touch Experience Business verticals Examples Advanced hearing health and medical expertise Co Cochlear® High Touch Experience Light Touch Experience Relationship-based service and hearing advise Value-based, hearing service No Touch Experience Self-controlled, hearing improvement ReSound GN Jabra GN Jabra Enhance™ Jabra GN Average age First time users Current part of US market Source: Hearing Industries Association; GN estimates GN Making Life Sound Better ~ 75 ~ 67 ~ 20% ~ 56% ~ 95% 15 - 66 - 89% - 3% ~ 2% GN#16Simplify to grow - Unlocking the potential of the hearing solutions market Core business Emerging business Participate in new channels and hearing solution adjacencies • Build on the combined competencies of GN to reach new customer groups with lifestyle hearing products including Jabra Enhance Plus • Deliver customer-centric products and experiences with organic hearing including multiple new product launches in 2022 • • Be a trusted and innovative partner for our hearing care professionals in key markets Digitize and simplify the way we work Current focus areas Modernize hearing care by building new ways of connecting hearing care professionals, consumers and partners Digitize, simplify and automate the supply chain Simplify the way we work and reduce complexity Accelerate through M&A and partnerships GN Making Life Sound Better 116 GN#17On top of leading innovation, we focus on being the preferred partner The choice of the Hearing Care Professional Preferred brand All brands Products & technology Service Source: Epinion, Hearing Care Professional study for GN Hearing GN Making Life Sound Better Develop me & my business Partner with the customer by going the extra mile, proactively reach out and support, deliver services far above expectations • Ease of doing business Reliable and fast delivery, warranties, easy to return / repair etc. Design, Innovation & cutting-edge technology Add value to audiological benefits of the hearing aid and easy-to-use fitting software High quality products and solutions Cover basic audiological needs 17 GN#18Introducing ReSound OMNIA Sounds natural 150% improvement in speech understanding in noisy environments Feels natural Best wearing comfort all day long and ease of use Connects you naturally Crystal clear hands-free calls to iPhone and iPad GN Making Life Sound Better 18 ReSound GN#19ReSound OMNIA ReSound GN Sounds natural + Best speech understanding in noise compared to legacy // 150% improvement/ 4.3dB SNR improvement in speech understanding1 Hearing clarity all-around compared to legacy 1 // & Better ability to follow sounds around you with M&RIE² Natural own voice perception³ Feels natural Designed for optimal comfort on the ear All-Weatherproof with IP68 certification Easier onboarding and better wearing experience with "Check my fit” 70% of users wore their hearing aids better with 'Check My Fit' as rated by experts improving sound experience by 11dB (vs. shallow wear) 4 Connects you naturally |) Crystal clear phone calls 5 Hands-free calls to iPhone & iPad6 Direct streaming from favourite devices Greater connectivity with improved antenna Fitting software supports the HCP to fit faster and accurately + 13% improvement to fitting success in Smart Fit 1.15 to previous version of Smart Fit? + 91% prefer the new navigation? + Accurate fit to NAL-NL2 1Jespersen et al (2022) 2 Compared to traditional mic placement, Quilter et al (2022) 3 Groth (2022) 4Yang et al (2022) 5Quilter et al (2021) 6ReSound OMNIA / Beltone Achieve hands-free calls are compatible with iPhone 11 or later, iPad Pro 12.9-inch (5th generation), iPad Pro 11-inch (3rd generation), iPad Air (4th generation), and iPad mini (6th generation or later) and later iPad models, with software updates iOS 15.3 and iPadOS 15.3 or later. 7A/B Prototype test & Box Build tests (2022) 19#20We are catering solutions to key needs for people with hearing difficulties ☐ Wants uncompromised hearing Aged 18-75 (median: 60) Diagnosed mild-to- profound HL RIE ☐ ☐ Wants reliable and robust Aged 70+ (median: 78) Diagnosed moderate-to- profound HL BTE " Wants earbud experience ୨୨ Aged 50-75 (median: 65) Diagnosed mild-to-severe HL ITE 4 Wants discreet above all ■ Aged 50-75 (median: 65) Diagnosed mild-to-severe HL CIC ReSound GN Wants occasional use 5 ☐ Aged 18-75 Self-diagnosed Earbud ReSound OMNIA ReSound ONE BTE Custom made by ReSound Custom made by ReSound Jabra Enhance Plus Go to market strategy Exceptional sound quality in our flagship product functions as a door opener Smart Hearing Alliance with Cochlear valuable in go-to- market strategy Excitement for new custom design opens new doors while expanding portfolio Ensuring HCPs have a high quality product to end-users who want a discreet product as possible Expanding the hearing aid market by providing a solution for customers not yet ready for a traditional hearing aid Point of Sold through regular channels Sold through regular channels Sold through regular channels sales GN Making Life Sound Better 20 20 Sold through regular channels Sold through new channels, and selected current customers GN#21Lively is now Jabra Enhance.com an online destination for better hearing TM Jabra GN Jabra Enhance Rebranding Lively to Jabra Enhance.com Jabra Enhance.com will be a leading online hearing care platform, enabling consumers to explore, purchase and receive hearing care in the U.S. from home Offering OTC products and hearing care Beginning in 2023, Jabra Enhance.com will offer over-the-counter (OTC) hearing aids, including the Jabra Enhance Plus earbuds Jabra and Lively - perfect match for OTC Combining Jabra's renowned brand for audio expertise and sound engineering with Lively's tradition for innovative telehealth and a digital- care-first model will accelerate making hearing care more accessible and affordable for millions of Americans GN Making Life Sound Better Jabra 21 Lively Jabra GN GN#22The most focused hearing instruments manufacturer in the world S Focus on core capabilities within hearing instruments... 15% Growth Hearing instruments (Retail) Wholesale USD hearing instruments ~5bn Bone anchored hearing systems Cochlear implants Hearing instruments (Wholesale) USD -5bn Hearing diagnostics 960 %0 5% Profitability Size (market value) GN Making Life Sound Better 30% 22 22 ...and strategic partnerships in the distribution channel Component manufacturers ReSound GN • Maintain high margins • Ensure channel access Manufacturers • Consolidated market with two main component suppliers (Sonion and Knowles) • Five main manufacturers • of hearing instruments Competing for market access 000 Distributors / buying groups Top buying groups include Audigy, Elite, and AHAA • Many distributors across the world-highly • fragmented Retailers Traditional hearing instrument dispensers, ENTS and online retailers Largest retail player is Amplifon, but manufacturers are catching-up Profit pool (margin) (20-30%) Profit pool (margin) (20-25%) Profit pool (margin) (10-15%) Profit pool (margin) (5-15%) Competitors Retail networks add complexity, limits agility and are investment/cost heavy Verticals (Implants) divert attention (few synergies) GN#23GN uniquely positioned for future growth with its distribution approach GN refrains from vertical integration Вн |日日日 Focus on core competencies Innovation excellence No competition with customers Strategic partnerships Strategic agility Efficient use of capital Focus on independent retail markets The vast majority of the retail market is not locked by manufacturers GN Making Life Sound Better 65-75% >75% Note: Selected countries with indication of unit share of market not locked by manufacturers (GN Hearing estimates) 23 +85% of the global market is not locked by hearing aid manufacturers GN has significant room to grow its global market share GN#24Driving growth through strategic collaboration Partnering up with tech giants Exposure to fast-growing cochlear market Google Co Cochlear™ GN Making Life Sound Better 24 Refraining from vertical integration 0000 GN#25Agenda GN at a glance GN Hearing GN Audio Financials GN Making Life Sound Better 25 GN#26GN Audio at a glance & Strategic Focus Individualized customer experience: We will offer customers best-in-class experiences as we transform from strict product focus to a more segment- and experience driven approach Ecosystem-led innovation: We will lead in innovation and develop world-class and highly relevant audio and video products and solutions together with leading ecosystem partners Sustainable commercial & operational excellence: We will excel in go-to-market execution in enterprise, retail and online channels and support our high growth with agile, sustainable and scalable operations హ Financial Performance Revenue & organic growth (DKK million & %) Brands, products and partnerships Jabra GN blueparrott GN steelseries FALCOM GN ៖ Adj. EBITA & Adj. EBITA Margin (DKK million & %) FCF & cash conversion¹ (DKK million & %) 1,729 10,443 8,724 42% 6,223 4,774 21% 26% 2,209 1,888 1,288 1,244 849 798 905 22% 22% 21% 86% 20% 19% 60% 88% 71% 2018 2019 2020 2021 2018 2019 2020 2021 2018 2019 2020 2021 GN Making Life Sound Better Note 1: FCF: Free cash-flow excluding M&A, cash conversion: FCF /EBITA 26 GN#27Strong demand and market growth across business segments Segment Target users Professionals Office-based knowledge workers Contact center "Calls for a living" Collaboration Plug-and-play collaboration Consumer Preference for great calls, music and an active lifestyle Gaming Premium software-enabled gaming gear Hearing protection Tactical hearing protection for defense and security Sources: GN estimates, New Zoo, The NPD Group Inc. GN Making Life Sound Better Market characteristics From desk-phone telephony in private offices to UC&C in open offices From desk-phones using on-premise infrastructure to laptop-based cloud calling From built-in legacy equipment to UC&C-enabled plug-and-play solutions From corded headbands to True Wireless as the preferred form factor Growing base of gamers and low penetration of purpose-built gaming gear Hearing protection systems is a growing political need 27 Market share GN#28GN Audio's growth is supported by strong and attractive megatrends 351 20 Jabra Work-life becomes hybrid Audio, video and data replaces audio-only Products and channels become more consumerized 23 67 16 17 13 3 0 80 48 UC moves beyond the office Gaming goes mainstream GN Making Life Sound Better 28 Sustainability drives design and manufacturing decisons GN#29March 2020: fundamental change...work, learn, live, play... Strong and sustained growth in modern collaboration Webex Cisco webex Zoom Teams Meet Workplace Workplace zoom Microsoft Teams Google Meet by facebook 650M 350M 270M 100M Today* Monthly participants Daily meeting participants Monthly active users Daily active participants 163M 10M 20M 33M Pre-COVID 19* Monthly participants Daily active participants Daily active users Daily active participants вв Source: Cisco, Zoom, Microsoft, Google and Facebook GN Making Life Sound Better "People are finding a human connection through video" Two years of growth in two months 29 7 M Paid users 1 M Paid users GN#30GN Audio focuses on six growth opportunities Professionals Continue to take market share by expanding propositions and delivering innovative products to every professional Win high-growth markets Collaboration Scale existing business and continue portfolio expansion Take share in maturing market; Explore adjacent opportunities Enable through M&A Gaming Contact Center Consumer Industry solutions* Lead the market for premium and software-led gaming peripherals Convert installed base and gain market share with digital solutions Continue growth of the true wireless portfolio Expand propositions towards deskless workers Simplify the way we work Current focus areas Transforming from an audio-only business to an audio, video, and gaming business Prioritize resources in Professionals, Collaboration, and Gaming while taking share in Consumer and Contact Center Broaden the scope of the Professionals business unit beyond office headsets Accelerate through M&A and drive simpler ways of working *) Targeting more than two billion "non-office workers" (teachers, doctors, retail staff, logistics personnel, first responders, and many other key roles) GN Making Life Sound Better 30 GN#31New ways of working calls for superior technology In the office Use case: Use case: Jabra Evolve 2 85 Background noise Different UC platforms Interruptions Need for collaboration . Busy environment Working from home • Plug into a new set-up Background noise from kids, dog, etc. Limited privacy Concentration issues (J Superior battery: Up to 37 hours battery life - 8 hours of battery life charged in 15 minutes More than one device Jabra Soft memory headband: New ergonomic headband designed from hundred of head scans, for comfortable all-day wear Bigger speakers: Powerful leak- tolerant 40mm. Factor in advanced digital chipset and the latest AAC codec driving superior sound quality for both calls and music Noise isolating design and ANC: Enhanced noise isolating design and powerful digital hybrid ANC Intelligent 10-microphone technology and new improved signal processing algorithms delivering outstanding call performance, everywhere Use case: "On the go" No charging options Background noise Changing environments Move from office to "on the go" Preference for music listening and smarter design GN Making Life Sound Better Busylight visible from any direction. Red light automatically activated when in call or in a meeting 31 Discrete hidden boom arm: Retractable boom arm allows for a more casual look without compromising on call quality GN#32Intelligent camera line up for insight driven collaboration in the hybrid working space Panacast 50 The world's first new-normal-ready intelligent video bar Three 13-megapixel cameras mounted in a high-precision multi-camera array creating an immersive 180° field of view covering the full room Architecture enables the intelligent video bar to carry out real-time integration of audio, video and data allowing for Intelligent Zoom feature Safety Capacity, Room Usage and People Count generating anonymous room occupancy data Plug-and-play solution with an advanced security layer integrating up against all leading UC vendors Panacast 20 Jabra's first intelligent personal camera 4K Ultra HD Video as well as personalized Intelligent Zoom and automatic lighting correction Built-in presentation features like the new Picture-in-Picture mode All the experiences are powered on the device itself, significantly minimizing the risk of security breaches, maximizing speed, accuracy, and quality Accelerating ahead of the market#33R&D engine running full steam New generation of Jabra Engage Jabra Engage 50 II - Power and clarity Jabra Engage 40 - Comfort and intelligence Introducing Al software Jabra introduces unique Al software for improving customer and agent experience in contact centres Jabra Elite 5 and Jabra Connect 5t Call, connect and listen to music in confidence with the new Jabra Elite 5 Jabra expands Connect line with true wireless earbuds engineered for remote working GN Making Life Sound Better 33 33 GN#34Acquistion of SteelSeries: An ideal strategic fit Transaction closed January 12, 2022 (Revenue, DKK million) 3,000 2,000 CAGR: +39% 1,244 970 1,000 731 2,020 GN 2,697 steelseries Access to new attractive market New GN growth engine Global pioneer in premium gaming gear Software enabled Superior quality Innovative design Strong brand Significant scale opportunities • Leveraging industry leading capabilities of GN Audio 0 2017 2018 2019 2020 2021 and with an adj. EBITA margin of 13.6% in 2021 GN Making Life Sound Better 34 == GN#35Strong market share gains in SteelSeries driven by product introductions Arena speaker systems Arena 3 Speaker System - Sound Quality and Versatility Combined Arena 7 Speaker System - Unrivaled Sound that Gamers Hear, Feel and See Arena 9 Speaker System - The Ultimate Speaker Setup for Total In-Game Immersion Arctis Nova 7 SteelSeries introduces the Arctis Nova 7 - heir to one of the best-selling gaming headsets of all time Apex 9 keyboards SteelSeries unleashes the world's fastest optical switches in the new Apex 9 keyboards (Apex 9 TKL and Apex 9 Mini) GN Making Life Sound Better 35 55 GN#36Broad product portfolio, two-tier distribution model and long-term relationships driving commercial excellence Distribution sales Go-to-market strategy drives the commercial execution GN Audio sales organization B2B channel sales Enterprise high-touch sales Jabra GN D 00 LOW MOBILITY Distributors 消 Komsa ITANCIA Global & Green IT- Reseller Reseller Reseller Medium/large enterprise CATALYST AV * Insight BECHTLE ATEA CDW•G Small/medium enterprise ALSO Call One® shi INGRAM Broad and deep product portfolio required HIGH MOBILITY Meeting room Desk worker Corridor warrior Remote worker Flexible hub worker Executive nomad Road warrior C8 PanaCast 3 & PanaCast 50 Evolve2 40 & PanaCast 20 Evolve2 75 Evolve2 85 Speak 710 Elite 7 Pro Evolve 75e GN Making Life Sound Better 36 GN#37Driving scalability with very efficient outsourced supply chain setup In-house process R&D and product development Outsourced but fully controlled process with GN driving sourcing Component suppliers Contract manufacturers Regional distribution centers Key strengths Dual sourcing strategy throughout value chain Scalability and agility GN Making Life Sound Better 37 North America distributors and customers Europe distributors and customers N Rest of World distributors and customers Unmatched distribution network GN#382023 enterprise market dependent on impact from potential recession Long term growth drivers fully intact... Supported by solid development in sell-out... 20 Work life becomes hybrid UC moves beyond the office Audio, video and data replaces audio-only ... but 2023 may be impacted by a potential recession Key opportunities include ↑ 1010 Replacement rates from early COVID-19 panic Structural hybrid working plans Less corporate travel SME adoption of UC&C Key risks include Postponement of IT / UC installations Gaming goes mainstream Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 18 18 18 18 19 19 19 19 20 20 20 20 21 21 21 21 22 22 22 Yearly average O General cost cutting Lay-offs GN Making Life Sound Better 38 Longer replacement rates GN#39Agenda GN at a glance GN Hearing GN Audio Financials GN Making Life Sound Better 39 GN#40GN - 10 years of relentless growth... Revenue development (DKKbn) Adj. EBITA* development (DKKbn) Adj. EPS development (DKK) CAGR: 12% 13.4 12.6 10.6 9.6 8.7 7.8 6.8 6.2 5.8 15.8 0.8 1.2 2.7 CAGR: 22% 15.3 2.4 CAGR: 14% 13.2 2.0 1.7 1.8 1.6 1.4 1.3 10.5 10.2 8.9 7.9 5.8 5.3 4.7 2.6 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 Excluding non-recurring items GN Making Life Sound Better 40 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 GN#41Strict focus on capital allocation 8. 88 Organic investments GN capital allocation over the past 3 years Dividend -10% Synergistic M&A CAPEX ~10% Annual dividend W Share buy back GN Making Life Sound Better M&A -15% Share buy back ~25% 41 R&D -40% GN#42Creating shareholder value through efficient capital structure During 2017-2021, GN was below its long-term leverage target of 2.0x with strong cash flow generation being used for shareholder distribution through share buybacks and dividends With the signing of the SteelSeries acquisition in October 2021, GN paused the ongoing share buyback program In connection with the Annual General Meeting in March 2022 it was decided to pay out a dividend of DKK 214 million in respect of the fiscal year 2021 Following the closing of the SteelSeries acquisition, GN's leverage increased to 5.9x by Q3 2022 GN has initiated a comprehensive review into the appropriate capital structure for the medium term and will update the market together with the release of full-year 2022 results Shareholder distribution DKKm 1,443 1,500 1,392 1,354 1,168 1,000 500 356 214 0 2017 2018 2019 2020 2021 2022 Share buyback Dividends 1.6x Development of leverage ratio 1.5x 2.0x 1.8x 1.8x 5.9x GN Making Life Sound Better 42 2017 2018 2019 2020 2021 Q3 2022 GN#43New EUR 520 million loan - short-term funding need fully covered • By the end of September, the earlier communicated three-year EUR 520 million loan with the commercial banking group was successfully signed As a result, the M&A bridge and EMTN bond maturing in 2023 will be fully repaid by the new loan, effectively moving maturity until 2025 Undrawn RCF ("Revolving Credit Facility") of EUR 350 million in place In October, GN received formal project approval from EIB and KfW concerning new combined R&D loans of EUR 110 million. The terms and conditions of the loan agreements have been agreed in principle with the two banks, but execution of the loan agreements is subject to final approval from the banks' credit committees which is expected end November Maturity profile* (DKK million) – September 30, 2022 5,000 4,000 - 4,515 4,454 3,000 2,817 2,530 2,506 3,869 744 4,464 2,000 2,455 1,000 1,786 598 2,604 GN Making Life Sound Better 722 213 213 585 162 0 213 H2-22 H1-23 H2-23 H1-24 H2-24 2025 2026 2027 2028 2029 w 2036 Undrawn RCF EMTN Bond R&D loan Term loan Convertible Bond Commercial Paper and Money Market loan *The M&A and EMTN loan is still due to paid in 2023 but will be repaid by the EUR 520 million Term loan, so omitted from this overview 43 GN#44Financial guidance 2022 GN Hearing - Core business organic - Emerging business¹) (DKK million) GN Audio 2) 6) - GN Audio organic - SteelSeries Other (DKK million) GN Store Nord Organic revenue growth Adjusted EBITA margin³ 3) Non-recurring items (DKK million)4) Growth in adjusted EPS 5) 5-8% ~14% 2 ~ -150 ~ -200 14-15% ~ -500 -7% to -5% better than -25% 2 -190 ~ -30% Note 1) Emerging Business mainly includes the Lively acquisition Note 2) The SteelSeries organic revenue growth will be reported as M&A growth for GN Audio Note 3) Excluding non-recurring items Note 4) Non-recurring items in GN Hearing primarily related to supply chain investments (DKK - -150m) and in GN Audio related to transaction and integration costs (DKK - -200m) as well as non-cash PPAs (DKK ~ -200m), associated with SteelSeries and cost reduction measures (DKK ~ -100m) Note 5) Compared to 2021 adjusted EPS (excluding non-recurring items and amortization and impairment of acquired intangible assets) of DKK 15.29 Note 6) Reflecting updated FX assumptions for 2022 following the significant appreciation of the USD since August 2022 Financial guidance based on foreign exchange rates as of November 11, 2022 GN Making Life Sound Better 44 GN#45Ambitious mid-term targets GN Hearing (Excl. Emerging business) GN Audio (Incl. SteelSeries) GN Store Nord Organic revenue growth EBITA margin Growth in EPS >market growth1 >20% >market growth² >20% >10% >10% 1) In the mid-term, GN Hearing expects the global hearing aid market to continue to grow at -4 -6% in units with an ASP decline of ~1 - 2% annually 2) In the mid-term, GN Audio expects its markets to continue to grow at ~10% annually GN Making Life Sound Better 45 GN#46ESG Report available for download at www.GN.com provides an overview of our progress across all areas and 2025 sustainability goals Our purpose Make life sound better Hear more, do more and be more 3 GOOD HEALTH AND WELL-BEING 5 GENDER EQUALITY 8 RESPONSIBLE CONSUMPTION AND PRODUCTION QO DECENT WORK AND ECONOMIC GROWTH M INDUSTRY, INNOVATION 12 9 AND INFRASTRUCTURE Protecting our planet Truly sustainable products and packaging 13 CLIMATE ACTION Improving health and wellbeing through our products GLOBAL UNG COMPACT Signatory since 2010 MSCI ESG RATINGS CCC B BB BBB A AA AA AAA GN#47ESG efforts continues to be acknowledged by external agencies SUSTAINALYTICS 30.46 High Risk 28.38 Medium Risk 2019 MSCI ESG RATINGS AA CCC B BB BBB A RATING ACTION DATE: May 27, 2021 LAST REPORT UPDATE: June 21, 2022 AA AAA ESG Rating history 50 AAA 13.15 AA A AA AA AA AA A Low Risk BBB BB B 0 CCC 2020 2022 Nov-17 Dec-18 Nov-19 Dec-20 May-21 Low Risk NEGL LOW MED HIGH SEVERE 0-10 10-20 20-30 30-40 40+ GN Making Life Sound Better 47 Climate Transparency CDP DISCLOSER 2021 Score: B- SCIENCE BASED TARGETS Committed to setting science-based targets and becoming net zero GN#4860 2025 Sustainability Goals Protecting our planet Climate neutral in company activities (scope 1+2) Halve the carbon footprint of company air travel Reduce our carbon footprint in our distribution and manufacturing Report to CDP and TCFD in our 2021 Sustainability | ESG Report Truly sustainable products and packaging 50% sustainable material in new products 100% sustainable packaging (minimal plastic, small size, FSC) Use sustainable product development requirements Expand take-back schemes to relevant products and regions Give more products a second life through repair or refurb + Improving health and wellbeing Help 10 million+ people with hearing loss to Hear More, Do More and Be More Create awareness of hearing loss and break down stigmas New health functionalities in our products Support unmet hearing health needs through donations and capacity-building GN Making Life Sound Better Juba w ELITE St 48 ELITESSE 60 GN#49GN commits to Science Based Targets initiative GN commits to Science Based Targets initiative to limit global warming to 1.5C and being net-zero by 2050 до Climate goals will be independently certified to be aligned with the scientific consensus GN joins the Business Ambition for 1.5 C coalition Required additional goals will be prepared in collaboration with the Science Based Target initiative Progress will be reported in the annual reports 49 SCIENCE AMBITION FOR BUSINESS 1.5°C ▸▸ BASED TARGETS