--- title: "Annual Report 2025" period: "2025-fy" kind: "annual-report" source_url: "https://corporate.amplifon.com/content/dam/amplifon/archive/en/investors/financial-reports/2026/Annual-Report-eng-25-03-2026.pdf" downloaded_at: "2026-06-06" pdf_sha256: "26a916adf6257b9f9c75e83be90cb38c238a6a85bb4af3c2ee2795ffde48a999" pdf_size_bytes: 20161644 extractor: "pdfjs-dist-6.0.227" --- ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL & SUSTAINABILITY STATEMENTS --- INTERACTIVE PDF Index Search Print Email PDF PDF Info Page --- ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL & SUSTAINABILITY STATEMENTS --- ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A G LANCE 2 --- ANNUAL REPORT 2025 INDEX ANNUAL REPORT 2025 > AMPLIFON AT A GLANCE 4 > REPORT ON OPERATIONS st AS AT DECEMBER 31 , 2025 26 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED SUSTAINABILITY st STATEMENT AS AT DECEMBER 31 , 2025 102 > CONSOLIDATED FINANCIAL STATEMENTS st AS AT DECEMBER 31 , 2025 238 STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS > REPORT ON CORPORATE > REMUNERATION GOVERNANCE AND REPORT 2026 OWENERSHIP STRUCTURE ST AT DECEMBER 31 , 2025 AMPLIFON AT A GLANCE 3 --- ANNUAL REPORT 2025 AMPLIFON AT A GLANCE CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 4 --- ANNUAL REPORT 2025 INDEX AMPLIFON AT A GLANCE > LETTER TO STAKEHOLDERS 6 > DIGITAL INNOVATION 16 > 2025 HIGHLIGHTS 8 > AMPLIFON 360 PROTOCOL 18 CONSOLIDATED > 2025 KEY EVENTS 11 > BUSINESS MODEL 19 FINANCIAL STATEMENTS > CORPORATE CULTURE 12 > DISTRIBUTION NETWORK 20 > MARKET 13 > INVESTORS’ REPORT 21 > STRENGTHS 14 > 2026 FINANCIAL CALENDAR 24 > STRATEGY & AMPLIFON WAY 15 STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 5 --- ANNUAL REPORT 2025 LETTER TO STAKEHOLDERS DEAR STAKEHOLDER, 2025 was a year of evolution for Amplifon in a hearing care market that faced Our commitment to excellence is also reflected in the ESG agenda and in the CONSOLIDATED a complex phase at the global level. In an environment marked by growth below development of the Listening Ahead sustainability plan. Over the course of 2025, FINANCIAL STATEMENTS historical levels due mainly to the well-known macroeconomic and geopolitical we achieved important milestones in our climate strategy: we obtained the SBTi uncertainties that affected the confidence of our patients, our Group responded with validation of our climate targets, reduced total emissions by 14%, and increased the determination, transforming industry challenges into opportunities. Our objective share of energy from renewable sources to 83%. remains to strengthen our growth trajectory, making it increasingly sustainable and profitable in the medium term. This sustainability path is closely linked to our social mission, which advanced further with the internationalization of the Amplifon Foundation. After consolidating Consolidated revenues for the year reached €2.4 billion, up 1.7% at constant exchange its presence in Italy, France, Switzerland, Australia, Belgium, and Portugal, the rates, with a significant improvement in the second half of the year, during which Foundation expanded this year to Spain, extending its social inclusion programs for organic growth returned steadily to positive territory. Despite external pressures and senior communities to a new key country for the Group. STATEMENT lower operating leverage, adjusted EBITDA amounted to €540 million and adjusted net profit to €159 million. This focus on creating shared value is made possible by the dedication of our people, who represent our most important asset. In 2025 alone, we delivered around CONSOLIDATED SUSTAINABILITY These are solid results, considering the environment in which we operate, and allow 600,000 hours of training, confirming our constant attention to skill development us to propose a dividend of 29 euro cents per share. and professional growth. This commitment, together with other important initiatives, enabled us to obtain the Global Top Employer 2026 certification, an excellence We continued – especially in the first half of the year – our international expansion, recognition awarded to only a small number of organizations worldwide. acquiring around 250 hearing care centers across Europe, the United States, and China. At the same time, we continued to innovate the customer experience by We enter 2026 with renewed enthusiasm and with a stronger, simpler, and more extending the Amplifon Product Experience to 17 countries and launching the new focused organization – ready to generate sustainable value and continue investing App, which has already reached a 25% penetration rate. to help millions of people around the world rediscover, every day, the emotion of REPORT sound. We thank all of you – shareholders, colleagues, partners, customers, and ON OPERATIONS Starting from mid year, in line with the external scenario, we focused our priorities communities – for your ongoing trust and support. on the new ‘Fit4Growth’ program. The initiative, aimed at maximizing efficiency and profitability, provided clear strategic direction: we rigorously prioritized high return projects, reducing Capex by €30 million while preserving strategic investments. Susan Carol Holland Enrico Vita The program also included a streamlining of the network (with the closure or Chairperson Chief Executive Officer consolidation of 160 clinics) and a strategic review of the portfolio, which led, in early 2026, to the divesture of our UK operations, allowing greater focus on core, higher potential markets. AMPLIFON AT A GLANCE 6 --- ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A G LANCE 7 --- ANNUAL REPORT 2025 2025 HIGHLIGHTS 1 1 REVENUES EBITDA NET PROFIT (MILLION EUROS) (MILLION EUROS) (MILLION EUROS) 1,948.1 2,119.1 2,260.1 2,409.2 2,395.7 482.8 525.3 541.6 566.1 540.4 175.2 183.3 165.8 188.1 159.2 Mln € Mln € Mln € 2,500 600 200 500 2,000 160 CONSOLIDATED 400 FINANCIAL STATEMENTS 1,500 120 300 1,000 80 200 500 40 100 0 0 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 EBITDA 24.8% 24.8% 24.0% 23.5% 22.6% STATEMENT MARGIN CONSOLIDATED SUSTAINABILITY 1 2 REVENUES BY REGION FREE CASH FLOW NET FINANCIAL DEBT (MILLION EUROS) (MILLION EUROS) Mln € 267.6 253.5 163.9 182.0 174.4 Mln € 871.2 830.0 852.1 961.8 1,045.5 64,9% 300 1000 EMEA 800 REPORT 225 ON OPERATIONS 20,7% 600 AMERICAS 150 400 14,4% 75 200 APAC 0 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 AMPLIFON AT A GLANCE 1. Recurring figures until 2023 and adjusted figures from 2024 onwards. 2. Data without lease liabilities. 2025 data includes the business in the UK, divested after the end of the fiscal year in March 2026. 8 --- ANNUAL REPORT 2025 2025 HIGHLIGHTS GLOBAL LEADER IN HEARING CARE EMPLOYEES > BY ROLE 13% > GLOBAL MARKET SHARE 49.6% HEARING CARE CONSOLIDATED PROFESSIONALS FINANCIAL STATEMENTS 26 34.2% > COUNTRIES OTHER STORE PERSONNEL 5,630 16.2% SUPPORT FUNCTIONS > DIRECT CLINICS > BY REGION 1,210 STATEMENT > CLINICS IN FRANCHISING 57.0% CONSOLIDATED SUSTAINABILITY EMEA 3,280 16.4% AMERICAS > SHOP-IN-SHOPS & CORNERS 24.1% APAC 2.5% 20,900 CORPORATE > PEOPLE REPORT > BY GENDER ON OPERATIONS 15,080 > EMPLOYEES 73.4% WOMEN 26.5% MEN 0.1% NOT DISCLOSED AMPLIFON AT A GLANCE 9 --- ANNUAL REPORT 2025 2025 SUSTAINABILITY HIGHLIGHTS Global Listening to our Planet Global Top Employer 2026 SUSTAINABILITY PLAN FULLY ON TRACK WITH THE FOLLOWING CONSOLIDATED > CLIMATE STRATEGY VALIDATED BY SBTI > ONLY 17 COMPANIES WORLDWIDE KEY ACHIEVEMENTS: FINANCIAL STATEMENTS ACHIEVED THIS RECOGNITION 83% 17 20 Countries > OF RENEWABLE ELECTRICITY > CONCRETE ACTIONS TO REDUCE BY 42% > CERTIFIED AS A TOP EMPLOYER ACROSS DIRECT EMISSIONS AND BY 25% INDIRECT ALL FOUR REGIONS (EMEA, AMERICAS, GHG EMISSIONS BY 2030 LATAM, AND APAC) AND IN 20 OUT OF THE STATEMENT 26 COUNTRIES 100% > OF DIRECT SUPPLIERS AND 46% OF INDIRECT CONSOLIDATED SUSTAINABILITY SUPPLIERS TOOK PART IN ESG ASSESSMENT ESG FINANCE 595,500 > TRAINING HOURS DELIVERED REPORT >€1.2 bln ON OPERATIONS > SUSTAINABILITY-LINKED FINANCING OF WHICH KNOW MORE SUSTAINABILITY PLAN € 400 mln > SUBSCRIBED IN 2025 AMPLIFON AT A GLANCE 10 --- ANNUAL REPORT 2025 2025 KEY EVENTS > MARCH > MARCH-JULY > SEPTEMBER Amplifon acquires the Kind network Subscribed five new sustainability- Launch of Amplifon’s Climate Strategy, ‘Listening to in Poland and doubles its presence in linked credit facilities for a total of €400 our Planet’, validated by the Science Based Targets the country. With over 230 locations million, further optimizing the Group’s Initiative (SBTi) aimed at reducing greenhouse gas CONSOLIDATED the Group becomes one of the leading financial structure, diversifying the emissions and contributing to the achievement FINANCIAL STATEMENTS players in the fastest growing in Central sources of funding and extending the of the goals of the 2015 Paris Agreement to and Eastern Europe. average debt maturity. counteract climate change. Expected -42% direct emissions and -25% indirect greenhouse gas emissions by 2030. STATEMENT CONSOLIDATED SUSTAINABILITY > APRIL > JULY > FOURTH QUARTER Acquisition of two companies with 24 Launch of the ‘Fit4Growth’ program to Launch of the new Amplifon App locations in Arizona in the United States, strengthen margins and reinforce the which becomes an integrated digital further strengthening the Company’s Company’s competitiveness thanks to platform, capable of accompanying the REPORT position in the largest worldwide. Both initiatives to enhance the efficiency of person throughout the entire hearing ON OPERATIONS companies, belonging to the same the distribution network and back-office care journey, a digital hub for hearing ownership, represent the fourth largest processes, reduce costs and focus on the health, which integrates technology, Miracle-Ear franchisee, with over 15 investments with the highest returns. accessibility and patient support, as million dollars annual revenues. Expected a run-rate improvement in the well as the launch of the Amplifon adjusted EBITDA margin in the high-end of Product Experience in Argentina, Chile, the range 150-200 basis points by 2027. Ecuador, Colombia and China, which reaches 17 countries worldwide. AMPLIFON AT A GLANCE 11 --- ANNUAL REPORT 2025 PURPOSE CORPORATE We empower people to rediscover all the emotions of sound. CULTURE MISSION Amplifon’s purpose is the reason the We transform the way in which hearing care is Company exists and has been serving perceived and experienced across the world, so that everyone naturally turns to the high-quality service its customers for 75 years. Helping and professionalism offered by our specialists. CONSOLIDATED people rediscover all the emotions FINANCIAL STATEMENTS Each day we strive to understand the unique needs of sound motivates and guides of each customer, guaranteeing each and every one Amplifon every day. The Company’s of them the best solution and a fantastic experience. values shape how its people act, We select, develop and grow the best talent who uniting them and making unique the share our ambition to change the lives of millions of people around the world. experience they offer. STATEMENT CONSOLIDATED SUSTAINABILITY VALUES CUSTOMER PERSONAL DEVOTION IMPACT We serve our customers’ We empower our people to think best interests with freely, perform and succeed, passion and seek to working together to make a surprise them by always lasting difference. REPORT going the extra-mile. ON OPERATIONS EVERYDAY FORWARD ACTING EXCELLENCE THINKING RESPONSIBLY We take accountability We listen to the world We do well by doing good, for setting and delivering around us and embrace acting with true integrity, the highest standards of every challenge with the and showing respect to quality, and never give up. ambition to learn, grow everyone, every time. and innovate. AMPLIFON AT A GLANCE 12 --- ANNUAL REPORT 2025 KEY DRIVERS MARKET 430 mln > PEOPLE WITH HEARING LOSS THAT REQUIRES HEARING CARE LIFE EXPECTANCY The global retail hearing care market is estimated at over Increase in life expectancy is a fact. In 2018, for the first time in the 18 billion euros in 2025, with growth expected in the history of mankind, the number of people aged over 65 exceeded the 700 mln medium and long-term thanks to its solid fundamentals number of children under 5 years old. By 2050, it is estimated that 2.1 > BY 2050 and secular trends. It is a highly fragmented market, billion people will be 60 years old or more. although in consolidation, in which Amplifon holds a global leadership position with around 13% market share. Currently over 1.5 billion people have some 1.5 bln degree of hearing loss across the world. Among those, ACTIVE LIFESTYLE CONSOLIDATED > PEOPLE WITH SOME DEGREE OF it is estimated that at least 430 million people have a People nowadays have a much longer life expectancy than the FINANCIAL STATEMENTS HEARING LOSS WORLDWIDE hearing loss that would require rehabilitation. By 2050 previous generations and their quality of life is much higher. The so- 3 they will be 700 million . The United Nations estimates called active agers represent a new generation that won’t compromise that the number of people aged above 60 years old on quality of life as the years go by. will increase from the current 1.1 billion (14% of global 2.5 bln 4 population) to 2.1 billion (22%) by 2050 , determining > BY 2050 a considerable increase in the number of seniors who could develop hearing difficulties, both due to TECHNOLOGY increasing life expectancy and higher exposure to Advances in technology such as miniaturization, connectivity, acoustic pollution (currently over 1 billion people 1 bln rechargeability, and artificial intelligence contribute towards the STATEMENT under 35 years old are at risk of avoidable hearing loss). higher intake and accessibility of hearing devices. Thus, more and > PEOPLE UNDER 35 YEARS OLD Finally, untreated hearing loss can negatively impact more people decide to take care of their own hearing. AT RISK OF AVOIDABLE HEARING people’s health, leading to cognitive decline, depression, LOSS CONSOLIDATED SUSTAINABILITY and falls. Today it represents a global annual cost of approximately 1 trillion US dollars, linked to health sector spending, lost productivity, and related social DIGITALIZATION $ 1 trillion costs. Notwithstanding these implications, hearing aids > ANNUAL COST OF UNTREATED The use of digital devices, such as smartphones and tablets, is adoption rate (the ratio between how many people use HEARING LOSS rapidly increasing also among seniors. This makes it possible to offer a hearing aid and how many would need one) is still very personalized and interconnected value-added services through new low, estimated at around 40% in high-income countries touchpoints such as apps. 5 and between 5 and 10% in emerging economies . REPORT ON OPERATIONS RESILIENCE The importance of hearing well for people’s overall health makes the reference market resilient even in periods of deep economic crisis. In addition, consumers in many countries, mainly characterized by retirees with fixed incomes, can still rely on both government 3. Source: «World Report on Hearing», World Health Organization, reimbursement and consumer credit to finalize their purchases. 2021: https://www.who.int/publications/i/item/9789240020481. KNOW MORE 4. Source: United Nations website: https://www.un.org/en/global- issues/population e United Nations Population Fund website: HOW HEARING WORKS https://www.unfpa.org/ageing. 5. Source: World Health Organization, EuroTrak, MarkeTrak. AMPLIFON AT A GLANCE 13 --- ANNUAL REPORT 2025 STRENGTHS > PROFESSIONAL EXPERTISE > GLOBAL SCALE Over 8,800 hearing care specialists perform hundreds of thousands of hearing tests The Group’s global distribution network, interconnected through systems and and keep up to date by completing around 395,000 hours of training each year. They databases, allows Amplifon to stay close to its customers, share excellence among its bring together innovation, scientific knowledge and a highly personalized approach hearing care specialists in 26 countries and diversify exposure to different markets. following the exclusive Amplifon 360 protocol to ensure an excellent customer experience. > BRANDS > EMPLOYER OF CHOICE CONSOLIDATED The Group’s portfolio of strong, well-known brands allows the Company to drive a Amplifon is the employer of choice thanks to its corporate culture, constant investment FINANCIAL STATEMENTS real cultural change in the sector, redefining the way in which customers relate to their in talent and incentives for their professional development, also through assignments hearing well-being. United under the Amplifon brand, all trademarks invite people to within global project. enjoy unique experiences. > INNOVATION > SCIENTIFIC LEADERSHIP Through Amplifon X, the agile business unit entirely dedicated to developing highly Amplifon’s Centre for Research and Studies is a specialist partner for the medical innovative digital solutions, Amplifon expresses its attitude of always looking ahead and scientific community in the fields of audiology and ENT since 1971. Its prestige and pushing its limits. The Amplifon multichannel ecosystem of customer-centric, is linked to the contribution of internationally recognized experts, whose innovative omni-channel and omni-persona solutions enables data mining activities, thus contribution is fundamental for the continuous theoretical and practical development STATEMENT allowing the Company to develop high value-added services to further differentiate of the medical community. the customer journey and the experience offered. CONSOLIDATED SUSTAINABILITY Our global positioning and our 75 years of experience allow us to aspire to be the best at interpreting the needs of people REPORT who want to recover hearing and fully ON OPERATIONS enjoy everyday emotions. AMPLIFON AT A GLANCE 14 --- ANNUAL REPORT 2025 STRATEGY AND AMPLIFON WAY Amplifon’s strategy is simple and focused, supported by three important pillars. 01 02 03 LEADERSHIP CONSOLIDATION A UNIQUE AND UNMATCHABLE EFFECTIVE AND TALENTED AT GLOBAL LEVEL CUSTOMER PROPOSITION ORGANIZATION CONSOLIDATED The Group aims to strengthen its leadership in all core Amplifon continues to enrich the customer proposition The Group aims to continue investing in its people, FINANCIAL STATEMENTS markets, consolidating its position where it is already a its offers by leveraging the undisputed leading brands both in its clinics and in the back-office, with the goal leader and achieving leadership in markets where the in the industry; a superior customer knowledge deriving of further improving their skills, fostering the sharing Company is not leader yet. from the quantity and quality of data the Company owns, of best practices within the Group, and attracting and the Amplifon Way to offer an outsdanting customer the best talents every day to better support the experience, in which digital technologies play a key role. implementation of the Company’s strategy and become even more competitive every day. The Amplifon Way is based on superior expertise and unlimited care to improve lives, not only hearing. STATEMENT EXPERIENCED GLOBAL LEADER INNOVATIVE HEARING EXCLUSIVE PROTOCOL, CONSOLIDATED SUSTAINABILITY DEVICE PORTFOLIO PERSONALIZED TESTING We are the global leader in hearing care and, with 75 years of global experience, we are committed to Our hearing aid portfolio includes only the highest- At Amplifon, our hearing approach goes beyond a providing world class service and industry-leading performing devices on the market, engineered to meet simple test – it is a patented protocol that allows to hearing solutions. Our decades of experience guide the evolving needs of individuals. We offer solutions offer a personalized journey that begins with truly every step we take, delivering hearing solutions with that transform hearing from our nearly invisible understanding each person. We start by exploring expertise, accountability, and a deep respect for each discreet designs to models that feature smart artificial the individual hearing profile, lifestyle, interests, and person’s unique hearing. For this reason, millions of intelligence that is personalized by our experts and can priorities. Through detailed evaluations and advanced REPORT customers worldwide trust us with their hearing health, automatically adapt to the surroundings with ease for diagnostics, we pinpoint the hearing solutions best ON OPERATIONS confident in our ability to blend advanced technology optimal sound at all times. suited to one’s needs. Finally, with precise adjustments with compassionate care. and ongoing support, we ensure a perfect fit. TRUSTED EXPERTISE PREMIUM ONGOING & CONTINUOUS CARE PROXIMITY 100% independent advice and solutions are provided Our dedicated team members and qualified professio- We are always nearby thanks to our over 10,100 locations by our qualified hearing care professionals whose nals are available to help throughout the lifetime jour- worldwide. We aim to be near our customers all the knowledge is constantly strengthened through 395,000 ney, with personalized adjustments and fine-tunings to way to offer professional advice and caring support in hours of training each year. They have the freedom to match one’s changing needs. Amplifon also provides a comfortable, welcoming space through our skilled prescribe the best solution to each single person from seamless connectivity with the Amplifon App for better professionals and high-tech diagnostic tools, supporting AMPLIFON AT A GLANCE an extensive range of products, while offering lifetime control over the hearing aids, as well as step-by-step gui- the hearing journey, for life. support. des and tutorials for setup, maintenance, and daily use. 15 --- ANNUAL REPORT 2025 DIGITAL INNOVATION AMPLIFON PRODUCT EXPERIENCE Amplifon Product Experience, namely the Amplifon Product Line, represents a unique lever to further strengthen the brand identity, differentiate the service offered, and deliver a complete value proposition made CONSOLIDATED FINANCIAL STATEMENTS of product, service and experience. The Amplifon Product Experience, which includes the and Amplifon Hearing Health Care -, Australia, United reduction and focus on speech). Thanks to video Amplifon Product Line and the Amplifon multichannel Kingdom, Belgium, Portugal, New Zealand, Switzerland, tutorials and a chatbot based on generative artificial ecosystem, is an integrated system that synergically Argentina, Chile, Ecuador, Colombia and China), where intelligence, it also offers immediate support to solve combines service and product to redefine the entire the penetration rate of the private and paid-up market small issues and allows to easily set an appointment STATEMENT customer journey by placing people at its center. reaches around 95% within a few months from the with the person’s hearing care professional. The new launch. version of the App has improved ratings compared The Amplifon multichannel ecosystem is a cutting-edge to the previous one: 4.5 on Android and 4.6 on iOS CONSOLIDATED SUSTAINABILITY system that uses digital technologies and big data to Within the ecosystem, the Amplifon App is the first on a scale 0-5, compared to the previous 4.2 and collect and analyze information on the use of hearing touchpoint for consumers and allows to support them 4.4. With the aim of making the business even more devices, as well as feedback and needs from consumers, also remotely. Completely redesigned in 2025, the new sustainable, the Company re-imagined the packaging employing them to offer a unique, customized, and Amplifon App is an integrated digital platform, capable of the Amplifon Product Line in 2024, making it entirely distinctive experience. In fact, the Amplifon Product of accompanying the person throughout the entire reusable and made by over 70% of recycled materials, Experience redefines the entire customer journey (also hearing care journey, a digital hub for hearing health, bearing in consideration its sustainability footprint and outside our clinics), offering fast access to differentiated which integrates technology, accessibility and patient how useful it can be to the final customer. Since then and high value-added services to further increase support. the roll-out of the new packaging has already reached REPORT customer satisfaction. 16 countries: Italy, Spain, Germany, Switzerland, ON OPERATIONS With a penetration of 25%, above the previous version, Belgium, the Netherlands, France, Portugal, the UK, The Amplifon Product Experience was successfully the new App allows users to take a hearing test and New Zealand, Australia, Chile, Argentina, Ecuador, launched in 17 countries (Italy, France, Germany, manage device functions in real time directly from Colombia and China. Spain, the Netherlands, the United States - Miracle-Ear their smartphone (such as volume, background noise KNOW MORE INNOVATION & TECHNOLOGY AMPLIFON AT A GLANCE 16 --- ANNUAL REPORT 2025 AMPLI-CARE Amplifon’s platform to deliver a revolutionary and personalized audiological care experience, within the clinics and at every step of the customer journey. With Ampli-care, a full ecosystem is activated around the customer, in which the unrivaled quantity and quality of data Amplifon possesses, as well as digital technologies play a key role in delivering a unique, innovative, and engaging experience along a seamless audiological care journey across all touchpoints. CONSOLIDATED FINANCIAL STATEMENTS AMPLI-CARE IS BASED ON THREE PILLARS IMMERSIVE EXPERIENCE HYPERPERSONALIZED SOLUTIONS AMPLIFON X Within Ampli-care, the clinics, the primary touchpoint Thanks to the adoption of technologies that foster an in- in the customer journey, are completely revolutionized depth 360° knowledge of the single customer through an Amplifon X is the internal start-up entirely thanks to the new immersive store format which is being omnichannel approach, Ampli-care provides more and dedicated to the Group’s digital innovation STATEMENT progressively rolled-out as part of our internal renovation more elements to hearing care professionals to offer a and reseacrh & development strategy. It is program. Currently present in around 630 clinics hyperpersonalized service and experience. Ampli-care responsible for the software design and the end- worldwide, the new format aims at offering consumers also supports them in identifying the best solution for to-end development of highly innovative digital CONSOLIDATED SUSTAINABILITY a unique experience and reinforcing Amplifon’s global each customer through a proprietary system called solutions to enhance the service offered in-clinic brand also through an innovative architectural design. “solution builder engine”, already present in clinics and, most importantly, remotely. With a team It focuses on both the retail area, consisting of the across Spain, the United Kingdom, and Belgium. fully devoted to innovation, Amplifon X enables the reception and the waiting area, with product displays, as Company to continue to redefine the standards of well as the Solution Room, where the customer remains This technology allows them to identify and propose the audiological experience globally, consolidating at the center, between the caregiver and the hearing care the most suitable product, service offering and fitting its significant competitive advantage and creating professional, while enjoying an immersive experience for each customer, based on the audiological profile a unique and unmatchable experience for both also through visual and digital elements. Thanks to its and personal information gathered during the visit and customers and hearing care professionals. REPORT modular design for a scalable approach, it fits the needs through other touchpoints. ON OPERATIONS of all the different locations around the world. The clinics are also being equipped with an innovative diagnostic tool (the so-called Otopad, the first and only Ipad-based ALWAYS CONNECTED SUPPORT audiometer, developed internally) to provide interactive and engaging touch-based experiences, perform Thanks to a complex remote monitoring and support sophisticated audiological tests, as well as standardize system, Amplifon hearing care professionals are always the quality of service provided at the highest level and connected to intercept hearing solutions usage trends optimize hearing care professionals’ time. and specific customer needs. Thus, they are able to support customers also when they are not in the clinic. AMPLIFON AT A GLANCE 17 --- ANNUAL REPORT 2025 AMPLIFON 360 PROTOCOL Much more than a simple test: it is a journey tailored around each person. The success of hearing solutions relies above all on Amplifon’s hearing care specialist’s ability to perform hearing tests, select the most suitable devices among the most advanced technologies CONSOLIDATED by the best manufacturers worldwide, and correctly fit them based on each single person’s 6 FINANCIAL STATEMENTS needs. For this very reason the Company conceived Amplifon 360 , the patented clinic protocol that, through its data-driven approach, employs pioneering tools and user-friendly technologies to assess hearing quality and guides hearing care professionals towards the identification of the best hearing solution for each person’s needs. Amplifon 360 increases customers’ involvement in the hearing evaluation process, improving the analysis of their needs and individual lifestyles. The protocol is illustrated to the customer with the support of digital applications through a video interface that allows the customer to enjoy an immersive experience, understand their hearing requirements and the benefits of the STATEMENT proposed hearing solution. As evidence of its benefits, the Amplifon 360 protocol was approved by SIAF (the Italian society of audiology and phoniatrics) and patented in the US, Australia, and Europe, thus certifying its uniqueness and novelty, as well as demonstrating its importance CONSOLIDATED SUSTAINABILITY in the development of hearing care. Amplifon 360, thanks to the free hearing tests offered to anyone entering Amplifon’s clinics, further increases accessibility to hearing care to several people thereby generating a considerable economic saving for customers, prospects, and community in general. REPORT ON OPERATIONS KNOW MORE THE AMPLIFON WAY AMPLIFON AT A GLANCE 6. Available in most countries of operation. 18 --- ANNUAL REPORT 2025 BUSINESS MODEL BUSINESS-TO-CONSUMER In EMEA, APAC, Canada, and Latin America, Amplifon serves its customers through direct clinics. In the United States, the Company operates around 410 direct clinics under the Miracle-Ear brand. BUYS BUYS PRODUCT & PRODUCT CONSOLIDATED CUSTOMER SERVICE MANUFACTURERS FINANCIAL STATEMENTS FRANCHISING Miracle-Ear operates in the United States mainly through a franchised network. Its around 1,210 clinics provide hearing care services to end-customers independently while following Amplifon’s strategic guidelines. BUYS PRODUCT STATEMENT BUYS & HIGH BUYS PRODUCT & VALUE- PRODUCT CUSTOMER SERVICE FRANCHISEE MANUFACTURERS ADDED CONSOLIDATED SUSTAINABILITY SERVICES MANAGED CARE Amplifon Hearing Health Care offers hearing care solutions to health plan members in the United State through a distribution network made of the Miracle-Ear clinics, as well as around 5,580 independent retailers. REPORT ON OPERATIONS SUBSCRIBES OUTSOURCES BUYS INSURANCE SERVICE PRODUCT CUSTOMER COVERAGE INSURANCE MANUFACTURERS MANAGEMENT COMPANY PROVIDES PRODUCT NETWORK INDEPENDENT & SERVICE AMPLIFON AT A GLANCE CLINICS THROUGH THIRD-PARTIES 19 --- ANNUAL REPORT 2025 EMEA DISTRIBUTION Direct clinics Shop-in-shops & corner 3,770 3,040 NETWORK Amplifon is a global leader in terms of geographic coverage and distribution network capillarity, CONSOLIDATED FINANCIAL STATEMENTS recognized for its quality of service and competencies. st On December 31 , 2025, the Group operated over 10,100 locations organized under three regions – EMEA, Americas STATEMENT and APAC. Each region corresponds to a business area and is responsible for pursuing the Company’s strategy at local CONSOLIDATED SUSTAINABILITY level and for sharing its know-how among the various countries. Thanks to the capillarity of its distribution network, composed of around 5,630 direct clinics and 1,210 clinics in franchising, Amplifon is always close to those suffering from hearing loss, allowing everyone, REPORT even those with reduced mobility, to easily ON OPERATIONS access quality audiological service. With AMERICAS APAC around 3,280 shop-in-shops & corners Direct clinics Clinics in franchising Direct clinics Shop-in-shops & corner located in third-party premises such as pharmacies, opticians and medical clinics, 740 1,210 1,120 240 the Company is able to reach people with hearing loss also in rural areas or in areas that are not as densely populated and, thanks to home visits, it serves customers with reduced mobility who cannot physically get to stores. AMPLIFON AT A GLANCE 20 --- ANNUAL REPORT 2025 INVESTORS’ REPORT AMPLIFON IN THE STOCK EXCHANGE SHAREHOLDING ST 10 Amplifon (Bloomberg ticker: AMP:IM / Reuters ticker: AMPF.MI) is listed on the Euronext SHAREHOLDER STRUCTURE AS OF DECEMBER 31 , 2025 Milan market of the Italian Stock Exchange since 2001 and it is part of the Euronext STAR Milan segment since 2008. In December 2018, Amplifon became part of the FTSE MIB 42.0% index, made of the 40 largest capitalization stocks of the Milan Stock Exchange. Since AMPLITER S.r.l. June 2019, Amplifon is also part of the Stoxx Europe 600 index. Finally, in October 2021 Amplifon was included in the MIB ESG index launched by Euronext and Borsa Italiana, CONSOLIDATED dedicated to the 40 Italian blue chips which demonstrate strong ESG (Environment, 2.9% FINANCIAL STATEMENTS Social & Governance) practices. TREASURY SHARES 2025 PERFORMANCE 50% 55.1% 40% MARKET 30% 31.5%31.5% 20% STATEMENT 10% 4.6%4.6% 0% -10% CONSOLIDATED SUSTAINABILITY -20% ENHANCED INCREASED VOTING RIGHTS -30% - 40% -44.8%-44.8% The possibility of accruing increased voting rights, in place since 2015, was enhanced -50% th Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec by the Extraordinary Shareholders’ Meeting held on April 30 , 2024 with a view to encouraging a capital structure more supportive of the Company’s further growth Amplifon FTSE Mib STOXX Europe 600 Health Care path in the long-term at global level. The enhanced increased voting rights mechanism gives all shareholders the option REPORT to obtain increased voting rights equal to two votes for each share held for at least ON OPERATIONS 24 consecutive months from the registration date shown in the shareholder register KEY SHARE DATA prepared by the Company, in continuity with the past, and to accrue the third vote after a further year from such date and the subsequent votes (i.e., fourth, fifth vote and so Stock exchange EXM Nominal value € 0.02 on) year by year up to a maximum of 10 votes per share, in accordance with current st law and regulations. On December 31 , 2025, there were 95,495,236 registered shares 9 Bloomberg/Reuters ticker AMP:IM /AMPF.MI Average price € 18.398 with 3 voting rights (68.64% of the Company’s voting capital), of which 95,105,392 7 9 Share capital € 4.528 Average volumes 1,499,397 shares (68.36% of the voting capital) owned by the majority shareholder Ampliter S.r.l., 50 shares with 2 voting rights and 130,893,334 shares with one voting right. 7,8 7,8 N° of shares outstanding 219,937,482 Market capitalization € 3.024 7. At 31.12.2025, in million euros. 8. Excluding treasury shares. AMPLIFON AT A GLANCE 9. Last 12 months. st 10. Percentages refer to the share capital on December 31 , 2025. 21 --- ANNUAL REPORT 2025 RELATIONS WITH THE FINANCIAL COMMUNITY STOCK COVERAGE st As of December 31 , 2025, the Amplifon stock was covered by 18 brokers who followed the Company with specific research and analyses, generally with neutral and buy recommendations. RBC Capital Markets started coverage in November 2025 and Morningstar in February 2026, while coverage by Morgan Stanley is temporarily suspended. AlphaValue DNB Carnegie Kepler Cheuvreux CONSOLIDATED Banca Akros Equita SIM Mediobanca FINANCIAL STATEMENTS Bank of America Goldman Sachs Morningstar Equity Research Barclays Intermonte RBC Capital Markets Bernstein Research Intesa Sanpaolo Oddo BHF Corporates & Markets BNP Paribas Exane Jefferies Citi JP Morgan STATEMENT RESULTS CONFERENCE CALLS Amplifon organizes conference calls and audiowebcasts with the financial community CONSOLIDATED SUSTAINABILITY (analysts and institutional investors) for the release of its annual, half-year and quarterly results. On average, there were 170 people connected to each conference call. MEETINGS WITH THE FINANCIAL COMMUNITY During 2025, the Company’s management - Chief Executive Officer, Chief Financial Officer and Investor Relator - took part in 5 roadshows, both in person and virtually, REPORT with investors in the main international financial centers (London, Milan, Paris, and SHAREHOLDER ENGAGEMENT POLICY ON OPERATIONS the United States), meeting around 65 institutional investors in one-on-one and group meetings. Furthermore, the Company attended 6 international conferences, both in The Investor Relations and Shareholders Engagement Policy describes the principles the Healthcare and Hearing Aids sectors, organized by leading institutions such as and practices that Amplifon applies for managing the constant and ongoing relationship BNP Paribas Exane, Jefferies, and JP Morgan, and conferences dedicated to Italian with shareholders, potential investors and the Company’s main stakeholders, always and/or mid-capitalization companies organized by Borsa Italiana, Kepler Cheuvreux, based on active listening and on principles of fairness and transparency. The policy Mediobanca and Unicredit. During these conferences, the management met around describes the relationships within the competences of the corporate functions and 200 institutional investors in both one-on-one and group meetings. In addition, regulates the engagement activities designed to promote dialogue between the management met around 180 institutional investors during company visits, via video Company and its shareholders, defining the related topics, setting out the procedures or conference calls, leading to a total of more than 370 investors met throughout 2025. and identifying the parties responsible for the engagement activities and the other persons potentially involved. AMPLIFON AT A GLANCE 22 --- ANNUAL REPORT 2025 DEBT & CREDIT RATING Amplifon leverages on a solid financial structure capable of supporting its growth. Objectives and future opportunities also thanks to a strong cash flow generation. In order to ensure consistency between its financial structure and strategic objectives, the Company diversifies the debt composition and maturity. FINANCIAL STRUCTURE CONSOLIDATED BANKING MARKET FINANCIAL STATEMENTS The Company obtained a strong cash generation in 2025 with adjusted operating Throughout 2025 Amplifon subscribed five new credit facilities for a total amount of cash flow at 291.2 million euros and adjusted free cash flow at 174.4 million euros, €400 million with primary banking institutions such as Intesa Sanpaolo, Banco BPM, after capex of around 117 million euros. This result allowed to finance cash-outs ING Italia and Banca Popolare di Sondrio. In line with the Group’s sustainability strategy, for acquisitions for 62.2 million euros, share buybacks for 108.2 million euros, and these new credit lines are linked to specific indicators of the Sustainability Plan, which st dividend distribution for 65.3 million euros. As of December 31 , 2025, the Group has if reached will activate a margin adjustment mechanism applied to the credit lines. liquidity of 308.9 million euros versus gross financial debt, excluding lease liabilities, of Through these facilities, characterized by particularly favorable conditions, Amplifon 1,354.4 million euros. further optimizes its financial structure thanks to an even more solid liquidity position, more diversified sources of funding and an extension of the average debt maturity. STATEMENT The medium to long-term component of debt amounts to 72.9% of the total debt, while the short-term is 27.1%. Around 80% of the debt can be considered fixed-rate debt DEBT CAPITAL MARKETS since most of the variable-rate debt is swapped. During the year, the average cost of CONSOLIDATED SUSTAINABILITY th debt was around 2.6 %. On February 5 , 2020, Amplifon placed non-convertible bond notes for 350 million euros with 7-year maturity. Amplifon has a public “BB+” corporate credit rating with a Amplifon enjoys an average debt maturity of approximately two and a half years and stable outlook by S&P Global Ratings Europe Limited (“S&P”), the same rating is also a strong headroom (available liquidity and committed credit lines) totaling around 940 assigned to the bond notes. million euros. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 23 --- ANNUAL REPORT 2025 2026 FINANCIAL CALENDAR RD TH > APRIL 23 , 2026 > JULY 30 , 2026 Shareholders’ General Meeting (Single Board of Directors’ meeting to approve CONSOLIDATED Call) to approve Amplifon S.p.A.’s the Interim Management Report at June FINANCIAL STATEMENTS st th Financial Statement at December 31 , 30 , 2026. 2025 and the allocation of 2025 Net Results. STATEMENT CONSOLIDATED SUSTAINABILITY TH TH TH > MARCH 4 , 2026 > MAY 5 , 2026 > OCTOBER 29 , 2026 Board of Directors’ meeting to Board of Directors’ meeting to approve Board of Directors’ meeting to approve the Consolidated Financial & the Interim Financial Report at March approve the Interim Financial Report st th Sustainability Statements, the draft of 31 , 2026. at September 30 , 2026. Amplifon S.p.A.’s Financial Statements at REPORT st December 31 , 2025 and the proposed ON OPERATIONS allocation of 2025 Net Result. AMPLIFON AT A GLANCE 24 --- ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A G LANCE 25 --- ANNUAL REPORT 2025 REPORT ON OPERATION st as at December 31 , 2025 CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 26 --- ANNUAL REPORT 2025 INDEX st REPORT ON OPERATION AS AT DECEMBER 31 , 2025 28 > COMMENTS ON THE FINANCIAL RESULTS • RESEARCH AND DEVELOPMENT 87 • TRANSACTIONS WITHIN THE GROUP • REVENUES PERFORMANCE 28 AND WITH RELATED PARTIES 87 • PROFITABILITY PERFORMANCE 29 • CONTINGENT LIABILITIES 87 • NET FINANCIAL POSITION CHANGES 29 • ATYPICAL/UNUSUAL TRANSACTIONS 87 • ALTERNATIVE PERFORMANCE MEASURES 30 • OUTLOOK 88 CONSOLIDATED • CONSOLIDATED INCOME STATEMENT 38 • COMMENTS ON THE ECONOMIC- FINANCIAL STATEMENTS • RECLASSIFIED CONSOLIDATED FINANCIAL RESULTS OF AMPLIFON S.P.A 89 BALANCE SHEET 40 • RECLASSIFIED CONDENSED • CONDENSED RECLASSIFIED BALANCE SHEET 90 CONSOLIDATED CASH FLOW STATEMENT 41 • CONDENSED RECLASSIFIED • INCOME STATEMENT REVIEW 42 CASH FLOW STATEMENT 91 • REVENUES FROM SALES AND SERVICES 50 • ALTERNATIVE PERFORMANCE • GROSS OPERATING PROFIT (LOSS) (EBITDA) 54 MEASURES (APM) 92 • OPERATING PROFIT (LOSS) (EBIT) 58 • REVENUES FROM SALES AND SERVICES 94 • PROFIT BEFORE TAXES 62 • GROSS OPERATING PROFIT (EBITDA) 95 STATEMENT • GROUP NET PROFIT 63 • OPERATING PROFIT (LOSS) (EBIT) 96 • BALANCE SHEET REVIEW 64 • PROFIT BEFORE TAXES 96 • INVESTMENTS 66 • NET PROFIT ATTRIBUTABLE TO THE GROUP 97 CONSOLIDATED SUSTAINABILITY • NON-CURRENT ASSETS 66 • NON-CURRENT ASSETS 98 • NET INVESTED CAPITAL 69 • NET INVESTED CAPITAL 98 • NET FINANCIAL INDEBTEDNESS 70 • NET FINANCIAL POSITION 98 • CASH FLOW STATEMENT 72 • NET EQUITY 99 • ACQUISITION OF COMPANIES • RECLASSIFIED CONDENSED AND BUSINESSES 75 CASH FLOW STATEMENT 100 • STATEMENT OF CHANGES BETWEEN • DATA CONTROLLER 101 THE NET EQUITY AND THE RESULTS • SUBSIDIARIES 101 REPORT OF THE PARENT COMPANY AMPLIFON • OUTLOOK 101 ON OPERATIONS S.P.A. AND THE NET EQUITY AND THE • YEARLY REPORT ON CORPORATE RESULTS OF THE GROUP FOR THE PERIOD GOVERNANCE AND OWNERSHIP ST ST AS AT DECEMBER 31 , 2025 76 STRUCTURE AS AT DECEMBER 31 2025 101 • RISK MANAGEMENT 77 • TREASURY SHARES 86 AMPLIFON AT A GLANCE 27 --- ANNUAL REPORT 2025 The plan envisages an improvement in the adjusted EBITDA margin in the high- COMMENTS ON end of the range of 150-200 basis points by 2027. Total non-recurring cash costs for the implementation of the plan are estimated at approximately €25 million, to be incurred between 2025 and 2026. THE FINANCIAL RESULTS During 2025, EBITDA was impacted by charges of €8,669 thousand related to the Fit4Growth program, allocated as follows: In 2025, the Amplifon Group recorded total revenues of €2,396 million, up at constant exchange rates despite a still weak market affected by deteriorating macroeconomic • €6,092 thousand relating to employee termination incentives, mainly associated and geopolitical factors, while at current exchange rates they were substantially with improving the efficiency of the sales network as well as the implementation of a in line with those recorded in the same period of 2024 due to the strong negative series of actions to align the back-office structure, resulting in an overall headcount impact of exchange rates. reduction of approximately 230 employees during 2025; CONSOLIDATED • €2,577 thousand relating to strategic consultancy fees and other charges. FINANCIAL STATEMENTS Specifically, the financial year closed with: During 2025, EBIT was impacted, in addition to the effects described in the commentary • Revenues of €2,395,705 thousand, down -0.6% compared to the same period of the on EBITDA, by €5,041 thousand relating to impairment charges following the closure previous year (+1.7% at constant exchange rates); of approximately 160 underperforming hearing centres, allocated as follows: • EBITDA of €511,645 thousand, down €49,445 thousand (-8.8%), with the EBITDA margin at 21.4% (-1.9 p.p. compared to the same period last year); • €2,845 thousand relating to impairment of buildings, leasehold improvements, • Adjusted EBITDA amounted to €540,435 thousand, down €25,617 thousand computer and office equipment, furniture and fixtures; (-4.5%), with EBITDA adjusted margin at 22.6% (-0.9 p.p. compared to the same • €2,160 thousand relating to impairment of right-of-use assets; period last year); • €36 thousand relating to impairment of customer lists. STATEMENT • Profit (loss) attributable to the Group amounted to €91,334 thousand, down €54,040 thousand (-37.2%) compared to 2024 due to higher depreciation, amortization, and financial expenses; CONSOLIDATED SUSTAINABILITY • Adjusted Group profit (loss) amounted to €159,161 thousand, down €28,970 REVENUES PERFORMANCE thousand (-15.4%) compared to 2024 due to higher depreciation, amortization and financial expenses. Consolidated revenues from sales and services in 2025 amounted to €2,395,705 thousand, a slight decrease (-0.6%) compared to 2024. The negative change of In order to address market weakness and challenges, the Group launched, starting from €13,536 thousand is mainly attributable to exchange rate fluctuations, which had a the second quarter of 2025, a comprehensive performance improvement program negative impact of €54,330 thousand (-2.3%). The changes in the perimeter changes aimed at increasing profitability and strengthening the Company’s competitive position contributed positively by €42,009 thousand (+1.7%): the contribution of acquisitions (hereinafter “Fit4Growth”). The program adopts a proactive approach to the weak was partially offset by the effect of the first network optimizations carried out REPORT macroeconomic and geopolitical environment, which has affected market demand, under the Fit4Growth program, which involved the closure of approximately 160 ON OPERATIONS with the objective of transforming challenges into development opportunities. underperforming clinics and the significant rationalization of activities related to the “Fit4Growth” is structured around four main areas of intervention: indirect sales channels of the Chinese subsidiary Hangzhou Amplifon Hearing Aid Co. Ltd. Organic performance was substantially in line with the comparative period. • Improvement of sales network efficiency, through targeted consolidations, selective closures of underperforming clinics and initiatives aimed at further enhancing productivity; • Optimisation of back-office processes and organisational efficiency; • Structural containment of operating costs and rigorous prioritisation of high-return projects, while preserving strategic investments; • Strategic review of the business portfolio, with greater focus on core segments and AMPLIFON AT A GLANCE capital allocation towards higher-return areas. 28 --- ANNUAL REPORT 2025 PROFITABILITY PERFORMANCE NET FINANCIAL POSITION CHANGES EBITDA for the 2025 financial year amounted to €511,645 thousand, down €49,445 Net financial debt, excluding lease liabilities, as at 31 December 2025 amounted to thousand (-8.8%) compared to 2024, while the EBITDA margin stood at 21.4%, down €1,045,483 thousand, an increase of €83,678 thousand compared to 31 December 1.9 p.p. 2024. In 2025, free cash flow was positive for €159,909 thousand (compared to €175,855 thousand in the previous year), after €116,724 thousand in capital The result for the period was affected by net charges of €28,790 thousand relating to expenditure (€145,035 thousand in the comparative period). Net cash-outs for unusual, infrequent or unrelated elements, more specifically: acquisitions (€62,264 thousand compared to €192,531 thousand in 2024), negative cash flows relating to the purchase of treasury shares (€108,207 thousand compared • €502 thousand for transaction and integration costs for acquisitions and changes to €25,396 thousand in 2024), together with cash outflows relating to dividend (positive or negative) in earn-out; payments (€65,302 thousand compared to €65,593 thousand in the comparative CONSOLIDATED • €10.551 thousand for charges and write-off related to corporate and network period), resulted in an overall negative cash flow of €76,773 thousand, compared to FINANCIAL STATEMENTS reorganization, as well as other efficiency projects and changes in Top management; negative €104,307 thousand in 2024. • €526 thousand for gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets; Free cash flow, net of cash outflows relating to unusual, infrequent or unrelated • €18.263 thousand for other unusual, infrequent or unrelated income and expenses items, amounted to €174,428 thousand compared to €182,044 thousand in the above an amount of €1m in a quarter, or above €2m across multiple quarters. previous year. In 2024, the impact of net charges amounted to €4,962 thousand. As at 31 December 2025, gross debt, excluding lease liabilities, amounted to €1,354,365 thousand, of which €987,968 thousand relates to the long-term component. The Net of these items, adjusted EBITDA came to €540,435 thousand in 2025, a decrease short-term component amounted to €366,397 thousand and is partially offset by STATEMENT against the comparison period of €25,617 thousand (-4.5%). The EBITDA adjusted cash and cash equivalents totalling €308,882 thousand. Unutilized irrevocable credit margin was 0.9 p.p. lower than in the comparison period, coming in at 22.6%. lines amounted to a total of €480 million; the unutilized portion of the loan signed with the European Investment Bank amounted to €150 million; and other available CONSOLIDATED SUSTAINABILITY uncommitted credit lines totalled €262 million. Overall, including cash on hand and available credit lines, the Group has a liquidity reserve of approximately €1.2 billion. Including lease liabilities of €486,316 thousand, total net financial debt amounted to €1,531,799 thousand (€1,476,142 thousand as at 31 December 2024). It should be noted that during the first half of 2025 the last credit lines subject to financial covenants matured and/or were repaid; accordingly, from June 2025 the REPORT Group is no longer subject to any financial covenants. ON OPERATIONS AMPLIFON AT A GLANCE 29 --- ANNUAL REPORT 2025 ALTERNATIVE PERFORMANCE MEASURES (€ thousands) 12/31/2025 12/31/2024 Gross operating profit (loss) (EBITDA) 511,645 561,090 Gross operating profit (loss) (EBITDA) Adjusted 540,435 566,052 Operating profit (loss) (EBIT) 196,568 256,814 Operating profit (loss) (EBIT) Adjusted 281,301 313,844 Profit (loss) before tax 131,785 196,780 Profit (loss) before tax Adjusted 217,640 254,669 CONSOLIDATED Net profit (loss) 91,551 145,570 FINANCIAL STATEMENTS Net profit (loss) Adjusted 159,378 188,327 Net profit (loss) attributable to the Group 91,334 145,374 Net profit (loss) attributable to the Group Adjusted 159,161 188,131 Net financial indebtedness excluding lease liabilities 1,045,483 961,805 Lease liabilities 486,316 514,337 Net financial indebtedness 1,531,799 1,476,142 Free Cash Flow 159,909 175,855 Free Cash Flow Adjusted 174,428 182,044 STATEMENT Total Net Equity 998,525 1,150,224 Group Net Equity 998,214 1,150,002 CONSOLIDATED SUSTAINABILITY Net financial indebtedness excluding lease liabilities/Net Equity (€) 1.05 0.84 Net financial indebtedness excluding lease liabilities /Group Net Equity (€) 1.05 0.84 Net financial indebtedness excluding lease liabilities/EBITDA for the leverage calculation (€) 1.92 1.63 Earnings per share (EPS) (€) 0.41049 0.64384 Diluted EPS (€) 0.40344 0.64214 EPS Adjusted (€) 0.71532 0.83321 Group Net Equity per share (€) 4.540 5.104 (*) REPORT Dividend per share (DPS) (€) 0.29 0.29 (*) ON OPERATIONS Pay out ratio (%) 70.65% 45.04% (*) Dividend yield (%) 2.11% 1.17% Period-end price (€) 13.750 24.850 Highest price in period (€) 27.140 35.140 Lowest price in period (€) 12.820 22.890 Price/earnings ratio (P/E) 33.50 38.60 Share price/net equity per share (€) 3.029 4.869 Market capitalization (€ millions) 3,024.1 5,599.21 Number of shares outstanding 219,937,482 225,320,371 AMPLIFON Weighted average number of shares outstanding in the year 222,502,302 225,791,949 AT A GLANCE Weighted average number of shares potentially subject to options in the period 226,388,620 226,388,620 (*) Dividend proposed by the Board of Directors to the Shareholders’ Meeting on 23 April 2026. 30 --- ANNUAL REPORT 2025 Starting from 2025, in order to facilitate the understanding of the Group’s economic These “Adjusted” components can be grouped into the following categories, as financial performance and in line with market practice, a change was made to identified by the top management: the representation of Alternative Performance Measures (APM) used by the Top management to monitor the Group’s economic, financial and operating performance. • Transaction and integration costs for acquisitions and changes (positive or negative) The Group reports certain indicators as “adjusted” in order to present the Group’s in earn-out; operating performance net of items (income and expenses) that are unusual, • Charges and write-off related to corporate and network reorganization, as well as infrequent or not related to the operating performance. This will allow an analysis of other efficiency projects and changes in Top management; the strictly operational performance of the Group. The Group also determined the • Gain and loss on disposal of assets and/or businesses, write-off and revaluation of same indicators for the comparison period in the same way. fixed assets; • Amortization of fixed assets accounted in phase of Purchase Price Allocation; This section outlines the main economic and financial indicators used by Top • Financial income (loss) related to inflation accounting (IAS 29) and Fair Value Management to monitor the Group’s performance, which represent alternatives to changes resulting from modifications and/or non-cash accretion of financial CONSOLIDATED indicators defined or specified under the applicable financial reporting framework. liabilities (IFRS 9); FINANCIAL STATEMENTS For a proper interpretation of such APMs, the following should be noted: • Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters. • 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 The Alternative Performance Measures identified by the Group can be defined as financial statements; follows: • where applicable, the APMs are determined in accordance with the ESMA Guidelines on Alternative Performance Measures of 5 October 2015 (2015/1415) as per • Gross operating profit (EBITDA) represents the Net profit (loss) attributable to CONSOB Notice n. 92543 of 3 December 2015, the ESMA Guidelines on Alternative the Group adjusted by: i) current and deferred income taxes; ii) financial income, Performance Measures (APMs) of 17 April 2020 and Section 3 of ESMA’s “European expenses and value adjustments to financial assets; iii) amortization, depreciation STATEMENT common enforcement priorities for 2022 annual financial reports of 28 October and impairment. 2022”; • Gross operating profit (EBITDA) Adjusted represents the Net profit (loss) • the APMs are not regulated by the International Financial Reporting Standards attributable to the Group adjusted by: i) current and deferred income taxes; CONSOLIDATED SUSTAINABILITY (IFRS) applied by the Group and, while based on the Group’s consolidated financial ii) financial income, expenses and value adjustments to financial assets; iii) statements, they are not subject to any audits or limited review by the external amortization, depreciation and impairment; iv) items (income and expenses) that auditors; are unusual, infrequent or not related to the operating performance. • 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 REPORT could differ from those used by other groups and, therefore, are not comparable; ON OPERATIONS • the APMs used by the Group are consistent across all the reporting periods for which financial information is provided in this document. AMPLIFONANCE GL A AT 31 --- ANNUAL REPORT 2025 The reconciliation of the Net profit (loss) attributable to the Group with EBITDA and the EBITDA Adjusted is shown below. (€ thousands) FY 2025 FY 2024 Q4 2025 Q4 2024 Net profit (loss) attributable to the Group 91,334 145,374 16,911 41,193 Profit (loss) of minority interests 217 196 61 61 Net profit (loss) 91,551 145,570 16,972 41,254 Current and deferred income tax 40,234 51,210 9,368 11,584 Financial income, expenses and value adjustments to financial assets 64,783 60,034 16,949 16,436 CONSOLIDATED Amortization, depreciation and impairment 315,077 304,276 77,911 84,004 FINANCIAL STATEMENTS Gross operating profit (EBITDA) 511,645 561,090 121,200 153,278 Transaction and integration costs for acquisitions and changes (positive or 502 1,894 1,086 846 (1) negative) in earn-out Charges and write-off related to back-office and network reorganization, as well 10,551 3,096 5,435 699 (2) as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and revaluation (526) (1,310) (527) (580) (3) of fixed assets Other unusual, infrequent or unrelated income and expenses above an amount 18,263 1,282 18,263 145 (4) of €1m in a quarter, or above €2m across multiple quarters STATEMENT Total adjustments 28,790 4,962 24,257 1,110 Gross operating profit (EBITDA) Adjusted 540,435 566,052 145,457 154,388 CONSOLIDATED SUSTAINABILITY The following comments refer exclusively to FY 2025 and FY 2024: (1) The positive adjustment of €502 thousand as at 31 December 2025 relates to €1,975 thousand in acquisition-related and integration costs (broken down by region as follows: EMEA €995 thousand, APAC €250 thousand, Corporate €730 thousand) and to €1,473 thousand in positive changes in contingent consideration (“earn-outs”) (broken down by region as follows: EMEA €1,136 thousand and Americas €337 thousand). In the comparative period, the positive adjustment of €1,894 thousand relates to €6,133 thousand in acquisition-related and integration costs (broken down by region as follows: EMEA €5,439 thousand, Americas €27 thousand and APAC €667 thousand) and to €4,239 thousand in positive changes in contingent consideration (“earn-outs”) (broken down by region as follows: EMEA €1,534 thousand, Americas €2,666 thousand and APAC €39 thousand). (2) The positive adjustments of €10,551 thousand as at 31 December 2025 relate to €8,669 thousand in costs incurred for corporate and network reorganizations attributable to the Fit4Growth program (broken down by region as follows: EMEA €5,225 thousand, Americas €1,199 thousand, APAC €806 thousand and Corporate €1,439 thousand) and to €1,882 thousand in costs relating to changes in Top Management (broken down by region as follows: EMEA €247 thousand, Americas €917 thousand and Corporate €718 thousand). In the comparative period, the positive adjustment of €3,096 thousand relates to €1,418 thousand in costs relating REPORT to changes in Top Management (entirely attributable to EMEA) and to €1,678 thousand used to define and implement amends to corporate bylaws including related to increased voting rights (entirely related to ON OPERATIONS Corporate). (3) Negative adjustments of €526 thousand (€1,310 thousand in the comparative period) relate to capital gains arising from the disposal of fixed assets. (4) The positive adjustment of €18,263 thousand relates to: (i) a change and standardisation of the criteria used to estimate the inventory provision, together with a strategic review of the product mix as part of the Fit4Growth program, resulting in a non-cash charge of €7,097 thousand (broken down by region as follows: EMEA €6,014 thousand, Americas €1,010 thousand and APAC €73 thousand); (ii) charges of €4,717 thousand relating to a payroll remediation activity, which led to the recognition of specific provisions in the APAC Region; (iii) charges of €3,956 thousand following a reassessment of loans received by the US subsidiary Miracle- Ear Inc. under the so-called Paycheck Protection Program Loan (PPP loan) in 2020–2021, which, contrary to initial estimates, will have to be repaid; and (iv) charges of €2,493 thousand (broken down by region as follows: EMEA €1,523 thousand and Corporate €970 thousand) relating to write-downs and other adjustments referring to prior years in the central procurement function acting as a “central purchasing body”. In the comparative period, the adjustment of €1,282 thousand relates to the notional cost of the assignment by the shareholder Ampliter of Amplifon shares to the Chief Executive Officer. AMPLIFON AT A GLANCE 32 --- ANNUAL REPORT 2025 • 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. (€ thousands) FY 2025 FY 2024 Q4 2025 Q4 2024 Net profit (loss) attributable to the Group 91,334 145,374 16,911 41,193 CONSOLIDATED Profit (loss) of minority interests 217 196 61 61 FINANCIAL STATEMENTS Net profit (loss) 91,551 145,570 16,972 41,254 Current and deferred income tax 40,234 51,210 9,368 11,584 Financial income, expenses and value adjustments to financial assets 64,783 60,034 16,949 16,436 Operating profit (loss) (EBIT) 196,568 256,814 43,289 69,274 Transaction and integration costs for acquisitions and changes 502 1,894 1,086 846 (1) (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, 15,592 3,096 7,162 699 (2) as well as other efficiency projects and changes in Top management STATEMENT Gain and loss on disposal of assets and/or businesses, write-off 84 1,608 (22) 1,652 (3) and revaluation of fixed assets (4) CONSOLIDATED SUSTAINABILITY Amortization of fixed assets accounted in phase of Purchase Price Allocation 50,292 49,150 12,420 12,316 Other unusual, infrequent or unrelated income and expenses above an amount 18,263 1,282 18,263 145 (5) of €1m in a quarter, or above €2m across multiple quarters Total adjustments 84,733 57,030 38,909 15,658 Operating profit (loss) (EBIT) Adjusted 281,301 313,844 82,198 84,932 The following comments refer exclusively to FY 2025 and FY 2024: REPORT (1), (5) Adjustments are listed in the section relating to Adjusted EBITDA; ON OPERATIONS (2) In addition to the adjustments listed in the section relating to Adjusted EBITDA, impairment losses of €5,041 thousand are recognised on property, plant and equipment, intangible assets, right-of-use assets and goodwill arising from corporate and network reorganisations and other efficiency projects attributable to the Fit4Growth program (broken down by region as follows: EMEA €3,043 thousand, Americas €1,413 thousand and APAC €585 thousand); (3) In addition to the adjustments listed in the section relating to Adjusted EBITDA, impairment losses of €610 thousand (€2,918 thousand in the comparative period) are recognised on property, plant and equipment, intangible assets and goodwill; (4) The positive adjustment of €50,292 thousand as at 31 December 2025 (broken down by region as follows: EMEA €33,734 thousand, Americas €5,301 thousand and APAC €11,257 thousand) relates to the amortisation of customer lists, trademarks, licences, non-compete agreements and franchise rights recognised allocated as result of business combinations (“PPA”). In the comparative period, the positive adjustment amounted to €49,150 thousand (broken down by region as follows: EMEA €32,707 thousand, Americas €4,346 thousand and APAC €12,097 thousand). AMPLIFONANCE GL A AT 33 --- ANNUAL REPORT 2025 • 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. (€ thousands) FY 2025 FY 2024 Q4 2025 Q4 2024 Net profit (loss) attributable to the Group 91,334 145,374 16,911 41,193 Profit (loss) of minority interests 217 196 61 61 Net profit (loss) 91,551 145,570 16,972 41,254 CONSOLIDATED Current and deferred income tax 40,234 51,210 9,368 11,584 FINANCIAL STATEMENTS Profit (loss) before tax 131,785 196,780 26,340 52,838 Transaction and integration costs for acquisitions and changes 502 1,894 1,086 846 (1) (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, 15,592 3,096 7,162 699 (2) as well as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off 84 1,608 (22) 1,652 (3) and revaluation of fixed assets (4) Amortization of fixed assets accounted in phase of Purchase Price Allocation 50,292 49,150 12,420 12,316 STATEMENT Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial 2,271 3,512 671 863 (5) liabilities (IFRS 9) CONSOLIDATED SUSTAINABILITY Other unusual, infrequent or unrelated income and expenses above an amount 17,114 (1,371) 18,993 215 (6) of €1m in a quarter, or above €2m across multiple quarters Total adjustments 85,855 57,889 40,310 16,591 Profit (loss) before tax Adjusted 217,640 254,669 66,650 69,429 The following comments refer exclusively to FY 2025 and FY 2024: (1), (2), (3), (4) Adjustments are listed in the section relating to Adjusted EBIT; (5) The adjustment of €2,271 thousand as at 31 December 2025 (€3,512 thousand in the comparative period) relates to financial expenses stemming from hyperinflation (IAS 29) for €1,281 thousand (€2,659 REPORT thousand in the comparative period) and for €990 thousand (€853 thousand in the comparative period) related to changes in FV following changes in financial liabilities (IFRS 9); ON OPERATIONS (6) In addition to the adjustments listed in the section relating to Adjusted EBIT, the following are recognised: (i) an adjustment of €1,887 thousand (€2,653 thousand in the comparative period) relating to financial income from tax credits arising from “superbonus” discounts in accordance with Articles 119 and 121 of Decree-Law no. 34/2020; for further details, reference should be made to Note 7 (“Other non-current assets”) of the Notes to the Financial Statements; and (ii) a positive adjustment of €738 thousand relating to the recognition of financial expenses associated with amended tax returns for previous years in Australia. AMPLIFONANCE GL A AT 34 --- ANNUAL REPORT 2025 • 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. (€ thousands) FY 2025 FY 2024 Q4 2025 Q4 2024 Net profit (loss) attributable to the Group 91,334 145,374 16,911 41,193 Profit (loss) of minority interests 217 196 61 61 Net profit (loss) 91,551 145,570 16,972 41,254 CONSOLIDATED Transaction and integration costs for acquisitions and changes FINANCIAL STATEMENTS 502 1,894 1,086 846 (1) (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, 15,592 3,096 7,162 699 (2) as well as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off 84 1,608 (22) 1,652 (3) and revaluation of fixed assets (4) Amortization of fixed assets accounted in phase of Purchase Price Allocation 50,292 49,150 12,420 12,316 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial 2,271 3,512 671 863 (5) liabilities (IFRS 9) STATEMENT Other unusual, infrequent or unrelated income and expenses above an amount 17,114 (1,371) 18,993 215 (6) of €1m in a quarter, or above €2m across multiple quarters CONSOLIDATED SUSTAINABILITY Total adjustments before tax 85,855 57,889 40,310 16,591 (7) Fiscal effect on adjustments and other fiscal adjustments (18,028) (15,132) (7,675) (3,981) Total adjustments 67,827 42,757 32,635 12,610 Net profit (loss) Adjusted 159,378 188,327 49,607 53,864 The following comments refer exclusively to FY 2025 and FY 2024: (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 REPORT charge for €5,442 thousand and non-monetary gain for €1,611 thousand in Germany. ON OPERATIONS AMPLIFONANCE GL A AT 35 --- ANNUAL REPORT 2025 • 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. (€ thousands) FY 2025 FY 2024 Q4 2025 Q4 2024 Net profit (loss) attributable to the Group 91,334 145,374 16,911 41,193 Transaction and integration costs for acquisitions and changes 502 1,894 1,086 846 (1) (positive or negative) in earn-out CONSOLIDATED Charges and write-off related to back-office and network reorganization, as well 15,592 3,096 7,162 699 FINANCIAL STATEMENTS (2) as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off 84 1,608 (22) 1,652 (3) and revaluation of fixed assets (4) Amortization of fixed assets accounted in phase of Purchase Price Allocation 50,292 49,150 12,420 12,316 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial 2,271 3,512 671 863 (5) liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an amount 17,114 (1,371) 18,993 215 (6) of €1m in a quarter, or above €2m across multiple quarters STATEMENT Total adjustments before tax 85,855 57,889 40,310 16,591 (7) Fiscal effect on adjustments and other fiscal adjustments (18,028) (15,132) (7,675) (3,981) CONSOLIDATED SUSTAINABILITY Total adjustments 67,827 42,757 32,635 12,610 Net profit (loss) attributable to the Group Adjusted 159,161 188,131 49,546 53,803 The following comments refer exclusively to FY 2025 and FY 2024: (1), (2), (3), (4), (5), (6), (7) The adjustments are listed in the section on Net profit (loss) Adjusted. REPORT ON OPERATIONS AMPLIFONANCE GL A AT 36 --- ANNUAL REPORT 2025 • Free cash flow: represents the cash flow of operating and investing activities before The breakdown of the calculation of the indicator is shown below: the cash flows used in acquisitions and payment of dividends and the cash flows from or used in other financing activities. (€ thousands) • Free cash flow Adjusted represents the cash flow of operating and investing activities before the cash flows used in acquisitions and payment of dividends and FY 2025 the cash flows from or used in other financing activities, adjusted by cash flows that Group EBITDA FY 2025 511,645 are unusual, infrequent or not related to the operating performance as detailed below. Fair value of stock grant assignment 3,612 EBITDA normalized (from acquisitions and disposals) 1,448 The breakdown of the calculation of the indicator is shown below: Items (income and expenses) that are unusual, 28,790 infrequent or not related to the operating performance FY 2025 (€ thousands) CONSOLIDATED EBITDA for the leverage calculation 545,495 FINANCIAL STATEMENTS FY 2025 FY 2024 Free cash flow 159,909 175,855 • Earnings per share (EPS) (€) is the Net profit (loss) attributable to the Group Cash flow of transaction and integration divided by the weighted average number of shares outstanding during the period, (2,045) (4,271) costs for acquisitions considering purchases and sales of treasury shares as cancellations or issues of Cash flow of charges related to corporate and network shares, respectively. reorganization, as well as other efficiency projects and (8,359) (1,918) • Diluted earnings per share (EPS) (€) is the Net profit (loss) attributable to the Group changes in Top management divided by the weighted average number of shares outstanding during the period Cash flow of other unusual, infrequent (4,115) - adjusted for the dilution effect of potential shares. In the calculation of outstanding or unrelated income and expenses STATEMENT shares, purchases and sales of treasury shares are considered as cancellations and Cash flow of unusual, infrequent (14,519) (6,189) issues of shares, respectively. or not related items • Earnings per share (EPS) Adjusted (€) is the Net profit (loss) attributable to the Free cash flow Adjusted 174,428 182,044 CONSOLIDATED SUSTAINABILITY Group Adjusted divided by the weighted average number of outstanding shares in the period adjusted to reflect the amortization of purchase price allocations. When • The net financial debt represents the Group’s net financial debt determined in calculating the number of outstanding shares, the purchases and sales of treasury accordance shares are considered cancellations and share issues, respectively. • with the ESMA guideline 32-382-1138 of 4 March 2021 and CONSOB’s Warning Notice • Group Net Equity per share (€) is the ratio of Group equity to the number of n. 5/21 of 29 April 2021. outstanding shares. • Net financial indebtedness excluding lease liabilities is the net financial • Period-end price (€) is the closing price on the last stock exchange trading day of indebtedness, excluding lease liabilities and short-term investments not cash the period. REPORT st equivalents. • Highest price (€) and lowest price (€) are the highest and lowest prices from 1 ON OPERATIONS • Net financial indebtedness excluding lease liabilities/Net Equity is the ratio of January to the end of the period. net financial indebtedness, excluding lease liabilities and short-term investments • Share price/Net equity per share is the ratio of the share closing price on the last not cash equivalents, to total net equity. stock exchange trading day of the period to net equity per share. • Net financial indebtedness excluding lease liabilities/Group Net Equity is • Market capitalization is the closing price on the last stock exchange trading day of the ratio of net financial indebtedness, excluding lease liabilities and short-term the period multiplied by the number of outstanding shares. investments not cash equivalents, to the Group’s net equity. • The number of shares outstanding is the number of shares issued less treasury • Net financial indebtedness excluding lease liabilities/EBITDA for the leverage shares. 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 AMPLIFONANCE GL A AT performance operations only, based on pro forma figures in case of significant changes to the structure of the Group). 37 --- ANNUAL REPORT 2025 CONSOLIDATED INCOME STATEMENT (€ thousands) FY 2025 % on sales FY 2024 % on sales Change % Revenues from sales and services 2,395,705 100.0% 2,409,241 100.0% -0.6% Operating costs (1,881,610) -78.5% (1,854,593) -77.0% -1.5% Other income and costs (2,450) -0.1% 6,442 0.3% -138.0% Gross operating profit (loss) (EBITDA) 511,645 21.4% 561,090 23.3% -8.8% CONSOLIDATED Gross operating profit (loss) (EBITDA) 540,435 22.6% 566,052 23.5% -4.5% (*) FINANCIAL STATEMENTS Adjusted Depreciation, amortization (127,331) -5.3% (123,540) -5.1% -3.1% and impairment losses on non-current assets Right-of-use depreciation (137,454) -5.8% (131,586) -5.5% -4.5% PPA related depreciation, amortization (50,292) -2.1% (49,150) -2.0% -2.3% and impairment Operating profit (loss) (EBIT) 196,568 8.2% 256,814 10.7% -23.5% (*) Operating profit (loss) (EBIT) Adjusted 281,301 11.7% 313,844 13.0% -10.4% STATEMENT Income, expenses, valuation 228 - 225 - 1.3% and adjustments of financial assets Net financial expenses (61,658) -2.6% (57,062) -2.4% -8.1% CONSOLIDATED SUSTAINABILITY Exchange differences, inflation (3,353) -0.1% (3,197) -0.1% -4.9% accounting and Fair Value valuation Profit (loss) before tax 131,785 5.5% 196,780 8.2% -33.0% (*) Profit (loss) before tax Adjusted 217,640 9.1% 254,669 10.6% -14.5% Tax (40,234) -1.7% (51,210) -2.2% 21.4% Net profit (loss) 91,551 3.8% 145,570 6.0% -37.1% REPORT (*) Net profit (loss) Adjusted 159,378 6.7% 188,327 7.8% -15.4% ON OPERATIONS Profit (loss) of minority interests 217 - 196 - 10.7% Net profit (loss) attributable to the Group 91,334 3.8% 145,374 6.0% -37.2% Net profit (loss) attributable to the Group 159,161 6.6% 188,131 7.8% -15.4% (*) Adjusted (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Financial Report. AMPLIFON AT A GLANCE 38 --- ANNUAL REPORT 2025 (€ thousands) Q4 2025 % on sales Q4 2024 % on sales Change % Revenues from sales and services 651,882 100.0% 664,408 100.0% -1.9% Operating costs (525,290) -80.6% (512,412) -77.1% -2.5% Other income and costs (5,392) -0.8% 1,282 0.2% -520.6% Gross operating profit (loss) (EBITDA) 121,200 18.6% 153,278 23.1% -20.9% CONSOLIDATED Gross operating profit (loss) (EBITDA) 145,457 22.3% 154,388 23.2% -5.8% (*) FINANCIAL STATEMENTS Adjusted Depreciation, amortization (31,622) -4.9% (36,989) -5.6% 14.5% and impairment losses on non-current assets Right-of-use depreciation (33,869) -5.2% (34,699) -5.2% 2.4% PPA related depreciation, amortization (12,420) -1.9% (12,316) -1.9% -0.9% and impairment Operating profit (loss) (EBIT) 43,289 6.6% 69,274 10.4% -37.5% (*) Operating profit (loss) (EBIT) Adjusted 82,198 12.6% 84,932 12.8% -3.2% STATEMENT Income, expenses, valuation 138 - (58) - 337.9% and adjustments of financial assets Net financial expenses (16,580) -2.5% (15,428) -2.3% -7.5% CONSOLIDATED SUSTAINABILITY Exchange differences, inflation (507) -0.1% (950) -0.1% 46.6% accounting and Fair Value valuation Profit (loss) before tax 26,340 4.0% 52,838 8.0% -50.1% (*) Profit (loss) before tax Adjusted 66,650 10.2% 69,429 10.4% -4.0% Tax (9,368) -1.4% (11,584) -1.8% 19.1% Net profit (loss) 16,972 2.6% 41,254 6.2% -58.9% REPORT (*) Net profit (loss) Adjusted 49,607 7.6% 53,864 8.1% -7.9% ON OPERATIONS Profit (loss) of minority interests 61 - 61 - - Net profit (loss) attributable to the Group 16,911 2.6% 41,193 6.2% -58.9% Net profit (loss) attributable to the Group 49,546 7.6% 53,803 8.1% -7.9% Adjusted (*) (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Financial Report. AMPLIFON AT A GLANCE 39 --- ANNUAL REPORT 2025 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. (€ thousands) 12/31/2025 12/31/2024 Change Goodwill 1,927,215 1,945,495 (18,280) Customer lists, non-compete agreements, trademarks and location rights 221,061 259,447 (38,386) Software, licenses, other int.ass., wip and advances 159,660 168,913 (9,253) Tangible assets 237,082 253,925 (16,843) CONSOLIDATED Right of use assets 462,038 492,064 (30,026) Fixed financial assets (1) 6,829 24,472 (17,643) FINANCIAL STATEMENTS Other non-current financial assets (1) 41,045 41,432 (387) Total fixed assets 3,054,930 3,185,747 (130,817) Inventories 82,452 93,180 (10,728) Trade receivables 221,810 226,754 (4,944) Other receivables 113,235 115,304 (2,069) Current assets (A) 417,497 435,238 (17,741) Total assets 3,472,427 3,620,985 (148,558) Trade payables (366,477) (377,100) 10,623 Other payables (2) (374,330) (374,272) (58) Provisions for risks (current portion) (7,459) (2,403) (5,056) STATEMENT Short term liabilities (B) (748,266) (753,775) 5,509 Net working capital (A) - (B) (330,769) (318,537) (12,232) CONSOLIDATED SUSTAINABILITY Derivative instruments (3) 1,445 3,680 (2,235) Deferred tax assets 74,907 77,332 (2,425) Deferred tax liabilities (92,660) (99,493) 6,833 Provisions for risks (non-current portion) (14,511) (20,925) 6,414 Employee benefits (non-current portion) (12,480) (15,457) 2,977 Loan fees (4) 2,814 3,452 (638) Other long-term payables (167,332) (189,433) 22,101 Asset and liabilities held for sale (5) 13,980 - 13,980 NET INVESTED CAPITAL 2,530,324 2,626,366 (96,042) REPORT Shareholders' equity 998,214 1,150,002 (151,788) ON OPERATIONS Third parties' equity 311 222 89 Net equity 998,525 1,150,224 (151,699) Long term net financial debt 987,968 960,387 27,581 Short term net financial debt 57,515 1,418 56,097 Total net financial debt 1,045,483 961,805 83,678 Lease liabilities 486,316 514,337 (28,021) Total lease liabilities & net financial debt 1,531,799 1,476,142 55,657 NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL DEBT 2,530,324 2,626,366 (96,042) Notes for reconciling the condensed balance sheet with the statutory balance sheet: (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; AMPLIFON (2) “Other payables” includes other liabilities, accrued liabilities and deferred income, current portion of liabilities for employees’ benefits and tax liabilities; AT A GLANCE (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. (5) The item “Assets and liabilities held for sale” is presented in the balance sheet under “Assets held for sale” and “Liabilities held for sale”. 40 --- ANNUAL REPORT 2025 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. (€ thousands) FY 2025 FY 2024 Operating profit (loss) (EBIT) 196,567 256,814 Amortization, depreciation and write-downs 315,077 304,276 Provisions, other non-monetary items and gain/losses from disposals 14,144 18,103 CONSOLIDATED Net financial expenses (60,894) (57,220) FINANCIAL STATEMENTS Taxes paid (44,697) (68,926) Changes in net working capital (6,311) (3,198) Cash flow provided by (used in) operating activities before repayment of lease liabilities 413,886 449,849 Repayment of lease liabilities (137,253) (128,959) Cash flow provided by (used in) operating activities (A) 276,633 320,890 Cash flow provided by (used in) operating investing activities (B) (116,724) (145,035) Free Cash Flow (A) + (B) 159,909 175,855 (*) Free cash flow Adjusted 174,428 182,044 STATEMENT Net cash flow provided by (used in) acquisitions (C) (62,246) (192,531) Cash flow provided by (used in) investing activities (B) + (C) (178,970) (337,566) Cash flow provided by (used in) operating activities and investing activities 97,663 (16,676) CONSOLIDATED SUSTAINABILITY Treasury Shares (108,207) (25,396) Dividends (65,302) (65,593) Fees paid on medium/long-term financing (1,788) (1,807) Capital increases, third parties’ contributions and dividends paid by subsidiaries to third parties (101) (125) Change in non-current assets 962 5,290 Net cash flow from the period (76,773) (104,307) REPORT Net financial indebtedness at the beginning of the period excluding lease liabilities (961,805) (852,130) ON OPERATIONS Effect of exchange rate fluctuations on net financial debt (6,597) (5,368) Effect of discontinued operations on net financial debt & asset and liabilities held for sale (308) - Changes in net financial debt (76,773) (104,307) Net financial indebtedness at the end of the period excluding lease liabilities (1,045,483) (961,805) (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Financial Report. AMPLIFON AT A GLANCE 41 --- ANNUAL REPORT 2025 INCOME STATEMENT REVIEW CONSOLIDATED INCOME STATEMENT BY SEGMENT AND GEOGRAPHIC AREA (€ thousands) FY 2025 EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 1,554,720 495,762 345,223 - 2,395,705 Operating costs (1,155,648) (381,919) (265,063) (78,980) (1,881,610) Other income and costs 1,417 (4,220) (107) 460 (2,450) CONSOLIDATED Gross operating profit (loss) (EBITDA) 400,489 109,623 80,053 (78,520) 511,645 FINANCIAL STATEMENTS Gross operating profit (loss) (EBITDA) Adjusted (*) 412,781 116,356 85,944 (74,646) 540,435 Depreciation, amortization and impairment of non-current assets (61,476) (19,702) (18,087) (28,065) (127,330) Right-of-use depreciation (89,451) (15,786) (29,741) (2,476) (137,454) PPA related depreciation, amortization and impairment (33,734) (4,461) (11,258) (840) (50,293) Operating profit (loss) (EBIT) 215,828 69,674 20,967 (109,901) 196,568 Operating profit (loss) (EBIT) Adjusted (*) 265,454 83,121 38,753 (106,027) 281,301 Income, expenses, valuation and adjustments of financial assets 228 STATEMENT Net financial expenses (61,658) Exchange differences, inflation accounting and Fair Value valuation (3,353) CONSOLIDATED SUSTAINABILITY Profit (loss) before tax 131,785 (*) Profit (loss) before tax Adjusted 217,640 Tax (40,234) Net profit (loss) 91,551 (*) Net profit (loss) Adjusted 159,378 Profit (loss) of minority interests 217 REPORT Net profit (loss) attributable to the Group 91,334 ON OPERATIONS (*) Net profit (loss) attributable to the Group Adjusted 159,161 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Financial Report. AMPLIFON AT A GLANCE 42 --- ANNUAL REPORT 2025 Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. (€ thousands) FY 2025 Net profit (loss) EBITDA EBIT Profit (loss) before tax Net profit (loss) Attributable to the Group Alternative Performance Measures 511,645 196,568 131,785 91,551 91,334 Transaction and integration costs for acquisitions and changes 502 502 502 502 502 (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, 10,551 15,592 15,592 15,592 15,592 as well as other efficiency projects and changes in Top management CONSOLIDATED Gain and loss on disposal of assets and/or businesses, write-off and revaluation (526) 84 84 84 84 FINANCIAL STATEMENTS of fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 50,292 50,292 50,292 50,292 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes - - 2,271 2,271 2,271 resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an amount 18,263 18,263 17,114 17,114 17,114 of €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 28,790 84,733 85,855 85,855 85,855 Fiscal effect on adjustments and other fiscal adjustments (18,028) (18,028) STATEMENT Total adjustments 28,790 84,733 85,855 67,827 67,827 Adjusted Alternative Performance Measures 540,435 281,301 217,640 159,378 159,161 CONSOLIDATED SUSTAINABILITY Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. (€ thousands) FY 2025 EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT REPORT Alternative Performance Measures 400,489 215,828 109,623 69,674 80,053 20,967 (78,520) (109,901) 511,645 196,568 ON OPERATIONS Transaction and integration costs for acquisitions and changes (141) (141) (337) (337) 250 250 730 730 502 502 (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, 5,471 8,514 2,117 3,530 806 1,391 2,157 2,157 10,551 15,592 as well as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off (575) (18) (12) (12) 45 98 16 16 (526) 84 and revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 33,734 - 5,301 - 11,257 - - - 50,292 Other unusual, infrequent or unrelated income and expenses above an amount 7,537 7,537 4,965 4,965 4,790 4,790 971 971 18,263 18,263 of €1m in a quarter, or above €2m across multiple quarters Total adjustments 12,292 49,626 6,733 13,447 5,891 17,786 3,874 3,874 28,790 84,733 AMPLIFON AT A GLANCE Adjusted Alternative Performance Measures 412,781 265,454 116,356 83,121 85,944 38,753 (74,646) (106,027) 540,435 281,301 43 --- ANNUAL REPORT 2025 (€ thousands) FY 2024 EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 1,531,284 507,269 370,346 342 2,409,241 Operating costs (1,120,997) (381,073) (273,307) (79,216) (1,854,593) Other income and costs 3,027 3,372 (390) 433 6,442 Gross operating profit (loss) (EBITDA) 413,314 129,568 96,649 (78,441) 561,090 (*) Gross operating profit (loss) (EBITDA) Adjusted 417,501 126,940 97,084 (75,473) 566,052 Depreciation, amortization and impairment of non-current assets (54,922) (18,850) (20,271) (29,496) (123,539) Right-of-use depreciation (84,833) (14,338) (30,041) (2,374) (131,586) CONSOLIDATED PPA related depreciation, amortization and impairment (32,706) (4,347) (12,098) - (49,151) FINANCIAL STATEMENTS Operating profit (loss) (EBIT) 240,853 92,033 34,239 (110,311) 256,814 (*) Operating profit (loss) (EBIT) Adjusted 278,743 93,751 47,135 (105,785) 313,844 Income, expenses, revaluation and adjustments of financial assets 225 Net financial expenses (57,062) Exchange differences, inflation accounting and Fair Value valuation (3,197) Profit (loss) before tax 196,780 (*) Profit (loss) before tax Adjusted 254,669 STATEMENT Tax (51,210) Net profit (loss) 145,570 CONSOLIDATED SUSTAINABILITY (*) Net profit (loss) Adjusted 188,327 Profit (loss) of minority interests 196 Net profit (loss) attributable to the Group 145,374 (*) Net profit (loss) attributable to the Group Adjusted 188,131 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Financial Report. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 44 --- ANNUAL REPORT 2025 Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. (€ thousands) FY 2024 Net profit (loss) EBITDA EBIT Profit (loss) before tax Net profit (loss) Attributable to the Group Alternative Performance Measures 561,090 256,814 196,780 145,570 145,374 Transaction and integration costs for acquisitions and changes 1,894 1,894 1,894 1,894 1,894 (positive or negative) in earn-out Costs relative to corporate and network reorganization, 3,096 3,096 3,096 3,096 3,096 as well as other efficiency projects Gain and loss on disposal of assets and/or businesses, write-off CONSOLIDATED (1,310) 1,608 1,608 1,608 1,608 and revaluation of fixed assets FINANCIAL STATEMENTS Amortization of fixed assets accounted in phase of Purchase Price Allocation - 49,150 49,150 49,150 49,150 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes - - 3,512 3,512 3,512 resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an amount 1,282 1,282 (1,371) (1,371) (1,371) of €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 4,962 57,030 57,889 57,889 57,889 Fiscal effect on adjustments and other fiscal adjustments (15,132) (15,132) Total adjustments 4,962 57,030 57,889 42,757 42,757 STATEMENT Adjusted Alternative Performance Measures 566,052 313,844 254,669 188,327 188,131 CONSOLIDATED SUSTAINABILITY Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. (€ thousands) FY 2024 EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT REPORT Alternative Performance Measures 413,314 240,853 129,568 92,033 96,649 34,239 (78,441) (110,311) 561,090 256,814 ON OPERATIONS Transaction and integration costs for acquisitions and changes 3,905 3,905 (2,639) (2,639) 628 628 - - 1,894 1,894 (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, 1,418 1,418 - - - - 1,678 1,678 3,096 3,096 as well as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and revaluation (1,136) (140) 11 11 (193) 171 8 1,566 (1,310) 1,608 of fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 32,707 4,346 - 12,097 - - - 49,150 Other unusual, infrequent or unrelated income and expenses above an amount - - - - - - 1,282 1,282 1,282 1,282 of €1m in a quarter, or above €2m across multiple quarters Total adjustments 4,187 37,890 (2,628) 1,718 435 12,896 2,968 4,526 4,962 57,030 AMPLIFON AT A GLANCE Adjusted Alternative Performance Measures 417,501 278,743 126,940 93,751 97,084 47,135 (75,473) (105,785) 566,052 313,844 45 --- ANNUAL REPORT 2025 (€ thousands) Fourth Quarter 2025 EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 436,380 129,743 85,759 - 651,882 Operating costs (337,214) (98,839) (69,888) (19,349) (525,290) Other income and costs (1,110) (4,432) 72 78 (5,392) Gross operating profit (loss) (EBITDA) 98,056 26,472 15,943 (19,271) 121,200 (*) Gross operating profit (loss) (EBITDA) Adjusted 107,501 33,777 20,945 (16,766) 145,457 Depreciation, amortization and impairment of non-current assets (17,361) (3,149) (4,206) (6,905) (31,621) Right-of-use depreciation (22,461) (3,617) (7,172) (619) (33,869) CONSOLIDATED PPA related depreciation, amortization and impairment (8,457) (1,108) (2,546) (310) (12,421) FINANCIAL STATEMENTS Operating profit (loss) (EBIT) 49,777 18,598 2,019 (27,105) 43,289 (*) Operating profit (loss) (EBIT) Adjusted 69,411 27,727 9,660 (24,600) 82,198 Income, expenses, revaluation and adjustments of financial assets 138 Net financial expenses (16,580) Exchange differences, inflation accounting and Fair Value valuation (507) Profit (loss) before tax 26,340 (*) Profit (loss) before tax Adjusted 66,650 STATEMENT Tax (9,368) Net profit (loss) 16,972 CONSOLIDATED SUSTAINABILITY (*) Net profit (loss) Adjusted 49,607 Profit (loss) of minority interests 61 Net profit (loss) attributable to the Group 16,911 (*) Net profit (loss) attributable to the Group Adjusted 49,546 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Financial Report. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 46 --- ANNUAL REPORT 2025 Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. (€ thousands) Fourth Quarter 2025 Net profit (loss) EBITDA EBIT Profit (loss) before tax Net profit (loss) Attributable to the Group Alternative Performance Measures 121,200 43,289 26,340 16,972 16,911 Transaction and integration costs for acquisitions and changes 1,086 1,086 1,086 1,086 1,086 (positive or negative) in earn-out Costs related to back-office and network reorganization, 5,435 7,162 7,162 7,162 7,162 as well as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off CONSOLIDATED (527) (22) (22) (22) (22) and revaluation of fixed assets FINANCIAL STATEMENTS Amortization of fixed assets accounted in phase of Purchase Price Allocation - 12,420 12,420 12,420 12,420 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes - - 671 671 671 resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an amount 18,263 18,263 18,993 18,993 18,993 of €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 24,257 38,909 40,310 40,310 40,310 Fiscal effect on adjustments and other fiscal adjustments (7,675) (7,675) Total adjustments 24,257 38,909 40,310 32,635 32,635 STATEMENT Adjusted Alternative Performance Measures 145,457 82,198 66,650 49,607 49,546 CONSOLIDATED SUSTAINABILITY Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. (€ thousands) Fourth Quarter 2025 EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance Measures 98,056 49,777 26,472 18,598 15,943 2,019 (19,271) (27,105) 121,200 43,289 REPORT Transaction and integration costs for acquisitions and changes ON OPERATIONS (442) (442) 889 889 39 39 600 600 1,086 1,086 (positive or negative) in earn-out Costs related to back-office and network reorganization, 2,899 4,179 1,461 1,868 156 196 919 919 5,435 7,162 as well as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off (549) (97) (10) (10) 17 70 15 15 (527) (22) and revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 8,457 - 1,417 - 2,546 - - - 12,420 Other unusual, infrequent or unrelated income and expenses above an amount 7,537 7,537 4,965 4,965 4,790 4,790 971 971 18,263 18,263 of €1m in a quarter, or above €2m across multiple quarters Total adjustments 9,445 19,634 7,305 9,129 5,002 7,641 2,505 2,505 24,257 38,909 Adjusted Alternative Performance Measures 107,501 69,411 33,777 27,727 20,945 9,660 (16,766) (24,600) 145,457 82,198 AMPLIFON AT A GLANCE 47 --- ANNUAL REPORT 2025 (€ thousands) Fourth Quarter 2024 EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 429,571 140,852 93,880 105 664,408 Operating costs (323,610) (103,345) (70,118) (15,339) (512,412) Other income and costs (43) 1,059 (64) 330 1,282 Gross operating profit (loss) (EBITDA) 105,918 38,566 23,698 (14,904) 153,278 (*) Gross operating profit (loss) (EBITDA) Adjusted 107,523 37,778 23,847 (14,760) 154,388 Depreciation, amortization and impairment of non-current assets (16,312) (5,562) (5,984) (9,132) (36,990) Right-of-use depreciation (22,329) (3,809) (7,962) (599) (34,699) CONSOLIDATED PPA related depreciation, amortization and impairment (8,313) (1,146) (2,856) - (12,315) FINANCIAL STATEMENTS Operating profit (loss) (EBIT) 58,964 28,049 6,896 (24,635) 69,274 (*) Operating profit (loss) (EBIT) Adjusted 69,233 28,407 10,225 (22,933) 84,932 Income, expenses, revaluation and adjustments of financial assets (58) Net financial expenses (15,428) Exchange differences, inflation accounting and Fair Value valuation (950) Profit (loss) before tax 52,838 (*) Profit (loss) before tax Adjusted 69,429 STATEMENT Tax (11,584) Net profit (loss) 41,254 CONSOLIDATED SUSTAINABILITY (*) Net profit (loss) Adjusted 53,864 Profit (loss) of minority interests 61 Net profit (loss) attributable to the Group 41,193 (*) Net profit (loss) attributable to the Group Adjusted 53,803 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Financial Report. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 48 --- ANNUAL REPORT 2025 Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. (€ thousands) Fourth Quarter 2024 Net profit (loss) EBITDA EBIT Profit (loss) before tax Net profit (loss) Attributable to the Group Alternative Performance Measures 153,278 69,274 52,838 41,254 41,193 Transaction and integration costs for acquisitions and changes 846 846 846 846 846 (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, 699 699 699 699 699 as well as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off CONSOLIDATED (580) 1,652 1,652 1,652 1,652 and revaluation of fixed assets FINANCIAL STATEMENTS Amortization of fixed assets accounted in phase of Purchase Price Allocation - 12,316 12,316 12,316 12,316 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes - - 863 863 863 resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an amount 145 145 215 215 215 of €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 1,110 15,658 16,591 16,591 16,591 Fiscal effect on adjustments and other fiscal adjustments (3,981) (3,981) Total adjustments 1,110 15,658 16,591 12,610 12,610 STATEMENT Adjusted Alternative Performance Measures 154,388 84,932 69,429 53,864 53,803 CONSOLIDATED SUSTAINABILITY Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. (€ thousands) Fourth Quarter 2024 EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance Measures 105,918 58,964 38,566 28,049 23,698 6,896 (14,904) (24,635) 153,278 69,274 REPORT Transaction and integration costs for acquisitions and changes ON OPERATIONS 1,407 1,407 (789) (789) 228 228 - - 846 846 (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, 700 700 - - - - (1) (1) 699 699 as well as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off (502) (152) 1 1 (79) 245 - 1,558 (580) 1,652 and revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 8,314 - 1,146 - 2,856 - - - 12,316 Other unusual, infrequent or unrelated income and expenses above an amount - - - - - - 145 145 145 145 of €1m in a quarter, or above €2m across multiple quarters Total adjustments 1,605 10,269 (788) 358 149 3,329 144 1,702 1,110 15,658 Adjusted Alternative Performance Measures 107,523 69,233 37,778 28,407 23,847 10,225 (14,760) (22,933) 154,388 84,932 AMPLIFON AT A GLANCE 49 --- ANNUAL REPORT 2025 REVENUES FROM SALES AND SERVICES (€ thousands) FY 2025 FY 2024 Change Change % Revenues from sales and services 2,395,705 2,409,241 (13,536) -0.6% (€ thousands) Fourth quarter 2025 Third quarter 2024 Change Change % CONSOLIDATED FINANCIAL STATEMENTS Revenues from sales and services 651,882 664,408 (12,526) -1.9% Consolidated revenues from sales and services for 2025 reached €2,395,705 thousand, slightly decreasing (-0.6%) against the comparative period. The decrease of €13,536 thousand is mainly attributable to exchange rate movements, which had a negative impact of €54,330 thousand (-2.3%). The change in perimeter contributed positively overall for €42,009 thousand (+1.7%): the contribution from acquisitions carried out was partially offset by the initial network optimisation measures implemented under the Fit4Growth program, which led to the closure of approximately 160 underperforming hearing care centres and the significant rationalisation of activities relating to the indirect sales channels of the Chinese subsidiary Hangzhou Amplifon Hearing Aid Co. Ltd. Organic performance was substantially in line with the comparative period. 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 STATEMENT performance (+0.1%) and a negative in foreign exchange differences (-0.1%). More in detail, revenues for EMEA were higher than in 2024, with an acceleration in the organic performance in the second half of the year; AMERICAS reported solid, CONSOLIDATED SUSTAINABILITY above-market organic growth despite a challenging comparison base, alongside a positive contribution from the acquisitions in the United States; despite the significant improvement seen in the last quarter, the performance of the APAC region reflects the underlying market softness and the negative perimeter change impact related to the Fit4Growth efficiency program, as well as the strong comparison base. In the fourth quarter alone, consolidated revenues from sales and services amounted to €651,882 thousand, a decrease of €12,526 thousand (-1.9%) compared to the fourth quarter of 2024. The positive contributions of the organic performance (€3,677 thousand or +0.6%) and changes in perimeter (€5,439 thousand or +0.8%) and, that include the contribution of acquisition made and the effect of the disposal described above were more than offset by €21,642 thousand (-3.3%) in foreign exchange differences. REPORT The fourth quarter revenues of the Argentinian subsidiary reflect the inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a negative impact ON OPERATIONS on organic performance (-0.2%), without impacts on foreign exchange differences. AMPLIFON AT A GLANCE 50 --- ANNUAL REPORT 2025 The breakdown of revenues from sales and services by geographic area is shown below. (€ thousands) Change % in FY 2025 % on Total FY 2024 % on Total Change Change % Exchange diff. local currency EMEA 1,554,720 64.9% 1,531,284 63.6% 23,436 1.5% 1,117 1.4% Americas 495,762 20.7% 507,269 21.1% (11,507) -2.3% (31,792) 4.0% Asia Pacific 345,223 14.4% 370,346 15.3% (25,123) -6.8% (23,655) -0.4% Corporate - - 342 - (342) -100.0% - -100.0% Total 2,395,705 100.0% 2,409,241 100.0% (13,536) -0.6% (54,330) 1.7% CONSOLIDATED FINANCIAL STATEMENTS (€ thousands) Change % in Q4 2025 % on Total Q4 2024 % on Total Change Change % Exchange diff. local currency EMEA 436,380 66.9% 429,571 64.7% 6,809 1.6% 159 1.6% Americas 129,743 19.9% 140,852 21.2% (11,109) -7.9% (13,920) 2.0% Asia Pacific 85,759 13.2% 93,880 14.1% (8,121) -8.7% (7,881) -0.3% Corporate - - 105 - (105) -100.0% - -100.0% STATEMENT Total 651,882 100.0% 664,408 100.0% (12,526) -1.9% (21,642) 1.4% CONSOLIDATED SUSTAINABILITY EUROPE, MIDDLE EAST AND AFRICA (€ thousands) REPORT Period 2025 2024 Change Change % ON OPERATIONS 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% IV quarter 436,380 429,571 6,809 1.6% II Half Year 788,762 773,817 14,945 1.9% FY 2025 1,554,720 1,531,284 23,436 1.5% AMPLIFON AT A GLANCE 51 --- ANNUAL REPORT 2025 Sales and service revenues for 2025 amounted to €1,554,720 thousand, representing an increase of €23,436 thousand (+1.5%) compared to the previous year. The increase is attributable to the contribution from the change in perimeter amounting to €31,736 thousand (+2.0%): the contribution from acquisitions – including the first-time consolidation of the Polish subsidiary Amplifon Aparaty Słuchowe Sp. z o.o., acquired at the beginning of March – was partially offset by the initial network optimisation actions implemented under the Fit4Growth program. Organic performance was overall negative at €9,417 thousand (-0.6%), while foreign exchange movements contributed marginally, with a positive impact of €1,117 thousand (+0.1%). In the fourth quarter, consolidated sales and service revenues amounted to €436,380 thousand, up by €6,809 thousand (+1.6%) compared to the prior-year period. The increase is mainly attributable to the contribution from the change in perimeter of €4,842 thousand (+1.2%): the positive contribution from acquisitions was partially offset by the initial network optimisation measures implemented under the Fit4Growth program. Organic performance contributed positively for €1,809 thousand (+0.4%), while foreign exchange movements had a marginal positive impact of €158 thousand. CONSOLIDATED AMERICAS FINANCIAL STATEMENTS (€ thousands) Period 2025 2024 Change Change % 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% STATEMENT IV quarter 129,743 140,852 (11,109) -7.9% II Half Year 252,677 266,851 (14,174) -5.3% CONSOLIDATED SUSTAINABILITY FY 2025 495,762 507,269 (11,507) -2.3% Revenues from sales and services in 2025 amounted to €495,762 thousand, down €11,507 thousand (-2.3%) compared to the previous year. The positive contribution from organic performance of €9,590 thousand (+1.9%) and from the change in perimeter of €10,695 thousand (+2.1%), which includes the positive effect of acquisitions carried out and the negative effect of the initial network optimisation measures implemented under the Fit4Growth program, was more than offset by exchange rate movements of €31,792 thousand (-6.3%), mainly due to the weakening of the US dollar, the Argentine peso and the Canadian dollar. REPORT ON OPERATIONS 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%). In the fourth quarter, revenues from sales and services reached €129,743 thousand, decreasing by €11,109 thousand (-7.9%) against the comparative period, mainly attributable to foreign exchange differences, which had a negative impact of €13,920 thousand (-9.9%) due to the weakening of the US dollar, the Argentine peso and the Canadian dollar. This effect was partially offset by a positive contribution from organic performance of €1,239 thousand (+0.9%) and by the positive contribution from the change in perimeter of €1,572 thousand (+1.1%), in which the positive contribution from acquisitions carried out was partially offset by the effect of the initial network optimisation measures implemented under the Fit4Growth program. In the fourth quarter alone, the revenues of the Argentinian subsidiary reflect the inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a AMPLIFON AT A GLANCE positive impact on organic performance (+0.6%) and a negative impact on foreign exchange differences (-0.1%). 52 --- ANNUAL REPORT 2025 ASIA PACIFIC (€ thousands) Period 2025 2024 Change Change % 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% CONSOLIDATED IV quarter 85,759 93,880 (8,121) -8.7% FINANCIAL STATEMENTS II Half Year 173,776 191,161 (17,385) -9.1% FY 2025 345,223 370,346 (25,123) -6.8% Revenues from sales and services in 2025 amounted to €345,223 thousand, decreasing by €25,123 thousand (-6.8%) compared to 2024. This decrease is mainly attributable to foreign exchange differences, which had a negative impact of €23,655 thousand (-6.4%), due to the weakening of the Australian and New Zealand dollars. Organic performance contributed negatively for €1,046 thousand (-0.3%), and the change in perimeter had an overall negative impact of €422 thousand (-0.1%): the contribution from acquisitions was more than offset by the initial network optimisation measures implemented under the Fit4Growth program, which led to the closure of certain underperforming hearing centres and to a significant rationalisation of indirect sales channel activities of the Chinese subsidiary Hangzhou Amplifon Hearing Aid Co. Ltd. STATEMENT In the fourth quarter, revenues from sales and services amounted to €85,759 thousand, decreasing by €8,121 thousand (-8.7%), mainly attributable to foreign exchange differences, which had a negative impact of €7,880 thousand (-8.4%). The change in perimeter had a negative impact of €975 thousand (-1.1%): the contribution from CONSOLIDATED SUSTAINABILITY acquisitions in the Chinese and Australian markets was partially offset by the effect of the above-mentioned disposals, while organic performance contributed positively for €734 thousand (+0.8%). REPORT ON OPERATIONS AMPLIFON AT A GLANCE 53 --- ANNUAL REPORT 2025 GROSS OPERATING PROFIT (LOSS) (EBITDA) (€ thousands) FY 2025 FY 2024 Change Change % Gross operating profit (loss) (EBITDA) 511,645 561,090 (49,445) -8.8% Gross operating profit (loss) (EBITDA) Adjusted 540,435 566,052 (25,617) -4.5% (€ thousands) CONSOLIDATED FINANCIAL STATEMENTS Fourth quarter 2025 Fourth quarter 2024 Change Change % Gross operating profit (loss) (EBITDA) 121,200 153,278 (32,078) -20.9% Gross operating profit (loss) (EBITDA) Adjusted 145,457 154,388 (8,931) -5.8% Gross operating profit (EBITDA) amounted to €511,645, a decline of €49,445 thousand (-8.8%) with respect to the comparison period. The EBITDA margin came to 21.4%, 1.9 p.p. lower than in the comparison period. STATEMENT The change compared to the previous period is attributable to the effect of lower operating leverage, the dilution resulting from the acceleration of growth of Miracle-Ear’s direct network in the United States, the geographical mix of the EMEA area and higher marketing investments aimed at further strengthening the Group’s distinctive assets. CONSOLIDATED SUSTAINABILITY The result for the period was affected for €28,790 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the Alternative Performance Indicators section), mainly attributable to the Fit4Growth program. 2024 financial year was affected by these items for €4,962 thousand. Net of these items, adjusted EBITDA for 2025 amounted to €540,435 thousand, down €25,617 thousand (-4.5%) compared to the same period last year. EBITDA Adjusted margin was 22.6%, down 0.9 percentage points compared to the same period last year. In the fourth quarter alone, EBITDA amounted to €121,200 thousand, down €32,078 thousand (-20.9%) compared to the same period of the previous year. EBITDA margin REPORT was 18.6%, down 4.5 percentage points compared to the same period of the previous year. ON OPERATIONS The fourth quarter result was impacted for €24,257 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the Alternative Performance Indicators section), mainly attributable to the Fit4Growth program. It should be noted that the result for FY 2024 was impacted by such items for €1,110 thousand. Net of these items, adjusted EBITDA for the fourth quarter of 2025 amounted to €145,457 thousand, down €8,931 thousand (-5.8%) compared to the same period last year. EBITDA Adjusted margin was 22.3%, down -0.9 percentage points compared to the same period last year. AMPLIFON AT A GLANCE 54 --- ANNUAL REPORT 2025 The breakdown of EBITDA by geographic area is shown below. (€ thousands) FY 2025 EBITDA Margin FY 2024 EBITDA Margin Change Change % EMEA 400,489 25.8% 413,314 27.0% (12,825) -3.1% Americas 109,623 22.1% 129,568 25.5% (19,945) -15.4% Asia Pacific 80,053 23.2% 96,649 26.1% (16,596) -17.2% (*) Corporate (78,520) -3.3% (78,441) -3.3% (79) -0.1% Total 511,645 21.4% 561,090 23.3% (49,445) -8.8% (*) Centralized costs are shown as a percentage of the Group’s total sales. CONSOLIDATED FINANCIAL STATEMENTS (€ thousands) Fourth quarter 2025 EBITDA Margin Fourth quarter 2024 EBITDA Margin Change Change % EMEA 98,056 22.5% 105,918 24.7% (7,862) -7.4% Americas 26,472 20.4% 38,566 27.4% (12,094) -31.4% Asia Pacific 15,943 18.6% 23,698 25.2% (7,755) -32.7% (*) Corporate (19,271) -3.0% (14,904) -2.2% (4,367) -29.3% Total 121,200 18.6% 153,278 23.1% (32,078) -20.9% STATEMENT (*) Centralized costs are shown as a percentage of the Group’s total sales. The breakdown of EBITDA Adjusted by geographic area is shown below. CONSOLIDATED SUSTAINABILITY (€ thousands) FY 2025 EBITDA Adjusted Margin FY 2024 EBITDA Adjusted Margin Change Change % EMEA 412,781 26.6% 417,501 27.3% (4,720) -1.1% Americas 116,356 23.5% 126,940 25.0% (10,584) -8.3% Asia Pacific 85,944 24.9% 97,084 26.2% (11,140) -11.5% REPORT (*) Corporate (74,646) -3.1% (75,473) -3.1% 827 1.1% ON OPERATIONS Total 540,435 22.6% 566,052 23.5% (25,617) -4.5% (*) Centralized costs are shown as a percentage of the Group’s total sales. (€ thousands) Fourth quarter 2025 EBITDA Adjusted Margin Fourth quarter 2024 EBITDA Adjusted Margin Change Change % EMEA 107,501 24.6% 107,523 25.0% (22) 0.0% Americas 33,777 26.0% 37,778 26.8% (4,001) -10.6% Asia Pacific 20,945 24.4% 23,847 25.4% (2,902) -12.2% (*) Corporate (16,766) -2.6% (14,760) -2.2% (2,006) -13.6% AMPLIFON AT A GLANCE Total 145,457 22.3% 154,388 23.2% (8,931) -5.8% (*) Centralized costs are shown as a percentage of the Group’s total sales. 55 --- ANNUAL REPORT 2025 EUROPE, MIDDLE EAST AND AFRICA AMERICAS Gross operating profit (EBITDA) amounted to €400,489 thousand in 2025, a decrease Gross operating profit (EBITDA) amounted to €109,623 thousand in 2025, a decrease of €12,825 thousand (-3.1%) with respect to the comparison period. The EBITDA of €19,945 thousand (-15.4%) with respect to the comparison period. The EBITDA margin came to 25.8%, a decrease of 1.2 p.p. compared to 2024. adjusted margin came to 22.1%, a decrease of 3.4 p.p. compared to 2024. The result for the reporting period was affected for € 12,292 thousand by items The result for the reporting period was affected for €6,733 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the Alternative Performance Indicators section). The impact performance (detailed in the Alternative Performance Indicators section). The impact of these items amounted to €4,187 thousand in 2024. of these items amounted to €2,628 thousand in 2024. CONSOLIDATED Net of these items, adjusted EBITDA amounted to €412,781 thousand in 2025, a Net of these items, adjusted EBITDA amounted to €116,356 thousand in 2025, €10,584 FINANCIAL STATEMENTS decrease of € 4,720 thousand (-1.1%) with respect to the comparison period. The thousand lower (-8.3%) with respect to the comparison period. The EBITDA adjusted EBITDA adjusted margin was 0.7 p.p. lower than in the comparison period, coming margin was 1.5 p.p. lower than in the comparison period, coming in at 23.5%. in at 26.6%. In the fourth quarter alone, EBITDA was €12,094 thousand (-31.4%) lower than in the In the fourth quarter alone, EBITDA was €7,862 thousand (-7.4%) lower than in the comparison period coming in at €26,472 thousand. The EBITDA margin was 20.4%, comparison period coming in at €98,056 thousand. The EBITDA margin was 2.2 p.p. 7.0 p.p. lower than in the comparison period. lower than in the comparison period coming in at 22.5%. The result for the reporting period was affected for €6,733 thousand by items The fourth quarter result was affected for €9,445 thousand by items (income and (income and expenses) that are unusual, infrequent or not related to the operating STATEMENT expenses) that are unusual, infrequent or not related to the operating performance. performance (detailed in the Alternative Performance Indicators section). The impact The impact of these items amounted to €1,605 thousand in 2024. of these items amounted to €2,628 thousand in 2024. CONSOLIDATED SUSTAINABILITY Net of these items, adjusted EBITDA came to € 107,501 thousand in the fourth quarter Net of these items, adjusted EBITDA came to €33,777 thousand in the fourth quarter in line with the comparison period. The EBITDA adjusted margin was 0.4 p.p. lower of 2025, a decrease of €4,001 thousand (-10.6%) against the comparison period. The than in the comparison period, coming in at 24.6%. EBITDA adjusted margin was 0.8 p.p. lower than in the comparison period, coming in at 26.0%. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 56 --- ANNUAL REPORT 2025 ASIA PACIFIC CORPORATE Gross operating profit (EBITDA) amounted to €80,053 thousand in 2025, a decrease In 2025 the net cost of centralized corporate functions (corporate bodies, general of €16,596 thousand (-17.2%) with respect to the comparison period. The EBITDA management, business development, procurement, treasury, legal affairs, human margin came to 23.2%, a decrease of 2.9 p.p. compared to 2024. resources, IT systems, global marketing and internal audit) which do not qualify as operating segments under IFRS 8 amounted to €78,520 thousand (-3.3% of the The result for the reporting period was affected for €5,891 thousand by items Group’s revenues from sales and services), substantially in line with the comparative (income and expenses) that are unusual, infrequent or not related to the operating period of the previous year. performance (detailed in the Alternative Performance Indicators section). The impact of these items amounted to €435 thousand in 2024. The result for the reporting period was affected for €3,874 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating CONSOLIDATED Net of these items, adjusted EBITDA amounted to €85,944 thousand in 2025, a performance (detailed in the Alternative Performance Indicators section). The 2024 FINANCIAL STATEMENTS decrease of €11,140 thousand (-11.5%) with respect to the comparison period. The result was affected by these items for €2,968 thousand. EBITDA adjusted margin was -1.3 p.p. lower than in the comparison period, coming in at 24.9%. Net of these items, costs were €827 thousand (-1.1%) lower with the margin in line with the comparison period at 3.1%. In the fourth quarter alone, EBITDA was €7,755 thousand (-32.7%) lower than in the comparison period coming in at €15,943 thousand. The EBITDA margin was 18.6%, In the fourth quarter corporate costs amounted €19,271 thousand (-3.0% of the 6.6 p.p. lower than in the comparison period. Group’s revenues from sales and services), an increase of €4,367 thousand (+29.3%) compared to the fourth quarter of 2024. In the fourth quarter alone, the result was affected for €5,002 thousand by items STATEMENT (income and expenses) that are unusual, infrequent or not related to the operating The result for the period was affected for €2,505 thousand by items (income and performance. The result of 2024 was affected by these items for €149 thousand. expenses) that are unusual, infrequent or not related to the operating performance. The result of 2024 was affected by these items for €144 thousand. CONSOLIDATED SUSTAINABILITY Net of these items, adjusted EBITDA came to €20,945 thousand in the fourth quarter of 2025, a decrease of €2,902 thousand (-12.2%) against the comparison period. The Net of these items, costs were €2,006 thousand (+13.6%) higher, with the margin -0.4 EBITDA adjusted margin was 1.0 p.p. lower than in the comparison period, coming in p.p lower at -2.6%. at 24.4%. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 57 --- ANNUAL REPORT 2025 OPERATING PROFIT (LOSS) (EBIT) (€ thousands) FY 2025 FY 2024 Change Change % Operating profit (loss) (EBIT) 196,568 256,814 (60,246) -23.5% Operating profit (loss) (EBIT) Adjusted 281,301 313,844 (32,543) -10.4% (€ thousands) CONSOLIDATED Fourth quarter 2025 Fourth quarter 2024 Change Change % FINANCIAL STATEMENTS Operating profit (loss) (EBIT) 43,289 69,274 (25,985) -37.5% Operating profit (loss) (EBIT) Adjusted 82,198 84,932 (2,734) -3.2% Operating profit (EBIT) amounted to €196,568 thousand in 2025, a decrease of €60,246 thousand (-23.5%) with respect to the comparison period. The EBIT margin came to 8.2%, 2.5 p.p. lower than in the comparison period. With respect to EBITDA, EBIT reflects higher depreciation and amortisation, deriving from investments made in previous years relating to network expansion, innovation STATEMENT and digital transformation, as well as higher impairment losses on property, plant and equipment, intangible assets and right-of-use assets following the closure of underperforming hearing care centres under Fit4Growth program, as well as to higher amortisation of right-of-use assets the initial recognition of assets in accordance with Purchase Price Allocation accounting. CONSOLIDATED SUSTAINABILITY The result for the period was impacted for €84,733 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance and, in addition to what has already been described in relation to EBITDA, mainly refers to the effect of amortisation from Purchase Price Allocation and impairment losses related to the Fit4Growth program. Full details of these items are summarised in the section Alternative Performance Measures, to which reference should be made. It should be noted that the result for FY 2024 was impacted by such items for €57,030 thousand. Net of these items, adjusted EBIT amounted to €281,301 thousand in 2025, a decrease of € 32,543 thousand (-10.4%) against the comparison period. The EBIT adjusted margin was 1.3 p.p. lower than in the comparison period, coming in at 11.7%. REPORT ON OPERATIONS In the fourth quarter alone EBIT amounted to €43,289 thousand, a decrease of €25,985 thousand (-37.5%) with respect to the comparison period. The EBIT margin came to 6.6%, -3.8 p.p. lower in the comparison period. The result for the fourth quarter was affected for €38,909 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 €15,658 thousand. Net of these items, Adjusted Operating result (EBIT) for the fourth quarter of 2025 amounted to €82,198 thousand, decreasing by €2,734 thousand (-3.2%) against the comparative period. The EBIT Adjusted margin stood at 12.6%, down -0.2 percentage points against the comparative period. AMPLIFON AT A GLANCE 58 --- ANNUAL REPORT 2025 The breakdown of EBIT by geographic area is shown below. (€ thousands) FY 2025 EBIT Margin FY 2024 EBIT Margin Change Change % EMEA 215,828 13.9% 240,853 15.7% (25,025) -10.4% Americas 69,674 14.1% 92,033 18.1% (22,359) -24.3% Asia Pacific 20,967 6.1% 34,239 9.2% (13,272) -38.8% (*) Corporate (109,901) -4.6% (110,311) -4.6% 410 0.4% Total 196,568 8.2% 256,814 10.7% (60,246) -23.5% (*) Centralized costs are shown as a percentage of the Group’s total sales. CONSOLIDATED (€ thousands) FINANCIAL STATEMENTS Fourth quarter 2025 EBIT Margin Fourth quarter 2024 EBIT Margin Change Change % EMEA 49,777 11.4% 58,964 13.7% (9,187) -15.6% Americas 18,598 14.3% 28,049 19.9% (9,451) -33.7% Asia Pacific 2,019 2.4% 6,896 7.3% (4,877) -70.7% (*) Corporate (27,105) -4.2% (24,635) -3.7% (2,470) -10.0% Total 43,289 6.6% 69,274 10.4% (25,985) -37.5% (*) Centralized costs are shown as a percentage of the Group’s total sales. STATEMENT The breakdown of EBIT Adjusted by geographic area is shown below. CONSOLIDATED SUSTAINABILITY (€ thousands) FY 2025 EBIT Adjusted Margin FY 2024 EBIT Adjusted Margin Change Change % EMEA 265,454 17.1% 278,743 18.2% (13,289) -4.8% Americas 83,121 16.8% 93,751 18.5% (10,630) -11.3% Asia Pacific 38,753 11.2% 47,135 12.7% (8,382) -17.8% (*) Corporate (106,027) -4.4% (105,785) -4.4% (242) -0.2% REPORT Total 281,301 11.7% 313,844 13.0% (32,543) -10.4% ON OPERATIONS (*) Centralized costs are shown as a percentage of the Group’s total sales. (€ thousands) Fourth quarter 2025 EBIT Adjusted Margin Fourth quarter 2024 EBIT Adjusted Margin Change Change % EMEA 69,411 15.9% 69,233 16.1% 178 0.3% Americas 27,727 21.4% 28,407 20.2% (680) -2.4% Asia Pacific 9,660 11.3% 10,225 10.9% (565) -5.5% (*) Corporate (24,600) -3.8% (22,933) -3.5% (1,667) -7.3% AMPLIFON Total 82,198 12.6% 84,932 12.8% (2,734) -3.2% AT A GLANCE (*) Centralized costs are shown as a percentage of the Group’s total sales. 59 --- ANNUAL REPORT 2025 EUROPE, MIDDLE EAST AND AFRICA AMERICAS EBIT amounted to €215,828 thousand in 2025, a decrease of €25,025 thousand EBIT amounted to €69,674 thousand in 2025, a decrease of € 22,359 thousand (-10.4%) with respect to the comparison period. The EBIT margin came to 13.9% (-1.8 (-24.3%) with respect to the comparison period. The EBIT margin came to 14.1%, 4.0 p.p. lower than in 2024). p.p. lower than in 2024. The result for the reporting period was affected for €49,626 thousand by items The result for the reporting period was affected for €13,447 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the Alternative Performance Indicators section). The 2024 performance (detailed in the Alternative Performance Indicators section). The 2024 result was affected by these items for €37,890 thousand. result was affected by these items for €1,718 thousand. CONSOLIDATED Net of these items, Adjusted Operating result (EBIT) for 2025 amounted to €265,454 Net of these items, adjusted EBIT was €83,121 thousand, a decrease of €10,630 FINANCIAL STATEMENTS thousand, decreasing by €13,289 thousand (-4.8%) against the comparative period. thousand (-11.3%) with respect of 2025. The EBIT adjusted margin fell 1.7 p.p. against EBIT Adjusted margin stood at 17.1%, down 1.1 percentage points against the the comparison period to 16.8%. comparative period. In the fourth quarter alone EBIT amounted to €18,598 thousand, a decrease of €9,451 In the fourth quarter alone EBIT amounted to €49,777 thousand, a decrease of €9,187 thousand (-33.7%) with respect to the comparison period. The EBIT margin came to thousand (-15.6%) with respect to the comparison period. The EBIT margin came to 14.3%, 5.6 p.p. lower than in the comparison period. 11.4%, -2.3 p.p. lower than in the comparison period. The result for the fourth quarter was affected for €9,129 thousand by items The result for the fourth quarter was affected for €19,634 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating STATEMENT (income and expenses) that are unusual, infrequent or not related to the operating performance. The 2024 result was affected by these items for €358 thousand. performance. The 2024 result was affected by these items for €10,269 thousand. Net of these items, adjusted EBIT came to €27,727 thousand in the fourth quarter of CONSOLIDATED SUSTAINABILITY Net of these items, adjusted EBIT came to €69,411 thousand in the fourth quarter of 2025, a decrease of €680 thousand (-2.4%) against the comparison period. The EBIT 2025, an increase of €178 thousand (+0.3%) against the comparison period. The EBIT adjusted margin rose by 1.2 p.p. against the comparison period to 21.4%. adjusted margin fell 0.2 p.p. against the comparison period to 15.9%. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 60 --- ANNUAL REPORT 2025 ASIA PACIFIC CORPORATE EBIT amounted to €20,967 thousand in 2025, a decrease of €13,272 thousand (-38.8%) The net Corporate costs at the EBIT level amounted to €109,901 thousand in 2025 with respect to the comparison period. The EBIT margin came to 6.1%, 3.1 p.p. lower (-4.6% of the revenues generated by the Group’s sales and services), in line with the than in 2024. comparison period (€ 110,311 thousand). The result for the reporting period was affected for €17,786 thousand by items The result for the reporting period was affected for €3,874 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the Alternative Performance Indicators section). The 2024 performance (detailed in the Alternative Performance Indicators section). The 2024 result was affected by these items for €12,896 thousand. result impacted by these items for €4,526 thousand. CONSOLIDATED Net of these items, adjusted EBIT was €38,753 thousand, a decrease of €8,382 Net of these items, the increase of Corporate costs at the EBIT level amounted to FINANCIAL STATEMENTS thousand (-17,8%) against the comparison period. The EBIT adjusted margin fell -1.5 €242 thousand (+0.2%). The EBIT adjusted margin was in line with the comparison p.p. against the comparison period to 11.2%. period, coming in at -4.4%. In the fourth quarter alone EBIT amounted to €2,019 thousand, a decrease of €4,877 In the fourth quarter alone, the net corporate costs amounted to €27,105 thousand thousand (-70.7%) with respect to the comparison period. The EBIT margin came to (-4.2% of the Group’s revenues from sales and services), an increase of €2,470 2.4%, 4.9 p.p. lower than in the comparison period. thousand (+10.0%) compared to the fourth quarter of 2024. The result for the fourth quarter was affected for €7,641 thousand by items In the fourth quarter alone, the result for the reporting period was affected for €2,505 (income and expenses) that are unusual, infrequent or not related to the operating thousand by items (income and expenses) that are unusual, infrequent or not related STATEMENT performance. The 2024 result was affected by these items for €3,329 thousand. to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). The 2024 result impacted by these Net of these items, adjusted EBIT came to €9,660 thousand in the fourth quarter of items for €1,702 thousand. CONSOLIDATED SUSTAINABILITY 2025, a decrease of €565 thousand (-5,5%) against the comparison period. The EBIT adjusted margin rose by 0.4 p.p. against the comparison period to 11.3%. Net of these items, costs were €1,667 thousand (+7.3%) higher. The EBIT adjusted margin came to -3.8%, showing a decrease of -0.3 p.p. against the comparison period. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 61 --- ANNUAL REPORT 2025 PROFIT BEFORE TAXES (€ thousands) FY 2025 FY 2024 Change Change % Profit before taxes 131,785 196,780 (64,995) -33.0% Profit before taxes Adjusted 217,640 254,669 (37,029) -14.5% (€ thousands) CONSOLIDATED Fourth quarter 2025 Fourth quarter 2024 Change Change % FINANCIAL STATEMENTS Profit before taxes 26,340 52,838 (26,498) -50.2% Profit before taxes Adjusted 66,650 69,429 (2,779) -4.0% Profit before tax amounted to €131,785 thousand in 2025, a decrease of €64,995 thousand (-33.0%) against the comparison period, with a margin of 5.5% (-2.7 p.p. with respect to the comparison period). Total financial expenses increased by €4,749 thousand compared to 2024, mainly due to higher interest expenses on leases, higher interest expenses resulting from STATEMENT increased net financial debt, the impact of foreign exchange differences following the significant exchange rate fluctuations during the period, partially offset by the lower negative impact of inflation accounting on the Argentine subsidiary, and lower financial income in 2025 coming from the accounting of the deferred payments related to superbonus credits in accordance with Articles 119 and 121 of Legislative Decree 34/2020. CONSOLIDATED SUSTAINABILITY The result for the period was impacted for €85,855 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the Alternative Performance Indicators section). In addition to what has already been described in relation to Operating result (EBIT), a net negative effect of €1,122 thousand is recognised, as detailed in the section Alternative Performance Measures, to which reference should be made. The 2024 result was affected by these items for €57,889 thousand. Net of these items, the adjusted profit before tax in 2025 was €37,029 thousand (-14.5%) lower, coming in at €217,640 thousand. The margin came to 9.1%, a decrease of -1.5 p.p. against the comparison period. REPORT ON OPERATIONS In the fourth quarter alone, profit before tax amounted to €26,340 thousand, a decrease of €26,498 thousand (-50.2%) against the comparison period. The margin came to 4.0% (-4.0 p.p. against the comparison period). Net financial expenses were higher at €513 thousand. The result for the quarter was affected for €40,310 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 €16,591 thousand. Net of these items, adjusted profit before tax was €66,650 thousand, a decrease of €2,779 thousand (-4.0%). The margin was 0.2 p.p. lower than in the comparison period, coming in at 10.2%. AMPLIFON AT A GLANCE 62 --- ANNUAL REPORT 2025 GROUP NET PROFIT (€ thousands) FY 2025 FY 2024 Change Change % Net profit (loss) attributable to the Group 91,334 145,374 (54,040) -37.2% Net profit (loss) attributable to the Group Adjusted 159,161 188,131 (28,970) -15.4% (€ thousands) CONSOLIDATED Fourth quarter 2025 Fourth quarter 2024 Change Change % FINANCIAL STATEMENTS Net profit (loss) attributable to the Group 16,911 41,193 (24,282) -58.9% Net profit (loss) attributable to the Group Adjusted 49,546 53,803 (4,257) -7.9% The Group’s portion of net profit came to €91,334 thousand in 2025, a decrease of €54,040 thousand (-37.2%) against the comparison period with the profit margin down 2.2 p.p. at 3.8%. The result for the period was impacted for €67,827 thousand by items (income and expenses) that are unusual, infrequent or non-not related to the operating performance STATEMENT (detailed in the Alternative Performance Indicators section). In addition to the charges of €85,855 thousand already described in relation to Profit before taxes, net of their tax effect of €21,859 thousand, a reassessment of deferred taxation in Australia and Germany resulted in a net non-cash charge of €3,831 thousand. The 2024 result was affected by these items for €57,889 thousand, net of the related tax effect of €15,132 thousand. CONSOLIDATED SUSTAINABILITY Net of these items, the Group’s adjusted portion of net profit amounted to €159,161 thousand in the 2025, €28,790 thousand (-15.4%) lower than in the comparison period. The Group net profit adjusted margin was 1.2 p.p. lower than in the comparison period at 6.6%. The tax rate for the period stood at 30.5%, compared to 26.0% in the comparative period. The change is mainly attributable, on the one hand, to business performance and, on the other, to the absence of the positive effect from exempt income (net of non-deductible costs) and from the alignment to the outcomes of the tax returns from which the Group benefited in 2024. REPORT The adjusted tax rate in the period came to 26.8% compared to 26.1% of 2024. ON OPERATIONS In the fourth quarter alone, the Group’s portion of net profit was €16,911 thousand, €24,282 thousand (-58.9%) lower than in the comparison period and the profit margin came in at -3.6 p.p. The result for the period was impacted for €32,635 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the Alternative Performance Indicators section). In addition to the charges of €40,310 thousand already described in relation to Profit before taxes, net of their tax effect of €9,727 thousand, a reassessment of deferred taxation in Australia and Germany resulted in a net non-cash charge of €2,052 thousand. The 2024 result was affected by these items for €16,591 thousand, net of the related tax effect of €3,981 thousand. Net of these items, the adjusted portion of the Group’s profit before tax amounted to €49,546 thousand in the fourth quarter of 2025, a decrease of €4,257 thousand (-7.9%). AMPLIFON AT A GLANCE The Group net profit adjusted margin was 0.5 p.p. lower than in the comparison period, coming in at 7.6%. 63 --- ANNUAL REPORT 2025 BALANCE SHEET REVIEW (*) CONSOLIDATED BALANCE SHEET BY GEOGRAPHICAL AREA (€ thousands) 12/31/2025 EMEA Americas APAC Eliminations Total Goodwill 1,059,123 293,920 574,172 - 1,927,215 Non-competition agreements, trademarks, customer lists and lease rights 152,578 28,042 40,441 - 221,061 Software, licenses, other intangible fixed assets, fixed assets in progress and advances 121,549 27,988 10,123 - 159,660 Property, plant, and equipment 159,764 40,501 36,817 - 237,082 Right-of-use assets 361,779 44,436 55,823 - 462,038 CONSOLIDATED Financial fixed assets 975 5,629 225 - 6,829 FINANCIAL STATEMENTS Other non-current financial assets 36,527 2,888 1,630 - 41,045 Non-current assets 1,892,295 443,404 719,231 - 3,054,930 Inventories 63,134 10,261 9,057 - 82,452 Trade receivables 252,207 50,445 14,081 (94,923) 221,810 Other receivables 82,767 19,890 10,766 (188) 113,235 Current assets (A) 398,108 80,596 33,904 (95,111) 417,497 Operating assets 2,290,403 524,000 753,135 (95,111) 3,472,427 Trade payables (331,245) (93,033) (37,122) 94,923 (366,477) Other payables (302,544) (37,044) (34,934) 188 (374,330) STATEMENT Provisions for risks and charges (current portion) (2,039) (837) (4,583) - (7,459) Current liabilities (B) (635,824) (130,914) (76,639) 95,111 (748,266) CONSOLIDATED SUSTAINABILITY Net working capital (A) - (B) (237,716) (50,318) (42,735) - (330,769) Derivative instruments 1,445 - - - 1,445 Deferred tax assets 51,804 7,670 15,433 - 74,907 Deferred tax liabilities (58,993) (26,816) (6,851) - (92,660) Provisions for risks and charges (non-current portion) (12,649) (1,515) (347) - (14,511) Liabilities for employees’ benefits (non-current portion) (11,725) (22) (733) - (12,480) Loan fees 2,814 - - - 2,814 Other non-current liabilities (152,779) (12,041) (2,512) - (167,332) REPORT Asset and liabilities held for sale 13,980 - - - 13,980 ON OPERATIONS NET INVESTED CAPITAL 1,488,476 360,362 681,486 - 2,530,324 Group net equity 998,214 Minority interests 311 Total net equity 998,525 Net medium and long-term financial indebtedness 987,968 Net short-term financial indebtedness 57,515 Total net financial indebtedness 1,045,483 Lease liabilities 381,266 48,525 56,525 - 486,316 Total lease liabilities & net financial indebtedness 1,531,799 AMPLIFON NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL INDEBTEDNESS 2,530,324 AT A GLANCE (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. 64 --- ANNUAL REPORT 2025 (€ thousands) 12/31/2024 EMEA Americas APAC Eliminations Total Goodwill 1,031,163 313,631 600,701 - 1,945,495 Non-competition agreements, trademarks, customer lists and lease rights 176,203 31,101 52,143 - 259,447 Software, licenses, other intangible fixed assets, fixed assets in progress and advances 127,637 32,008 9,268 - 168,913 Property, plant, and equipment 168,319 41,075 44,530 - 253,924 Right-of-use assets 381,119 49,770 61,175 - 492,064 CONSOLIDATED Financial fixed assets 17,326 6,890 256 - 24,472 FINANCIAL STATEMENTS 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) STATEMENT Other payables (287,489) (45,154) (41,817) 188 (374,272) Provisions for risks and charges (current portion) (1,787) (616) - - (2,403) Current liabilities (B) (633,161) (115,907) (92,736) 88,029 (753,775) CONSOLIDATED SUSTAINABILITY 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-current portion) (18,896) (1,158) (871) - (20,925) Liabilities for employees’ benefits (non-current portion) (14,753) - (704) - (15,457) Loan fees 3,452 - - - 3,452 REPORT Other non-current liabilities (171,840) (14,740) (2,853) - (189,433) ON OPERATIONS 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 indebtedness 960,387 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 indebtedness 1,476,142 NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL INDEBTEDNESS 2,626,366 AMPLIFON AT A GLANCE 65 --- ANNUAL REPORT 2025 INVESTMENTS NON-CURRENT ASSETS In 2025 Amplifon Group continued with its growth strategy and invested more than Non-current assets amounted to €3,054,930 thousand as at 31 December 2025, a €116 million. decrease of €130,817 thousand with respect to the €3,185,747 thousand recorded as at 31 December 2024. During FY 2025, the Group continued its investment program in innovation and digitalisation, focusing resources on stabilising the systems and technological The changes in the period are explained by: infrastructures developed in previous years, with the aim of increasing control over operating activities. These initiatives include the consolidation of the Symphony • €81,290 thousand, by acquisitions; project (focused on delivering a highly personalised customer experience) in Spain • €138,280 thousand, by right-of-use assets acquired in the reporting period and for and Belgium, the start of implementation activities in Australia, and the optimisation the renewals of existing leases and network expansion; CONSOLIDATED of in-store systems and tools supporting the Amplifon Product Experience and the • €118,409 thousand, by investments in plant, property and equipment (€56,394 FINANCIAL STATEMENTS Next protocol. This effort was further reflected in improvements to operating and thousand) relating primarily to the opening of new clinics and the renewal of back-office processes through the exploration of potential solutions enabled by AI, existing ones, as well as the purchase of hardware needed to implement Group IT with attention also to systems aimed at streamlining procurement, marketing and projects, and in intangible assets (€62,015 thousand) relating to the development Group administration, and to the centralisation of purchasing. Total investments in of IT systems, new front-office solutions, and the ongoing implementation and this area reached approximately €73 million. standardization of the Group’s cloud-based ERP system; • €315,077 thousand, by amortization, depreciation and impairment, including In addition, the Group continued the development of the distribution network by amortization of the right-of-use assets and the amortization of intangible assets renewing and relocating existing points of sale for a total investment of almost €43 allocated as a result of business combinations; million. • €94,158 thousand, by the negative impact of exchange differences, which had the STATEMENT largest impact on goodwill; • €59,561 thousand, relates to other negative changes, mainly attributable to non- current assets of the UK subsidiaries and the investment in the joint venture CONSOLIDATED SUSTAINABILITY Comfoor B.V., which were reclassified as assets held for sale (€31,073 thousand). REPORT ON OPERATIONS AMPLIFON AT A GLANCE 66 --- ANNUAL REPORT 2025 The breakdown of non-current assets by geographic area is shown below. (€ thousands) 12/31/2025 12/31/2024 Change Goodwill 1,059,123 1,031,163 27,960 Non-competition agreements, trademarks, customer lists and lease rights 152,578 176,203 (23,625) Software, licenses, other intangible fixed assets, fixed assets in progress and advances 121,549 127,637 (6,089) Tangible assets 159,764 168,319 (8,555) (*) EMEA Right-of-use assets 361,779 381,119 (19,340) CONSOLIDATED Financial fixed assets 975 17,326 (16,351) FINANCIAL STATEMENTS Other non-current financial assets 36,527 36,942 (415) Non-current assets 1,892,295 1,938,709 (46,415) Goodwill 293,920 313,631 (19,711) Non-competition agreements, trademarks, customer lists and lease rights 28,042 31,101 (3,058) Software, licenses, other intangible fixed assets, fixed assets in progress and advances 27,988 32,008 (4,020) Tangible assets 40,501 41,075 (574) Americas Right-of-use assets 44,436 49,770 (5,334) STATEMENT Financial fixed assets 5,629 6,890 (1,261) Other non-current financial assets 2,888 2,640 249 CONSOLIDATED SUSTAINABILITY Non-current assets 443,404 477,115 (33,710) Goodwill 574,172 600,701 (26,529) Non-competition agreements, trademarks, customer lists and lease rights 40,441 52,143 (11,702) Software, licenses, other intangible fixed assets, fixed assets in progress and advances 10,123 9,268 855 Tangible assets 36,817 44,530 (7,713) Asia Pacific Right-of-use assets 55,823 61,175 (5,352) REPORT Financial fixed assets 225 256 (31) ON OPERATIONS Other non-current financial assets 1,630 1,850 (220) Non-current assets 719,231 769,923 (50,692) Total 3,054,930 3,185,747 (130,817) (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. AMPLIFON AT A GLANCE 67 --- ANNUAL REPORT 2025 EUROPE, MIDDLE EAST AND AFRICA ASIA PACIFIC Non-current assets amounted to €1,892,295 thousand as at 31 December 2025, a Non-current assets amounted to €719,231 thousand as at 31 December 2025, a decrease of €46,415 thousand with respect to the €1,938,709 thousand recorded as decrease of €50,692 thousand with respect to the €769,923 thousand recorded as at at 31 December 2024. 31 December 2024. The change is explained for: The change is explained for: • €54,846 thousand, by acquisitions made in the reporting period; • €7,388 thousand, by acquisitions made in the reporting period; • €91,439 thousand, by right-of-use assets acquired in the year as a result of the • €33,368 thousand, by right-of-use assets acquired during the year as a result of the renewal of existing leases and network expansion; renewal of existing leases and network expansion; CONSOLIDATED • €82,853 thousand, by investments in plant, property and equipment (€37,372 • €14,828 thousand, by investments in plant, property and equipment (€6,446 FINANCIAL STATEMENTS thousand) and in intangible assets (€45,481 thousand); thousand) and in intangible assets (€8,382 thousand); • €216,042 thousand, by amortization, depreciation and impairment, including • €59,086 thousand, by amortization and depreciation, including the amortization amortization of the right-of-use assets and the amortization of intangible assets of the right of-use assets and intangible assets allocated as a result of business allocated as a result of business combinations; combinations; • €59,511 thousand, relates to other negative changes, mainly attributable to non- • €47,190 thousand relates to other negative changes attributable to early terminations current assets of the UK subsidiaries and the investment in the joint venture Comfoor (€5,889 thousand) of lease contracts for store repositioning and for the closure of B.V., which were reclassified as assets held for sale (€31,073 thousand), and to early hearing care centres under the Fit4Growth program, as well as to exchange rate terminations (€12,449 thousand) of lease contracts following the closure of hearing fluctuations, with a predominant impact on goodwill. care centres under the Fit4Growth program. STATEMENT AMERICAS CONSOLIDATED SUSTAINABILITY Non-current assets amounted to €443,404 thousand as at 31 December 2025, a decrease of €33,710 thousand with respect to the €477,115 thousand recorded as at 31 December 2024. The change is explained for: • €19,056 thousand, by acquisitions made in the reporting period; REPORT • €13,473 thousand, by right-of-use assets acquired during the year as a result of the ON OPERATIONS renewal of existing leases and network expansion; • €20,728 thousand, by investments in plant, property and equipment (€12,576 thousand) and in intangible assets (€8,152 thousand); • €39,949 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; • €47,018 thousand relates to negative changes mainly attributable to exchange rate fluctuations, with a predominant impact on goodwill, and to early terminations (€847 thousand) of lease contracts following the closure of hearing care centres under the Fit4Growth program. AMPLIFON AT A GLANCE 68 --- ANNUAL REPORT 2025 NET INVESTED CAPITAL AMERICAS Net invested capital amounted to €2,530,324 thousand as at 31 December 2025, a Net invested capital came to €360,362 thousand as at 31 December 2025, a decrease decrease of €96,042 thousand against the €2,626,366 thousand recorded as at 31 of €61,929 thousand against the €422,291 thousand recorded as at 31 December December 2024. 2024. This decrease is attributable to the change in invested capital described above and to In addition to the decrease in invested capital described above, a reduction in working the negative change in working capital, partially offset by a reduction in deferred tax capital was recorded. liabilities, long-term provisions for risks and charges and other long-term liabilities. Factoring without recourse in the reporting period, through premier factoring The breakdown of net invested capital by geographic area is shown below. companies, involved trade receivables with a face value of €13,390 thousand (€5,239 CONSOLIDATED thousand compared to the prior year). FINANCIAL STATEMENTS (€ thousands) ASIA PACIFIC 12/31/2025 12/31/2024 Change (*) EMEA 1,488,476 1,496,008 (7,532) Net invested capital came to €681,486 thousand as at 31 December 2025, a decrease of €26,581 thousand against the €708,067 thousand recorded as at 31 December Americas 360,362 422,291 (61,929) 2024. Asia Pacific 681,486 708,067 (26,581) Total 2,530,324 2,626,366 (96,042) The change in invested capital described above was partially offset by an increase in STATEMENT net working capital and by a decrease in deferred tax liabilities. (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. Factoring without recourse in the reporting period, through premier factoring CONSOLIDATED SUSTAINABILITY companies, involved trade receivables with a face value of €12,408 thousand (€5,766 thousand compared to the prior year). EUROPE, MIDDLE EAST AND AFRICA Net invested capital came to €1,488,476 thousand as at 31 December 2025, an decrease of €7,532 thousand against the €1,496,008 thousand recorded as at 31 December 2024. REPORT To the change in invested capital described above was added a slight reduction in ON OPERATIONS working capital, partially offset by a decrease in deferred tax liabilities and other medium to long-term liabilities. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €240,278 thousand (€228,341 thousand in the same period of the prior year) and VAT credits with a face value of €25,262 thousand (€19,771 compared to the prior year). AMPLIFON AT A GLANCE 69 --- ANNUAL REPORT 2025 in the comparative period), resulted in an overall negative cash flow of €76,773 NET FINANCIAL INDEBTEDNESS thousand, compared to negative €104,307 thousand in 2024. Free cash flow, net of the above-mentioned net cash outflows relating to unusual, (€ thousands) infrequent or unrelated items, amounted to €174,428 thousand compared to €182,044 thousand in the previous year. 12/31/2025 12/31/2024 Change Net medium and long-term financial indebtedness 987,968 960,386 27,582 It should be noted that during the first half of 2025 the last credit lines subject to financial covenants matured and/or were repaid; accordingly, from June 2025 the Net short-term financial indebtedness 366,397 290,253 76,144 Group is no longer subject to any financial covenants. Cash and cash equivalents (308,882) (288,834) (20,048) Net financial indebtedness excluding During the reporting period 2025, Amplifon also refined the following operations 1,045,483 961,805 83,678 lease liabilities (A) CONSOLIDATED which are not subject to financial covenants: FINANCIAL STATEMENTS Lease liabilities – current portion 122,007 126,740 (4,733) • in March 2025, Amplifon S.p.A. signed a 5-year, sustainability linked, credit facility Lease liabilities – non-current portion 364,309 387,597 (23,288) with Intesa Sanpaolo totaling €175 million, comprised of a €100 million revolving Lease liabilities (B) 486,316 514,337 (28,021) credit line and a €75 million long term loan. The new financing was used to refinance, Net financial indebtedness (A+B) (C) 1,531,799 1,476,142 55,657 and increase, a pre-existing line expiring in 2026; Group net equity (D) 998,214 1,150,002 (151,788) • 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 Minority interests 311 222 89 line and a long-term credit line of the same amount. The new facility was used to Net Equity (E) 998,525 1,150,224 (151,699) refinance expiring credit lines; Net financial indebtedness excluding STATEMENT • in June 2025, Amplifon S.p.A. signed a €75 million, 5-year, sustainability-linked, 1.05 0.84 lease liabilities /Group net equity (A/D) credit facility with ING Italia; Net financial indebtedness excluding • in June 2025, Amplifon S.p.A. also signed a €50 million, 5-year, sustainability-linked 1.05 0.84 CONSOLIDATED SUSTAINABILITY lease liabilities /Net equity (A/E) facility with Banca Popolare di Sondrio, comprised of a €30 million revolving credit Net financial indebtedness excluding line and a €20 million long-term line. The new financing was used to refinance, and 1.92 1.63 (*) lease liabilities /EBITDA for leverage calculation increase, expiring credit lines; • In July 2025, EIB issued a tranche of €75 million of the loan signed in 2023, bringing (*) Net financial indebtedness excluding lease liabilities/EBITDA for the leverage calculation is the ratio of the unused and still available portion to €150 million. 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 As at 31 December 2025, the Group had cash and cash equivalents of €308,882 the Group). thousand against total gross financial debt, excluding lease liabilities, of €1,354 REPORT million. ON OPERATIONS Net financial debt, excluding lease liabilities, as at 31 December 2025 amounted to €1,045,483 thousand, an increase of €83,678 thousand compared to 31 December Long-term debt, excluding lease liabilities, amounted to €987,968 thousand as at 31 2024. In 2025, free cash flow was positive for €159,909 thousand (compared to December 2025 (€960,386 thousand as at 31 December 2024), an increase of €27,582 €175,855 thousand in the previous year), after absorbing net operating investments thousand compared to 2024, net of the reclassification to short-term of the existing of €116,724 thousand (€145,035 thousand in the comparative period). Net cash debt falling due within the next 12 months. outflows for acquisitions (€62,246 thousand compared to €192,531 thousand in 2024), negative cash flows relating to the purchase of treasury shares (€108,207 The short-term debt amounted to €366,397 thousand, an increase of €76,144 thousand compared to €25,396 thousand in 2024), together with cash outflows thousand compared to €290,253 thousand as at 31 December 2024. Short-term relating to dividend payments (€65,302 thousand compared to €65,593 thousand debt mainly comprises: the current portion of long-term bank loans (€204,164 AMPLIFON AT A GLANCE 70 --- ANNUAL REPORT 2025 thousand), bank borrowings relating to hot money accounts and other short-term The above elements together represent significant liquidity headroom for the Group. lines (€148,639 thousand), accrued interest on the Eurobond (€3,463 thousand) and on other bank loans (€4,476 thousand) as well as the best estimate of deferred Other available uncommitted credit lines amounted to €406 million, of which €262 payments for acquisitions (€5,792 thousand). million remains unutilized. The chart below shows the debt maturities compared to: Interest payable on financial debt amounted to €38,994 thousand as at 31 December 2025 versus €38,618 thousand as at 31 December 2024. • the €309 million in cash and cash equivalents; • the €480 million unutilized portions of irrevocable credit lines; Interest payable on leases recognized in accordance with IFRS 16 amounted to • the €150 million unutilized portion of the loan from the European Investment Bank €20,680 thousand versus €19,138 thousand as at 31 December 2024. supporting investments in innovation and digitalization. Interest receivable on bank deposits came to €3,946 thousand as at 31 December CONSOLIDATED 2025 versus €3,878 thousand as at 31 December 2024. FINANCIAL STATEMENTS The reasons for the changes in net debt are described in the next section on the statement of cash flows. STATEMENT Debt Maturity & Cash Equivalents at 12.31.2025 CONSOLIDATED SUSTAINABILITY Liquidity European Investment Bank Loan Bilateral revolving committed medium-term lines undrawn 1,354 Hot money, bank overdraft and accrued interests 29.2 Debt for acquisitions and others 103.3 Bank Loans 186,5 0.2 Eurobond 26,7 122.4 Gross Debt 26.7 2.4 REPORT 118.9 ON OPERATIONS 350 21.7 0.8 111.8 5.3 0.3 2.8 60.4 8.3 1.0 12.3 2.9 8.3 152.2 2026 Q4 On Demand 2026 Q1 2026 Q2 2026 Q3 2027 2028 2029 2030-2034 Gross Debt -309 -150 -480 AMPLIFONANCE GL A AT 71 --- ANNUAL REPORT 2025 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. (€ thousands) FY 2025 FY 2024 OPERATING ACTIVITIES Net profit (loss) attributable to the Group 91,334 145,374 Minority interests 217 196 Amortization, depreciation and impairment: CONSOLIDATED - Intangible fixed assets 106,178 108,446 FINANCIAL STATEMENTS - Tangible fixed assets 69,285 62,686 - Right-of-use assets 139,614 131,586 - Goodwill - 1,558 Total amortization, depreciation and impairment 315,077 304,276 Provisions, other non-monetary items and gains/losses from disposals 14,144 18,103 Group’s share of the result of associated companies (224) (221) Financial income charges 65,005 60,255 Current and deferred income taxes 40,235 51,210 Change in assets and liabilities: STATEMENT - Utilization of provisions (8,567) (2,837) - (Increase) decrease in inventories 2,587 (2,465) - Decrease (increase) in trade receivables (1,672) 3,133 CONSOLIDATED SUSTAINABILITY - Increase (decrease) in trade payables (5,399) 6,681 - Changes in other receivables and other payables 6,740 (7,710) Total change in assets and liabilities (8,567) (3,198) Dividends received 295 147 Net interest charges (61,189) (57,367) Taxes paid (44,697) (68,926) Cash flow provided by (used in) operating activities before repayment of lease liabilities 413,886 449,849 REPORT Repayment of lease liabilities (137,253) (128,959) ON OPERATIONS Cash flow generated from (absorbed) by operating activities 276,633 320,890 INVESTING ACTIVITIES: Purchase of intangible fixed assets (62,015) (61,451) Purchase of property, plant and equipment (56,394) (84,970) Consideration from sale of tangible fixed assets and businesses 1,685 1,386 Cash flow generated from (absorbed) by investing activities (116,724) (145,035) Cash flow generated from operating and investing activities (Free cash flow) 159,909 175,855 (*) Free cash flow Adjusted 174,428 182,044 (**) Business combinations (62,246) (192,531) Net cash flow generated from acquisitions (62,246) (192,531) AMPLIFON AT A GLANCE Cash flow generated from (absorbed) by investing activities and acquisitions (178,970) (337,566) 72 --- ANNUAL REPORT 2025 (€ thousands) FY 2025 FY 2024 FINANCING ACTIVITIES: Treasury shares (108,207) (25,396) Dividends (65,302) (65,593) Fees paid on medium/long-term financing (1,788) (1,807) Capital increases, third parties’ contributions and dividends paid by subsidiaries to third parties (101) (125) Other non-current assets 962 5,290 Cash flow generated from (absorbed) by financing activities (174,436) (87,631) Changes in net financial indebtedness net of lease liabilities (76,773) (69,245) CONSOLIDATED Net financial indebtedness at the beginning of the period net of lease liabilities (961,805) (852,130) FINANCIAL STATEMENTS Effect of exchange rate fluctuations on net financial debt (6,597) (5,368) Effect on net financial position from the disposal of assets and assets/liabilities held for sale (308) - Changes in net financial debt (76,773) (104,307) Net financial indebtedness at the end of the period net of lease liabilities (1,045,483) (961,805) (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Financial Report. (**) The item refers to the net cash flows used in the acquisition of businesses and equity investments. STATEMENT The change in net financial indebtedness of €76,773 thousand is attributable to: CONSOLIDATED SUSTAINABILITY (i) Investing activities: - €118,409 capital expenditure on property, plant and equipment and intangible assets of thousand relating to new Front-Office solutions in Spain and Belgium, the start of implementation activities in Australia, the optimization of in-store systems and tools supporting the Amplifon Product Experience and the Next protocol, the network expansion and to ongoing implementation, standardization and homogenization of the Group cloud based ERP system; - €62,246 thousand for acquisitions, 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; - €1,685 thousand of net proceeds from the disposal of assets of thousand. (ii) Operating activities: REPORT - €61,189 thousand of interest payable on financial indebtedness and on leases recognized in accordance with IFRS 16; ON OPERATIONS - €44,697 thousand of payment of taxes amounting; - €137,253 thousand payment of principle on lease contracts; - €519,772 thousand cash flow generated by operating activities. (iii) Financing activities: - €108,207 thousand purchase in treasury shares; - €65,302 thousand payment of dividends; - €962 thousand positive variation in other non-current assets. - €1,788 thousand payment of commissions on medium/long term financing; - €101 thousand capital increases, third parties’ contributions and dividend paid by subsidiaries to third parties. (iv) Net debt was also impacted by: AMPLIFON AT A GLANCE - €6,597 thousand by exchange losses; - €308 thousand by the disposal of business and assets/liabilities held for sale. 73 --- ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFONANCE GL A AT 74 --- ANNUAL REPORT 2025 ACQUISITION OF COMPANIES AND BUSINESSES The Group continued with external growth in 2025 and acquired 248 clinics for a total investment of €62,246 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. In 2025: CONSOLIDATED • 122 clinics were acquired in Poland; FINANCIAL STATEMENTS • 37 clinics were acquired in the United States; • 35 clinics were acquired in Italy; • 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. STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 75 --- ANNUAL REPORT 2025 STATEMENT OF CHANGES BETWEEN THE NET EQUITY AND THE RESULTS OF THE PARENT COMPANY AMPLIFON S.P.A. AND THE NET EQUITY AND THE RESULTS OF THE GROUP ST FOR THE PERIOD AS AT DECEMBER 31 , 2025 This statement includes the impacts of Amplifon United Kingdom Limited and its subsidiaries and of the Dutch joint venture Comfoor B.V., accounted for in the consolidated CONSOLIDATED financial statements using the equity method. It should be noted that, as at 31 December 2025, in light of the disposal transactions completed in the first months of 2026, FINANCIAL STATEMENTS the related assets and liabilities were reclassified to the items “Assets held for sale” and “Liabilities held for sale”. For further details, reference is made to Note 29 “Assets and liabilities held for sale” to the consolidated financial statements. (€ thousands) Net equity Net result Net equity and year-end result as reported in the Parent company's financial statements 657,050 67,703 Elimination of carrying amount of consolidated investments: STATEMENT - Difference between carrying amount and the pro-quota value of net equity 462,422 - - pro-quota results reported by the subsidiaries (97,951) (97,951) CONSOLIDATED SUSTAINABILITY - pro-quota results reported by investments valued at equity 2,231 224 Elimination of the effects of intercompany transactions: - Elimination of impairment net of reversals of investments and intercompany receivables - 209,021 - Intercompany dividends - (85,193) - Intercompany profits included in the year-end value of inventories net of fiscal effect (24,877) (2,253) - Exchange differences and other changes (350) - REPORT Net equity and year-end result as stated in the consolidated financial statements 998,525 91,551 ON OPERATIONS Minority equity and result for the year 311 217 Group net equity and result for the year 998,214 91,334 AMPLIFON AT A GLANCE 76 --- ANNUAL REPORT 2025 The Group’s Enterprise Risk Management Framework has six components: RISK MANAGEMENT • Risk Governance: structure through which the organization leads, conducts, and Considering the importance of creating sustainable value for the stakeholders, we reports its risk management activities by defining the roles and responsibilities of ensure that the way we carry out our business is consistent with our mission and the functions and bodies involved. our strategic, operational and compliance objectives, by promoting an adequate risk • Risk Culture: values and attitude consistent with the organization’s risk management management process as part of our business management. Sound risk management culture. allows for better informed business decisions, reduces the gaps between actual • Risk Appetite: guidelines and indicators intended to support the achievement of the results and targets, and can create a competitive advantage. Group’s objectives. • Risk Assessment & Measurement: the process of identifying and assessing the Our Enterprise Risk Management (ERM) model, updated and in line with the best Group’s main risks. practices and international standards (e.g., Committee of Sponsoring Organization • Risk Management & Monitoring: activities aimed at mitigating, managing, monitoring of Treadway Commission), as well as with the recommendations of the Corporate or accepting risks. CONSOLIDATED Governance Code, is aimed - through a structured and systematic risk assessment, • Risk Reporting: reporting of risks and related information to the main internal and FINANCIAL STATEMENTS monitoring and reporting process - at the effective management of the Group’s main external stakeholders, including the Chief Executive Officer, the Risk, Control and risks, as well as at providing adequate information to the stakeholders involved. Sustainability Committee, and the Board of Directors. The methodology is formalized within the Company regulations through specific Risk management activities are coordinated and facilitated by the Group Risk policies and procedures (“Enterprise Risk Management Policy” approved by the Board Management Function, which supports the involved stakeholders (Countries, of Directors), which promote the proactive and integrated management of risks, Regional Executive Vice Presidents, Corporate Executive Officers, selected Directors) leveraging existing management systems and allowing an adequate information flow in the identification, assessment, management and monitoring of the Group’s main to the administrative and control bodies. risks. STATEMENT The methodology entails the integration of the risks related to the main sustainability topics, including climate change-related risks, within the ERM model, in line also with the Corporate Sustainability Reporting Directive (CSRD) requirements. Such risks are CONSOLIDATED SUSTAINABILITY included in the financial materiality analysis as part of the Double Materiality exercise, aimed at identifying the relevant sustainability topics for Amplifon for the purposes of the Consolidated Sustainability Statement. The goal is to provide a complete overview of the organization, supporting its resilience and ESG (Environmental, Social and Governance) performance. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 77 --- ANNUAL REPORT 2025 The Enterprise Risk Assessment process, as outlined within the Enterprise Risk Management Framework, is carried out annually, taking into account the Group’s strategic guidelines, and includes a mid-year review during the financial year in order to incorporate any updates regarding the risks to which the organization might be exposed, while also integrating the results of any specific analyses carried out by 1 other Company’s functions (e.g., Climate Change Risk Assessment ). The process includes also provides for the integration of medium and long- term analyses (3-5 years and 10 years time horizons) into the Enterprise Risk Assessment activities. The Group pays attention to monitoring possible trends and changes to the reference context, which could potentially impact the business or the industry. CONSOLIDATED Reported below are the Group’s main risks, classified by relevance within the FINANCIAL STATEMENTS reference Risk Model categories, as well as, where applicable, the associated ESRS 2 Topical Standard for ESG purposes. CONTEXTUAL BACKDROP During the year, Amplifon continued to carefully monitor the developments related to the macroeconomic situation, with particular focus on inflation and interest rates trends, as well as to the increasingly unstable geopolitical context, both impacting STATEMENT demand, economic growth and consumer confidence. This reference context, in addition to representing a specific risk factor, is interconnected with other risk elements that characterize the Group. CONSOLIDATED SUSTAINABILITY Within the reference competitive landscape, characterized by increasing sector consolidation and by vertical and horizontal integration dynamics observed at international level, the Group continues its growth path, combining organic development with external growth initiatives. In this regard, also extraordinary transactions represent a structural element of the development model and contribute to shaping its competitive positioning over the medium-long term. In this scenario, M&A constitutes a significant component of the strategic and operational context, REPORT also in light of the managerial, operational and regulatory complexities typically ON OPERATIONS associated with such processes. In carrying out its activities, Amplifon has also dedicated appropriate attention to 2 sustainability matters, including aspects related to climate change . 1. In accordance with the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD). 2. For further information, refer to Section “Amplifon’s Double Materiality” of the Consolidated AMPLIFON Sustainability Statement. Please note that all ESG risks identified as material from the Double Materiality AT A GLANCE analysis (i.e., not only the ones presented in the current Section) have been taken into account for the purposes of the Consolidated Sustainability Statement. 78 --- ANNUAL REPORT 2025 EXTERNAL RISKS External risks derive from factors exogenous to the Group. With reference to the macroeconomic scenario, inflation and interest rates trends, as well as international economic policies (e.g., trade tariffs), continue to influence, overall, economic growth, demand and various cost categories. Moreover, the current geopolitical context, affected by conflicts evolutions and political changes in several countries, generates further elements of instability and uncertainty. In general, the hearing aid market has Details historically demonstrated resilience even in times of economic crisis, in consideration of the importance and the non-discretionary nature of hearing care, as well as of the presence of reimbursement and financing systems, which support access to hearing aids and services. However, the persistent uncertainty and volatility of the macroeconomic and geopolitical environment influence, in general, consumer confidence, potentially leading to the RISKS CONNECTED WITH postponement of the purchase of a device that would still be necessary in the medium term. THE MACROECONOMIC AND GEOPOLITICAL Amplifon operates in a market segment that has historically proven a lower sensitivity to fluctuations in the general economic cycle, albeit in not CONTEXT directly comparable contexts. Despite benefitting from a broad geographical coverage of its operating activities, the Group constantly monitors the evolution of the macroeconomic and geopolitical environment and the related impact on the business as well as changes in the regulatory Management CONSOLIDATED framework. Measures FINANCIAL STATEMENTS Furthermore, the Group relies on considerable negotiation power in direct and indirect procurement, as well as on its supplier diversification strategy in terms of sourcing and logistics. The Group also leverages on the negotiation of fixed rate financing agreements, while various efficiency and productivity improvement actions are underway (e.g., Fit4Growth, labor cost, marketing expenses). The competitive landscape has shown a trend of consolidation driven by both vertical and horizontal integration of hearing aid manufacturers, as well as by the growth of market players, including Amplifon itself. For these reasons, and also in light of the current macroeconomic context, the market may experience increasing competition. The Group’s main competitors include specialty retailers (such as hearing aid manufacturers specialty chains, and, in certain countries, local Details independent players), non-specialty retailers (like optical chains, pharmacies and big box stores) which are generally low-cost providers, as well as providers operating in sector specific insurance markets; moreover, emerging players with non-traditional solutions are also present. It’s possible that these competitors may continue to pursue an expansion strategy, with potential impacts on market share and sales margins as well EVOLUTION as, in some cases, on the recruitment and retention of hearing care professionals and qualified store personnel. STATEMENT OF THE COMPETITIVE LANDSCAPE Amplifon’s strategy continues to focus on strengthening brand recognition, high quality service standards, and on the in-depth understanding of the consumer, also leveraging the quality of the available data, which enables a highly distinctive and innovative customer experience. Toward this CONSOLIDATED SUSTAINABILITY end, the Group applies sales protocols aimed at customer service excellence (e.g., Amplifon 360, Ampli-Care), also through training and awareness Management programs for store personnel and continuous after-sales assistance. An increasingly customer-centric approach enhances the so-called Amplifon Measures Product Experience (APE), comprising Amplifon-branded products and a multichannel ecosystem characterized by an increasingly functional App. In addition, Amplifon continues its strategy of strengthening its leadership in key markets by consolidating its role, also through an approach of continuous inorganic expansion. Moreover, the Group continuously monitors technological evolution, the competitive landscape and the related sales trends, while also assessing the potential positive upsides in terms of hearing care awareness and stigma reduction. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 79 --- ANNUAL REPORT 2025 STRATEGIC RISKS Strategic risks are typical of any given business. If managed correctly they can be the source of a competitive advantage or, conversely, they can compromise the ability to reach targets. Consistent with its strategy, Amplifon continues to make significant investments in marketing activities with the aim of strengthening its brands and increasing hearing aids penetration rate with a view to an organic growth of the organization. In the face of a scenario characterized by an uncertain Details and volatile macroeconomic context, aspects related to increase in competition and media cost, as well as the oversaturation of digital channels, may emerge. These require activities and instruments increasingly focused on positive return on investment, leveraging both cost containment and the effectiveness of the initiative. Marketing initiatives are directed towards investments in offline media advertising (e.g., television campaigns, call center activities) and digital MARKETING channels (e.g., Paid Advertising, Search Engine Optimization, messaging architecture, Social Media). The Group also invests in advanced Customer INVESTMENTS Relationship Management (CRM) systems and campaigns to ensure unique and personalized customer experiences, as well as in the technological Management innovation program, which comprises Amplifon-branded products and the multi-channel ecosystem (the “APE”) in order to provide a complete value Measures proposition, combining product, service and experience. Furthermore, the Company is committed to adopting innovative approaches in terms of CONSOLIDATED digital strategies, branding and advertising communication, also with the support of new specialized partners in the sector. FINANCIAL STATEMENTS Amplifon works to ensure that global marketing investments are efficient and effective, with particular attention to monitoring such costs and their returns and to assessing different investment strategies, as well as the selected media mix. The potential development of innovative technologies/services and of alternative solutions to the hearing aid for core customers (e.g., new technologies, new pharmacological treatments, surgical techniques), with possible impacts in terms of Amplifon’s operating model, also considering accessibility of services provided to its customer base, is not expected in the short term. The quality of the service and the continuous customer care Details provided, both during the sales process and throughout the hearing aid’s life cycle, represent the distinctive elements that characterize Amplifon. The customization of the hearing aid itself is based on the specific needs of each customer, combining technical and relational aspects through the hearing aid specialists network, in order to provide the best service possible and, at the same time, continues to constitute a strong element of differentiation. TECHNOLOGICAL Investments continue to be made with the aim of finding the best resources for the development of new technologies, in order to both anticipate and STATEMENT EVOLUTION OF THE better respond to any potential business evolutions. Moreover, with a view to monitoring and increasing the service and customer satisfaction, the OPERATING MODEL Group invests significant resources in developing its own line of products and digital technologies, like the Amplifon App by Amplifon X, as well as in Management redefining its customers audiological experience through Ampli-Care and integrating new services and features (e.g., Artificial Intelligence). These Measures CONSOLIDATED SUSTAINABILITY investments, and the continuous improvement of audiological protocols, enable to maintain an ongoing relationship with clients and provide a better customer experience, both inside and outside the Group’s stores, also through the testing of self and remote care solutions within an omnichannel perspective. Related ESRS ESRS S4 – Consumers and end-users opical Standard (Sub-topic: Social inclusion of consumers and/or end-users) In light of the increasing relevance of the Company and stakeholders’ expectations, in addition to the mandatory financial and sustainability Details disclosures, the Group is increasingly involved in initiatives of public interest and in communication activities relating to relevant/emerging topics. REPORT Management Amplifon proceeds with the timely implementation of regulatory standards and continuously monitors potential legislative evolutions. The Group COMMUNICATION ON OPERATIONS Measures also adopts internal measures (e.g., specific procedures, internal controls, KPIs) to manage external communication activities. Related ESRS ESRS G1 – Business Conduct Topical Standard (Sub-topic: Corporate culture) AMPLIFON AT A GLANCE 80 --- ANNUAL REPORT 2025 OPERATIONAL RISKS Operational risks are those inherent in the business’s organization, processes and systems, which could impact the efficiency and effectiveness of the Group’s operations. The strong reliance on technology and the acceleration toward digitalization continue to expose companies to different types of internal and Details external IT risks, including potential third parties vulnerabilities. Cyberattacks, which have become more widespread and sophisticated globally, also considering the changes in the geopolitical scenario, pose a constant threat from which Amplifon must protect itself. Amplifon constantly monitors potential cybersecurity threats, with a view to preventing and minimizing the effects that these attacks could have CYBERSECURITY Management on the Group. The continuous oversight and the carried out security improvements are aimed at supporting the business continuity, as well as Measures preventing the loss of data/information or financial resources, through activities focused on the security of processes, people and systems (e.g., training, phishing simulation, certifications, compliance with regulatory requirements, business impact analysis, specific insurance policies). Related ESRS Risk not associated with any ESRS Topical Standard but deemed relevant and considered Entity Specific. Topical Standard CONSOLIDATED The Group continues to carry out different projects related to the implementation and integration of IT systems, including the centralization of the FINANCIAL STATEMENTS procurement process, the release and operational management of the ERP system across Group companies, as well as the implementation of the Details new front-end system for stores, considering also the current legacy systems. IMPLEMENTATION These projects continue to be complex and relevant, also considering the Group’s expansion path, particularly with respect to the management of AND INTEGRATION local characteristics, the roll-out phases and change management. OF IT SYSTEMS Amplifon dedicates the necessary resources to these projects building on experience and lessons learned, with particular focus on developing and Management strengthening the know-how of internal resources, as well as including a robust training program for system users and assisting them with change Measures management. Consistent with the Group’s objective of sustainable growth over the medium/long-term, and in order to address the organizational needs and complexity of the business (with particular reference to specific roles and countries), it may be necessary to intensify the efforts in attracting, Details developing and retaining top talents, especially with respect to key managerial positions and qualified store personnel. STATEMENT The current context, characterized by growing competition, may have an impact on achievement of the objectives related to the attraction and retention of qualified store personnel, considering also the high level of qualification of the audiologists employed by the Group. CONSOLIDATED SUSTAINABILITY With the aim of being “employer of choice”, Amplifon invests significantly in developing a unique Employer Branding and in its talents through specific training and professional development programs, aimed at ensuring the growth of top talents and the availability of key competencies, for both store and back-office personnel, maintaining also effective partnerships with universities and reference organizations. The Group manages structured channels to facilitate the recruitment of talents with specific expertise; moreover, performances are assessed based on “ad hoc” and fair HUMAN RESOURCES Management compensation mechanisms and incentives. Measures In order to guarantee success in the medium/long-term, talent mapping and succession planning activities are regularly carried out, analyzing and anticipating future needs for relevant roles, also in view of the growth of the business and core markets evolutions. The level of efficiency achieved by the Group in these areas is constantly monitored through KPIs related to succession planning, recruiting and retention. Amplifon places particular attention on the workplace environment, its people and the organization. This commitment is recognized through 3 international certifications received for human resources management (e.g., Top Employer ). REPORT ON OPERATIONS Related ESRS ESRS S1 – Own workforce Topical Standard (Sub-topic: Working conditions) 3. Global Top Employer; Region EMEA (Italy, Spain, the Netherlands, Portugal, Germany, France, Belgium, Switzerland), Region Americas (United States, Canada, Panama), Region LATAM (Colombia, Argentina, Chile, AMPLIFON AT A GLANCE Ecuador), Region APAC (New Zealand, Australia, India, Singapore, China). 81 --- ANNUAL REPORT 2025 REGULATORY RISKS Regulatory risk stems from compliance with the laws and regulations within the different markets in which the Company operates. Amplifon operates in a medical sector which is regulated differently across the countries where it is present. The main areas of interest for the Group relate to: i) reimbursement conditions from national healthcare systems and/or third parties, such as insurance companies; ii) selling requirements/ conditions for the distribution of hearing aids; iii) requisites and qualifications for the professionals authorized to sell hearing solutions. Therefore, changes in regulations (e.g., in reimbursement conditions - in terms of amount or accessibility to the national healthcare system -, in the role of otolaryngologists and of hearing care professionals, in the requirements needed for the sale of hearing aids and related services) could have a Details direct, even significant, impact on the market and, consequently, on the business, considering also the possible attention to the industry from local authorities/governments, the evolving political landscape as well as the influence of health insurance companies. RISKS CONNECTED WITH Within this context, the regulatory framework entails the sale of “Over the Counter” (OTC) devices, which is currently having a limited impact on the INDUSTRY REGULATIONS business, particularly in the US market, given the relevance of the service component and the consumers involved (with mild to moderate hearing loss versus the Group’s current core customers with moderate to severe hearing loss). CONSOLIDATED In general, also considering the current macroeconomic context, Amplifon ensures the continuous monitoring of regulatory matters in the countries FINANCIAL STATEMENTS Management in which it operates and the implementation of possible actions (e.g., advocacy, processes/procedures updates) in order to promptly respond to Measures potential changes in the global regulatory landscape. Moreover, the Group continues to monitor the evolution of the OTC segment in terms of technology, sales trends/players and regulations in order to detect any changes to the current scenario. Given the nature of its business, Amplifon manages personal data, including in certain circumstances sensitive data, relating to customers, employees and job candidates. The possibility that the processing of personal data does not comply with the relevant regulations, also due to potential data Details breaches and incidents as well as in consideration of the Group’s global footprint and the investments in innovation, could lead to possible sanctions by Privacy Authorities. The Group continues to maintain adequate security standards and is committed to protecting any personal data processed, in order to guarantee PRIVACY AND Management compliance with data protection laws. Toward this end, Amplifon continuously monitors potential legislative changes and amendments that may DATA PROTECTION Measures occur in the coming years, adopts the necessary measures (e.g., appointing Data Protection Officers, policies), and carries out related training STATEMENT activities. Related ESRS ESRS S4 – Consumers and end-users CONSOLIDATED SUSTAINABILITY Topical Standard (Sub-topic: Information-related impacts for consumers and/or end-users) REPORT ON OPERATIONS AMPLIFON AT A GLANCE 82 --- ANNUAL REPORT 2025 FINANCIAL RISK MANAGEMENT In order to ensure a structured management of treasury activities and financial risks, the Group adopted, as early as 2012, a Treasury Policy, which serves as an operational guideline for the management of: • currency risk; • interest rate risk; • credit risk; • price risk; • liquidity risk. CONSOLIDATED This Policy is periodically updated to ensure a proactive approach to risk management. FINANCIAL STATEMENTS Currency risk comprises the following categories: - foreign exchange transaction risk, i.e. the risk that the value of a financial asset or liability, a forecasted transaction or a firm commitment may fluctuate due to changes in exchange rates; - foreign exchange translation risk, i.e. the risk that the translation into the presentation currency of the consolidated financial statements of assets, liabilities, costs and revenues relating to a net investment in a foreign operation may generate positive or negative differences compared to the original balances. Within the Amplifon Group, foreign exchange transaction risk mainly relates to: - Procurement and Supply Chain activities carried out by the Parent Company, which centrally manages purchases of hearing aids and accessories subsequently resold to subsidiaries. Purchases from suppliers are generally made, with limited exceptions, in the same currency in which they are invoiced to subsidiaries, Details with payment terms substantially reflecting those negotiated with suppliers, thereby minimising exchange rate risk. However, the presence of a mark-up, the aforementioned exceptions and year-end true-ups, the amounts of which may be significant, make the risk relevant; STATEMENT - Transactions in which purchase costs or sales revenues are denominated in a currency other than the local currency, as is the case in certain smaller markets (Israel, Canada and the Latin American subsidiaries), where purchase costs are incurred in Euro or US dollars; - Other intercompany transactions, such as short and long-term loans, recharges under intercompany service agreements and other centrally incurred costs. These CONSOLIDATED SUSTAINABILITY transactions expose companies whose functional currency differs from the currency in which the intercompany transaction is denominated to exchange rate risk; - Commitments to acquire or dispose of equity interests, which may give rise to exchange rate exposure in the period between signing and closing of the transaction. Foreign exchange translation risk arises from investments in the United States and Canada, the United Kingdom, Switzerland, Hungary, Poland, Israel, Australia, New Zealand, India, China, Chile, Argentina, Ecuador, Colombia, Uruguay, Panama, Mexico and Egypt. CURRENCY RISK Foreign exchange transaction risk The Group’s strategy aims to minimise the impact of exchange rate fluctuations on the income statement by hedging significant net positions denominated in currencies other than the reporting currency of the individual entities. With regard to operating transactions, including those arising from the Parent Company’s Global Procurement activities, the provision of intercompany services and cash pooling arrangements, risk mitigation is primarily achieved through natural hedging by balancing receivable and payable positions at entity level and by using REPORT foreign currency bank deposits to cover any net exposure. Where material unbalanced exposures arise between assets and liabilities and cannot be managed through foreign currency deposits, they are appropriately hedged using suitable financial instruments. Such instruments include, for example, forward currency purchases ON OPERATIONS and sales. Mitigation With regard to exposures arising from financial transactions, foreign exchange risk is managed through the use of specific derivative financial instruments. measures Risks arising from net positions with a unit value of less than €1 million (or the equivalent if denominated in another currency) are considered not significant and are therefore not hedged. Foreign exchange translation risk With reference to foreign exchange translation risk, in accordance with the provisions of the Group Treasury Policy, no hedging transactions have been entered into. Overall, the effects of foreign exchange translation risk resulted in a reduction of the Group’s EBITDA of approximately €13 million compared to total Group EBITDA. Of this amount, approximately €2 million is attributable to the impact of the Argentine subsidiary. The latter operates in a high-inflation environment; however, its size is immaterial compared to the overall size of the Group. AMPLIFON AT A GLANCE 83 --- ANNUAL REPORT 2025 Interest rate risk comprises the following categories: - fair value risk, i.e. the risk that the value of a fixed-rate financial asset or liability may vary as a result of changes in market interest rates; - cash flow risk, i.e. the risk that the future cash flows of a variable-rate financial asset or liability may fluctuate as a result of changes in market interest rates. Details Within the Amplifon Group, fair value risk arises from fixed-rate borrowings, specifically: the issuance of bonds (Eurobond) for €350 million; the portion disbursed as at 31 December 2025, amounting to €195 million, of the loan granted by the European Investment Bank (EIB); and the €100 million tranche disbursed by Cassa Depositi e Prestiti under the loan agreement entered into in a pool with CDP and UniCredit. Cash flow risk arises from the utilisation of floating rate bank loans, which amount in aggregate to €220 million. The Group’s strategy is aimed at minimising cash flow risk, particularly in relation to long-term exposures, through a balanced allocation between fixed-rate and variable-rate borrowings. Both at the time individual loans are entered into and throughout their life, and also taking into account prevailing market interest rate levels, the Group assesses whether to convert debt from floating rate to fixed rate. In any case, at least 50% of total debt must be protected against interest rate fluctuations. As at 31 December 2025, the Group’s total short and medium to long-term bank borrowings amounted to €1,354 million, of which €969 million were either at fixed rate or had been converted to fixed rate through Interest Rate Swaps. Hedging instruments are used by the Group exclusively to mitigate interest rate and foreign exchange risks, in line with the corporate strategy, and consist solely of derivative financial instruments. To maximise the economic effectiveness of hedging, the Group’s strategy provides that: - counterparties must be large institutions with high credit standing, and transactions must be executed within the limits defined by the Treasury Policy, in order to CONSOLIDATED minimise counterparty risk; FINANCIAL STATEMENTS - the instruments entered into must, as far as possible, have characteristics that mirror those of the hedged item; - the performance of the instruments used is regularly monitored, also to verify and, where appropriate, optimise the adequacy of the hedging structure in achieving hedging objectives. The Group Treasury Policy also defines strict counterparty selection criteria. Derivatives used by the Group are generally non-structured financial instruments (so-called plain vanilla). The types of derivatives outstanding during the year include: - interest rate swaps; - foreign exchange forward; - cross currency swaps (it should be noted that no Group company currently has borrowings denominated in a currency other than its functional currency; therefore, this INTEREST instrument is not currently used). RATE RISK STATEMENT Upon initial recognition, such instruments are measured at fair value. At subsequent reporting dates, the fair value of derivatives is remeasured and: (i) if such instruments do not meet the requirements for hedge accounting, changes in fair value arising after initial recognition are recognised in the income Mitigation statement; measures CONSOLIDATED SUSTAINABILITY (ii) if such instruments qualify as fair value hedges, from that date changes in the fair value of the derivative are recognised in the income statement; at the same time, changes in fair value attributable to the hedged risk are recognised as an adjustment to the carrying amount of the hedged item, with a corresponding entry in the income statement. Any hedge ineffectiveness is recognised in the income statement; (iii) if such instruments qualify as cash flow hedges, from that date changes in the fair value of the derivative are recognised in equity. Changes in the fair value of the derivative recognised in equity are reclassified to the income statement in the period in which the hedged transaction affects the income statement. Where the hedged item is the purchase of a non-financial asset, changes in the fair value of the derivative recognised in equity are reclassified as an adjustment to the acquisition cost of the hedged asset (so-called basis adjustment). Any hedge ineffectiveness is recognised in the income statement. The hedging strategy defined by the Group is reflected in the accounting treatment described above from the moment the following conditions are met: - the hedging relationship, its objectives and the overall strategy pursued are formally defined and documented. The documentation includes identification of the REPORT hedging instrument, the hedged item, the nature of the risk being hedged and how the entity will assess hedge effectiveness; - hedge effectiveness can be reliably measured and there is reasonable expectation, supported by ex post evidence, that the hedge will be highly effective throughout ON OPERATIONS the period during which the hedged risk is present; - in the case of hedging the risk of variability in cash flows related to a forecast transaction, the transaction is highly probable and presents an exposure to variability in cash flows that could affect the income statement. Derivatives are recognised as assets when their fair value is positive and as liabilities when their fair value is negative. Such balances are presented as current assets or current liabilities if they relate to derivatives that do not meet hedge accounting requirements. If, on the other hand, they meet hedge accounting requirements, they are classified consistently with the hedged item. Specifically, if the hedged item is classified as current, the positive or negative fair value of the hedging instrument is presented within current assets or current liabilities; if the hedged item is classified as non-current, the positive or negative fair value of the hedging instrument is presented within non-current assets or non- current liabilities. It should also be noted that the Group does not have any hedges designated as a hedge of a net investment. AMPLIFON AT A GLANCE 84 --- ANNUAL REPORT 2025 Credit risk represents the possibility that the issuer of a financial instrument defaults on its obligations, thereby causing a financial loss to the holder. Within the Amplifon Group, credit risk arises from the following situations: (i) sales carried out in the ordinary course of business, where customers may fail to meet their payment obligations; Details (ii) the use of financial instruments involving the settlement of positions with counterparties, with the possibility that such counterparties may default on their obligations; (iii) loans granted to members of the indirect channel and commercial partners in the United States, aimed at supporting investment initiatives and business development, with the risk that such loans may not be repaid. With regard to the risk referred to under point (i) it should be noted that the only individually significant exposures relate to receivables from public healthcare and welfare entities, as well as insurance companies, whose insolvency risk, although existing, is considered remote and is further mitigated by the fact that such receivables are assigned on a non-recourse basis on a quarterly basis to specialised financial institutions. Conversely, credit risk arises from sales to private customers to whom instalment payment terms have been granted. This risk is mitigated by the fact that such receivables are distributed across a large number of customers, with maximum individual amounts of only a few thousand Euro each. There is also credit risk relating to sales made in the United States to operators in the indirect channel (franchisees), which are fragmented across numerous partners whose maximum individual exposure is limited and, even for the largest among them, never CREDIT RISK exceeds a few million US dollars. Due to the typical risks associated with the business, some counterparties may fail to honour their obligations, resulting in a potential increase in working capital and in bad debt losses. Although credit management remains the direct responsibility of individual subsidiaries, the Group, through its CONSOLIDATED Corporate functions, has implemented a monthly reporting system on trade receivables, monitoring their composition and ageing at country level, and sharing with FINANCIAL STATEMENTS local management both recovery initiatives and commercial policies. In particular, with regard to private customers – for whom the vast majority of sales are made on Mitigation immediate payment terms – instalment sales or financing arrangements exceeding a few months are managed by external financial institutions that advance the full measures sales amount to Amplifon. As regards operators in the indirect channel in the United States, the situation is closely monitored by local management. The risk referred to under point (ii), notwithstanding the inherent uncertainty linked to potential sudden and unexpected counterparty defaults, is managed through diversification among leading national and international investment grade financial institutions. Such diversification is ensured through the establishment of specific counterparty limits, both with respect to invested and/or deposited liquidity and with respect to the notional amount of derivative contracts. Counterparty limits are determined based on the short-term credit rating of the individual counterparty or, in the absence of a public rating, on the counterparty’s capital adequacy ratio (Tier 1). The risk referred to under point (iii) relates to receivables generally supported by personal guarantees provided by the beneficiaries. Repayment is typically made STATEMENT concurrently with payment of invoices relating to hearing aids sold to them, or settled upon the eventual acquisition by the Group of the franchisee’s business. CONSOLIDATED SUSTAINABILITY Price risk represents the possibility that the value of a financial asset or liability may fluctuate as a result of changes in market prices (other than those relating to foreign exchange rates and interest rates). Such fluctuations may be caused by: Details - specific factors relating to the financial asset or liability, or to the issuer of the financial liability; PRICE RISK - market-wide factors independent of the specific asset or liability. This risk is typical of financial assets not quoted in an active market, which may not always be realised in the short term at amounts close to their fair value. Mitigation The Amplifon Group does not hold investments in such instruments and therefore this risk is not currently present. measures REPORT Liquidity risk typically refers to the possibility that an entity may encounter difficulties in obtaining sufficient funds to meet its obligations. This risk includes the ON OPERATIONS Details possibility that counterparties that have granted short-term uncommitted credit lines and/or financing facilities may request repayment, as well as the difficulty of refinancing long-term loans which have reached maturity. The Group’s strategy is to maintain relationships with a large number of financial institutions and to continuously establish new ones, thereby ensuring broad LIQUIDITY RISK diversification of credit facilities and, above all, a wide availability of funding sources. At the end of FY 2025, the Group’s financial position showed total gross debt of Mitigation €1,354 million, of which 73% matures beyond 12 months. Cash and cash equivalents amounted to €309 million; available and unutilized committed credit lines totalled measures €480 million; the unutilized portion of the loan signed with the European Investment Bank amounted to €150 million; and other available and unutilized uncommitted credit lines totalled €262 million. Based on these elements, liquidity risk is considered not significant for the Group. AMPLIFON AT A GLANCE 85 --- ANNUAL REPORT 2025 TREASURY SHARES As at 31 December 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, 5,255,753 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. CONSOLIDATED FINANCIAL STATEMENTS During the reporting period 2025, a total of 272,864 shares were transferred following the exercise of performance stock grants. A total of 6,451,138 treasury shares, equal to 2.850% of the Company’s share capital, was held on 31 December 2025. Information on the treasury shares held is provided in the following table. Average purchase price (Euro) No. of treasury Total amount STATEMENT shares (€ thousands) FV of transferred rights (Euro) Held at 12/31/2024 1,068,249 27.482 29,358 CONSOLIDATED SUSTAINABILITY Purchases 5,655,753 19.132 108,207 Transfers due to exercise (272,864) 20.459 (5,582) of performance stock grants Held at 12/31/2025 6,451,138 20.459 131,983 REPORT ON OPERATIONS AMPLIFON AT A GLANCE 86 --- ANNUAL REPORT 2025 RESEARCH AND DEVELOPMENT CONTINGENT LIABILITIES Although the Group does not carry out research and development activities in the Currently the Group is not exposed to any particular risks, uncertainties or legal strict sense with respect to hearing aids (as this is undertaken by manufacturers), it disputes which exceed the provisions already made in the financial statements, invests significant resources in technological innovation – through the development shown in Note 19 “Provisions for risks and charges (medium/long-term)” and Note of the “Amplifon Product Experience” and other innovative digital marketing and 25 “Provisions for risks and charges (current portion)”. There are currently underway front-office solutions – as well as in process innovation, with the aim of delivering an usual tax audits. These audits are presently in the preliminary phase and no findings excellent Customer Experience to its clients. have been reported so far. The Group is confident in the correctness of its actions. In addition, in 2025 the Group continued the roll-out of the “Otopad” project, which will enable improvements both in the efficiency of the hearing test process and in CONSOLIDATED related operational dynamics, gradually replacing traditional devices. ATYPICAL/UNUSUAL TRANSACTIONS FINANCIAL STATEMENTS Please note that in 2025 the Group carried out no atypical and/or unusual transactions as defined in the Consob Bulletin of 28 July 2006. TRANSACTIONS WITHIN THE GROUP AND WITH RELATED PARTIES Pursuant to and in accordance with the Consob Regulation n. 17221 issued on 12 STATEMENT March 2010 and after having received a favorable opinion from the Independent Directors’ Committee for Related Parties transactions, on 3 November 2010 Amplifon S.p.A.’s Board of Directors adopted a new version of the regulations of procedures CONSOLIDATED SUSTAINABILITY and fulfillments for related party transactions which has been updated several times. The regulation currently in force was approved by the Board of Directors on 29 April 2021 with entry into force on 1 July 2021. 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 managed at arm’s length, given the nature of the goods and of the services provided. REPORT ON OPERATIONS Information on transactions with related parties is provided in Note 39 of the consolidated financial statements and in Note 38 of the separate financial statements. AMPLIFON AT A GLANCE 87 --- ANNUAL REPORT 2025 OUTLOOK In 2025, the global hearing care market growth was below historical and expected levels, primarily due to the wellknown macroeconomic and geopolitical uncertainties that affected the Group’s patients confidence. Amplifon adopted a proactive approach in order to transform challenges into development opportunities, by implementing during the year significant initiatives designed to accelerate future growth and structurally improve profitability. With regard to the latter, the Group launched the “Fit4Growth” program and the implementation is progressing at a faster pace than initially expected thanks to the CONSOLIDATED actions already referred to. In the face of this progress and the additional opportunities FINANCIAL STATEMENTS identified, the “Fit4Growth” program now calls for a run-rate improvement in the adjusted EBITDA margin in the high-end of the range of 150-200 basis points by 2027, and the one-off cash costs for the implementation of the program to be incurred between 2025 and 2026 are now estimated at around 25 million euros compared to the 35 million euros originally expected. For 2026, the Group expects a gradual improvement in the global market, with growth in demand currently expected in the region of 3% compared to 2025, supported by a progressive recovery in the US private market, driven primarily by the Private Pay STATEMENT segment, and improving trends across the European market. Specifically, assuming there are no further slowdowns in global economic activity (due to - among others - the well-known macroeconomic and geopolitical situation), the Group expects CONSOLIDATED SUSTAINABILITY to continue to outperform in its key individual markets, with a solid progressive improvement in organic growth compared to 2025 and, most importantly, a material increase in its adjusted EBITDA margin, supported by the “Fit4Growth” program. In the medium term, the Group remains extremely positive about its prospects for profitable and sustainable growth, thanks to the 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 REPORT positioning. ON OPERATIONS AMPLIFON AT A GLANCE 88 --- ANNUAL REPORT 2025 COMMENTS ON THE ECONOMIC-FINANCIAL RESULTS OF AMPLIFON S.P.A RECLASSIFIED INCOME STATEMENT (€ thousands) FY 2025 % on revenues FY 2024 % on revenues Change % Total revenues 452,978 100% 409,687 100.0% 10.6% CONSOLIDATED Operating costs (312,332) -69.0% (300,132) -73.3% 4.1% FINANCIAL STATEMENTS Other income and costs (25,196) -5.6% (31,489) -7.7% -20.0% Gross operating profit (loss) (EBITDA) 115,450 25.5% 78,066 19.1% 47.9% Gross operating profit (loss) (EBITDA) Adjusted 88,815 19.6% 66,799 16.3% 33.0% Depreciation, amortization and impairment losses (29,140) -6.4% (30,214) -7.4% -3.6% on non-current assets Amortization of rights of use (2,481) -0.5% (2,782) -0.7% -10.8% Operating profit (loss) (EBIT) 83,829 18.5% 45,070 11.0% 86.0% Operating profit (loss) (EBIT) Adjusted 57,194 12.6% 33,803 8.3% 69.2% STATEMENT Income, expenses, valuation and adjustments of financial assets 31,380 6.9% 86,183 21.0% -63.6% Net financial expenses (35,392) -7.8% (35,656) -8.7% -0.7% CONSOLIDATED SUSTAINABILITY Exchange differences and FV adjustments (762) -0.2% (283) -0.1% 169.3% Profit (loss) before tax 79,055 17.5% 95,314 23.3% -17.1% Profit (loss) before tax adjusted 99,327 21.9% 85,829 20.9% 15.7% Tax (11,521) -2.5% (134) 0.0% 8497.8% Net profit (loss) 67,534 14.9% 95,180 23.2% -29.0% Net profit (loss) Adjusted 84,184 18.6% 88,374 21.6% -4.7% REPORT ON OPERATIONS Refer to the paragraph “Alternative Performance Indicators (APMs)” for the reconciliation between EBITDA, EBIT, Pre-tax profit and Profit for the year with the corresponding Alternative Adjusted Performance Indicators for financial year 2025 and comparative year 2024. AMPLIFON AT A GLANCE 89 --- ANNUAL REPORT 2025 RECLASSIFIED CONDENSED BALANCE SHEET The reclassified Condensed Balance Sheet aggregates assets and liabilities according to operating functionality criteria, subdivided by convention into the following three key functions: investments, operations and finance. (€ thousands) 12/31/2025 12/31/2024 Change Goodwill 8,025 8,025 - Other intangible fixed assets 82,289 79,078 3,211 Buildings, plants and machinery 3,053 4,174 (1,121) Right-of-use assets 9,343 10,819 (1,476) CONSOLIDATED Fixed financial assets 1,870,771 1,924,246 (53,475) FINANCIAL STATEMENTS Other non-current financial assets 955 8,980 (8,025) Total fixed assets 1,974,436 2,035,322 (60,886) Inventories 393 420 (27) (1) Trade receivables 183,422 171,342 12,080 (2) Other receivables 31,815 50,146 (18,331) Current assets (A) 215,630 221,908 (6,278) Total assets 2,190,066 2,257,230 (67,164) (3) Trade payables (237,456) (237,891) 435 (4) Other payables (52,234) (52,282) 48 STATEMENT Short term liabilities (B) (289,690) (290,173) 483 Net working capital (A)+(B) (74,060) (68,265) (5,795) (5) Derivative instruments 1,760 4,836 (3,076) CONSOLIDATED SUSTAINABILITY Deferred tax assets 6,914 11,639 (4,725) Provisions for risks (non-current portion) (82) (89) 7 Employee benefits (non-current portion) (597) (586) (11) (6) Loan fees 2,814 3,452 (638) Other long-term payables (3,049) (12,294) 9,245 Net invested capital excluding assets held for sale 1,908,136 1,974,016 (65,880) Assets held for sale 24,038 - 24,038 REPORT NET INVESTED CAPITAL 1,932,174 1,974,016 (41,842) ON OPERATIONS Net equity 657,050 760,769 (103,719) Short term net financial debt 279,603 247,123 32,480 Long-term net financial debt 985,044 954,118 30,926 Total net financial debt 1,264,647 1,201,241 63,406 Lease liabilities 10,477 12,006 (1,529) Total lease liabilities & net financial debt 1,275,124 1,213,247 61,877 NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL DEBT 1,932,174 1,974,016 (41,842) (1) The item “Trade receivables” includes “Receivables from suppliers of acoustic solutions for chargebacks” and “Receivables from subsidiaries and parent company deriving from the sale of goods and services”. (2) The item “Other receivables” includes “Other receivables” and “Other receivables from subsidiaries and parent company”. (3) The item “Trade payables” includes “Trade payables from suppliers” and “Payables to subsidiaries and parent company”. AMPLIFON AT A GLANCE (4) “Other payables” includes other liabilities, accrued liabilities and deferred income, current portion of liabilities for employees’ benefits and tax liabilities. (5) “Derivatives instruments” includes cash flow hedging instruments not included in the item “Net medium and long-term financial indebtedness”. (6) 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. 90 --- ANNUAL REPORT 2025 CONDENSED RECLASSIFIED 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. (€ thousands) FY 2025 FY 2024 Operating profit (loss) (EBIT) 83,829 45,070 Amortization, depreciation and write-downs 31,621 32,996 Provisions, other non-monetary items and gain/losses from disposals 2,942 10,031 Net financial expenses (34,981) (37,321) CONSOLIDATED Dividends collected 78,546 90,500 FINANCIAL STATEMENTS Taxes paid 24,260 823 Changes in net working capital (20,912) 39,947 Cash flow provided by (used in) operating activities before repayment of lease liabilities 165,305 182,046 Repayment of lease liabilities (2,522) (2,673) Cash flow provided by (used in) operating activities (A) 162,783 179,373 Cash flow provided by (used in) operating investing activities (B) (31,409) (27,248) Free Cash Flow (A+B) 131,374 152,125 (*) Free cash flow Adjusted 121,779 152,803 Net cash flow provided by (used in) acquisitions equity investments/ capital increases in related parties (C) (19,020) (90,705) STATEMENT (Purchase) sale of other investments and securities, liquidation of subsidiary (D) - 880 Cash flow provided by (used in) investing activities (B+C+D) (50,429) (117,073) Cash flow provided by (used in) operating activities and investing activities 112,355 62,300 CONSOLIDATED SUSTAINABILITY Other non-current assets (464) (98) Fees paid on medium/long-term financing (1,788) (1,807) Dividends distribution (65,302) (65,593) Purchases of treasury shares (108,207) (25,396) Net cash flow from the period (63,405) (30,594) Net financial indebtedness at the beginning of the period net of lease liabilities (1,201,241) (1,170,647) Change in net financial position (63,405) (30,594) REPORT Net financial indebtedness at the end of the period net of lease liabilities (1,264,646) (1,201,241) ON OPERATIONS (*) The following table reports the impact on free cash flow of items (income or expenses) that are unusual, infrequent or unrelated to operating performance. (€ thousands) FY 2025 FY 2024 Free cash flow 131,374 152,125 Free cash flow relating to ancillary costs for acquisitions and their integration (730) - Free cash flow relating to charges for corporate and network reorganisations, other efficiency projects and changes in top management (2,396) (678) Free cash flow relating to other incomes and charges of a non-recurring/non-characteristic nature 12,721 - AMPLIFON AT A GLANCE Free cash flow of items (income or expenses) that are unusual, infrequent, or unrelated to operating performance 9,595 (678) Free cash flow relating to recurring transaction only 121,779 152,803 91 --- ANNUAL REPORT 2025 ALTERNATIVE PERFORMANCE MEASURES (APM) The APMs used in this report are defined and described in the “Alternative performance indicators” section of the consolidated financial statements. Refer to this section for the methods of calculation and the reasons for their use. The amounts reported in this paragraph refer to the separate financial statements of Amplifon S.p.A. The following table shows the reconciliation between EBITDA, EBIT, Profit before tax and Profit for the year with the corresponding Alternative Adjusted Perfomance Indicators for financial year 2025 and comparative year 2024: (€ thousands) FY 2025 CONSOLIDATED FINANCIAL STATEMENTS EBITDA EBIT Profit (loss) before tax Net profit (loss) Alternative Performance Measures 115,450 83,829 79,055 67,534 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1) 730 730 730 730 Charges and write-off related to back-office and network reorganization, 2,157 2,157 2,157 2,157 as well as other efficiency projects and changes in Top management (2) Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (3) 16 16 47,016 47,016 Amortization of fixed assets accounted in phase of Purchase Price Allocation - - - - STATEMENT Financial income (loss) related to inflation accounting (IAS 29) and Fair Value - - 990 990 changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9) (4) Other unusual, infrequent or unrelated income and expenses above an amount CONSOLIDATED SUSTAINABILITY (29,538) (29,538) (30,621) (30,621) of €1m in a quarter, or above €2m across multiple quarters (5) Total adjustments before tax (26,635) (26,635) 20,272 20,272 Fiscal effect on adjustments and other fiscal adjustments (6) - - - (3,622) Total adjustments (26,635) (26,635) 20,272 16,650 Adjusted Alternative Perfomance Measures 88,815 57,194 99,327 84,184 REPORT The following comments refer to the adjustments relating to the financial year 2025: ON OPERATIONS st (1) The positive adjustment for €730 thousands as of 31 December 2025 refers to strategic M&A consultancy. st (2) The positive adjustment of €2,157 thousands as of 31 December 2025, refer for €1,439 thousands to costs incurred for consultancy to support corporate and network reorganizations, mainly attributable to the Fit4Growth program for €718 thousands to costs for changes in Top management. (3) Positive adjustments of €16 thousands refer to charges arising from the disposal of certain durable goods. Adjustments to Profit before taxes and to Profit for the year include €47 thousands as write-downs of Equity investments in British and Chinese subsidiaries. (4) The positive adjustment of €990 thousands refers to the charges deriving from the effects of changes in FV resulting from changes in financial liabilities (IFRS 9). (5) The negative adjustment of €29,538 thousands which affects EBITDA and EBIT, refers to write-downs and other adjustments relating to previous years in the procurement area of the central structures as a “central purchasing body” for €971 thousands euros and to compensating adjustment income relating to fiscal years prior to 2025 deriving from the BAPA implemented in 2025 with the competent local tax authorities for € 30,509 thousands. Adjustments to Profit before taxes and to Profit for the year also include a negative adjustment of €1,084 thousands which refers to net financial income relating to tax credits, deriving from super bonus discounts in accordance with art.119 and 121 of Legislative Decree 34/202, for further details please refer to note 12 (“Other receivables”) of the explanatory notes to the financial statements. (6) The adjustment refers to the impact of taxes resulting from the adjustments listed in points (1)-(5) above. AMPLIFON AT A GLANCE 92 --- ANNUAL REPORT 2025 (€ thousands) FY 2024 CONSOLIDATED FINANCIAL STATEMENTS EBITDA EBIT Profit (loss) before tax Net profit (loss) Alternative Performance Measures 78,066 45,070 95,314 95,180 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out - - - - Charges and write-off related to back-office and network reorganization, 1,678 1,678 1,678 1,678 as well as other efficiency projects and changes in Top management (1) Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (2) (1,505) (1,505) 1,672 1,672 Amortization of fixed assets accounted in phase of Purchase Price Allocation - - - - STATEMENT Financial income (loss) related to inflation accounting (IAS 29) and Fair Value - - 854 854 changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9 (3) Other unusual, infrequent or unrelated income and expenses above an amount CONSOLIDATED SUSTAINABILITY (11,440) (11,440) (13,689) (13,689) of €1m in a quarter, or above €2m across multiple quarters (4) Total adjustments before tax (11,267) (11,267) (9,485) (9,485) Fiscal effect on adjustments and other fiscal adjustments (5) - - - 2,679 Total adjustments (11,267) (11,267) (9,485) (6,806) Adjusted Alternative Performance Measures 66,799 33,803 85,829 88,374 REPORT The following comments refer to the adjustments relating to the financial year 2024: st ON OPERATIONS (1) The positive adjustment of €1,678 thousands as of 31 December 2024 refers to the costs incurred for the process of defining and implementing the Statutory changes, including the enhancement of the Increased Voting Rights. st (2) The negative adjustment of €1,505 thousands as of 31 December 2024, refers to the income deriving from the early termination of the lease contract for the headquarter building as a result of the transfer of the contract to the French subsidiary Amplifon France SAS following the closure of the French brand; this negative adjustment is offset (for the sole purpose of reconciling the Pre-tax Profit and Profit for the year) by the positive adjustment of € 3,177 thousands relating to the write-downs of investments in Pilot Blankenfelde Medizinisch-Elektronische Geräte GmbH and Amplifon Cell. (3) The positive adjustment of €854 thousands refers to the charges arising from the effects of changes in FV resulting from changes in financial liabilities (IFRS 9). (4) The negative adjustment of € 11,440 thousands euros, which affects EBITDA and EBIT, refers to the imputed cost for the assignment by the Ampliter shareholder of Amplifon shares to the CEO for € 1,282 thousands and to compensating adjustment income relating to the fiscal years prior to 2024 deriving from the BAPAs implemented in 2024 with the competent local tax authorities for € 12,722 thousands. Adjustments to Profit before taxes and to Profit for the year also include a negative adjustment of 2,249 thousands which refers to net financial income relating to tax credits, deriving from superbonus discounts in acccordance with art.119 and 121 of Legislative Decree 34/2020, for further details please refer to note 12 (“Other receivables”) of the explanatory notes to the financial statements. (5) Adjustment refers to the impact of taxes resulting from the adjustments listed in points (1)-(4) above. AMPLIFON AT A GLANCE 93 --- ANNUAL REPORT 2025 REVENUES FROM SALES AND SERVICES (€ thousands) FY 2025 FY 2024 Change Change % Revenues from sales and services to subsidiaries 452,978 409,687 43,291 10.6% Total 452,978 409,687 43,291 10.6% Revenues for services rendered to subsidiaries include the sale of hearing aids and related accessories (Amplifon S.p.A. acts as the Group’s procurement center), and the CONSOLIDATED recharge of centralized services provided, including human resources management, marketing, implementation of shared IT systems. FINANCIAL STATEMENTS The change in respect of the comparative period, other than transfer pricing policies in compliance with applicable tax and accounting regulations, is attributable to the extensions of the central purchasing activities carried out by Amplifon S.p.A. to the Chinese and Sud American subsidiaries. STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 94 --- ANNUAL REPORT 2025 GROSS OPERATING PROFIT (EBITDA) (€ thousands) FY 2025 % on revenues FY 2024 % on revenues Change % Gross operating profit (loss) (EBITDA) 115,450 25.5% 78,066 19.1% 47.9% Gross operating profit (loss) (EBITDA) Adjusted 88,815 19.6% 66,799 16.3% 33.0% st Gross operating profit (EBITDA) amounted to €115,450 thousands (25.5% of the revenues generated by sales and services) compared to €78,066 thousands at 31 December CONSOLIDATED 2024. FINANCIAL STATEMENTS The positive change of the EBITDA compared to the prior reporting period is attributable to an increase in sales and to the reduction of other expenses arising from allocations made to subsidiaries and relating to transfer pricing adjustments in accordance with the Group’s transfer pricing policy and applicable tax and accounting regulations, net of income. The result for the reporting period was affected for €26,635 thousands 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 is made, mainly attributable to income from compensating adjustments relating to fiscal years prior to 2025 deriving from BAPAs implemented in 2025 with the competent local tax authorities, the Fit4Growth program aimed at improving profitability and strengthening the Group’s competitiveness, and write-downs and other adjustments relating to previous years of the central structures as a “central purchasing” aimed at STATEMENT a greater efficiency. In the comparative period, EBITDA was affected by the unusual items detailed in the Alternative Performance Indicators section to which reference is made, mainly relating CONSOLIDATED SUSTAINABILITY to compensation adjustment income relating to the fiscal years prior to 2024 deriving from the BAPAs implemented in 2024 with the relevant local tax authorities, the one- off assignment in 2023 of Amplifon shares owned by Ampliter in favour of the CEO, the costs incurred for the process of defining and implementing the Statutory changes, including the enhancement of the Increased Voting Rights, and mainly relating to tax, legal and financial advisors, as well as expenses relating to the organization of the th Extraordinary Shareholders’ Meeting held on 30 April 2024. Net of these non-recurring items, the increase in EBITDA amounted to 22,016 thousands (+33.0%) and the EBITDA margin is equal to 19.6%. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 95 --- ANNUAL REPORT 2025 OPERATING PROFIT (LOSS) (EBIT) (€ thousands) FY 2025 % on revenues FY 2024 % on revenues Change % Operating profit (loss) (EBIT) 83,829 18.5% 45,070 11.0% 86.0% Operating profit (loss) (EBIT) Adjusted 57,194 12.6% 33,803 8.3% 69.2% Operating profit (EBIT) amounted to €83,829 thousands (18.5% of revenues generated by sales and services) showing an increase of €38,759 thousands compared to the CONSOLIDATED previous period, as a result of the increase in revenues explained above. FINANCIAL STATEMENTS During the period considered, the operating profit (EBIT) was impacted by unusual (income or expenses) components, infrequent or not correlated with the operative performance, detailed in the section Alternative Indicator of Performance to which reference is made for €26,635 thousands, while in the comparative period these components amounted to €11,267 thousands. Net of these items, the operating result (EBIT) increased by €23,391 thousands (69.2%) and the EBIT Adjusted margin referring only to adjusted components stood at 5.9%. STATEMENT PROFIT BEFORE TAXES (€ thousands) CONSOLIDATED SUSTAINABILITY FY 2025 % on revenues FY 2024 % on revenues Change % Profit (loss) before taxes 79,055 17.5% 95,314 23.3% -17.1% Profit (loss) before taxes Adjusted 99,327 21.9% 85,829 20.9% 15.7% Profit before tax amounted to €79,055 thousands in 2025, compared to €95,134 thousands in 2024, with a decrease of €16,259 thousands. REPORT ON OPERATIONS This result was affected by unusual, infrequent or unrelated components (income or expenses) for €20,272 thousands, detailed in the Alternative Performance Indicators section, which are mainly related to the write-down of investments in Chinese companies where, although operating cash flows show continuous growth in the business plan, they are not sufficient to ensure the recoverability of the carrying value of the equity investments and lower dividends received from subsidiaries compared to the previous period in addition to the charges already described in relation to EBITDA. Net of these components, pre-tax profit increased by €13,498 thousands. AMPLIFON AT A GLANCE 96 --- ANNUAL REPORT 2025 NET PROFIT ATTRIBUTABLE TO THE GROUP (€ thousands) FY 2025 % on revenues FY 2024 % on revenues Change % Net profit (loss) 67,534 14.9% 95,180 23.2% -29.0% Net profit (loss) adjusted 84,184 18.6% 88,374 21.6% -4.7% The result for 2025 shows a Profit of €67,534 thousands compared to €95,180 thousands in 2024, the effect of the changes indicated above. Net of unusual items described CONSOLIDATED above and the related tax effect, adjusted Profit for the year amounted to €84,184 thousands, compared to €88,374 thousands in 2024. FINANCIAL STATEMENTS The change in the impact of taxes on Pre-tax profit (14.6% compared to 0.1% in the previous year) is due to the non-deductibility of write-downs of investments in Chinese and UK subsidiaries (€47 million) made during the year. It should also be noted that in general, the low tax incidence is due to the relevance on Pre-tax profit of income from dividends from subsidiaries (approximately €78,5 million), which are taxed for only 5% of their amount. In addition, the benefit relating to the Patent box and other tax credits for research and development and Industry 4.0 have further contributed to reducing the overall amount. Excluding the effect of dividends, non-deductible write-downs of equity investments and the Patent box benefit, the tax incidence would have amounted to 24%. STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 97 --- ANNUAL REPORT 2025 NON-CURRENT ASSETS NET INVESTED CAPITAL st Net invested capital amounted to €1,932,174 thousands at 31 December 2025 and (€ thousands) st €1,974,016 thousands at 31 December 2024, with a decrease of €41,842 thousands compared to the previous period, mainly attributable to the reduction in financial 12/31/2025 12/31/2024 Change fixed assets previous analyzed. Goodwill 8,025 8,025 - Other intangible fixed assets 82,289 79,078 3,211 Tangible assets 3,053 4,174 (1,121) NET FINANCIAL POSITION Right-of-use assets 9,343 10,819 (1,476) CONSOLIDATED Financial fixed assets 1,870,771 1,924,246 (53,475) (€ thousands) FINANCIAL STATEMENTS Other non-current financial assets 955 8,980 (8,025) 12/31/2025 12/31/2024 Change Non-current assets 1,974,436 2,035,322 (60,886) Net medium and long-term financial 985,044 954,118 30,926 indebtedness st Non-current assets, amounted to €1,974,436 thousands as of 31 December 2024, st Net short-term financial indebtedness 509,054 516,898 (7,844) compared to €2,035,322 thousands as of 31 December 2024, show a net decrease of Cash and cash equivalents, other €60,886 thousands, mainly attributable to the change in financial fixed assets where financial activities and short-term (229,452) (269,775) 40,323 the following are reported: financial receivables Net financial indebtedness (A) 1,264,646 1,201,241 63,405 STATEMENT • €45,000 thousands relating to the write-down of investments in the Chinese companies Beijing Cohesion Hearing Science & Technology Co. Ltd Amplifon (China) Lease liabilities – current portion 2,900 2,780 120 investment Co., Ltd. (Cina), Hangzhou Amplifon Hearing Aid Co., Ltd., where, although Lease liabilities – non-current portion 7,577 9,226 (1,649) CONSOLIDATED SUSTAINABILITY operating flows show continuous growth in the business plan, they are not sufficient Lease liabilities (B) 10,477 12,006 (1,529) to ensure the recoverability of the carrying value of the equity investments; Total lease liabilities & net financial • The classification of the investment in Amplifon United Kingdom Litimed as held for 1,275,123 1,213,247 61,876 indebtedness (A+B) (C) sale, following the sale agreement negotiated at the end of 2025, signed in January nd 2026 and executed on 2 March 2026; st • Capital increases and other cash contributions made with reference to the equity Net financial debt, excluding lease liabilities, as at 31 December 2025 amounted st investments in the Luxembourg and Polish subsidiaries for €3,800 thousand and to €1,264,646 thousand and €1,201,241 thousands at 31 December 2024 with a €15,220 thousands respectively. positive free cash flow of €131,374 thousands (compared to €152,125 thousands in REPORT the previous period). Significant share buy-backs for €108,207 thousands (€25,396 ON OPERATIONS The reduction in other non-current assets compared to the comparative year is due thousands in 2024), net investments for subscriptions for capital increase of €19,020 to the short-term reclassification of the residual portion usable in 2026 of tax credits thousands (€89,825 thousands in 2024), together with disbursement for dividends deriving from super bonus discounts in accordance with art.119 and 121 of Legislative amounted to €65,302 (€65,593 thousands in the comparative period), resulted Decree 34/2020, purchased during 2024 from a leading financial institution to be paid in negative cash flow for the period of €63,405 thousands compared to €30,594 according to timelines in line with the forecasts for the use of the credits themselves, thousands in 2024. over the three-year horizon 2024-2026. As required by current tax legislation, these credits are used to offset the payment of taxes, withholdings and contributions. AMPLIFON AT A GLANCE 98 --- ANNUAL REPORT 2025 st The financial structure was strengthened by a few important transactions in 2025 As of 31 December 2025, total gross debt, excluding lease liabilities, amounted to which more than offset the redemptions of units expiring during the year: €1,264,646 thousands, of which €985,044 thousands with maturity in the medium to long term. The short term components amounts to €509,054 thousands and • In March 2025, Amplifon S.p.A. signed a 5-year sustainability linked, credit facility is partially offset by cash and cash equivalents and other current financial assets with Intesa Sanpaolo totaling €175 million, comprised of €100 million revolving totaling €229,452 thousands. Available and unused irrevocable credit lines amount credit line and €75 million long-term loan. The new financing was used to refinance, to a total of €480 million; the unused portion of the loan signed with the European and increase, a pre-existing line expiring in 2026; Investment Bank amounts to €150 million, and the other uncommitted credit lines • In April 2025, Amplifon S.p.A. finalized a sustainability-linked facility with Banco amount to €254 million. BPM, for a total amount of €100 million comprised of €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 NET EQUITY CONSOLIDATED • facility with ING Italia; FINANCIAL STATEMENTS • In addition, in June 2025, Amplifon S.p.A. also signed a €50 million, 5-year, (€ thousands) 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 12/31/2025 12/31/2024 Change used to refinance, and increase, expiring credit lines; Net Equity 657,050 760,769 (103,719) • 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. st Net equity amounted to €657,050 thousands at 31 December 2025 versus €760,769 st The medium to long-term component of debt, excluding lease liabilities, amounted thousands at 31 December 2024 and it shows a decrease of €103,719 thousands st st to €985,044 thousands as of 31 December 2025 and €954,118 thousands as of 31 explained by the payments of dividends of €65,301 thousands and the share buyback STATEMENT December 2024, showing an increase of €30,926 thousands, net of the reclassification for €108,207 net of Profit amounted to €65,301 thousands. to short-term instalments of medium to long-term loans falling due within the next 12 months. CONSOLIDATED SUSTAINABILITY The short term component of debt amounted to €509,054 thousands, showing a decrease of €7,844 thousands. It mainly includes short-term portions of long- term bank loans (€204,131 thousands), financial payables to subsidiaries (€165,458 thousands), bank payables for hot money transactions carried out in support of treasury activities and other short-term lines (€131,649 thousands), accrued interest on Eurobonds (€3,463 thousands), and on other bank loans (€4,520 thousands). REPORT ON OPERATIONS AMPLIFONANCE GL A AT 99 --- ANNUAL REPORT 2025 The negative change in net financial debt of €63,405 thousands is attributable RECLASSIFIED CONDENSED mainly to: a) investing activities: CASH FLOW STATEMENT - the net increase in property, plant and equipment and intangible assets of €31,409 thousands, mainly attributable to investments in digitalization and information technology, store equipment to support the Amplifon Product Experience and the (€ thousands) continued implementation and homogenization of the Group cloud ERP system; - Capital increases of subsidiaries for €19,020 thousands, of which capital increases FY 2025 FY 2024 and other cash contributions made to the shareholdings in the Luxembourg and Operating profit (loss) (EBIT) 83,829 45,070 Polish subsidiaries for a total amount of €3,800 thousands and €15,220 thousands. Amortization, depreciation and write-down 31,621 32,996 CONSOLIDATED b) operating activities: Provisions, other non-monetary items and gain/losses from disposals 2,942 10,031 FINANCIAL STATEMENTS - interest expense on financial indebtedness and other net financial charges of Net financial expenses (34,981) (37,321) €34,981 thousands, of which €458 thousands relative to imputed interest on Dividends collected 78,546 90,500 leases; Taxes paid 24,260 823 - dividends received from subsidiaries amounting to €78,546 thousands; Changes in net working capital (20,912) 39,947 - payment of principal portions of leasing debts for €2,522 thousands. Cash flow provided by (used in) operating activities 165,305 182,046 before repayment of lease liabilities c) financing activities: Repayment of lease liabilities (2,522) (2,673) - €65,302 thousand payment of dividends; Cash flow provided by (used in) operating activities (A) 162,783 179,373 - €108,207 thousand purchase in treasury shares; STATEMENT Cash flow provided by (used in) operating investing activities (B) (31,409) (27,248) - €1,788 thousand payment of commissions on medium/long term financing; - €464 thousand positive variation in other non-current assets. Free Cash Flow (A+B) 131,374 152,125 (*) Free cash flow Adjusted 121,779 152,803 CONSOLIDATED SUSTAINABILITY Net cash flow provided by (used in) equity investments/ (19,020) (90,705) capital increases in related parties (C) (Purchase) sale of other investment and securities, - 880 liquidation of subsidiary (D) Cash flow provided by (used in) investing activities (B+C+D) (50,429) (117,073) Cash flow provided by (used in) operating activities 112,355 62,300 and investing activities Other non-current assets (464) (98) REPORT Fees paid on medium/long-term financing (1,788) (1,807) ON OPERATIONS Dividends distribution (65,302) (65,593) Purchases of treasury shares (108,207) (25,396) Net cash flow from the period (63,405) (30,594) Net financial indebtedness at the beginning (1,201,241) (1,170,647) of the period net of lease liabilities Change in net financial position (63,405) (30,594) Net financial indebtedness at the end of the period (1,264,646) (1,201,241) net of lease liabilities AMPLIFON AT A GLANCE 100 --- ANNUAL REPORT 2025 DATA CONTROLLER YEARLY REPORT rd The Board of Directors, held on April 23 , 2025, appointed the Chief Executive Officer as representative of “Data Controller” for all processing of personal data relating ON CORPORATE GOVERNANCE AND to the purposes of Amplifon S.p.A., as well as for data processing of personal data deriving from the management of the world market and from the governance of the Group. OWNERSHIP STRUCTURE ST AS AT DECEMBER 31 2025 SUBSIDIARIES CONSOLIDATED (PURSUANT TO ART. 123-BIS TUF) th FINANCIAL STATEMENTS Following to Board Resolution, dated on October 30 2024, in the first quarter of 2025 the branch office “Amplifon Succursale de Paris”, with offices at 9 Boulevard The report on Corporate Governance and Ownership Structure is available Romain Rolland, Paris, has been closed. on the company’s website at https://corporate.amplifon.com/en/governance/ governancesystem/corporate-governance-reports. OUTLOOK In 2025 Amplifon S.p.A. will also continue with the direction and management of STATEMENT the Group, as well as its role in centralizing procurement for the whole Group. The operating performance of the Company is connected to the Group expectations, where growth results are anticipated. CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 101 --- ANNUAL REPORT 2025 CONSOLIDATED SUSTAINABILITY STATEMENT st CONSOLIDATED as at December 31 2025 FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 102 --- ANNUAL REPORT 2025 INDICE CONSOLIDATED SUSTAINABILITY STATEMENT > GENERAL DISCLOSURES > SOCIAL INFORMATION 178 (ESRS 2) 104 • ESRS S1 - OWN WORKFORCE 178 • METHODOLOGICAL NOTE 104 • ESRS S2 - WORKERS IN THE VALUE CHAIN 202 • SUSTAINABILITY GOVERNANCE 106 • ESRS S4 - CONSUMERS AND END-USERS 208 • SUSTAINABILITY STRATEGY 115 • ENTITY-SPECIFIC SOCIAL DISCLOSURE 215 CONSOLIDATED • THE GROUP’S DOUBLE MATERIALITY 133 FINANCIAL STATEMENTS • PROCESS FOR IDENTIFYING AND ASSESSING > GOVERNANCE INFORMATION 222 IMPACTS, RISKS, AND OPPORTUNITIES 143 • POLICIES, ACTIONS, METRICS AND TARGETS 148 • ESRS G1 - BUSINESS CONDUCT 222 • ENTITY-SPECIFIC GOVERNANCE DISCLOSURE 226 > ENVIRONMENTAL INFORMATION 156 > ANNEX 229 • EU TAXONOMY 156 • ESRS E1 – CLIMATE CHANGE 164 STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 103 --- ANNUAL REPORT 2025 GENERAL VALUE CHAIN ESTIMATION The definition of the contents of the 2025 Sustainability Statement involved key DISCLOSURES corporate functions, which worked in close collaboration under the coordination of the Investor Relations & Sustainability function (hereinafter also “IR & Sustainability). Performance indicators were selected based on the double materiality assessment (ESRS 2) and collected annually through a structured process of data collection, aggregation, and transmission at Group level. This process is governed by a specific procedure for drafting and approving the Sustainability Statement, which standardises the METHODOLOGICAL NOTE collection and validation of data. The process is managed through dedicated IT platforms for the collection and consolidation of sustainability data. CONSOLIDATED FINANCIAL STATEMENTS [BP-1] GENERAL BASIS FOR PREPARATION OF SUSTAINABILITY For the sake of accurately representing performance and ensuring the reliability STATEMENTS of the data, the use of estimates has been minimised as much as possible. Where estimates are present, they are based on the best available methodologies and The Consolidated Sustainability Statement (hereinafter also “Sustainability are duly indicated. In particular, it is specified that Scope 1, 2, and 3 emissions have Statement” or “Statement”) of the Amplifon Group (hereinafter also “Group” or included the use of estimations. “Amplifon”) has been prepared on a consolidated basis and includes the parent Company Amplifon S.p.A. in its scope. (hereinafter also “Company”) and all legal entities consolidated in the financial statements, with the exclusion of legal entities SOURCES OF ESTIMATION consolidated using the equity method, as they are joint ventures and associates over STATEMENT which the Group has no operational control. For further information, please refer to AND OUTCOME UNCERTAINTY Annex I of the section “Consolidated Financial Statements”. Amplifon has not identified any quantitative metrics and/or monetary amounts CONSOLIDATED SUSTAINABILITY The information contained in this document is the result of the double materiality subject to a high level of measurement uncertainty. assessment, which has made it possible to identify the material ESG impacts, risks, and opportunities (hereinafter also “IROs”) for Amplifon. Details on the double materiality analysis can be found in “The Group’s double materiality” section of this CHANGES IN PREPARATION AND chapter. The definition and assessment of IROs have taken into account the Group’s own operations, the upstream and downstream value chain in which the Group PRESENTATION OF SUSTAINABILITY operates, and its business relationships. Amplifon does not omit information relating to intellectual property, know-how, or the outcomes of innovation. INFORMATION REPORT ON OPERATIONS [BP-2] DISCLOSURES IN RELATION TO SPECIFIC CIRCUMSTANCES No changes are reported in the methodology applied for the calculation of Scope 3 emissions. However, it should be noted that the Sustainability Plan has been reviewed and updated, leading to the introduction of a new target. For more details, TIME HORIZONS please refer to the “Sustainability Strategy” section of this chapter. The definition of time horizons adopted by Amplifon and its application reflect the practices implemented within the Company’s Enterprise Risk Management system, in particular, they are defined as follows: • Short-term = 1 year; • Medium-term = 1-3 years; AMPLIFON AT A GLANCE • Long-term = 3-10 years. 104 --- ANNUAL REPORT 2025 REPORTING ERRORS INCORPORATION BY REFERENCE IN PRIOR PERIODS Some elements of the reporting also refer to other sections of this document; more This document does not report any changes due to material reporting errors in details are given below: previous reference periods. • Explanatory Notes 4 “Intangible fixed assets with useful life”, 5 “Property, plant and equipment” and 6 “Right-of-use assets” within the section “Consolidated Financial Statements and Related Explanatory Notes”, which set out the movements in DISCLOSURES STEMMING FROM investments in tangible and intangible fixed assets, including those arising from business combinations; OTHER LEGISLATION OR GENERALLY • Explanatory Note 30 “Revenues from Sales and Services” within the Consolidated CONSOLIDATED Financial Statements and Related Notes section, which shows the Group’s FINANCIAL STATEMENTS ACCEPTED SUSTAINABILITY REPORTING revenues; • Explanatory Note 31 “Operating Costs” within the section Consolidated Financial PRONOUNCEMENTS Statements and Related Notes, which shows the operating costs for the year 2025; • Explanatory Note 44 section “Segment information” within the Consolidated The information contained within this document is reported in accordance with Financial Statements and Related Notes, which shows the Group’s revenue broken European Sustainability Reporting Standards (hereinafter also “ESRS”) reporting down by region; standards. For further details on the requirements stemming from other European • Section “Risk Management” within the Report on Operations for information on legislations, please refer to the “List of datapoints in cross-cutting and topical the Group’s ERM methodology. standards that derive from other EU legislation” section. STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 105 --- ANNUAL REPORT 2025 SUSTAINABILITY GOVERNANCE [GOV-1] THE ROLE OF THE ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES Amplifon’s Corporate Governance structure is based on the principles outlined in the Italian Corporate Governance Code of January 2020, promoted by the Corporate Governance Committee of Borsa Italiana. The Company has adhered to the Code since its first version in 2001, promptly aligning with subsequent updates. The Board of 1 Directors of Amplifon S.p.A. (hereinafter also “BoD”), appointed by the Shareholders’ Meeting on 23 April 2025, is characterised by a well-balanced mix of professional backgrounds and competencies, including business leaders, executives from other industries, financial experts, and professionals with international experience, as well as specialists in hearing care and Environmental, Social and Governance (hereinafter also “ESG”) matters. Furthermore, with the appointment of the new Board in 2025, average age of directors has significantly decreased from 72 in 2011 to 60 currently, with the youngest director being 36 and the oldest 77. Finally, approximately 70% of the Board consists of independent directors, with only one executive director - the Chief Executive Officer. In 2025, the Board of Directors met eight times, with an attendance rate of CONSOLIDATED 92%. The average meeting duration was 2 hours and 45 minutes. FINANCIAL STATEMENTS BOARD OF DIRECTORS Year of first Attendance 2 3 4 Role Name Executive Independent RCSC RAC Gender Competences Areas of expertise appointment rate Chairperson Susan Carol Holland F 1988 100% Chief Executive Enrico Vita M 2015 100% Officer Director Maurizio Costa M 2007 100% STATEMENT Director Nicola Bedin M 2025 100% Director Nina Cortese F 2025 100% CONSOLIDATED SUSTAINABILITY Director Maria Patrizia Grieco F 2016 63% 5 Director Lorenza Morandini F 2022 100% Director Lorenzo Pozza M 2016 88% Director Giovanni Tamburi M 2013 100% REPORT ON OPERATIONS Competences Business development Risk, crisis and ESG and climate Governance, legal HR and organisational IT, digital International Finance and strategic planning audit management change and regulatory change and cyber context Consumer Communication Financial Areas of expertise Real estate Hearing Care Health Care Industry discretionary services services Information Consumer Utilities Energy Materials technology staples 1. The Board of Directors was appointed by the Shareholders’ Meeting on 23 April 2025 and will remain in office until the approval of the financial statements as of 31 December 2027. The CVs of the BoD members are available on the Company’s corporate website. AMPLIFON 2. They declare that they meet the independence requirements in accordance with current regulations and the Italian Corporate Governance Code (Codice di Corporate Governance di Borsa Italiana). AT A GLANCE 3. RCSC: Members of the Risk, Control and Sustainability Committee. 4. RAC: Members of the Remuneration and Appointment Committee. 5. Nominated from the minority list and independent pursuant to the Italian Corporate Governance Code. 106 --- ANNUAL REPORT 2025 Amplifon’s Board of Directors, appointed by the Shareholders’ Meeting on 23 April RELATED-PARTY TRANSACTIONS COMMITTEE 2025, consists of a total of 9 members, of whom: 1 is an executive director (11.1%), 8 Role Name are non-executive directors (88.9%), 3 are non-independent directors (33.3%) and 6 are independent directors (66.7%). Demonstrating the Group’s strong commitment Chairperson Nicola Bedin 6 to diversity, the BoD includes 5 men (55.6%) and 4 women (44.4%) . The Board of Member Maurizio Costa Statutory Advisors, on the other hand, is composed of 2 women and 1 man, for a Member Lorenza Morandini total of 3 members. Furthermore, within the BoD, the Chief Executive Officer and the members of three committees have been appointed to support its activities: Risk, Control and Sustainability Committee (hereinafter also “RCSC”), Remuneration and SUPERVISORY BODY Appointment Committee (hereinafter also “RAC”) and Related-Party Transactions Committee. Role Name CONSOLIDATED Chairperson Lorenzo Pozza 7 BOARD OF STATUTORY ADVISORS FINANCIAL STATEMENTS Member Nicola Bedin Role Name Laura Ferrara Member (Chief Internal Audit & Risk Management Officer) 8 Chairperson Gabriella Chersicla Standing Patrizia Arienti EXECUTIVE RESPONSIBLE FOR FINANCIAL Standing Alfredo Malguzzi AND SUSTAINABILITY REPORTING 8 Alternate Mario Stella Richter Name Alternate Riccardo Foglia Taverna Gabriele Galli STATEMENT REMUNERATION AND APPOINTMENT COMMITTEE CONSOLIDATED SUSTAINABILITY SECRETARY OF THE BOARD OF DIRECTORS Role Name Attendance rate Name Chairperson Maurizio Costa 100% Member Susan Carol Holland 100% Federico Dal Poz 9 Member Giovanni Tamburi 75% Member Maria Patrizia Grieco 75% EXTERNAL AUDITORS REPORT Firm RISK, CONTROL AND SUSTAINABILITY COMMITTEE ON OPERATIONS KPMG S.p.A. Role Name Attendance rate Chairperson Lorenzo Pozza 100% LEAD INDIPENDENT DIRECTOR Member Susan Carol Holland 83% 10 Name Member Nicola Bedin 100% Member Lorenza Morandini 100% Lorenzo Pozza 6. The gender diversity within the Board of Directors, calculated as the average ratio of female to male board members, is 0.8. 7. The Board of Statutory Advisors was appointed by the Shareholders’ Meeting on 24 April 2024 and will remain in office until the approval of the financial statements as of 31 December 2026. AMPLIFON AT A GLANCE 8. Member of the supervisory body nominated from the minority list. 9. Value calculated in relation to the term of appointment, meetings starting from April 2025 were considered. 10.The attendance rate relating to the RCSC member concerned was calculated based on the total number of meetings held from the date of appointment (23 April 2025). 107 --- ANNUAL REPORT 2025 In line with the Italian Corporate Governance model, Amplifon does not provide SHAREHOLDERS’ MEETING for formal and direct employee or worker representation within its administrative, management, and supervisory bodies. This reflects a governance structure in which The Shareholders’ Meeting (hereinafter also “Meeting”) has the authority, in worker involvement is regulated through other mechanisms, such as trade unions, an ordinary session, to approve the financial statements, appoint and dismiss Company trade union representatives (RSA), or unitary trade union representatives Directors and Statutory Advisors, determine their remuneration, and deliberate (RSU), rather than through direct presence on boards or decision-making bodies. on matters within its competence as provided by law. In its extraordinary session, the Shareholders’ Meeting passes resolutions on amendments to the Articles of Amplifon’s Board of Directors possesses adequate and diverse experience and Incorporation and the Articles of Association, as well as on any other matters falling competencies to effectively fulfil its role in supervising the processes, controls, and within its competence under applicable legal provisions. governance procedures used to monitor, manage, and oversee impacts, risks, and opportunities. A detailed analysis of the competencies of the Board members is The Company’s Articles of Association stipulate that, unless otherwise resolved by provided through the charts below, illustrating their areas of expertise and personal CONSOLIDATED the Shareholders’ Meeting at the time of appointment, the Board of Directors is skills, ensuring transparency and completeness in assessing their suitability to FINANCIAL STATEMENTS granted, within the limits established by law, the broadest powers of ordinary and manage the Company’s strategic and operational challenges. extraordinary administration, as well as full disposal powers without limitation. The chart shows the proportion of members of the Board of Directors with specific backgrounds in each of the areas listed, highlighting a greater concentration in the Health care, Hearing care, Industry and Financial services sectors. ENHANCED INCREASED VOTING RIGHTS Following the adoption of Law No. 116/2014, which introduced the principle of increased voting rights into the Italian legal framework, the extraordinary 11 STATEMENT Shareholders’ Meeting of the Company resolved on 29 January 2015 to amend the BOD MEMBERS BY AREAS OF EXPERTISE Articles of Association, allowing shareholders to request two votes per share for each share held continuously for at least 24 months from the date of registration in the Health Care 100% CONSOLIDATED SUSTAINABILITY dedicated list prepared by the Company. Hearing Care 78% In line with the decision taken in 2015 and following the entry into force of Italian Law No. Financials 67% 21/2024 (the so-called “Capital Law”), on 30 April 2024, the Extraordinary Shareholders’ Industry 67% Meeting adopted the option of enhanced increased voting to foster a capital structure that Consumer Discretionary 44% supports the Group’s long-term growth strategy at a global level while more effectively and incisively rewarding long-term shareholders. This option allows shareholders to Real Estate 33% acquire an increased voting right, starting with two votes per share if the share has been REPORT Utilities 33% held continuously for at least 24 months from the date of registration in the Company’s ON OPERATIONS Information Technology 33% dedicated list. A third vote is granted after an additional year, and subsequently, one additional vote per year (i.e., fourth, fifth vote, and so on) up to a maximum of 10 votes Communication Services 22% per share, in compliance with applicable laws and regulations. Consumer Staples 22% Energy 22% As at 31 December 2025, a total of 95,495,236 shares carrying three voting rights each were recorded in the relevant register (representing 68.64% of the Company’s Materials 11% voting share capital). Of these, 95,105,392 shares (68.36% of the voting share capital) are held by the controlling shareholder Ampliter S.r.l.; 50 shares carry two voting rights each and 130,893,334 shares carry one voting right each. AMPLIFON AT A GLANCE 11. The areas of expertise have been identified based on the MSCI Global Industry Classification Standard (GICS): http://www.msci.com/our-solutions/indexes/gics. 108 --- ANNUAL REPORT 2025 The chart illustrates the distribution of experience gained by the members of the the responsible Committee. This role is assigned to the RCSC, which, as part of its Board of Directors across the various professional areas, ranging from international support activities for the BoD, is responsible for overseeing sustainability-related exposure to risk management, as well as IT and sustainability. activities and the management of ESG topics. Moreover, this commitment is clearly expressed and integrated within the Group’s Policies, which establish the strategic guidelines for the responsible and sustainable management of corporate activities. BOD MEMBERS BY COMPETENCE As reported in the Corporate Governance and Ownership Structure Report as at 31/12/2025, the Board of Directors approves the Sustainability Reporting, ensuring International context 89% that it is prepared and published in compliance with Italian Legislative Decree 125/24. The Group policies, including the Sustainability Policy (which formalises the four areas Finance 89% of commitment for the Group), play a key role in guiding its sustainability strategy. Business development 89% Furthermore, following the review and validation of the ESG strategic guidelines and strategic planning CONSOLIDATED (including the Sustainability Plan) by the RCSC and the BoD, the Group ensures Governance, 78% FINANCIAL STATEMENTS legal & regulatory oversight of the impacts, risks, and opportunities across all areas of sustainability. HR and organisational Supporting the BoD, the Risk, Control and Sustainability Committee is responsible 56% change for supervising internal control and risk management matters, including ESG- ESG and climate 44% change related matters affecting the Company’s operations and stakeholder interactions. Risk, crisis and audit Additionally, the RCSC monitors the adequacy and effectiveness of the internal 33% management control system. IT, digital & cyber 11% [ESRS G1 - GOV-1] THE ROLE OF THE ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES STATEMENT Theadministrative,management,andsupervisorybodiespossess,orwherenecessary update, the necessary expertise to effectively address sustainability-related matters. Amplifon has a Code of Ethics that, in line with its corporate culture, defines the In particular, the Board of Directors has direct sustainability expertise, with members principles, values, and rules of conduct that guide the Group. The Code of Ethics CONSOLIDATED SUSTAINABILITY bringing specific experience gained through dedicated training programmes. Over is distributed across all the countries where Amplifon operates to ensure its local the past years, the members of the Board of Directors have participated in induction dissemination and effective implementation. Its provisions apply to all employees sessions on sustainability topics to gain deeper insights into the Group’s ESG-related and all subsidiary companies, as well as to third parties whose actions are attributable risks and sustainability reporting. As per standard practice, a dedicated discussion to the Group. on the Sustainability Plan was conducted, ensuring a thorough understanding of its objectives and targets. The Group’s Code of Ethics is approved by the Board of Directors, which promotes its implementation and compliance, ensuring alignment with industry best practices. These activities are complemented by dedicated sessions on corporate policies (e.g., The Board of Directors plays a central role in ensuring that the Company’s conduct REPORT Diversity Equity Inclusion & Belonging - hereinafter also “DEIB” - Policy, Supplier Code adheres to the principles of ethics, honesty, integrity, fairness, and good faith, ON OPERATIONS of Conduct, Whistleblowing Policy, etc.) when updated, ensuring a coherent and fostering a corporate culture based on compliance with applicable regulations and structured approach. This enables the members of the administrative, management, best governance practices. and supervisory bodies to gain not only a deep understanding of ESG principles and best practices but also familiarity with relevant corporate policies. The synergy For more details on the Board of Directors competences regarding corporate conduct, between these efforts ensures a comprehensive vision and effective management of please refer to the previous section. sustainability-related impacts, risks, and opportunities. The monitoring of ESG impacts, risks, and opportunities is also ensured through the Sustainability Plan, which is reviewed and monitored in dedicated sessions by AMPLIFON AT A GLANCE 109 --- ANNUAL R E PORT 2 0 2 5 [GOV-2] INFORMATION PROVIDED TO AND SUSTAINABILITY MATTERS oversight role, monitoring the achievement of the Company’s overall objectives and ADDRESSED BY THE UNDERTAKING’S ADMINISTRATIVE, MANAGEMENT ensuring that all activities align with its vision, mission, and values. In addition, the AND SUPERVISORY BODIES governance bodies approve and/or oversee policies designed to address emerging impacts, risks and opportunities, such as the Sustainability Policy, the Environmental To enhance awareness of ESG topics and risks, regular updates on impacts, risks, Policy, the DEIB Policy, the Code of Ethics, and the Human Rights Policy, which are opportunities, and sustainability initiatives are provided, if necessary, during explored in greater detail in the “Policies, actions, metrics and targets” section of this meetings of the Board of Directors and the Risk, Control and Sustainability chapter. During the definition of the Sustainability Plan, the Global Investor Relations Committee, which take place at least five times a year. These updates include & Sustainability function engaged Top Management in open discussions on key ESG insights into efforts related to climate change mitigation and adaptation. At these opportunities, evaluating strategic priorities for the Group. In the ERM process, all governance meetings, reports on the activities performed in preparation for the material ESG topics, including those related to environmental aspects and climate Sustainability Statement are presented (such as the double materiality analysis, change, are assessed by key involved stakeholders in terms of potential risks and which was also submitted to the RCSC and validated by the BoD in 2025). Updates opportunities, also considering the related management and mitigation strategies; CONSOLIDATED are shared on new projects (see, for example, the climate strategy Listening to risks and opportunities identified as material are presented to the RCSC and the BoD. FINANCIAL STATEMENTS Our Planet) and key milestones achieved in relation to the objectives set out in the Sustainability Plan (for further details, see the “Sustainability Strategy” section The Board of Directors annually addresses specific sustainability topics that have in this chapter). Communication and engagement activities are also discussed, emerged as relevant, through dedicated sessions allowing for in-depth discussions covering interactions with the financial community, ESG rating agencies, and all on related impacts, risks and opportunities. These meetings provide an opportunity relevant stakeholders. The Internal Control and Risk Management System (ICRMS) to review and validate corporate strategies, such as Sustainability Plan updates and consists of rules, procedures, and organisational structures aimed at an effective the definition of ESG objectives and targets, as well as ensure compliance with the and efficient identification, assessment, management and monitoring of the main latest regulatory requirements for climate-related disclosures and sustainability risks, to contribute to the Group’s sustainable success, in line with the strategic reporting. Furthermore, the Board, in addition to approving material impacts, guidelines. Through the adoption of the Enterprise Risk Management (hereinafter risks and opportunities (for more information, please refer to the section on “The STATEMENT also ERM) model, Amplifon promotes a structured and systematic process of risk Group’s double materiality” in this chapter), is also responsible for assessing and assessment, monitoring and reporting, aimed at the correct management of the approving any updates to corporate policies related to sustainability governance, main risks of the Group. This activity is coordinated and facilitated by the Group Risk thus strengthening its role in overseeing the Group’s commitment to these matters. 12 CONSOLIDATED SUSTAINABILITY Management function, acting as a second-level control , which supports the internal stakeholders involved in the process (Corporate Executive Officers, Executive Vice [GOV-3] INTEGRATION OF SUSTAINABILITY-RELATED PERFORMANCE IN Presidents of the three regions, Country General Managers and their respective local INCENTIVE SCHEMES management teams, selected Directors). The exercise is carried out annually, with a mid-year review, in order to incorporate any updates regarding the risks to which the Since 2020, Amplifon has sought to ensure the alignment of the Remuneration Group might be exposed, thereby ensuring their adequate identification, assessment Policy with the Group’s sustainability strategy, by setting the main objectives of the and management, as well as their monitoring. The Group Top Risks map resulting Sustainability Plan within the Company’s performance appraisal system (the so-called from this process is periodically presented to the RCSC - on a semi-annual basis “PDR”) and short-term variable incentive (MBO) schemes for top management (Chief REPORT (June/December) - and to the BoD - in June as a note of the RCSC Chairperson and Executive Officer/General Manager and Executives with strategic responsibilities). ON OPERATIONS in December as a specific agenda item. Monitoring of the specific objectives of the Under the MBO incentive mechanism, the bonus resulting from the achievement Sustainability Plan is entrusted to the Investor Relations & Sustainability function, of performance targets is subject to a multiplier or demultiplier, depending on the which continuously verifies progress and results achieved within the respective attainment of individual objectives outlined in the PDR Scorecard. Each individual’s areas of responsibility; the Board of Directors is responsible for ensuring its effective objectives include at least one sustainability-related goal, ensuring full alignment operational implementation in line with the Company’s strategies. In addition, the between short-term incentives and the Group’s sustainability objectives. Further Board of Directors and the Board of Statutory Advisors play a broader, more strategic demonstrating Amplifon’s increasing focus on ESG matters, in 2022 the Company 12. The Internal Control and Risk Management System is structured around three main levels, each with distinct control responsibilities and objectives. The first level comprises operational functions (line management), which are responsible for identifying, assessing, managing and monitoring the specific risks of their areas of competence consistently with Company’s procedures and policies in order to ensure compliance and the proper conduct of processes. The second level includes the supervisory functions (e.g., Risk Management, Compliance, Legal), which support and monitor the first level, defining rules, AMPLIFON AT A GLANCE methodologies and tools for risk analysis and management, ensuring that risks are properly identified and controlled. The third level is represented by the Internal Audit function, which provides adequate assurance on the internal control system. 110 --- ANNUAL REPORT 2025 launched a new performance-based remuneration scheme, the Sustainable Value [E1 GOV-3] INTEGRATION OF SUSTAINABILITY-RELATED PERFORMANCE Sharing Plan. Initially introduced for the Chief Executive Officer/General Manager, IN INCENTIVE SCHEMES the plan was extended in 2023 to Executives with Strategic Responsibilities and selected key personnel, reinforcing a strong commitment to achieving ESG targets. It should be noted that the incentive system includes an environmental sustainability- In every country where Amplifon operates, short-term incentives are also in place for related target under the “Ethical Conduct and Environmental Responsibility” employees outside of Top Management, designed to reward individual and collective pillar, specifically aimed at annual battery savings. For further details refer to the contributions towards achieving Company objectives. Additionally, sales incentives previous section. An objective related to the submission to the SBTi and the related are provided for employees working in clinics and sales structures, aimed at driving implementation of Amplifon’s Climate Strategy is currently included in the CEO’s performance and encouraging the achievement of commercial targets. Performance Development Review (PDR). With regard to the other members of the administrative, management and supervisory bodies, no specific climate-related The development of Amplifon’s Remuneration Policy involves multiple stakeholders, considerations are included within their remuneration. in line with the regulatory requirements applicable to publicly listed companies. Every CONSOLIDATED aspect of the incentive system is reviewed by the Remuneration and Appointment [GOV-4] STATEMENT ON DUE DILIGENCE FINANCIAL STATEMENTS Committee, which assesses its robustness before submitting it for approval by the Board of Directors. Certain equity-based incentive plans also require approval from In preparing its Sustainability Statement, Amplifon Group has initiated a process of the Amplifon S.p.A. Shareholders’ Meeting. data collection and analysis regarding its due diligence practices (hereinafter also “due diligence”). In relation to supply chain due diligence, Amplifon has already For the 2025-2027 cycle of the Sustainable Value Sharing Plan 2022-2027, ESG adopted a structured and cyclical approach to prevent and mitigate significant performance is assessed based on four key metrics, each corresponding to a pillar of negative impacts on workers in its value chain. This process is ongoing, involving the Sustainability Plan, defined on the basis of the KPIs included in the Plan: continuous monitoring of supplier performance and compliance with the Supplier Code of Conduct, fostering improvements throughout the supply chain. This • Product and Service Stewardship: clients and prospects’ annual economic saving approach ensures that preventing negative impacts is an integral part of the Group’s STATEMENT for the three-year period 2025-2027 (€ million); procurement and value chain management strategy. • People Empowerment: confirming Global Top Employer certification in the three- year period 2025-2027 and obtaining further global certification; Although there is currently no procedure governing the overall ESG due diligence CONSOLIDATED SUSTAINABILITY • Community Impact: number of employees’ participations in Group Foundations’ process across all areas in which the Group operates, in 2025 Amplifon implemented voluntary initiatives or Social Ambassadorship initiatives for the three-year period an internal procedure specifically dedicated to supplier ESG due diligence. The 2025-2027; procedure defines Amplifon’s global framework for the identification, assessment • Ethical Conduct and Environmental Responsibility: total number of batteries and mitigation of ESG risks within the supplier base and outlines the key processes, “saved” per year for the three-year period 2025-2027 (in millions of batteries). responsibilities, methodologies and tools adopted to ensure effective risk management, in compliance with applicable regulations and the objectives of the Amplifon’s Sustainable Value Sharing Plan is 50% linked to achieving these four ESG Amplifon Group. objectives, accounting for 16% of the total target pay mix for Amplifon S.p.A.’s Chief REPORT Executive Officer. Given that 27% of the target pay mix consists of fixed remuneration, The initiatives and projects outlined in the following table provide a fundamental ON OPERATIONS ESG metrics represent 11% of the Company’s overall incentive system. contribution to building a framework for managing the environmental, social, and governance impacts the Group may generate or is already generating. AMPLIFON AT A GLANCE 111 --- ANNUAL REPORT 2025 ELEMENTS OF DUE DILIGENCE A) EMBEDDING DUE DILIGENCE IN GOVERNANCE, STRATEGY B) ENGAGING WITH AFFECTED STAKEHOLDERS IN ALL AND BUSINESS MODEL KEY STEPS OF THE DUE DILIGENCE As a foundation for integrating social and environmental responsibility, Amplifon For Amplifon Group, stakeholder engagement represents an opportunity for has adopted a range of policies that reflect its commitment to sustainability. These dialogue and collaboration. Specifically, to identify and manage the key aspects include: relevant to the Group, Amplifon employs various methods to maintain active communication with its stakeholders. CONSOLIDATED • Sustainability Policy FINANCIAL STATEMENTS • Code of Ethics • Stakeholder engagement process: • Supplier Code of Conduct - The Group developed a structured, multi-year Stakeholder Engagement • Whistleblowing Policy Plan, which facilitates a rotational approach to involving a broad range of • Anti-Corruption Policy stakeholders through interactive dialogue. • Environmental Policy - This initiative aims to deepen stakeholder engagement and integrate their • DEIB (Diversity, Equity, Inclusion, and Belonging) Policy perspectives into assessments of human rights and environmental impacts. • Human Rights Policy • As part of the impact assessment within the double materiality assessment process, several stakeholder categories were consulted to define significant In addition, due diligence governance activities are embedded within and defined impacts caused by the Group; STATEMENT by the following processes: • Amplifon’s Group Whistleblowing channels provide an accessible and secure communication platform for all stakeholders, enabling them to report concerns • Supplier due diligence process, defined by Amplifon’s global framework for the of various kinds; CONSOLIDATED SUSTAINABILITY management of ESG risks within its supply chain (internal procedure), • Recipients of the Group Code of Conduct are encouraged to play an active role • Through the Risk, Control and Sustainability Committee and its role in supporting in reporting any violations of its provisions. To support this, a dedicated email the BoD in identifying, considering, and managing the impacts generated by the address (scoc@amplifon.com) is available, ensuring a transparent working Group’s activities. environment that complies with regulatory requirements. • The double materiality assessment, which evaluates impacts, risks, and opportunities and serves as an input for potential modifications to the business model. REPORT ON OPERATIONS • Section “Policies, actions, metrics and targets” of this chapter. • Section “Sustainability Strategy” of this chapter. • Section “Sustainability Governance” of this chapter. • Section “The Group’s double materiality” of this chapter. • Section “The Group’s double materiality” of this chapter. • Section “Policies, actions, metrics and targets” of this chapter. • Section “Actions, metrics and targets” of chapter “ESRS S2 – Workers in the value chain”. • Paragraph “Management of relationships with suppliers” of Chapter “ESRS G1 – Business conduct”. AMPLIFON AT A GLANCE 112 --- ANNUAL REPORT 2025 C) IDENTIFYING AND ASSESSING ADVERSE D) TAKING ACTIONS TO ADDRESS THOSE IMPACTS ADVERSE IMPACTS • The Group’s double materiality process has placed particular emphasis on the • The Sustainability Plan serves as a key tool for effectively addressing the Group’s assessment and prioritisation of impacts, aiming to identify those most relevant negative impacts, outlining targeted actions to reduce its environmental to both the organisation and its stakeholders. footprint, promote social responsibility, and ensure strong governance. • Product non-compliance monitoring serves as a key mechanism for identifying • The Transition Plan enables the Group to take structured action to address CONSOLIDATED potential negative impacts arising from the use and commercialisation of the negative climate impacts, by defining measurable targets and concrete actions FINANCIAL STATEMENTS Group’s products. This system allows for the early detection of non-compliance for the progressive reduction of greenhouse gas emissions. matters that could pose risks to safety, quality, and the environment. • Where necessary, the Group Whistleblowing Policy provides for the carrying • The Group Whistleblowing channels are a crucial resource for receiving reports out of specific investigation activities, which may eventually result in corrective from the Group’s stakeholders. These reports may also relate to potential or or disciplinary measures. actual negative impacts resulting from Amplifon’s activities. • The supplier ESG due diligence process provides for the assignment of corrective • The supplier due diligence process, specifically in relation to ESG criteria, offers Action Plans aimed at addressing any critical matters and gaps identified a detailed analysis of impacts within the Group’s value chain (upstream). following the self-assessment evaluation, i.e. the questionnaire completed by • A second-level structured audit plan covering strategic suppliers and those with the supplier. These gaps may relate to deficiencies in the practices adopted or higher ESG risk, based on a phased programme providing for a progressive insufficient documentation provided to support the required evidence. STATEMENT increase in audits over the years. • The Group adopts specific actions, aimed at mitigating negative impacts and enhancing positive ones, in the respective sections of this document. • The second-level ESG supplier audit plan, including the definition and CONSOLIDATED SUSTAINABILITY implementation of corrective actions to mitigate identified negative impacts. REPORT ON OPERATIONS • Section “The Group’s double materiality” of this chapter. • Section “Sustainability Governance” of this chapter. • Section “Sustainability Governance” of this chapter. • Paragraph “Transition plan for climate change mitigation” of chapter “ESRS E1 – • Section “Policies, actions, metrics and targets” of this chapter. Climate change”. • Section “Actions, metrics and targets” of chapter “ESRS S2 – Workers in the value • Section “Policies, actions, metrics and targets” of this chapter. chain”. • Section “Actions, metrics and targets” of chapter “ESRS S1 – Own workforce”, • Paragraph “Management of relationships with suppliers” of Chapter “ESRS G1 – chapter “ESRS S2 – Workers in the value chain” and chapter “ESRS S4 – Consumers Business conduct”. and end-users”. AMPLIFON AT A GLANCE • Paragraph “Management of relationships with suppliers” of Chapter “ESRS G1 – Business conduct”. 113 --- ANNUAL REPORT 2025 [GOV-5] RISK MANAGEMENT AND INTERNAL CONTROLS OVER THE SUSTAINABILITY REPORTING E) TRACKING THE EFFECTIVENESS OF THESE Amplifon’s Internal Control and Risk Management System is designed to ensure the presence of structured safeguards for mitigating potential risks related to the EFFORTS AND COMMUNICATING Sustainability Statement. The Global Accounting and Compliance function plays a central role and its main responsibilities are outlined in the “Internal Control and Risk Management System – Risk, Control and Sustainability Committee” section of • The Sustainability Plan and the achievement of its targets are continuously the Corporate Governance and Ownership Structure Report. This document details monitored and reported on an annual basis. the processes and risk management mechanisms relating to the preparation of the • The Group’s Whistleblowing Policy provides for the preparation of a half-yearly Sustainability Statement. To support this system, a scoping exercise was carried out, report, or a timely report where necessary, to the Risk, Control and Sustainability identifying all Group entities as being within the scope of the control model. CONSOLIDATED Committee and the Supervisory Body – for reports relevant for the purposes of FINANCIAL STATEMENTS Italian Legislative Decree 231/01 – on the process of handling reports and the In this context, the Group Risk Control Matrix (RCM) was prepared in order to oversee status of reports received. the monitoring process relating to the Sustainability Statement for each Disclosure • The supplier due diligence process related to ESG matters incorporates a Requirement within scope. The RCM sets out the controls associated with the dedicated monitoring system to ensure that, in cases where suppliers are identified risks, ensuring the effectiveness and adequacy of the measures adopted. classified as medium-to-high risk, the actions outlined in the action plan are The RCM was first implemented in 2024. During the current year, it was updated on implemented within the established timeframe. This contributes to enhancing the basis of the results of the double materiality assessment, resulting in an extension the supplier’s overall ESG performance. of the scope of the Disclosure Requirements included within the RCM. • The Group defines specific metrics and targets, which are discussed in the respective sections of this document, to ensure that the actions taken are Through an in-depth analysis of data collection flows underlying reporting obligations, STATEMENT measurable, effective and aligned with the objectives set. the Group has formally defined risk categories and corresponding control measures to mitigate them. These measures outline the nature, frequency, and responsible parties for their execution. CONSOLIDATED SUSTAINABILITY For each identified risk, the Risk Control Matrix defines mitigation strategies and corresponding controls, supported by an ongoing audit plan and periodic testing conducted by the Global Accounting and Compliance function. These assessments • Section “Sustainability Governance” of this chapter. evaluate the control structure, identify potential gaps, and propose corrective • Section “Policies, actions, metrics and targets” of this chapter. actions, such as implementing compensatory controls or modifying operational • Section “Actions, metrics and targets” of chapter “ESRS S1 – Own workforce”, processes, to ensure effective oversight of critical areas. chapter “ESRS S2 – Workers in the value chain”, chapter “ESRS S4 – Consumers REPORT and end-users” and chapter “ESRS G1 – Business conduct”. The integration of internal controls into business processes is further strengthened ON OPERATIONS through the semi-annual reporting of key findings and corrective actions to the Risk, Control and Sustainability Committee and the Board of Directors. This reporting process enables the monitoring of the effectiveness of the Internal Control System, ensuring that governance bodies receive timely and accurate information. Beyond compliance with regulatory requirements and corporate governance principles, this approach supports alignment with sustainability objectives, providing a solid foundation for integrated risk management and transparent reporting. AMPLIFON AT A GLANCE 114 --- ANNUAL REPORT 2025 SUSTAINABILITY STRATEGY [SBM-1] STRATEGY, BUSINESS MODEL AND VALUE CHAIN Employee distribution by geographical area THE GROUP’S MARKETS AND CUSTOMERS Amplifon provides hearing care products and services to individuals affected by hearing loss, thanks to the contribution made by hearing care professionals across its extensive distribution network in every market where it operates. CONSOLIDATED FINANCIAL STATEMENTS The Group operates through three regional structures: • EMEA • America • APAC Amplifon is present in 26 countries with a network of over 10,100 locations, including: Italy, Spain, France, Germany, the Netherlands, Switzerland, Belgium, Portugal, the United Kingdom, Hungary, Poland, Israel, Egypt, the United States, Canada, Argentina, Chile, Ecuador, Panama, Colombia, Mexico, Uruguay, Australia, New Zealand, India, STATEMENT and China. 13 At a global level, over 1.5 billion people experience some degree of hearing loss, with CONSOLIDATED SUSTAINABILITY 430 million requiring rehabilitation. With increasing life expectancy and rising noise exposure, the number of people affected is projected to grow significantly, potentially reaching 700 million by 2050. Amplifon is therefore expanding its efforts to raise awareness of hearing health across all age groups. At the same time, it is important to note that most of Amplifon’s customers experience moderate to severe hearing loss, according to the hearing impairment classification established by the World Health AMERICA EMEA CORPORATE APAC TOTAL GROUP Organization (WHO). The Group relies on more than 8,300 highly qualified specialists to provide personalised solutions aimed at enhancing the hearing health and overall 2024 2,449 8,499 361 3,761 15,070 REPORT quality of life of its customers. ON OPERATIONS 2025 2,469 8,595 375 3,639 15,078 AMPLIFON AT A GLANCE 13. Source: World Health Organization. 115 --- ANNUAL REPORT 2025 achieved higher average ratings compared with the previous version: 4.5 on Android THE GROUP’S PRODUCTS AND SERVICES and 4.6 on iOS, compared with 4.2 and 4.4 previously. Amplifon provides hearing care products and services for individuals experiencing With a strong commitment to continuous sustainability improvement, the Group has hearing loss. To do so, the Group sources hearing aids from leading global developed its Amplifon-branded product packaging to be fully reusable and made with manufacturers and employs hearing care professionals who tailor the devices to over 70% recycled materials. A solution developed with both environmental impact each customer’s hearing profile and specific needs. and actual usefulness for the end customer in mind. In 2025, the roll-out of the new packaging has been completed in 14 countries: Italy, Spain, Germany, Switzerland, In 2018, Amplifon has launched a line of Amplifon-branded products aimed at the Belgium, the Netherlands, France, Portugal, the United Kingdom, New Zealand, private and paid-up segment of the market, while continuing to offer manufacturer- Australia, Chile, Argentina and China, while at the beginning of 2026 the roll-out was branded hearing aids in social market segments and in countries not yet included in also extended to Ecuador and Colombia. the roll-out plan. CONSOLIDATED FINANCIAL STATEMENTS The “Amplifon Product Experience” serves as a unique driver for strengthening brand AMPLI-CARE identity, differentiating services, and offering a comprehensive value proposition, combining product, service, and experience. The “Amplifon Product Experience”, Ampli-care is Amplifon’s cutting-edge platform, designed to deliver a revolutionary which includes Amplifon-branded products and the Amplifon omnichannel and personalised hearing experience, both during clinic visits and at every stage of ecosystem, is an integrated system that places customers at the centre of a the customer journey. Ampli-care is built on three pillars: seamless experience where service and product work in full synergy. The Amplifon omnichannel ecosystem is an advanced digital platform that harnesses cutting- 1. Immersive experience edge technology and big data analytics to collect and analyse hearing device usage patterns, customer feedback, and consumer needs. This data is then used to create As part of the Ampli-care ecosystem, Amplifon clinics are undergoing a complete STATEMENT a unique, personalised, and distinctive experience. The Amplifon Product Experience transformation, gradually adopting an immersive store format as part of the goes beyond the clinic visit, redefining the entire customer journey. It provides quick Company’s internal network renewal programme. With the aim of offering a unique access to tailored, high-value services, designed to continuously enhance customer experience to its consumers and strengthening the global brand, also through CONSOLIDATED SUSTAINABILITY satisfaction. The Amplifon Product Experience has been successfully launched in 17 innovative architectural design, this new format - already present in more than 630 countries (Italy, France, Germany, the Netherlands, Spain, the United States - Miracle- clinics worldwide - focuses on two key areas. The retail zone features a welcoming Ear and Amplifon Hearing Health Care -, Australia, the United Kingdom, Belgium, reception and waiting area, showcasing hearing solutions, while the Solution Room Portugal, New Zealand, Switzerland, Argentina, Chile, Ecuador, Colombia and China), places the customer at the centre of the experience, alongside their caregiver and where the penetration rate reaches approximately 95% of revenues generated on hearing care professional. This space is enhanced by immersive visual and digital the country’s private and paid-up market within a few months of launch. elements, creating an engaging and interactive environment. The modular design follows a scalable approach, ensuring adaptability to the needs of all the different Within the Amplifon ecosystem, the App represents the first point of contact with locations around the world. In addition, clinics are also equipped with state-of-the- REPORT consumers and enables support to be provided remotely. Completely redesigned art diagnostic tools, such as Otopad, enabling interactive, touch-based audiology ON OPERATIONS in 2025, the Amplifon App is an integrated digital platform capable of supporting experiences. This technology allows for sophisticated hearing assessments, ensures individuals throughout their entire hearing care journey – a digital hub for hearing standardised service quality at the highest level, and optimises the efficiency of health that combines technology, accessibility and patient support. With a penetration hearing care professionals, ultimately enhancing the customer experience. rate of 25%, up compared with the previous version, the new App allows users to perform hearing tests and manage their device functions in real time directly from 2. Hyper-personalised solutions their smartphone (such as volume control, noise reduction and speech focus). Through video tutorials and a chatbot based on generative artificial intelligence, it also With cutting-edge technology and a 360° omnichannel approach, Ampli-care enables provides immediate support for resolving minor issues, enabling users to easily book a deeper understanding of each customer, providing hearing care professionals with an appointment with their hearing care professional. The new version of the App has more insights than ever before to deliver a truly hyper-personalised experience. AMPLIFON AT A GLANCE 116 --- ANNUAL REPORT 2025 Ampli-care also supports professionals in identifying the best hearing solution for each customer through a proprietary system known as the “solution builder engine”, BUSINESS MODEL already implemented in clinics across Spain, the United Kingdom, and Belgium. Amplifon provides exceptional hearing care services directly to consumers by 3. Always-connected support combining technical expertise, cutting-edge technology, and - above all - empathy. Those who choose Amplifon experience a tailored, exclusive journey that goes With an advanced remote monitoring and assistance system, Amplifon’s hearing care beyond simply purchasing a hearing device. professionals remain constantly connected, allowing them to track how customers use their devices and identify specific needs - supporting them even when they are not in the clinic. AMPLIFON 360 PROTOCOL The success of a hearing solution depends on the expertise of Amplifon’s hearing CONSOLIDATED care professionals, who conduct hearing tests, select the most suitable device FINANCIAL STATEMENTS DIGITAL LEADERSHIP from the world’s leading hearing technology manufacturers, and ensure a perfect fit based on each person’s individual needs. To support this process, the Group Amplifon.com ranks first for organic traffic in the hearing care sector across six of the developed the patented Amplifon 360 protocol (hereinafter also “Amplifon 360”) eight major markets in which Amplifon operates. Alongside the Group’s other brands that combines a data-driven approach with advanced yet easy-to-use technologies and digital channels, including social media, it continuously engages not only its to assess hearing capabilities and guide audiologists in identifying the best hearing customers but also their caregivers -friends and family members who play a key role solution for each customer. Amplifon 360 enhances customer engagement during in their hearing journey. With an in-house content creation team, Amplifon’s websites the evaluation process, allowing for a more in-depth analysis of individual needs are constantly optimised using a data-driven approach that is fully integrated with and lifestyle factors. The protocol is presented to customers through interactive the Company’s Customer Relationship Management (CRM) systems, ensuring ever digital applications featuring a video interface, offering an immersive experience STATEMENT greater effectiveness. In 2025, digital will be the primary channel for lead acquisition that helps them better understand their hearing profile and the benefits of their and the number of online appointment bookings has increased by approximately recommended solution. Demonstrating its effectiveness, the Amplifon 360 protocol 22% globally compared to 2024. Additionally, through Earpros.com, the Group’s has been approved by the Italian Society of Audiology and Phoniatrics (SIAF) and CONSOLIDATED SUSTAINABILITY unbranded platform, present in 16 countries, Amplifon has reached an additional has received patents in the United States, Australia, and Europe, validating its 7 million users, who, on average, are four years younger than those engaging with uniqueness and innovative nature. These recognitions highlight its significant role Amplifon’s branded websites. in advancing audiological techniques. Importantly, Amplifon 360 protocol makes hearing care more accessible to countless individuals by offering free hearing tests to anyone visiting an Amplifon clinics. This initiative has generated substantial economic savings for customers, prospective clients, and the wider community. AMPLIFON X REPORT Amplifon X is the Group’s internal start-up, dedicated to its digital innovation ON OPERATIONS strategy. It is responsible for software design and the end-to-end development of highly innovative digital solutions, aimed at enhancing both clinical and remote hearing care services. With a team solely focused on digital innovation, Amplifon X enables the Group to continuously redefine the global standards of audiological care, strengthening its competitive advantage and delivering a unique, inimitable experience for both customers and hearing care professionals. AMPLIFON AT A GLANCE 117 --- ANNUAL REPORT 2025 BUSINESS MODEL BUYS BUYS PRODUCT & PRODUCT MANUFACTURER SERVICE CUSTOMER CONSOLIDATED FINANCIAL STATEMENTS BUYS PRODUCT & BUYS BUYS HIGH PRODUCT & PRODUCT VALUE- SERVICE MANUFACTURER FRANCHISEE CUSTOMER ADDED STATEMENT SERVICES CONSOLIDATED SUSTAINABILITY OUTSOURCES SUBSCRIBES REPORT BUYS SERVICE INSURANCE ON OPERATIONS PRODUCT MANUFACTURER MANAGEMENT COVERAGE CUSTOMER INSURANCE COMPANY PROVIDES PRODUCT & SERVICE INDEPENDENT NETWORK THROUGH STORES THIRD- PARTIES AMPLIFON AT A GLANCE 118 --- ANNUAL REPORT 2025 VALUE CHAIN Amplifon’s value chain is designed to meet the evolving needs of the market and consumers, ensuring high quality, technological innovation, and a strong commitment to sustainability and customer care. The Group’s value chain activities are specifically structured across several key phases, ranging from raw material procurement and product research & development to the distribution of finished products, delivery of high-value services, product usage, and disposal. The Group’s value chain also stands out for its use and optimisation of certain intangible assets, such as brand and reputation, to foster trust-based relationships with its customers; innovation, which enhances the Group’s competitiveness and ability to meet market demands with high-quality solutions; and highly specialised expertise, acquired both through rigorous talent acquisition and specific training programmes provided by the Group to its employees, serving as a key driver of differentiation and excellence. CONSOLIDATED FINANCIAL STATEMENTS Procurement through indirect suppliers Sales Sales Distribution goods and services not through through direct intended to be sold or franchise retail stores offered to end customers stores (including ATG) Raw material Device usage STATEMENT procurement by the end End of life R&D customer Procurement through Distribution CONSOLIDATED SUSTAINABILITY direct suppliers Promotion of products Hearing care products and and services related accessories After-sales services REPORT (assistance and technical support) ON OPERATIONS Subscription Provision of the service included and provision Activities carried out by Amplifon in the insurance coverage of insurance Activities carried out by third parties services AMPLIFON UPSTREAM OWN OPERATIONS DOWNSTREAM AT A GLANCE 119 --- ANNUAL REPORT 2025 PROCUREMENT Amplifon operates through three key business models: The procurement of raw materials is a critical upstream stage of the Group’s value • Business-to-Consumer: In EMEA, APAC, Canada, and Latin America, Amplifon serves chain, through which suppliers of raw materials and semi-finished products (which customers through directly operated clinics. In the United States, operations are for the Amplifon Group are tier 2) provide materials such as microchips, electronic carried out through approximately 410 Miracle-Ear directly operated clinics. circuits, and external casing materials (e.g., plastic, metal, and silicon) to hearing aid • Franchising: Miracle-Ear operates in the United States primarily through a franchise manufacturers. These components must be technologically advanced and reliable, network. Its approximately 1,210 clinics run their business independently while but also safe and biocompatible, ensuring durability and optimal performance of aligning with the Group’s strategic guidelines. hearing aids. • Managed care: Through agreements with leading insurance providers in the United States, Amplifon Hearing Health Care offers policyholders hearing solutions Regarding direct suppliers, the Group works with a limited number of key partners and services via a network that includes Miracle-Ear clinics and more than 5,580 with whom it has built long-standing relationships over the years. The consolidation of independent clinics. CONSOLIDATED these relationships enables continuous improvement in collaboration with suppliers, FINANCIAL STATEMENTS both in terms of business operations and sustainability initiatives. As a global leader, PROMOTION OF PRODUCTS AND SERVICES and considering the crucial role of hearing technology in customer interactions, Amplifon collaborates with the most reputable hearing aid manufacturers, carefully Amplifon actively promotes its products and services through targeted marketing selecting the most suitable products and technologies for different markets. This campaigns, events, and collaborations with healthcare professionals. The Company’s ensures the safety and quality of the devices sold while providing comprehensive promotional efforts also focus on raising awareness of the benefits of hearing aids support to customers throughout the entire product lifecycle. and audiological solutions, emphasising the importance of early diagnosis and appropriate treatment for hearing loss. As an industry leader, Amplifon is committed DISTRIBUTION to creating a synergistic regional network of creative partners, reinforcing its presence and impact across different markets. STATEMENT The distribution of Amplifon products integrates both direct and indirect channels, ensuring broad market coverage and a high-quality service across the downstream DEVICE USAGE, ASSISTANCE AND TECHNICAL SUPPORT segment of the value chain. The Group is actively optimising its logistics and CONSOLIDATED SUSTAINABILITY distribution model, including demand and inventory planning, warehouse and The use phase of a hearing aid is designed to be intuitive and fully supported by transport operations, and reverse logistics management. By leveraging end-to-end ongoing assistance. This stage is considered critical, as it directly determines the integration between upstream suppliers and retail outlets, Amplifon is enhancing effectiveness of the hearing solution for the customer and significantly impacts their its entire distribution network. This improvement is further supported by the quality of life. Post-sale support is a fundamental part of Amplifon’s value chain. The implementation of new planning methodologies, automated stock replenishment Group provides continuous technical assistance, which includes: training activities technologies for stores, and the digitalisation of key processes. on device usage and maintenance, scheduled follow-up visits, adjustments and fine- tuning of hearing aids, device cleaning and ongoing customer support. SALE OF HIGH VALUE-ADDED PRODUCTS AND SERVICES REPORT END OF LIFE ON OPERATIONS Amplifon provides both hearing aids and accessories, along with a full range of professional services designed to ensure the optimal use and effectiveness of its The end-of-life phase of hearing aids occurs when devices are no longer functional or devices. These services include counselling, hearing tests, selection of the most no longer meet the customer’s needs, making their disposal necessary. At this stage, suitable hearing solution, fitting (adjusting device parameters to match individual hearing aids are collected and properly disposed of, as they can no longer serve hearing needs), and assessment tests to evaluate improvements. The Group is their original function. Devices may be outdated, irreparably damaged, or simply committed to ensuring that every customer enjoys an optimal experience, with user- replaced with more advanced models. As electronic devices, they must be managed friendly devices and continuous monitoring, ultimately enhancing their quality of life as electronic waste (WEEE) in compliance with the applicable regulations. Amplifon and hearing well-being. provides battery collection points in several clinics and, alternatively, consumers may dispose of end-of-life devices through other dedicated electronic waste collection channels. AMPLIFON AT A GLANCE 120 --- ANNUAL REPORT 2025 The information provided is based on continuous updates to industry knowledge and insights, enabling the sector to maintain high standards of information quality. KEY HIGHLIGHTS OF ECONOMIC AND These updates are shared within the European Hearing Instrument Manufacturers Association (EHIMA), where the Group actively participated in several meetings FINANCIAL RESULTS throughout 2024. A more in-depth analysis of the Group’s customer composition will be included in the ESRS S4 chapter on users and end consumers. However, the In the 2025 financial year, Amplifon reported consolidated revenues of €2,395.7 very nature of Amplifon’s products and services brings significant benefits to its million, up 1.7% at constant exchange rates compared with 2024, also supported by customers, in line with the Company’s mission: to enhance people’s lives by helping a significant improvement in organic growth in the second half of the year, despite them rediscover the full range of sounds and emotions. market growth remaining below historical levels and a strong comparison base. Revenues were substantially stable, with a slight decline at current exchange rates due to the impact of foreign exchange movements. In particular, with respect to the different geographical areas: CONSOLIDATED FINANCIAL STATEMENTS • The EMEA region reported revenues of €1,554.7 million, up 1.5% at current exchange rates and 1.4% at constant exchange rates compared with 2024. • Turnover in the Americas amounted to €495.8 million, up 4.0% at constant exchange rates and down 2.3% at current exchange rates compared with 2024. • In APAC, revenues totalled €345.2 million, compared with €370.3 million in 2024, representing a decrease of 0.4% at constant exchange rates and 6.8% at current exchange rates compared with 2024. • Furthermore, the Group operates through Corporate structures, which include central functions such as corporate bodies, general management, business STATEMENT development, procurement, treasury, legal affairs, human resources, information systems, global marketing, and internal audit. These do not qualify as operating segments under IFRS 8. These central facilities generated revenues of €342 thousand CONSOLIDATED SUSTAINABILITY in 2024 and did not generate revenue in 2025. For further information, please refer to the Explanatory Note 44 ‘Segment information’ within the Consolidated Financial Statements and Related Notes section of the Annual Report. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 121 --- ANNUAL REPORT 2025 With the publication of this Sustainability Statement, Amplifon has therefore further THE GROUP’S SUSTAINABILITY updated its Sustainability Plan by introducing a new target, in order to respond more effectively to the challenges posed by the external environment. The Sustainability STRATEGY Plan takes into account the priorities and expectations of key stakeholders, including employees, communities, suppliers, investors, and ESG rating agencies. It remains consistent with Amplifon’s corporate culture while highlighting the Company’s contribution to the United Nations 2030 Agenda for Sustainable Development and SUSTAINABILITY PLAN the Sustainable Development Goals (SDGs) most relevant to its business. Following review and validation by the RCSC and the BoD, the Plan has been periodically Continuing the process of updating the Sustainability Plan initiated during 2023 and monitored and shared internally through dedicated update sessions to track and 2024, in order to ensure its alignment with global ESG megatrends and the main present the progress achieved. With the active involvement of key business functions, emerging regulations, in 2025 the Group carried out a further review of the Plan with specific actions have been implemented to support each objective. Performance is CONSOLIDATED the aim of proposing new targets capable of best reflecting Amplifon’s commitment, monitored through regular updates to Top Management and governance bodies. FINANCIAL STATEMENTS as well as being used as parameters within the performance evaluation and variable incentive systems of Top Management. OUR SUSTAINABILITY STRATEGY STATEMENT EMPOWERING PEOPLE TO REDISCOVER BUSINESS STRATEGY ALL THE EMOTIONS OF SOUND CONSOLIDATED SUSTAINABILITY Product & service stewardship STAKEHOLDER REQUESTS People REPORT empowerment ON OPERATIONS Community impact Ethical Conduct & Environmental REGULATORY EFFORTS Responsibility VALUE CREATION AMPLIFON AT A GLANCE 122 --- ANNUAL REPORT 2025 SUSTAINABILITY PLAN Target completed New target PRODUCT & SERVICE STEWARDSHIP Goal Target KPI BASELINE ACTUAL 14 Offer free complete hearing tests , generating Facilitate accessibility to hearing care and improve Clients and prospects’ annual economic saving (€ €184 million €411 million a total saving of more than €600 million for the lives of as many people as possible million) (2023) (2024-2025) prospects and customers in the period 2024-2026 Promote increasingly innovative and engaging Implement the New Store Protocol in at least one Percentage of countries adopting the New Store 4% 27% hearing experience third of countries by 2026 Protocol (%) (2023) (2025) CONSOLIDATED FINANCIAL STATEMENTS Globally invest in future audiologists and hearing Supporting students and professionals in joining care professionals by offering adult professional Number of students, professionals and junior 363 580 the hearing care sector programs and licensing support involving at least professionals supported (nr.) (2023) (2024-2025) 800 people in the period 2024-2026 Launch the new Amplifon-branded product re- Improve the sustainability characteristics of 42% 93% usable packaging with revised material, in 85% of Percentage of APE countries with new packaging (%) Amplifon-branded product packaging (2024) (2025) 15 APE countries, by 2026 STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON 14.This target is calculated on the only individuals who received a complete test (i.e., on four frequencies) for a selection of countries (10 out of 26) for which data is available in the new front office systems. Savings are AT A GLANCE estimated on the basis of the average cost of hearing tests offered free of charge to customers. 15. APE (Amplifon Product Experience) countries refer to countries where the Amplifon branded product line is present. 123 --- ANNUAL REPORT 2025 Target completed New target PEOPLE EMPOWERMENT Goal Target KPI BASELINE ACTUAL Average number of training days per back-office 3.6 3.1 employee per year (days a year) (2023) (2025) Provide at least 3 days on average of training per year per capita for back-office employees (of Strengthen leadership and functional skills Average number of sustainability training hours 0.4 3.4 which at least 2 hours on average of training for all employees globally per back office employee per year (hours a year) (2023) (2025) on sustainability-related topics) and field force CONSOLIDATED employees, up to 2026 FINANCIAL STATEMENTS Average number of training days per field force 3.7 5.3 16 employee per year (days a year) (2023) (2025) Ensure that at least 40% of the back-office Percentage of talents & high performers per year 43% 46% population is assessed as talents & high in the back-office population (%) (2023) (2025) performers every year up to 2026 Ensure a solid succession pipeline Ensure that at least 30% of the field force is for key roles Percentage of talents & high performers per year assessed as talents & high performers by 2026 in 27% 29% in the field force population according to the new the countries where the new assessment system (2023) (2025) assessment system (%) for the field force is implemented STATEMENT Certification achieved for Global Top Employer Ensuring a healthy and inclusive winning Obtain the Top Employer Global certification Global Top Employer Certification obtained (yes/ Europe, North America, certification obtained workplace by 2026 no) Colombia, and New Zealand (2025) CONSOLIDATED SUSTAINABILITY (2023) Maintain an appropriate level of gender representation within the global back-office Percentage of female employees in the global 53% 53% population (consistently above 50%) each year back-office population (%) (2023) (2025) 17 until 2028 Promote equal opportunities Introduce a set of global policies focused on at all organisational levels equity and transparency, including at least: Draft the Reward, Wellbeing & Benefit, Career - - Reward, Wellbeing & Benefit, Career Progression Progression & Merit, Talent Acquisition and (2025) (2025) & Merit, Talent Acquisition and Parental Policy, Parental policies (yes/no) REPORT 18 by 2026 ON OPERATIONS 16.Including non-employee field force, excluding franchisees. 17. The target relating to gender representation within the global leadership population has been removed from the Sustainability Plan, given the limited level of control the Group can exercise over this metric due to AMPLIFON AT A GLANCE the characteristics of the labour market in which it operates. 18.This target, introduced in 2025, reflects the Group’s commitment to proactively aligning with the new Pay Transparency Directive. 124 --- ANNUAL REPORT 2025 Target completed New target COMMUNITY IMPACT Goal Target KPI BASELINE ACTUAL Expand the “Listen Responsibly” programme to 19 engage at least 20 million people under 35 Number of people under 35 reached via the Listen 48,763 25,474,021 (including students) through digital communication Responsibly program (nr.) (2023) (2024-2025) Promote awareness about responsible campaigns and events by 2028. listening and increase awareness about hearing care well-being Reach at least 110,000 total noise measurements Number of noise measurements mapped (nr. of 22,779 103,072 via the noise tracker of the “Listen Responsibly” app total measurements) (2023) (2024-2025) CONSOLIDATED by 2026 FINANCIAL STATEMENTS Reach at least 5,000 employees’ participations Support employee volunteering, in Foundations’ volunteering initiatives and Social 1,553 7,266 Number of participations (nr.) ambassadorship, and engagement initiatives Ambassadorship initiatives in the period 2024- (2023) (2024-2025) 2026 Contribute to the development of Amplifon Foundation’s activities, also to expand its Support the Group Foundations’ activities to Amplifon’s financial contribution to the Amplifon €4.3 million €4.5 million activities in other countries outside Italy, with spread the “sound of inclusion” Foundation (€ million) (2021-2023) (2024-2025) at least €5 million donated in the three years 2024-2026 STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 19. The 2023 baseline includes only students reached through “Listen Responsibly” school initiatives, excluding digital campaigns, which have been incorporated starting in 2024. 125 --- ANNUAL REPORT 2025 Target completed New target ETHICAL CONDUCT & ENVIRONMENTAL RESPONSIBILITY Goal Target KPI BASELINE ACTUAL Direct suppliers SCoC acceptance coverage 79% 100% (% by spend) (2023) (2025) Direct suppliers ESG assessment coverage 0% 100% Achieve Supplier Code of Conduct (SCoC) (% by spend) (2023) (2025) CONSOLIDATED Integrate sustainability criteria into the acceptance and assess ESG practices of 100% of 20 responsible management of the supply chain the main direct suppliers and at least 50% of FINANCIAL STATEMENTS 21 Key indirect suppliers’ SCoC acceptance 20% 48% key indirect suppliers , by spend, by 2026 coverage (% by spend) (2023) (2025) Key indirect suppliers’ ESG assessment coverage 0% 46% (% by spend) (2023) (2025) Reach 100% of green electricity supply for Share of green electricity supply for HQs and 74% 83% HQs and directly operated clinics by 2030 directly operated clinics (%) (2023) (2025) STATEMENT Increase the supply of green electricity and Reach more than 60% hybrid or fully electric Share of hybrid/fully electric cars within the 13% 31% reduce GHG emissions to limit Amplifon’s global car fleet by 2030 global fleet (%) (2023) (2025) carbon footprint CONSOLIDATED SUSTAINABILITY Set and submit near-term decarbonisation Commitment to SBTi Target validated SBTi submission (yes/no) Science-based Targets by 2025 (2023) by SBTi (2025) Increase the penetration and use of 22 rechargeable hearing aids avoiding the use of Number of batteries “saved” each year 254 million 295 million more than 320 million batteries per year by (millions of batteries) (2023) (2025) Promote the use of rechargeable hearing aids 2028 to reduce the use of disposable batteries and Install in at least 50% of directly operated properly dispose end-of-life batteries REPORT clinics end-of-life battery collectors for a new Share of directly operated clinics provided with - 48% ON OPERATIONS centralized collection and recycling process by the new battery collectors (%) (2023) (2025) 2026 Foster a culture of respect and accountability for Ensure the development and launch of a - Human Rights Policy Launch of a Human Rights Policy (yes/no) human rights across all levels of the organization Human Rights Policy by the end of 2025 (2024) launched (2025) 20.“Direct Suppliers” are defined as global and regional manufacturers of hearing aids, related accessories and spare parts, batteries, earmolds, packaging and hearing protection devices, with annual expenditure exceeding €1,000. 21. “Key Indirect Suppliers” refers to global and regional suppliers mainly specialising in the supply of global Marketing, IT and Retail goods and services, with annual expenditure exceeding €100,000. AMPLIFON AT A GLANCE 22.The amount of batteries “saved” per year is estimated based on the number of rechargeable devices sold and in circulation, the average amount of batteries used annually by a non-rechargeable device, and an average device life of five years. 126 --- ANNUAL REPORT 2025 SUSTAINABLE FINANCE: SUSTAINABILITY-LINKED FINANCINGS As part of its ongoing integration between financial and sustainability strategy, Amplifon has secured nine sustainability-linked credit facilities since 2021 for a total amount of over €1.2 billion: • The refinancing of the facility agreement originally signed following the acquisition of GAES, amounting to €210 million over five years. This agreement, signed in CONSOLIDATED December 2021, involved a banking syndicate comprising UniCredit, Mediobanca, FINANCIAL STATEMENTS and BNPP-BNL and includes sustainability-linked KPIs from Amplifon’s Sustainability Plan. • A €300 million sustainability-linked revolving credit facility, signed in June 2023 with a syndicate of banks (BNP Paribas, CaixaBank, Crédit Agricole Corporate and Investment Bank, UniCredit, and Banca Nazionale del Lavoro). This three- year facility includes an option to extend for an additional two years at Amplifon’s discretion. Like previous credit lines, this facility is linked to specific Sustainability Plan's targets, with an adjustment mechanism for the applicable interest margin based on performance against these targets. STATEMENT • A €200 million financing agreement, signed in the second half of 2024, structured as follows: €100 million from UniCredit, supporting the Group’s expansion initiatives. €100 million from Cassa Depositi e Prestiti (CDP), co-financing Amplifon’s innovation CONSOLIDATED SUSTAINABILITY investments in Italy. Cassa Depositi e Prestiti funds complement the European Investment Bank (EIB) financing granted last July, dedicated to innovation projects across Europe. • A €50 million loan from Crédit Agricole Italia, secured in the second half of 2024, backed by SACE’s Garanzia Futuro. This financing supports the international rollout of Amplifon’s new clinic format, designed to offer customers a fully immersive, highly personalised experience with integrated digital and visual elements, all within a sustainable and innovative architectural concept. REPORT • A €75 million amortizing loan, signed with Mediobanca in December 2024, with a ON OPERATIONS five-year maturity. The applicable margin will be adjusted based on the achievement of specific Sustainability Plan indicators. • A €175 million sustainability-linked revolving credit facility, signed in June 2025 with Intesa Sanpaolo (IMI Corporate & Investment Banking Division). This five-year facility is linked to key Sustainability Plan indicators and forms part of the Group’s refinancing and expansion strategy for existing revolving credit facilities. • A €75 million loan, signed with ING in June 2025, with a five-year maturity. AMPLIFON AT A GLANCE 127 --- ANNUAL REPORT 2025 • A sustainability-linked loan, entered into in April 2025 with Banco BPM, aimed at refinancing existing credit facilities, with a five-year term and a total amount of €100 million, structured as a €50 million revolving credit facility and a €50 million term loan. • A sustainability-linked loan, entered into in June 2025 with Banca Popolare di Sondrio, aimed at refinancing existing credit facilities, with a five-year term and a total amount of €50 million, structured as a €30 million revolving credit facility and a €20 million term loan. These financing agreements reaffirm Amplifon’s commitment to integrating sustainability into its financial strategy, leveraging innovative funding instruments that support the Group’s growth and ESG objectives. CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 128 --- ANNUAL REPORT 2025 [SBM-2] INTERESTS AND VIEWS OF STAKEHOLDERS The Group operates in a dynamic international environment, where stakeholder engagement and open dialogue are essential to achieving the goal of creating shared economic and social value. In 2022, the Group updated its stakeholder mapping, identifying key stakeholder categories and assessing their relevance based on relationship types and roles. A structured, multi-year Stakeholder Engagement Plan was also introduced, which facilitates a rotational approach to involving a broad range of stakeholders through interactive dialogue. CONSOLIDATED FINANCIAL STATEMENTS HEARING AID MANUFACTURERS WORKFORCE TRADE UNIONS FRANCHISEES STATEMENT & AGENTS ACADEMIA & MEDICAL CLASS CONSOLIDATED SUSTAINABILITY INDUSTRY AND CONSUMERS ASSOCIATIONS INDIRECT SUPPLIERS & OTHER VALUE CHAIN ACTORS HEARING-IMPAIRED REPORT REGULATORY AUTHORITIES & CARE GIVERS & HEALTH CARE SYSTEMS ON OPERATIONS SHAREHOLDERS, PROVIDERS LOCAL & GLOBAL COMMUNITIES OF CAPITAL & FINANCIAL COMMUNITY MEDIA AMPLIFON AT A GLANCE 129 --- ANNUAL REPORT 2025 The following section outlines the main stakeholder engagement activities carried out in 2025. These activities are detailed based on the type of engagement used, the issues raised, and Amplifon’s responses. In addition to these activities, since 2018, Amplifon has annually engaged certain stakeholder categories to prioritise material topics, progressively integrating their expectations and feedback into the Sustainability Statement. For more details, please refer to “The Group’s double materiality” section of this chapter. Stakeholder Type of engagement activity Issues/expectations expressed by stakeholders Amplifon’s response You@Amplifon People Management programme, including onboarding modules for back office and clinic employees Ensuring a unified One Employee Experience across the Group Introduction of an Exit Interview process to better understand employee turnover motivations (both back office and field employees) Enhancing the global talent attraction and acquisition strategy, including Strengthening recruitment efforts in key areas such as marketing, the launch of a new Employee Value Proposition; international mentorship digital, CRM, and retail excellence initiatives CONSOLIDATED FINANCIAL STATEMENTS Digital Amplifon Global Onboarding (DaGO) programme Internal sharing Series of global webinars on our Leadership Model and on topics of general interest (e.g., AI and DEIB) Enhancement of the training offer for Talent Development and Career growth and skills development implementation of Ampli Academy Recognition and rewards Leadership Development programmes, Awards and the Charles Holland Award Internal sharing programmes (One Amplifon, Leadership Touchpoint, Townhall, Global Functional “Your Voice”, a biannual employee engagement survey extended to all Listening initiatives and employee engagement monitoring Conferences), anytime & continuous feedback Group employees (both Back Office and Front Office) mechanism in individual performance evaluations, Front-end projects (Symphony) Workplace quality by simplifying and harmonising internal Workforce regional meetings and store visits, Global Internal Back-Office projects (1AT) STATEMENT processes Communication Framework, updates on projects and Procurement projects (1PC) global initiatives, internal newsletter (“Good Morning DEIB Policy Amplifon”), induction activities and corporate intranet communications CONSOLIDATED SUSTAINABILITY Training on DEIB topics (Unconscious Bias; Cultural Diversity) DEIB Committee Company intranet in 23 countries with a continuous increase in unique users and page views Update of the double materiality assessment Inclusion and respect for employee diversity Ad hoc sustainability newsletter, linked to dedicated training initiatives on the same topics REPORT Hearing tests for Group employees ON OPERATIONS Breakfast chats on topics of interest to the Company Company volunteering programmes Clinic visits by global and local management Improving customer experience at every Amplifon’s physical and Enhancing usability and accessibility of the Amplifon app and optimising the Quantitative and qualitative market research, digital touchpoint Amplifon 360 protocol to strengthen the audiologist-customer relationship including focus groups, individual interviews (phone Better understanding the characteristics of the products and the Developing a new communication approach to reduce stigma and present and online), usability testing, customer satisfaction process of selecting the auditory solution to get the most benefit hearing solutions in a simple and accessible manner surveys and feedback collection on customer from it Hearing-impaired experience (paper questionnaires, call centres, and caregivers Raising awareness about the impact of untreated hearing loss and Planning of actions to improve customer experience (products, services, email, SMS), workshops and research initiatives with reducing prejudice associated with hearing impairment physical and digital touchpoints) HCPs and key stakeholders (audiological experience AMPLIFON Creation of a communication campaign or initiatives dedicated to raising AT A GLANCE experts) + User Interface and User Experience design Supporting caregivers in their role to help family members and awareness among caregivers in order to facilitate the search for a solution activities friends with hearing difficulties to hearing loss 130 --- ANNUAL REPORT 2025 Stakeholder Type of engagement activity Issues/expectations expressed by stakeholders Amplifon’s response Work quality Continuous improvement of training programmes Focus groups, annual conventions Franchisees and Agents Skill development and training Recognition and rewards programme Timely, regular and transparent communication through periodic publication of financial results and other relevant information on significant corporate events, provided in a balanced, impartial and comprehensive manner; Shareholders’ Meeting; access to management and targeted direct Transparent, ongoing, structured and two-way dialogue interaction (1x1 meetings, group meetings, conferences, roadshows, etc.); Conference calls on financial results; participation dedicated section on the corporate website; prompt responses to requests Shareholders, in roadshows and sector-specific or general CONSOLIDATED and enquiries; two-way dialogue incorporating investor feedback beneficial capital providers, conferences, with bilateral and group meetings with FINANCIAL STATEMENTS to the Company financial institutional investors (mainly equity); Company visits Quarterly information provided through press releases, investor analysts, rating by analysts and investors; meetings and feedback Details on business performance presentations and conference calls on financial results agencies and the sessions with rating agencies (both credit and ESG) broader financial and with sustainability-focused investors Updates on strategy, key related events (e.g., acquisitions) and Ongoing updates through press releases, presentations and in-depth community value creation meetings with investors and conference calls Monitoring and reporting of ESG matters, integration of Transparency in reporting and definition of sustainability objectives and sustainability into the business strategy and concrete, targets, including the climate strategy (targets validated by the SBTi), measurable commitments subscription of ESG-linked credit facilities and participation in ESG ratings Raising awareness about hearing care Collaboration in research projects STATEMENT Focus groups, seminars, conferences, public Industry and presentations and joint projects, consultation with Enhancing customer satisfaction Developing joint initiatives consumer European and global associations associations Participation in EHIMA (European Hearing Instrument Manufacturers CONSOLIDATED SUSTAINABILITY Further improving our customer-focused business approach Association) Market, industry, and technology trends Sharing market and customer insights Business review meetings, negotiations on terms and Potential impacts of regulatory changes Sharing development prospects for Amplifon’s multichannel ecosystem Hearing aid conditions for new contracts, strategic partnerships manufacturers Development of Amplifon’s multichannel ecosystem REPORT ON OPERATIONS Direct meetings and on-site visits, participation in Future business development Sharing mutual interests supplier-organised speaking opportunities, strategic Indirect suppliers partnerships, negotiations on terms and conditions & other value chain for new contracts Adoption of new technologies Joint projects actors Ensuring that research activities are evidence-based Joint participation in research projects Collaboration on scientific research projects and Organisation of conferences and activities of scientific interest and relevance audiological partnerships on audiological topics Medical class Strengthening relationships with the medical community Engagement with physicians aimed at improving the audiological output of our centres (quality checks on the battery of tests provided) AMPLIFON AT A GLANCE 131 --- ANNUAL REPORT 2025 Stakeholder Type of engagement activity Issues/expectations expressed by stakeholders Amplifon’s response Up-to-date information on business and Company performance Top Management involvement in speaking opportunities and interviews New technologies supporting both customers and employees Top Management positioning on social media channels Participation in events (e.g., Trento Festival of Economics and Social Press releases, conference calls, social media Innovation, university lectures) channels, media conferences, interviews, Media Partnership with Teatro Alla Scala participation in speaking opportunities, brand Digital communication initiatives, including the production of podcasts and awareness initiatives Amplifon’s social role and raising awareness among young collaborations with micro-influencers people about hearing care Promotion of the “Listen Responsibly” App for noise monitoring, supported by social media campaigns on responsible listening CONSOLIDATED Free hearing tests at universities, at Company premises and during public events FINANCIAL STATEMENTS Ongoing dialogue with union representatives and trade unions, negotiation and implementation of local Promoting employee work-life balance Implementation of tailored local contracts aligned with global policies Trade unions contracts Dialogue with institutions and participation in Promoting quality, sustainability, and accessibility in the hearing Developing joint actions in collaboration with consumer and industry working groups, regular consultations and joint care sector associations projects Regulatory Enhancing accessibility to hearing care solutions Sharing sector-specific insights authorities & Surveys, industry studies, and meetings with Participation in awareness campaigns healthcare systemsi healthcare organisations and policymakers (EU, WHO) STATEMENT Raising awareness about hearing care Awareness-raising initiatives for ENT specialists Participation in local and global events CONSOLIDATED SUSTAINABILITY Press releases and in-depth media activities (interviews, editorial features) Press office activities and participation in local and Engagement in local and global volunteering initiatives global events, global PR initiatives and membership in Sharing Amplifon’s mission and vision Local & global Proactive and transparent communication associations, corporate volunteering programmes communities Top Employer certification Adherence to the UN Global Compact Bringing young talent closer to the workforce through practical Funding scholarships REPORT initiatives ON OPERATIONS University partnerships, internships, and career Establishing global partnerships with student associations and universities days, mentoring projects, contributions to academic Academia Offering international internships for back office roles programmes through guest lectures, project work, Providing training and tools for young professionals through and contests skill-oriented internships Creating networking opportunities for young talents Graduate programmes The various engagement processes involved collecting and analysing stakeholder feedback, revealing that stakeholder expectations align closely with the Group’s strategic objectives. This is particularly evident in the growing demand for sustainable practices, social responsibility, and technological innovation. It should be noted that, throughout 2025, no significant updates were made to the strategy or business model in response to stakeholder interests and opinions. For governance bodies’ communication and management of ESG impacts, please refer to section “Sustainability Governance” of this chapter. AMPLIFON AT A GLANCE 132 --- ANNUAL REPORT 2025 THE GROUP’S DOUBLE THE DOUBLE MATERIALITY PROCESS IDENTIFICATION OF IMPACTS, RISKS, AND OPPORTUNITIES MATERIALITY In 2024, the process of identifying the Group’s ESG impacts, risks and opportunities was based on a comprehensive review of those identified in previous reporting years. [SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR More specifically: INTERACTION WITH STRATEGY AND BUSINESS MODEL • impacts were defined on the basis of a series of in-depth analyses (desk research, review of institutional sources and analysis of the regulatory framework), which made [IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS it possible to update and align the list of impacts with the reporting year concerned; MATERIAL IMPACTS, RISKS AND OPPORTUNITIES • ESG risks were identified and integrated based on the Group’s Risk Universe, which is CONSOLIDATED regularly updated through the Enterprise Risk Assessment process. This framework FINANCIAL STATEMENTS [IRO-2] DISCLOSURE REQUIREMENTS IN ESRS COVERED BY THE already included risks associated with material sustainability topics for 2023 UNDERTAKING’S SUSTAINABILITY STATEMENT sustainability reporting purposes, as well as physical and transition risks identified in the Group’s Climate Change Risk Assessment conducted the same year; • ESG opportunities were identified through an analysis based on Amplifon’s strategic OVERVIEW pillars, sustainability objectives outlined in the Sustainability Plan and ESG initiatives implemented by the Group across different areas. Since 2021, Amplifon has adopted the principle of double materiality to evaluate key ESG topics, considering both Amplifon’s impact on each topic (impact materiality) Negative or positive impacts, actual or potential, on people or the environment in and how these topics may influence the Group's ability to create value and affect its the short, medium and long term were therefore considered. The identified impacts STATEMENT financial performance (financial materiality). include those related to Amplifon’s own operations, as well as its entire value chain, 23 with particular attention to upstream activities and first-tier suppliers , including From 2024, Amplifon has incorporated the requirements introduced by the Corporate those linked to products, services, and business relationships. The ESG risks and CONSOLIDATED SUSTAINABILITY Sustainability Reporting Directive (CSRD), further enhancing the double materiality opportunities considered, likewise related to the Company’s own operations and process to ensure full compliance with the European Sustainability Reporting value chain, may have or currently generate a (positive or negative) impact on the Standards (ESRS). In 2025, the results of the double materiality assessment were Group in the short, medium or long term. updated following a review of the ESG impacts, risks and opportunities considered material for Amplifon, in order to align them with the current year. This review took In 2025, the double materiality process focused on updating the list of sustainability- into account developments in the regulatory and legislative environment, as well as related impacts, risks and opportunities (IROs) defined in 2024, including the an analysis of ESG macro-trends, in order to promptly reflect emerging requirements integration of new IROs where deemed necessary, in order to ensure an accurate and best practices at both national and international level. representation of the Group’s business, its value chain and alignment with reporting REPORT requirements. The update was supported not only by discussions with the Group’s key ON OPERATIONS internal stakeholders and considerations regarding business developments, but also by a context analysis, a review of disclosures published by Amplifon’s main peers and an assessment of selected industry best practices. This approach made it possible to further strengthen the analyses carried out in the previous year, particularly with regard to the IROs to be monitored across the value chain. AMPLIFON AT A GLANCE 23.The Group operates in three main markets (EMEA, America and APAC) where it is present with more than 10,100 points of sale. For more details, please refer to the sections “The Group’s Markets and Customers” and “The Value Chain” in this chapter. 133 --- ANNUAL REPORT 2025 As an outcome, the double materiality assessment determined the material IROS EVALUATION METHODOLOGY Disclosure Requirements (DRs) for the Group’s sustainability reporting, ensuring full alignment with the guidelines provided by the EFRAG SRB working group. Compared Amplifon’s methodology for assessing and prioritising impacts is based on four with the previous financial year, no material changes emerged, except for the need parameters: to report on two additional Disclosure Requirements (DRs). The list of disclosure • Scale: the extent to which a negative impact is harmful or the degree of benefit a requirements covered by the Amplifon 2025 Sustainability Statement is detailed in positive impact provides to people or the environment. the tables included in the Annex of this document. • Scope: the spread of the impact, considering the percentage of employees, geographic sites, or markets affected. STAKEHOLDER ENGAGEMENT • Probability: the likelihood of the impact occurring within the given time horizons. Probability is considered only for potential impacts. In line with the Group Stakeholder Engagement Plan (formalised during 2022), a full • Irremediable character: the extent to which it is possible to remedy negative review of the materiality analysis was carried out in 2024. This involved a structured impacts, meaning whether the environment or affected individuals can be restored CONSOLIDATED stakeholder engagement process to support the identification and assessment to their original state. FINANCIAL STATEMENTS of material IROs, engaging various stakeholder categories (capital providers, 24 franchisees, employees, direct suppliers and indirect suppliers ) through focus The score assigned to each impact (severity) is determined by multiplying the factors groups, interviews and online questionnaires. Members of the Executive Leadership of scale and scope, with an additional probability factor applied. Each parameter is Team (ELT) and Top Management were also involved in the process. assessed using a rating scale from 1 (marginal) to 5 (very significant). If a negative impact is deemed irreversible, a proportional increase in severity is applied. This year, however, the update of the list of impacts primarily focused on the involvement of the Group’s internal functions, engaged through two approaches: The assessment and related prioritisation of risks and opportunities are carried out using ad hoc evaluation scales based on two parameters: • targeted focus groups aimed both at gathering feedback on new impacts and/or • Scale: the potential positive or negative financial impact, including effects assessed STATEMENT changes to existing ones, and at assessing new impacts and confirming those already through operational, reputational, compliance, or social impact criteria, linked to the identified in the previous year, in accordance with the methodologies described in occurrence of risks and opportunities. the following paragraph; • Probability: the likelihood of occurrence within the considered time horizon. CONSOLIDATED SUSTAINABILITY • dedicated discussions aimed at confirming impacts already identified, thereby ensuring continuity and consistency with previous assessments. The risk assessment involves analysing both the scale and probability of occurrence, considering residual risk, starting from the theoretical inherent risk, With regard to the update of ESG risks and opportunities, the involvement of selected except for climate-related risks, which are assessed using exclusively an inherent internal stakeholders was carried out as an integral part of the Enterprise Risk risk approach. Assessment process, through one-to-one meetings aimed at identifying/reviewing ESG risks and opportunities and conducting their assessment, considering the For more information on the Group’s ERM methodology, please refer to the section different time horizons and using ad hoc evaluation scales. “Risk Management” within the Report on Operations. REPORT ON OPERATIONS At the conclusion of the process, the overall results were shared with the CFO and the For both impacts and ESG risks and opportunities, the evaluations are conducted CEO, who validated the outcomes. across three time horizons: • Short-term: 1 year; • Medium-term: 1-3 years; • Long-term: 3 to 10 years. AMPLIFON AT A GLANCE 24.Direct suppliers are defined as global and regional manufacturers of hearing aids, accessories and related spare parts, batteries, earmolds, packaging, and hearing protection devices. Indirect suppliers, on the other hand, are defined as global and regional providers of goods and services not related to the final product. 134 --- ANNUAL REPORT 2025 DEFINITION OF MATERIALITY THRESHOLDS Topical Standard Impacts Risks Opportunities ESRS E1 – Climate change 2 5 1 The assessment of all IROs potentially relevant to the Group is supported by the application of materiality thresholds, aimed at identifying the IROs that are most ESRS S1 – Own workforce 6 1 1 significant for the Group. IROs with a score below the materiality threshold are ESRS S2 – Workers in the value chain 1 1 0 excluded from the final list of material IROs. On the other hand, IROs are considered ESRS S4 – Consumers and end-users 3 2 1 material if their final score is equal or exceeds the materiality threshold in at least ESRS G1 – Business conduct 5 2 0 one of the three time horizons. Entity specific 4 1 0 More specifically, the materiality threshold is set at a score of 6 (medium) for risks Total 21 12* 3 (taking a prudent approach, considering the evaluation in terms of residual risk, except for climate risks). * The total number of risks reported in the table amounts to 12 instead of 11. This difference is due to double counting, as one risk is associated with multiple ESRS standards, as evidenced in the IRO list below. CONSOLIDATED FINANCIAL STATEMENTS The threshold for impacts and opportunities is set at a score of 8 (medium-high), reflecting an unadjusted analysis, meaning that potential mitigating actions or The next section of this paragraph provides the complete list of material IROs, initiatives undertaken by the Group are not considered in the evaluation. accompanied by a detailed description including information on the correlation between those IROs and the effects of the impacts on people and the environment, APPROVAL AND INTERNAL CONTROL SYSTEM and an indication of how the impacts originate from or relate to the Company’s strategy and business model, including relevant time horizons. Such section also ON DOUBLE MATERIALITY provides a qualitative description of the anticipated financial effects related to ESG risks and opportunities. Each year, the results of the double materiality assessment are approved by the STATEMENT Global Investor Relations & Sustainability Director and subsequently presented to In addition, an in-depth analysis was carried out regarding the current financial the CFO and CEO, who review the findings. The results are also reviewed by the Risk, effects related to material ESG risks and opportunities, through the review of events Control and Sustainability Committee and the Board of Directors, which formally that may be attributable to them and that could have had a significant impact during CONSOLIDATED SUSTAINABILITY approves the outcomes of the double materiality analysis. In 2025, the double the year. It is noted that the analysis carried out does not reveal any material current materiality assessment was approved on 29 October. financial effects. Additionally, some IROs have been identified that are not currently aligned with RESULTS OF THE DOUBLE MATERIALITY sector-agnostic ESRS standards. These cover various aspects, including the well-being of communities and people in need, technological innovation, customer satisfaction ANALYSIS and service quality, raising awareness on responsible listening, and cybersecurity. REPORT Following the update of the double materiality analysis, the assessment identified 21 The double materiality analysis highlights Amplifon’s strong focus on social matters, ON OPERATIONS impacts, 11 risks, and 3 opportunities as material, with 19 of these linked to the value emphasising the need to manage and report information related to its own workforce, chain (both upstream and downstream). The ESRS areas covered by the identified workers in the value chain, and end-users/consumers (ESRS S1, S2, and S4). IROs encompass environmental, social, and governance aspects, including: From an environmental perspective, the identified impacts, risks, and opportunities are closely linked to climate change (E1). This applies to both an inside-out perspective, where Amplifon contributes to greenhouse gas emissions, and an outside-in perspective, through the management of a range of risks and opportunities, including: business and supply chain disruptions due to extreme weather events, increased operating costs also to comply with climate regulations, and the positive or negative evolution of stakeholders’ perceptions on the Group’s approach to sustainability. AMPLIFON AT A GLANCE 135 --- ANNUAL REPORT 2025 The findings confirm Amplifon’s long-standing strategic focus areas, which align found that no material impacts, risks, or opportunities were relevant to these with the nature and characteristics of its business model and are consistent with the ESRS categories, either due to the intrinsic significance of the IROs or the nature of analyses conducted as part of the strategic planning process (i.e. Group Strategy), Amplifon’s business activities. with the Risk Management Model (ERM), the Climate Strategy and with the findings of the Group’s Climate Change Risk Assessment (hereinafter also “CCRA”). The “Listening Below is the full list of the material impacts, risks and opportunities. It provides a Ahead” Sustainability Plan (for further details, see section “Sustainability Strategy” of detailed description of the IROs subject to the disclosure requirements set out in this chapter) has been developed also in response to the priorities and expectations the ESRS, demonstrating their connection to Amplifon’s business activities (Own of key stakeholders, that the Group has collected over the years, thus also responding Operations) or relevance to the Company’s value chain (Upstream, Downstream), as to the areas of the IROs identified as material, incorporating concrete actions to well as how the Company is involved whether through its operations or business enhance its performance and long-term sustainability. relationships (for further details, please refer to sub-paragraph “The value chain” of this chapter). In addition, the table includes columns relating to the three time The remaining sustainability topics (E2, E3, E4, E5, and S3) have been deemed non- horizons, indicating whether each IRO is material in the short, medium or long term. CONSOLIDATED material for Amplifon, and therefore, all associated disclosure requirements have An IRO may also be considered material across multiple time horizons. FINANCIAL STATEMENTS been omitted. This decision is based on the double materiality assessment, which E1 – CLIMATE CHANGE POSITION ALONG THE VALUE CHAIN TIME HORIZON STATEMENT CONSOLIDATED SUSTAINABILITY SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term Generation of GHG emissions across the value chain, particularly from manufacturers' production Actual negative Climate change mitigation sites, as a consequence of their industrial activities, contributing to climate change impact The Group’s energy use within its own retail operations leads to GHG emissions, contributing to Actual negative Climate change mitigation; Energy climate change and representing a negative environmental impact impact Potential risk of business interruption caused by weather events that might damage Amplifon’s distribution centers and affect the Group’s ability to guarantee the regular distribution of hearing aids and accessories to its retail network. REPORT Climate change adaptation Risk ON OPERATIONS Qualitative anticipated financial effects: Extreme weather events potentially affecting revenues due to interruption/reduction of the distribution chain or loss of stock in the exposed geographical areas, and costs for potential extraordinary maintenance. Potential risk of interruption of suppliers’ production and distribution activities due to extreme weather events that might damage the production sites or distribution centers of Amplifon’s direct suppliers and that might reduce the availability of hearing aids and accessories for regular supply to Amplifon’s stores. Climate change adaptation Risk Qualitative anticipated financial effects: Extreme weather events potentially affecting revenues due to delays in the supply of products, despite the suppliers diversification strategy. AMPLIFON AT A GLANCE 136 --- ANNUAL REPORT 2025 E1 – CLIMATE CHANGE POSITION ALONG THE VALUE CHAIN TIME HORIZON SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term Potential risk of changes in perception of stakeholders (primarily investors and banks) on Amplifon’s approach regarding climate topics. Climate change mitigation Risk CONSOLIDATED Qualitative anticipated financial effects: Potential decrease in Company’s attractiveness versus stakeholders in terms of climate approach, FINANCIAL STATEMENTS possibly increasing costs of debts. Potential risk of increased operational costs due to higher cost of materials and utilities also used to meet government requirements related to climate change (e.g., promotion of more energy-efficient solutions, use of renewable sources, reduction of emissions). Climate change mitigation; Energy Risk Qualitative anticipated financial effects: Evolutions of governmental climate change requirements (e.g., renewable resources) and prices fluctuations (e.g., energy/carbon prices) potentially increasing operating costs (e.g., transportation, utilities). Adopting best-in-class market practices in reference to climate regulations (e.g., implementing STATEMENT sustainable procurement policies, setting and communicating emission reduction targets in line with science-based methodology) may strengthen Amplifon’s reputation, which can result in attracting more investors, as well as creating stronger partnerships with stakeholders (e.g., financial institutions, Climate change mitigation suppliers). Opportunity CONSOLIDATED SUSTAINABILITY Qualitative anticipated financial effects: Adoption of climate best-in-class market practices enhancing reputation among investors, potentially leading to benefits from different stakeholders. Potential risk related to evolving climate change regulations (e.g., European taxonomy, Green Deal, reporting) to be compliant with. Climate change mitigation Risk Qualitative anticipated financial effects: Potential non-compliance with climate-change regulations possibly leading to costs for the REPORT implementation of additional initiatives to be fully compliant with the new standards. ON OPERATIONS AMPLIFON AT A GLANCE 137 --- ANNUAL REPORT 2025 S1 – OWN WORKFORCE POSITION ALONG THE VALUE CHAIN TIME HORIZON SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term Enhancement of employee skills (both field force and back-office) through training and professional Equal treatment and opportunities for all Actual positive development programmes, coaching and mentorship activities, and onboarding initiatives, leading to Training and skills development impact positive outcomes in terms of personal growth for employees CONSOLIDATED Promoting a diverse and inclusive workplace lead to greater efficiency and sustainable growth. Equal treatment and opportunities for all FINANCIAL STATEMENTS Ensuring gender equality, and the employment and full inclusion of persons with disabilities drives Employment and inclusion of persons with Actual positive innovation, and improves employee satisfaction. Implementing measures against violence and disabilities; Measures against violence and impact harassment creates a safer and more respectful environment, enhancing employee engagement and harassment in the workplace; Diversity minimizing risks. Working conditions Slow career progression, coupled with inadequate compensation and poor management of work-life Potential negative Working time; Adequate wages; Work-life balance and working hours, can lead to decreased employee satisfaction and motivation. impact balance Working conditions Welfare and well-being programmes—such as parental support and caregiver services—promote Actual positive Work-life balance effective time management and work-life balance, contributing to increased employee satisfaction. impact Equal treatment and opportunities for all Employment and inclusion of persons with Potential discrimination against certain categories of employees in the workplace, psychological Potential negative STATEMENT disabilities; Measures against violence and violence, and/or unequal treatment of these employees impact harassment in the workplace; Diversity Equal treatment and opportunities for all An equal pay promotes a fair and inclusive work environment that values all employees equally. This Actual positive CONSOLIDATED SUSTAINABILITY Gender equality and equal pay for work of practice strengthens trust in the organization, enhances employee satisfaction and motivation, and impact equal value contributes to a positive workplace culture. The fast business growth and the increasing organization complexity of Amplifon may represent a challenge in identifying, attracting and retaining the talents requested for conducting the business Working conditions as well as in developing a talent pipeline for the succession plan process. Secure Employment; Working time; Risk Adequate wages Qualitative anticipated financial effects: Evolution of external environment and increasing organization complexity potentially leading to costs for attracting, retaining and developing skilled talents to ensure a sustained business growth. REPORT Amplifon could rely on its positive reputation and perception as an inclusive and sustainability-driven ON OPERATIONS organization that is also proactive in the promotion of a diverse and inclusive environment, to improve talent attraction and retention. Equal treatment and opportunities for all Employment and inclusion of persons with Opportunity Qualitative anticipated financial effects: disabilities; Diversity Initiatives to foster a strong and positive workplace culture and to maintain the Company’s “employer of choice” position as well as the promotion of a diverse and inclusive environment potentially decreasing costs of attracting/retaining skilled resources. AMPLIFON AT A GLANCE 138 --- ANNUAL REPORT 2025 S2 – WORKERS IN THE VALUE CHAIN POSITION ALONG THE VALUE CHAIN TIME HORIZON SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term Negative impacts on the health and safety of workers and external collaborators along the value chain, Working conditions Potential negative due to poor management practices, inadequate or missing safety controls on products, services, and Health and safety impact workplaces, potentially resulting in accidents or incidents. CONSOLIDATED Working conditions Potential risk related to business partners along the Group supply chain not fully respecting the ethical FINANCIAL STATEMENTS Secure employment; and social standards, including human rights, as well as suppliers in emerging markets engaging in Working time; labour-intensive operations (concerning also the extraction and processing of raw materials), also Adequate wages due to not structured control on third parties, potentially leading to non-compliance events and 25 Equal treatment and opportunities for all reputational impacts on the Group . Risk Measures against violence and harassment in the workplace Qualitative anticipated financial effects: Other work-related rights Potential suppliers’ non-compliance with ethical standards possibly leading to sanctions / costs for Child labour; Forced labour additional specific controls as well as to loss of reputation affecting stakeholders’ commitment. STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 25.This risk has been deemed material under both ESRS S2 (Workers in the value chain) and ESRS G1 (Business conduct). 139 --- ANNUAL REPORT 2025 S4 – CONSUMERS AND END-USERS POSITION ALONG THE VALUE CHAIN TIME HORIZON SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term Social inclusion of consumers Difficulties for customers and people with hearing loss in accessing and using hearing care products Actual negative and/or end-users and services due to physical, social, and digital barriers impact Access to products and services CONSOLIDATED Personal safety of consumers Enhancing the quality, reliability, and safety standards of products, accessories, and services offered Actual positive FINANCIAL STATEMENTS and/or end-users by leveraging the expertise of hearing care specialists, resulting in customer and end-user safety. impact Health and safety Information-related impacts for Loss of personal data and customer information due to breaches in data privacy systems and non- Potential negative consumers and/or end-users compliance with the Global Privacy Policy impact Privacy Possible non-compliance with international and national regulations related to Privacy and Data Protection may lead to fines, sanctions, litigations and reputational impacts. Information-related impacts for consumers and/or end-users Qualitative anticipated financial effects: Risk Privacy Potential non-compliance with local data protection regulations, in particular related to clients master data, also due to the evolution of external environment (e.g., evolving regulations, advanced STATEMENT technologies/digitalization), possibly resulting in penalties by Privacy Authorities. The potential development of innovative technologies/services may require changes in Amplifon’s business model. CONSOLIDATED SUSTAINABILITY Social inclusion of consumers and/or end-users Qualitative anticipated financial effects: Risk Access to products and services Development in the industry of alternative innovative solutions/services potentially leading to costs for additional investments aimed at responding to changes in the business and at guaranteeing/facilitating accessibility of products/services. Amplifon is committed in investing in activities that promote the accessibility to hearing care (e.g., free complete hearing tests), including the digitalization and innovation of processes and services provided (e.g., innovative solutions, diagnostic tools, integration of artificial intelligence), that may increase the Social inclusion of consumers consumers base and foster social inclusion/hearing care awareness. REPORT and/or end-users Opportunity Access to products and services Qualitative anticipated financial effects: ON OPERATIONS Promotion of hearing care awareness/accessibility, also through the digitalization and optimization of processes and services, potentially leading to the expansion of the customer base, simplification of access to hearing and improvement of brand reputation. AMPLIFON AT A GLANCE 140 --- ANNUAL REPORT 2025 G1 – BUSINESS CONDUCT POSITION ALONG THE VALUE CHAIN TIME HORIZON SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term Strengthening and promoting an ethical corporate culture—founded on principles of integrity, Corporate culture Actual positive fairness, non-discrimination, and respect, and supported by effective whistleblower protection— Protection of whistle-blowers impact enhances employee trust and customer loyalty. CONSOLIDATED Negative impacts on the economy, markets, and stakeholder trust due to potential anti-competitive Potential negative FINANCIAL STATEMENTS Corporate culture behavior and monopolistic practices, as well as non-compliance with applicable laws, regulations, and impact internal and external standards. Failure to prevent and detect corruption and bribery—due to inadequate training, weak controls, Corruption and bribery or lack of compliance mechanisms—may result in incidents of non-compliance with applicable Potential negative Prevention and detection including training laws, regulations, and internal or external standards, leading to legal, economic, and reputational impact Incidents consequences for stakeholders. Effective management of relationships with both direct and indirect suppliers—through monitoring, Management of relationships with Actual positive engagement, and alignment with ESG criteria—facilitates the integration and dissemination of suppliers including payment practices impact environmental and social sustainability standards across the value chain. Potential failure to meet minimum ethical conduct standards along the supply chain, as well as missed Potential negative Corporate culture STATEMENT opportunities for responsible sourcing. impact Potential misleading or non-compliant communication on financial disclosure, non-financial disclosure and/or other communication initiatives may have an impact on corporate compliance posture and/or reputation, given also the Company’s increasing relevance and the involvement in initiatives of public CONSOLIDATED SUSTAINABILITY interest. Corporate culture Risk Qualitative anticipated financial effects: Potential non-compliance with mandatory external disclosures, also due to increasing regulatory requirements, as well as misleading/delayed communications possibly leading to sanctions and/or affecting stakeholders’ commitment. Potential risk related to business partners along the Group supply chain not fully respecting the ethical and social standards, including human rights, as well as suppliers in emerging markets engaging in REPORT labour-intensive operations (concerning also the extraction and processing of raw materials), also due to not structured control on third parties, potentially leading to non-compliance events and reputational ON OPERATIONS Management of relationships with 26 impacts on the Group . Risk suppliers including payment practices Qualitative anticipated financial effects: Potential suppliers’ non-compliance with ethical standards possibly leading to sanctions / costs for additional specific controls as well as to loss of reputation affecting stakeholders’ commitment. AMPLIFON AT A GLANCE 26.This risk has been deemed material under both ESRS S2 (Workers in the value chain) and ESRS G1 (Business conduct). 141 --- ANNUAL REPORT 2025 ENTITY SPECIFIC POSITION ALONG THE VALUE CHAIN TIME HORIZON SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term Positive impact on community well-being and support for people in need through local development Actual positive - initiatives and philanthropic activities. impact The reliance on technology and the acceleration towards digitalization could be accompanied by an CONSOLIDATED increasing relevance of cybersecurity, as well as the changes in the geopolitical scenario and potential FINANCIAL STATEMENTS third-party vulnerabilities could lead to an increasing number of cyber-attacks. - Risk Qualitative anticipated financial effects: Business interruptions, leakage of sensitive/personal data and/or unauthorized access to assets due to cyber-attacks potentially resulting in sanctions and costs (e.g., restore security levels, ransom payments) as well as potentially affecting revenues and reputation. Positive impacts on individuals and economic systems generated by technological innovations in Actual positive - processes, services, and products. impact Increased customer satisfaction and improved service quality due to the development of systems that Potential positive - analyse customer needs and efficiently manage reports and complaints. impact Increased awareness and sensitivity regarding the importance of hearing wellness and responsible Actual positive STATEMENT - listening. impact CONSOLIDATED SUSTAINABILITY Compared with the impacts identified through the double materiality assessment carried out in 2024, in 2025 two main types of intervention were recorded: (i) refining the description of impacts in order to broaden their scope or make them clearer and more immediate to read, and (ii) adding new impacts. Overall, three additional impacts 27 emerged compared with the previous year . These changes did not result in significant changes to the topical standards subject to reporting; however, they led to the introduction of two new social Disclosure Requirements (S1-11 and S1-16). With regard to the ESG risks and opportunities identified as material in 2024, the update of the so-called long list resulted in the integration of the descriptions of selected risks and opportunities, as well as the revision of certain associations with the related sustainability matters, leading to the removal of one material risk from the list. REPORT However, these changes did not result in any variations in the topical standards subject to reporting, nor to the introduction of new Disclosure Requirements related to ESG ON OPERATIONS risks and opportunities. AMPLIFON AT A GLANCE 27. The impacts relate to the topical standards E1, S1 and S2. 142 --- ANNUAL REPORT 2025 PROCESS FOR IDENTIFYING AND ASSESSING IMPACTS, RISKS, AND OPPORTUNITIES [E1 IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO CLIMATE CHANGE CONSOLIDATED [E2 IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND FINANCIAL STATEMENTS ASSESS MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO POLLUTION [E3 IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO WATER AND MARINE RESOURCES [E4 IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL IMPACTS, RISKS, DEPENDENCIES AND OPPORTUNITIES STATEMENT RELATED TO BIODIVERSITY AND ECOSYSTEMS [E5 IRO-1] DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS CONSOLIDATED SUSTAINABILITY MATERIAL IMPACTS, RISKS AND OPPORTUNITIES ASSOCIATED WITH RESOURCE USE AND CIRCULAR ECONOMY The analyses on physical and transition risks carried out in the context of the “Climate Change Risk Assessment (also referred to as “C.C.R.A.”) and described in the section “[E1 SBM-3] Impacts, relevant risks and opportunities and their interaction with REPORT the strategy and business model” of the chapter “ESRS E1 - Climate Change” were ON OPERATIONS integrated within the double materiality process, where, jointly, Amplifon investigated its possible impacts in the climate context. When identifying environmental impacts, the Group considered its own activities, potential effects along the value chain, and strategic directions to determine current and potential sources of GHG emissions, as well as additional factors that may contribute to climate-related impacts and various relevant time horizons. AMPLIFON AT A GLANCE 143 --- ANNUAL REPORT 2025 These activities led to the identification of specific risks, impacts, and opportunities related to climate change, particularly: E1 – CLIMATE CHANGE POSITION ALONG THE VALUE CHAIN TIME HORIZON SUSTAINABILITY TOPIC DESCRIPTION IRO PHYSICAL /TRANSITIONUpstreamOwn OperationsDownstreamShort-termMedium-termLong-term CONSOLIDATED FINANCIAL STATEMENTS Generation of GHG emissions across the value chain, particularly from manufacturers' Actual negative Climate change mitigation N/A production sites, as a consequence of their industrial activities, contributing to climate change impact Climate change mitigation; The Group’s energy use within its own retail operations leads to GHG emissions, contributing to Actual negative N/A Energy climate change and representing a negative environmental impact impact Potential risk of business interruption caused by weather events that might damage Amplifon’s distribution centers and affect the Group’s ability to guarantee the regular distribution of hearing aids and accessories to its retail network. Climate change adaptation Risk Physical Qualitative anticipated financial effects: Extreme weather events potentially affecting revenues due to interruption/reduction of the distribution chain or loss of stock in the exposed geographical areas, and costs for potential STATEMENT extraordinary maintenance. Potential risk of interruption of suppliers’ production and distribution activities due to extreme weather events that might damage the production sites or distribution centers of Amplifon’s direct CONSOLIDATED SUSTAINABILITY suppliers and that might reduce the availability of hearing aids and accessories for regular supply to Amplifon’s stores. Climate change adaptation Risk Physical Qualitative anticipated financial effects: Extreme weather events potentially affecting revenues due to delays in the supply of products, despite the suppliers diversification strategy. Potential risk of changes in perception of stakeholders (primarily investors and banks) on Amplifon’s approach regarding climate topics. Climate change mitigation Risk Transition REPORT Qualitative anticipated financial effects: Potential decrease in Company’s attractiveness versus stakeholders in terms of climate approach, ON OPERATIONS possibly increasing costs of debts. AMPLIFON AT A GLANCE 144 --- ANNUAL REPORT 2025 E1 – CLIMATE CHANGE POSITION ALONG THE VALUE CHAIN TIME HORIZON SUSTAINABILITY TOPIC DESCRIPTION IRO PHYSICAL /TRANSITIONUpstreamOwn OperationsDownstreamShort-termMedium-termLong-term CONSOLIDATED FINANCIAL STATEMENTS Potential risk of increased operational costs due to higher cost of materials and utilities also used to meet government requirements related to climate change (e.g., promotion of more energy- efficient solutions, use of renewable sources, reduction of emissions). Climate change mitigation; Risk Transition Energy Qualitative anticipated financial effects: Evolutions of governmental climate change requirements (e.g., renewable resources) and prices fluctuations (e.g., energy/carbon prices) potentially increasing operating costs (e.g., transportation, utilities). Adopting best-in-class market practices in reference to climate regulations (e.g., implementing sustainable procurement policies, setting and communicating emission reduction targets in line with science-based methodology) may strengthen Amplifon’s reputation, which can result in STATEMENT attracting more investors, as well as creating stronger partnerships with stakeholders (e.g., financial Climate change mitigation institutions, suppliers). Opportunity N/A Qualitative anticipated financial effects: CONSOLIDATED SUSTAINABILITY Adoption of climate best-in-class market practices enhancing reputation among investors, potentially leading to benefits from different stakeholders. Potential risk related to evolving climate change regulations (e.g., European taxonomy, Green Deal, reporting) to be compliant with. Climate change mitigation Risk Transition Qualitative anticipated financial effects: Potential non-compliance with climate-change regulations possibly leading to costs for the implementation of additional initiatives to be fully compliant with the new standards. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 145 --- ANNUAL REPORT 2025 In line with the approach previously described for determining impacts, risks, and • Regarding biodiversity and ecosystems, including the protection of natural habitats, opportunities, the Group has considered various environmental aspects referenced the preservation of key natural resources, and the prevention of habitat reduction, in the relevant reporting standards. No material IROs have been identified as no specific analyses have yet been conducted on transition risks, physical risks, associated with Standards E2, E3, E4, and E5, specifically: or potential dependencies. Periodic consultations with market stakeholders have • Given the nature of the Group’s business model, which does not involve direct not highlighted any significant impacts, risks, or opportunities requiring further production activities, monitoring environmental impacts related to pollution is investigation, considering both the nature of Amplifon’s business model and the not considered material. The Group’s activities, including the management of its configuration of its value chain. Upstream production activities do not involve Company fleet of approximately 1,900 vehicles, are not deemed significant in terms intensive use of materials whose extraction or consumption could be harmful to the of pollution, both due to the type of vehicles used and the fleet’s overall scale. environment and ecosystems. Downstream, the territorial presence of Amplifon Regarding pollution, during periodic consultations with members of the European clinics is concentrated in urban centres, away from areas of high biodiversity. This Hearing Instrument Manufacturers Association (EHIMA), no significant impacts, location minimizes the risk of ecosystem impacts and renders consultations with risks, or opportunities were identified that would require further investigation. local communities on these topics unnecessary. CONSOLIDATED Furthermore, the production of hearing aids and the provision of related services do • Amplifon acknowledges its impact concerning resource use and the circular FINANCIAL STATEMENTS not generate relevant impacts on air, water, or soil. This is due to the use of advanced economy. However, the analyses conducted have not identified impacts, risks, or technologies and the minimization of plastics and plastic derivatives, thereby opportunities significant enough to classify the circular economy as a material topic reducing the risk of microplastic release into the environment. The activities do not for the Group. Additionally, Amplifon has identified increasing the penetration rate involve the intensive use of substances or materials that could generate hazardous of rechargeable devices as a strategic objective within its plan. or contaminating waste. Additionally, hearing devices are designed to be durable and safe, consuming limited natural resources, thereby preventing significant This decision reflects the Group’s commitment to reducing the environmental impact contributions to pollution during both usage and disposal. No consultations with of its products and promoting innovative and responsible solutions. No consultations affected communities have been conducted to identify and assess pollution-related with affected communities have been conducted to identify and assess impacts, risks, impacts, risks, and opportunities. and opportunities related to resource use and the circular economy. STATEMENT • Similarly, no significant impacts, relevant risks, or opportunities requiring further examination have been identified in relation to water consumption, withdrawal, or discharge. This assessment is based on Amplifon’s business model, which does CONSOLIDATED SUSTAINABILITY not involve intensive water usage, and on the production activities of its suppliers, which are also not associated with significant water consumption and not located in areas with vulnerable water basins or subject to water stress. This conclusion is supported by the continuous dialogue that Amplifon maintains with key direct suppliers, primarily through its participation in the European Hearing Instrument Manufacturers Association (EHIMA) and the organisation of periodic meetings, held at least every two months, dedicated to sustainability topics. These discussions provide opportunities to share updates, identify areas for improvement, and ensure REPORT strategic alignment on environmental, social, and governance matters relevant ON OPERATIONS to the Hearing Care sector. While no critical topics have been identified, Amplifon remains committed to continuously monitoring these aspects, actively collaborating with suppliers and other stakeholders to ensure responsible and sustainable management of natural resources. AMPLIFON AT A GLANCE 146 --- ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 147 --- ANNUAL REPORT 2025 POLICIES, ACTIONS, METRICS AND TARGETS [MDR] MINIMUM DISCLOSURE REQUIREMENT POLICIES The policies adopted by Amplifon represent a key element in managing relevant sustainability matters. The table below highlights the correlation between Amplifon’s most significant sustainability topics and its corporate policies, providing an overview of the Group’s strategic approach. CONSOLIDATED ESRS Sustainability topic DEIB Policy FINANCIAL STATEMENTS of Conduct Data Privacy Environment Human Rights Sustainability Code of EthicsSupplier Code Whistleblowing Anti-Corruption Climate change adaptation E1 Climate change mitigation Energy Working conditions Secure employment Working time STATEMENT Adequate wages Work-life balance S1 Equal treatment and opportunities for all CONSOLIDATED SUSTAINABILITY Gender equality and equal pay for work of equal value Training and skills development Employment and inclusion of persons with disabilities Measures against violence and harassment in the workplace Diversity Working conditions REPORT Health and safety ON OPERATIONS S2 Other work-related rights Child labour Forced labour Information related impacts on consumers and/or end users Privacy Personal safety of consumers and/or end users S4 Health and safety Social inclusion of consumers and/or end users Access to products and services AMPLIFON AT A GLANCE 148 --- ANNUAL REPORT 2025 ESRS Sustainability topic DEIB Policy of Conduct Data Privacy Environment Human Rights Sustainability Code of EthicsSupplier Code Whistleblowing Anti-Corruption Corporate culture Protection of whistle-blowers Management of relationships with suppliers including payment practices G1 Corruption and bribery Prevention and detection including training Incidents CONSOLIDATED FINANCIAL STATEMENTS Below is an introduction to these policies, which will be further detailed throughout the report, in line with the specific disclosure requirements outlined in the relevant ESRS. To prevent, mitigate, and, where necessary, remediate impacts, manage risks, and seize opportunities identified in the area of sustainability, Amplifon has updated specific policies to address and monitor them, incorporating considerations related STATEMENT to the material IROs identified through the double materiality analysis. In accordance with the minimum disclosure requirements set by regulations, an overview of the implemented policies will be provided. CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 149 --- ANNUAL REPORT 2025 CODE OF ETHICS The Group’s Code of Ethics defines, in alignment with its corporate culture, the values, principles, and behavioural rules that guide the Group’s daily activities and operations. In addition to being an integral part of the Organisation, Management, and Control Model pursuant to Italian Legislative Decree 231/2001, the Code of Ethics specifically establishes fundamental behavioural principles concerning: • Business conduct policies, including conflict of interest, confidentiality of information, responsibility in work activities, compliance with applicable regulations (such as those on privacy, anti-money laundering, and intellectual property), and the fight against corruption, unlawful favours, collusive behaviour, and solicitations CONSOLIDATED of undue advantages; FINANCIAL STATEMENTS • Human resource management, including the fight against any form of discrimination, the rejection of child labour exploitation, the promotion of equal opportunities in all aspects of employment relationships, the fight against any form of workplace harassment, and the maintenance of a healthy and safe environment; • The accuracy, clarity and completeness in accounting records, through the adoption of high standards of financial planning and control, as well as are consistent and appropriate to the Group’s needs; • Sustainability, particularly concerning the creation of long-term sustainable and shared value, the generation of a positive and lasting social impact, and the STATEMENT awareness of the importance of environmental protection; • Relations with external stakeholders, specifically regarding interactions with suppliers, public officials and institutions, customers, the media, and the financial CONSOLIDATED SUSTAINABILITY community, including the management of gifts and promotional items. The principles and provisions of the Code of Ethics apply to all employees and Amplifon Group entities, as well as to any third parties whose actions may be attributed to the Group. Amplifon endeavours to ensure that the principles set out in the Code of Ethics are shared by agents, consultants, suppliers, business partners and any other party with whom it maintains ongoing business relationships; at the same time, it undertakes not to pursue business relationships with anyone who refuses to comply with those principles. REPORT Violations of the Code may constitute a breach of contractual obligations, potentially ON OPERATIONS leading to legal consequences. The Code of Ethics is distributed across all countries where the Group operates, ensuring its local implementation and effective application. RESPONSIBILITY AND GOVERNANCE The Board of Directors promotes the implementation and compliance with the Code of Ethics across all Group companies, ensuring that its principles are regularly updated to remain aligned with best practices. The Group Internal Audit department, as part of the periodic audits included in the AMPLIFON AT A GLANCE plan, verifies, among other things, compliance with the principles contained in the Code of Ethics. 150 --- ANNUAL REPORT 2025 SUSTAINABILITY POLICY ENVIRONMENTAL POLICY The Sustainability Policy, which applies across the entire Amplifon Group, focuses on The Environmental Policy aims to guide the Group’s actions in the responsible four key areas: management of environmental impacts, with the goal of reducing its ecological footprint and contributing to the fight against climate change. The policy covers • Product and Service Stewardship the following areas: energy consumption and greenhouse gas emissions, waste Commitment to social inclusion, through actions aimed at overcoming economic, management and circular economy initiatives, and water consumption. physical, and geographical barriers, while promoting innovation to meet the individual needs of customers, offering high-quality solutions that ensure Additionally, the policy addresses environmental and climate risks, extreme effectiveness, personalisation, and safety, and delivering a customer experience weather events and evolving regulatory frameworks, promoting adaptation and tailored to each individual. mitigation measures to strengthen the Company’s resilience. The performance • People Empowerment monitoring process is based on specific Key Performance Indicators (KPIs) and a CONSOLIDATED Commitment to creating an inclusive, diverse, and safe work environment, where transparent and accurate reporting system, ensuring clear evidence of the actions FINANCIAL STATEMENTS employees can grow professionally and contribute to the Company’s success, with taken. This process is further supported by regular updates on progress made and the awareness that employee well-being and satisfaction are priorities, and with the objectives achieved. goal of attracting and retaining top talent; • Community Impact The contents of the Policy apply to the entire Amplifon Group, covering both its Raising awareness on hearing health by supporting educational and advocacy business activities and facilities as well as its internal and external stakeholders. initiatives; The policy is designed to guide all Amplifon employees and collaborators, whether • Ethical Conduct and Environmental Responsibility working in directly operated clinics or corporate offices, towards responsible Commitment to conducting business with the highest ethical and moral standards: management of daily activities. Amplifon strongly condemns unethical practices, integrates environmental STATEMENT sustainability into its various activities, promotes responsible behaviours throughout In developing the Environmental Policy, Amplifon has taken into account: the the value chain, and reduces environmental impact through mitigation measures interests and needs of relevant stakeholders, the 10 Principles of the UN Global and sustainability performance improvements. Compact, the recommendations of the Task Force on Climate-related Financial CONSOLIDATED SUSTAINABILITY Disclosures (TCFD) for climate risk reporting. The Policy is made available to all Through the Sustainability Policy, Amplifon is committed to upholding the United interested parties through publication on the corporate website. Nations International Bill of Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work and its applicable conventions, the 10 Principles of the RESPONSIBILITY AND GOVERNANCE UN Global Compact, and the Women’s Empowerment Principles (WEPs). The Global Investor Relations & Sustainability function, with the active support of In defining the Sustainability Policy, Amplifon has taken into account the interests and relevant corporate functions, is responsible for monitoring, periodically reviewing, needs of relevant stakeholders, who have access to the policy through its publication and updating the Environmental Policy as needed. REPORT on the Company website. ON OPERATIONS In line with sustainability aspects related to corporate activities and the RESPONSIBILITY AND GOVERNANCE Sustainability Policy, the priorities and commitments outlined in the Environmental Policy regarding environmental matters are overseen by the Risk, Control and The Global Investor Relations & Sustainability, with the active support of relevant Sustainability Committee. This committee supports the Board of Directors in corporate functions, monitors, periodically reviews, and updates the Policy where fulfilling its duties. The Policy was reviewed and approved by the Group CEO in necessary. December 2024. The Risk, Control and Sustainability Committee oversees and validates its contents to support the Company’s Board of Directors in fulfilling its functions. The policy was reviewed and approved by the Board of Directors on 17 December 2024. AMPLIFON AT A GLANCE 151 --- ANNUAL REPORT 2025 SUPPLIER CODE OF CONDUCT DIVERSITY, EQUITY, INCLUSION AND BELONGING POLICY In 2022, Amplifon adopted the Supplier Code of Conduct to share its standards and Through the Diversity, Equity, Inclusion, and Belonging (DEIB) Policy, Amplifon is principles for responsible business conduct with its suppliers and business partners. committed to fostering a workplace environment that promotes diversity, equality, Amplifon requires all direct and indirect suppliers, as well as business partners, inclusion, and belonging. This policy applies across all business areas and to all to comply with all applicable laws and regulations in the countries where they employees, with the goal of overcoming biases and stereotypes, fostering collaborative operate and to commit to meeting the minimum standards and principles set out work environments, and valuing individual differences as a source of strength. The in the Supplier Code of Conduct. The document aims to strengthen the commercial Policy applies to all Amplifon employees and collaborators and extends to clients, relationship between Amplifon and its suppliers, going beyond mere compliance. For stakeholders, and partners, covering all Company processes and activities. Its core this reason, Amplifon requires suppliers and business partners to integrate these pillars are reinforced through an action plan that includes the implementation of standards into their operations, procedures, and business practices, adopt them as concrete initiatives and a monitoring system based on KPIs, with progress regularly their own, and communicate them to their employees, suppliers, and stakeholders. reported in the Sustainability Plan. The Policy aligns with and upholds the principles CONSOLIDATED The areas covered include: business ethics and compliance, including anti-corruption, of the United Nations Global Compact and the Women’s Empowerment Principles. FINANCIAL STATEMENTS health, safety, and workers’ rights, and environmental protection. In developing the DEIB Policy, Amplifon considered the interests and needs of To ensure that all recipients of the Supplier Code of Conduct play an active role in relevant stakeholders. The Policy is publicly available on the Company’s website. its implementation, Amplifon encourages its suppliers, including their employees, to reach out via a dedicated email address (scoc@amplifon.com) for questions or to RESPONSIBILITY AND GOVERNANCE report potential violations of the minimum standards and principles outlined in the Supplier Code of Conduct. The Human Resources department is responsible for implementing the Policy concerning key Diversity, Equity, Inclusion, and Belonging (DEIB) topics. The DEIB RESPONSIBILITY AND GOVERNANCE Policy was approved by the Chief Executive Officer and shared with the Board of STATEMENT Directors in July 2022. The Supplier Code of Conduct was approved by the BoD of Amplifon S.p.A. in March 2022 and is publicly available on Amplifon’s corporate website. The Company CONSOLIDATED SUSTAINABILITY periodically reviews the Supplier Code of Conduct to ensure its adoption and enforcement and to align it with regulatory developments and the application of best practices. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 152 --- ANNUAL REPORT 2025 DATA PRIVACY POLICY ANTI-CORRUPTION POLICY Amplifon’s Data Privacy Policy is designed to ensure the proper, secure, and lawful Since 2017, Amplifon’s Anti-Corruption Policy has ensured ethical business conduct, handling of personal data belonging to employees, clients, prospects, and other safeguarding value creation and reinforcing the Group’s core principles. The Policy individuals. The monitoring process includes regular second-level audits, risk guidelines, inspired by the Group’s corporate culture and Code of Ethics, were assessments, and continuous updates to ensure that data protection measures remain developed by analysing business activities that could expose Amplifon to corruption effective. The policy also includes an ongoing commitment to monitor and address risks. These guidelines promote the highest ethical and moral standards in all information security threats, defining roles and timelines for the implementation of business relationships, ensuring that activities are conducted with loyalty, fairness, controls and ensuring the prompt and appropriate implementation of any corrective transparency, honesty, and integrity. The Policy also sets out specific rules to prevent, actions. detect, and manage corruption risks. All Group directors, employees, suppliers, consultants, and any individuals acting on behalf of Amplifon must adhere to the The Data Privacy Policy applies to all entities within the Group and serves to ensure values, standards, and principles set out in the Policy, as well as comply with legal CONSOLIDATED compliance with the legal and regulatory framework for personal data protection, requirements. FINANCIAL STATEMENTS referring to the applicable legislation in the various countries where the Group entities operate. In addition to applicable laws, some Group entities may be subject The Anti-Corruption Policy is made available to employees on the Company intranet to additional privacy requirements imposed by government authorities, public and to all interested parties through the publication of a summary version on the agencies, and health plan partners. Amplifon is committed to complying with these website. requirements in accordance with relevant regulations. RESPONSIBILITY AND GOVERNANCE The Policy is accessible to all Group entities and employees via internal platforms and official documentation. Each country within the Group is responsible for adopting the Policy and establishing an anti-corruption system. The Group Internal Audit function conducts compliance STATEMENT RESPONSIBILITY AND GOVERNANCE audits in selected countries to assess the implementation level of the controls outlined in the Policy. General Managers in each country are responsible for implementing the Data Privacy CONSOLIDATED SUSTAINABILITY Policy. In 2023, the Policy was updated and shared with the RCSC and the BoD, The Policy was updated in 2021, drawing inspiration from best practices and without requiring formal approval. international standards, and approved by the Board of Directors. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 153 --- ANNUAL REPORT 2025 WHISTLEBLOWING POLICY HUMAN RIGHTS POLICY Since 2020, Amplifon has introduced a structured process for handling reports Amplifon’s Human Rights Policy aims to formalise the Group’s commitment to (“Whistleblowing”), formalised in the Group Whistleblowing Policy. This Policy was promoting and protecting fundamental human rights, in line with the United Nations updated in 2025 in order to incorporate the changes resulting from the implementation Universal Declaration of Human Rights, the UN Guiding Principles on Business of the new Digital Whistleblowing Platform, as well as to continue the process of and Human Rights, the fundamental Conventions of the International Labour alignment with the relevant principles on whistleblowing and international best Organization and the ten principles of the United Nations Global Compact; it also practices. complements other Group policies, such as the Code of Ethics, the DEIB Policy, the Sustainability Policy, the Supplier Code of Conduct and the Anti-Corruption Policy. The Group Whistleblowing Policy defines the types of unlawful behaviours that Amplifon employees or third parties can report, the process for managing reports, as The Policy sets out the Group’s commitment to preventing and mitigating any well as the rights and obligations of the whistleblower, in accordance with applicable potential negative impacts related to the Group’s priority human rights areas listed CONSOLIDATED regulations. In addition, the various reporting methods are explained, including the below: FINANCIAL STATEMENTS possibility of using a digital platform that enables reports to be made simply, securely, and confidentially. This platform also allows for further confidential communication • Refusal of forced, compulsory and child labour. between the whistleblower and the relevant authorities for additional clarifications. • Promotion of gender equality, diversity, inclusion and belonging • Protecting the health, safety and welfare of workers The whistleblowing reporting channels under the Group Policy include, in addition • Freedom of association and collective bargaining to the Digital Whistleblowing Platform, a voice messaging system, email, ordinary • Respect for personal dignity and prevention of harassment and abuse mail and direct meetings. Regarding Amplifon S.p.A., in compliance with Italian • Privacy and data protection regulations (Legislative Decree 24/2023), the Whistleblowing Policy was revised • Fair remuneration and decent working conditions in 2025, at the same time as the Group’s policy. In line with the provisions of the STATEMENT applicable legislation, specific channels have been set up to support reports relevant The contents of this Policy apply to all Group Companies, in every country in which the to Legislative Decree 231/01. Group operates, and to all Group personnel, including all employees, collaborators, suppliers, business partners and third-party stakeholders with whom the Group CONSOLIDATED SUSTAINABILITY RESPONSIBILITY AND GOVERNANCE maintains professional relationships. The Amplifon Group’s Whistleblowing Policy was approved by the Board of Directors It applies to all Group Companies and represents the Group’s commitment to in October 2025. respecting the human rights of its workforce, as well as throughout the entire value chain. The current version mandates the establishment of a Whistleblowing Committee, composed of HR, Legal Affairs, and Internal Audit & Risk Management representatives. RESPONSIBILITY AND GOVERNANCE The Committee is responsible for receiving, analysing, and investigating reports, and REPORT proposing disciplinary measures for centrally managed cases (i.e. at Group level). Various departments of the Group are involved in the operational management ON OPERATIONS of human rights matters, including: Global Investor Relations & Sustainability, Furthermore, as part of the report management process, the Policy requires the Corporate Legal & Compliance, Human Resources, Procurement & Supply Chain ESG Whistleblowing Committee to update the Risk, Control and Sustainability Committee and Whistleblowing Committee. and the Supervisory Body - for reports relevant to Italian Legislative Decree 231/01 - every six months, or promptly where appropriate, with a summary report of the The Group CEO is responsible for approving, adopting and supervising the Group’s activities carried out in relation to the reports received. compliance with this Policy. Furthermore, since November 2025 the Policy has been available on the Company website. AMPLIFON AT A GLANCE 154 --- ANNUAL REPORT 2025 ACTIONS, METRICS AND TARGETS In the various chapters of the Sustainability Report, Amplifon has detailed the actions undertaken to manage impacts, risks, and opportunities related to material sustainability topics, in compliance with the requirements of the relevant ESRS thematic standards. Actions, metrics and targets have been identified in alignment with the objectives of the Sustainability Plan; in fact, the Group has chosen to focus its efforts on specific priority areas. Topics that are not yet covered will be addressed in the coming years through targeted actions, aiming to progressively and effectively respond to all identified needs. Where available, metrics and objectives have been integrated into the disclosure, ensuring consistency with the described actions CONSOLIDATED and providing a clear overview of the Company’s performance and progress. With FINANCIAL STATEMENTS reference to the paragraph “ Governance-Related Entity Specific Disclosures”, actions, metrics and targets, where present, are addressed within the relevant Disclosure Requirements , consistent with the structure proposed by the reporting standard. The Group currently does not have a structured process to communicate the amount of financial resources allocated to each action related to significant impacts, risks, and opportunities presented in the Consolidated Sustainability Statement. However, where possible, expenses and investments made during the reporting year are presented in the respective thematic chapters. STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 155 --- ANNUAL REPORT 2025 examining all legal entities included within the reporting scope and proceeding with ENVIRONMENTAL the analysis as follows: • Turnover: the economic activities generating turnover for the Group pertain to the INFORMATION sale of Hearing Aids under the sector “retail sale of medical and orthopaedic goods in specialised stores” (NACE Code 47.74). In light of this, the Group reviewed the activities defined under the EU Taxonomy and concluded that, under the current EU TAXONOMY regulatory framework, its core business is not included among the Taxonomy- eligible activities. • Capital Expenditure: as part of the analysis, specific assessments were carried out regarding the presence of CapEx related to the purchase of products originating 28 The purpose of the European Union (EU) Taxonomy is to redirect public and private from Taxonomy-aligned economic activities, as well as individual measures that CONSOLIDATED investments toward environmentally sustainable economic activities, thereby enable activities contributing to the climate change mitigation objective to achieve FINANCIAL STATEMENTS contributing to the European Commission’s goal of achieving carbon neutrality by low-carbon emissions or greenhouse gas (GHG) reductions. In light of this, the 2050. The EU Taxonomy defines environmentally sustainable economic activities as Group examined the activities covered by the EU Taxonomy and concluded that those that: no significant capital expenditure is included among the activities eligible for the taxonomy regulation. • Make a substantial contribution to one of the six environmental objectives: (i) Climate change mitigation; (ii) Climate change adaptation; (iii) Sustainable use and At present, the Group does not have a process in place to verify compliance with the protection of water and marine resources; (iv) Transition to a circular economy; technical screening criteria. For this reason, it is not able to report any Taxonomy- (v) Pollution prevention and control; (vi) Protection and restoration of biodiversity aligned amounts. and ecosystems; STATEMENT • Do No Significant Harm (DNSH) to any of the other environmental objectives; • Comply with minimum social safeguards. MINIMUM SAFEGUARDS CONSOLIDATED SUSTAINABILITY Recognizing the EU Taxonomy as a key tool to guide the private sector toward sustainable practices, and in order to ensure clear and transparent communication In carrying out activities in accordance with the requirements of the EU Taxonomy about its activities, Amplifon Group has been carrying out monitoring activities since Regulation, the Amplifon Group has conducted an analysis to assess compliance 2021 to understand regulatory obligations, track legislative updates, and plan the with the Minimum Safeguards. Specifically, the Group has examined all the reporting process. The Amplifon Group initially focused on regulatory analysis and aspects outlined in Article 18.1 of the Regulation, assessing compliance and the the contextualisation of its sector for the purpose of applying the EU Taxonomy corresponding management approaches. While the Group already implements Regulation. Subsequently, starting from 2023, the Group has carried out a review policies, governance models, and actions in the areas of human rights, anti- and update of the analysis previously conducted, in order to identify and disclose corruption, taxation, and fair competition, it does not yet fully meet all the REPORT information regarding the share of turnover, capital expenditure (CapEx), and requirements set out in Regulation (EU) 2020/852. However, in light of the rapidly ON OPERATIONS operating expenditure (OpEx) derived from products or services associated with evolving landscape, the Group will continue to carry out the necessary analyses to Taxonomy-eligible and/or Taxonomy-aligned economic activities. This phase was assess any potential further enhancements. conducted with the involvement of the Group Procurement and Accounting functions, AMPLIFON 28.The EU Taxonomy framework is established by the following regulations: Regulation (EU) 2020/852 of the European Parliament and the Council of 18 June 2020; Climate Delegated Act; Regulation (EU) 2021/2139 AT A GLANCE of the European Commission; Complementary Climate Delegated Act or Regulation (EU) 2022/1214 of the European Commission; Environmental Delegated Act or Regulation (EU) 2023/1114 of the European Commission It should be noted that the Group has exercised its right not to adopt the measures provided for in Delegated Regulation (EU) 2026/73. 156 --- ANNUAL REPORT 2025 TURNOVER, CAPEX, AND OPEX ANALYSIS TURNOVER Based on the analysis outlined in the previous section, the Group does not generate turnover from economic activities within the scope of the EU Taxonomy. As a result, the numerator of the turnover KPI is zero. The total turnover value of €2,396 million coincides, also in consideration of the currency in which the figure is stated, with the sales and services for the financial year 2025 as also indicated in Note 30 “Revenues from sales and services” within the Consolidated Financial Statements and Related Notes section of the Annual Report. The KPI, as required by Regulation (EU) 2020/852, CONSOLIDATED is defined as the portion of turnover eligible under the Taxonomy (numerator) divided FINANCIAL STATEMENTS by the total turnover (denominator). STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 157 --- ANNUAL REPORT 2025 Financial year 2025 Substantial contribution criteria DNSH criteria («Does Not Significantly Harm») (17) (18) (9) (15) (1) (10) (16) Economic activites (6) (5) (11) (3) (8) (14) (12) (19) (20) (7) (13) (2) (4) Code TurnoverProportion of Turnover,2025 Climate changemitigationClimate changeadaptationWater PollutionCircular EconomyBiodiversityClimate changemitigationClimate changeadaptionWater PollutionCircular EconomyBiodiversityMinimum safeguardsProportion of Taxonomyaligned (A.1.) or eligible(A.2.) turnover, 2024Category enablingactivityCategory transitionalactivity Yes; No; Yes; No; Yes; No; Yes; No; Yes; No; Yes; No; K€ % Yes/No Yes/No Yes/No Yes/No Yes/No Yes/No Yes/No % E T N/EL N/EL N/EL N/EL N/EL N/EL A. TAXONOMY-ELIGIBLE ACTIVITIES CONSOLIDATED FINANCIAL STATEMENTS A.1 Environmental sustainable activities (Taxonomy-aligned) Turnover of environmentally sustainable activities (Taxonomy- 0 0% - - - - - - - - - - - - - 0% aligned) (A.1) Of which enabling 0 0% - - - - - - - - - - - - - 0% E Of which transitional 0 0% - - - - - - - 0% T A.2 Taxonomy-Eligible but not environmental sustainable activities (not Taxonomy-aligned activities) EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL Turnover of Taxonomy-eligible but STATEMENT not environmentally sustainable 0 0% - - - - - - 0% activities (not Taxonomy-aligned activities) (A.2) CONSOLIDATED SUSTAINABILITY A. Turnover of Taxonomy eligible 0 0% - - - - - - 0% activities (A.1+A.2) B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Turnover of Taxonomy-non-eligible 2,395,705 100% activities TOTAL 2,395,705 100% REPORT ON OPERATIONS Proportion of turnover/Total turnover Taxonomy-aligned per objective Taxonomy-eligible per objective CCM 0% 0% CCA 0% 0% WTR 0% 0% CE 0% 0% PPC 0% 0% AMPLIFON AT A GLANCE BIO 0% 0% 158 --- ANNUAL REPORT 2025 CAPEX Based on the analyses carried out, the Group does not incur significant capital expenditure in relation to economic activities within the scope of the Taxonomy; the numerator of the CapEx KPI is therefore zero. Total CapEx correspond to changes in investments in property, plant and equipment and intangible assets, including those arising from business combinations, as reported in the explanatory Notes 4 “Intangible fixed assets with useful life”, 5 “Property, plant and equipment” and 6 “Right-of-use assets” within the section Consolidated Financial Statements and Related Notes to the Annual Report. The KPI, as required by Regulation (EU) 2020/852, is defined as the portion of CapEx eligible under the Taxonomy (numerator) divided by the total CapEx (denominator). CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 159 --- ANNUAL REPORT 2025 Financial year 2025 Substantial contribution criteria DNSH criteria («Does Not Significantly Harm») (17) (18) (9) (15) (1) (10) (16) Economic activites (6) (19) (5) (11) (8) (14) (12) (20) (3) (7) (13) (2) (4) Code CapEx Proportion of CapEx,2025 Climate changemitigationClimate changeadaptationWater PollutionCircular EconomyBiodiversityClimate changemitigationClimate changeadaptionWater PollutionCircular EconomyBiodiversityMinimum safeguardsProportion of Taxonomyaligned (A.1.) or eligible(A.2.) CapEx, 2024Category (enablingactivity or)Category (transitionalactivity) Yes; No; Yes; No; Yes; No; Yes; No; Yes; No; Yes; No; K€ % Yes/No Yes/No Yes/No Yes/No Yes/No Yes/No Yes/No % E T N/EL N/EL N/EL N/EL N/EL N/EL A. TAXONOMY-ELIGIBLE ACTIVITIES CONSOLIDATED FINANCIAL STATEMENTS A.1 Environmental sustainable activities (Taxonomy-aligned) CapEx of environmentally sustainable activities (Taxonomy- 0 0% - - - - - - - - - - - - - 0% aligned) (A.1) Of which enabling 0 0% - - - - - - - - - - - - - 0% E Of which transitional 0 0% - - - - - - - 0% T A.2 Taxonomy-Eligible but not environmental sustainable activities (not Taxonomy-aligned activities) EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL CapEx of Taxonomy-eligible but STATEMENT not environmentally sustainable 0 0% - - - - - - 0% activities (not Taxonomy-aligned activities) (A.2) CONSOLIDATED SUSTAINABILITY A. CapEx of Taxonomy eligible 0 0% - - - - - - 0% activities (A.1+A.2) B. TAXONOMY-NON-ELIGIBLE ACTIVITIES CapEx of Taxonomy-non-eligible 284,081 100% activities TOTAL 284,081 100% REPORT ON OPERATIONS Proportion of CapEx/Total CapEx Taxonomy-aligned per objective Taxonomy-eligible per objective CCM 0% 0% CCA 0% 0% WTR 0% 0% CE 0% 0% PPC 0% 0% AMPLIFON AT A GLANCE BIO 0% 0% 160 --- ANNUAL REPORT 2025 OPEX Based on the analysis conducted, the Group does not incur operational expenses related to economic activities within the scope of the EU Taxonomy. Therefore, the numerator of the OpEx KPI is zero. Total OpEx includes expenses related to repairs and maintenance, short-term leases, and any other direct costs associated with the day-to-day maintenance of leased properties, clinic equipment, and other miscellaneous costs and services. The KPI, as required by Regulation (EU) 2020/852, is defined as the portion of OpEx eligible under the Taxonomy (numerator) divided by the total OpEx (denominator). CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 161 --- ANNUAL REPORT 2025 Financial year 2025 Substantial contribution criteria DNSH criteria («Does Not Significantly Harm») (17) (9) (15) (18) (1) (10) (16) Economic activites (6) (19) (5) (11) (8) (14) (12) (20) (7) (13) (2) (3) (4) Code OpEx Proportion of OpEx,2025 Climate changemitigationClimate changeadaptationWater PollutionCircular EconomyBiodiversityClimate changemitigationClimate changeadaptionWater PollutionCircular EconomyBiodiversityMinimum safeguardsProportion of Taxonomyaligned (A.1.) or eligible(A.2.) OpEx, 2024Category (enablingactivity or)Category (transitionalactivity) Yes; No; Yes; No; Yes; No; Yes; No; Yes; No; Yes; No; K€ % Yes/No Yes/No Yes/No Yes/No Yes/No Yes/No Yes/No % E T N/EL N/EL N/EL N/EL N/EL N/EL A. TAXONOMY-ELIGIBLE ACTIVITIES CONSOLIDATED FINANCIAL STATEMENTS A.1 Environmental sustainable activities (Taxonomy-aligned) OpEx of environmentally sustainable activities (Taxonomy- 0 0% - - - - - - - - - - - - - 0% aligned) (A.1) Of which enabling 0 0% - - - - - - - - - - - - - 0% E Of which transitional 0 0% - - - - - - - 0% T A.2 Taxonomy-Eligible but not environmental sustainable activities (not Taxonomy-aligned activities) EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL OpEx of Taxonomy-eligible but STATEMENT not environmentally sustainable 0 0% - - - - - - 0% activities (not Taxonomy-aligned activities) (A.2) CONSOLIDATED SUSTAINABILITY A. OpEx of Taxonomy eligible 0 0% - - - - - - 0% activities (A.1+A.2) B. TAXONOMY-NON-ELIGIBLE ACTIVITIES OpEx of Taxonomy-non-eligible 49,856 100% activities TOTAL 49,856 100% REPORT ON OPERATIONS Proportion of OpEx/Total OpEx Taxonomy-aligned per objective Taxonomy-eligible per objective CCM 0% 0% CCA 0% 0% WTR 0% 0% CE 0% 0% PPC 0% 0% AMPLIFON AT A GLANCE BIO 0% 0% 162 --- ANNUAL REPORT 2025 NUCLEAR AND FOSSIL GAS-RELATED ACTIVITIES THE GROUP DOES NOT CARRY OUT NUCLEAR AND FOSSIL GAS-RELATED ACTIVITIES NUCLEAR ENERGY RELATED ACTIVITIES The undertaking carries out, funds or has exposures to research, development, 1 demonstration and deployment of innovative electricity generation facilities that produce NO energy from nuclear processes with minimal waste from the fuel cycle. CONSOLIDATED FINANCIAL STATEMENTS The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the 2 NO purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district 3 NO STATEMENT heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. CONSOLIDATED SUSTAINABILITY FOSSIL GAS RELATED ACTIVITIES The undertaking carries out, funds or has exposures to construction or operation of 4 NO electricity generation facilities that produce electricity using fossil gaseous fuels. REPORT ON OPERATIONS The undertaking carries out, funds or has exposures to construction, refurbishment, and 5 operation of combined heat/cool and power generation facilities using fossil gaseous NO fuels. The undertaking carries out, funds or has exposures to construction, refurbishment and 6 NO AMPLIFON operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. AT A GLANCE 163 --- ANNUAL REPORT 2025 ESRS E1 – CLIMATE CHANGE [E1 SBM-3] – MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL POSITION ALONG THE VALUE CHAIN TIME HORIZON CONSOLIDATED FINANCIAL STATEMENTS SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term Generation of GHG emissions across the value chain, particularly from manufacturers' production Actual negative Climate change mitigation sites, as a consequence of their industrial activities, contributing to climate change. impact The Group’s energy use within its own retail operations leads to GHG emissions, contributing to Actual negative Climate change mitigation; Energy climate change and representing a negative environmental impact. impact Potential risk of changes in perception of stakeholders (primarily investors and banks) on Amplifon’s approach regarding climate topics. Climate change mitigation Risk Qualitative anticipated financial effects: Potential decrease in Company’s attractiveness versus stakeholders in terms of climate approach, STATEMENT possibly increasing costs of debts. Potential risk related to evolving climate change regulations (e.g., European taxonomy, Green Deal, reporting) to be compliant with. CONSOLIDATED SUSTAINABILITY Climate change mitigation Risk Qualitative anticipated financial effects: Potential non-compliance with climate-change regulations possibly leading to costs for the implementation of additional initiatives to be fully compliant with the new standards. Potential risk of increased operational costs due to higher cost of materials and utilities also used to meet government requirements related to climate change (e.g., promotion of more energy-efficient solutions, use of renewable sources, reduction of emissions). Climate change mitigation; Energy Risk Qualitative anticipated financial effects: REPORT Evolutions of governmental climate change requirements (e.g., renewable resources) and prices ON OPERATIONS fluctuations (e.g., energy/carbon prices) potentially increasing operating costs (e.g., transportation, utilities). Potential risk of business interruption caused by weather events that might damage Amplifon's distribution centers and affect the Group's ability to guarantee the regular distribution of hearing aids and accessories to its retail network. Climate change adaptation Risk Qualitative anticipated financial effects: Extreme weather events potentially affecting revenues due to interruption/reduction of the distribution chain or loss of stock in the exposed geographical areas, and costs for potential extraordinary maintenance. AMPLIFON AT A GLANCE 164 --- ANNUAL REPORT 2025 POSITION ALONG THE VALUE CHAIN TIME HORIZON CONSOLIDATED FINANCIAL STATEMENTS SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term Potential risk of interruption of suppliers' production and distribution activities due to extreme weather events that might damage the production sites or distribution centers of Amplifon's direct suppliers and that might reduce the availability of hearing aids and accessories for regular supply to Amplifon’s clinics. Climate change adaptation Risk Qualitative anticipated financial effects: Extreme weather events potentially affecting revenues due to delays in the supply of products, despite the suppliers diversification strategy. Adopting best-in-class market practices in reference to climate regulations (e.g., implementing STATEMENT sustainable procurement policies, setting and communicating emission reduction targets in line with science-based methodology) may strengthen Amplifon's reputation, which can result in attracting more investors, as well as creating stronger partnerships with stakeholders (e.g., financial institutions, CONSOLIDATED SUSTAINABILITY Climate change mitigation suppliers). Opportunity Qualitative anticipated financial effects: Adoption of climate best-in-class market practices enhancing reputation among investors, potentially leading to benefits from different stakeholders. Climate change mitigation, adaptation, and the transition to a low-carbon economy opportunities, and management systems. REPORT are among the most pressing global priorities. As a leader in the hearing care ON OPERATIONS sector, Amplifon is committed to responsibly managing its business activities in Within the CCRA, Amplifon mapped potential physical and transition climate risks, light of the potential physical and transition risks associated with climate change. assessing exposure and potential impacts on both Amplifon’s own assets (offices, These risks include the increasing frequency and severity of extreme weather clinics, warehouses/distribution centres) and direct suppliers’ facilities (production events, as well as rising fossil fuel prices and stricter energy efficiency and climate sites, distribution centres). This assessment considered geographical location, adaptation regulations. Given the growing significance of climate-related issues, in potential financial impacts, operational slowdowns, and reputational risks, based 2023, Amplifon deepened its Climate Change Risk Assessment (CCRA) as part of its on Amplifon’s climate strategy and that of its key suppliers. The evaluation was Enterprise Risk Management (ERM) framework, aligning with the recommendations conducted over three time horizons - short-term (2030), medium-term (2040) and of the Task Force on Climate-related Financial Disclosures (TCFD). This effort aims to long-term (2050) - and applied three climate change scenarios based on scientific ensure comprehensive and transparent disclosure of climate-related risks, impacts, data. AMPLIFON AT A GLANCE 165 --- ANNUAL REPORT 2025 As physical risks, six extreme weather events have been considered that could have Regarding transition risks and opportunities, which stem from the shift towards a a significant impact on Amplifon’s assets and those of its direct suppliers (heatwaves, low-carbon economy, the analysis was conducted using the transition scenarios of flash floods, coastal flooding, wildfires, windstorms, and river flooding) in relation the Network for Greening the Financial System (NGFS). to the three climate scenarios defined by the Intergovernmental Panel on Climate Change (IPCC): • Net Zero 2050: scenario that assumes the introduction of ambitious climate policies. Carbon dioxide removal systems are used to accelerate decarbonisation. • RCP 2.6 – Orderly: timely energy transition, with a gradual reduction in greenhouse Net CO emissions reach zero around 2050, with at least a 50% probability of 2 gas emissions starting from 2020, reaching net zero by 2100; limiting global warming to less than 1.5°C. This scenario is comparable to the • RCP 4.5 – Disorderly: delayed energy transition, starting from 2030, carried out in IPCC’s RCP 2.6 scenario. an uncoordinated manner among countries, resulting in higher costs compared to • Delayed Transition: scenario that envisions a delayed transition. It assumes that the RCP 2.6 scenario; no new climate policies are introduced before 2030 and that the degree of action • RCP 8.5 - Hot house world: worst-case scenario, which does not foresee any varies significantly between countries. It assumes limited availability of carbon CONSOLIDATED reduction in greenhouse gas emissions. Associated with the concept of “Business dioxide removal systems and higher carbon prices than in the Net Zero 2050 FINANCIAL STATEMENTS as usual”, where the growth of greenhouse gas emissions continues at current scenario. There is a 67% probability of limiting global warming to less than 2°C. rates. This scenario corresponds to the IPCC’s RCP 4.5 scenario. • Current Policies: scenario that assumes that only existing policies remain in place, To determine the risk exposure of each asset, five risk categories have been identified allowing emissions to continue growing until 2080, leading to approximately 3°C of for each climate event. The average level of exposure for the companies analysed was global warming. This scenario aligns with the IPCC’s RCP 8.5 scenario. calculated as the mean of the risk exposure scores for all physical assets, identified risks, considered climate scenarios, and different time horizons. This methodology Four risk categories aligned with the Task Force on Climate-related Financial made it possible to identify the number of occurrences of climate risk in a specific Disclosures (TCFD) were analysed, which could pose adaptation challenges for country and within a specific time horizon. Amplifon and its suppliers. These include policy or legal risks, technological risks, STATEMENT market risks, and reputational risks. The types of physical risks to which Amplifon is exposed vary depending on the country where the Group operates. In general, under the RCP 2.6 scenario, almost The analysis was conducted on the same panel of companies selected for the climate CONSOLIDATED SUSTAINABILITY all acute physical risks, such as wildfires, flash floods, and river floods, are classified risk assessment, defining some measurement indicators for each type of risk, such as very low or low. However, depending on the specific characteristics of the country as Scope 1 and Scope 3 emissions intensity, carbon prices, energy intensity, emission analysed, these risks may be classified as very high even under the RCP scenario by reduction targets, and ESG ratings performance. Each indicator was assigned a score 2030. In some cases, these risks, which are not progressive, may even decrease in the from 1 to 5. The average exposure to all transition risks was subsequently calculated RCP 4.5 and RCP 8.5 scenarios, mainly due to increased evapotranspiration. using a weighted average of the resulting scores. Finally, to adapt transition risks to the climate scenarios mentioned above and to different time horizons, the average With regard to heatwaves and coastal flooding, under the RCP 2.6 scenario up to 2030 exposure levels were adjusted, reflecting either improving or worsening trends, these risks are generally assessed as very low or low, but they show an increasing based on future exposure projection trends. REPORT trend under the RCP 4.5 and RCP 8.5 scenarios. By 2050, under the RCP 8.5 scenario, ON OPERATIONS exposure to these risks may reach high or very high levels. Similar considerations were made regarding technological risk, where Amplifon’s exposure was deemed low due to the characteristics of its business and activities. Lastly, windstorm risk tends to decrease over the long term. It remains stable under Taking into account emission reduction targets, energy prices, and EU regulations, the RCP 2.6 scenario and in the early time horizons of the RCP 4.5 scenario, before Amplifon’s exposure to market risk was assessed as medium. Finally, during the progressively declining under the same scenario. Under the RCP 8.5 scenario, this assessment, given that Amplifon has lower Scope 3 emissions compared to the panel risk becomes almost negligible, as there is no scientific evidence linking the severity of companies analysed and performs better than average in ESG ratings, its exposure or frequency of windstorms to climate change. to reputational risk was classified as medium. AMPLIFON AT A GLANCE 166 --- ANNUAL REPORT 2025 Extreme climate events may pose risks to Amplifon’s business, particularly in relation [E1-1] TRANSITION PLAN FOR CLIMATE CHANGE MITIGATION to clinics and distribution centres. [E1-3] ACTIONS AND RESOURCES IN RELATION TO CLIMATE CHANGE The final climate risk assessment was therefore integrated into the Enterprise POLICIES Risk Management (ERM) process, both quantitatively and qualitatively, with a short-, medium-, and long-term time horizon (respectively, 2030, 2040, 2050). To [E1-4] TARGETS RELATED TO CLIMATE CHANGE MITIGATION AND integrate the final assessments into ERM, two intermediate climate scenarios were ADAPTATION considered in the analysis: the IPCC RCP 4.5 climate scenario for physical risks and the NGFS “Delayed Transition” scenario for transition risks and opportunities. The The transition towards a low-carbon business model represents a strategic priority final rating, derived from probability and impact assessments conducted together for Amplifon. In this context, a climate change mitigation plan has been defined, with risk owners, provides an indication of Amplifon’s residual risk level, taking into integrating emission reduction targets across the entire value chain, energy efficiency account the adaptation and mitigation measures already implemented to reduce initiatives and the progressive use of renewable energy sources. CONSOLIDATED potential negative impacts. Based on the results of analyses conducted in 2023 and FINANCIAL STATEMENTS considering the Group’s activities and business model, no activities were identified The emission reduction targets defined by the Group have been calibrated on the as incompatible with the transition to a climate-neutral economy, nor were any basis of the most recent scientific scenarios and are consistent with a decarbonisation significant exposures to climate change risks detected in the short, medium, and pathway aligned with limiting global warming in line with the commitments 29 long term. Nevertheless, Amplifon remains committed to maintaining continuous undertaken under the Paris Agreement (as validated by the Science Based Targets oversight of these risk categories and will continue to assess them annually within initiative – SBTi). The alignment process with the SBTi began in 2023 and target the ERM process. validation was obtained in September 2025. In particular, targets consistent with the 30 SBTi short-term cross-sector criteria have been validated, with a 1.5°C ambition for 31 For details on the nature and type of risks identified (physical or transitional), please Scope 1 and Scope 2 and a well-below 2°C ambition for Scope 3. Accordingly, the 32 refer to the section “Processes for identifying and assessing impacts, risks and Group is committed to reducing Scope 1 and Scope 2 GHG emissions by 42% by STATEMENT opportunities” in the chapter “General Information (ESRS 2)”. 2030 compared to 2023. Amplifon also commits to reducing absolute Scope 3 GHG emissions from the categories Purchased goods and services, Capital goods, Fuel- and energy-related activities, Upstream transportation and distribution, Employee CONSOLIDATED SUSTAINABILITY commuting, Upstream leased assets, Use of sold products and Franchisees by 25% by 2030 compared to the 2023 base year. Finally, Amplifon commits to ensuring that, by 2030, 44.36% of its suppliers (in terms of emissions associated with the Purchased goods and services category) will have set science-based targets. In light of its current business model, Amplifon does not foresee the presence of locked-in greenhouse gas emissions arising from its products or key assets; accordingly, such emissions do not affect the achievement of emission reduction REPORT targets nor do they generate transition risks. ON OPERATIONS 29.Amplifon is not currently excluded from EU Paris-aligned benchmark indices. 30.Targets consistent with the level of decarbonisation required to limit global temperature increase to 1.5°C compared to pre-industrial levels. AMPLIFON AT A GLANCE 31. Targets consistent with the level of decarbonisation required to keep global temperature increase well below 2°C compared to pre-industrial levels. 32.Scope 2 emissions have been calculated using the market-based method. 167 --- ANNUAL REPORT 2025 As part of its Transition Plan, during 2025 Amplifon launched a Global Climate Strategy entitled “Listening to Our Planet”, aimed at achieving the validated SBTi targets by SCOPE 1 AND SCOPE 2 DECARBONISATION LEVERS integrating past initiatives with the definition of new actions to reduce the Group’s 33 emissions impact, in alignment with the Sustainability Plan . • Lever 1. Company Car Fleet: transition of the Company's fleet towards lower environmental impact solutions. This transition pathway is outlined through a set of decarbonisation levers and Identified actions: decarbonisation of the Company's fleet through plug-in hybrid priority actions that will support the achievement of emission reduction targets. vehicles, electric vehicles and the use of HVO fuel. These initiatives, covering both operational activities and the value chain, are • Lever 2. Energy efficiency: measures aimed at reducing energy consumption in intended to accelerate the Group’s decarbonisation. buildings through the adoption of more efficient technological solutions and the 34 optimisation of systems . Identified actions: installation of LED lighting in clinics and offices. • Lever 3. Renewable energy: increasing adoption of certified renewable electricity 35 CONSOLIDATED to power the Group’s premises, reducing reliance on traditional energy sources . FINANCIAL STATEMENTS Identified actions: transition to renewable electricity in directly operated clinics. An illustrative chart of the decarbonisation plan aimed at achieving the Scope 1 and Scope 2 target is presented below; in particular, the chart shows to baseline emissions, target emissions and decarbonisation levers. STATEMENT CONSOLIDATED SUSTAINABILITY BASELINE EMISSIONS COMPANY CAR FLEET ENERGY EFFICIENCY RENEWABLE REPORT 33.The Group has chosen not to publish a detailed breakdown of the expected reduction percentage for ENERGY ON OPERATIONS each individual lever. This decision is motivated by the dynamic nature of Amplifon’s retail business TARGET model and the complexity of the global macroeconomic and technological context, which requires EMISSIONS flexibility in the allocation of reduction efforts among the various decarbonisation levers, which are monitored internally on an annual basis to ensure a consistent and accurate view of the overall Scope 1 and Scope 2 decarbonisation trajectory. This approach also allows for the protection of sensitive information regarding procurement strategies and commercial partnerships, while maintaining maximum decarbonisation transparency towards stakeholders through annual reporting of actual progress against scientifically validated medium-term targets. levers 34.In this regard, it should be noted that since 2019, and renewed in 2025, the Spanish subsidiary Amplifon Ibérica has obtained ISO 14001 environmental certification for its headquarters and warehouse. 2023 2030 35.This activity involved an operating expense (OpEx) of approximately Euro 7 million, as reported in Explanatory Note 31 “Operating Costs” within the section Consolidated Financial Statements and AMPLIFON AT A GLANCE Related Notes, which shows the operating costs for the year 2025. 168 --- ANNUAL REPORT 2025 • Lever 7. Renewable energy in indirect clinics: increasing adoption of certified SCOPE 3 DECARBONISATION LEVERS renewable energy to power even the indirect clinics in the network, reducing reliance on traditional sources. • Lever 4. Logistics: strategies aimed at optimising inbound logistics flows and Identified actions: transition to renewable energy in indirect clinics. reducing returns. • Lever 8. Sustainable mobility: solutions to promote employees’ commuting Identified actions: reduction in hearing aid returns and reuse of accessories; through sustainable mobility programmes. • Lever 5. IT solutions: digitalisation initiatives and use of cloud services powered Identified actions: promotion and support of sustainable mobility programmes. by renewable energy. Identified actions: initiatives to reduce paper consumption; cloud services powered As for Scope 1 and 2, an illustrative chart of the decarbonisation plan aimed at by renewable energy; achieving the targets set for Scope 3 is presented below; in particular, the chart • Lever 6. Sustainable products: progressive transition to rechargeable and lighter shows baseline emissions, target emissions and decarbonisation levers. Compared products sold (also taking related packaging into account). to the chart relating to Scope 1 and 2, the contribution to total emissions reduction CONSOLIDATED Identified actions: increased volumes of APE hearing aids, with reduced primary associated with the Supplier Engagement Target – linked to suppliers setting science- FINANCIAL STATEMENTS packaging weight and the introduction of reusable packaging; reduction in the use based targets – is also shown. of single-use batteries. STATEMENT CONSOLIDATED SUSTAINABILITY BASELINE EMISSIONS SUPPLIER ENGAGEMENT TARGET LOGISTICS IT SOLUTIONS REPORT ON OPERATIONS SUSTAINABLE PRODUCTS RENEWABLE ENERGY Scope 3 IN INDIRECT CLINICS SUSTAINABLE decarbonisation MOBILITY TARGET levers EMISSIONS 2023 2030 AMPLIFON AT A GLANCE 169 --- ANNUAL REPORT 2025 The decarbonisation levers outlined above are integrated into the broader [E1-2] POLICIES RELATED TO CLIMATE CHANGE MITIGATION AND management of the Group’s operations; therefore, at present, no significant ADAPTATION extraordinary investments or costs are expected to be required in order to achieve the decarbonisation targets. In alignment with its Sustainability Policy, Amplifon is increasingly focused on environmental topics and the challenges posed by climate change, monitoring its The transition plan is designed to be fully consistent with the Company’s overall performance and carbon footprint not only at the office and clinic level but across the business strategy, ensuring that decarbonisation objectives are aligned with the entire value chain. With the adoption and update of the Environmental Policy in 2024 Company’s operational and growth priorities. The initiatives envisaged under the plan (refer to section “Policies, actions, metrics and targets” of the “General disclosures are integrated into financial planning, including targeted investments, assessments (ESRS 2)” chapter), the Group has formalised its commitments towards climate change of economic returns and operating cost planning, in order to ensure economic and mitigation and adaptation, energy efficiency, reduction of consumption, and the use environmental sustainability over the medium to long term. of renewable energy sources, as well as additional environmental aspects such as waste management, circularity, and water consumption management. Specifically, CONSOLIDATED The transition plan was approved by the Company’s CEO and CFO and presented the policy outlines Amplifon’s commitments in terms of improving and monitoring FINANCIAL STATEMENTS to the Board of Directors during 2025, a year that also saw the first phases of environmental performance, promoting best practices, raising awareness and implementation being launched. The Company has begun integrating the main providing training, ensuring compliance with applicable regulations, maintaining initiatives into its operational and financial processes, monitoring results through transparency with stakeholders, and monitoring and managing environmental key performance indicators (KPIs). This makes it possible to assess from the outset impacts, risks, and opportunities. the effectiveness of the actions undertaken and to make any adjustments needed to accelerate the pathway towards the emissions reduction targets. STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 170 --- ANNUAL REPORT 2025 [E1-5] ENERGY CONSUMPTION AND MIX ENERGY CONSUMPTION AND MIX (MWh) 36 In 2025, the Group continued monitoring energy consumption across its corporate Energy consumption and mix (MWh) 2024 2025 headquarters and network of directly operated clinics, aiming to provide stakeholders Fuel consumption from coal and coal products - - with the most complete and transparent overview of its energy performance. As in 2025, heating, air conditioning, and lighting in offices and clinics accounted for the Fuel consumption from crude oil and petroleum products 21,280.80 19,505.41 majority of the Group’s energy consumption. The remaining energy consumption Fuel consumption from natural gas 10,613.88 11,953.34 is attributed to heating offices and clinics, primarily from natural gas consumption, along with smaller contributions from fuel oil, district heating, and fuel consumption Fuel consumption from other fossil sources - - from the corporate car fleet. Reported consumption is derived from primary data Consumption of purchased or acquired electricity, heat, steam, collected from clinics and offices and, where not available, is estimated on the basis 9,840.63 9,147.96 and cooling from fossil sources of average consumption in the same country, where possible, and weighted in CONSOLIDATED proportion to surface area. In total, the Group consumed 73,267.30 MWh of energy, Total fossil energy consumption 41,735.31 40,606.71 FINANCIAL STATEMENTS of which 45% came from renewable sources (32,660.59 MWh). Share of fossil sources in total energy consumption (%) 58% 55% 37 Consumption from nuclear sources - - Share of consumption from nuclear sources in total energy Based on the provisions of Commission Delegated Regulation (EU) 2022/1288, the - - consumption (%) Amplifon Group is one of the companies belonging to the “high climate impact” sectors, in particular considering the sector “retail sale of medical and orthopaedic Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic 67.48 25.32 articles in specialised stores”. Energy intensity is calculated by considering the origin, biogas, renewable hydrogen, etc.) energy consumption and the total revenues of the Group (total Group revenues as also indicated in the explanatory note 30 “Revenues from sales and services” within Consumption of purchased or acquired electricity, heat, steam, 30,347.61 32,635.27 and cooling from renewable sources STATEMENT the Consolidated Financial Statements and Related Notes section of the Annual Report), and is therefore equal to 30.58 MWh/million €. The consumption of self-generated non-fuel renewable energy - - Total renewable energy consumption 30,415.09 32,660.59 CONSOLIDATED SUSTAINABILITY Share of renewable sources in total energy consumption (%) 42% 45% Total energy consumption 72,150.40 73,267.30 REPORT ON OPERATIONS 36.Values are calculated using conversion factors from the DEFRA 2025 database. AMPLIFON AT A GLANCE 37. Amplifon does not consume energy through direct supply from nuclear sources; the share of energy from nuclear sources within the composition of the national energy mix considered is deemed immaterial. 171 --- ANNUAL REPORT 2025 [E1-6] GROSS SCOPES 1, 2, 3 AND TOTAL GHG EMISSIONS Since 2022, Amplifon has been measuring its carbon footprint, which includes both direct and indirect emissions generated by the Group’s activities (Scope 1 and 2), as well as indirect emissions identified by the GHG Protocol along the value chain (Scope 3). Among the 15 Scope 3 emission subcategories identified by the GHG Protocol, 12 38 have been deemed relevant and applicable to the Group , considering the nature of Amplifon’s business and the absence of manufacturing activities. In 2024, the Group implemented an emission inventory improvement plan, enhancing the granularity and quality of primary data and calculation models, also in preparation for the submission of “near-term” decarbonisation targets to the Science CONSOLIDATED Based Targets initiative (SBTi) in 2025. FINANCIAL STATEMENTS The total emissions volume for 2025 showed a 14% reduction compared to the measurements for 2024. With regard to Scope 1 and 2 emissions, which account for 10% of total GHG emissions, no significant increases or decreases were recorded. For Scope 3, a 15% reduction in emissions was observed, mainly attributable to: improvements in data collection that enabled the integration of more primary data and supplier-specific information into the calculation models, updates to emission factor databases, and a decrease in capital expenditure. 16% of Scope 3 emissions were calculated based on primary data obtained from suppliers or other partners STATEMENT along the value chain. Emissions intensity is instead calculated by considering the total emissions and CONSOLIDATED SUSTAINABILITY the total revenues of the Group (total consolidated revenues as also indicated in explanatory note 30 “Revenues from sales and service” within the Consolidated Financial Statements and Related Notes section of the Annual Report), and is therefore equal to 55.20 tCO e/million € (location-based) and 52.29 tCO e/million 2 2 € (market-based). In particular, compared to the previous year, carbon intensity decreased by 13.9% (market-based) and by 13.0% (location-based), mainly driven by the overall reduction in total emissions. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 38.The emission categories related to downstream transportation and distribution (3.9), processing of sold products (3.10), and downstream leased assets (3.13) were considered not applicable to Amplifon’s operations, as they are not present along the value chain (3.10, 3.13) or because the Group has no potential to influence their reduction (3.9). 172 --- ANNUAL REPORT 2025 SCOPE 1, SCOPE 2 AND SCOPE 3 EMISSIONS CATEGORIES Fuel and Generation of energy and heat at Capital End of life energy-related the Group’s facilities goods of sold products Activities Upstream Purchased goods Company vehicles leased Investments CONSOLIDATED and services assets FINANCIAL STATEMENTS Refrigerant Employee Upstream transportation Use of sold gases commuting and distribution products Purchase of electricity, Business Waste generated Franchisees steam, heat & cooling travels in operations STATEMENT CONSOLIDATED SUSTAINABILITY UPSTREAM ACTIVITY DOWNSTREAM ACTIVITY REPORT 89.9% Scope 3 5.8% Scope 1 4.3% Scope 2 (Market-based) ON OPERATIONS 112,557 tCO e 7,259 tCO e 5,450 tCO e 2 2 2 AMPLIFON AT A GLANCE 173 --- ANNUAL REPORT 2025 GHG EMISSIONS (IN tCO e) 2 Base Year % change % change 2024 2025 2023 (2025 vs 2024) (2025 vs BY) Scope 1 GHG emissions Gross Scope 1 GHG emissions 7,203 7,507 7,259 -3% 1% Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) 39 Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions 10,560 12,220 12,438 2% 18% 40 Gross market-based Scope 2 GHG emissions 4,815 5,600 5,450 -3% 13% Significant scope 3 GHG emissions CONSOLIDATED FINANCIAL STATEMENTS Total Gross indirect (Scope 3) GHG emissions 138,381 133,122 112,557 -15% -19% 1 Purchased goods and services 67,389 64,768 57,148 -12% 2 Capital goods 26,876 22,321 12,722 -43% 3 Fuel and energy consumption-related activities (not included in Scope 1 or 2) 3,217 3,635 3,738 3% 4 Upstream transport and distribution 6,991 7,473 3,733 -50% 5 Waste generated 224 242 228 -6% 6 Business travels 7,371 6,307 4,767 -24% 7 Employee commuting 16,254 18,780 19,631 5% STATEMENT 8 Upstream leased assets 2,468 2,445 2,361 -3% 11 Use of sold products 69 82 48 -41% CONSOLIDATED SUSTAINABILITY 12 End of life treatment of products sold 493 230 126 -45% 14 Franchisees 6,249 5,992 7,284 22% 15 Investments 780 847 771 -9% Total GHG emissions Total GHG emissions (location-based) 156,144 152,849 132,254 -13% -15% Total GHG emissions (market-based) 150,399 146,229 125,266 -14% -17% REPORT ON OPERATIONS 39.The databases used for the calculation of Scope 2 emissions report Emission Factors in terms of CO /kWh. AMPLIFON 2 AT A GLANCE 40.In 2025, the share of electricity covered by RECs (Renewable Energy Certificates) or PPAs (Power Purchase Agreements) is 32,617.03 MWh. (83% of the total), of which specifically 11,684.29 MWh (30%) covered by RECS and 20,932.74 MWh (53%) covered by PPA. 174 --- ANNUAL REPORT 2025 SCOPE 3 EMISSIONS, 2025 BY SUBCATEGORY AND MAIN EMISSION SUBCATEGORIES 3.3% - Scope 3.3 3.3% - Scope 3.4 Upstream transportation Fuel and energy-related and distribution Activities 2.2% - Scope 3.8 4.2% - Scope 3.6 Upstream leased assets Business travel CONSOLIDATED 0.7% - Scope 3.15 6.4% - Scope 3.14 FINANCIAL STATEMENTS Investments Franchises 0.2% - Scope 3.5 Waste generated in operations 11.3% - Scope 3.2 Capital Goods 0.1% - Scope 3.12 End-of-life treatment of sold products STATEMENT 0.1% - Scope 3.11 Use of sold products CONSOLIDATED SUSTAINABILITY 17.4% - Scope 3.7 Employee commuting 50.8% - Scope 3.1 Purchased good and services REPORT ON OPERATIONS AMPLIFON AT A GLANCE 175 --- ANNUAL REPORT 2025 CATEGORY DATA DESCRIPTION AND METHODOLOGY EMISSION FACTORS DATABASE Emissions from heating at offices and directly operated clinics, fuel consumption for Company vehicles, and the use of refrigerant gases. These Emission factors were sourced from the DEFRA 2025 database and the emissions are calculated based on primary data collected from clinics and Scope 1 IPCC AR6. offices or, where unavailable, estimated using the average consumption for the same country, where possible, weighted according to surface area. Indirect emissions from the consumption of purchased electricity and thermal energy, calculated using both the location-based and market-based For the location-based and market-based approaches, the following approaches, based on primary data collected from clinics and offices. Where databases were used: IGES 2025 (CO only), AIB 2025 (CO only), eGrid Scope 2 2 2 primary data were unavailable, emissions were conservatively estimated 2023, and national databases where available. using the same methodology as for Scope 1. CONSOLIDATED FINANCIAL STATEMENTS Emissions associated with the production of products and services For activity data (as defined by GHG Protocol), Ecoinvent 3.12 and DEFRA purchased by the Group, mainly arising from direct procurement (hearing 2025 emission factors were applied. For expenditure data, emission Cat. 3.1 devices and related accessories, water consumption) and indirect factors from CEDA 2025 were used. For expenditure data related to procurement (marketing services, general services, business expenses, material suppliers, supplier-specific emission factors were applied, 50.8% of Scope 3 consulting, and IT services). The category was calculated using a hybrid calculated based on publicly available data (GHG emissions data from approach, incorporating both activity data and expenditure data. Scope 1, 2 and 3 and most recent revenue available). For activity data (as defined by GHG Protocol), Ecoinvent 3.12 emission Emissions associated with the production of capital goods purchased by factors were applied. For expenditure data, emission factors from CEDA the Group, primarily linked to the clinic network and IT infrastructure. The STATEMENT 2025 were used. For expenditure data related to material suppliers, Cat. 3.2 emissions calculation is based on a hybrid approach, using product-specific supplier-specific emission factors were applied, calculated based on emissions data, activity data for IT equipment and for materials purchased 11.3% of Scope 3 publicly available data (GHG emissions data from Scope 1, 2 and 3 and in stores refurbished according to the new store format, where available, as most recent revenue available). The product-specific emissions data are CONSOLIDATED SUSTAINABILITY well as spend-based data. derived from LCA studies carried out by suppliers. Emissions from activities related to fuel and energy consumption. The Cat. 3.3 calculation is based on the same activity data used to estimate Scope 1 and Emission factors were sourced from the IEA and DEFRA 2025 database. 3.3% of Scope 3 2 emissions. Emissions generated by the transport of products purchased by the Group REPORT (hearing devices, related accessories, and packaging). Upstream logistics emissions were calculated using the distance-based method, considering ON OPERATIONS kilometres travelled and tonnes of goods transported. For countries where Cat. 3.4 the number and location of clinics were not provided, conservative distance Emission factors were sourced from the DEFRA 2025 database. averages were applied. In 2024, Amplifon launched a granular mapping 3.3% of Scope 3 of goods flows and a data collection process on specific unit weights of products and related packaging, in collaboration with selected suppliers. This process, which continued in 2025, enabled a significant improvement in the representativeness of logistics emissions calculations. AMPLIFON AT A GLANCE 176 --- ANNUAL REPORT 2025 CATEGORIA DESCRIZIONE DATI E METODOLOGIA DATABASE EMISSION FACTORS Emissions from the management and treatment of waste generated in Cat. 3.5 clinics and offices. The calculation was based on the weight of the waste. In For the calculation, Ecoinvent 3.12 and DEFRA 2025 emission factors cases where data were unavailable, waste volumes were estimated using were applied, depending on the type of waste and its disposal method. 0.2% of Scope 3 average waste weights per surface area. Emissions generated by employees’ business travel, including travel by air, rail, private and rental cars, taxis, as well as emissions related to hotel stays. For the calculation, DEFRA 2025 emission factors were used for Cat. 3.6 Primary data on distances travelled by mode of transport and hotel stays transport emissions, and Cornell Hotel Sustainability Benchmarking 4.2% of Scope 3 were centrally collected from the Travel Agency, while expenditure data Index 2024 was applied for hotel stays. were provided for taxis and rental cars. CONSOLIDATED FINANCIAL STATEMENTS Emissions associated with employee commuting, calculated using primary Cat. 3.7 data obtained from a mobility survey conducted on a significant sample of For the calculation, DEFRA 2025 emission factors were used. employees and projected to the total number of Amplifon employees as of 17.4% of Scope 3 2025. Emissions associated with upstream leased assets and franchisees, For the calculation, DEFRA 2025, AIB 2025, IGES 2025 and eGrid 2023 Cat. 3.8, 3.14 calculated using a hybrid model based on estimated average gas and emission factors were used for energy consumption, and CEDA 2025 electricity consumption in directly operated clinics and rental expenditure 8.6% of Scope 3 emission factors were applied for spend-based data. data for shop-in-shops and corners. STATEMENT For the calculation, electricity grid emission factors (market-based Emissions related to the use of sold products, calculated based on electricity Cat. 3.11 approach) were used for the countries in which hearing aid sales consumption activity data for each rechargeable and non-rechargeable are distributed, based on the AIB 2025, IGES 2025 and eGrid 2023 0.1% of Scope 3 CONSOLIDATED SUSTAINABILITY hearing device throughout its lifecycle. databases, as well as national databases where available. Cat. 3.12 Emissions from the end-of-life phase of sold products, calculated using For the calculation, Ecoinvent 3.12 and DEFRA 2025 emission factors primary weight data collected under Category 3.1 (direct procurement). were applied. 0.1% of Scope 3 Cat. 3.15 Emissions from the Group’s investments in third-party companies, For the calculation, CEDA 2025 emission factors were used. calculated using the equity share approach. REPORT 0.7% of Scope 3 ON OPERATIONS AMPLIFON AT A GLANCE 177 --- ANNUAL REPORT 2025 SOCIAL INFORMATION ESRS S1 – OWN WORKFORCE POSITION ALONG THE VALUE CHAIN TIME HORIZON STRATEGY IN PEOPLE MANAGEMENT [SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL 41 SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationDownstreamShort-termMedium-termLong-term CONSOLIDATED Enhancement of employee skills (both field force and back-office) through training and FINANCIAL STATEMENTS Equal treatment and opportunities for all Actual positive professional development programmes, coaching and mentorship activities, and onboarding Training and skills development impact initiatives, leading to positive outcomes in terms of personal growth for employees An equal pay promotes a fair and inclusive work environment that values all employees Equal treatment and opportunities for all Actual positive equally. This practice strengthens trust in the organization, enhances employee satisfaction Gender equality and equal pay for work of equal value impact and motivation, and contributes to a positive workplace culture. Promoting a diverse and inclusive workplace lead to greater efficiency and sustainable Equal treatment and opportunities for all growth. Ensuring gender equality, and the employment and full inclusion of persons with Employment and inclusion of persons with disabilities; Actual positive disabilities drives innovation, and improves employee satisfaction. Implementing measures Measures against violence and harassment in the impact against violence and harassment creates a safer and more respectful environment, workplace; Diversity enhancing employee engagement and minimizing risks. Slow career progression, coupled with inadequate compensation and poor management Working conditions Potential negative STATEMENT of work-life balance and working hours, can lead to decreased employee satisfaction and Working time; Adequate wages; Work-life balance impact motivation. Welfare and well-being programmes—such as parental support and caregiver services— Working conditions Actual positive promote effective time management and work-life balance, contributing to increased CONSOLIDATED SUSTAINABILITY Work-life balance impact employee satisfaction. Equal treatment and opportunities for all Employment and inclusion of persons with disabilities; Potential discrimination against certain categories of employees in the workplace, Potential negative Measures against violence and harassment in the psychological violence, and/or unequal treatment of these employees impact workplace; Diversity The fast business growth and the increasing organization complexity of Amplifon may represent a challenge in identifying, attracting and retaining the talents requested for conducting the business as well as in developing a talent pipeline for the succession plan process. REPORT Working conditions Risk Secure Employment; Working time; Adequate wages ON OPERATIONS Qualitative anticipated financial effects: Evolution of external environment and increasing organization complexity potentially leading to costs for attracting, retaining and developing skilled talents to ensure a sustained business growth. Amplifon could rely on its positive reputation and perception as an inclusive and sustainability-driven organization that is also proactive in the promotion of a diverse and inclusive environment, to improve talent attraction and retention. Equal treatment and opportunities for all Employment and inclusion of persons with disabilities; Opportunity Qualitative anticipated financial effects: Diversity Initiatives to foster a strong and positive workplace culture and to maintain the Company’s “employer of choice” position as well as the promotion of a diverse and inclusive environment potentially decreasing costs of attracting/retaining skilled resources. AMPLIFON 41. It is specified that, at present, the Company has not identified any material impacts on its workforce resulting from transition plans aimed at reducing environmental impacts and achieving more sustainable and AT A GLANCE carbon-neutral operations. Furthermore, considering the nature of the Group’s business and its operations, no risks related to forced or compulsory labour have been detected. Within the process of identifying material risks related to its own workforce, the relevant functions have not highlighted any risks associated with child labour; across both categories of the Company’s own workforce covered in this assessment, no specific worker profiles (e.g., individuals with disabilities) have been identified as being particularly exposed to potential negative impacts identified by the Group. 178 --- ANNUAL R E PORT 2 0 2 5 In relation to the impacts, risks and opportunities identified, Amplifon considers and positioning Amplifon as a fair employer while ensuring that well-being initiatives are discloses in this report the related management approaches for all its workers. This recognised as a strategic lever within the Group’s policies. This is considered a key approach reflects the specific activities carried out by the business and the absence factor in enhancing the Group’s ability to attract, retain, and engage top talent. of impacts associated solely with specific situations or isolated incidents. As a testament to this commitment, in 2025, Amplifon was certified as a “Top Employer The Group’s HR strategy reflects both the rapid growth of the business and the 2026” for the fifth consecutive year across 20 countries: Germany, Italy, Spain, France, commitment to further consolidating Amplifon’s global leadership in the hearing Portugal, the Netherlands, the United States of America, Canada, Panama, Colombia, care market. These factors have enabled the development of a global HR strategy New Zealand, Belgium, Argentina, Chile, Ecuador, Australia, China, India, Singapore that effectively responds to the challenges of an increasingly complex and dynamic and Switzerland (in the last four countries, certification was obtained for the first landscape. By leveraging the professionalism and talent of all employees, this time this year), as well as four Regions (Europe, North America, Latin America and strategy supports the achievement of business objectives. Asia Pacific). In addition, for the first time Amplifon achieved the Global Top Employer Certification, a recognition granted to only 17 companies worldwide, becoming the CONSOLIDATED The Amplifon Group’s workforce of 20,979 in 2025 consists of 72% employees and first Italian Company and the first in the medical sector to reach this important FINANCIAL STATEMENTS 28% non-employees: milestone. Employees The Group’s employees, amounting to 15,078 (72% of the total workforce), are divided into back-office employees (workforce operating in Amplifon’s offices, including Executives, Directors, Managers, and Professionals) and field force (employees working in sales outlets across different territories, including Field STATEMENT Management, Hearing Care Professionals, Hearing Aids Specialists, Client Advisors). CONSOLIDATED SUSTAINABILITY Non-Employees Non-employees, totalling 5,901 (28% of the total workforce), carry out complementary or support functions for employees, either in back-office roles (e.g., BoD Members, Agency Workers, consultants, trainees, or interns) or within the field force (typically Hearing Aids Specialists and Client Advisors). REPORT ON OPERATIONS Amplifon ensures that all its employees operate in an ethical working environment that fosters inclusivity, equity, and the protection of human rights. This is achieved also through the implementation and communication of the Group’s Code of Ethics, which guarantees that all activities are conducted in compliance with the law, in a framework of fair competition, and in full respect of customer needs and the legitimate interests of employees, shareholders, business and financial partners, and the communities in which the Group operates. Furthermore, in order to foster well-being and employee satisfaction, the Group offers a personalised well-being programme, tailored to the regulatory requirements and best market practices in each of the countries where it operates. This programme is continuously improved AMPLIFON AT A GLANCE each year to ensure alignment with local and international compliance requirements, 179 --- ANNUAL REPORT 2025 MANAGEMENT OF IMPACTS, RISKS, AND OPPORTUNITIES CONCERNING THE GROUP’S WORKFORCE [S1-1] POLICIES RELATED TO OWN WORKFORCE CONSOLIDATED In 2025, the Group formalised its commitment to Human Rights by publishing its policy 1. Cultural Background FINANCIAL STATEMENTS on the subject. The Human Rights Policy was drafted in line with the principles of the Amplifon places great value on bringing together individuals with diverse UN Global Compact, the Universal Declaration of Human Rights and in compliance cultures, backgrounds, ethnicities, languages, religions, and nationalities, as with the International Labour Organization (ILO) conventions on fundamental this diversity fosters innovation, accelerates growth, and enhances decision- Human Rights, and sets out the Group’s commitment to respect fundamental making capabilities. human rights and workers’ rights in all the countries in which it operates, both in its business activities and in its relationships with third parties, condemning all forms of forced, compulsory and child labour and paying attention to labour rights aspects 2. Gender (please refer to the paragraph “Policies, actions, metrics and targets” in the chapter Amplifon believes in gender equality and promotes principles and actions “General disclosures (ESRS 2)” for further information). Amplifon’s commitment to aimed at improving equal opportunities, eliminating any potential barriers, STATEMENT promoting respect for workers’ rights and ensuring dignified, respectful, and safe including those related to sexual orientation, gender identity, and work-life working conditions is explicitly outlined also in its Sustainability Policy. Additionally, balance. Amplifon takes a proactive approach to engaging its stakeholders, particularly its CONSOLIDATED SUSTAINABILITY own workforce, to identify and address any potential or actual impacts on human rights. The Company is committed to monitoring negative human rights impacts, 3. Populations And Ethnicities both current and potential, and implementing corrective measures where necessary Amplifon is committed to identifying and combating all forms of racism to to prevent and/or remediate such impacts. The Group’s Whistleblowing System create a better future for future generations. All populations and ethnicities also allows for the reporting of aspects covered within the Group’s Code of Ethics, are welcome and protected in Amplifon. including human rights, thus ensuring a secure and confidential channel for reporting any violations or concerns regarding the protection of the fundamental rights of its workforce by every person in the Group. 4. Disability REPORT Amplifon is committed to promoting disability inclusion and constantly strives ON OPERATIONS In line with the contents of the Code of Ethics and the Sustainability Policy, in 2022 to make the workplace safe and inclusive for everyone. the global DEIB (Diversity, Equity, Inclusion, Belonging) Policy was formalised and approved; please refer to the paragraph “Policies, actions, metrics and targets” in the chapter “General disclosures (ESRS 2)” for more information), which consolidates the 5. Age importance Amplifon attributes to an impartial, fair and inclusive work environment. Amplifon fosters an inclusive work environment, embracing the presence With the aim of valuing human differences, the policy covers, among others, the of five generations and recognising the benefits of diverse values and following aspects: experiences. Amplifon’s mission is to ensure that in the Company employees of all ages feel valued. AMPLIFON AT A GLANCE 180 --- ANNUAL REPORT 2025 To ensure a consistent commitment at every organisational level, the policy outlines To ensure the effective implementation of the Policy across business processes, specific actions regarding: Amplifon has developed a DEIB Action Plan, outlining current and future initiatives that will enable the Company to translate the four pillars of the policy into concrete • developing a work environment rooted in diversity, fostering a tolerant, flexible, actions. and collaborative culture that adapts to the evolving needs of professional contexts; Furthermore, such policy is implemented in daily operations through specific • emphasising equity as fairness and justice, acknowledging that not all individuals procedures aimed at preventing, reducing, and addressing discrimination while are equal due to historical or systemic biases. Amplifon strongly believes in actively promoting diversity and inclusion, particularly in the following areas: encouraging people to develop their unique talents and express their full potential, welcoming anyone who can bring tangible value to the organisation and ensuring • Selection: Amplifon assesses a diverse pool of candidates in terms of gender and equal opportunities for all employees; age, ensuring a selection process focused on leadership, business, and technical • creating a workspace where everyone feels included, safe, and free to embrace skills, conducted in a clear, transparent, evidence-based manner, free from any CONSOLIDATED their unique ideas and habits, feeling empowered and motivated. This commitment discriminatory criteria. All stakeholders involved in the selection process receive FINANCIAL STATEMENTS also extends to fostering the inclusion of people with disabilities. In this regard, the training to ensure a bias-free evaluation, and all recruitment materials (e.g., job Group is committed to providing access to training and development initiatives to descriptions) avoid any mention of personal characteristics or preferences, adhering support and enhance the careers and personal growth of all its people; to the principle of non-discrimination. • fostering a culture of belonging that enables everyone to be themselves, express • Training: Amplifon promotes training and development programmes designed themselves freely, and be creative and innovative, unlocking their full potential. to connect individuals with different experiences, backgrounds, functions, and Our commitment translates into creating a workplace free from discrimination countries, allowing each employee to broaden their knowledge continuously and and harassment, where all employees can voice their opinions and report achieve professional growth solely based on merit. Through dedicated training inappropriate behaviour. programs (both digital and non-digital), available to employees, the Group promotes specific content to enhance diversity, encourage inclusive (bias-free) behaviours, STATEMENT communicate effectively across different cultures within the Group, and encourage intergenerational work and teams composed of different nationalities (e.g., the Managing across Cultures training). Furthermore, the Group strongly believes CONSOLIDATED SUSTAINABILITY in global internal mobility as a catalyst for personal and professional growth. To facilitate movement within the Group, Amplifon implemented a competitive Global Mobility Policy. • Performance evaluation and compensation: individual performance assessments are based on a globally standardised framework of objectives and behaviours, without any geographical or gender-based distinctions. Additionally, equity principles embedded in the Group’s Remuneration Policy ensure full ethical integrity and fairness in the performance and compensation review process. REPORT During the definition of individual annual objectives, the Group encourages ON OPERATIONS employees and managers to reflect on personal talents and strengths, ensuring that the process is conducted free from bias, as is the case in the Talent Review process. AMPLIFON AT A GLANCE 181 --- ANNUAL REPORT 2025 • Delivery of an interactive training programme for Back Office Managers worldwide on diversity and unconscious bias management: promoting awareness of diversity and unconscious bias, with the aim of improving team management and raising participants’ awareness of diversity and unconscious bias matters, thereby helping to create an inclusive and sustainable working environment. The training was delivered in 21 countries, with the aim of covering the entire Group in 2026. • Online training on sustainability and diversity: three online courses on Sustainability and Diversity were assigned via the Ampli-Academy platform to the entire global back office population. The training sessions aimed to increase awareness of the environmental impact of work activities and promote an inclusive, discrimination-free workplace. The courses covered topics such as energy efficiency, CONSOLIDATED waste reduction, water resource consumption, and workplace discrimination and FINANCIAL STATEMENTS harassment. It should also be noted that all Amplifon employees receive general training on the Supplier Code of Conduct, while all employees in the Procurement and Supply Chain team, including buyers, receive specific and detailed training on its operation and application; lastly, employees in the above function whose role requires it received, during 2025, dedicated training on the EcoVadis platform, focusing on topics such as due diligence and GHG accounting. The aim of the training is to increase awareness and knowledge of these topics and to create a sustainable and inclusive working environment that respects the different cultural contexts present within the Company. This initiative supports the target of delivering two STATEMENT hours of training per capita for the back office workforce. The scope of application includes all direct employees within the back office area. CONSOLIDATED SUSTAINABILITY Amplifon’s Code of Ethics defines guidelines applicable to all employees and third parties acting on behalf of the Group, ensuring the maintenance of a safe and healthy work environment and encouraging active participation in risk prevention and health and safety protection for themselves, colleagues, and third parties. Given the nature of the Group’s activities and the tools and procedures in place to comply with local and regional regulations, the business presents a low level of occupational injury risk. Nevertheless, specific organisational models are in place in the countries where the Group operates to comply with local safety regulations and standards. REPORT ON OPERATIONS In 2025, the Group obtained the Gender Equality Certification from the Winning Women Institute for the fourth time for Amplifon S.p.A. and Amplifon Italia S.p.A.. As the first certification of its kind in Italy, based on the Dynamic Model Gender Rating methodology, it recognises the long-term commitment of Italian companies to valuing and fostering diversity – two fundamental principles of Amplifon’s philosophy in promoting equal opportunities across all aspects of employment. The Gender Equality Certification particularly acknowledged the tangible results achieved by the Group over the past four years in the framework of the “People Empowerment” pillar of the Sustainability Plan, which embraces diversity as a driver of enrichment and a key lever for corporate performance. AMPLIFON AT A GLANCE 182 --- ANNUAL REPORT 2025 [S1-2] PROCESSES FOR ENGAGING WITH OWN WORKFORCE AND [S1-3] PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS WORKERS’ REPRESENTATIVES ABOUT IMPACTS FOR OWN WORKFORCE TO RAISE CONCERNS As part of its commitment to stakeholder engagement, Amplifon employs various Amplifon’s operations are based on the principles of legality, fairness, honesty, channels to interact directly with its employees, also engaging with trade union integrity, equity, transparency, and efficiency, adopting internal policies and representatives, who play a central role in advocating for workers’ needs and operational processes aimed at preventing negative impacts on the well-being concerns. The following activities are aimed at identifying, managing, and addressing and safety of its workforce. Amplifon employees and those working on behalf any impacts that the Group may have on its employees. Employee engagement of the Company are encouraged to report any concerns or complaints regarding activities, which can range from formal consultations to informal meetings, ensure harassment, alleged illegal behaviour, or other topics, directly to their manager or that every individual within the Group has the opportunity to express their opinions. through the Group’s independent Whistleblowing mechanism. This tool defines Among the most representative engagement initiatives are: the rules and communication channels for reporting, ensuring confidentiality, any violations, suspected violations, or non-compliance with the Code of Ethics, CONSOLIDATED • Double Materiality: the 2025 update was carried out through dedicated discussions Anti-Corruption Policy, internal policies and procedures, including Model 231, and FINANCIAL STATEMENTS with the Group’s main internal stakeholders, representing the relevant functional applicable laws and regulations. It should be noted that the Whistleblowing channel areas. For further details regarding update frequency and implementation can also be accessed anonymously and operates through a digital platform, which is responsibilities, please refer to section “The Group’s double materiality” in “General powered by proprietary third-party software. This platform enables simple, secure, disclosures (ESRS 2)” chapter”. and confidential reporting, while also allowing for confidential follow-ups between • “Your Voice”: a global survey conducted every two years and dedicated to all the whistleblower and the investigating party, should further clarification be needed. employees of the Group, aimed at developing targeted action plans based on the In this regard, please refer to the paragraph “Management of impacts, risks, and results obtained. The survey explores topics such as satisfaction and happiness in opportunities concerning the Group’s governance” in the chapter “Governance the workplace, employees’ sense of purpose in their work, and their level of stress. Information (ESRS G1)” for further details. The Company ensures that all employees The Human Resource function, coordinated by the Chief Human Resources Officer, are aware of these tools and how to access them, through training sessions provided STATEMENT is responsible for implementation. For further details on results, engagement during the onboarding process, as well as periodic company-wide communications. activities, and their effectiveness, refer to section “Sustainability governance” in The Company does not operate any additional specific channels for its own workforce. “General disclosures (ESRS 2)” chapter. CONSOLIDATED SUSTAINABILITY • Whistleblowing Reporting Mechanism: a process that allows all Group employees to confidentially and securely report any violations of the Code of Ethics, laws, regulations, internal policies, and procedures. For further information, please refer to section “Policies, actions, metrics and targets” of the “General disclosures (ESRS 2)” chapter. • Interactions with trade union representatives: Amplifon establishes contractual conditions directly with its employees in line with local best practices. Where applicable, collective labour agreements or equivalent contracts are applied. REPORT Collective bargaining agreements or equivalents cover all employees in countries ON OPERATIONS where mandated by local regulations or partially, depending on local legal frameworks and specific contractual provisions. In 2025, 4,986 employees were covered by collective bargaining agreements, representing 33.1% of the total workforce. AMPLIFON AT A GLANCE 183 --- ANNUAL REPORT 2025 • Amp Up Your Health & Vitality, focused on services supporting physical and mental ACTIONS, METRICS AND TARGETS wellbeing and a healthy lifestyle; • Amp Up Your Protection & Care, aimed at future protection and care services for [S1-4] TAKING ACTION ON MATERIAL IMPACTS AND APPROACHES employees and their families; TO MITIGATING MATERIAL RISKS AND PURSUING MATERIAL • Amp Up Your Everyday Perks, offering practical solutions and benefits to simplify OPPORTUNITIES RELATED TO OWN WORKFORCE, AND EFFECTIVENESS everyday life. OF THOSE ACTIONS Pay transparency and equity – Activities continued to define a global strategy and [S1-5] TARGETS RELATED TO MANAGING MATERIAL NEGATIVEE action plan aimed at aligning with the objectives of the new EU Pay Transparency IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING MATERIAL Directive, in preparation for its future entry into force, adapting them to the RISKS AND OPPORTUNITIES specificities of non-European countries where local regulations are already in place. Amplifon continues to pursue initiatives aimed at identifying the areas impacted by CONSOLIDATED The Group is continuously committed to addressing potential negative impacts, the regulation, engaging and raising awareness among internal stakeholders, and FINANCIAL STATEMENTS enhancing positive impacts and managing risks concerning its own workforce. To this planning targeted actions to strengthen the required competencies. The Group’s end, the Group has developed targeted actions, setting specific objectives, metrics, strategy is aimed at ensuring pay equity and transparency at all organisational levels. and targets, and allocating appropriate resources. The management of workforce- related matters involves various corporate functions, particularly the Human In particular, during 2025, the Group initiated the implementation of an automated Resources department, which, in synergy with the relevant functions, collaborates Pay Equity Tool. A structured methodology was defined to support the use of the to continuously monitor and improve the working environment, promote training, tool, and data collection and analysis activities were carried out. At the same time, enhance talent development, and protect employees’ rights. The following sections the tool was customised to ensure an approach consistent with global analytical outline the key actions undertaken, along with the related measurement metrics and requirements and with the specificities of individual countries. objectives, where applicable. STATEMENT WORKING CONDITIONS CONSOLIDATED SUSTAINABILITY Group Benefit strategy (Be Well) – During the year, the development of a common strategy for the entire Group continued, aimed at ensuring a consistent and competitive employee benefits offering across the various geographical areas in which Amplifon operates. The initiative integrates the benefits offered by the Group as a strategic lever within the Total Reward Strategy, enhancing employee motivation, satisfaction, and organisational well-being. The project was launched in 2025, primarily involving direct back-office employees of Italian offices. During REPORT the year, the Be Well programme was implemented, with the aim of transforming ON OPERATIONS the concept of welfare into a broader notion of wellbeing, going beyond the mere provision of benefits and becoming a genuine 360-degree support opportunity for the lives of our people. Accordingly, the offering was enhanced with services designed to address every type of need, structured around four strategic pillars: • Amp Up Your Belonging & Growth, encompassing initiatives dedicated to promoting an inclusive corporate culture, professional growth opportunities and skills development; AMPLIFON AT A GLANCE 184 --- ANNUAL REPORT 2025 During the same period, a review of job mapping was launched, aimed at updating and refining the existing banding model. Finally, the datasets required for public EQUAL TREATMENT reporting were prepared, particularly in view of the requirements set out under the CSRD Directive and disclosed in the Group’s Report on the Remuneration Policy and AND OPPORTUNITIES FOR ALL compensation paid. Performance Development Review (PDR): As a continuation of this process, the activities planned between 2025 and 2026 were focused on defining a strategic plan to prepare the Group for the entry into force • Annual performance evaluation process for back office and Field Management of the above-mentioned Directive. This plan included an assessment of the global personnel (Area Managers, Regional Managers, Training Managers, and Field regulatory framework and compliance requirements in the countries in which the Trainers) to monitor individual performance and promote behaviours aligned Group operates, with the aim of identifying the current state of play and the main with the Group’s leadership model across six dimensions. Strategic Thinking, areas for intervention. Based on this analysis, a mitigation and strategic integration Driving Success, Outstanding Execution, Building Relationships, People CONSOLIDATED plan was developed to address the quantitative and qualitative gaps identified, which Champion and Pioneering Change. This process is therefore distinguished by its FINANCIAL STATEMENTS will be further enhanced and customised once the Directive has been transposed multidimensional approach, which assesses not only the achievement of annual into national legislation in each country. In parallel, a review of internal policies was targets (both corporate and individual), but also alignment with the values and initiated to ensure their full alignment with the Directive’s requirements, as well as behaviours demonstrated by employees in attaining them. To support employees the drafting of new policies where necessary. in understanding the process and the tools available for their professional development, regular training sessions are organised for the involved personnel. The activities also included the enhancement of the salary review process through These sessions aim to equip Directors and Managers with a clear understanding the introduction of guidelines aimed at ensuring fair and consistent remuneration of their role in fostering the professional growth of their teams, while also review practices, together with an action plan to address the main deviation areas empowering Professionals with a strong awareness of their role in shaping their identified. To support this process, a monitoring and progress measurement system own development path within Amplifon. At a Group level, in 2025, 93.9% of STATEMENT based on specific key performance indicators was developed. employees were included in the performance evaluation process, excluding only those who, due to specific circumstances, could not take part (e.g., employees on The actions are scheduled for completion during the two-year period 2026-2027. long-term maternity/paternity leave or extended leave, employees under study- CONSOLIDATED SUSTAINABILITY This initiative aligns with the Plan’s objective of promoting equal opportunities at all work contracts with different evaluation mechanisms). This initiative is aligned corporate levels. with the Plan’s objective of ensuring a robust succession pipeline for key roles. Women Winning Institute - For the fourth consecutive year, Amplifon has confirmed its excellence in gender equality with regard to its subsidiaries Amplifon Italia S.p.A. and Amplifon S.p.A., once again obtaining the Winning Women Institute certification, a recognition that attests to the Company’s ongoing commitment to promoting a 46% 29% truly inclusive culture and a fair working environment, focused on enhancing female REPORT talent in all its forms. The renewal of the certification reflects the tangible results > PERCENTAGE OF TALENTS & HIGH > PERCENTAGE OF TALENTS & HIGH ON OPERATIONS achieved across four key pillars: women’s professional development, pay equity, PERFORMERS PER YEAR IN THE PERFORMERS PER YEAR IN THE FIELD diversity and inclusion policies, and maternity protection. BACK-OFFICE POPULATION FORCE POPULATION ACCORDING TO THE NEW ASSESSMENT SYSTEM AMPLIFON AT A GLANCE 185 --- ANNUAL REPORT 2025 • For the clinic workforce (Hearing Care Professionals, Client Advisors, and other Training activities - The Group promotes training and development programmes clinic personnel), the Group has developed a performance monitoring system, designed to connect individuals with different experiences, backgrounds, functions, launched in 2023. By tracking clinic visits, target achievements, and individual and countries, allowing each employee to broaden their knowledge continuously and qualitative assessments for each role, this process ensures alignment with the achieve professional growth solely based on merit. Among the numerous training Group’s business performance. The new approach has enhanced efficiency and activities provided during 2025, which can be quantified at a cost of more than EUR automation for those subject to the evaluation as well as for Area Managers, who 11 million, as reported in Note 31 “Operating Costs” within the Consolidated Financial are responsible for conducting the reviews. From a technological perspective, Statements, the main types are listed below. the new system has been integrated into the existing digital platform used for business monitoring, allowing Area Managers to access a single entry-point for Training offer for back office employees: training offering for back-office the majority of their tasks. The process is currently active in 13 countries and employees, including the “Coursera 4 Work” programme, which provides access to will be progressively extended to the other Group countries in line with the over 80 courses, in addition to Amplifon’s internal training and courses delivered by technological roll-out roadmap. external partners such as LinkedIn Learning and Coursera, for a total of more than CONSOLIDATED 35,000 courses available. This initiative aims to enhance both functional and cross- FINANCIAL STATEMENTS Your Voice - A global survey conducted every two years and open to all employees of disciplinary skills among back office employees, ultimately contributing to improved the Group, aimed at developing targeted action plans based on the results obtained. individual and team performance. Support for skills development essential for The latest edition was conducted in November 2025 and involved approximately sustainable business growth, in line with the target of 24 hours of training per back 13,300 employees (excluding Egypt, Israel and the acquisition of Kind Aparaty office employee (including at least two hours on sustainability and DEIB) throughout Słuchowe in Poland completed during 2025). The survey structure was differentiated the year. between back office and field force populations in order to enhance the relevance of the questions for each target group. In this edition, participation reached an 86% response rate, collecting approximately 11,350 responses and around 28,000 qualitative comments. 89% of Group employees provided a positive opinion of the STATEMENT Company, maintaining a consistently strong result broadly in line with the 2023 3.1 3.4 5.3 edition. During 2026/2027, countries will be required to define and implement action plans, based on the feedback received in the survey, aimed at addressing the > AVERAGE NUMBER OF > AVERAGE NUMBER > AVERAGE NUMBER OF CONSOLIDATED SUSTAINABILITY DAYS OF TRAINING PER OF HOURS OF TRAINING DAYS PER main areas for improvement identified. The engagement survey includes specific BACK-OFFICE EMPLOYEE SUSTAINABILITY FIELD FORCE EMPLOYEE questions such as “My team/workgroup has a culture in which employees appreciate 42 PER YEAR TRAINING PER BACK- PER YEAR the differences that people bring to the workplace”, “Amplifon does a good job of OFFICE EMPLOYEE PER communicating with employees” and “I am treated with respect and dignity”. These YEAR enable monitoring and deeper understanding of employee perspectives, particularly for those more vulnerable to workplace impacts or marginalisation. The next survey is scheduled for November 2027. REPORT Additionally, in 2025, Amplifon expanded its Listening Strategy by launching ON OPERATIONS offboarding surveys in additional countries, sent to employees who voluntarily leave the Company. This initiative aims to maximise employee feedback throughout their career with Amplifon, supporting continuous improvement and understanding of the external job market. AMPLIFON AT A GLANCE 42.Including non-employee field force, excluding franchisees. 186 --- ANNUAL REPORT 2025 • Inspire Growth Program – The Global Mentoring Experience – In 2025, Amplifon launched the Inspire Growth Program, a fully revamped global mentoring initiative designed to develop the soft skills of the Company’s future leaders. The new format offers an international, merit-based development experience aimed at high-potential talent within the Back Office organisation. The first renewed edition, running from January to December 2025, involved 20 mentor–mentee pairs from different functions and geographical areas, with varying levels of seniority (mentees were selected among specialists and managers, while mentors were selected among managers and directors). At the beginning of the programme, participants were assigned dedicated e-training paths designed to support both mentors and mentees in fulfilling their roles and maximising the value of the mentoring experience. Throughout the year, quarterly touchpoints and a mid- CONSOLIDATED term review with the Global HR function ensured continuous dialogue, progress FINANCIAL STATEMENTS monitoring and alignment on development objectives. The programme achieved an overall satisfaction rate of 4.6/5, with 67% of participants rating the experience as excellent (5/5). The 2026 edition was launched in January, further expanding this global community of leaders and involving an additional 21 mentor–mentee pairs. • Digital Amplifon Global Onboarding (DaGO) – The DaGO Program is a three-day virtual initiative designed to foster the integration of new employees into Amplifon’s global culture. Managed by the Global CoE Talent Team, the programme aims to strengthen connections, collaboration and a shared understanding of corporate STATEMENT values among new joiners within the Back Office organisation. The programme was delivered in two editions: the Pacific Edition in May 2025 and the Atlantic/ EMEA Edition in June 2025, each featuring 12 speakers. Over the course of the CONSOLIDATED SUSTAINABILITY year, a total of 222 employees participated, gaining the opportunity to engage with colleagues from different areas, expand their network and build a solid foundation for their professional journey at Amplifon. Through DaGO, Amplifon reaffirms its commitment to employee engagement, cultural alignment and the creation of a cohesive and motivated global workforce. Leadership training and development programs - In 2025, the offering of the existing Leadership Programs was updated, aligned with the Group’s transformation REPORT journey, HR processes, the Leadership Model and the Amplifon Employee Experience. ON OPERATIONS The following training and development programmes have taken place, also in collaboration with leading partners: • Lead the Way: in partnership with ESADE Business School, aimed at developing and strengthening the strategic skills of the Group’s Directors. AMPLIFON AT A GLANCE 187 --- ANNUAL REPORT 2025 • BE Leader: in partnership with ESADE Business School, aimed at accelerating the • Career Compass – In place across the Group since 2023, this employee development development of managers who will take on a “People Leader” role in the near future. tool is designed to guide employees through their career journey at Amplifon. The • BE Manager: delivered locally based on a global project, designed to create a shared “Compass” is completed with the support of the direct manager, enabling employees pathway for Amplifon’s managerial population, not only to support the development to identify potential next career steps and plan development actions accordingly. of managerial competencies, but also to build a shared culture and reinforce the The Career Compass is structured around three main elements – career progression, High Performing Team approach, helping managers in developing their teams. development plans and willingness to internal mobility – providing a clear and • RIDE the Change: dedicated to young back office talents, this programme enhances structured framework for growth within the Group. During 2025, the tool was digital skills to drive a culture of change and innovation. further enhanced with the introduction of new features dedicated to tracking skills • Leadership Model Competencies Webinars: a strategic initiative to disseminate and languages, synchronised with the employee’s LinkedIn profile. This evolution, and strengthen leadership skills within Amplifon. The webinars are held on a initially piloted on a voluntary basis, will enable a more comprehensive recognition bimonthly basis and are designed to be interactive and engaging, combining of individual competencies and support increasingly personalised development discussions with global experts and gamification activities. Each session explores a pathways. CONSOLIDATED specific competency of the model, such as Pioneering Change or People Champion, • Gender pay gap reduction – In 2024, the Group started implementing a digital FINANCIAL STATEMENTS providing practical insights, case studies and tools to navigate change and lead salary review system across all the countries in which it operates, with the aim of teams effectively. Moderated by the Global Talent Team, the webinars include Q&A ensuring global consistency and a merit-based approach grounded in individual sessions with the speakers and conclude with concrete takeaways to apply what has performance. This process seeks to maintain a balance between internal equity been learned in day-to-day professional activities. The objective is to build a global and external competitiveness, while also reinforcing employee retention and community of curious, adaptable and collaboration-oriented leaders, fostering engagement. The initiative initially involved direct back-office employees, helping to continuous development and the sharing of best practices. foster a fair, transparent and people-development-oriented working environment. Professional development of the Field Force - To support the professional growth In 2025, the project continued to evolve, moving from a centralised approach to of the Field workforce, the Global Retail Academy, AmpliWay, has expanded its training one extended to individual countries, with the aim of standardising and making STATEMENT offer, focusing on key skills for the Group’s sales force, delivering a total of 534,030 remuneration process management more efficient internationally. To date, excluding hours of training to both direct and indirect field staff. This initiative has contributed to China, the entire Group back-office population has already been integrated into the improving performance and enhancing the customer experience. The training offering new digital tool. CONSOLIDATED SUSTAINABILITY is structured around three key pillars: Onboarding, which develops fundamental skills for the role at Amplifon; Performance, which supports the achievement of business A plan has also been envisaged for the progressive roll-out to the field population, objectives; Change and Transformation, which focuses on change management and structured in three phases: innovation within Company protocols. This skills development approach aligns with the Group’s Sustainability Plan target of at least three days of training for field force • Phase 1: activation of pilot countries in Spain, Italy, Canada, the LATAM region employees per year. countries excluding Argentina, and India. • Phase 2: all countries in the EMEA Region, excluding Switzerland. • AMPLI-TUNE- In 2025, the AMPLI-TUNE project was launched, an initiative dedicated • Phase 3: the remaining countries in which Amplifon operates. REPORT to strengthening audiological skills and enhancing the customer experience, in ON OPERATIONS line with a broader stream of initiatives focused on customer care and people The first step of the project concerns the digitalisation of salary governance and development, promoting a culture of professional excellence and continuous incentive schemes, which are already fully operational and accessible to the countries’ improvement. Starting from the third quarter, a programme was launched to further leadership teams, marking a significant milestone towards integrated, merit-based strengthen and develop core audiological competencies in a more structured way, and digitalised global human resources management. with the objective of further enhancing standards of accuracy and quality in the execution of tests and the fitting of hearing aids. The project therefore represents a new approach to audiological training, aimed at strengthening people’s skills and promoting the adoption of uniform operating standards, supporting the quality and effectiveness of the service offered across all Group countries. AMPLIFON AT A GLANCE 188 --- ANNUAL REPORT 2025 Global Employer Value Proposition (EVP) – In January 2025, the new “Employer Value Proposition” was launched, aimed at strengthening Amplifon’s positioning as an “employer of choice” in both the internal and external labour market. This initiative aims to enhance brand perception and awareness among candidates for back office (junior and senior) and front office (HCP and CA) positions, as well as improve talent retention within the Group. The launch of the EVP and the related communication campaign took place in the first quarter of 2025 and will also include further related initiatives in 2026. Creating a robust and high-quality talent pipeline for key roles within the Group is a primary objective of this initiative, involving both external candidates and internal talent on a global scale. A milestone further strengthened by the achievement of the Global Top Employer certification, already obtained by the Group during 2025. CONSOLIDATED Women’s Empowerment Principles – Since early 2022, the Group has adhered to FINANCIAL STATEMENTS the Women’s Empowerment Principles (WEPs) established by UN Women and the UN Global Compact. These principles guide organisations in promoting gender equality and women’s empowerment in the workplace, market, and community. In line with international labour and human rights standards, the WEPs acknowledge the role and responsibility of businesses in advancing gender equality and women’s empowerment. Valore D – Since July 2022, Amplifon S.p.A. has been a member of Valore D, the first association of companies in Italy (with over 350 members) dedicated to gender balance and fostering an inclusive corporate culture. Alongside other companies driving STATEMENT workplace inclusivity, Valore D promotes change based on the belief that “diversity is strength”, not only in terms of equality and fairness but also for economic and social growth. Thanks to this membership, in 2025 training experiences (seminars, skill labs CONSOLIDATED SUSTAINABILITY and mentoring programmes) were delivered to 22 employees of Amplifon Italia S.p.A. and Amplifon S.p.A. REPORT ON OPERATIONS 53% 26% > PERCENTAGE OF FEMALE > PERCENTAGE OF FEMALE EMPLOYEES IN THE GLOBAL BACK EMPLOYEES IN THE GLOBAL OFFICE POPULATION LEADERSHIP POPULATION AMPLIFON AT A GLANCE 189 --- ANNUAL REPORT 2025 EMPLOYEES BY PROFESSIONAL CATEGORY AND GENDER CHARACTERISTICS (FIELD FORCE) 2024 2025 no. % no. % OF AMPLIFON’S EMPLOYEES HCP professionals (qualified 6,854 54.2% 6,991 55.4% by law/certified) Male 1,879 27.4% 1,918 27.4% [S1-6] CHARACTERISTICS OF THE UNDERTAKING’S EMPLOYEES Female 4,966 72.5% 5,070 72.5% The following tables provide a quantitative breakdown of Amplifon’s workforce. The Other 1 0.0% 0 0.0% information presented includes the number of employees broken down by gender, 8 0.1% 3 0.1% Not reported professional category, geographical area, contract type, and the number of contracts HCP professionals 43 CONSOLIDATED terminated as of 31/12/2025. At the end of 2025, Amplifon had 15,078 employees , a 537 4.2% 481 3.8% (apprentices or equivalents) FINANCIAL STATEMENTS slight increase compared to 2024; for further information, please refer to the chapter 198 36.9% 194 40.3% Male “Economic and Financial Results” of the Report on Operations as of 31 December Female 332 61.8% 286 59.5% 2025. In fact, in 2025, Amplifon’s employee turnover rate stood at 23.2% (equivalent to 3,494 employees), with 22.8% for men and 23.3% for women. Women account for Other - 0.0% - 0.0% more than 73% of the total workforce (specifically over 77% of the field force and Not reported 7 1.3% 1 0.2% more than 53% of the back office) and 46.6% of all managerial positions. Additionally, Client advisor and other 44 almost half of the workforce is employed in STEM roles, and among them, more 4,531 35.8% 4,420 35.0% clinic personnel than 70% are women. Male 423 9.3% 400 9.0% Female 4,094 90.4% 4,015 90.8% STATEMENT Other 1 0.0% 4 0.1% EMPLOYEES BY GENDER 13 0.3% 1 0.1% Not reported CONSOLIDATED SUSTAINABILITY 2024 2025 Field management 720 5.7% 737 6.0% no. % no. % Male 340 47.2% 346 47.0% Male 3,976 26.4% 4,000 26.5% Female 380 52.8% 391 53.0% Female 11,061 73.4% 11,069 73.3% Other - 0.0% - 0% Other 2 0.01% 4 0.1% Not reported - 0.0% - 0% 31 0.2% 5 0.1% Not reported 12,642 83.9% 12,629 83.8% Total Field force REPORT 15,070 100% 15,078 100% ON OPERATIONS Total Group of which male 2,840 22.5% 2,858 22.6% of which female 9,772 77.3% 9,762 77.2% of which others 2 0.0% 4 0.1% of which not reported 28 0.2% 5 0.1% 43.Consistent with Note 31 “Operating Costs” in the Consolidated Financial Statements and Related Notes. AMPLIFON AT A GLANCE 44.STEM (Science, Technology, Engineering, Mathematics) roles at Amplifon include scientific, technological, engineering, and mathematical positions across various functions such as IT, digital, finance, medical, and other related departments. 190 --- ANNUAL REPORT 2025 EMPLOYEES BY PROFESSIONAL CATEGORY AND GENDER EMPLOYEES BY GEOGRAPHICAL AREA (BACK OFFICE) 2024 2025 2024 2025 UoM no. % no. % Executives 14 0.6% 13 0.5% EMEA no. 8,499 8,595 Male 13 92.9% 13 100.0% AMERICA no. 2,449 2,469 1 7.1% - 0.0% APAC no. 3,761 3,639 Female no. 361 375 Other - 0.0% - 0.0% CORPORATE no. 15,070 15,078 Not reported - 0.0% - 0.0% Total Group Directors 240 9.9% 248 10.0% CONSOLIDATED Male 181 75.4% 179 72.0% FINANCIAL STATEMENTS Female 59 24.6% 69 28.0% - 0.0% - 0.0% Other Not reported - 0.0% - 0.0% Managers 491 20.2% 490 20.0% Male 248 50.5% 256 52.0% Female 243 49.5% 234 48.0% Other - 0.0% - 0.0% STATEMENT - 0.0% - 0.0% Not reported Professionals 1,683 69.3% 1,698 69.5% CONSOLIDATED SUSTAINABILITY Male 694 41.2% 694 41.0% Female 986 58.6% 1,004 59.0% Other - 0.0% - 0.0% Not reported 3 0.2% - 0.0% 2,428 16.1% 2,449 16.0% Total back office of which male 1,136 46.8% 1,142 47.0% REPORT of which female 1,289 53.1% 1,307 53.0% ON OPERATIONS of which others - 0.0% - 0.0% of which not reported 3 0.1% - 0.0% AMPLIFON AT A GLANCE 191 --- ANNUAL REPORT 2025 EMPLOYEES BY GEOGRAPHICAL AREA AND GENDER 2024 2025 UoM Male Female Other Not reported Total Group Male Female Other Not reported Total Group EMEA no. 2,297 6,179 1 22 8,499 2,356 6,237 1 1 8,595 Italy 181 257 - - 438 193 261 0 0 454 Spain 422 1596 - - 2,018 423 1541 0 0 1,964 France 373 1243 - 3 1,619 381 1253 0 0 1,634 Germany 625 1319 1 4 1,949 649 1277 1 1 1,928 Netherlands 272 374 - - 646 270 376 0 0 646 CONSOLIDATED Switzerland 87 231 - - 318 95 231 0 0 326 FINANCIAL STATEMENTS Belgium 44 163 - - 207 46 161 0 0 207 United Kingdom 86 182 - - 268 84 175 0 0 259 Portugal 47 192 - - 239 43 196 0 0 239 Israel 26 137 - - 163 24 143 0 0 167 Hungary 20 178 - 12 210 21 182 0 0 203 Poland 18 208 - 3 229 40 345 0 0 385 Egypt 84 86 - - 170 78 82 0 0 160 EMEA Region 12 13 - - 25 9 14 0 0 23 STATEMENT AMERICA no. 620 1,829 - - 2,449 623 1,846 - - 2,469 USA 328 820 - - 1,148 338 851 0 0 1,189 Canada 68 337 - - 405 66 326 0 0 392 CONSOLIDATED SUSTAINABILITY Chile 30 150 - - 180 32 149 0 0 181 Argentina 15 143 - - 158 14 136 0 0 150 Colombia 24 91 - - 115 21 97 0 0 118 Ecuador 33 86 - - 119 30 97 0 0 127 Mexico 30 57 - - 87 29 46 0 0 75 Panama 3 5 - - 8 3 3 0 0 6 REPORT Uruguay 15 70 - - 85 16 74 0 0 90 ON OPERATIONS North America Region 60 63 123 57 59 0 0 116 Latin America Region 14 7 - - 21 17 8 0 0 25 APAC no. 846 2,905 1 9 3,761 798 2,834 3 4 3,639 Australia 394 1222 1 - 1,617 374 1209 2 1 1,586 New Zealand 82 460 - 9 551 79 451 1 3 534 India 309 191 - - 500 283 178 0 0 461 China 54 1026 - - 1,080 53 990 0 0 1,043 APAC Region 7 6 - 13 9 6 0 0 15 CORPORATE no. 213 148 - - 361 223 152 0 0 375 AMPLIFON AT A GLANCE Total Group no. 3,976 11,061 2 31 15,070 4,000 11,069 4 5 15,078 192 --- ANNUAL REPORT 2025 EMPLOYEES BY CONTRACT TYPE, EMPLOYMENT TYPE EMPLOYEES BY CONTRACT TYPE, EMPLOYMENT TYPE AND GENDER AND GEOGRAPHICAL AREA 2024 2025 UoM EMEA AMERICA APAC CORPORATE GROUP no. % no. % Number of employees 15,070 100.0% 15,078 100% 2024 Male 3,976 26.4% 4,000 26.5% Number of employees no. 8,499 2,449 3,761 361 15,070 7,708 2,436 2,691 360 13,195 Female 11,061 73.4% 11,069 73.3% Permanent contract NO. Temporary contract NO. 791 13 1,070 1 1,875 Other 2 0.0% 4 0.1% 31 0.2% 5 0.1% Flexible working time NO. - - - - - Not reported Permanent contract 13,195 87.6% 13,052 86.6% Full-time NO. 5,697 2,268 3,281 357 11,603 2,802 181 480 4 3,467 Male 3,665 27.8% 3,659 28.0% Part-time NO. CONSOLIDATED FINANCIAL STATEMENTS 2025 Female 9,502 72.0% 9,385 71.8% 1 0.0% 4 0.1% Number of employees NO. 8,595 2,469 3,639 375 15,078 Other Not reported 27 0.2% 4 0.1% Permanent contract NO. 7,654 2,459 2,566 373 13,052 941 10 1,073 2 2,026 Temporary contract 1,875 12.4% 2,026 13.4% Temporary contract NO. Flexible working time NO. - - - - - Male 311 16.6% 341 16.8% 1,559 83.1% 1,684 83.1% Full-time NO. 5,930 2,298 3,192 372 11,792 Female Other 1 0.1% 0 0.0% Part-time NO. 2,665 171 447 3 3,286 Not reported 4 0.2% 1 0.1% STATEMENT Flexible working time 0 0.0% 0 0.0% - - - - Male Female - - - - CONSOLIDATED SUSTAINABILITY Other - - - - Not reported - - - - 11,603 77.0% 11,792 78.2% Full-time Male 3,502 30.2% 3,505 29.6% Female 8,073 69.6% 8,280 70.2% Other 2 0.0% 3 0.1% REPORT 26 0.2% 4 0.1% Not reported ON OPERATIONS Part-time 3,467 23.0% 3,286 21.8% Male 474 13.7% 495 15.1% Female 2,988 86.2% 2,789 84.9% - 0.0% 1 0.0% Other Not reported 5 0.1% 1 0.0% AMPLIFON AT A GLANCE 193 --- ANNUAL REPORT 2025 EMPLOYEES BY PROFESSIONAL CATEGORY [S1-7] CHARACTERISTICS OF NON-EMPLOYEE WORKERS IN THE AND GEOGRAPHICAL AREA UNDERTAKING’S OWN WORKFORCE UoM EMEA AMERICA APAC CORPORATE GROUP The following table presents the total number of non-employee workers in Amplifon’s own workforce. As of end of 2025, Amplifon had 5,901 non-employee workers, a slight 2024 increase compared to 2024. For further information, please refer to the paragraph HCP professionals no. 4,005 828 2,021 - 6,854 “Strategy in people management” in the chapter “Social Information (ESRS S)”. (qualified by law/ertified) HCP professionals no. 385 149 3 - 537 (apprentices or quivalents) TOTAL NUMBER OF NON-EMPLOYEES IN OWN WORKFORCE Client advisor and other no. 2,628 780 1,123 - 4,531 clinic personnel Field management no. 442 115 163 - 720 UoM 2024 2025 CONSOLIDATED Total Field force no. 7,460 1,872 3,310 - 12,642 FINANCIAL STATEMENTS Total Group no. 5,856 5,901 Executives no. 1 1 1 11 14 85 52 41 62 240 Directors no. Managers no. 214 77 79 121 491 Professionals no. 739 447 330 167 1,683 Total back office no. 1,039 577 451 361 2,428 Total Employees no. 8,499 2,449 3,761 361 15,070 2025 STATEMENT HCP professionals no. 4,172 852 1,967 0 6,991 (qualified by law/ertified) HCP professionals no. 341 138 2 0 481 CONSOLIDATED SUSTAINABILITY (apprentices or quivalents) Client advisor and other 2,579 801 1,040 0 4,420 no. clinic personnel 448 113 176 0 737 Field management no. Total Field force no. 7,540 1,904 3,185 0 12,629 Executives no. 1 1 0 11 13 Directors no. 88 51 40 69 248 REPORT Managers no. 210 75 78 127 490 ON OPERATIONS 756 438 336 168 1,698 Professionals no. 1,055 565 454 375 2,449 Total back office no. Total Employees no. 8,595 2,469 3,639 375 15,078 AMPLIFON AT A GLANCE 194 --- ANNUAL REPORT 2025 EMPLOYEES BY AGE DIVERSITY, INCLUSION, AND EQUAL 2024 2025 no. % no. % OPPORTUNITIES < 30 3,035 20.1% 2,929 19.4% 8,903 59.1% 8,923 59.2% 30-50 > 50 3,132 20.8% 3,226 21.4% As a confirmation and reinforcement of Amplifon’s DEIB Policy, people empowerment, diversity appreciation, and inclusion policies are integral to both the HR strategy Total Group 15,070 100% 15,078 100% and the sustainability strategy. To effectively oversee and manage DEIB-related matters, the Group established a dedicated DEIB Committee at the end of 2023. This committee includes the Chief Human Resources Officer, the Chief Marketing, CONSOLIDATED Technology & Innovation Officer, the Chief Communication Officer, and the Global EMPLOYEES BY PROFESSIONAL CATEGORY AND AGE FINANCIAL STATEMENTS Investor Relations & Sustainability Senior Director. The committee is tasked with (FIELD FORCE) steering the global DEIB agenda, identifying shared objectives, and leading various 2024 2025 working groups to align local needs with the Group’s global strategy. no. % no. % HCP professionals 6,854 54.2% 6,991 46.4% (qualified by law/certified) [S1-9] DIVERSITY METRICS <30 1,615 23.6% 1,581 22.6% The tables below provide a quantitative overview of diversity within Amplifon. They 30-50 4,205 61.4% 4,286 61.3% 45 include the number and percentage of employees in managerial positions by >50 1,034 15.1% 1,124 16.1% STATEMENT gender, a breakdown of the total workforce by age group and nationality, as well as HCP professionals 537 4.2% 481 3.2% an overview of managerial positions, sales-related roles, and STEM roles. (apprentices or equivalents) <30 274 51.0% 255 53.0% CONSOLIDATED SUSTAINABILITY EMPLOYEES IN MANAGEMENT POSITIONS 206 38.4% 178 37.0% 30-50 2024 2025 >50 57 10.6% 48 10.0% no. % no. % Client advisor and other 4,531 35.8% 4,420 29.3% clinic personnel Male 193 76.3% 192 73.6% <30 685 15.1% 644 14.5% Female 60 23.7% 69 26.4% 30-50 2,418 53.4% 2,339 53.0% Other - - - - REPORT >50 1,428 31.5% 1,437 32.5% Not reported - - - - ON OPERATIONS Field management 720 5.7% 737 4.9% Total Group 253 100% 261 100% <30 35 4.9% 39 5.3% 504 70.0% 521 70.7% 30-50 >50 181 25.1% 177 24.0% Total Field force 12,642 100.0% 12,629 83.8% <30 2,609 20.6% 2,519 19.9% 30-50 7,333 58.0% 7,324 58.0% >50 2,700 21.4% 2,786 22.1% 45.For managerial positions, the Group refers to the members of the Executive Leadership Team and all AMPLIFON AT A GLANCE Group Directors. 195 --- ANNUAL REPORT 2025 EMPLOYEES BY PROFESSIONAL CATEGORY AND AGE PERCENTAGE OF EMPLOYEES BY NATIONALITY IN THE TOP 10 (BACK OFFICE) COUNTRIES WHERE AMPLIFON OPERATES 2024 2025 2024 2025 % employees in % employees in no. % no. % % of total % of total management management employees employees Executives 14 0.6% 13 0.1% positions positions Spain 12.9% 11.0% 13.0% 11.3% <30 - 0.0% - 0.0% Germany 12.7% 7.1% 12.8% 7.2% 7 50.0% 7 53.8% 30-50 10.5% 7.9% 10.8% 8.2% France >50 7 50.0% 6 46.2% Australia 5.3% 4.8% 10.5% 8.0% Directors 240 9.9% 248 1.6% United States of America 8.2% 8.4% 7.9% 9.5% <30 - 0.0% - 0.0% CONSOLIDATED China 7.4% 5.0% 6.9% 5.0% 30-50 189 78.8% 193 77.8% FINANCIAL STATEMENTS Italy 5.9% 24.5% 5.5% 22.6% >50 51 21.3% 55 22.2% India 4.7% 3.3% 4.3% 3.1% 491 20.2% 490 3.2% Managers 4.2% 3.2% 3.5% 3.4% Netherlands <30 19 3.9% 10 2.0% New Zealand 2.7% 2.7% 3.1% 1.6% 30-50 394 80.2% 400 81.7% Total 74.5% 78.0% 78.4% 80% >50 78 15.9% 80 16.3% Professionals 1,683 69.3% 1,698 11.3% <30 407 24.2% 400 23.6% STATEMENT 980 58.2% 999 58.8% EMPLOYEES IN MANAGEMENT, SALES AND STEM ROLES 30-50 >50 296 17.6% 299 17.6% 2024 2025 CONSOLIDATED SUSTAINABILITY Total back office 2,428 100.0% 2,449 16.2% no. Male Female no. Male Female <30 426 17.5% 410 16.7% Employees in management 1,465 53.4% 46.6% 1,488 53.4% 46.6% roles 30-50 1,570 64.7% 1,599 65.3% Top management 254 76.4% 23.6% 261 73.6% 26.4% >50 432 17.8% 440 18.0% 1,211 48.6% 51.4% 1,227 49.1% 50.9% Junior management REPORT Employees with roles 12,296 25.5% 74.5% 12,137 25.8% 74.2% related to sales, products ON OPERATIONS and services Employees in STEM roles 7,496 29.6% 70.4% 7,426 29.6% 70.4% AMPLIFON AT A GLANCE 196 --- ANNUAL REPORT 2025 [S1-10] ADEQUATE WAGES EMPLOYEES WITH DISABILITIES 2024 2025 Amplifon is committed to ensure that all employees receive fair remuneration in line with the benchmark standards established in the 26 countries where it operates. At UoM Total Total least once a year, the countries verify any wage cases that are below the threshold Number of employees with disabilities no. 787 874 of the local regulations and adjust the wage accordingly. With the exception of % employees with disabilities % 5.2% 5.8% Switzerland and Singapore, all other markets in which the Group operates have statutory minimum wage regulations, and as of 31 December 2025, no employee receives a salary below local minimum wage levels. [S1-17] INCIDENTS, COMPLAINTS AND SEVERE HUMAN RIGHTS IMPACTS In countries without statutory minimum wage legislation, Amplifon adopts a structured approach to ensure fair and competitive remuneration. This approach During the reporting year, there were no established incidents of discrimination CONSOLIDATED is based on a continuous analysis of labour market dynamics to ensure that salaries (including harassment) or serious human rights incidents that resulted in the FINANCIAL STATEMENTS remain aligned with local standards. Company being fined, sanctioned or compensated for related damages. As a testament to this commitment, Amplifon has implemented a Total Reward Policy During the 2025 financial year, a total of 52 reports falling within the whistleblowing for several years, ensuring a remuneration system that is not only compliant with scope were received through the designated reporting channels (alleged cases of local standards but also designed to maintain strong external competitiveness and discrimination amounted to 21). All reports were investigated in accordance with the internal pay equity. relevant Group Whistleblowing Policy and it should be noted that 3 of these reports are still being investigated, 2 of which relate to discrimination matters. [S1-11] SOCIAL PROTECTION STATEMENT The analysis carried out shows that the Company’s employees are overall covered by social protection systems safeguarding against loss of income in the event of significant CONSOLIDATED SUSTAINABILITY life events such as illness, unemployment, work-related injury and disability, parental leave and retirement. In all the countries in which the Group operates, protections are therefore in place through public programmes and/or Company benefits, with the sole exception of Mexico, where, although unemployment protection is not provided, local support programmes (e.g., welfare initiatives) are nonetheless available. [S1-12] PERSONS WITH DISABILITIES REPORT ON OPERATIONS The table below presents the number and percentage of employees with disabilities within the Amplifon Group as of 31/12/2025. AMPLIFON AT A GLANCE 197 --- ANNUAL REPORT 2025 AVERAGE NUMBER OF TRAINING HOURS TALENT GROWTH PER EMPLOYEE AND GENDER 2024 2025 Total hours Average hours Total hours Average hours Talent growth is a fundamental pillar for Amplifon. The Group continuously invests in training and career development programmes for its employees, creating growth Male 152,600 38.4 154,303 38.6 opportunities at both local and global levels. Female 421,998 38.0 440,533 39.8 - - - - Other Amplifon adopts an integrated approach to talent growth, ensuring that the employee Not reported - - 628 125.7 experience is consistent and shared globally. To support employee development, Amplifon has introduced initiatives such as the Career Compass, which complements Total Group 574,597 38.1 595,464 39.5 the annual Performance Development Review (PDR) and talent evaluation process. CONSOLIDATED FINANCIAL STATEMENTS Furthermore, Amplifon provides training and development programmes to all its employees at national, regional, and global levels. The comprehensive training offering EMPLOYEES WHO HAVE PARTICIPATED IN PERIODIC is designed to meet local needs and requirements while also allowing employees to PERFORMANCE AND CAREER DEVELOPMENT REVIEWS benefit from best practices shared across the global network. Both in-person and (BY PROFESSIONAL CATEGORY) online courses are available for field force and back-office employees, complemented 2024 2025 by one-on-one coaching and mentoring sessions. The training covers both professional no. % no. % and business skills, as well as behavioural and leadership competencies. For more information on the dedicated initiatives, please refer to the “Actions, metrics and Back office targets” section of this chapter. Executives 13 92.9% 13 100.0% STATEMENT Directors 225 93.8% 236 95.2% Managers 442 90.0% 467 95.3% [S1-13] TRAINING AND SKILLS DEVELOPMENT METRICS CONSOLIDATED SUSTAINABILITY Professionals 1,511 89.8% 1,573 92.6% Regarding training and skills development, the following key metrics are reported: Total Back Office 2191 90.2% 2,289 93.5% number and percentage of employees who have participated in periodic performance and career development reviews, and average training hours per employee, broken Field Force down by gender. The tables below present this information, further segmented by job HCP professionals (qualified 6,448 94.1% 6,812 97.4% category. by law/certified) HCP professionals (apprenti- EMPLOYEES WHO HAVE PARTICIPATED IN PERIODIC 206 38.4% 210 43.7% REPORT ces or equivalents) PERFORMANCE AND CAREER DEVELOPMENT REVIEWS ON OPERATIONS Client advisor and other clinic 2024 2025 3,889 85.8% 4,181 94.6% personnel no. % no. % Field management 654 90.8% 670 90.9% Male 3,537 89.0% 3,772 94.3% Total Field Force 11,197 88.6% 11,873 94% Female 9,836 88.9% 10,383 93.8% - - Other 3 75% Not reported 15 48.4% 4 80% Total Group 13,388 88.8% 14,162 93.9% AMPLIFON AT A GLANCE 198 --- ANNUAL REPORT 2025 AVERAGE NUMBER OF TRAINING HOURS PER EMPLOYEE (BY [S1-15] WORK-LIFE BALANCE METRICS PROFESSIONAL CATEGORY) All employees across the Group are entitled to take family leave. The table below 2024 2025 provides data on the number and percentage of employees who exercised this Total hours Average hours Total hours Average hours 46 entitlement during the reporting period . Back office Executives 275 20 212 16 ELIGIBLE EMPLOYEES WHO HAVE TAKEN Directors 8,544 36 8,164 33 FAMILY-RELATED LEAVE Managers 15,464 31 15,209 31 2024 2025 Professionals 41,311 25 37,848 22 no. % no. % Total Back Office 65,594 27 61,435 25 CONSOLIDATED Male 377 9.5% 411 10% FINANCIAL STATEMENTS Field Force Female 1,461 13.2% 1,989 18% HCP professionals (qualified Other 1 50% 289,973 42 302,998 43 by law/certified) Not reported HCP professionals (apprenti- 55,028 102 48,347 101 Total Group 1,839 12.2% 2,400 16% ces or equivalents) Client advisor and other clinic 135,840 30 154,108 35 personnel Field management 28,162 39 28,577 39 STATEMENT Total Field force 509,003 40 534,030 42 Total Group 574,597 38 595,464 39 CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 46.Amplifon also encourages its employees to make use of their paid leave days. 199 --- ANNUAL REPORT 2025 [S1-16] COMPENSATION METRICS (PAY GAP AND TOTAL COMPENSATION) This indicator represents a useful monitoring tool; however, it is affected by structural factors that limit its comparability. In particular, this is due to the different gender Amplifon pays the utmost attention to the theme of equal treatment and equal distribution across organisational levels, with a higher male presence in senior opportunities between genders. Within the framework of safeguarding and positions associated with higher remuneration and a greater female concentration enhancing human capital, these elements represent a fundamental opportunity for in Client Advisor & Shop Personnel roles, typically linked to comparatively lower enrichment and innovation, ensuring that business activities are carried out in a solid average pay levels. and sustainable manner. The empowerment of individuals, appreciation of diversity, and promotion of inclusion policies are fundamental pillars of both the Group’s The figure also reflects the Group’s international footprint, as it operates in contexts People Strategy and ESG Strategy. characterised by different pay levels and socio-economic conditions. These elements affect the aggregate composition of remuneration and, consequently, the overall Strongly believing in the importance of gender pay equity at all levels, the Group value of the indicator. An analysis at individual country level, while in some cases provides all employees with remuneration packages aligned with internal practices affected by gender representation across levels, largely highlights more contained CONSOLIDATED and market standards, in order to ensure both a high level of internal equity gaps compared to the global figure. FINANCIAL STATEMENTS and external competitiveness. A diverse workforce is in fact key to building an organisation capable of adapting to the evolving environment and achieving superior When observing the gender pay gap across different organisational clusters, the performance. results in terms of (unadjusted) pay gap differ significantly, as they derive from comparisons between roles characterised by comparable organisational complexity. Amplifon is committed to ensuring that all employees receive fair remuneration, consistent with the relevant benchmarks applicable in the 26 countries in which the Group operates. Within this context, starting from 2021, the Group has launched a monitoring activity, progressively enhanced over time, focused on gender balance indicators, including the remuneration dimension through the so-called gender pay 47 STATEMENT gap, with analyses conducted by organisational clusters designed to reflect and take into account the different levels of organisational complexity of roles. For 2025, while continuing to adopt the United Nations principle of “equal pay for work of equal value” CONSOLIDATED SUSTAINABILITY as the methodological reference, the calculation approach was updated compared to previous years, with a view to aligning with CSRD disclosure requirements. 48 The findings, calculated with reference to the total remuneration paid in 2025, indicate an unadjusted gender pay gap of 40%, based on gross hourly remuneration. the figure for 2024 is not reported because, in 2025, the calculation method defined does not allow historical data to be reconstructed using the information currently available. REPORT ON OPERATIONS 47. For the purposes of the gender pay gap analysis, 6 organisational clusters were identified: Top Management (comprising Executives and General Managers of key countries); Directors (excluding General Managers included in the first cluster); Managers; Professionals; Audiologists; Client Advisors & other location personnel. 48.The remuneration analysed includes fixed remuneration, the various forms of short-term variable remuneration paid in 2025 (MBO, Local STI, Sales Incentive), as well as long-term variable remuneration (the fair value of the Long-Term Incentive plans and the Amplifon Extraordinary Award) provided for under the Group Policy. The previous methodology applied by Amplifon was aimed at representing the different types AMPLIFON AT A GLANCE of variable remuneration offered to employees and was therefore not influenced by the performance of individual incumbents. For the purpose of calculating the gender pay gap for the 2025 financial year, the average gross hourly pay amounts to €31.59 for the male population and €18.87 for the female population. 200 --- ANNUAL REPORT 2025 GENDER PAY GAP 2025 (FEMALE VS. MALE) RATIO OF AVERAGE REMUNERATION BETWEEN WOMEN AND MEN TOP MANAGEMENT MANAGER PROFESSIONAL HA PROFESSIONAL CA & SHOP DIRECTOR PERSONNEL 49 COVERAGE 98% 14,751 EMPLOYEES CONSOLIDATED FINANCIAL STATEMENTS 1 31 69 177 405 463 1,173 768 5,328 2,113 3,882 341 50 GPG: N/A GPG: 11% GPG: 5% GPG: 5% GPG: 25% GPG: -5% 2025 TOTAL COMPENSATION STATEMENT CONSOLIDATED SUSTAINABILITY The GPG is calculated in line with CSRD Disclosure Requirement S1-16, as follows: ((average hourly male employee pay – average hourly female employee pay) / average hourly male employee pay) * 100. The same analyses, conducted using an “adjusted” approach aimed at measuring pay differentials while taking into account objective and gender-neutral factors – such as professional experience, tenure in role, job complexity and weighting, organisational responsibilities, and individual performance – show a significantly lower pay gap. This differential can therefore be attributed primarily to structural and professional variables, rather than to factors related to gender. The Group in fact adopts job evaluation methodologies and remuneration frameworks based on structured criteria, designed to ensure consistency, internal equity, and alignment with market practices. REPORT ON OPERATIONS Furthermore, it is reported that the ratio between the highest annual total remuneration and the median annual total remuneration – which measures the difference 51 between the individual receiving the highest remuneration and the median remuneration of all employees, excluding the individual with the highest remuneration – for the 2025 financial year is equal to 106.65. The indicator is based on the same calculation methodology used for the Gender Pay Gap analyses; therefore, also in this case, the figure for 2024 is not reported because, in 2025, the calculation method defined does not allow historical data to be reconstructed using the information currently available. 49.The analyses cover 98% of employees. Employees working in Egypt and Israel are not included, as data consistent with the methodological and reporting standards adopted by the Group are currently not available. 50.The Gender Pay Gap figure for Top Management is not presented due to the insufficient size of the sample, which does not allow for a statistically significant and comparable representation of the data. AMPLIFON 51. The compensation presented as the total annual remuneration of the individual receiving the highest remuneration corresponds to that paid to the Chief Executive Officer and General Manager, considering, for the AT A GLANCE latter, the remuneration attributable to the 2025 financial year. With regard to fixed remuneration and short- and long-term variable remuneration, the amounts presented correspond to the same values reported in Tables 1 and 3A of the 2026 Report on the Remuneration Policy and Remuneration Paid, to which reference should be made for further details. 201 --- ANNUAL REPORT 2025 ESRS S2 – WORKERS IN THE VALUE CHAIN STRATEGY FOR MANAGING PEOPLE ACROSS THE VALUE CHAIN [SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL POSITION ALONG THE CONSOLIDATED VALUE CHAIN TIME HORIZON FINANCIAL STATEMENTS SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term Negative impacts on the health and safety of workers and external collaborators along the value chain, Working conditions Potential negative due to poor management practices, inadequate or missing safety controls on products, services, and Health and safety impact workplaces, potentially resulting in accidents or incidents. STATEMENT Working conditions Potential risk related to business partners along the Group supply chain not fully respecting the ethical Secure employment; and social standards, including human rights, as well as suppliers in emerging markets engaging in Working time; labour-intensive operations (concerning also the extraction and processing of raw materials), also due CONSOLIDATED SUSTAINABILITY Adequate wages to not structured control on third parties, potentially leading to non-compliance events and reputational Equal treatment and opportunities 52 impacts on the Group. Risk for all Measures against violence and Qualitative anticipated financial effects: harassment in the workplace Potential suppliers’ non-compliance with ethical standards possibly leading to sanctions / costs for Other work-related rights additional specific controls as well as to loss of reputation affecting stakeholders’ commitment. Child labour; Forced labour REPORT Based on the double materiality analysis conducted, a potential negative impact was identified for workers in the Company’s value chain relating to the topic of health and ON OPERATIONS safety. No significant positive impacts arising from Amplifon’s activities were identified. However, the risk and opportunity analysis did highlight a potential risk related to the Company’s business partners along the Group’s supply chain, particularly concerning the possibility that some partners may not fully comply with ethical and social standards, including human rights requirements. AMPLIFON AT A GLANCE 52.This risk has been deemed material under both ESRS S2 (Workers in the value chain) and ESRS G1 (Business conduct). 202 --- ANNUAL REPORT 2025 These findings result from an analysis conducted by Amplifon to identify the the expectations and responsibilities regarding suppliers in relation to workers categories of workers within its value chain. The analysis includes the distribution of throughout the entire value chain, with a primary focus on the supply chain. The a supplier questionnaire aimed at collecting evidence and confirmations regarding Supplier Code of Conduct establishes the minimum standards and best practices the total number of employees with a regular employment contract, the percentage regarding the following aspects: of outsourced operational activities performed by external suppliers or outside the European Union, the types of activities and roles performed, such as office work, • Business ethics and compliance: the Group’s suppliers are required to operate construction, maintenance, and production, the average number of overtime hours in compliance with the highest ethical standards, in line with the principles and per employee per year, and the presence of a health and safety officer or a designated values set out in Amplifon’s Code of Ethics and Supplier Code of Conduct. They figure responsible for occupational safety. are required to ensure full compliance with applicable laws and act according to fair competition principles, anti-corruption policies, integrity, and transparency. The exposure of value chain workers to risks is primarily linked to the nature of their Furthermore, suppliers must protect third-party privacy and intellectual property roles and tasks. Based on Amplifon’s internal classification and a targeted assessment and ensure the responsible sourcing of conflict minerals. CONSOLIDATED considering the type of activities, geographical context, and ESG relevance, the • Health, safety, and workers’ rights: suppliers must treat all employees, external FINANCIAL STATEMENTS following key procurement categories have been identified for the above-mentioned collaborators, and their own suppliers with respect, ensuring the protection of topics, along with the primary types of workers in the value chain based on their job human dignity, health, safety, and fundamental human rights. Specifically, they function: are required to uphold child labour protections, prevent forced or coerced labour, promote diversity and inclusion, eliminate discrimination and harassment, • General facility and maintenance: renovation and maintenance work on guarantee fair wages and working hours, ensure occupational health and safety, Company spaces, offices, and clinics. Typical roles: maintenance technicians, and respect freedom of association and collective bargaining rights. construction workers, artisans. • Environmental protection: the Group’s suppliers are required to minimise the • Logistics and warehousing: transportation of goods and maintenance of environmental impact of their business operations, with particular attention warehouse equipment. Typical roles: warehouse staff, forklift operators, drivers, to compliance and environmental performance in relation to the most relevant STATEMENT transporters, maintenance technicians. topics, such as energy consumption, efficient use of resources – including water • Marketing: call centres and telemarketing operations Typical roles: call centre resources – waste management and biodiversity protection. operators, outsourced marketing data analysts. CONSOLIDATED SUSTAINABILITY • Hearing aid: manufacturing activities. Typical roles: production workers, Starting from 2023, the mandatory acceptance of the Supplier Code of Conduct has automated machine operators. been integrated into the new supplier qualification processes, ensuring that any • IT (Hardware): management, installation, and maintenance of corporate IT new supplier formally adheres to it. Additionally, the requirement to sign the Code infrastructure Typical roles: hardware technicians, network installers, technical was extended to existing suppliers who were qualified before the Code’s adoption, support staff, server maintenance personnel. with priority given to those with the largest global expenditure and those providing critical goods or services. At the same time, in terms of geographical risk - particularly concerning production in the Far East - the Hearing Aid and Hearing Aid Packaging categories have been The human rights protection of value chain workers is further reinforced in the REPORT identified as higher-risk areas. Sustainability Policy and in the Human Rights Policy, previously detailed in the ON OPERATIONS “Policies, actions, metrics and targets” section of the “General disclosures (ESRS 2)” chapter, outlining the guiding principles and initiatives the Group aims to pursue. [S2-1] POLICIES RELATED TO VALUE CHAIN WORKERS In this regard, during the reporting year, no cases of non-compliance with human rights involving workers in our value chain were reported. Moreover, value chain To effectively manage the impacts, risks, and opportunities associated with workers workers have access to the Group’s Whistleblowing System, which allows them to across its value chain, Amplifon implements targeted policies that reinforce report concerns related to human rights violations, ensuring a safe and confidential its commitment to human rights protection and compliance with international environment to address any breaches or concerns regarding the protection of regulations. These principles are clearly outlined in the Code of Ethics, the Supplier fundamental rights. Code of Conduct and the Human Rights Policy, which define, among other aspects, AMPLIFON AT A GLANCE 203 --- ANNUAL REPORT 2025 MANAGEMENT OF IMPACTS, RISKS, AND OPPORTUNITIES CONCERNING THE VALUE CHAIN WORKERS [S2-2] PROCESSES FOR ENGAGING WITH VALUE CHAIN WORKERS All Group suppliers are therefore informed about the contents of the Code, which also ABOUT IMPACTS encourages the dissemination and communication of available reporting channels to supplier employees, including the dedicated email address. The ESG supplier Given the nature and characteristics of its business relationships, Amplifon has assessment process represents the next step following the signing of the Code and not yet implemented a dedicated process aimed at considering the perspectives of enables Amplifon to verify not only the acceptance of these standards but also their CONSOLIDATED value chain workers, including potentially vulnerable or marginalised workers, in effective implementation by suppliers. FINANCIAL STATEMENTS decisions or activities related to managing worker-related impacts. However, indirect tools are in place, such as the supplier due diligence process on ESG topics and a dedicated email address (scoc@amplifon.com) (for further details, refer to section “Sustainability governance” in “General disclosures (ESRS 2)” chapter). Through these channels, suppliers and value chain workers can at any time express their opinions and report any concerns regarding potential violations of the minimum standards and principles set out in the Supplier Code of Conduct. Additionally, the Whistleblowing system can support the Group in identifying specific impacts related to workers in its value chain. For further details on the operation, registration, and management of STATEMENT whistleblowing reports, please refer to section “Policies, actions, metrics and targets” in “General disclosures (ESRS 2)” chapter. CONSOLIDATED SUSTAINABILITY [S2-3] PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR VALUE CHAIN WORKERS TO RAISE CONCERNS To date, Amplifon has not identified any direct or indirect negative impacts affecting workers in its value chain. However, should potential areas of impact be identified, Amplifon is committed to taking action to address any unfavourable conditions and managing the situation promptly and appropriately. For this reason, as outlined in the REPORT Supplier Code of Conduct, a dedicated email address has been established, managed ON OPERATIONS by the Procurement & Supply Chain department. This channel allows suppliers to report potential non-compliance related to ESG topics or to raise concerns regarding 53 potential violations of the minimum standards and principles set out in the Code . All new suppliers are required to accept the Supplier Code of Conduct during the onboarding phase - except for categories to which the Code does not apply (e.g., individuals, governments). For suppliers already qualified before the publication of the Supplier Code of Conduct, Amplifon has requested them to sign an acceptance letter confirming their adherence to the Code. AMPLIFON AT A GLANCE 53.At present, there are no specific policies in place to protect individuals who use these reporting processes from retaliation. 204 --- ANNUAL REPORT 2025 ACTIONS, METRICS AND TARGETS [S2-4] TAKING ACTION ON MATERIAL IMPACTS ON VALUE CHAIN WORKERS, AND APPROACHES TO MANAGING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO VALUE CHAIN WORKERS, AND EFFECTIVENESS OF THOSE ACTIONS [S2-5] TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING MATERIAL RISKS AND OPPORTUNITIES CONSOLIDATED FINANCIAL STATEMENTS WORKING CONDITIONS AND OTHER WORK- RELATED RIGHTS To manage and mitigate the identified risks, Amplifon uses the EcoVadis platform to: • Conduct supplier risk mapping, based on sector and geography. STATEMENT • Request the completion of a questionnaire. • Define and monitor the implementation of specific action plans. 54 CONSOLIDATED SUSTAINABILITY Based on the risk level identified during the mapping phase, Amplifon requests medium- to high-risk suppliers to complete the questionnaire. This questionnaire, tailored to the supplier’s profile (strategic relevance, geography, sector), serves as a key tool to ensure alignment with the ethical and sustainability practices promoted by Amplifon. Specifically, it includes an in-depth assessment of worker rights, covering working conditions, compliance with current regulations, workplace safety, and the protection of fundamental rights. REPORT The analysis of these questionnaires helps identify potential social, environmental, ON OPERATIONS and ethical risks, providing a clear overview of supplier sustainability and segmenting them based on risk level (low, medium, or high). For suppliers classified as medium- to high-risk in the EcoVadis assessment, Amplifon provides a dedicated Action Plan aimed at supporting them in improving their practices and mitigating identified risks, fostering continuous progress towards higher standards. In cases where risks are deemed particularly significant, further corrective measures are adopted, defined in collaboration between the Global ESG Procurement & Supply Chain function and the IR & Sustainability function, as well as the managers of the functions involved. AMPLIFON AT A GLANCE 54.Risk identified with regard to geography, sector and product category. 205 --- ANNUAL R E PORT 2 0 2 5 These measures may include, if necessary, the termination of the partnership with the supplier. During 2025, Amplifon strengthened ESG oversight of its supply chain by carrying out several activities: • Risk mapping: In 2025, ESG risk mapping was conducted for an additional 268 suppliers, bringing the total number of mapped in-scope suppliers to 685 (554 indirect and 131 direct). Overall, including suppliers that are currently discontinued or inactive, ESG risk mapping has been conducted for 782 suppliers. Coverage of spend for in-scope indirect and direct suppliers has therefore increased to 46% and 100%, respectively. CONSOLIDATED • ESG Assessments: In 2025, 44 suppliers were requested to complete the ESG FINANCIAL STATEMENTS questionnaire. 24 of them completed the self-assessment, bringing the total number of suppliers assessed from 2023 to 2025 to 117, while 20 requests are still pending. • ESG Action Plans: In 2025, 16 suppliers were requested to implement action plans, for a total of 46 corrective actions, of which 20 have already been implemented (3 environmental, 12 social and 5 governance-related). Additionally, 11 actions previously assigned in 2024 were fully implemented during 2025 (1 environmental, 5 social and 5 governance-related), adding to the 6 already implemented in 2024. 55 To date, 83 actions have been requested, of which 17 are under implementation STATEMENT and 37 have already been implemented. More than 50% of the suppliers assigned a corrective action plan belong to the following three categories: construction & general maintenance, hearing device accessories and clinic furniture. CONSOLIDATED SUSTAINABILITY • Audits: SCoC audits, conducted by the Global Procurement & Supply Chain ESG team, are on-site verification activities carried out in accordance with the principles and requirements set out in Amplifon’s Supplier Code of Conduct, with the aim of verifying not only formal adherence to the Code but also its effective operational implementation across suppliers’ activities. During 2025, three on-site audits were conducted at selected suppliers: a construction Company, a supplier of hearing aids and related spare parts, and a call centre. The audited suppliers were selected based on criteria such as high strategic relevance to the Group, significant annual REPORT spend and the materiality of ESG topics associated with their activities. This ON OPERATIONS approach enabled the definition of a representative sample of Amplifon’s supplier base, consistent with a risk-based approach. Following the audits conducted, an action plan including both urgent corrective measures and improvement actions was defined and shared with the suppliers. All significant corrective actions were implemented by the end of 2025; verification of their effective implementation was carried out remotely through the collection and analysis of documentary and/or photographic evidence. The identified improvement actions are currently under assessment and/or implementation by the suppliers. AMPLIFON AT A GLANCE 55.11 of the above-mentioned 83 actions relate to Human Rights topics. Of these 11 actions, 9 concern missing policies or certifications in the relevant area and 2 relate to the failure to provide information on the topic. 206 --- ANNUAL R E PORT 2 0 2 5 Further second-level audits of strategic suppliers identified as high risk following shared reference framework aimed at ensuring consistency, transparency and ESG assessments are planned for 2026. The supplier evaluation and monitoring integrity in the integration of environmental, social and governance criteria into process is not a one-off initiative but a continuous cycle that allows Amplifon to the procurement process. identify new critical matters, address potential misalignments between business objectives and social impacts, and ensure constant improvement along the value Through the structured questionnaire of the EcoVadis platform, Amplifon aims chain. This dynamic approach guarantees that the prevention and mitigation of to assess its suppliers’ performance in relation to ESG topics, aligning with its negative impacts on workers are fully integrated into Amplifon’s procurement and Sustainability Plan objective: “Achieve Supplier Code of Conduct (SCoC) acceptance supply chain management practices. Suppliers with stronger ESG performance are and assess ESG practices of 100% of the main direct suppliers and at least 50% prioritised in the selection process, helping to steer business decisions towards of key indirect suppliers, by spend, by 2026”. Progress is monitored annually. The more responsible partnerships. Procurement & Supply Chain function, led by the Chief Procurement & Supply Chain • Global ESG Framework Procedure: during 2025, Amplifon formalised the entire Officer, is responsible for overseeing and implementing these measures. process relating to the Supplier ESG Framework through the adoption of an official CONSOLIDATED internal procedure. This document, signed by the Chief Procurement & Supply Chain Spending categories such as donations, human resources expenses, professional FINANCIAL STATEMENTS Officer and the Investor Relations & Sustainability Sr. Director, sets out in detail fees and compensation, real estate and rentals, travel and entertainment, and other roles, responsibilities, operational activities and the methodological approach non-supplier-related expenses are excluded from this process. Additionally, within adopted for the ESG assessment of suppliers. For example, a quarterly review the EcoVadis platform, suppliers who are required to complete the ESG assessment meeting is held, chaired by the Global ESG Procurement & Supply Chain Manager can access benchmark data comparing their ESG performance against their industry and attended by the Chief Procurement & Supply Chain Officer, the Global Senior peers. Director Indirect Procurement and the Global Senior Director Direct Procurement. During the meeting, all suppliers classified as medium and medium-high ESG risk are analysed, and corrective actions or strategic decisions to be undertaken are defined based on the gaps identified. The procedure serves as a structured and STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 207 --- ANNUAL REPORT 2025 ESRS S4 – CONSUMERS AND END-USERS STRATEGY FOR MANAGING CONSUMERS AND END-USERS [SBM-3] MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL POSITION ALONG THE VALUE CHAIN TIME HORIZON CONSOLIDATED FINANCIAL STATEMENTS SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term Social inclusion of consumers Actual Difficulties for customers and people with hearing loss in accessing and using hearing care products and and/or end-users negative services due to physical, social, and digital barriers Access to products and services impact Personal safety of consumers and/or Actual Enhancing the quality, reliability, and safety standards of products, accessories, and services offered by end-users positive leveraging the expertise of hearing care specialists, resulting in customer and end-user safety. Health and safety impact STATEMENT Information-related impacts for Potential Loss of personal data and customer information due to breaches in data privacy systems and non- consumers and/or end-users negative compliance with the Global Privacy Policy Privacy impact CONSOLIDATED SUSTAINABILITY Possible non-compliance with international and national regulations related to Privacy and Data Protection may lead to fines, sanctions, litigations and reputational impacts. Information-related impacts for consumers and/or end-users Qualitative anticipated financial effects: Risk Privacy Potential non-compliance with local data protection regulations, in particular related to clients master data, also due to the evolution of external environment (e.g., evolving regulations, advanced technologies/digitalization), possibly resulting in penalties by Privacy Authorities. The potential development of innovative technologies/services may require changes in Amplifon’s business REPORT model. Social inclusion of consumers and/or ON OPERATIONS end-users Qualitative anticipated financial effects: Risk Access to products and services Development in the industry of alternative innovative solutions/services potentially leading to costs for additional investments aimed at responding to changes in the business and at guaranteeing/facilitating accessibility of products/services. Amplifon is committed in investing in activities that promote the accessibility to hearing care (e.g., free complete hearing tests), including the digitalization and innovation of processes and services provided (e.g., innovative solutions, diagnostic tools, integration of artificial intelligence), that may increase the consumers base and foster Social inclusion of consumers and/or social inclusion/hearing care awareness. end-users Opportunity Access to products and services Qualitative anticipated financial effects: Promotion of hearing care awareness/accessibility, also through the digitalization and optimization of processes and services, potentially leading to the expansion of the customer base, simplification of access to hearing and AMPLIFON AT A GLANCE improvement of brand reputation. 208 --- ANNUAL REPORT 2025 Amplifon includes in the considerations of this paragraph, all end users who may be The Group monitors regulatory developments, innovations, best practices, and subject to significant impacts, including those related to its own operations, value technological advancements and regularly organises training sessions for clinic- chain, products, services, and commercial relationships. based sales staff. These sessions cover key product features, usage and maintenance, and compliance requirements. The Company is committed to ensuring the highest Amplifon divides the potential end users of the products and services it sells into standards of safety, performance and compliance for all products and services different categories, considering, among other things, age and level of hearing loss offered, strictly adhering to the Medical Device Regulation (hereinafter also “MDR”) as relevant metrics for the purposes of their clustering. for the EU market, the FDA requirements for the US market and all applicable local regulations in the countries where Amplifon operates, including those relating to the Within these categories, customers over 70 and customers with a moderate or professional qualifications of practitioners. greater level of hearing loss constitute the most representative sample. Additionally, Amplifon distinguishes its consumers and end customers (both current and Amplifon is also the manufacturer of the Amplifon App, a CE-marked medical device potential) based on their level of awareness and engagement regarding hearing loss developed in-house and distributed since 2019 in various EU and APAC countries, CONSOLIDATED management: as well as in the United States under the Miracle-Ear brand, with FDA approval. The FINANCIAL STATEMENTS Amplifon App complies with both the MDR for medical devices and the latest European • No Action: individuals who have not yet taken any steps to address their hearing guidelines on medical devices. To obtain CE marking, Amplifon has established its loss. own Quality Management System, ensuring compliance with ISO 13485:2016 and the • Leads: individuals aware of their hearing loss who have begun taking action. MDR regulation. The Company has implemented operational procedures, some of • Prospects: individuals who have contacted a clinic, gathered information, or are which are specifically designed to prevent and manage potential incidents. currently testing a hearing aid. • Adopters: individuals who already own a hearing aid. It should also be noted that the MDR involves Amplifon in a dual role: as a distributor, through partnerships with leading hearing aid manufacturers, and as a manufacturer, The products offered by the Group are characterised by various attributes; one of thanks to the development of its own mobile app. STATEMENT these is that they are not intrinsically harmful to people or increase the risk of chronic diseases. In compliance with the requirements of the MDR, Amplifon ensures the regulatory compliance of distributed devices, working closely with manufacturers to verify CE CONSOLIDATED SUSTAINABILITY At the same time, the services that the Group offers, by their nature, require the marking, declarations of conformity, UDI, and other mandatory documentation. collection of a large amount of health information considered ‘sensitive’ pursuant to, among others, EU Regulation 2016/679 and therefore, due to the sensitivity of this Amplifon is committed to maintaining full device traceability, ensuring optimal data, the Group’s customers and end users could suffer a negative impact on their transportation and storage conditions, and collaborating with regulatory authorities rights if it is mismanaged. and manufacturers to implement corrective actions when required. Additionally, post-market surveillance and adherence to Good Distribution Practices are key In order to protect its customers from such negative impacts, Amplifon adopts strict priorities for Amplifon. The Group also provides ongoing training to its personnel measures to guarantee the protection of such data, operating in full compliance with and collaborates with manufacturers to ensure hearing care professionals remain REPORT applicable regulations and adopting specific actions, see the paragraph “Actions, up to date on technological advancements and regulatory updates, guaranteeing a ON OPERATIONS metrics and targets” in this chapter for more information. To ensure the safe and high-quality service for consumers. effective use of hearing devices, Amplifon guarantees that consumers and end users receive accurate and accessible information on the products and services offered. Regarding the Group’s positive impact in maintaining the quality, reliability, and safety standards of the products, accessories, and services it offers, this is directly As a leader in the hearing care retail sector, Amplifon enters into agreements with linked to the expertise of its audiologists, ensuring both security and satisfaction manufacturers to ensure the supply of hearing devices that comply with regulatory for customers and end users. This commitment materialises through Ampli-care, a requirements before being placed on the market. These devices bear the CE marking for programme designed to improve accessibility and quality of life for individuals with the European market, Food and Drug Administration (hereinafter also “FDA”) approval hearing difficulties. The programme is based on an integrated offering of products, for the US market, the Unique Device Identification (hereinafter also “UDI”) declaration services, and personalised experiences in this context, the Amplifon App enhances of conformity and the instructions for use in the official language of the country. accessibility to services by enabling customers to receive remote support without AMPLIFON AT A GLANCE 209 --- ANNUAL REPORT 2025 the need to visit a clinic in person, for example through video tutorials. Additionally, [S4-1] POLICIES RELATED TO CONSUMERS AND END-USERS with more than 3,300 shop-in-shops and corners located in third-party retail outlets such as pharmacies, optical stores, and medical clinics, the Group seeks to reach Amplifon has implemented targeted policies to manage the impacts, risks, and people with hearing loss even in rural or low-density population areas. Moreover, opportunities associated with consumers and end-users, adopting a global approach through home visits, Amplifon serves customers with reduced mobility, who may not that encompasses all consumer groups without distinction. The Group’s policies, be able to visit a clinic in person. For further details, please refer to the “Sustainability including the Sustainability Policy, the Code of Ethics and the Privacy Policy, establish Governance” section of the “General disclosures (ESRS 2)” chapter. clear and stringent principles in line with the highest international standards. Given the nature of the services and products offered, all consumers and end The Sustainability Policy, in particular, sets out specific commitments to promote users can be considered vulnerable. However, the Group acknowledges certain key social inclusion among the Group’s customers, continuously enhancing accessibility demographics as particularly vulnerable, specifically customers over 70 years old and to the products and services offered. This includes eliminating economic, physical, individuals with moderate or greater hearing loss. These vulnerabilities, considering and geographical barriers, as well as strengthening customer safety and well-being. CONSOLIDATED the characteristics of such customer base, may not only be health-related but also Furthermore, Amplifon is committed to ensuring the responsible management of FINANCIAL STATEMENTS extend to financial and economic aspects. For this reason, in several countries where personal and sensitive data, safeguarding data subjects and their information through the Group operates, the social market - which includes the reimbursement of hearing technical and organisational measures in compliance with applicable national and aids and related services by national healthcare systems - helps address this financial international regulations. This commitment is also reinforced in the Code of Ethics vulnerability. Additionally, the Group offers consumer credit financing, facilitating and the Group Data Privacy Policy. For further details, please refer to the “Policies, access to hearing care services and devices. actions, metrics and targets” section of the “General disclosures (ESRS 2)” chapter. Regarding the risk identification process, the Group, as a leader in the Hearing Care The Group’s commitment is reflected in the adherence to internal customer Retail sector, provides the market and its customer base with a clearly defined and management procedures and in the provision of products, services, and related highly specialised category of hearing care products and services. The analysis of information that meet or exceed customer expectations. Furthermore, the Group STATEMENT Amplifon’s product and service portfolio suggests that exposure to material risks may is committed to ensuring that marketing, sales, and communication activities are vary among target consumers based on differences in generational demographics, conducted responsibly and reliably, in full compliance with local regulations and in degree of hearing loss, or market type (private/public). accordance with ethical and professional standards. For more information on the CONSOLIDATED SUSTAINABILITY involvement of its customers, please refer to the section “Management of impacts, risks and opportunities concerning consumers and end-users”. Aspects related to the protection of human rights for consumers and end users are addressed within the Sustainability Policy and the Human Rights Policy, as described in the “Policies, actions, metrics and targets” section of the “General disclosures (ESRS 2)” chapter. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 210 --- ANNUAL REPORT 2025 MANAGEMENT OF IMPACTS, RISKS, AND OPPORTUNITIES CONCERNING CONSUMERS AND END-USERS [S4-2] PROCESSES FOR ENGAGING WITH CONSUMERS AND END-USERS ABOUT IMPACTS Amplifon recognises the crucial importance of consumer and end-user perspectives engage the audience, raise awareness, drive interactions, and ultimately lead to in shaping its decisions and activities, ensuring the effective identification and conversion. These campaigns are launched at different stages of the customer management of both current and potential impacts. To achieve this goal, Amplifon journey. They aim to raise awareness among those who have not yet undergone adopts an inclusive approach, integrating the expectations, needs, and feedback of a hearing test, encourage those who have taken the test but have not yet made CONSOLIDATED consumers and end users into decision-making processes and strategic initiatives a purchase to return to the clinic and complete their journey, and strengthen the FINANCIAL STATEMENTS through the following activities: relationship with existing customers in the post-purchase phase. These campaigns • Amplifon 360: a proprietary protocol that integrates innovative methods and undergo a pre-test phase to determine the most effective messaging and a post- tools for assessing customers’ hearing capabilities and needs, providing tailored test phase to collect feedback on understanding, appeal, and intent of reacting to solutions. It supports hearing care professionals on a daily basis in selecting the the message received. most suitable products and services for each customer profile. • Market research: studies conducted by external research institutes to assess Customer and end-user engagement primarily takes place through telephone customer satisfaction levels, understand needs, and identify drivers and barriers communications, the majority of which are outbound, initiated by Amplifon to the adoption of hearing devices among both customers and prospective users. towards the end consumer. A significant proportion of these interactions also These include interviews, focus groups, and surveys, conducted via telephone or involve caregivers, whom Amplifon recognises as playing a key role in both the STATEMENT online, with profiling based on age, level of hearing impairment, and consumer decision-making process and the overall interaction with the end consumer. For type. In key markets, these studies are conducted on average around ten times this reason, the Group has developed dedicated communication methodologies per year, though frequency may vary depending on specific needs. tailored to caregivers and has created dedicated spaces for them within its clinics. CONSOLIDATED SUSTAINABILITY • Voice of Customers (VOC): A feedback collection system managed through The operational responsibility for ensuring consumer and end-user engagement dedicated call centres, providing a direct and accessible channel for immediate and translating insights into business strategy lies with the Marketing function, consumer interactions. Frequency managed ad hoc according to need and country. coordinated by the Chief Marketing, Technology and Innovation Officer. • Net Promoter Score (NPS): A metric used to measure customer satisfaction through messages and emails. This programme is centrally managed and Given the inherently vulnerable nature of its consumers and end users to identified implemented in Amplifon’s key markets. NPS surveys are sent daily, depending impacts, Amplifon implements the previously mentioned measures to understand on the eligibility of each customer in relation to the specific touchpoint they have their perspectives. This inclusive approach reflects Amplifon’s commitment to interacted with. equally addressing the needs of all consumers and end users. REPORT • CRM campaigns: the definition of commercial and service campaigns aims to ON OPERATIONS AMPLIFON AT A GLANCE 211 --- ANNUAL R E PORT 2 0 2 5 [S4-3] PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS In addition, also for the purposes of MDR, a contact person has been appointed in FOR CONSUMERS AND END-USERS TO RAISE CONCERNS each European country where the Group operates to receive reports and complaints from end consumers. The purpose of this figure is to ensure compliance with the Amplifon adopts a structured approach to effectively address and remedy any procedures and conditions expressed in the Quality Agreements defined with the significant negative impacts caused or contributed to by its activities on consumers manufacturers and to manage the related activities. This achievement is testament and end-users. This approach includes a range of dedicated channels designed to to the Group’s meticulous approach to upholding the integrity of the supply chain, quickly identify relevant topics, provide fair and transparent solutions, and monitor ensuring that the products distributed by the Group adhere to the required regulatory the effectiveness of corrective actions through consumer feedback and predefined standards, reinforcing the safety and reliability of the medical devices it distributes. evaluation metrics. Specifically, dedicated communication channels allow consumers and end-users to directly express concerns, make requests, and receive assistance. In general, reports and complaints are handled on the basis of the relevance and These channels include customer service support, digital platforms, online forms, recurrence of the complaint received; in 2025, 9 complaints were affected by and telephone hotlines, all of which are easily accessible via the Amplifon website “escalation”. CONSOLIDATED or the Amplifon app. One of the most accessible and direct ways for consumers to FINANCIAL STATEMENTS communicate their needs and concerns is through call centres, which serve as a dedicated service designed to provide timely and effective support. Amplifon has established specific performance objectives for these interactions (which may be of a commercial nature or expressions of concerns/complaints). In 2025, Amplifon handled 96% of incoming calls. The effectiveness of these channels is monitored through dedicated records, documenting the nature of consumer inquiries and their satisfaction levels. Additionally, all Amplifon clinics provide customers with clear information on how to request support or submit feedback, ensuring a transparent and accessible process. STATEMENT Additionally, the relationship between hearing care professionals and customers is supported by a Customer Relationship Management (CRM) system, which collects CONSOLIDATED SUSTAINABILITY detailed insights on customer motivations and preferences. With its advanced data management system, Amplifon can map customer behaviour, analyse purchasing decisions, and even anticipate future trends. By integrating these systems and adopting a data-driven approach, the Group, in alignment with its mission, seeks to understand the unique needs of each customer to provide them with the best possible solution and an exceptional experience, and transform the way hearing care is perceived and experienced, making it natural and intuitive for customers to rely on high-quality service and the expertise of Amplifon’s specialists. REPORT ON OPERATIONS Additionally, the CRM system tracks customer interactions, enabling the Company to efficiently manage feedback, concerns, and complaints. AMPLIFON AT A GLANCE 212 --- ANNUAL REPORT 2025 ACTIONS, METRICS AND TARGETS INFORMATION RELATED IMPACTS FOR [S4-4] TAKING ACTION ON MATERIAL IMPACTS ON CONSUMERS AND CONSUMERS AND/OR END USERS END-USERS, AND APPROACHES TO MANAGING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO CONSUMERS AND Based on its business operations and the outcomes of the double materiality END-USERS, AND EFFECTIVENESS OF THOSE ACTIONS assessment, Amplifon has adopted a set of actions aimed at preventing, mitigating, and, where necessary, remedying negative impacts and managing significant risks [S4-5] TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, for consumers and end-users. ADVANCING POSITIVE IMPACTS, AND MANAGING MATERIAL RISKS AND OPPORTUNITIES Policies, procedures, and programmes on data privacy and cybersecurity – The Group has implemented organisational measures to ensure the protection CONSOLIDATED Amplifon is committed to continuously addressing significant impacts on consumers of personal data, aiming to reduce the risk of data breaches. These measures are FINANCIAL STATEMENTS and end-users, managing relevant risks, and capitalising on opportunities through uniformly applied across all Amplifon entities, ensuring a centralised and secure targeted actions and the definition of objectives, metrics, and targets. To effectively management of personal data throughout the value chain. Amplifon has published manage identified significant impacts while ensuring an integrated and responsible a Global Privacy Policy, governing the management of personal data across all approach, the Group allocates dedicated financial resources and leverages the the regions where the Group operates. Additionally, it has defined guidelines for combined efforts of various corporate functions, including Marketing, Legal, and managing cross-border data transfers, as well as for the use of artificial intelligence Cybersecurity (IT). and data privacy. Amplifon has implemented various actions and additional initiatives with the primary Data privacy and cybersecurity control system –The Group, through its legal objective of contributing positively to improving social outcomes for consumers, entities, carries out regular compliance checks to ensure adherence to applicable STATEMENT particularly in relation to the protection of their personal data. Key actions undertaken privacy and cybersecurity regulations at the local level. These checks also assess the include: technical and organisational measures in place to safeguard personal and sensitive data. CONSOLIDATED SUSTAINABILITY Supplier Assessments: Amplifon has adopted a proactive approach in evaluating suppliers, with a particular focus on personal data protection. This approach involves Data privacy training initiatives –Awareness initiatives and training programmes conducting a preliminary assessment to determine the level of privacy risk and the have been implemented to reinforce compliance with applicable regulations, security posture of suppliers, helping to mitigate potential negative impacts on significantly improving employees’ competence in privacy matters and dedicated consumers Following these assessments, a report is prepared to certify the work communication campaigns. Training on personal data protection is mandatory and carried out on suppliers and, where necessary, dedicated action plans are defined to is assigned to all employees and new joiners in Europe. The Group has therefore set improve the security posture of the supplier under review. a 100% target for the delivery of training on data privacy and GDPR to new joiners in Europe. In addition, similar initiatives are in place in non-EU countries, with the aim REPORT Biannual Risk Assessment: Amplifon carries out a biannual privacy risk assessment of ensuring regulatory compliance and strengthening the Company’s culture on this ON OPERATIONS for its subsidiaries, enabling more timely and targeted risk management. This topic. assessment is conducted through a questionnaire that includes questions relating to any incidents and/or activities concerning privacy matters (issues with privacy authorities, ongoing investigations, lawsuits or receipt of complaints). The results PERSONAL SAFETY OF CONSUMERS AND/OR of the questionnaire, which involves all countries in which the Group operates, are analysed to classify each country into one of three risk categories: high, medium or END USERS low. The entire process involves the Global Legal & Compliance function, the local Legal function of each country, an external Data Protection Officer or the Contact Training Hearing Care Professionals – Amplifon has developed dedicated training Point of the relevant country. programmes for Hearing Care Professionals, with the goal of ensuring a minimum of three training days, as outlined in the strategic plan. AMPLIFON AT A GLANCE In 2025, no significant issues or incidents related to human rights involving consumers and end-users were reported. 213 --- ANNUAL REPORT 2025 SOCIAL INCLUSION OF CONSUMERS AND/OR END USERS Free comprehensive hearing tests – This initiative provides free comprehensive NPS – Net Promoter Score –The Net Promoter Score (NPS) measures customer hearing tests to prospective and existing customers, enhancing accessibility to satisfaction by asking how likely they are to recommend a Company on a scale from audiological services. The programme aims to generate total savings exceeding 0 to 10. The objective is to collect statistically relevant data, increasing the volume €600 million for prospects and customers over the 2024–2026 period. Progress of responses to allow more in-depth analyses and the identification of concrete is be monitored annually, using a baseline of €184 million recorded in 2023. The improvement actions. In 2025, specific initiatives were implemented to recover geographical scope covers 10 out of 26 countries, selected based on data availability customer satisfaction, through a series of channels, processes and actions aimed at in the new front-office systems, which allow for tracking completed tests across four guiding detractors back into the purchase journey. These targeted activities primarily CONSOLIDATED frequency levels. The implementation period is set from 2024 to 2026, with continuous involved Italy and Spain. FINANCIAL STATEMENTS monitoring to ensure alignment with the defined targets and the achievement of expected results. In 2025, the annual economic savings generated for prospects and Inbound call management via Call Centre – As previously described, in 2025 the customers amounted to Euro 411 million. metric relating to the handling of incoming calls –whether commercial in nature or concerning concerns/complaints – stood at 96%, with the aim of minimising Countries that have adopted the New Clinic Protocol – Based on internally unanswered calls and improving the operational efficiency of the call center. In validated metrics, the Group has set the objective of completing the roll-out of the addition, the Group further improved a key indicator used to measure customer New Clinic Protocol by 2026 in the following countries in which it operates: Belgium, satisfaction, namely first call resolution, increasing from 48% in 2024 to 50% in 2025. Germany, Spain, Italy, the United States and Canada. In Switzerland, the roll-out This metric assesses service quality by measuring how many users who contacted was already completed in 2025. The roll-out plan will continue in 2027, extending to the Group’s customer service resolved their issue during the first interaction, without STATEMENT Portugal and Australia. The objective is to improve the service provided, the customer needing to contact customer support again within the following 30 days. This target experience and the quality of data collected, promoting increasingly innovative and is directly linked to the Group’s Sustainability Policy, significantly impacting customer engaging hearing experiences and contributing to the achievement of corporate service quality. The target level is defined in relative terms CONSOLIDATED SUSTAINABILITY objectives related to efficiency and process quality. The application scope is global, with a baseline of 4% recorded in 2023, the reference year for tracking progress. The implementation period extends from 2024 to 2026, and progress is monitored on an annual basis. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 214 --- ANNUAL REPORT 2025 ENTITY-SPECIFIC SOCIAL DISCLOSURE POSITION ALONG THE VALUE CHAIN TIME HORIZON DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term CONSOLIDATED FINANCIAL STATEMENTS Positive impact on community well-being and support for people in need through local development initiatives and philanthropic Actual positive impact activities Positive impacts on individuals and economic systems generated by technological innovations in processes, services, and Actual positive impact products Increased customer satisfaction and improved service quality due to the development of systems that analyse customer needs Potential positive impact and efficiently manage reports and complaints STATEMENT Increased awareness and sensitivity regarding the importance of hearing wellness and responsible listening Actual positive impact CONSOLIDATED SUSTAINABILITY The impacts described in this section primarily highlight positive effects on the well-being of vulnerable communities, supported by targeted initiatives. Additionally, the importance of technological innovation is underscored, as it significantly improves processes and services, contributing to greater customer satisfaction and enhancing the overall quality of Amplifon’s offering. Another focus is on raising awareness of hearing wellbeing and the importance of responsible listening, not only among customers and prospects but also among young people under 35, with the aim of creating a positive and lasting impact in society. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 215 --- ANNUAL REPORT 2025 POSITIVE IMPACT ON COMMUNITY WELL- POLICIES BEING AND SUPPORT FOR PEOPLE IN NEED Through the principles outlined in the Group Sustainability Policy, Amplifon THROUGH LOCAL DEVELOPMENT INITIATIVES promotes awareness and prevention activities, educating communities on hearing health and working to reduce the consequences of hearing loss. These efforts AND PHILANTHROPIC ACTIVITIES are supported by the promotion of responsible listening behaviours, combining awareness initiatives on the importance of protecting hearing and preventing long- The Group is committed to supporting the activities of Fondazione Amplifon ETS: term damage. Furthermore, Amplifon adopted a Corporate Volunteering Policy, established in early 2020 in Italy, it operates worldwide to give back to the communities formalising its commitment to encouraging employee participation in volunteering in which the Group operates, ensuring that everyone can reach their full potential activities promoted by the Group’s Foundations. This policy was drafted and issued through social inclusion, particularly for elderly and vulnerable individuals. by Amplifon S.p.A. and is directly applicable to all its employees, while also serving CONSOLIDATED as a reference framework for all Group companies. In addition, the Group also supports the activities of two other Foundations operating FINANCIAL STATEMENTS at local level. Amplifon supports the Group’s Foundations (Fondazione Amplifon ETS, Fundación GAES Solidaria and the Miracle-Ear Foundation), promoting corporate volunteering • Miracle-Ear Foundation: Founded in 1990, it operates in the United States with initiatives. It also contributes to the dissemination of scientific knowledge by the aim of providing hearing aids, follow-up services, and educational resources sponsoring clinical research and collaborating with universities, scientific institutes to individuals with hearing loss who lack financial resources for treatment. It also and national and international organisations. These initiatives aim to strengthen develops important prevention programmes. the positive impact on vulnerable communities, improving the quality of life of the • Fundación GAES Solidaria: Established in 1996 and formally recognised as a elderly through access to prevention and treatment of hearing disorders, while foundation in 2018, it operates in Spain with the mission of creating opportunities also increasing public awareness of the importance of responsible listening. For for individuals with hearing loss and limited financial means, enabling them to STATEMENT more information on the Group’s social impact commitments, please refer to the develop their language and communication skills through local and international Sustainability Policy in the “Policies, actions, metrics and targets” section of the hearing-related projects. The activities of these foundations are also supported by “General disclosures (ESRS 2)” chapter. Amplifon employees and customers. CONSOLIDATED SUSTAINABILITY In its continuous efforts to enhance customer satisfaction and improve service In line with its Sustainability Plan target, which includes supporting the development quality, Amplifon remains committed to providing a highly personalised, premium of Fondazione Amplifon and expanding its activities beyond Italy through donations service that meets the specific needs of each individual customer. This commitment of at least €5 million between 2024 and 2026, the Company donated €2 million to aligns with the Company’s purpose: helping people rediscover the full emotional Fondazione Amplifon ETS in 2025. Currently, Fondazione Amplifon ETS operates in experience of sound, generating a positive impact on the quality of life of both Italy, Portugal, Australia, France, Switzerland, Belgium and Spain. customers and the communities in which they live. This dedication is also reflected in the principles of the Group Sustainability Policy. Beyond this financial contribution, in 2025, and in line with the target of reaching REPORT at least 5,000 employees’ participations in volunteering initiatives and Social ON OPERATIONS Ambassadorship initiatives promoted by the Group’s Foundations over the 2024- 2026 period, Amplifon encouraged the participation of more than 3,400 employees in ACTIONS, METRICS AND TARGETS volunteering initiatives promoted by the Foundations and in social ambassadorship activities. Amplifon is committed to enhancing community well-being, improving the quality of services offered, and raising awareness on hearing health through concrete actions. In response to the identified impacts, Amplifon outlines the actions, metrics and targets addressed in this section. AMPLIFON AT A GLANCE 216 --- ANNUAL REPORT 2025 EXAMPLES OF ACTIVITIES OF THE AMPLIFON FOUNDATION ETS, THE GAES SOLIDARIA FOUNDATION AND THE MIRACLE-EAR FOUNDATION IN WHICH GROUP EMPLOYEES PARTICIPATED • Ciao! is the project of Fondazione Amplifon ETS which, since 2020, has been • Kindness: Alongside more traditional initiatives, Fondazione Amplifon contributing to the wellbeing and active engagement of elderly people in ETS promotes reflection and programming around Kindness, understood residential care homes, through the best video-connection technologies as a desirable form of action and relationship, and ultimately as a tool for available on the market. To date, around 300 care homes in Italy and peace – urgent and accessible to each of us. Among these initiatives, the CONSOLIDATED approximately 30 abroad are involved. Their residents have access to a daily Festival della Gentilezza (Kindness Festival), now in its second edition, offers FINANCIAL STATEMENTS entertainment schedule, including concerts, yoga classes, virtual travel a multidisciplinary reflection on the contemporary meaning of Kindness, experiences, art therapy, press reviews, storytelling sessions, musicals and through contributions from figures in culture, entertainment, sport, music and digital games. Amplifon employees are involved through: research. Amplifon employees are engaged through Kindness Labs, dedicated - Let’s Dream: an initiative that collects the dreams and wishes of care home workshops exploring the theme of Kindness and led by distinguished guests. In residents and that teams of Amplifon volunteers turn into reality. In 2025, 2025, five sessions were held, featuring guests such as Dario Fabbri, Francesco around ten events involved 40 employees engaging elderly residents in Italian Costa, Cecilia Sala, Daria Bignardi and Nicola Lagioia, with more than 260 care homes through museum visits, concerts with well-known singers, local participations from Group employees. outings and much more. • Teaming Program: a Fundación GAES Solidaria initiative involving around 600 - Ciao! C’è un regalo per te (There’s a gift for you): the annual initiative during Group’s employees, who voluntarily donate €1 per month from their salaries. STATEMENT which Amplifon volunteers donate Christmas gifts to care home residents, In 2024, the programme raised approximately €20,000, which was allocated to helping to bring comfort and closeness to those who often experience local community support, medical research, and disaster relief efforts. In 2025 loneliness during the holiday season. In 2025, more than 340 employees in the Foundation awarded ten grants of €2,000 each to research and solidarity CONSOLIDATED SUSTAINABILITY Italy, France, Spain and Portugal fulfilled over 700 wishes expressed by elderly projects directly selected by employees. residents in around 20 care homes across the four countries. • Elderly people and urban outskirts: Fondazione Amplifon ETS supports various • Vacaciones en Paz: during the summer, the Foundation collaborates with the initiatives in urban peripheral areas to combat elderly loneliness, contribute “Vacaciones en Paz” campaign to provide audiological screenings and hearing to housing dignity, promote active ageing and foster psychological wellbeing. aid fittings to 200 Sahrawi children hosted in Spain, safeguarding their hearing Among these: health and improving their quality of life. - Vicini in Città (Neighbours in the City): a programme in partnership • International Cooperation Projects: Fundación GAES Solidaria carries out with the Community of Sant’Egidio, aimed at combating loneliness and solidarity audiology projects throughout the year in Nepal, Equatorial Guinea REPORT isolation among approximately 300 elderly residents in the Corvetto district and Cape Verde, sending teams of hearing care professionals to provide ON OPERATIONS of Milan, through accompaniment activities, home visits, phone calls and assistance to the local population. During the missions, the team conducted social gatherings. Ti passo a prendere (I’ll pick you up): implemented with audiometric tests, fitted hearing aids, and delivered training sessions for local Memorabilia, through which 88 volunteers and around forty elderly residents healthcare workers, ensuring a long-lasting positive impact on the community. from the Corvetto district attend performances staged by some of Milan’s most renowned theatres, such as Teatro Menotti and Piccolo Teatro. • MiracleMissions:hearing aid donation programmes carried out in collaboration - Indovina chi viene a casa (Guess Who’s Coming to Visit): an initiative with franchisees and employees within the Miracle-Ear network. In 2025, two developed in partnership with Fondazione di Comunità Milano, together with missions were organised across the United States, resulting in the donation of Fondazione Aquilone and La Bottega di Quartiere, aimed at combating loneliness, over 300 hearing aids to more than 150 individuals in underserved communities, addressing domestic hardship and promoting active ageing among 80 elderly along with ongoing maintenance support to ensure continued benefit over time. people living alone in Milan’s Zone 9. During the year, 15 Amplifon volunteers AMPLIFON AT A GLANCE contributed through small home maintenance works for beneficiaries. 217 --- ANNUAL REPORT 2025 Given its role and significance within the communities in which it operates, Amplifon launched “We Care” in 2019. This programme encourages more responsible behaviours and consolidates the social impact initiatives that the Group promotes in the communities in which it operates, complementing the social inclusion activities promoted by the Group’s Foundations. Below are the key initiatives undertaken in 2025: also in 2025, Amplifon Italia S.p.A. donated approximately €200,000 to support various causes, including the “Una Laurea con Amplifon” project, which provides AMPLIFON scholarships for high school graduates pursuing a university degree in Hearing Aid Technology. ITALIA S.P.A. CONSOLIDATED the Company continued its collaboration with the association Les Enfants Sourds du Cambodge, carrying out two humanitarian missions in Cambodia. During these FINANCIAL STATEMENTS AMPLIFON missions, approximately 1,000 hearing aids were distributed to more than 1,000 children in local communities. Four Amplifon hearing care professionals took part in FRANCE the two missions. In addition, these missions supported the training of Cambodian hearing care professionals in preparation for obtaining their technical diploma in 2026. AMPLIFON Amplifon Portugal continued its support for Missão São Tomé, a programme that has been assisting over 120 children with hearing impairments for the past 14 years. PORTUGAL STATEMENT Amplifon employees in the United States actively supported local non-profit organisations in the Twin Cities, Minnesota (Minneapolis and Saint Paul), contributing both CONSOLIDATED SUSTAINABILITY financially - donating over $49,000 - and through almost 2,000 hours of volunteer work. Additionally, the We Care programme continued to support the Minnesota Wild Deaf & Hard of Hearing hockey team, an organisation dedicated to ensuring equal playing opportunities for individuals with hearing loss. The Company, together AMPLIFON with its volunteers, also supported the Hearing Loss Association of America (HLAA), taking part in the local Walk4Hearing initiative supported by over 70 participants, USA serving meals at the People Serving People homeless shelter in Minneapolis and supporting the local organisation Living Well, which provides assistance to hundreds of people with disabilities. During 2025, 35 employees of the Amplifon Group (Miracle-Ear) volunteered for Living Well. REPORT during the year, Amplifon Australia employees volunteered at six Project Ciao events organised by Fondazione Amplifon. These events involved some of the most ON OPERATIONS isolated residents of aged care facilities participating in the project. In addition, around 50 Amplifon employees took part in two volunteering days at the RALAC Aged AMPLIFON Care facility, refurbishing and building furniture and outdoor structures for residents. Finally, Amplifon Australia donated more than 170 hearing aids to people in need AUSTRALIA in Samoa and Tonga as part of an ongoing hearing aid donation programme. AMPLIFON In Germany, Amplifon employees expanded the Christmas gift collection initiative to include residents of a second residential care facility in Hamburg. In total, 70 GERMANY elderly residents received personalised Christmas gifts prepared by Amplifon employees from across Germany, who delivered them in person. AMPLIFON AT A GLANCE 218 --- ANNUAL REPORT 2025 • OtoPad POSITIVE IMPACTS ON INDIVIDUALS This internally developed audiometer uses an iPad, designed to benefit both hearing care professionals and customers. For professionals, it improves the AND ECONOMIC SYSTEMS GENERATED accuracy of test results, allowing for a more precise fitting of hearing aids. For BY TECHNOLOGICAL INNOVATIONS IN customers, it enhances engagement in the hearing care journey, making the assessment process unique, interactive, and personalised. In 2025, 390 OtoPads PROCESSES, SERVICES, AND PRODUCTS were installed in the Group’s clinics, out of more than 900 in total, providing hundreds of thousands of hearing tests. In 2026, the objective is to continue Amplifon X – the Group’s internal start-up, fully dedicated to Amplifon’s digital the roll-out in order to reach additional stores in countries where the device is innovation strategy. It is responsible for the software design and end-to-end already available and to introduce it in new countries (a further 368 OtoPads to development of highly innovative digital solutions aimed at enhancing both in-store be deployed in 2026 across Italy, the USA, the Netherlands, Chile and Australia). and remote services. The key digital solutions and initiatives by Amplifon X include: CONSOLIDATED • Otokiosk FINANCIAL STATEMENTS • Amplifon App An internally developed audiometer that also uses an iPad, but is specifically 2025 saw the launch of the new app designed to support customers in the use of designed for customer self-use. As a medical device, it ensures high reliability of their hearing aids, achieving a penetration rate of 25% and a user rating of 4.5 out results while expanding access to hearing loss assessments by providing a faster, of 5. more autonomous testing experience outside of clinics. Additionally, OtoKiosk can be used in clinics to optimise productivity, enabling preliminary hearing tests to The new app, aimed at enhancing the user experience, enables customers to identify individuals who do not have hearing loss. In 2025, 103 of the approximately receive remote support without the need to visit a clinic in person. It allows users 700 OtoKiosks in total were installed across 8 countries in which the Group to manage device functions in real time, book appointments with their hearing operates. The objective for 2026 is to continue with the progressive installation care professional, access video tutorials to resolve minor issues and much more, of new devices, primarily in three countries (the USA, Canada and Portugal), while STATEMENT directly from their smartphone. Thanks to the “Companion” feature, exclusive to enabling an increasing number of people to assess their hearing. the Amplifon App, hearing aid usage data is analysed in real time and processed through an artificial intelligence algorithm. This provides personalised suggestions, CONSOLIDATED SUSTAINABILITY such as battery replacement alerts or recommendations for the most suitable programme based on ambient sounds, making the initial adaptation period smoother and more enjoyable. The roll-out plan of the new Amplifon App initially involved Portugal and New Zealand; the release continued successfully in the United States (Miracle-Ear and AHHC), in France, and subsequently in Switzerland and the United Kingdom. The roll-out was then completed with further releases in Australia, Belgium, Italy and REPORT Germany, covering the majority of the planned countries. The Netherlands and ON OPERATIONS Spain represented the final stages of the distribution process of the new App. Thanks to these developments, the project has involved almost all active Amplifon Product Experience (APE) countries, with only a few still in the implementation phase. The subsequent extension has been planned for the LATAM area, with release scheduled for the first half of 2026. AMPLIFON AT A GLANCE 219 --- ANNUAL REPORT 2025 • AmplifAI Amplifon’s Centre for Research and Studies (CRS) – Founded in 1971 by Algernon In 2025, AmplifAI was launched, a programme dedicated to the responsible Charles Holland in Italy, Amplifon’s Centre for Research and Studies (CRS) is now also adoption of Artificial Intelligence solutions within Amplifon. The objective is to active in Spain and France. Its purpose is to consolidate investments and resources in effectively and structurally govern the introduction of AI through a cross-functional the development, research, and theoretical-practical training in the fields of audiology approach involving multiple areas of the organisation. and otolaryngology. The CRS has always been dedicated to advancing and sharing scientific knowledge in collaboration with universities and national and international The governance model includes two main bodies: scientific societies. Since its inception, it has organised numerous scientific courses - The AmplifAI Control Tower, primarily led by the Chief Information Officer and and conferences, supported the publication of research studies, and provided the Chief Marketing, Technology and Innovation Officer, responsible for strategic scholarships - both nationally and internationally - for medical specialists (ENTs and direction and overall oversight. audiologists-phoniatrists) as well as speech therapists. - The AmplifAI Committee, composed of approximately 60 members, which serves as a reference point for business functions by collecting AI-related ideas, In particular, the CRS has developed several initiatives, including: CONSOLIDATED initiatives and needs and bringing them to the attention of the Control Tower. FINANCIAL STATEMENTS • Organisation of training courses and conferences accredited under the Continuing The programme integrates several areas: Medical Education (CME/ECM) system, including international events such as - Personal productivity (e.g. tools supporting employees’ day-to-day activities). satellite sessions within major global audiology congresses, as well as courses - Enterprise applications, meaning the integration of AI into existing business dedicated to ENT specialists promoted by local medical teams. processes and platforms. • Coordination of research projects and production of specialised scientific content, with the publication of studies and reports on advanced audiology topics, In this context, AI-native tools are being assessed and adopted (such as automated including analyses on the impact of noise and insights derived from the activities call centre solutions), AI functionalities integrated into existing software (for of the international CRS. CRS maintains an extensive scientific library, dedicated to example, automated ticket analysis modules), and internally developed customised professionals, researchers, and students. STATEMENT AI solutions. The aim is to create a coherent AI ecosystem capable of supporting business processes without fragmentation. INCREASED CUSTOMER SATISFACTION AND CONSOLIDATED SUSTAINABILITY Solution development is entrusted to dedicated teams, such as Amplifon X and IT IMPROVED SERVICE QUALITY DUE TO THE Security, to ensure quality, security and control over the technological perimeter. At the same time, topics such as security, regulatory compliance and Responsible DEVELOPMENT OF SYSTEMS THAT ANALYSE AI remain central, with the involvement of key functions such as Legal and Cybersecurity for regulatory and security aspects. CUSTOMER NEEDS AND EFFICIENTLY MANAGE AmplifAI is conceived as a multi-year programme, combining specific projects, REPORTS AND COMPLAINTS strategic initiatives and industrialisation activities. It includes the development REPORT of prototypes, pilot testing (such as those focused on personal productivity) and ON OPERATIONS the continuous enhancement of AI functionalities already in use, for example in Through the Ampli-care Global Store Concept (for further information on Ampli- ticket management systems. The initiatives in the pipeline cover both incremental care, please refer to the paragraph “Sustainability strategy” in the chapter “General developments and new AI-enabled projects. disclosures (ESRS 2)”), the Group’s clinic transformation strategy aimed at offering an exclusive and personalised audiological experience – both during clinic visits and The programme is also part of a broader roadmap looking towards the future throughout the entire customer journey – Amplifon seeks to activate a comprehensive of the organisation, with a mindset of continuous transformation. This vision ecosystem around the customer. Leveraging the data it collects and the advanced includes strengthening internal capabilities through AI literacy programmes and technologies it possesses, the Group ensures a very high level of personalisation ensuring compliance with the requirements of the AI Act. and service quality, consistently delivered across every touchpoint in the customer journey. For further information, please refer to section “Policies, actions, metrics and targets” of the “General disclosures (ESRS 2)” chapter; Moreover, a key component AMPLIFON AT A GLANCE of Amplifon’s offering is the Amplifon 360 Protocol, which is also described in the 220 --- ANNUAL REPORT 2025 aforementioned section as a differentiating element of the Group’s offering. This Amplifon has also provided hearing screenings to its employees at its offices in Milan protocol delivers higher customer engagement and unmatched personalisation, (both the global headquarters and the Amplifon Italia S.p.A. offices), Melbourne, ensuring that each individual receives a tailored hearing solution, enabling the Minneapolis, Hamburg and Paris. Finally, on the occasion of World Hearing Day 2025, th standardisation of service quality at high levels. the Company offered free screenings to citizens in the 15 arrondissement of Paris and to employees of companies located in the Melbourne central business district For further information regarding Customer Relationship Management, please refer building that also hosts the offices of Amplifon Australia. to paragraph “[S4-3] Processes to remediate negative impacts and channels for consumers and end-users to raise concerns” in the chapter “[ESRS S4] Consumers and End-Users”. INCREASED AWARENESS AND SENSITIVITY CONSOLIDATED REGARDING THE IMPORTANCE OF HEARING FINANCIAL STATEMENTS WELLNESS AND RESPONSIBLE LISTENING Listen Responsibly – Programme designed to increase awareness of hearing well- being and responsible listening. By 2028, its goal is to engage at least 20 million people aged 18 to 35, including students, through digital communication campaigns,events and partnerships, such as the one with La Scala in Milan. STATEMENT To date, the Listen Responsibly programme has engaged more than 25 million people under the age of 35 and, in particular, awareness-raising activities on responsible listening linked to the collaboration with Teatro alla Scala reached 40,000 people CONSOLIDATED SUSTAINABILITY between 2024 and 2025. In addition, the programme is complemented by the dedicated “Listen Responsibly” App, which engages students and citizens as pioneers of a new acoustic ecology. Its noise tracker detects environmental noise levels. The Group has set a target of at least 110,000 total noise measurements by 2026. By the end of 2025, the Group had recorded 103,072 measurements from 19,178 users. Part of these measurements stem from the internal contest launched by Amplifon at the end of 2025 for employees REPORT at its Milan headquarters, which involved more than 60 employees. In addition, in ON OPERATIONS 2025 dedicated digital campaigns on responsible listening were launched across the Group’s corporate social media profiles (mainly LinkedIn and Instagram), reaching a total of more than 15 million users under the age of 35. The Listen Responsibly ecosystem, focused on hearing prevention awareness, also includes a series of initiatives involving hearing tests. Since 2023, Amplifon has conducted approximately 1,100 free hearing tests at universities (Bocconi University in Milan, LUISS in Rome and LIUC in Castellanza (VA)), Company premises (including LinkedIn Italy and Sky Italy) and public events (Economy Festival in Trento and TedX “Go Beyond”). AMPLIFON AT A GLANCE 221 --- ANNUAL REPORT 2025 GOVERNANCE INFORMATION ESRS G1 – BUSINESS CONDUCT POSITION ALONG THE VALUE CHAIN TIME HORIZON CONSOLIDATED FINANCIAL STATEMENTS SUSTAINABILITY TOPIC DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term Strengthening and promoting an ethical corporate culture - founded on principles of integrity, fairness, non- Corporate culture Actual positive discrimination, and respect, and supported by effective whistleblower protection - enhances employee trust Protection of whistle-blowers impact and customer loyalty. Negative impacts on the economy, markets, and stakeholder trust due to potential anti-competitive Potential negative Corporate culture behavior and monopolistic practices, as well as non-compliance with applicable laws, regulations, and impact internal and external standards. Corruption and bribery Failure to prevent and detect corruption and bribery—due to inadequate training, weak controls, or lack of Potential negative Prevention and detection including compliance mechanisms—may result in incidents of non-compliance with applicable laws, regulations, and STATEMENT impact training; Incidents internal or external standards, leading to legal, economic, and reputational consequences for stakeholders. Management of relationships Effective management of relationships with both direct and indirect suppliers—through monitoring, Actual positive CONSOLIDATED SUSTAINABILITY with suppliers including payment engagement, and alignment with ESG criteria—facilitates the integration and dissemination of impact practices environmental and social sustainability standards across the value chain. Potential failure to meet minimum ethical conduct standards along the supply chain, as well as missed Potential negative Corporate culture opportunities for responsible sourcing. impact Potential misleading or non-compliant communication on financial disclosure, non-financial disclosure and/ or other communication initiatives may have an impact on corporate compliance posture and/or reputation, given also the Company’s increasing relevance and the involvement in initiatives of public interest. REPORT ON OPERATIONS Corporate culture Risk Qualitative anticipated financial effects: Potential non-compliance with mandatory external disclosures, also due to increasing regulatory requirements, as well as misleading/delayed communications possibly leading to sanctions and/or affecting stakeholders’ commitment. Potential risk related to business partners along the Group supply chain not fully respecting the ethical and social standards, including human rights, as well as suppliers in emerging markets engaging in labour- intensive operations (concerning also the extraction and processing of raw materials), also due to not Management of relationships structured control on third parties, potentially leading to non-compliance events and reputational impacts with suppliers including payment 56 Risk on the Group. practices Qualitative anticipated financial effects: Potential suppliers’ non-compliance with ethical standards possibly leading to sanctions / costs for AMPLIFON additional specific controls as well as to loss of reputation affecting stakeholders’ commitment. AT A GLANCE 56.This risk has been deemed material under both ESRS S2 (Workers in the value chain) and ESRS G1 (Business conduct). 222 --- ANNUAL REPORT 2025 the identity of the whistleblower and all individuals concerned. This approach is MANAGEMENT OF IMPACTS, RISKS, designed to reduce the risk of misconduct within the Group. To this end, the Policy specifies that whistleblowers, as well as other individuals involved in the report, are protected against any retaliatory or discriminatory act, whether direct or indirect, AND OPPORTUNITIES CONCERNING for reasons connected, directly or indirectly, to the report. Specifically, no employee or individual within the Group may be dismissed, demoted, suspended, threatened, harassed, or otherwise discriminated against in their working conditions for making THE GROUP’S GOVERNANCE a report in accordance with the Group’s Whistleblowing Policy. Protection is also guaranteed even if the report, though ultimately unfounded, was made based on proven grounds for believing that the information was true at the time of reporting. [G1-1] BUSINESS CONDUCT POLICIES AND CORPORATE CULTURE In line with the progressive implementation of the Whistleblowing System across the Group’s Countries, a specific mandatory online training programme is developed CONSOLIDATED The Code of Ethics, detailed in the “Policies, actions, metrics and targets” section and delivered to inform and train all Amplifon employees and collaborators on the FINANCIAL STATEMENTS of the “General disclosures (ESRS 2)” chapter, is at the core of Amplifon’s corporate conduct to adopt if they become aware of unlawful behaviour. Furthermore, during approach. It defines and promotes a corporate culture based on the principles of the current year, the Group Whistleblowing Policy was updated to reflect the changes legality, fairness, honesty, integrity, loyalty, transparency, and efficiency. The Code made to the Whistleblowing System following the implementation of the new Digital outlines the fundamental values and standards of conduct that guide the daily Reporting Platform, as well as to incorporate additional updates in line with a actions of all individuals within the Group. Moreover, it forms an integral part of continuous improvement approach. The new version of the Group Whistleblowing the Organisation, Management, and Control Model adopted by Amplifon S.p.A., in Policy was approved by the Board of Directors on 29 October 2025. compliance with Italian Legislative Decree 231/2001 (“Model 231”). For further details on anti-corruption policies related to the prevention of active To reinforce these ethical values, Amplifon has adopted specific corporate Policies and passive corruption, please refer to the “Policies, actions, metrics and targets” STATEMENT that further strengthen the integrity and consistency of its corporate culture. section on the Anti-Corruption Policy in the “General disclosures (ESRS 2)” chapter. These include the Anti-Corruption Policy, aimed at preventing and combating both It should also be noted that the corporate functions that could be most exposed to active and passive corruption, and the Whistleblowing Policy, through which the the risk of active and passive corruption are those that perform activities considered CONSOLIDATED SUSTAINABILITY Group has outlined and formalised a structured process for managing reports of ‘sensitive’ within the meaning of the Anti-Corruption Policy, e.g. the Purchasing, potential misconduct or violations. In particular, the Policy defines the set of rules Human Resources, Medical Area functions, and all those that have relations with and communication channels for submitting and handling reports, encouraging both representatives of public institutions. internal and external stakeholders to report actual or suspected violations of the Code of Ethics, the Anti-Corruption Policy, internal policies and procedures (such as Model 231), as well as the laws and regulations applicable to each Group company, [G1-2] MANAGEMENT OF RELATIONSHIPS WITH SUPPLIERS while ensuring the confidentiality of reports in accordance with the applicable legislation. In 2025, Amplifon continued to closely monitor and manage the matters Managing relationships with suppliers is a critical aspect for the Group, as it has a REPORT relevant to the Group, with the involvement of the relevant corporate functions also direct impact on the quality of products and services offered, as well as on overall ON OPERATIONS in the area of compliance and/or organisation. operational efficiency. For this reason, from the qualification phase onwards, all suppliers - whether involved in procurement contracts, sourcing, or the supply of A dedicated section on the Whistleblowing System has been made available on the goods and services - are required to sign Amplifon’s Code of Ethics. As outlined in corporate website and intranet, providing clear guidance on reporting procedures this Code of Ethics, and in alignment with the UN Global Compact Principles and and the relevant channels. Furthermore, the Policy outlines the available reporting international conventions, Amplifon strictly opposes suppliers that, in violation of channels, the reporting process and how reports are handled, the roles and fundamental human rights and principles of freedom and dignity, engage in forced responsibilities, and the rights and obligations of the whistleblower, in compliance or child labour, or any form of discrimination. Furthermore, as in previous years, with applicable regulations. The objective is to establish a system that facilitates Amplifon continues to require all hearing device suppliers, whose contracts are the reporting of violations, safeguards the confidentiality of reports, and protects subject to periodic renegotiation, to recognise and adhere to the principles outlined AMPLIFON AT A GLANCE 223 --- ANNUAL REPORT 2025 in Amplifon’s Sustainability Policy. Additionally, as previously mentioned in the [G1-3] PREVENTION AND DETECTION OF CORRUPTION AND BRIBERY “Policies, actions, metrics and targets” section of the “General disclosures (ESRS 2)” chapter, the Supplier Code of Conduct defines the principles and standards of Amplifon adopts a zero-tolerance approach towards corruption, both active and conduct required from all suppliers and business partners across various areas, passive, as well as illicit favours, collusive behaviour, and solicitations for undue including: business ethics and compliance, anti-corruption, human and labour advantages. To prohibit all forms of active and passive corruption, the Group has 57 rights, diversity and inclusion, health and safety, environment, and so on. From established general principles outlined in its Anti-Corruption Policy . The latter 2023, mandatory acceptance of the Supplier Code of Conduct was integrated into also establishes the need to regularly develop training and awareness activities, the qualification process for new suppliers. Additionally, the requirement to sign both at Group and local level, in order to ensure understanding of and continuous the Code was extended to existing suppliers who were qualified before the Code’s updates on anti-corruption requirements, related risks and expected behaviours. adoption, with priority given to those with the largest global expenditure and those Any violations of the Anti-Corruption Policy constitute a breach of the Group’s providing critical goods or services. Amplifon assesses the risks associated with its values and may therefore result in the adoption of disciplinary measures Amplifon supply chain by adopting a risk-based methodology, considering both the supplier’s has implemented a Whistleblowing System for managing reports, including any CONSOLIDATED industry sector and geographical location. This approach enables the identification violations, suspected violations, or non-compliant behaviours related to the Anti- FINANCIAL STATEMENTS of potential risks within the supply chain. The progressive adoption of the Supplier Corruption Policy. This system enables more effective monitoring of potential Code of Conduct and the identification of potential ESG risks among suppliers misconduct or non-compliance with the Policy, as well as with applicable laws and have been made possible through the global supplier assessment framework, regulations. Reports are received by the Whistleblowing Committee, which provides implemented in 2023. In this regard, for further information please refer to the semi-annual updates - or more frequently when necessary - to the Control, Risk, paragraph “Actions, metrics and targets” in the chapter “Social Information and Sustainability Committee, as well as to the Supervisory Board in cases relevant (ESRS S2)”. This framework consists of two internal tools: the first tool assesses a to Italian Legislative Decree 231/2001. These updates include a summary report on supplier’s inherent ESG risk level, based on industry sector (with a pilot phase in the actions taken in response to the reports received. 2024 covering Marketing, IT, Store Furniture, and Construction) and geographical risk (sector- and country-specific), and the second tool evaluates the residual ESG As detailed in the “Policies, actions, metrics and targets” section of the “General STATEMENT risk, based on ESG-related data and information provided directly by suppliers via disclosures (ESRS 2)” chapter the Anti-Corruption Policy provides guidelines to a self-assessment questionnaire. Using the first tool, the framework classifies each ensure that Amplifon operates based on loyalty, fairness, transparency, honesty, supplier into low, medium, or high ESG inherent risk categories, based on widely and integrity. In the course of 2025, anti-corruption compliance assessments were CONSOLIDATED SUSTAINABILITY adopted and internationally recognised indicators covering key ethical, social, carried out on selected countries in order to verify the level of implementation and environmental topics. The ESG Self-Assessment Questionnaire consists of a of the Policy’s safeguards and the actions to be implemented locally to ensure its mandatory “Must-Have” section (e.g., compliance and policy-related information), correct and complete application. and a “Best Practices” section (e.g., sustainability performance and maturity level), which suppliers must complete. Their responses are then evaluated using a specific The Organisation, Management, and Control Model (“Model 231”), together with the scoring methodology. Supervisory Body (OdV), regulates and oversees corporate administrative liability in compliance with Italian legislation. Its implementation is aimed at ensuring To support this process, in 2025 the Group conducted three on-site second-level corporate activities are conducted with integrity and transparency with the aim of REPORT audits at selected suppliers. For further information, please refer to paragraph preventing the commission of offences under Italian Legislative Decree 231/2001, ON OPERATIONS S2-5 in the chapter ESRS S2 “Workers in the Value Chain”. and safeguarding Amplifon’s reputation and protecting employees and business partners. Amplifon S.p.A.’s Model 231 consists of a general and a special section. In the general part, among the various topics covered, the contents of the Decree are illustrated, the procedures for the establishment and functioning of the Supervisory Body are defined, and the system of sanctions, communication and training of personnel, as well as the reporting channels that the Company has adopted, also AMPLIFON AT A GLANCE 57. The Policy also describes, among other aspects, the process for monitoring and managing conduct related to gifts, representation expenses, donations and sponsorships (RSDS). 224 --- ANNUAL REPORT 2025 with reference to violations pursuant to the Decree. In the special section, on the [G1-4] CONFIRMED INCIDENTS OF CORRUPTION OR BRIBERY other hand, the control protocols of the corporate activities assessed as ‘sensitive’ for the purposes of Italian Legislative Decree 231/2001 and describes the conduct Amplifon has not received any convictions, and consequent fines, for violations and foresight measures to be observed in order to reduce the risk of committing of the law on active and passive corruption. Consequently, due to the absence of offences under the Decree. The Code of Ethics constitutes the essential foundation such cases, no action was taken against violations of the procedures and rules for of Model 231: the two documents form a set of internal rules aimed at disseminating combating corruption and bribery. a culture marked by ethics and corporate transparency. Periodic reviews assess the need for updates to Model 231, ensuring alignment with regulatory developments, Similarly, the Group had no proven cases of active and passive bribery and no cases organisational changes, industry best practices, and compliance standards. of contracts with business partners that were terminated or not renewed due to violations related to active and passive bribery in 2025. The last version of Model 231 was officially approved by the Board of Directors on 30 July 2024. CONSOLIDATED FINANCIAL STATEMENTS In general, Amplifon Group subsidiaries, where applicable, adopt compliance programmes in accordance with local regulations that establish corporate administrative liability. Amplifon ensures that all employees are promptly informed about updates to the Anti-Corruption Policy and Whistleblowing Policy via email/intranet communications. Regular awareness campaigns are conducted to reinforce key anti-corruption principles, and a summary version of the Policy - containing Amplifon’s core anti-corruption principles - is publicly available for third parties on STATEMENT Amplifon’s website. To strengthen employee awareness on corruption and bribery, Amplifon has CONSOLIDATED SUSTAINABILITY implemented anti-corruption training programmes aligned with existing policies (Anti-Corruption Policy and Code of Ethics). These principles promote the highest standards in all business relationships, ensuring that activities are conducted with loyalty, fairness, transparency, honesty, and integrity. The Policy also sets out specific rules to prevent, detect, and manage corruption risks. At the local level, anti-corruption training and awareness activities are adapted in line with Group guidelines, while taking into account the specific country-level requirements. Anti-corruption and bribery training is mandatory for all employees, regardless of REPORT their specific function or role. At the same time, Amplifon’s Board of Directors is ON OPERATIONS regularly updated on regulatory and jurisprudential developments, including anti- corruption matters, through periodic briefings from the Supervisory Body, which also provides them in the area of corruption. AMPLIFON AT A GLANCE 225 --- ANNUAL REPORT 2025 ENTITY-SPECIFIC GOVERNANCE DISCLOSURE POSITION ALONG THE VALUE CHAIN TIME HORIZON DESCRIPTION IRO UpstreamOwn OperationsDownstreamShort-termMedium-termLong-term CONSOLIDATED The reliance on technology and the acceleration towards digitalization could be accompanied by an increasing relevance of FINANCIAL STATEMENTS cybersecurity, as well as the changes in the geopolitical scenario and potential third-party vulnerabilities could lead to an increasing number of cyber-attacks. Risk Qualitative anticipated financial effects: Business interruptions, leakage of sensitive/personal data and/or unauthorized access to assets due to cyber-attacks potentially resulting in sanctions and costs (e.g., restore security levels, ransom payments) as well as potentially affecting revenues and reputation. STATEMENT Changes in the geopolitical landscape and the potential vulnerabilities arising from the use of third-party systems and services expose organisations to an increasing number of cyberattacks. CONSOLIDATED SUSTAINABILITY Amplifon addresses the risks associated with the acceleration of digitalisation and the growing importance of cybersecurity through a structured and proactive approach, recognising that the widespread adoption of new technologies and the progressive digitalisation of processes may lead to an increase in cyber threats. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 226 --- ANNUAL REPORT 2025 POLICIES ACTIONS, METRICS AND TARGETS To mitigate cybersecurity risks, Amplifon has implemented specific policies aimed at In 2025, Amplifon reinforced its cybersecurity oversight, expanding its coverage to protecting data and preventing cyberattacks. foster shared responsibility and enhance collaboration between departments. To mitigate potential risks, the Company has strengthened several initiatives: The internal Global Information Security Policy defines the principles, requirements and guidelines underpinning the Information Security Management System (ISMS) Cybersecurity training – Amplifon invests in continuous cybersecurity training for implemented and maintained by the Company to ensure information security, in employees, with a particular focus on emerging threats such as deepfake attacks and compliance with the international standard ISO/IEC 27001:2022. This policy sets phishing. Through dedicated training programmes, the Company raises awareness out the Group’s commitment to the continuous monitoring and management of about cyber risks, equipping employees with the skills to detect and counteract cybersecurity-related threats. threats. The objective is to build an informed and proactive workforce capable CONSOLIDATED of actively contributing to the protection of corporate data and systems, thereby FINANCIAL STATEMENTS The Global Data Privacy Policy governs operations in this area; for more details, reinforcing the organisation’s overall resilience against cyber threats. This includes please refer to the “Policies, actions, metrics and targets” section in the “General periodic phishing campaigns – three of which were organised in 2025. During these disclosures (ESRS 2)” chapter. campaigns, both negative behaviours (clicking on links or scanning QR codes, entering credentials, replying to emails) and positive behaviours (such as reporting the email In addition, a Group-wide information security documentation framework has been via the dedicated Outlook button) are monitored at both overall and individual defined, encompassing policies, processes, procedures and operating instructions country level. The results are shared with local IT teams, which are required to addressing and regulating key information security topics (e.g., access control, asset communicate them locally to all users involved in the simulation. Targeted phishing management, supplier management). training is assigned to all those who fail the simulation. In 2025, the three phishing campaigns conducted recorded an average of 26.8% of users clicking on the fake STATEMENT malicious link (“Red” threshold) and 10.1% entering credentials in the fake login form (“Green” threshold). Further corrective actions aimed at reducing risk are currently being defined. Overall, 3,552 training hours were delivered. The Company also CONSOLIDATED SUSTAINABILITY provides a “curriculum vitae” of the cybersecurity skills acquired by its employees upon completion of relevant training activities. ISO 27001 Certification and NIS2 Compliance – In May 2025, Amplifon S.p.A. obtained ISO 27001 certification without any non-conformities. The certification, which provides the framework necessary to protect information through the adoption of an ISMS, covers the provision of corporate services supporting the design, development, distribution and maintenance of hearing solutions. Preparatory REPORT activities are already underway to extend the scope of certification during the 2026 ON OPERATIONS surveillance audit, including subsidiaries in Australia, Belgium, the Netherlands and Portugal, with the objective of further extending certification in subsequent years. Maintaining certification also entails an annual second-level audit of the system conducted by an independent third party. At the same time, alignment with the requirements of the European NIS2 Directive is progressing in countries where the directive has already been transposed (Italy, Belgium and Hungary). AMPLIFON AT A GLANCE 227 --- ANNUAL REPORT 2025 At the Parent Company and in the offices of the aforementioned subsidiaries, gap Security rating – In 2025, activities continued to maintain HiTrust and SOC 2 (System analyses and related remediation actions are being carried out to ensure compliance and Organization Controls) certifications for Amplifon Hearing Health Care (AHHC) in with the Directive and meet its requirements. The Directive has also introduced the the United States. obligation for companies to report significant incidents to national NIS2 supervisory authorities based on the perimeter affected by the event. Information security related business continuity plans – The Group has established the processes necessary for incident management. To further extend Cybersecurity assessment and audit on suppliers – At Amplifon S.p.A., the process and formalise these processes, with the support of a third party, a Business Impact for assessing suppliers’ information security and privacy maturity continues and is Analysis will be conducted in 2026 to identify the most critical processes, enabling required for every new contract and renewal, in order to ensure a robust level of the Group to define operational continuity plans and procedures. security across Amplifon’s entire supply chain. For further details on data privacy and cybersecurity activities and programme, As of 2025, this has been complemented by a structured security audit programme please refer to the “Actions, metrics and targets” section in the “ESRS S4 – Consumers CONSOLIDATED on existing suppliers carried out by the Global Cyber Security function. Suppliers are and end-users” chapter. FINANCIAL STATEMENTS selected based on the relevance of the services provided, the level of risk identified in preliminary assessments, and the presence of the contractual “Right to Audit” clause. In 2025, four suppliers underwent second-level audits. Feedback gathered to date has been generally positive; findings were shared with the supplier’s internal contact and an action plan with defined timelines was proposed. In specific cases, depending on the type of service provided, penetration testing activities were also carried out on applications or platforms delivered by the supplier. Digital transformation process – The digital transformation journey continued STATEMENT in 2025 through the consolidation of technologies aimed at optimising the secure management of business processes, strengthening protection against cyber threats and enabling more efficient and secure operations in a continuously evolving digital CONSOLIDATED SUSTAINABILITY environment. These include: • a data lake solution, acting as a large data repository that enables the efficient and secure collection, storage and analysis of large volumes of information and their correlation in the event of incidents; • an XDR (Extended Detection and Response) solution that contributes to the creation of an integrated view of possible threats from different sources, facilitating the detection of and immediate response to cyber-attacks; REPORT • an advanced mail security solution capable of identifying and quarantining ON OPERATIONS malicious incoming emails; • a CNAPP (Cloud-Native Application Protection Platform) solution, protecting cloud-native applications throughout their lifecycle and providing a unified view of cloud security status. Information security vulnerability analysis – The Group conducts periodic checks through vulnerability assessments and penetration testing, engaging application owners on a rotating basis and verifying system security in non-production environments. In addition, for certain teams, a continuous verification process has been implemented whenever system changes are made, including dedicated security AMPLIFON AT A GLANCE testing. In 2025, 20 full tests were conducted. 228 --- ANNUAL REPORT 2025 ANNEX INDEX OF DISCLOSURE OBLIGATIONS LIST OF MATERIAL DR Reference page ESRS 2 – GENERAL DISCLOSURES BP-1 – General basis for preparation of sustainability statements 104 BP-2 – Disclosures in relation to specific circumstances 104 CONSOLIDATED FINANCIAL STATEMENTS GOV-1 – The role of the administrative, management and supervisory bodies 106 GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies 110 GOV-3 – Integration of sustainability-related performance in incentive schemes 110 GOV-4 – Statement on due diligence 111 GOV-5 – Risk management and internal controls over the sustainability reporting 114 SBM-1 – Strategy, business model and value chain 115 SBM-2 – Interests and views of stakeholders 129 STATEMENT SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model 133; 151 IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunities 133 IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s sustainability statement 133 CONSOLIDATED SUSTAINABILITY 122; 148; 167; 180; 184; 203; 205; Minimum Disclosure Requirements – Policies (MDR-P), Actions (MDR-A), Metrics (MDR-M), Targets (MDR-T) 210; 213; 216; 223; 225; 227 ESRS E1 – CLIMATE CHANGE ESRS 2 SBM-3-E1 – Material impacts, risks and opportunities and their interaction with strategy and business model 164 ESRS 2 IRO-1-E1 – Description of processes for identifying and assessing relevant climate-related impacts, risks and opportunities 143 E1-1 Transition plan for climate change mitigation 167 REPORT ESRS 2 GOV-3-E1 – Integration of sustainability-related performance in incentive schemes 111 ON OPERATIONS E1-2 – Policies related to climate change mitigation and adaptation 170 E1-3 – Actions and resources in relation to climate change policies 167 E1-4 – Targets related to climate change mitigation and adaptation 167 E1-5 – Energy consumption and mix 171 E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions 172 E1-9 – Anticipated financial effects from material physical and transition risks and potential climate-related opportunities Disclosure subject to phase-in ESRS S1 – OWN WORKFORCE ESRS 2 SBM-3-S1 – Material impacts, risks and opportunities and their interaction with strategy and business model 178 AMPLIFON AT A GLANCE S1-1 – Policies related to own workforce 180 S1-2 – Processes for engaging with own workers and workers’ representatives about impacts 183 229 --- ANNUAL REPORT 2025 LIST OF MATERIAL DR Reference page S1-3 – Processes to remediate negative impacts and channels for own workers to raise concerns 183 S1-4 – Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, 184 and effectiveness of those actions S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 184 S1-6 – Characteristics of the undertaking’s employees 190 S1-7 – Characteristics of non-employee workers in the undertaking’s own workforce 194 S1-9 – Diversity metrics 195 S1-10 – Adequate wages 197 S1-11 – Social protection 197 CONSOLIDATED S1-12 – Persons with disabilities 197 FINANCIAL STATEMENTS S1-17 – Incidents, complaints and severe human rights impacts 197 S1-13 – Training and skills development metrics 198 S1-15 – Work-life balance metrics 199 S1-16 – Compensation metrics (pay gap and total remuneration) 200 ESRS S2 – WORKERS IN THE VALUE CHAIN ESRS 2 SBM-3-S2 – Material impacts, risks and opportunities and their interaction with strategy and business model 202 S2-1 – Policies related to value chain workers 203 STATEMENT S2-2 – Processes for engaging with value chain workers about impacts 204 S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns 204 CONSOLIDATED SUSTAINABILITY S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain 205 workers, and effectiveness of those action S2-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 205 ESRS S4 – CONSUMERS AND END-USERS ESRS 2 SBM-3-S4 – Material impacts, risks and opportunities and their interaction with strategy and business mode 208 S4-1 – Policies related to consumers and end-users 210 REPORT S4-2 – Processes for engaging with consumers and end-users about impacts 211 ON OPERATIONS S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns 212 S4-4 – Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to 213 consumers and end- users, and effectiveness of those actions S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 213 ESRS G1 – BUSINESS CONDUCT ESRS 2 GOV-1-G1 – The role of the administrative, supervisory and management bodies 109 G1-1 – Corporate culture and business conduct policies 223 G1-2 – Management of relationships with suppliers 223 G1-3 – Prevention and detection of corruption and bribery 224 AMPLIFON AT A GLANCE G1-4 – Confirmed incidents of corruption or bribery 225 230 --- ANNUAL REPORT 2025 LISTOFINFORMATIONELEMENTSUNDERTHECROSS-CUTTINGANDTHEMATIC PRINCIPLES DERIVED FROM EU LAW Disclosure Requirement Benchmark Regulation EU Climate SFDR reference Pillar 3 reference Material/Non-material Reference page and related datapoint reference Law reference ESRS 2 GOV-1 Board’s gender Indicator number 13 of Table Delegated Regulation (EU) Material 106 diversity paragraph 21 (d) #1 of Annex I 2020/1816, Annex II CONSOLIDATED ESRS 2 GOV-1 Percentage Delegated Regulation (EU) of board members who are Material 107 FINANCIAL STATEMENTS 2020/1816, Annex II independent paragraph 21 (e) ESRS 2 GOV-4 Statement on Indicator number 10 of Table Material 111 due diligence paragraph 30 #3 of Annex I Article 449a Regulation (EU) No 575/2013; ESRS 2 SBM-1 Involvement in Commission Implementing Indicator number 4 of Table Delegated Regulation (EU) activities related to fossil fuel Regulation (EU) 2022/2453(6) Data point not applicable #1 of Annex I 2020/1816, Annex II activities paragraph 40 (d) i Table 1: Qualitative information on Environmental STATEMENT risk and Table 2: Qualitative information on Social risk ESRS 2 SBM-1 Involvement in Indicator number 9 of Table Delegated Regulation (EU) activities related to chemical Data point not applicable CONSOLIDATED SUSTAINABILITY #2 of Annex I 2020/1816, Annex II production paragraph 40 (d) ii ESRS 2 SBM-1 Involvement Delegated Regulation (EU) in activities related to Indicator number 14 of Table 2020/1818, Article 12(1) Data point not applicable controversial weapons #1 of Annex I Delegated Regulation (EU) paragraph 40 (d) iii 2020/1816, Annex II ESRS 2 SBM-1 Involvement in Delegated Regulation (EU) activities related to cultivation 2020/1818, Article 12(1) Data point not applicable and production of tobacco Delegated Regulation (EU) REPORT paragraph 40 (d) iv 2020/1816, Annex II ON OPERATIONS ESRS E1-1 Transition plan to Regulation (EU) 2021/1119, reach climate neutrality by Material 167 Article 2(1) 2050 paragraph 14 AMPLIFON AT A GLANCE 231 --- ANNUAL REPORT 2025 Disclosure Requirement Benchmark Regulation EU Climate SFDR reference Pillar 3 reference Material/Non-material Reference page and related datapoint reference Law reference Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation Article 12(1), points (a) and ESRS E1-1 Undertakings (EU) 2022/2453 Template 1: (d) to (g), and paragraph 2, excluded from Paris-aligned Banking book-Climate Change Material 167 of Commission Delegated Benchmarks paragraph 16 (g) transition risk: Credit quality Regulation (EU) 2020/1818 of exposures by sector, emissions and residual maturity Article 449a Regulation (EU) CONSOLIDATED No 575/2013; Commission FINANCIAL STATEMENTS ESRS E1-4 GHG emission Implementing Regulation Indicator number 4 of Table Delegated Regulation (EU) reduction targets paragraph (EU) 2022/2453 Template Material 167 #2 of Annex I 2020/1818, Article 6 34 3: Banking book – Climate change transition risk: alignment metrics ESRS E1-5 Energy consumption from fossil Indicator number 5 Table #1 sources disaggregated by and Indicator n. 5 Table #2 of Material 171 sources (only high climate Annex I impact sectors) paragraph 38 ESRS E1-5 Energy Indicator number 5 of Table STATEMENT consumption and mix Material 171 #1 of Annex I paragraph 37 ESRS E1-5 Energy intensity CONSOLIDATED SUSTAINABILITY associated with activities in Indicator number 6 of Table Material 171 high climate impact sectors #1 of Annex I paragraphs 40 to 43 Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation ESRS E1-6 Gross Scope 1, 2, (EU) 2022/2453 Template 1: Delegated Regulation (EU) Indicators number 1 and 2 3 and Total GHG emissions Banking book-Climate Change 2020/1818, Article 5(1), 6 and Material 174 Table #1 of Annex I paragraph 44 transition risk: Credit quality 8(1) REPORT of exposures by sector, emissions and residual ON OPERATIONS maturity AMPLIFON AT A GLANCE 232 --- ANNUAL REPORT 2025 Disclosure Requirement Benchmark Regulation EU Climate SFDR reference Pillar 3 reference Material/Non-material Reference page and related datapoint reference Law reference Article 449a Regulation (EU) No 575/2013; Commission ESRS E1-6 Gross GHG Implementing Regulation Indicator number 3 of Table Delegated Regulation (EU) emissions intensity (EU) 2022/2453 Template Material 172 #1 of Annex I 2020/1818, Article 8(1) paragraphs 53 to 55 3: Banking book – Climate change transition risk: alignment metrics ESRS E1-7 GHG removals and Regulation (EU) 2021/1119, Not material carbon credits paragraph 56 Article 2(1) ESRS E1-9 Exposure of the Delegated Regulation CONSOLIDATED benchmark portfolio to (EU) 2020/1818, Annex II Disclosure subject FINANCIAL STATEMENTS climate-related physical risks Delegated Regulation (EU) to phase-in paragraph 66 2020/1816, Annex II ESRS E1-9 Disaggregation of Article 449a Regulation (EU) monetary amounts by acute No 575/2013; Commission and chronic physical risk Implementing Regulation (EU) paragraph 66 (a) 2022/2453 paragraphs 46 and Disclosure subject 47; Template 5: Banking book to phase-in ESRS E1-9 Location of - Climate change physical risk: significant assets at material Exposures subject to physical physical risk paragraph 66 (c) risk Article 449a Regulation (EU) STATEMENT No 575/2013; Commission ESRS E1-9 Breakdown of Implementing Regulation the carrying value of its real (EU) 2022/2453 paragraph Disclosure subject CONSOLIDATED SUSTAINABILITY estate assets by energy- 34; Template 2: Banking book to phase-in efficiency classes paragraph -Climate change transition 67 (c) risk: Loans collateralised by immovable property - Energy efficiency of the collateral ESRS E1-9 Degree of exposure of the portfolio to climate- Delegated Regulation (EU) Disclosure subject related opportunities 2020/1818, Annex II to phase-in paragraph 69 REPORT ON OPERATIONS AMPLIFON AT A GLANCE 233 --- ANNUAL REPORT 2025 Disclosure Requirement Benchmark Regulation EU Climate SFDR reference Pillar 3 reference Material/Non-material Reference page and related datapoint reference Law reference ESRS E2-4 Amount of each Indicator number 8 Table #1 pollutant listed in Annex II of Annex I Indicator number 2 of the E-PRTR Regulation Table #2 of Annex 1 Indicator (European Pollutant Release Not material number 1 Table #2 of Annex I and Transfer Register) Indicator number 3 Table #2 emitted to air, water and soil, of Annex I paragraph 28 ESRS E3-1 Water and marine Indicator number 7 of Table Not material resources paragraph 9 #2 of Annex I ESRS E3-1 Dedicated policy Indicator number 8 of Table CONSOLIDATED Not material paragraph 13 #2 of Annex I FINANCIAL STATEMENTS ESRS E3-1 Sustainable oceans Indicator number 12 of Table Not material and seas paragraph 14 #2 of Annex I ESRS E3-4 Total water Indicator number 6.2 of Table recycled and reused Not material #2 of Annex I paragraph 28 (c) ESRS E3-4 Total water 3 consumption in m per net Indicator number 6.1 of Table Not material revenue on own operations #2 of Annex I paragraph 29 ESRS 2 IRO-1 – E4 paragraph Indicator number 7 of Table Material 146 16 (a) i #1 of Annex I STATEMENT ESRS 2 IRO-1 – E4 paragraph Indicator number 10 of Table Material 146 16 (b) #2 of Annex I ESRS 2 IRO-1 – E4 paragraph Indicator number 14 of Table CONSOLIDATED SUSTAINABILITY Material 146 16 (c) #2 of Annex I ESRS E4-2 Sustainable land Indicator number 11 of Table / agriculture practices or Not material #2 of Annex I policies paragraph 24 (b) ESRS E4-2 Sustainable oceans Indicator number 12 of Table / seas practices or policies Not material #2 of Annex I paragraph 24 (c) ESRS E4-2 Policies to address REPORT Indicator number 15 of Table deforestation paragraph 24 Not material #2 of Annex I ON OPERATIONS (d) ESRS E5-5 Non-recycled waste Indicator number 13 of Table Not material paragraph 37 (d) #2 of Annex I ESRS E5-5 Hazardous waste Indicator number 9 of Table and radioactive waste Not material #1 of Annex I paragraph 39 ESRS 2 - SBM3 - S1 Risk of Indicator number 13 of Table incidents of forced labour Material 178 #3 of Annex I paragraph 14 (f) AMPLIFON AT A GLANCE 234 --- ANNUAL REPORT 2025 Disclosure Requirement Benchmark Regulation EU Climate SFDR reference Pillar 3 reference Material/Non-material Reference page and related datapoint reference Law reference ESRS 2 - SBM3 - S1 Risk of Indicator number 12 of Table incidents of child labour Material 178 #3 of Annex I paragraph 14 (g) ESRS S1-1 Human rights Indicator number 9 Table policy commitments #3 and Indicator number 11 Material 180 paragraph 20 Table #1 of Annex I ESRS S1-1 Due diligence policies on issues addressed by the fundamental Delegated Regulation (EU) Material 180 International Labor 2020/1816, Annex II CONSOLIDATED Organisation Conventions 1 FINANCIAL STATEMENTS to 8, paragraph 21 ESRS S1-1 Processes and measures for preventing Indicator number 11 of Table Material 180 trafficking in human beings #3 of Annex I paragraph 22 ESRS S1-1 Workplace accident prevention policy Indicator number 1 of Table Material 182 or management system #3 of Annex I paragraph 23 ESRS S1-3 Grievance/ Indicator number 5 of Table complaints handling Material 183 STATEMENT #3 of Annex I mechanisms paragraph 32 (c) ESRS S1-14 Number of fatalities and number CONSOLIDATED SUSTAINABILITY Indicator number 2 of Table Delegated Regulation (EU) and rate of work- related Not material #3 of Annex I 2020/1816, Annex II accidents paragraph 88 (b) and (c) ESRS S1-14 Number of days lost to injuries, accidents, Indicator number 3 of Table Not material fatalities or illness paragraph #3 of Annex I 88 (e) ESRS S1-16 Unadjusted Indicator number 12 of Table Delegated Regulation (EU) gender pay gap paragraph Material 200 REPORT #1 of Annex I 2020/1816, Annex II 97 (a) ON OPERATIONS ESRS S1-16 Excessive CEO pay Indicator number 8 of Table Material 200 ratio paragraph 97 (b) #3 of Annex I ESRS S1-17 Incidents of Indicator number 7 of Table discrimination paragraph Material 197 #3 of Annex I 103 (a) AMPLIFON AT A GLANCE 235 --- ANNUAL REPORT 2025 Disclosure Requirement Benchmark Regulation EU Climate SFDR reference Pillar 3 reference Material/Non-material Reference page and related datapoint reference Law reference ESR S1-17 Non-respect of Delegated Regulation Indicator number 10 Table UNGPs on Business and (EU) 2020/1816, Annex II #1 and Indicator number 14 Material 197 Human Rights and OECD Delegated Regulation (EU) Table #3 of Annex I paragraph 104 (a) 2020/1818 Art 12 (1) ESRS 2 SBM-3 – S2 Significant risk of child labour or forced Indicators number 12 and n. Material 202 labour in the value chain 13 Table #3 of Annex I paragraph 11 (b) ESRS S2-1 Human rights Indicator number 9 Table policy commitments #3 and Indicator number 11 Material 203 CONSOLIDATED paragraph 17 Table #1 of Annex I FINANCIAL STATEMENTS ESRS S2-1 Policies related Indicators number 11 and n. 4 to value chain workers Material 203 Table #3 of Annex I paragraph 18 ESRS S2-1 Non-respect of Delegated Regulation UNGPs on Business and Indicator number 10 of Table (EU) 2020/1816, Annex II Human Rights principles and Material 203 #1 of Annex I Delegated Regulation (EU) OECD guidelines paragraph 2020/1818 Art 12 (1) 19 ESRS S2-1 Due diligence policies on issues addressed by the fundamental Delegated Regulation (EU) STATEMENT Material 203 International Labor 2020/1816, Annex II Organisation Conventions 1 to 8, paragraph 19 CONSOLIDATED SUSTAINABILITY ESRS S2-4 Human rights issues and incidents Indicator number 14 of Table connected to its upstream Material 205 #3 of Annex I and downstream value chain paragraph 36 ESRS S3-1 Human rights Indicator number 9 Table policy commitments #3 and Indicator number 11 Not material paragraph 16 Table #1 of Annex I ESRS S3-1 Non-respect of REPORT Delegated Regulation UNGPs on Business and ON OPERATIONS Indicator number 10 of Table (EU) 2020/1816, Annex II Human Rights, ILO principles Not material #1 of Annex I Delegated Regulation (EU) or and OECD guidelines 2020/1818 Art 12 (1) paragraph 17 ESRS S3-4 Human rights Indicator number 14 of Table issues and incidents Not material #3 of Annex I paragraph 36 AMPLIFON AT A GLANCE 236 --- ANNUAL REPORT 2025 Disclosure Requirement Benchmark Regulation EU Climate SFDR reference Pillar 3 reference Material/Non-material Reference page and related datapoint reference Law reference ESRS S4-1 Policies related to Indicator number 9 Table consumers and end-users #3 and Indicator number 11 Material 210 paragraph 16 Table #1 of Annex I ESRS S4-1 Non-respect of Delegated Regulation UNGPs on Business and Indicator number 10 of Table (EU) 2020/1816, Annex II Human Rights principles and Material 210 #1 of Annex I Delegated Regulation (EU) OECD guidelines paragraph 2020/1818 Art 12 (1) 17 ESRS S4-4 Human rights Indicator number 14 of Table issues and incidents Material 213 CONSOLIDATED #3 of Annex I paragraph 35 FINANCIAL STATEMENTS ESRS G1-1 United Nations Indicator number 15 of Table Convention against Material 223 #3 of Annex I Corruption paragraph 10 (b) ESRS G1-1 Protection of Indicator number 6 of Table whistle- blowers paragraph Material 223 #3 of Annex I 10 (d) ESRS G1-4 Fines for violation Indicator number 17 of Table Delegated Regulation (EU) of anti- corruption and anti- Material 225 #3 of Annex I 2020/1816, Annex II bribery laws paragraph 24 (a) ESRS G1-4 Standards of anti- Indicator number 16 of Table corruption and anti- bribery Data point not applicable STATEMENT #3 of Annex I paragraph 24 (b) CONSOLIDATED SUSTAINABILITY th Milano, March 4 2026 for the Board of Directors Chief Executive Officer Enrico Vita REPORT ON OPERATIONS Disclaimer This report contains forward looking statements (“Outlook”) regarding 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. AMPLIFON AT A GLANCE 237 --- ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS st CONSOLIDATED as at December 31 , 2025 FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 238 --- ANNUAL REPORT 2025 INDICE st CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31 , 2025 > CONSOLIDATED STATEMENT 3. ACQUISITIONS AND GOODWILL 250 OF FINANCIAL POSITION 241 4. INTANGIBLE FIXED ASSETS WITH USEFUL LIFE 254 > CONSOLIDATED INCOME STATEMENT 242 5. PROPERTY, PLANT AND EQUIPMENT 255 6. RIGHT-OF-USE ASSETS 257 > STATEMENT OF CONSOLIDATED 7. OTHER NON-CURRENT ASSETS 258 CONSOLIDATED COMPREHENSIVE INCOME 243 8. DERIVATIVES AND HEDGE ACCOUNTING 259 FINANCIAL STATEMENTS 9. INVENTORIES 261 > STATEMENT OF CHANGES 10. TRADE RECEIVABLES 262 IN CONSOLIDATED EQUITY 244 11. CONTRACT COSTS 263 12. OTHER RECEIVABLES 263 > STATEMENT OF CONSOLIDATED CASH FLOWS 246 13. OTHER FINANCIAL ASSETS 264 14. CASH AND CASH EQUIVALENTS 264 > SUPPLEMENTARY INFORMATION TO THE 15. SHARE CAPITAL 265 STATEMENT OF CONSOLIDATED CASH FLOWS 247 16. NET FINANCIAL POSITION 266 17. FINANCIAL LIABILITIES 268 STATEMENT > NOTES 248 18. LEASE LIABILITIES 271 19. PROVISIONS FOR RISKS AND CHARGES 1. GENERAL INFORMATION 248 (MEDIUM/LONG-TERM) 272 CONSOLIDATED SUSTAINABILITY 2. IMPACT OF TRADE TARIFFS, 20. LIABILITIES FOR EMPLOYEES’ BENEFITS MILITARY CONFLICT IN UKRAINE (MEDIUM/LONG-TERM) 273 AND THE MIDDLE EAST, THE MACROECONOMIC 21. OTHER LONG-TERM LIABILITIES 275 ENVIRONMENT, AND CLIMATE CHANGE 22. TRADE PAYABLES 276 ON THE GROUP’S PERFORMANCE 23. CONTRACT LIABILITIES 276 AND FINANCIAL POSITION 249 24. OTHER PAYABLES 277 REPORT ON OPERATIONS AMPLIFON AT A GLANCE 239 --- ANNUAL REPORT 2025 25. PROVISIONS FOR RISKS AND CHARGES 43. TRANSLATION OF FOREIGN COMPANIES’ (CURRENT PORTION) 278 FINANCIAL STATEMENTS 305 26. LIABILITIES FOR EMPLOYEES’ BENEFITS 44. SEGMENT INFORMATION 305 (CURRENT PORTION) 278 45. ACCOUNTING POLICIES 310 27. SHORT-TERM FINANCIAL DEBT 278 46. SUBSEQUENT EVENTS 324 28. DEFERRED TAX ASSET AND LIABILITIES 279 29. ASSET AND LIABILITIES HELD FOR SALE 281 CONSOLIDATED 30. REVENUES FROM SALES AND SERVICES 282 FINANCIAL STATEMENTS 31. OPERATING COSTS 283 > ANNEXES 326 32. OTHER INCOME AND COSTS 285 33. AMORTIZATION, DEPRECIATION • CONSOLIDATION AREA 326 AND IMPAIRMENT 285 • INFORMATION PURSUANT TO ARTICLE 34. FINANCIAL INCOME, EXPENSES, AND VALUE § 149-DUODECIES OF CONSOB ISSUERS’ ADJUSTMENTS TO FINANCIAL ASSETS 285 REGULATIONS 331 35. INCOME TAXES 287 • DECLARATION IN RESPECT OF THE 36. PERFORMANCE STOCK GRANT 288 CONSOLIDATED FINANCIAL STATEMENTS 37. SUBSIDIARIES WITH RELEVANT MINORITY PURSUANT TO ARTICLE 154-BIS OF STATEMENT INTERESTS, JOINT VENTURES AND ASSOCIATE LEGISLATIVE DECREE NO. 58/98 332 COMPANIES 295 • REPORT ON THE AUDIT OF THE 38. EARNINGS (LOSSES) PER SHARE 296 CONSOLIDATED FINANCIAL STATEMENTS 333 CONSOLIDATED SUSTAINABILITY 39. TRANSACTIONS WITH PARENT COMPANIES • CERTIFICATION OF SUSTAINABILITY AND RELATED PARTIES 297 REPORTING PURSUANT TO ARTICLE 81-TER, 40. GUARANTEES PROVIDED, COMMITMENTS, PARAGRAPH 1, OF CONSOB REGULATION NO. AND CONTINGENT LIABILITIES 301 11971 OF 14 MAY 1999, AS AMENDED 336 41. TRANSACTIONS ARISING FROM ATYPICAL/ • REPORT ON THE AUDIT OF THE UNUSUAL TRANSACTIONS 301 CONSOLIDATED SUSTAINABILITY 42. FINANCIAL RISK MANAGEMENT 302 STATEMENTS 337 REPORT ON OPERATIONS AMPLIFON AT A GLANCE 240 --- ANNUAL REPORT 2025 (*) CONSOLIDATED STATEMENT OF FINANCIAL POSITION (€ thousands) (€ thousands) 12/31/2025 12/31/2024 Change 12/31/2025 12/31/2024 Change ASSETS LIABILITIES Non-current assets Net Equity Goodwill Note 3 1,927,215 1,945,495 (18,280) Share capital Note 15 4,528 4,528 - Intangible fixed assets with finite useful life Note 4 380,720 428,360 (47,640) Share premium reserve 202,712 202,712 - Property, plant, and equipment Note 5 237,082 253,924 (16,842) Treasury shares (131,983) (29,358) (102,625) Right-of-use assets Note 6 462,038 492,064 (30,026) Other reserves (162,293) (77,628) (84,665) CONSOLIDATED Equity-accounted investments Note 37 21 2,527 (2,506) Retained earnings 993,916 904,374 89,542 FINANCIAL STATEMENTS Hedging instruments Note 8 42 4,454 (4,412) Profit (loss) for the period 91,334 145,374 (54,040) Deferred tax assets Note 28 74,907 77,332 (2,425) Group net equity 998,214 1,150,002 (151,788) Contract costs Note 11 10,488 10,494 (6) Minority interests 311 222 89 Other assets Note 7 37,365 52,884 (15,519) Total net equity 998,525 1,150,224 (151,699) 3,129,878 3,267,534 (137,656) Total non-current assets Non-current liabilities Current assets Medium/long-term financial liabilities Note 17 983,806 952,283 31,523 Inventories Note 9 82,452 93,180 (10,728) Lease liabilities Note 18 364,309 387,597 (23,288) Trade receivables Note 10 221,810 226,754 (4,944) Provisions for risks and charges Note 19 14,511 20,925 (6,414) Contract costs Note 11 7,768 7,734 34 Liabilities for employees’ benefits Note 20 12,480 15,457 (2,977) STATEMENT Other receivables Note 12 105,467 107,552 (2,085) Hedging instruments Note 8 315 1,157 (842) Hedging instruments Note 8 2,235 878 1,357 Deferred tax liabilities Note 28 92,660 99,493 (6,833) CONSOLIDATED SUSTAINABILITY Other financial assets Note 13 - 296 (296) Payables for business acquisitions Note 21 2,601 5,885 (3,284) Cash and cash equivalents Note 14 308,882 288,834 20,048 Contract liabilities Note 23 145,150 153,766 (8,616) Asset held for sale Note 29 34,424 - 34,424 Other long-term liabilities Note 21 22,181 35,667 (13,486) 763,038 725,228 37,810 Total current assets Total non-current liabilities 1,638,013 1,672,230 (34,217) 3,892,916 3,992,762 (99,846) TOTAL ASSETS Current liabilities Trade payables Note 22 366,477 377,100 (10,623) Payables for business acquisitions Note 24 5,792 11,510 (5,718) REPORT Contract liabilities Note 23 123,581 122,914 667 ON OPERATIONS Tax liabilities Note 24 48,089 49,830 (1,741) Other payables Note 24 197,881 197,460 421 Hedging instruments Note 8 380 739 (359) Provisions for risks and charges Note 25 7,459 2,403 5,056 Liabilities for employees’ benefits Note 26 4,806 4,094 712 Short-term financial liabilities Note 27 359,462 277,518 81,944 Lease liabilities Note 18 122,007 126,740 (4,733) Liabilities held for sale Note 29 20,444 - 20,444 Total current liabilities 1,256,378 1,170,308 86,070 TOTAL LIABILITIES 3,892,916 3,992,762 (99,846) AMPLIFON AT A GLANCE (*) Transactions with related parties have not been reported separately because not material both at single entity and at consolidated level. Please refer to note 39 for more details. 241 --- ANNUAL REPORT 2025 (*) CONSOLIDATED INCOME STATEMENT (€ thousands) FY 2025 FY 2024 Change Revenues from sales and services Note 30 2,395,705 2,409,241 (13,536) Operating costs Note 31 (1,881,610) (1,854,593) (27,017) Other income and costs Note 32 (2,450) 6,442 (8,892) Gross operating profit (EBITDA) 511,645 561,090 (49,445) CONSOLIDATED Amortization, depreciation and impairment Note 33 FINANCIAL STATEMENTS Amortization of intangible fixed assets with finite useful life (105,825) (108,062) 2,237 Depreciation of property, plant, and equipment (66,038) (61,710) (4,328) Right-of-use depreciation (137,454) (131,586) (5,868) Impairment losses and reversals of non-current assets (5,760) (2,918) (2,842) (315,077) (304,276) (10,801) Operating result 196,568 256,814 (60,246) Financial income, expenses and value adjustments to financial assets Note 34 STATEMENT Group's share of the result of associated companies valued at equity and gains/losses on disposals of equity investments 228 225 3 Interest income and expenses (35,048) (34,740) (308) CONSOLIDATED SUSTAINABILITY Interest expenses on lease liabilities (20,680) (19,138) (1,542) Other financial income and expenses (5,930) (3,184) (2,746) Exchange gains and losses, and inflation accounting (3,733) (2,647) (1,086) Gain (loss) on assets accounted at fair value 380 (550) 930 (64,783) (60,034) (4,749) Profit (loss) before tax 131,785 196,780 (64,995) REPORT Current and deferred income tax Note 35 ON OPERATIONS Current tax (44,691) (48,033) 3,342 Deferred tax 4,457 (3,177) 7,634 (40,234) (51,210) 10,976 Net profit (loss) 91,551 145,570 (54,019) Net profit (loss) attributable to Minority interests 217 196 21 Net profit (loss) attributable to the Group 91,334 145,374 (54,040) (*) Transactions with related parties have not been reported separately because not material both at single entity and at consolidated level. Please refer to note 39 for more details. AMPLIFON AT A GLANCE 242 --- ANNUAL REPORT 2025 Earnings and dividend per share (€ per share) Nota 38 FY 2025 FY 2024 Earnings per share - Basic 0.41049 0.64384 - Diluted 0.40344 0.64214 Dividend per share (*) 0.29 0.29 CONSOLIDATED rd (*) Dividend proposed by the Board of Directors at the Shareholders General Meeting convened on April 23 , 2026. FINANCIAL STATEMENTS STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (€ thousands) STATEMENT FY 2025 FY 2024 CONSOLIDATED SUSTAINABILITY Net income (loss) for the period 91,551 145,570 Other comprehensive income (loss) that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit plans Note 20 4,319 (2,603) Tax effect on components of other comprehensive income that will not be reclassified subsequently to profit or loss (663) 489 Total other comprehensive income (loss) that will not be reclassified subsequently to profit or loss after the tax effect (A) 3,656 (2,114) Other comprehensive income (loss) that will be reclassified subsequently to profit or loss REPORT Gains/(losses) on cash flow hedging instruments Note 8 (2,235) (9,253) ON OPERATIONS Gains/(losses) on exchange differences from translation of financial statements of foreign entities (81,669) (15,061) Tax effect on components of other comprehensive income that will be reclassified subsequently to profit or loss 537 2,221 Total other comprehensive income (loss) that will be reclassified subsequently to profit or loss after the tax effect (B) (83,367) (22,093) Total other comprehensive income (loss) (A)+(B) (79,711) (24,207) Comprehensive income (loss) for the period 11,840 121,363 Attributable to the Group 11,650 121,346 Attributable to Minority interests 190 17 AMPLIFON AT A GLANCE 243 --- ANNUAL REPORT 2025 STATEMENT OF CHANGES IN CONSOLIDATED EQUITY (€ thousands) Share Treasury Stock Cash flow Actuarial Profit (loss) Total Sha- Share Legal Other Retained Translation Minority Total net premium shares grant hedge gains and for the reholders' capital reserve reserves earnings differences interests equity reserve reserve reserve reserve losses period equity CONSOLIDATED Balance at 01/01/2024 4,528 202,712 934 3,636 (17,495) 41,299 9,888 (957) 809,643 (108,408) 155,139 1,100,919 759 1,101,678 FINANCIAL STATEMENTS Allocation of profit (loss) 155,139 (155,139) - - for 2023 Share capital increase - - Treasury shares (25,396) (25,396) (25,396) Dividend distribution (65,593) (65,593) (65,593) Notional cost of stock Note 16,131 16,131 16,131 grants 36 Other changes 13,533 (16,123) 5,185 2,595 (554) 2,041 STATEMENT - Stock Grant 13,533 (16,123) 1,364 (1,226) (1,226) CONSOLIDATED SUSTAINABILITY - Inflation accounting 17,484 17,484 17,484 - Other changes (13,663) (13,663) (554) (14,217) Total comprehensive in- 121,346 121,363 (7,032) (2,114) (14,882) 145,374 17 come (loss) for the period Note - Hedge accounting (7,032) (7,032) (7,032) 8 - Actuarial gains (losses) (2,114) (2,114) (2,114) REPORT - Translation differences (14,882) (14,882) (179) (15,061) ON OPERATIONS - Result for FY 2024 145,374 145,374 196 145,570 Balance at 12/31/2024 4,528 202,712 934 3,636 (29,358) 41,307 2,856 (3,071) 904,374 (123,290) 145,374 1,150,002 222 1,150,224 AMPLIFON AT A GLANCE 244 --- ANNUAL REPORT 2025 (€ thousands) Share Treasury Stock Cash flow Actuarial Transla- Profit Total Sha- Share Legal Other Retained Minority Total net premium shares grant hedge gains and tion diffe- (loss) for reholders' capital reserve reserves earnings interests equity reserve reserve reserve reserve losses rences the period equity CONSOLIDATED Balance at 01/01/2025 4,528 202,712 934 3,636 (29,358) 41,307 2,856 (3,071) 904,374 (123,290) 145,374 1,150,002 222 1,150,224 FINANCIAL STATEMENTS 145,374 (145,374) - - Allocation of profit (loss) for 2024 Share capital increase - - Treasury shares (108,207) (108,207) (108,207) Dividend distribution (65,302) (65,302) (65,302) Note Notional cost of stock grants 3,612 3,612 3,612 36 Other changes 5,582 (8,593) 9,470 6,459 (101) 6,358 STATEMENT - Stock Grant 5,582 (8,593) 3,340 329 329 CONSOLIDATED SUSTAINABILITY - Inflation accounting 6,467 6,467 6,467 (101) - Other changes (337) (337) (438) Total comprehensive income (loss) 11,650 11,840 (1,698) 3,656 (81,642) 91,334 190 for the period Note - Hedge accounting (1,698) (1,698) (1,698) 8 - Actuarial gains (losses) 3,656 3,656 3,656 REPORT - Translation differences (81,642) (81,642) (27) (81,669) ON OPERATIONS - Result for FY 2025 91,334 91,334 217 91,551 Balance at 12/31/2025 4,528 202,712 934 3,636 (131,983) 36,326 1,158 585 993,916 (204,932) 91,334 998,214 311 998,525 AMPLIFON AT A GLANCE 245 --- ANNUAL REPORT 2025 (*) STATEMENT OF CONSOLIDATED CASH FLOWS (€ thousands) (€ thousands) FY 2025 FY 2024 FY 2025 FY 2024 OPERATING ACTIVITIES INVESTING ACTIVITIES: Net profit (loss) 91,551 145,570 Purchase of intangible fixed assets (62,015) (61,451) Amortization, depreciation and impairment: Purchase of tangible fixed assets (56,394) (84,970) - intangible fixed assets 106,178 108,446 Consideration from sale of non-current assets 1,685 1,386 CONSOLIDATED Cash flow generated from (absorbed by) operating investing - property, plant, and equipment 69,285 62,686 (116,724) (145,035) activities (B) FINANCIAL STATEMENTS - right-of-use assets 139,614 131,586 Purchase of subsidiaries and business units net of cash and cash (62,246) (192,531) - goodwill - 1,558 equivalents acquired or dismissed Provisions, other non-monetary items and gain/losses from Increase (decrease) in payables for business acquisitions (8,014) 2,466 14,144 18,103 disposals Cash flow generated from (absorbed by) acquisition activities (C) (70,260) (190,065) Group’s share of the result of associated companies (224) (221) Cash flow generated from (absorbed by) investing activities (B+C) (186,984) (335,100) Financial income and expenses 65,005 60,255 FINANCING ACTIVITIES: Current and deferred taxes 40,235 51,210 Increase (decrease) in financial payables 109,432 198,575 Cash flow from operating activities before change in working capital 525,788 579,193 (Increase) decrease in financial receivables 18 (833) STATEMENT Utilization of provisions (8,567) (2,837) Fees paid on long-term borrowings (1,788) (1,807) (Increase) decrease in inventories 2,587 (2,465) Principal portion of lease payments (137,253) (128,959) CONSOLIDATED SUSTAINABILITY Decrease (increase) in trade receivables (1,672) 3,133 Other non-current assets and liabilities 962 5,290 Increase (decrease) in trade payables (5,399) 6,681 Dividend distributed (65,302) (65,593) Changes in other receivables and other payables 6,740 (7,710) Treasury shares purchase (108,207) (25,396) Total change in assets and liabilities (6,311) (3,198) Capital increases and minority shareholders’ contributions and (101) (125) Dividends received 295 147 dividends paid to third Cash flow generated from (absorbed by) financing activities (D) (202,239) (18,848) Interest received (paid) (60,308) (56,058) Net increase in cash and cash equivalents (A+B+C+D) 25,544 97,210 Taxes paid (44,697) (68,926) REPORT Cash and cash equivalents at beginning of period 288,834 193,148 Cash flow generated from (absorbed by) operating activities (A) 414,767 451,158 ON OPERATIONS Effect of exchange rate fluctuations on cash & cash equivalents (5,188) (1,524) Effect of disposal of asset and asset/liabilities held for sale on net (308) financial position Flows of cash and cash equivalents 25,544 97,210 Cash and cash equivalents at end of period 308,882 288,834 (*) Transactions with related parties have not been reported separately because not material both at single entity and at consolidated level. Please refer to note 39 for more details. AMPLIFON AT A GLANCE 246 --- ANNUAL REPORT 2025 SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CONSOLIDATED CASH FLOWS The fair value of the assets and liabilities of the business combinations referred to in Note 3 “Acquisitions and goodwill” are summarized below: (€ thousands) FY 2025 FY 2024(*) CONSOLIDATED - Goodwill 52,446 143,151 FINANCIAL STATEMENTS - Customer lists 12,054 49,881 - Franchise rights 1,948 2,963 - Trademarks and non-competition agreements 2,372 1,509 - Other intangible fixed assets 280 714 - Property, plant, and equipment 2,638 11,610 - Right-of-use assets 8,100 14,043 - Current assets 5,462 16,380 STATEMENT - Provisions for risks and charges (10) (1,890) - Current liabilities (8,975) (31,353) CONSOLIDATED SUSTAINABILITY - Other non-current assets and liabilities (14,685) (25,420) - Third parties equity - 14,088 Total investments 61,630 195,676 Net financial debt acquired 3,290 3,752 Total business combinations 64,920 199,428 (Increase) decrease in payables through business acquisition 8,014 (2,466) REPORT Cash flow absorbed by (generated from) acquisitions 72,934 196,962 ON OPERATIONS (Cash and cash equivalents acquired) (2,674) (6,897) Net cash flow absorbed by (generated from) acquisitions 70,260 190,065 (*) Please note that for the comparative period 2024, a reclassification was made between franchise rights and other intangible assets for a better representation of the data. AMPLIFON AT A GLANCE 247 --- ANNUAL REPORT 2025 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 and it’s controlled directly by Ampliter S.r.l. (42.01% of share capital and 68.36% of voting CONSOLIDATED rights), held for a 100.0% by Amplifin S.r.l., which is owned at 88% by Susan Carol FINANCIAL STATEMENTS Holland. The consolidated financial statements at 31 December 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS) and the regulations implementing 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 STATEMENT 31 December 2025. International Financial Reporting Standards endorsed after that date and before the preparation of these financial statements are adopted in the preparation of this annual report only if early adoption is allowed by the endorsing CONSOLIDATED SUSTAINABILITY regulation, by the reporting standard itself and the Group has elected to do so. The publication of the consolidated financial statements of the Amplifon Group for the year closed on 31 December 2025, carried out in accordance with European Commission Delegated Regulation n. 2019/815, as amended, was authorized by the Board of Directors on 4 March 2026. This annual report is subject to the approval of the Annual Shareholders’ Meeting of Amplifon S.p.A. convened on 23 April 2026. REPORT The accounting policies adopted in the preparation of the annual report and a ON OPERATIONS summary of the accounting principles and interpretations to be applied in the future are detailed in Note 45 “Accounting Policies”. AMPLIFON AT A GLANCE 248 --- ANNUAL REPORT 2025 conflicting rumors regarding Iran’s leadership, and a gradual intensification of 2. IMPACT OF TRADE TARIFFS, military operations, all of which represent a potential risk to energy markets and the confidence of economic operators globally. At the same time, despite the agreement MILITARY CONFLICT IN UKRAINE reached in October 2025 between the United States, Israel, and Hamas, which provided for a ceasefire and led to the establishment in 2026 of the Board of Peace, an international body aimed at promoting stability, reconstruction, and lasting peace AND THE MIDDLE EAST, THE in areas affected or threatened by conflict, the ongoing Iranian crisis continues to make the regional stabilization process particularly fragile. However, the Group’s MACROECONOMIC ENVIRONMENT, exposure in the area remains very limited: there are 24 clinics operating in Israel, which together generate less than 1% of consolidated annual revenues; activities in AND CLIMATE CHANGE ON THE neighboring countries, such as Egypt, are marginal; furthermore, the Group has no direct or indirect activities in Lebanon or Iran. CONSOLIDATED GROUP’S PERFORMANCE AND FINANCIAL STATEMENTS During the year, the Group maintained close monitoring of developments in the macroeconomic environment, with particular focus on inflation and interest FINANCIAL POSITION rate trends, as well as the growing instability of the geopolitical context, both of which impact economic growth, demand and patient confidence. Although the In 2025, the global macroeconomic and geopolitical environment was characterised hearing aid market has historically demonstrated resilience even during periods by high volatility, particularly due to developments in the crisis areas of Ukraine of economic crisis, given the essential and non-discretionary nature of hearing and the Middle East, as well as changes in United States trade policies, including the care, as well as the existence of reimbursement and financing systems supporting introduction and extension of tariffs. In this regard, at the beginning of September access to hearing services and devices, the persistence of uncertainty and volatility the US government initiated an investigation pursuant to “Section 232” across in the macroeconomic and geopolitical environment has generally affected patient STATEMENT several product categories, including medical devices, in order to assess whether confidence, leading to the postponement of purchases of devices that remain their importation into the United States constitutes a threat to national security. necessary in the medium term. The outcome of this investigation, which must be concluded within 270 days from CONSOLIDATED SUSTAINABILITY its initiation, may justify the adoption of trade measures potentially affecting the With reference to climate change, it is worth nothing that the Group has launched Group’s suppliers. However, the Group can rely on solid mitigation levers: significant its climate strategy, validated by the Science Based Targets initiative (SBTi), aimed negotiating power, diversification of sourcing, relative flexibility of suppliers in at reducing greenhouse gas emissions and contributing to the achievement of the managing production logistics and, not least, the Group’s geographical diversification. objectives of the 2015 Paris Agreement to combat climate change. In particular, the The conflict between Russia and Ukraine remains highly unstable, and negotiations strategy provides for a 42% reduction in the Group’s direct greenhouse gas emissions for a peace plan continue to alternate between phases of diplomatic stalemate and (Scope 1 and 2) by 2030 compared to 2023. Over the same timeframe, the Group has new economic sanctions imposed by Western countries. The Group confirms that it committed to reducing Scope 3 indirect emissions by 25%, particularly those deriving has no exposure, either direct or indirect, in Ukraine, Russia or Belarus. from purchased goods and services, capital goods, fuel and energy-related activities, REPORT upstream logistics of purchased goods, employee commuting, leased assets, use of ON OPERATIONS The geopolitical context in the Middle East remains extremely complex and delicate, sold products and franchisees. The plan also provides that, by 2030, approximately and at the end of February 2026, it deteriorated further due to the significant 44% of the Group’s suppliers (in terms of emissions associated with purchased escalation of the conflict in Iran. Coordinated attacks by the United States and Israel goods and services) will have science-based greenhouse gas emission reduction against Iranian military and nuclear infrastructure triggered an immediate response targets in place. It is further noted that, considering the nature of its activities and from Tehran, which launched several attacks against targets in the Gulf region, its business model, the Group does not have significant exposure to environmental intensifying regional tensions and fostering a widespread climate of instability. risks, particularly those related to climate change. The situation continues to be characterized by significant political uncertainty, AMPLIFON AT A GLANCE 249 --- ANNUAL REPORT 2025 3. ACQUISITIONS AND GOODWILL The Group continued with external growth in 2025 and acquired 248 clinics for a In detail: total investment of €62,246 thousand, including the net financial position acquired and the best estimate of the earn-out linked to sales and profitability targets payable (*) SHARE DEALS over the next few years. Company name Date Location In 2025: Sunnybank Enterprises Ltd. 01/07/2025 Canada • 122 clinics were acquired in Poland; Magicson S.r.l. 01/08/2025 Italy • 37 clinics were acquired in the United States; Sonar S.r.l. 01/08/2025 Italy CONSOLIDATED • 35 clinics were acquired in Italy; FINANCIAL STATEMENTS • 22 clinics were acquired in China; Hörhaus Wagenknecht GmbH 03/03/2025 Germany • 13 clinics were acquired in France; Kind Aparaty Sluchowe Sp.z o.o. 03/05/2025 Poland • 12 clinics were acquired in Germany; • 4 clinics were acquired in Australia; LCA Bagnols Sur Cèze 04/01/2025 France • 2 clinics were acquired in Canada; Safe in Sound Hearing LLC 04/25/2025 United States • 1 clinic was acquired in Spain. C.I.S.A.S. S.r.l. 07/01/2025 Italy (*) All the companies were 100% acquired and were entirely consolidated on the acquisition date. STATEMENT ASSET DEALS CONSOLIDATED SUSTAINABILITY Name Date Location Tapella Hören & Sehen AG 01/01/2025 Germany Castelldefels Shop 01/07/2025 Spain Akustik Spezial AG 02/15/2025 Germany Zhenjiang Ereong Hearing Medical Technology Co., Ltd. 03/01/2025 China REPORT ON OPERATIONS Audioptique Conseils S.A. 03/01/2025 France Hörakustik Fischbach A.G. 04/15/2025 Germany Brindabella Hearing & Speech Centre 07/04/2025 Australia Odiben Studio protesi acustiche ditta individuale 07/18/2025 Italy BKT Hearing, LLC 09/19/2025 United States J.L. Miguez Incorporated 10/17/2025 United States B&S United Agencies, Inc. 12/05/2025 United States AMPLIFON AT A GLANCE 250 --- ANNUAL REPORT 2025 (€ thousands) The carrying amounts and the fair value of assets and liabilities, deriving from the Contribution Total Financial Expected temporary allocation of the purchase price paid for business combinations and non- Cash to turnover Purchase debts Total Cost annual controlling interests in subsidiaries, are summarized below. acquired from the Price acquired turnover (*) purchase date Total share 39,287 (2,674) 3,290 39,903 32,535 5,838 (€ thousands) deals Total asset deals 22,343 - - 22,343 13,661 19,669 Asia EMEA Americas Total Pacific Total 61,630 (2,674) 3,290 62,246 46,196 25,507 Cost of acquisitions of the period 43,268 12,651 5,711 61,630 (*) Annual turnover is the best available estimate of the turnover of the firm or business acquired during Assets and liabilities acquired – Book value 2025. Current assets 2,404 339 45 2,788 CONSOLIDATED Current liabilities (4,173) (1,889) (451) (6,513) FINANCIAL STATEMENTS Changes in goodwill and the amounts recognized during the year following acquisitions completed in the reporting period, broken down by Groups of Cash Net working capital (1,769) (1,550) (406) (3,725) Generating Units, are detailed in the table below. Other intangible, tangible and right-of-use assets 7,069 2,267 1,682 11,018 Provisions for risks and charges (10) - - (10) (€ thousands) Other non-current assets and liabilities (4,052) (1,256) (667) (5,975) Net Non-current assets and liabilities 3,007 1,011 1,015 5,033 Net carrying Other Business carrying value at Disposals Impairment net Net invested capital 1,238 (539) 609 1,308 combinations value at 12/31/2024 changes 12/31/2025 Net financial position 1,103 (1,719) - (616) STATEMENT EMEA 1,031,163 36,827 - - (8,867) 1,059,123 NET EQUITY ACQUIRED - BOOK VALUE 2,341 (2,258) 609 692 Americas 313,631 12,605 - - (32,316) 293,920 DIFFERENCE TO BE ALLOCATED 40,927 14,909 5,102 60,938 CONSOLIDATED SUSTAINABILITY Asia Pacific 600,701 3,014 - - (29,543) 574,172 ALLOCATIONS Total goodwill 1,945,495 52,446 - - (70,726) 1,927,215 Trademarks 13 - - 13 Non-competition agreements 406 985 968 2,359 “Acquisitions in the period“ refers to the temporary allocation to goodwill of the Customer lists 9,142 1,200 1,712 12,054 portion of the purchase price paid, comprehensive of the deferred portion and Franchise rights - 1,948 - 1,948 the contingent consideration (earn-out) referred to in Notes 21 “Other long-term liabilities” and 24 “Other payables”, which is not directly attributable to the fair Contract liabilities - Short and long-term (4,215) (1,829) (274) (6,318) REPORT value of assets and liabilities but, rather, based on the assumption that the positive ON OPERATIONS Deferred tax assets 499 1,017 76 1,592 contribution to cash flow will last for an indefinite period of time. Deferred tax liabilities (1,745) (1,017) (394) (3,156) The item “other net changes” mainly relates to foreign exchange differences and, Total allocations 4,100 2,304 2,088 8,492 in particular in the EMEA Region, to the reclassification to “Assets held for sale” of GOODWILL 36,827 12,605 3,014 52,446 the portion of goodwill attributable to Amplifon United Kingdom Limited and its subsidiaries, amounting to €8,082 thousand, following the disposal agreement negotiated at the end of 2025, signed in January 2026 and completed on 2 March 2026. Reference is made to Note 29 “Assets and liabilities held for sale”. AMPLIFON AT A GLANCE 251 --- ANNUAL REPORT 2025 IDENTIFICATION OF THE GROUPS IMPAIRMENT TESTS OF CASH GENERATING UNITS For all Groups of Cash Generating Units, the impairment test was performed in accordance with IAS 36 requirements, determining the value in use using the For the purpose of determining Cash Generating Units, consideration was given discounted cash flow (DCF) method on a post-tax basis, consistent with the post-tax to the fact that the Group’s management structure is organised into three Regions discount rates used. (“EMEA”, “Americas” and “Asia Pacific”), which are homogeneous in terms of business models and represent both the level at which results are monitored by Group The value in use of the Groups of Cash Generating Units was determined by Management and the operating segments for which disclosures are provided in discounting the expected cash flows derived from the three-year Business Plans accordance with IFRS 8. Budget guidelines are defined centrally at Regional level, and (2026–2028) approved by the governing bodies of the subsidiaries, as well as from the Regional Executive Vice Presidents are autonomous in allocating resources to the consolidated Business Plan (2026–2028) approved by the Board of Directors of CONSOLIDATED their respective countries (which, under the Group’s business model, act exclusively Amplifon S.p.A. on 17 December 2025. FINANCIAL STATEMENTS as distributors) and in managing their operations. Accordingly, total goodwill arising from the allocation of the consideration paid for business combinations is allocated Set out below are the key assumptions used by management in estimating value in and monitored by Group Management at the level of Groups of Cash Generating use, relating to the discount rate (WACC), the growth rate (g), and expected changes Units, which coincide with the Regions. This reflects the fact that the independence in revenues and costs over the forecast period. of cash flows is ensured exclusively at this level, whereas it is not guaranteed at the level of individual countries (individual CGUs). The discount rate applied to future cash flows reflects the post-tax weighted average cost of capital (WACC), incorporates market assessments at the time the The groups of cash generating units identified for the purpose of impairment testing impairment test was performed and was determined using: risk-free rates at CGU in the period are: level corresponding to the yield on ten-year government bonds, Beta, the Equity Risk STATEMENT Premium and the cost of debt. • EMEA that includes Italy, France, the Netherlands, Germany, Belgium, Switzerland, Spain, Portugal, Hungary, Poland, Israel, and Egypt; In particular, the Equity Risk Premium and Beta were determined in accordance CONSOLIDATED SUSTAINABILITY • AMERICAs which includes the individual businesses through which it operates in with best practice using an internationally recognised database (Damodaran), which the US market (Franchising, Retail, and Managed Care) and the countries Canada, takes into account, with respect to the Equity Risk Premium, specific market risks Argentina, Chile, Mexico, Panama, Ecuador, Colombia and Uruguay; and the macroeconomic environment, and, with respect to Beta – which measures • ASIA PACIFIC which includes Australia, New Zealand, India, and China. the systematic risk of a financial asset – the specific risks of the markets in which the Group operates. As the specific hearing aid sector is not separately analysed in the The recoverable value of goodwill is assessed at the higher of fair value and value in database used, Beta was determined as the arithmetic average of the Betas relating use. As at 31 December 2025, management used value in use for its valuations. to the Healthcare Products, Healthcare Support Services and Retail (Special Lines) sectors. REPORT ON OPERATIONS In addition, particular attention was paid to sensitivity analyses, verifying that there is a sufficient level of headroom for all Groups of Cash Generating Units, both in terms of operating cash flows generated and under scenarios involving increases in discount rates and decreases in growth rates, as described below. AMPLIFON AT A GLANCE 252 --- ANNUAL REPORT 2025 Negative % The perpetual growth rate for each country was adjusted to reflect the International Negative changes changes in cash Monetary Fund’s forecast for inflation in 2029. Changes (percentage (percentage points) in flow expected on points) in the discount growth rate expected on the basis of each rates (WACC) which Below are shown the growth and discount rates used for the impairment test, the basis of each business business plan which would make the CGU’s plan which would make the would make the compared with those used in the previous year. recoverable value equal to CGU’s recoverable value CGU’s recoverable its book value equal to its book value value equal to its book value EMEA AMERICAS ASIA PACIFIC EMEA 17 p.p. 69% 12 p.p. Growth rate 1.94% 2.69% 2.34% AMERICAS 19 p.p. 66% 13 p.p. 7.16% 9.42% 7.38% WACC (*) 2025 ASIA PACIFIC 2 p.p. 28% 2 p.p. Cash flow time horizon (explicit assumption) 3Y 3Y 3Y CONSOLIDATED 6.81% 9.28% 7.05% WACC (*) 2024 FINANCIAL STATEMENTS (*) The WACC of the Groups of CGUs was determined by weighting the WACCs of each CGU found in the region based on the respective EBITDA recorded in the last year of the business plan. With reference to the EMEA Group of Cash Generating Units, the impairment test excludes the cash flows relating to the UK operations, which were disposed of on 2 March 2026 at a price aligned with their carrying amount. In connection with this disposal transaction, as at 31 December 2025 the assets and liabilities relating to Amplifon United Kingdom Limited and its subsidiaries were reclassified to the items STATEMENT “Assets held for sale” and “Liabilities held for sale”. The impairment test indicated that the recoverable amount exceeded the carrying CONSOLIDATED SUSTAINABILITY amount for all Groups of Cash Generating Units, with a narrower headroom in the Asia Pacific Region due to the lower contribution from the Chinese market, which in FY 2025 was affected by weakness in the retail market, with revenues and EBITDA margin declining both compared to 2024 and to the 2025 budget. No loss in value was identified as a result of impairment testing. All the Groups of Cash Generating Units were also subjected to sensitivity analyses in REPORT order to determine the change in underlying assumptions which, in light of the impact ON OPERATIONS of this change on other variables, would result in the Groups of Cash Generating Units’ recoverable value being equal to its book value. Moreover, the impairment test carried out for the year 2025, in line with the forecasts of the 2026-2028 plan characterised by lower growth rates and more conservative outlooks compared to the previous planning cycle (2025–2027), shows a decrease compared to 2024 in all regions of the maximum variation in the value assigned to the basic assumptions, which makes the value in use equal to its carrying amount (net invested capital), with a more significant impact on the APAC area, where the headroom in terms of variation in growth and discount rates has been reduced to 2%. AMPLIFON AT A GLANCE 253 --- ANNUAL REPORT 2025 Investments in intangible assets during the period (€62,015 thousand) mainly relate 4. INTANGIBLE FIXED ASSETS to investments in innovation and digitalization, with resources focused on stabilizing the systems and technological infrastructures developed in previous years, with the aim of increasing control over operating activities. These initiatives include the WITH USEFUL LIFE consolidation of the Symphony project (aimed at delivering a highly personalized patient experience) in Spain and Belgium, the beginning of the implementation The following tables show the changes in intangible assets. activities in Australia, and the optimization of in-store systems and equipment supporting the Amplifon Product Experience and the Next protocol. This effort was further reflected in improvements to operating and back-office processes through (€ thousands) the exploration of potential solutions enabled by AI, with attention also to systems Accumulated Accumulated aimed at streamlining procurement, marketing and Group administration, and to the Historical amortization Net book Historical amortization Net book centralization of purchasing. cost at and write- value at cost at and write- value at CONSOLIDATED 12/31/2024 downs at 12/31/2024 12/31/2025 downs at 12/31/2025 FINANCIAL STATEMENTS The change in “Business combinations” comprises: 12/31/2024 12/31/2025 Software 356,982 (220,799) 136,183 376,450 (249,708) 126,742 • for €9,647 thousand, the temporary allocation of the price paid for acquisitions Licenses 35,392 (26,093) 9,299 40,190 (31,604) 8,586 made in EMEA; Non-competition • for €4,327 thousand, the temporary allocation of the price paid for acquisitions 23,601 (19,300) 4,301 26,842 (21,207) 5,635 agreements made in Americas; Customer lists 524,674 (316,879) 207,795 521,137 (348,054) 173,083 • for €2,680 thousand, the temporary allocation of the price paid for acquisitions Trademarks and made in APAC. 94,720 (56,145) 38,575 92,267 (60,769) 31,498 concessions Other 18,378 (6,113) 12,265 22,796 (10,391) 12,405 STATEMENT The item “impairment” includes €36 thousand relating to the impairment of customer Fixed assets in lists, following the closure of underperforming clinics as part of the Fit4Growth progress and 19,942 - 19,942 22,771 - 22,771 program aimed at improving profitability and strengthening competitiveness, as CONSOLIDATED SUSTAINABILITY advances described in detail in the section “Comments on the Financial Results” of the Report Total 1,073,689 (645,329) 428,360 1,102,453 (721,733) 380,720 on Operation. “Other net changes” are attributable to foreign exchange differences recorded in the (€ thousands) reporting period, the allocation to the relevant balance sheet items of assets under Net book Other Net book construction completed during the year, and the reclassification to “Assets held Invest- Amorti- Business value at Disposals Impairment net value at ments zation combinations for sale” of intangible fixed assets with useful life attributable to Amplifon United 12/31/2024 changes 12/31/2025 Kingdom Limited and its subsidiaries, amounting to €5,677 thousand, following REPORT Software 136,183 20,283 - (44,732) - (5) 15,013 126,742 the disposal agreement negotiated at the end of 2025, signed in January 2026 and ON OPERATIONS Licenses 9,299 3,841 - (5,668) 13 - 1,101 8,586 completed on 2 March 2026. Reference is made to Note 29 “Assets and liabilities held Non- for sale”. competition 4,301 4,084 - (5,962) 2,359 (30) 883 5,635 agreements Customer lists 207,795 - - (41,199) 12,054 (36) (5,531) 173,083 Trademarks and 38,575 - - (6,718) - - (359) 31,498 concessions Other 12,265 624 - (1,546) 2,220 (218) (940) 12,405 Fixed assets in progress and 19,942 33,183 - - 8 (64) (30,298) 22,771 AMPLIFON advances AT A GLANCE Total 428,360 62,015 - (105,825) 16,654 (353) (20,131) 380,720 254 --- ANNUAL REPORT 2025 (€ thousands) 5. PROPERTY, PLANT AND EQUIPMENT Net book Other Net book Invest- Amorti- Business value at Disposals Impairment net value at ments zation combinations The following table shows the changes in property, plant and equipment. 12/31/2024 changes 12/31/2025 Land 165 - (39) - - - (14) 112 Buildings, (€ thousands) constructions 129,266 16,726 (157) (28,738) 579 (2,152) 12,120 127,644 Accumulated Accumulated and leasehold Historical amortization Net book Historical amortization Net book improvements cost at and write- value at cost at and write- value at Plant and 9,573 70 (23) (2,910) 228 (157) 951 7,732 12/31/2024 downs at 12/31/2024 12/31/2025 downs at 12/31/2025 machines 12/31/2024 12/31/2025 Industrial and Land 165 - 165 112 - 112 commercial 22,488 3,953 (146) (7,798) 399 (236) 3,934 22,594 CONSOLIDATED equipment Buildings, FINANCIAL STATEMENTS constructions Motor vehicles 651 13 (38) (164) 38 (6) 61 555 371,383 (242,117) 129,266 374,965 (247,321) 127,644 and leasehold Computers improvements and office 24,254 5,661 (55) (13,110) 367 (80) 3,561 20,598 Plant and machinery 47,495 (37,922) 9,573 45,559 (37,827) 7,732 machines Furniture and 45,080 4,826 (40) (12,693) 517 (560) 10,695 47,825 Industrial and fittings commercial 97,332 (74,844) 22,488 100,811 (78,217) 22,594 Other tangible 1,821 68 (12) (625) 440 (56) (10) 1,626 equipment fixed assets Motor vehicles 1,416 (765) 651 1,500 (945) 555 Fixedassetsin progressand 20,626 25,077 - - 69 - (37,377) 8,396 Computers STATEMENT advances and office 103,003 (78,749) 24,254 101,971 (81,373) 20,598 machinery Total 253,924 56,394 (510) (66,038) 2,638 (3,247) (6,079) 237,082 Furniture and CONSOLIDATED SUSTAINABILITY 154,918 (109,838) 45,080 163,576 (115,751) 47,825 fittings The investments made in the reporting period (€56,394 thousand) refer primarily to Other tangible 6,439 (4,618) 1,821 7,524 (5,898) 1,626 fixed assets the opening of new stores and renewal of existing ones, as well as to the purchase of Fixed assets in hardware needed for the implementation of Group Information Technology projects. progress and 20,626 - 20,626 8,396 - 8,396 advances The change in “business combinations” comprises: Total 802,777 (548,853) 253,924 804,414 (567,332) 237,082 • for €1,735 thousand, the temporary allocation of the price paid for acquisitions REPORT made in EMEA; ON OPERATIONS • for €321 thousand, the temporary allocation of the price paid for acquisitions made in Americas; • for €582 thousand, the temporary allocation of the price paid for acquisitions made in APAC. AMPLIFON AT A GLANCE 255 --- ANNUAL REPORT 2025 The item “impairment” includes €2,845 thousand relating to the impairment of buildings, construction and leasehold improvements, computers and office machinery, furniture and fittings, following the closure of underperforming clinics as part of the Fit4Growth program aimed at improving profitability and strengthening competitiveness, as described in detail in the section “Comments on the Financial Results” of the Report on Operation. “Other net changes” are attributable to foreign exchange differences recorded in the reporting period, the allocation to the relevant balance sheet items of assets under construction completed during the year, and the reclassification to “Assets held for sale” of property, plant and equipment assets attributable to Amplifon United Kingdom Limited and its subsidiaries, amounting to €4,532 thousand, following CONSOLIDATED the disposal agreement negotiated at the end of 2025, signed in January 2026 and FINANCIAL STATEMENTS completed on 2 March 2026. Reference is made to Note 29 “Assets and liabilities held for sale”. STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 256 --- ANNUAL REPORT 2025 6. RIGHT-OF-USE ASSETS The item “impairment” is fully related to the impairment of right-of-use assets, following the closure of underperforming clinics as part of the Fit4Growth program Right-of-use assets are broken down below: aimed at improving profitability and strengthening competitiveness, as described in detail in the section “Comments on the Financial Results” of the Report on Operation. (€ thousands) “Other net changes” are attributable to foreign exchange differences recorded in the Accumulated Accumulated reporting period and the reclassification to “Assets held for sale” of right-of-use assets Historical amortization Net book Historical amortization Net book attributable to Amplifon United Kingdom Limited and its subsidiaries, amounting to cost at and write- value at cost at and write- value at €10,271 thousand, following the disposal agreement negotiated at the end of 2025, 12/31/2024 downs at 12/31/2024 12/31/2025 downs at 12/31/2025 signed in January 2026 and completed on 2 March 2026. Reference is made to Note 12/31/2024 12/31/2025 29 “Assets and liabilities held for sale”. Stores and offices 955,892 (483,899) 471,993 1,001,394 (556,418) 444,976 CONSOLIDATED Motor vehicles 35,504 (17,687) 17,817 35,238 (20,167) 15,071 FINANCIAL STATEMENTS For more details refer to Note 18 “Lease liabilities”. Electronic 4,368 (2,114) 2,254 5,219 (3,228) 1,991 machinery Total 995,764 (503,700) 492,064 1,041,851 (579,813) 462,038 (€ thousands) Net book Net book Business Other net value at Increase Decrease Depreciation Impairment value at combinations changes 12/31/2024 12/31/2025 STATEMENT Stores and 471,993 129,091 (18,372) (127,612) 7,960 (2,160) (15,924) 444,976 offices Motor CONSOLIDATED SUSTAINABILITY 17,817 7,984 (766) (8,542) 136 - (1,558) 15,071 vehicles Electronic 2,254 1,205 (48) (1,300) 4 - (124) 1,991 machinery Total 492,064 138,280 (19,186) (137,454) 8,100 (2,160) (17,606) 462,038 The increase in right-of-use assets acquired in the year (€138,280 thousand) is explained by the renewal of existing leases and the network expansion. REPORT ON OPERATIONS The change in “business combinations” comprises: • for €5,248 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; • for €1,752 thousand, the temporary allocation of the price paid for acquisitions made in Americas; • for €1,100 thousand, the temporary allocation of the price paid for acquisitions made in APAC. AMPLIFON AT A GLANCE 257 --- ANNUAL REPORT 2025 contractual cash flows are received and discounted when the interest rate applied to 7. OTHER NON-CURRENT ASSETS the latter differs from the market rate. The non-current assets broken down by the accounting method applied is shown (€ thousands) below: Balance at Balance at Change 12/31/2025 12/31/2024 st Long-term financial receivables 4,830 6,120 (1,290) (€ thousands) December 31 , 2025 Asset Plans and other restricted Consolidated statement Fair Value 1,520 1,637 (117) Amortized cost Fair Value through P&L amounts of financial position through OCI Tax credits relating to superbonus Non-current assets - 13,617 (13,617) discounts Long-term financial receivables 4,830 Security deposits 12,960 12,480 480 CONSOLIDATED Asset Plans and other restricted Deferred cost of post-sales services 10,905 11,185 (280) 1,520 amounts FINANCIAL STATEMENTS Other non-current assets 7,150 7,845 (695) Tax credits relating to superbonus - Total 37,365 52,884 (15,519) discounts Security deposits 12,960 st As of December 31 2025, the amount of other non-current assets amounts to Deferred cost of post-sales services 10,905 €37,365 thousand (€52,884 thousand as of December 31, 2024). Other non-current assets 7,150 The long-term financial receivables refer largely to the loans granted to Miracle Ear franchisees in the United States to support growth. st (€ thousands) December 31 , 2024 STATEMENT Consolidated statement Fair Value The decrease in the item “Tax credits relating to superbonus discounts” compared to Amortized cost Fair Value through P&L of financial position through OCI the prior year is due to the reclassification to current assets of the residual portion Non-current assets CONSOLIDATED SUSTAINABILITY utilisable in 2026 of the tax credits arising from superbonus discounts pursuant to Long-term financial receivables 6,120 Articles 119 and 121 of Decree Law No. 34/2020, acquired during 2024 from a leading financial institution for a nominal amount of €46,263 thousand at a consideration Asset Plans and other restricted 1,637 amounts of €43,149 thousand, payable in instalments aligned with the expected utilization schedule of the credits over the three-year period 2024-2026. In accordance with the Tax credits relating to superbonus 13,617 discounts applicable tax legislation, such credits are used as offsets against the payment of taxes, withholding taxes and social security contributions. As at 31 December 2025, Security deposits 12,480 no credits remain utilizable beyond a one-year horizon and, therefore, the non- REPORT Deferred cost of post-sales services 11,185 current portion has been reduced to nil. Please refer to Note 12 “Other receivables” ON OPERATIONS Other non-current assets 7,845 for more details regarding utilization and new acquisitions during 2025. Both long-term financial receivables and other non-current assets are held until the AMPLIFON AT A GLANCE 258 --- ANNUAL REPORT 2025 8. DERIVATIVES CASH FLOW HEDGES Cash flow hedges were made against the interest rate risk relating to medium/long- AND HEDGE ACCOUNTING term outstanding debt of €324.1 million at 31 December 2025. No interest rate risk hedges were entered into in 2025. These are instruments not listed on official markets, entered into for the purpose of hedging interest rate and/or currency risk. The fair value of these instruments (€ thousands) is determined by using valuation models based on market-derived inputs (source: Bloomberg) such as forward rates, exchange rates, etc. The valuation is performed Hedging purpose Hedged risk Fair value at 12/31/2025 Fair value at 12/31/2024 using the DCF method. Own risk and counterparty risk (credit/debit value Assets Liabilities Assets Liabilities adjustments) were taken into account. These credit/debit value adjustments were CONSOLIDATED determined based on market information such as the value of CDS (Credit Default Medium long-term bank Interest rate 1,760 315 4,836 1,157 loans FINANCIAL STATEMENTS Swaps) and used to determine counterparty risk, also taking into account the mutual break clause if present. Total 1,760 315 4,836 1,157 The following table shows the fair values of the derivatives outstanding at the end of the comparison period and at the reporting date showing the fair value of those The following table details the gains or losses from the derivatives currently in place derivatives that qualify as fair value hedges and cash flow hedges, and those that do and the impact on the statement of financial position of the cash flow hedge reserve. not qualify for hedge accounting, separately. Amounts are shown before the tax effect. Reclassified to the Reclassified to the (€ thousands) Fair value at 12/31/2025 Fair value at 12/31/2024 Recognized STATEMENT (€ thousands) income statement - income statement - in net equity Effective portion Ineffective portion Type Assets Liabilities Assets Liabilities (Debit)/Credit (Loss) Gain (Loss) Gain CONSOLIDATED SUSTAINABILITY Fair value hedge - - - - 1/1/2024 - 12/31/2024 (9,253) - - Cash flow hedge 1,760 315 4,836 1,157 1/1/2025 - 12/31/2025 (2,235) - - Total hedge accounting 1,760 315 4,836 1,157 Non hedge accounting 517 380 496 739 The maturity of the hedges is in line with the duration of the item hedged. Please Total 2,277 695 5,332 1,896 refer to Note 17 “Financial Payables” for details. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 259 --- ANNUAL REPORT 2025 The following table shows the fair value measurement on the basis of a hierarchy NON-HEDGE ACCOUNTING DERIVATIVES which reflects the level of significance of the data used for the valuation. This hierarchy consists of the following levels: Non-hedge accounting derivatives comprise forwards hedging the exchange risk on transactions in currency other than the Company’s or the individual subsidiary’s 1. listed (unadjusted) prices in active markets for identical assets and liabilities; reporting currency. 2. input data other than the above listed prices, but which can be observed directly or indirectly in the market; 3. input data on assets or liabilities not based on observable market data. VALUATION METHOD (€ thousands) 2025 2024 The following tables show the breakdown of derivatives by the valuation method applied: Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total CONSOLIDATED Assets FINANCIAL STATEMENTS st (€ thousands) December 31 , 2025 Hedging instruments Fair value Consolidated statement of financial position Fair Value through P&L - Long-term 42 42 4,454 4,454 Net Equity - Short-term 2,235 2,235 878 878 Asset Derivative Instruments – Cash flow hedge 1,760 Liabilities Liability Derivative Instruments – Cash flow hedge 315 Hedging instruments Asset Derivative Instruments 517 - Non-hedge accounting - Long-term 315 315 1,157 1,157 Liability Derivative Instruments 380 - Short-term 380 380 739 739 STATEMENT - Non-hedge accounting There were no transfers between levels in 2025. CONSOLIDATED SUSTAINABILITY st (€ thousands) December 31 , 2024 Fair value Consolidated statement of financial position Fair Value through P&L Net Equity Asset Derivative Instruments – Cash flow hedge 4,836 Liability Derivative Instruments – Cash flow hedge 1,157 Asset Derivative Instruments 496 REPORT - Non-hedge accounting ON OPERATIONS Liability Derivative Instruments 739 - Non-hedge accounting AMPLIFON AT A GLANCE 260 --- ANNUAL REPORT 2025 9. INVENTORIES (€ thousands) Balance at 12/31/2025 Balance at 12/31/2024 Obsolescence Obsolescence Cost Net Cost Net provision provision Finished goods 100,179 (17,727) 82,452 105,968 (12,788) 93,180 Total 100,179 (17,727) 82,452 105,968 (12,788) 93,180 CONSOLIDATED FINANCIAL STATEMENTS Movements in the provision for obsolete inventories during the year are shown below: (€ thousands) Balance at 12/31/2024 (12,788) Provision (6,978) Utilization 1,623 STATEMENT Business combination (221) Translation differences and other movements 637 CONSOLIDATED SUSTAINABILITY Balance at 12/31/2025 (17,727) REPORT ON OPERATIONS AMPLIFON AT A GLANCE 261 --- ANNUAL REPORT 2025 Movements in the allowance for doubtful accounts in the year were as follows: 10. TRADE RECEIVABLES (€ thousands) Trade receivables are detailed in the following table: (€ thousands) Balance at 12/31/2024 (18,236) Balance at Balance at Provisions (5,095) Change 12/31/2025 12/31/2024 Reversals 643 Trade receivables 221,757 226,504 (4,747) Utilization for charges (341) Trade receivables - Related parties 4 196 (192) Business combinations (79) Trade receivables - Parent company 1 14 (13) CONSOLIDATED Translation differences and other net charges 175 Trade receivables - Associated companies FINANCIAL STATEMENTS 48 40 8 and joint ventures Balance at 12/31/2025 (22,933) Total trade receivables 221,810 226,754 (4,944) In compliance with the mandatory disclosure requirements in Italy as per Law n. The composition of trade receivables is detailed in the following table: 124 of 4/8/17 n. 124, please note that in 2025 Amplifon Italia S.p.A. received a total of €54,730 thousand (as shown in 45,755 invoices) from public entities, of which €50,739 thousand (as shown in 42,418 invoices) through financial operators, and (€ thousands) €3,991 thousand (as shown in 3,337 invoices) through direct deposits. Balance at Balance at Change 12/31/2025 12/31/2024 STATEMENT Trade receivables 245,755 246,685 (930) Sales returns liabilities (1,065) (1,945) 880 CONSOLIDATED SUSTAINABILITY Allowance for doubtful accounts (22,933) (18,236) (2,196) Total 221,757 226,504 4,747 The average collection time was around 30 days in 2025 and there is no significant concentration of credit risk. €212,855 thousand of the trade receivables are held as part of a “held to collect” REPORT business model based on which contractual cash flows are collected at maturity ON OPERATIONS and €32,900 thousand are held as part of a “hold to collect and sell” business model based on which contractual cash flows are collected at maturity or through a sale. The face value of the factoring without recourse transactions carried out in the year amounted to €266,076 thousand (versus €239,346 thousand in the prior year) and relate primarily to receivables generated in the year and, therefore, did not have a significant impact on the comparison of working capital with the prior year. AMPLIFON AT A GLANCE 262 --- ANNUAL REPORT 2025 11. CONTRACT COSTS 12. OTHER RECEIVABLES (€ thousands) (€ thousands) Balance at Balance at Balance at Balance at Change Change 12/31/2025 12/31/2024 12/31/2025 12/31/2024 Contract costs – Short-term 7,768 7,734 34 Tax receivables 28,936 27,557 1,379 Tax credits relating to superbonus discounts 14,706 16,048 (1,342) Contract costs – Long-term 10,488 10,494 (6) Advances to suppliers 9,583 8,698 885 Total 18,256 18,228 28 Deferred cost of post-sales services 10,869 10,926 (57) Other non-financial accruals 10,360 10,555 (195) CONSOLIDATED The contract costs, of €18,256 thousand, refer to the costs incurred to obtain or fulfil Non-financial accruals for advertising 1,872 3,380 (1,508) FINANCIAL STATEMENTS contracts capitalized in accordance with IFRS 15. These typically include commissions and bonuses paid to employees and agents for each sale made in Italy which Non-financial accruals for rents 1,627 1,994 (367) manage the majority of the Amplifon Italia S.p.A. stores. These costs are deferred Non-financial accruals for insurance 871 1,569 (698) and recognized in the income statement based on the level to which the relative Other receivables 26,643 26,825 (182) contractual performance obligations were satisfied. Total 105,467 107,552 (2,085) The significant changes in contract cost balances are shown below: Tax receivables comprise mainly €14,344 thousand in VAT and other indirect tax credits held through maturity or through factoring without recourse (based on a held (€ thousands) STATEMENT to collect business model) and €13,652 thousand in tax advances to be used to offset future tax payables. CONSOLIDATED SUSTAINABILITY Net value at 12/31/2024 18,228 Factoring without recourse of VAT credits amounted to €25,262 thousand in the reporting period with net proceeds reaching €24,905 thousand (€19,771 thousand Increase linked to customer contracts and reversals 216 and €19,279 thousand, respectively, at 31 December 2024). Business combinations 94 Translation differences and other net changes (282) During the reporting period 2025, credits stemming from the superbonus discounts used for offsetting amounted to €32,835 thousand and financial income, that include Net value at 12/31/2025 18,256 also the effect of actualization, amounted to €2,891 thousand. Financial expenses for discounting payables amounted to €1,008 thousand. REPORT The impact that the amortization of contract costs for contracts in place at 31 ON OPERATIONS December 2025 will have on the income statement going forward is shown below: As of December 31, 2025, the residual amount of these credits, utilizable in 2026, amounts to €14,706 thousand, while the liabilities for the payment of these credits are classified under “Other Liabilities” in the short term for €14,585 thousand. (€ thousands) 2030 and On December 20, 2024, Amplifon S.p.A. and Amplifon Italia S.p.A. signed a new joint 2026 2027 2028 2029 beyond agreement with a top-tier financial institution for the purchase of an additional Contract costs 7,768 4,975 3,076 1,809 628 Superbonus tax credits, for the period 2025-2027. According to the contractual conditions, these credits will be transferred to the beneficiary company (and paid by the company to the transferring bank) at the time of use and the corresponding debt is repayable in the short term. During 2025, receivables with a nominal value of AMPLIFON AT A GLANCE €15,942 thousand were purchased for a consideration of €14,986 thousand, which was repaid in full during the year. 263 --- ANNUAL REPORT 2025 13. OTHER FINANCIAL ASSETS 14. CASH AND CASH EQUIVALENTS (€ thousands) (€ thousands) Balance at Balance at Balance at Balance at Change Change 12/31/2025 12/31/2024 12/31/2025 12/31/2024 Other financial assets - 18 (18) Bank current accounts 295,630 233,057 62,573 Financial prepayments and accrued income - 278 (278) Short-term bank deposits 11,212 53,957 (42,745) Total - 296 (296) Funds 144 97 47 Cash on hand 1,896 1,723 173 CONSOLIDATED There are no other financial assets as of December 31, 2025, compared to €296 Total 308,882 288,834 20,048 FINANCIAL STATEMENTS thousand as of December 31, 2024. Cash and cash equivalents amounted to €308,882 thousand at 31 December 2025 and €288,834 thousand at 31 December 2024, an increase of €20,048 thousand. Cash and cash equivalents are deposited with top-rated banks and earn interest at market rates. The ratings assigned to financial assets by S&P are broken down below: STATEMENT (€ thousands) Rating S&P di breve termine CONSOLIDATED SUSTAINABILITY Balance at (*) A-1+ A-1 A-2 A-3 B Altri 12/31/2025 Non-current assets Hedging instruments – long- 42 term Current assets Hedging instruments – 2,235 short-term REPORT Bank current accounts, ON OPERATIONS short-term bank deposits, 306,986 27,889 58,579 199,874 131 2,819 17,694 and funds Cash on hand 1,896 (*) The “Other” column refers primarily to time deposit balances with counterparties that are unrated, but which satisfy ECB’s minimum capital requirements, as well as with institutions not domiciled in the European Union. AMPLIFON AT A GLANCE 264 --- ANNUAL REPORT 2025 15. SHARE CAPITAL As at 31 December 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, 5,255,753 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. CONSOLIDATED FINANCIAL STATEMENTS During the reporting period 2025, a total of 272,864 shares were transferred following the exercise of performance stock grants. A total of 6,451,138 treasury shares, equal to 2.850% of the Company’s share capital, was held on 31 December 2025. Information on the treasury shares held is provided in the following table. Average purchase price (Euro) No. of treasury Total amount STATEMENT shares (€ thousands) FV of transferred rights (Euro) Held at 12/31/2024 1,068,249 27.482 29,358 CONSOLIDATED SUSTAINABILITY Purchases 5,655,753 19.132 108,207 Transfers due to exercise of (272,864) 20.459 (5,582) performance stock grants Held at 12/31/2025 6,451,138 20.459 131,983 REPORT ON OPERATIONS AMPLIFON AT A GLANCE 265 --- ANNUAL REPORT 2025 16. NET FINANCIAL POSITION Excluding lease liabilities (€486,316 thousand at 31 December 2025), net financial debt amounted to €1,045,483 thousand at 31 December 2025, broken down as The Group’s net financial position, including lease liabilities, prepared in accordance follows: 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) Balance at Balance at Change (€ thousands) 12/31/2025 12/31/2024 A Cash and Cash Equivalents 308,882 288,834 20,048 12/31/2025 12/31/2024 Change B Short Term Investments - - - A Cash 308,882 288,834 20,048 Cash, Cash Equivalents and Short Term D 308,882 288,834 20,048 CONSOLIDATED B Cash equivalent - - - Investments (A+B) FINANCIAL STATEMENTS Current Financial Indebtedness (excluding C Short term investments - - - C 366,397 290,253 76,144 lease liabilities) Total Cash, Cash Equivalents and Short- D 308,882 288,834 20,048 Current Financial Indebtedness (excluding E 57,515 1,419 56,096 Term Investments (A+B+C) lease liabilities) (C-D) Current financial payables (including bonds, Non-current Financial Indebtedness (excluding E but excluding current portion of medium/ 148,502 140,008 8,494 F 987,968 960,386 27,582 lease liabilities) long-term debt) Total Financial Indebtedness (excluding - Other financial payables and bank G 1,045,483 961,805 83,678 148,639 139,765 8,874 lease liabilities) (E+F) overdrafts - Hedging derivatives (137) 243 (380) STATEMENT During the reporting period 2025, Amplifon also refined the following operations Current portion of medium/long-term F 339,902 276,985 62,917 financial debt which are not subject to financial covenants: - Financial accruals and deferred income 7,939 6,771 1,168 CONSOLIDATED SUSTAINABILITY • in March 2025, Amplifon S.p.A. signed a 5-year, sustainability linked, credit facility - Payables for business acquisitions 5,792 11,510 (5,718) with Intesa Sanpaolo totaling €175 million, comprised of a €100 million revolving - Bank borrowings 204,164 131,964 72,200 credit line and a €75 million long term loan. The new financing was used to refinance, - Lease Liability – current portion 122,007 126,740 (4,733) and increase, a pre-existing line expiring in 2026; • in April 2025, Amplifon S.p.A. finalized a sustainability-linked facility with Banco G Current Financial Indebtedness (E+F) 488,404 416,993 71,411 BPM for a total amount of €100 million, comprised of a €50 million revolving credit H Net Current Financial Indebtedness (G-D) 179,522 128,159 51,363 line and a long-term credit line of the same amount. The new facility was used to I Non current financial payables 1,002,277 997,983 4,294 refinance expiring credit lines; REPORT • in June 2025, Amplifon S.p.A. signed a €75 million, 5-year, sustainability-linked, - Bank borrowings – Non current portion 635,367 604,501 30,866 ON OPERATIONS credit facility with ING Italia; - Payables for business acquisitions – Non 2,601 5,885 (3,284) • in June 2025, Amplifon S.p.A. also signed a €50 million, 5-year, sustainability-linked current portion facility with Banca Popolare di Sondrio, comprised of a €30 million revolving credit - Lease Liability – Non current portion 364,309 387,597 (23,288) line and a €20 million long-term line. The new financing was used to refinance, and J Bonds 350,000 350,000 - increase, expiring credit lines; - Eurobond 2020-2027 350,000 350,000 - • 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. K Trade and other non current payables - - - Non Current Financial Indebtedness L 1,352,277 1,347,983 4,294 (I+J+K) M Total Financial Indebtedness (H+L) 1,531,799 1,476,142 55,657 AMPLIFON AT A GLANCE 266 --- ANNUAL REPORT 2025 Long-term debt, excluding lease liabilities, amounts to €987,968 thousand at 31 Bank loans, and the Eurobond 2020-2027, are included in the statement of financial December 2025 (€960,386 thousand at 31 December 2024), showing an increase of position as follows: €27,582 thousand explained by the new facilities stipulated during the year, net of the reclassification of short-term portions of the existing debt. a. under the item “Medium/long-term financial liabilities” described in the Note 17 “Financial liabilities” of the explanatory notes for the long-term portion. The short-term portion of net financial debt, excluding lease liabilities, fell by €56,096 thousand, going from €57,515 thousand at 31 December 2025 to 1,419 (€ thousands) thousand at 31 December 2024. Balance at 12/31/2025 More in detail, short-term debt amounted to €366,397 thousand, an increase of Eurobond 2020-2027 350,000 €76,144 thousand. Short-term debt, excluding lease liabilities, mainly comprises the current portion of long-term bank loans (€204,164 thousand), bank borrowings Loan with the European Investment Bank 200,000 CONSOLIDATED relating to hot money accounts and other short-term lines (€148,639 thousand), Other medium/long-term debt 435,367 FINANCIAL STATEMENTS accrued interest on the Eurobond (€3,463 thousand) and on other bank loans (€4,476 Fees on Eurobond 2020-2027 and bank loans (1,561) thousand) as well as the best estimate of deferred payments for acquisitions (€5,792 thousand). Medium/long-term financial liabilities 983,806 Please note that during the reporting period 2025, remaining credit lines that included financial covenants expired and/or were repaid. Therefore, from June 2025, b. under the item “Financial liabilities (current)”, described in the Note 27 “Short-term the Group is no longer subject to any financial covenants. financial debt” of the explanatory notes for the current portion. (€ thousands) STATEMENT Balance at 12/31/2025 CONSOLIDATED SUSTAINABILITY Bank overdraft and other short-term debt (including current portion 352,777 of other long-term debt) Other financial payables 7,939 Fees on bank loans (1,254) Short-term financial liabilities 359,462 The other items comprising net financial debt can be found in the financial statements. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 267 --- ANNUAL REPORT 2025 17. FINANCIAL LIABILITIES Financial liabilities are broken down as follows: (€ thousands) Balance at Balance at Change 12/31/2025 12/31/2024 Eurobond 2020-2027 350,000 350,000 - Loan with the European Investment Bank 200,000 125,000 75,000 Other medium long-term bank loans 435,367 479,501 (44,134) CONSOLIDATED Fees on Eurobond 2020-2027 and bank loans (1,561) (2,218) 657 FINANCIAL STATEMENTS Total medium/long-term financial liabilities 983,806 952,283 31,523 Short term debt 359,462 277,518 81,944 - of which current portion of short-term bank loans 204,164 131,964 72,200 - of which debts for account overdrafts and other short-term liabilities 148,639 139,765 8,874 - of which fees for bank loans (1,254) (1,233) (21) Total short-term financial liabilities 359,462 277,518 81,944 Total financial liabilities 1,343,268 1,229,801 113,467 STATEMENT The main financial liabilities are detailed below. CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 268 --- ANNUAL REPORT 2025 EUROBOND 2020-2027 This is a €350,000 thousand 7-year nonconvertible bond with a fixed annual coupon of 1.125% that is listed on the Luxembourg Stock Exchange’s unregulated market. Nominal value Fair value Issue Date Debtor Maturity Coupon rate Interest rate after hedging (€/000) (€/000) 02/13/2020 Amplifon S.p.A. 02/13/2027 350,000 337,490 1.125% N/A Total in Euro 350,000 337,490 CONSOLIDATED BANK LOANS FINANCIAL STATEMENTS The main bilateral and pooled loans are detailed below: Outstanding Outstanding debt Swap rate+ Nominal value Fair value Issue Date Debtor Type Maturity debt Rate in use (*) hedged applicable Fixed Rate Final rate in use (€//000) (€/000) (€/000) (€/000) margin (**) 12/23/2021 Amplifon S.p.A. Amortizing 12/23/2026 210,000 105,000 107,616 105,000 0.96% 0.96% 06/25/2025 Amplifon S.p.A. Amortizing 12/23/2026 20,000 20,000 20,635 3.04% 3.04% 09/30/2024 Amplifon S.p.A. Amortizing 09/30/2029 50,000 44,118 44,899 44,118 3.25% 3.25% STATEMENT 10/15/2024 Amplifon S.p.A. Amortizing 10/15/2029 200,000 200,000 206,084 (***) 100,000 3.43% 3.28% 3.36% 12/20/2024 Amplifon S.p.A. Amortizing 12/19/2029 75,000 75,000 79,683 75,000 3.28% 3.28% CONSOLIDATED SUSTAINABILITY 03/12/2025 Amplifon S.p.A. Amortizing 03/12/2030 75,000 75,000 77,170 3.11% 3.11% 04/28/2020 Amplifon S.p.A. Amortizing 03/31/2030 50,000 50,000 51,564 3.17% 3.17% 06/12/2025 Amplifon S.p.A. Amortizing 06/12/2030 75,000 75,000 76,587 2.94% 2.94% 12/15/2023 Amplifon S.p.A. Amortizing 12/15/2032 75,000 70,000 72,757 3.65% 3.65% 3.65% 12/15/2023 Amplifon S.p.A. Amortizing 06/27/2033 50,000 50,000 52,431 3.90% 3.90% 3.90% 07/01/2025 Amplifon S.p.A. Amortizing 07/03/2034 75,000 75,000 78,427 3.28% 3.28% 3.28% REPORT Total 955,000 839,118 867,853 324,118 ON OPERATIONS (*) 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 €200 million financing is provided by CDP for €100 million at a fixed rate of 3.28% and by UniCredit for €100 million at a swap rate of 3.43%. The final average rate is 3.36%. AMPLIFON AT A GLANCE 269 --- ANNUAL REPORT 2025 The current loans, in euros and broken down by maturity, are shown below. (€ thousands) Balance as at Repayments as at New loans Business combination Balance as at Short term portion Medium/Long term Debtor Maturity Average interest rate 2025/360 12/31/2024 (€/000) 12/31/2025 (€/000) (€/000) (€/000) 12/31/2025 (€/000) (€/000) portion (€/000) Unicredit amortizing Amplifon S.p.A. 4.10% 30,000 (30,000) - Euribor 6m + margin 04/07/2025 BNL Amortizing Amplifon S.p.A. 3.99% 7,142 (7,142) - Euribor 6m + 1.25% 04/29/2025 CDP/MPS amortizing Amplifon S.p.A. 3.16% 9,750 (9,750) - Euribor 6m + 1.65% 04/29/2025 Credit Agricole amortizing Amplifon S.p.A. 3.68% 11,375 (11,375) - Euribor 6m + 1.10% 06/30/2025 CONSOLIDATED BPM amortizing Amplifon S.p.A. FINANCIAL STATEMENTS 4.90% 25,000 (25,000) - Euribor 6m + 1.05% 10/31/2025 Intesa RCF no cleandown (*) Amplifon S.p.A. 4.75% 60,000 (60,000) Euribor 6m + 1.15% 09/30/2026 Pool. (UCI. MB. BNL/BNP) (*) Amplifon S.p.A. 0.96% 142,800 (37,800) 105,000 105,000 Euribor 6m + margin grid 12/23/2026 Eurobond 2020-2027 Amplifon S.p.A. 1.125% 350,000 350,000 350,000 1.13% 02/13/2027 Credit Agricole/SACE (*) Amplifon S.p.A. 3.25% 50,000 (5,882) 44,118 11,765 32,353 STATEMENT Euribor 3m + 0.985% 09/30/2029 Unicredit Cassa Depositi e Prestiti (*) Amplifon S.p.A. 3.36% 200,000 200,000 33,200 166,800 Euribor 6m + margin grid CONSOLIDATED SUSTAINABILITY 10/15/2029 Mediobanca (*) Amplifon S.p.A. 3.28% 75,000 75,000 18,750 56,250 Euribor 6m + 1.00% 12/19/2029 INTESA amortizing (*) Amplifon S.p.A. 3.11% - 75,000 75,000 9,375 65,625 Euribor 6m + 1.0% 03/12/2030 BANCO BPM amortizing (*) Amplifon S.p.A. 3.17% - 50,000 50,000 50,000 Euribor 6m + 1.05% 03/31/2030 REPORT ING BANK Amortizing (*) Amplifon S.p.A. 2.94% - 75,000 75,000 9,375 65,625 ON OPERATIONS Euribor 6m + 0.9% 06/12/2030 BPSONDRIO amortizing (*) Amplifon S.p.A. 3.04% - 20,000 20,000 20,000 Euribor 6m + 1% 06/30/2030 BEI tasso fisso Amplifon S.p.A. 3.65% 75,000 (5,000) 70,000 10,000 60,000 3.65% 12/15/2032 BEI tasso fisso Amplifon S.p.A. 3.90% 50,000 50,000 6,666 43,334 3.90% 06/27/2033 BEI tasso fisso Amplifon S.p.A. 3.28% - 75,000 75,000 75,000 3.28% 07/03/2034 AMPLIFON Total long-term loans 1,086,067 (191,949) 295,000 - 1,189,118 204,131 984,987 AT A GLANCE Others 384 (62) 647 - 969 647 322 TOTAL 1,086,451 (192,011) 295,647 - 1,190,087 204,778 985,309 (*) Loans “sustainability linked”, for which the achievement of specific indicators of the Amplifon S.p.A. Sustainability Plan will trigger a mechanism for adjusting the margin applied to the loan. It is confirmed that 270 during the year, the ESG KPIs set for these loans have been met. --- ANNUAL REPORT 2025 The maturities of financial debt at 31 December 2025 based on contractual obligations are shown below: 18. LEASE LIABILITIES The lease liabilities stem from long-term leases and rental agreements. These liabilities (€ thousands) are equal to the present value of future installments payable over the lease term. Eurobond 2020-2027 Loan EIB Bank loans Total The finance lease liabilities are shown in the statement of financial position as follows: 2026 - 16,666 188,112 204,778 2027 350,000 21,666 118,834 490,500 (€ thousands) 2028 - 26,667 122,429 149,096 Value at Value at Change 12/31/2025 12/31/2025 2029 - 26,667 186,488 213,155 Short term lease liabilities 122,007 126,740 (4,733) CONSOLIDATED 2030 - 26,667 29,224 55,891 Long term lease liabilities 364,309 387,597 (23,288) FINANCIAL STATEMENTS 2031 - 26,667 - 26,667 Total lease liabilities 486,316 514,337 (28,021) 2032 - 26,667 - 26,667 2033 - 13,333 - 13,333 The impact that these lease liabilities had on the income statement in the reporting 2034 - 10,000 - 10,000 period is shown below: Total 350,000 195,000 645,087 1,190,087 (€ thousands) The breakdown of financial liabilities by the accounting method applied is shown STATEMENT below: FY 2025 Interest charges on leased assets (20,680) (€ thousands) 12/31/2025 CONSOLIDATED SUSTAINABILITY Right-of-use depreciation (137,454) Fair value Net Fair Value Costs for short-term leases and leases for low value assets (20,047) Amortized cost Equity through P&L Total non-current financial liabilities 983,806 The maturities of the Group’s lease liabilities based on undiscounted contractual Total current financial liabilities 359,462 cash flows are summarized below: REPORT (€ thousands) (€ thousands) 12/31/2024 ON OPERATIONS Between 1 Between 2 Between 3 Between 4 Fair value Net Fair Value Description < 1 year > 5 years Amortized cost and 2 years and 3 years and 4 years and 5 years Equity through P&L Undiscounted lease Total non-current financial liabilities 952,283 117,549 97,222 78,753 61,910 45,706 111,075 liabilities Total current financial liabilities 277,518 The maturities of the Group’s lease liabilities based on discounted contractual payments are summarized below: (€ thousands) AMPLIFON AT A GLANCE Between 1 Between 2 Between 3 Between 4 Description < 1 year > 5 years and 2 years and 3 years and 4 years and 5 years Lease liabilities 122,007 96,734 75,262 58,957 39,398 93,958 271 --- ANNUAL REPORT 2025 19. PROVISIONS FOR RISKS AND CHARGES (MEDIUM/LONG-TERM) (€ thousands) Value at 12/31/2025 Value at 12/31/2024 Change Product warranty provision - 1,416 (1,416) Contractual risk provision 276 3,399 (3,123) Agents’ leaving indemnity 12,819 13,515 (696) Other risk provisions 1,416 2,595 (1,179) CONSOLIDATED Total 14,511 20,925 (6,414) FINANCIAL STATEMENTS (€ thousands) Net value as at Translation Business Net value at Provision Utilization Reversal Other net changes 12/31/2024 differences combinations 12/31/2025 Product warranty provision 1,416 279 (268) (678) (749) - - - Contractual risk provision 3,399 219 (65) - (3,277) - - 276 Agents’ leaving indemnity 13,515 (371) (186) - - (139) - 12,819 STATEMENT Other risk provisions 2,595 565 (1,535) - (156) (53) - 1,416 Total 20,925 692 (2,054) (678) (4,182) (192) - 14,511 CONSOLIDATED SUSTAINABILITY The “Agents’ leaving indemnity” refers mainly to Amplifon Italia S.p.A.’s provisions for the indemnity of €11,660 thousand. The main assumptions used in the actuarial calculation of Amplifon Italia S.p.A.’s agents’ leaving indemnity were: FY 2025 REPORT Economic assumptions ON OPERATIONS Annual discount rate 3.37% Demographic assumptions Probability of agency contract termination by the company 1.00% Probability of agent’s voluntary termination 6.50% Mortality rate ISTAT 2022 Disability percentage INPS tables divided by age and sex AMPLIFON AT A GLANCE 272 --- ANNUAL REPORT 2025 20. LIABILITIES FOR EMPLOYEES’ BENEFITS (MEDIUM/LONG-TERM) (€ thousands) Balance at Balance at Change 12/31/2025 12/31/2024 Defined-benefit plans 10,934 14,569 (3,635) Other defined-benefit plans 731 775 (44) CONSOLIDATED Other provisions for personnel 815 113 702 FINANCIAL STATEMENTS Total 12,480 15,457 (2,977) Provisions for defined-benefit plans mainly include the severance pay potentially owed by the Italian companies, as well as severance owed by the Swiss, French, Israel and Belgian subsidiaries. The way in which these benefits are guaranteed varies based on the legal, tax and economic conditions of each country in which the Group operates. STATEMENT Movements in the provision for defined-benefit plans are detailed below: CONSOLIDATED SUSTAINABILITY (€ thousands) FY 2025 Net present value of the liability at the beginning of the year 14,569 Current service cost 818 Financial charges 258 REPORT Actuarial losses (gains) 1,233 ON OPERATIONS Amounts paid (4,319) Translation differences (1,679) Reversal 54 Net present value of the liability at the end of the year 10,934 The current cost of severance indemnity is recognized under personnel expenses in the consolidated financial statements, while actuarial gains and losses are recognized in the statement of comprehensive income. AMPLIFON AT A GLANCE 273 --- ANNUAL REPORT 2025 The main assumptions used in the actuarial estimate of the liability for employee benefits include the following: FY 2025 Italy France Switzerland Israel Belgium Economic assumptions Annual discount rate 3.09% 3.96% 1.30% 5,04% 4.2% Expected annual inflation rate 2.00% 3.96% 2.00% 2.26% 2.1% Annual rate of increase of severance 3.00% 3.00% 2.00% 5.38% 32.0% indemnity Demographic assumptions CONSOLIDATED National mortality tables FINANCIAL STATEMENTS BVG 2020 GT Mortality rate ISTAT 2022 INSEE 2022 Circular letter 2022-9-18 with a 5-year age setback (generational) adjustment INPS tables divided by age and Disability percentage N/A BVG 2020 Circular letter 2022-9-18 N/A sex 100% on meeting the 100% on meeting the age Male - 67 100% on meeting the age Retirement age requirements for compulsory 60-67 years requirements (65M/65F) Female - 62 requirements (65M/65F) national social insurance FY 2024 STATEMENT Italy France Switzerland Israel Belgium CONSOLIDATED SUSTAINABILITY Economic assumptions Annual discount rate 3.18% 3.16% 0.80% 5.73% 3.70% Expected annual inflation rate 2.00% 3.16% 2.00% 2.72% 2.10% Annual rate of increase of severance 3.00% 3.00% 2.00% 5.99% 44.7% indemnity Demographic assumptions RG48 mortality tables published National mortality tables BVG 2020 GT REPORT Mortality rate by the General Accounting Office INSEE 2022 Circular letter 2022-9-18 with a 5-year age setback (generational) ON OPERATIONS of the State adjustment INPS tables divided by age and Disability percentage N/A BVG 2020 Circular letter 2022-9-18 N/A sex 100% on meeting the 100% on meeting the age Male - 67 100% on meeting the age Retirement age requirements for compulsory 60-67 years requirements (65M/65F) Female - 62 requirements (65M/65F) national social insurance Provisions for other benefits are attributable primarily to the mandatory benefits recognized by the Australian subsidiaries (€731 thousand) when an employee reaches a certain level of job seniority. AMPLIFON AT A GLANCE 274 --- ANNUAL REPORT 2025 21. OTHER LONG-TERM LIABILITIES (€ thousands) The breakdown of long-term liabilities by the accounting method applied is shown Value at 12/31/2025 Value at 12/31/2024 Change below. Payables for business acquisitions 2,601 5,885 (3,284) Long-term tax payables related to the - 13,599 (13,599) (€ thousands) 12/31/2025 purchase of superbonus tax credits Reinsurance on loss & damage Fair value Net 18,832 17,237 1,595 Amortized cost Fair Value through P&L policies liabilities Equity CONSOLIDATED Payables for business Other long-term debt 3,349 4,831 (1,482) 2,601 acquisitions FINANCIAL STATEMENTS Total 24,782 41,552 (16,770) Long-term tax payables related to the purchase of superbonus - tax credits Acquisition liabilities include the long-term portion of the contingent consideration Reinsurance on loss & damage 18,832 (earn-out), determined based on income/economic estimates available at the end of policies liabilities 2025, to be paid on acquisitions of companies and business units made in the United 3,349 Other long-term debt States, Spain, France and Germany, if certain sales and/or profitability targets are reached. (€ thousands) 12/31/2024 STATEMENT The change in long-term payables related to the purchase of superbonus tax credits compared to the previous year is due to the reclassification to short-term of the Fair value Net Amortized cost Fair Value through P&L Equity consideration for the remaining portion of superbonus credits that can be utilized in CONSOLIDATED SUSTAINABILITY Payables for business 2026. Please refer to Note 7 “Other non-current assets” for more details. 5,885 acquisitions Long-term tax payables related to the purchase of superbonus 13,599 tax credits Reinsurance on loss & damage 17,237 policies liabilities Other long-term debt 4,831 REPORT ON OPERATIONS AMPLIFON AT A GLANCE 275 --- ANNUAL REPORT 2025 22. TRADE PAYABLES 23. CONTRACT LIABILITIES (€ thousands) (€ thousands) Value at 12/31/2025 Value at 12/31/2024 Change Value at 12/31/2025 Value at 12/31/2024 Change Trade payables – Joint ventures 1,369 3,003 (1,634) Contract liabilities – Short-term 123,581 122,914 667 Contract liabilities – Long-term 145,150 153,766 (8,616) Trade payables – Related parties 4 22 (18) Total 268,731 276,680 (7,949) Trade payables – Third parties 365,104 374,075 (8,971) Total 366,477 377,100 (10,623) The contract liabilities refer to deferred income for goods and services provided to CONSOLIDATED customers over time (e.g. after sales services, extended warranties, material rights, FINANCIAL STATEMENTS The Group adheres to a credit agreement (reverse factoring or indirect factoring) batteries). These are recognized in the income statement based on the level to which based on which suppliers can transfer their credits with the Group to a financial the different contractual performance obligations have been satisfied. institution and receive early payment of their invoices. The Group does not eliminate the original liabilities to which the agreement applies from its accounts insofar as The changes in contract liabilities in the year are shown below: no legal release has been obtained nor have any substantive changes been made to the original liability as a result of the agreement. The agreement does not result in a (€ thousands) significant lengthening of the Group’s payment terms beyond the normal expirations established prior to adhering to the agreement or with the suppliers who do not adhere to the agreement. Net value at 12/31/2024 276,680 STATEMENT The Group, furthermore, may not postpone payment to the financial institution of its Increase linked to customer contracts 42,297 trade payables and does not have to pay additional interest to the financial institution Recognized revenues that were included in the opening balance (52,451) on the amounts owed by the suppliers. The amounts factored by the suppliers are CONSOLIDATED SUSTAINABILITY classified as trade payables as the nature and purpose of the financial liabilities are Business combinations 6,319 not any different from those of the other trade payables. The trade payables which Currency translation differences and other net changes (4,114) have yet to expire transferred to the factor by the suppliers amounted to €43,687 Net value at 12/31/2025 268,731 thousand at 31 December 2025. The average collection time on trade payables was around 120 days in 2025. The revenue recognized in 2025 stemming from fulfilled contractual obligations, st included in the opening balance of contract liabilities at January 1 , 2025, amounted to €52,451 thousand. REPORT ON OPERATIONS More in detail, the contract liabilities that should be extinguished over the next few years, resulting in the recognition of the revenue allocated, are shown below: (€ thousands) 2030 and 2026 2027 2028 2029 beyond Contract liabilities 123,581 68,702 41,262 23,602 11,584 For a description of the performance obligations relating to goods and services AMPLIFON AT A GLANCE provided over time, please refer to Note 30 “Revenue from sales and services”. 276 --- ANNUAL REPORT 2025 24. OTHER PAYABLES In the fourth quarter of 2025, the option to acquire the remaining 10% stake in (€ thousands) Medtechnica Ortophone Ltd (Israel) was exercised for a consideration of €2,140 thousand. Value at 12/31/2025 Value at 12/31/2024 Change Payables with employees 70,108 77,389 (7,281) The €5,957 thousand provision for sales returns is calculated based on the best estimate of the liabilities for returns made through the direct channel. Payables with social security 22,681 24,058 (1,377) Short-term tax payables related to the 14,585 16,026 (1,441) The breakdown of other payables by the accounting method applied is shown below: purchase of superbonus tax credits CONSOLIDATED Accrued expenses and deferred 15,528 16,029 (501) FINANCIAL STATEMENTS income (€ thousands) 12/31/2025 Advances from customers 8,074 5,029 3,045 Sales returns - liability 5,957 6,346 (389) Amortized cost Fair value Net Equity Fair Value through P&L Payables for commissions Total other payables and 27,304 25,119 2,185 245,970 and bonuses to agents tax payables Other payables 33,644 27,464 6,180 Payables from business 5,792 acquisitions Total other payables 197,881 197,460 421 Direct taxes payables 40,465 34,552 5,913 STATEMENT VAT payables and other indirect taxes 7,624 15,278 (7,654) (€ thousands) 12/31/2024 Payables for business acquisitions 5,792 11,510 (5,718) Amortized cost Fair value Net Equity Fair Value through P&L CONSOLIDATED SUSTAINABILITY Total 251,762 258,800 7,038 Total other payables and 247,290 tax payables Acquisition liabilities include the short-term portion of the contingent consideration Payables from business (earn-out) to be paid long-term on acquisitions of companies and business units 1,908 9,602 acquisitions made in Germany, France, Poland, Italy, Spain, Canada, the United States, Australia and China if certain sales and/or profit targets are reached. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 277 --- ANNUAL REPORT 2025 25. PROVISIONS FOR RISKS 27. SHORT-TERM AND CHARGES (CURRENT PORTION) FINANCIAL DEBT (€ thousands) (€ thousands) Value at 12/31/2025 Value at 12/31/2024 Change Value at 12/31/2025 Value at 12/31/2024 Change Other provisions for risks 7,459 2,403 5,056 Bank current accounts 1,631 2,615 (984) Total 7,459 2,403 5,056 Short-term bank borrowings 142,799 121,552 21,247 CONSOLIDATED Current portion of long-term debts 204,164 131,964 72,200 FINANCIAL STATEMENTS Payables to banks and other Other provisions for risks and charges, amounting to €7,459 thousand as at 31 348,594 256,131 92,463 financing December 2025, increased by €5,056 thousand compared to the previous year. The Current portion of fees on loans (1,254) (1,233) (21) change is mainly attributable to charges related to a remediation activity in the payroll Short-term financial debt 4,183 15,571 (11,388) area in Asia Pacific, which led to the recognition of specific provisions, in addition to accruals for store reinstatement obligations at the end of lease terms. Financial accrued expenses and 7,939 7,049 890 deferred income Total 359,462 277,518 81,944 STATEMENT 26. LIABILITIES FOR EMPLOYEES’ For current portions of long term loans please see Note 17 “Financial Liabilities”. CONSOLIDATED SUSTAINABILITY The €7,939 thousand in financial accruals and deferred income relates primarily to BENEFITS (CURRENT PORTION) the interest owed on the Eurobond 2020-2027 (€3,463 thousand) and other medium/ long term loans (€4,476 thousand). (€ thousands) Value at 12/31/2025 Value at 12/31/2024 Change Other provisions for risks – current 4,806 4,094 712 REPORT portion ON OPERATIONS Total 4,806 4,094 712 The amount refers to the current portion of liabilities for the employee benefits described in Note 20 “Liabilities for employees’ benefits (medium/long-term”). AMPLIFON AT A GLANCE 278 --- ANNUAL REPORT 2025 28. DEFERRED TAX ASSET AND LIABILITIES The net balance of deferred tax assets and liabilities at 31 December 2025 can be broken down as follows: (€ thousands) Value at 12/31/2025 Value at 12/31/2024 Change Deferred tax assets 74,907 77,332 (2,425) Deferred tax liabilities (92,660) (99,493) 6,833 Net position (17,753) (22,161) 4,408 CONSOLIDATED FINANCIAL STATEMENTS The net change in deferred tax assets and liabilities is detailed below: (€ thousands) Exchange Balance as at Recognized in net Balance as at Recognized in P&L Business combinations differences and 12/31/2024 equity 12/31/2025 other changes Deferred tax on severance indemnity and pension funds 4,498 (676) (663) 33 (133) 3,059 STATEMENT Deferred tax on tax losses carried forward 5,007 5,327 - - 825 11,159 Deferred tax on inventory 8,963 1,294 - 27 (61) 10,223 CONSOLIDATED SUSTAINABILITY Deferred tax on tangibles, intangibles and goodwill (45,692) (4,382) - (378) (683) (51,135) Deferred tax on trademarks and concessions (37,352) 4,843 - (1,961) 3,253 (31,217) Deferred tax on customer lists, other provisions 10,124 (142) - - (367) 9,615 Deferred tax on contract liabilities and contract costs 11,264 (294) - 705 (892) 10,783 Deferred tax on leasing 5,715 (1,412) - - 2,749 7,052 Substitute tax on the release of goodwill 5,120 (1,399) - - 3,721 REPORT Other deferred tax 10,192 1,298 537 10 (3,050) 8,987 ON OPERATIONS Total (22,161) 4,457 (126) (1,564) 1,641 (17,753) AMPLIFON AT A GLANCE 279 --- ANNUAL REPORT 2025 Deferred tax assets on prior year tax losses carried forward are as follows: (€ thousands) Value at 12/31/2025 Value at 12/31/2024 Change Spain - 308 (308) Germany 891 954 (63) Israel 428 113 315 China 5,296 3,282 2,014 Argentina 231 316 (85) CONSOLIDATED Poland - 34 (34) FINANCIAL STATEMENTS The Netherlands 1,267 - 1,267 United States 1,951 - 1,951 Colombia 833 - 833 Mexico 162 - 162 Singapore 100 - 100 Total 11,159 5,007 6,152 STATEMENT No deferred tax assets for the following prior year tax losses were recognized at 31 December 2025 as recoverability is not reasonably certain: CONSOLIDATED SUSTAINABILITY (€ thousands) Deferred tax assets not Prior year tax losses Rate Due date recognized in the consolidated financial statements Canada 28,462 26.50% 7,542 6-20 years China 4,258 25.00% 1,065 2-3 years Colombia 1,842 35.00% 645 8-11 years REPORT India 11,019 26.00% 2,865 1-8 years ON OPERATIONS Mexico 5,753 30.00% 1,725 3-9 years Panama 84 25.00% 21 5 years UK 91,780 25.00% 22,945 - Total 143,198 36,808 AMPLIFON AT A GLANCE 280 --- ANNUAL REPORT 2025 29. ASSET AND LIABILITIES HELD FOR SALE As part of the strategic review of the attractiveness of business segments and the The following tables show the main classes of assets and liabilities classified as held Group’s competitive positioning under the Fit4Growth program, Amplifon S.p.A. for sale: reached an agreement in December 2025, finalised on 2 March 2026, for the disposal of its subsidiary Amplifon United Kingdom Limited. (€ thousands) In connection with the aforementioned disposal transaction, as at 31 December Value at 12/31/2025 CONSOLIDATED 2025 the assets and liabilities relating to Amplifon United Kingdom Limited and its Non-current assets 31,073 FINANCIAL STATEMENTS subsidiaries, which are subject to the disposal agreement and do not constitute a major line of business qualifying as a discontinued operation, were reclassified to the - of which Amplifon United Kingdom Limited e alle sue controllate 28,632 items “Assets held for sale” and “Liabilities held for sale”. - of which Comfoor B.V. 2,441 Current assets 3,351 Furthermore, on 12 February 2026 Amplifon Nederland B.V. signed an agreement for the disposal of its interest in the Dutch joint venture Comfoor B.V., which is accounted Asset held for sale 34,424 for in the Consolidated Financial Statements using the equity method. In connection with the aforementioned disposal transaction, as at 31 December 2025 the carrying amount of the investment in the Dutch joint venture was reclassified to “Assets held (€ thousands) STATEMENT for sale”. Value at 12/31/2025 CONSOLIDATED SUSTAINABILITY Non current liabilities 10,230 Current liabilities 10,214 Liabilities held for sale 20,444 The carrying amounts of all assets and liabilities were determined in accordance with the applicable IFRS immediately prior to classification as held for sale. In accordance with IFRS 5, assets and liabilities were measured at the lower of their carrying amount REPORT and fair value less costs to sell. ON OPERATIONS AMPLIFON AT A GLANCE 281 --- ANNUAL REPORT 2025 The main goods and services provided by the Amplifon Group in 2025, as well as the 30. REVENUES FROM SALES nature and terms of the performance obligations, are described below. AND SERVICES Goods and Services Nature and timing of satisfaction This represents a single, indivisible Performance Obligation comprising the hearing aid and the related fitting and customised adaptation activities The breakdown of the Group’s revenues by customer contracts is shown below. Hearing aid and related performed using computerised systems to meet the individual’s needs. fitting activities The Group recognises the related revenue at the time of completion of the fitting process or, where applicable, at the end of the trial period. (€ thousands) Batteries, cleaning kits and other ancillary products. FY 2025 FY 2024 Change The Group recognises revenue relating to other goods at the point in time Other goods when control is transferred, which may occur either at the time of sale Revenues from sale of products 2,072,952 2,091,093 (18,141) (e.g. batteries, cleaning kits and other ancillary products) or over time (e.g. CONSOLIDATED batteries supplied under ongoing arrangements). Revenues from services 322,753 318,148 4,605 FINANCIAL STATEMENTS After-sales services include: Total revenues from sales and services 2,395,705 2,409,241 (13,536) - Cleaning, adjustment and servicing of the hearing aid; - Periodic hearing checks; Goods and services provided at a point in time 2,072,952 2,091,093 (18,141) - Post-sales assistance; Goods and services provided over time 322,753 318,148 4,605 After-sales services The Group recognises revenue relating to after-sales services over the term of the contract, generally 4–5 years. Revenue recognition is determined based on Total revenues from sales and services 2,395,705 2,409,241 (13,536) the period during which such services are actually rendered and on the number of visits requested by the customer, as determined using statistical data derived Consolidated revenues from sales and services for 2025 reached €2,395,705 from front-office systems. thousand, slightly decreasing (-0.6%) compared to the comparative period. The Extended warranties represent an additional service beyond the statutory warranty, which is legally the responsibility of the supplier. STATEMENT decrease of €13,536 thousand is mainly attributable to exchange rate movements, Extended warranties The Group recognises revenue relating to extended warranties on a which had a negative impact of €54,330 thousand (-2.3%). The perimeter change straight-line basis over the duration of the extension period. contributed positively overall for €42,009 thousand (+1.7%): the contribution from Where the warranty consists of the sale of an insurance policy issued by CONSOLIDATED SUSTAINABILITY acquisitions carried out was partially offset by the initial network optimisation accredited insurance companies, the corresponding revenue is recognised at measures implemented under the Fit4Growth program, which led to the closure a point in time and the Group acts as an agent. Revenue is recognised over Loss & Damage of approximately 160 underperforming hearing care centres and the significant time where the warranty consists of the provision of a replacement hearing aid or a discount on the purchase of a device of the same nature as the one rationalisation of activities relating to the indirect sales channels of the Chinese lost or damaged. subsidiary Hangzhou Amplifon Hearing Aid Co. Ltd. Organic performance was Material rights (so-called material rights) include, for example, discounts on substantially in line with the comparative period. future purchases and loyalty points. The Group recognises revenue relating Material rights to a material right when the right is exercised by the customer or when the Revenues from services rendered were €4,605 thousand higher and refer mainly to likelihood that the customer will exercise the remaining rights becomes REPORT remote. the deferred revenues for post-sales services which are recognised over time based ON OPERATIONS on the extent to which the performance obligations have been satisfied. The deferred revenues for goods transferred and services rendered over time which For the breakdown of revenues by geographical area refer to Note 44 “Segment will be realized in subsequent years and included in the short- and long-term contract Information”. liabilities at 31 December 2025 are shown below: (€ thousands) 2026 2027 2028 2029 2030 and beyond Revenues for goods and 123,581 68,702 41,262 23,602 11,584 services provided over time AMPLIFON AT A GLANCE Services rendered over time refer mainly to after-sales services, extended warranties, material rights and batteries (if delivered over time). 282 --- ANNUAL REPORT 2025 31. OPERATING COSTS (€ thousands) (€ thousands) FY 2025 FY 2024 Change FY 2025 FY 2024 Change Cost of raw materials, consumables and supplies Wages and salaries (692,473) (675,193) (17,280) and change in inventories of raw materials, (369,604) (369,786) 182 Performance stock grant (3,611) (16,131) 12,520 consumables and supplies Social contributions (144,338) (137,189) (7,149) Personnel expenses – Points of sale (605,257) (533,409) (71,848) Other personnel costs (31,837) (35,489) 3,652 Commissions – Points of sale (127,305) (128,803) 1,498 CONSOLIDATED Rental costs – Points of sale (12,455) (13,408) 953 Total (872,259) (864,002) (8,257) FINANCIAL STATEMENTS Total (1,114,621) (1,045,406) (69,215) Other personnel expenses (267,002) (330,593) 63,591 Other rental costs (7,592) (6,248) (1,344) Other costs for services (492,395) (472,346) (20,049) Total other operating costs (766,989) (809,187) 42,198 Total operating costs (1,881,610) (1,854,593) (27,017) STATEMENT Operating costs amounted to €1,881,610 thousand in the reporting period 2025 (€1,854,593 thousand in 2024), an increase of €27,017 thousand (+1.5%) against the comparison period. CONSOLIDATED SUSTAINABILITY As part of the Fit4Growth program aimed at improving profitability and strengthening competitiveness, the following costs were incurred in FY 2025: • €6,092 thousand relating to employee termination incentives, mainly associated with improving the efficiency of the sales network and implementing adjustments to the back-office structure, resulting in an overall headcount reduction of approximately 230 employees during 2025; REPORT • €2,577 thousand relating to consultancy fees and other charges. ON OPERATIONS The lease and rental costs refer to leases not subject to IFRS 16 application (leases for low value assets, short-term leases, leases with variable payment terms). The breakdown of “Personnel expenses – Points of sale” and “Other personnel expenses” is as follows: AMPLIFON AT A GLANCE 283 --- ANNUAL REPORT 2025 The staff headcount by geographic area is shown below: 12/31/2025 12/31/2024 Number Average Number Average Italy 852 853 824 804 France 1,634 1641 1,619 1,620 Switzerland 326 324 318 319 Hungary 203 207 210 206 Germany 1,928 1970 1,949 1,970 CONSOLIDATED Spain 1,964 2010 2,018 1,978 FINANCIAL STATEMENTS Portugal 239 241 239 246 Belgium 207 207 207 206 The Netherlands 646 646 646 663 Poland 385 365 226 220 United Kingdom 259 271 268 286 Israel 167 168 163 170 Egypt 160 171 173 175 STATEMENT Total EMEA 8,970 9,074 8,860 8,863 USA and Canada 1,697 1709 1,676 1,631 CONSOLIDATED SUSTAINABILITY Argentina 150 154 158 155 Chile 206 202 201 198 Ecuador 127 125 119 116 Panama 6 7 8 8 Colombia 118 117 115 111 Mexico 75 83 87 88 REPORT Uruguay 90 87 85 88 ON OPERATIONS Total Americas 2,469 2,484 2,449 2,395 Australia 1,586 1622 1,617 1,594 New Zealand 534 543 551 553 India 461 483 500 514 Singapore 15 14 13 13 China 1,043 1063 1,080 1,034 Total Asia Pacific 3,639 3,725 3,761 3,708 Total Group 15,078 15,283 15,070 14,966 AMPLIFON AT A GLANCE 284 --- ANNUAL REPORT 2025 useful life”, Note 5 “Property, plant and equipment”, and Note 6 “Right-of-use assets”, 32. OTHER INCOME AND COSTS respectively. The breakdown of the Group’s other income and costs is shown below. In the context of the Fit4Growth program to strengthen margins and reinforce the company’s competitiveness, in 2025 expenses amounted €5,041 thousand were incurred relating to the impairment of property, plant and equipment, intangible (€ thousands) assets and right-of-use assets. For details, refer to notes 4, 5 and 6. FY 2025 FY 2024 Change Other income and costs (2,450) 6,442 (8,892) Total (2,450) 6,442 (8,892) 34. FINANCIAL INCOME, EXPENSES, CONSOLIDATED Other income and expenses for FY 2025 amounted to negative €2,450 thousand, AND VALUE ADJUSTMENTS TO FINANCIAL STATEMENTS compared to positive €6,442 thousand in the previous year. The negative change of €8,892 thousand mainly relates to the recognition during the year of charges FINANCIAL ASSETS amounting to €3,956 thousand following a reassessment of loans received by the US subsidiary Miracle-Ear Inc. under the so-called Paycheck Protection Program Loan (PPP loan) in 2020–2021, which, contrary to initial estimates, will have to be repaid The breakdown of the Group’s financial income, expenses and value adjustments to and to lower income from the releases of contingent consideration (earn-outs). financial assets is shown below. (€ thousands) STATEMENT FY 2025 FY 2024 Change 33. AMORTIZATION, DEPRECIATION Proportionate share of the results of associated companies valued at equity and gains/(losses) 228 225 3 CONSOLIDATED SUSTAINABILITY AND IMPAIRMENT on disposals of equity investments Interest income on bank accounts 3,946 3,878 68 The breakdown of the Group’s amortization, depreciation and impairment is shown Interest expenses on short and long-term bank (38,994) (38,618) (376) below. loans Interest income and expenses (35,048) (34,740) (308) (€ thousands) Interest expenses on lease liabilities (20,680) (19,138) (1,542) Other financial income and charges (5,930) (3,184) (2,746) FY 2025 FY 2024 Change REPORT Exchange rate gains and inflation accounting 27,974 32,089 (4,115) ON OPERATIONS Amortization of intangible fixed assets (105,825) (108,062) 2,237 Exchange rate losses and inflation accounting (31,707) (34,736) 3,029 Depreciation of property, plant, and equipment (66,038) (61,710) (4,328) Gains/(losses) on financial assets at fair value – 380 (550) 930 Depreciation of right-of-use assets (137,454) (131,586) (5,868) non-hedge accounting derivatives Amortization and depreciation (309,317) (301,358) (7,959) Exchange rate differences and gains/(losses) (3,353) (3,197) (156) on financial assets at fair value Impairment (5,760) (2,918) (2,842) Total (64,783) (60,034) (4,749) Total (315,077) (304,276) (10,801) Amortization, depreciation, and impairment amounted to €315,077 thousand in Interest expense on financial debt as at 31 December 2025, net of higher interest 2025, an increase of €10,801 thousand against the comparison period. The change is income on cash investments, amounted to €35,048 thousand, compared to €34,740 AMPLIFON AT A GLANCE explained primarily by higher investments in intangible assets, property, plant and thousand as at 31 December 2024. The increase is mainly attributable to higher equipment, and rights of use assets described in Note 4 “Intangible assets with a financial indebtedness. 285 --- ANNUAL REPORT 2025 Interest expense on lease liabilities recognised in accordance with lease accounting The impact on the income statement of plausible changes in interest rates, applied to as at 31 December 2025 amounted to €20,680 thousand, compared to €19,138 the consolidated figures at 31 December 2025, is shown below. thousand as at 31 December 2024, reflecting the expansion of the store network. (€ thousands) Other financial income and expenses as at 31 December 2025 amounted to €5,930 thousand, compared to €3,184 thousand as at 31 December 2024. The increase is Increase/decrease Impact on Amount at 2025 Note in interest rates profit before mainly attributable to higher finance charges on factoring and other working capital 12/31/2025 (in %) tax management transactions and to lower financial income in FY 2025 arising from the Current assets accounting treatment of purchases of tax credits with deferred payment relating to Current bank accounts and short-term the incentives governed by Articles 119 and 121 of Decree Law No. 34/2020 (the so- 14 306,986 1% 3,070 bank deposits called “Decreto Rilancio”). Non current liabilities CONSOLIDATED The change in the item “Foreign exchange differences and gains and losses on assets Medium-long term bank loans with (201,250) 1% (2,013) variable interest rate FINANCIAL STATEMENTS measured at fair value” mainly relates to the impact of exchange rate differences resulting from significant exchange rate fluctuations during the period, partially offset Current liabilities by the lower negative impact of inflation accounting on the Argentine subsidiary. Bank current accounts 27 (1,631) 1% (16) Short-term bank borrowings 27 (142,799) 1% (1,428) Current portion of medium-long term (18,750) 1% (188) bank loans with variable interest rate INTEREST RATE RISK - SENSITIVITY ANALYSIS: Total impact on profit before tax (575) The Amplifon Group’s exposure to changes in interest rates is mitigated significantly STATEMENT by the fact that a large part of the medium/long-term debt is fixed rate as a result of (€ thousands) interest rate hedges or because the debt is fixed rate. Increase/decrease Impact on Amount at CONSOLIDATED SUSTAINABILITY 2025 Note in interest rates profit before More in detail: 12/31/2025 (in %) tax Current assets • as a result of hedges, the average rate on the loans granted by the refinancing of the Current bank accounts and short-term GAES acquisition for €105 million, Mediobanca for €75 million, Unicredit/CDP for 14 306,986 -1% (3,070) bank deposits €100 million (UniCredit’s portion), Credit Agricole/SACE for €44.1 million, is 2.460%; Non current liabilities • the bond issued in February 2020 has a fixed rate of 1.125%; • the €70 million EIB loan has a fixed rate of 3.653%; Medium-long term bank loans with (201,250) -1% 2,013 variable interest rate • the €50 million EIB loan has a fixed rate of 3.902%; REPORT • the €75 million EIB loan has a fixed rate of 3.279%; Current liabilities ON OPERATIONS • the €100 million UniCredit/CDP loan (CDP’s portion) has a fixed rate of 3.281%. Bank current accounts 27 (1,631) -1% 16 Short-term bank borrowings 27 (142,799) -1% 1,428 Current portion of medium-long term (18,750) -1% 188 bank loans with variable interest rate Total impact on profit before tax 575 AMPLIFON AT A GLANCE 286 --- ANNUAL REPORT 2025 CURRENCY RISK - SENSITIVITY ANALYSIS: 35. INCOME TAXES The exchange risk stemming from financial transactions is hedged by derivatives; for The breakdown of the Group’s income taxes is shown below. operational transactions and provision of intercompany services, for which positions are frequently both active and passive for individual companies, the risk is covered, (€ thousands) when possible, by using a natural hedge which aims to balance active and passive FY 2025 FY 2024 Change positions for each company by maintaining currency deposits which can be used to cover any differences which exceed €1 million. Current income tax (44,691) (48,033) 3,342 Deferred income tax 4,457 (3,177) 7,634 Given the management of foreign exchange risk described in Note 42, “Financial Total (40,234) (51,210) 10,976 risk management”, the residual currency risk on receivables, payables and future CONSOLIDATED revenue streams which has not been hedged is not significant. (€ thousands) FINANCIAL STATEMENTS FY 2025 FY 2024 Change Profit (loss) before tax 131,785 196,780 (64,995) Tax for the year (40,234) (51,210) 10,976 Tax rate -30.5% -26.0% -4.5% The following table reconciles tax recognized in the consolidated financial statements to theoretical tax charge calculated on the basis of Italy’s current tax rates. STATEMENT (€ thousands) CONSOLIDATED SUSTAINABILITY December December 2025 Tax % 2024 Tax % effect effect Reconciliation with the effective tax rate: Effective tax/effective tax rate 40,234 30.5% 51,210 26.0% Non-recognition of deferred taxes on the year’s losses and earnings which were not taxed due to carried forward tax (3,272) -2.5% (3,147) -1.6% losses. REPORT Effect of companies taxed in countries other than Italy (847) -0.6% (520) -0.3% ON OPERATIONS Deferred tax adjustments and other one-off adjustments (52) 0.0% 1,857 0.9% Non-deductible expense net of non-taxable income (16) 0.0% 4,180 2.1% Effective tax rate net of IRAP and CVAE 36,047 27.4% 53,580 27.2% IRAP, CVAE and other taxes not tied to income tax (4,419) -3.4% (6,353) -3.2% Effective tax/theoretical tax rate 31,628 24.0% 47,227 24.0% The Group tax rate is equal to 30.5% compared to 26% from last year mainly due, on the one hand, to business performance and, on the other, to the absence of the positive effects from exempt income (net of non-deductible costs) and alignment AMPLIFON AT A GLANCE with the results of the tax returns from which the Group had benefited in 2024. 287 --- ANNUAL REPORT 2025 th B) Stock grant 27 October 2022 36. PERFORMANCE STOCK GRANT TH st STOCK GRANT 27 OCTOBER 2022 – GENERAL RULES In the Amplifon Group as of 31 December 2025, the 2023-2028 Performance Stock Grant plan described below is in place. FY 2025 FY 2024 st Market Price Market Price As far as the 2019-2025 Plan is concerned, all rights existing as at 31 December 2024 No. of rights No. of rights (Euro) (Euro) th th th – relating to the allocations of 5 May 2022, 27 October 2022 and 28 November st Rights at 1 January 66,200 24.85 89,700 31.34 2022 – were exercised during 2025. Below are the details: Rights granted in the period - - - - Upside rights accrued upon reaching - - - - business goals th CONSOLIDATED A) Stock grant 5 May 2022 (Rights cancelled for only partial (6,224) - - - achievement of business objects) FINANCIAL STATEMENTS (Rights converted into shares during the (57,476) 18.79(*) - - TH period) STOCK GRANT 5 MAY 2022– GENERAL RULES (Rights cancelled during the period) (2,500) - (14,500) - FY 2025 FY 2024 st Rights at 31 December - - 66,200 24.85 Market Price Market Price No. of rights No. of rights (Euro) (Euro) (*) Weighted average market price at the exercises. st Rights at 1 January 364,050 24.85 373,550 31.34 Rights granted in the period - - - - th STATEMENT C) Stock grant 28 November 2022 Upside rights accrued upon reaching - - - - business goals (Rights cancelled for only partial (218,307) - - - TH CONSOLIDATED SUSTAINABILITY STOCK GRANT 28 NOVEMBER 2022 – GENERAL RULES achievement of business objects) (Rights converted into shares during the (145,743) 18.81(*) - - FY 2025 FY 2024 period) (Rights cancelled during the period) - - (9,500) - Market Price Market Price No. of rights No. of rights (Euro) (Euro) st Rights at 31 December - - 364,050 24.85 st Rights at 1 January 7,400 24.85 8,400 31.34 (*) Weighted average market price at the exercises. Rights granted in the period - - - - Upside rights accrued upon reaching REPORT - - - - business goals ON OPERATIONS (Rights cancelled for only partial (5,757) - - - achievement of business objects) (Rights converted into shares during the (1,643) 18.82(*) - - period) (Rights cancelled during the period) - - (1,000) - st Rights at 31 December - - 7,400 24.85 (*) Weighted average market price at the exercises. AMPLIFON AT A GLANCE 288 --- ANNUAL REPORT 2025 rd A) Stock Grant 3 May 2023 GENERAL FEATURES RD STOCK GRANT 3 MAY 2023 – GENERAL RULES OF THE STOCK GRANT PLAN 2023-2028 FY 2025 FY 2024 nd On May 2 2023, the Board of Directors of Amplifon S.p.A. – as resolved by the st Market Price Market Price ordinary Shareholders’ Meeting held on the 21 April 2023 and heard the opinion No. of rights No. of rights (Euro) (Euro) of the Remuneration and Appointments Committee – has approved the 2023 stock st Rights at 1 January 473,003 24.85 490,300 31.34 grant assignment in relation to the Stock Grant Plan 2023 – 2028 with the following general characteristics: Rights granted in the period - - - - Upside rights accrued upon reaching - - - - • The Stock Grant Plan 2023-2028 provides for different guidelines according to the business goals CONSOLIDATED category the beneficiaries belong to: (Rights cancelled due to only partial - - - - achievement of business goals) FINANCIAL STATEMENTS - Long-Term Incentive Plan (LTI) Beneficiaries: the employees – identified by virtue of (Rights converted into shares during the the band to which the organizational position of the same employee belongs to, - - - - period) in the context of the Company’s banding system, subject to possible review on an (Rights cancelled during the period) (21,700) - (17,297) - annual basis; st - Amplifon Extraordinary Award Plan (AEA) Beneficiaries: the employees identified Rights at 31 December 451,303 13.75 473,003 24.85 based on retention, promotability and extraordinary recognition criteria. (*) Weighted average market price at the exercises. • With reference to all beneficiaries of the plan, unless otherwise provided elsewhere in these rules, the assigned rights granted will vest (the “vested rights”) provided st STATEMENT that as of the date falling on the last day of the aggregate reference period, the B) Stock Grant 31 October 2023 beneficiary is an employee or a self-employee of a Group Company and no notice period is under way. ST CONSOLIDATED SUSTAINABILITY STOCK GRANT 31 OCTOBER 2023 – GENERAL RULES • With regard to the Long-Term Incentive Plan (LTI) beneficiaries, the vesting of the assigned rights is also subject to the achievement of the business objectives FY 2025 FY 2024 indicated in the Letter of Assignment of the Rights. Market Price Market Price • The shares corresponding to the vested rights shall be awarded to the beneficiary No. of rights No. of rights (Euro) (Euro) within 90 business days from the date of the notice of vesting of the assigned st Rights at 1 January 65,567 24.85 73,900 31.34 rights, subject to the implementation (also by the beneficiary) of all the fulfilments (including those of accounting and/or administrative nature) relating thereto. Rights granted in the period - - - - Upside rights accrued upon reaching REPORT - - - - Below are reported the details of the cycles of assignment of the Stock Grant plan business goals ON OPERATIONS 2023-2028 currently in place in 2025: (Rights cancelled due to only partial - - - - achievement of business goals) (Rights converted into shares during the - - - - period) (Rights cancelled during the period) (28,500) - (8,333) - st Rights at 31 December 37,067 13.75 65,567 24.85 (*) Weighted average market price at the exercises. AMPLIFON AT A GLANCE 289 --- ANNUAL REPORT 2025 rd st C) Stock Grant 13 November 2023 E) Stock Grant 31 October 2024 RD ST STOCK GRANT 13 NOVEMBER 2023 – GENERAL RULES STOCK GRANT 31 OCTOBER 2024 – GENERAL RULES FY 2025 FY 2024 FY 2025 FY 2024 Market Price Market Price Market Price Market Price No. of rights No. of rights No. of rights No. of rights (Euro) (Euro) (Euro) (Euro) st st Rights at 1 January 23,900 24.85 23,900 31.34 Rights at 1 January 128,350 24.85 - - Rights granted in the period - - - - Rights granted in the period - - 128,350 25.95 Upside rights accrued upon reaching Upside rights accrued upon reaching - - - - - - - - business goals business goals CONSOLIDATED (Rights cancelled due to only partial (Rights cancelled due to only partial - - - - - - - - achievement of business goals) achievement of business goals) FINANCIAL STATEMENTS (Rights converted into shares during the (Rights converted into shares during the - - - - - - - - period) period) (Rights cancelled during the period) - - - - (Rights cancelled during the period) (5,900) - - - st st Rights at 31 December 23,900 13.75 23,900 24.85 Rights at 31 December 122,450 13.75 128,350 24.85 (*) Weighted average market price at the exercises. (*) Weighted average market price at the exercises. STATEMENT th th D) Stock Grant 7 May 2024 F) Stock Grant 7 May 2025 CONSOLIDATED SUSTAINABILITY The assumptions adopted in the determination of fair value are as follows: TH STOCK GRANT 7 MAY 2024 – GENERAL RULES FY 2025 FY 2024 ASSIGNMENT ACCORDING TO GENERAL RULES Market Price Market Price No. of rights No. of rights Model used Binomial Tree (Cox-Ross-Rubinstein method) (Euro) (Euro) st Rights at 1 January 534,800 24.85 - - Price at grant date 17.86 € Rights granted in the period - - 551,800 33.00 KPI - € REPORT Upside rights accrued upon reaching ON OPERATIONS Exercise price 0.00 - - - - business goals Volatiliy 33.00% (Rights cancelled due to only partial - - - - achievement of business goals) Risk.free interest rate 1.974% (Rights converted into shares during the - - - - Maturity (in years) 3 period) 3 months after the date of approval by the Board of the draft (Rights cancelled during the period) (66,096) - (17,000) - Vesting date Consolidated Financial Statement as at 12.31.2028 st Rights at 31 December 468,704 13.75 534,800 24.85 Expected dividend yield 1.01% (*) Weighted average market price at the exercises. Fair value 17.34 € AMPLIFON AT A GLANCE 290 --- ANNUAL REPORT 2025 TH TH STOCK GRANT 7 MAY 2025 – GENERAL RULES STOCK GRANT 30 OCTOBER 2025 – GENERAL RULES FY 2025 FY 2024 FY 2025 FY 2024 Market Price Market Price Market Price Market Price No. of rights No. of rights No. of rights No. of rights (Euro) (Euro) (Euro) (Euro) st st Rights at 1 January - - - - Rights at 1 January - - - - Rights granted in the period 931,950 19.05 - - Rights granted in the period 161,800 14,72 - - Upside rights accrued upon reaching Upside rights accrued upon reaching - - - - - - - - business goals business goals (Rights cancelled due to only partial (Rights cancelled due to only partial - - - - - - - - achievement of business goals) achievement of business goals) (Rights converted into shares during the (Rights converted into shares during the CONSOLIDATED - - - - - - - - period) period) FINANCIAL STATEMENTS (Rights cancelled during the period) (42,300) - - - (Rights cancelled during the period) - - - - st st Rights at 31 December 889,650 13.75 - - Rights at 31 December 161,800 13.75 - - (*) Weighted average market price at the exercises. (*) Weighted average market price at the exercises. th th G) Stock Grant 30 October 2025 H) Stock Grant 19 December 2025 STATEMENT The assumptions adopted in the determination of fair value are as follows: The assumptions adopted in the determination of fair value are as follows: CONSOLIDATED SUSTAINABILITY ASSIGNMENT ACCORDING TO GENERAL RULES ASSIGNMENT ACCORDING TO GENERAL RULES Model used Binomial Tree (Cox-Ross-Rubinstein method) Model used Binomial Tree (Cox-Ross-Rubinstein method) Price at grant date 15.22 € Price at grant date 13.83 € KPI - € KPI - € Exercise price 0.00 Exercise price 0.00 REPORT Volatiliy 35.01% Volatiliy 34.01% ON OPERATIONS Risk.free interest rate 2.211% Risk.free interest rate 2.386% Maturity (in years) 3 Maturity (in years) 3 The date of approval by the Board of the draft Consolidated Financial The date of approval by the Board of the draft Consolidated Financial Vesting date Vesting date Statements as at 12.31.2028 Statements as at 12.31.2028 Expected dividend yield 1.25% Expected dividend yield 1.28% Fair value 14.77 € Fair value 13.42 € AMPLIFON AT A GLANCE 291 --- ANNUAL REPORT 2025 TH achieved by the end of a vesting period of performance linked to the generation of STOCK GRANT 19 DECEMBER 2025 – GENERAL RULES value and sustainable success of the Group (the “Matched Rights”). FY 2025 FY 2024 The details of the allocations of the Sustainable Value Sharing Plan 2022-2027, currently Market Price Market Price No. of rights No. of rights in place, including the new allocations that took place in the year 2025, are listed below: (Euro) (Euro) st Rights at 1 January - - - - Rights granted in the period 127,100 12.96 - - st A) Assignment 31 May 2022 Upside rights accrued upon reaching - - - - business goals (Rights cancelled due to only partial ST - - - - ASSIGNMENT OF 31 MAY 2022 achievement of business goals) (Rights converted into shares during the FY 2025 FY 2024 - - - - period) CONSOLIDATED Market Price Market Price (Rights cancelled during the period) - - - - No. of rights No. of rights FINANCIAL STATEMENTS (Euro) (Euro) st Rights at 31 December 127,100 13.75 - - st Rights at 1 January 48,000 24.85 48,000 31.34 Rights granted in the period - - - - Upside rights accrued upon reaching - - - - GENERAL FEATURES OF THE SUSTAINABLE business goals (Rights cancelled due to only partial (12,000) - - - VALUE SHARING PLAN 2022-2027 achievement of business goals) (Rights converted into shares during the (36,000) 18.82(*) - - period) The Board of Directors of Amplifon S.p.A. of May 3, 2022, on the basis of the resolution (Rights cancelled during the period) - - - - STATEMENT of the Ordinary Shareholders’ Meeting of April 22, 2022 and after consulting the st Rights at 31 December - - 48,000 24.85 Remuneration and Appointments Committee, approved the Sustainable Value Sharing Plan 2022-2027. (*) Weighted average market price at the exercises. CONSOLIDATED SUSTAINABILITY The Co-investment Scheme, originally intended exclusively for the Chief Executive Officer/General Manager of the Company, was subsequently amended by the th Shareholders’ Meeting of April 21, 2023 and approved by the Board of Directors of B) Assignment 29 May 2023 Amplifon S.p.A. on May 2, 2023, so that it could also be allocated to Executives with Strategic Responsibilities and to some key Group resources (beneficiaries). TH ASSIGNMENT OF 29 MAY 2023 The Scheme is a composite incentive instrument that achieves its effects through FY 2025 FY 2024 REPORT two distinct phases, of which the second is only possible and depends on the ON OPERATIONS Market Price Market Price No. of rights No. of rights development of the first (respectively, “Phase A” and “Phase B”). (Euro) (Euro) Phase A: the Target MBO achieved and hypothetically due to the beneficiaries under st Rights at 1 January 111,520 24.85 111,520 31.34 the MBO Plan applicable in the previous year is not disbursed and instead of the Rights granted in the period - - - - Target MBO the beneficiaries obtain a certain number of rights (the “Co-invested Upside rights accrued upon reaching - - - - Rights”) that will allow them to receive shares at the end of the vesting period of business goals Phase B referred to below, or at an earlier time in the event that Phase B does not (Rights cancelled due to only partial - - - - reach maturity. achievement of business goals) Phase B: if in a given year the beneficiaries receive Co-invested Rights by virtue of (Rights converted into shares during the (6,800) 29.66(*) - - period) the mechanism described above, the beneficiaries will participate in an additional (Rights cancelled during the period) (4,220) - - - and separate incentive instrument based on financial instruments, under which the AMPLIFON st AT A GLANCE Rights at 31 December 100,500 13.75 111,520 24.85 Company assigns additional rights, equal in number to the Co-invested Rights, which will allow the beneficiaries to receive shares provided that certain objectives are (*) Weighted average market price at the exercises. 292 --- ANNUAL REPORT 2025 th th C) Assignment of 7 May 2024 E) Assignment of 7 May 2025 The assumptions adopted in the determination of fair value are as follows: TH ASSIGNMENT OF 7 MAY 2024 FY 2025 FY 2024 PLAN A PLAN B Market Price Market Price Binomial Tree Binomial Tree No. of rights No. of rights Modello di valutazione (Euro) (Euro) (Cox-Ross-Rubinstein method) (Cox-Ross-Rubinstein method) st Rights at 1 January 101,100 24.85 - - FV 17.86 € 6.92 € Rights granted in the period - - 109,200 33.00 KPI - € ESG/TSR Upside rights accrued upon reaching Exercise price 0.00 0.00 - - - - business goals CONSOLIDATED Volatiliy 33.00% 33.00% (Rights cancelled due to only partial - - - - achievement of business goals) FINANCIAL STATEMENTS Risk.free interest rate 1.974% 1.974% (Rights converted into shares during the 18,800 24.74(*) 8,100 33.82(*) Maturity (in years) 3 3 period) 3 months after the date of approval 3 months after the date of approval (Rights cancelled during the period) 16,595 - - - by the Board of the draft Consolidated by the Board of the draft Consolidated Vesting date st Rights at 31 December 65,705 13.75 101,100 24.85 Financial Statement as at Financial Statement as at 12.31.28. 12.31.28. (*) Weighted average market price at the exercises. Expected dividend yield 1.01% 1.01% st STATEMENT D) Assignment of 31 October 2024 ST TH CONSOLIDATED SUSTAINABILITY ASSIGNMENT OF 31 OCTOBER 2024 ASSIGNMENT OF 7 MAY 2025 FY 2025 FY 2024 FY 2025 FY 2024 Market Price Market Price Market Price Market Price No. of rights No. of rights No. of rights No. of rights (Euro) (Euro) (Euro) (Euro) st st Rights at 1 January 4,800 24.85 - - Rights at 1 January - - - - Rights granted in the period - - 4,800 25.95 Rights granted in the period 46,200 19.05 - - Upside rights accrued upon reaching Upside rights accrued upon reaching REPORT - - - - - - - - business goals business goals ON OPERATIONS (Rights cancelled due to only partial (Rights cancelled due to only partial - - - - - - - - achievement of business goals) achievement of business goals) (Rights converted into shares during the (Rights converted into shares during the - - - - 6,400 19.20(*) - - period) period) (Rights cancelled during the period) - - - - (Rights cancelled during the period) - - - - st st Rights at 31 December 4,800 13.75 4,800 24.85 Rights at 31 December 39,800 13.75 - - (*) Weighted average market price at the exercises. (*) Weighted average market price at the exercises. AMPLIFON AT A GLANCE 293 --- ANNUAL REPORT 2025 RESIDUAL LIFE OF STOCK GRANT, SUSTAINABLE VALUE SHARING PLAN AND OTHERS “SHARES BASED PAYMENTS” GRANTED RIGHT ASSIGNED TILL 12.31.2025 Vesting Exercise 5-10 Average residual Plan Assignment date Within 1 year 1-5 years Total N, of rights years useful life Stock grant Plan 2023 - 2028 05/03/2023 451,303 - - 451,303 - - 10/31/2023 37,067 - - 37,067 - - CONSOLIDATED 11/13/2023 23,900 - - 23,900 - - FINANCIAL STATEMENTS 05/07/2024 - 468,704 - 468,704 - - 10/31/2024 - 122,450 - 122,450 - - 05/07/2025 - 889,650 - 889,650 - - 10/30/2025 - 161,800 - 161,800 - - 12/19/2025 - 127,100 - 127,100 - - Sustainable Value Sharing Plan 2022-2027 05/29/2023 100,500 - - 100,500 - - 05/07/2024 - 65,705 - 65,705 - - STATEMENT 10/31/2024 - 4,800 - 4,800 - - 05/07/2025 - 39,800 - 39,800 - - CONSOLIDATED SUSTAINABILITY Total 612,77 1,880,009 - 2,492,779 - - The imputed cost for the period for the Stock Grants and the Sustainable Value Sharing Plans amounted to Euro 3.612 thousand. REPORT ON OPERATIONS AMPLIFON AT A GLANCE 294 --- ANNUAL REPORT 2025 37. SUBSIDIARIES WITH RELEVANT MINORITY INTERESTS, JOINT VENTURES AND ASSOCIATE COMPANIES The following table shows the main income statement and statement of financial CONSOLIDATED position figures of the subsidiaries with relevant minority interests (as a reference FINANCIAL STATEMENTS please refer to the Scope of Consolidation annex). The figures are shown before intragroup eliminations. (€ thousands) 12/31/2025 12/31/2024 Non-current assets 116 159 Current assets 1,916 1,627 STATEMENT Non-current liabilities 50 71 Current liabilities 791 805 CONSOLIDATED SUSTAINABILITY Revenues 2,782 2,796 Net profit (loss) for the year 454 408 Dividends paid to minorities 118 125 Net financial positions (864) (749) Cash flows (114) (514) REPORT Furthermore, on 12 February 2026 Amplifon Nederland B.V. signed an agreement for ON OPERATIONS the disposal of its interest in the Dutch joint venture Comfoor B.V., which is accounted for in the Consolidated Financial Statements using the equity method. In connection with the aforementioned disposal transaction, as at 31 December 2025 the carrying amount of the investment in the Dutch joint venture was reclassified to “Assets held for sale”. AMPLIFON AT A GLANCE 295 --- ANNUAL REPORT 2025 38. EARNINGS (LOSSES) PER SHARE DILUTED EPS Diluted earnings per share is obtained by dividing the net income for the year BASIC EPS attributable to ordinary shareholders of the parent company by the weighted-average number of shares outstanding during the year adjusted by the diluting effects of Basic earnings per share is obtained by dividing the net profit for the year attributable potential shares. In the calculation of shares outstanding, purchases and sales of to the ordinary shareholders of the parent company by the weighted average number treasury shares are considered as cancellations and issues of shares, respectively. of shares outstanding in the year, considering purchases and disposals of treasury shares as cancellations and issues of shares respectively. The ‘potential ordinary share’ categories refer to the possible conversion of Group employees’ stock options. The calculation of the average number of outstanding Earnings per share is determined as follows: potential shares is based on the average fair value of shares for the period; stock options CONSOLIDATED and stock grants are excluded from this calculation as they have anti-dilutive effects. FINANCIAL STATEMENTS (€ thousands) (€ thousands) Earnings per share FY 2025 FY 2024 Weighted average diluted number of shares outstanding FY 2025 FY 2024 Net profit (loss) attributable to ordinary shareholders (€ 91,334 145,374 thousand) Average number of shares outstanding in the year 222,502,302 225,791,949 Average number of shares outstanding in the year 222,502,302 225,791,949 Weighted average of potential and diluting ordinary shares 3,886,318 596,671 Average earnings per share (€ per share) 0.41049 0.64384 Weighted average of shares potentially subject to options in the period 226,388,620 226,388,620 STATEMENT The diluted earnings per share is determined as follows: CONSOLIDATED SUSTAINABILITY (€ thousands) Diluted earnings per share FY 2025 FY 2024 Net profit attributable to ordinary shareholders (€ thousands) 91,334 145,374 Average diluted number of outstanding shares 226,388,620 226,388,620 Average diluted earnings per share (€) 0.40344 0.64214 REPORT ON OPERATIONS AMPLIFON AT A GLANCE 296 --- ANNUAL REPORT 2025 39. TRANSACTIONS WITH PARENT COMPANIES AND 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. In accordance with CONSOB Regulation n. 17221 of 12 March 2010, on 3 November 2010, Amplifon S.p.A.’s Board of Directors, after receiving a favorable opinion from the Committee of Independent Directors, adopted the regulation relative to the procedures for and obligations inherent in related party transactions (“Regulation for Related Party Transactions”) which has been updated on several occasions. The current Regulation for Related Party Transactions was approved by the Board of Directors on 29 April 2021 and took effect on 1 July 2021. Other 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 CONSOLIDATED are conducted at arm’s length as dictated by the nature of the goods and services provided. FINANCIAL STATEMENTS The following table details transactions with related parties. PARENT COMPANY AND OTHER RELATED PARTIES (€ thousands) 12/31/2025 FY 2025 Other Interest income and Trade receivables Trade payables Revenues from sales and services Operating costs activities expenses STATEMENT Amplifin S.r.l. 1 - 1 Total – Parent Company 1 - 1 CONSOLIDATED SUSTAINABILITY Comfoor BV (Olanda) 48 (1,369) 25 (1,209) Ruti Levinson Institute Ltd (Israele) 43 - 79 Afik - Test Diagnosis & Hearing Aids Ltd (Israele) 101 - 14 506 1 Total – Associated companies 192 (1,369) 14 610 (1,209) 1 Total related parties 193 (1,369) 14 610 (1,208) 1 Total as per financial statement 221,810 366,477 37,366 2,395,705 (1,881,610) (35,048) REPORT % of financial statement total 0.09% 0.37% 0.04% 0.03% 0.06% 0.00% ON OPERATIONS 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 B.V., 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 €1,840 thousand, interest on leases for €380 thousand, lease liabilities of €8,452 thousand, and right-of-use asset of €7,360 thousand. AMPLIFON AT A GLANCE 297 --- ANNUAL REPORT 2025 OTHER RELATED PARTIES The total remuneration of Group Directors, members of the Board of Statutory Auditors and Key Managers amounted to €16,849 thousand in the reporting period and is broken down as follows (in thousands of euros): REMUNERATION PAID TO MEMBERS OF THE BOARD OF DIRECTORS, MEMBERS OF THE BOARD OF STATUTORY AUDITORS, THE GENERAL MANAGER AND OTHER KEY MANAGERS OF THE GROUP Non-Equity variable (€ thousands) compensation Compensation Bonuses Non- Fair value Severance or end- Fixed Profit Other Name and Surname Office held Period in office Term expiry date for Committee and other monetary Total of equity of-employment TOTAL compensation sharing compensation participation incentives benefits compensation compensation Approval of the 2027 (1) Susan Carol Holland Chairman 01/01/2025-12/31/2025 333 - - - 8 - 341 - - 341 financial statements CONSOLIDATED Chief Executive Approval of the 2027 01/01/2025-12/31/2025 400 - - - - - 400 - - 400 (2) FINANCIAL STATEMENTS Enrico Vita Officer financial statements General Manager Permanent 1,322 - 604 - 58 - 1,983 1,440 - 3,423 Independent Approval of the 2027 (3) Maurizio Costa 01/01/2025-12/31/2025 72 42 - - - - 113 - - 113 Director financial statements Independent Approval of the 2027 (4) Nicola Bedin 04/23/2025-12/31/2025 50 33 - - - - 83 - - 83 Director financial statements Maria Patrizia Independent Approval of the 2027 01/01/2025-12/31/2025 72 23 - - - - 95 - - 95 (5) Grieco Director financial statements Not Executive Approval of the 2027 (6) 01/01/2025-12/31/2025 Nina Cortese 50 - - - - - 50 - - 50 Director financial statements Independent Approval of the 2027 (7) Lorenza Morandini 01/01/2025-12/31/2025 72 32 - - - - 103 - - 103 Director financial statements Independent Approval of the 2027 (8) Lorenzo Pozza 01/01/2025-12/31/2025 72 48 - - - - 120 - - 120 Director financial statements STATEMENT Independent Approval of the 2027 (9) Giovanni Tamburi 01/01/2025-12/31/2025 72 17 - - - - 88 - - 88 Director financial statements Chairwoman of the Approval of the 2026 (10) Gabriella Chersicla Board of Statutory 01/01/2025-12/31/2025 83 - - - - - 83 - - 83 CONSOLIDATED SUSTAINABILITY financial statements Auditors Approval of the 2026 (11) Arienti Patrizia Standing Auditor 01/01/2025-12/31/2025 55 - - - - - 55 - - 55 financial statements Approval of the 2026 (12) Alfredo Malguzzi Standing Auditor 01/01/2025-12/31/2025 55 - - - - - 55 - - 55 financial statements Total 2,706 195 604 0 66 0 3,570 1,440 0 5,010 Other Executives with Strategic (13) Responsibilities in the Group (12) F. Bardelli A. Bonacina REPORT R. Cattaneo A. Ciccolini ON OPERATIONS F. Dal Poz Permanent 4,679 - 2,028 - 644 - 7,351 3,514 974 11,839 E. Di Vincenzo C. Finotti / S, Tiziani G. Galli R. Hassan / J, Hunka P. Lazzarini F. Morichini / G, Buonajuto I. Pazzi Grand Total 7,385 195 2,631 0 710 0 10,921 4,954 974 16,849 DIRECTORS / AUDITORS LEAVING OFFICE DURING 2025 Independent Approval of the 2024 (14) Veronica Diquattro 01/01/2025-04/23/2025 22 7 - - - - 28 - - 28 Director financial statements Independent Approval of the 2024 (15) Laura Donnini 01/01/2024-04/23/2025 22 13 - - - - 35 - - 35 Director financial statements AMPLIFON AT A GLANCE 298 --- ANNUAL REPORT 2025 1. a. The amount represents the sum of the fee (pro-rata value of €300,000) relating to the position of Chairperson of the Board of Directors of the Company for the 2022-2024 term of office and the fee (pro-rata value of €350,000) relating to the position of Chairperson of the Board of Directors of the Company for the 2025-2027 term of office 2. a. The amount of €400,000 represents the remuneration for the position of Chief Executive Officer of the Company, paid to Enrico Vita for the 2025-2027 term b. The amount of €1,321,978 represents the sum of fixed remuneration paid to Enrico Vita for his role as General Manager of the Company, covering the period from 1 January to 31 December 2025 c. The amount of €603,623 represents the short-term incentive (MBO) related to 2025 performance, which was paid in 2026. (*) This amount was determined based on data approved by the Board of Directors on 04/03/2026. The values are calculated: (i) considering the multiplier effect linked to individual objectives, (ii) excluding any co-investment in the Sustainable Value Sharing Plan 2022-2027, as the option to co- invest in shares within the plan will be exercised after the publication of this document d. The Fair Value of equity-based remuneration includes the fair value attributable to the following cycles: (i) 2022-24 cycle for the 2025-related instalments; (ii) 2023-25 cycle for the 2025-related instalments; (iii) 2024-26 cycle for the 2025-related instalments, and (iv) 2025-27 cycle for the 2025-related instalments. For further details on the fair value of each individual plan, please refer to Table 3A 3. a. The amount represents the sum of the fee (pro-rata value of €65,000) established for the position of member of the Board of Directors for the 2022-2024 term of office and the fee (pro-rata value of €75,000) established for the position of member of the Board of Directors for the 2025-2027 term of office b. The amount represents the sum of the fees as Chair of the Remuneration and Appointment Committee (pro-rata value of €30,000) for the 2022-2024 term of office, as Chair of the Remuneration and Appointment Committee (pro-rata value of €35,000) for the 2025-2027 term of office, for participation in the Independent Directors’ Related-Party Transactions Committee (pro-rata value of €5,000) for the 2022-2024 term of office and for participation in the Independent Directors’ Related-Party Transactions Committee (pro-rata value of €10,000) for the 2025-2027 term of office 4. a. The amount represents the fee (pro-rata value of €75,000) established for the position of member of the Board of Directors for the 2025-2027 term of office CONSOLIDATED b. The amount represents the sum of the fees as Chair of the Independent Directors’ Committee for Related-Party Transactions (pro-rata value of €15,000) for the 2025-2027 term of office, for participation in the Risk, Control and Sustainability Committee (pro-rata value of €25,000) for the 2025-2027 term of office, and as member of the Supervisory Body (pro-rata value of €10,000) for the 2025-2027 term of office. FINANCIAL STATEMENTS 5. a. The amount represents the sum of the fee (pro-rata value of €65,000) established for the position of member of the Board of Directors for the 2022-2024 term of office and the fee (pro-rata value of €75,000) established for the position of member of the Board of Directors for the 2025-2027 term of office b. The amount represents the sum of the fees for participation as member of the Remuneration and Appointment Committee (pro-rata value of €20,000) for the 2022-2024 term of office and as member of the Remuneration and Appointment Committee (pro-rata value of €25,000) for the 2025-2027 term of office 6. a. The amount represents the fee (pro-rata value of €75,000) established for the position of member of the Board of Directors for the 2025-2027 term of office 7. a. The amount represents the sum of the fee (pro-rata value of €65,000) established for the position of member of the Board of Directors for the 2022-2024 term of office and the fee (pro-rata value of €75,000) established for the position of member of the Board of Directors for the 2025-2027 term of office b. The amount represents the sum of the fees for participation as member of the Risk, Control and Sustainability Committee (pro-rata value of €20,000) for the 2022-2024 term of office, for participation as member of the Risk, Control and Sustainability Committee (pro-rata value of €25,000) for the 2025-2027 term of office, for participation in the Independent Directors’ Related-Party Transactions Committee (pro-rata value of €5,000) for the 2022-2024 term of office and for participation in the Independent Directors’ Related-Party Transactions Committee (pro-rata value of €10,000) for the 2025-2027 term of office 8. a. The amount represents the sum of the fee (pro-rata value of €65,000) established for the position of member of the Board of Directors for the 2022-2024 term of office and the fee (pro-rata value of €75,000) STATEMENT established for the position of member of the Board of Directors for the 2025-2027 term of office b. The amount represents the sum of the fees as Chair of the Risk, Control and Sustainability Committee (pro-rata value of €30,000) for the 2022-2024 term of office, as Chair of the Risk, Control and Sustainability Committee (pro-rata value of €35,000) for the 2025-2027 term of office, as Chair of the Supervisory Body (pro-rata value of €15,000) for the 2022-2024 term of office and as Chair of the Supervisory Body (pro- CONSOLIDATED SUSTAINABILITY rata value of €15,000) for the 2025-2027 term of office 9. a. The amount represents the sum of the fee (pro-rata value of €65,000) established for the position of member of the Board of Directors for the 2022-2024 term of office and the fee (pro-rata value of €75,000) established for the position of member of the Board of Directors for the 2025-2027 term of office. b. The amount represents the compensation for participation as a member of the Remuneration and Appointment Committee (pro-rata value of €25,000) for the 2025-2027 term 10. a. The amount represents the remuneration set for the position of Chairperson of the Board of Statutory Advisors for the 2024-2026 term, with a pro-rata value of €82,500 11. a. The amount represents the remuneration set for the position of Auditor of the Board of Statutory Advisors for the 2024-2026 term, with a pro-rata value of €55,000 12. a. The amount represents the remuneration set for the position of Auditor of the Board of Statutory Advisors for the 2024-2026 term, with a pro-rata value of €55,000 13. a. The amount of €4,679,233 represents the fixed compensation granted to Executives who were classified as Executives with Strategic Responsibilities at Amplifon for the period from 1 January to 31 December 2025 (15 individuals). REPORT b. The amount of €2,027,632 includes: ON OPERATIONS i. €1,093,162 as a short-term incentive (MBO) accrued based on 2025 performance, to be paid in 2026. (*) This amount was determined based on data approved by the Board of Directors on 04/03/2026. The values are calculated: (i) including the multiplier effect linked to individual objectives; (ii) excluding any co-investment in the Sustainable Value Sharing Plan 2022-2027, as the option to co-invest in shares within the plan will be exercised after the publication of this document. ii. €934,460 was granted to 3 Executives as a sign-on bonus, defined at the time of hiring and contractually agreed, with the purpose of attracting talent and compensating for the loss of variable incentives from their previous company. Additionally, €10,000 was granted to one Executive as a contribution to supplementary pension provisions iii.The Fair Value of the equity compensation includes the fair value attributable to the following plans: (i) 2022-24 cycle for the 2025-related instalments; (ii) 2023-25 cycle for the 2025-related instalments; (iii) 2024-26 cycle for the 2025-related instalments, and (iv) 2025-27 cycle for the 2025-related instalments. For further details on the fair value of each individual plan, please refer to Table 3A iv.The amount shown in the column “Severance indemnities or termination benefits” includes €355,000 granted to two Executives as termination incentives and €618,850 granted to three Executives in connection with the activation of non-compete agreements 14. a. The amount represents the remuneration set for the position of Board Member for the 2022-2024 term b. The amount represents the compensation for participation as a member of the Remuneration and Appointment Committee (pro-rata value of €20,000) for the 2022-2024 term 15. a. The amount represents the fee (pro-rata value of €65,000) established for the position of member of the Board of Directors for the 2022-2024 term of office b. The amount represents the sum of the fees as Chair of the Independent Directors’ Committee for Related-Party Transactions (pro-rata value of €10,000) for the 2022-2024 term of office, for participation in the AMPLIFON AT A GLANCE Risk, Control and Sustainability Committee (pro-rata value of €20,000) for the 2022-2024 term of office, and as member of the Supervisory Body (pro-rata value of €10,000) for the 2022-2024 term of office. 299 --- ANNUAL REPORT 2025 The stock grants awarded to the members of the Board of Directors, General Managers and Key Managers (including those employed by subsidiaries) are detailed below. INCENTIVE PLANS FOR THE MEMBERS OF THE BOARD OF DIRECTORS, THE GENERAL MANAGER AND MANAGERS WITH STRATEGIC RESPONSIBILITIES FINANCIAL FINANCIAL INSTRUMENTS FINANCIAL FINANCIAL INSTRUMENTS GRANTED IN PREVIOUS INSTRUMENTS INSTRUMENTS VESTED DURING YEARS AND NOT FINANCIAL INSTRUMENTS GRANTED DURING THE FINANCIAL YEAR VESTED DURING THE PERTAINING TO THE FINANCIAL VESTED DURING THE FINANCIAL YEAR AND THE FINANCIAL YEAR BUT NOT FINANCIAL YEAR ALLOCABLE YEAR ALLOCATED Number Number Number and Number Value at Name and and type Vesting and type Fair value at Vesting Market price at type of vested and type Fair value Office held Plan Grant date maturity Surname of financial period of financial grant date (€) period grant date (€) financial of financial (€k) date instruments instruments instruments instruments (1) Stock Grant Plan 2019-2025 (5 May 2022) 65,000 Mar - 2025 - - - - - - 14,430 20.4 41 (1) Stock Grant Plan 2023-2028 (3 May 2023) 78,000 Mar - 2026 - - - - - - - - 580 (1) CONSOLIDATED Stock Grant Plan 2023-2028 (7 May 2024) 73,000 Mar - 2027 - - - - - - - - 47 Mar - 2028 FINANCIAL STATEMENTS Chief Executive Stock Grant Plan 2023-2028 (7 May 2025) - - 145,000 17.34 07/05/25 19,05 - - - 177 (1) Enrico Officer and Sustainable Value Sharing Plan 2022-2027 Vita General 24,000 Mar - 2025 - - - - - - 24,000 20.4 63 (2) (31 May 2022) - Coinvested Shares Manager Sustainable Value Sharing Plan 2022-2027 24,000 Mar - 2025 - - - - - - 12,000 20.4 44 (2) (31 May 2022) - Matched Shares Sustainable Value Sharing Plan 2022-2027 24,500 Mar - 2026 - - - - - - - - 262 (3) (29 May 2023) - Coinvested Shares Sustainable Value Sharing Plan 2022-2027 24,500 Mar - 2026 - - - - - - - - 225 (3) (29 May 2023) - Matched Shares Total 313,000 - 145,000 - - - - - 50,430 - 1,440 (1) Stock Grant Plan 2019-2025 (5 May 2022) 121,000 Mar - 2025 - - - - - - 55,259 20.4 151 (1) Stock Grant Plan 2023-2028 (3 May 2023) 125,600 Mar - 2026 - - - - - - - - 934 STATEMENT Stock Grant Plan 2023-2028 (31 October (1) 18,500 Mar - 2026 - - - - - - - - 132 2023) Stock Grant Plan 2023-2028 (13 November (1) Other Executives with 23,900 Mar - 2026 - - - - - - - - 176 2023) CONSOLIDATED SUSTAINABILITY Strategic Responsibilities in the Group (12) (1) Stock Grant Plan 2023-2028 (7 May 2024) 152,200 Mar - 2027 - - - - - - - - 99 (Key Managers) Mar - 2028 Stock Grant Plan 2023-2028 (7 May 2025) - - 221,600 17.34 07/05/25 19.05 - - - 271 (1) F. Bardelli A. Bonacina Stock Grant Plan 2023-2028 (30 October Mar - 2028 44,200 14.77 30/10/25 14,72 14 (1) R. Cattaneo 2025) A. Ciccolini Stock Grant Plan 2023-2028 (19 December Mar - 2028 127,100 13.42 19/12/25 12.80 50 F. Dal Poz (1) 2025) E. Di Vincenzo Sustainable Value Sharing Plan 2022-2027 - C. Finotti 31,600 Mar - 2026 - - - - - - - 333 (3) (29 May 2023) - Coinvested Shares G. Galli Sustainable Value Sharing Plan 2022-2027 - R. Hassan 31,600 Mar - 2026 - - - - - - - 290 (3) (29 May 2023) - Matched Shares REPORT P. Lazzarini Sustainable Value Sharing Plan 2022-2027 F. Morichini - 48,800 Mar - 2027 - - - - - - - 522 ON OPERATIONS s (4) I. Pazzi (07 May 2024) - Coinvested Share Sustainable Value Sharing Plan 2022-2027 48,800 Mar - 2027 - - - - - - - - 415 (4) (07 May 2024) - Matched Shares Sustainable Value Sharing Plan 2022-2027 19,100 17.86 Mar - 2028 07/05/25 19.05 - - - 74 (5) (07 May 2025) - Coinvested Shares Sustainable Value Sharing Plan 2022-2027 19,100 6.92 Mar - 2028 07/05/25 19.05 - - - 53 (5) (07 May 2025) - Matched Shares Total 602,000 - 431,100 - - - - - 55,259 - 3,514 Grand total 915,000 - 576,100 - - - - - 105,689 - 4,954 1. For the Chief Executive Officer / General Manager and Executives with Strategic Responsibilities, a lock-up period of one additional year after the vesting date applies to 30% of the vested shares. 2. The amounts indicated represent the fair value related to the Sustainable Value Sharing Plan 2022-2027, cycle 2022-2024, following the beneficiary’s investment of their 2021 MBO. 3. The amounts indicated represent the fair value related to the Sustainable Value Sharing Plan 2022-2027, cycle 2023-2025, following the beneficiaries’ investment of their 2022 MBO. AMPLIFON 4. The amounts indicated represent the fair value related to the Sustainable Value Sharing Plan 2022-2027, cycle 2024-2026, following the beneficiaries’ investment of their 2023 MBO. AT A GLANCE 5. The amounts indicated represent the fair value related to the Sustainable Value Sharing Plan 2022-2027, cycle 2025-2027, following the beneficiaries’ investment of their 2024 MBO. 300 --- ANNUAL REPORT 2025 40. GUARANTEES PROVIDED, 41. TRANSACTIONS ARISING COMMITMENTS, AND CONTINGENT FROM ATYPICAL/UNUSUAL LIABILITIES TRANSACTIONS Pursuant to Consob Communication of 28 July 2006, during 2025 the Group carried GUARANTEES PROVIDED TO THIRD PARTIES out no atypical and/or unusual transactions, as defined by the Communication. This comprised the following as at 31 December 2025: CONSOLIDATED (€ thousands) FINANCIAL STATEMENTS Value at 12/31/2025 Value at 12/31/2024 Guarantees provided to third parties 23,609 17,453 Total 23,609 17,453 Regarding the guarantees relating to financial liabilities recognized in the consolidated financial statements, only the amount of the guarantee in excess of the liability recognized in the financial statements is shown. STATEMENT The guarantees provided refer mainly to: CONSOLIDATED SUSTAINABILITY • various sureties issued which include letters of patronage issued on behalf of subsidiaries to third parties amounting to €16,668 thousand; • guarantees issued to third parties for leases amounting to €6,941 thousand. COMMITMENTS On December 20, 2024, Amplifon S.p.A. and Amplifon Italia S.p.A. signed a new REPORT joint agreement with a top-tier financial institution for the purchase of additional ON OPERATIONS Superbonus tax credits, for the period 2025-2027. According to the contractual conditions, these credits will be transferred to the beneficiary company (and paid by the company to the transferring bank) at the time of use. As of December 31, 2025 the purchase commitments for the period 2026 and 2027 amount to €31.9 million and €7.8 million for a total consideration of €30.2 million and €7.3 million. CONTINGENT LIABILITIES Currently the Group is not exposed to any particular risks, uncertainties or legal AMPLIFON AT A GLANCE disputes which exceed the provisions already made in the financial statements. The usual periodic tax audits will continue, but to date no particular findings have emerged and, at any rate, the Group is confident in the correctness of its actions. 301 --- ANNUAL REPORT 2025 42. FINANCIAL RISK MANAGEMENT In order to ensure a structured management of treasury activities and financial risks, the Group adopted, as early as 2012, a Treasury Policy, which serves as an operational guideline for the management of: • currency risk; • interest rate risk; • credit risk; • price risk; • liquidity risk. CONSOLIDATED FINANCIAL STATEMENTS This Policy is periodically updated to ensure a proactive approach to risk management. Currency risk comprises the following categories: - foreign exchange transaction risk, i.e. the risk that the value of a financial asset or liability, a forecasted transaction or a firm commitment may fluctuate due to changes in exchange rates; - foreign exchange translation risk, i.e. the risk that the translation into the presentation currency of the consolidated financial statements of assets, liabilities, costs and revenues relating to a net investment in a foreign operation may generate positive or negative differences compared to the original balances. Within the Amplifon Group, foreign exchange transaction risk mainly relates to: - Procurement and Supply Chain activities carried out by the Parent Company, which centrally manages purchases of hearing aids and accessories subsequently resold to subsidiaries. Purchases from suppliers are generally made, with limited exceptions, in the same currency in which they are invoiced to subsidiaries, with payment terms STATEMENT Details substantially reflecting those negotiated with suppliers, thereby minimising exchange rate risk. However, the presence of a mark-up, the aforementioned exceptions and year- end true-ups, the amounts of which may be significant, make the risk relevant; - Transactions in which purchase costs or sales revenues are denominated in a currency other than the local currency, as is the case in certain smaller markets (Israel, Canada and CONSOLIDATED SUSTAINABILITY the Latin American subsidiaries), where purchase costs are incurred in Euro or US dollars; - Other intercompany transactions, such as short and long-term loans, recharges under intercompany service agreements and other centrally incurred costs. These transactions expose companies whose functional currency differs from the currency in which the intercompany transaction is denominated to exchange rate risk; - Commitments to acquire or dispose of equity interests, which may give rise to exchange rate exposure in the period between signing and closing of the transaction. Foreign exchange translation risk arises from investments in the United States and Canada, the United Kingdom, Switzerland, Hungary, Poland, Israel, Australia, New Zealand, India, China, Chile, Argentina, Ecuador, Colombia, Uruguay, Panama, Mexico and Egypt. CURRENCY RISK Foreign Exchange transaction risk The Group’s strategy aims to minimise the impact of exchange rate fluctuations on the income statement by hedging significant net positions denominated in currencies other than the reporting currency of the individual entities. REPORT With regard to operating transactions, including those arising from the Parent Company’s Global Procurement activities, the provision of intercompany services and cash pooling ON OPERATIONS arrangements, risk mitigation is primarily achieved through natural hedging by balancing receivable and payable positions at entity level and by using foreign currency bank deposits to cover any net exposure. Where material unbalanced exposures arise between assets and liabilities and cannot be managed through foreign currency deposits, they are appropriately hedged using suitable financial instruments. Such instruments include, for example, forward currency purchases and sales. With regard to exposures arising from financial transactions, foreign exchange risk is managed through the use of specific derivative financial instruments. Mitigation measures Risks arising from net positions with a unit value of less than €1 million (or the equivalent if denominated in another currency) are considered not significant and are therefore not hedged. Foreign exchange translation risk With reference to foreign exchange translation risk, in accordance with the provisions of the Group Treasury Policy, no hedging transactions have been entered into. Overall, the effects of foreign exchange translation risk resulted in a reduction of the Group’s EBITDA of approximately €13 million compared to total Group EBITDA. Of this amount, approximately €2 million is attributable to the impact of the Argentine subsidiary. The latter operates in a high-inflation environment; however, its size is immaterial compared to the overall size of the Group. AMPLIFON AT A GLANCE 302 --- ANNUAL REPORT 2025 Interest rate risk comprises the following categories: - fair value risk, i.e. the risk that the value of a fixed-rate financial asset or liability may vary as a result of changes in market interest rates; - cash flow risk, i.e. the risk that the future cash flows of a variable-rate financial asset or liability may fluctuate as a result of changes in market interest rates. Details Within the Amplifon Group, fair value risk arises from fixed-rate borrowings, specifically: the issuance of bonds (Eurobond) for €350 million; the portion disbursed as at 31 December 2025, amounting to €195 million, of the loan granted by the European Investment Bank (EIB); and the €100 million tranche disbursed by Cassa Depositi e Prestiti under the loan agreement entered into in a pool with CDP and UniCredit. Cash flow risk arises from the utilisation of floating rate bank loans, which amount in aggregate to €220 million. The Group’s strategy is aimed at minimising cash flow risk, particularly in relation to long-term exposures, through a balanced allocation between fixed-rate and variable-rate borrowings. Both at the time individual loans are entered into and throughout their life, and also taking into account prevailing market interest rate levels, the Group assesses whether to convert debt from floating rate to fixed rate. In any case, at least 50% of total debt must be protected against interest rate fluctuations. As at 31 December 2025, the Group’s total short and medium to long-term bank borrowings amounted to €1,354 million, of which €969 million were either at fixed rate or had been converted to fixed rate through Interest Rate Swaps. Hedging instruments are used by the Group exclusively to mitigate interest rate and foreign exchange risks, in line with the corporate strategy, and consist solely of derivative financial instruments. To maximise the economic effectiveness of hedging, the Group’s strategy provides that: - counterparties must be large institutions with high credit standing, and transactions must be executed within the limits defined by the Treasury Policy, in order to minimise counterparty CONSOLIDATED risk; FINANCIAL STATEMENTS - the instruments entered into must, as far as possible, have characteristics that mirror those of the hedged item; - the performance of the instruments used is regularly monitored, also to verify and, where appropriate, optimise the adequacy of the hedging structure in achieving hedging objectives. The Group Treasury Policy also defines strict counterparty selection criteria. Derivatives used by the Group are generally non-structured financial instruments (so-called plain vanilla). The types of derivatives outstanding during the year include: - interest rate swaps; - foreign exchange forward; - cross currency swaps (it should be noted that no Group company currently has borrowings denominated in a currency other than its functional currency; therefore, this instrument is not currently used). INTEREST RATE RISK STATEMENT Upon initial recognition, such instruments are measured at fair value. At subsequent reporting dates, the fair value of derivatives is remeasured and: (i) if such instruments do not meet the requirements for hedge accounting, changes in fair value arising after initial recognition are recognised in the income statement; Mitigation (ii) if such instruments qualify as fair value hedges, from that date changes in the fair value of the derivative are recognised in the income statement; at the same time, changes in fair measures value attributable to the hedged risk are recognised as an adjustment to the carrying amount of the hedged item, with a corresponding entry in the income statement. Any hedge CONSOLIDATED SUSTAINABILITY ineffectiveness is recognised in the income statement; (iii) if such instruments qualify as cash flow hedges, from that date changes in the fair value of the derivative are recognised in equity. Changes in the fair value of the derivative recognised in equity are reclassified to the income statement in the period in which the hedged transaction affects the income statement. Where the hedged item is the purchase of a non-financial asset, changes in the fair value of the derivative recognised in equity are reclassified as an adjustment to the acquisition cost of the hedged asset (so-called basis adjustment). Any hedge ineffectiveness is recognised in the income statement. The hedging strategy defined by the Group is reflected in the accounting treatment described above from the moment the following conditions are met: - the hedging relationship, its objectives and the overall strategy pursued are formally defined and documented. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the entity will assess hedge effectiveness; REPORT - hedge effectiveness can be reliably measured and there is reasonable expectation, supported by ex post evidence, that the hedge will be highly effective throughout the period during ON OPERATIONS which the hedged risk is present; - in the case of hedging the risk of variability in cash flows related to a forecast transaction, the transaction is highly probable and presents an exposure to variability in cash flows that could affect the income statement. Derivatives are recognised as assets when their fair value is positive and as liabilities when their fair value is negative. Such balances are presented as current assets or current liabilities if they relate to derivatives that do not meet hedge accounting requirements. If, on the other hand, they meet hedge accounting requirements, they are classified consistently with the hedged item. Specifically, if the hedged item is classified as current, the positive or negative fair value of the hedging instrument is presented within current assets or current liabilities; if the hedged item is classified as non-current, the positive or negative fair value of the hedging instrument is presented within non-current assets or non-current liabilities. It should also be noted that the Group does not have any hedges designated as a hedge of a net investment. AMPLIFON AT A GLANCE 303 --- ANNUAL REPORT 2025 Credit risk represents the possibility that the issuer of a financial instrument defaults on its obligations, thereby causing a financial loss to the holder. Within the Amplifon Group, credit risk arises from the following situations: Details (i) sales carried out in the ordinary course of business, where customers may fail to meet their payment obligations; (ii) the use of financial instruments involving the settlement of positions with counterparties, with the possibility that such counterparties may default on their obligations; (iii) loans granted to members of the indirect channel and commercial partners in the United States, aimed at supporting investment initiatives and business development, with the risk that such loans may not be repaid. With regard to the risk referred to under point (i) it should be noted that the only individually significant exposures relate to receivables from public healthcare and welfare entities, as well as insurance companies, whose insolvency risk, although existing, is considered remote and is further mitigated by the fact that such receivables are assigned on a non-recourse basis on a quarterly basis to specialised financial institutions. Conversely, credit risk arises from sales to private customers to whom instalment payment terms have been granted. This risk is mitigated by the fact that such receivables are distributed across a large number of customers, with maximum individual amounts of only a few thousand Euro each. There is also credit risk relating to sales made in the United States to operators in the indirect channel (franchisees), which are fragmented across numerous partners whose maximum individual exposure is limited and, even for the largest among them, never exceeds a few million US dollars. Due to the typical risks associated with the business, some counterparties may fail CREDIT RISK to honour their obligations, resulting in a potential increase in working capital and in bad debt losses. Although credit management remains the direct responsibility of individual subsidiaries, the Group, through its Corporate functions, has implemented a monthly reporting system on trade receivables, monitoring their composition and ageing at country level, CONSOLIDATED and sharing with local management both recovery initiatives and commercial policies. In particular, with regard to private customers – for whom the vast majority of sales are made on Mitigation FINANCIAL STATEMENTS immediate payment terms – instalment sales or financing arrangements exceeding a few months are managed by external financial institutions that advance the full sales amount to measures Amplifon. As regards operators in the indirect channel in the United States, the situation is closely monitored by local management. The risk referred to under point (ii), notwithstanding the inherent uncertainty linked to potential sudden and unexpected counterparty defaults, is managed through diversification among leading national and international investment grade financial institutions. Such diversification is ensured through the establishment of specific counterparty limits, both with respect to invested and/or deposited liquidity and with respect to the notional amount of derivative contracts. Counterparty limits are determined based on the short-term credit rating of the individual counterparty or, in the absence of a public rating, on the counterparty’s capital adequacy ratio (Tier 1). The risk referred to under point (iii) relates to receivables generally supported by personal guarantees provided by the beneficiaries. Repayment is typically made concurrently with payment of invoices relating to hearing aids sold to them, or settled upon the eventual acquisition by the Group of the franchisee’s business. STATEMENT Price risk represents the possibility that the value of a financial asset or liability may fluctuate as a result of changes in market prices (other than those relating to foreign exchange rates and interest rates). Such fluctuations may be caused by: CONSOLIDATED SUSTAINABILITY Details - specific factors relating to the financial asset or liability, or to the issuer of the financial liability; - market-wide factors independent of the specific asset or liability. This risk is typical of financial assets not quoted in an active market, which may not always be realised in the short term at amounts close to their fair value. PRICE RISK Mitigation The Amplifon Group does not hold investments in such instruments and therefore this risk is not currently present. measures REPORT ON OPERATIONS Liquidity risk typically refers to the possibility that an entity may encounter difficulties in obtaining sufficient funds to meet its obligations. This risk includes the possibility that Details counterparties that have granted short-term uncommitted credit lines and/or financing facilities may request repayment, as well as the difficulty of refinancing long-term loans which have reached maturity. LIQUIDITY RISK The Group’s strategy is to maintain relationships with a large number of financial institutions and to continuously establish new ones, thereby ensuring broad diversification of credit facilities and, above all, a wide availability of funding sources. At the end of FY 2025, the Group’s financial position showed total gross debt of €1,354 million, of which 73% Mitigation matures beyond 12 months. Cash and cash equivalents amounted to €309 million; available and undrawn committed credit lines totalled €480 million; the unutilized portion of measures the loan signed with the European Investment Bank amounted to €150 million; and other available and unutilized uncommitted credit lines totalled €262 million. Based on these elements, liquidity risk is considered not significant for the Group. AMPLIFON AT A GLANCE 304 --- ANNUAL REPORT 2025 43. TRANSLATION OF FOREIGN 44. SEGMENT INFORMATION In accordance with IFRS 8 “Operating Segments”, the schedules relative to each COMPANIES’ FINANCIAL STATEMENTS operating segment are shown below. The Amplifon Group’s business (distribution and personalization of hearing solutions) 12/31/2025 12/31/2024 is organized in three specific geographical segments which comprise the Group’s Average Year-end Average Year-end operating segments: Europe, Middle East and Africa - EMEA - (Italy, France, The exchange rate exchange rate exchange rate exchange rate Netherlands, Germany, the United Kingdom, Spain, Portugal, Switzerland, Belgium, Panamanian balboa 1.13 1.175 1.0824 1.0389 Hungary, Egypt, Poland and Israel), Americas (USA, Canada, Chile, Argentina, Ecuador, Colombia, Panama, Mexico and Uruguay) and Asia-Pacific (Australia, New Zealand, Australian dollar 1.7518 1.7581 1.6397 1.6772 CONSOLIDATED Singapore, India and China). Canadian dollar 1.5787 1.6088 1.4821 1.4948 FINANCIAL STATEMENTS New Zealand dollar 1.9422 2.038 1.7880 1.8532 The Group also operates via centralized Corporate functions (Corporate bodies, general management, business development, procurement, treasury, legal affairs, Singapore dollar 1.4756 1.5105 1.4458 1.4164 human resources, IT systems, global marketing and internal audit) which do not US dollar 1.13 1.175 1.0824 1.0389 qualify as operating segments under IFRS 8. Hungarian forint 397.77 385.15 395.3000 411.3500 Swiss franc 0.937 0.9314 0.9526 0.9412 These areas of responsibility, which coincide with the geographical segments (the Corporate Egyptian pound 55.6133 56.0487 49.0064 52.8202 functions are recognized under EMEA), represent the organizational structure used Israeli New shekel 3.8927 3.7471 4.0067 3.7885 STATEMENT by management to run the Group’s operations. The reports periodically analyzed Argentinian peso (*) 1707.5606 1707.5606 1070.8061 1070.8061 by the Chief Executive Officer and Top Management are divided up accordingly, by geographical area. Chilean peso 1074.61 1058.13 1020.6600 1033.7600 CONSOLIDATED SUSTAINABILITY Colombian peso 4573.21 4435.19 4407.1400 4577.5500 More in detail, economic performances are monitored and measured for each Mexican peso 21.6705 21.118 19.8314 21.5504 operating segment/geographical segment, through operating profit including Uruguayan peso 46.3854 45.9178 43.4678 45.4668 amortization and depreciation (EBIT), along with the portion of the results of equity investments in associated companies valued using the equity method. Chinese renminbi 8.1185 8.2262 7.7875 7.5833 Financial expenses are not monitored insofar as they are based on corporate Indian rupee 98.5239 105.5965 90.5563 88.9335 decisions regarding the financing of each region (own funds versus borrowings) British pound 0.8568 0.8726 0.8466 0.8292 and, consequently, neither are taxes. Items in the statement of financial position REPORT are analyzed by geographical segment without being separated from the corporate Polish zloty 4.2397 4.221 4.3058 4.2750 ON OPERATIONS functions which remain part of EMEA. All the information relating to the income (*) Argentina is a high-inflation country; therefore, pursuant to IAS 29, the items recognized in the income statement and the statement of financial position is determined using the same statement were converted based on the exchange rate at the end of the reporting period. criteria and accounting standards used to prepare the consolidated financial The average exchange rate of the Argentine peso at 31 December 2025 was 1412.1281 and 31 statements. December 2024 was 989.9196. AMPLIFON AT A GLANCE 305 --- ANNUAL REPORT 2025 (*) INCOME STATEMENT – FY 2025 (€ thousands) EMEA AMERICAS ASIA PACIFIC CORPORATE CONSOLIDATED Revenues from sales and services 1,554,720 495,762 345,223 - 2,395,705 Operating costs (1,155,648) (381,919) (265,063) (78,980) (1,881,610) Other income and costs 1,417 (4,220) (107) 460 (2,450) Gross operating profit by segment (EBITDA) 400,489 109,623 80,053 (78,520) 511,645 Amortization, depreciation and impairment CONSOLIDATED Intangible assets amortization (50,769) (13,016) (14,644) (27,396) (105,825) FINANCIAL STATEMENTS Property, plant, and equipment depreciation (40,731) (9,734) (14,064) (1,509) (66,038) Right-of-use depreciation (89,451) (15,786) (29,741) (2,476) (137,454) Impairment losses and reversals of non-current assets (3,710) (1,413) (637) - (5,760) (184,661) (39,949) (59,086) (31,381) (315,077) Operating result by segment 215,828 69,674 20,967 (109,901) 196,568 Financial income, expenses and value adjustments to financial assets Group's share of the results of associated companies valued at equity and gains/losses on disposals 228 - - - 228 STATEMENT of equity investments Interest income and expenses (35,048) Interest expenses on lease liabilities (20,680) CONSOLIDATED SUSTAINABILITY Other financial income and expenses (5,930) Exchange gains and losses, and inflation accounting (3,733) Gain (loss) on assets accounted at fair value 380 (64,783) Net profit (loss) before tax 131,785 Current and deferred income tax REPORT Current income tax (44,691) ON OPERATIONS Deferred tax 4,457 (40,234) Net profit (loss) 91,551 Net profit (loss) attributable to Minority interests 217 Net profit (loss) attributable to the Group 91,334 (*) The figures of the operating segments are net of the intercompany eliminations. AMPLIFON AT A GLANCE 306 --- ANNUAL REPORT 2025 (*) INCOME STATEMENT – FY 2024 (€ thousands) EMEA AMERICAS ASIA PACIFIC CORPORATE CONSOLIDATED Revenues from sales and services 1,531,284 507,269 370,346 342 2,409,241 Operating costs (1,120,997) (381,073) (273,307) (79,216) (1,854,593) Other income and costs 3,027 3,372 (390) 433 6,442 Gross operating profit by segment (EBITDA) 413,314 129,568 96,649 (78,441) 561,090 Amortization, depreciation and impairment CONSOLIDATED Intangible assets amortization (50,147) (15,234) (16,294) (26,387) (108,062) FINANCIAL STATEMENTS Property, plant, and equipment depreciation (36,484) (7,963) (15,712) (1,551) (61,710) Right-of-use depreciation (84,833) (14,338) (30,041) (2,374) (131,586) Impairment losses and reversals of non-current assets (997) - (363) (1,558) (2,918) (172,461) (37,535) (62,410) (31,870) (304,276) Operating result by segment 240,853 92,033 34,239 (110,311) 256,814 Financial income, expenses and value adjustments to financial assets Group's share of the results of associated companies valued at equity and gains/losses on disposals 225 - - - 225 STATEMENT of equity investments Interest income and expenses (34,740) Interest expenses on lease liabilities (19,138) CONSOLIDATED SUSTAINABILITY Other financial income and expenses (3,184) Exchange gains and losses, and inflation accounting (2,647) Gain (loss) on assets accounted at fair value (550) (60,034) Net profit (loss) before tax 196,780 Current and deferred income tax REPORT Current income tax (48,033) ON OPERATIONS Deferred tax (3,177) (51,210) Net profit (loss) 145,570 Net profit (loss) attributable to Minority interests 196 Net profit (loss) attributable to the Group 145,374 (*) The figures of the operating segments are net of the intercompany eliminations. AMPLIFON AT A GLANCE 307 --- ANNUAL REPORT 2025 ST (*) STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31 , 2025 (€ thousands) EMEA AMERICAS ASIA PACIFIC ELIM. CONSOLIDATED ASSETS Non-current assets Goodwill 1,059,123 293,920 574,172 - 1,927,215 Intangible fixed assets with finite useful life 274,126 56,030 50,564 - 380,720 Property, plant, and equipment 159,764 40,501 36,817 - 237,082 Right-of-use assets 361,779 44,436 55,823 - 462,038 Equity-accounted investments 21 - - - 21 Hedging instruments 42 - - - 42 Deferred tax assets 51,804 7,670 15,433 - 74,907 CONSOLIDATED Deferred contract costs 9,215 1,204 69 - 10,488 Other assets 28,267 7,313 1,785 - 37,365 FINANCIAL STATEMENTS Total non-current assets 3,129,878 Current assets Inventories 63,134 10,261 9,057 - 82,452 Receivables 328,197 69,462 24,729 (95,111) 327,277 Deferred contract costs 6,778 872 118 - 7,768 Hedging instruments 2,235 - - - 2,235 Other financial assets - Cash and cash equivalents 308,882 Asset held for sale 34,424 - - - 34,424 Total current assets 763,038 STATEMENT TOTAL ASSETS 3,892,916 LIABILITIES Net Equity 998,525 Non-current liabilities CONSOLIDATED SUSTAINABILITY Medium/long-term financial liabilities 983,806 Lease liabilities 293,562 35,849 34,898 - 364,309 Provisions for risks and charges 12,649 1,515 347 - 14,511 Liabilities for employees’ benefits 11,725 22 733 - 12,480 Hedging instruments 315 - - - 315 Deferred tax liabilities 58,993 26,816 6,851 - 92,660 Payables for business acquisitions 725 1,876 - - 2,601 Contract liabilities 130,814 11,827 2,509 - 145,150 Other long-term liabilities 21,965 214 2 - 22,181 REPORT Total non-current liabilities 1,638,013 ON OPERATIONS Current liabilities Trade payables 331,245 93,033 37,122 (94,923) 366,477 Payables for business acquisitions 2,209 3,407 176 - 5,792 Contract liabilities 98,245 16,781 8,555 - 123,581 Other payables and tax payables 202,022 20,038 24,098 (188) 245,970 Hedging instruments 380 - - - 380 Provisions for risks and charges 2,038 838 4,583 - 7,459 Liabilities for employees’ benefits 2,299 226 2,281 - 4,806 Short-term financial liabilities 359,462 Lease liabilities 87,704 12,676 21,627 - 122,007 Liabilities held for sale 20,444 - - - 20,444 Total current liabilities 1,256,378 AMPLIFON AT A GLANCE TOTAL LIABILITIES 3,892,916 (*) 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. 308 --- ANNUAL REPORT 2025 ST (*) STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31 , 2024 (€ thousands) EMEA AMERICAS ASIA PACIFIC ELIM. CONSOLIDATED 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 CONSOLIDATED Deferred contract costs 9,165 1,254 75 - 10,494 Other assets 42,576 8,277 2,031 - 52,884 FINANCIAL STATEMENTS 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 STATEMENT LIABILITIES Net Equity 1,150,224 Non-current liabilities CONSOLIDATED SUSTAINABILITY 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 REPORT Total non-current liabilities 1,672,230 ON OPERATIONS 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 AMPLIFON TOTAL LIABILITIES 3,992,762 AT A GLANCE (*) 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. 309 --- ANNUAL REPORT 2025 • allowances for impairment made based on the asset’s estimated realizable value; 45. ACCOUNTING POLICIES • provisions for risks and charges (including provisions for restoration funds) made based on a reasonable estimate of the amount of the potential liability, including with regard to any counterparty claims; 45.1 PRESENTATION • provisions for obsolete inventories in order to align the carrying value of inventories with the estimated realizable value; OF THE FINANCIAL STATEMENTS • provisions for employee benefits, calculated based on actuarial valuations; • amortization and depreciation of intangible assets and tangible fixed assets The consolidated financial statements as at December 31, 2025 were prepared in recognized based on the estimated remaining useful life and the recoverable accordance with the historical cost method with the exception of derivatives, a few amount; financial investments measured at fair value and assets and liabilities hedged against • income tax recognized based on the best estimate of the tax rate for the full year; changes in fair value, as explained in more detail in this report, as well as on a going • IRS and currency swaps (instruments not traded on regulated markets), marked to CONSOLIDATED concern basis. market at the reporting date based on the yield curve and market exchange rates, FINANCIAL STATEMENTS which are subject to credit/debit valuation adjustments based on market prices; With regard to the financial statements, the following is specified: • 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 • in the statement of financial position, the Group distinguishes between non-current termination clauses if exercise of that clause is reasonably certain. This property and current assets and liabilities; valuation took into account circumstances and facts specific to each asset; • in the income statement, the Group classifies costs by nature insofar as this is • discount rate of leases falling within the scope of IFRS 16 (incremental borrowing deemed to more accurately represent the primarily commercial and distribution rate) determined based on the IRS (reference interbank rate used as an index for activities carried out by the Group; fixed-rate mortgage loans) in the individual countries in which Amplifon Group • comprehensive income statement: in addition to the net result for the year, it includes companies operate, for maturities commensurate with the duration of the STATEMENT the effects of changes in exchange rates, the cash flow hedge reserve, the foreign specific rental contract, plus the Parent Company’s credit spread and any costs currency basis spread reserve on derivative instruments and the actuarial gains and for additional guarantees. In the rare instances when the IRS rate is not available losses that have been recognized directly in changes in shareholders’ equity, these (Egypt, Ecuador, Mexico and Panama), the risk-free rate was determined based CONSOLIDATED SUSTAINABILITY items are divided according to whether or not they can be subsequently reclassified on government bonds with maturities similar to the duration of the specific to the income statement; rental contract. • 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 Estimates and assumptions are periodically reviewed, and any changes made, capital increases); following the change of the circumstances or the availability of better information, • statement of cash flows: is prepared using the indirect method to determine cash are recognized in the income statement. The use of reasonable estimates is essential flow from operations. to the preparation of the financial statements and does not affect their overall reliability. REPORT ON OPERATIONS The Group verifies the existence of a loss in value of goodwill regularly once a year or 45.2 USE OF ESTIMATES IN PREPARING in the event of impairment indicators. The impairment test is conducted for the groups of cash generating units to which THE FINANCIAL STATEMENTS the goodwill refers and based on which the Group values, directly or indirectly, the return on the investment that includes the goodwill. 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; AMPLIFON AT A GLANCE 310 --- ANNUAL REPORT 2025 The document Annual improvement. Volume 11 lists improvements limited to changes 45.3 IFRS STANDARDS/INTERPRETATIONS that either clarify the wording in an IFRS Accounting Standard, or correct relatively minor unintended consequences, oversights or conflicts between requirements IFRS/INTERPRETATIONS APPROVED BY THE IASB, ENDORSED IN EUROPE of the Accounting Standards. In particular, the amendments relate to IFRS1, IFRS7, AND APPLIED FOR THE FIRST TIME THIS YEAR IFRS9, IFRS10 and IAS7. The following table lists the IFRS/interpretations approved by the IASB, endorsed in The objective of the Amendments to IFRS 9 and IFRS 7 Contract Referencing Nature- Europe and applied for the first time this year. 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. Effective date Endorsement Publication in Effective Description for Amplifon costs and revenues. date the G.U.C.E. date CONSOLIDATED Amendments to IAS 21 “The Effects of IFRS 18 “Presentation and Disclosure in Financial Statements” will replace IAS 1 Changes in Foreign Exchange Rates: FINANCIAL STATEMENTS and provides more detailed requirements regarding the structure of financial 12 Nov ‘24 13 Nov ‘24 1 Jan ‘25 1 Jan ‘25 Lack of Exchangeability” statements, with particular reference to the statement of profit or loss, where (issued on 15 August 2023) minimum mandatory subtotals are introduced. It also establishes new disclosure requirements relating to “Management Defined Performance Measures (MPMs)” and The amendments to IAS 21 proposed by IASB provide clarification as to exchange provides guidance on the aggregation of information in the financial statements and whether a currency is exchangeable and which exchange rate to be used if it is not. in the notes. The adoption of the standards and interpretations described above did not have With the exception of IFRS 18, the adoption of the above-mentioned standards and a material impact on the measurement of the Group’s assets, liabilities, costs, and interpretations is not expected to have a material impact on the measurement of the STATEMENT revenues. Group’s assets, liabilities, expenses and revenues. FUTURE IFRS STANDARDS/INTERPRETATIONS APPROVED With reference to IFRS 18, the Group has initiated an assessment program to analyse CONSOLIDATED SUSTAINABILITY BY IASB, ENDORSED IN EUROPE the implications in terms of presentation of the financial statements, aggregation and disaggregation of line items, and disclosure requirements relating to MPMs, as The following table shows the future IFRS standards interpretation approved by us well as a possible implementation/adaptation phase of administrative processes and and endorsed in Europe. the accounting system, where necessary. Effective date Endorsement Publication in Effective Description for Amplifon date the G.U.C.E. date REPORT Amendments to IFRS 9 e IFRS7 ON OPERATIONS “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 IFRS 9 and 30 Jun ‘25 10 Jul ‘25 1 Jan ‘26 1 Jan ‘26 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) IFRS 18 Presentation and Disclosure in Financial Statements 13 Feb ‘26 13 Feb ‘26 13 Feb ‘26 13 Feb ‘26 (2030 and beyond 9 april 2024) AMPLIFON AT A GLANCE 311 --- ANNUAL REPORT 2025 Income statement items are included in the consolidated financial statements starting 45.4 FUTURE ACCOUNTING STANDARDS from the date control is acquired and up to the date such control ceases. All payables and receivables, as well as the revenue and expense items deriving from transactions AND INTERPRETATIONS between companies included in the consolidation are eliminated entirely; capital gains and losses deriving from transfers of assets between consolidated companies IFRS STANDARDS/INTERPRETATIONS APPROVED BY IASB, are also eliminated, as are the profits and losses arising from transfers of assets BUT NOT ENDORSED IN EUROPE between consolidated companies that come to form inventories of the acquiring company, write-downs and reversals of holdings in consolidated companies, and The following are the international accounting standards, interpretations, intragroup dividends. Assets, liabilities, costs and revenues of subsidiaries are amendments to existing accounting standards and interpretations, or specific recorded in full, allocating to minority shareholders their share of net equity and of provisions contained in the standards and interpretations approved by the IASB the net result. which, at 31 December 2025, have yet to be endorsed for adoption in Europe. The financial statements of subsidiaries are adjusted in order to make the CONSOLIDATED measurement criteria consistent with those adopted by the Group. FINANCIAL STATEMENTS Description Effective date The closing dates of subsidiaries are aligned with that of the parent company; where IFRS 19 Subsidiaries without Public Accountability (issued this is not the case, the subsidiaries prepare appropriate financial statements for Periods beginning on or after 1 Jan ‘27 on 9 May 2024) consolidation purposes. Amendments to IFRS 19 Subsidiaries without Public Periods beginning on or after 1 Jan ‘27 Accountability: Disclosures (issued on 21 August 2025) Amendments to IAS 21 “The Effects of Changes in Foreign 45.6 JOINTLY CONTROLLED COMPANIES Exchange Rates: Translation to a Hyperinflationary Periods beginning on or after 1 Jan ‘27 Presentation Currency” (issued on 13 November 2025) A joint control arrangement is an agreement based on which two or more parties STATEMENT have joint control. Joint control is the contractually agreed sharing of control of an IFRS 19 “Subsidiaries without Public Accountability” introduces reduced disclosure arrangement which exists only when decisions about the relevant activities require requirements for the financial statements of subsidiaries that are not required to the unanimous consent of the parties sharing control. CONSOLIDATED SUSTAINABILITY present publicly available IFRS financial statements. The amendment issued on 21 There are two types of joint control arrangements: joint operations and joint ventures. August supplements the standard based on regulatory developments endorsed after its initial publication. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating The amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates: to the arrangement. These parties are referred to as joint operators. Translation to a Hyperinflationary Presentation Currency” define a specific method With reference to investment in a joint operation, each part has to relocate: for translating into a hyperinflationary presentation currency the financial statements of entities whose functional currency is not hyperinflationary. a) Own assets, included share of jointly owned assets; REPORT b) Own liabilities, included share of jointly owned liabilities; ON OPERATIONS c) Revenues from sales of own production share arises from joint operation activity; 45.5 SUBSIDIARIES d) Share of revenues from the production sale deriving from the jointly controlled activity; The consolidation area includes companies which are controlled by the Group. e) Own costs, included parts of costs sustained with the other part. Control is defined as the power to influence the financial and operating policies of a company. The existence of control over a company is determined on the basis of: (i) A joint venture is a joint arrangement whereby the parties that have joint control of voting rights, including potential ones, that the Group is entitled to and by virtue of the arrangement have rights to the net assets of the arrangement. which the Group may exercise a majority of the votes that can be cast at ordinary In consolidated financial statements investment in joint venture are valuated with Shareholders’ meetings; (ii) the content of possible agreements between shareholders equity method, accounted in income statement net profit and loss attributable to the or the existence of specific clauses in the entity’s by-laws which grant the Group the group occurred in the period. AMPLIFON AT A GLANCE power to manage the company; (iii) control by the Group of a sufficient number of With equity method, investment carry amount represents assets and liabilities fair votes to exercise de facto control at ordinary Shareholders’ meetings of the company. value of jointed at acquisition moment, as well goodwill arises at acquisition moment. 312 --- ANNUAL REPORT 2025 • when the carrying amounts of assets, liabilities and contingent liabilities recorded 45.7. ASSOCIATED COMPANIES differ from their corresponding tax base at the acquisition date, deferred tax assets and liabilities are recognized; Investments in associates are accounted for using the equity method. A company • any difference between the acquisition cost of the investment and the corresponding is considered an associate if the Group participates in decisions relating to the share of the net assets acquired is recorded as goodwill, if positive, or it is charged to company’s operating and financial policies even if the latter is not a subsidiary nor the income statement, if negative; subject to joint control. Under the equity method, on initial recognition, an investment • income items are included in the consolidated financial statements starting from in an associate is recognized at cost in the statement of financial position and the the date control is acquired and up to the date control ceases. carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The goodwill relating to the associate is included in the carrying amount and is not subject to amortization. The 45.9. FUNCTIONAL CURRENCY, PRESENTATION profits generated as a result of transactions carried out by the Group with associates CONSOLIDATED are eliminated to the extent of the Group’s interest in the associate. The financial CURRENCY AND TRANSLATION CRITERIA FINANCIAL STATEMENTS statements of companies accounted for based on the equity method are adjusted to be in line with the Group’s accounting policies. APPLIED TO FOREIGN CURRENCY ITEMS The consolidated financial statements of the Amplifon Group are presented in Euros, 45.8 BUSINESS COMBINATIONS the functional currency of the parent company, Amplifon S.p.A. Business combinations are accounted for in the financial statements as follows: The financial statements of subsidiaries and jointly-controlled companies are prepared in the functional currency of each company. When this currency differs from the • acquisition cost is determined on the basis of the fair value of assets transferred, reporting currency of the consolidated financial statements, the financial statements STATEMENT liabilities assumed, or the shares transferred to the seller in order to obtain control; are translated using the current exchange rate method: income statement items are • the determination of the values of the assets and liabilities of the acquiree is made translated using the average exchange rates of the year, asset and liability items are provisionally until the activities of determining the fair value of the assets and liabilities translated using year-end rates and net equity items are translated at historical rates. CONSOLIDATED SUSTAINABILITY are completed. The completion of these activities must in any case take place within Exchange differences are recorded under “translation difference” in the consolidated 12 months of the acquisition, where the latter are counted from the date on which the net equity; when the company is disposed of, the cumulative differences booked in acquisition took place and accounted for the first time. If, in the period in which the net equity are taken to the income statement. allocation is made provisionally, different values should emerge from those initially recorded following new information on facts and circumstances that in any case Foreign currency transactions are recorded at the exchange rate at the transaction existed at the acquisition date, the recognized values are adjusted retrospectively; date. Monetary assets and liabilities denominated in foreign currency are translated • acquisition- costs related to business combinations are recognized in the income at the exchange rate at the reporting date. Non-monetary assets and liabilities statement for the period in which the costs were incurred; denominated in foreign currency and valued at cost are reported at the exchange REPORT • the fair value of the shares transferred is determined according to the market price rate used upon initial recognition. Non-monetary assets and liabilities denominated ON OPERATIONS at the exchange date; in foreign currency and recognized at fair value, at recoverable value, or realizable • where the agreement with the seller provides for a price adjustment linked to value, are translated using the exchange rate of the date when the value was the profitability of the business acquired, over a defined timeframe or at a pre- determined. established future date (earn-out), the adjustment is included in the acquisition price as of the acquisition date and is measured at fair value as at the date of acquisition; Any exchange rate differences arising from the settlement of monetary assets and • at the acquisition date, the assets and liabilities, including contingent ones, of the liabilities or from the translation at exchange rates that are different from those acquired company are recognized at their fair value at that date. When determining used upon initial recognition, during the year or in previous financial statements, are the value of these assets we also consider the potential tax benefits applicable to recognized in the income statement. the jurisdiction of the acquired company; AMPLIFON AT A GLANCE 313 --- ANNUAL REPORT 2025 the synergies of the combination, irrespective of whether other assets or liabilities of 45.10. INTANGIBLE ASSETS the acquiree are allocated to those units or groups of units. Subsequent to initial recognition, goodwill is not amortized but valued at cost less Intangible assets purchased separately and those acquired through business any cumulative impairment losses (see section 45.13). combinations carried out prior to the adoption of the IFRS are initially measured at cost, whilst those acquired through business combinations completed after the date of transition to IFRS, are initially measured at fair value. Expenditure incurred after 45.12. TANGIBLE FIXED ASSETS the initial acquisition is recorded as an increase in the cost of the intangible asset to the extent that the expenditure can generate future economic benefits. Tangible fixed assets are recorded at purchase or production cost, inclusive of ancillary costs that are directly attributable to the assets. Intangible assets having a finite useful life are amortized systematically over their useful lives and written down for impairment (see section 45.13). Amortization The carrying amount upon initial recognition of tangible fixed assets, or their CONSOLIDATED begins when an asset is available for use and ceases at the time of termination of significant elements (except for land), net of their residual value, is depreciated on FINANCIAL STATEMENTS the useful life or when an asset is classified as held for sale (or included in a disposal a straight-line basis over their useful life and is written down for impairments (see group classified as held for sale). Both the useful life and the amortization criterion section 45.13). Depreciation starts when the asset becomes available for use and are periodically reviewed and, where significant changes have occurred compared to ceases at the time of termination of the useful life or when it is classified as held for the previously adopted assumptions, the amortization charge for the current year sale (or included as part of a disposal group classified as held for sale). The useful and subsequent ones is adjusted. life and the depreciation rate, as well as the residual value, are periodically reviewed and, where significant changes have occurred compared to the previously adopted assumptions, the depreciation charge for the current year and subsequent ones is The periods of amortization are shown in the following table: adjusted. STATEMENT Maintenance costs that do not add value to an asset are charged to the income Asset Type Years statement in the year in which they are incurred. Maintenance costs that add value to an asset are recorded with the fixed asset item to which they relate and are Software 5-10 CONSOLIDATED SUSTAINABILITY depreciated on the basis of the future remaining useful life of the asset. Licenses 1-15 Non-competition agreements 5 Leasehold improvements, such as to premises, shops and branches held under Customer lists 10-15 operating leases, are capitalized and depreciated over the shorter of the term of the lease and the useful life of the tangible asset installed. Trademarks and concessions 3-15 Other 5-9 The periods of depreciation are shown in the following table: REPORT ON OPERATIONS Asset Type Years 45.11. GOODWILL Buildings, constructions and leasehold improvements 5-25 Goodwill is recognized in the financial statements following business combinations Plant and machinery 5-16 and is initially recorded at cost, which is the excess of the cost of acquisition Industrial and commercial equipment 4-10 over the Group’s share in the fair values of the assets, liabilities and contingent liabilities acquired. Motor vehicles 3-9 Computers and office machinery 3-7 Goodwill is classified as an intangible asset. As of the acquisition date, the goodwill Furniture and fittings 3-10 acquired in a business combination is allocated to each of the acquirer’s cash- Other tangible fixed assets 4-8 generating units or groups of cash-generating units that are expected to benefit from AMPLIFON AT A GLANCE 314 --- ANNUAL REPORT 2025 45.13. IMPAIRMENT OF INTANGIBLE 45.14. LEASING FIXED ASSETS, TANGIBLE FIXED ASSETS, When a contract is signed the Group assesses whether a contract is or contains a lease, namely if the contract conveys the right to use an asset for a period of time in INVESTMENTS IN ASSOCIATED COMPANIES exchange for consideration. AND GOODWILL ACCOUNTING POLICIES APPLICABLE TO THE GROUP The Group checks the recoverable value of an asset whenever an impairment AS A LESSEE indicator exists and, for intangible fixed assets with an indefinite life, other tangible assets and goodwill, the assessment is carried out yearly. The recoverable amount The Group uses a single model to recognize and measure all leases, with the exception CONSOLIDATED is defined as the higher of the asset’s fair value less costs to sell and its value in use. of short-term leases and leases for low value assets. The Group recognizes the lease FINANCIAL STATEMENTS liabilities and the right-of-use asset, namely the right to use the lease’s underlying asset. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. RIGHT-OF-USE ASSETS Value in use is determined with reference to the present value of the estimated The Group recognizes the right-of-use assets as of the commencement date of the future cash flows that are expected to be generated by the continued use of an asset lease (namely the date on which use of the underlying asset is conveyed). The right- and its disposal at the end of its useful life, discounted using a pre-tax discount rate of-use assets are valued at cost, net of any accumulated depreciation and impairment that reflects current market assessments of the time value of money and the specific losses, adjusted to reflect any restated lease liabilities. The costs for the right-of-use STATEMENT risks associated with the asset. Where the value in use of a specific asset cannot be assets include the lease liabilities recognized, the initial direct costs incurred, and the determined due to the fact that the asset does not generate independent cash flows, lease payments made as of the commencement date or before the commencement value in use is estimated with reference to the cash-generating unit to which the date net of any incentives received, as well as the estimate of the restoration costs to CONSOLIDATED SUSTAINABILITY asset belongs. be incurred at the end of the lease term. With regard to goodwill, the impairment test is performed for the smallest cash- The right-of-use assets are amortized on a straight-line basis from the commencement generating unit that the goodwill relates to and which is used by the Group to date to the end of their useful life consistent with the right granted or, if before, the evaluate, either directly or indirectly, the return on the investment which includes end of the lease term. the goodwill itself. The right-of-use assets are subject to impairment testing. Please refer to section Impairment losses are recognized in the income statement when the carrying 45.13. Loss of value of non-financial assets. REPORT value of an asset is higher than its recoverable value. Except for goodwill, for ON OPERATIONS which impairment losses cannot be reversed, when there is an indication that an impairment loss is no longer justified or may have decreased, the carrying value LEASE LIABILITIES of the asset is adjusted to its recoverable value. The increased carrying value of an asset due to an impairment reversal cannot, however, exceed the carrying At the commencement date of the lease, the Group recognizes a lease liability equal value that the asset would have had (net of the write-down or depreciation) if the to the payments that must be made in the future under the lease. The payments impairment had not been recognized in previous years. The reversal is immediately owed include fixed lease payments less any lease incentives, variable lease payments recognized in the income statement. linked to an index or a rate, and the guaranteed residual amount due. The lease AMPLIFON AT A GLANCE 315 --- ANNUAL REPORT 2025 payments also include the exercise price of a purchase price if it is reasonably certain SUBLEASE that the option will be exercised by the Group and any penalties for terminating the lease contemplated in the lease if the duration of the lease takes into account the The Group, as an intermediate lessor in a subleasing contract, classifies a sublease as exercise by the Group of the option to terminate the lease itself. a finance or operating lease as follows: Variable lease payments that are not linked to an index or a rate are recognized as a cost in the period in which the event or the condition triggering the payment a) If the head lease is accounted for as a short-term lease, for which the Group has occurred. made use of the practical expedient, the sublease is classified as an operating lease; b) otherwise, the sublease is classified by reference to the right-of-use asset arising When calculating the present value of payments owed, the Group uses the marginal from the head lease, rather than by reference to the underlying asset (for example, borrowing rate at the commencement date if the implied borrowing rate is not easily property unit, leased plants or machinery). determined. After the commencement date the amount of the lease liabilities will be increased in order to reflect interest owed and decreased to reflect payments made. More in detail, if the sub-lease is classified as an operating lease, the head lessor CONSOLIDATED The book value of the lease liabilities will also be restated if any changes are made to continues to recognize the lease liabilities and the right-of-use assets in the head FINANCIAL STATEMENTS the lease terms or payment terms; it will also be restated if the value of the purchase lease like any other lease. option on the underlying asset is changed or if any changes in the index or rate used If the net book value of the right-of-use asset in the head lease exceeds the income to determine future payments occur. expected from the sub-lease, this might indicate that there has been a loss in the value of the right-to-use asset in the head lease. The loss in value of a right-of-use asset is measured in accordance with IAS 36. SHORT-TERM LEASES AND LOW VALUE ASSETS If the sub-lease is classified as a finance lease, the head lessor eliminates the right- The Group applies the exemption relative to leases for low value assets like, for of-use asset from the head lease as of the commencement date of the sub-lease and example PCs, printers, electronic equipment and short-term leases, namely leases continues to recognize the original lease liability as per the lessee’s accounting model. STATEMENT with a term of less than 12 months without purchase options, with the exception of the assets classed as “stores”. The rent payable under short-term leases and leases for low value assets are recognized as costs on a straight-line basis over the lease 45.15. FINANCIAL ASSETS AND LIABILITIES CONSOLIDATED SUSTAINABILITY term. 45.15.1 FINANCIAL ASSETS (EXCLUDING DERIVATIVES) THE GROUP AS LESSOR The Group’s financial assets are classified based on the business model used to Leases which leave all the risks and benefits associated with ownership of the asset manage them and the nature of the relative cash flows. are classified as operating leases. Lease income stemming for the operating lease must be recognized on a straight-line basis over the lease term and recognized as a) Financial assets valued at amortized cost REPORT revenue in the income statement. The initial negotiation costs are added to the ON OPERATIONS book value of the leased asset and are recognized on a straight-line basis over the Financial assets that meet the following requirements are classified in this category: lease term. Unplanned leases are recognized as revenue in the period in which they mature. i) assets held as part of a business model where the objective of the entity’s business model is collecting contractual cash flows; and ii) the cash flows contemplated under the contract refer solely to payments of the principal and interest on the amount of the principal to be repaid. AMPLIFON AT A GLANCE 316 --- ANNUAL REPORT 2025 These are mainly trade receivables, loans and other receivables. b) Financial assets at fair value recognized through the comprehensive income statement (“FVOCI”) The trade receivables without a significant financing component are recognized at the price of the relative transaction (determined in accordance with IFRS 15 Revenue Financial assets that meet the following requirements are classified in this category: from contracts with customers). assets held as part of a business model where the objective of the entity’s business model is collecting contractual cash flows and selling the assets and the cash flows The other receivables and loans are recognized in the financial statements at fair contemplated under the contract refer solely to payments of principal and interest value plus any ancillary costs attributable directly to the transactions that generated on the amount of principal to be repaid. them. These include trade receivables that the Group sometimes used in factoring without After initial recognition, the effective interest rate applied to financial assets measured recourse transactions. at amortized cost, with the exception of receivables without a significant financing CONSOLIDATED component, is used to determine interest income which is recognized in profit or These assets are initially recognized in the financial statements at their fair value plus FINANCIAL STATEMENTS loss. The effects of this measure are recognized among the financial components of any ancillary costs directly attributable to the transactions generating them. After income. initial recognition, the measurement is updated and any changes in fair value are recognized in the comprehensive income statement. With reference to the impairment model, the Group evaluates the receivables by The impairment model used is described in a) above. adopting an expected loss logic. c) Financial assets at fair value recognized through the consolidated income The Group used a simplified approach to measure trade receivables which does not statement (“FVPL”) call for periodic adjustments of the credit risk nor of the expected credit loss (“ECL”) calculated over the life of the receivable (“lifetime ECL”). Financial assets which are not classified in the other categories (i.e. residual category). STATEMENT These are mainly derivatives. More in detail, the policy implemented by the Group calls for the stratification of trade receivables broken down into similar risk categories. Different percentages Assets belonging to this category are initially recognized at fair value. CONSOLIDATED SUSTAINABILITY of impairment are applied to these categories based on the expected level of recoverability which refer to historical percentages and any forward-looking elements The ancillary costs incurred when the asset is recognized are immediately recognized that could affect recoverability. The trade receivables are written off entirely if there in the consolidated income statement. After initial recognition, the FVPL are measured is not a reasonable expectation of recoverability (i.e. past due above a certain level, at fair value. bankruptcy and/or legal proceedings). The gains and losses stemming from changes in fair value are recognized in the The Group uses a general approach for the measurement of the long-term financial consolidated income statement for the reporting period under “Gains (losses) from receivables relating to the loans granted by American subsidiaries to franchisees and assets measured at fair value”. REPORT members of the Elite network in order support investment and development in the ON OPERATIONS United States which requires the checking of any increase in the credit risk at the end The purchases and disposals of financial assets are accounted for on the settlement date. of each reporting period. Financial assets are derecognized from the financial statements when the related Impairment recognized pursuant to IFRS 9 is presented in the income statement, net contractual rights expire, or when the Group transfers all the risks and rewards of of any positive effects stemming from releases or reversals, as operating costs. ownership associated with the financial asset. AMPLIFON AT A GLANCE 317 --- ANNUAL REPORT 2025 45.15.2. FINANCIAL LIABILITIES (EXCLUDING DERIVATIVES) 45.15.3. DERIVATIVE FINANCIAL INSTRUMENTS Financial liabilities include financial payables, lease obligations and trade payables. The Group enters into derivative financial instruments for the purpose of neutralizing Amounts Financial liabilities include financial payables, lease obligations and trade the financial risks it is exposed to and which it decides to hedge in accordance with its payables. Amounts payable to banks and other lenders are initially recognized at fair value adopted strategy (see note 42). less any directly attributable transaction costs and subsequently valued at amortized cost based on the effective interest rate. If there is a change in the forecast cash flow the The documentation which formalizes the hedging relationship for the purpose of the value of the liabilities is recalculated in order to reflect this change based on the present application of hedge accounting includes the identification of: value of the new future cash flows and the internal rate of return initially determined. • the hedging instrument; Whenever legal rights to compensation arise, the Group decides whether or not to • the hedged item or transaction; show cash and cash equivalents net of bank overdrafts. • the nature of the risk; CONSOLIDATED • the methods that the company intends to adopt to assess the effectiveness of the FINANCIAL STATEMENTS Trade payables are obligations to pay for goods and services acquired from suppliers hedge in offsetting the exposure to changes in the fair value of the hedged item or as part of general business operations. The amounts owed suppliers are classified as the cash flows associated with the risk that is hedged against. current liabilities if the payment will be made within a year of the relative reporting period. Conversely, these payables are classified as non-current liabilities. On initial recognition these instruments are measured at fair value. On subsequent reporting dates the fair value of derivatives must be re-measured and: The trade and other payables are initially measured at fair value and subsequently using the amortized cost method. i) if these instruments fail to qualify for hedge accounting, any changes in fair value When a financial liability is hedged against interest rate risk in a fair value hedge, any that occur after initial recognition are taken to profit and loss; changes in fair value due to the hedged risk are not included in the amortized cost ii) if these instruments qualify as fair value hedges, from that date any changes in STATEMENT calculation. These changes are amortized starting from the moment fair value hedge the fair value of the derivative are taken to profit and loss; at the same time, accounting is discontinued. any fair value changes due to the hedged risk are recorded as an adjustment to the book value of the hedged item and the same amount is recorded in the CONSOLIDATED SUSTAINABILITY Payables relating to the purchase consideration of tax credits arising from Superbonus income statement; any ineffectiveness of the hedge is recognized in profit and discounts are recognised when the tax credits are made available in the tax account loss in an item separate from that in which changes in the fair value of the hedging and are measured at amortised cost. instrument and the hedged item are recognized; iii) if these instruments qualify as cash flow hedges, starting from that date, any With regard to lease liabilities, please refer to section 45.14. Leasing. changes in the fair value of the derivative are recognized in net equity, but only to the extent of the effective amount of the hedge, with the amount of any Financial liabilities are derecognized when the underlying obligation is extinguished, hedge ineffectiveness being recognized in the income statement; changes in the cancelled or fulfilled. fair value of the derivative that are recognized in net equity are subsequently REPORT transferred to the income statement in the period in which the transaction that ON OPERATIONS Contractual amendments relating to financial liabilities are assessed from a is hedged against affects the income statement; when the hedged item is the qualitative and quantitative point of view (using the 10% test) to determine whether purchase of a non-financial asset, changes to the fair value of the derivative taken they are of a substantial nature and therefore require a derecognition of the original to equity are reclassified and adjusted according to the purchase cost of the asset debt In the event of non-substantial amendments, the Group recognizes the impact which is the hedged item (referred to as basis adjustment); of those changes in the income statement. iv) if these instruments qualify as hedges of net investment of a foreign operation, starting from that date any changes in the fair value of the derivative are adjusted In the case of put and call granted to minority shareholders and which guarantee as part of the “translation difference”, to the extent of the effective amount of the them the settlement in cash in exchange for available liquidity or other financial hedge and the ineffective portion is charged to the income statement; assets, the Group, in accordance with IAS 32, records a financial liability equal to v) hedging is carried out by the designated instrument, considered as a whole. In the best estimate of the exercise price of the option. This liability is subsequently the case of options or forward contracts, however, only part of the derivative AMPLIFON AT A GLANCE remeasured at each closing date. Based on the Group’s accounting policy any change instrument is designated as the hedging instrument; the remainder is recognized in the value of the liability is recognized in net equity. in the income statement. More specifically, in the case of options, only the 318 --- ANNUAL REPORT 2025 changes in fair value due to changes in the intrinsic value are designated as a hedging instrument; conversely, fair value changes of options due to changes in 45.17. CASH AND CASH EQUIVALENTS the time value are recognized in the income statement and are not considered in the assessment of the hedge effectiveness. In the case of forward contracts, only AND FINANCIAL ASSETS changes in fair value due to changes in the spot rate are designated as a hedging instrument; conversely fair value changes due to changes in the forward points The item cash and cash equivalents comprise liquid funds and financial investments are recognized in the income statement and are not considered in the assessment with a maturity, at the acquisition date, of less than three months and for which there of the hedge effectiveness. is an insignificant risk of a change in value. These financial assets are recorded at their nominal value. If the hedge becomes ineffective or the Group changes its hedging strategies, hedge accounting is discontinued. In particular, hedge accounting is discontinued prospectively when the hedge becomes ineffective or when there is a change in the 45.18. PROVISIONS FOR RISKS AND CHARGES CONSOLIDATED hedging strategies. FINANCIAL STATEMENTS Provisions for risks and charges relate to costs and charges of a specific nature which If, in a fair value hedge, the hedged item is a financial instrument measured using are certain or probable and whose amount or timing is uncertain at the reporting date. the effective interest rate method, the adjustments made to the book value of the hedged item are amortized starting from the date when fair value hedge accounting Provisions are recognized if the following conditions apply: (i) the Group has a present is discontinued and the hedged item is no longer adjusted for fair value changes obligation (legal or constructive) that has arisen as a result of a past event; (ii) it is attributable to the hedged risk. probable that the fulfilment of the obligation will require the use of resources which produce economic benefits; (iii) the amount can be estimated reliably. Financial instruments hedging exchange rate risk due to forecasted transactions and firm commitments are represented on the statement of financial position according The amount recognized as a provision in the financial statements represents the best STATEMENT to the cash-flow hedge accounting model. estimate of the expenditure required by the company to settle the obligation at the reporting date or to transfer it to a third party. Derivatives are recognized as assets if their fair value is positive and as liabilities CONSOLIDATED SUSTAINABILITY if their fair value is negative. These balances are shown under current assets or When the financial effect of time is significant and the settlement dates of the liabilities if related to derivatives which do not qualify for hedge accounting criteria, obligations can be reliably estimated, the provision is discounted; when the provision conversely, they are classified according to the hedged item. is discounted, the increase in the provision due to the passage of time is recognised in the income statement as a finance cost. In particular, if the hedged item is classified as a current asset or liability, the positive or negative fair value of the hedging instrument is included under current assets Specifically: or liabilities; if the hedged item is classified as a non-current asset or liability, the positive or negative fair value of the hedging instrument is included under non- • the agents’ leaving indemnity includes the estimate of amounts due to agents, REPORT current assets or liabilities. calculated using actuarial methods and having regard to the probability that such ON OPERATIONS amounts will be paid, as well as the expectations as to the time of payment; • the warranty and repair provision includes the estimate of costs for warranty 45.16. INVENTORIES services to be provided on products sold, calculated on the basis of historical/ statistical data and the warranty period; Inventories are valued at the lower of purchase or production cost and their net • the provision for risks arising from legal disputes includes the estimate of charges realizable value, represented by their open market value. Inventories are valued relating to legal disputes with employees or agents or associated with the provision using the weighted average cost method. of services. • The dismantling and restoration provision includes the estimate of the costs to be incurred to restore the leased premises, at the end of the lease term, to the condition required by the lease agreement. AMPLIFON AT A GLANCE 319 --- ANNUAL REPORT 2025 In case of free stock allotment (i.e. “stock grant”), the corresponding increase in net 45.19. EMPLOYEES’ BENEFITS equity is recognized at the end of the vesting period. Which due to their characteristics can be classified as either defined-contribution or defined-benefit plans. 45.21. REVENUES Under a defined-contribution plan the company’s obligation is limited to the payment of the contributions agreed with the employees and it is determined REVENUES FROM CONTRACTS WITH CLIENTS on the basis of the contributions due at the end of the period, as reduced by any amounts already paid. The revenues from contracts with customers are recognized in accordance with IFRS 15. Under defined-benefit plans the liability recorded in the books is equal to: (a) the CONSOLIDATED present value of the defined-benefit obligation at the reporting date; (b) plus any Based on the five-step model introduced in IFRS 15, the Group records revenue FINANCIAL STATEMENTS actuarial gains (minus any actuarial losses); (c) less any past service costs that have after having identified the contracts with its customer and the relative performance not yet been recorded; (d) less the fair value at the reporting date of plan assets (if obligations (transfer of control of goods and/or services), determined the any) out of which the obligations are to be settled directly. consideration to which it is entitled upon satisfaction of each of the obligations, as well as the way these obligations will be satisfied (at a point in time or over time). Under defined-benefit plans, the cost charged to the income statement is equal to the algebraic sum of the following elements: (a) current service cost; (b) the financial The Group will recognize revenue once the criteria for the identification of the charges arising from the increase in liability due to the passage of time; (c) the contract with the customer are satisfied, the parties are involved in fulfilling the expected return on plan assets; (d) past service cost; (e) the effect of any curtailments respective obligations and it is probable that the Group will receive the consideration or settlements under the plan. to which it is entitled in exchange for the goods and services transferred to the STATEMENT customer. Actuarial gains and losses are recognized in other comprehensive income. The main performance obligations identified by the Amplifon Group involve: the CONSOLIDATED SUSTAINABILITY Net financial charges on defined-benefit plans are recognized in profit or loss under hearing aid and fitting, which represent a single inseparable performance obligation, financial income and charges. after sales care, extended warranties which are above and beyond normal supplier warranties, the material rights (discounts on future purchases and loyalty points) and accessories (batteries, cleaning kits) provided to the customer. 45.20. STOCK GRANT The goods and services may be sold separately or bundled. The Group grants the right to participate in share capital plans (stock grants) to certain top executives and other beneficiaries who hold key positions within the The transaction price, which represents the amount the entity expects to receive REPORT Group. Stock grants are equity settled, and the beneficiary receives a free allotment from the customer for the goods and services provided, is allocated based on the ON OPERATIONS of shares in Amplifon S.p.A. at the end of the vesting period. stand-alone selling prices of the relative performance obligations. The relative fair value is recognized in the income statement under personnel The stand-alone selling price is determined based on observable prices when expenses over the period from the date they are granted to the vesting date and available, while for goods and services not sold separately (for example after sales a corresponding amount is recorded in a net equity reserve. The fair value of stock services) and when observable market prices are not available the cost plus a margin grants is determined at the date they are granted, taking account of the market method is used. conditions at that date. Any commercial discounts are allocated to the different performance obligations that At each reporting date, the Group reviews the assumptions about the number of make up the bundle sold to the customer, with the exception of after sales services in rights which are expected to be exercised and records the effect of any change in proportion to the weight of the relative stand-alone selling price. AMPLIFON AT A GLANCE estimate in the income statement adjusting the corresponding net equity reserve. 320 --- ANNUAL REPORT 2025 Revenues are recognized when control of the goods and services has been transferred to the customer and performance obligations have been satisfied. This can happen 45.23. CURRENT AND DEFERRED TAXES at a point in time or over time. Current income tax payables and receivables are recorded at the amount that is Revenues realized over time, represented typically by after sales services, extended expected to be paid to/received from the tax authorities at the rates enacted or warranties, and accessories supplied over time, are recognized based on the level to substantially enacted, and the laws in force at the reporting date. which the different contractual performance obligations have been satisfied. More in detail, transfer over time is measured based on the input method, namely taking into Deferred tax assets and liabilities are recognized on temporary differences between account the work done (inputs) by the Group to fulfill each performance obligation. the value of assets and liabilities in the financial statements and the corresponding The up-front fee paid by franchisees is considered a revenue stream generated over tax bases. time and is recognized over the life of the franchising agreement. Deferred income taxes are not recognized: (i) when they derive from the initial CONSOLIDATED Revenues realized at a point in time refer to the transfer of goods and services that recognition of goodwill or of an asset or liability in a transaction other than a business FINANCIAL STATEMENTS the customer receives and consumes at the same time. combination and which, at the time of the transaction, does not affect either the These are generally attributable to the sale of hearing aids and relative fitting, accounting profit or the taxable profit /loss; (ii) when they relate to temporary accessories and a few services that are sold separately. In these situations, revenue differences related to investments in subsidiaries and joint ventures, where the is recorded when control of the good of service is transferred to the customer. reversal of temporary differences may be controlled and it is probable that it will not occur in the foreseeable future. The performance obligation to transfer control of the goods and services over time is recognized under “Contractual liabilities”. Deferred tax assets, including those arising from unused tax losses and tax credits, The Group incurs costs to acquire and fulfill contracts over time. These costs, which are recorded only to the extent their recovery is highly probable. typically include commissions and bonuses paid to employees and agents for each STATEMENT sale made that will be recovered through the revenues generated by the contract, Deferred tax assets are not discounted to present value and are calculated using are capitalized as contract costs and amortized based on the progress made in the tax rates that are expected to apply when the taxes are paid or settled in the transferring the goods and services to the customer over time. respective countries where the Group operates. CONSOLIDATED SUSTAINABILITY The contract costs are recognized as assets in a specific line of the financial statement (Short-term and long-term deferred assets arising from contract costs). Deferred tax assets and liabilities are debited or credited directly to net equity if they relate to elements which are recognized directly in net equity. Deferred tax assets and liabilities are recorded respectively under non-current assets and liabilities and PUBLIC CONTRIBUTIONS are offset only when a legally enforceable right to offset current tax assets against current tax liabilities exists and this will result in a lower tax charge. Moreover, when Public contributions received are presented as a reduction of the reference cost there is a legally enforceable right of set-off, deferred tax assets and deferred tax REPORT item or are shown among other revenues/income when not directly attributable to a liabilities are offset only if at the time of their reversal they will not generate any ON OPERATIONS specific cost item, taking into account the nature of the contribution itself. current tax asset or liability. When an asset is revalued for tax purposes and the revaluation does not relate to an 45.22. DIVIDENDS accounting revaluation of an earlier period, or to one that is expected to be carried out in a future period, deferred tax assets are recognized in the income statement on The dividends are recognized as profit (loss) for the year only when: the temporary difference arising as a result of the revaluation. a) the entity’s right to receive a dividend arises; The current and deferred tax assets and liabilities must be recognized and measured b) it’s likely that the economic benefits stemming from the dividend will flow to the in accordance with IAS 12 namely based on the taxable income (losses), the amounts entity; and for tax purposes, unused tax losses, unused tax credits, and tax rates determined AMPLIFON AT A GLANCE c) the amount of the dividend can be reliably measured. based on IFRIC 23. 321 --- ANNUAL REPORT 2025 In the presence of uncertainties in the application of tax legislation, in accordance Purchases and disposals of treasury shares, as well as any gains or losses on with IFRS 23 interpretation, the Group: purchase/disposal, are recognized in the financial statements as changes in net equity. Dividends distributed to the shareholders are recorded as a reduction in net i) in cases where it deems probable that the tax authority will accept the uncertain equity and as a liability of the period when the dividend payment is approved by the tax treatment, it determines the income taxes (current and/or deferred) to be Shareholders’ Meeting. recognized in the financial statements according to the tax treatment applied or which it plans to apply at the time of tax declaration; ii) in cases where it deems unlikely that the tax authority will accept the uncertain 45.26. EARNINGS (LOSS) PER SHARE tax treatment, it reflects such uncertainty in the determination of income taxes (current and/or deferred) to be recognized in the financial statements; Earnings per share is determined by comparing the Group’s net profit to the iii) the uncertain tax asset/liability are to be represented in the items that include the weighted-average number of shares outstanding during the accounting period. assets and liabilities for income taxes and not in other balance sheet items. For the calculation of diluted earnings per share, the weighted average number of CONSOLIDATED shares outstanding is adjusted assuming the conversion of all potential shares with FINANCIAL STATEMENTS The Group has applied the temporary exception provided by the amendment to IAS a dilutive effect. 12, issued by the International Accounting Standards Board (“IASB”) on 23 May 2023, concerning the recognition and related disclosures in the consolidated financial statements of deferred tax assets and liabilities arising from the application of the 45.27. ACCOUNTING STANDARDS Global Minimum Tax, as set out in Council Directive (EU) 2022/2523 of 14 December 2022 (the “Directive”), within the framework of the Global Anti-Base Erosion Model FOR HYPERINFLATIONARY COUNTRIES Rules (“Pillar Two”). The Group companies operating in hyperinflationary countries (Argentina) restate non-monetary assets and liabilities found in their original financial statements in STATEMENT 45.24. VALUE ADDED TAX order to eliminate any distortions due to the currency’s loss of purchasing power. The inflation rate used in this instance corresponds with the consumer price index. Revenues, costs and assets are recognized net of valued added tax (VAT), except The companies operating in countries in which the cumulative three-year rate of CONSOLIDATED SUSTAINABILITY where VAT applied to the purchase of goods or services is non-deductible, in which inflation is close to or exceeds 100% use the hyperinflationary accounting measures case it is recognized as part of the purchase cost of the asset or as part of the expense and cease to do so when the cumulative three-year rate of inflation falls below 100%. recorded in the income statement. The net amount of indirect tax on sales which may be recovered from/paid to the The gains or losses on the net monetary position are recorded in the income statement. Tax Authorities is included in the financial statements under other receivables or payables, depending on whether it is a debit or a credit balance. The financial statements drafted in currencies other than the euro by Group companies operating in hyperinflationary countries are converted into euros based on the exchange rate at the end of the reporting period both for balance sheet items REPORT 45.25. SHARE CAPITAL, TREASURY SHARES, and for economic ones. ON OPERATIONS DIVIDEND DISTRIBUTION AND OTHER NET EQUITY ITEMS Ordinary shares issued by the parent company Amplifon S.p.A. are classified as part of net equity. Any costs incurred to issue new shares, are classified as a reduction of net equity. AMPLIFON AT A GLANCE 322 --- ANNUAL REPORT 2025 45.28. NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS The company classifies a non-current asset (or a disposal group) as held for sale if its carrying amount will be recovered mainly through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Selling costs are the incremental costs directly attributable to the disposal of an asset (disposal CONSOLIDATED group), excluding financial expenses and income tax expenses. FINANCIAL STATEMENTS The criteria for classifying assets held for sale are considered to be met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. The actions required to complete the disposal program should demonstrate that it is unlikely that the program will be significantly modified or canceled. Management must be committed to the plan to sell the asset and the disposal should be expected to be completed within one year of the date of classification. STATEMENT The entity does not classify as held for sale a non-current asset (or disposal group) that is intended to be discontinued. CONSOLIDATED SUSTAINABILITY However, if the disposal group to be abandoned represents a component of an entity that has been discontinued or classified as held for sale, and: a) represents a major independent line of business or geographical area of operations; a) it is part of a single coordinated plan to dispose of a significant self-contained business or geographical area of operations, or a) it is a subsidiary acquired exclusively with a view to resale; REPORT ON OPERATIONS the entity shall present the results and cash flows of the disposal group in the financial statements as discontinued operations. Non-current assets (or disposal groups) to be abandoned include non-current assets (or disposal groups) to be used until the end of their useful life and non-current assets (or disposal groups) intended to be retired from use rather than sold. Property, plant, and equipment and intangible assets are not amortized once classified as held for sale. Discontinued operations are presented as a single amount as profit or loss after tax from discontinued operations in the income statement. AMPLIFON AT A GLANCE 323 --- ANNUAL REPORT 2025 46. SUBSEQUENT EVENTS On 2 March 2026, Amplifon S.p.A. completed the disposal of its UK business to Hidden Hearing (Demant Group), a well-established player in the British market. In connection with the above disposal transaction, as at 31 December 2025 the assets and liabilities relating to Amplifon United Kingdom Limited and its subsidiaries, subject to the disposal agreement, were reclassified to “Assets held for sale” and “Liabilities held for sale”. The UK activities, which include a network of approximately 100 direct clinics across England and Wales and a workforce of around 260 employees, generated annual revenues of 33 million euros in 2025 and had a dilutive impact on the Group’s EBITDA margin. This divesture stems from a comprehensive review of Amplifon’s business segments under the “Fit4Growth” performance enhancement program. The disposal will result, in the first quarter of 2026, in the recognition in the income statement of non-recurring and non-cash charges of approximately €18 million, arising from the reclassification to profit or loss of the cumulative negative foreign exchange differences previously recognised in equity, in accordance with the applicable IFRS requirements upon realisation of the foreign currency translation reserve following disposal of a foreign operation. Net of these accounting effects, the disposal is expected CONSOLIDATED to contribute positively to the Group’s profitability. FINANCIAL STATEMENTS In February 2026, Amplifon Nederland B.V. entered into an agreement for the disposal of its interest in the Dutch joint venture Comfoor B.V., accounted for in the consolidated financial statements using the equity method. In view of the completion of the transaction, as at 31 December 2025 the carrying amount of the investment was reclassified to “Assets held for sale”, in accordance with the applicable IFRS requirements for the classification of assets held for disposal. As from 2026, a contract with an insurance company in the US managed care segment expired. The agreement, whose contribution to the Group’s total annual revenues was marginal (approximately 1%), had profitability prospects that were not aligned with Amplifon’s objectives, in a context of lower growth and reduced attractiveness of the insurance segment in the United States. The Company’s objective in this segment is to undertake a strategic review of its business, including through a more diversified customer base. STATEMENT th Milan, March 4 , 2026 CONSOLIDATED SUSTAINABILITY CEO Enrico Vita REPORT ON OPERATIONS AMPLIFON AT A GLANCE 324 --- ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 325 --- ANNUAL REPORT 2025 ANNEX I CONSOLIDATION AREA 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 area of Amplifon S.p.A. at 31 December 2025. CONSOLIDATED PARENT COMPANY: FINANCIAL STATEMENTS 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: % held as at Company name Head office Direct/Indirect ownership Currency Share Capital 12/31/2025 Amplifon Rete Milan (Italy) I EUR 36,750 2.60% STATEMENT Amplifon Italia S.p.A. Milan (Italy) D EUR 100,000 100.00% C.I.S.A.S. S.r.l. Naples (Italy) I EUR 10,000 100.00% CONSOLIDATED SUSTAINABILITY SCI Eliot Leslie (*) Lyon (France) I EUR - 100.00% Amplifon France SAS Paris (France) D EUR 173,550,898 100.00% NADOV AUDITION Juvisy (France) I EUR 5,000 100.00% PASTEL AUDIOLOGIE VilleFranche-de-Lauragais (France) I EUR 818,000 100.00% PASTEL AUDITION Castanet-Tolosan (France) I EUR 10,000 100.00% Acoustiques des Halles Bayonne (France) I EUR 80,000 100.00% REPORT Audioconseil Redon (France) I EUR 102,800 100.00% ON OPERATIONS Audition Oscar Thuaire Mont-de-Marsan (France) I EUR 5,000 100.00% Clarté Audition Sanguinet Sanguinet (France) I EUR 1,000 100.00% Clarté Audition Nord Landes Biscarrosse (France) I EUR 1,000 100.00% LCA Bagnols sur Cèze Bagnols-Sur-Ceze (France) I EUR 1,524 100.00% Amplifon Iberica SA Barcelona (Spain) D EUR 26,578,809 100.00% Microson (MIC) Barcelona (Spain) D EUR 61,752 100.00% Amplifon LATAM Holding S.L. Barcelona (Spain) I EUR 3,000 100.00% Audifonos factory, S.L. Malaga (Spain) I EUR 3,000 100.00% AMPLIFON AT A GLANCE Audifonos Sevillaudio, S.L. Malaga (Spain) I EUR 10,000 100.00% 326 --- ANNUAL REPORT 2025 % held as at Company name Head office Direct/Indirect ownership Currency Share Capital 12/31/2025 Audio Diagnostics, S.L. Malaga (Spain) I EUR 30,000 100.00% Audio Elite sur, S.L. Malaga (Spain) I EUR 20,000 100.00% Audiolmenes, S.L. Malaga (Spain) I EUR 3,000 100.00% Corbaudio Centros Auditivos, S.L. Cordoba (Spain) I EUR 3,000 100.00% Talayoaudio, S.L.U. Marbella (Spain) I EUR 3,000 100.00% Tecnoaudifonos, S.L.U. (*) Malaga (Spain) I EUR 6,000 100.00% Audio Nevada, S.L. Malaga (Spain) I EUR 10,000 100.00% Audioliva, S.L. Jaen (Spain) I EUR 3,000 100.00% CONSOLIDATED Centro Audio Granada, S.L. Granada (Spain) I EUR 36,000 100.00% FINANCIAL STATEMENTS Futurooigo, S.L. Malaga (Spain) I EUR 3,000 100.00% Centro Auditivo Sent, S.L. Granada (Spain) I EUR 3,000 100.00% Esteponaudio, S.L. Estepona (Spain) I EUR 3,000 100.00% Recimetal Cordoba, S.L. (*) Marbella (Spain) I EUR 23,095 100.00% Soluciones Auditivas de la Subbetica, S.L. Rute (Spain) I EUR 3,000 100.00% Soluciones Auditivas y Visuales Gonzales, S.L. Malaga (Spain) I EUR 29,000 100.00% Soluciones Profesionales de Audiologia, S.L. Malaga (Spain) I EUR 23,408 100.00% STATEMENT Sonic Technology España, S.L. Fuengirola (Spain) I EUR 9,015 100.00% Sontec Centros Auditivos, S.L. Mijas (Spain) I EUR 3,000 100.00% CONSOLIDATED SUSTAINABILITY Amplifon Portugal SA Lisboa (Portugal) I EUR 15,520,187 100.00% Amplifon Magyarország Kft Budapest (Hungary) D HUF 723,500,000 100.00% Amplibus Magyarország Kft Budaörs (Hungary) I HUF 3,000,000 100.00% Amplifon AG Baar (Switzerland) D CHF 1,000,000 100.00% Amplifon Nederland BV Doesburg (Netherlands) D EUR 74,212,052 100.00% Auditech BV Utrecht (Netherlands) I EUR 22,500 100.00% REPORT Electro Medical Instruments BV Utrecht (Netherlands) I EUR 16,650 100.00% ON OPERATIONS Beter Horen BV Utrecht (Netherlands) I EUR 18,000 100.00% Amplifon Customer Care Service BV (*) Elst (Netherlands) I EUR 18,000 100.00% Amplifon Belgium NV Bruxelles (Belgium) D EUR 495,800 100.00% Amplifon RE SA Luxembourg (Luxembourg) D EUR 7,500,000 100.00% Amplifon Deutschland GmbH Hamburg (Germany) D EUR 6,026,000 100.00% Focus Hören AG Willroth (Germany) I EUR 485,555 100.00% focus hören Deutschland GmbH Willroth (Germany) I EUR 25,000 100.00% Amplifon Poland Sp.z.o.o. Lodz (Poland) D PLN 3,349,220 100.00% AMPLIFON AT A GLANCE Amplifon Aparaty Sluchowe Sp. z o.o. Poznań (Poland) I PLN 8,050,000 100.00% 327 --- ANNUAL REPORT 2025 % held as at Company name Head office Direct/Indirect ownership Currency Share Capital 12/31/2025 Amplifon UK Ltd Manchester (United Kindgdom) D GBP 130,951,168 100.00% Amplifon Ltd Manchester (United Kindgdom) I GBP 1,800,000 100.00% Ultra Finance Ltd (*) Manchester (United Kingdom) I GBP 75 100.00% Medtechnica Ortophone Ltd Tel Aviv (Isarel) D ILS 1,100 100.00% Amplifon Hearing Middle East Cairo (Egypt) D EGP 3,000,000 51.00% Miracle Ear Inc. St. Paul (United States) I USD 5 100.00% Amplifon Hearing Health Care, Corp. St. Paul (United States) I USD 10 100.00% Ampifon IPA LLC (*) New York (United States) I USD - 100.00% CONSOLIDATED Amplifon USA Inc. Dover (United States) D USD 52,500,010 100.00% FINANCIAL STATEMENTS METX Waco (United States) I USD - 100.00% MEFL Waco (United States) I USD - 100.00% ME Tampa Waco (United States) I USD - 100.00% MENM Waco (United States) I USD - 100.00% ME Flagship LLC Wilmington (United States) I USD - 100.00% ME Pivot Holdings LLC Minneapolis (United States) I USD 2,000,000 100.00% MEOH LLC Minneapolis (United States) I USD - 100.00% STATEMENT Safe in Sound Hearing, LLC (*) Phoenix (United States) I USD - 100.00% SISH Tucson, LLC (*) Tucson (United States) I USD - 100.00% CONSOLIDATED SUSTAINABILITY Miracle Ear Canada Ltd Vancouver (Canada) I CAD 178,701,200 100.00% Great to Hear Inc. (*) Manitoba (Canada) I CAD - 100.00% Hometown Hearing Centre Inc (*) Bancroft (Canada) I CAD - 100.00% Audia Hearing Aid Centre Inc (*) Ontario (Canada) I CAD - 100.00% Hearing Institute of Ontario (*) Ontario (Canada) I CAD - 100.00% Pure Audiology (*) Oakville (Canada) I CAD - 100.00% REPORT St. Thomas Hearing Clinic (*) St. Thomas (Canada) I CAD - 100.00% ON OPERATIONS Sunnybank Enterprises, Inc. (*) Parksville (Canada) I CAD - 100.00% GAES Chile (CHI) Santiago de Chile (Chile) I CLP 1,901,686,034 100.00% GAES Servicios Corporativo de Latinoamerica SpA (*) Santiago de Chile (Chile) I CLP 10,000,000 100.00% Audiosonic Chile S.A. Santiago de Chile (Chile) I CLP - 99.00% GAES Argentina (ARG) Buenos Aires (Argentina) I ARS 120,542,331 100.00% GAES Colombia (COL) Bogotà (Colombia) I COP 22,000,000,000 100.00% GAES Ecuador (ECU) Quito (Ecuador) I USD 430,337 100.00% GAES Mexico (QMX) Ciudad de México (Mexico) I MXN 276,477,133 100.00% AMPLIFON AT A GLANCE Compania de Audiologia y Sistemas Medicos (CASMED) Aguascalientes (Mexico) I MXN 43,306,212 100.00% 328 --- ANNUAL REPORT 2025 % held as at Company name Head office Direct/Indirect ownership Currency Share Capital 12/31/2025 GAES Panama (QPA) Panama (Panama) I PAB 510,000 100.00% Audical S.A.S. Montevideo (Uruguay) D UYU 500,000 100.00% Centro Auditivo S.A.S. Montevideo (Uruguay) D UYU 500,000 100.00% Ikako S.A. Montevideo (Uruguay) D UYU 100,000 100.00% Amplifon Australia Holding Pty Ltd Sydney (Australia) D AUD 392,000,000 100.00% National Hearing Centres Pty Ltd Sydney (Australia) I AUD 100 100.00% National Hearing Centres Unit Trust Sydney (Australia) I AUD - 100.00% Otohub Trust Sydney (Australia) D AUD - 100.00% CONSOLIDATED Otohub Australasia Sydney (Australia) D AUD 10 100.00% FINANCIAL STATEMENTS Attune Hearing Pty Ltd Brisbane (Australia) D AUD 14,771,093 100.00% Attune Workplace Hearing Pty Ltd Brisbane (Australia) I AUD 1 100.00% Ear Deals Pty Ltd Brisbane (Australia) I AUD 300,000 100.00% Bay Audio Pty Limited Sydney (Australia) D AUD 10,000 100.00% Amplifon Asia Pacific Pte Limited Singapore (Singapore) I SGD 12,922,050 100.00% Amplifon NZ Ltd Takapuna (New Zealand) I NZD 130,411,317 100.00% Bay Audiology Ltd (*) Takapuna (New Zealand) I NZD - 100.00% STATEMENT Dilworth Hearing Ltd (*) Auckland (New Zealand) I NZD - 100.00% Auckland Hearing Limited (*) Auckland (New Zealand) I NZD - 100.00% CONSOLIDATED SUSTAINABILITY Hearing Health Limited (*) Auckland (New Zealand) I NZD - 100.00% Amplifon (India) Pvt Ltd Gurgaon (India) I INR 2,550,000,000 100.00% Beijing Amplifon Hearing Technology Center Co. Ltd. Běijīng (China) D CNY 2,143,685 100.00% Tianjin Amplifon Hearing Technology Co. Ltd Tianjin (China) I CNY 3,500,000 100.00% Shijiazhuang Amplifon Hearing Technology Center Co. Ltd Shijiazhuang (China) I CNY 100,000 100.00% Amplifon (China) investment Co., Ltd. Shanghai (China) D CNY 664,890,351 100.00% REPORT Hangzhou Amplifon Hearing Aid Co. Ltd Hangzhou (China) D CNY 11,000,000 100.00% ON OPERATIONS Zhengzhou Yuanjin Hearing Technology Co., Ltd. Zhengzhou (China) I CNY - 100.00% Wuhan Amplifon Hearing Aid Co., Ltd Wuhan (China) I CNY 48,500,000 100.00% Shanghai Amplifon Hearing Technology Co. Ltd Shanghai (China) I CNY 50,000,000 100.00% Nanjing Amplifon Hearing Aid Co. Ltd Nanjing (China) I CNY 37,500,000 100.00% Shanxi Amplifon Hearing Aid Co., Ltd. Taiyuan (China) I CNY 30,000,000 100.00% Henan Amplifon Hearing Aid Co., Ltd. Zhengzhou (China) I CNY 1,000,000 100.00% Fuzhou Tingan medical device co. ltd. Fuzhou (China) I CNY 20,000,000 100.00% Chongqing Amplifon Hearing Aids Co. Ltd. Chongqing (China) I CNY 10,000,000 100.00% AMPLIFON AT A GLANCE Sichuan Amplifon Hearing Aid Co., Ltd. Chengdu (China) I CNY 24,000,000 100.00% 329 --- ANNUAL REPORT 2025 % held as at Company name Head office Direct/Indirect ownership Currency Share Capital 12/31/2025 Ningxia Amplifon Hearing Aid Co., Ltd. Yinchuan (China) I CNY 16,000,000 100.00% Yunnan Amplifon Hearing Aid Co. Ltd. Kunming (China) I CNY 16,000,000 100.00% Shanxi Amplifon Hearing Aid Co., Ltd. Xi'an (China) I CNY 16,000,000 100.00% Company name Head office I CNY 18,000,000 100.00% Anhui Amplifon Hearing Aid business Co., Ltd. Anhui (China) I CNY 30,000,000 100.00% Anlaisheng (Inner Mongolia) Medical Devices Co., Ltd Hohhot (China) I CNY 47,000,000 100.00% Amplifon International Trade (Hangzhou) Co., Ltd Hangzhou (China) I CNY 34,000,000 100.00% (*) Dormant companies. CONSOLIDATED FINANCIAL STATEMENTS Companies valued using the equity method: % held as at Company name Head office Direct/Indirect ownership Currency Share Capital 12/31/2025 Comfoor B.V.(*) Utrecht (Netherland) I EUR 18,000 50.00% Ruti Levinson Institute Ltd (**) Ramat HaSharon (Israel) I ILS 105 20.00% Afik - Test Diagnosis & Hearing Aids Ltd (**) Jerusalem (Israel) I ILS 100 20.00% STATEMENT Lakeside Specialist Centre Ltd (**) Mairangi Bay (New Zealand) I NZD - 50.00% CONSOLIDATED SUSTAINABILITY (*) On 12 February 2026 Amplifon Nederland B.V. signed an agreement for the disposal of its interest in the Dutch joint venture Comfoor B.V. Therefore, the carrying amount of the investment in the Consolidated Financial Statements has been reclassified to “Assets and liabilities held for sale”. (**) Related companies REPORT ON OPERATIONS AMPLIFON AT A GLANCE 330 --- ANNUAL REPORT 2025 ANNEX II INFORMATION PURSUANT TO ARTICLE § 149-DUODECIES OF CONSOB ISSUERS’ REGULATIONS The following table, drawn up pursuant to Article 149-duodecies of the Consob Issuers’ Regulations, highlights the fees pertaining to 2025 for auditing services and for those other than audits provided by the auditing firm itself and by entities belonging to its network. CONSOLIDATED FINANCIAL STATEMENTS Subject that provided Description Recipient Audit Fees 2025 the service Independent audit services KPMG S.p.A. Parent Company - Amplifon S.p.A. 306,044 Services other than audits KPMG S.p.A. Parent Company - Amplifon S.p.A. 288,000 Total – Parent Company 594,044 KPMG Network Subsidiaries 1,170,728 Independent audit services KPMG S.p.A. Subsidiaries 230,736 Services other than audits KPMG Network Subsidiaries 29,400 STATEMENT Total Subsidiaries 1,430,864 Grand total 2,024,908 CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 331 --- ANNUAL REPORT 2025 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 CONSOLIDATED • the effective application of the administrative and accounting procedures for the preparation of the consolidated financial statements during the course of 2025. FINANCIAL STATEMENTS We also certify that the consolidated financial statements at 31 December 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; • have been prepared in accordance with the European Commission regulation no. 2019/815 and following modifications; • 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. STATEMENT The report on operations includes a reliable operating and financial review of the Company and all of the companies included in the consolidation area as well as a description of the main risks and uncertainties to which they are exposed. CONSOLIDATED SUSTAINABILITY th Milan, March 4 , 2026 CEO Executive Responsible for Accounting Information Enrico Vita Gabriele Galli REPORT ON OPERATIONS AMPLIFON AT A GLANCE 332 --- ANNUAL REPORT 2025 REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 333 --- ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 334 --- ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 335 --- ANNUAL REPORT 2025 CERTIFICATION OF SUSTAINABILITY REPORTING PURSUANT TO ARTICLE 81-TER, PARAGRAPH 1, OF CONSOB REGULATION NO. 11971 OF 14 MAY 1999, AS AMENDED We, the undersigned Enrico Vita, Chief Executive Officer, and Gabriele Galli, Executive Responsible for Corporate Accounting Information for Amplifon S.p.A., certify, taking into account the provisions of article § 154-bis, paragraphs 3 and 4 of Law no. 58/98 that the consolidated sustainability statement included into the report of operations has been prepared: CONSOLIDATED • In accordance with the reporting standards applied in the Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013, and the Legislative Decree No. FINANCIAL STATEMENTS 125 of 6 September 2024; • In line with the specifications adopted under Article 8, paragraph 4, of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020. th Milan, March 4 , 2026 CEO Executive Responsible for Accounting Information Enrico Vita Gabriele Galli STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 336 --- ANNUAL REPORT 2025 REPORT ON THE AUDIT OF THE CONSOLIDATED SUSTAINABILITY STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 337 --- ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS STATEMENT CONSOLIDATED SUSTAINABILITY REPORT ON OPERATIONS AMPLIFON AT A GLANCE 338 --- Publication date: March 25, 2026 Editorial project coordination: Amplifon S.p.A. Project coordination and typesetting Printed on FSC certified paper --- --- --- www.amplifon.com