--- title: "Interim Financial Report as at 30 June 2025" period: "2025-h1" kind: "financial-report" source_url: "https://corporate.amplifon.com/content/dam/amplifon/archive/en/investors/financial-reports/2025/Interim%20Financial%20Report%20as%20at%2030%20June%202025.pdf" downloaded_at: "2026-06-06" pdf_sha256: "705275a2a50d355bed32b9eab627eac68399bae8a1cf8da399590c505c060170" pdf_size_bytes: 3286290 extractor: "pdfjs-dist-6.0.227" --- Classification: internal --- INDEX PREFACE ...............................................................................................................................4 INTERIM MANAGEMENT REPORT AS AT 30 JUNE 2025 ..........................................................5 HIGHLIGHTS..........................................................................................................................6 ALTERNATIVE PERFORMANCE MEASURES .............................................................................8 SHAREHOLDER INFORMATION ............................................................................................16 RECLASSIFIED CONSOLIDATED INCOME STATEMENT ...........................................................18 RECLASSIFIED CONSOLIDATED BALANCE SHEET ...................................................................20 CONDENSED RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT..................................22 INCOME STATEMENT REVIEW .............................................................................................23 BALANCE SHEET REVIEW .....................................................................................................48 ACQUISITION OF COMPANIES AND BUSINESSES ..................................................................60 OUTLOOK ...........................................................................................................................61 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2025..........62 CONSOLIDATED STATEMENT OF FINANCIAL POSITION.........................................................63 CONSOLIDATED INCOME STATEMENT .................................................................................65 STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME ................................................66 STATEMENT OF CHANGES IN CONSOLIDATION EQUITY........................................................67 STATEMENT OF CONSOLIDATED CASH FLOWS .....................................................................69 SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CONSOLIDATED CASH FLOWS .....70 NOTES.................................................................................................................................71 1. General Information.................................................................................................71 2. Impacts of trade tariffs, conflict in Middle East, Ukraine and climate change on the Group’s performance and financial position .....................................................................72 --- 3. Acquisitions and goodwill ........................................................................................73 4. Intangible fixed assets with finite useful life............................................................76 5. Property, plant, and equipment...............................................................................78 6. Right-of-use assets ...................................................................................................80 7. Other non-current assets.........................................................................................81 8. Share capital and treasury shares............................................................................82 9. Net financial indebtedness.......................................................................................83 10. Financial liabilities ....................................................................................................86 11. Provision for risks and charges.................................................................................88 12. Lease liabilities .........................................................................................................88 13. Revenues from sales and services............................................................................89 14. Operating costs, depreciation and impairment, financial income-expenses and taxes 89 15. Performance stock grants ........................................................................................90 16. Earnings (loss) per share ..........................................................................................92 17. Transactions with parents and other related parties ..............................................93 18. Contingent liabilities ................................................................................................94 19. Financial risk management ......................................................................................94 20. Translation of foreign companies’ financial statements..........................................95 21. Segment Reporting...................................................................................................96 22. Accounting policies ................................................................................................101 23. Subsequent events.................................................................................................104 ANNEXES .......................................................................................................................... 105 Consolidation scope................................................................................................ 105 Declaration in respect of the Consolidated Financial Statements pursuant to Article 154- bis of Legislative Decree no. 58/98 .......................................................................... 110 INDEPENDENT AUDITOR’S REPORT ON REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2025.................................................................... 111 Disclaimer This report contains forward looking statements (“Outlook”) relating to future events and the Amplifon Group’s operating, economic and financial results. These forecasts, by definition, contain elements of risk and uncertainty, insofar as they are linked to the occurrence of future events and developments. The actual results may be very different with respect to the original forecast due to several factors, the majority of which are out of the Group’s control. --- PREFACE This Interim Financial Report as at 30 June 2025 was prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) endorsed by the European Union and should be read together with the Group’s consolidated financial statements as at and for the year ended 31 December 2024 that includes additional information on the risks and uncertainties that could impact the Group’s operating results or its financial position. Starting from 2025, in order to facilitate the understanding of the Group’s economic- financial performance and in line with market practice, a change was made to the representation of Alternative Performance Measures (APM) used by the Top management to monitor the Group’s economic, financial and operating performance. The Group reports certain indicators as “adjusted” in order to present the Group’s operating performance net of items (income and expenses) that are unusual, infrequent or not related to the operating performance. This will allow an analysis of the strictly operational performance of the Group. The Group also determined the same indicators for the comparison period in the same way. For more information on the Alternative Performance Measures identified by the Group and the way the latter are determined, please refer to the section “Alternative Performance Measures” in this Interim Financial Report. --- INTERIM MANAGEMENT REPORT AS AT 30 JUNE 2025 --- Interim Financial Report as at 30 June 2025 > Interim Management Report HIGHLIGHTS In the first six months of 2025 Amplifon, with the acquisition made, recorded revenue growth despite a particularly challenging comparison base and a weak market which was impacted by macroeconomic and geopolitical factors. First Half 2025 First Half 2024 (€ thousands) Economic figures: Revenues from sales and services 1,180,490 1,177,251 Gross operating profit (loss) (EBITDA) 286,981 293,773 Gross operating profit (loss) (EBITDA) Adjusted (*) 287,645 297,058 Operating profit (loss) (EBIT) 128,986 148,947 Operating profit (loss) (EBIT) Adjusted (*) 156,328 176,795 Profit (loss) before tax 98,280 121,432 Profit (loss) before tax Adjusted (*) 124,946 148,974 Net profit (loss) 68,219 87,874 Net profit (loss) Adjusted (*) 90,561 107,909 Net profit (loss) attributable to the Group 68,120 87,793 Net profit (loss) attributable to the Group Adjusted (*) 90,462 107,828 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 06/30/2025 12/31/2024 Change (€ thousands) Financial figures: Non-current assets 3,105,626 3,185,747 (80,121) Net invested capital 2,623,382 2,626,366 (2,984) Group net equity 1,013,559 1,150,002 (136,443) Total net equity 1,013,831 1,150,224 (136,393) Net financial indebtedness excluding lease liabilities 1,108,956 961,805 147,151 Lease liabilities 500,595 514,337 (13,742) Net financial indebtedness 1,609,551 1,476,142 133,409 First six months 2025 First six months 2024 (€ thousands) Free cash flow 37,476 46,822 Cash flow generated from (absorbed by) business combinations (54,493) (142,737) Cash flow provided by (used in) financing activities (121,762) (59,899) Net cash flow from the period (138,779) (155,814) Effect of exchange rate fluctuations on the net financial position (8,298) (1,341) Effect of discontinued operations on the net financial position (74) - Net cash flow from the period with changes for exchange rate fluctuations (147,151) (157,155) and discontinued operations 6 --- Interim Financial Report as at 30 June 2025 > Interim Management Report The first six months of the current year closed with: - turnover of €1,180,490 thousand, up 0.3% compared to the same period of the prior year (+1.6% at constant exchange rates); - a Gross operating profit (EBITDA) of €286,981 thousand, a decrease of -2.3% compared to the first six months of 2024, with the EBITDA margin at 24.3% (70 basis points lower than in the first half of 2024); - an adjusted Gross operating profit (EBITDA Adjusted) of €287,645 thousand, a decrease of -3.2% compared to the first six months of 2024, with the EBITDA margin at 24.4% (80 basis points lower than in the first half of 2024); - a Group net profit of €68,120 thousand, a decrease of €19,673 thousand (-22.4%) compared to the first half of 2024; - an adjusted Group net profit of € 90,462 thousand, a decrease of €17,366 thousand (- 16.1%) compared to the first six months of 2024. Net financial debt, excluding lease liabilities, amounted to €1,108,956 thousand as at 30 June 2025, an increase of €147,151 thousand compared to 31 December 2024 which reflects the significant outlays for the payment of dividends and share buybacks. In the first half of 2025, free cash flow reached a positive €37,476 thousand (€46,822 thousand as at 30 June 2024) after €64,433 thousand in capital expenditure (€65,338 thousand in the comparison period). Net cash-outs for acquisitions (which amounted to €54,493 thousand versus €142,737 thousand in the first half of 2024), along with the purchase of treasury shares (€55,228 thousand) and the payment of dividends (€65,302 thousand versus €65,593 thousand in the comparison period), brought cash flow for the reporting period to negative €138,779 thousand versus negative €155,814 thousand in the first half of 2024. As a result of the repayments made in the second quarter of 2025, the Group no longer has any financing subject to financial covenants. 7 --- Interim Financial Report as at 30 June 2025 > Interim Management Report ALTERNATIVE PERFORMANCE MEASURES (€ thousands) 06/30/2025 12/31/2024 06/30/2024 Gross operating profit (loss) (EBITDA) 286,981 561,090 293,773 Gross operating profit (loss) (EBITDA) Adjusted 287,645 566,051 297,058 Operating profit (loss) (EBIT) 128,986 256,814 148,947 Operating profit (loss) (EBIT) Adjusted 156,328 313,845 176,795 Profit (loss) before tax 98,280 196,780 121,432 Profit (loss) before tax Adjusted 124,946 254,670 148,974 Net profit (loss) 68,219 145,570 87,874 Net profit (loss) Adjusted 90,561 188,329 107,909 Net profit (loss) attributable to the Group 68,120 145,374 87,793 Net profit (loss) attributable to the Group Adjusted 90,462 188,133 107,828 Net financial indebtedness excluding lease liabilities 1,108,956 961,805 1,009,285 Lease liabilities 500,595 514,337 512,361 Net financial indebtedness 1,609,551 1,476,142 1,521,646 Total Net Equity 1,013,831 1,150,224 1,138,588 Group Net Equity 1,013,559 1,150,002 1,138,354 Net financial indebtedness excluding lease liabilities/Net Equity (€) 1.09 0.84 0.89 Net financial indebtedness excluding lease liabilities /Group Net Equity (€) 1.09 0.84 0.89 Net financial indebtedness excluding lease liabilities/EBITDA for the leverage 1.93 1.63 1.70 calculation (€) Earnings per share (EPS) (€) 0.30300 0.64384 0.38850 Diluted EPS (€) 0.30090 0.64214 0.38547 EPS Adjusted (€) 0.40238 0.83321 0.47716 Group Net Equity per share (€) 4.548 5.104 5.034 Period-end price (€) 19.930 24.850 33.240 Highest price in period (€) 27.140 35.140 35.140 Lowest price in period (€) 15.620 22.890 29.180 Share price/net equity per share (€) 4.382 4.869 6.603 Market capitalization (€ millions) 4,420.93 5,599.21 7,518.35 Number of shares outstanding 222,854,231 225,320,371 226,183,821 Weighted average number of shares outstanding in the year 224,820,026 225,791,949 225,979,292 Weighted average number of shares potentially subject to options in the 226,388,620 226,388,620 226,388,620 period 8 --- Interim Financial Report as at 30 June 2025 > Interim Management Report The main economic and financial indicators used by Top management to monitor the Group’s economic and financial performance as alternatives to the indicators defined or specified in the applicable financial reporting framework are reported in this section. In order to facilitate understanding of the Group’s economic and financial performance, the directors identified certain Alternative Performance Measures (APMs). The following information is provided with a view to a correct interpretation of these APMs: - the APMs are built based on historical data and are not indicative of the Group’s future performance. More specifically, they are taken from the Group’s consolidated financial statements; - where applicable, the APMs are determined in accordance with the ESMA Guidelines on Alternative Performance Measures of 5 October 2015 (2015/1415) as per CONSOB Notice n. 92543 of 3 December 2015, the ESMA Guidelines on Alternative Performance Measures (APMs) of 17 April 2020 and Section 3 of ESMA’s “European common enforcement priorities for 2022 annual financial reports of 28 October 2022”; - the APMs are not regulated by the International Financial Reporting Standards (IFRS) applied by the Group and, while based on the Group’s consolidated financial statements, they are not subject to any audits or limited review by the external auditors; - the APMs should not be viewed as substitutes for the indicators called for under the IFRS; - the financial information included in the Group’s consolidated financial statements should be taken into account when making any interpretations of these APMs; - as the APMs used by the Group are not based on specific accounting standards, they could differ from those used by other groups and, therefore, are not comparable; - the APMs used by the Group are consistent across all the reporting periods for which financial information is provided in this document. This document contains certain indicators defined as “Adjusted”, in order to represent the Group's operating performance net of unusual, infrequent or unrelated elements (income or expenses) and thus allow an analysis of the Group's strictly operating performance. These “Adjusted” components can be grouped into the following categories, as identified by the top management: 1. Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out; 2. Charges and write-off related to corporate and network reorganization, as well as other efficiency projects and changes in Top management; 3. Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets; 4. Amortization of fixed assets accounted in phase of Purchase Price Allocation; 5. Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9); 6. Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters. 9 --- Interim Financial Report as at 30 June 2025 > Interim Management Report The Alternative Performance Measures identified by the Group can be defined as follows: - Gross operating profit (EBITDA) represents the Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets; iii) amortization, depreciation and impairment. - Gross operating profit (EBITDA) Adjusted represents the Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets; iii) amortization, depreciation and impairment; iv) items (income and expenses) that are unusual, infrequent or not related to the operating performance. The reconciliation of the Net profit (loss) attributable to the Group with EBITDA and the EBITDA Adjusted is shown below. First Half 2025 First Half 2024 (€ thousands) Net profit (loss) attributable to the Group 68,120 87,793 Profit (loss) of minority interests 99 81 Net profit (loss) 68,219 87,874 Current and deferred income tax 30,061 33,558 Financial income, expenses and value adjustments to financial assets 30,706 27,515 Amortization, depreciation and impairment 157,995 144,826 Gross operating profit (EBITDA) 286,981 293,773 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1) (827) 233 Charges and write-off related to back-office and network reorganization, as well as other efficiency 1,441 2,456 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) 50 (324) Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - 920 quarter, or above €2m across multiple quarters (4) Total adjustments 664 3,285 Gross operating profit (EBITDA) Adjusted 287,645 297,058 (1) The negative adjustment of €827 thousand as at 30 June 2025 refers, for €1,429 thousand to transaction and integration costs for acquisitions (by geographic area: EMEA for €1,088 thousand, APAC for €211 thousand, Corporate for €130 thousand) and for €2,256 thousand to changes in contingent consideration (“earn out”) (by geographic area: EMEA for €966 thousands and Americas for €1,290 thousand). In the comparison period the positive adjustment for €233 thousand refers, for €1,983 thousand to transaction and integration costs for acquisitions (by geographic area: EMEA for €1,695 thousands, America for €21 thousand, APAC for €267 thousand) and for €1,750 thousand to changes in contingent consideration (“earn out”) (by geographic area: EMEA for €538 thousands and Americas for €1,212 thousand); (2) The positive adjustments of €1,441 thousand as at 30 June 2025 refer mainly to the €650 thousand in costs incurred for network and company reorganization (by geographic area: EMEA for positive €2 thousand, Americas for €90 thousand, APAC for €115 thousand and Corporate for €447 thousand) and for €791 thousand to costs related to changes in top management (entirely related to Corporate). In the comparison period the positive adjustment of €2,456 thousand refers for €718 thousand to company and network reorganization (entirely related to EMEA), along with €1,738 thousand used to define and implement amends to corporate bylaws including related to increased voting rights (entirely related to Corporate). (3) The adjustments refer to charges stemming from the disposal of durable goods for €50 thousand (negative for €324 thousand in the comparison period); (4) The positive adjustment of €920 thousand in the comparison period refers to the notional cost of the assignment of Amplifon shares made by the shareholder Ampliter to the Chief Executive Officer. 10 --- Interim Financial Report as at 30 June 2025 > Interim Management Report - Operating profit (EBIT) represents the Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets. - Operating profit (EBIT) Adjusted represents Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets; iii) items (income and expenses) that are unusual, infrequent or not related to the operating performance. The reconciliation of the Net profit (loss) attributable to the Group with EBIT and the EBIT Adjusted is shown below. - First Half 2025 First Half 2024 (€ thousands) Net profit (loss) attributable to the Group 68,120 87,793 Profit (loss) of minority interests 99 81 Net profit (loss) 68,219 87,874 Current and deferred income tax 30,061 33,558 Financial income, expenses and value adjustments to financial assets 30,706 27,515 Operating profit (loss) (EBIT) 128,986 148,947 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1) (827) 233 Charges and write-off related to back-office and network reorganization, as well as other efficiency 2,794 2,456 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) 123 321 Amortization of fixed assets accounted in phase of Purchase Price Allocation (4) 25,252 23,918 Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - 920 quarter, or above €2m across multiple quarters (5) Total adjustments 27,342 27,848 Operating profit (loss) (EBIT) Adjusted 156,328 176,796 (1), (5) The adjustments are listed in the section on Adjusted EBITDA; (2) €1,353 thousand in costs for the write-down of property, plant and equipment, intangible assets and goodwill related to company and network reorganization and other efficiency projects are added to the adjustments listed in the section on Adjusted EBITDA (entirely related to APAC); (3) €73 thousand (€645 thousand in the comparison period) in costs for the write-down of property, plant and equipment, intangible assets and goodwill are added to the adjustments listed in the section on Adjusted EBITDA; (4) The positive adjustment of €25,252 thousand at 30 June 2025 (by geographic area: EMEA for €16,929 thousand, Americas for €2,482 thousand and APAC for €5,841 thousand) refers to the amortization of client lists, trademarks, licenses and non-compete agreements allocated as a result of business combinations ("PPA"). In the comparison period the positive adjustment was for €23,918 thousand (by geographic area: EMEA for €15,761 thousand, Americas for €2,133 thousand and APAC for €6,024 thousand); 11 --- Interim Financial Report as at 30 June 2025 > Interim Management Report - Profit (loss) before tax Adjusted represents the Profit (loss) before tax Adjusted by items (income and expenses) that are unusual, infrequent or not related to the operating performance as detailed below. The reconciliation of the Profit (loss) before tax with Profit (loss) before tax Adjusted is shown below. First Half 2025 First Half 2024 (€ thousands) Net profit (loss) attributable to the Group 68,120 87,793 Profit (loss) of minority interests 99 81 Net profit (loss) 68,219 87,874 Current and deferred income tax 30,061 33,558 Profit (loss) before tax 98,280 121,432 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1) (827) 233 Charges and write-off related to back-office and network reorganization, as well as other efficiency 2,794 2,456 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) 123 321 Amortization of fixed assets accounted in phase of Purchase Price Allocation (4) 25,252 23,918 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting 1,161 2,079 from modifications and/or non-cash accretion of financial liabilities (IFRS 9) (5) Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a (1,837) (1,465) quarter, or above €2m across multiple quarters (6) Total adjustments 26,666 27,542 Profit (loss) before tax Adjusted 124,946 148,974 (1), (2), (3), (4) The adjustments are listed in the section on Adjusted EBIT; (5) The adjustment of €1,161 thousand at 30 June 2025 (€2,079 thousand in the comparison period) refers for €612 thousand (€ 1,660 thousand in the comparison period) to financial expenses stemming from hyperinflation (IAS 29) and for €549 thousand (€420 thousand in the comparison period) to changes in FV following changes in financial liabilities (IFRS 9); (6) The following should be added to the adjustments referred to in the section on Adjusted EBIT: €1,837 thousand (€2,385 thousand in the comparison period) in financial income relating to tax credits, derived from superbonus discounts, in accordance Articles 119 and 121 of Legislative Decree 34/2020, for further details refer to Note 7 (Other Non-Current Assets) of the explanatory notes; 12 --- Interim Financial Report as at 30 June 2025 > Interim Management Report - Net profit (loss) Adjusted represents the Net profit (loss) adjusted by items (income and expenses) that are unusual, infrequent or not related to the operating performance as detailed below. The reconciliation of the Net profit (loss) with Net profit (loss) Adjusted is shown below. First Half 2025 First Half 2024 (€ thousands) Net profit (loss) attributable to the Group 68,120 87,793 Profit (loss) of minority interests 99 81 Net profit (loss) 68,219 87,874 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1) (827) 233 Charges and write-off related to back-office and network reorganization, as well as other efficiency 2,794 2,456 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) 123 321 Amortization of fixed assets accounted in phase of Purchase Price Allocation (4) 25,252 23,918 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting 1,161 2,079 from modifications and/or non-cash accretion of financial liabilities (IFRS 9) (5) Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a (1,837) (1,465) quarter, or above €2m across multiple quarters (6) Total adjustments before tax 26,666 27,542 Fiscal effect on adjustments and other fiscal adjustments (7) (4,324) (7,507) Total adjustments 22,342 20,035 Net profit (loss) Adjusted 90,561 107,909 (1), (2), (3), (4), (5), (6) The adjustments are listed in the section on Adjusted Profit Before Tax; (7) The adjustment refers to the impact of taxes following the adjustments listed above and the effect of a reassessment of an estimation of deferred tax in Australia that entailed a non-monetary charge for €2,773 thousand. - Net profit (loss) attributable to the Group Adjusted represents the Net profit (loss) attributable to the Group adjusted by items (income and expenses) that are unusual, infrequent or not related to the operating performance as detailed below. The reconciliation of the Net profit (loss) attributable to the Group with Net profit (loss) attributable to the Group Adjusted is shown below. First Half 2025 First Half 2024 (€ thousands) Net profit (loss) attributable to the Group 68,120 87,793 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1) (827) 233 Charges and write-off related to back-office and network reorganization, as well as other efficiency 2,794 2,456 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) 123 321 Amortization of fixed assets accounted in phase of Purchase Price Allocation (4) 25,252 23,918 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting 1,161 2,079 from modifications and/or non-cash accretion of financial liabilities (IFRS 9) (5) Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a (1,837) (1,465) quarter, or above €2m across multiple quarters (6) Total adjustments before tax 26,666 27,542 Fiscal effect on adjustments and other fiscal adjustments (7) (4,324) (7,507) Total adjustments 22,342 20,035 Net profit (loss) attributable to the Group Adjusted 90,462 107,830 (1), (2), (3), (4), (5), (6), (7) The adjustments are listed in the section on Net profit (loss) Adjusted; 13 --- Interim Financial Report as at 30 June 2025 > Interim Management Report - Free cash flow: represents the cash flow of operating and investing activities before the cash flows used in acquisitions and payment of dividends and the cash flows from or used in other financing activities. - The net financial debt represents the Group’s net financial debt determined in accordance with the ESMA guideline 32-382-1138 of 4 March 2021 and CONSOB’s Warning Notice n. 5/21 of 29 April 2021. - Net financial indebtedness excluding lease liabilities is the net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents. - Net financial indebtedness excluding lease liabilities/Net Equity is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to total net equity. - Net financial indebtedness excluding lease liabilities /Group Net Equity is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to the Group’s net equity. - Net financial indebtedness excluding lease liabilities /EBITDA for the leverage calculation is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to EBITDA for the last four quarters (determined with reference to usual, frequent or related to the operating performance operations only, based on pro forma figures in case of significant changes to the structure of the Group). The breakdown of the calculation of the indicator is shown below: Value as at (€ thousands) 06/30/2025 Group EBITDA first six months 2025 286,981 Group EBITDA July – December 2024 267,317 Fair value of stock grant assignment 10,196 EBITDA normalized (from acquisitions and disposals) 5,929 Items (income and expenses) that are unusual, infrequent or not related to the operating performance July 2024 - June 2025 4,752 EBITDA for the leverage calculation 575,175 - Earnings per share (EPS) (€) is the Net profit (loss) attributable to the Group divided by the weighted average number of shares outstanding during the period, considering purchases and sales of treasury shares as cancellations or issues of shares, respectively. - Diluted earnings per share (EPS) (€) is the Net profit (loss) attributable to the Group divided by the weighted average number of shares outstanding during the period adjusted for the dilution effect of potential shares. In the calculation of outstanding shares, purchases and sales of treasury shares are considered as cancellations and issues of shares, respectively. - Earnings per share (EPS) Adjusted (€) is the Net profit (loss) attributable to the Group Adjusted divided by the weighted average number of outstanding shares in the period adjusted to reflect the amortization of purchase price allocations. When calculating the number of outstanding shares, the purchases and sales of treasury shares are considered cancellations and share issues, respectively. 14 --- Interim Financial Report as at 30 June 2025 > Interim Management Report - Group Net Equity per share (€) is the ratio of Group equity to the number of outstanding shares. - Period-end price (€) is the closing price on the last stock exchange trading day of the period. st - Highest price (€) and lowest price (€) are the highest and lowest prices from 1 January to the end of the period. - Share price/Net equity per share is the ratio of the share closing price on the last stock exchange trading day of the period to net equity per share. - Market capitalization is the closing price on the last stock exchange trading day of the period multiplied by the number of outstanding shares. - The number of shares outstanding is the number of shares issued less treasury shares. 15 --- Interim Financial Report as at 30 June 2025 > Interim Management Report SHAREHOLDER INFORMATION Main shareholders The main shareholders of Amplifon S.p.A. as at 30 June 2025 are: Ampliter S.r.l. Treasury shares Market 42.01% 56.43% 1.56% % of the total No. of ordinary Shareholder % held share capital in shares (*) voting rights Ampliter S.r.l. 95,105,392 42.01% 68.36% Treasury shares 3,534,389 1.56% 0.85% Market 127,748,839 56.43% 30.79% Total 226,388,620 100.00% 100.00% (*) Number of shares related to the share capital registered with the Company registrar on 30 June 2025. Pursuant to article 2497 of the Italian Civil Code, Amplifon S.p.A. is not subject to management and coordination either by its direct parent Ampliter S.r.l. or its indirect parent. The shares of the parent Amplifon S.p.A. have been listed on the screen-based stock market Euronext Milano (EXM) since 27 June 2001 and since 10 September 2008 in the STAR segment. Amplifon is also included in the FTSE MIB index and in the Stoxx Europe 600 index. 16 --- Interim Financial Report as at 30 June 2025 > Interim Management Report st The chart shows the performance of the Amplifon share price and its trading volumes from 1 th January 2025 to 30 June 2025. As at 30 June 2025 market capitalization was €4,420.93 million. Dealings in Amplifon shares in the screen-based stock market Euronext Milano (EXM) during the period 01 January 2025 – 30 June 2025, showed: - average daily value: €28,195,247; - average daily volume: 1,312,094 shares; - total volume traded of 169,260,125 shares, or 76.30% of the total number of shares comprising the share capital, net of treasury shares. 17 --- Interim Financial Report as at 30 June 2025 > Interim Management Report RECLASSIFIED CONSOLIDATED INCOME STATEMENT First Half % on First Half % on Change 2025 sales 2024 sales % (€ thousands) Revenues from sales and services 1,180,490 100.0% 1,177,251 100.0% 0.3% Operating costs (896,155) -75.9% (887,685) -75.4% -1.0% Other income and costs 2,646 0.2% 4,207 0.4% -37.1% Gross operating profit (loss) (EBITDA) 286,981 24.3% 293,773 25.0% -2.3% Gross operating profit (loss) (EBITDA) Adjusted (*) 287,645 24.4% 297,058 25.2% -3.2% Depreciation, amortization and impairment losses on non-current (64,074) -5.4% (56,855) -4.8% -12.7% assets Right-of-use depreciation (68,670) -5.9% (64,053) -5.4% -7.2% PPA related depreciation, amortization and impairment (25,251) -2.1% (23,918) -2.1% -5.6% Operating profit (loss) (EBIT) 128,986 10.9% 148,947 12.7% -13.4% Operating profit (loss) (EBIT) Adjusted (*) 156,328 13.2% 176,795 15.0% -11.6% Income, expenses, valuation and adjustments of financial assets 90 0.0% 283 0.0% -68.2% Net financial expenses (28,854) -2.4% (26,340) -2.3% -9.5% Exchange differences, inflation accounting and Fair Value valuation (1,942) -0.2% (1,458) -0.1% -33.2% Profit (loss) before tax 98,280 8.3% 121,432 10.3% -19.1% Profit (loss) before tax Adjusted (*) 124,946 10.6% 148,974 12.7% -16.1% Tax (30,061) -2.5% (33,558) -2.8% 10.4% Net profit (loss) 68,219 5.8% 87,874 7.5% -22.4% Net profit (loss) Adjusted (*) 90,561 7.7% 107,909 9.2% -16.1% Profit (loss) of minority interests 99 0.0% 81 0.0% 22.2% Net profit (loss) attributable to the Group 68,120 5.8% 87,793 7.5% -22.4% Net profit (loss) attributable to the Group Adjusted (*) 90,462 7.7% 107,828 9.2% -16.1% (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 18 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Second % on Second % on Change Quarter 2025 sales Quarter 2024 sales % (€ thousands) Revenues from sales and services 592,700 100.0% 604,143 100.0% -1.9% Operating costs (446,384) -75.4% (446,995) -74.0% 0.1% Other income and costs (131) 0.1% 930 0.2% -114.1% Gross operating profit (loss) (EBITDA) 146,185 24.7% 158,078 26.2% -7.5% Gross operating profit (loss) (EBITDA) Adjusted (*) 147,289 24.9% 161,330 26.7% -8.7% Depreciation, amortization and impairment losses on non-current (31,911) -5.6% (28,815) -4.6% -10.7% assets Right-of-use depreciation (34,170) -5.8% (32,828) -5.5% -4.1% PPA related depreciation, amortization and impairment (12,558) -1.9% (12,121) -2.1% -3.6% Operating profit (loss) (EBIT) 67,546 11.4% 84,314 14.0% -19.9% Operating profit (loss) (EBIT) Adjusted (*) 82,543 13.9% 99,814 16.5% -17.3% Income, expenses, valuation and adjustments of financial assets 90 - 282 - -68.1% Net financial expenses (14,706) -2.5% (12,629) -2.1% -16.4% Exchange differences, inflation accounting and Fair Value (1,384) -0.2% (713) -0.1% -94.1% valuation Profit (loss) before tax 51,546 8.7% 71,254 11.8% -27.7% Profit (loss) before tax Adjusted (*) 66,222 11.2% 86,124 14.3% -23.1% Tax (16,262) -2.7% (18,708) -3.1% 13.1% Net profit (loss) 35,284 6.0% 52,546 8.7% -32.9% Net profit (loss) Adjusted (*) 48,872 8.2% 63,389 10.5% -22.9% Profit (loss) of minority interests 48 - (383) -0.1% 112.5% Net profit (loss) attributable to the Group 35,236 5.9% 52,929 8.8% -33.4% Net profit (loss) attributable to the Group Adjusted (*) 48,824 8.2% 63,772 10.6% -23.4% (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 19 --- Interim Financial Report as at 30 June 2025 > Interim Management Report RECLASSIFIED CONSOLIDATED BALANCE SHEET The reclassified Consolidated Balance Sheet aggregates assets and liabilities according to operating functionality criteria, subdivided by convention into the following three key functions: investments, operations and finance. 06/30/2025 12/31/2024 Change (€ thousands) Goodwill 1,919,448 1,945,495 (26,047) Customer lists, non-compete agreements, trademarks and location rights 244,533 259,447 (14,914) Software, licenses, other int.ass., wip and advances 159,858 168,913 (9,055) Tangible assets 252,009 253,925 (1,916) Right of use assets 476,337 492,064 (15,727) Fixed financial assets (1) 12,323 24,472 (12,149) Other non-current financial assets (1) 41,118 41,432 (313) Total fixed assets 3,105,626 3,185,747 (80,121) Inventories 93,637 93,180 457 Trade receivables 220,330 226,754 (6,424) Other receivables 122,505 115,304 7,201 Current assets (A) 436,472 435,238 1,234 Total assets 3,542,098 3,620,985 (78,887) Trade payables (328,383) (377,100) 48,717 Other payables (2) (351,634) (374,272) 22,638 Provisions for risks (current portion) (3,062) (2,403) (659) Short term liabilities (B) (683,079) (753,775) 70,696 Net working capital (A) - (B) (246,607) (318,537) 71,930 Derivative instruments (3) 1,059 3,680 (2,621) Deferred tax assets 74,322 77,332 (3,010) Deferred tax liabilities (99,669) (99,493) (176) Provisions for risks (non-current portion) (16,704) (20,925) 4,221 Employee benefits (non-current portion) (13,527) (15,457) 1,930 Loan fees (4) 3,720 3,452 268 Other long-term payables (184,838) (189,433) 4,595 NET INVESTED CAPITAL 2,623,382 2,626,366 (2,984) Shareholders' equity 1,013,559 1,150,002 (136,443) Third parties' equity 272 222 50 Net equity 1,013,831 1,150,224 (136,393) Long term net financial debt (4) 1,046,467 960,387 86,080 Short term net financial debt (4) 62,489 1,418 61,071 Total net financial debt 1,108,956 961,805 147,151 Lease liabilities 500,595 514,337 (13,742) Total lease liabilities & net financial debt 1,609,551 1,476,142 133,409 NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL DEBT 2,623,382 2,626,366 (2,984) 20 --- Interim Financial Report as at 30 June 2025 > Interim Management Report 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; (2) “Other payables” includes other liabilities, accrued liabilities and deferred income, current portion of liabilities for employees’ benefits and tax liabilities; (3) "Derivatives instruments" includes cash flow hedging instruments not included in the item “Net medium and long-term financial indebtedness”; (4) The item "loan fees" is presented in the balance sheet as a direct reduction of the short-term and medium/long- term components of the items "financial payables" and "financial liabilities" for the short-term and long-term portions, respectively. 21 --- Interim Financial Report as at 30 June 2025 > Interim Management Report CONDENSED RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT The condensed consolidated cash flow statement is a summarized version of the reclassified statement of cash flows set out in the following pages and its purpose is, starting from the EBIT, to detail the cash flows from or used in operating, investing and financing activities. First Half 2025 First Half 2024 (€ thousands) Operating profit (loss) (EBIT) 128,986 148,947 Amortization, depreciation and write-downs 157,995 144,826 Provisions, other non-monetary items and gain/losses from disposals 3,128 9,554 Net financial expenses (28,138) (25,134) Taxes paid (21,386) (44,208) Changes in net working capital (71,569) (58,257) Cash flow provided by (used in) operating activities before repayment of lease 169,016 175,728 liabilities Repayment of lease liabilities (67,107) (63,568) Cash flow provided by (used in) operating activities (A) 101,909 112,160 Cash flow provided by (used in) operating investing activities (B) (64,433) (65,338) Free Cash Flow (A) + (B) 37,476 46,822 Net cash flow provided by (used in) acquisitions (C) (54,493) (142,737) Cash flow provided by (used in) investing activities (B) + (C) (118,926) (208,075) Cash flow provided by (used in) operating activities and investing activities (17,017) (95,915) Dividends (65,302) (65,593) Treasury Shares (55,228) - Fees paid on medium/long-term financing (1,788) (105) Change in non-current assets 556 5,799 Net cash flow from the period (138,779) (155,814) Net financial indebtedness at the beginning of the period excluding lease (961,805) (852,130) liabilities Effect of exchange rate fluctuations on net financial debt (8,298) (1,341) Effect of discontinued operations on net financial debt (74) - Changes in net financial debt (138,779) (155,814) Net financial indebtedness at the end of the period excluding lease liabilities (1,108,956) (1,009,285) The impact of unusual, infrequent or unrelated items on free cash flow in the period is shown in the following table. (€ thousands) First Half 2025 First Half 2024 Free cash flow 37,476 46,822 Free cash flow generated by unusual, infrequent or unrelated items (see page 60 2,542 2,005 for details) Free cash flow generated by operating performance 40,018 48,827 22 --- Interim Financial Report as at 30 June 2025 > Interim Management Report INCOME STATEMENT REVIEW Consolidated income statement by segment and geographic area First Half 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 765,958 243,085 171,447 - 1,180,490 Operating costs (544,554) (185,535) (128,390) (37,676) (896,155) Other income and costs 1,544 740 254 108 2,646 Gross operating profit (loss) (EBITDA) 222,948 58,290 43,311 (37,568) 286,981 Gross operating profit (loss) (EBITDA) Adjusted (*) 223,114 57,090 43,641 (36,200) 287,645 Depreciation, amortization and impairment of non- (28,950) (10,344) (10,404) (14,376) (64,074) current assets Right-of-use depreciation (44,484) (7,718) (15,239) (1,229) (68,670) PPA related depreciation, amortization and impairment (16,928) (2,265) (5,841) (217) (25,251) Operating profit (loss) (EBIT) 132,586 37,963 11,827 (53,390) 128,986 Operating profit (loss) (EBIT) Adjusted (*) 149,784 39,245 19,321 (52,022) 156,328 Income, expenses, valuation and adjustments of 90 financial assets Net financial expenses (28,854) Exchange differences, inflation accounting and Fair (1,942) Value valuation Profit (loss) before tax 98,280 Profit (loss) before tax Adjusted (*) 124,946 Tax (30,061) Net profit (loss) 68,219 Net profit (loss) Adjusted (*) 90,561 Profit (loss) of minority interests 99 Net profit (loss) attributable to the Group 68,120 Net profit (loss) attributable to the Group Adjusted (*) 90,462 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 23 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. First Half 2025 (€ thousands) Net profit (loss) Profit (loss) Net profit Attributable EBITDA EBIT before tax (loss) to the Group Alternative Performance Measures 286,981 128,986 98,280 68,219 68,120 Transaction and integration costs for acquisitions and changes (positive or (827) (827) (827) (827) (827) negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as 1,441 2,794 2,794 2,794 2,794 other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and revaluation of 50 123 123 123 123 fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 25,252 25,252 25,252 25,252 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial - - 1,161 1,161 1,161 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an amount of - - (1,837) (1,837) (1,837) €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 664 27,342 26,666 26,666 26,666 Fiscal effect on adjustments and other fiscal adjustments (4,324) (4,324) Total adjustments 664 27,342 26,666 22,342 22,342 Adjusted Alternative Performance Measures 287,645 156,328 124,946 90,561 90,462 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. First Half 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 222,948 132,586 58,290 37,963 43,311 11,827 (37,568) (53,390) 286,981 128,986 Measures Transaction and integration costs for acquisitions and 122 122 (1,290) (1,290) 211 211 130 130 (827) (827) changes (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as other (2) 28 90 90 115 1,438 1,238 1,238 1,441 2,794 efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write- 46 119 - - 4 4 - - 50 123 off and revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 16,929 - 2,482 - 5,841 - - - 25,252 Price Allocation Total adjustments 166 17,198 (1,200) 1,282 330 7,494 1,368 1,368 664 27,342 Adjusted Alternative 223,114 149,784 57,090 39,245 43,641 19,321 (36,200) (52,022) 287,645 156,328 Performance Measures 24 --- Interim Financial Report as at 30 June 2025 > Interim Management Report First Half 2024 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 757,467 240,418 179,185 181 1,177,251 Operating costs (533,912) (180,528) (131,935) (41,310) (887,685) Other income and costs 2,184 1,821 (95) 297 4,207 Gross operating profit (loss) (EBITDA) 225,739 61,711 47,155 (40,832) 293,773 Gross operating profit (loss) (EBITDA) Adjusted (*) 227,407 60,530 47,294 (38,173) 297,058 Depreciation, amortization and impairment of non- (24,957) (8,942) (9,502) (13,454) (56,855) current assets Right-of-use depreciation (41,455) (6,985) (14,437) (1,176) (64,053) PPA related depreciation, amortization and impairment (15,761) (2,133) (6,024) - (23,918) Operating profit (loss) (EBIT) 143,566 43,651 17,192 (55,462) 148,947 Operating profit (loss) (EBIT) Adjusted (*) 161,605 44,603 23,390 (52,803) 176,795 Income, expenses, revaluation and adjustments of 283 financial assets Net financial expenses (26,340) Exchange differences, inflation accounting and Fair (1,458) Value valuation Profit (loss) before tax 121,432 Profit (loss) before tax Adjusted (*) 148,974 Tax (33,558) Net profit (loss) 87,874 Net profit (loss) Adjusted (*) 107,909 Profit (loss) of minority interests 81 Net profit (loss) attributable to the Group 87,793 Net profit (loss) attributable to the Group Adjusted (*) 107,828 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 25 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. First Half 2024 (€ thousands) Net profit (loss) Profit (loss) Net profit attributable to the EBITDA EBIT before tax (loss) Group Alternative Performance Measures 293,773 148,947 121,432 87,874 87,793 Transaction and integration costs for acquisitions and changes (positive or 233 233 233 233 233 negative) in earn-out Costs relative to corporate and network reorganization, as well as other 2,456 2,456 2,456 2,456 2,456 efficiency projects Gain and loss on disposal of assets and/or businesses, write-off and (324) 321 321 321 321 revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 23,918 23,918 23,918 23,918 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial - - 2,079 2,079 2,079 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an 920 920 (1,465) (1,465) (1,465) amount of €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 3,285 27,848 27,542 27,542 27,542 Fiscal effect on adjustments and other fiscal adjustments (7,507) (7,507) Total adjustments 3,285 27,848 27,542 20,035 20,035 Adjusted Alternative Performance Measures 297,058 176,795 148,974 107,909 107,828 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. First Half 2024 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 225,739 143,566 61,711 43,651 47,155 17,192 (40,832) (55,462) 293,773 148,947 Measures Transaction and integration costs for acquisitions and 1,157 1,157 (1,191) (1,191) 267 267 - - 233 233 changes (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as other 718 718 - - - - 1,738 1,738 2,456 2,456 efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write- (207) 403 10 10 (128) (93) 1 1 (324) 321 off and revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 15,761 2,133 - 6,024 - - - 23,918 Price Allocation Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - - - - - - 920 920 920 920 quarter, or above €2m across multiple quarters Total adjustments 1,668 18,039 (1,181) 952 139 6,198 2,659 2,659 3,285 27,848 Adjusted Alternative 227,407 161,605 60,530 44,603 47,294 23,390 (38,173) (52,803) 297,058 176,795 Performance Measures 26 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Second Quarter 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 382,394 124,646 85,660 - 592,700 (271,005 Operating costs (94,353) (65,817) (15,209) (446,384) ) Other income and costs (682) 187 371 (7) (131) Gross operating profit (loss) (EBITDA) 110,707 30,480 20,214 (15,216) 146,185 Gross operating profit (loss) (EBITDA) Adjusted (*) 110,514 30,425 20,325 (13,975) 147,289 Depreciation, amortization and impairment of non- (14,588) (5,242) (5,726) (6,355) (31,911) current assets Right-of-use depreciation (22,312) (3,864) (7,373) (621) (34,170) PPA related depreciation, amortization and impairment (8,368) (1,105) (2,868) (217) (12,558) Operating profit (loss) (EBIT) 65,439 20,269 4,247 (22,409) 67,546 Operating profit (loss) (EBIT) Adjusted (*) 73,626 21,537 8,548 (21,168) 82,543 Income, expenses, revaluation and adjustments of 90 financial assets Net financial expenses (14,706) Exchange differences, inflation accounting and Fair (1,384) Value valuation Profit (loss) before tax 51,546 Profit (loss) before tax Adjusted (*) 66,222 Tax (16,262) Net profit (loss) 35,284 Net profit (loss) Adjusted (*) 48,872 Profit (loss) of minority interests 48 Net profit (loss) attributable to the Group 35,236 Net profit (loss) attributable to the Group Adjusted (*) 48,824 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 27 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. Second Quarter 2025 (€ thousands) Net profit (loss) Profit (loss) Net profit Attributable EBITDA EBIT before tax (loss) to the Group Alternative Performance Measures 146,185 67,546 51,546 35,284 35,236 Transaction and integration costs for acquisitions and changes (positive or (394) (394) (394) (394) (394) negative) in earn-out Costs related to back-office and network reorganization, as well as other efficiency 1,441 2,794 2,794 2,794 2,794 projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and revaluation of 57 38 38 38 38 fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 12,559 12,559 12,559 12,559 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial - - 640 640 640 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an amount of - - (961) (961) (961) €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 1,104 14,997 14,676 14,676 14,676 Fiscal effect on adjustments and other fiscal adjustments (1,088) (1,088) Total adjustments 1,104 14,997 14,676 13,588 13,588 Adjusted Alternative Performance Measures 147,289 82,543 66,222 48,872 48,824 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. Second Quarter 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 110,707 65,439 30,480 20,269 20,214 4,247 (15,216) (22,409) 146,185 67,546 Measures Transaction and integration costs for acquisitions and changes (249) (249) (145) (145) (3) (3) 3 3 (394) (394) (positive or negative) in earn-out Costs related to back-office and network reorganization, as well as (2) 28 90 90 115 1,438 1,238 1,238 1,441 2,794 other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and 58 39 - - (1) (1) - - 57 38 revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 8,369 - 1,323 - 2,867 - - - 12,559 Price Allocation Total adjustments (193) 8,187 (55) 1,268 111 4,301 1,241 1,241 1,104 14,997 Adjusted Alternative 110,514 73,626 30,425 21,537 20,325 8,548 (13,975) (21,168) 147,289 82,543 Performance Measures 28 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Second Quarter 2024 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 381,409 129,597 93,021 116 604,143 Operating costs (264,170) (95,212) (69,959) (17,654) (446,995) Other income and costs (233) 1,086 (69) 146 930 Gross operating profit (loss) (EBITDA) 117,006 35,471 22,993 (17,392) 158,078 Gross operating profit (loss) (EBITDA) Adjusted (*) 118,194 35,109 23,268 (15,241) 161,330 Depreciation, amortization and impairment of non- (12,608) (4,613) (4,806) (6,788) (28,815) current assets Right-of-use depreciation (20,907) (3,615) (7,712) (594) (32,828) PPA related depreciation, amortization and impairment (7,881) (1,188) (3,052) - (12,121) Operating profit (loss) (EBIT) 75,610 26,055 7,423 (24,774) 84,314 Operating profit (loss) (EBIT) Adjusted (*) 84,790 26,881 10,766 (22,623) 99,814 Income, expenses, revaluation and adjustments of 282 financial assets Net financial expenses (12,629) Exchange differences, inflation accounting and Fair (713) Value valuation Profit (loss) before tax 71,254 Profit (loss) before tax Adjusted (*) 86,124 Tax (18,708) Net profit (loss) 52,546 Net profit (loss) Adjusted (*) 63,389 Profit (loss) of minority interests (383) Net profit (loss) attributable to the Group 52,929 Net profit (loss) attributable to the Group Adjusted (*) 63,772 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report. 29 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. Second Quarter 2024 (€ thousands) Net profit (loss) Profit (loss) Net profit attributable to the EBITDA EBIT before tax (loss) Group Alternative Performance Measures 158,078 84,314 71,254 52,546 52,929 Transaction and integration costs for acquisitions and changes (positive or 301 301 301 301 301 negative) in earn-out Charges and write-off related to back-office and network reorganization, as 2,456 2,456 2,456 2,456 2,456 well as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and 83 209 209 209 209 revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 12,122 12,122 12,122 12,122 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial - - 688 688 688 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an 412 412 (906) (906) (906) amount of €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 3,252 15,500 14,870 14,870 14,870 Fiscal effect on adjustments and other fiscal adjustments (4,027) (4,027) Total adjustments 3,252 15,500 14,870 10,843 10,843 Adjusted Alternative Performance Measures 161,330 99,814 86,124 63,389 63,772 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. Second Quarter 2024 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 117,006 75,610 35,471 26,055 22,993 7,423 (17,392) (24,774) 158,078 84,314 Measures Transaction and integration costs for acquisitions and changes 502 502 (402) (402) 201 201 - - 301 301 (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as other 718 718 - - - - 1,738 1,738 2,456 2,456 efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and (32) 78 40 40 74 90 1 1 83 209 revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 7,882 - 1,188 - 3,052 - - - 12,122 Price Allocation Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - - - - - - 412 412 412 412 quarter, or above €2m across multiple quarters Total adjustments 1,188 9,180 (362) 826 275 3,343 2,151 2,151 3,252 15,500 Adjusted Alternative 118,194 84,790 35,109 26,881 23,268 10,766 (15,241) (22,623) 161,330 99,814 Performance Measures 30 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Revenues from sales and services First Half 2025 First Half 2024 Change Change % (€ thousands) Revenues from sales and 1,180,490 1,177,251 3,239 0.3% services Second Quarter 2025 Second Quarter 2024 Change Change % (€ thousands) Revenues from sales and 592,700 604,143 (11,443) -1.9% services Consolidated revenues from sales and services amounted to €1,180,490 thousand in the first six months of 2025, an increase of €3,239 thousand (+0.3%) compared to the first six months of 2024, explained for €27,773 thousand (+2.4%) by acquisitions and perimeter changes. Organic growth was negative for €9,504 thousand (-0.8%), while exchange differences were negative for €15,030 thousand (-1.3%). The revenues of the Argentinian subsidiary reflect the inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a positive impact on organic growth (+0.1%). Despite the weakness of the market, there was good organic growth in the Americas region, while the European area, although growing overall thanks to the acquisitions, recorded negative organic performance. The APAC region was affected by the depreciation of the New Zealand dollar and the Australian dollar and, in terms of organic growth, by the weakness of the Chinese market. In the second quarter alone, consolidated revenues from sales and services amounted to €592,700 thousand, a decrease of €11,443 thousand (-1.9%) compared to the second quarter of 2024, explained mainly by the foreign exchange effect which was negative for €15,167 thousand (-2.5%) and organic growth which was negative for €10,002 thousand (-1.7%). Acquisitions and perimeter changes made a positive contribution of €13,726 thousand (+2.3%). The revenues of the Argentinian subsidiary, in the second quarter alone, reflect the inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a positive impact on organic growth (+0.1%). 31 --- Interim Financial Report as at 30 June 2025 > Interim Management Report The breakdown of revenues from sales and services by geographic area is shown below. Change % in H1 H1 local (€ thousands) 2025 % on Total 2024 % on Total Change Change % Exchange diff. currency EMEA 765,958 64.9% 757,467 64.4% 8,491 1.1% 735 1.0% Americas 243,085 20.6% 240,418 20.4% 2,667 1.1% (7,766) 4.3% Asia Pacific 171,447 14.5% 179,185 15.2% (7,738) -4.3% (7,999) 0.1% Corporate - 0.0% 181 0.0% (181) -100.0% - -100.0% Total 1,180,490 100.0% 1,177,251 100.0% 3,239 0.3% (15,030) 1.6% Change % in Q2 Q2 local (€ thousands) 2025 % on Total 2024 % on Total Change Change % Exchange diff. currency EMEA 382,394 64.5% 381,409 63.1% 985 0.3% 541 0.1% Americas 124,646 21.0% 129,597 21.5% (4,951) -3.8% (9,119) 3.2% Asia Pacific 85,660 14.5% 93,021 15.4% (7,361) -7.9% (6,589) -0.8% Corporate - 0.0% 116 0.0% (116) -100.0% - -100.0% Total 592,700 100.0% 604,143 100.0% (11,443) -1.9% (15,167) 0.6% Europe, Middle East and Africa 2025 2024 Change Change % Period (€ thousand) I quarter 383,564 376,058 7,506 2.0% II quarter 382,394 381,409 985 0.3% I Half Year 765,958 757,467 8,491 1.1% Consolidated revenues from sales and services amounted to €765,958 thousand in the first six months of 2025, an increase of €8,491 thousand (+1.1%) compared to the same period of the prior year. The increase is attributable to acquisitions and perimeter changes which contributed €20,006 thousand (+2.6%), among them stands out the first-time consolidation of the Polish subsidiary Amplifon Aparaty Słuchowe Sp.zo.o. purchased at the beginning of March. The strong performance of the French and German markets, mainly in the second half of the semester, was not enough to offset the weakness of the Southern European markets and the organic performance had a negative impact on the European market of €12,250 thousand (-1.6%). The foreign exchange effect was slightly positive at €735 thousand (+0.1%). In the second quarter alone, consolidated revenues from sales and services amounted to € 382,394thousand, an increase of €985 thousand (+0.3%) with respect to the comparison period. This change is explained primarily by acquisitions and perimeter changes, for €10,025 thousand (+2.6%). Organic growth was negative for €9,581 thousand (-2.5%) while the foreign exchange effect was marginal at positive €541 thousand (+0.2%). 32 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Americas 2025 2024 Change Change % Period (€ thousand) I quarter 118,439 110,821 7,618 6.9% II quarter 124,646 129,597 (4,951) -3.8% I Half Year 243,085 240,418 2,667 1.1% Consolidated revenues from sales and services amounted to €243,085 thousand in the first six months of 2025, an increase of €2,667 thousand (+1.1%). This increase is explained for €2,881 thousand (+1.2%) by organic growth which was fueled primarily by the above-market performance of Miracle-Ear Direct Retail. Acquisitions and perimeter changes contributed €7,552 thousand (+3.1%) and the foreign exchange effect which negatively contributed for €7,766 thousand (-3.2%). 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 growth (+0.2%). In the second quarter alone, consolidated revenues from sales and services amounted to € 124,646 thousand, a drop of €4,951 thousand (-3.8%) with respect to the comparison period. This change is explained primarily by the weakening of the US dollar, the Argentine peso, and the Canadian dollar, which negatively contributed for €9,199 thousands (-7,0%), partially offset by the positive contributions made by acquisitions and perimeter changes for €4,053 thousand (+3.1%) and organic growth for €115 thousand (+0.1%). The revenues of the Argentinian subsidiary, in the second quarter alone, reflect the inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a positive impact on organic growth (+0.4%) and a negative impact on exchange differences (-0.1%). Asia Pacific 2025 2024 Change Change % Period (€ thousand) I quarter 85,787 86,164 (377) -0.4% II quarter 85,660 93,021 (7,361) -7.9% I Half Year 171,447 179,185 (7,738) -4.3% Revenues from sales and services amounted to €171,447 thousand in the first six months of 2025, showing a decrease of €7,738 thousand (-4.3%) compared to the same period of 2024. This change is explained primarily by negative exchange differences for €7,999 thousand (-4.4%), due to the weakening of the New Zealand and Australian dollars. Overall, the acquisitions and perimeter changes had a positive impact of €215 thousand (+0.1%): the contribution of acquisitions in China for €3,181 thousand (+1.8%) was partially offset by the disposal of the 33 --- Interim Financial Report as at 30 June 2025 > Interim Management Report indirect sales network of the Chinese subsidiary Hangzhou Amplifon Hearing Aid Co., Ltd. and from the closure of one first group of low-performing shops, for €2,966 thousand (-1.7%). Organic growth had a positive impact of €46 thousand. In the second quarter alone, consolidated revenues from sales and services amounted to €85,660 thousand, a drop of €7,361 thousand (-7.9%) mainly attributable to negative exchange differences for €6,589 thousand (-7.1%). Acquisitions and perimeter changes were negative for €352 thousand (-0.4%) mostly due to the disposal of indirect sales channels described above. Organic growth had a negative impact of €420 thousand (-0.4%). 34 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Gross operating profit (loss) (EBITDA) First Half 2025 First Half 2024 (€ thousands) Gross operating profit (loss) (EBITDA) 286,981 293,773 Gross operating profit (loss) (EBITDA) Adjusted 287,645 297,058 Second Quarter 2025 Second Quarter 2024 (€ thousands) Gross operating profit (loss) (EBITDA) 146,185 158,078 Gross operating profit (loss) (EBITDA) Adjusted 147,289 161,330 Gross operating profit (EBITDA) amounted to €286,981 thousand in the first six months of 2025, a decline of €6,792 thousand (-2.3%) with respect to the comparison period. The EBITDA margin came to 24.3%, 0.7 p.p. lower than in the comparison period. The change compared to the previous period is attributable to the effect of lower operating leverage, the unfavorable geographic mix with greater exposure to Southern European markets, which slowed more than others, the dilution resulting from the acceleration of growth of Miracle-Ear's direct network in the United States, and the performance in China. The result for the reporting period was affected 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) for €664 thousand. The result of 2024 was affected by these items for €3,285 thousand. Net of these items, adjusted EBITDA came to €287,645 thousand in the first six months of 2025, a decrease of €9,413 thousand (-3.2%) against the comparison period. The EBITDA margin was 0.8 p.p. lower than in the comparison period, coming in at 24.4%. In the second quarter alone, EBITDA was €11,893 thousand (-7.5%) lower than in the comparison period coming in at €146,185 thousand. The EBITDA margin was 24.7%, - 1.5 p.p. lower than in the comparison period. The second quarter result was affected 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) for € 1,104 thousand. The result of 2024 was affected by these items for €3,252 thousand. Net of these items, Adjusted EBITDA came to €147,289 thousand in the second quarter of 2025, a decrease against the comparison period of €14,041 thousand (-8.7%). The EBITDA margin was 1.8 p.p. lower than in the comparison period, coming in at 24.9%. 35 --- Interim Financial Report as at 30 June 2025 > Interim Management Report The breakdown of EBITDA by geographic area is shown below. H1 EBITDA H1 EBITDA (€ thousands) 2025 Margin 2024 Margin Change Change % EMEA 222,948 29.1% 225,739 29.8% (2,791) -1.2% Americas 58,290 24.0% 61,711 25.7% (3,421) -5.5% Asia Pacific 43,311 25.3% 47,155 26.3% (3,844) -8.2% Corporate (*) (37,568) -3.2% (40,832) -3.5% 3,264 -8.0% Total 286,981 24.3% 293,773 25.0% (6,792) -2.3% Q2 EBITDA Q2 EBITDA (€ thousands) 2025 Margin 2024 Margin Change Change % EMEA 110,707 29.0% 117,006 30.7% (6,299) -5.4% Americas 30,480 24.5% 35,471 27.4% (4,991) -14.1% Asia Pacific 20,214 23.6% 22,993 24.7% (2,779) -12.1% Corporate (*) (15,216) -2.6% (17,392) -2.9% 2,176 -12.5% Total 146,185 24.7% 158,078 26.2% (11,893) -7.5% (*) Centralized costs are shown as a percentage of the Group’s total sales The breakdown of EBITDA Adjusted by geographic area is shown below. EBITDA EBITDA H1 Adjusted H1 Adjusted (€ thousands) 2025 Margin 2024 Margin Change Change % EMEA 223,114 29.1% 227,407 30.0% (4,293) -1.9% Americas 57,090 23.5% 60,530 25.2% (3,440) -5.7% Asia Pacific 43,641 25.5% 47,294 26.4% (3,653) -7.7% Corporate (*) (36,200) -3.1% (38,173) -3.2% 1,973 -5.2% Total 287,645 24.4% 297,058 25.2% (9,413) -3.2% EBITDA EBITDA Q2 Adjusted Q2 Adjusted (€ thousands) 2025 Margin 2024 Margin Change Change % EMEA 110,514 28.9% 118,194 31.0% (7,680) -6.5% Americas 30,425 24.4% 35,109 27.1% (4,684) -13.3% Asia Pacific 20,325 23.7% 23,268 25.0% (2,943) -12.6% Corporate (*) (13,975) -2.4% (15,241) -2.5% 1,266 -8.3% Total 147,289 24.9% 161,330 26.7% (14,041) -8.7% (*) Centralized costs are shown as a percentage of the Group’s total sales. 36 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Europe, Middle East and Africa Gross operating profit (EBITDA) amounted to €222,948 thousand in the first six months of 2025, a decrease of €2,791 thousand (-1.2%) with respect to the comparison period. The EBITDA margin came to 29.1%, a decrease of 0.7 p.p. compared to the first half of 2024. The result for the reporting period was affected 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) for €166 thousand. The result of 2024 was affected by these items for €1,668 thousand. Net of these items, the decrease in adjusted EBITDA came to €4,293 thousand (-1.9%) in the first six months of 2025. The EBITDA margin was 0.9 p.p. lower than in the comparison period, coming in at 29.1%. In the second quarter alone, EBITDA was €6,299 thousand (-5.4%) lower than in the comparison period coming in at €110,707 thousand. The EBITDA margin was 29.0%, 1.7 p.p. lower than in the comparison period. The second quarter result was affected 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) for €193 thousand. The result of 2024 was affected by these items for €1,188 thousand. Net of these items, adjusted EBITDA came to €110,514 thousand, a decrease of €7,680 thousand (-6.5%) against the comparison period. The EBITDA margin was 2.1 p.p. lower than in the comparison period, coming in at 28.9%. Americas Gross operating profit (EBITDA) amounted to €58,290 thousand in the first six months of 2025, a decrease of €3,421 thousand (-5.5%) with respect to the comparison period. The EBITDA margin came to 24.0%, a decrease of 1.7 p.p. compared to the first half of 2024. The result for the reporting period benefited from items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made) for €1,200 thousand. The result of 2024 benefited from these items for €1,181 thousand. Net of these items, the decrease in adjusted EBITDA came to €3,440 thousand (-5.7%) in the first six months of 2025. The EBITDA margin was 1.7 p.p. lower than in the comparison period, coming in at 23.5%. 37 --- Interim Financial Report as at 30 June 2025 > Interim Management Report In the second quarter alone, EBITDA was €4,991 thousand (-14.1%) lower than in the comparison period coming in at €30,480 thousand. The EBITDA margin was 24.5%, 2.9 p.p. lower than in the comparison period. The result for the second quarter benefited from items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made) for €55 thousand. The result of 2024 benefited from these items amounted to €362 thousand. Net of these items, adjusted EBITDA came to €30,425 thousand in the second quarter of 2025, a decrease of 4,684 thousand (-13.3%) against the comparison period. The EBITDA margin was 2.7 p.p. lower than in the comparison period, coming in at 24.4%. Asia Pacific Gross operating profit (EBITDA) amounted to €43,311 thousand in the first six months of 2025, a decrease of €3,844 thousand (-8.2%) with respect to the comparison period. The EBITDA margin came to 25.3%, a decrease of 1.0 p.p. compared to the first half of 2024. The result for the reporting period was affected 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) for €330 thousand. The result of 2024 was affected by these items for €139 thousand. Net of these items, the decrease in adjusted EBITDA came to €3,653 thousand (-7.7%) in the first six months of 2025. The EBITDA margin was 0.9 p.p. lower than in the comparison period, coming in at 25.5%. In the second quarter alone, EBITDA was €2,779 thousand (-12.1%) lower than in the comparison period coming in at €20,214 thousand. The EBITDA margin was 23.6%, 1.1 p.p. lower than in the comparison period. The second quarter result was affected 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) for € 111 thousand. The result of 2024 was affected by these items for €275 thousand. Net of these items, adjusted EBITDA came to €20,325 thousand in the second quarter of 2025, a decrease of €2,943 thousand (-12.6%) against the comparison period. The EBITDA margin was 1.3 p.p. lower than in the comparison period, coming in at 23.7%. 38 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Corporate In the first six months of 2025 the net cost of centralized corporate functions (corporate bodies, general management, business development, procurement, treasury, legal affairs, human resources, IT systems, global marketing and internal audit) which do not qualify as operating segments under IFRS 8 amounted to €37,568 thousand (3.2% of the Group’s revenues from sales and services), a decrease of €3,264 thousand (-8.0%) with respect to the same period of the prior year. The EBITDA margin was 0.3 p.p. lower than in the comparison period. The result for the reporting period was affected 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) for €1,368 thousand. The result of 2024 was affected by these items for €2,659 thousand. Net of these items, adjusted EBITDA was €1,973 thousand (+5.2%) higher in the first six months of 2024. The EBITDA margin improved by +0.1 p.p. against the comparison period, coming in at -3.1%. In the second quarter alone, the net cost for corporate functions amounted to €15,216 thousand (-2.6% of the Group’s revenues from sales and services), a decrease of € 2,176 thousand (-12.5%) compared to the second quarter of 2024. The result for the reporting period was affected 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) for €1,241 thousand. The result of 2024 was affected by these items for €2,151 thousand. Net of these items, adjusted EBITDA was €1,266 thousand (-8.3%) lower than in the second quarter of 2024. The EBITDA margin improved by +0.1 p.p. against the comparison period, coming in at -2.4%. 39 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Operating profit (loss) (EBIT) First Half 2025 First Half 2024 (€ thousands) Operating profit (loss) (EBIT) 128,986 148,947 Operating profit (loss) (EBIT) Adjusted 156,328 176,795 Second Quarter 2025 Second Quarter 2024 (€ thousands) Operating profit (loss) (EBIT) 67,546 84,314 Operating profit (loss) (EBIT) Adjusted 82,543 99,814 Operating profit (EBIT) amounted to €128,986 thousand in the first six months of 2025, a decrease of €19,961 thousand (-13.4%) with respect to the comparison period. The EBIT margin came to 10.9%, 1.8 p.p. lower than in the comparison period. With respect to the gross operating profit (EBITDA), EBIT was also impacted by an increase in amortization and depreciation stemming from network expansion, the investments made in innovation and digital transformation, as well as higher amortization for the right of use assets and the initial recognition of assets in accordance with Purchase Price Allocation accounting. The result for the reporting period was affected by €27,342 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance primarily attributable to, in addition to what was already described in the section on adjusted EBITDA, the amortization of intangible assets recognized during Purchase Price Allocation. For more information refer to the section on Alternative Performance Indicators. The result of 2024 was affected by these items for €27,848 thousand. Net of these items, adjusted EBIT amounted to €156,328 thousand in the first six months of 2025, a decrease of €20,467 thousand (-11.6%) against the comparison period. The EBIT margin was 1.8 p.p. lower than in the comparison period, coming in at 13.2%. In the second quarter alone operating profit (EBIT) amounted to €67,546 thousand, a decrease of €16,768 thousand (-19.9%) with respect to the comparison period. The EBIT margin came to 11.4%, 2.6 p.p. lower in the comparison period. The result for the second quarter was affected for €14,997 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 result of 2024 was affected by these items for €15,500 thousand. 40 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Net of these items, adjusted EBIT amounted to €82,543 thousand in the second quarter of 2025, a decrease of €17,271 thousand (-17.3%) against the comparison period. The EBIT margin was 2.6 p.p. lower than in the comparison period, coming in at 13.9%. The breakdown of EBIT by geographic area is shown below. EBIT EBIT H1 2025 H1 2024 Change Change % (€ thousands) Margin Margin EMEA 132,586 17.3% 143,566 19.0% (10,980) -7.6% Americas 37,963 15.6% 43,651 18.2% (5,688) -13.0% Asia Pacific 11,827 6.9% 17,192 9.6% (5,365) -31.2% Corporate (*) (53,390) -4.5% (55,462) -4.7% 2,072 -3.7% Total 128,986 10.9% 148,947 12.7% (19,961) -13.4% EBIT EBIT Q2 2025 Q2 2024 Change Change % (€ thousands) Margin Margin EMEA 65,439 17.1% 75,610 19.8% (10,171) -13.5% Americas 20,269 16.3% 26,055 20.1% (5,786) -22.2% Asia Pacific 4,247 5.0% 7,423 8.0% (3,176) -42.8% Corporate (*) (22,409) -3.8% (24,774) -4.1% 2,365 -9.5% Total 67,546 11.4% 84,314 14.0% (16,768) -19.9% (*) Centralized costs are shown as a percentage of the Group’s total sales. The breakdown of EBIT Adjusted by geographic area is shown below. EBIT EBIT H1 2025 Adjusted H1 2024 Adjusted Change Change % (€ thousands) Margin Margin EMEA 149,784 19.6% 161,605 21.3% (11,821) -7.3% Americas 39,245 16.1% 44,603 18.6% (5,358) -12.0% Asia Pacific 19,321 11.3% 23,390 13.1% (4,069) -17.4% Corporate (*) (52,022) -4.4% (52,803) -4.5% 781 -1.5% Total 156,328 13.2% 176,795 15.0% (20,467) -11.6% EBIT EBIT Q2 2025 Adjusted Q2 2024 Adjusted Change Change % (€ thousands) Margin Margin EMEA 73,626 19.3% 84,790 22.2% (11,164) -13.2% Americas 21,537 17.3% 26,881 20.7% (5,344) -19.9% Asia Pacific 8,548 10.0% 10,766 11.6% (2,218) -20.6% Corporate (*) (21,168) -3.6% (22,623) -3.7% 1,455 -6.4% Total 82,543 13.9% 99,814 16.5% (17,271) -17.3% (*) Centralized costs are shown as a percentage of the Group’s total sales. 41 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Europe, Middle East and Africa Operating profit (EBIT) amounted to €132,586 thousand in the first six months of 2025, a decrease of €10,980 thousand (-7.6%) with respect to the comparison period. The EBIT margin came to 17.3%, 1.7 p.p. lower than in the first six months of 2024. The result for the reporting period was affected for €17,198 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 result of 2024 was affected by these items for €18,039 thousand. Net of these items, adjusted EBIT was €11,821 thousand (-7.3%) lower in the first six months of 2025. The EBIT margin fell 1.7 p.p. against the comparison period to 19.6%. In the second quarter alone operating profit (EBIT) amounted to €65,439 thousand, a decrease of €10,171 thousand (-13.5%) with respect to the comparison period. The EBIT margin came to 17.1%, 2.7 p.p. lower than in the comparison period. The result for the second quarter was affected for €8,187 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 result of 2024 was affected by these items for €9,180 thousand. Net of these items, adjusted EBIT came to €73,626 thousand in the second quarter of 2025, a decrease of €11,164 thousand (-13.2%) against the comparison period. The EBIT margin fell 2.9 p.p. against the comparison period to 19.3%. Americas Operating profit (EBIT) amounted to €37,963 thousand in the first six months of 2025, a decrease of €5,688 thousand (-13.0%) with respect to the comparison period. The EBIT margin came to 15.6%, 2.6 p.p. lower than in the first six months of 2024. The result for the reporting period was affected for €1,282 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 result of 2024 was affected by these items for €952 thousand. Net of these items, adjusted EBIT was €5,358 thousand (-12.0%) lower in the first six months of 2025. The EBIT margin fell 2.5 p.p. against the comparison period to 16.1%. In the second quarter alone operating profit (EBIT) amounted to €20,269 thousand, a decrease of €5,786 thousand (-22.2%) with respect to the comparison period. The EBIT margin came to 16.3%, 3.8 p.p. lower than in the comparison period. 42 --- Interim Financial Report as at 30 June 2025 > Interim Management Report The result for the second quarter was affected for €1,268 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 result of 2024 was affected by these items for €826 thousand. Net of these items, adjusted EBIT came to €21,537 thousand in the second quarter of 2025, a decrease of €5,344 thousand (-19.9%) against the comparison period. The EBIT margin fell 3.4 p.p. against the comparison period to 17.3%. Asia Pacific Operating profit (EBIT) amounted to €11,827 thousand in the first six months of 2025, a decrease of €5,365 thousand (-31.2%) with respect to the comparison period. The EBIT margin came to 6.9%, 2.7 p.p. lower than in the first six months of 2024. The result for the reporting period was affected for €7,494 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 result of 2024 was affected by these items for €6,198 thousand. Net of these items, adjusted EBIT was €4,069 thousand (-17.4%) lower in the first six months of 2025. The EBIT margin fell 1.8 p.p. against the comparison period to 11.3%. In the second quarter alone operating profit (EBIT) amounted to €4,247 thousand, a decrease of €3,176 thousand (-42.8%) with respect to the comparison period. The EBIT margin came to 5.0%, 3.0 p.p. lower than in the comparison period. The result for the second quarter was affected for €4,301 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 result of 2024 was affected by these items for €3,343 thousand. Net of these items, adjusted EBIT came to €8,548 thousand in the second quarter of 2025, a decrease of €2,218 thousand (-20.6%) against the comparison period. The EBIT margin fell 1.6 p.p. against the comparison period to 10.0%. 43 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Corporate The net Corporate costs at the EBIT level amounted to €53,390 thousand in the first six months of 2025 (-4.5% of the revenues generated by the Group’s sales and services), a decrease of €2,072 thousand against the first half of 2024 (-3.7%) The result for the reporting period was affected for €1,368 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 result of 2024 was affected by these items for €2,659 thousand. Net of these items, the net Corporate costs at the EBIT level amounted to €52,022 thousand (- 1.5%). The EBIT margin was 0.1 p.p. lower than in the comparison period, coming in at -4.4%. In the second quarter alone, the net Corporate costs at the EBIT level amounted to €22,409 thousand in the second quarter of 2025 (-3.8% of the revenues generated by the Group’s sales and services), a decrease of €2,365 thousand (-9.5%) against the second quarter of 2024. The result for the second quarter was affected for €1,241 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 result of 2024 was affected by these items for €2,151 thousand. Net of these items, costs were €1,455 thousand (-6.4%) lower. The margin on sales came to -3.6%, showing an increase of +0.1 p.p. against the comparison period. 44 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Profit before taxes First Half 2025 First Half 2024 (€ thousands) Profit before taxes 98,280 121,432 Profit before taxes Adjusted 124,946 148,974 Second Quarter 2025 Second Quarter 2024 (€ thousands) Profit before taxes 51,546 71,254 Profit before taxes Adjusted 66,222 86,124 Profit before tax amounted to €98,280 thousand in the first six months of 2025, a decrease of €23,152 thousand (-19.1%) against the comparison period, with a gross profit margin of 8.3% (- 2.0 p.p. with respect to the comparison period). Total financial expenses were €3,191 thousand higher than in the first half of 2024 due mainly to the higher interest payable on leases and the impact of exchange differences caused by significant changes in currency exchange rates during the half. The result for the reporting period was affected for €26.666 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). In addition to what was described in the section on EBIT, financial expenses in the reporting period benefitted from the income generated by the purchase and use of superbonus credits in accordance with Articles 119 and 121 of Legislative Decree 34/2020, net hyper-inflation charges and the impact of changes in FV following non-monetary adjustment and/or revaluations of financial liabilities for a total negative impact of €676 thousand. The result of 2024 was affected by items (income and expenses) that are unusual, infrequent or not related to the operating performance for €27,542 thousand. Net of these items, the adjusted profit before tax in the first six months of 2025 was €24,028 thousand (-16.1%) lower, coming in at €124,946 thousand. The gross profit margin came to 10.6%, a decrease of -2.1 p.p. against the comparison period. In the second quarter alone, profit before tax amounted to €51,546 thousand, a decrease of €19,708 thousand (-27.7%) against the comparison period. The gross profit margin came to 8.7% (-3.1 p.p. compared to the comparison period). Net expenses for financial management were, overall, higher at €2,940 thousand. The result for the quarter was affected for €14,676 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section 45 --- Interim Financial Report as at 30 June 2025 > Interim Management Report on Alternative Performance Indicators to which reference should be made). The result of 2024 was affected by these items for €14,870 thousand. Net of these items, adjusted profit before tax was €19,902 thousand (-23,1%) lower. The gross profit margin was 3.1 p.p. lower than in the comparison period, coming in at 11.2%. Group net profit First Half 2025 First Half 2024 (€ thousands) 68,120 87,793 Net profit (loss) attributable to the Group Net profit (loss) attributable to the Group Adjusted 90,462 107,828 Second Quarter 2025 Second Quarter 2024 (€ thousands) 35,236 52,929 Net profit (loss) attributable to the Group Net profit (loss) attributable to the Group Adjusted 48,824 63,772 The Group’s portion of net profit came to €68,120 thousand in the first six months of 2025, a decrease of €19,673 thousand (-22.4%) against the comparison period with the profit margin down 1.7 p.p. at 5.8%. The result for the reporting period was affected for €22,342 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). In addition to the costs for €26,666 thousand already explained above in the section on Profit before tax, net the tax effect of €7,097 thousand, a reassessment of an estimation of deferred tax in Australia entailed a non-monetary charge for €2,773 thousand. The result of 2024 was affected by these items for €20,035 thousand net the tax effect of €7,507 thousand. Net of these items, the Group’s adjusted portion of net profit amounted to €90,462 thousand in the first six months of 2025, €17,366 thousand lower (-16.1%) than in the comparison period. The profit margin was 1.5 p.p. lower than in the comparison period and came in at 7.7%. In the second quarter alone, the Group’s portion of net profit was €35,236 thousand, €17,693 thousand (-33.4%) lower than in the comparison period. The profit margin came in at 5.9% (-2.9 p.p. against the comparison period). The result for the quarter was affected for €13,588 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made). In addition to the costs for €14,676 thousand already explained above in the section on Profit before tax, net the 46 --- Interim Financial Report as at 30 June 2025 > Interim Management Report tax effect of €3,861 thousand, a reassessment of an estimation of deferred tax in Australia entailed a non-monetary charge for €2,773 thousand. The result of 2024 was affected by these items for €10,843 thousand, net the tax effect of €4,027 thousand. Net of these items, the adjusted portion of the profit before tax amounted to €14,948 thousand (-23.4%). The profit margin was 2.4 p.p. lower than in the comparison period, coming in at 8.2%. The tax rate in the period came to 30.6% compared to 27.6% in the first six months of 2024. The adjusted tax rate in the period came to 27.5% compared to 27.6% in the first six months of 2024. 47 --- Interim Financial Report as at 30 June 2025 > Interim Management Report BALANCE SHEET REVIEW (*) Consolidated balance sheet by geographical area 06/30/2025 (€ thousands) EMEA Americas APAC Eliminations Total Goodwill 1,065,711 292,120 561,617 - 1,919,448 Non-competition agreements, trademarks, customer lists and lease 169,781 30,554 44,198 - 244,533 rights Software, licenses, other intangible fixed assets, fixed assets in progress and 124,686 26,029 9,143 - 159,858 advances Property, plant, and equipment 172,063 41,412 38,534 - 252,009 Right-of-use assets 379,562 46,093 50,682 - 476,337 Financial fixed assets 6,200 5,885 238 - 12,323 Other non-current financial assets 37,065 2,490 1,563 - 41,118 Non-current assets 1,955,068 444,583 705,975 - 3,105,626 Inventories 73,200 11,566 8,871 - 93,637 Trade receivables 246,765 37,647 12,297 (76,379) 220,330 Other receivables 88,943 23,918 9,832 (188) 122,505 Current assets (A) 408,908 73,131 31,000 (76,567) 436,472 Operating assets 2,363,976 517,714 736,975 (76,567) 3,542,098 Trade payables (283,782) (77,300) (43,680) 76,379 (328,383) Other payables (276,218) (41,165) (34,439) 188 (351,634) Provisions for risks and charges (current (2,475) (587) - - (3,062) portion) Current liabilities (B) (562,475) (119,052) (78,119) 76,567 (683,079) Net working capital (A) - (B) (153,567) (45,921) (47,119) - (246,607) Derivative instruments 1,059 1,059 Deferred tax assets 53,673 6,110 14,539 74,322 Deferred tax liabilities (68,073) (21,990) (9,606) (99,669) Provisions for risks and charges (non- (14,802) (1,092) (810) (16,704) current portion) Liabilities for employees’ benefits (non- (12,898) (21) (608) (13,527) current portion) Loan fees 3,720 3,720 Other non-current liabilities (169,154) (12,983) (2,701) (184,838) NET INVESTED CAPITAL 1,595,026 368,686 659,670 2,623,382 Group net equity 1,013,559 Minority interests 272 Total net equity 1,013,831 Net medium and long-term financial 1,046,467 indebtedness Net short-term financial indebtedness 62,489 Total net financial indebtedness 1,108,956 Lease liabilities 398,176 49,868 52,551 - 500,595 Total lease liabilities & net financial 1,609,551 indebtedness NET EQUITY, LEASE LIABILITIES AND NET 2,623,382 FINANCIAL INDEBTEDNESS (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. 48 --- Interim Financial Report as at 30 June 2025 > Interim Management Report 12/31/2024 (€ thousands) EMEA Americas APAC Eliminations Total Goodwill 1,031,163 313,631 600,701 - 1,945,495 Non-competition agreements, trademarks, customer lists and lease 176,203 31,101 52,143 - 259,447 rights Software, licenses, other intangible fixed assets, fixed assets in progress and 127,637 32,008 9,268 - 168,913 advances Property, plant, and equipment 168,319 41,075 44,530 - 253,924 Right-of-use assets 381,119 49,770 61,175 - 492,064 Financial fixed assets 17,326 6,890 256 - 24,472 Other non-current financial assets 36,942 2,640 1,850 - 41,432 Non-current assets 1,938,709 477,115 769,923 - 3,185,747 Inventories 71,792 11,777 9,611 - 93,180 Trade receivables 233,432 66,043 15,120 (87,841) 226,754 Other receivables 93,370 16,633 5,489 (188) 115,304 Current assets (A) 398,594 94,453 30,220 (88,029) 435,238 Operating assets 2,337,303 571,568 800,143 (88,029) 3,620,985 Trade payables (343,885) (70,137) (50,919) 87,841 (377,100) Other payables (287,489) (45,154) (41,817) 188 (374,272) Provisions for risks and charges (current (1,787) (616) - - (2,403) portion) Current liabilities (B) (633,161) (115,907) (92,736) 88,029 (753,775) Net working capital (A) - (B) (234,567) (21,454) (62,516) - (318,537) Derivative instruments 3,680 - - - 3,680 Deferred tax assets 56,435 5,762 15,135 - 77,332 Deferred tax liabilities (66,211) (23,234) (10,048) - (99,493) Provisions for risks and charges (non- (18,896) (1,158) (871) - (20,925) current portion) Liabilities for employees’ benefits (non- (14,753) - (704) - (15,457) current portion) Loan fees 3,452 - - - 3,452 Other non-current liabilities (171,840) (14,740) (2,853) - (189,433) NET INVESTED CAPITAL 1,496,008 422,291 708,067 - 2,626,366 Group net equity 1,150,002 Minority interests 222 Total net equity 1,150,224 Net medium and long-term financial 960,387 indebtedness Net short-term financial indebtedness 1,418 Total net financial indebtedness 961,805 Lease liabilities 398,120 53,845 62,372 - 514,337 Total lease liabilities & net financial 1,476,142 indebtedness NET EQUITY, LEASE LIABILITIES AND NET 2,626,366 FINANCIAL INDEBTEDNESS 49 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Non-Current Assets Non-current assets amounted to €3,105,626 thousand as at 30 June 2025, a decrease of €80,121 thousand with respect to the €3,185,747 thousand recorded as at 31 December 2024. The changes in the reporting period are explained (i) for €71,501 thousand by acquisitions; (ii) for €64,615 thousand by capex; (iii) for €61,615 thousand by right-of-use assets acquired in the reporting period for renewals of existing leases and network expansion; (iv) for €157,995 thousand, by amortization, depreciation and impairment, including amortization of the right-of- use assets and the assets allocated as a result of business combinations; (v) for €103,975 by the negative impact of exchange differences, which had the largest impact on goodwill; (vi) for €15,882 thousand by other decreases stemming mainly from the reclass to the short term category of tax credit booked in 2024 and to the early lease terminations due to clinics’ relocation and closure. The breakdown of non-current assets by geographic area is shown below. 06/30/2025 12/31/2024 Change (€ thousands) Goodwill 1,065,711 1,031,163 34,548 Non-competition agreements, trademarks, customer lists and 169,781 176,203 (6,422) lease rights Software, licenses, other intangible fixed assets, fixed assets in 124,686 127,637 (2,951) progress and advances EMEA (*) Tangible assets 172,063 168,319 3,744 Right-of-use assets 379,562 381,119 (1,557) Financial fixed assets 6,200 17,326 (11,126) Other non-current financial assets 37,065 36,942 123 Non-current assets 1,955,068 1,938,709 16,359 Goodwill 292,120 313,631 (21,511) Non-competition agreements, trademarks, customer lists and 30,554 31,101 (547) lease rights Software, licenses, other intangible fixed assets, fixed assets in 26,029 32,008 (5,979) progress and advances Tangible assets 41,412 41,075 337 Americas Right-of-use assets 46,093 49,770 (3,677) Financial fixed assets 5,885 6,890 (1,005) Other non-current financial assets 2,490 2,640 (150) Non-current assets 444,583 477,115 (32,532) Goodwill 561,617 600,701 (39,084) Non-competition agreements, trademarks, customer lists and 44,198 52,143 (7,945) lease rights Software, licenses, other intangible fixed assets, fixed assets in 9,143 9,268 (125) progress and advances Asia Pacific Tangible assets 38,534 44,530 (5,996) Right-of-use assets 50,682 61,175 (10,493) Financial fixed assets 238 256 (18) Other non-current financial assets 1,563 1,850 (287) Non-current assets 705,975 769,923 (63,948) Total 3,105,626 3,185,747 (80,121) (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. 50 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Europe, Middle East and Africa Non-current assets amounted to €1,955,068 thousand as at 30 June 2025, an increase of €16,359 thousand with respect to the €1,938,709 thousand recorded as at 31 December 2024. This increase is explained: - for €51,930 thousand, by acquisitions made in the reporting period; - for €45,068 thousand, by right-of-use assets acquired in the year as a result of the renewal of existing leases and network expansion; - for €22,401 thousand, by investments in plant, property and equipment, relating primarily to the opening of new clinics and the renewal of existing ones, as well as the purchase of hardware needed to implement Group IT projects detailed below; - for €22,604 thousand, by investments in new front office solutions and the continuous implementation and standardization of the Group ERP cloud system; - for €106,184 thousand, by amortization, depreciation and impairment, including amortization of the right-of-use assets and the amortization of intangible assets allocated as a result of business combinations; - for €19,460 thousand, other decreases attributable primarily to the reclass to the short- term category of tax credit booked in 2024 and to the early lease terminations due to clinics’ relocation and closure. Americas Non-current assets amounted to €444,583 thousand as at 30 June 2025, a decrease of €32,532 thousand against the €477,115 thousand recorded as at 31 December 2024. The change is explained: - for €14,490 thousand, by acquisitions made in the reporting period; - for €7,016 thousand, by right-of-use assets acquired during the year as a result of the renewal of existing leases and network expansion; - for €8,603 thousand, by investments in property, plant and equipment, relating to the opening of new clinics and remodeling of existing ones; - for €4,132 thousand, by investments in intangible assets relating to the development of IT systems primarily at US subsidiaries; - for €20,327 thousand, by amortization and depreciation, including the amortization of the right-of-use assets referred to above; - for €46,446 thousand by other decreases, explained primarily by exchange differences, which had the largest impact on goodwill. 51 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Asia Pacific Non-current assets amounted to €705,975 thousand as at 30 June 2025, a decrease of €63,948 thousand against the €769,923 thousand recorded as at 31 December 2024. The change is explained: - for €5,081 thousand, by acquisitions made in the reporting period; - for €9,531 thousand, by right-of-use assets acquired during the year as a result of the renewal of existing leases and network expansion; - for €2,151 thousand, by investments in property, plant and equipment, relating mainly to the opening of clinics and the renewal of existing ones, as well as the purchase of the hardware needed to implement IT projects; - for €4,724 thousand, by investments in intangible assets relating primarily to the development of IT systems; - for €31,484 thousand, by amortization and depreciation, including the amortization of the right of-use assets and intangible assets allocated as a result of business combinations; - for €53,951 thousand, by other decreases relating mainly to foreign exchange differences which had the biggest impact on goodwill. 52 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Net invested capital Net invested capital amounted to €2,623,382 thousand as at 30 June 2025, a decrease of €2,984 thousand against the €2,626,366 thousand recorded as at 31 December 2024. The decrease of the non-current assets beforementioned is broadly offset by the increase in working capital and by the decrease of the other medium/long-term payables. The breakdown of net invested capital by geographic area is shown below. 06/30/2025 12/31/2024 Change (€ thousands) EMEA (*) 1,595,026 1,496,008 99,018 Americas 368,686 422,291 (53,605) Asia Pacific 659,670 708,067 (48,397) Total 2,623,382 2,626,366 (2,984) (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. Europa, Middle East and Africa Net invested capital came to €1,595,026 thousand as at 30 June 2025, an increase of €99,018 thousand against the €1,496,008 thousand recorded as at 31 December 2024. In addition to the change in non-current assets described above, there was an increase in working capital mostly linked to the decrease in trade payables. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €111,754 thousand (€112,516 thousand in the same period of the prior year) and VAT credits with a face value of €17,893 thousand (€10,111 thousand in the same period of the prior year). Americas Net invested capital came to €368,686 thousand as at 30 June 2025, a decrease of €53,605 thousand against the €422,291 thousand recorded as at 31 December 2024. In addition to the decrease in non-current assets described above, there was a decrease in working capital, slightly offset by a decrease in other medium/long-term payables. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €2,936 thousand (€581 thousand in the same period of the prior year). 53 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Asia Pacific Net invested capital came to €659,670 thousand as at 30 June 2025, a decrease of €48,397 thousand against the €708,067 thousand recorded as at 31 December 2024. The decrease in non-current assets described above was partially offset by an increase in working capital. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €6,679 thousand (€2,177 thousand in the same period of the prior year). 54 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Net financial indebtedness 06/30/2025 12/31/2024 Change (€ thousands) Net medium and long-term financial indebtedness 1,046,467 960,386 86,081 Net short-term financial indebtedness 305,182 290,253 14,929 Cash and cash equivalents (242,693) (288,834) 46,141 Net financial indebtedness excluding lease liabilities (A) 1,108,956 961,805 147,151 Lease liabilities – current portion 127,269 126,740 529 Lease liabilities – non-current portion 373,326 387,597 (14,271) Lease liabilities (B) 500,595 514,337 (13,742) Net financial indebtedness (A+B) (C) 1,609,551 1,476,142 133,409 Group net equity (D) 1,013,559 1,150,002 (136,443) Minority interests 272 222 50 Net Equity (E) 1,013,831 1,150,224 (136,393) Net financial indebtedness excluding lease liabilities 1.09 0.84 /Group net equity (A/D) Net financial indebtedness excluding lease liabilities 1.09 0.84 /Net equity (A/E) Net financial indebtedness excluding lease liabilities 1.93 1.63 /EBITDA for leverage calculation (*) (*) Net financial indebtedness excluding lease liabilities /EBITDA for the leverage calculation is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to EBITDA for the last four quarters (determined with reference to usual, frequent or related to the operating performance operations only, based on pro forma figures in case of significant changes to the structure of the Group). Net financial debt, excluding lease liabilities, amounted to €1,108,956 thousand as at 30 June 2025, an increase of €147,151 thousand compared to 31 December 2024 which reflects the significant outlays for the payment of dividends and share buybacks. In the first half of 2025, free cash flow reached a positive €37,476 thousand (€46,822 thousand as at 30 June 2024) after €64,433 thousand in capital expenditure (€65,338 thousand in the comparison period). Net cash-outs for acquisitions (which amounted to €54,493 thousand versus €142,737 thousand in the first half of 2024), along with the purchase of treasury shares (€55,228 thousand) and the payment of dividends (€65,302 thousand versus €65,593 thousand in the comparison period), brought cash flow for the reporting period to negative €138,779 thousand versus negative €155,814 thousand in the first half of 2024. In the first half of 2025 the last lines of credit subject to financial covenants expired or were repaid; consequently, the Group is no longer subject to any financial covenants. During the semester, Amplifon refined the below mentioned operations which are not subject to financial covenants: - In March 2025, Amplifon S.p.A. signed a 5-year, sustainability linked, credit facility with Intesa Sanpaolo totaling €175 million, comprised of a €100 million revolving credit line 55 --- Interim Financial Report as at 30 June 2025 > Interim Management Report and a €75 million long term loan. The new financing was used to refinance, and increase, a pre-existing line expiring in 2026; - In April 2025, Amplifon S.p.A. finalized a sustainability-linked facility with Banco BPM for a total amount of €100 million, comprised of a €50 million revolving credit line and long- term loan of the same amount. The new facility was used to refinance expiring credit lines; - In June 2025, Amplifon S.p.A. signed a €75 million, 5-year, sustainability-linked, credit facility with ING Italia; - In June 2025, Amplifon S.p.A. also signed a €50 million, 5-year, sustainability-linked facility with Banca Popolare di Sondrio, comprised of a €30 million revolving credit line and a €20 million long-term line. The new financing was used to refinance, and increase, expiring credit lines; - With a view to optimizing Amplifon S.p.A.’s financial structure, in April 2025 two committed, revolving credit lines totaling €45 million, expiring in the second half of 2025 granted by Sparkasse and Barclays, were extinguished, in advance. As at 30 June 2025, the Group had cash and cash equivalents of €242,693 thousand compared to a total net financial indebtedness of €1,351,649 thousand, net of lease liabilities. Long-term debt, net of lease liabilities, amounts to €1,046,467 thousand as at 30 June 2025 (€ 960,386 thousand as at 31 December 2024), showing an increase of €86,081 thousand compared to 2024 explained by the new financing agreements signed in the reporting period, net of the reclassification of short-term portions of the existing debt. Short-term debt amounts to €305,182 thousand, an increase of €14,929 thousand compared to the €290,253 thousand recorded at 31 December 2024. The short-term portion refers primarily to: the short-term portion of long-term bank debt (€103,606 thousand); bank borrowings linked to hot money accounts and other short-term credit lines (€188,314 thousand); the interest payable on the Eurobond (€1,478 thousand) and other bank loans (€3,417 thousand), short-term lines included, as well as the best estimate of the deferred payments for acquisitions (€8,043 thousand). The chart below shows the debt maturities compared to: - the €243 million in cash and cash equivalents; - the unutilized portions of irrevocable credit lines which amount to €480 million; - the €225 million unutilized portion of the loan from the European Investment Bank supporting investments in innovation and digitalization. 56 --- Interim Financial Report as at 30 June 2025 > Interim Management Report The revocable credit lines amounted to €334 million, with an unutilized portion of €147 million as at 30 June 2025. Interest payable on financial debt amounted to €19,135 thousand as at 30 June 2025 versus €18,247 thousand as at 30 June 2024. Interest payable on leases recognized in accordance with IFRS 16 amounted to €10,321 thousand versus €8,916 thousand as at 30 June 2024. Interest receivable on bank deposits came to €2,076 thousand as at 30 June 2025 versus €1,530 thousand as at 30 June 2024. The reasons for the changes in net debt are described in the next section on the statement of cash flows. 57 --- Interim Financial Report as at 30 June 2025 > Interim Management Report CASH FLOW STATEMENT The reclassified statement of cash flows shows the change in net financial indebtedness from the beginning to the end of the period. Pursuant to IAS 7, the consolidated financial statements include a statement of cash flows that shows the change in cash and cash equivalents from the beginning to the end of the period. First Half 2025 First Half 2024 (€ thousands) OPERATING ACTIVITIES: Net profit (loss) attributable to the Group 68,120 87,793 Minority interests 99 81 Amortization, depreciation and impairment: - Intangible fixed assets 55,708 50,153 - Tangible fixed assets 32,800 30,620 - Right-of-use assets 69,487 64,053 Total amortization, depreciation and impairment 157,995 144,826 Provisions, other non-monetary items and gains/losses from disposals 3,128 9,554 Group’s share of the result of associated companies (90) (283) Financial income charges 30,797 27,798 Current and deferred income taxes 30,060 33,558 Change in assets and liabilities: - Utilization of provisions (5,612) (2,126) - (Increase) decrease in inventories (1,201) 8,943 - Decrease (increase) in trade receivables 3,101 8,449 - Increase (decrease) in trade payables (44,348) (43,986) - Changes in other receivables and other payables (23,509) (29,537) Total change in assets and liabilities (71,569) (58,257) Dividends received 291 - Net interest charges (28,429) (25,134) Taxes paid (21,386) (44,208) Cash flow provided by (used in) operating activities before repayment of lease liabilities 169,016 175,728 Repayment of lease liabilities (67,107) (63,568) Cash flow generated from (absorbed) by operating activities 101,909 112,160 INVESTING ACTIVITIES: Purchase of intangible fixed assets (31,460) (26,404) Purchase of property, plant and equipment (33,155) (39,254) Consideration from sale of tangible fixed assets and businesses 182 320 Cash flow generated from (absorbed) by investing activities (64,433) (65,338) Cash flow generated from operating and investing activities (Free cash flow) 37,476 46,822 Business combinations (*) (54,493) (142,737) Net cash flow generated from acquisitions (54,493) (142,737) Cash flow generated from (absorbed) by investing activities and acquisitions (118,926) (208,075) 58 --- Interim Financial Report as at 30 June 2025 > Interim Management Report First Half 2025 First Half 2024 (€ thousands) FINANCING ACTIVITIES: Treasury shares (55,228) - Dividends (65,302) (65,593) Fees paid on medium/long-term financing (1,788) (105) Other non-current assets 556 5,799 Cash flow generated from (absorbed) by financing activities (121,762) (59,899) Changes in net financial indebtedness net of lease liabilities (138,779) (155,814) Net financial indebtedness at the beginning of the period net of lease liabilities (961,805) (852,130) Effect of exchange rate fluctuations on net financial debt (8,298) (1,341) Effect of discontinued operations on net financial debt (74) - Changes in net financial debt (138,779) (155,814) Net financial indebtedness at the end of the period net of lease liabilities (1,108,956) (1,009,285) (*) The item refers to the net cash flows used in the acquisition of businesses and equity investments. The change in net financial indebtedness of €138,779 thousand is attributable to: (i) Investing activities: - capital expenditure on property, plant and equipment and intangible assets of €64,615 thousand relating to new Front-Office solutions, network expansion and to ongoing implementation, standardization and homogenization of the Group cloud based ERP system; - acquisitions amounting to €54,493 thousand including the impact of the acquired companies debt and the best estimate of the earn-out linked to sales and profitability targets payable over the next few years; - net proceeds from the disposal of assets of €182 thousand. (ii) Operating activities: - interest payable on financial indebtedness and other net financial expenses of €28,429 thousand; - payment of taxes amounting to €21,386 thousand; - payment of principle on lease obligations of €67,107 thousand; - cash flow generated by current operations of €218,831 thousand. (iii) Financing activities: - payment of dividends of €65,302 thousand; - purchase of €55,228 thousand in treasury shares; - payment of commissions on medium/long term financing of €1,788 thousand; - other variation in other non-current assets for €556 thousand. (iv) Net debt was also impacted by: - exchange losses of €8,298 thousand; - discontinued operations of negative €74 thousand. 59 --- Interim Financial Report as at 30 June 2025 > Interim Management Report Items (income and expenses) that are unusual, infrequent or not related to the operating performance negative impacted on cash flow of €2,542 thousand in the first half of 2025, attributable for €1,239 related to transaction and integration costs for acquisitions and €1,303 thousand related to costs relative to corporate and network reorganization, as well as other efficiency projects and changes in top management. ACQUISITION OF COMPANIES AND BUSINESSES The Group continued with external growth in the first half of 2025 acquiring 222 clinics for a total investment of €54,493 thousand, including the debt consolidated and the best estimate of the earn-out linked to sales and profitability targets payable over the next few years. More in detail, in the first half of 2025: - 122 clinics were acquired in Poland; - 27 clinics were acquired in Italy; - 23 clinics were acquired in the United States; - 22 clinics were acquired in China; - 13 clinics were acquired in France; - 12 clinics were acquired in Germany; - 2 clinics were acquired in Canada; - 1 clinic was acquired in Spain. 60 --- Interim Financial Report as at 30 June 2025 > Interim Management Report OUTLOOK In the first half of 2025, the markets in which the Group operates were characterized by a softer demand, reflecting the deterioration in the macroeconomic and geopolitical context, as well as in consumer confidence, which appears to have peaked in the second quarter. The US market was slightly negative in the first half and below historical growth rates, though improving sequentially in the second quarter. The European market presented a two-speed dynamic, with an excellent performance in France supported by the RAC 0 regulatory reform, in line with expectations, and a positive momentum in Germany, while the rest of the area was impacted by soft consumer confidence and other temporary factors, above all in Southern European countries. There was also substantial softness in the Asia-Pacific markets, above all in China. For the rest of 2025, the Group expects a progressive normalization of the global market. More specifically, the Group expects the gradual recovery of the US market to continue, thanks also to a more favorable comparison base, and a European market supported by the strong growth of the French market and the positive momentum in Germany, along with a gradual recovery in the rest of the area, particularly in Italy and Spain where the portfolio of returning customers is expected to show improvement over the second quarter of 2025, following the partial recovery from the Covid-19 outbreak in the second half of 2020. In light of the second quarter performance and current market expectations, assuming there are no further slowdowns in global economic activity due to, among others, the well-known macroeconomic and geopolitical situation, for FY2025, also with regards to what was previously communicated, Amplifon expects: • Consolidated revenues to grow by around 3% at constant exchange rates (previouslymid to high single-digit); • An adjusted EBITDA margin of around 23% (previously at least 24%). In the medium term, the Group remains very positive about its prospects of sustainable growth in sales and profitability, thanks to the unchanged fundamentals of the hearing care market and its strong leadership position, as well as the full implementation of the Fit4Growth program to enhance profitability and reinforce the Group’s competitive positioning. th Milan, July 29 , 2025 CEO Enrico Vita 61 --- CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2025 62 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements (*) CONSOLIDATED STATEMENT OF FINANCIAL POSITION 06/30/2025 12/31/2024 Change (€ thousands) ASSETS Non-current assets Goodwill Note 3 1,919,448 1,945,495 (26,047) Intangible fixed assets with finite useful life Note 4 404,391 428,360 (23,969) Property, plant, and equipment Note 5 252,009 253,924 (1,915) Right-of-use assets Note 6 476,337 492,064 (15,727) Equity-accounted investments 2,323 2,527 (204) Hedging instruments 2,684 4,454 (1,770) Deferred tax assets 74,322 77,332 (3,010) Contract costs 10,246 10,494 (248) Other assets 40,871 52,884 (12,013) Total non-current assets 3,182,631 3,267,534 (84,903) Current assets Inventories 93,637 93,180 457 Trade receivables 220,330 226,754 (6,424) Contract costs 7,863 7,734 129 Other receivables 114,642 107,552 7,090 Hedging instruments 747 878 (131) Other financial assets - 296 (296) Cash and cash equivalents Note 9 242,693 288,834 (46,141) Total current assets 679,912 725,228 (45,316) Total assets 3,862,543 3,992,762 (130,219) 63 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 06/30/2025 12/31/2024 Change (€ thousands) LIABILITIES Net Equity Share capital Note 8 4,528 4,528 - Share premium reserve 202,712 202,712 - Treasury shares (78,653) (29,358) (49,295) Other reserves (174,004) (77,628) (96,376) Retained earnings 990,856 904,374 86,482 Profit (loss) for the period 68,120 145,374 (77,254) Group net equity 1,013,559 1,150,002 (136,443) Minority interests 272 222 50 Total net equity 1,013,831 1,150,224 (136,393) Non-current liabilities Medium/long-term financial liabilities Note 10 1,040,596 952,283 88,313 Lease liabilities Note 12 373,326 387,597 (14,271) Provisions for risks and charges Note 11 16,704 20,925 (4,221) Liabilities for employees’ benefits 13,527 15,457 (1,930) Hedging instruments 1,625 1,157 468 Deferred tax liabilities 99,669 99,493 176 Payables for business acquisitions 3,511 5,885 (2,374) Contract liabilities 154,399 153,766 633 Other long-term liabilities 30,438 35,667 (5,229) Total non-current liabilities 1,733,795 1,672,230 61,565 Current liabilities Trade payables 328,383 377,100 (48,717) Payables for business acquisitions 8,043 11,510 (3,467) Contract liabilities 120,289 122,914 (2,625) Tax liabilities 51,424 49,830 1,594 Other payables 176,882 197,460 (20,578) Hedging instruments 281 739 (458) Provisions for risks and charges Note 11 3,062 2,403 659 Liabilities for employees’ benefits 3,860 4,094 (234) Short-term financial liabilities Note 10 295,424 277,518 17,906 Lease liabilities Note 12 127,269 126,740 529 Total current liabilities 1,114,917 1,170,308 (55,391) TOTAL LIABILITIES 3,862,543 3,992,762 (130,219) (*) Transactions with related parties have not been reported separately because not material both at single entity and at consolidated level. Please refer to note 17 for more details. 64 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements (*) CONSOLIDATED INCOME STATEMENT First Half 2025 First Half 2024 Change (€ thousands) Revenues from sales and services Note 13 1,180,490 1,177,251 3,239 Operating costs Note 14 (896,155) (887,685) (8,470) Other income and costs 2,646 4,207 (1,561) Gross operating profit (EBITDA) 286,981 293,773 (6,792) Amortization, depreciation and impairment Amortization of intangible fixed assets Note 4 (55,650) (50,053) (5,597) Depreciation of property, plant, and equipment Note 5 (32,248) (30,075) (2,173) Right-of-use depreciation Note 6 (68,670) (64,053) (4,617) Impairment losses and reversals of non-current assets (1,427) (645) (782) (157,995) (144,826) (13,169) Operating result 128,986 148,947 (19,961) Financial income, expenses and value adjustments to financial assets Group's share of the result of associated companies valued at equity and gains/losses on disposals of equity 90 283 (193) investments Interest income and expenses (17,056) (16,717) (339) Interest expenses on lease liabilities (10,321) (8,916) (1,405) Other financial income and expenses (1,477) (707) (770) Exchange gains and losses, and inflation accounting (2,650) (1,308) (1,342) Gain (loss) on assets accounted at fair value 708 (150) 858 (30,706) (27,515) (3,191) Profit (loss) before tax 98,280 121,432 (23,152) Current and deferred income tax Current tax (25,685) (27,957) 2,272 Deferred tax (4,376) (5,601) 1,225 (30,061) (33,558) 3,497 Net profit (loss) 68,219 87,874 (19,655) Net profit (loss) attributable to Minority interests 99 81 18 Net profit (loss) attributable to the Group 68,120 87,793 (19,673) (*) Transactions with related parties have not been reported separately because not material both at single entity and at consolidated level. Please refer to note 17 for more details. Earnings per share (€ per share) Note 16 First Half 2025 First Half 2024 Earnings per share - Basic 0.30300 0.38850 - Diluted 0.30090 0.38547 65 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME First Half 2025 First Half 2024 (€ thousands) Net income (loss) for the period 68,219 87,874 Other comprehensive income (loss) that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit plans 2,736 (51) Tax effect on components of other comprehensive income that will not be reclassified (444) 2 subsequently to profit or loss Total other comprehensive income (loss) that will not be reclassified subsequently to 2,292 (49) profit or loss after the tax effect (A) Other comprehensive income (loss) that will be reclassified subsequently to profit or loss: Gains/(losses) on cash flow hedging instruments (2,621) (2,452) Gains/(losses) on exchange differences from translation of financial statements of foreign (91,768) 9,384 entities Tax effect on components of other comprehensive income that will be reclassified 629 588 subsequently to profit or loss Total other comprehensive income (loss) that will be reclassified subsequently to profit or (93,760) 7,520 loss after the tax effect (B) Total other comprehensive income (loss) (A)+(B) (91,468) 7,471 Comprehensive income (loss) for the period (23,249) 95,345 Attributable to the Group (23,299) 95,436 Attributable to Minority interests 50 (91) 66 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements STATEMENT OF CHANGES IN CONSOLIDATION EQUITY Share Treasury Stock Share Legal Other (€ thousands) premium shares grant capital reserve reserves reserve reserve reserve Balance as at 01/01/2024 4,528 202,712 934 3,636 (17,495) 41,299 Allocation of profit (loss) for 2023 Share capital increase Treasury shares Dividend distribution Notional cost of stock grants 9,373 Other changes 11,888 (15,921) - Stock Grant 11,888 (15,921) - Inflation accounting - Other changes Total comprehensive income (loss) for the period - Hedge accounting - Actuarial gains (losses) - Translation differences - Profit for the first six months of 2024 Balance as at 30 June 2024 4,528 202,712 934 3,636 (5,607) 34,751 Share Treasury Stock Legal Other (€ thousands) Share capital premium shares grant reserve reserves reserve reserve reserve Balance at 01/01/2025 4,528 202,712 934 3,636 (29,358) 41,307 Allocation of profit (loss) for 2024 Share capital increase Treasury shares (55,228) Dividend distribution Notional cost of stock grants 3,439 Other changes 5,933 (8,396) - Stock Grant 5,933 (8,396) - Inflation accounting - Other changes Total comprehensive income (loss) for the period - Hedge accounting - Actuarial gains (losses) - Translation differences - Profit for the first six months of 2025 Balance at 30 June 2025 4,528 202,712 934 3,636 (78,653) 36,350 67 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements Total Cash flow Actuarial gains Retained Translation Profit (loss) for Minority Total net Shareholders' hedge reserve and losses earnings differences the period interests equity equity 9,888 (957) 809,643 (108,408) 155,139 1,100,919 759 1,101,678 155,139 (155,139) - - - - - - (65,593) (65,593) (65,593) 9,373 9,373 2,252 (1,781) (434) (2,215) 2,731 (1,302) (1,302) 13,158 13,158 13,158 (13,637) (13,637) (434) (14,071) (1,864) (49) 9,556 87,793 95,436 (91) 95,345 (1,864) (1,864) (1,864) (49) (49) (49) 9,556 9,556 (172) 9,384 87,793 87,793 81 87,874 8,024 (1,006) 901,441 (98,852) 87,793 1,138,354 234 1,138,588 Total Cash flow Actuarial gains Retained Translation Profit (loss) for Minority Total net Shareholders' hedge reserve and losses earnings differences the period interests equity equity 2,856 (3,071) 904,374 (123,290) 145,374 1,150,002 222 1,150,224 145,374 (145,374) - - - - (55,228) (55,228) (65,302) (65,302) (65,302) 3,439 3,439 6,410 3,947 3,947 2,793 330 330 3,831 3,831 3,831 (214) (214) (214) (1,992) 2,292 (91,719) 68,120 (23,299) 50 (23,249) (1,992) (1,992) (1,992) 2,292 2,292 2,292 (91,719) (91,719) (49) (91,768) 68,120 68,120 99 68,219 864 (779) 990,856 (215,009) 68,120 1,013,559 272 1,013,831 68 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements STATEMENT OF CONSOLIDATED CASH FLOWS (€ thousands) First Half 2025 First Half 2024 OPERATING ACTIVITIES Net profit (loss) 68,219 87,874 Amortization, depreciation and impairment: - intangible fixed assets 55,708 50,153 - property, plant, and equipment 32,800 30,620 - right-of-use assets 69,487 64,053 Provisions, other non-monetary items and gain/losses from disposals 3,128 9,553 Group’s share of the result of associated companies (90) (283) Financial income and expenses 30,797 27,798 Current and deferred taxes 30,060 33,558 Cash flow from operating activities before change in net working capital 290,109 303,326 Utilization of provisions (5,612) (2,126) (Increase) decrease in inventories (1,201) 8,943 Decrease (increase) in trade receivables 3,101 8,449 Increase (decrease) in trade payables (44,348) (43,986) Changes in other receivables and other payables (23,509) (29,537) Total change in assets and liabilities (71,569) (58,257) Dividends earned 291 - Interest received (paid) (30,953) (25,980) Taxes paid (21,386) (44,208) Cash flow generated from (absorbed by) operating activities (A) 166,492 174,881 INVESTING ACTIVITIES: Purchase of intangible fixed assets (31,460) (26,404) Purchase of tangible fixed assets (33,155) (39,254) Consideration from sale of non-current assets 182 320 Cash flow generated from (absorbed by) operating investing activities (B) (64,433) (65,338) Purchase of subsidiaries and business units net of cash and cash equivalents acquired or (54,493) (142,737) dismissed Increase (decrease) in payables for business acquisitions (4,992) 7,043 Cash flow generated from (absorbed by) acquisition activities (C) (59,485) (135,694) Cash flow generated from (absorbed by) investing activities (B)+(C) (123,918) (201,032) FINANCING ACTIVITIES: Increase (decrease) in financial payables 104,570 112,478 (Increase) decrease in financial receivables - 16 Fees paid on medium and long-term loans (1,788) (104) Principal portion of lease payments (67,107) (63,568) Other non-current assets and liabilities 556 5,799 Dividend distributed (65,302) (65,593) - Treasury shares purchase (55,228) Cash flow generated from (absorbed by) financing activities (D) (84,299) (10,972) Net increase in cash and cash equivalents (A)+(B)+(C)+(D) (41,725) (37,123) 69 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements First Half 2025 First Half 2024 (€ thousands) Cash and cash equivalents at beginning of period 288,834 193,148 Effect of exchange rate fluctuations on cash & cash equivalents (4,342) (1,033) Effect of asset disposals on cash & cash equivalents (74) - Flows of cash and cash equivalents (41,725) (37,123) Cash and cash equivalents at end of period 242,693 154,992 Related-party transactions relate to lease of the main office and certain stores, to recharges of maintenance costs and general services of the above-mentioned buildings and to commercial transactions, personnel costs and loans. Such operations are detailed in Note 17 “Transactions with parents and other related parties”. SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CONSOLIDATED CASH FLOWS The fair values of the assets and liabilities acquired are summarized in the table below: First Half 2025 First Half 2024 (€ thousands) - Goodwill 46,120 103,774 - Customer lists 10,821 35,720 - Trademarks and non-competition agreements 1,319 1,308 - Other intangible fixed assets 2,035 2,141 - Property, plant, and equipment 2,442 5,632 - Right-of-use assets 7,520 6,339 - Current assets 5,342 13,357 - Provision for risks and charges (10) (1,629) - Current liabilities (8,812) (17,831) - Other non-current assets and liabilities (12,980) (16,191) - Third parties’ equity - 14,073 Total investments 53,797 146,693 Net financial debt acquired 3,290 1,698 Total business combinations 57,087 148,391 (Increase) decrease in payables through business acquisition 4,992 (7,043) Cash flow absorbed by (generated from) acquisitions 62,079 141,348 (Cash and cash equivalents acquired) (2,594) (5,654) Net cash flow absorbed by (generated from) acquisitions 59,485 135,694 70 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements NOTES 1. General Information The Amplifon Group is global leader in the distribution of hearing solutions and the fitting of customized products. The parent company Amplifon S.p.A. is based in Via Ripamonti 133, Milan, Italy. The Group is controlled directly by Ampliter S.r.l. (42.01% of share capital and 68.36% of voting rights as at 30 June 2025), held by Amplifin S.r.l at 100%, which is owned at 88% by Susan Carol Holland. The Condensed Consolidated Financial Statements as at 30 June 2025 was prepared in accordance with International Accounting Standards, as well as the implementation regulations set out in Article 9 of Legislative Decree no. 38 of 28 February 2005. These standards include the IAS and IFRS issued by the International Accounting Standard Board, as well as the SIC and IFRIC interpretations issued by the International Financial Reporting Interpretations Committee, which were endorsed in accordance with the procedure set out in Article 6 of Regulation (EC) no. 1606 of 19 July 2002 by 30 June 2025. The International Accounting Standards endorsed after that date and before the preparation of this report were adopted in the preparation of the condensed interim consolidated financial report only if early adoption is allowed by the Endorsing Regulation and the standard itself and if the Group had elected to do so. The condensed interim consolidated financial statements as at 30 June 2025 does not include all the additional information required by the annual financial statements and must be read together with the annual consolidated financial statements of the Group as at 31 December 2024. The publication of the Condensed Consolidated Financial Statements of the Amplifon Group as at 30 June 2025 was authorized by a resolution of the Board of Directors of 29 July 2025 which approved their publication. According to the Consob Communication of 28 July 2006, it is specified that during the first half of 2025 the Group did not carry out atypical and/or unusual transactions, as defined by the Communication itself. 71 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 2. Impacts of trade tariffs, conflict in Middle East, Ukraine and climate change on the Group’s performance and financial position The current macroeconomic and geopolitical environment worsened progressively during the second quarter, which was characterized by uncertainty and volatility, due to conflicts and recent political developments related to the trade tariffs introduced by the United States that could also affect a few of the Group’s suppliers. Toward this end, Amplifon continues to monitor changes in the business environment constantly and can also rely on negotiating leverage, supplier diversification, on the flexibility of suppliers in production logistics and, last by not least, the Group’s geographic diversification. The conflict in the Middle East has witnessed a period of severe escalation, with devastating consequences for civilians and a growing risk of regional destabilization. In the last weeks, the situation appears slightly quieter, but a lasting solution still seems far off. In this region, however, the Group only has about 24 points of sale in Israel which generate sales equal to less than 1% of annual consolidated revenues and limited activities in nearby countries (Egypt) and does not have any direct or indirect business activities in Lebanon and Iran. As for the conflict between Ukraine and Russia, the situation continues to be characterized by intense attacks on civil infrastructure, while new sanctions have intensified the pressure on the complex diplomatic efforts. The Group has no business activities, direct or indirect, in either Ukraine, Russia or Byelorussia. While inflation decreased in the reporting period, fueled by lower energy prices and a more accommodating monetary policy, economic growth remains modest as a result of external factors including trade tensions and reduced consumer confidence which could continue to impact demand and different cost items including, for example, the cost of labor and debt. Generally, the hearing aid market has shown great resilience even in times of economic crisis. This resilience is ascribed to the importance and non-discretional nature of hearing care, which remains a priority for consumers regardless of the economic conditions, along with the use of public/private insurances and consumer loans, which facilitate access to services and hearing aids, contributing to stable demand even in periods of economic uncertainty. However, the progressive deterioration of the macroeconomic and geopolitical environment, characterized by growing levels of uncertainty and volatility, impacts consumer confidence in general and cause consumers to postpone hearing aid purchases which would, however, still be needed at a later point in time. With regard to climate change, the Amplifon Group’s business model is based on providing retail hearing solutions. The goals, therefore, connected to transitioning to alternative sources of energy and the actions needed to address climate change are pursued through the steps taken by the Group to improve the energy efficiency of its business activities, as well as report on the greenhouse gas emissions generated along the value chain. Toward this end, the Group is committed to defining and presenting short-term targets for reducing emissions aligned with the Science-Based Target Initiative (SBTi) by 2025. As a result of its activities and business model, the Group has no significant exposure to the environmental risks connected to climate change. 72 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 3. Acquisitions and goodwill In the first half of 2025 the Group continued with its strategy to balance external and internal growth and acquired 222 clinics, comprising 175 in Europe, 25 in North America and 22 in China. The total investment, including the indebtedness consolidated and the best estimate of the net change in the earn-out linked to sales and profitability targets payable over the next few years, amounted to €54,493 thousand. The changes in goodwill and amounts recognized as a result of the acquisitions made in the period are reported in the table below and shown by groups of Cash Generating Units. Net carrying Net carrying Business value at Disposals Impairment Other net changes value at combinations (€ thousands) 12/31/2024 06/30/2025 EMEA 1,031,163 35,062 - - (514) 1,065,711 AMERICAS 313,631 9,101 - - (30,612) 292,120 APAC 600,701 1,957 - - (41,041) 561,617 Total 1,945,495 46,120 - - (72,167) 1,919,448 “Business combination” refers to the temporary allocation to goodwill of the portion of the purchase price paid, including deferments and contingent consideration (earn-outs), which is not directly attributable to the fair value of assets and liabilities, but is based on the positive contribution to cash flows that is expected to be made for an indefinite period of time. “Other net changes” refers almost entirely to foreign exchange differences. Identification of the Groups of Cash Generating Units For the purpose of monitoring recoverable value, the total goodwill stemming from the cost incurred for a business combination is allocated to groups of Cash Generating Units; these groups of Cash Generating Units are identified by region and benefit from synergies, as well as shared policies, and are autonomous in the management and use of resources. The assets allocated to the groups of Cash Generating Units and the methods used to determine these groups are the same as those applied to the financial Statements as at 31 December 2024. The groups of Cash Generating Units recognized for the purposes of impairment test include: • EMEA which includes Italy, France, the Netherlands, Germany, Belgium, Switzerland, Spain, Portugal, the UK, Hungary, Poland, Israel and Egypt; • AMERICAS which includes both the single businesses through which operations are carried out in the US market (Franchising, Retail and Managed Care) and the countries Canada, Argentina, Chile, Mexico, Panama, Ecuador, Colombia and Uruguay; • ASIA PACIFIC which includes Australia, New Zealand, India and China. The recoverable value of goodwill is determined based on the value in use or, if the latter is less than book value, on fair value. No impairment loss was identified as a result of the impairment tests conducted on 31 December 2024. 73 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements The Group tests for impairment of goodwill once a year and in the event of any impairment indicators. In the first half of 2025, the Group’s revenues were slightly higher despite a particularly challenging comparison base and increased market volatility as the worsening of the macroeconomic and geopolitical environment continued in the second quarter. The performance of the US private market was slightly negative in the first half and the European markets, with the exception of France and Germany, remain weak. Moreover, the adverse exchange effect intensified for the Group in the first half as the Euro strengthened against the US, Australian and New Zealand dollar. Profitability came in at 24.4%, compared to 25.2% in the first half of 2024 due to a decreased operating leverage, an unfavorable geographical mix with greater exposure to southern Europe’s markets which slowed more than others, the dilution stemming from the accelerated growth in Miracle-Ear’s direct store network in the United States, as well as the performance in China. This trend was also reflected in comparison with the budget, as both the Group and the Regions reported significant gaps with respect to the latter. The sensitivity analyses carried out during impairment testing on 31 December 2024 showed that all the Groups of Cash Generating Units had ample headroom capable of absorbing significant changes in the basic parameters and future cash flows. In order to understand if the headrooms recorded at year-end 2024 were maintained, the impairment tests were reperformed for all the groups of cash-generating units, implementing both new discount rates (WACC) and growth rates, updated based on data available at 30 June 2025, to the same business plan used as at 31 December 2024 whose total cash flows were adjusted prudentially, decreasing them by a percentage equal to the negative budget gap reported in June 2025. No indicators of impairment emerged and, therefore, for the purposes of measuring the recoverable value of goodwill, reference should be made to the impairment tests reported in the Annual Report 2024. 74 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements A summary of the book value and the fair value of assets and liabilities, deriving from the temporary allocation of the purchase price made as a result of business combinations and the purchase of minority interests in subsidiaries, is provided in the following table. EMEA Americas APAC Total (€ thousands) Cost of acquisitions of the period 8,191 4,038 41,568 53,797 Assets and liabilities acquired – Book value Current assets 2,193 544 11 2,748 Current liabilities (3,839) (2,612) (226) (6,677) Net working capital (1,646) (2,068) (215) (3,929) Other intangible, tangible and right-of-use assets 7,024 3,704 1,269 11,997 Provision for risks and charges (10) - - (10) Other non-current assets and liabilities (3,929) (1,052) (546) (5,527) Non-current assets and liabilities 3,085 2,652 723 6,460 Net invested capital 1,439 584 508 2,531 Net financial position 1,027 (1,723) - (696) NET EQUITY ACQUIRED - BOOK VALUE 2,466 (1,139) 508 1,835 DIFFERENCE TO BE ALLOCATED 9,330 3,530 51,962 39,102 ALLOCATIONS Trademarks and licenses 13 - - 13 Non-compete agreements - 776 530 1,306 Customer lists 8,646 864 1,311 10,821 Contract liabilities - Short and long-term (4,086) (1,411) (172) (5,669) Deferred tax assets 838 840 37 1,715 Deferred tax liabilities (1,371) (840) (133) (2,344) ALLOCATIONS 4,040 229 1,573 5,842 GOODWILL 35,062 9,101 1,957 46,120 75 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 4. Intangible fixed assets with finite useful life The following table shows the changes in intangible assets. Accumulated Accumulated amortization amortization Historical cost Net book value Historical cost Net book value and write- and write- at 12/31/2024 at 12/31/2024 at 06/30/2025 at 06/30/2025 downs at downs at (€ thousands) 12/31/2024 06/30/2025 Software 356,982 (220,799) 136,183 366,877 (237,289) 129,588 Licenses 35,392 (26,093) 9,299 38,319 (29,317) 9,002 Non-competition agreements 23,601 (19,300) 4,301 24,757 (18,190) 6,567 Customer lists 524,674 (316,879) 207,795 521,644 (329,997) 191,647 Trademarks and concessions 94,720 (56,145) 38,575 92,446 (57,872) 34,574 Other 18,378 (6,113) 12,265 22,922 (9,621) 13,301 Fixed assets in progress and 19,942 - 19,942 19,712 - 19,712 advances Total 1,073,689 (645,329) 428,360 1,086,677 (682,286) 404,391 Net book Other Net book Business value at Investments Disposals Amortization Impairment net value at combinations (€ thousands) 12/31/2024 changes 06/30/2025 Software 136,183 6,260 - (24,535) - - 11,680 129,588 Licenses 9,299 1,841 - (3,146) 13 - 995 9,002 Non-competition 4,301 2,803 - (2,917) 1,306 (27) 1,101 6,567 agreements Customer lists 207,795 - - (20,804) 10,821 (37) (6,128) 191,647 Trademarks and 38,575 - - (3,544) - - (457) 34,574 concessions Other 12,265 360 - (704) 2,027 - (647) 13,301 Fixed assets in progress and 19,942 20,196 - - 8 6 (20,440) 19,712 advances Total 428,360 31,460 - (55,650) 14,175 (58) (13,896) 404,391 The investments in intangible assets (€31,460 thousand) are related to investments in digital technology and information technology. The constant focus on the customer and the desire to increase control of operations fueled the significant work done on both technological infrastructures through the Symphony project, focused on providing customers with a highly personalized experience, as well as on the optimization of in-store systems and tools to support the Amplifon Product Experience, which has redefined Amplifon’s entire customer journey, including through clinics’ renovation. At the same time substantial work was also done on operating and back-office processes, with a high focus on systems used to streamline and centralize Group procurement. The change in “Business combinations” comprises: - For €8,744 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - For €3,590 thousand the temporary allocation of the price paid for acquisitions made in Americas; 76 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements - For €1,841 thousand the temporary allocation of the price paid for acquisitions made in APAC. The item “impairment” includes for €37 thousand the impairment of customer lists, resulting in the closure of a first group of low-performing clinics, as part of a broad program to strengthen margins and reinforce company’s competitiveness thanks to initiatives to enhance the efficiency of the distribution network and back-office processes, reduce costs and focus on the investments with the highest returns, which will be effective in the second half of 2025 and throughout 2026. The item "Other net changes" is explained almost entirely by foreign exchange differences and the reclassification of work in progress completed in the period. 77 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 5. Property, plant, and equipment The following table shows the changes in property, plant, and equipment. Accumulated Accumulated amortization amortization Historical cost Net book value Historical cost Net book value and write- and write- at 12/31/2024 at 12/31/2024 at 06/30/2025 at 06/30/2025 downs at downs at (€ thousands) 12/31/2024 06/30/2025 Land 165 - 165 165 - 165 Buildings, constructions and 371,383 (242,117) 129,266 381,548 (251,461) 130,087 leasehold improvements Plant and machines 47,495 (37,922) 9,573 47,843 (38,968) 8,875 Industrial and commercial 97,332 (74,844) 22,488 101,891 (78,010) 23,881 equipment Motor vehicles 1,416 (765) 651 1,529 (921) 608 Computers and office 103,003 (78,749) 24,254 102,910 (81,984) 20,926 machinery Furniture and fittings 154,918 (109,838) 45,080 161,115 (113,598) 47,517 Other tangible fixed assets 6,439 (4,618) 1,821 7,728 (5,833) 1,895 Fixed assets in progress and 20,626 - 20,626 18,055 - 18,055 advances Total 802,777 (548,853) 253,924 822,784 (570,775) 252,009 Net book Other Net book Business value at Investments Disposals Amortization Impairment net value at combinations (€ thousands) 12/31/2024 changes 06/30/2025 Land 165 - - - - - - 165 Buildings, constructions and 129,266 9,221 (69) (14,064) 470 (482) 5,745 130,087 leasehold improvements Plant and machines 9,573 97 (2) (1,424) 223 - 408 8,875 Industrial and commercial 22,488 2,001 (8) (3,691) 395 (8) 2,704 23,881 equipment Motor vehicles 651 - (31) (75) 38 - 25 608 Computers and office 24,254 2,249 (20) (6,387) 358 (32) 504 20,926 machinery Furniture and fittings 45,080 2,915 (21) (6,281) 495 (29) 5,358 47,517 Other tangible fixed assets 1,821 12 - (326) 440 (1) (51) 1,895 Fixed assets in progress and 20,626 16,660 - - 23 - (19,254) 18,055 advances Total 253,924 33,155 (151) (32,248) 2,442 (552) (4,561) 252,009 The investments of the reporting period (€33,155 thousand) refer primarily to the opening of new clinics and renewal of existing ones, as well as to the purchase of hardware needed for the implementation of Group Information Technology projects previously described. 78 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements The change in “Business combinations” comprises: - For €1,715 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - For €243 thousand, the temporary allocation of the price paid for acquisitions made in Americas; - For €484 thousand, the temporary allocation of the price paid for acquisitions made in APAC. The item “impairment” includes the impairment of buildings, constructions and leasehold improvements (for €442 thousand), computers and office machinery (for €30 thousand), furniture and fittings (for €28 thousand), resulting in the closure of a first group of low- performing clinics, as part of a broad program to strengthen margins and reinforce company’s competitiveness thanks to initiatives to enhance the efficiency of the distribution network and back-office processes, reduce costs and focus on the investments with the highest returns, which will be effective in the second half of 2025 and throughout 2026. “Other net changes” is explained primarily by foreign exchange differences recorded in the reporting period and the reclassification of work in progress completed in the period. 79 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 6. Right-of-use assets Right-of-use assets are reported here below: Accumulated Accumulated amortization amortization Historical cost Net book value Historical cost Net book value and write- and write- at 12/31/2024 at 12/31/2024 at 06/30/2025 at 06/30/2025 downs at downs at (€ thousands) 12/31/2024 06/30/2025 Stores and offices 955,892 (483,899) 471,993 979,011 (520,560) 458,451 Motor vehicles 35,504 (17,687) 17,817 34,956 (19,684) 15,272 Electronic machinery 4,368 (2,114) 2,254 5,313 (2,699) 2,614 Total 995,764 (503,700) 492,064 1,019,280 (542,943) 476,337 Net book Other Net book value at Business net value at (€ thousands) 12/31/2024 Increase Decrease Depreciation combinations Impairment changes 06/30/2025 Stores and offices 471,993 57,593 (5,421) (63,849) 7,380 (817) (8,428) 458,451 Motor vehicles 17,817 2,847 (1,198) (4,146) 136 - (184) 15,272 Electronic machinery 2,254 1,203 (14) (675) 4 - (158) 2,614 Total 492,064 61,643 (6,633) (68,670) 7,520 (817) (8,770) 476,337 The increase in right of use assets (€61,643 thousand) acquired in the period is explained by the renewal of existing leases and the network expansion. The change in “business combinations” comprises: - for €5,222 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - for €1,512 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - for €786 thousand, the temporary allocation of the price paid for acquisitions made in APAC. The item “impairment” fully includes the impairment of right-of-use assets of a first group of low-performing clinics that have been closed as part of a broad program to strengthen margins and reinforce company’s competitiveness thanks to initiatives to enhance the efficiency of the distribution network and back-office processes, reduce costs and focus on the investments with the highest returns, which will be effective in the second half of 2025 and throughout 2026. “Other changes” refers mainly to foreign exchange differences recorded in the reporting period. 80 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 7. Other non-current assets Balance at 06/30/2025 Balance at 12/31/2024 Change (€ thousands) Long-term financial receivables 5,145 6,120 (975) Asset Plans and other restricted amounts 1,563 1,637 (74) Other non-current assets 34,163 45,127 (10,964) Total 40,871 52,884 (12,013) “Other non-current assets” amounted to €40,871 thousand on 30 June 2025 (€52,884 thousand on 31 December 2024). The change in “Other non-current assets” compared to the prior reporting period is explained mainly by the reclassification of the super-bonus tax credits, granted in accordance with Articles 119 and 121 of Law Decree 34/2020, purchased and recognized in 2024, as current assets. These credits (and the related payments) are recognized at amortized cost and when utilized any remaining difference between the value at amortized cost and the nominal offsetting amount is recognized as financial income. In the first six months of 2025: - As per the joint agreements between Amplifon S.p.A. and Amplifon Italia S.p.A. stipulated on 20 December 2024, credits with a nominal value of €15,942 thousand were transferred against consideration of €14,986 thousand (recognized in “Other receivables” of current assets) which can be totally used (and reimbursed by the assigning bank) in 2025 (as per current tax laws, these credits may be used to offset the payment of taxes, withholding and social charges); - Credits used for offsetting during the first half of 2025 amounted to €31,453 thousand; - The financial income, including also the actualization effect on the credits, amounted to €2,187 thousand while actualized financial expenses for payables (the agreements signed by Amplifon includes a credit reimbursement to the banks after the offset) amounted to €350 thousand. The amount of these credits recognized in “Other non-current assets” amounted to €2,734 thousand on 30 June 2025. The current portion of the credits is recognized in “Other receivables” for €12,651 thousand, while the payables for the settlement of these receivables are classified under “Other payables” for €28,622 thousand and the non-current portion is recognized in “Other long-term liabilities” for €8,600 thousand. Based on the joint agreements with a top-tier financial institution, signed on December 20, 2024, and subsequent amendments, Amplifon S.p.A. and Amplifon Italia S.p.A. jointly got involved in the purchase of an additional €24.7 million in Superbonus tax credits for the period 2026-2027 (respectively €16.9 million in 2026 and €7.8 million in 2027), at a total consideration of €23.2 million. According to the contractual conditions, these credits will be transferred to Amplifon (and paid to the transferring bank) at the time of use and, therefore, are not recorded in the balance sheet as of June 30, 2025. 81 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 8. Share capital and treasury shares As at 30 June 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 2,732,804 treasury shares was purchased in 2025, for a total cash-out of €55,228 thousand, of which 400,000 (cash-out of €8,164 thousand) were purchased as resolved by the Shareholders’ Meeting on 30 April 2024 and 2,332,804 thousand (cash-out of €47,064 thousand) as resolved by the Shareholders’ Meeting on 23 April 2025 and the Board of Directors on 6 May 2025. During the first half of 2025, a total of 266,664 shares were transferred following the exercise of performance stock grants. As at 30 June 2025, a total of 3,534,389 treasury shares, equal to 1.56% of the Company’s share capital, was held. Information on the treasury shares held is provided in the following table. Average purchase price (Euro) No. of treasury Total amount shares (€ thousands) FV of transferred rights (Euro) Held at 12/31/2024 1,068,249 27.482 29,358 Purchases 2,732,804 20.209 55,228 Transfers due to exercise of performance stock grants (266,664) 22.247 (5,933) Held at 06/30/2025 3,534,389 22.254 78,653 82 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 9. Net financial indebtedness The Group’s net financial indebtedness, including lease liabilities, prepared in accordance with the ESMA guideline 32-382-1138 of 4 March 2021 and CONSOB’s Warning Notice n. 5/21 of 29 April 2021, is shown below. (€ thousands) 06/30/2025 12/31/2024 Change A Cash 242,693 288,834 (46,141) B Cash equivalent - - - C Short term investments - - - D Total Cash, Cash Equivalents and Short-Term Investments (A+B+C) 242,693 288,834 (46,141) Current financial payables (including bonds, but excluding current E 188,670 140,008 48,662 portion of medium/long-term debt) - Other financial payables and bank overdrafts 189,136 139,765 49,371 - - Hedging derivatives (466) 243 (709) F Current portion of medium/long-term financial debt 243,781 276,985 (33,204) - Financial accruals and deferred income 4,863 6,771 (1,908) - Payables for business acquisitions 8,043 11,510 (3,467) - Bank borrowings 103,606 131,964 (28,358) - Lease Liability – current portion 127,269 126,740 529 G Current Financial Indebtedness (E+F) 432,451 416,993 15,458 H Net Current Financial Indebtedness (G-D) 189,758 128,159 61,599 I Non current financial payables 1,069,793 997,983 71,810 - Bank borrowings – Non current portion 692,956 604,501 88,455 - Payables for business acquisitions – Non current portion 3,511 5,885 (2,374) - Lease Liability – Non current portion 373,326 387,597 (14,271) J Bonds 350,000 350,000 - - Eurobond 2020-2027 350,000 350,000 - K Trade and other non current payables - - - L Non Current Financial Indebtedness (I+J+K) 1,419,793 1,347,983 71,810 M Total Financial Indebtedness (H+L) 1,609,551 1,476,142 133,409 83 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements Excluding lease liabilities (€500,595 thousand as at 30 June 2025), net financial debt amounted to €1,108,956 thousand as at 30 June 2025, broken down as follows: 06/30/2025 12/31/2024 Change (€ thousands) Cash and Cash Equivalents 242,693 288,834 (46,141) Cash and Cash Equivalents 242,693 288,834 (46,141) Current Financial Indebtedness (excluding lease 305,182 290,253 14,929 liabilities) Net Current Financial Indebtedness (excluding lease 62,489 1,419 61,070 liabilities) Non-current Financial Indebtedness (excluding lease 1,046,467 960,386 86,081 liabilities) Total Financial Indebtedness (excluding lease liabilities) 1,108,956 961,805 147,151 In the first half of 2025 the last lines of credit subject to financial covenants expired or were repaid; consequently, the Group is no longer subject to any financial covenants. In the first half of 2025, Amplifon also finalized the following transactions which are not subject to financial covenants: - In March 2025, Amplifon S.p.A. signed a 5-year, sustainability linked, credit facility with Intesa Sanpaolo totaling €175 million, comprised of a €100 million revolving credit line and a €75 million long term loan. The new financing was used to refinance, and increase, a pre-existing line expiring in 2026; - In April 2025, Amplifon S.p.A. finalized a sustainability-linked facility with Banco BPM for a total amount of €100 million, comprised of a €50 million revolving credit line and long- term loan of the same amount. The new facility was used to refinance expiring credit lines; - In June 2025, Amplifon S.p.A. signed a €75 million, 5-year, sustainability linked, credit facility with ING Italia; - In June 2025, Amplifon S.p.A. also signed a €50 million, 5-year, sustainability-linked facility with Banca Popolare di Sondrio, comprised of a €30 million revolving credit line and a €20 million long-term line. The new financing was used to refinance, and increase, expiring credit lines; - With a view to optimizing Amplifon S.p.A. financial structure, in April 2025 two committed, revolving credit lines totaling €45 million, expiring in the second half of 2025 granted by Sparkasse and Barclays, were extinguished, in advance. The remaining lines, subject to financial covenants, expired by 30 June 2025: at this date there are no more credit facilities subject to financial covenants. Long-term debt, net of lease liabilities, amounted to €1,046,467 thousand on 30 June 2025 (€ 960,386 thousand at 31 December 2024), showing an increase of €86,081 thousand explained by the new financing agreements signed in the reporting period, net of the reclassification of short-term portions of the existing debt. 84 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements Short-term debt, excluding lease liabilities, increased by €61,070 thousand, going from €1,419 thousand on 31 December 2024 to €62,489 thousand on 30 June 2025 as a result of the increase in total net debt. More in detail, short-term debt comprises primarily other bank debt for €188,314 thousand including the hot money accounts and the utilization of other short-term credit lines, the short- term portion of long-term debt (€103,606 thousand), the interest payable on the Eurobond (€1,478 thousand) on other bank loans (€3,417 thousand), comprehensive of the short-term lines, and, lastly, the best estimate of the deferred payments for acquisitions (€8,043 thousand), net of €242,693 thousand in total liquidity. The Group has €480 million in unutilized irrevocable credit lines which, along with the unutilized portion of the loan signed with the European Investment Bank amounting to €225 million, €147 million in other available uncommitted credit lines, and the cash generation expected for 2025, make it possible to maintain the liquidity needed to satisfy current obligations, support business needs, as well as take advantage of any investment opportunities that might materialize. Bank loans and the Eurobond 2020-2027 are shown in the statement of financial position as follows: a. under the item “medium/long-term financial liabilities”: Balance at 06/30/2025 (€ thousands) Eurobond 2020-2027 350,000 Loan with the European Investment Bank 125,000 Other medium/long-term debt 567,956 Fees on Eurobond 2020-2027 and bank loans (2,360) Medium/long-term financial liabilities 1,040,596 b. under the item “financial payables (current)”. Balance at 06/30/2025 (€ thousands) Bank overdraft and other short-term debt (including current portion of other long-term debt) 291,920 Other financial payables 4,863 Fees on bank loans (1,359) Short-term financial liabilities 295,424 All the other items in the net financial position table can be easily referred to in the financial consolidated statements. 85 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 10. Financial liabilities The financial liabilities breakdown is as follows: Balance at Balance at Change (€ thousands) 06/30/2025 12/31/2024 Eurobond 2020-2027 350,000 350,000 - Loan with European Bank of Investments 125,000 125,000 - Other medium long-term bank loans 567,956 479,501 88,455 Fees on Eurobond 2020-2027 and bank loans (2,360) (2,218) (142) Total long-term financial liabilities 1,040,596 952,283 88,313 Short term debt 295,424 277,518 17,906 - of which current portion of short-term bank loans 103,606 131,964 (28,358) - of which debts for account overdrafts and other short-term liabilities 188,314 139,765 48,549 - of which fees on bank loans (1,359) (1,233) (126) Total short-term financial liabilities 295,424 277,518 17,906 Total financial liabilities 1,336,020 1,229,801 106,219 The main financial liabilities are detailed below. - Eurobond 2020-2027 This is a €350,000 thousand 7-year non-convertible bond with a fixed annual coupon of 1.125% that is listed on the Luxembourg Stock Exchange’s unregulated market. Nominal value Euro interest rate after Issue Date Debtor Maturity Nominal interest rate (*) (€/000) hedging 02/13/2020 Amplifon S.p.A. 02/13/2027 350,000 1.125% N/A Total in Euro 350,000 (*) The nominal interest rate is equal to the mid swap plus a spread. 86 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements - Bank loans These are the main bilateral and pooled loans which are detailed below: Debt Swap rate + Nominal Oustanding Rate in Fixed Final rate in Issue Date Debtor Type Maturity hedged applicable value (€/000) debt (€/000) use (*) rate use (€/000) margin (**) Amplifon 12/23/2021 Amortizing 12/23/2026 210,000 126,000 2.84% 126,000 0.96% 0.96% S.p.A. Amplifon 12/15/2023 Amortizing 12/15/2032 75,000 75,000 3.65% 3.65% 3.65% S.p.A. Amplifon 06/27/2024 Amortizing 06/27/2033 50,000 50,000 3.90% 3.90% 3.90% S.p.A. Amplifon 06/30/2024 Amortizing 09/30/2029 50,000 50,000 3.66% 50,000 3.25% 3.25% S.p.A. Amplifon 10/15/2024 Amortizing 10/15/2029 200,000 200,000 3.28% 100,000 3.43% 3.28% (***) S.p.A. Amplifon 12/19/2024 Amortizing 12/19/2029 75,000 75,000 3.70% 75,000 3.28% 3.28% S.p.A. Amplifon 03/12/2025 Amortizing 03/12/2030 75,000 75,000 3.39% 3.33% S.p.A. Amplifon 04/01/2025 Amortizing 03/31/2030 50,000 50,000 3.40% 3.40% S.p.A. Amplifon 06/18/2025 Amortizing 06/12/2030 75,000 75,000 2.94% 2.94% S.p.A. Amplifon 06/27/2025 Amortizing 06/30/2030 20,000 20,000 3.04% 3.04% S.p.A. Total 880,000 796,000 351,000 (*) The nominal interest rate comprises the benchmark rate (Euribor) plus the applicable spread. (**) An Interest Rate Swap was used to hedge these loans against interest rate risk at the IRS rate plus a spread. (***) The rate for the €100 million tranche of this loan is 3.43% and 3.28% for the remainder. 87 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 11. Provision for risks and charges Provisions for risks and charges amounted to €19,766 thousand, compared to €23,328 thousand recorded on 31 December 2024. The provisions for risks as at 30 June 2025 are detailed below: 06/30/2025 12/31/2024 Change (€ thousands) Product warranty provision - 1,416 (1,416) Contractual risk provision 140 3,399 (3,259) Agents’ leaving indemnity 13,931 13,515 416 Other risk provisions 2,633 2,595 38 Total Long-term provision for risks and charges 16,704 20,925 (4,221) Product warranty provision 950 215 735 Other provisions for risks 2,112 2,188 (75) Total Short-term provision for risks and charges 3,062 2,403 660 Total provision for risks and charges 19,766 23,328 (3,561) 12. Lease liabilities The lease liabilities stem from long-term leases and rental agreements. These liabilities are equal to the present value of future installments payable over the lease term. The finance lease liabilities are shown in the statement of financial position as follows: 06/30/2025 12/31/2024 Change (€ thousands) Short term lease liabilities 127,269 126,740 529 Long term lease liabilities 373,326 387,597 (14,271) Total lease liabilities 500,595 514,337 (13,742) During the reporting period, the following costs have been booked in profit and loss. First Half (€ thousands) 2025 Interest charges on leased assets (10,321) Right-of-use depreciation (68,670) Costs for short-term leases and leases for low value assets (9,838) 88 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 13. Revenues from sales and services First Half First Half Change (€ thousands) 2025 2024 Revenues from sale of products 1,021,476 1,028,228 (6,752) Revenues from services 159,014 149,023 9,991 Total revenues from sales and services 1,180,490 1,177,251 3,239 Goods and services provided at a point in time 1,021,476 1,028,228 (6,752) Goods and services provided over time 159,014 149,023 9,991 Total revenues from sales and services 1,180,490 1,177,251 3,239 Consolidated revenues from sales and services amounted to €1,180,490 thousand in the first six months of 2025, an increase of €3,239 thousand (+0.3%) with respect to the comparison period, attributable essentially to acquisitions for €27,984 thousand (+2.4%). Organic growth was negative for €9,715 thousand (-0.8%), while exchange differences were negative for €15,030 thousand (-1.3%). 14. Operating costs, depreciation and impairment, financial income- expenses and taxes Operating costs amounted to €896,155 thousand in the first half of 2025 (€887,685 thousand in the first half of 2024), an increase of €8,470 thousand (+1%) against the comparison period. “Amortization, depreciation and impairment” amounted to €157,995 thousand as at 30 June 2025, higher than the €144,826 thousand recorded in the first half of 2024. As part of a broad program to strengthen margins and reinforce company’s competitiveness thanks to initiatives to enhance the efficiency of the distribution network and back-office processes, reduce costs and focus on the investments with the highest returns, which will be effective in the second half of 2025 and throughout 2026, in the first half of 2025 the following costs were incurred: - For €114 thousand related to severances; - For €538 thousand related to consultancies and other costs related to the closing activities of the clinics; - For €1,354 thousand related to the impairment of intangible fixed assets, property, plant and equipment, right-of-use assets (displayed in notes 4, 5, 6). “Financial income, expenses and value adjustments to financial assets” came to €30,706 thousand in the first half of 2025 (€27,515 thousand in the first half of 2024). Financial expenses increased of €3,191 thousands compared to the first half of 2024 because of higher interest expenses on leases and the exchange rate impact as a result of the strong variations occurred in the semester. 89 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements Current and deferred tax amounted to €30,061 thousand in the first half of 2025, compared to €33,558 thousand in the first half of 2024. This figure is affected by the effects of a deferred taxation reassessment in Australia that resulted in an expense for deferred tax assets reduction of €2,773 thousand. The tax rate was 30.6% in the reporting period versus 27.6% as at 30 June 2024. 15. Performance stock grants On 7 May 2025, Amplifon S.p.A.’s Board of Directors resolved, as recommended by the Remuneration and Appointments Committee, pursuant to Art. 84 bis, paragraph 5 of Consob Regulation n. 11971/99, as amended, to assign 931,950 rights under the first cycle of Stock Grant Plan 2025-2027 at the end of the three-year vesting period. The stock grants assigned in the reporting period had a unit fair value of €17.34. The fair value was determined based on the following assumptions: Valuation model Binomial Tree (Cox-Ross-Rubinstein method) Price at grant date €17.86 KPI - € Exercise price 0.00 Volatility (3 years) 33.00% Risk-free interest rate 1.974% Maturity (in years) 3 Vesting date 3 months after the Board of Directors approves the draft consolidated financial statements at 31.12.28. Dividend yield expected 1.0122% The notional cost of this assignment cycle recognized in the income statement at 30 June 2025 amounted to €848 thousand. Sustainable value sharing plan 2022-2027 Amplifon S.p.A.’s Board of Directors resolved, as recommended by the Remuneration and Appointments Committee, pursuant to Art. 84 bis, paragraph 5 of Consob Regulation n. 11971/99, as amended, to assign 46,200 rights under the Sustainable Value Sharing Plan 2022- 2027, reserved for the Chief Executive Officer and Group Executives with Strategic Responsibilities (the Beneficiaries), as described in the Informational Document approved during the Shareholders’ Meeting held on 21 April 2023. The Scheme is a composite incentive instrument comprising two distinct phases, “Phase A” and “Phase B”. The second phase (“Phase B”) is dependent on the outcome of “Phase A”: • Phase A: if the MBO Target established under the MBO Plan, applicable in the prior year (the 2025 assignment refers to the MBO target for 2024) is achieved, the beneficiaries receive a certain number of rights (the Co-Invested Rights) which allow the beneficiaries 90 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements to receive shares at the end of the vesting period of Phase B referred to below, or at an earlier time in the event that Phase B does not reach maturity; • Fase B: if, in a given year, the beneficiaries receive Co-invested Rights by virtue of the mechanism described above, the beneficiaries will participate in an additional and separate incentive tool based on financial instruments, under which the Company assigns additional rights, equal in number to the Co-invested Rights. This will allow the beneficiaries to receive shares (the “Matched Rights”) provided that certain performance targets, linked to value creation and the Group’s sustainable success, are achieved. With regard to the Sustainable Value Sharing Plan 2022-2027 reserved for the Chief Executive Officer and Group Executives with Strategic Responsibilities, the conversion of the vested MBO resulted in the assignment of 23,100 Co-Invested Rights and 23,100 Matched Rights. The fair value was determined based on the following assumptions: PHASE A PHASE B Binomial Tree (Cox-Ross-Rubinstein method) Valuation model Binomial Tree (Cox-Ross-Rubinstein method) FV €17.86 6.92 € KPI - € ESG/TSR Exercise price 0.00 0.00 Volatility (3 years) 33.00% 33.00% Risk-free interest rate 1.974% 1.974% Maturity (in years) 3 3 3 months after the Board of Directors approves 3 months after the Board of Directors approves Vesting date the draft consolidated financial statements at the draft consolidated financial statements at 31.12.28. 31.12.28. Dividend yield expected 1.0122% 1.0122% 91 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 16. Earnings (loss) per share Earning (loss) per share Basic earnings (loss) per share is obtained by dividing the net profit for the year attributable to the ordinary shareholders of the parent company by the weighted average number of shares outstanding in the period, considering purchases and disposals of own shares as cancellations and issues of shares. Earnings per share are determined as follows: First Half First Half Earnings per share 2025 2024 Net profit (loss) attributable to ordinary shareholders (€ thousand) 68,120 87,793 Average number of shares outstanding in the period 224,820,026 225,979,292 Average number per share (€ per share) 0.30300 0.38850 Diluted earnings (loss) per share Diluted earnings (loss) per share is obtained by dividing the net profit for the period attributable to the ordinary shareholders of the parent by the weighted average number of shares outstanding during the year adjusted by the diluting effects of potential shares. In the calculation of shares outstanding, purchases and sales of treasury shares are considered as cancellation or issue of shares. The potential ordinary share categories stems exclusively from the Group’s treasury shares. First Half First Half Weighted average diluted number of shares outstanding 2025 2024 Average number of shares outstanding in the period 224,820,026 225,979,292 Weighted average of potential and diluting ordinary shares 1,568,594 1,777,512 Weighted average of shares potentially subject to options in the period 226,388,620 227,756,804 The diluted earnings per share were determined as follows: First Half First Half Diluted earnings per share 2025 2024 Net profit attributable to ordinary shareholders (€ thousand) 68,120 87,793 Average number of shares outstanding in the period 226,388,620 227,756,804 Average diluted earnings per share (€) 0.30090 0.38547 92 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 17. Transactions with parents and other related parties The parent company, Amplifon S.p.A. is based in Via Ripamonti 133, Milan, Italy and it’s controlled directly by Ampliter S.r.l. (42.01% of share capital and 68.36% of voting rights), held for a 100.0% by Amplifin S.r.l., which is owned at 88% by Susan Carol Holland. The transactions with related parties, including intercompany transactions, do not qualify as atypical or unusual, and fall within the Group’s normal course of business and are conducted at arm’s length as dictated by the nature of the goods and services provided. The following table details transactions with related parties: 06/30/2025 First Half 2025 Revenues Interest for sales income Other Other and Operating and (€ thousands) Trade receivables Trade payables receivables assets services (costs)/revenues expense Amplifin S.r.l. 14 35 - - - (38) - Totale – Società controllante 14 35 - - - (38) - Comfoor BV (The Netherlands) 43 1,764 - - - (838) - Ruti Levinson Institute Ltd (Israel) 28 - - 13 - - - Afik - Test Diagnosis & Hearing 40 - - - - - Aids Ltd (Israel) Total – Other related parties 111 1,764 - 13 - (838) - Total related parties 125 1,799 - 13 - (876) - Total as per financial statements 220,330 328,383 114,642 40,871 1,180,490 (896,155) (17,056) % of financial statements total 0.06% 0.55% 0.00% 0.03% 0.00% 0.10% 0.00% The trade and other receivables refer primarily to the trade receivables due by associates (mainly in Israel) who act as resellers and to which the Group supplies hearing aids and other related products. The trade payables and operating costs refer primarily to commercial transactions with Comfoor BV, a joint venture from which hearing protection devices are purchased and then distributed in Group clinics. The lease for the Milan headquarters (leased to Amplifon S.p.A. by the parent company Amplifin S.r.l.) is recognized under right-of-use depreciation for per €920 thousand, interest on leases for €199 thousand, lease liabilities of €9,411 thousand, and right-of-use asset of €8,280 thousand. 93 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 18. Contingent liabilities Currently the Group is not exposed to any particular risks, uncertainties or legal disputes in excess of the provisions already made in the financial statements, shown in Note 11 “Provision for risk and charges”. The usual tax audits are currently underway, and no findings of note have been reported so far and the Group is, at any rate, confident in the adequacy of the measures implemented. 19. Financial risk management As this condensed consolidated interim financial report does not include all the additional information that is mandatorily included in the Annual Report relating to the management of financial risk, for a detailed analysis of financial risk management reference should be made to the Group’s 2024 Annual Report. 94 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 20. Translation of foreign companies’ financial statements The exchange rates used to translate non-Euro zone companies’ financial statements are as follows: 30 June 2025 2024 30 June 2024 As at As at Average exchange Average exchange rate As at 30 June 30 June 31 December rate Panamanian balboa 1.0927 1.1720 1.0389 1.0705 1.0813 Australian dollar 1.7229 1.7948 1.6772 1.6079 1.6422 Canadian dollar 1.5400 1.6027 1.4948 1.4670 1.4685 New Zealand dollar 1.8827 1.9334 1.8532 1.7601 1.7752 Singapore dollar 1.4461 1.4941 1.4164 1.4513 1.4561 US dollar 1.0927 1.1720 1.0389 1.0705 1.0813 Hungarian forint 404.5700 399.8000 411.3500 395.1000 389.7600 Swiss franc 0.9414 0.9347 0.9412 0.9634 0.9615 Egyptian pound 55.1248 58.3194 52.8202 51.4080 44.8310 Israeli New shekel 3.9291 3.9492 3.7885 4.0200 3.9951 Argentinian peso (*) 1391.4393 1391.4393 1070.8061 975.3883 975.3883 Chilean peso 1043.2800 1100.9700 1033.7600 1021.5400 1016.2400 Colombian peso 4579.6600 4790.8500 4577.5500 4463.0000 4238.8300 Mexican peso 21.8035 22.0899 21.5504 19.5654 18.5089 Uruguayan peso 46.2883 47.0360 45.4668 42.3314 41.9655 Chinese renminbi 7.9238 8.3970 7.5833 7.7748 7.8011 Indian rupee 94.0693 100.5605 88.9335 89.2495 89.9862 British pound 0.8423 0.8555 0.8292 0.8464 0.8546 Polish zloty 4.2313 4.2423 4.2750 4.3090 4.3169 (*) Argentina is a highly inflationary country. As requested by IAS 29, profit and loss items have been converted at the closing exchange rate. The average Argentine peso exchange rate as at 30 June 2025 is 1205.9751 and as at 30 June 2024 is 929.0128. 95 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 21. Segment Reporting In accordance with IFRS 8 “Operating Segments”, the schedules related to each operating segment are shown below. The Amplifon Group’s business (distribution and customization of hearing solutions) is organized into three specific geographical areas which comprise the Group’s operating segments: Europe, Middle-East and Africa - EMEA - (Italy, France, The Netherlands, Germany, the United Kingdom, Spain, Portugal, Switzerland, Belgium, Hungary, Egypt, Poland, and Israel), Americas (USA, Canada, Chile, Argentina, Ecuador, Colombia, Panama, Mexico and Uruguay) and Asia-Pacific (Australia, New Zealand, India, and China). The Group also operates via centralized Corporate functions (Corporate bodies, general management, business development, procurement, treasury, legal affairs, human resources, IT systems, global marketing and internal audit) which do not qualify as operating segments under IFRS 8. These areas of responsibility, which coincide with the geographical areas (the Corporate functions are recognized under EMEA), represent the organizational structure used by management to run the Group’s operations. The reports periodically analyzed by the Chief Executive Officer and Top Management are divided up accordingly, by geographical area. Performances are monitored and measured for each operating segment/geographical area, through operating profit including amortization and depreciation (EBIT), along with the portion of the results of equity investments in associated companies valued by using the equity method. Financial expenses are not monitored insofar as they are based on corporate decisions regarding the financing of each region (own funds versus borrowings) and, consequently, neither are taxes. Items in the statement of financial position are analyzed by the geographical area without being separated from the Corporate functions which remain part of EMEA. All the information relating to the income statement and the statement of financial position is determined using the same criteria and accounting standards used to prepare the consolidated financial statements. 96 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements th (*) Statement of Financial Position as at June 30 , 2025 EMEA AMERICAS APAC ELIM. CONSOLIDATED (€ thousands) ASSETS Non-current assets Goodwill 1,065,711 292,120 561,617 - 1,919,448 Intangible fixed assets with finite useful life 294,467 56,583 53,341 - 404,391 Property, plant, and equipment 172,063 41,412 38,534 - 252,009 Right-of-use assets 379,562 46,093 50,682 - 476,337 Equity-accounted investments 2,323 - - - 2,323 Hedging instruments 2,684 - - - 2,684 Deferred tax assets 53,673 6,110 14,539 - 74,322 Deferred contract costs 9,036 1,136 74 - 10,246 Other assets 31,906 7,240 1,725 - 40,871 Total non-current assets 3,182,631 Current assets Inventories 73,200 11,566 8,871 - 93,637 Receivables 328,865 60,656 22,018 (76,567) 334,972 Deferred contract costs 6,843 909 111 - 7,863 Hedging instruments 747 - - - 747 Cash and cash equivalents 242,693 Total current assets 679,912 TOTAL ASSETS 3,862,543 LIABILITIES Net Equity 1,013,831 Non-current liabilities Medium/long-term financial liabilities 1,040,596 Lease liabilities 305,115 36,361 31,850 - 373,326 Provisions for risks and charges 14,802 1,092 810 - 16,704 Liabilities for employees’ benefits 12,898 21 608 - 13,527 Hedging instruments 1,625 - - - 1,625 Deferred tax liabilities 68,073 21,990 9,606 - 99,669 Payables for business acquisitions 1,723 1,788 - - 3,511 Contract liabilities 139,442 12,256 2,701 - 154,399 Other long-term liabilities 29,712 726 - - 30,438 Total non-current liabilities 1,733,795 Current assets Trade payables 283,782 77,300 43,680 (76,379) 328,383 Payables for business acquisitions 4,420 3,522 101 - 8,043 Contract liabilities 96,900 16,421 6,968 - 120,289 Other payables and tax payables 179,006 24,339 25,149 (188) 228,306 Hedging instruments 281 - - - 281 Provisions for risks and charges 2,475 587 - - 3,062 Liabilities for employees’ benefits 1,132 405 2,323 - 3,860 Short-term financial liabilities 295,424 Lease liabilities 93,061 13,507 20,701 - 127,269 Total current liabilities 1,114,917 TOTAL LIABILITIES 3,862,543 (*) The items in the statement of financial position are analyzed by geographic area without being separated from the Corporate functions which are included in EMEA. 97 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements st (*) Statement of Financial Position as at December 31 , 2024 EMEA AMERICAS APAC ELIM. CONSOLIDATED (€ thousands) ASSETS Non-current assets Goodwill 1,031,163 313,631 600,701 - 1,945,495 Intangible fixed assets with finite useful life 303,840 63,109 61,411 - 428,360 Property, plant, and equipment 168,319 41,075 44,530 - 253,924 Right-of-use assets 381,119 49,770 61,175 - 492,064 Equity-accounted investments 2,527 - - - 2,527 Hedging instruments 4,454 - - - 4,454 Deferred tax assets 56,435 5,762 15,135 - 77,332 Deferred contract costs 9,165 1,254 75 - 10,494 Other assets 42,576 8,277 2,031 - 52,884 Total non-current assets 3,267,534 Current assets Inventories 71,792 11,777 9,611 - 93,180 Receivables 320,174 81,671 20,490 (88,029) 334,306 Deferred contract costs 6,612 1,003 119 - 7,734 Hedging instruments 878 - - - 878 Other financial assets 296 Cash and cash equivalents 288,834 Total current assets 725,228 TOTAL ASSETS 3,992,762 LIABILITIES Net Equity 1,150,224 Non-current liabilities Medium/long-term financial liabilities 952,283 Lease liabilities 308,004 40,119 39,474 - 387,597 Provisions for risks and charges 18,896 1,158 871 - 20,925 Liabilities for employees’ benefits 14,753 - 704 - 15,457 Hedging instruments 1,157 - - - 1,157 Deferred tax liabilities 66,211 23,234 10,048 - 99,493 Payables for business acquisitions 2,136 3,749 - - 5,885 Contract liabilities 137,096 13,865 2,805 - 153,766 Other long-term liabilities 34,743 875 49 - 35,667 Total non-current liabilities 1,672,230 Current liabilities Trade payables 343,885 70,137 50,919 (87,841) 377,100 Payables for business acquisitions 5,143 6,107 260 - 11,510 Contract liabilities 97,435 17,796 7,683 - 122,914 Other payables and tax payables 188,954 26,910 31,614 (188) 247,290 Hedging instruments 739 - - - 739 Provisions for risks and charges 1,787 616 - - 2,403 Liabilities for employees’ benefits 1,128 447 2,519 - 4,094 Short-term financial liabilities 277,518 Lease liabilities 90,116 13,726 22,898 - 126,740 Total current liabilities 1,170,308 TOTAL LIABILITIES 3,992,762 (*) The items in the statement of financial position are analyzed by geographic area without being separated from the Corporate functions which are included in EMEA. 98 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements (*) Income Statement – June 30, 2025 EMEA AMERICAS APAC CORPORATE ELIM. CONSOLIDATED (€ thousands) Revenues from sales and services 765,958 243,085 171,447 - - 1,180,490 Operating costs (544,554) (185,535) (128,390) (37,676) - (896,155) Other income and costs 1,544 740 254 108 - 2,646 Gross operating profit by segment 222,948 58,290 43,311 (37,568) - 286,981 (EBITDA) Amortization, depreciation and impairment Intangible assets amortization (26,452) (7,892) (7,493) (13,813) - (55,650) Property, plant, and equipment (19,322) (4,717) (7,429) (780) - (32,248) depreciation Right-of-use depreciation (44,484) (7,718) (15,239) (1,229) - (68,670) Impairment losses and reversals of (104) - (1,323) - - (1,427) non-current assets (90,362) (20,327) (31,484) (15,822) - (157,995) Operating result by segment 132,586 37,963 11,827 (53,390) - 128,986 Financial income, expenses and value adjustments to financial assets Share of interests held in associated companies valued at equity and 90 - - - - 90 gains/losses on disposals of equity investments Interest income and expenses (17,056) Interest expenses on lease liabilities (10,321) Other financial income and expenses (1,477) Exchange gains and losses, and (2,650) inflation accounting Gain (loss) on assets accounted at fair 708 value (30,706) Net profit (loss) before tax 98,280 Current and deferred income tax Current income tax (25,685) Deferred tax (4,376) (30,061) Net profit (loss) 68,219 Net profit (loss) attributable to 99 Minority interests Net profit (loss) attributable to the 68,120 Group (*) The figures of the operating segments are net of the intercompany eliminations. 99 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements (*) Income Statement – June 30, 2024 EMEA AMERICAS APAC CORPORATE ELIM. CONSOLIDATED (€ thousands) Revenues from sales and services 757,467 240,418 179,185 181 - 1,177,251 Operating costs (533,912) (180,528) (131,935) (41,310) - (887,685) Other income and costs 2,184 1,821 (95) 297 - 4,207 Gross operating profit by segment 225,739 61,711 47,155 (40,832) - 293,773 (EBITDA) Amortization, depreciation and impairment Intangible assets amortization (22,525) (7,216) (7,631) (12,681) - (50,053) Property, plant, and equipment (17,584) (3,859) (7,859) (773) - (30,075) depreciation Right-of-use depreciation (41,455) (6,985) (14,437) (1,176) - (64,053) Impairment losses and reversals of non- (609) - (36) - - (645) current assets (82,173) (18,060) (29,963) (14,630) - (144,826) Operating result by segment 143,566 43,651 17,192 (55,462) - 148,947 Financial income, expenses and value adjustments to financial assets Group's share of the result of associated companies valued at equity and 283 - - - - 283 gains/losses on disposals of equity investments Interest income and expenses (16,717) Interest expenses on lease liabilities (8,916) Other financial income and expenses (707) Exchange gains and losses, and inflation (1,308) accounting Gain (loss) on assets accounted at fair (150) value (27,515) Net profit (loss) before tax 121,432 Current and deferred income tax Current income tax (27,957) Deferred tax (5,601) (33,558) Net profit (loss) 87,874 Net profit (loss) attributable to Minority 81 interests Net profit (loss) attributable to the Group 87,793 (*) The figures of the operating segments are net of the intercompany eliminations. 100 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements 22. Accounting policies Presentation of the financial statements The consolidated financial statements as at June 30, 2025 were prepared in accordance with the historical cost method with the exception of derivatives, a few financial investments measured at fair value and assets and liabilities hedged against changes in fair value, as explained in more detail in this report, as well as on a going concern basis. With regard to the financial statements, the following is specified: - in the statement of financial position, the Group distinguishes between non-current and current assets and liabilities; - in the income statement, the Group classifies costs by nature insofar as this is deemed to more accurately represent the primarily commercial and distribution activities carried out by the Group; - comprehensive income statement: in addition to the net result for the year, it includes the effects of changes in exchange rates, the cash flow hedge reserve, the foreign currency basis spread reserve on derivative instruments and the actuarial gains and losses that have been recognized directly in changes in shareholders' equity, these items are divided according to whether or not they can be subsequently reclassified to the income statement; - statement of changes in net equity: the Group reports all the changes in net equity, including those deriving from shareholder transactions (payment of dividends and capital increases); - statement of cash flows: prepared using the indirect method to determine cash flow from operations. Use of estimates in preparing the financial statements The preparation of the financial statements and explanatory notes requires the use of estimates and assumptions particularly with regard to the following items: - revenues for services rendered over time recognized based on the effort or the input expended to satisfy the performance obligation; - allowances for impairment made based on the asset’s estimated realizable value; - provisions for risks and charges made based on a reasonable estimate of the amount of the potential liability, including with regard to any counterparty claims; - provisions for obsolete inventories in order to align the carrying value of inventories with the estimated realizable value; - provisions for employee benefits, calculated based on actuarial valuations; - amortization and depreciation of intangible assets and tangible fixed assets recognized based on the estimated remaining useful life and the recoverable amount; - income tax recognized based on the best estimate of the tax rate for the full year; - IRS and currency swaps (instruments not traded on regulated markets), marked to market at the reporting date based on the yield curve and market exchange rates, which are subject to credit/debit valuation adjustments based on market prices; 101 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements - the lease term duration was determined on a lease-by-lease basis and is comprised of the “non-cancellable” period along with the impact of any extension or early termination clauses if exercise of that clause is reasonably certain. This property valuation took into account circumstances and facts specific to each asset; - discount rate of leases falling within the scope of IFRS 16 (incremental borrowing rate) determined based on the IRS (reference interbank rate used as an index for fixed-rate mortgage loans) in the individual countries in which Amplifon Group companies operate, for maturities commensurate with the duration of the specific rental contract, plus the Parent Company’s credit spread and any costs for additional guarantees. In the rare instances when the IRS rate is not available (Egypt, Ecuador, Mexico and Panama), the risk-free rate was determined based on government bonds with maturities similar to the duration of the specific rental contract. Estimates and assumptions are periodically reviewed, and any changes made, following the change of the circumstances or the availability of better information, are recognized in the income statement. The use of reasonable estimates is essential to the preparation of the financial statements and does not affect their overall reliability. The Group verifies the existence of a loss in value of goodwill regularly once a year or in the event of impairment indicators. The impairment test is conducted for the groups of cash generating units to which the goodwill refers and based on which the Group values, directly or indirectly, the return on the investment that includes the goodwill. IFRS standards/interpretations IFRS/interpretations approved by the IASB, endorsed in Europe and applied for the first time this year The following table lists the IFRS/interpretations approved by the IASB, endorsed in Europe and applied for the first time this year. Endorsement Publication in Effective date for Description Effective date date the G.U.C.E. Amplifon Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates: Lack 12 Nov ‘24 13 Nov ‘24 1 Jan ‘25 1 Jan ‘25 of Exchangeability” (issued on 15 August 2023) The amendments to IAS 21 proposed by IASB provide clarification as to exchange whether a currency is exchangeable and which exchange rate to be used if it is not. The adoption of the standards and interpretations described above did not have a material impact on the measurement of the Group’s assets, liabilities, costs, and revenues. 102 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements Future IFRS standards/interpretations approved by IASB, endorsed in Europe The following table shows the future IFRS standards interpretation approved by us and endorsed in Europe. Publication in Effective date Endorsement Descrizione for the G.U.C.E. Effective date date Amplifon Amendments to IFRS 9 e IFRS7 27 May ‘25 28 May ‘25 1 Jan ‘26 1 Jan ‘26 “Classification and Measurement of Financial Instruments” (issued on 30 May 2024) The amendments to IFRS9 and IFRS7 proposed by IASB are related to the classification and measurement of financial instruments. The amendments aim to reduce diversity in practice and improve the consistency and understandability of the requirements. IFRS standards/interpretations approved by IASB, but not endorsed in Europe The following are the international accounting standards, interpretations, amendments to existing accounting standards and interpretations, or specific provisions contained in the standards and interpretations approved by the IASB which, at 30 June 2025, have yet to be endorsed for adoption in Europe. Description Effective date Annual improvements volume 11 (issued on 18 July 2024) Periods beginning on or after 1 Jan ‘26 Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS Periods beginning on or after 1 Jan ‘26 7 (issued on 18 December 2024) Periods beginning on or after 1 Jan ‘27 IFRS 18 Presentation and Disclosure in Financial Statements IFRS 19 Subsidiaries without Public Accountability Periods beginning on or after 1 Jan ‘27 The adoption of the standards and interpretations approved and not endorsed above is not expected to have a material impact on the measurement of the Group’s assets and liabilities. The document Annual improvement. Volume 11 lists improvements limited to changes that either clarify the wording in an IFRS Accounting Standard, or correct relatively minor unintended consequences, oversights or conflicts between requirements of the Accounting Standards. In particular, the amendments relate to IFRS1, IFRS7, IFRS9, IFRS10 and IAS7. The objective of the Amendments to IFRS 9 and IFRS 7 Contract Referencing Nature-dependent Electricity is to better reflect the effects of physical and virtual nature-dependent electricity contracts in the financial statements through narrow-scope amendments to the own-use, hedge accounting and disclosure requirements. The IFRS 18 principle, 'Presentation and Disclosure in Financial Statements,' will supersede IAS 1 and provides a more detailed definition of the financial statement formats, with particular emphasis on the income statement, where minimum and mandatory subtotals are stipulated. It also introduces new disclosure requirements concerning 'Management Defined Performance 103 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements Measures' and offers guidelines for the aggregation of information in the financial statements and accompanying notes. The IFRS 19 principle, 'Subsidiaries without Public Accountability,' establishes reduced reporting obligations for the financial statements of subsidiaries that are not required to prepare public IFRS financial statements. The adoption of the standards and interpretations described above did not have a material impact on the measurement of the Group’s assets, liabilities, costs, and revenues. 23. Subsequent events st On July 1 , 2025, the European Investment Bank granted €75 million to Amplifon S.p.A., as part of the loan for a total amount of €350 million, subscribed in two instalments in July 2023 and in June 2024. As of today, the unutilized portion of the loan amounts to €150 million. After the 30th of June 2025, n. 6,200 shares were transferred following the exercise of performance stock grants. th The treasury shares buy back activity proceeded after the half-year closing and up to July 28 , 2025. The Company bought on the Euronext Milano stock market and on multilateral trading facilities 1,795,701 Amplifon S.p.A. ordinary shares, equal to 0.793% of the Company’s share capital, for a total cash-out of €35,513 thousand. As of today, a total of 5,323,890 treasury shares, equal to 2.352% of the Company’s share capital, is held. Moreover, in the month of July, Amplifon undertook the acquisition of 5 clinics in Australia and 8 clinics in Italy. th Milan, July 29 , 2025 CEO Enrico Vita 104 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements Annexes Annex I Consolidation scope As required by articles 38 and 39 of Law 127/91 and article 126 of Consob’s resolution 11971 dated 14 May 1999, as amended by resolution 12475 dated 6 April 2000, the following is the list of companies included in the consolidation scope of Amplifon S.p.A. as at 30 June 2025. Parent company: Company name Head office Currency Share capital Amplifon S.p.A. Milan (Italy) EUR 4,527,772 Subsidiaries consolidated using the line-by-line method: Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 06/30/2025 Amplifon Rete Milan (Italy) I EUR 19,250 2.6% Amplifon Italia S.p.A. Milan (Italy) D EUR 100,000 100.0% Turin (Italy) I EUR 46,800 100.0% Magicson S.r.l. Turin (Italy) I EUR 50,000 100.0% Sonar S.r.l. Amplifon France S.A.S. Parigi (France) D EUR 173,550,898 100.0% SCI Eliot Leslie (*) Lione (France) I EUR - 100.0% Nadov Audition S.A.S. Juvisy (France) I EUR 5,000 100.0% VilleFranche-de- Pastel Audiologie S.A.S. I EUR 818,000 100.0% Lauragais (France) Castanet-Tolosan Pastel Audition S.A.S. I EUR 10,000 100.0% (France) Acoustiques des Halles S.A.S. Bayonne (France) I EUR 80,000 100.0% Audition Détente S.A.S. Montpellier (France) I EUR 2,222 100.0% Saint-Étienne Belletente S.A.S. I EUR 6,000 100.0% (France) Audiloire S.A.S. Tours (France) I EUR 1,000 100.0% L'Oreillette Du Mans S.A.S. Le Mans (France) I EUR 10,800 100.0% Savigné l'Eveque Aurissimans S.A.S. I EUR 6,000 100.0% (France) L'Effet L'Arsene S.A.S. Tours (France) I EUR 1,000 100.0% François Audition S.A.S. Ballan-Mire (France) I EUR 3,000 100.0% Audition Freres François S.A.S. Tours (France) I EUR 6,000 100.0% Chambray-Lès-Tours FFF Audio S.A.S. I EUR 6,000 100.0% (France) Vouvray Audition S.A.S. Vouvray (France) I EUR 6,000 100.0% EUR 102,800 100.0% Audioconseil S.A.S. Redon (France) I Mont-de-Marsan EUR 5,000 100.0% Audition Oscar Thuaire S.A.S. I (France) EUR 1,000 100.0% Clarté Audition Sanguinet S.A.S. Sanguinet (France) I EUR 1,000 100.0% Clarté Audition Nord Landes S.A.S. Biscarrosse (France) I Bagnols-Sur-Ceze LCA Bagnols sur Cèze S.A.S. I EUR 1,524 100.0% (France) 105 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 06/30/2025 Amplifon Ibérica, S.A.U. Barcelona (Spain) D EUR 26,578,809 100.0% Microson S.A. Barcelona (Spain) D EUR 61,752 100.0% Amplifon LATAM Holding, S.L.U. Barcelona (Spain) I EUR 3,000 100.0% Audifonos factory, S.L. Malaga (Spain) I EUR 3,000 100.0% Audifonos sevillaudio, S.L. Malaga (Spain) I EUR 10,000 100.0% Audio diagnostics, S.L. Malaga (Spain) I EUR 30,000 100.0% Audio elite sur, S.L. Malaga (Spain) EUR 20,000 100.0% I Audiolmenes, S.L. Malaga (Spain) EUR 3,000 100.0% I Corbaudio centros auditivos, S.L. Cordoba (Spain) I EUR 3,000 100.0% Talayoaudio, S.L.U. Marbella (Spain) I EUR 3,000 100.0% Tecnoaudifonos, S.L.U. (*) Malaga (Spain) EUR 6,000 100.0% I Audio nevada, S.L. Malaga (Spain) EUR 10,000 100.0% I Audioliva, S.L. Jaen (Spain) I EUR 3,000 100.0% Centro audio granada, S.L. Granada (Spain) I EUR 36,000 100.0% Futurooigo, S.L. Malaga (Spain) EUR 3,000 100.0% I Centro auditivo sent, S.L. Granada (Spain) EUR 3,000 100.0% I Esteponaudio, S.L. Estepona (Spain) I EUR 3,000 100.0% Recimetal cordoba, S.L. (*) Marbella (Spain) I EUR 23,095 100.0% Soluciones auditivas de la subbetica, Rute (Spain) I EUR 3,000 100.0% S.L. Soluciones auditivas y visuales Malaga (Spain) I EUR 29,000 100.0% gonzales, S.L. Soluciones profesionales de Malaga (Spain) EUR 23,408 100.0% I audiologia, S.L. Sonic technology españa, S.L. Fuengirola (Spain) EUR 9,015 100.0% I Sontec centros auditivos, S.L. Mijas (Spain) EUR 3,000 100.0% I Amplifon Portugal SA Lisboa (Portugal) I EUR 15,520,187 100.0% Amplifon Magyarország Kft Budapest (Hungary) D HUF 723,500,000 100.0% Amplibus Magyarország Kft Budaörs (Hungary) I HUF 3,000,000 100.0% Amplifon AG Baar (Switzerland) D CHF 1,000,000 100.0% Utrecht (The Amplifon Nederland B.V. D EUR 74,212,052 100.0% Netherlands) Utrecht (The Auditech B.V. I EUR 22,500 100.0% Netherlands) Utrecht (The Electro Medical Instruments B.V. I EUR 16,650 100.0% Netherlands) Utrecht (The Beter Horen B.V. I EUR 18,000 100.0% Netherlands) Elst (The Amplifon Customer Care Service B.V. I EUR 18,000 100.0% Netherlands) Amplifon Belgium N.V. Bruxelles (Belgium) D EUR 495,800 100.0% Luxembourg Amplifon RE SA D EUR 3,700,000 100.0% (Luxembourg) Amplifon Deutschland GmbH Hamburg (Germany) D EUR 6,026,000 100.0% Focus Hören AG Bonn (Germany) I EUR 485,555 100.0% Focus hören Deutschland GmbH Bonn (Germany) I EUR 25,000 100.0% Söhrewald Hörhaus Wagenknecht GmbH I EUR 25,000 100.0% (Germany) Amplifon Poland Sp. z o.o. Lodz (Poland) D PLN 3,349,200 100.0% Amplifon Aparaty Słuchowe Sp. z o.o. Poznań (Poland) I PLN 8,050,000 100.0% 106 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 06/30/2025 Manchester (United Amplifon UK Ltd D GBP 130,951,168 100.0% Kingdom) Manchester (United Amplifon Ltd I GBP 1,800,000 100.0% Kingdom) Manchester (United Ultra Finance Ltd (*) I GBP 75 100.0% Kingdom) Medtechnica Ortophone Ltd (**) Tel Aviv (Israel) D ILS 1,100 90.0% Amplifon Middle East SAE Cairo (Egypt) D EGP 3,000,000 51.0% St. Paul (United Miracle Ear Inc. I USD 5 100.0% States) Minneapolis (United ME Pivot Holdings, LLC I USD 2,000,000 100.0% States) St. Paul (United Amplifon Hearing Health Care. Corp. I USD 10 100.0% States) New York (United Ampifon IPA, LLC I USD - 100.0% States) Dover (United Amplifon USA Inc. D USD 52,500,010 100.0% States) Wilmington (United ME Flagship, LLC I USD - 100.0% States) METX, LLC Waco (United States) I USD - 100.0% MEFL, LLC Waco (United States) I USD - 100.0% METampa, LLC Waco (United States) I USD - 100.0% MENM, LLC Waco (United States) I USD - 100.0% Minneapolis (United MEOH, LLC I USD - 100.0% States) Phoenix (United Safe in Sound Hearing, LLC (*) I USD - 100,0% States) Tucson (United SISH Tucson, LLC (*) I USD - 100,0% States) Miracle Ear Canada Ltd. Vancouver (Canada) I CAD 178,701,200 100.0% Great to Hear, Inc. (*) Manitoba (Canada) I CAD - 100.0% Living Sounds Hearing Centre Ltd. (*) Alberta (Canada) I CAD - 100.0% Sackville Hearing Centre Limited (*) Nova Scotia (Canada) I CAD - 100.0% Hometown Hearing Centre Inc (*) Bancroft (Canada) I CAD - 100.0% Newlife Hearing Inc. (*) St. John's (Canada) I CAD - 100.0% Provincial Hearing Aid Service Halifax (Canada) I CAD - 100.0% (Halifax) Ltd. (*) Audia Hearing Aid Centre Inc. (*) Ontario (Canada) I CAD - 100.0% The Hearing Institute of Ontario, Inc. Ontario (Canada) I CAD - 100.0% (*) Pure Audiology & Hearing Aid Oakville (Canada) I CAD - 100.0% Services, Inc. (*) St. Thomas Hearing Clinic Inc. (*) St. Thomas (Canada) I CAD - 100.0% Sunnybank Enterprises Ltd. (*) Parksville (Canada) I CAD - 100.0% Santiago de Chile GAES S.A. (Chile) I CLP 1,901,686,034 100.0% (Chile) GAES Servicios Corporativo de Santiago de Chile I CLP 10,000,000 100.0% Latinoamerica SpA (Chile) Santiago de Chile Audiosonic Chile S.A. I CLP - 99.0% (Chile) Buenos Aires GAES S.A. (Argentina) I ARS 120,542,331 100.0% (Argentina) GAES Colombia S.A.S. Bogotà (Colombia) I COP 22,000,000,000 100.0% Audiovital Cìa. Ltda. Quito (Ecuador) I USD 430,337 100.0% 107 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 06/30/2025 Centros Auditivos GAES Mexico sa de Ciudad de México I MXN 276,477,133 100.0% cv (Mexico) Compañía de Audiologia y Servicios Aguascalientes I MXN 43,306,212 100.0% Medicos sa de cv (Mexico) GAES Panama S.A. Panama (Panama) I PAB 510,000 100.0% Montevideo Audical S.A.S D UYU 500,000 100.0% (Uruguay) Montevideo Centro Auditivo S.A.S D UYU 500,000 100.0% (Uruguay) Montevideo Ikako S.A. D UYU 100,000 100.0% (Uruguay) Amplifon Australia Holding Pty Ltd Sydney (Australia) D AUD 392,000,000 100.0% National Hearing Centres Pty Ltd Sydney (Australia) I AUD 100 100.0% National Hearing Centres Unit Trust Sydney (Australia) I AUD - 100.0% Sydney (Australia) Otohub Unit Trust (in liquidation) D AUD - 100.0% Sydney (Australia) Otohub Australasia Pty Ltd D AUD 10 100.0% Sydney (Australia) Attune Hearing Pty Ltd D AUD 14,771,093 100.0% Sydney (Australia) Attune Workplace Hearing Pty Ltd I AUD 1 100.0% Sydney (Australia) Ear Deals Pty Ltd I AUD 300,000 100.0% Sydney (Australia) Bay Audio Pty Ltd D AUD 10,000 100.0% Singapore Amplifon Asia Pacific Pte Limited I SGD 7,425,000 100.0% (Singapore) Takapuna (New Amplifon NZ Ltd I NZD 130,411,317 100.0% Zealand) Auckland (New Auckland Hearing Ltd (*) I NZD - 100.0% Zealand) Takapuna (New Bay Audiology Ltd (*) I NZD - 100.0% Zealand) Auckland (New Dilworth Hearing Ltd (*) I NZD - 100.0% Zealand) Auckland (New Hearing Health Limited (*) I NZD - 100.0% Zealand) Amplifon India Pvt Ltd Gurgaon (India) I INR 2,050,000,000 100.0% Beijing Amplifon Hearing Technology Běijīng (China) D CNY 2,143,685 100.0% Center Co., Ltd Tianjin Amplifon Hearing Technology Tianjin (China) I CNY 3,500,000 100.0% Co., Ltd Shijiazhuang Amplifon Hearing Shijiazhuang (China) I CNY 100,000 100.0% Technology Center Co. Ltd Amplifon (China) Investment Co., Ltd Shanghai (China) D CNY 638,574,561 100.0% Hangzhou Amplifon Hearing Aid Co., Hangzhou (China) D CNY 11,000,000 100.0% Ltd Zhengzhou Yuanjin Hearing Zhengzhou (China) I CNY - 100.0% Technology Co., Ltd. (*) Wuhan Amplifon Hearing Aid Co., Ltd Wuhan (China) I CNY 40,000,000 100.0% Shanghai Amplifon Hearing Shanghai (China) I CNY 50,000,000 100.0% Technology Co. Ltd, Nanjing Amplifon Hearing Aid Co., Nanjing (China) I CNY 37,500,000 100.0% Ltd Shanxi Amplifon Hearing Aid Co., Ltd. Taiyuan (China) I CNY 30,000,000 100.0% Henan Amplifon Hearing Aid Co., Ltd. Zhengzhou (Cina) I CNY 1,000,000 100.0% Fuzhou Tingan Medical Device Co., Fuzhou (China) I CNY 20,000,000 100.0% Ltd Chongqing Amplifon Hearing Aids Chongqing (China) I CNY 10,000,000 100.0% Co., Ltd. Sichuan Amplifon Hearing Aid Co., Chengdu (China) I CNY 24,000,000 100.0% Ltd. 108 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 06/30/2025 Xi'an Ansheng Medical Equipment Xi’an (China) I CNY 16,000,000 100.0% Co., Ltd. Ningxia Amplifon hearing aid Yinchuan (China) I CNY 16,000,000 100.0% Business Co., Ltd Yunnan Amplifon Hearing Aid Co., Kunming (China) I CNY 16,000,000 100.0% Ltd. Shanxi Amplifon Hearing Aid Xi’an (China) I CNY 18,000,000 100.0% Business Co., Ltd Anhui Amplifon Hearing Aid business Hefei (China) I CNY 30,000,000 100.0% Co., Ltd. AnLaiSheng (Inner Mongolia) Medical Hohhot (China) I CNY 47,000,000 100.0% Equipment Co.Ltd Amplifon International Trade Hangzhou (China) I CNY 34,000,000 100.0% (Hangzhou) Co., Ltd. (*) Dormant companies (**) Medtechnica Ortophone Ltd, despite being 90% owned by Amplifon, is consolidated at 100% without exposure of non-controlling interests due to the put-call option exercisable from 2019 and related to the purchase of the remaining 10%. Companies valued using the equity method: Direct/Indirect Share % held as at Company name Head office Currency ownership Capital 06/30/2025 Utrecht (The Comfoor BV (*) I EUR 18,000 50.0% Netherlands) Ramat HaSharon Ruti Levinson Institute Ltd (**) I ILS 105 20.0% (Israel) Afik - Test Diagnosis & Hearing Aids Jerusalem (Israel) I ILS 100 20.0% Ltd (**) Mairangi Bay (New Lakeside Specialist Centre Ltd (**) I NZD - 50.0% Zealand) (*) Joint Venture (**) Related companies 109 --- Interim Financial Report as at 30 June 2025 > Condensed Consolidated Financial Statements Declaration in respect of the Consolidated Financial Statements pursuant to Article 154-bis of Legislative Decree no. 58/98 We, the undersigned, Enrico Vita, Chief Executive Officer and Gabriele Galli, Executive Responsible for Corporate Accounting Information for Amplifon S.p.A., taking into account the provisions of article § 154-bis, paragraphs 3 and 4 of Law no. 58/98, certify: - the adequacy, by reference to the characteristics of the business and - the effective application of the administrative and accounting procedures for the preparation of the condensed interim consolidated financial statements during the period 1 January – 30 June 2025. We also certify that the condensed interim consolidated financial statements as at 30 June 2025: - have been prepared in accordance with the international accounting standards recognized in the European Union under the EC regulation no. 1606/2002 of the European Parliament and of the Council of 19 July 2002; - correspond to the underlying accounting entries and records; - provides a true and fair view of the performance and financial position of the issuer and of all of the companies included in the consolidation area. The report on operations includes a reliable operating and financial review of the Company and all of the companies included in the consolidation area. th Milan, July 29 , 2025 CEO Executive Responsible for Corporate Accounting Information Enrico Vita Gabriele Galli 110 --- KPMG S.p.A. Revisione e organizzazione contabile Via Vittor Pisani, 25 20124 MILANO MI Telefono +39 02 6763.1 Email it-fmauditaly@kpmg.it PEC kpmgspa@pec.kpmg.it (This independent auditors’ report has been translated into English solely for the convenience of international readers. Accordingly, only the original Italian version is authoritative) Report on review of condensed interim consolidated financial statements To the shareholders of Amplifon S.p.A. Introduction We have reviewed the accompanying condensed interim consolidated financial statements of the Amplifon Group, comprising the statement of financial position, the income statement and the statements of comprehensive income, changes in equity and cash flows and notes thereto, as at and for the six months ended 30 June 2025. The parent’s directors are responsible for the preparation of these condensed interim consolidated financial statements in accordance with the IFRS Accounting Standard applicable to interim financial reporting (IAS 34) as issued by the International Accounting Standards Board and endorsed by the European Union. Our responsibility is to express a conclusion on these condensed interim consolidated financial statements based on our review. Scope of review We conducted our review in accordance with Consob (the Italian Commission for Listed Companies and the Stock Exchange) guidelines set out in Consob resolution no. 10867 dated 31 July 1997. A review of condensed interim consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA Italia) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the condensed interim consolidated financial statements. --- Amplifon Group Report on review of condensed interim consolidated financial statements 30 June 2025 Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed interim consolidated financial statements of the Amplifon Group as at and for the six months ended 30 June 2025 have not been prepared, in all material respects, in accordance with the IFRS Accounting Standard applicable to interim financial reporting (IAS 34) as issued by the International Accounting Standards Board and endorsed by the European Union. Milan, 31 July 2025 KPMG S.p.A. (signed on the original) Paolo Bruno Director of Audit 2