Abstract: Speaker recognition neural networks learn latent representations (i.e. speaker embeddings) from input utterances to recognise speaker identities. However, the internal mechanisms of these networks remain largely opaque, motivating research in explainable artificial intelligence (XAI) to understand them. Nevertheless, existing studies have analysed how speaker embeddings are organised, but rarely frame these analyses within XAI. Hence, this work proposes to explain and interpret the organisation of speaker embeddings from an XAI perspective. To this end, we apply a hierarchical clustering algorithm, Single-Linkage Clustering (SLINK), to analyse whether some speaker embeddings naturally form clusters with hierarchical relationships. The resulting hierarchical organisation (i.e. hierarchical clusters) is evaluated using the Cluster-Class Matching (CCM) method. Moreover, we propose a new method, termed Hierarchical Cluster-Class Matching (HCCM), to identify which hierarchical clusters best match individual semantic classes (e.g. male) and conjunctive semantic classes (e.g. UK & male), thereby interpreting the clusters using their matched classes. The matching degree is quantified using a new metric called the L-score, which makes imperfect matches diagnosable. HCCM's results show that hierarchical clusters analysed by SLINK are interpreted using different classes related to speaker identity, gender, and nationality, providing insight into semantics within the hierarchical organisation of our examined speaker embeddings.