In addressing our material IROs related to resource use and circular economy, we have taken considerable steps both in terms of the sourcing of materials for our products and the end-of-life management to limit outflows and waste. The actions undertaken in 2024, including those planned over the coming reporting period(s), are aligned with the existing parameters of our financial planning and business model. We aim to achieve at least 50% of materials in our products to be recycled or bio-based, measured as part of the total weight of mechanical parts, which is supported by a number of our circularity targets. A key action for GN is increasing the share of packaging that is FSC Mix certified. During 2024, we increased the share of cardboard and paper packaging that is FSC certified to 71%. New product packaging has also been designed to increase its recyclability and percentage content of recycled material. Moreover, we are also taking actions to increase the share of recycled and sustainably sourced bio-based material across the full product portfolio. To take further action in this area in 2025, we have dedicated resources towards product development to include at least 50% of such materials as a percentage of the total weight of mechanical parts, as a requirement in all new programs in Enterprise and for all non-True Wireless (TWS) headsets and mice in Gaming. In Hearing, we will be taking an action to investigate recycled materials for end user cases, chargers, and wireless accessories. Moreover, as noted by our action in 2024 on packaging – we will continue the rollout of FSC-certified packaging across all products to ensure more sustainably sourced materials are used. Over the next two years, we are also aiming to take actions related to testing and introducing recycled metals, while between now and 2030, we will also investigate the feasibility of implementing more sustainable materials used in electronic components, such as PCBs, speaker drivers and batteries, working closely with suppliers and engaging in partnerships to drive innovation in these areas.

Resource use associated with the manufacture of our products and packaging is a highly material topic for GN. Multiple material types, including plastics, metals, textiles, cardboard and adhesives, are required to make our products and packaging. GN purchases intermediary and finished products from our suppliers. The total weight of these products that are used across our own product and packaging portfolio are therefore reported, including breakdown of broad material types to provide greater insight into GN’s resource consumption and management of transition risks related to critical raw materials. An estimated 20% of the materials used in our products and packaging was either recycled or sustainably sourced biological materials.