Earnings release
Page 1
1 Q3 & 9M 2026 PRESS RELEASE STRONG ORGANIC GROWTH ALSO IN THE THIRD QUARTER (+3.6%) OVER THE HIGHEST COMPARISON BASE OF THE YEAR. SIGNIFICANT INCREASE IN PROFITABILITY: ADJ. EBITDA +7% (MARGIN UP +90 BPS), ADJ. EBIT +22% (MARGIN UP 150 BPS) AND ADJ. NET PROFIT +39% REVENUE GROWTH IN THE FIRST NINE MONTHS TO €1,761 MILLION AND STRONG PROFITABILITY INCREASE, WITH ADJ. EBITDA AT €413 MILLION (+4.5%, MARGIN UP +80 BPS), ADJ. EBIT AT €222 MILLION (+12%, MARGIN UP +120 BPS) AND ADJ. NET PROFIT AT €128 MILLION (+17%) EXCELLENT CASH GENERATION: ADJ. FREE CASH FLOW MORE THAN DOUBLED IN THE FIRST NINE MONTHS (+139%) 2026 OUTLOOK CONFIRMED REVENUES AT 1,760.8 MILLION EUROS IN THE FIRST NINE MONTHS (+0.9% AT CONSTANT EXCHANGE RATES), SUPPORTED BY STRONG ORGANIC GROWTH (+3.5%), WELL BALANCED ACROSS ALL GEOGRAPHIC AREAS. IN THE THIRD QUARTER, ORGANIC GROWTH AT +3.6%, OVER THE HIGHEST COMPARISON BASE OF THE YEAR ADJUSTED EBITDA1 AT 412.8 MILLION EUROS IN THE FIRST NINE MONTHS (+4.5%), WITH THE MARGIN AT 23.4% (+80 BPS), REFLECTING A STRONG IMPROVEMENT ACROSS ALL GEOGRAPHIC AREAS THANKS TO OPERATING LEVERAGE AND THE BENEFITS OF THE ‘FIT4GROWTH’ PROGRAM. IN THE THIRD QUARTER, ADJUSTED EBITDA UP 7.0% AND THE MARGIN EXPANDING BY +90 BPS ADJUSTED EBIT1 IN THE FIRST NINE MONTHS AT 222 MILLION EUROS, AN INCREASE OF 11.5%, WITH THE MARGIN AT 12.6%, EXPANDING BY 120 BPS. THE PERFORMANCE ACCELERATED IN THE THIRD QUARTER, WITH ADJUSTED EBIT INCREASING BY 21.9%, WITH THE MARGIN AT 9.1%, EXPANDING 150 BPS ADJUSTED NET PROFIT1 UP 16.9% IN THE FIRST NINE MONTHS AND 38.7% IN THE THIRD QUARTER EXCELLENT CASH GENERATION IN THE FIRST NINE MONTHS, WITH ADJUSTED FREE CASH FLOW1 AT 79 MILLION EUROS (+139% HIGHER THAN IN THE SAME PERIOD OF 2025), AND PRO FORMA NET FINANCIAL DEBT 2 OF 1,053 MILLION EUROS (EXCLUDING THE PROCEEDS FROM THE EQUITY RAISE FOR THE GN HEARING ACQUISITION), WITH FINANCIAL LEVERAGE IMPROVING TO 1.85x 2026 OUTLOOK CONFIRMED: ORGANIC GROWTH ABOVE 3% AND AN INCREASE IN ADJUSTED EBITDA MARGIN IN THE REGION OF 100 BASIS POINTS MAIN RESULTS FOR THE FIRST NINE MONTHS OF 20261 • Consolidated revenues of 1,760.8 million euros, up 0.9% at constant exchange rates compared to the first nine months of 2025, mainly thanks to a strong organic growth (+3.5%), well balanced across all geographic areas. Acquisitions contributed to revenues by 0.7%, while the ‘Fit4Growth’ program3 had an impact of -3.3%, reflecting actions to optimize the network and the divestment or termination of dilutive businesses. The foreign exchange effect (+0.1%) led to revenue growth of 1.0% at current exchange rates • Adjusted EBITDA amounted to 412.8 million euros, up 4.5%, with the margin at 23.4%, 80 basis points higher than in the comparison period. The strong improvement across all geographic areas was supported by operating leverage and the ‘Fit4Growth’ program, even after ongoing investments to further strengthen the Group’s distinctive assets • Adjusted EBIT was 222.0 million euros, an increase of 11.5%, with the margin at 12.6%, up 120 basis points 1. Adjusted income statement figures which exclude the effect of unusual, infrequent or unrelated items (expenses or Income) out side the scope of the normal course of business. For more information, refer to the notes to this press release. Unless stated otherwise, the comments in this press release refer to the adjusted figures. 2. Pro forma: excluding the impact of the equity raise via ABB completed on May 22nd, 2026 (net proceeds of 44 8.1 million euros) intended to finance part of the cash consideration for the acquisition of GN Hearing. 3. Includes the impact of different efficiency initiatives such as the divesture of the Indian and UK business es, the termination of a managed care agreement in the US, and the closure of non-performing clinics at global level.
Page 2
2 • Adjusted net profit amounted to 128.2 million euros, 16.9% higher than in the first nine months of 2025, with the margin increasing by 100 basis points • Adjusted free cash flow increased by 138.6% to 79.1 million euros, after Capex of 64.3 million euros • Pro forma net financial debt2 (excluding the net proceeds from the equity raise for the GN Hearing acquisition) of 1,052.8 million euros, compared to 1,045.5 million euros at December 31 st, 2025, after 128.1 million euros in Capex and dividends, with the financial leverage improving to 1.85x at September 30th, 2026 MAIN RESULTS FOR THE THIRD QUARTER OF 20261 • Consolidated revenues amounted to 575.0 million euros, up 0.2% at constant exchange rates compared to the third quarter of 2025, mainly thanks to strong organic growth (+ 3.6%), well balanced across all geographic areas and achieved over the highest comparison base of the year. Acquisitions contributed to revenues by 0.5%, while the ‘Fit4Growth’ program had an impact of -3.9%, reflecting actions to optimize the network and the divestment or termination of dilutive businesses. The favorable foreign exchange effect (+1.9%) led to revenue growth of 2.1% at current exchange rates • Adjusted EBITDA was 114.8 million euros, up 7.0%, with a margin of 20.0%, up 90 basis points compared to the third quarter of 2025, thanks to the excellent improvement across all geographic areas, driven by operating leverage and the results delivered by the ‘Fit4Growth’ program • Adjusted EBIT was 52.2 million euros, an increase of 21.9%, with the margin at 9.1%, up 150 basis points • Adjusted net profit increased 38.7% to 26.6 million euros, compared to 19.2 million euros in the third quarter of 2025, with the margin up 120 basis points Milan, October 29 th, 2026 – Today, the Board of Directors of Amplifon S.p.A. (EXM; Bloomberg/Reuters ticker: AMP/AMPF.MI), global leader in hearing care solutions and services, approved the Interim Management Report as at September 30th, 2026 during a meeting chaired by Susan Carol Holland. ENRICO VITA, CEO “Third quarter results confirm the solid improvement in our performance, with a very positive organic growth and a significant increase in profitability, supported by operating leverage and the Fit4Growth program. The significant improvement across our key financial indicators in the first nine months compared to the previous year, including EBIT and net profit, confirms the effectiveness of the initiatives and investments we have been pursuing to further enhance our competitive position and sustain future growth. Meanwhile, the planning for the integration of GN Hearing is progressing according to timetable, with the aim of being fully prepared at the closing of the acquisition. We are excited about the extraordinary opportunities for growth, innovation and value creation for all stakeholders that this new phase of our journey will bring .” MAIN RESULTS FOR THE FIRST NINE MONTHS OF 2026 (€ millions) 9M 2026 % on revenues 9M 2025 % on revenues Change% Net revenues 1,760.8 100% 1.743.8 100% 1.0% EBITDA adjusted 412.8 23.4% 395.0 22.7% 4.5% EBIT adjusted 222.0 12.6% 199.1 11.4% 11.5% Net income adjusted 128.2 7.3% 109.6 6.3% 16.9% EPS adjusted (in €) 0.530 -- 0.491 -- 8.0% Free cash flow adjusted 79.1 33.2 138.6% 30/09/2026 31/12/2025 Change% Pro forma net financial indebtedness 1,052.8 1,045.5 +0.7% In the first nine months of 2026, consolidated revenues amounted to 1,760.8 million euros, up 0.9% at constant exchange rates compared to the first nine months of 2025, mainly thanks to strong organic growth (+ 3.5%), well
Page 3
3 balanced across all geographic areas. Performance also reflected a market environment improving compared to the previous year across all the main geographic areas (US, Europe and APAC). Acquisitions contributed to revenues by 0.7%, primarily reflecting the bolt -on acquisitions completed in 2025 , while the ‘Fit4Growth’ program had an impact of -3.3%. The latter was mainly related to the closure of clinics (over 230 since the launch of the program), the termination of a managed care agreement in the United States, the divestiture of the dilutive businesses in the United Kingdom in March and in India in August. The almost neutral foreign exchange effect (+0.1%) resulted in revenue growth of 1.0% at current exchange rates. Adjusted EBITDA was 412.8 million euros, up 4.5% compared to the first nine months of 2025, with the margin at 23.4%, an increase of around 80 basis points. The strong improvement across all geographic areas was supported by operating leverage and the ‘Fit4Growth’ program, even after ongoing investments to further strengthen the Group’s distinctive assets. EBITDA as reported amounted to 380.6 million euros, after 32.2 million euros in expenses not related to the operating performance, mainly attributable to the transaction costs for the acquisition of GN Hearing and to the ‘Fit4Growth’ program. Adjusted EBIT came to 222.0 million euros, 11.5% higher than in the first nine months of 2025, with the margin at 12.6%, an increase of 120 basis points . This performance was attributable to the improvement in adjusted EBITDA and lower depreciation and amortization. EBIT as reported, which amounted to 154.5 million euros, reflected charges unrelated to the operating performance of 67.5 million euros . These charges , in addition to the items described above, were attributable primarily to the amortization of business combinations (“PPA”). Adjusted net profit amounted to 128.2 million euros, an increase of 16.9% compared to the first nine months of 2025, with the margin increasing by 100 basis points . This improvement reflected the change in adjusted EBIT and a decrease in financial expenses (net of the adjustments) compared to the same period of the previous year , mainly due to better management of foreign exchange differences linked to currency fluctuations and higher interest income. The adjusted tax rate was 27.3%, aligned to the first nine months of 2025. Net profit as reported amounted to 58.4 million euros (compared to 74.4 million euros in the comparison period), with a tax rate of 34.5%, higher than in the first nine months of 2025. This increase is mainly due to the 19.4-million-euro one-off costs, with no cash flow impact, related to the recognition in the income statement of the cumulative foreign exchange differences reserve recorded in equity from consolidation following the divesture of the businesses in the United Kingdom and India . The adjusted net earnings per share (EPS adjusted) came in at 53 euro cents, an increase of 8.0% compared to 49.1 euro cents in the first nine months of 2025. MAIN RESULTS FOR THE THIRD QUARTER OF 2026 (€ millions) Q3 2026 % on revenues Q3 2025 % on revenues Change% Net revenues 575.0 100% 563.3 100% 2.1% EBITDA adjusted 114.8 20.0% 107.3 19.1% 7.0% EBIT adjusted 52.2 9.1% 42.8 7.6% 21.9% Net income adjusted 26.6 4.6% 19.2 3.4% 38.7% EPS adjusted (in €) 0.088 -- 0.088 -- -0.8% In the third quarter of 2026, consolidated revenues amounted to 575.0 million euros, an increase of 0.2% at constant exchange rates compared to the third quarter of 2025 , driven by strong organic growth (+3.6%), well balanced across geographic areas and achieved over the highest comparison base of the year . This performance was achieved in a context of continued positive momentum in global market demand : the US private market grew strongly, supported by the private pay segment performance, which more than offset the still decreasing insurance segment. Also, the European market performed positively, while in APAC it remained stable. The contribution from acquisitions, mainly completed in 2025, amounted to 0.5%, whilst the ‘Fit4Growth’ program had an impact of -3.9%. This was related to the closure of clinics (around 30 during the quarter and over 230 since the launch of the program), the termination of a managed care agreement in the United States and the divestiture of the dilutive businesses in the UK in March and in India in August 2026. The foreign exchange effect was favorable (+1.9%), mainly due to the appreciation of the US dollar and the Australian dollar versus the euro, resulting in revenue growth of 2.1% at current exchange rates. More specifically, EMEA recorded strong organic growth, supported by the excellent performance of Southern Europe; in the AMERICAS, organic growth was solid , above all given the highest comparison base of the year ; organic growth was very strong in APAC thanks to the excellent performance of Australia and China. Adjusted EBITDA was 114.8 million euros, an increase of 7.0% compared to the third quarter of 2025. The adjusted EBITDA margin was 20.0%, 90 basis points higher than in the same period of 2025 , thanks to the excellent improvement recorded across all geographic areas, driven by operating leverage and the results of the ‘Fit4Growth’ program, even after ongoing investments to further strengthen the Group’s distinctive assets. EBITDA as reported
Page 4
4 amounted to 103.6 million euros , after 11.2 million euros in expenses unrelated to operating performance, mainly attributable to the transaction costs for the GN Hearing acquisition and the ‘Fit4Growth’ program. Adjusted EBIT amounted to 52.2 million euros, an increase of 21.9% compared to the third quarter of 2025, with the margin at 9.1%, up 150 basis points. This performance was attributable to the improvement in adjusted EBITDA and lower depreciation and amortization. EBIT as reported, which came to 29.3 million euros, reflected 22.9 million euros in charges unrelated to operating performance. These charges, in addition to the items described above, were attributable mainly to the amortization of business combinations (“PPA”). Adjusted net profit was 26.6 million euros, 38. 7% higher than in the third quarter of 2025, with the margin up 120 basis points . This improvement reflected the increase in adjusted EBIT, while net financial expenses, excluding adjustments, decreased compared to the third quarter of 2025 mainly due to higher interest income. The adjusted tax rate was 26.8%, compared to 26.2% in the third quarter of 2025. Net profit as reported amounted to 9.4 million euros (compared to 6.3 million euros in the corresponding period), with a tax rate of 27.3%, increasing compared to the third quarter of 2025, which reflected non-recurring income stemming from redeterminations of deferred taxes. The adjusted net earnings per share (EPS adjusted) came to 8.8 euro cents, in line with the third quarter of 2025 due to the higher number of outstanding shares following the equity raise for the acquisition of GN Hearing. PERFORMANCE BY REGION EMEA: Strong organic growth and excellent profitability improvement (€ millions) 9M 2026 9M 2025 Δ% Revenues 1,132.4 1,118.3 +1.3% Organic growth +2.7% Fit4Growth -2.1% Acquisitions +0.4% FX +0.3% EBITDA adjusted 324.4 305.3 +6.3% Margin % 28.7% 27.3% +140 bps (€ millions) Q3 2026 Q3 2025 Δ% Revenues 356.6 352.4 +1.2% Organic growth +3.5% Fit4Growth -2.7% Acquisitions +0.2% FX +0.2% EBITDA adjusted 88.0 82.2 +7.1% Margin % 24.7% 23.3% +140 bps In the first nine months of 2026, EMEA recorded revenue growth of 1.0% at constant exchange rates, driven by organic growth of 2.7%, which accelerated from the second quarter onwards. In the third quarter, organic growth was strong (+3.5%) in a positive market environment, also thanks to the excellent performance of Southern Europe. Bolt-on acquisitions, mainly completed in 2025, contributed 0.2% to revenue growth in the quarter. The ‘Fit4Growth’ program had an impact of - 2.7%. This reflected the closure of clinics (10 in the third quarter and around 100 since the launch of the program) and the divestiture of the dilutive UK business, completed in March 2026. In the first nine months of 2026, adjusted EBITDA amounted to 324.4 million euros, compared to 305.3 million euros in the comparison period. The margin was 28.7%, an increase of 140 basis points, thanks to operating leverage and the significant results of the ‘Fit4Growth’ program, even after ongoing investments to further strengthen the Group’s distinctive assets. In the third quarter, adjusted EBITDA was 88.0 million euros, compared to 82.2 million euros in the same period of 2025, with an excellent margin improvement of 140 basis points compared to the same quarter of the previous year.
Page 5
5 AMERICAS: Solid organic growth over the highest comparison base of the year, and substantial profitability improvement (€ millions) 9M 2026 9M 2025 Δ% Revenues 350.4 366.0 -4.3% Organic growth +5.3% Fit4Growth -8.2% Acquisitions +1.5% FX -2.9% EBITDA adjusted 82.8 82.6 +0.3% Margin % 23.6% 22.6% +110 bps (€ millions) Q3 2026 Q3 2025 Δ% Revenues 121.7 122.9 -1.0% Organic growth +3.3% Fit4Growth -8.6% Acquisitions +1.5% FX +2.8% EBITDA adjusted 26.0 25.5 +2.1% Margin % 21.4% 20.7% +70 bps In the first nine months of 2026, the AMERICAS delivered very strong organic growth of 5.3%, above the reference market. In the third quarter, organic growth was solid (+3.3%), over the highest comparison base of 2025 (organic growth of 4.3% in the third quarter of 2025). The US private market grew strongly, driven by the private pay segment, which offset the still decreasing insurance segment. Acquisitions contributed 1.5% to the region’s revenue growth. This reflected the carryover of the acquisitions completed in 2025 and the acquisition of 40 clinics in Louisiana in the quarter, which brings the Miracle-Ear direct retail network to 450 clinics. The ‘Fit4Growth’ program had an impact of -8.6% in the third quarter, reflecting the closure of clinics (around 40 since the launch of the program) and the termination of a managed care agreement in the United States. The foreign exchange effect was positive for 2.8%, mainly due to the appreciation of the US dollar versus the euro, reversing the trend seen in the first half of the year. In the first nine months of 2026, the region’s adjusted EBITDA was 82.8 million euros, with the margin on revenues at 23.6%, 110 basis points higher than in the first nine months of the previous year. Adjusted EBITDA in the third quarter was 26.0 million euros, with the margin at 21.4%, up 70 basis points , driven by operating leverage and the significant results of the ‘Fit4Growth’ program, even after ongoing investments to further strengthen the Group’s distinctive assets.
Page 6
6 ASIA PACIFIC: Very strong organic growth and solid profitability improvement (€ millions) 9M 2026 9M 2025 Δ% Revenues 278.0 259.5 +7.1% Organic growth +4.4% Fit4Growth -1.3% Acquisitions +0.5% FX +3.5% EBITDA adjusted 71.7 65.0 +10.3% Margin % 25.8% 25.1% +70 bps (€ millions) Q3 2026 Q3 2025 Δ% Revenues 96.7 88.0 +9.9% Organic growth +4.2% Fit4Growth -2.5% Acquisitions +0.2% FX +8.0% EBITDA adjusted 23.9 21.4 +12.1% Margin % 24.8% 24.3% +50 bps In the first nine months of 2026, ASIA PACIFIC recorded revenue growth of 3.6% at constant exchange rates compared to the first nine months of 2025, reflecting strong organic growth (+ 4.4%). In the third quarter of 2026, the region’s organic growth was 4.2% in a stable market environment, thanks to the excellent performance of Australia and China. The acquisitions, completed mainly in 2025, contributed 0.2% to the region’s revenue growth , while the ‘Fit4Growth’ program had an impact of -2.5%. This reflected the closure of clinics (20 in the third quarter and over 90 since the launch of the program) , and the divestiture of the dilutive business in India, completed on August 12th, 2026. Lastly, the foreign exchange effect in the third quarter was positive for 8.0%, mainly due to the appreciation of the Australian dollar versus the euro. The region’s adjusted EBITDA was 71.7 million euros in the first nine months of 2026, an increase of 10.3% compared to 65.0 million euros in the same period of 2025 (+70 basis points). In the third quarter of 2026, adjusted EBITDA amounted to 23.9 million euros, an increase of 12.1% compared to the third quarter of 2025, with t he margin at 24.8%, 50 basis points higher than in the comparison period. This reflected operating leverage and the strong results delivered by ‘Fit4Growth’, even after the fast growth of China and ongoing investments to further strengthen the Group’s distinctive assets. BALANCE SHEET FIGURES AS AT SEPTEMBER 30TH, 2026 The balance sheet and financial indicators continue to confirm the Group’s solidity and ability to support its growth trajectory. Total net equity was 1,537.0 million euros at September 30 th, 2026, up from 998.5 million euros at December 31st, 2025, also following the equity raise via Accelerated Bookbuilding completed on May 22 nd, 2026 for the acquisition of GN Hearing. Adjusted operating cash flow before payment of lease liabilities was 245.8 million euros . The payment of lease liabilities, equal to 102.4 million euros, brought the adjusted operating cash flow to 143.4 million euros, compared to 123.3 million euros in the first nine months of 2025. The cash generation was excellent with adjusted free cash flow at 79.1 million euros, 138.6% higher than the 33.2 million euros in the comparison period, after investments (net of disposals) of 64.3 million euros, compared to 90.2 million euros. Free cash flow as reported was 56.3 million euros, compared to 28.4 million euros in the first nine months of 2025. Net proceeds from divestitures and acquisitions were 4.9 million euros, also due to the divestitures of the UK and Indian businesses, compared to net cash-out for acquisitions of 58.6 million euros in the same period of 2025. Together with dividend payments of 63.8 million euros , these proceeds brought the pro forma net cash flow for the period to -10.5 million euros, compared to -205.2 million euros in the first nine months of 2025.
Page 7
7 Pro forma net financial debt came to 1,052.8 million euros, compared to 1,045.5 million euros at December 31 st, 2025 and to 1,174.7 million euros at September 30th, 2025, with the financial leverage at 1.85x, improving compared to 1.92x at December 31st, 2025. Including the 448.1-million-euro net proceeds from the equity raise via Accelerated Bookbuilding completed on May 22nd, 2026, intended to finance part of the cash consideration for the acquisition of GN Hearing, the net cash flow for the period came to 437.6 million euros, and the net financial debt at September 30th, 2026 was 604.7 million euros, with the leverage at 1.06x. OUTLOOK During 2025, Amplifon implemented different initiatives and made significant investments with the aim to accelerate future growth and structurally improve profitability. In the first nine months of 2026 these initiatives and investments delivered tangible results, driving improvements in both organic growth and profitability. Accordingly, for 2026 the Company confirms its previously announced expectations, assuming that there are no further slowdown s in global economic activity due to - among other s - the well -known macroeconomic and geopolitical situation: • global market demand growth in the region of 3% compared to 2025; • outperformance in its key individual markets, with a further increase of its market share, and a significant improvement in organic growth, above 3% compared to 2025; • a material increase in the adjusted EBITDA margin in the region of 100 basis points. Lastly, the Company is making positive progress, fully in line with the expected timetable, on the planning of the future integration of GN Hearing, with a view to guaranteeing full operational capacity of the new group from the day after closing. The closing of the acquisition, expected by the end of 2026, is subject to customary conditions precedent, including the receipt of the required regulatory approvals and the completion of the carve-out of GN Hearing from the GN Group. Until closing, Amplifon and GN Hearing will remain two separate and independent entities. In the medium term , the Company remains very confident and excited about its strong prospects for profitable growth, further strengthened by the transformational opportunit y stemming from the future integration of GN Hearing. ASSIGNMENT OF BENEFICIARIES OF THE PERFORMANCE STOCK GRANT PLAN 2026 - 2031 In relation to the above- mentioned plan, the Board of Directors resolved to assign 156,960 shares at target on October 30th, 2026, as the second tranche of the stock grant cycle for the period 2026 -2028 of the Stock Grant Plan 2026-2031, based on the recommendations of the Remuneration and Appointment Committee and pursuant to Art. 84 bis, par. 5 of Consob Regulation n. 11971/99, as amended. The information regarding the beneficiaries and the number of shares assigned will be reported in the table prepared in accordance with the indications provided in Table n. 1, Form 7 of Annex 3A of Regulation n. 11971/1999 and reflecting the characteristics already disclosed in the Information Document, which will be made available within the time period required by law at the Company’s registered office and published on the Company’s website https://corporate.amplifon.com. The Information Document relating to the new Stock Grant Plan 2026-2031, approved by the Shareholders’ Meeting held on April 23 rd, 2026, which contains all the detailed information required by current law, is available to the public in the same manner. ***** It should be noted that the Interim Financial Report as at September 30th, 2026 will be made available to the public from November 5th, 2026 at the Company's registered office, on the Company's website at https://corporate.amplifon.com and at the authorized storage mechanism eMarket STORAGE (www.emarketstorage.com). ***** The results for 9M & Q3 2026 will be presented to the financial community today at 18:30 (CET) during a conference call and audiowebcast. To participate in the conference call dial one of the following numbers: +44 121 281 8004 (UK), +1 718
Page 8
8 705 8796 (USA), +33 170 918 704 (France) or +39 02 802 09 11 (Italy); or access the audiowebcast directly through the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=0WHWc67e A few presentation slides will be made available prior to the beginning of the conference call, beginning at 1 8:30 CET, in the Investors section (Presentations) of the website: https://corporate.amplifon.com. Those who cannot attend the conference call may access a recording which will be available immediately after the call until 24:00 (CET) of November 1st, 2026, by dialing the following number: +39 02 802 0987 (Italy), access code: 8 91# - guest code: 7008 91#; or, if the recording is no longer available, by accessing the webpage: https://corporate.amplifon.com/en/investors/presentations-and-webcast/presentation-q3-2026 ***** In compliance with paragraph 2 of Article 154 bis of the “Uniform Financial Services Act” (Legislative Decree 58/1998), the Manager charged with preparing the Company's financial reports, Gabriele Galli, declares that the accounting information reported in the present press release corresponds to the underlying documentary reports, books of account and accounting entries. ***** Figures in the tables may reflect minimal differences exclusively due to rounding. ***** This press release contains forward -looking statements. These statements are based on the Company’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: continued volatility and further deterioration of capital and financial markets, changes in general macro -economic conditions, economic growth and other changes in business conditions, changes in laws and regulations (both in Italy and abroad), and many o ther factors, most of which are outside of the Company’s control. ***** This press release presents and comments on some financial measures not defined by IFRS. These measures are used to comment on the performance of the Group's business, in compliance with the provisions of the Guidelines on Alternative Performance Measures issued by ESMA on 5 October 2015 (2015/1415), as per CONSOB communication no. 92543 of 3 December 2015, by ESMA on 17 April 2020 "ESMA Guidelines on Alternative Performance Measures (APMs)" and on 28 October 2022 in section 3 of the "European common enforcement priorities for 2022 annual financial reports". Alternative performance measures should be used as an information supplement to that provided by IFRS to assist users of the press release in better understanding the economic, financial and operating performance of the Group, purging the effect of signifi cant items that are infrequent, unusual or unrelated to operating performance. These components (charges and income) can be grouped into the following categories: 1. Transaction and integration costs for the GN Hearing acquisition 2. Transaction and integration costs for acquisitions and changes in earn-out 3. Charges and write-off related to reorganization and efficiency projects, and changes to the Top Management 4. Gain and loss on disposal of assets & businesses, write-off and revaluation of fixed assets 5. PPA amortization 6. Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion in financial liabilities (IFRS 29) 7. Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters Finally, it should be noted that the calculation method of these adjusted measures may differ from the methods used by other companies. The Alternative Performance Measures and the adjusted performance measures are detailed and reconciled with the IFRS financial statement results in the following tables.
Page 9
9 About Amplifon Amplifon, global leader in the hearing care retail market, empowers people to rediscover all the emotions of sound. Amplifon’ s around 14,300 employees worldwide strive every day to understand the unique needs of every customer, delivering exclusive, innovative and highly personalized products and services to ensure everyone the very best solution and outstanding experience. The Group, with annual revenues of 2.4 billion euros, operates through a network of 9,700 locations in 2 4 Countries and 5 continents. More information about the Group is available at: https://corporate.amplifon.com. Investor Relations Amplifon S.p.A. Francesca Rambaudi Tel +39 335 746 3350 francesca.rambaudi@amplifon.com Amanda Hart Giraldi Tel +39 347 816 2888 amanda.giraldi@amplifon.com Corporate Communication Amplifon S.p.A. Salvatore Ricco Tel +39 335 770 9861 salvatore.ricco@amplifon.com Dania Copertino Tel +39 348 298 6209 dania.copertino@amplifon.com
Page 10
10 CONSOLIDATED NET REVENUES BY GEOGRAPHIC AREA – 9M 2026 VS FIRST 9M 2025 (€ thousands) 9M 2026 % 9M 2025 % Change Change % Exchange diff. Change % in local currency Organic growth % (*) EMEA 1,132,382 64.3% 1,118,340 64.1% 14,042 1.3% 2,851 1.0% 2.7% Americas 350,416 19.9% 366,019 21.0% (15,603) -4.3% (10,646) -1.4% 5.3% APAC 277,953 15.8% 259,464 14.9% 18,489 7.1% 9,025 3.6% 4.4% Total 1,760,751 100.0% 1,743,823 100.0% 16,928 1.0% 1,230 0.9% 3.5% (*) Organic growth excludes the impact related to the termination of a managed care agreement in the US. CONSOLIDATED NET REVENUES BY GEOGRAPHIC AREA – Q3 2026 VS Q3 2025 (€ thousands) Q3 2026 % Q3 2025 % Change Change % Exchange diff. Change % in local currency Organic growth % (*) EMEA 356,600 62.0% 352,382 62.6% 4,218 1.2% 741 1.0% 3.5% Americas 121,702 21.2% 122,934 21.8% (1,232) -1.0% 3,429 -3.8% 3.3% APAC 96,701 16.8% 88,017 15.6% 8,684 9.9% 7,006 1.9% 4.2% Total 575,003 100.0% 563,333 100.0% 11,670 2.1% 11,176 0.2% 3.6% (*) Organic growth excludes the impact related to the termination of a managed care agreement in the US.
Page 11
11 CONSOLIDATED SEGMENT INFORMATION – 9M 2026 VS 9M 2025 (€ thousands) 9M 2026 9M 2025 EMEA Americas Asia Pacific Corporate (*) Total EMEA Americas Asia Pacific Corporate (*) Total Net Revenues 1,132,382 350,416 277,953 - 1,760,751 1,118,340 366,019 259,464 - 1,743,823 EBITDA adjusted 324,440 82,825 71,696 (66,170) 412,791 305,280 82,578 65,000 (57,880) 394,978 % on sales 28.7% 23.6% 25.8% -3.8% 23.4% 27.3% 22.6% 25.1% -3.3% 22.7% EBITDA 316,701 79,260 68,863 (84,224) 380,600 302,432 83,151 64,111 (59,249) 390,445 % on sales 28.0% 22.6% 24.8% -4.8% 21.6% 27.0% 22.7% 24.7% -3.4% 22.4% EBIT adjusted 217,660 57,285 36,633 (89,595) 221,983 196,043 55,393 29,093 (81,428) 199,101 % on sales 19.2% 16.3% 13.2% -5.1% 12.6% 17.5% 15.1% 11.2% -4.7% 11.4% EBIT 185,630 49,569 27,075 (107,756) 154,518 166,051 51,076 18,948 (82,797) 153,278 % on sales 16.4% 14.1% 9.7% -6.1% 8.8% 14.8% 14.0% 7.3% -4.7% 8.8% (*) The impact of the centralized costs is calculated as a percentage of the Group’s total sales. CONSOLIDATED SEGMENT INFORMATION – Q3 2026 VS Q3 2025 (€ thousands) Q3 2026 Q3 2025 EMEA Americas Asia Pacific Corporate (*) Total EMEA Americas Asia Pacific Corporate (*) Total Net Revenues 356,600 121,702 96,701 - 575,003 352,382 122,934 88,017 - 563,333 EBITDA adjusted 87,978 26,034 23,941 (23,153) 114,800 82,167 25,488 21,358 (21,682) 107,331 % on sales 24.7% 21.4% 24.8% -4.0% 20.0% 23.3% 20.7% 24.3% -3.8% 19.1% EBITDA 84,956 23,547 23,642 (28,576) 103,569 79,485 24,861 20,799 (21,682) 103,463 % on sales 23.8% 19.3% 24.4% -5.0% 18.0% 22.6% 20.2% 23.6% -3.8% 18.4% EBIT adjusted 53,432 17,184 12,201 (30,657) 52,160 46,258 16,149 9,772 (29,407) 42,772 % on sales 15.0% 14.1% 12.6% -5.3% 9.1% 13.1% 13.1% 11.1% -5.2% 7.6% EBIT 42,407 13,178 9,853 (36,187) 29,251 33,463 13,114 7,122 (29,407) 24,292 % on sales 11.9% 10.8% 10.2% -6.3% 5.1% 9.5% 10.7% 8.1% -5.2% 4.3% (*) The impact of the centralized costs is calculated as a percentage of the Group’s total sales.
Page 12
12 CONSOLIDATED INCOME STATEMENT – 9M 2026 VS 9M 2025 (€ thousands) 9M 2026 % on revenues 9M 2025 % on revenues Change % Revenues from sales and services 1,760,751 100.0% 1,743,823 100.0% 1.0% Operating costs (1,382,204) -78.5% (1,356,320) -77.8% -1.9% Other income and costs 2,053 0.1% 2,942 0.2% -30.2% Gross operating profit (loss) (EBITDA) 380,600 21.6% 390,445 22.4% -2.5% EBITDA Adjusted 412,791 23.4% 394,978 22.7% 4.5% Depreciation, amortization and impairment losses on non-current assets (88,633) -5.0% (95,709) -5.5% 7.4% Right-of-use depreciation (102,660) -5.8% (103,586) -5.9% 0.9% PPA related depreciation, amortization and impairment (34,789) -2.0% (37,872) -2.2% 8.1% EBIT 154,518 8.8% 153,278 8.8% 0.8% EBIT Adjusted 221,983 12.6% 199,101 11.4% 11.5% Income, expenses, revaluation and adjustments of financial assets (686) - 90 - - Net financial expenses (43,719) -2.5% (45,077) -2.6% 3.0% Exchange differences, inflation accounting and Fair Value valuation (20,563) -1.2% (2,846) -0.2% - Profit (loss) before tax 89,550 5.1% 105,445 6.0% -15.1% Profit (loss) before tax Adjusted 176,470 10.0% 150,989 8.7% 16.9% Tax (30,910) -1.8% (30,866) -1.7% -0.1% Net profit (loss) 58,640 3.3% 74,579 4.3% -21.4% Net profit (loss) Adjusted 128,368 7.3% 109,771 6.3% 16.9% Profit (loss) of minority interests 197 - 156 - - Net profit (loss) attributable to the Group 58,443 3.3% 74,423 4.3% -21.5% Net profit (loss) attributable to the Group Adjusted 128,171 7.3% 109,615 6.3% 16.9%
Page 13
13 CONSOLIDATED INCOME STATEMENT – Q3 2026 VS Q3 2025 (€ thousands) Q3 2026 % on revenues Q3 2025 % on revenues Change % Revenues from sales and services 575,003 100.0% 563,333 100.0% 2.1% Operating costs (470,612) -81.9% (460,166) -81.7% -2.3% Other income and costs (822) -0.1% 296 0.1% - Gross operating profit (loss) (EBITDA) 103,569 18.0% 103,463 18.4% 0.1% EBITDA Adjusted 114,800 20.0% 107,331 19.1% 7.0% Depreciation, amortization and impairment losses on non-current assets (29,031) -5.0% (31,635) -5.6% 8.2% Right-of-use depreciation (33,806) -5.9% (34,915) -6.3% 3.2% PPA related depreciation, amortization and impairment (11,481) -2.0% (12,621) -2.2% 9.0% EBIT 29,251 5.1% 24,292 4.3% 20.4% EBIT Adjusted 52,160 9.1% 42,772 7.6% 21.9% Net financial expenses (15,126) -2.6% (16,223) -2.9% 6.8% Exchange differences, inflation accounting and Fair Value valuation (1,111) -0.2% (904) -0.1% -22.9% Profit (loss) before tax 13,014 2.3% 7,165 1.3% 81.6% Profit (loss) before tax Adjusted 36,405 6.3% 26,042 4.6% 39.8% Tax (3,556) -0.7% (806) -0.2% - Net profit (loss) 9,458 1.6% 6,359 1.1% 48.7% Net profit (loss) Adjusted 26,655 4.6% 19,209 3.4% 38.8% Profit (loss) of minority interests 89 - 57 - - Net profit (loss) attributable to the Group 9,369 1.6% 6,302 1.1% 48.7% Net profit (loss) attributable to the Group Adjusted 26,566 4.6% 19,152 3.4% 38.7%
Page 14
14 ALTERNATIVE PERFORMANCE MEASURES’ SUMMARY RECONCILIATION – 9M 2026 (€ thousands) EBITDA EBIT Profit (loss) before tax Net profit (loss) Net profit (loss) attributable to the Group Alternative Performance Measures (as reported) 380,600 154,518 89,550 58,640 58,443 Transaction and integration costs for GN Hearing acquisition 16,857 16,857 16,857 16,857 16,857 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (199) (199) (199) (199) (199) Costs for reorganization and efficiency projects and changes in Top management 11,554 11,773 11,773 11,773 11,773 Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets 294 560 20,638 20,638 20,638 Amortization of fixed assets accounted in phase of Purchase Price Allocation - 34,789 34,789 34,789 34,789 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9) - - 1,596 1,596 1,596 Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters 3,685 3,685 1,466 1,466 1,466 Total adjustments pre-tax 32,191 67,465 86,920 86,920 86,920 Fiscal effect on adjustments and other fiscal adjustments (17,192) (17,192) Total adjustments 32,191 67,465 86,920 69,728 69,728 Adjusted Alternative Performance Measures 412,791 221,983 176,470 128,368 128,171 ALTERNATIVE PERFORMANCE MEASURES’ SUMMARY RECONCILIATION – 9M 2025 (€ thousands) EBITDA EBIT Profit (loss) before tax Net profit (loss) Net profit (loss) attributable to the Group Alternative Performance Measures (as reported) 390,445 153,278 105,445 74,579 74,423 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (585) (585) (585) (585) (585) Costs for reorganization and efficiency projects and changes in Top management 5,118 8,431 8,431 8,431 8,431 Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets - 105 105 105 105 Amortization of fixed assets accounted in phase of Purchase Price Allocation - 37,872 37,872 37,872 37,872 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9) - - 1,601 1,601 1,601 Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters - - (1,880) (1,880) (1,880) Total adjustments pre-tax 4,533 45,823 45,544 45,544 45,544 Fiscal effect on adjustments and other fiscal adjustments (10,352) (10,352) Total adjustments 4,533 45,823 45,544 35,192 35,192 Adjusted Alternative Performance Measures 394,978 199,101 150,989 109,771 109,615
Page 15
15 ALTERNATIVE PERFORMANCE MEASURES’ SUMMARY RECONCILIATION – Q3 2026 (€ thousands) EBITDA EBIT Profit (loss) before tax Net profit (loss) Net profit (loss) attributable to the Group Alternative Performance Measures (as reported) 103,569 29,251 13,014 9,458 9,369 Transaction and integration costs for GN Hearing acquisition 5,030 5,030 5,030 5,030 5,030 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out 201 201 201 201 201 Costs for reorganization and efficiency projects 3,613 3,651 3,651 3,651 3,651 Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets 177 336 698 698 698 Amortization of fixed assets accounted in phase of Purchase Price Allocation - 11,481 11,481 11,481 11,481 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9) - - 499 499 499 Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters 2,210 2,210 1,831 1,831 1,831 Total adjustments pre-tax 11,231 22,909 23,391 23,391 23,391 Fiscal effect on adjustments and other fiscal adjustments (6,194) (6,194) Total adjustments 11,231 22,909 23,391 17,197 17,197 Adjusted Alternative Performance Measures 114,800 52,160 36,405 26,655 26,566 ALTERNATIVE PERFORMANCE MEASURES’ SUMMARY RECONCILIATION – Q3 2025 (€ thousands) EBITDA EBIT Profit (loss) before tax Net profit (loss) Net profit (loss) attributable to the Group Alternative Performance Measures (as reported) 103,463 24,292 7,165 6,359 6,302 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out 241 241 241 241 241 Costs for reorganization and efficiency projects 3,677 5,636 5,636 5,636 5,636 Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (50) (18) (18) (18) (18) Amortization of fixed assets accounted in phase of Purchase Price Allocation - 12,621 12,621 12,621 12,621 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9) - - 439 439 439 Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters - - (42) (42) (42) Total adjustments pre-tax 3,868 18,480 18,877 18,877 18,877 Fiscal effect on adjustments and other fiscal adjustments (6,027) (6,027) Total adjustments 3,868 18,480 18,877 12,850 12,850 Adjusted Alternative Performance Measures 107,331 42,772 26,042 19,209 19,152
Page 16
16 RECLASSIFIED CONSOLIDATED BALANCE SHEET (€ thousands) 09/30/2026 12/31/2025 Change Goodwill 1,989,997 1,927,215 62,782 Customer lists, non-compete agreements, trademarks, location and franchise rights 192,380 221,061 (28,681) Software, licenses, other int.ass., wip and advances 157,777 159,660 (1,883) Property, plant and equipment 220,875 237,082 (16,207) Right of use assets 451,886 462,038 (10,152) Fixed financial assets 6,855 6,829 26 Other non-current financial assets 42,855 41,045 1,810 Total fixed assets 3,062,625 3,054,930 7,695 Inventories 77,181 82,452 (5,271) Trade receivables 225,532 221,810 3,722 Other receivables 137,109 113,235 23,874 Current assets (A) 439,822 417,497 22,325 Total assets 3,502,447 3,472,427 30,020 Trade payables (318,623) (366,477) 47,854 Other payables (354,466) (374,330) 19,864 Provisions for risks (current portion) (9,042) (7,459) (1,583) Short term liabilities (B) (682,131) (748,266) 66,135 Net working capital (A) – (B) (242,309) (330,769) 88,460 Derivative instruments 3,647 1,445 2,202 Deferred tax assets 76,385 74,907 1,478 Deferred tax liabilities (94,247) (92,660) (1,587) Provisions for risks (non-current portion) (14,151) (14,511) 360 Employee benefits (non-current portion) (11,736) (12,480) 744 Loan fees 1,703 2,814 (1,111) Other long-term payables (163,190) (167,332) 4,142 Assets and liabilities held for sale - 13,980 (13,980) NET INVESTED CAPITAL 2,618,727 2,530,323 88,403 Shareholders' equity 1,536,698 998,214 538,484 Third parties' equity 343 311 32 Net equity 1,537,041 998,525 538,516 Medium/Long term net financial debt 645,404 987,968 (342,564) Short term net financial debt (40,746) 57,515 (98,261) Total net financial debt 604,658 1,045,483 (440,825) Lease liabilities 477,028 486,316 (9,288) Total lease liabilities & net financial debt 1,081,686 1,531,799 (450,113) NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL DEBT 2,618,727 2,530,324 88,403
Page 17
17 CONSOLIDATED NET FINANCIAL DEBT MATURITY PROFILE (€ millions) 2026 2027 2028 2029 2030 & beyond Total Eurobond - 350.0 - - - 350.0 Bank loans 111.8 118.9 122.2 186.5 29.2 568.6 European Investment Bank facility 8.3 21.7 33.3 40.0 183.4 286.7 Hot money, bank overdraft & accrued interests 97.9 - - - - 97.9 Other 7.7 2.1 0.1 0.5 - 10.4 Cash and cash equivalents (*) (260.8) - - - - (260.8) Total (35.1) 492.7 155.6 227.0 212.6 1,052.8 (*) 30th September 2026 Pro Forma to exclude the impact of the equity raise completed on 22 May 2026 (net proceeds: €448.1 million), w hich is intended to finance part of the cash consideration for the acquisition of the Hearing business from GN Store Nord A/S. CONDENSED CONSOLIDATED CASH FLOW STATEMENT (€ thousands) 9M 2026 (*) Pro Forma 9M 2026 9M 2025 EBIT 154,518 154,518 153,278 Amortization, depreciation and write-downs 226,082 226,082 237,167 Provisions, other non-monetary items and gain/losses from disposals 14,768 14,768 8,056 Net financial expenses (45,479) (45,479) (46,784) Taxes paid (34,470) (34,470) (31,765) Changes in net working capital (92,404) (92,404) (100,820) Cash flow provided by (used in) operating activities before repayment of lease liabilities 223,015 223,015 219,131 Repayment of lease liabilities (102,402) (102,402) (100,589) Cash flow provided by (used in) operating activities (A) 120,613 120,613 118,542 Cash flow provided by (used in) operating investing activities (B) (64,266) (64,266) (90,177) Free cash flow (A) + (B) 56,347 56,347 28,365 Free cash flow Adjusted 79,091 79,091 33,154 Net Cash provided by (used in) acquisitions (C) 4,922 4,922 (58,561) Cash flow provided by (used in) investing activities (B) + (C) (59,344) (59,344) (148,738) Cash flow provided by (used in) operating activities and investing activities 61,269 61,269 (30,196) Dividends (63,785) (63,785) (65,302) Treasury shares - - (108,207) Fees paid on medium/long-term financing (7,350) (7,350) (1,788) Capital increases, third parties’ contributions and dividends paid by subsidiaries to third parties (133) 448,003 (100) Other changes in non-current assets (516) (516) 397 Net cash flow from the period (10,515) 437,621 (205,196) Net financial debt as of period opening date excluding lease liabilities (1,045,483) (1,045,483) (961,805) Effect of exchange rate fluctuations on net financial debt 3,204 3,204 (7,611) Effect of discontinued operations on net financial debt & asset and liabilities held for sale - - (74) Change in net financial debt (10,515) 437,621 (205,196) Net financial indebtedness as of period closing date excluding lease liabilities (1,052,794) (604,658) (1,174,686) (*) 30th September 2026 Pro Forma to exclude the impact of the equity raise completed on 22 May 2026, which is intended to finance par t of the cash consideration for the acquisition of the Hearing business from GN Store Nord A/S. Therefore, the line item “Capital increases, third parties’ contributions and dividends paid by subsidiaries to third parties” excludes proceeds from the capital increase, which, net of commissions to the underwriting banks and advisor fees, amounted to €448.1 million.