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.

In 2023, we commenced our double materiality process, in accordance with the process set out in ESRS 1, which covers general requirements for reporting in accordance with CSRD. We mapped our value chain and identified the industries on which we depend across our value chain.

Next, we identified impacts, risks, and opportunities (IROs) across our full value chain for all ESG sub-topics and sub-sub-topics contained in Appendix A of ESRS 1. To assess the materiality of different IROs and topics, we developed a scoring key from 0-5 for both impact and risk materiality and set a materiality threshold at 2 or above for materiality and 3 or above for highly material topics, where 2 represented low scale, concentrated scope, remediable with some effort and a low likelihood, while a 3 represented medium across the same variables. Through this process we assessed 31% of topics to be highly material and 21% of topics to be material for our own operations, and 45% of topics to be highly material and 35% of topics to be materials for our value chain.

In 2024, we finalized our double materiality process through the following steps:

• We made updates to IROs and scoring based on further inputs from stakeholders and additional guidance from EFRAG
• We set the reporting threshold at 3 or higher to focus reporting on the most material topics

We then mapped disclosure requirements and data points against material IROs to determine the contents of this Sustainability Statement, taking into account the specificity of IROs where needed to scope out data points where the IROs are limited to for example specific parts of our value chain, employee groups, or geographies.

We applied three analytical approaches in our double materiality process:

• Desk research: we consulted 40 reports from NGOs, governments, and key suppliers
• Internal workshops: we held five internal workshops with 27 subject matter experts
• External stakeholder interviews: we interviewed eight external stakeholders, constituting both readers of the report and impacted stakeholders. We selected external stakeholders based on the areas where we lacked visibility through our existing stakeholder engagement mechanisms: pollution, resource outflows, and human rights impacts far down our supply chain

We assumed our impacts and risks to be similar to industry averages in cases where we lacked clear data or were unable to allocate impacts prevalent to GN in our value chain.

Our double materiality assessment was subject to ongoing review by senior management. It was formally approved by the Audit Committee in August 2024.