--- title: "Interim Financial Report as at 30 September 2025" period: "2025-9m" kind: "financial-report" source_url: "https://corporate.amplifon.com/content/dam/amplifon/archive/en/investors/financial-reports/2025/Interim%20Financial%20Report%20as%20at%2030%20September%202025.pdf" downloaded_at: "2026-06-06" pdf_sha256: "a4d45cfb07d5a3adea74d9fc7b8aee2b66f502c4d86096724aaba7260a00f23d" pdf_size_bytes: 3008088 extractor: "pdfjs-dist-6.0.227" --- Interim Financial Report as at 30 September 202 5 Classification: internal --- INDEX PREFACE ...............................................................................................................................4 INTERIM MANAGEMENT REPORT AS AT 30 SEPTEMBER 2025................................................5 HIGHLIGHTS..........................................................................................................................6 ALTERNATIVE PERFORMANCE MEASURES .............................................................................8 SHAREHOLDER INFORMATION ............................................................................................16 RECLASSIFIED CONSOLIDATED INCOME STATEMENT ...........................................................18 RECLASSIFIED CONSOLIDATED BALANCE SHEET ...................................................................20 CONDENSED RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT..................................22 INCOME STATEMENT REVIEW .............................................................................................23 BALANCE SHEET REVIEW .....................................................................................................48 ACQUISITION OF COMPANIES AND BUSINESSES ..................................................................60 OUTLOOK ...........................................................................................................................61 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 202562 CONSOLIDATED STATEMENT OF FINANCIAL POSITION.........................................................63 CONSOLIDATED INCOME STATEMENT .................................................................................65 STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME ................................................66 STATEMENT OF CHANGES IN CONSOLIDATION EQUITY........................................................67 STATEMENT OF CONSOLIDATED CASH FLOWS .....................................................................69 SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CONSOLIDATED CASH FLOWS .....70 NOTES.................................................................................................................................71 1. General Information.................................................................................................71 2. Impacts of trade tariffs, conflict in Middle East, Ukraine, macroeconomic environment and climate change on the Group’s performance and financial position ...72 --- 3. Acquisitions and goodwill ........................................................................................74 4. Intangible fixed assets with finite useful life............................................................77 5. Property, plant, and equipment...............................................................................79 6. Right-of-use assets ...................................................................................................80 7. Other non-current assets.........................................................................................81 8. Share capital and treasury shares............................................................................82 9. Net financial indebtedness.......................................................................................83 10. Financial liabilities ....................................................................................................86 11. Provision for risks and charges.................................................................................88 12. Lease liabilities .........................................................................................................88 13. Revenues from sales and services............................................................................89 14. Operating costs, depr. and impairment, financial income-expenses and taxes......89 15. Performance stock grants ........................................................................................90 16. Earnings (loss) per share ..........................................................................................92 17. Transactions with parents and other related parties ..............................................93 18. Contingent liabilities ................................................................................................94 19. Financial risk management ......................................................................................94 20. Translation of foreign companies’ financial statements..........................................95 21. Segment Reporting...................................................................................................96 22. Accounting policies ................................................................................................101 23. Subsequent events.................................................................................................105 ANNEXES .......................................................................................................................... 106 Consolidation scope................................................................................................ 106 Declaration in respect of the Consolidated Financial Statements pursuant to Article 154- bis of Legislative Decree no. 58/98 .......................................................................... 111 Disclaimer This report contains forward looking statements (“Outlook”) relating to future events and the Amplifon Group’s operating, economic and financial results. These forecasts, by definition, contain elements of risk and uncertainty, insofar as they are linked to the occurrence of future events and developments. The actual results may be very different with respect to the original forecast due to several factors, the majority of which are out of the Group’s control. --- PREFACE This Interim Financial Report as at 30 September 2025 was prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) endorsed by the European Union and should be read together with the Group’s consolidated financial statements as at and for the year ended 31 December 2024 that includes additional information on the risks and uncertainties that could impact the Group’s operating results or its financial position. Starting from 2025, in order to facilitate the understanding of the Group’s economic- financial performance and in line with market practice, a change was made to the representation of Alternative Performance Measures (APM) used by the Top management to monitor the Group’s economic, financial and operating performance. The Group reports certain indicators as “adjusted” in order to present the Group’s operating performance net of items (income and expenses) that are unusual, infrequent or not related to the operating performance. This will allow an analysis of the strictly operational performance of the Group. The Group also determined the same indicators for the comparison period in the same way. For more information on the Alternative Performance Measures identified by the Group and the way the latter are determined, please refer to the section “Alternative Performance Measures” in this Interim Financial Report. --- INTERIM MANAGEMENT REPORT AS AT 30 SEPTEMBER 2025 --- Interim Financial Report as at 30 September 2025 > Interim Management Report HIGHLIGHTS In the first nine months of 2025 Amplifon Group recorded revenues for €1,743 million, substantially aligned on absolute values compared to 2024, but growing at constant exchange rates despite a particularly challenging comparison base and a weak market which was impacted by macroeconomic and geopolitical factors. First nine months First nine months (€ thousands) 2025 2024 Economic figures: Revenues from sales and services 1,743,823 1,744,833 Gross operating profit (loss) (EBITDA) 390,445 407,813 Gross operating profit (loss) (EBITDA) Adjusted (*) 394,978 411,661 Operating profit (loss) (EBIT) 153,278 187,539 Operating profit (loss) (EBIT) Adjusted (*) 199,101 228,911 Profit (loss) before tax 105,445 143,942 Profit (loss) before tax Adjusted (*) 150,989 185,239 Net profit (loss) 74,579 104,315 Net profit (loss) Adjusted (*) 109,771 134,462 Net profit (loss) attributable to the Group 74,423 104,181 Net profit (loss) attributable to the Group Adjusted (*) 109,615 134,328 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 09/30/2025 12/31/2024 Change (€ thousands) Financial figures: Non-current assets 3,084,157 3,185,747 (101,590) Net invested capital 2,640,318 2,626,366 13,952 Group net equity 969,834 1,150,002 (180,168) Total net equity 970,080 1,150,224 (180,144) Net financial indebtedness excluding lease liabilities 1,174,686 961,805 212,881 Lease liabilities 495,552 514,337 (18,785) Net financial indebtedness 1,670,238 1,476,142 194,096 First nine months 2025 First nine months 2024 (€ thousands) Free cash flow 28,365 50,560 Cash flow generated from (absorbed by) business combinations (58,561) (184,077) Cash flow provided by (used in) financing activities (175,000) (80,775) Net cash flow from the period (205,196) (214,292) Effect of exchange rate fluctuations on the net financial position (7,611) (1,857) Effect of discontinued operations on the net financial position (74) - Net cash flow from the period with changes for exchange rate fluctuations (212,881) (216,149) and discontinued operations 6 --- Interim Financial Report as at 30 September 2025 > Interim Management Report The first nine months of the year closed with: - Revenues of €1,743,823 thousand, down 0.1% compared to the same period of the prior year (+1.8% at constant exchange rates); - Gross operating margin (EBITDA) of €390,445 thousand, a decrease of -4.3% compared to the first nine months of 2024, with the EBITDA margin at 22.4% (100 basis points lower than in the first nine months of 2024); - Adjusted gross operating margin (adjusted EBITDA) of €394,978 thousand, a decrease of -4.1% compared to the first nine months of 2024, with the EBITDA adjusted margin at 22.7% (90 basis points lower than in the first nine months of 2024); - Net profit (loss) attributable to the Group of €74,423 thousand, a decrease of €29,758 thousand (-28.6%) compared to the first nine months of 2024; - Net profit (loss) attributable to the Group Adjusted of €109,615 thousand, a decrease of €24,713 thousand (-18.4%) compared to the first nine months of 2024. Net financial debt, excluding lease liabilities, amounted to €1,174,686 thousand at 30 September 2025, an increase of €212,881 thousand compared to 31 December 2024 which reflects the significant outlays for the payment of share buybacks and dividends to shareholders. Free cash flow reached a positive €28,365 thousand (€50,560 thousand at 30 September 2024) after €90,177 thousand in capital expenditure (€99,035 thousand in the comparison period). Net cash-outs for acquisitions (which amounted to €58,561 thousand versus €184,077 thousand in the first nine months of 2024), along with the purchase of treasury shares (€108,207 thousand versus €20,258 thousand at 30 September 2024) and the payment of dividends (€65,302 thousand versus €65,593 thousand in the comparison period), resulted in negative cash flow of €205,196 thousand versus negative €214,292 thousand in the first nine months of 2024. Please note that during the first half of 2025, remaining credit lines that included financial covenants expired and/or were repaid. Therefore, from June 2025, the Group is no longer subject to any financial covenants. 7 --- Interim Financial Report as at 30 September 2025 > Interim Management Report ALTERNATIVE PERFORMANCE MEASURES 09/30/2025 12/31/2024 09/30/2024 (€ thousands) Gross operating profit (loss) (EBITDA) 390,445 561,090 407,813 Gross operating profit (loss) (EBITDA) Adjusted 394,978 566,051 411,661 Operating profit (loss) (EBIT) 191,150 256,814 187,539 Operating profit (loss) (EBIT) Adjusted 153,278 313,845 228,911 Profit (loss) before tax 105,445 196,780 143,942 Profit (loss) before tax Adjusted 150,989 254,670 185,239 Net profit (loss) 74,579 145,570 104,315 Net profit (loss) Adjusted 109,771 188,329 134,462 Net profit (loss) attributable to the Group 74,423 145,374 104,181 Net profit (loss) attributable to the Group Adjusted 109,615 188,133 134,328 Net financial indebtedness excluding lease liabilities 1,174,686 961,805 1,068,279 Lease liabilities 495,552 514,337 506,939 Net financial indebtedness 1,670,238 1,476,142 1,575,217 Total Net Equity 970,080 1,150,224 1,118,265 Group Net Equity 969,834 1,150,002 1,118,112 Net financial indebtedness excluding lease liabilities/Net Equity (€) 1.21 0.84 0.96 Net financial indebtedness excluding lease liabilities /Group Net Equity (€) 1.21 0.84 0.96 Net financial indebtedness excluding lease liabilities/EBITDA for the leverage 2.09 1.63 1.78 calculation (€) Earnings per share (EPS) (€) 0.33319 0.64384 0.46111 Diluted EPS (€) 0.32874 0.64214 0.45766 EPS Adjusted (€) 0.49074 0.83321 0.59454 Group Net Equity per share (€) 4.407 5.104 4.958 Period-end price (€) 13.855 24.850 25.810 Highest price in period (€) 27.140 35.140 35.140 Lowest price in period (€) 13.705 22.890 25.740 Share price/net equity per share (€) 3.144 4.869 5.205 Market capitalization (€ millions) 3,047.23 5,599.21 5,819.22 Number of shares outstanding 219,937,482 225,320,371 225,501,321 Weighted average number of shares outstanding in the year 223,366,637 225,791,949 225,934,134 Weighted average number of shares potentially subject to options in the 226,388,620 226,388,620 226,388,620 period 8 --- Interim Financial Report as at 30 September 2025 > Interim Management Report The main economic and financial indicators used by Top management to monitor the Group’s economic and financial performance as alternatives to the indicators defined or specified in the applicable financial reporting framework are reported in this section. In order to facilitate understanding of the Group’s economic and financial performance, the directors identified certain Alternative Performance Measures (APMs). The following information is provided with a view to a correct interpretation of these APMs: - the APMs are built based on historical data and are not indicative of the Group’s future performance. More specifically, they are taken from the Group’s consolidated financial statements; - where applicable, the APMs are determined in accordance with the ESMA Guidelines on Alternative Performance Measures of 5 October 2015 (2015/1415) as per CONSOB Notice n. 92543 of 3 December 2015, the ESMA Guidelines on Alternative Performance Measures (APMs) of 17 April 2020 and Section 3 of ESMA’s “European common enforcement priorities for 2022 annual financial reports of 28 October 2022”; - the APMs are not regulated by the International Financial Reporting Standards (IFRS) applied by the Group and, while based on the Group’s consolidated financial statements, they are not subject to any audits or limited review by the external auditors; - the APMs should not be viewed as substitutes for the indicators called for under the IFRS; - the financial information included in the Group’s consolidated financial statements should be taken into account when making any interpretations of these APMs; - as the APMs used by the Group are not based on specific accounting standards, they could differ from those used by other groups and, therefore, are not comparable; - the APMs used by the Group are consistent across all the reporting periods for which financial information is provided in this document. This document contains certain indicators defined as “Adjusted”, in order to represent the Group's operating performance net of unusual, infrequent or unrelated elements (income or expenses) and thus allow an analysis of the Group's strictly operating performance. These “Adjusted” components can be grouped into the following categories, as identified by the top management: 1. Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out; 2. Charges and write-off related to corporate and network reorganization, as well as other efficiency projects and changes in Top management; 3. Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets; 4. Amortization of fixed assets accounted in phase of Purchase Price Allocation; 5. 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); 6. Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters. 9 --- Interim Financial Report as at 30 September 2025 > Interim Management Report The Alternative Performance Measures identified by the Group can be defined as follows: - Gross operating profit (EBITDA) represents the Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets; iii) amortization, depreciation and impairment. - Gross operating profit (EBITDA) Adjusted represents the Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets; iii) amortization, depreciation and impairment; iv) items (income and expenses) that are unusual, infrequent or not related to the operating performance. The reconciliation of the Net profit (loss) attributable to the Group with EBITDA and the EBITDA Adjusted is shown below. First nine First nine Third Quarter Third Quarter (€ thousands) months 2025 months 2024 2025 2024 Net profit (loss) attributable to the Group 74,423 104,181 6,302 16,388 Profit (loss) of minority interests 156 134 57 53 Net profit (loss) 74,579 104,315 6,359 16,441 Current and deferred income tax 30,866 39,627 806 6,068 Financial income, expenses and value adjustments to financial assets 47,833 43,597 17,127 16,083 Amortization, depreciation and impairment 237,167 220,274 79,171 75,447 Gross operating profit (EBITDA) 390,445 407,813 6,302 16,388 Transaction and integration costs for acquisitions and changes (positive (585) 1,046 241 813 or negative) in earn-out (1) Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top 5,118 2,396 3,677 (60) management (2) Gain and loss on disposal of assets and/or businesses, write-off and - (731) (50) (407) revaluation of fixed assets (3) Other unusual, infrequent or unrelated income and expenses above an - 1,137 - 218 amount of €1m in a quarter, or above €2m across multiple quarters (4) Total adjustments 4,533 3,848 3,868 564 Gross operating profit (EBITDA) Adjusted 394,978 411,661 107,331 114,603 The following comments refer exclusively to the first nine months of 2025: (1) The negative adjustment of €585 thousand as at 30 September 2025 refers, for €1,608 thousand to transaction and integration costs for acquisitions (by geographic area: EMEA for €1,268 thousand, APAC for €210 thousand, Corporate for €130 thousand) and for €2,193 thousand to changes in contingent consideration (“earn out”) (by geographic area: EMEA for €966 thousands and Americas for €1,277 thousand). In the comparison period the positive adjustment for €1,046 thousand refers, for €3,568 thousand to transaction and integration costs for acquisitions (by geographic area: EMEA for €3,143thousands, America for €25thousand, APAC for €400 thousand) and for €2,522 thousand to changes in contingent consideration (“earn out”) (by geographic area: EMEA for €646 thousands and Americas for €1,876 thousand); (2) The positive adjustments of €5,118 thousand as at 30 September 2025 refer for €4,327 thousand in costs incurred for network and company reorganization (by geographic area: EMEA for positive €2,572 thousand, Americas for €656 thousand, APAC for €651 thousand and Corporate for €448 thousand) and for €791 thousand to costs related to changes in top management (entirely related to Corporate). In the comparison period the positive adjustment of €2,396thousand refers for €718 thousand to company and network reorganization (entirely related to EMEA), along with €1,678 thousand used to define and implement amends to corporate bylaws including related to increased voting rights (entirely related to Corporate); (3) The adjustments in the comparison period refer to gains stemming from the disposal of durable goods for €731 thousand; (4) The positive adjustment of €1,137 thousand in the comparison period refers to the notional cost of the assignment of Amplifon shares made by the shareholder Ampliter to the Chief Executive Officer 10 --- Interim Financial Report as at 30 September 2025 > Interim Management Report - Operating profit (EBIT) represents the Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets. - Operating profit (EBIT) Adjusted represents Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets; iii) items (income and expenses) that are unusual, infrequent or not related to the operating performance. The reconciliation of the Net profit (loss) attributable to the Group with EBIT and the EBIT Adjusted is shown below. - First nine First nine Third Third (€ thousands) months 2025 months 2024 Quarter 2025 Quarter 2024 Net profit (loss) attributable to the Group 74,423 104,181 6,302 16,388 Profit (loss) of minority interests 156 134 57 53 Net profit (loss) 74,579 104,315 6,359 16,441 Current and deferred income tax 30,866 39,627 806 6,068 Financial income, expenses and value adjustments to financial assets 47,833 43,597 17,127 16,083 Operating profit (loss) (EBIT) 153,278 187,539 24,292 38,592 Transaction and integration costs for acquisitions and changes (positive or (585) 1,046 241 813 negative) in earn-out (1) Charges and write-off related to back-office and network reorganization, as 8,431 2,396 5,636 (60) well as other efficiency projects and changes in Top management (2) Gain and loss on disposal of assets and/or businesses, write-off and 105 (43) (18) (365) revaluation of fixed assets (3) Amortization of fixed assets accounted in phase of Purchase Price Allocation 37,872 36,836 12,621 12,918 (4) Other unusual, infrequent or unrelated income and expenses above an - 1,137 - 218 amount of €1m in a quarter, or above €2m across multiple quarters (5) Total adjustments 45,823 41,372 18,480 13,524 Operating profit (loss) (EBIT) Adjusted 199,101 228,911 42,772 52,116 The following comments refer exclusively to the first nine months of 2025: (1),(5) The adjustments are listed in the section on Adjusted EBITDA; (2) €3,313 thousand in costs for the write-down of property, plant and equipment, right-of-use, intangible assets and goodwill related to company and network reorganization and other efficiency projects are added to the adjustments listed in the section on Adjusted EBITDA (by geographic area: EMEA for €1,763 thousands, Americas for €1,006 thousand and APAC for €544 thousand); (3) €105 thousand (€688 thousand in the comparison period) in costs for the write-down of property, plant and equipment, intangible assets and goodwill are added to the adjustments listed in the section on Adjusted EBITDA; (4) The positive adjustment of €37,872 thousand at 30 September 2025 (by geographic area: EMEA for €25,276 thousand, Americas for €3,884 thousand and APAC for €8,712 thousand) refers to the amortization of customer lists, trademarks, licenses, non-compete agreements and franchisee rights allocated as a result of business combinations ("PPA"). In the comparison period the positive adjustment was for €36,836 thousand (by geographic area: EMEA for €24,393 thousand, Americas for €3,201 thousand and APAC for €9,242 thousand); 11 --- Interim Financial Report as at 30 September 2025 > Interim Management Report - Profit (loss) before tax Adjusted represents the Profit (loss) before tax Adjusted by items (income and expenses) that are unusual, infrequent or not related to the operating performance as detailed below. The reconciliation of Net profit (loss) attributable to the Group with Profit (loss) before tax Adjusted is shown below. First nine First nine Third Third (€ thousands) months 2025 months 2024 Quarter 2025 Quarter 2024 Net profit (loss) attributable to the Group 74,423 104,181 6,302 16,388 Profit (loss) of minority interests 156 134 57 53 Net profit (loss) 74,579 104,315 6,359 16,441 Current and deferred income tax 30,866 39,627 806 6,068 Profit (loss) before tax 105,445 143,942 7,165 22,509 Transaction and integration costs for acquisitions and changes (positive or (585) 1,046 241 813 negative) in earn-out (1) Charges and write-off related to back-office and network reorganization, as 8,431 2,396 5,636 (60) well as other efficiency projects and changes in Top management (2) Gain and loss on disposal of assets and/or businesses, write-off and 105 (43) (18) (365) revaluation of fixed assets (3) Amortization of fixed assets accounted in phase of Purchase Price Allocation 37,872 36,836 12,621 12,918 (4) Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of 1,601 2,649 439 570 financial liabilities (IFRS 9) (5) Other unusual, infrequent or unrelated income and expenses above an (1,880) (1,587) (42) (122) amount of €1m in a quarter, or above €2m across multiple quarters (6) Total adjustments 45,544 41,297 18,877 13,754 Profit (loss) before tax Adjusted 150,989 185,239 26,042 36,263 The following comments refer exclusively to the first nine months of 2025: (1), (2), (3), (4) The adjustments are listed in the section on Adjusted EBIT; (5) The adjustment of €1,601 thousand at 30 September 2025 (€2,649 thousand in the comparison period) refers for €831 thousand (€2,014 thousand in the comparison period) to financial expenses stemming from hyperinflation (IAS 29) and for €770 thousand (€635 thousand in the comparison period) to changes in FV following changes in financial liabilities (IFRS 9); (6) The following should be added to the adjustments referred to in the section on Adjusted EBIT: €1,880 thousand (€2,724 thousand in the comparison period) in financial income relating to tax credits, derived from superbonus discounts, in accordance Articles 119 and 121 of Legislative Decree 34/2020, for further details refer to Note 7 (Other Non-Current Assets) of the explanatory notes; 12 --- Interim Financial Report as at 30 September 2025 > Interim Management Report - Net profit (loss) Adjusted represents the Net profit (loss) adjusted by items (income and expenses) that are unusual, infrequent or not related to the operating performance as detailed below. The reconciliation of the Net profit (loss) attributable to the Group with Net profit (loss) Adjusted is shown below. First nine First nine Third Third (€ thousands) months 2025 months 2024 Quarter 2025 Quarter 2024 Net profit (loss) attributable to the Group 74,423 104,181 6,302 16,388 Profit (loss) of minority interests 156 134 57 53 Net profit (loss) 74,579 104,315 6,359 16,441 Transaction and integration costs for acquisitions and changes (positive or (585) 1,046 241 813 negative) in earn-out (1) Charges and write-off related to back-office and network reorganization, as 8,431 2,396 5,636 (60) well as other efficiency projects and changes in Top management (2) Gain and loss on disposal of assets and/or businesses, write-off and 105 (43) (18) (365) revaluation of fixed assets (3) Amortization of fixed assets accounted in phase of Purchase Price Allocation 37,872 36,836 12,621 12,918 (4) Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of 1,601 2,649 439 570 financial liabilities (IFRS 9) (5) Other unusual, infrequent or unrelated income and expenses above an (1,880) (1,587) (42) (122) amount of €1m in a quarter, or above €2m across multiple quarters (6) Total adjustments before tax 45,544 41,297 18,877 13,754 Fiscal effect on adjustments and other fiscal adjustments (7) (10,352) (11,150) (6,027) (3,644) Total adjustments 35,192 30,147 12,850 10,110 Net profit (loss) Adjusted 109,771 134,462 19,209 26,551 The following comments refer exclusively to the first nine months of 2025: (1), (2), (3), (4), (5), (6) The adjustments are listed in the section on Adjusted Profit Before Tax; (7) The adjustment refers to the impact of taxes following the adjustments listed above and the effect of a reassessment of an estimation of deferred tax in Australia that entailed a non-monetary charge for €2,738 thousand and non-monetary gain for €959 thousand in Germany. 13 --- Interim Financial Report as at 30 September 2025 > Interim Management Report - Net profit (loss) attributable to the Group Adjusted represents the Net profit (loss) attributable to the Group adjusted by items (income and expenses) that are unusual, infrequent or not related to the operating performance as detailed below. The reconciliation of the Net profit (loss) attributable to the Group with Net profit (loss) attributable to the Group Adjusted is shown below. First nine First nine Third Third (€ thousands) months 2025 months 2024 Quarter 2025 Quarter 2024 Net profit (loss) attributable to the Group 74,423 104,181 6,302 16,388 Transaction and integration costs for acquisitions and changes (positive or (585) 1,046 241 813 negative) in earn-out (1) Charges and write-off related to back-office and network reorganization, as 8,431 2,396 5,636 (60) well as other efficiency projects and changes in Top management (2) Gain and loss on disposal of assets and/or businesses, write-off and 105 (43) (18) (365) revaluation of fixed assets (3) Amortization of fixed assets accounted in phase of Purchase Price Allocation 37,872 36,836 12,621 12,918 (4) Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of 1,601 2,649 439 570 financial liabilities (IFRS 9) (5) Other unusual, infrequent or unrelated income and expenses above an (1,880) (1,587) (42) (122) amount of €1m in a quarter, or above €2m across multiple quarters (6) Total adjustments before tax 45,544 41,297 18,877 13,754 Fiscal effect on adjustments and other fiscal adjustments (7) (10,352) (11,150) (6,027) (3,644) Total adjustments 35,192 30,147 12,850 10,110 Net profit (loss) attributable to the Group Adjusted 109,615 134,328 19,152 26,498 The following comments refer exclusively to the first nine months of 2025: (1), (2), (3), (4), (5), (6), (7) The adjustments are listed in the section on Net profit (loss) Adjusted; - Free cash flow: represents the cash flow of operating and investing activities before the cash flows used in acquisitions and payment of dividends and the cash flows from or used in other financing activities. - The net financial debt represents the Group’s net financial debt determined in accordance with the ESMA guideline 32-382-1138 of 4 March 2021 and CONSOB’s Warning Notice n. 5/21 of 29 April 2021. - Net financial indebtedness excluding lease liabilities is the net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents. - Net financial indebtedness excluding lease liabilities/Net Equity is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to total net equity. - Net financial indebtedness excluding lease liabilities/Group Net Equity is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to the Group’s net equity. - Net financial indebtedness excluding lease liabilities/EBITDA for the leverage calculation is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to EBITDA for the last four quarters (determined with reference to usual, frequent or related to the operating performance operations only, based on pro forma figures in case of significant changes to the structure of the Group). 14 --- Interim Financial Report as at 30 September 2025 > Interim Management Report The breakdown of the calculation of the indicator is shown below: (€ thousands) Value as at 09/30/2025 Group EBITDA first nine months 2025 390,445 Group EBITDA October – December 2024 153,278 Fair value of stock grant assignment 7,090 EBITDA normalized (from acquisitions and disposals) 3,741 Items (income and expenses) that are unusual, infrequent or not related to the operating performance 7,094 October 2024 – September 2025 EBITDA for the leverage calculation 561,648 - Earnings per share (EPS) (€) is the Net profit (loss) attributable to the Group divided by the weighted average number of shares outstanding during the period, considering purchases and sales of treasury shares as cancellations or issues of shares, respectively. - Diluted earnings per share (EPS) (€) is the Net profit (loss) attributable to the Group divided by the weighted average number of shares outstanding during the period adjusted for the dilution effect of potential shares. In the calculation of outstanding shares, purchases and sales of treasury shares are considered as cancellations and issues of shares, respectively. - Earnings per share (EPS) Adjusted (€) is the Net profit (loss) attributable to the Group Adjusted divided by the weighted average number of outstanding shares in the period adjusted to reflect the amortization of purchase price allocations. When calculating the number of outstanding shares, the purchases and sales of treasury shares are considered cancellations and share issues, respectively. - Group Net Equity per share (€) is the ratio of Group equity to the number of outstanding shares. - Period-end price (€) is the closing price on the last stock exchange trading day of the period. st - Highest price (€) and lowest price (€) are the highest and lowest prices from 1 January to the end of the period. - Share price/Net equity per share is the ratio of the share closing price on the last stock exchange trading day of the period to net equity per share. - Market capitalization is the closing price on the last stock exchange trading day of the period multiplied by the number of outstanding shares. - The number of shares outstanding is the number of shares issued less treasury shares. 15 --- Interim Financial Report as at 30 September 2025 > Interim Management Report SHAREHOLDER INFORMATION Main shareholders The main shareholders of Amplifon S.p.A. as at 30 September 2025 are: Ampliter S.r.l. Treasury shares Market 42.01% 55.14% 2.85% % of the total No. of ordinary Shareholder % held share capital in shares (*) voting rights Ampliter S.r.l. 95,105,392 42.01% 68.36% Treasury shares 6,451,138 2.85% 1.54% Market 124,832,090 55.14% 30.10% Total 226,388,620 100.00% 100.00% (*) Number of shares related to the share capital registered with the Company register on 30 September 2025. Pursuant to article 2497 of the Italian Civil Code, Amplifon S.p.A. is not subject to management and coordination either by its direct parent Ampliter S.r.l. or its indirect parent. The shares of the parent Amplifon S.p.A. have been listed on the screen-based stock market Euronext Milano (EXM) since 27 June 2001 and since 10 September 2008 in the STAR segment. Amplifon is also included in the FTSE MIB index and in the Stoxx Europe 600 index. 16 --- Interim Financial Report as at 30 September 2025 > Interim Management Report st The chart shows the performance of the Amplifon share price and its trading volumes from 1 th January 2025 to 30 September 2025. As at 30 September 2025 market capitalization was €3,047.23 million. Dealings in Amplifon shares in the screen-based stock market Euronext Milano (EXM) during the period 01 January 2025 – 30 September 2025, showed: - average daily value: €29,795,522; - average daily volume: 1,501,995 shares; - total volume traded of 292,889,063 shares, or 133.17% of the total number of shares comprising the share capital, net of treasury shares. 17 --- Interim Financial Report as at 30 September 2025 > Interim Management Report RECLASSIFIED CONSOLIDATED INCOME STATEMENT First nine months % on First nine months % on Change 2025 sales 2024 sales % (€ thousands) Revenues from sales and services 1,743,823 100.0% 1,744,833 100.0% -0.1% Operating costs (1,356,320) -77.8% (1,342,180) -76.9% -1.1% Other income and costs 2,942 0.2% 5,160 0.3% -43.0% Gross operating profit (loss) (EBITDA) 390,445 22.4% 407,813 23.4% -4.3% Gross operating profit (loss) (EBITDA) Adjusted (*) 394,978 22.7% 411,661 23.6% -4.1% Depreciation, amortization and impairment losses on non- (95,709) -5.5% (86,550) -5.0% -10.6% current assets Right-of-use depreciation (103,586) -5.9% (96,887) -5.6% -6.9% PPA related depreciation, amortization and impairment (37,872) -2.2% (36,837) -2.1% -2.8% Operating profit (loss) (EBIT) 153,278 8.8% 187,539 10.7% -18.3% Operating profit (loss) (EBIT) Adjusted (*) 199,101 11.4% 228,911 13.1% -13.0% Income, expenses, valuation and adjustments of financial 90 - 283 - -68.2% assets Net financial expenses (45,077) -2.6% (41,634) -2.4% -8.3% Exchange differences, inflation accounting and Fair Value (2,846) -0.2% (2,246) -0.1% -26.7% valuation Profit (loss) before tax 105,445 6.0% 143,942 8.2% -26.7% Profit (loss) before tax Adjusted (*) 150,989 8.7% 185,239 10.6% -18.5% Tax (30,866) -1.7% (39,627) -2.2% 22.1% Net profit (loss) 74,579 4.3% 104,315 6.0% -28.5% Net profit (loss) Adjusted (*) 109,771 6.3% 134,462 7.7% -18.4% Profit (loss) of minority interests 156 - 134 - 16.4% Net profit (loss) attributable to the Group 74,423 4.3% 104,181 6.0% -28.6% Net profit (loss) attributable to the Group Adjusted (*) 109,615 6.3% 134,328 7.7% -18.4% (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 18 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Third Quarter % on Third % on Change 2025 sales Quarter 2024 sales % (€ thousands) Revenues from sales and services 563,333 100.0% 567,582 100.0% -0.7% Operating costs (460,166) -81.7% (454,496) -80.1% -1.2% Other income and costs 296 0.1% 953 0.2% -68.9% Gross operating profit (loss) (EBITDA) 103,463 18.4% 114,039 20.1% -9.3% Gross operating profit (loss) (EBITDA) Adjusted (*) 107,331 19.1% 114,603 20.2% -6.3% Depreciation, amortization and impairment losses on non-current (31,635) -5.6% (29,695) -5.2% -6.5% assets Right-of-use depreciation (34,915) -6.3% (32,834) -5.8% -6.3% PPA related depreciation, amortization and impairment (12,621) -2.2% (12,918) -2.3% 2.3% Operating profit (loss) (EBIT) 24,292 4.3% 38,592 6.8% -37.1% Operating profit (loss) (EBIT) Adjusted (*) 42,772 7.6% 52,116 9.2% -17.9% Income, expenses, valuation and adjustments of financial assets - - - - - Net financial expenses (16,223) -2.9% (15,294) -2.7% -6.1% Exchange differences, inflation accounting and Fair Value (904) -0.1% (789) -0.1% -14.6% valuation Profit (loss) before tax 7,165 1.3% 22,509 4.0% -68.2% Profit (loss) before tax Adjusted (*) 26,042 4.6% 36,263 6.4% -28.2% Tax (806) -0.2% (6,068) -1.1% 86.7% Net profit (loss) 6,359 1.1% 16,441 2.9% -61.3% Net profit (loss) Adjusted (*) 19,209 3.4% 26,551 4.7% -27.7% Profit (loss) of minority interests 57 - 53 - 7.5% Net profit (loss) attributable to the Group 6,302 1.1% 16,388 2.9% -61.5% Net profit (loss) attributable to the Group Adjusted (*) 19,152 3.4% 26,498 4.7% -27.7% (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 19 --- Interim Financial Report as at 30 September 2025 > Interim Management Report RECLASSIFIED CONSOLIDATED BALANCE SHEET The reclassified Consolidated Balance Sheet aggregates assets and liabilities according to operating functionality criteria, subdivided by convention into the following three key functions: investments, operations and finance. 09/30/2025 12/31/2024 Change (€ thousands) Goodwill 1,923,283 1,945,495 (22,212) Customer lists, non-compete agreements, trademarks and location rights 233,248 259,447 (26,199) Software, licenses, other int.ass., wip and advances 159,640 168,913 (9,273) Tangible assets 248,610 253,925 (5,315) Right of use assets 469,253 492,064 (22,811) Fixed financial assets (1) 9,753 24,472 (14,719) Other non-current financial assets (1) 40,370 41,432 (1,061) Total fixed assets 3,084,157 3,185,747 (101,590) Inventories 89,985 93,180 (3,195) Trade receivables 224,608 226,754 (2,146) Other receivables 127,292 115,304 11,988 Current assets (A) 441,885 435,238 6,647 Total assets 3,526,042 3,620,985 (94,943) Trade payables (297,085) (377,100) 80,015 Other payables (2) (358,314) (374,272) 15,958 Provisions for risks (current portion) (4,771) (2,403) (2,368) Short term liabilities (B) (660,170) (753,775) 93,605 Net working capital (A) - (B) (218,285) (318,537) 100,252 Derivative instruments (3) 1,438 3,680 (2,242) Deferred tax assets 72,762 77,332 (4,570) Deferred tax liabilities (95,766) (99,493) 3,727 Provisions for risks (non-current portion) (17,570) (20,925) 3,355 Employee benefits (non-current portion) (14,476) (15,457) 981 Loan fees (4) 3,258 3,452 (194) Other long-term payables (175,200) (189,433) 14,233 NET INVESTED CAPITAL 2,640,318 2,626,366 13,952 Shareholders' equity 969,834 1,150,002 (180,168) Third parties' equity 246 222 24 Net equity 970,080 1,150,224 (180,144) Long term net financial debt (4) 1,109,150 960,387 148,763 Short term net financial debt (4) 65,536 1,418 64,118 Total net financial debt 1,174,686 961,805 212,881 Lease liabilities 495,552 514,337 (18,785) Total lease liabilities & net financial debt 1,670,238 1,476,142 194,096 NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL DEBT 2,640,318 2,626,366 13,952 Notes for reconciling the condensed balance sheet with the statutory balance sheet: 20 --- Interim Financial Report as at 30 September 2025 > Interim Management Report (1) “Financial fixed assets” and “Other non-current financial assets” include equity interests valued by using the net equity method, financial assets at fair value through profit and loss and other non-current assets; (2) “Other payables” includes other liabilities, accrued liabilities and deferred income, current portion of liabilities for employees’ benefits and tax liabilities; (3) "Derivatives instruments" includes cash flow hedging instruments not included in the item “Net medium and long-term financial indebtedness”; (4) The item "loan fees" is presented in the balance sheet as a direct reduction of the short-term and medium/long- term components of the items "financial payables" and "financial liabilities" for the short-term and long-term portions, respectively. 21 --- Interim Financial Report as at 30 September 2025 > Interim Management Report CONDENSED RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT The condensed consolidated cash flow statement is a summarized version of the reclassified statement of cash flows set out in the following pages and its purpose is, starting from the EBIT, to detail the cash flows from or used in operating, investing and financing activities. First nine months 2025 First nine months 2024 (€ thousands) Operating profit (loss) (EBIT) 153,278 187,539 Amortization, depreciation and write-downs 237,167 220,274 Provisions, other non-monetary items and gain/losses from disposals 8,056 17,024 Net financial expenses (44,905) (40,563) Taxes paid (31,765) (54,480) Changes in net working capital (102,700) (84,087) Cash flow provided by (used in) operating activities before repayment of lease 219,131 245,707 liabilities Repayment of lease liabilities (100,589) (96,112) Cash flow provided by (used in) operating activities (A) 118,542 149,595 Cash flow provided by (used in) operating investing activities (B) (90,177) (99,035) Free Cash Flow (A) + (B) 28,365 50,560 Net cash flow provided by (used in) acquisitions (C) (58,561) (184,077) Cash flow provided by (used in) investing activities (B) + (C) (148,738) (283,112) Cash flow provided by (used in) operating activities and investing activities (30,196) (133,517) Treasury Shares (108,207) (20,258) Dividends (65,302) (65,593) Fees paid on medium/long-term financing (1,788) (104) Capital increases, third parties’ contributions and dividends paid by subsidiaries to (100) (382) third parties Change in non-current assets 397 5,562 Net cash flow from the period (205,196) (214,292) Net financial indebtedness at the beginning of the period excluding lease (961,805) (852,130) liabilities Effect of exchange rate fluctuations on net financial debt (7,611) (1,857) Effect of discontinued operations on net financial debt (74) - Changes in net financial debt (205,196) (214,292) Net financial indebtedness at the end of the period excluding lease liabilities (1,174,686) (1,068,279) The impact of unusual, infrequent or unrelated items on free cash flow in the period is shown in the following table. (€ thousands) First nine months 2025 First nine months 2024 Free cash flow 28,365 50,560 Free cash flow generated by unusual, infrequent or unrelated items (see page 60 4,879 4,734 for details) Free cash flow generated by operating performance 33,154 55,294 22 --- Interim Financial Report as at 30 September 2025 > Interim Management Report INCOME STATEMENT REVIEW Consolidated income statement by segment and geographic area First nine months 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 1,118,340 366,019 259,464 - 1,743,823 Operating costs (818,434) (283,080) (195,175) (59,631) (1,356,320) Other income and costs 2,526 212 (178) 382 2,942 Gross operating profit (loss) (EBITDA) 302,432 83,151 64,111 (59,249) 390,445 Gross operating profit (loss) (EBITDA) Adjusted (*) 305,280 82,578 65,000 (57,880) 394,978 Depreciation, amortization and impairment of non- (44,116) (16,552) (13,881) (21,160) (95,709) current assets Right-of-use depreciation (66,989) (12,169) (22,570) (1,858) (103,586) PPA related depreciation, amortization and impairment (25,276) (3,354) (8,712) (530) (37,872) Operating profit (loss) (EBIT) 166,051 51,076 18,948 (82,797) 153,278 Operating profit (loss) (EBIT) Adjusted (*) 196,043 55,393 29,093 (81,428) 199,101 Income, expenses, valuation and adjustments of 90 financial assets Net financial expenses (45,077) Exchange differences, inflation accounting and Fair (2,846) Value valuation Profit (loss) before tax 105,445 Profit (loss) before tax Adjusted (*) 150,989 Tax (30,866) Net profit (loss) 74,579 Net profit (loss) Adjusted (*) 109,771 Profit (loss) of minority interests 156 Net profit (loss) attributable to the Group 74,423 Net profit (loss) attributable to the Group Adjusted (*) 109,615 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 23 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. First nine months 2025 (€ thousands) Net profit (loss) Profit (loss) Net profit Attributable EBITDA EBIT before tax (loss) to the Group Alternative Performance Measures 390,445 153,278 105,445 74,579 74,423 Transaction and integration costs for acquisitions and changes (positive or (585) (585) (585) (585) (585) negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as 5,118 8,431 8,431 8,431 8,431 other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and revaluation of - 105 105 105 105 fixed assets 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 - - 1,601 1,601 1,601 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an amount of - - (1,880) (1,880) (1,880) €1m in a quarter, or above €2m across multiple quarters Total adjustments before 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 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. First nine months 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 302,432 166,051 83,151 51,076 64,111 18,948 (59,249) (82,797) 390,445 153,278 Measures Transaction and integration costs for acquisitions and 302 302 (1,227) (1,227) 210 210 130 130 (585) (585) changes (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as other 2,572 4,335 656 1,662 651 1,195 1,239 1,239 5,118 8,431 efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write- (26) 79 (2) (2) 28 28 - - - 105 off and revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 25,276 - 3,884 - 8,712 - - - 37,872 Price Allocation Total adjustments 2,848 29,992 (573) 4,317 889 10,145 1,369 1,369 4,533 45,823 Adjusted Alternative 305,280 196,043 82,578 55,393 65,000 29,093 (57,880) (81,428) 394,978 199,101 Performance Measures 24 --- Interim Financial Report as at 30 September 2025 > Interim Management Report First nine months 2024 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 1,101,713 366,417 276,466 237 1,744,833 Operating costs (797,387) (277,727) (203,190) (63,876) (1,342,180) Other income and costs 3,070 2,312 (326) 104 5,160 Gross operating profit (loss) (EBITDA) 307,396 91,002 72,950 (63,535) 407,813 Gross operating profit (loss) (EBITDA) Adjusted (*) 309,977 89,161 73,235 (60,712) 411,661 Depreciation, amortization and impairment of non- (38,610) (13,288) (14,287) (20,365) (86,550) current assets Right-of-use depreciation (62,504) (10,528) (22,079) (1,776) (96,887) PPA related depreciation, amortization and impairment (24,393) (3,202) (9,242) - (36,837) Operating profit (loss) (EBIT) 181,889 63,984 27,342 (85,676) 187,539 Operating profit (loss) (EBIT) Adjusted (*) 209,511 65,344 36,909 (82,853) 228,911 Income, expenses, revaluation and adjustments of 283 financial assets Net financial expenses (41,634) Exchange differences, inflation accounting and Fair (2,246) Value valuation Profit (loss) before tax 143,942 Profit (loss) before tax Adjusted (*) 185,239 Tax (39,627) Net profit (loss) 104,315 Net profit (loss) Adjusted (*) 134,462 Profit (loss) of minority interests 134 Net profit (loss) attributable to the Group 104,181 Net profit (loss) attributable to the Group Adjusted (*) 134,328 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 25 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. First nine months 2024 (€ thousands) Net profit (loss) Profit (loss) Net profit attributable to the EBITDA EBIT before tax (loss) Group Alternative Performance Measures 407,813 187,539 143,942 104,315 104,181 Transaction and integration costs for acquisitions and changes (positive or 1,046 1,046 1,046 1,046 1,046 negative) in earn-out Costs relative to corporate and network reorganization, as well as other 2,396 2,396 2,396 2,396 2,396 efficiency projects Gain and loss on disposal of assets and/or businesses, write-off and (731) (43) (43) (43) (43) revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 36,836 36,836 36,836 36,836 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial - - 2,649 2,649 2,649 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an 1,137 1,137 (1,587) (1,587) (1,587) amount of €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 3,848 41,372 41,297 41,297 41,297 Fiscal effect on adjustments and other fiscal adjustments (11,150) (11,150) Total adjustments 3,848 41,372 41,297 30,147 30,147 Adjusted Alternative Performance Measures 411,661 228,911 185,239 134,462 134,328 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. First nine months 2024 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 307,396 181,889 91,002 63,984 72,950 27,342 (63,535) (85,676) 407,813 187,539 Measures Transaction and integration costs for acquisitions and 2,497 2,497 (1,851) (1,851) 400 400 - - 1,046 1,046 changes (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as other 718 718 - - - - 1,678 1,678 2,396 2,396 efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write- (634) 14 10 10 (115) (75) 8 8 (731) (43) off and revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 24,393 - 3,201 - 9,242 - - - 36,836 Price Allocation Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - - - - - - 1,137 1,137 1,137 1,137 quarter, or above €2m across multiple quarters Total adjustments 2,581 27,622 (1,841) 1,360 285 9,567 2,823 2,823 3,848 41,372 Adjusted Alternative 309,977 209,511 89,161 65,344 73,235 36,909 (60,712) (82,853) 411,661 228,911 Performance Measures 26 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Third Quarter 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 352,382 122,934 88,017 - 563,333 Operating costs (273,880) (97,545) (66,785) (21,956) (460,166) Other income and costs 983 (528) (433) 274 296 Gross operating profit (loss) (EBITDA) 79,485 24,861 20,799 (21,682) 103,463 Gross operating profit (loss) (EBITDA) Adjusted (*) 82,167 25,488 21,358 (21,682) 107,331 Depreciation, amortization and impairment of non- (15,168) (6,207) (3,477) (6,783) (31,635) current assets Right-of-use depreciation (22,506) (4,451) (7,329) (629) (34,915) PPA related depreciation, amortization and impairment (8,348) (1,089) (2,871) (313) (12,621) Operating profit (loss) (EBIT) 33,463 13,114 7,122 (29,407) 24,292 Operating profit (loss) (EBIT) Adjusted (*) 46,258 16,149 9,772 (29,407) 42,772 Income, expenses, revaluation and adjustments of - financial assets Net financial expenses (16,223) Exchange differences, inflation accounting and Fair (904) Value valuation Profit (loss) before tax 7,165 Profit (loss) before tax Adjusted (*) 26,042 Tax (806) Net profit (loss) 6,359 Net profit (loss) Adjusted (*) 19,209 Profit (loss) of minority interests 57 Net profit (loss) attributable to the Group 6,302 Net profit (loss) attributable to the Group Adjusted (*) 19,152 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 27 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. Third Quarter 2025 (€ thousands) Net profit (loss) Profit (loss) Net profit Attributable EBITDA EBIT before tax (loss) to the Group Alternative Performance Measures 103,463 24,292 7,165 6,359 6,302 Transaction and integration costs for acquisitions and changes (positive or 241 241 241 241 241 negative) in earn-out Costs related to back-office and network reorganization, as well as other efficiency 3,677 5,636 5,636 5,636 5,636 projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and revaluation of (50) (18) (18) (18) (18) fixed assets 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 - - 439 439 439 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an amount of - - (42) (42) (42) €1m in a quarter, or above €2m across multiple quarters Total adjustments before 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 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. Third Quarter 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 79,485 33,463 24,861 13,114 20,799 7,122 (21,682) (29,407) 103,463 24,292 Measures Transaction and integration costs for acquisitions and changes 179 179 63 63 (1) (1) - - 241 241 (positive or negative) in earn-out Costs related to back-office and network reorganization, as well as 2,575 4,308 566 1,572 536 (244) - - 3,677 5,636 other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and (72) (40) (2) (2) 24 24 - - (50) (18) revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 8,348 - 1,402 - 2,871 - - - 12,621 Price Allocation Total adjustments 2,682 12,795 627 3,035 559 2,650 - - 3,868 18,480 Adjusted Alternative 82,167 46,258 25,488 16,149 21,358 9,772 (21,682) (29,407) 107,331 42,772 Performance Measures 28 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Third Quarter 2024 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 344,246 125,999 97,281 56 567,582 Operating costs (263,475) (97,200) (71,253) (22,568) (454,496) Other income and costs 886 491 (232) (192) 953 Gross operating profit (loss) (EBITDA) 81,657 29,290 25,796 (22,704) 114,039 Gross operating profit (loss) (EBITDA) Adjusted (*) 82,570 28,630 25,942 (22,539) 114,603 Depreciation, amortization and impairment of non- (13,653) (4,346) (4,785) (6,911) (29,695) current assets Right-of-use depreciation (21,049) (3,542) (7,643) (600) (32,834) PPA related depreciation, amortization and impairment (8,632) (1,068) (3,218) - (12,918) Operating profit (loss) (EBIT) 38,323 20,334 10,150 (30,215) 38,592 Operating profit (loss) (EBIT) Adjusted (*) 47,906 20,742 13,518 (30,050) 52,116 Income, expenses, revaluation and adjustments of - financial assets Net financial expenses (15,294) Exchange differences, inflation accounting and Fair (789) Value valuation Profit (loss) before tax 22,509 Profit (loss) before tax Adjusted (*) 36,263 Tax (6,068) Net profit (loss) 16,441 Net profit (loss) Adjusted (*) 26,551 Profit (loss) of minority interests 53 Net profit (loss) attributable to the Group 16,388 Net profit (loss) attributable to the Group Adjusted (*) 26,498 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 29 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. Third Quarter 2024 (€ thousands) Net profit (loss) Profit (loss) Net profit attributable to the EBITDA EBIT before tax (loss) Group Alternative Performance Measures 114,039 38,592 22,509 16,441 16,388 Transaction and integration costs for acquisitions and changes (positive or 813 813 813 813 813 negative) in earn-out Charges and write-off related to back-office and network reorganization, as (60) (60) (60) (60) (60) well as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and (407) (365) (365) (365) (365) revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 12,918 12,918 12,918 12,918 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial - - 570 570 570 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an 218 218 (122) (122) (122) amount of €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 564 13,524 13,754 13,754 13,754 Fiscal effect on adjustments and other fiscal adjustments (3,644) (3,644) Total adjustments 564 13,524 13,754 10,110 10,110 Adjusted Alternative Performance Measures 114,603 52,116 36,263 26,551 26,498 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. Third Quarter 2024 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 81,657 38,323 29,290 20,334 25,796 10,150 (22,704) (30,215) 114,039 38,592 Measures Transaction and integration costs for acquisitions and changes 1,340 1,340 (660) (660) 133 133 - - 813 813 (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as other - - - - - - (60) (60) (60) (60) efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and (427) (389) - - 13 17 7 7 (407) (365) revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 8,632 - 1,068 - 3,218 - - - 12,918 Price Allocation Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - - - - - - 218 218 218 218 quarter, or above €2m across multiple quarters Total adjustments 913 9,583 (660) 408 146 3,368 165 165 564 13,524 Adjusted Alternative 82,570 47,906 28,630 20,742 25,942 13,518 (22,539) (30,050) 114,603 52,116 Performance Measures 30 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Revenues from sales and services First nine months 2025 First nine months 2024 Change Change % (€ thousands) Revenues from sales and services 1,743,823 1,744,833 (1,010) -0.1% Third quarter 2025 Third quarter 2024 Change Change % (€ thousands) Revenues from sales and services 563,333 567,582 (4,249) -0.7% Consolidated revenues from sales and services amounted to €1,743,823 thousand in the first nine months of 2025, substantially aligned (-0.1%) compared to the first nine months of 2024. The negative variation for €1,010 thousand is explained mainly by exchange differences which were negative for €32,688 thousand (-1.9%) and organic performance which was negative for €4,892 thousand (-0.3%). The change in perimeter had a positive impact of €36,570 thousand (+2.1%): the contribution of acquisitions made (€41,498 thousand or +2.4%) was partially offset by the disposal of the wholesale network of the Chinese subsidiary Hangzhou Amplifon Hearing Aid Co., Ltd. and the closure of a first group of non-performing clinics, for €4,928 thousand (-0.3%). The revenues of the Argentinian subsidiary reflect the inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a positive impact on organic performance (+0.1%). Despite the soft market, there was good organic performance in Americas while in Europe, even though overall growth was positive thanks to the contribution of acquisitions, organic performance was negative. Apac was impacted by the weakening of the New Zealand and Australian dollars, while organic performance reflects the soft Chinese market. In the third quarter alone, consolidated revenues from sales and services amounted to €563,333 thousand, a decrease of €4,249 thousand (-0.7%) compared to the third quarter of 2024. The positive contributions of the organic performance (€4,612 thousand or +0.8%) and perimeter changes (€8,797 thousand or +1.6%) and, that include the contribution of acquisition made (€10,852 thousand or +2.0%) and the effect of the disposal described above (€2,055 thousand or -0.4%) were more than offset by €17,658 thousand (-3.1%) in foreign exchange differences. The third quarter revenues of the Argentinian subsidiary reflect the inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a positive impact on organic performance (+0.1%). 31 --- Interim Financial Report as at 30 September 2025 > Interim Management Report The breakdown of revenues from sales and services by geographic area is shown below. First nine Change % in First nine months months % on local (€ thousands) 2025 % on Total 2024 Total Change Change % Exchange diff. currency EMEA 1,118,340 64.1% 1,101,713 63.2% 16,627 1.5% 959 1.4% Americas 366,019 21.0% 366,417 21.0% (398) -0.1% (17,872) 4.8% Asia Pacific 259,464 14.9% 276,466 15.8% (17,002) -6.1% (15,775) -0.4% Corporate - - 237 0.0% (237) -100.0% - -100.0% Total 1,743,823 100.0% 1,744,833 100.0% (1,010) -0.1% (32,688) 1.8% Change % in Q3 Q3 % on local (€ thousands) 2025 % on Total 2024 Total Change Change % Exchange diff. currency EMEA 352,382 62.6% 344,246 60.7% 8,136 2.4% 224 2.3% Americas 122,934 21.8% 125,999 22.2% (3,065) -2.4% (10,106) 5.6% Asia Pacific 88,017 15.6% 97,281 17.1% (9,264) -9.5% (7,776) -1.5% Corporate - 0.0% 56 0.0% (56) -100.0% - -100.0% Total 563,333 100.0% 567,582 100.0% (4,249) -0.7% (17,658) 2.4% Europe, Middle East and Africa 2025 2024 Change Change % Period (€ thousand) I quarter 383,564 376,058 7,506 2.0% II quarter 382,394 381,409 985 0.3% I Half Year 765,958 757,467 8,491 1.1% III quarter 352,382 344,246 8,136 2.4% First nine months 1,118,340 1,101,713 16,627 1.5% Consolidated revenues from sales and services amounted to €1,118,340 thousand in the first nine months of 2025, an increase of €16,627 thousand (+1.5%) compared to the same period of the prior year. The increase is explained for €26,894 thousand (+2.4%) by the changes in perimeter including first-time consolidation of the Polish subsidiary Amplifon Aparaty Słuchowe Sp.zo.o. purchased at the beginning of March. The good performance of the French market failed to offset the softness of the Southern European markets and the overall organic performance resulted negative for €11,226 thousand (-1.0%), while the exchange difference was slightly positive at €959 thousand (+0.1%). In the third quarter alone, consolidated revenues from sales and services amounted to €352,382 thousand, an increase of €8,136 thousand (+2.4%) with respect to the comparison period. This change is explained mainly by the changes in perimeter which contributed €6,888 thousand (+2.0%) and organic performance for €1,024 thousand (+0.3%). The foreign exchange effect was slightly positive at €224 thousand (+0.1%). 32 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Americas 2025 2024 Change Change % Period (€ thousand) I quarter 118,439 110,821 7,618 6.9% II quarter 124,646 129,597 (4,951) -3.8% I Half Year 243,085 240,418 2,667 1.1% III quarter 122,934 125,999 (3,065) -2.4% First nine months 366,019 366,417 (398) -0.1% Consolidated revenues from sales and services amounted to €366,019 thousand, substantially aligned (-0.1%) to the comparison period. The positive contributions of the organic performance (€8,351 thousand or +2.3%) and the perimeter changes (€9,123 thousand or +2.5%), were more than offset by €17,872 thousand (- 4.9%) in foreign exchange differences. The revenues of the Argentinian subsidiary reflect the inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a positive impact on organic performance (+0.3%) and a negative impact on foreign exchange differences (-0.1%). In the third quarter alone, consolidated revenues from sales and services amounted to €122,934 thousand, a drop of €3,065 thousand (-2.4%) with respect to the comparison period explained primarily by the adverse exchange effect for €10,106 thousand (-8.0%) attributable to the weakening of the US dollar, the Argentine peso, and the Canadian dollar, partially offset by the good organic performance of Miracle-Ear (Franchising, Retail and Managed Care) and perimeter changes for €1,571 thousand (+1.3%). In the third quarter alone, the revenues of the Argentinian subsidiary reflect the inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a positive impact on organic performance (+0.4%) and a negative impact on foreign exchange differences (-0.1%). 33 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Asia Pacific 2025 2024 Change Change % Period (€ thousand) I quarter 85,787 86,164 (377) -0.4% II quarter 85,660 93,021 (7,361) -7.9% I Half Year 171,447 179,185 (7,738) -4.3% III quarter 88,017 97,281 (9,264) -9.5% First nine months 259,464 276,466 (17,002) -6.1% Revenues from sales and services amounted to €259,464 thousand in the first nine months of 2025, showing a decrease of €17,002 thousand (-6.1%) compared to the same period of 2024. This change is explained primarily by negative exchange differences for €15,775 thousand (- 5.7%), due to the weakening of the New Zealand and Australian dollars. The perimeter changes had a positive impact of €553 thousand (+0.2%) while organic performance had a negative impact of €1,780 thousand (-0.6%). In the third quarter alone, consolidated revenues from sales and services amounted to €88,017 thousand, a drop of €9,264 thousand (-9.5%) mainly attributable to negative exchange differences for €7,776 thousand (-8.0%). Perimeter changes were positive for €338 thousand (+0.4%): the contribution of acquisition made in China and Australia was partially offset by the effect of the disposal of the wholesale sales network of the Chinese subsidiary Hangzhou Amplifon Hearing Aid Co., Ltd. and the closure of a first group of non-performing clinics, while organic performance had a negative impact of €1,826 thousand (-1.9%). 34 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Gross operating profit (loss) (EBITDA) First nine months First nine months (€ thousands) 2025 2024 Change Change % Gross operating profit (loss) (EBITDA) 390,445 407,813 (17,368) -4.3% Gross operating profit (loss) (EBITDA) Adjusted 394,978 411,661 (16,683) -4.1% Third quarter Third quarter (€ thousands) 2025 2024 Change Change % Gross operating profit (loss) (EBITDA) 103,463 114,039 (10,576) -9.3% Gross operating profit (loss) (EBITDA) Adjusted 107,331 114,603 (7,272) -6.3% Gross operating profit (EBITDA) amounted to €390,445 thousand in the first nine months of 2025, a decline of €17,368 thousand (-4.3%) with respect to the comparison period. The EBITDA margin came to 22.4%, 1.0 p.p. lower than in the comparison period. The change compared to the prior reporting period is attributable to lower operating leverage and the dilution resulting from the acceleration of growth of Miracle-Ear's direct network in the United States. The result for the reporting period was affected for €4,533 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made) mainly attributable to the program (Fit4Growth) aimed to strengthen margin and reinforce the Group's competitiveness. The impact of these items amounted to €3,848 thousand in 2024. Net of these items, adjusted EBITDA came to €394,978 thousand in the first nine months of 2025, a decrease of €16,683 thousand (-4.1%) against the comparison period. The EBITDA adjusted margin was 0.9 p.p. lower than in the comparison period, coming in at 22.7%. In the third quarter alone, EBITDA was €10,576 thousand (-9.3%) lower than in the comparison period coming in at €103,463 thousand. The EBITDA margin was 18.4%, - 1.7 p.p. lower than in the comparison period. The third quarter result was affected for €3,868 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance mainly attributable to the program (Fit4Growth) aimed to strengthen margin and reinforce the Group's competitiveness. The impact of these items amounted to €564 thousand in 2024. Net of these items, adjusted EBITDA came to €107,331 thousand in the third quarter of 2025, a decrease against the comparison period of €7,272 thousand (-6.3%). The EBITDA adjusted margin was 1.1 p.p. lower than in the comparison period, coming in at 19.1%. 35 --- Interim Financial Report as at 30 September 2025 > Interim Management Report The breakdown of EBITDA by geographic area is shown below. First nine First nine months EBITDA months EBITDA (€ thousands) 2025 Margin 2024 Margin Change Change % EMEA 302,432 27.0% 307,396 27.9% (4,964) -1.6% Americas 83,151 22.7% 91,002 24.8% (7,851) -8.6% Asia Pacific 64,111 24.7% 72,950 26.4% (8,839) -12.1% Corporate (*) (59,249) -3.4% (63,535) -3.6% 4,286 -6.7% Total 390,445 22.4% 407,813 23.4% (17,368) -4.3% Third quarter EBITDA Third quarter EBITDA (€ thousands) 2025 Margin 2024 Margin Change Change % EMEA 79,485 22.6% 81,657 23.7% (2,172) -2.7% Americas 24,861 20.2% 29,290 23.2% (4,429) -15.1% Asia Pacific 20,799 23.6% 25,796 26.5% (4,997) -19.4% Corporate (*) (21,682) -3.8% (22,704) -4.0% 1,022 -4.5% Total 103,463 18.4% 114,039 20.1% (10,576) -9.3% (*) Centralized costs are shown as a percentage of the Group’s total sales The breakdown of EBITDA Adjusted by geographic area is shown below. First nine EBITDA First nine EBITDA months Adjusted months Adjusted (€ thousands) 2025 Margin 2024 Margin Change Change % EMEA 305,280 27.3% 309,977 28.1% (4,697) -1.5% Americas 82,578 22.6% 89,161 24.3% (6,583) -7.4% Asia Pacific 65,000 25.1% 73,235 26.5% (8,235) -11.2% Corporate (*) (57,880) -3.3% (60,712) -3.5% 2,832 -4.7% Total 394,978 22.7% 411,661 23.6% (16,683) -4.1% EBITDA EBITDA Third quarter Adjusted Third quarter Adjusted (€ thousands) 2025 Margin 2024 Margin Change Change % EMEA 82,167 23.3% 82,570 24.0% (403) -0.5% Americas 25,488 20.7% 28,630 22.7% (3,142) -11.0% Asia Pacific 21,358 24.3% 25,942 26.7% (4,584) -17.7% Corporate (*) (21,682) -3.8% (22,539) -4.0% 857 -3.8% Total 107,331 19.1% 114,603 20.2% (7,272) -6.3% (*) Centralized costs are shown as a percentage of the Group’s total sales. 36 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Europe, Middle East and Africa Gross operating profit (EBITDA) amounted to €302,432 thousand in the first nine months of 2025, a decrease of €4,964 thousand (-1.6%) with respect to the comparison period. The EBITDA margin came to 27.0%, a decrease of 0.9 p.p. compared to the first nine months of 2024. The result for the reporting period was affected for €2,848 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made) mainly attributable to the program Fit4Growth. The impact of these items amounted to €2,581 thousand in 2024. Net of these items, adjusted EBITDA amounted to €305,280 thousand in the first nine months of 2025, a decrease of €4,697 thousand (-1.5%) with respect to the comparison period. The EBITDA adjusted margin was 0.8 p.p. lower than in the comparison period, coming in at 27.3%. In the third quarter alone, EBITDA was €2,172 thousand (-2.7%) lower than in the comparison period coming in at €79,485 thousand. The EBITDA margin was 1.1 p.p. lower than in the comparison period coming in at 22.6%. The third quarter result was affected for €2,682 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance mainly attributable to the program Fit4Growth. The impact of these items amounted to €913 thousand in 2024. Net of these items, adjusted EBITDA came to €82,167 thousand in the third quarter, a decrease of €403 thousand (-0.5%) against the comparison period. The EBITDA adjusted margin was 0.7 p.p. lower than in the comparison period, coming in at 23.3%. Americas Gross operating profit (EBITDA) amounted to €83,151 thousand in the first nine months of 2025, a decrease of €7,851 thousand (-8.6%) with respect to the comparison period. The EBITDA adjusted margin came to 22.7%, a decrease of 2.1 p.p. compared to the first nine months of 2024. The result for the reporting period benefited for €573 thousand from items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). The impact of these items amounted to €1,841 thousand in 2024. Net of these items, adjusted EBITDA amounted to €82,578 thousand in the first nine months of 2025, €6,583 thousand (-7.4%) with respect to the comparison period. The EBITDA adjusted margin was 1.7 p.p. lower than in the comparison period, coming in at 22.6%. In the third quarter alone, EBITDA was €4,429 thousand (-15.1%) lower than in the comparison 37 --- Interim Financial Report as at 30 September 2025 > Interim Management Report period coming in at €24,861 thousand. The EBITDA margin was 20.2%, 3.0 p.p. lower than in the comparison period. The third quarter result was affected for €627 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance mainly attributable to the program Fit4Growth. The impact of these items amounted to €660 thousand in 2024. Net of these items, adjusted EBITDA came to €25,488 thousand in the third quarter of 2025, a decrease of €3,142 thousand (-11.0%) against the comparison period. The EBITDA adjusted margin was 2.0 p.p. lower than in the comparison period, coming in at 20.7%. Asia Pacific Gross operating profit (EBITDA) amounted to €64,111 thousand in the first nine months of 2025, a decrease of €8,839 thousand (-12.1%) with respect to the comparison period. The EBITDA margin came to 24.7%, a decrease of 1.7 p.p. compared to the first nine months of 2024. The result for the reporting period was affected for €889 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made) mainly attributable to the program Fit4Growth. The impact of these items amounted to €285 thousand in 2024. Net of these items, adjusted EBITDA amounted to €65,000 thousand in the first nine months of 2025, €8,235 thousand (-11.2%) with respect to the comparison period. The EBITDA adjusted margin was 1.4 p.p. lower than in the comparison period, coming in at 25.1%. In the third quarter alone, EBITDA was €4,997 thousand (-19.4%) lower than in the comparison period coming in at €20,799 thousand. The EBITDA margin was 23.6%, 2.9 p.p. lower than in the comparison period. In the third quarter alone, the result was affected for €559 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance mainly attributable to the program Fit4Growth. The result of 2024 was affected by these items for €146 thousand. Net of these items, adjusted EBITDA came to €21,358 thousand in the third quarter of 2025, a decrease of €4,584 thousand (-17.7%) against the comparison period. The EBITDA adjusted margin was 2.4 p.p. lower than in the comparison period, coming in at 24.3%. 38 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Corporate In the first nine months of 2025 the net cost of centralized corporate functions (corporate bodies, general management, business development, procurement, treasury, legal affairs, human resources, IT systems, global marketing and internal audit) which do not qualify as operating segments under IFRS 8 amounted to €59,249 thousand (-3.4% of the Group’s revenues from sales and services), a decrease of €4,286 thousand (-6.7%) with respect to the same period of the prior year. The EBITDA margin was 0.2 p.p. higher than in the comparison period. The result for the reporting period was affected for €1,369 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). The 2024 result was affected by these items for €2,823 thousand. Net of these items, costs were €2,832 thousand (-4.7%) lower with the margin up +0.2 p.p. against the comparison period at 3.3%. In the third quarter corporate costs amounted €21,682 thousand (-3.8% of the Group’s revenues from sales and services), a decrease of €1,022 thousand (-4.5%) compared to the third quarter of 2024. The third quarter result was not impacted by items (income and expenses) that are unusual, infrequent or not related to the operating performance. The 2024 result was affected by these items for €165 thousand. Net of these items, costs were €857 thousand (3.8%) lower, with the margin 0.2. p.p higher at 3.8%. 39 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Operating profit (loss) (EBIT) First nine months First nine months (€ thousands) 2025 2024 Change Change % Operating profit (loss) (EBIT) 153,278 187,539 (34,261) -18.3% Operating profit (loss) (EBIT) Adjusted 199,101 228,911 (29,810) -13.0% Third quarter Third quarter (€ thousands) 2025 2024 Change Change % Operating profit (loss) (EBIT) 24,292 38,592 (14,300) -37.1% Operating profit (loss) (EBIT) Adjusted 42,772 52,116 (9,344) -17.9% Operating profit (EBIT) amounted to €153,278 thousand in the first nine months of 2025, a decrease of €34,261 thousand (-18.3%) with respect to the comparison period. The EBIT margin came to 8.8%, 1.9 p.p. lower than in the comparison period. With respect to the gross operating profit (EBITDA), EBIT was also impacted by an increase in amortization and depreciation stemming from previous years’ network expansion, innovation and digital transformation, by higher charges for write-downs of tangible, intangible assets and rights of-use, mainly attributable to the closure of non-performing shops related to a broad program (Fit4Growth) to strengthen margins and reinforce company’s competitiveness, as well as higher amortization for the right of-use assets and the initial recognition of assets in accordance with Purchase Price Allocation accounting. The result for the reporting period was affected for €45,823 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance primarily attributable both to the effect of PPA amortization and write-downs related to Fit4Growth program described above. For more information, refer to the section on Alternative Performance Indicators. The 2024 result was affected €41,372 thousand by these items. Net of these items, adjusted EBIT amounted to €199,101 thousand in the first nine months of 2025, a decrease of €29,810 thousand (-13.0%) against the comparison period. The EBIT adjusted margin was 1.7 p.p. lower than in the comparison period, coming in at 11.4%. In the third quarter alone operating profit (EBIT) amounted to €24,292 thousand, a decrease of €14,300 thousand (-37.1%) with respect to the comparison period. The EBIT margin came to 4.3%, 2.5 p.p. lower in the comparison period. The result for the third quarter was affected for €18,480 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). The 2024 result was affected by these items for €13,524 thousand. 40 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Net of these items, adjusted EBIT amounted to €42,772 thousand in the third quarter of 2025, a decrease of €9,344 thousand (-17.9%) against the comparison period. The EBIT adjusted margin was 1.6 p.p. lower than in the comparison period, coming in at 7.6%. The breakdown of EBIT by geographic area is shown below. First nine EBIT First nine EBIT Change Change % (€ thousands) months 2025 Margin months 2024 Margin EMEA 166,051 14.8% 181,889 16.5% (15,838) -8.7% Americas 51,076 14.0% 63,984 17.5% (12,908) -20.2% Asia Pacific 18,948 7.3% 27,342 9.9% (8,394) -30.7% Corporate (*) (82,797) -4.7% (85,676) -4.9% 2,879 -3.4% Total 153,278 8.8% 187,539 10.7% (34,261) -18.3% Third quarter EBIT Third quarter EBIT Change Change % (€ thousands) 2025 Margin 2024 Margin EMEA 33,463 9.5% 38,323 11.1% (4,860) -12.7% Americas 13,114 10.7% 20,334 16.1% (7,220) -35.5% Asia Pacific 7,122 8.1% 10,150 10.4% (3,028) -29.8% Corporate (*) (29,407) -5.2% (30,215) -5.3% 808 -2.7% Total 24,292 4.3% 38,592 6.8% (14,300) -37.1% (*) Centralized costs are shown as a percentage of the Group’s total sales. The breakdown of EBIT Adjusted by geographic area is shown below. EBIT EBIT First nine First nine Adjusted Adjusted Change Change % months 2025 months 2024 (€ thousands) Margin Margin EMEA 196,043 17.5% 209,511 19.0% (13,468) -6.4% Americas 55,393 15.1% 65,344 17.8% (9,951) -15.2% Asia Pacific 29,093 11.2% 36,909 13.4% (7,816) -21.2% Corporate (*) (81,428) -4.7% (82,853) -4.7% 1,425 -1.7% Total 199,101 11.4% 228,911 13.1% (29,810) -13.0% EBIT EBIT Third quarter Third quarter Adjusted Adjusted Change Change % 2025 2024 (€ thousands) Margin Margin EMEA 46,258 13.1% 47,906 13.9% (1,648) -3.4% Americas 16,149 13.1% 20,742 16.5% (4,593) -22.1% Asia Pacific 9,772 11.1% 13,518 13.9% (3,746) -27.7% Corporate (*) (29,407) -5.2% (30,050) -5.3% 643 -2.1% Total 42,772 7.6% 52,116 9.2% (9,344) -17.9% (*) Centralized costs are shown as a percentage of the Group’s total sales. 41 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Europe, Middle East and Africa Operating profit (EBIT) amounted to €166,051 thousand in the first nine months of 2025, a decrease of €15,838 thousand (-8.7%) with respect to the comparison period. The EBIT margin came to 14.8% (1.7 p.p. lower than in the first nine months of 2024). The result for the reporting period was affected for €29,992 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). The 2024 result was affected by these items for €27,622 thousand. Net of these items, adjusted EBIT was €196,043 thousand, a decrease of €13,468 thousand (-6.4%) against the comparison period. The EBIT adjusted margin fell 1.5 p.p. against the comparison period to 17.5%. In the third quarter alone operating profit (EBIT) amounted to €33,463 thousand, a decrease of €4,860 thousand (-12.7%) with respect to the comparison period. The EBIT margin came to 9.5%, 1.6 p.p. lower than in the comparison period. The result for the third quarter was affected for €12,795 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance. The 2024 result was affected by these items for €9,583 thousand. Net of these items, adjusted EBIT came to €46,258 thousand in the third quarter of 2025, a decrease of €1,648 thousand (-3.4%) against the comparison period. The EBIT adjusted margin fell 0.8 p.p. against the comparison period to 13.1%. Americas Operating profit (EBIT) amounted to €51,076 thousand in the first nine months of 2025, a decrease of €12,908 thousand (-20.2%) with respect to the comparison period. The EBIT margin came to 14.0%, 3.5 p.p. lower than in the first nine months of 2024. The result for the reporting period was affected for €4,317 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). The 2024 result was affected by these items for €1,360 thousand. Net of these items, adjusted EBIT was €55,393 thousand, a decrease of €9,951 thousand (-15.2%) with respect of the first nine months of 2025. The EBIT adjusted margin fell 2.7 p.p. against the comparison period to 15.1%. 42 --- Interim Financial Report as at 30 September 2025 > Interim Management Report In the third quarter alone operating profit (EBIT) amounted to €13,114 thousand, a decrease of €7,220 thousand (-35.5%) with respect to the comparison period. The EBIT margin came to 10.7%, 5.4 p.p. lower than in the comparison period. The result for the third quarter was affected for €3,035 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance. The 2024 result was affected by these items for €408 thousand. Net of these items, adjusted EBIT came to €16,149 thousand in the third quarter of 2025, a decrease of €4,593 thousand (-22.1%) against the comparison period. The EBIT adjusted margin fell 3.4 p.p. against the comparison period to 13.1%. Asia Pacific Operating profit (EBIT) amounted to €18,948 thousand in the first six months of 2025, a decrease of €8,394 thousand (-30.7%) with respect to the comparison period. The EBIT margin came to 7.3%, 2.6 p.p. lower than in the first nine months of 2024. The result for the reporting period was affected for €10,145 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). The 2024 result was affected by these items for €9,567 thousand. Net of these items, adjusted EBIT was €29,093 thousand, a decrease of €7,816 thousand (-21.2%) against the comparison period. The EBIT adjusted margin fell 2.2 p.p. against the comparison period to 11.2%. In the third quarter alone operating profit (EBIT) amounted to €7,122 thousand, a decrease of €3,028 thousand (-29.8%) with respect to the comparison period. The EBIT margin came to 8.1%, 2.3 p.p. lower than in the comparison period. The result for the third quarter was affected for €2,650 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance. The 2024 result was affected by these items for €3,368 thousand. Net of these items, adjusted EBIT came to €9,772 thousand in the third quarter of 2025, a decrease of €3,746 thousand (-27.7%) against the comparison period. The EBIT adjusted margin fell 2.8 p.p. against the comparison period to 11.1%. 43 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Corporate The net Corporate costs at the EBIT level amounted to €82,797 thousand in the first nine months of 2025 (-4.7% of the revenues generated by the Group’s sales and services), a decrease of €2,879 thousand against the first nine months of 2024 (-3.4%). The result for the reporting period was affected for €1,369 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). The 2024 result impacted by these items for €2,823 thousand. Net of these items, the decrease of Corporate costs at the EBIT level amounted to €1,425 thousand (-1.7%). The EBIT adjusted margin was in line with the comparison period, coming in at -4.7%. In the third quarter alone, the net corporate costs amounted to €29,407 thousand (-5.2% of the Group’s revenues from sales and services), a decrease of €808 thousand (-2.7%) compared to the third quarter of 2024. The result for the third quarter was not impacted by items (income and expenses) that are unusual, infrequent or not related to the operating performance. The 2024 result was affected by these items for €165 thousand. Net of these items, costs were €643 thousand (-2.1%) lower. The EBIT adjusted margin came to -5.2%, showing an increase of +0.1 p.p. against the comparison period. 44 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Profit before taxes First nine months First nine months Change Change % (€ thousands) 2025 2024 Profit before taxes 105,445 143,942 (38,497) -26.7% Profit before taxes Adjusted 150,989 185,239 (34,250) -18.5% Third quarter Third quarter 2025 Change Change % (€ thousands) 2024 Profit before taxes 7,165 22,509 (15,344) -68.2% Profit before taxes Adjusted 26,042 36,263 (10,221) -28.2% Profit before tax amounted to €105,445 thousand in the first nine months of 2025, a decrease of €38,497 thousand (-26.7%) against the comparison period, with a gross profit margin of 6.0% (-2.2 p.p. with respect to the comparison period). Total financial expenses were €4,236 thousand higher than in the first nine months of 2024 due mainly to the higher interest payable on leases, higher interest payable as a result of increased financial debt and the impact of exchange differences caused by significant changes in currency exchange rates during the reporting period partially offset by the lower positive impact of inflation accounting on the Argentinian subsidiary and lower financial gains coming from the accounting of the deferred payments related to superbonus credits in accordance with Articles 119 and 121 of Legislative Decree 34/2020. The result for the reporting period was affected for €45,544 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). In addition to what was described in the section on EBIT, financial expenses in the reporting period benefitted from the income generated by the purchase and use of superbonus credits in accordance with Articles 119 and 121 of Legislative Decree 34/2020, net hyper-inflation charges and the impact of changes in FV following non-monetary adjustments and/or revaluations of financial liabilities for a total negative impact of €279 thousand. The 2024 result was affected by items (income and expenses) that are unusual, infrequent or not related to the operating performance for €41,297 thousand. Net of these items, the adjusted profit before tax in the first nine months of 2025 was €34,250 thousand (-18.5%) lower, coming in at €150,989 thousand. The margin came to 8.7%, a decrease of -1.9 p.p. against the comparison period. In the third quarter alone, profit before tax amounted to €7,165 thousand, a decrease of €15,344 thousand (-68.2%) against the comparison period. The gross profit margin came to 1.3% (-2.7 p.p. against the comparison period). Net financial expenses were higher at €1,044 thousand. 45 --- Interim Financial Report as at 30 September 2025 > Interim Management Report The result for the quarter was affected for €18,877 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance. The 2024 result was affected by these items for €13,754 thousand. Net of these items, adjusted profit before tax was €26,042 thousand, a decrease of €10,221 thousand (-28.2%). The margin was 1.8 p.p. lower than in the comparison period, coming in at 4.6%. Group net profit First nine months First nine months Change Change % (€ thousands) 2025 2024 Net profit (loss) attributable to the Group 74,423 104,181 (29,758) -28.6% Net profit (loss) attributable to the Group Adjusted 109,615 134,328 (24,713) -18.4% Third quarter Third quarter 2025 Change Change % (€ thousands) 2024 Net profit (loss) attributable to the Group 6,302 16,388 (10,086) -61.5% Net profit (loss) attributable to the Group Adjusted 19,152 26,498 (7,346) -27.7% The Group’s portion of net profit came to €74,423 thousand in the first nine months of 2025, a decrease of €29,758 thousand (-28.6%) against the comparison period with the profit margin down 1.7 p.p. at 4.3%. The result for the reporting period was affected for €35,192 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). In addition to the costs for €45,444 thousand already explained above in the section on Profit before tax, net the tax effect of €10,352 thousand, a reassessment of estimated deferred tax in Australia and Germany resulted in the recognition of a net non-monetary charge of €1,779 thousand. The 2024 result was affected by these items for €41,297 thousand net the tax effect of €11,150 thousand. Net of these items, the Group’s adjusted portion of net profit amounted to €109,615 thousand in the first nine months of 2025, €24,713 thousand (-18.4%) lower than in the comparison period. The Group net profit adjusted margin was 1.4 p.p. lower than in the comparison period at 6.3%. In the third quarter alone, the Group’s portion of net profit was €6,302 thousand, €10,086 thousand (-61.5%) lower than in the comparison period. The profit margin came in at 1.1% (-1.8 p.p. against the comparison period). The result for the quarter was affected for €12,850 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance. 46 --- Interim Financial Report as at 30 September 2025 > Interim Management Report In addition to the costs of €18,887 thousand already explained above in the section on Profit before tax, net the tax effect of €6,027 thousand, a reassessment of estimated deferred tax in Germany resulted in the recognition of a non-monetary benefit of €959 thousand. The 2024 result was affected by these items for €13,754 thousand, net the tax effect of €6,027 thousand. Net of these items, the adjusted portion of the Group’s profit before tax amounted to €19,152 thousand in the third quarter of 2025, a decrease of €7,346 thousand (-27.7%). The Group net profit adjusted margin was 1.3 p.p. lower than in the comparison period, coming in at 3.4%. The tax rate in the period came to 29.3% compared to 27.5% in the first nine months of 2024. The adjusted tax rate in the period came to 27.3% compared to 27.4% in the first nine months of 2024. 47 --- Interim Financial Report as at 30 September 2025 > Interim Management Report BALANCE SHEET REVIEW (*) Consolidated balance sheet by geographical area 09/30/2025 (€ thousands) EMEA Americas APAC Eliminations Total Goodwill 1,065,883 289,238 568,162 - 1,923,283 Non-competition agreements, trademarks, 161,768 29,006 42,474 - 233,248 customer lists and lease rights Software, licenses, other intangible fixed 125,515 25,736 8,389 - 159,640 assets, fixed assets in progress and advances Property, plant, and equipment 169,256 41,317 38,037 - 248,610 Right-of-use assets 371,484 45,336 52,433 - 469,253 Financial fixed assets 3,660 5,871 222 - 9,753 Other non-current financial assets 36,118 2,827 1,425 - 40,370 Non-current assets 1,933,684 439,331 711,142 - 3,084,157 Inventories 70,702 10,841 8,442 - 89,985 Trade receivables 238,109 50,251 11,600 (75,352) 224,608 Other receivables 88,332 24,945 14,203 (188) 127,292 Current assets (A) 397,143 86,037 34,245 (75,540) 441,885 Operating assets 2,330,827 525,368 745,387 (75,540) 3,526,042 Trade payables (255,924) (72,550) (43,963) 75,352 (297,085) Other payables (274,874) (46,014) (37,614) 188 (358,314) Provisions for risks and charges (current (3,828) (943) - - (4,771) portion) Current liabilities (B) (534,626) (119,507) (81,577) 75,540 (660,170) Net working capital (A) - (B) (137,483) (33,470) (47,332) - (218,285) Derivative instruments 1,438 - - - 1,438 Deferred tax assets 53,943 6,694 12,125 - 72,762 Deferred tax liabilities (66,271) (22,745) (6,750) - (95,766) Provisions for risks and charges (non-current (15,117) (1,666) (787) - (17,570) portion) Liabilities for employees’ benefits (non- (13,662) (6) (808) - (14,476) current portion) Loan fees 3,258 - - - 3,258 Other non-current liabilities (159,848) (12,699) (2,653) - (175,200) NET INVESTED CAPITAL 1,599,942 375,439 664,937 - 2,640,318 Group net equity 969,834 Minority interests 246 Total net equity 970,080 Net medium and long-term financial 1,109,150 indebtedness Net short-term financial indebtedness 65,536 Total net financial indebtedness 1,174,686 Lease liabilities 392,079 49,556 53,917 - 495,552 Total lease liabilities & net financial 1,670,238 indebtedness NET EQUITY, LEASE LIABILITIES AND NET 2,640,318 FINANCIAL INDEBTEDNESS (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. 48 --- Interim Financial Report as at 30 September 2025 > Interim Management Report 12/31/2024 (€ thousands) EMEA Americas APAC Eliminations Total Goodwill 1,031,163 313,631 600,701 - 1,945,495 Non-competition agreements, trademarks, customer lists and lease 176,203 31,101 52,143 - 259,447 rights Software, licenses, other intangible fixed assets, fixed assets in progress and 127,637 32,008 9,268 - 168,913 advances Property, plant, and equipment 168,319 41,075 44,530 - 253,924 Right-of-use assets 381,119 49,770 61,175 - 492,064 Financial fixed assets 17,326 6,890 256 - 24,472 Other non-current financial assets 36,942 2,640 1,850 - 41,432 Non-current assets 1,938,709 477,115 769,923 - 3,185,747 Inventories 71,792 11,777 9,611 - 93,180 Trade receivables 233,432 66,043 15,120 (87,841) 226,754 Other receivables 93,370 16,633 5,489 (188) 115,304 Current assets (A) 398,594 94,453 30,220 (88,029) 435,238 Operating assets 2,337,303 571,568 800,143 (88,029) 3,620,985 Trade payables (343,885) (70,137) (50,919) 87,841 (377,100) Other payables (287,489) (45,154) (41,817) 188 (374,272) Provisions for risks and charges (current (1,787) (616) - - (2,403) portion) Current liabilities (B) (633,161) (115,907) (92,736) 88,029 (753,775) Net working capital (A) - (B) (234,567) (21,454) (62,516) - (318,537) Derivative instruments 3,680 - - - 3,680 Deferred tax assets 56,435 5,762 15,135 - 77,332 Deferred tax liabilities (66,211) (23,234) (10,048) - (99,493) Provisions for risks and charges (non- (18,896) (1,158) (871) - (20,925) current portion) Liabilities for employees’ benefits (non- (14,753) - (704) - (15,457) current portion) Loan fees 3,452 - - - 3,452 Other non-current liabilities (171,840) (14,740) (2,853) - (189,433) NET INVESTED CAPITAL 1,496,008 422,291 708,067 - 2,626,366 Group net equity 1,150,002 Minority interests 222 Total net equity 1,150,224 Net medium and long-term financial 960,387 indebtedness Net short-term financial indebtedness 1,418 Total net financial indebtedness 961,805 Lease liabilities 398,120 53,845 62,372 - 514,337 Total lease liabilities & net financial 1,476,142 indebtedness NET EQUITY, LEASE LIABILITIES AND NET 2,626,366 FINANCIAL INDEBTEDNESS 49 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Non-Current Assets Non-current assets amounted to €3,084,157 thousand as at 30 September 2025, a decrease of €101,590 thousand with respect to the €3,185,747 thousand recorded as at 31 December 2024. The changes in the reporting period are explained for (i) €77,052 thousand by acquisitions; (ii) €97,207 thousand by right-of-use assets acquired in the reporting period for renewals of existing leases and network expansion; (iii) €90,430 thousand by capex; (iv) €237,167 thousand, by amortization, depreciation and impairment, including amortization of the right-of-use assets and the assets allocated as a result of business combinations; (v) €104,487 by the negative impact of exchange differences, which had the largest impact on goodwill; (vi) €24,625 thousand by other decreases stemming mainly from the reclass to the short term category of tax credit booked in 2024 and to the early lease terminations due to clinics’ relocation and closure of clinics attributable to the Fit4Growth program. The breakdown of non-current assets by geographic area is shown below. 09/30/2025 12/31/2024 Change (€ thousands) Goodwill 1,065,883 1,031,163 34,720 Non-competition agreements, trademarks, customer lists and 161,768 176,203 (14,435) lease rights Software, licenses, other intangible fixed assets, fixed assets in 125,515 127,637 (2,122) progress and advances Tangible assets 169,256 168,319 937 EMEA (*) Right-of-use assets 371,484 381,119 (9,635) Financial fixed assets 3,660 17,326 (13,666) Other non-current financial assets 36,118 36,942 (824) Non-current assets 1,933,684 1,938,709 (5,025) Goodwill 289,238 313,631 (24,393) Non-competition agreements, trademarks, customer lists and 29,006 31,101 (2,095) lease rights Software, licenses, other intangible fixed assets, fixed assets in 25,736 32,008 (6,272) progress and advances Tangible assets 41,317 41,075 242 Americas Right-of-use assets 45,336 49,770 (4,434) Financial fixed assets 5,871 6,890 (1,019) Other non-current financial assets 2,827 2,640 187 Non-current assets 439,331 477,115 (37,784) Goodwill 568,162 600,701 (32,539) Non-competition agreements, trademarks, customer lists and 42,474 52,143 (9,669) lease rights Software, licenses, other intangible fixed assets, fixed assets in 8,389 9,268 (879) progress and advances Asia Pacific Tangible assets 38,037 44,530 (6,493) Right-of-use assets 52,433 61,175 (8,742) Financial fixed assets 222 256 (34) Other non-current financial assets 1,425 1,850 (425) Non-current assets 711,142 769,923 (58,781) Total 3,084,157 3,185,747 (101,590) (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. 50 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Europe, Middle East and Africa Non-current assets amounted to €1,933,684 thousand as at 30 September 2025, a decrease of €5,025 thousand with respect to the €1,938,709 thousand recorded as at 31 December 2024. The change is explained for: - €54,230 thousand, by acquisitions made in the reporting period; - €65,444 thousand, by right-of-use assets acquired in the year as a result of the renewal of existing leases and network expansion; - €29,668 thousand, by investments in plant, property and equipment, relating primarily to the opening of new clinics and the renewal of existing ones, as well as the purchase of hardware needed to implement Group IT projects detailed below; - €33,203 thousand, by investments in new front office solutions and the continuous implementation and standardization of the Group ERP cloud system; - €159,929 thousand, by amortization, depreciation and impairment, including amortization of the right-of-use assets and the amortization of intangible assets allocated as a result of business combinations; - for €27,641 thousand, other decreases attributable primarily to the reclass to the short- term category of tax credit booked in 2024 and to the early lease terminations due to clinics’ relocation and closure of clinics attributable to the Fit4Growth program. Americas Non-current assets amounted to €439,331 thousand as at 30 September 2025, a decrease of €37,784 thousand against the €477,115 thousand recorded as at 31 December 2024. The change is explained for: - €15,396 thousand, by acquisitions made in the reporting period; - €11,209 thousand, by right-of-use assets acquired during the year as a result of the renewal of existing leases and network expansion; - €11,249 thousand, by investments in property, plant and equipment, relating to the opening of new clinics and remodelling of existing ones; - €6,355 thousand, by investments in intangible assets relating to the development of IT systems primarily at US subsidiaries; - €32,075 thousand, by amortization and depreciation, including the amortization of the right- of-use assets referred to above; - €49,918 thousand by other decreases, explained primarily by exchange differences, which had the largest impact on goodwill and by the early terminations of clinics’ leases contracts attributable to the Fit4Growth program. 51 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Asia Pacific Non-current assets amounted to €711,142 thousand as at 30 September 2025, a decrease of €58,781 thousand against the €769,923 thousand recorded as at 31 December 2024. The change is explained for: - €7,426 thousand, by acquisitions made in the reporting period; - €20,554 thousand, by right-of-use assets acquired during the year as a result of the renewal of existing leases and network expansion; - €4,169 thousand, by investments in property, plant and equipment, relating mainly to the opening of clinics and the renewal of existing ones, as well as the purchase of the hardware needed to implement IT projects; - €5,786 thousand, by investments in intangible assets relating primarily to the development of IT systems; - €45,163 thousand, by amortization and depreciation, including the amortization of the right of-use assets and intangible assets allocated as a result of business combinations; - €51,553 thousand, by other decreases relating mainly to foreign exchange differences which had the biggest impact on goodwill and by the early terminations of clinics’ leases contracts attributable to the Fit4Growth program. 52 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Net invested capital Net invested capital amounted to €2,640,318 thousand as at 30 September 2025, an increase of €13,952 thousand against the €2,626,366 thousand recorded as at 31 December 2024. The decrease of the non-current assets beforementioned is broadly offset by the increase in working capital and by the decrease of the other medium/long-term payables. The breakdown of net invested capital by geographic area is shown below. 09/30/2025 12/31/2024 Change (€ thousands) EMEA (*) 1,599,942 1,496,008 103,934 Americas 375,439 422,291 (46,852) Asia Pacific 664,937 708,067 (43,130) Total 2,640,318 2,626,366 13,952 (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. Europa, Middle East and Africa Net invested capital came to €1,599,942 thousand as at 30 September 2025, an increase of €103,934 thousand against the €1,496,008 thousand recorded as at 31 December 2024. The decrease of non-current assets described above, was offset by an increase in working capital mostly linked to the decrease in trade payables and in other medium/long-term payables. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €160,630 thousand (€164,640 thousand in the same period of the prior year) and VAT credits with a face value of €17,893 thousand (€15,671 thousand in the same period of the prior year). Americas Net invested capital came to €375,439 thousand as at 30 September 2025, a decrease of €46,852 thousand against the €422,291 thousand recorded as at 31 December 2024. In addition to the decrease in non-current assets described above, there was a decrease in working capital, mostly linked to the decrease in trade receivables. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €3,294 thousand (€589 thousand in the same period of the prior year). 53 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Asia Pacific Net invested capital came to €664,937 thousand as at 30 September 2025, a decrease of €43,130 thousand against the €708,067 thousand recorded as at 31 December 2024. The decrease in non-current assets described above was partially offset by an increase in working capital. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €11,737 thousand (€3,878 thousand in the same period of the prior year). 54 --- Interim Financial Report as at 30 September 2025 > Interim Management Report Net financial indebtedness 09/30/2025 12/31/2024 Change (€ thousands) Net medium and long-term financial indebtedness 1,109,150 960,386 148,764 Net short-term financial indebtedness 302,845 290,253 12,592 Cash and cash equivalents (237,309) (288,834) 51,525 Net financial indebtedness excluding lease liabilities (A) 1,174,686 961,805 212,881 Lease liabilities – current portion 127,146 126,740 406 Lease liabilities – non-current portion 368,406 387,597 (19,191) Lease liabilities (B) 495,552 514,337 (18,785) Net financial indebtedness (A+B) (C) 1,670,238 1,476,142 194,096 Group net equity (D) 969,834 1,150,002 (180,168) Minority interests 246 222 24 Net Equity (E) 970,080 1,150,224 (180,144) Net financial indebtedness excluding lease liabilities 1.21 0.84 /Group net equity (A/D) Net financial indebtedness excluding lease liabilities 1.21 0.84 /Net equity (A/E) Net financial indebtedness excluding lease liabilities 2.09 1.63 /EBITDA for leverage calculation (*) (*) Net financial indebtedness excluding lease liabilities/EBITDA for the leverage calculation is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to EBITDA for the last four quarters (determined with reference to usual, frequent or related to the operating performance operations only, based on pro forma figures in case of significant changes to the structure of the Group). Net financial debt, excluding lease liabilities, amounted to €1,174,686 thousand at 30 September 2025, an increase of €212,881 thousand compared to 31 December 2024 which reflects the significant outlays for the payment of share buybacks and dividends to shareholders. Free cash flow reached a positive €28,365 thousand (€50,560 thousand at 30 September 2024) after €90,177 thousand in capital expenditure (€99,035 thousand in the comparison period). Net cash-outs for acquisitions (which amounted to €58,561 thousand versus €184,077 thousand in the first nine months of 2024), along with the purchase of treasury shares (€108,207 thousand versus €20,258 thousand at 30 September 2024) and the payment of dividends (€65,302 thousand versus €65,593 thousand in the comparison period), resulted in negative cash flow of €205,196 thousand versus negative €214,292 thousand in the first nine months of 2024. Please note that during the first half of 2025, remaining credit lines that included financial covenants expired and/or were repaid. Therefore, from June 2025, the Group is no longer subject to any financial covenants. During the first nine months of 2025, Amplifon refined the below mentioned operations which are not subject to financial covenants: • In March 2025, Amplifon S.p.A. signed a 5-year, sustainability linked, credit facility with Intesa Sanpaolo totaling €175 million, comprised of a €100 million revolving 55 --- Interim Financial Report as at 30 September 2025 > Interim Management Report credit line and a €75 million long term loan. The new financing was used to refinance, and increase, a pre-existing line expiring in 2026; • In April 2025, Amplifon S.p.A. finalized a sustainability-linked facility with Banco BPM for a total amount of €100 million, comprised of a €50 million revolving credit line and long-term loan of the same amount. The new facility was used to refinance expiring credit lines; • In June 2025, Amplifon S.p.A. signed a €75 million, 5-year, sustainability-linked, credit facility with ING Italia; • In June 2025, Amplifon S.p.A. also signed a €50 million, 5-year, sustainability-linked facility with Banca Popolare di Sondrio, comprised of a €30 million revolving credit line and a €20 million long-term line. The new financing was used to refinance, and increase, expiring credit lines; • In July 2025, EIB issued a tranche of €75 million of the loan signed in 2023, bringing the unused and still available portion to €150 million. As at 30 September 2025, the Group had cash and cash equivalents of €237,309 thousand compared to a total financial indebtedness of €1,412 million, net of lease liabilities. Long-term debt, net of lease liabilities, amounts to €1,109,150 thousand as at 30 September 2025 (€960,386 thousand as at 31 December 2024), showing an increase of €148,764 thousand compared to 2024 explained by the new financing agreements signed in the reporting period, net of the reclassification of short-term portions of the existing debt. Short-term debt amounts to €302,845 thousand, an increase of €12,592 thousand compared to the €290,253 thousand recorded at 31 December 2024. The short-term portion refers primarily to: the short-term portion of long-term bank debt (€112,981 thousand); bank borrowings linked to hot money accounts and other short-term credit lines (€173,095 thousand); the interest payable on the Eurobond (€2,470 thousand) and other bank loans (€6,389 thousand), short-term lines included, as well as the best estimate of the deferred payments for acquisitions (€7,377 thousand). 56 --- Interim Financial Report as at 30 September 2025 > Interim Management Report The chart below shows the debt maturities compared to: - the €237 million in cash and cash equivalents; - the unutilized portions of irrevocable credit lines which amount to €480 million; - the €150 million unutilized portion of the loan from the European Investment Bank supporting investments in innovation and digitalization. The revocable credit lines amounted to €376 million, with an unutilized portion of €206 million as at 30 September 2025. Interest payable on financial debt amounted to €29,316 thousand as at 30 September 2025 versus €28,740 thousand as at 30 September 2024. Interest payable on leases recognized in accordance with IFRS 16 amounted to €15,526 thousand versus €13,786 thousand as at 30 September 2024. Interest receivable on bank deposits came to €2,829 thousand as at 30 September 2025 versus €2,550 thousand as at 30 September 2024. The reasons for the changes in net debt are described in the next section on the statement of cash flows. 57 --- Interim Financial Report as at 30 September 2025 > Interim Management Report CASH FLOW STATEMENT The reclassified statement of cash flows shows the change in net financial indebtedness from the beginning to the end of the period. Pursuant to IAS 7, the consolidated financial statements include a statement of cash flows that shows the change in cash and cash equivalents from the beginning to the end of the period. First nine months First nine months (€ thousands) 2025 2024 OPERATING ACTIVITIES: Net profit (loss) attributable to the Group 74,423 104,181 Minority interests 156 134 Amortization, depreciation and impairment: - Intangible fixed assets 81,821 77,137 - Tangible fixed assets 49,662 46,250 - Right-of-use assets 105,684 96,887 Total amortization, depreciation and impairment 237,167 220,274 Provisions, other non-monetary items and gains/losses from disposals 8,056 17,024 Group’s share of the result of associated companies (90) (283) Financial income charges 47,923 43,880 Current and deferred income taxes 30,866 39,627 Change in assets and liabilities: - Utilization of provisions (6,101) (2,365) - (Increase) decrease in inventories 1,680 (3,734) - Decrease (increase) in trade receivables (2,277) 9,357 - Increase (decrease) in trade payables (75,555) (49,324) - Changes in other receivables and other payables (20,447) (38,021) Total change in assets and liabilities (102,700) (84,087) Dividends received 291 - Net interest charges (45,196) (40,563) Taxes paid (31,765) (54,480) Cash flow provided by (used in) operating activities before repayment of lease liabilities 219,131 245,707 Repayment of lease liabilities (100,589) (96,112) Cash flow generated from (absorbed) by operating activities 118,542 149,595 INVESTING ACTIVITIES: Purchase of intangible fixed assets (45,344) (40,588) Purchase of property, plant and equipment (45,086) (59,261) Consideration from sale of tangible fixed assets and businesses 253 814 Cash flow generated from (absorbed) by investing activities (90,177) (99,035) Cash flow generated from operating and investing activities (Free cash flow) 28,365 50,560 Business combinations (*) (58,561) (184,077) Net cash flow generated from acquisitions (58,561) (184,077) Cash flow generated from (absorbed) by investing activities and acquisitions (148,738) (283,112) 58 --- Interim Financial Report as at 30 September 2025 > Interim Management Report First nine months First nine months (€ thousands) 2025 2024 FINANCING ACTIVITIES: Treasury shares (108,207) (20,258) Dividends (65,302) (65,593) Fees paid on medium/long-term financing (1,788) (104) Capital increases, third parties’ contributions and dividends paid by subsidiaries to third (100) (382) parties Other non-current assets 397 5,562 Cash flow generated from (absorbed) by financing activities (175,000) (80,775) Changes in net financial indebtedness net of lease liabilities (205,196) (214,292) Net financial indebtedness at the beginning of the period net of lease liabilities (961,805) (852,130) Effect of exchange rate fluctuations on net financial debt (7,611) (1,857) Effect of discontinued operations on net financial debt (74) - Changes in net financial debt (205,196) (214,292) Net financial indebtedness at the end of the period net of lease liabilities (1,174,686) (1,068,279) (*) The item refers to the net cash flows used in the acquisition of businesses and equity investments. The change in net financial indebtedness of €205,196 thousand is attributable to: (i) Investing activities: - capital expenditure on property, plant and equipment and intangible assets of €90,430 thousand relating to new Front-Office solutions, network expansion and to ongoing implementation, standardization and homogenization of the Group cloud based ERP system; - acquisitions amounting to €58,561 thousand including the impact of the acquired company’s debt and the best estimate of the earn-out linked to sales and profitability targets payable over the next few years; - net proceeds from the disposal of assets of €253 thousand. (ii) Operating activities: - interest payable on financial indebtedness and other net financial expenses of €45,196 thousand; - payment of taxes amounting to €31,765 thousand; - payment of principle on lease obligations of €100,589 thousand; - cash flow generated by current operations of €296,092 thousand. (iii) Financing activities: - purchase of €108,207 thousand in treasury shares; - payment of dividends of €65,302 thousand; - payment of commissions on medium/long term financing of €1,788 thousand; - capital increases, third parties’ contributions and dividend paid by subsidiaries to third parties of €100 thousand - positive variation in other non-current assets for €397 thousand. 59 --- Interim Financial Report as at 30 September 2025 > Interim Management Report (iv) Net debt was also impacted by: - exchange losses of €7,611 thousand; - discontinued operations of negative €74 thousand. Items (income and expenses) that are unusual, infrequent or not related to the operating performance negatively impacted on cash flow of €4,789 thousand in the first nine months of 2025, attributable for €1,444 related to transaction and integration costs for acquisitions and €3,345 thousand related to costs relative to corporate and network reorganization, as well as other efficiency projects and changes in top management, mainly attributable to Fit4Growth program. ACQUISITION OF COMPANIES AND BUSINESSES The Group continued with external growth in the first nine months of 2025 acquiring 235 clinics for a total investment of €58,561 thousand, including the debt consolidated and the best estimate of the earn-out linked to sales and profitability targets payable over the next few years. More in detail, in the first nine months of 2025: - 122 clinics were acquired in Poland; - 35 clinics were acquired in Italy; - 24 clinics were acquired in the United States; - 22 clinics were acquired in China; - 13 clinics were acquired in France; - 12 clinics were acquired in Germany; - 4 clinics were acquired in Australia; - 2 clinics were acquired in Canada; - 1 clinic was acquired in Spain. 60 --- Interim Financial Report as at 30 September 2025 > Interim Management Report OUTLOOK In the first nine months of 2025, the global hearing care market grew below historical levels. In detail: • The US private market was substantially flat, primarily due to the negative performance of the Insurance segment; • The European market showed a two-speed dynamic: strong volume growth in France, supported by the anniversary of the Reste-à-Charge Zéro regulatory reform, and positive momentum in Germany, while the rest of the region was impacted by consumer caution and other temporary factors in the second quarter, particularly in Southern European countries, with a gradual improvement in the third quarter. Over the coming months, the Group expects a gradual improvement in global market demand. Specifically, the U.S. market is expected to continue its gradual recovery, driven primarily by the Private Pay segment, and the European market should be supported by strong volume growth in France, a continued solid performance in Germany, as well as a gradual recovery across the rest of the region. In such context, during the third quarter of 2025, Amplifon recorded an improvement in the organic trend, consistently outperforming across most individual key markets. Moreover, in order to strengthen margins and reinforce its competitive positioning, the Group launched the “Fit4Growth” program which calls for a run-rate improvement in the adjusted EBITDA margin of 150-200 basis points by 2027. The program is progressing well: in particular, the network efficiency enhancement initiative is currently ahead of the initial plan. Such acceleration is expected to lead to a perimeter change quantifiable in circa -0.5 percentage points on total growth for FY 2025. In light of the above, also with regards to what was previously communicated and assuming there are no further slowdowns in global economic activity due to, among others, the well- known macroeconomic and geopolitical situation, for FY 2025 the Group expects: • Consolidated revenues to grow between 2%-2.5% at constant exchange rates; • An adjusted EBITDA margin in the region of 23%. In the medium term, the Group remains very positive about its prospects of sustainable growth in sales and profitability, thanks to the unchanged fundamentals of the hearing care market and its strong leadership position, as well as the full implementation of the “Fit4Growth” program to enhance profitability and reinforce the Group’s competitive positioning. th Milan, October 29 , 2025 CEO Enrico Vita 61 --- CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2025 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements (*) CONSOLIDATED STATEMENT OF FINANCIAL POSITION 09/30/2025 12/31/2024 Change (€ thousands) ASSETS Non-current assets Goodwill Note 3 1,923,283 1,945,495 (22,212) Intangible fixed assets with finite useful life Note 4 392,888 428,360 (35,472) Property, plant, and equipment Note 5 248,610 253,924 (5,314) Right-of-use assets Note 6 469,253 492,064 (22,811) Equity-accounted investments 2,325 2,527 (202) Hedging instruments 2,305 4,454 (2,149) Deferred tax assets 72,762 77,332 (4,570) Contract costs 10,107 10,494 (387) Other assets Note 7 37,692 52,884 (15,192) Total non-current assets 3,159,225 3,267,534 (108,309) Current assets Inventories 89,985 93,180 (3,195) Trade receivables 224,608 226,754 (2,146) Contract costs 7,927 7,734 193 Other receivables 119,365 107,552 11,813 Hedging instruments 366 878 (512) Other financial assets - 296 (296) Cash and cash equivalents Note 9 237,309 288,834 (51,525) Total current assets 679,560 725,228 (45,668) Total assets 3,838,785 3,992,762 (153,977) 63 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 09/30/2025 12/31/2024 Change (€ thousands) LIABILITIES Net Equity Share capital Note 8 4,528 4,528 - Share premium reserve 202,712 202,712 - Treasury shares (131,983) (29,358) (102,625) Other reserves (172,338) (77,628) (94,710) Retained earnings 992,492 904,374 88,118 Profit (loss) for the period 74,423 145,374 (70,951) Group net equity 969,834 1,150,002 (180,168) Minority interests 246 222 24 Total net equity 970,080 1,150,224 (180,144) Non-current liabilities Medium/long-term financial liabilities Note 10 1,103,579 952,283 151,296 Lease liabilities Note 12 368,406 387,597 (19,191) Provisions for risks and charges Note 11 17,570 20,925 (3,355) Liabilities for employees’ benefits 14,476 15,457 (981) Hedging instruments 867 1,157 (290) Deferred tax liabilities 95,766 99,493 (3,727) Payables for business acquisitions 3,619 5,885 (2,266) Contract liabilities 150,320 153,766 (3,446) Other long-term liabilities 24,879 35,667 (10,788) Total non-current liabilities 1,779,482 1,672,230 107,252 Current liabilities Trade payables 297,085 377,100 (80,015) Payables for business acquisitions 7,377 11,510 (4,133) Contract liabilities 120,299 122,914 (2,615) Tax liabilities 46,728 49,830 (3,102) Other payables 188,334 197,460 (9,126) Hedging instruments 253 739 (486) Provisions for risks and charges Note 11 4,771 2,403 2,368 Liabilities for employees’ benefits 3,601 4,094 (493) Short-term financial liabilities Note 10 293,629 277,518 16,111 Lease liabilities Note 12 127,146 126,740 406 Total current liabilities 1,089,223 1,170,308 (81,085) TOTAL LIABILITIES 3,838,785 3,992,762 (153,977) (*) Transactions with related parties have not been reported separately because not material both at single entity and at consolidated level. Please refer to note 17 for more details. 64 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements (*) CONSOLIDATED INCOME STATEMENT First nine months 2025 First nine months 2024 Change (€ thousands) Revenues from sales and services Note 13 1,743,823 1,744,833 (1,010) Operating costs Note 14 (1,356,320) (1,342,180) (14,140) Other income and costs 2,942 5,160 (2,218) Gross operating profit (EBITDA) 390,445 407,813 (17,368) Amortization, depreciation and impairment Amortization of intangible fixed assets Note 4 (81,763) (77,036) (4,727) Depreciation of property, plant, and equipment Note 5 (48,400) (45,663) (2,737) Right-of-use depreciation Note 6 (103,586) (96,887) (6,699) Impairment losses and reversals of non-current assets (3,418) (688) (2,730) (237,167) (220,274) (16,893) Operating result 153,278 187,539 (34,261) Financial income, expenses and value adjustments to financial assets Group's share of the result of associated companies valued at equity and gains/losses on disposals of equity 90 283 (193) investments Interest income and expenses (26,487) (26,190) (297) Interest expenses on lease liabilities (15,526) (13,786) (1,740) Other financial income and expenses (3,064) (1,658) (1,406) Exchange gains and losses, and inflation accounting (3,202) (2,759) (443) Gain (loss) on assets accounted at fair value 356 513 (157) (47,833) (43,597) (4,236) Profit (loss) before tax 105,445 143,942 (38,497) Current and deferred income tax Current tax (29,798) (38,443) 8,645 Deferred tax (1,068) (1,184) 116 (30,866) (39,627) 8,761 Net profit (loss) 74,579 104,315 (29,736) Net profit (loss) attributable to Minority interests 156 134 22 Net profit (loss) attributable to the Group 74,423 104,181 (29,758) (*) Transactions with related parties have not been reported separately because not material both at single entity and at consolidated level. Please refer to note 17 for more details. First nine months First nine months Earnings per share (€ per share) Note 16 2025 2024 Earnings per share - Basic 0.33319 0.46111 - Diluted 0.32874 0.45766 65 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME First nine months First nine months (€ thousands) 2025 2024 Net income (loss) for the period 74,579 104,315 Other comprehensive income (loss) that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit plans 2,782 (423) Tax effect on components of other comprehensive income that will not be reclassified (455) 94 subsequently to profit or loss Total other comprehensive income (loss) that will not be reclassified subsequently to 2,327 (329) profit or loss after the tax effect (A) Other comprehensive income (loss) that will be reclassified subsequently to profit or loss: Gains/(losses) on cash flow hedging instruments (2,241) (6,301) Gains/(losses) on exchange differences from translation of financial statements of foreign (91,343) (9,422) entities Tax effect on components of other comprehensive income that will be reclassified 538 1,512 subsequently to profit or loss Total other comprehensive income (loss) that will be reclassified subsequently to profit or (93,046) (14,211) loss after the tax effect (B) Total other comprehensive income (loss) (A)+(B) (90,719) (14,540) Comprehensive income (loss) for the period (16,140) 89,775 Attributable to the Group (16,264) 89,827 Attributable to Minority interests 124 (52) 66 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements STATEMENT OF CHANGES IN CONSOLIDATION EQUITY Share Treasury Stock Share Legal Other (€ thousands) premium shares grant capital reserve reserves reserve reserve reserve Balance as at 01/01/2024 4,528 202,712 934 3,636 (17,495) 41,299 Allocation of profit (loss) for 2023 Share capital increase Treasury shares (20,258) Dividend distribution Notional cost of stock grants 13,610 Other changes 13,133 (15,922) - Stock Grant 13,133 (15,922) - Inflation accounting - Other changes Total comprehensive income (loss) for the period - Hedge accounting - Actuarial gains (losses) - Translation differences - Profit for the first nine months of 2024 Balance as at 30 September 2024 4,528 202,712 934 3,636 (24,620) 38,987 Share Treasury Stock Legal Other (€ thousands) Share capital premium shares grant reserve reserves reserve reserve reserve Balance at 01/01/2025 4,528 202,712 934 3,636 (29,358) 41,307 Allocation of profit (loss) for 2024 Share capital increase Treasury shares (108,207) Dividend distribution Notional cost of stock grants 4,569 Other changes 5,582 (8,592) - Stock Grant 5,582 (8,592) - Inflation accounting - Other changes Total comprehensive income (loss) for the period - Hedge accounting - Actuarial gains (losses) - Translation differences - Profit for the first nine months of 2025 Balance at 30 September 2025 4,528 202,712 934 3,636 (131,983) 37,284 67 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements Total Cash flow Actuarial gains Retained Translation Profit (loss) for Minority Total net Shareholders' hedge reserve and losses earnings differences the period interests equity equity 9,888 (957) 809,643 (108,408) 155,139 1,100,919 759 1,101,678 155,139 (155,139) - - - - (20,258) (20,258) (65,593) (65,593) (65,593) 13,610 13,610 2,396 (393) (554) (947) 1,486 (1,303) (1,303) 14,848 14,848 14,848 (13,938) (13,938) (554) (14,492) (4,789) (329) (9,236) 104,181 89,827 (52) 89,775 (4,789) (4,789) (4,789) (329) (329) (329) (9,236) (9,236) (186) (9,422) 104,181 104,181 134 104,315 5,099 (1,286) 901,585 (117,644) 104,181 1,118,112 153 1,118,265 Total Cash flow Actuarial gains Retained Translation Profit (loss) for Minority Total net Shareholders' hedge reserve and losses earnings differences the period interests equity equity 2,856 (3,071) 904,374 (123,290) 145,374 1,150,002 222 1,150,224 145,374 (145,374) - - - - (108,207) (108,207) (65,302) (65,302) (65,302) 4,569 4,569 8,046 5,036 (100) 4,936 3,340 330 330 4,727 4,727 4,727 (21) (21) (100) (121) (1,703) 2,327 (91,311) 74,423 (16,264) 124 (16,140) (1,703) (1,703) (1,703) 2,327 2,327 2,327 (91,311) (91,311) (32) (91,343) 74,423 74,423 156 74,579 1,153 (744) 992,492 (214,601) 74,423 969,834 246 970,080 68 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements STATEMENT OF CONSOLIDATED CASH FLOWS First nine months First nine months (€ thousands) 2025 2024 OPERATING ACTIVITIES Net profit (loss) 74,579 104,315 Amortization, depreciation and impairment: - intangible fixed assets 81,821 77,137 - property, plant, and equipment 49,662 46,250 - right-of-use assets 105,684 96,887 Provisions, other non-monetary items and gain/losses from disposals 8,056 17,024 Group’s share of the result of associated companies (90) (283) Financial income and expenses 47,923 43,880 Current and deferred taxes 30,866 39,627 Cash flow from operating activities before change in net working capital 398,501 424,837 Utilization of provisions (6,101) (2,365) (Increase) decrease in inventories 1,680 (3,734) Decrease (increase) in trade receivables (2,277) 9,357 Increase (decrease) in trade payables (75,555) (49,324) Changes in other receivables and other payables (20,447) (38,021) Total change in assets and liabilities (102,700) (84,087) Dividends earned 291 - Interest received (paid) (42,643) (38,160) Taxes paid (31,765) (54,480) Cash flow generated from (absorbed by) operating activities (A) 221,684 248,110 INVESTING ACTIVITIES: Purchase of intangible fixed assets (45,344) (40,588) Purchase of tangible fixed assets (45,086) (59,261) Consideration from sale of non-current assets 253 814 Cash flow generated from (absorbed by) operating investing activities (B) (90,177) (99,035) Purchase of subsidiaries and business units net of cash and cash equivalents acquired or (58,561) (184,077) dismissed Increase (decrease) in payables for business acquisitions (5,462) 4,235 Cash flow generated from (absorbed by) acquisition activities (C) (64,023) (179,842) Cash flow generated from (absorbed by) investing activities (B)+(C) (154,200) (278,877) FINANCING ACTIVITIES: Increase (decrease) in financial payables 161,909 183,610 (Increase) decrease in financial receivables 18 24 Fees paid on medium and long-term loans (1,788) (104) Principal portion of lease payments (100,589) (96,112) Other non-current assets and liabilities 397 5,562 Dividend distributed (65,302) (65,593) Treasury shares purchase (108,207) (20,258) Capital increases and minority shareholders’ contributions and dividends paid to third (100) (382) parties by subsidiaries Cash flow generated from (absorbed by) financing activities (D) (113,662) 6,747 Net increase in cash and cash equivalents (A)+(B)+(C)+(D) (46,178) (24,020) 69 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements First nine months First nine months (€ thousands) 2025 2024 Cash and cash equivalents at beginning of period 288,834 193,148 Effect of exchange rate fluctuations on cash & cash equivalents (5,273) (2,353) Effect of asset disposals on cash & cash equivalents (74) - Flows of cash and cash equivalents (46,178) (24,020) Cash and cash equivalents at end of period 237,309 166,775 Related-party transactions relate to lease of the main office and certain stores, to recharges of maintenance costs and general services of the above-mentioned buildings and to commercial transactions, personnel costs and loans. Such operations are detailed in Note 17 “Transactions with parents and other related parties”. SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CONSOLIDATED CASH FLOWS The fair values of the assets and liabilities acquired are summarized in the table below: First nine months First nine months (€ thousands) 2025 2024 - Goodwill 49,055 137,452 - Customer lists 11,727 45,072 - Trademarks and non-competition agreements 2,167 1,508 - Other intangible fixed assets 2,155 4,470 - Property, plant, and equipment 2,564 9,087 - Right-of-use assets 7,933 9,746 - Current assets 5,719 15,964 - Provision for risks and charges (10) (1,865) - Current liabilities (9,316) (26,153) - Other non-current assets and liabilities (14,054) (22,113) - Third parties’ equity - 14,088 Total investments 57,940 187,256 Net financial debt acquired 3,290 3,517 Total business combinations 61,230 190,773 (Increase) decrease in payables through business acquisition 5,462 (4,235) Cash flow absorbed by (generated from) acquisitions 66,692 186,538 (Cash and cash equivalents acquired) (2,669) (6,696) Net cash flow absorbed by (generated from) acquisitions 64,023 179,842 70 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements NOTES 1. General Information The Amplifon Group is global leader in the distribution of hearing solutions and the fitting of customized products. The parent company Amplifon S.p.A. is based in Via Ripamonti 133, Milan, Italy. The Group is controlled directly by Ampliter S.r.l. (42.01% of share capital and 68.36% of voting rights as at), held by Amplifin S.r.l at 100%, which is owned at 88% by Susan Carol Holland. The Condensed Interim Consolidated Financial Statements as at 30 September 2025 was prepared in accordance with International Accounting Standards, as well as the implementation regulations set out in Article 9 of Legislative Decree no. 38 of 28 February 2005. These standards include the IAS and IFRS issued by the International Accounting Standard Board, as well as the SIC and IFRIC interpretations issued by the International Financial Reporting Interpretations Committee, which were endorsed in accordance with the procedure set out in Article 6 of Regulation (EC) no. 1606 of 19 July 2002 by 30 September 2025. The International Accounting Standards endorsed after that date and before the preparation of this report were adopted in the preparation of the condensed interim consolidated financial report only if early adoption is allowed by the Endorsing Regulation and the standard itself and if the Group had elected to do so. The Condensed Interim Consolidated Financial Statements as at 30 September 2025 does not include all the additional information required by the annual financial statements and must be read together with the annual consolidated financial statements of the Group as at 31 December 2024. The publication of the Condensed Consolidated Financial Statements of the Amplifon Group as at 30 September 2025 was authorized by a resolution of the Board of Directors of 29 October 2025 which approved their publication. According to the Consob Communication of 28 July 2006, it is specified that during the first nine months of 2025 the Group did not carry out atypical and/or unusual transactions, as defined by the Communication itself. 71 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 2. Impacts of trade tariffs, conflict in Middle East, Ukraine, macroeconomic environment and climate change on the Group’s performance and financial position In the third quarter of 2025 the complex macroeconomic and geopolitical environment remained volatile and complex. More in detail, conflicts intensified, especially in the Middle East, and there was an increase in volatility connected to the tightening of international trade policies, including the introduction and extension of tariffs by the United States. Toward this end, at the beginning of September the US government launched an investigation pursuant to “Section 232” of different categories of merchandise, including medical devices, in order to understand whether or not the importing of these devices poses a threat to national security. The outcome of this investigation, which should be completed within 270 days post-launch date, could justify the adoption of trade measures that could affect Group suppliers. Consequently, Amplifon continues to monitor the business environment constantly. Amplifon can count on solid mitigation levers including significant negotiation power, supplier diversification, relative flexibility of the suppliers in production logistics and, last but not least, the Group’s geographic diversification. There were new and significant escalations in the Middle East, with consequences for civilians. In October 2025, Israel and Hamas agreed upon a cease-fire which could help stabilize the region. Despite this, tensions remain between Israel and Iran, which could affect energy markets and global confidence. The Group’s presence, however, in this region is limited: the Group only has about 24 points of sale in Israel which generate sales equal to less than 1% of annual consolidated revenues, limited activities in nearby countries (Egypt) and does not have any direct or indirect business activities in Lebanon and Iran. The conflict between Ukraine and Russia also continues to be characterized by intense attacks on power grids and civil infrastructure. Meanwhile, periods of diplomatic stalemates and new economic sanctions from the West continue. The Group confirms that it has no business activities, direct or indirect, in either Ukraine, Russia or Byelorussia. The hearing aid market has historically shown great resilience even in times of economic crisis. This resilience is ascribed to the importance and non-discretional nature of hearing care, which remains a priority for consumers regardless of the economic conditions, along with the use of public/private insurances and consumer loans, which facilitate access to services and hearing aids, contributing to stable demand even in periods of economic uncertainty. However, consumer confidence continues to be impacted by the complexity of the current geopolitical and macroeconomic environment due to concerns, in Europe, about international trade policies, the general global economic uncertainties, as well as political instability in a few countries. In the United States there is concern, above all, about employment and inflation which causes consumers to postpone hearing aid purchases which, however, will still be needed at a later point in time. 72 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements With regard to climate change, the Group has launched its climate strategy based on Science- Based Target Initiative (SBTi) to reduce greenhouse gas emission and contribute to reaching the goals of the 2015 Paris Climate Agreement to combat climate change. More in detail, this strategy calls for a 42% reduction in the Group’s emission of direct greenhouse gases (Scope 1 and 2) by 2030 compared to 2023. In the same period of time the Group is committed to a 25% reduction in indirect or Scope 3 emissions, stemming more specifically from the purchase of goods and services, capital goods, production, transportation and distribution of energy consumed, incoming logistics of purchased goods, the home-work commuting of employees, leased goods, as well as the use of goods sold and produced by franchisees. The plan also stipulates that by 2030, circa 44% of its suppliers will have reduced the greenhouse gas emissions of the goods and services acquired based on climate science. As a result of its activities and business model, the Group has no significant exposure to the environmental risks connected to climate change. 73 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 3. Acquisitions and goodwill In the first nine months of 2025 the Group continued with its strategy to balance external and internal growth and acquired 235 clinics, comprising 183 in Europe, 26 in North America, 22 in China and 4 in Australia. The total investment, including the indebtedness consolidated and the best estimate of the net change in the earn-out linked to sales and profitability targets payable over the next few years, amounted to €58.561 thousand. The changes in goodwill and amounts recognized as a result of the acquisitions made in the period are reported in the table below and shown by groups of Cash Generating Units. Net carrying Net carrying Business value at Disposals Impairment Other net changes value at combinations (€ thousands) 12/31/2024 09/30/2025 EMEA 1,031,163 36,126 - - (1,406) 1,065,883 AMERICAS 313,631 9,900 - - (34,293) 289,238 APAC 600,701 3,029 - - (35,568) 568,162 Total 1,945,495 49,055 - - (71,267) 1,923,283 “Business combination” refers to the temporary allocation to goodwill of the portion of the purchase price paid, including deferments and contingent consideration (earn-outs), which is not directly attributable to the fair value of assets and liabilities, but is based on the positive contribution to cash flows that is expected to be made for an indefinite period of time. “Other net changes” refers almost entirely to foreign exchange differences. Identification of the Groups of Cash Generating Units For the purpose of monitoring recoverable value, the total goodwill stemming from the cost incurred for a business combination is allocated to groups of Cash Generating Units; these groups of Cash Generating Units are identified by region and benefit from synergies, as well as shared policies, and are autonomous in the management and use of resources. The assets allocated to the groups of Cash Generating Units and the methods used to determine these groups are the same as those applied to the financial Statements as at 31 December 2024. The groups of Cash Generating Units recognized for the purposes of impairment test include: • EMEA which includes Italy, France, the Netherlands, Germany, Belgium, Switzerland, Spain, Portugal, the UK, Hungary, Poland, Israel and Egypt; • AMERICAS which includes both the single businesses through which operations are carried out in the US market (Franchising, Retail and Managed Care) and the countries Canada, Argentina, Chile, Mexico, Panama, Ecuador, Colombia and Uruguay; • APAC which includes Australia, New Zealand, India and China. 74 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements The recoverable value of goodwill is determined based on the value in use or, if the latter is less than book value, on fair value. No impairment loss was identified as a result of the impairment tests conducted on 31 December 2024. The Group tests for impairment of goodwill once a year and in the event of any impairment indicators. In the first nine months of 2025, the Group recorded revenues which were largely in line with the same period of 2024, albeit with different dynamics across the three regions: • EMEA: revenue growth, with acceleration in the third quarter, in the context of weak consumer confidence. • AMERICAS: solid, above-market, performance at constant exchange rates, but penalized by the translation in Euro due to the exchange effect. • APAC: revenues affected by weak consumer confidence, exit from the non-core wholesale business and closure of select non-performing clinics in China, in addition to the negative exchange effect. Profitability came in at 22.7%, down compared to 23.6% in the same period of 2024 due mainly to decreased operating leverage and the dilution stemming from the American (Miracle-Ear Direct Retail). Looking at the budget, gaps were reported by both the Group and the single regions. The sensitivity analyses carried out during impairment testing on 31 December 2024 showed that all the Groups of Cash Generating Units had ample headroom capable of absorbing significant changes in the basic parameters and future cash flows. In order to understand if the headroom verified at 31 December 2024 was enough to cover the budget gaps, and if there were, consequently, any indicators of impairment, the impairment tests were reperformed for all groups of cash-generating units. New discount rates (WACC) and growth rates, updated using data available at 30 September 2025, were both applied to the same business plan used at 31 December 2024 based on total cash flows which were adjusted and decreased by a percentage equal to the negative budget gap reported in September 2025. Based on the impairment tests, all geographic regions have headroom sufficient to absorb further significant changes in future cash flows. Based on the above, no indicators of impairment emerged at 30 September and, therefore, no specific impairment test was then carried out. For the purposes of goodwill valuation, reference should be made to the impairment test reported on in the Annual Report 2024. The budget/business plan 2026-2028 is, furthermore, in the process of being finalized and, as usual, will be used to conduct the annual impairment test for 2025. 75 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements A summary of the book value and the fair value of assets and liabilities, deriving from the temporary allocation of the purchase price made as a result of business combinations and the purchase of minority interests in subsidiaries, is provided in the following table. EMEA Americas APAC Total (€ thousands) Cost of acquisitions of the period 9,056 5,740 43,144 57,940 Assets and liabilities acquired – Book value Current assets 2,404 601 45 3,050 Current liabilities (4,004) (2,584) (453) (7,041) Net working capital (1,600) (1,983) (408) (3,991) Other intangible, tangible and right-of-use assets 7,189 3,771 1,691 12,651 Provision for risks and charges (10) - - (10) Other non-current assets and liabilities (4,053) (1,111) (671) (5,835) Non-current assets and liabilities 3,126 2,660 1,020 6,806 Net invested capital 1,526 677 612 2,815 Net financial position 1,103 (1,724) - (621) NET EQUITY ACQUIRED - BOOK VALUE 2,629 (1,047) 612 2,194 DIFFERENCE TO BE ALLOCATED 10,103 5,128 55,746 40,515 ALLOCATIONS Trademarks and licenses 13 - - 13 Non-compete agreements 406 776 972 2,154 Customer lists 9,108 898 1,721 11,727 Contract liabilities - Short and long-term (4,215) (1,471) (275) (5,961) Deferred tax assets 499 848 77 1,424 Deferred tax liabilities (1,422) (848) (396) (2,666) ALLOCATIONS 4,389 203 2,099 6,691 GOODWILL 36,126 9,900 3,029 49,055 76 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 4. Intangible fixed assets with finite useful life The following table shows the changes in intangible assets. Accumulated Accumulated amortization amortization Historical cost Net book value Historical cost Net book value and write- and write- at 12/31/2024 at 12/31/2024 at 09/30/2025 at 09/30/2025 downs at downs at (€ thousands) 12/31/2024 09/30/2025 Software 356,982 (220,799) 136,183 373,374 (246,080) 127,294 Licenses 35,392 (26,093) 9,299 39,994 (30,603) 9,391 Non-competition agreements 23,601 (19,300) 4,301 26,256 (19,742) 6,514 Customer lists 524,674 (316,879) 207,795 522,602 (340,284) 182,318 Trademarks and concessions 94,720 (56,145) 38,575 92,144 (59,144) 33,000 Other 18,378 (6,113) 12,265 22,899 (10,001) 12,898 Fixed assets in progress and 19,942 - 19,942 21,473 - 21,473 advances Total 1,073,689 (645,329) 428,360 1,098,742 (705,854) 392,888 Net book Other Net book Business value at Investments Disposals Amortization Impairment net value at combinations (€ thousands) 12/31/2024 changes 09/30/2025 Software 136,183 12,958 - (35,539) - - 13,692 127,294 Licenses 9,299 3,456 - (4,422) 13 - 1,045 9,391 Non-competition 4,301 3,423 - (4,474) 2,154 (27) 1,137 6,514 agreements Customer lists 207,795 - - (31,071) 11,727 (37) (6,096) 182,318 Trademarks and 38,575 - - (5,161) - - (414) 33,000 concessions Other 12,265 460 - (1,096) 2,027 - (758) 12,898 Fixed assets in progress and 19,942 25,047 - - 128 6 (23,650) 21,473 advances Total 428,360 45,344 - (81,763) 16,049 (58) (15,044) 392,888 The investments in intangible assets (€45,344 thousand) are related to investments in digitalization and information technology. The constant focus on the customer and the goal to increase control of operations fueled the significant work done on both technological infrastructures through the Symphony project, focused on providing customers with a highly personalized experience, as well as on the optimization of in-store systems and tools to support the Amplifon Product Experience, which has redefined Amplifon’s entire customer journey, including through clinic renovation. At the same time substantial work was also done on operating and back-office processes, with significant focus on procurement systems and centralizing Group procurement. 77 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements The change in “Business combinations” comprises: - For €9,732 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - For €3,624 thousand the temporary allocation of the price paid for acquisitions made in Americas; - For €2,693 thousand the temporary allocation of the price paid for acquisitions made in APAC. The item “impairment” includes, for €37 thousand, the impairment of customer lists, following the closure of low-performing clinics, as part of a program (Fit4Growth) to strengthen margins and reinforce competitiveness. The item "Other net changes" is explained almost entirely by foreign exchange differences and the reclassification of work in progress completed in the period. 78 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 5. Property, plant, and equipment The following table shows the changes in property, plant, and equipment. Accumulated Accumulated amortization amortization Historical cost Net book value Historical cost Net book value and write- and write- at 12/31/2024 at 12/31/2024 at 09/30/2025 at 09/30/2025 downs at downs at (€ thousands) 12/31/2024 09/30/2025 Land 165 - 165 165 - 165 Buildings, constructions and 371,383 (242,117) 129,266 386,802 (257,100) 129,702 leasehold improvements Plant and machines 47,495 (37,922) 9,573 46,325 (38,085) 8,240 Industrial and commercial 97,332 (74,844) 22,488 102,541 (79,322) 23,219 equipment Motor vehicles 1,416 (765) 651 1,531 (939) 592 Computers and office 103,003 (78,749) 24,254 104,357 (84,586) 19,771 machinery Furniture and fittings 154,918 (109,838) 45,080 161,248 (114,070) 47,178 Other tangible fixed assets 6,439 (4,618) 1,821 7,594 (5,867) 1,727 Fixed assets in progress and 20,626 - 20,626 18,016 - 18,016 advances Total 802,777 (548,853) 253,924 828,579 (579,969) 248,610 Net book Other Net book Business value at Investments Disposals Amortization Impairment net value at combinations (€ thousands) 12/31/2024 changes 09/30/2025 Land 165 - - - - - - 165 Buildings, constructions and 129,266 11,864 (78) (21,288) 580 (740) 10,098 129,702 leasehold improvements Plant and machines 9,573 192 (19) (2,126) 228 (65) 457 8,240 Industrial and commercial 22,488 3,050 (58) (5,619) 400 (90) 3,048 23,219 equipment Motor vehicles 651 - (38) (120) 38 (6) 67 592 Computers and office 24,254 3,398 (10) (9,419) 352 (52) 1,248 19,771 machinery Furniture and fittings 45,080 3,360 (2) (9,350) 493 (282) 7,879 47,178 Other tangible fixed assets 1,821 21 (7) (478) 440 (27) (43) 1,727 Fixed assets in progress and 20,626 23,201 - - 33 - (25,844) 18,016 advances Total 253,924 45,086 (212) (48,400) 2,564 (1,262) (3,090) 248,610 The investments of the reporting period (€45,086 thousand) refer primarily to the opening of new clinics and renewal of existing ones, as well as to the purchase of hardware needed for the implementation of Group Information Technology projects previously described. The change in “Business combinations” comprises: - For €1,735 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - For €244 thousand, the temporary allocation of the price paid for acquisitions made in Americas; 79 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements - For €585 thousand, the temporary allocation of the price paid for acquisitions made in APAC. The item “impairment” includes mainly, for €1,178 thousand, the impairment of buildings, construction and leasehold improvements, computers and office machinery, furniture and fittings, following the closure of a first group of low performing clinics, as part of a program (Fit4Growth) to strengthen margins and reinforce the company’s competitiveness. “Other net changes” is explained primarily by foreign exchange differences recorded in the reporting period and the reclassification of work in progress completed in the period. 6. Right-of-use assets Right-of-use assets are reported here below: Accumulated Accumulated amortization amortization Historical cost Net book value Historical cost Net book value and write- and write- at 12/31/2024 at 12/31/2024 at 09/30/2025 at 09/30/2025 downs at downs at (€ thousands) 12/31/2024 09/30/2025 Stores and offices 955,892 (483,899) 471,993 996,036 (546,006) 450,030 Motor vehicles 35,504 (17,687) 17,817 37,296 (20,395) 16,901 Electronic machinery 4,368 (2,114) 2,254 5,239 (2,917) 2,322 Total 995,764 (503,700) 492,064 1,038,571 (569,318) 469,253 Net book Other Net book value at Business net value at (€ thousands) 12/31/2024 Increase Decrease Depreciation combinations Impairment changes 09/30/2025 Stores and offices 471,993 90,153 (13,417) (96,190) 7,792 (2,098) (8,203) 450,030 Motor vehicles 17,817 5,842 (261) (6,402) 136 - (231) 16,901 Electronic machinery 2,254 1,212 (13) (994) 5 - (142) 2,322 Total 492,064 97,207 (13,691) (103,586) 7,933 (2,098) (8,576) 469,253 The increase in right of use assets (€97,207 thousand) acquired in the period is explained by the renewal of existing leases and the network expansion. The change in “business combinations” comprises: - for €5,248 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - for €1,578 thousand, the temporary allocation of the price paid for acquisitions made in Americas; - for €1,107 thousand, the temporary allocation of the price paid for acquisitions made in APAC. The item “impairment” relates entirely to the impairment of right-of-use assets of low- performing clinics that were closed as part of a program (Fit4Growth) to strengthen margins and reinforce the company’s competitiveness. “Other changes” refers mainly to foreign exchange differences recorded in the reporting period. 80 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 7. Other non-current assets Balance at 09/30/2025 Balance at 12/31/2024 Change (€ thousands) Long-term financial receivables 5,143 6,120 (977) Asset Plans and other restricted amounts 1,754 1,637 117 Other non-current assets 30,795 45,127 (14,332) Total 37,692 52,884 (15,192) “Other non-current assets” amounted to €37,692 thousand on 30 September 2025 (€52,884 thousand on 31 December 2024). The change in “Other non-current assets” compared to the prior reporting period is explained mainly by the reclassification of the super-bonus tax credits, granted in accordance with Articles 119 and 121 of Law Decree 34/2020, purchased and recognized in 2024, as current assets. These credits (and the related payments) are recognized at amortized cost and when utilized any remaining difference between the value at amortized cost and the nominal offsetting amount is recognized as financial income. In the first nine months of 2025: - As per the joint agreements between Amplifon S.p.A. and Amplifon Italia S.p.A. stipulated on 20 December 2024, credits with a nominal value of €15,942 thousand were transferred against consideration of €14,986 thousand (recognized in “Other receivables” of current assets) which can be totally used (and reimbursed by the assigning bank) in 2025 (as per current tax laws, these credits may be used to offset the payment of taxes, withholding and social charges); - Credits used for offsetting during the first nine months of 2025 amounted to €32,835 thousand; - The financial income, including also the actualization effect on the credits, amounted to €2,612 thousand while actualized financial expenses for payables (the agreements signed by Amplifon includes a credit reimbursement to the banks after the offset) amounted to €735 thousand. The current portion of the credits is recognized in “Other receivables” for €14,427 thousand on 30 September 2025, while the payables for the settlement of these receivables are classified under “Other payables” for €20,802 thousand and the non-current portion is recognized in “Other long-term liabilities” for €3,636 thousand. Based on the joint agreements with a top-tier financial institution, signed on 20 December 2024, and subsequent amendments, Amplifon S.p.A. and Amplifon Italia S.p.A. jointly got involved in the purchase of an additional €39.7 million in Superbonus tax credits for the period 2026-2027 (respectively €31.9 million in 2026 and €7.8 million in 2027), at a total consideration of €37.5 million. 81 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements According to the contractual conditions, these credits will be transferred to Amplifon (and paid to the transferring bank) at the time of use and, therefore, are not recorded in the balance sheet as of September 30, 2025. 8. Share capital and treasury shares As at 30 September 2025, the share capital comprised 226,388,620 ordinary shares with a par value of €0.02 fully subscribed and paid in, unchanged with respect to 31 December 2024. A total of 5,655,753 treasury shares was purchased in 2025, 5,655,753 of which in the context of the buy-back program (disclosed to the market on 19 May 2025 and concluded in August 2025), for a total cash-out of €99,944 thousand. Overall, during the period under review, the purchase of treasury shares involved a total investment of €108,207 thousand. During the first nine months of 2025, a total of 272,864 shares were transferred following the exercise of performance stock grants. As at 30 September 2025, a total of 6,451,138 treasury shares, equal to 2.850% of the Company’s share capital, was held. Information on the treasury shares held is provided in the following table. Average purchase price (Euro) No. of treasury Total amount shares (€ thousands) FV of transferred rights (Euro) Held at 12/31/2024 1,068,249 27.482 29,358 Purchases 5,655,753 19.132 108,207 Transfers due to exercise of performance stock grants (272,864) 20.459 (5,582) Held at 09/30/2025 6,451,138 20.459 131,983 82 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 9. Net financial indebtedness The Group’s net financial indebtedness, including lease liabilities, prepared in accordance with the ESMA guideline 32-382-1138 of 4 March 2021 and CONSOB’s Warning Notice n. 5/21 of 29 April 2021, is shown below. (€ thousands) 09/30/2025 12/31/2024 Change A Cash 237,309 288,834 (51,525) B Cash equivalent - - - C Short term investments - - - D Total Cash, Cash Equivalents and Short-Term Investments (A+B+C) 237,309 288,834 (51,525) Current financial payables (including bonds, but excluding current E 173,629 140,008 33,621 portion of medium/long-term debt) - Other financial payables and bank overdrafts 173,742 139,765 33,977 - - Hedging derivatives (113) 243 (356) F Current portion of medium/long-term financial debt 256,362 276,985 (20,623) - Financial accruals and deferred income 8,858 6,771 2,087 - Payables for business acquisitions 7,377 11,510 (4,133) - Bank borrowings 112,981 131,964 (18,983) - Lease Liability – current portion 127,146 126,740 406 G Current Financial Indebtedness (E+F) 429,991 416,993 12,998 H Net Current Financial Indebtedness (G-D) 192,682 128,159 64,523 I Non current financial payables 1,127,556 997,983 129,573 - Bank borrowings – Non current portion 755,531 604,501 151,030 - Payables for business acquisitions – Non current portion 3,619 5,885 (2,266) - Lease Liability – Non current portion 368,406 387,597 (19,191) J Bonds 350,000 350,000 - - Eurobond 2020-2027 350,000 350,000 - K Trade and other non current payables - - - L Non Current Financial Indebtedness (I+J+K) 1,477,556 1,347,983 129,573 M Total Financial Indebtedness (H+L) 1,670,238 1,476,142 194,096 83 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements Excluding lease liabilities (€495,552 thousand as at 30 September 2025), net financial debt amounted to €1.174.686 thousand as at 30 September 2025, broken down as follows: 09/30/2025 12/31/2024 Change (€ thousands) Cash and Cash Equivalents 237,309 288,834 (51,525) Cash and Cash Equivalents 237,309 288,834 (51,525) Current Financial Indebtedness (excluding lease 302,845 290,253 12,592 liabilities) Net Current Financial Indebtedness (excluding lease 65,536 1,419 64,117 liabilities) Non-current Financial Indebtedness (excluding lease 1,109,150 960,386 148,764 liabilities) Total Financial Indebtedness (excluding lease liabilities) 1,174,686 961,805 212,881 In the first half of 2025 the last lines of credit subject to financial covenants expired or were repaid; consequently, the Group is no longer subject to any financial covenants. In the first nine months of 2025, Amplifon also closed the following transactions which are not subject to financial covenants: - in March 2025, Amplifon S.p.A. signed a 5-year, sustainability linked, credit facility with Intesa Sanpaolo totaling €175 million, comprised of a €100 million revolving credit line and a €75 million long term loan. The new financing was used to refinance, and increase, a pre-existing line expiring in 2026; - in April 2025, Amplifon S.p.A. finalized a sustainability-linked facility with Banco BPM for a total amount of €100 million, comprised of a €50 million revolving credit line and a long-term credit line of the same amount. The new facility was used to refinance expiring credit lines; - in June 2025, Amplifon S.p.A. signed a €75 million, 5-year, sustainability-linked, credit facility with ING Italia; - in June 2025, Amplifon S.p.A. also signed a €50 million, 5-year, sustainability-linked facility with Banca Popolare di Sondrio, comprised of a €30 million revolving credit line and a €20 million long-term line. The new financing was used to refinance, and increase, expiring credit lines; - In July 2025, EIB issued a tranche of €75 million of the loan signed in 2023, bringing the unused and still available portion to €150 million Long-term debt, net of lease liabilities, amounted to €1,109,150 thousand at 30 September 2025 (€960,386 thousand at 31 December 2024), showing an increase of €148,764 thousand explained by the new financing agreements signed in the reporting period, net of the reclassification of short-term portions of the existing debt. Short-term debt, excluding lease liabilities, increased by €64,117 thousand, going from €1,419 thousand at 31 December 2024 to €65,536 thousand at 30 September 2025. 84 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements More in detail, short-term debt comprises primarily other bank debt for €173,095 thousand including the hot money accounts and the utilization of other short-term credit lines, the short- term portion of long-term debt (€112,981 thousand), the interest payable on the Eurobond (€2,470 thousand) on other bank loans (€6,389 thousand), comprehensive of the short-term lines, and, lastly, the best estimate of the deferred payments for acquisitions (€7,377 thousand), net of €237,309 thousand in total liquidity. The Group has €480 million in unutilized irrevocable credit lines which, along with the unutilized portion of the loan signed with the European Investment Bank amounting to €150 million, €206 million in other available uncommitted credit lines, and the cash generation expected for 2025, make it possible to maintain the liquidity needed to satisfy current obligations, support business needs, as well as take advantage of any investment opportunities that might materialize. Bank loans and the Eurobond 2020-2027 are shown in the statement of financial position as follows: a. under the item “medium/long-term financial liabilities”: Balance at 09/30/2025 (€ thousands) Eurobond 2020-2027 350,000 Loan with the European Investment Bank 200,000 Other medium/long-term debt 555,531 Fees on Eurobond 2020-2027 and bank loans (1,952) Medium/long-term financial liabilities 1,103,579 b. under the item “financial payables (current)”. Balance at 09/30/2025 (€ thousands) Bank overdraft and other short-term debt (including current portion of other long-term debt) 286,076 Other financial payables 8,858 Fees on bank loans (1,305) Short-term financial liabilities 293,629 All the other items in the net financial position table can be easily referred to in the financial consolidated statements. 85 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 10. Financial liabilities The financial liabilities breakdown is as follows: Balance at Balance at Change (€ thousands) 09/30/2025 12/31/2024 Eurobond 2020-2027 350,000 350,000 - Loan with European Bank of Investments 200,000 125,000 75,000 Other medium long-term bank loans 555,531 479,501 76,030 Fees on Eurobond 2020-2027 and bank loans (1,952) (2,218) 266 Total long-term financial liabilities 1,103,579 952,283 151,296 Short term debt 293,629 277,518 16,111 - of which current portion of short-term bank loans 112,981 131,964 (18,983) - of which debts for account overdrafts and other short-term liabilities 173,095 139,765 33,330 - of which fees on bank loans (1,305) (1,233) (72) Total short-term financial liabilities 293,629 277,518 16,111 Total financial liabilities 1,397,208 1,229,801 167,407 The main financial liabilities are detailed below. - Eurobond 2020-2027 This is a €350,000 thousand 7-year non-convertible bond with a fixed annual coupon of 1.125% that is listed on the Luxembourg Stock Exchange’s unregulated market. Nominal value Euro interest rate after Issue Date Debtor Maturity Nominal interest rate (*) (€/000) hedging 02/13/2020 Amplifon S.p.A. 02/13/2027 350,000 1.125% N/A Total in Euro 350,000 (*) The nominal interest rate is equal to the mid swap plus a spread. 86 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements - Bank loans These are the main bilateral and pooled loans which are detailed below: Debt Swap rate + Nominal Oustanding Rate in Fixed Final rate in Issue Date Debtor Type Maturity hedged applicable value (€/000) debt (€/000) use (*) rate use (€/000) margin (**) Amplifon 12/23/2021 Amortizing 12/23/2026 210,000 126,000 2.84% 126,000 0.96% 0.96% S.p.A. Amplifon 12/15/2023 Amortizing 12/15/2032 75,000 75,000 3.65% 3.65% 3.65% S.p.A. Amplifon 06/27/2024 Amortizing 06/27/2033 50,000 50,000 3.90% 3.90% 3.90% S.p.A. Amplifon 06/30/2024 Amortizing 09/30/2029 50,000 47,059 3.66% 47,059 3.25% 3.25% S.p.A. Amplifon 10/15/2024 Amortizing 10/15/2029 200,000 200,000 3.28% 100,000 3.43% 3.28% (***) S.p.A. Amplifon 12/19/2024 Amortizing 12/19/2029 75,000 75,000 3.70% 75,000 3.28% 3.28% S.p.A. Amplifon 03/12/2025 Amortizing 03/12/2030 75,000 75,000 3.11% 3.11% S.p.A. Amplifon 04/01/2025 Amortizing 03/31/2030 50,000 50,000 3.17% 3.17% S.p.A. Amplifon 06/18/2025 Amortizing 06/12/2030 75,000 75,000 2.94% 2.94% S.p.A. Amplifon 06/27/2025 Amortizing 06/30/2030 20,000 20,000 3.04% 3.04% S.p.A. Amplifon 07/01/2025 Amortizing 07/03/2034 75,000 75,000 3.28% 3.28% S.p.A. Total 955,000 868,049 348,059 (*) The nominal interest rate comprises the benchmark rate (Euribor) plus the applicable spread. (**) An Interest Rate Swap was used to hedge these loans against interest rate risk at the IRS rate plus a spread. (***) The rate for the €100 million tranche of this loan is 3.43% and for the remaining portion of € 100 million is at fixed rate of 3.28%. 87 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 11. Provision for risks and charges Provisions for risks and charges amounted to €22,341 thousand, compared to €23,328 thousand recorded on 31 December 2024. The provisions for risks as at 30 September 2025 are detailed below: 09/30/2025 12/31/2024 Change (€ thousands) Product warranty provision - 1,416 (1,416) Contractual risk provision 140 3,399 (3,259) Agents’ leaving indemnity 14,267 13,515 752 Other risk provisions 3,163 2,595 568 Total Long-term provision for risks and charges 17,570 20,925 (3,355) Product warranty provision 961 215 746 Other provisions for risks 3,810 2,188 1,622 Total Short-term provision for risks and charges 4,771 2,403 2,368 Total provision for risks and charges 22,341 23,328 (987) 12. Lease liabilities The lease liabilities stem from long-term leases and rental agreements. These liabilities are equal to the present value of future instalments payable over the lease term. The finance lease liabilities are shown in the statement of financial position as follows: 09/30/2025 12/31/2024 Change (€ thousands) Short term lease liabilities 127,146 126,740 406 Long term lease liabilities 368,406 387,597 (19,191) Total lease liabilities 495,552 514,337 (18,785) During the reporting period, the following costs have been booked in profit and loss. First nine months (€ thousands) 2025 Interest charges on leased assets (15,526) Right-of-use depreciation (103,586) Costs for short-term leases and leases for low value assets (14,643) 88 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 13. Revenues from sales and services First nine months First nine months Change (€ thousands) 2025 2024 Revenues from sale of products 1,506,905 1,521,997 (15,092) Revenues from services 236,918 222,836 14,082 Total revenues from sales and services 1,743,823 1,744,833 (1,010) Goods and services provided at a point in time 1,506,905 1,521,997 (15,092) Goods and services provided over time 236,918 222,836 14,082 Total revenues from sales and services 1,743,823 1,744,833 (1,010) Consolidated revenues from sales and services amounted to €1,743,823 thousand in the first nine months of 2025, substantially aligned (-0.1%) with the compared period. The negative variation of €1,010 thousand is mainly attributable to exchange rate fluctuations which had a negative impact of €32,688 thousand (-1.9%) and to the negative contribution of the organic performance for €4,892 thousand (-0.3%). The changes in perimeter contributed positively overall for €36,570 thousand (+2.1%). 14. Operating costs, depreciation and impairment, financial income- expenses and taxes Operating costs amounted to €1,356,320 thousand in the first nine months of 2025 (€1,342,180 thousand in the first nine months of 2024), an increase of €14,140 thousand (+1.1%) against the comparison period. “Amortization, depreciation and impairment” amounted to €237,167 thousand as at 30 September 2025, higher than the €220,274 thousand recorded in the first nine months of 2024. In the context of the program (Fit4Growth) to strengthen margins and reinforce the company’s competitiveness the following costs were incurred: - €3,229 thousand related to employee severance and incentives; - €1,096 thousand related to consultancies and other costs; - €3,313 thousand related to the impairment of property, plant and equipment, intangible assets and right-of-use assets (refer to notes 4, 5 and 6). “Financial income, expenses and value adjustments to financial assets” came to €47,833 thousand in the first nine months of 2025 (€43,597 thousand in the first nine months of 2024). Financial expenses were €4,236 thousand higher than in the first nine months of 2024 due mainly to the higher interest payable on leases, higher interest payable as a result of increased financial debt, the impact of exchange differences during the reporting period partially offset by the minor positive impact of inflation accounting on the Argentinian subsidiary and lower financial gains coming from the accounting of the deferred payments related of tax credits discounts in accordance with Articles 119 and 121 of Legislative Decree 34/2020. 89 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements Current and deferred tax amounted to €30,866 thousand in the first nine months of 2025, compared to €39,627 thousand in the first nine months of 2024. This figure reflects reassessment of estimated deferred tax in Australia which resulted in the recognition of a non- monetary charge of €2,738 thousand and in Germany which resulted in the recognition of a non- monetary benefit of €959 thousand. The tax rate was 29.3% in the reporting period versus 27.5% as at 30 September 2024. 15. Performance stock grants On 7 May 2025, Amplifon S.p.A.’s Board of Directors resolved, as recommended by the Remuneration and Appointments Committee, pursuant to Art. 84 bis, paragraph 5 of Consob Regulation n. 11971/99, as amended, to assign 931,950 rights under the first cycle of Stock Grant Plan 2025-2027 at the end of the three-year vesting period. The stock grants assigned in the reporting period had a unit fair value of €17.34. The fair value was determined based on the following assumptions: Valuation model Binomial Tree (Cox-Ross-Rubinstein method) Price at grant date €17.86 KPI - € Exercise price 0.00 Volatility (3 years) 33.00% Risk-free interest rate 1.974% Maturity (in years) 3 Vesting date 3 months after the Board of Directors approves the draft consolidated financial statements at 31.12.28. Dividend yield expected 1.0122% The notional cost of this assignment cycle recognized in the income statement at 30 September 2025 amounted to €1,202 thousand. Sustainable value sharing plan 2022-2027 Amplifon S.p.A.’s Board of Directors resolved, as recommended by the Remuneration and Appointments Committee, pursuant to Art. 84 bis, paragraph 5 of Consob Regulation n. 11971/99, as amended, to assign a maximum of 109,200 rights under the Sustainable Value Sharing Plan 2022-2027, reserved for the Chief Executive Officer and Group Executives with Strategic Responsibilities (the Beneficiaries), as described in the Informational Document approved during the Shareholders’ Meeting held on 21 April 2023. The Scheme is a composite incentive instrument comprising two distinct phases, “Phase A” and “Phase B”. The second phase (“Phase B”) is dependent on the outcome of “Phase A”: - Phase A: if the MBO Target established under the MBO Plan, applicable in the prior year (the 2025 assignment refers to the MBO target for 2024) is achieved, the beneficiaries 90 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements receive a certain number of rights (the Co-Invested Rights) which allow the beneficiaries to receive shares at the end of the vesting period of Phase B referred to below, or at an earlier time in the event that Phase B does not reach maturity; - Phase B: if, in a given year, the beneficiaries receive Co-invested Rights by virtue of the mechanism described above, the beneficiaries will participate in an additional and separate incentive tool based on financial instruments, under which the Company assigns additional rights, equal in number to the Co-invested Rights. This will allow the beneficiaries to receive shares (the “Matched Rights”) provided that certain performance targets, linked to value creation and the Group’s sustainable success, are achieved. With regard to the Sustainable Value Sharing Plan 2022-2027 reserved for the Chief Executive Officer and Group Executives with Strategic Responsibilities, the conversion of the vested MBO resulted in the assignment of 23,100 Co-Invested Rights and 23,100 Matched Rights. The fair value was determined based on the following assumptions: PHASE A PHASE B Binomial Tree (Cox-Ross-Rubinstein method) Valuation model Binomial Tree (Cox-Ross-Rubinstein method) FV €17.86 6.92 € KPI - € ESG/TSR Exercise price 0.00 0.00 Volatility (3 years) 33.00% 33.00% Risk-free interest rate 1.974% 1.974% Maturity (in years) 3 3 3 months after the Board of Directors approves 3 months after the Board of Directors approves Vesting date the draft consolidated financial statements at the draft consolidated financial statements at 31.12.28. 31.12.28. Dividend yield expected 1.0122% 1.0122% 91 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 16. Earnings (loss) per share Earning (loss) per share Basic earnings (loss) per share is obtained by dividing the net profit for the year attributable to the ordinary shareholders of the parent company by the weighted average number of shares outstanding in the period, considering purchases and disposals of own shares as cancellations and issues of shares. Earnings per share are determined as follows: First nine months First nine months Earnings per share 2025 2024 Net profit (loss) attributable to ordinary shareholders (€ thousand) 74,423 104,181 Average number of shares outstanding in the period 223,366,637 225,934,134 Average number per share (€ per share) 0.33319 0.46111 Diluted earnings (loss) per share Diluted earnings (loss) per share is obtained by dividing the net profit for the period attributable to the ordinary shareholders of the parent by the weighted average number of shares outstanding during the year adjusted by the diluting effects of potential shares. In the calculation of shares outstanding, purchases and sales of treasury shares are considered as cancellation or issue of shares. The potential ordinary share categories stems exclusively from the Group’s treasury shares. First nine months First nine months Weighted average diluted number of shares outstanding 2025 2024 Average number of shares outstanding in the period 223,366,637 225,934,134 Weighted average of potential and diluting ordinary shares 3,021,983 1,705,974 Weighted average of shares potentially subject to options in the period 226,388,620 227,640,108 The diluted earnings per share were determined as follows: First nine months First nine months Diluted earnings per share 2025 2024 Net profit attributable to ordinary shareholders (€ thousand) 74,423 104,181 Average number of shares outstanding in the period 226,388,620 227,640,108 Average diluted earnings per share (€) 0.32874 0.45766 92 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 17. Transactions with parents and other related parties The parent company, Amplifon S.p.A. is based in Via Ripamonti 133, Milan, Italy and it’s controlled directly by Ampliter S.r.l. (42.01% of share capital and 68.36% of voting rights), held for a 100.0% by Amplifin S.r.l., which is owned at 88% by Susan Carol Holland. The transactions with related parties, including intercompany transactions, do not qualify as atypical or unusual, and fall within the Group’s normal course of business and are conducted at arm’s length as dictated by the nature of the goods and services provided. The following table details transactions with related parties: 09/30/2025 First nine months 2025 Revenues Interest for sales income Other Other and Operating and (€ thousands) Trade receivables Trade payables receivables assets services (costs)/revenues expense Amplifin S.r.l. - - - - - (38) - Totale – Società controllante - - - - - (38) - Comfoor BV (The Netherlands) 46 1,448 - - - (1,212) - Ruti Levinson Institute Ltd (Israel) 36 - - - - - - Afik - Test Diagnosis & Hearing 62 - - 13 - - - Aids Ltd (Israel) Total – Other related parties 144 1,448 - 13 - (1,212) - Total related parties 144 1,448 - 13 - (1,250) - Total as per financial statements 224,608 297,085 119,365 37,690 1,743,823 (1,356,320) (26,487) % of financial statements total 0.06% 0.49% 0.00% 0.04% 0.00% 0.09% 0.00% The trade and other receivables refer primarily to the trade receivables due by associates (mainly in Israel) who act as resellers and to which the Group supplies hearing aids and other related products. The trade payables and operating costs refer primarily to commercial transactions with Comfoor BV, a joint venture from which hearing protection devices are purchased and then distributed in Group clinics. The lease for the Milan headquarters (leased to Amplifon S.p.A. by the parent company Amplifin S.r.l.) is recognized under right-of-use depreciation for per €1,380 thousand, interest on leases for €292 thousand, lease liabilities of €8,934 thousand, and right-of-use asset of €7,820 thousand. 93 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 18. Contingent liabilities Currently the Group is not exposed to any particular risks, uncertainties or legal disputes in excess of the provisions already made in the financial statements, shown in Note 11 “Provision for risk and charges”. The usual tax audits are currently underway, and no findings of note have been reported so far and the Group is, at any rate, confident in the adequacy of the measures implemented. 19. Financial risk management As this condensed consolidated interim financial report does not include all the additional information that is mandatorily included in the Annual Report relating to the management of financial risk, for a detailed analysis of financial risk management reference should be made to the Group’s 2024 Annual Report. 94 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 20. Translation of foreign companies’ financial statements The exchange rates used to translate non-Euro zone companies’ financial statements are as follows: 30 September 2025 2024 30 September 2024 As at As at Average exchange As at 30 Average exchange rate 30 September 31 December rate September Panamanian balboa 1.1188 1.1741 1.0389 1.0871 1.1196 Australian dollar 1.7447 1.7760 1.6772 1.6415 1.6166 Canadian dollar 1.5638 1.6346 1.4948 1.4787 1.5133 New Zealand dollar 1.9131 2.0257 1.8532 1.7832 1.7616 Singapore dollar 1.4646 1.5145 1.4164 1.4539 1.4342 US dollar 1.1188 1.1741 1.0389 1.0871 1.1196 Hungarian forint 401.5400 390.2600 411.3500 391.2500 396.8800 Swiss franc 0.9393 0.9364 0.9412 0.9581 0.9439 Egyptian pound 55.7282 56.3520 52.8202 47.7407 54.1396 Israeli New shekel 3.9291 3.8786 3.7885 4.0239 4.1491 Argentinian peso (*) 1593.7419 1593.7419 1070.8061 1082.8093 1082.8093 Chilean peso 1069.9600 1133.4500 1033.7600 1018.4400 1006.9300 Colombian peso 4614.6500 4602.0800 4577.5500 4328.4100 4676.6100 Mexican peso 21.7927 21.5314 21.5504 19.2951 21.9842 Uruguayan peso 46.4775 46.8343 45.4668 42.8203 46.6281 Chinese renminbi 8.0745 8.3591 7.5833 7.8248 7.8511 Indian rupee 96.8089 104.2548 88.9335 90.6822 93.8130 British pound 0.8506 0.8734 0.8292 0.8514 0.8354 Polish zloty 4.2405 4.2698 4.2750 4.3053 4.2788 (*) Argentina is a highly inflationary country. As requested by IAS 29, profit and loss items have been converted at the closing exchange rate. The average Argentine peso exchange rate as at 30 September 2025 is 1325.5987 and as at 30 September 2024 is 964.6541. 95 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 21. Segment Reporting In accordance with IFRS 8 “Operating Segments”, the schedules related to each operating segment are shown below. The Amplifon Group’s business (distribution and customization of hearing solutions) is organized into three specific geographical areas which comprise the Group’s operating segments: Europe, Middle-East and Africa - EMEA - (Italy, France, The Netherlands, Germany, the United Kingdom, Spain, Portugal, Switzerland, Belgium, Hungary, Egypt, Poland, and Israel), Americas (USA, Canada, Chile, Argentina, Ecuador, Colombia, Panama, Mexico and Uruguay) and Asia-Pacific (Australia, New Zealand, India, and China). The Group also operates via centralized Corporate functions (Corporate bodies, general management, business development, procurement, treasury, legal affairs, human resources, IT systems, global marketing and internal audit) which do not qualify as operating segments under IFRS 8. These areas of responsibility, which coincide with the geographical areas (the Corporate functions are recognized under EMEA), represent the organizational structure used by management to run the Group’s operations. The reports periodically analyzed by the Chief Executive Officer and Top Management are divided up accordingly, by geographical area. Performances are monitored and measured for each operating segment/geographical area, through operating profit including amortization and depreciation (EBIT), along with the portion of the results of equity investments in associated companies valued by using the equity method. Financial expenses are not monitored insofar as they are based on corporate decisions regarding the financing of each region (own funds versus borrowings) and, consequently, neither are taxes. Items in the statement of financial position are analyzed by the geographical area without being separated from the Corporate functions which remain part of EMEA. All the information relating to the income statement and the statement of financial position is determined using the same criteria and accounting standards used to prepare the consolidated financial statements. 96 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements th (*) Statement of Financial Position as at September 30 , 2025 EMEA AMERICAS APAC ELIM. CONSOLIDATED (€ thousands) ASSETS Non-current assets Goodwill 1,065,883 289,238 568,162 - 1,923,283 Intangible fixed assets with finite useful life 287,283 54,742 50,863 - 392,888 Property, plant, and equipment 169,256 41,317 38,037 - 248,610 Right-of-use assets 371,484 45,336 52,433 - 469,253 Equity-accounted investments 2,325 - - - 2,325 Hedging instruments 2,305 - - - 2,305 Deferred tax assets 53,943 6,694 12,125 - 72,762 Deferred contract costs 8,858 1,178 71 - 10,107 Other assets 28,597 7,521 1,574 - 37,692 Total non-current assets 3,159,225 Current assets Inventories 70,702 10,841 8,442 - 89,985 Receivables 319,540 74,284 25,689 (75,540) 343,973 Deferred contract costs 6,901 912 114 - 7,927 Hedging instruments 366 - - - 366 Cash and cash equivalents 237,309 Total current assets 679,560 TOTAL ASSETS 3,838,785 LIABILITIES Net Equity 970,080 Non-current liabilities Medium/long-term financial liabilities 1,103,579 Lease liabilities 299,813 36,037 32,556 - 368,406 Provisions for risks and charges 15,117 1,666 787 - 17,570 Liabilities for employees’ benefits 13,662 6 808 - 14,476 Hedging instruments 867 - - - 867 Deferred tax liabilities 66,271 22,745 6,750 - 95,766 Payables for business acquisitions 1,724 1,895 - - 3,619 Contract liabilities 135,580 12,108 2,632 - 150,320 Other long-term liabilities 24,268 591 20 - 24,879 Total non-current liabilities 1,779,482 Current assets Trade payables 255,924 72,550 43,963 (75,352) 297,085 Payables for business acquisitions 3,830 2,922 625 - 7,377 Contract liabilities 96,450 16,498 7,351 - 120,299 Other payables and tax payables 178,191 29,099 27,960 (188) 235,062 Hedging instruments 253 - - - 253 Provisions for risks and charges 3,828 943 - - 4,771 Liabilities for employees’ benefits 880 418 2,303 - 3,601 Short-term financial liabilities 293,629 Lease liabilities 92,266 13,519 21,361 - 127,146 Total current liabilities 1,089,223 TOTAL LIABILITIES 3,838,785 (*) The items in the statement of financial position are analyzed by geographic area without being separated from the Corporate functions which are included in EMEA. 97 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements st (*) Statement of Financial Position as at December 31 , 2024 EMEA AMERICAS APAC ELIM. CONSOLIDATED (€ thousands) ASSETS Non-current assets Goodwill 1,031,163 313,631 600,701 - 1,945,495 Intangible fixed assets with finite useful life 303,840 63,109 61,411 - 428,360 Property, plant, and equipment 168,319 41,075 44,530 - 253,924 Right-of-use assets 381,119 49,770 61,175 - 492,064 Equity-accounted investments 2,527 - - - 2,527 Hedging instruments 4,454 - - - 4,454 Deferred tax assets 56,435 5,762 15,135 - 77,332 Deferred contract costs 9,165 1,254 75 - 10,494 Other assets 42,576 8,277 2,031 - 52,884 Total non-current assets 3,267,534 Current assets Inventories 71,792 11,777 9,611 - 93,180 Receivables 320,174 81,671 20,490 (88,029) 334,306 Deferred contract costs 6,612 1,003 119 - 7,734 Hedging instruments 878 - - - 878 Other financial assets 296 Cash and cash equivalents 288,834 Total current assets 725,228 TOTAL ASSETS 3,992,762 LIABILITIES Net Equity 1,150,224 Non-current liabilities Medium/long-term financial liabilities 952,283 Lease liabilities 308,004 40,119 39,474 - 387,597 Provisions for risks and charges 18,896 1,158 871 - 20,925 Liabilities for employees’ benefits 14,753 - 704 - 15,457 Hedging instruments 1,157 - - - 1,157 Deferred tax liabilities 66,211 23,234 10,048 - 99,493 Payables for business acquisitions 2,136 3,749 - - 5,885 Contract liabilities 137,096 13,865 2,805 - 153,766 Other long-term liabilities 34,743 875 49 - 35,667 Total non-current liabilities 1,672,230 Current liabilities Trade payables 343,885 70,137 50,919 (87,841) 377,100 Payables for business acquisitions 5,143 6,107 260 - 11,510 Contract liabilities 97,435 17,796 7,683 - 122,914 Other payables and tax payables 188,954 26,910 31,614 (188) 247,290 Hedging instruments 739 - - - 739 Provisions for risks and charges 1,787 616 - - 2,403 Liabilities for employees’ benefits 1,128 447 2,519 - 4,094 Short-term financial liabilities 277,518 Lease liabilities 90,116 13,726 22,898 - 126,740 Total current liabilities 1,170,308 TOTAL LIABILITIES 3,992,762 (*) The items in the statement of financial position are analyzed by geographic area without being separated from the Corporate functions which are included in EMEA. 98 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements (*) Income Statement – First nine months 30, 2025 EMEA AMERICAS APAC CORPORATE ELIM. CONSOLIDATED (€ thousands) Revenues from sales and services 1,118,340 366,019 259,464 - - 1,743,823 Operating costs (818,434) (283,080) (195,175) (59,631) - (1,356,320) Other income and costs 2,526 212 (178) 382 - 2,942 Gross operating profit by segment 302,432 83,151 64,111 (59,249) - 390,445 (EBITDA) Amortization, depreciation and impairment Intangible assets amortization (38,267) (11,757) (11,205) (20,534) - (81,763) Property, plant, and equipment (29,256) (7,143) (10,845) (1,156) - (48,400) depreciation Right-of-use depreciation (66,989) (12,169) (22,570) (1,858) - (103,586) Impairment losses and reversals of (1,869) (1,006) (543) - - (3,418) non-current assets (136,381) (32,075) (45,163) (23,548) - (237,167) Operating result by segment 166,051 51,076 18,948 (82,797) - 153,278 Financial income, expenses and value adjustments to financial assets Share of interests held in associated companies valued at equity and 90 - - - - 90 gains/losses on disposals of equity investments Interest income and expenses (26,487) Interest expenses on lease liabilities (15,526) Other financial income and expenses (3,064) Exchange gains and losses, and (3,202) inflation accounting Gain (loss) on assets accounted at fair 356 value (47,833) Net profit (loss) before tax 105,445 Current and deferred income tax Current income tax (29,798) Deferred tax (1,068) (30,866) Net profit (loss) 74,579 Net profit (loss) attributable to 156 Minority interests Net profit (loss) attributable to the 74,423 Group (*) The figures of the operating segments are net of the intercompany eliminations. 99 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements (*) Income Statement – First nine months 30, 2024 EMEA AMERICAS APAC CORPORATE ELIM. CONSOLIDATED (€ thousands) Revenues from sales and services 1,101,713 366,417 276,466 237 - 1,744,833 Operating costs (797,387) (277,727) (203,190) (63,876) - (1,342,180) Other income and costs 3,070 2,312 (326) 104 - 5,160 Gross operating profit by segment 307,396 91,002 72,950 (63,535) - 407,813 (EBITDA) Amortization, depreciation and impairment Intangible assets amortization (35,450) (10,658) (11,726) (19,202) - (77,036) Property, plant, and equipment (26,905) (5,832) (11,763) (1,163) - (45,663) depreciation Right-of-use depreciation (62,504) (10,528) (22,079) (1,776) - (96,887) Impairment losses and reversals of non- (648) - (40) - - (688) current assets (125,507) (27,018) (45,608) (22,141) - (220,274) Operating result by segment 181,889 63,984 27,342 (85,676) - 187,539 Financial income, expenses and value adjustments to financial assets Group's share of the result of associated companies valued at equity and 283 - - - - 283 gains/losses on disposals of equity investments Interest income and expenses (26,190) Interest expenses on lease liabilities (13,786) Other financial income and expenses (1,658) Exchange gains and losses, and inflation (2,759) accounting Gain (loss) on assets accounted at fair 513 value (43,597) Net profit (loss) before tax 143,942 Current and deferred income tax Current income tax (38,443) Deferred tax (1,184) (39,627) Net profit (loss) 104,315 Net profit (loss) attributable to Minority 134 interests Net profit (loss) attributable to the Group 104,181 (*) The figures of the operating segments are net of the intercompany eliminations. 100 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 22. Accounting policies Presentation of the financial statements The Interim Consolidated Financial Statements as at September 30, 2025 were prepared in accordance with the historical cost method with the exception of derivatives, a few financial investments measured at fair value and assets and liabilities hedged against changes in fair value, as explained in more detail in this report, as well as on a going concern basis. With regard to the financial statements, the following is specified: - in the statement of financial position, the Group distinguishes between non-current and current assets and liabilities; - in the income statement, the Group classifies costs by nature insofar as this is deemed to more accurately represent the primarily commercial and distribution activities carried out by the Group; - comprehensive income statement: in addition to the net result for the year, it includes the effects of changes in exchange rates, the cash flow hedge reserve, the foreign currency basis spread reserve on derivative instruments and the actuarial gains and losses that have been recognized directly in changes in shareholders' equity, these items are divided according to whether or not they can be subsequently reclassified to the income statement; - statement of changes in net equity: the Group reports all the changes in net equity, including those deriving from shareholder transactions (payment of dividends and capital increases); - statement of cash flows: is prepared using the indirect method to determine cash flow from operations. Use of estimates in preparing the financial statements The preparation of the financial statements and explanatory notes requires the use of estimates and assumptions particularly with regard to the following items: - revenues for services rendered over time recognized based on the effort or the input expended to satisfy the performance obligation; - allowances for impairment made based on the asset’s estimated realizable value; - provisions for risks and charges made based on a reasonable estimate of the amount of the potential liability, including with regard to any counterparty claims; - provisions for obsolete inventories in order to align the carrying value of inventories with the estimated realizable value; - provisions for employee benefits, calculated based on actuarial valuations; - amortization and depreciation of intangible assets and tangible fixed assets recognized based on the estimated remaining useful life and the recoverable amount; - income tax recognized based on the best estimate of the tax rate for the full year; - IRS and currency swaps (instruments not traded on regulated markets), marked to market at the reporting date based on the yield curve and market exchange rates, which are subject to credit/debit valuation adjustments based on market prices; 101 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements - the lease term duration was determined on a lease-by-lease basis and is comprised of the “non-cancellable” period along with the impact of any extension or early termination clauses if exercise of that clause is reasonably certain. This property valuation took into account circumstances and facts specific to each asset; - discount rate of leases falling within the scope of IFRS 16 (incremental borrowing rate) determined based on the IRS (reference interbank rate used as an index for fixed-rate mortgage loans) in the individual countries in which Amplifon Group companies operate, for maturities commensurate with the duration of the specific rental contract, plus the Parent Company’s credit spread and any costs for additional guarantees. In the rare instances when the IRS rate is not available (Egypt, Ecuador, Mexico and Panama), the risk-free rate was determined based on government bonds with maturities similar to the duration of the specific rental contract. Estimates and assumptions are periodically reviewed, and any changes made, following the change of the circumstances or the availability of better information, are recognized in the income statement. The use of reasonable estimates is essential to the preparation of the financial statements and does not affect their overall reliability. The Group verifies the existence of a loss in value of goodwill regularly once a year or in the event of impairment indicators. The impairment test is conducted for the groups of cash generating units to which the goodwill refers and based on which the Group values, directly or indirectly, the return on the investment that includes the goodwill. IFRS standards/interpretations IFRS/interpretations approved by the IASB, endorsed in Europe and applied for the first time this year The following table lists the IFRS/interpretations approved by the IASB, endorsed in Europe and applied for the first time this year. Endorsement Publication in Effective date for Description Effective date date the G.U.C.E. Amplifon Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates: Lack 12 Nov ‘24 13 Nov ‘24 1 Jan ‘25 1 Jan ‘25 of Exchangeability” (issued on 15 August 2023) The amendments to IAS 21 proposed by IASB provide clarification as to exchange whether a currency is exchangeable and which exchange rate to be used if it is not. The adoption of the standards and interpretations described above did not have a material impact on the measurement of the Group’s assets, liabilities, costs, and revenues. 102 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements Future IFRS standards/interpretations approved by IASB, endorsed in Europe The following table shows the future IFRS standards interpretation approved by us and endorsed in Europe. Publication in Effective date Endorsement Description for the G.U.C.E. Effective date date Amplifon Amendments to IFRS 9 e IFRS 7 “Classification and Measurement of 27 May ‘25 28 May ‘25 1 Jan ‘26 1 Jan ‘26 Financial Instruments” (issued on 30 May 2024) Contracts Referencing Nature- dependent Electricity – Amendments to 30 Jun ‘25 1 Jul ‘25 1 Jan ‘26 1 Jan ‘26 IFRS 9 and IFRS 7 (issued on 18 December 2024) Annual improvements volume 11 9 Jul ‘25 10 Jul ‘25 1 Jan ‘26 1 Jan ‘26 (issued on 18 July 2024) The amendments to IFRS 9 and IFRS 7 proposed by IASB are related to the classification and measurement of financial instruments. The amendments aim to reduce diversity in practice and improve the consistency and understandability of the requirements. The objective of the Amendments to IFRS 9 and IFRS 7 Contract Referencing Nature-dependent Electricity is to better reflect the effects of physical and virtual nature-dependent electricity contracts in the financial statements through narrow-scope amendments to the own-use, hedge accounting and disclosure requirements. costs and revenues. The document Annual improvement Volume 11 lists improvements limited to changes that either clarify the wording in an IFRS Accounting Standard, or correct relatively minor unintended consequences, oversights or conflicts between requirements of the Accounting Standards. In particular, the amendments relate to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7. IFRS standards/interpretations approved by IASB, but not endorsed in Europe The following are the international accounting standards, interpretations, amendments to existing accounting standards and interpretations, or specific provisions contained in the standards and interpretations approved by the IASB which, at 30 September 2025, have yet to be endorsed for adoption in Europe. Description Effective date Periods beginning on or after 1 Jan ‘27 IFRS 18 Presentation and Disclosure in Financial Statements IFRS 19 Subsidiaries without Public Accountability Periods beginning on or after 1 Jan ‘27 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures Periods beginning on or after 1 Jan ‘27 (issued on 21 August 2025) 103 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements The IFRS 18 principle, 'Presentation and Disclosure in Financial Statements,' will supersede IAS 1 and provides a more detailed definition of the financial statement formats, with particular emphasis on the income statement, where minimum and mandatory subtotals are stipulated. It also introduces new disclosure requirements concerning 'Management Defined Performance Measures' and offers guidelines for the aggregation of information in the financial statements and accompanying notes. The IFRS 19 principle, 'Subsidiaries without Public Accountability,' establishes reduced reporting obligations for the financial statements of subsidiaries that are not required to prepare public IFRS financial statements. These updates incorporate changes made between 2021 and 2024 to various accounting standards and enable eligible subsidiaries to adopt a streamlined disclosure framework, simplifying the preparation of financial statements without compromising the quality of information provided. The adoption of the standards and interpretations described above did not have a material impact on the measurement of the Group’s assets, liabilities, costs, and revenues. 104 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements 23. Subsequent events As of the date of approval of the present Interim Financial Report as at September 30, 2025, no events have occurred after the end of the period that have a significant impact such as to require changes or additions to the information contained herein. th Milano, October 29 , 2025 CEO Enrico Vita 105 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements Annexes Annex I Consolidation scope As required by articles 38 and 39 of Law 127/91 and article 126 of Consob’s resolution 11971 dated 14 May 1999, as amended by resolution 12475 dated 6 April 2000, the following is the list of companies included in the consolidation scope of Amplifon S.p.A. as at 30 September 2025. Parent company: Company name Head office Currency Share capital Amplifon S.p.A. Milan (Italy) EUR 4,527,772 Subsidiaries consolidated using the line-by-line method: Direct/Indirect % held as at Company name Head office Currency Share capital ownership 09/30/2025 Amplifon Rete Milan (Italy) I EUR 36,750 2.6% Amplifon Italia S.p.A. Milan (Italy) D EUR 100,000 100.0% Magicson S.r.l. Turin (Italy) I EUR 46,800 100.0% Sonar S.r.l. Turin (Italy) I EUR 50,000 100.0% C.I.S.A.S. S.r.l. Napoli (Italy) I EUR 10,000 100.0% Amplifon France S.A.S. Parigi (France) D EUR 173,550,898 100.0% SCI Eliot Leslie (*) Lione (France) I EUR - 100.0% Nadov Audition S.A.S. Juvisy (France) I EUR 5,000 100.0% VilleFranche-de- Pastel Audiologie S.A.S. I EUR 818,000 100.0% Lauragais (France) Castanet-Tolosan Pastel Audition S.A.S. I EUR 10,000 100.0% (France) Acoustiques des Halles S.A.S. Bayonne (France) I EUR 80,000 100.0% Audition Détente S.A.S. Montpellier (France) I EUR 2,222 100.0% Saint-Étienne Bellentente S.A.S. I EUR 6,000 100.0% (France) Audiloire S.A.S. Tours (France) I EUR 1,000 100.0% L'Oreillette Du Mans S.A.S. Le Mans (France) I EUR 10,800 100.0% Savigné l'Eveque Aurissimans S.A.S. I EUR 6,000 100.0% (France) L'Effet L'Arsene S.A.S. Tours (France) I EUR 1,000 100.0% François Audition S.A.S. Ballan-Mire (France) I EUR 3,000 100.0% Audition Freres François S.A.S. Tours (France) I EUR 6,000 100.0% Chambray-Lès-Tours FFF Audio S.A.S. I EUR 6,000 100.0% (France) Vouvray Audition S.A.S. Vouvray (France) I EUR 6,000 100.0% 100.0% Audioconseil S.A.S. Redon (France) I EUR 102,800 Mont-de-Marsan 100.0% Audition Oscar Thuaire S.A.S. I EUR 5,000 (France) EUR 100.0% Clarté Audition Sanguinet S.A.S. Sanguinet (France) I 1,000 EUR 100.0% Clarté Audition Nord Landes S.A.S. Biscarrosse (France) I 1,000 106 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share capital ownership 09/30/2025 Bagnols-Sur-Ceze LCA Bagnols sur Cèze S.A.S. I EUR 1,524 100.0% (France) Amplifon Ibérica, S.A.U. Barcelona (Spain) D EUR 26,578,809 100.0% Microson S.A. Barcelona (Spain) D EUR 61,752 100.0% Amplifon LATAM Holding, S.L.U. Barcelona (Spain) I EUR 3,000 100.0% Audifonos factory, S.L. Malaga (Spain) I EUR 3,000 100.0% Audifonos sevillaudio, S.L. Malaga (Spain) I EUR 10,000 100.0% Audio diagnostics, S.L. Malaga (Spain) I EUR 30,000 100.0% Audio elite sur, S.L. Malaga (Spain) I EUR 20,000 100.0% Audiolmenes, S.L. Malaga (Spain) I EUR 3,000 100.0% Corbaudio centros auditivos, S.L. Cordoba (Spain) I EUR 3,000 100.0% Talayoaudio, S.L.U. Marbella (Spain) I EUR 3,000 100.0% Tecnoaudifonos, S.L.U. (*) Malaga (Spain) I EUR 6,000 100.0% Audio nevada, S.L. Malaga (Spain) I EUR 10,000 100.0% Audioliva, S.L. Jaen (Spain) I EUR 3,000 100.0% Centro audio granada, S.L. Granada (Spain) I EUR 36,000 100.0% Futurooigo, S.L. Malaga (Spain) I EUR 3,000 100.0% Centro auditivo sent, S.L. Granada (Spain) I EUR 3,000 100.0% Esteponaudio, S.L. Estepona (Spain) I EUR 3,000 100.0% Recimetal cordoba, S.L. (*) Marbella (Spain) I EUR 23,095 100.0% Soluciones auditivas de la subbetica, Rute (Spain) I EUR 3,000 100.0% S.L. Soluciones auditivas y visuales gonzales, Malaga (Spain) I EUR 29,000 100.0% S.L. Soluciones profesionales de audiologia, Malaga (Spain) I EUR 23,408 100.0% S.L. Sonic technology españa, S.L. Fuengirola (Spain) I EUR 9,015 100.0% Sontec centros auditivos, S.L. Mijas (Spain) I EUR 3,000 100.0% Amplifon Portugal SA Lisboa (Portugal) I EUR 15,520,187 100.0% Amplifon Magyarország Kft Budapest (Hungary) D HUF 723,500,000 100.0% Amplibus Magyarország Kft Budaörs (Hungary) I HUF 3,000,000 100.0% Amplifon AG Baar (Switzerland) D CHF 1,000,000 100.0% Utrecht (The Amplifon Nederland B.V. D EUR 74,212,052 100.0% Netherlands) Utrecht (The Auditech B.V. I EUR 22,500 100.0% Netherlands) Utrecht (The Electro Medical Instruments B.V. I EUR 16,650 100.0% Netherlands) Utrecht (The Beter Horen B.V. I EUR 18,000 100.0% Netherlands) Elst (The Amplifon Customer Care Service B.V. (*) I EUR 18,000 100.0% Netherlands) Amplifon Belgium N.V. Bruxelles (Belgium) D EUR 495,800 100.0% Lussemburgo Amplifon RE SA D EUR 7,500,000 100.0% (Luxembourg) Amplifon Deutschland GmbH Amburgo (Germany) D EUR 6,026,000 100.0% Focus Hören AG Bonn (Germany) I EUR 485,555 100.0% Focus hören Deutschland GmbH Bonn (Germany) I EUR 25,000 100.0% Söhrewald Hörhaus Wagenknecht GmbH I EUR 25,000 100.0% (Germany) 107 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share capital ownership 09/30/2025 Amplifon Poland Sp. z o.o. Lodz (Poland) D PLN 3,349,220 100.0% Amplifon Aparaty Słuchowe Sp. z o.o. Poznań (Poland) I PLN 8,050,000 100.0% Manchester (United Amplifon UK Ltd D GBP 130,951,168 100.0% Kingdom) Manchester (United Amplifon Ltd I GBP 1,800,000 100.0% Kingdom) Manchester (United Ultra Finance Ltd (*) I GBP 75 100.0% Kingdom) Medtechnica Ortophone Ltd (**) Tel Aviv (Israel) D ILS 1,100 90.0% Amplifon Middle East SAE Cairo (Egypt) D EGP 3,000,000 51.0% St. Paul (United Miracle Ear Inc. I USD 5 100.0% States) Minneapolis (United ME Pivot Holdings, LLC I USD 2,000,000 100.0% States) St. Paul (United Amplifon Hearing Health Care. Corp. I USD 10 100.0% States) New York (United Ampifon IPA, LLC (*) I USD - 100.0% States) Dover (United Amplifon USA Inc. D USD 52,500,010 100.0% States) Wilmington (United ME Flagship, LLC I USD - 100.0% States) Waco (United METX, LLC I USD - 100.0% States) Waco (United MEFL, LLC I USD - 100.0% States) Waco (United METampa, LLC I USD - 100.0% States) Waco (United MENM, LLC I USD - 100.0% States) Minneapolis (United MEOH, LLC I USD - 100.0% States) Phoenix (United Safe in Sound Hearing, LLC (*) I USD - 100.0% States) Tucson (United SISH Tucson, LLC (*) I USD - 100.0% States) Miracle Ear Canada Ltd. Vancouver (Canada) I CAD 178,701,200 100.0% Great to Hear, Inc. (*) Manitoba (Canada) I CAD - 100.0% Living Sounds Hearing Centre Ltd. (*) Alberta (Canada) I CAD - 100.0% Hometown Hearing Centre Inc (*) Bancroft (Canada) I CAD - 100.0% Audia Hearing Aid Centre Inc. (*) Ontario (Canada) I CAD - 100.0% The Hearing Institute of Ontario, Inc. (*) Ontario (Canada) I CAD - 100.0% Pure Audiology & Hearing Aid Services, Oakville (Canada) I CAD - 100.0% Inc. (*) St. Thomas Hearing Clinic Inc. (*) St. Thomas (Canada) I CAD - 100.0% Sunnybank Enterprises Ltd. (*) Parksville (Canada) I CAD - 100.0% Santiago de Chile GAES S.A. (Chile) I CLP 1,901,686,034 100.0% (Chile) GAES Servicios Corporativo de Santiago de Chile I CLP 10,000,000 100.0% Latinoamerica SpA (Chile) Santiago de Chile Audiosonic Chile S.A. I CLP - 99.0% (Chile) Buenos Aires GAES S.A. (Argentina) I ARS 120,542,331 100.0% (Argentina) GAES Colombia S.A.S. Bogotà (Colombia) I COP 22,000,000,000 100.0% Audiovital Cìa. Ltda. Quito (Ecuador) I USD 430,337 100.0% 108 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share capital ownership 09/30/2025 Ciudad de México Centros Auditivos GAES Mexico sa de cv I MXN 276,477,133 100.0% (Mexico) Compañía de Audiologia y Servicios Aguascalientes I MXN 43,306,212 100.0% Medicos sa de cv (Mexico) GAES Panama S.A. Panama (Panama) I PAB 510,000 100.0% Montevideo Audical S.A.S D UYU 500,000 100.0% (Uruguay) Montevideo Centro Auditivo S.A.S D UYU 500,000 100.0% (Uruguay) Montevideo Ikako S.A. D UYU 100,000 100.0% (Uruguay) Amplifon Australia Holding Pty Ltd Sydney (Australia) D AUD 392,000,000 100.0% National Hearing Centres Pty Ltd Sydney (Australia) I AUD 100 100.0% National Hearing Centres Unit Trust (*) Sydney (Australia) I AUD - 100.0% Otohub Unit Trust (in liquidazione) (*) Sydney (Australia) D AUD - 100.0% Otohub Australasia Pty Ltd Sydney (Australia) D AUD 10 100.0% Attune Hearing Pty Ltd Sydney (Australia) D AUD 14,771,093 100.0% Attune Workplace Hearing Pty Ltd Sydney (Australia) I AUD 1 100.0% Ear Deals Pty Ltd Sydney (Australia) I AUD 300,000 100.0% Bay Audio Pty Ltd Sydney (Australia) D AUD 10,000 100.0% Singapore Amplifon Asia Pacific Pte Limited I SGD 7,425,000 100.0% (Singapore) Auckland (New Amplifon NZ Ltd I NZD 130,411,317 100.0% Zealand) Auckland (New Auckland Hearing Ltd (*) I NZD - 100.0% Zealand) Takapuna (New Bay Audiology Ltd (*) I NZD - 100.0% Zealand) Auckland (New Dilworth Hearing Ltd (*) I NZD - 100.0% Zealand) Auckland (New Hearing Health Limited (*) I NZD - 100.0% Zealand) Amplifon India Pvt Ltd New Delhi (India) I INR 2,550,000,000 100.0% Beijing Amplifon Hearing Technology Běijīng (China) D CNY 2,143,685 100.0% Center Co., Ltd Tianjin Amplifon Hearing Technology Tianjin (China) I CNY 3,500,000 100.0% Co., Ltd Shijiazhuang Amplifon Hearing Shijiazhuang (China) I CNY 100,000 100.0% Technology Center Co. Ltd Amplifon (China) Investment Co., Ltd Shanghai (China) D CNY 638,574,561 100.0% Hangzhou Amplifon Hearing Aid Co., Ltd Hangzhou (China) D CNY 11,000,000 100.0% Zhengzhou Yuanjin Hearing Technology Zhengzhou (China) I CNY - 100.0% Co., Ltd. (*) Wuhan Amplifon Hearing Aid Co., Ltd Wuhan (China) I CNY 40,000,000 100.0% Shanghai Amplifon Hearing Technology Shanghai (China) I CNY 50,000,000 100.0% Co. Ltd, Nanjing Amplifon Hearing Aid Co., Ltd Nanjing (China) I CNY 37,500,000 100.0% Shanxi Amplifon Hearing Aid Co., Ltd. Taiyuan (China) I CNY 30,000,000 100.0% Henan Amplifon Hearing Aid Co., Ltd. Zhengzhou (China) I CNY 1,000,000 100.0% Fuzhou Tingan Medical Device Co., Ltd Fuzhou (China) I CNY 20,000,000 100.0% Chongqing Amplifon Hearing Aids Co., Chongqing (China) I CNY 10,000,000 100.0% Ltd. Sichuan Amplifon Hearing Aid Co., Ltd. Chengdu (China) I CNY 24,000,000 100.0% 109 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share capital ownership 09/30/2025 Xi'an Ansheng Medical Equipment Co., Xi’an (China) I CNY 16,000,000 100.0% Ltd. Ningxia Amplifon hearing aid business Yinchuan (China) I CNY 16,000,000 100.0% Co., Ltd Yunnan Amplifon Hearing Aid Co., Ltd. Kunming (China) I CNY 16,000,000 100.0% Shanxi Amplifon Hearing Aid Business Xi’an (China) I CNY 18,000,000 100.0% Co., Ltd Anhui Amplifon Hearing Aid business Hefei (China) I CNY 30,000,000 100.0% Co., Ltd. AnLaiSheng (Inner Mongolia) Medical Hohhot (China) I CNY 47,000,000 100.0% Equipment Co.Ltd Amplifon International Trade Hangzhou (China) I CNY 34,000,000 100.0% (Hangzhou) Co., Ltd. (*) Dormant companies (**) Medtechnica Ortophone Ltd, despite being 90% owned by Amplifon, is consolidated at 100% without exposure of non-controlling interests due to the put-call option exercisable from 2019 and related to the purchase of the remaining 10%. Companies valued using the equity method: Direct/Indirect Share % held as at Company name Head office Currency ownership Capital 09/30/2025 Utrecht (The Comfoor BV (*) I EUR 18,000 50.0% Netherlands) Ramat HaSharon Ruti Levinson Institute Ltd (**) I ILS 105 20.0% (Israel) Afik - Test Diagnosis & Hearing Aids Jerusalem (Israel) I ILS 100 20.0% Ltd (**) Mairangi Bay (New Lakeside Specialist Centre Ltd (**) I NZD - 50.0% Zealand) (*) Joint Venture (**) Related companies 110 --- Interim Financial Report as at 30 September 2025 > Condensed Consolidated Financial Statements Declaration in respect of the Consolidated Financial Statements pursuant to Article 154-bis of Legislative Decree no. 58/98 We, the undersigned, Enrico Vita, Chief Executive Officer and Gabriele Galli, Executive Responsible for Corporate Accounting Information for Amplifon S.p.A., taking into account the provisions of article § 154-bis, paragraphs 3 and 4 of Law no. 58/98, certify: - the adequacy, by reference to the characteristics of the business and - the effective application of the administrative and accounting procedures for the preparation of the condensed interim consolidated financial statements during the period 1 January – 30 September 2025. We also certify that the condensed interim consolidated financial statements as at 30 September 2025: - have been prepared in accordance with the international accounting standards recognized in the European Union under the EC regulation no. 1606/2002 of the European Parliament and of the Council of 19 July 2002; - correspond to the underlying accounting entries and records; - provides a true and fair view of the performance and financial position of the issuer and of all of the companies included in the consolidation area. The report on operations includes a reliable operating and financial review of the Company and all of the companies included in the consolidation area. th Milano, October 29 , 2025 CEO Executive Responsible for Corporate Accounting Information Enrico Vita Gabriele Galli 111