BlackRock Adjusts Stake in GN Store Nord A/S: Implications for Investors

Copenhagen, Denmark – June 24, 2025 – GN Store Nord A/S (NASDAQ OMX: GN; OTCQX: GNNDY) today announced a significant change in its major shareholder structure. On June 23, 2025, the company received formal notification from BlackRock, Inc., the world's largest asset manager, confirming a reduction in its aggregate direct and indirect holding of shares and financial instruments in GN Store Nord A/S. This adjustment, effective June 20, 2025, brings BlackRock's total ownership below the 5% threshold of GN Store Nord's share capital and voting rights, as stipulated by Section 38(1) and Section 39(1) of the Danish Capital Markets Act.

This notification is a routine disclosure required by Danish financial regulations when a major shareholder's stake crosses certain percentage thresholds. While the immediate impact on GN Store Nord's stock price (BLK) may be minimal, such movements by institutional investors like BlackRock are often closely watched by the market as they can signal shifts in investment strategy or outlook.

Understanding the Regulatory Context

The Danish Capital Markets Act mandates transparency regarding significant shareholdings. Specifically, Section 38 and Section 39 govern the disclosure requirements for direct and indirect holdings, including shares and various financial instruments that grant exposure to a company's capital and voting rights. The 5% threshold is a key reporting level, meaning any crossing of this boundary, whether an increase or decrease, triggers a mandatory public announcement. This regulatory framework aims to ensure market transparency and protect investors by providing timely information about changes in a company's ownership structure.

BlackRock's Investment Strategy

BlackRock's decision to reduce its stake below 5% in GN Store Nord could stem from various factors. As a global asset manager, BlackRock manages a vast portfolio across numerous funds, including actively managed strategies, index funds, and exchange-traded funds (ETFs). A reduction in a specific holding might not necessarily reflect a negative view on GN Store Nord's fundamentals. Instead, it could be a result of:

• Portfolio Rebalancing: Adjustments to maintain desired asset allocation across different funds or to align with specific fund mandates.
• Index Tracking: If GN Store Nord's weighting in a particular index tracked by BlackRock's passive funds has changed, or if the company has been removed from an index, BlackRock would adjust its holdings accordingly.
• Profit Taking: After a period of strong performance, BlackRock might be realizing gains to reallocate capital elsewhere.
• Strategic Shift: A broader strategic decision to reduce exposure to certain sectors or geographies.

It is less likely to be a direct commentary on GN Store Nord's operational performance, given BlackRock's diversified investment approach.

Implications for GN Store Nord and Investors

For GN Store Nord, the reduction in BlackRock's stake is primarily a procedural announcement. The company's operational performance, strategic initiatives in hearing aids and intelligent audio solutions, and financial outlook remain the primary drivers of its long-term value. Investors should focus on GN Store Nord's upcoming earnings reports, product developments, and market share trends rather than solely on this ownership change.

For current and prospective investors in GN Store Nord, this notification serves as a reminder to consider the broader market context and the company's fundamentals. While large institutional movements can sometimes create short-term volatility, they rarely alter a company's intrinsic value unless accompanied by significant fundamental shifts. Investors should:

• Review GN Store Nord's Latest Financials: Analyze recent earnings reports, revenue growth, profitability, and debt levels.
• Assess Industry Trends: Understand the dynamics of the hearing aid and audio technology markets, including competition, innovation, and regulatory changes.
• Evaluate Management Strategy: Consider the company's long-term vision, R&D investments, and market expansion plans.
• Diversify Portfolios: Avoid over-reliance on the actions of a single institutional investor and maintain a diversified investment portfolio.

In conclusion, BlackRock's adjustment of its stake in GN Store Nord A/S is a regulatory disclosure reflecting a portfolio management decision. While noteworthy, it should be viewed within the context of BlackRock's vast investment operations and GN Store Nord's underlying business performance. Investors are encouraged to conduct their own thorough due diligence and consider a holistic view of the company's prospects.