--- title: "Interim Financial Report as at 31 March 2025" period: "2025-q1" kind: "financial-report" source_url: "https://corporate.amplifon.com/content/dam/amplifon/archive/en/investors/financial-reports/2025/Interim%20Financial%20Report%20as%20at%2031%20March%202025.pdf" downloaded_at: "2026-06-06" pdf_sha256: "4070ca9c9205067eab95304ab8c261fddb90bb7deb0fb6af533eb3b07840a69f" pdf_size_bytes: 2941857 extractor: "pdfjs-dist-6.0.227" --- Classification: internal --- INDEX PREFACE ...............................................................................................................................4 INTERIM MANAGEMENT REPORT AS AT 31 MARCH 2025.......................................................5 HIGHLIGHTS..........................................................................................................................6 ALTERNATIVE PERFORMANCE MEASURES .............................................................................8 SHAREHOLDER INFORMATION ............................................................................................16 RECLASSIFIED CONSOLIDATED INCOME STATEMENT ...........................................................18 RECLASSIFIED CONSOLIDATED BALANCE SHEET ...................................................................19 CONDENSED RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT..................................21 INCOME STATEMENT REVIEW .............................................................................................22 BALANCE SHEET REVIEW .....................................................................................................37 ACQUISITION OF COMPANIES AND BUSINESSES ..................................................................49 OUTLOOK ...........................................................................................................................50 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 MARCH 2025......43 CONSOLIDATED STATEMENT OF FINANCIAL POSITION.........................................................52 CONSOLIDATED INCOME STATEMENT .................................................................................55 STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME ................................................56 STATEMENT OF CHANGES IN CONSOLIDATION EQUITY........................................................57 STATEMENT OF CONSOLIDATED CASH FLOWS .....................................................................59 SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CONSOLIDATED CASH FLOWS .....60 NOTES.................................................................................................................................61 1. General Information.................................................................................................61 2. Impacts of trade tariffs, conflict in Middle-East, Ukraine and climate change on the Group’s performance and financial position .....................................................................62 --- 3. Acquisitions and goodwill ........................................................................................63 4. Intangible fixed assets with finite useful life............................................................66 5. Property, plant, and equipment...............................................................................67 6. Right-of-use assets ...................................................................................................68 7. Other non-current assets.........................................................................................69 8. Share capital and treasury shares............................................................................70 9. Net financial indebtedness.......................................................................................71 10. Financial liabilities ....................................................................................................74 11. Provision for risks and charges.................................................................................77 12. Lease liabilities .........................................................................................................78 13. Revenues from sales and services............................................................................78 14. Operating costs, depreciation and impairment, financial income-expenses and taxes 79 15. Earnings (loss) per share ..........................................................................................79 16. Transactions with parents and other related parties ..............................................81 17. Contingent liabilities ................................................................................................82 18. Financial risk management ......................................................................................82 19. Translation of foreign companies’ financial statements..........................................83 20. Segment Reporting...................................................................................................84 21. Accounting policies ..................................................................................................89 22. Subsequent events...................................................................................................92 ANNEXES ............................................................................................................................93 Consolidation scope ..........................................................................................................93 Declaration in respect of the Consolidated Financial Statements pursuant to Article 154- bis of Legislative Decree no. 58/98...................................................................................98 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 31 March 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 the first quarter of 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 the Alternative Performance Measures (APM) used by the top management to monitor the Group’s economic, financial and operating performance. Beginning with the quarterly report as at 31 March 2025, the Group will report 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 31 MARCH 2025 --- Interim Financial Report as at 31 March 2025 > Interim Management Report HIGHLIGHTS In the first three months of 2025 Amplifon recorded a solid performance in revenues despite a particularly challenging comparison base and a soft market, particularly in the United States. Profitability increased, reaching a first quarter record. First three First three (€ thousands) months 2025 months 2024 Economic figures: Revenues from sales and services 587,790 573,109 Gross operating profit (loss) (EBITDA) 140,796 135,695 Gross operating profit (loss) (EBITDA) Adjusted 140,356 135,729 Operating profit (loss) (EBIT) 61,441 64,633 Operating profit (loss) (EBIT) Adjusted 73,786 76,982 Profit (loss) before tax 46,734 50,178 Profit (loss) before tax Adjusted 58,724 62,851 Net profit (loss) 32,936 35,328 Net profit (loss) Adjusted 41,691 44,521 Net profit (loss) attributable to the Group 32,885 34,864 Net profit (loss) attributable to the Group Adjusted 41,640 44,057 03/31/2025 12/31/2024 Change (€ thousands) Financial figures: Non-current assets 3,173,183 3,185,747 (12,564) Net invested capital 2,648,547 2,626,366 22,181 Group net equity 1,140,690 1,150,002 (9,312) Total net equity 1,140,947 1,150,224 (9,277) Net financial indebtedness excluding lease liabilities 996,585 961,805 34,780 Lease liabilities 511,015 514,337 (3,322) Net financial indebtedness 1,507,600 1,476,142 31,458 First three months 2025 First three months 2024 (€ thousands) Free cash flow 18,477 37,214 Cash flow generated from (absorbed by) business combinations (40,972) (71,310) Cash flow provided by (used in) financing activities (8,812) 5,898 Net cash flow from the period (31,307) (28,198) Effect of exchange rate fluctuations on the net financial position (3,399) (2,979) Effect of discontinued operations on the net financial position (74) - Net cash flow from the period with changes for exchange rate fluctuations (34,780) (31,177) and discontinued operations 6 --- Interim Financial Report as at 31 March 2025 > Interim Management Report The first three months of the year closed with: - turnover of €587,790 thousand, up 2.6% compared to the same period of the prior year (+2.6% at constant exchange rates); - a gross operating margin (EBITDA) of €140,796 thousand, an increase of 3.8% compared to the first three months of 2024. The EBITDA margin was 30 basis points higher than the 23.7% recorded in the first quarter of 2024, coming in at 24%; - an gross operating margin (EBITDA) Adjusted of €140,356 thousand, an increase of +3.4% compared to the first three months of 2024, with the EBITDA Adjusted margin at 23.9% (20 basis points higher than the comparison period); - a Group net profit of €32,885 thousand, a decrease of €1,979 thousand (5.7%) compared to the first three months of 2024; - a Net profit (loss) attributable to the Group Adjusted of €41,640 thousand, a decrease of €2,417 thousand (-5.5%) compared to the first three months of 2024. Net financial debt, excluding lease liabilities, amounts to €996,585 thousand at 31 March 2025, an increase of €34,780 thousand compared to 31 December 2024. Free cash flow reached a positive €18,477 thousand in the first quarter of 2025 (€37,214 thousand in the first three months of 2024) after €31,554 thousand in capital expenditure (€29,941 thousand in the comparison period). Net cash-outs for acquisitions (which amounted to €40,972 thousand versus €71,310 thousand in the first quarter of 2024), along with the €8,812 thousand in cash- outs relating primarily to the purchase of treasury shares and other financial assets, bring cash flow for the reporting period to negative €31,307 thousand versus negative €28,198 thousand in the first quarter of 2024. 7 --- Interim Financial Report as at 31 March 2025 > Interim Management Report ALTERNATIVE PERFORMANCE MEASURES (€ thousands) 03/31/2025 12/31/2024 03/31/2024 Gross operating profit (loss) (EBITDA) 140,796 561,090 135,695 Gross operating profit (loss) (EBITDA) Adjusted 140,356 566,051 135,729 Operating profit (loss) (EBIT) 61,441 256,814 64,633 Operating profit (loss) (EBIT) Adjusted 73,786 313,845 76,982 Profit (loss) before tax 46,734 196,780 50,178 Profit (loss) before tax Adjusted 58,724 254,670 62,851 Net profit (loss) 32,936 145,570 35,328 Net profit (loss) Adjusted 41,691 188,329 44,521 Net profit (loss) attributable to the Group 32,885 145,374 34,864 Net profit (loss) attributable to the Group Adjusted 41,640 188,133 44,057 Net financial indebtedness excluding lease liabilities 996,585 961,805 883,307 Lease liabilities 511,015 514,337 506,974 Net financial indebtedness 1,507,600 1,476,142 1,390,281 Total Net Equity 1,140,947 1,150,224 1,138,429 Group Net Equity 1,140,690 1,150,002 1,137,364 Net financial indebtedness excluding lease liabilities/Net Equity (€) 0.87 0.84 0.78 Net financial indebtedness excluding lease liabilities /Group Net Equity (€) 0.87 0.84 0.78 Net financial indebtedness excluding lease liabilities/EBITDA for the covenant 1.67 1.63 1.52 calculation (€) EBITDA for the covenant calculation/Net financial expenses (€) 18.50 17.77 17.55 Earnings per share (EPS) (€) 0.14599 0.64384 0.15441 Diluted EPS (€) 0.14526 0.64214 0.15344 EPS Adjusted (€) 0.18486 0.83321 0.19513 Group Net Equity per share (€) 5.071 5.104 5.029 Period-end price (€) 18.675 24.850 33.800 Highest price in period (€) 27.140 35.140 34.370 Lowest price in period (€) 18.390 22.890 29.180 Share price/net equity per share (€) 3.627 4.869 6.721 Market capitalization (€ millions) 4,200.58 5,599.21 7,643.97 Number of shares outstanding 224,930,571 225,320,371 226,152,896 Weighted average number of shares outstanding in the year 225,247,527 225,791,949 225,787,617 Weighted average number of shares potentially subject to options in the 226,388,620 226,388,620 227,219,641 period 8 --- Interim Financial Report as at 31 March 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. Costs related to corporate and network restructuring, as well as other efficiency projects; 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 31 March 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 Quarter 2025 First Quarter 2024 (€ thousands) Net profit (loss) attributable to the Group 32,885 34,864 Profit (loss) of minority interests 51 464 Net profit (loss) 32,936 35,328 Current and deferred income tax 13,798 14,850 Financial income, expenses and value adjustments to financial assets 14,707 14,455 Amortization, depreciation and impairment 79,355 71,062 Gross operating profit (EBITDA) 140,796 135,695 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1) (433) (67) Costs related to back-office and network restructuring, as well as other efficiency projects - - Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (2) (7) (407) Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - 508 quarter, or above €2m across multiple quarters (3) Total adjustments (440) 34 Gross operating profit (EBITDA) Adjusted 140,356 135,729 (1) The adjustment of €433 thousand at 31 March 2025 (€67 thousand in the comparison period) refers for €875 thousand (€830 thousand in the comparison period) to transaction and integration costs for €1,308 thousand (€897 thousand in the comparison period) to positive changes in contingent consideration (“earn out”); (2) The adjustments refer to gain on disposal of assets for €7 thousand (€407 thousand in the comparison period); (3) The adjustment of €508 thousand at 31 March 2024 refers to the notional cost of the Amplifon shares assigned by the shareholder Ampliter S.r.l. to the Chief Executive Officer. 10 --- Interim Financial Report as at 31 March 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 Quarter 2025 First Quarter 2024 (€ thousands) Net profit (loss) attributable to the Group 32,885 34,864 Profit (loss) of minority interests 51 464 Net profit (loss) 32,936 35,328 Current and deferred income tax 13,798 14,850 Financial income, expenses and value adjustments to financial assets 14,707 14,455 Operating profit (loss) (EBIT) 61,441 64,633 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1) (433) (67) Costs related to back-office and network restructuring, as well as other efficiency projects - - Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (2) 85 112 Amortization of fixed assets accounted in phase of Purchase Price Allocation (3) 12,693 11,796 Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - 508 quarter, or above €2m across multiple quarters (4) Total adjustments 12,345 12,349 Operating profit (loss) (EBIT) Adjusted 73,786 76,982 (1),(4) The adjustments are listed in the section on Gross operating profit (EBITDA) Adjusted; (2) In addition to the adjustments indicated in the section on Gross operating profit (EBITDA) Adjusted,there is also €92 thousand (€519 thousand in the comparison period) in impairment of property, plant and equipment, intangible assets and goodwill; (3) The adjustment of €12,693 thousand at 31 March 2025 (€11,796 thousand in the comparison period) refers to the amortization of of fixed assets accounted in phase of Purchase Price Allocation ("PPA"); 11 --- Interim Financial Report as at 31 March 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 Quarter 2025 First Quarter 2024 (€ thousands) Net profit (loss) attributable to the Group 32,885 34,864 Profit (loss) of minority interests 51 464 Net profit (loss) 32,936 35,328 Current and deferred income tax 13,798 14,850 Profit (loss) before tax 46,734 50,178 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1) (433) (67) Costs relative to corporate and network restructuring, as well as other efficiency projects - - Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (2) 85 112 Amortization of fixed assets accounted in phase of Purchase Price Allocation (3) 12,693 11,796 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting 521 1,391 from modifications and/or non-cash accretion of financial liabilities (IFRS 9) (4) Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a (876) (559) quarter, or above €2m across multiple quarters (5) Total adjustments 11,990 12,673 Profit (loss) before tax Adjusted 58,724 62,851 (1), (2), (3) The adjustments are listed in the section on Operating profit (loss) (EBIT) Adjusted; (4) The adjustment of €521 thousand at 31 March 2025 (€1,391 thousand in the comparison period) refers for €300 thousand (€1,186 thousand in the comparison period) to the financial expense related to inflation accounting (IAS 29) and for €221 thousand (€205 thousand in the comparison period) to Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9); (5) In addition to the adjustments listed in the section on Operating profit (loss) (EBIT) Adjusted, there is also €876 thousand (€1,067 thousand in the comparison period) in financial income from superbonus tax credits granted in accordance with Articles 119 and 121 of Law Decree 34/2020, for more information refer to Note 7 (“Other non-current assets) of the explanatory notes; 12 --- Interim Financial Report as at 31 March 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 Quarter 2025 First Quarter 2024 (€ thousands) Net profit (loss) attributable to the Group 32,885 34,864 Profit (loss) of minority interests 51 464 Net profit (loss) 32,936 35,328 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1) (433) (67) Costs related to corporate and network restructuring, as well as other efficiency projects - - Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (2) 85 112 Amortization of fixed assets accounted in phase of Purchase Price Allocation (3) 12,693 11,796 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting 521 1,391 from modifications and/or non-cash accretion of financial liabilities (IFRS 9) (4) Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a (876) (559) quarter, or above €2m across multiple quarters (5) Total adjustments before tax 11,990 12,673 Fiscal effect on adjustments (6) (3,235) (3,480) Total adjustments 8,755 9,193 Net profit (loss) Adjusted 41,691 44,521 (1), (2), (3), (4), (5) The adjustments are listed in the section on Profit before tax Adjusted; (6) The adjustment refers to the impact of the taxes recognized as a result of the adjustments listed above. - 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 Quarter 2025 First Quarter 2024 (€ thousands) Net profit (loss) attributable to the Group 32,885 34,864 Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1) (433) (67) Costs related to corporate and network restructuring, as well as other efficiency projects - - Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (2) 85 112 Amortization of fixed assets accounted in phase of Purchase Price Allocation (3) 12,693 11,796 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting 521 1,391 from modifications and/or non-cash accretion of financial liabilities (IFRS 9) (4) Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a (876) (559) quarter, or above €2m across multiple quarters (5) Total adjustments before tax 11,990 12,673 Fiscal effect on adjustments (6) (3,235) (3,480) Total adjustments 8,755 9,193 Net profit (loss) attributable to the Group Adjusted 41,640 44,057 (1), (2), (3), (4), (5), (6) The adjustments are listed in the section on Net profit (loss) Adjusted; 13 --- Interim Financial Report as at 31 March 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 /EBITDA for the covenant calculation is the ratio of 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 covenant 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 recurring operations only, based on pro forma figures in case of significant changes to the structure of the Group). - EBITDA for the covenant calculation/net financial expenses ratio is the ratio of EBITDA for the last four quarters (determined with reference to recurring operations only, based on restated figures in case of significant changes to the structure of the Group) to net interest payable and receivable of the same last four quarters. - Earnings per share (EPS) (€) is the Net profit (loss) attributable to the Group divided by the weighted average number of shares outstanding during the period, considering purchases and sales of treasury shares as cancellations or issues of shares, respectively. - Diluted earnings per share (EPS) (€) is the Net profit (loss) attributable to the Group divided by the weighted average number of shares outstanding during the period adjusted for the dilution effect of potential shares. In the calculation of outstanding shares, purchases and sales of treasury shares are considered as cancellations and issues of shares, respectively. - Earnings per share (EPS) Adjusted (€) is the Net profit (loss) attributable to the Group Adjusted divided by the weighted average number of outstanding shares in the period adjusted to reflect the amortization of purchase price allocations. When calculating the number of outstanding shares, the purchases and sales of treasury shares are considered cancellations and share issues, respectively. - Group Net Equity per share (€) is the ratio of Group equity to the number of outstanding shares. - Period-end price (€) is the closing price on the last stock exchange trading day of the period. - Highest price (€) and lowest price (€) are the highest and lowest prices from 2 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. 14 --- Interim Financial Report as at 31 March 2025 > Interim Management Report - 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 31 March 2025 > Interim Management Report SHAREHOLDER INFORMATION Main shareholders The main shareholders of Amplifon S.p.A. as at 31 March 2025 are: Ampliter S.r.l. Treasury shares Market 42,0% 57.3% 0.6% % of the total No. of ordinary Shareholder % held share capital in shares (*) voting rights Ampliter S.r.l. 95,105,392 42.01% 59.09% Treasury shares 1,458,049 0.64% 0.45% Market 129,825,179 57.35% 40.46% Total 226,388,620 100.00% 100.00% (*) Number of shares related to the share capital registered with the Company registrar on 31 March 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. The chart shows the performance of the Amplifon share price and its trading volumes from 01 January 2025 to 31 March 2025. 16 --- Interim Financial Report as at 31 March 2025 > Interim Management Report As at 31 March 2025 market capitalization was €4,200.58 million. Dealings in Amplifon shares in the screen-based stock market Euronext Milano (EXM) during the period 01 January 2025 – 31 March 2025, showed: - average daily value: €21,880,410.79; - average daily volume: 911,203 shares; - total volume traded of 58,317,009 shares, or 25.93% of the total number of shares comprising the share capital, net of treasury shares. 17 --- Interim Financial Report as at 31 March 2025 > Interim Management Report RECLASSIFIED CONSOLIDATED INCOME STATEMENT First three months % on First three months % on Change 2025 sales 2024 sales % (€ thousands) Revenues from sales and services 587,790 100.0% 573,109 100.0% 2.6% Operating costs (449,771) -76.5% (440,691) -76.9% -2.1% Other income and costs 2,777 0.5% 3,277 0.6% -15.3% Gross operating profit (loss) (EBITDA) 140,796 24.0% 135,695 23.7% 3.8% Gross operating profit (loss) (EBITDA) Adjusted (*) 140,356 23.9% 135,729 23.7% 3.4% Depreciation, amortization and impairment losses on non- (32,163) -5.3% (28,042) -4.9% -14.7% current assets Right-of-use depreciation (34,499) -5.9% (31,224) -5.4% -10.5% PPA related depreciation, amortization and impairment (12,693) -2.3% (11,796) -2.1% -7.6% Operating profit (loss) (EBIT) 61,441 10.5% 64,633 11.3% -4.9% Operating profit (loss) (EBIT) Adjusted (*) 73,786 12.6% 76,982 13.4% -4.2% Net financial expenses (14,149) -2.4% (13,711) -2.4% -3.2% Exchange differences, inflation accounting and Fair Value (558) -0.1% (744) -0.1% 25.0% valuation Profit (loss) before tax 46,734 8.0% 50,178 8.8% -6.9% Profit (loss) before tax Adjusted (*) 58,724 10.0% 62,851 11.0% -6.6% Tax (13,798) -2.4% (14,850) -2.6% 7.1% Net profit (loss) 32,936 5.6% 35,328 6.2% -6.8% Net profit (loss) Adjusted (*) 41,691 7.1% 44,521 7.8% -6.4% Profit (loss) of minority interests 51 0.0% 464 0.1% -89.0% Net profit (loss) attributable to the Group 32,885 5.6% 34,864 6.1% -5.7% Net profit (loss) attributable to the Group Adjusted (*) 41,640 7.1% 44,057 7.7% -5.5% (*) 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 31 March 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. 03/31/2025 12/31/2024 Change (€ thousands) Goodwill 1,949,548 1,945,495 4,053 Customer lists, non-compete agreements, trademarks and location rights 254,793 259,447 (4,654) Software, licenses, other int.ass., wip and advances 163,551 168,913 (5,362) Tangible assets 252,357 253,925 (1,568) Right of use assets 488,261 492,064 (3,803) Fixed financial assets (1) 22,939 24,472 (1,533) Other non-current financial assets (1) 41,734 41,432 303 Total fixed assets 3,173,183 3,185,747 (12,564) Inventories 99,060 93,180 5,880 Trade receivables 228,320 226,754 1,566 Other receivables 121,065 115,304 5,761 Current assets (A) 448,445 435,238 13,207 Total assets 3,621,628 3,620,985 643 Trade payables (339,632) (377,100) 37,468 Other payables (2) (385,586) (374,272) (11,314) Provisions for risks (current portion) (2,352) (2,403) 51 Short term liabilities (B) (727,570) (753,775) 26,205 Net working capital (A) - (B) (279,125) (318,537) 39,412 Derivative instruments (3) 2,961 3,680 (719) Deferred tax assets 78,222 77,332 890 Deferred tax liabilities (99,766) (99,493) (273) Provisions for risks (non-current portion) (20,368) (20,925) 557 Employee benefits (non-current portion) (15,809) (15,457) (352) Loan fees (4) 3,359 3,452 (93) Other long-term payables (194,110) (189,433) (4,677) NET INVESTED CAPITAL 2,648,547 2,626,366 22,181 Shareholders' equity 1,140,690 1,150,002 (9,312) Third parties' equity 257 222 35 Net equity 1,140,947 1,150,224 (9,277) Long term net financial debt (4) 969,920 960,387 9,533 Short term net financial debt (4) 26,665 1,418 25,247 Total net financial debt 996,585 961,805 34,780 Lease liabilities 511,015 514,337 (3,322) Total lease liabilities & net financial debt 1,507,600 1,476,142 31,458 NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL DEBT 2,648,547 2,626,366 22,181 19 --- Interim Financial Report as at 31 March 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. 20 --- Interim Financial Report as at 31 March 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 three months 2025 First three months 2024 (€ thousands) Operating profit (loss) (EBIT) 61,441 64,633 Amortization, depreciation and write-downs 79,355 71,062 Provisions, other non-monetary items and gain/losses from disposals 4,046 7,289 Net financial expenses (13,628) (12,178) Taxes paid (14,570) (17,675) Changes in net working capital (32,782) (15,847) Cash flow provided by (used in) operating activities before repayment of lease 83,862 97,284 liabilities Repayment of lease liabilities (33,831) (30,129) Cash flow provided by (used in) operating activities (A) 50,031 67,155 Cash flow provided by (used in) operating investing activities (B) (31,554) (29,941) Free Cash Flow (A) + (B) 18,477 37,214 Net cash flow provided by (used in) acquisitions (C) (40,972) (71,310) Cash flow provided by (used in) investing activities (B) + (C) (72,526) (101,251) Cash flow provided by (used in) operating activities and investing activities (22,495) (34,096) Treasury Shares (8,164) - Fees paid on medium/long-term financing (613) - Change in non-current assets (35) 5,898 Net cash flow from the period (31,307) (28,198) 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 (3,399) (2,979) Effect of discontinued operations on net financial debt (74) Changes in net financial debt (31,307) (28,198) Net financial indebtedness at the end of the period net of lease liabilities (996,585) (883,307) The impact of unusual, infrequent or unrelated items on free cash flow in the period is shown in the following table. (€ thousands) First three months 2025 First three months 2024 Free cash flow 18,477 37,214 Free cash flow generated by unusual, infrequent or unrelated items (see page 49 (2,085) (673) for details) Free cash flow generated by operating performance 20,562 37,887 21 --- Interim Financial Report as at 31 March 2025 > Interim Management Report INCOME STATEMENT REVIEW Consolidated income statement by segment and geographic area First three months 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 383,564 118,439 85,787 - 587,790 Operating costs (273,549) (91,183) (62,572) (22,467) (449,771) Other income and costs 2,227 553 (118) 115 2,777 Gross operating profit (loss) (EBITDA) 112,242 27,809 23,097 (22,352) 140,796 Gross operating profit (loss) (EBITDA) Adjusted (*) 112,600 26,664 23,316 (22,224) 140,356 Depreciation, amortization and impairment of non- (14,361) (5,103) (4,678) (8,021) (32,163) current assets Right-of-use depreciation (22,172) (3,853) (7,866) (608) (34,499) PPA related depreciation, amortization and impairment (8,560) (1,159) (2,974) - (12,693) Operating profit (loss) (EBIT) 67,149 17,694 7,579 (30,981) 61,441 Operating profit (loss) (EBIT) Adjusted (*) 76,159 17,708 10,772 (30,853) 73,786 Net financial expenses (14,149) Exchange differences, inflation accounting and Fair (558) Value valuation Profit (loss) before tax 46,734 Profit (loss) before tax Adjusted (*) 58,724 Tax (13,798) Net profit (loss) 32,936 Net profit (loss) Adjusted (*) 41,691 Profit (loss) of minority interests 51 Net profit (loss) attributable to the Group 32,885 Net profit (loss) attributable to the Group Adjusted (*) 41,640 (*) 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. 22 --- Interim Financial Report as at 31 March 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 three months 2025 (€ thousands) Net profit (loss) Profit (loss) Net profit Attributable EBITDA EBIT before tax (loss) to the Group Alternative Performance Measures 140,796 61,441 46,734 32,936 32,885 Transaction and integration costs for acquisitions and changes (positive or (433) (433) (433) (433) (433) negative) in earn-out Costs relative to corporate and network restructuring, as well as other efficiency - - - - - projects Gain and loss on disposal of assets and/or businesses, write-off and revaluation of (7) 85 85 85 85 fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 12,693 12,693 12,693 12,693 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial - - 521 521 521 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an amount of - - (876) (876) (876) €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax (440) 12,345 11,990 11,990 11,990 Fiscal effect on adjustments - - - (3,235) (3,235) Total adjustments (440) 12,345 11,990 8,755 8,755 Adjusted Alternative Performance Measures 140,356 73,786 58,724 41,691 41,640 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. First three months 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 112,242 67,149 27,809 17,694 23,097 7,579 (22,352) (30,981) 140,796 61,441 Measures Transaction and integration costs for acquisitions and changes 371 371 (1,145) (1,145) 213 213 128 128 (433) (433) (positive or negative) in earn-out Gain and loss on disposal of assets and/or businesses, write-off and (13) 79 - - 6 6 - - (7) 85 revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 8,560 - 1,159 - 2,974 - - - 12,693 Price Allocation Total adjustments 358 9,010 (1,145) 14 219 3,193 128 128 (440) 12,345 Adjusted Alternative 112,600 76,159 26,664 17,708 23,316 10,772 (22,224) (30,853) 140,356 73,786 Performance Measures 23 --- Interim Financial Report as at 31 March 2025 > Interim Management Report First three months 2024 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 376,058 110,821 86,164 66 573,109 Operating costs (269,742) (85,316) (61,977) (23,656) (440,691) Other income and costs 2,418 735 (25) 149 3,277 Gross operating profit (loss) (EBITDA) 108,734 26,240 24,162 (23,441) 135,695 Gross operating profit (loss) (EBITDA) Adjusted (*) 109,214 25,422 24,026 (22,933) 135,729 Depreciation, amortization and impairment of non- (12,350) (4,328) (4,695) (6,669) (28,042) current assets Right-of-use depreciation (20,549) (3,371) (6,727) (577) (31,224) PPA related depreciation, amortization and impairment (7,879) (945) (2,972) - (11,796) Operating profit (loss) (EBIT) 67,956 17,596 9,768 (30,687) 64,633 Operating profit (loss) (EBIT) Adjusted (*) 76,815 17,723 12,623 (30,179) 76,982 Net financial expenses (13,711) Exchange differences, inflation accounting and Fair (744) Value valuation Profit (loss) before tax 50,178 Profit (loss) before tax Adjusted (*) 62,851 Tax (14,850) Net profit (loss) 35,328 Net profit (loss) Adjusted (*) 44,521 Profit (loss) of minority interests 464 Net profit (loss) attributable to the Group 34,864 Net profit (loss) attributable to the Group Adjusted (*) 44,057 (*) 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. 24 --- Interim Financial Report as at 31 March 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 three months 2024 (€ thousands) Net profit (loss) Profit (loss) Net profit attributable to the EBITDA EBIT before tax (loss) Group Alternative Performance Measures 135,695 64,633 50,178 35,328 34,864 Transaction and integration costs for acquisitions and changes (positive or (67) (67) (67) (67) (67) negative) in earn-out Costs relative to corporate and network restructuring, as well as other - - - - - efficiency projects Gain and loss on disposal of assets and/or businesses, write-off and (407) 112 112 112 112 revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 11,796 11,796 11,796 11,796 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial - - 1,391 1,391 1,391 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an 508 508 (559) (559) (559) amount of €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 34 12,349 12,673 12,673 12,673 Fiscal effect on adjustments - - - (3,480) (3,480) Total adjustments 34 12,349 12,673 9,193 9,193 Adjusted Alternative Performance Measures 135,729 76,982 62,851 44,521 44,057 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. First three months 2024 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 108,734 67,956 26,240 17,596 24,162 9,768 (23,441) (30,687) 135,695 64,633 Measures Transaction and integration costs for acquisitions and changes 655 655 (788) (788) 66 66 - - (67) (67) (positive or negative) in earn-out Gain and loss on disposal of assets and/or businesses, write-off and (175) 325 (30) (30) (202) (183) - - (407) 112 revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 7,879 - 945 - 2,972 - - - 11,796 Price Allocation Other unusual, infrequent or unrelated income and expenses above an amount of - - - - - - 508 508 508 508 €1m in a quarter, or above €2m across multiple quarters Total adjustments 480 8,859 (818) 127 (136) 2,855 508 508 34 12,349 Adjusted Alternative 109,214 76,815 25,422 17,723 24,026 12,623 (22,933) (30,179) 135,729 76,982 Performance Measures 25 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Revenues from sales and services First three months First three months Change Change % (€ thousands) 2025 2024 Revenues from sales and 587,790 573,109 14,681 2.6% services Consolidated revenues from sales and services amounted to €587,790 thousand in the first three months of 2025, an increase of €14,681 thousand (+2.6%) with respect to the comparison period, attributable largely to acquisitions which contributed €14,047 thousand (+2.5%). Organic growth contributed €497 thousand (+0.1%). The foreign exchange effect was marginal, with the positive impact recorded in Americas offset by the negative effect reported in APAC. Despite a weak market, there was a significant increase in revenues in the Americas, while Europe, though up overall, was still soft. APAC, which was impacted primarily by the weakness of the New Zealand and Australian dollars, made a positive contribution to organic growth thanks to the good performance of the Australian subsidiaries. The breakdown of revenues from sales and services by geographic area is shown below. First three First three Change % in months months local (€ thousands) 2025 % on Total 2024 % on Total Change Change % Exchange diff. currency EMEA 383,564 65.3% 376,058 65.7% 7,506 2.0% 194 2.0% Americas 118,439 20.1% 110,821 19.3% 7,618 6.9% 1,353 5.7% Asia Pacific 85,787 14.6% 86,164 15.0% (377) -0.4% (1,410) 1.2% Corporate - - 66 - (66) -100.0% - -100.0% Total 587,790 100.0% 573,109 100.0% 14,681 2.6% 137 2.6% 26 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Europe, Middle-East and Africa First three months First three months Change Change % (€ thousands) 2025 2024 Revenues from sales and 383,564 376,058 7,506 2.0% services Consolidated revenues from sales and services amounted to €383,564 thousand in the first three months of 2025, an increase of €7,506 thousand (+2.0%) compared to the same period of the prior year. The increase is attributable to acquisitions which contributed €9,981 thousand (+2.7%), among them stands out the first-time consolidation of the Polish subsidiary Amplifon Aparaty Słuchowe Sp.zo.o. purchased at the beginning of March. Organic performance, impacted by what was overall a soft European market, was in line with expectations and had a negative impact on the European market of €2,669 thousand (-0.7%). The foreign exchange effect was slightly positive at €194 thousand. Americas First three months First three months Change Change % (€ thousands) 2025 2024 Revenues from sales and 118,439 110,821 7,618 6.9% services Consolidated revenues from sales and services amounted to €118,439 thousand in the first three months of 2025, an increase of €7,618 thousand (+6.9%). This increase is explained for €2,766 thousand (+2.5%) by strong organic growth which, despite a soft market, was fueled primarily by the outstanding performance of Miracle-Ear Direct Retail and Amplifon Hearing Health Care. Acquisitions contributed €3,499 thousand (+3.2%) and the foreign exchange effect, which was positive for €1,353 thousand (+1.2%) due mainly to the strengthening of the US dollar, compared to the average value in the first quarter of 2024. Revenues of the Argentine subsidiary reflect the high inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a positive impact on the Group’s organic growth of 0.1%. 27 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Asia Pacific First three months First three months Change Change % (€ thousands) 2025 2024 Revenues from sales and 85,787 86,164 (377) -0.4% services Revenues from sales and services amounted to €85,787 thousand in the first three months of 2025, a decrease of €377 thousand (-0.4%) compared to the same period of 2024. This change is explained primarily by the foreign exchange differences which had a negative impact of €1,410 thousand (-1.6%) due to the weakening of the New Zealand and Australian dollars. The contribution of acquisitions was, overall, positive at €567 thousand (+0.7%): the acquisitions made in China contributed €1,747 thousand (+2.0%) which was partially offset by the sale of the Chinese subsidiary Hangzhou Amplifon Hearing Aid Co. Ltd.’s indirect channels whose impact of €1,180 thousand (-1.3%) is reported as a reduction in external growth. Organic growth was positive for €466 thousand (+0.5%). 28 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Gross operating profit (loss) (EBITDA) First three months 2025 First three months 2024 (€ thousands) Gross operating profit (loss) (EBITDA) 140,796 135,695 Gross operating profit (loss) (EBITDA) Adjusted 140,356 135,729 Gross operating profit (EBITDA) amounted to €140,796 thousand in the first three months of 2025, an increase of €5,101 thousand (+3.8%) with respect to the comparison period. The EBITDA margin came to 24.0% (a record first quarter result), 0.3 p.p. higher than in the comparison period. Unusual, infrequent or items unrelated to the operating performance (expenses or income), detailed in the section on Alternative Performance Measures to which reference should be made, had a positive impact of €440 thousand on the result for the reporting period. These items had a negative impact of €34 thousand in 2024. Net of these items, EBITDA Adjusted in the first three months of 2025 was €4,627 thousand (+3.4%) higher than in the comparison period coming in at €140,356 thousand with the EBITDA Adjusted margin up +0.2 p.p. against the comparison period at 23.9%. The breakdown of EBITDA by geographic area is shown below. First three First three months EBITDA months EBITDA (€ thousands) 2025 Margin 2024 Margin Change Change % EMEA 112,242 29.3% 108,734 28.9% 3,508 3.2% Americas 27,809 23.5% 26,240 23.7% 1,569 6.0% Asia Pacific 23,097 26.9% 24,162 28.0% (1,065) -4.4% Corporate (*) (22,352) -3.8% (23,441) -4.1% 1,089 -4.6% Total 140,796 24.0% 135,695 23.7% 5,101 3.8% (*) Centralized costs are shown as a percentage of the Group’s total sales The breakdown of EBITDA Adjusted by geographic area is shown below. First three EBITDA First three EBITDA months Adjusted months Adjusted (€ thousands) 2025 Margin 2024 Margin Change Change % EMEA 112,600 29.4% 109,214 29.0% 3,386 3.1% Americas 26,664 22.5% 25,422 22.9% 1,242 4.9% Asia Pacific 23,316 27.2% 24,026 27.9% (710) -3.0% Corporate (*) (22,224) -3.8% (22,933) -4.0% 709 -3.1% Total 140,356 23.9% 135,729 23.7% 4,627 3.4% (*) Centralized costs are shown as a percentage of the Group’s total sales 29 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Europe, Middle-East and Africa Gross operating profit (EBITDA) amounted to €112,242 thousand in the first three months of 2025, an increase of €3,508 thousand (+3.2%) with respect to the comparison period. The EBITDA margin came to 29.3%, 0.4 p.p. higher than in the first three months of 2024. Unusual, infrequent or items unrelated to the operating performance (expenses or income), detailed in the section on Alternative Performance Measures to which reference should be made, had a negative impact of €358 thousand on the result for the reporting period. These items had a negative impact of €480 thousand in 2024. Net of these items, EBITDA Adjusted in the first three months of 2025 came in €3,386 thousand higher (+3.1%) than in the comparison period. The EBITDA Adjusted margin was +0.4 p.p. higher than in the comparison period at 29.4%. Americas Gross operating profit (EBITDA) amounted to €27,809 thousand in the first three months of 2025, an increase of €1,569 thousand (+6.0%) with respect to the comparison period. The EBITDA margin came to 23.5%, down 0.2 p.p. against the first three months of 2024. Unusual, infrequent or items unrelated to the operating performance (expenses or income), detailed in the section on Alternative Performance Measures to which reference should be made, had a positive impact of €1,145 thousand on the result for the reporting period. These items had a positive impact of €818 thousand in 2024. Net of these items, the EBITDA Adjusted was €1,242 thousand (+4.9%) higher in the first three months of 2025, with the EBITDA Adjusted margin down -0.4 p.p. against the comparison period at 22.5%. Asia Pacific Gross operating profit (EBITDA) amounted to €23,097 thousand in the first three months of 2025, a decrease of €1,065 thousand (-4.4%) against the comparison period. The EBITDA margin came to 26.9 %, 1.1 p.p. lower than in the comparison period. Unusual, infrequent or items unrelated to the operating performance (expenses or income), detailed in the section on Alternative Performance Measures to which reference should be made, had a negative impact of €219 thousand on the result for the reporting period. These items had a positive impact of €136 thousand in 2024. Net of these items, the EBITDA Adjusted was €710 thousand (-3.0%) lower in the first three months of 2025, with the EBITDA Adjusted margin down -0.7 p.p. against the comparison period at 27.2%. 30 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Corporate In the first three months of 2024 the net Corporate costs (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 €22,352 thousand (3.8% of the Group’s revenues from sales and services), €1,089 thousand (+4.6%) higher with respect to the same period of the prior year. The EBITDA margin was 0.3 p.p. lower than in the comparison period. Unusual, infrequent or items unrelated to the operating performance (expenses or income), detailed in the section on Alternative Performance Measures to which reference should be made, had a negative impact of €128 thousand on the result for the reporting period. These items had a negative impact of €508 thousand in 2024. Net of these items, the EBITDA Adjusted came in €709 thousand (+3.1%) higher in the first three months of 2024. The EBITDA Adjusted margin improved 0.2 p.p. against the comparison period, coming in at -3.8%. 31 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Operating profit (loss) (EBIT) First three months 2025 First three months 2024 (€ thousands) Operating profit (loss) (EBIT) 61,441 64,633 Operating profit (loss) (EBIT) Adjusted 73,786 76,982 Operating profit (EBIT) amounted to €61,441 thousand in the first three months of 2025, a decrease of €3,192 thousand (-4.9%) with respect to the comparison period. The EBIT margin came to 10.5%, 0.8 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 assets recognized in accordance with initial Purchase Price Allocation accounting. In the reporting period EBIT was negatively impacted for €12,345 thousand by the unusual, infrequent or items unrelated to the operating performance (expenses or income) explained mainly by, in addition to what was already described in the section on EBITDA Adjusted, higher amortization of the intangible assets recognized in accordance with initial Purchase Price Allocation accounting. These are detailed in the section on Alternative Performance Measures to which reference should be made. These items had a negative impact of €12,349 thousand in 2024. Net of these items, EBIT Adjusted amounted to €73,786 thousand in the first three months of 2025, €3,196 thousand lower (-4.2%) than in the comparison period, with the EBIT margin down 0.8 p.p. against the comparison period at 12.6%. 32 --- Interim Financial Report as at 31 March 2025 > Interim Management Report The breakdown of EBIT by geographic area is shown below. First three EBIT First three EBIT Change Change % (€ thousands) months 2025 Margin months 2024 Margin EMEA 67,149 17.5% 67,956 18.1% (807) -1.2% Americas 17,694 14.9% 17,596 15.9% 98 0.6% Asia Pacific 7,579 8.8% 9,768 11.3% (2,189) -22.4% Corporate (*) (30,981) -5.3% (30,687) -5.4% (294) -1.0% Total 61,441 10.5% 64,633 11.3% (3,192) -4.9% (*) 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 First three First three Adjusted Adjusted Change Change % months 2025 months 2024 (€ thousands) Margin Margin EMEA 76,159 19.9% 76,815 20.4% (656) -0.9% Americas 17,708 15.0% 17,723 16.0% (15) -0.1% Asia Pacific 10,772 12.6% 12,623 14.6% (1,851) -14.7% Corporate (*) (30,853) -5.2% (30,179) -5.3% (674) -2.2% Total 73,786 12.6% 76,982 13.4% (3,196) -4.2% (*) Centralized costs are shown as a percentage of the Group’s total sales. Europe, Middle-East and Africa Operating profit (EBIT) amounted to €67,149 thousand in the first three months of 2025, a decrease of €807 thousand (-1.2%) with respect to the comparison period. The EBIT margin came to 17.5%, 0.6 p.p. lower than in the first three months of 2024. Unusual, infrequent or items unrelated to the operating performance (expenses or income), detailed in the section on Alternative Performance Measures to which reference should be made, had a negative impact of €9,010 thousand on the result for the reporting period. These items had a negative impact of €8,859 thousand in 2024. Net of these items, EBIT Adjusted was €656 thousand (-0.9%) lower in the first three months of 2025, with the EBIT Adjusted margin down 0.5 p.p. against the comparison period at 19.9%. 33 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Americas Operating profit (EBIT) amounted to €17,694 thousand in the first three months of 2025, an increase of €98 thousand (+0.6%) with respect to the comparison period. The EBIT margin was 1.0 p.p. lower than in the first three months of 2024, coming in at 14.9%. Unusual, infrequent or items unrelated to the operating performance (expenses or income), detailed in the section on Alternative Performance Measures to which reference should be made, had a negative impact of €14 thousand on the result for the reporting period. These items had a negative impact of €127 thousand in 2024. Net of these items, EBIT Adjusted was €15 thousand (-0.1%) lower in the first three months of 2025, with the EBIT Adjusted margin down 1.0 p.p. against the comparison period at 15.0%. Asia Pacific Operating profit (EBIT) amounted to €7,579 thousand in the first three months of 2025, a decrease of €2,189 thousand (-22.4%) with respect to the comparison period. The EBIT margin came to 8.8%, 2.5 p.p. lower than in the first three months of 2024. Unusual, infrequent or items unrelated to the operating performance (expenses or income), detailed in the section on Alternative Performance Measures to which reference should be made, had a negative impact of €3,193 thousand on the result for the reporting period. These items had a negative impact of €2,855 thousand in 2024. Net of these items, EBIT Adjusted was €1,851 thousand (-14.7%) lower in the first three months of 2025, with the EBIT Adjusted margin down 2.0 p.p. against the comparison period at 12.6%. Corporate The net corporate costs at the EBIT level amounted to €30,981 thousand in the first three months of 2025 (5.3% of the revenues generated by the Group’s sales and services), a decrease of €294 thousand. Unusual, infrequent or items unrelated to the operating performance (expenses or income), detailed in the section on Alternative Performance Measures to which reference should be made, had a negative impact of €128 thousand on the result for the reporting period. These items had a negative impact of €508 thousand in 2024. Net of these items, EBIT Adjusted was €674 thousand (-2.2%) lower in the first three months of 2025, with the EBIT Adjusted margin down 0.1 p.p. against the comparison period at 5.2%. 34 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Profit before taxes First three months 2025 First three months 2024 (€ thousands) Profit before taxes 46,734 50,178 Profit before taxes Adjusted 58,724 62,851 Profit before tax amounted to €46,734 thousand in the first three months of 2025, a decrease of €3,444 thousand (-6.9%) against the comparison period, with a margin of 8.0% (-0.8 p.p. with respect to the comparison period). The results for the reporting period were impacted for negative €11,990 thousand by unusual, infrequent or items unrelated to the operating performance (expenses or income), detailed in the section on Alternative Performance Measures to which reference should be made. In addition to what was already described in the section on EBIT, profit before tax reflects financial charges stemming from hyperinflation and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities. In the first three months of 2024 these items amounted to €12,673 thousand. Net of these items, Profit before tax Adjusted amounted to €58,724 thousand, a decrease of €4,127 thousand (-6.6%) against the comparison period. The EBIT margin was 1.0 p.p. lower than in the comparison period at 10.0%. 35 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Group net profit First three months 2025 First three months 2024 (€ thousands) 32,885 34,864 Net profit (loss) attributable to the Group Net profit (loss) attributable to the Group Adjusted 41,640 44,057 The Group’s net profit came to €32,885 thousand in the first three months of 2025, a decrease of €1,979 thousand (-5.7%) against the comparison period, with a profit margin of 5.6% (-0.5 p.p. lower against the comparison period). The result for the reporting period was impacted for negative €8,755 thousand by unusual, infrequent or items unrelated to the operating performance (expenses or income), detailed in the section on Alternative Performance Measures to which reference should be made, net of the tax effect of €3,235 thousand. In 2024 these items had a negative impact of €9,193 thousand, net the tax effect of €3,480 thousand. Net of these items, the Net profit attributable to the Group Adjusted amounted to €41,640 thousand, a decrease of €2,417 thousand (-5.5%) against the comparison period. The profit margin was 0.6 p.p. lower than in the comparison period at 7.1%. The tax rate was 29.5% in the reporting period compared to 29.6% in the first three months of 2024. 36 --- Interim Financial Report as at 31 March 2025 > Interim Management Report BALANCE SHEET REVIEW (*) Consolidated balance sheet by geographical area 03/31/2025 (€ thousands) EMEA Americas APAC Eliminations Total Goodwill 1,062,171 303,716 583,661 - 1,949,548 Non-competition agreements, trademarks, customer lists and lease 176,311 29,038 49,444 - 254,793 rights Software, licenses, other intangible fixed assets, fixed assets in progress and 124,462 29,996 9,093 - 163,551 advances Property, plant, and equipment 167,675 43,549 41,133 - 252,357 Right-of-use assets 383,800 48,706 55,755 - 488,261 Financial fixed assets 16,184 6,502 253 - 22,939 Other non-current financial assets 37,442 2,559 1,733 - 41,734 Non-current assets 1,968,045 464,066 741,072 - 3,173,183 Inventories 77,151 12,429 9,480 - 99,060 Trade receivables 230,982 43,115 15,237 (61,014) 228,320 Other receivables 89,098 24,731 7,424 (188) 121,065 Current assets (A) 397,231 80,275 32,141 (61,202) 448,445 Operating assets 2,365,276 544,341 773,213 (61,202) 3,621,628 Trade payables (291,956) (72,720) (35,970) 61,014 (339,632) Other payables (296,902) (49,260) (39,612) 188 (385,586) Provisions for risks and charges (current (1,750) (602) - - (2,352) portion) Current liabilities (B) (590,608) (122,582) (75,582) 61,202 (727,570) Net working capital (A) - (B) (193,377) (42,307) (43,441) - (279,125) Derivative instruments 2,961 - - - 2,961 Deferred tax assets 57,685 5,823 14,714 - 78,222 Deferred tax liabilities (68,054) (23,066) (8,646) - (99,766) Provisions for risks and charges (non- (18,411) (1,112) (845) - (20,368) current portion) Liabilities for employees’ benefits (non- (15,050) - (759) - (15,809) current portion) Loan fees 3,359 - - - 3,359 Other non-current liabilities (177,579) (13,685) (2,846) - (194,110) NET INVESTED CAPITAL 1,559,579 389,719 699,249 - 2,648,547 Group net equity 1,140,690 Minority interests 257 Total net equity 1,140,947 Net medium and long-term financial 969,920 indebtedness Net short-term financial indebtedness 26,665 Total net financial indebtedness 996,585 Lease liabilities 401,366 52,788 56,861 - 511,015 Total lease liabilities & net financial 1,507,600 indebtedness NET EQUITY, LEASE LIABILITIES AND NET 2,648,547 FINANCIAL INDEBTEDNESS (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. 37 --- Interim Financial Report as at 31 March 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 38 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Non-Current Assets Non-current assets amounted to €3,173,183 thousand at 31 March 2025, a decrease of €12,564 thousand with respect to the €3,185,747 thousand recorded at 31 December 2024. The changes in the reporting period are explained (i) for €52,466 thousand by acquisitions; (ii) for €31,593 thousand by capex; (iii) for €30,327 thousand by right-of-use assets acquired in the reporting period for renewals of existing leases and network expansion; (iv) for €79,355 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 €42,780 by the negative impact of exchange differences, which had the largest impact on goodwill; (vi) for €4,815 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. The breakdown of non-current assets by geographic area is shown below. 03/31/2025 12/31/2024 Change (€ thousands) Goodwill 1,062,171 1,031,163 31,008 Non-competition agreements, trademarks, customer lists and 176,311 176,203 108 lease rights Software, licenses, other intangible fixed assets, fixed assets in 124,462 127,637 (3,175) progress and advances EMEA (*) Tangible assets 167,675 168,319 (644) Right-of-use assets 383,800 381,119 2,681 Financial fixed assets 16,184 17,326 (1,142) Other non-current financial assets 37,442 36,942 500 Non-current assets 1,968,045 1,938,709 29,336 Goodwill 303,716 313,631 (9,915) Non-competition agreements, trademarks, customer lists and 29,038 31,101 (2,063) lease rights Software, licenses, other intangible fixed assets, fixed assets in 29,996 32,008 (2,012) progress and advances Tangible assets 43,549 41,075 2,474 Americas Right-of-use assets 48,706 49,770 (1,064) Financial fixed assets 6,502 6,890 (388) Other non-current financial assets 2,559 2,640 (81) Non-current assets 464,066 477,115 (13,049) Goodwill 583,661 600,701 (17,040) Non-competition agreements, trademarks, customer lists and 49,444 52,143 (2,699) lease rights Software, licenses, other intangible fixed assets, fixed assets in 9,093 9,268 (175) progress and advances Asia Pacific Tangible assets 41,133 44,530 (3,397) Right-of-use assets 55,755 61,175 (5,420) Financial fixed assets 253 256 (3) Other non-current financial assets 1,733 1,850 (117) Non-current assets 741,072 769,923 (28,851) Total 3,173,183 3,185,747 (12,564) (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. 39 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Europe, Middle-East and Africa Non-current assets amounted to €1,968,045 thousand at 31 March 2025, an increase of €29,336 thousand with respect to the €1,938,709 thousand recorded at 31 December 2024. This increase is explained: - for €46,530 thousand, by acquisitions made in the reporting period; - for €22,479 thousand, by right-of-use assets acquired in the year as a result of the renewal of existing leases and network expansion; - for €10,539 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 €10,774 thousand, by investments in new front office solutions and the continuous implementation and standardization of the Group ERP cloud system; - for €53,722 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 €7,264 thousand, other decreases attributable primarily to the the reclass to the short term category of tax credit booked in 2024 and to the early lease terminations due to clinics’ relocation. Americas Non-current assets amounted to €464,066 thousand at 31 March 2025, a decrease of €13,049 thousand against the €477,115 thousand recorded at 31 December 2024. The change is explained: - for €676 thousand, by acquisitions made in the reporting period; - for €4,128 thousand, by right-of-use assets acquired during the year as a result of the renewal of existing leases and network expansion; - for €5,879 thousand, by investments in property, plant and equipment, relating to the opening of new clinics and remodeling of existing ones; - for €2,127 thousand, by investments in intangible assets relating to the development of IT systems primarily at US subsidiaries; - for €10,115 thousand, by amortization and depreciation, including the amortization of the right-of-use assets referred to above; - for €15,744 thousand by other decreases, explained primarily by exchange differences, which had the largest impact on goodwill. 40 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Asia Pacific Non-current assets amounted to €741,072 thousand at 31 March 2025, a decrease of €28,851 thousand against the €769,923 thousand recorded at 31 December 2024. The change is explained: - for €5,260 thousand, by acquisitions made in the reporting period; - for €3,720 thousand, by right-of-use assets acquired during the year as a result of the renewal of existing leases and network expansion; - for €802 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 €1,472 thousand, by investments in intangible assets relating primarily to the development of IT systems; - for €15,518 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 €24,587 thousand, by other decreases relating mainly to foreign exchange differences which had the biggest impact on goodwill. 41 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Net invested capital Net invested capital amounted to €2,648,547 thousand at 31 March 2025, an increase of €22,181 thousand against the €2,626,366 thousand recorded at 31 December 2024. This increase is attributable primarily to the increase in working capital, partially offset by the drop in non-current assets described above and by the increase of the other medium/long-term payables. The breakdown of net invested capital by geographic area is shown below. 03/31/2025 12/31/2024 Change (€ thousands) EMEA (*) 1,559,579 1,496,008 63,571 Americas 389,719 422,291 (32,572) Asia Pacific 699,249 708,067 (8,818) Total 2,648,547 2,626,366 22,181 (*) 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 €1,559,579 thousand at 31 March 2025, an increase of €63,571 thousand against the €1,496,008 thousand recorded at 31 December 2024. In addition to the change in non-current assets described above, there was an increase in working capital which was offset partially by an increase in medium/long-term payables. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €58,009 thousand (€55,697 thousand in the same period of the prior year) and VAT credits with a face value of €13,213 thousand (€5,611 thousand in the same period of the prior year). Americas Net invested capital came to €389,719 thousand at 31 March 2025, a decrease of €32,572 thousand against the €422,291 thousand recorded at 31 December 2024. In addition to the decrease in non-current assets described above, there was a decrease in working capital which was offset partially 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 €1,865 thousand (€560 thousand in the same period of the prior year). 42 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Asia Pacific Net invested capital came to €699,249 thousand at 31 March 2025, a decrease of €8,818 thousand against the €708,067 thousand recorded at 31 December 2024. The decrease in non-current assets described above, was partially offset by an increase working capital and a decrease in deferred tax liabilities. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €5,328 thousand. 43 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Net financial indebtedness 03/31/2025 12/31/2024 Change (€ thousands) Net medium and long-term financial indebtedness 969,920 960,386 9,534 Net short-term financial indebtedness 288,048 290,253 (2,205) Cash and cash equivalents (261,383) (288,834) 27,451 Net financial indebtedness excluding lease liabilities (A) 996,585 961,805 34,780 Lease liabilities – current portion 127,401 126,740 661 Lease liabilities – non-current portion 383,614 387,597 (3,983) Lease liabilities (B) 511,015 514,337 (3,322) Net financial indebtedness (A+B) (C) 1,507,600 1,476,142 31,458 Group net equity (D) 1,140,690 1,150,002 (9,312) Minority interests 257 222 35 Net Equity (E) 1,140,947 1,150,224 (9,277) Net financial indebtedness excluding lease liabilities 0.87 0.84 /Group net equity (A/D) Net financial indebtedness excluding lease liabilities 0.87 0.84 /Net equity (A/E) Net financial indebtedness excluding lease liabilities 1.67 1.63 /EBITDA for the covenant calculation (*) (*) Net financial indebtedness excluding lease liabilities/EBITDA for the covenant 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 recurring operations only, based on pro forma figures in case of significant changes to the structure of the Group). Excluding lease liabilities, net financial debt amounted to €996,585 thousand at 31 March 2025, an increase of €34,780 thousand compared to 31 December 2024. In the first quarter of 2025 free cash flow was positive for €18,477 thousand (€37,214 thousand at 31 March 2024) after absorbing capital expenditure of €31,554 thousand (€29,941 thousand in the comparison period). Net cash-outs for acquisitions (which amounted to €40,972 thousand versus €71,310 thousand in the first quarter of 2024), along with the €8,812 thousand in outflows related to the purchase of treasury shares and other financial assets, bring cash flow for the reporting period to negative €31,307 thousand versus a negative €28,198 thousand in the first quarter of 2024. During the reporting period and in April 2025 Amplifon finalized a series of transactions based on which the Group will not be subject to any financial covenants at the next reporting date (in June 2025). More in detail: • 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 €75 million term loan. The new financing was used to refinance, and increase, a pre- existing line expiring in 2026, subject to financial covenants. The new credit facility is not, however, subject to financial covenants; • In April 2025, Amplifon S.p.A. finalized another refinancing transaction with Banco BPM, which is also sustainability-linked, for a total of €100 million, comprised of a €50 million, 5-year revolving credit line and a €50 million, 5-year term loan. This transaction is also not subject to financial covenants; 44 --- Interim Financial Report as at 31 March 2025 > Interim Management Report • In April 2025 two committed, revolving credit lines, totaling €45 million, granted by Sparkasse and Barclays, expiring in the second half of 2025, were extinguished, in advance. Both of these credit lines were subject to financial covenants. The remaining lines, subject to financial covenants, will expire in the second quarter of 2025. At 31 March 2025, the Group had cash and cash equivalents, as well as other liquid investments, of €261,383 thousand compared to total net financial indebtedness of €1,258 million, net of lease liabilities. Long-term debt, net of lease liabilities, amounts to €969,920 thousand at 31 March 2025 (€ 960,386 thousand at 31 December 2024), showing an increase of €9,534 thousand compared to 2024 explained by the new financing agreements signed in the reporting period. Short-term debt amounts to €288,048 thousand, a decrease of €2,205 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 (€134,897 thousand); bank borrowings linked to hot money accounts and other short-term credit lines (€134,153 thousand); the interest payable on the Eurobond (€496 thousand) and other bank loans (€5,258 thousand), as well as the best estimate of the deferred payments for acquisitions (€12,958 thousand). The chart below shows the debt maturities compared to: - the €261 million in cash and cash equivalents; - the unutilized portions of irrevocable credit lines which amount to €495 million; - the €225 million unutilized portion of the loan from the European Investment Bank supporting investments in innovation and digitalization. The unutilized portion of the €347 million in uncommitted credit lines which amounted to €216 million as at 31 March 2025. 45 --- Interim Financial Report as at 31 March 2025 > Interim Management Report Interest payable on financial debt amounted to €9,771 thousand as at 31 March 2025 versus €9,616 thousand as at 31 March 2024. Interest payable on leases recognized in accordance with IFRS 16 amounted to €5,155 thousand versus €4,451 thousand as at 31 March 2024. Interest receivable on bank deposits came to €1,082 thousand as at 31 March 2025 versus €454 thousand as at 31 March 2024. The reasons for the changes in net debt are described in the next section on the statement of cash flows. 46 --- Interim Financial Report as at 31 March 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 three months First three months (€ thousands) 2025 2024 OPERATING ACTIVITIES: Net profit (loss) attributable to the Group 32,885 34,864 Minority interests 51 464 Amortization, depreciation and impairment: - Intangible fixed assets 28,954 24,797 - Tangible fixed assets 15,902 15,041 - Right-of-use assets 34,499 31,224 Total amortization, depreciation and impairment 79,355 71,062 Provisions, other non-monetary items and gains/losses from disposals 4,046 7,288 Financial income charges 14,707 14,455 Current and deferred income taxes 13,798 14,850 Change in assets and liabilities: - Utilization of provisions (1,652) (704) - (Increase) decrease in inventories (7,740) (1,362) - Decrease (increase) in trade receivables (2,850) (845) - Increase (decrease) in trade payables (32,965) (14,007) - Changes in other receivables and other payables 12,425 1,071 Total change in assets and liabilities (32,782) (15,847) Net interest charges (13,628) (12,178) Taxes paid (14,570) (17,675) Cash flow provided by (used in) operating activities before repayment of lease liabilities 83,862 97,284 Repayment of lease liabilities (33,831) (30,129) Cash flow generated from (absorbed) by operating activities 50,031 67,155 INVESTING ACTIVITIES: Purchase of intangible fixed assets (14,373) (14,278) Purchase of property, plant and equipment (17,220) (15,877) Consideration from sale of tangible fixed assets and businesses 39 214 Cash flow generated from (absorbed) by investing activities (31,554) (29,941) Cash flow generated from operating and investing activities (Free cash flow) 18,477 37,214 Business combinations (*) (40,972) (71,310) Net cash flow generated from acquisitions (40,972) (71,310) Cash flow generated from (absorbed) by investing activities and acquisitions (72,526) (101,251) 47 --- Interim Financial Report as at 31 March 2025 > Interim Management Report First three months First three months (€ thousands) 2025 2024 FINANCING ACTIVITIES: Treasury shares (8,164) - Fees paid on medium/long-term financing (613) - Other non-current assets (35) 5,898 Cash flow generated from (absorbed) by financing activities (8,812) 5,898 Changes in net financial indebtedness net of lease liabilities (31,307) (28,198) 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 (3,399) (2,979) Effect of discontinued operations on net financial debt (74) Changes in net financial debt (31,307) (28,198) Net financial indebtedness at the end of the period net of lease liabilities (996,585) (883,307) (*) The item refers to the net cash flows used in the acquisition of businesses and equity investments. The change in net financial indebtedness of €31,307 thousand is attributable to: (i) Investing activities: - capital expenditure on property, plant and equipment and intangible assets of €31,593 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 €40,972 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 €39 thousand. (ii) Operating activities: - interest payable on financial indebtedness and other net financial expenses of €13,628 thousand; - payment of taxes amounting to €14,570 thousand; - payment of principle on lease obligations of €33,831 thousand; - cash flow generated by current operations of €112,060 thousand. (iii) Financing activities: - purchase of €8,164 thousand in treasury shares; - payment of commissions on medium/long term financing of €613 thousand; - negative change in other non-current assets for €35 thousand. (iv) Net debt was also impacted by: - exchange losses of €3,399 thousand; - discontinued operations of negative €74 thousand. 48 --- Interim Financial Report as at 31 March 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 €2,085 thousand in the first three months of 2025, attributable for €1,085 related to transaction and integration costs for acquisitions and changes (positive or negative) in earn-out and €1.000 thousand related to costs relative to corporate and network restructuring, as well as other efficiency projects. ACQUISITION OF COMPANIES AND BUSINESSES The Group continued with external growth in the first months of 2025 acquiring 195 clinics for a total investment of €40,972 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 details, in the first quarter of 2025: - 122 clinics were acquired in Poland; - 27 clinics were acquired in Italy; - 22 clinics were acquired in China; - 11 clinics were acquired in Germany; - 10 clinics were acquired in France; - 2 clinics were acquired in Canada. - 1 clinic was acquired in Spain. 49 --- Interim Financial Report as at 31 March 2025 > Interim Management Report OUTLOOK In the first quarter of 2025, the Group recorded profitable growth despite fewer trading days, a very strong comparison base, a soft US market and a European market which, although in line with expectations, did not show a material improvement compared to the fourth quarter of 2024. For the rest of 2025, the Group expects an acceleration in revenue growth thanks to the anticipated strong growth of the French market from the second quarter onwards, confirmed by the current trials activation trend, and a gradual normalization of the other European countries. For the rest of 2025, the Group expects an acceleration in revenue growth thanks to the anticipated strong growth of the French market from the second quarter onwards, confirmed by the current trials activation trend, and a gradual normalization of the other European countries. For the remainder of the year, the Group expects an improvement in the US market also supported by the more favorable comparison base at market level. In light of the above and assuming there are no further slowdowns in global economic activity due to, among others, the well-known macroeconomic and the geopolitical situation, for 2025 the Group confirms the outlook previously disclosed to the market: • Consolidated revenues to grow mid to high single-digit at constant exchange rates; • Adjusted EBITDA margin of at least 24%. In the medium term, the Group remains extremely positive on its prospects for sustainable growth in sales and profitability, thanks to the secular fundamentals of the hearing care market and its even stronger competitive positioning. th Milan, May 6 , 2025 CEO Enrico Vita 50 --- CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 MARCH 2025 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 52 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements (*) CONSOLIDATED STATEMENT OF FINANCIAL POSITION 03/31/2025 12/31/2024 Change (€ thousands) ASSETS Non-current assets Goodwill Note 3 1,949,548 1,945,495 4,053 Intangible fixed assets with finite useful life Note 4 418,344 428,360 (10,016) Property, plant, and equipment Note 5 252,356 253,924 (1,568) Right-of-use assets Note 6 488,261 492,064 (3,803) Equity-accounted investments 2,522 2,527 (5) Hedging instruments 3,762 4,454 (692) Deferred tax assets 78,222 77,332 890 Contract costs 10,645 10,494 151 Other assets 51,507 52,884 (1,377) Total non-current assets 3,255,167 3,267,534 (12,367) Current assets Inventories 99,060 93,180 5,880 Trade receivables 228,320 226,754 1,566 Contract costs 7,704 7,734 (30) Other receivables 113,343 107,552 5,791 Hedging instruments 630 878 (248) Other financial assets 18 296 (278) Cash and cash equivalents Note 9 261,383 288,834 (27,451) Total current assets 710,458 725,228 (14,770) Total assets 3,965,625 3,992,762 (27,137) 53 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 03/31/2025 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 (37,261) (29,358) (7,903) Other reserves (114,028) (77,628) (36,400) Retained earnings 1,051,854 904,374 147,480 Profit (loss) for the period 32,885 145,374 (112,489) Group net equity 1,140,690 1,150,002 (9,312) Minority interests 257 222 35 Total net equity 1,140,947 1,150,224 (9,277) Non-current liabilities Medium/long-term financial liabilities Note 10 964,179 952,283 11,896 Lease liabilities Note 12 383,614 387,597 (3,983) Provisions for risks and charges Note 11 20,368 20,925 (557) Liabilities for employees’ benefits 15,809 15,457 352 Hedging instruments 849 1,157 (308) Deferred tax liabilities 99,766 99,493 273 Payables for business acquisitions 3,573 5,885 (2,312) Contract liabilities 157,857 153,766 4,091 Other long-term liabilities 36,253 35,667 586 Total non-current liabilities 1,682,268 1,672,230 10,038 Current liabilities Trade payables 339,632 377,100 (37,468) Payables for business acquisitions 12,958 11,510 1,448 Contract liabilities 118,576 122,914 (4,338) Tax liabilities 47,886 49,830 (1,944) Other payables 215,120 197,460 17,660 Hedging instruments 195 739 (544) Provisions for risks and charges Note 11 2,353 2,403 (50) Liabilities for employees’ benefits 4,032 4,094 (62) Short-term financial liabilities Note 10 274,257 277,518 (3,261) Lease liabilities Note 12 127,401 126,740 661 Total current liabilities 1,142,410 1,170,308 (27,898) TOTAL LIABILITIES 3,965,625 3,992,762 (27,137) (*) Transactions with related parties have not been reported separately because not material both at single entity and at consolidated level. Please refer to note 16 for more details. 54 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements (*) CONSOLIDATED INCOME STATEMENT First three months 2025 First three months 2024 Change (€ thousands) Revenues from sales and services Note 13 587,790 573,109 14,681 Operating costs Note 14 (449,771) (440,691) (9,080) Other income and costs 2,777 3,277 (500) Gross operating profit (EBITDA) 140,796 135,695 5,101 Amortization, depreciation and impairment Amortization of intangible fixed assets Note 4 (28,937) (24,297) (4,640) Depreciation of property, plant, and equipment Note 5 (15,827) (15,022) (805) Right-of-use depreciation Note 6 (34,499) (31,224) (3,275) Impairment losses and reversals of non-current assets (92) (519) 427 (79,355) (71,062) (8,293) Operating result 61,441 64,633 (3,192) Financial income, expenses and value adjustments to financial assets Interest income and expenses (8,225) (8,685) 460 Interest expenses on lease liabilities (5,155) (4,451) (704) Other financial income and expenses (769) (575) (194) Exchange gains and losses, and inflation accounting (1,187) (407) (780) Gain (loss) on assets accounted at fair value 629 (337) 966 (14,707) (14,455) (252) Profit (loss) before tax 46,734 50,178 (3,444) Current and deferred income tax Current tax (14,350) (15,644) 1,294 Deferred tax 552 794 (242) (13,798) (14,850) 1,052 Net profit (loss) 32,936 35,328 (2,392) Net profit (loss) attributable to Minority interests 51 464 (413) Net profit (loss) attributable to the Group 32,885 34,864 (1,979) (*) Transactions with related parties have not been reported separately because not material both at single entity and at consolidated level. Please refer to note 16 for more details. First three months First three months Earnings per share (€ per share) Note 15 2025 2024 Earnings per share - Basic 0.14599 0.15441 - Diluted 0.14526 0.15344 55 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME First three months First three months (€ thousands) 2025 2024 Net income (loss) for the period 32,936 35,328 Other comprehensive income (loss) that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit plans 319 27 Tax effect on components of other comprehensive income that will not be reclassified 56 (6) subsequently to profit or loss Total other comprehensive income (loss) that will not be reclassified subsequently to 375 21 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 (719) (709) Gains/(losses) on exchange differences from translation of financial statements of foreign (38,728) (13,023) entities Tax effect on components of other comprehensive income that will be reclassified 173 170 subsequently to profit or loss Total other comprehensive income (loss) that will be reclassified subsequently to profit or (39,274) (13,562) loss after the tax effect (B) Total other comprehensive income (loss) (A)+(B) (38,899) (13,541) Comprehensive income (loss) for the period (5,963) 21,787 Attributable to the Group (5,998) 21,481 Attributable to Minority interests 35 306 56 --- Interim Financial Report as at 31 March 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 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 4,989 Other changes 11,073 (12,909) - Stock Grant 11,073 (12,909) - Inflation accounting - Other changes Total comprehensive income (loss) for the period - Hedge accounting - Actuarial gains (losses) - Translation differences - Profit for the first three months of 2024 Balance at 31 March 2024 4,528 202,712 934 3,636 (6,422) 33,379 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 (8,164) Dividend distribution Notional cost of stock grants 2,804 Other changes 261 (321) - Stock Grant 261 (321) - Inflation accounting - Other changes Total comprehensive income (loss) for the period - Hedge accounting - Actuarial gains (losses) - Translation differences - Profit for the first three months of 2025 Balance at 31 March 2025 4,528 202,712 934 3,636 (37,261) 43,790 57 --- Interim Financial Report as at 31 March 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) - - - - - - - - 4,989 4,989 11,811 9,975 9,975 2,437 601 601 9,489 9,489 9,489 (115) (115) (115) (539) 21 (12,865) 34,864 21,481 306 21,787 (539) (539) (539) 21 21 21 (12,865) (12,865) (158) (13,023) 34,864 34,864 464 35,328 9,349 (936) 976,593 (121,273) 34,864 1,137,364 1,065 1,138,429 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) - - - - (8,164) (8,164) - - - 2,804 2,804 - 2,106 2,046 - 2,046 60 - - 2,090 2,090 2,090 (44) (44) - (44) (546) 375 - (38,712) 32,885 (5,998) 35 (5,963) (546) (546) (546) 375 375 375 (38,712) (38,712) (16) (38,728) 32,885 32,885 51 32,936 2,310 (2,696) 1,051,854 (162,002) 32,885 1,140,690 257 1,140,947 58 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements STATEMENT OF CONSOLIDATED CASH FLOWS First three months First three months (€ thousands) 2025 2024 OPERATING ACTIVITIES Net profit (loss) 32,936 35,328 Amortization, depreciation and impairment: - intangible fixed assets 28,954 24,797 - property, plant, and equipment 15,902 15,041 - right-of-use assets 34,499 31,224 Provisions, other non-monetary items and gain/losses from disposals 4,046 7,288 Financial income and expenses 14,707 14,455 Current and deferred taxes 13,798 14,850 Cash flow from operating activities before change in net working capital 144,842 142,983 Utilization of provisions (1,652) (704) (Increase) decrease in inventories (7,740) (1,362) Decrease (increase) in trade receivables (2,850) (845) Increase (decrease) in trade payables (32,965) (14,007) Changes in other receivables and other payables 12,425 1,071 Total change in assets and liabilities (32,782) (15,847) Interest received (paid) (15,221) (13,193) Taxes paid (14,570) (17,675) Cash flow generated from (absorbed by) operating activities (A) 82,269 96,268 INVESTING ACTIVITIES: Purchase of intangible fixed assets (14,373) (14,278) Purchase of tangible fixed assets (17,220) (15,877) Consideration from sale of non-current assets 39 214 Cash flow generated from (absorbed by) operating investing activities (B) (31,554) (29,941) Purchase of subsidiaries and business units net of cash and cash equivalents acquired or (40,972) (71,310) dismissed Increase (decrease) in payables for business acquisitions (513) 4,261 Cash flow generated from (absorbed by) acquisition activities (C) (41,485) (67,049) Cash flow generated from (absorbed by) investing activities (B)+(C) (73,039) (96,990) FINANCING ACTIVITIES: Increase (decrease) in financial payables 8,127 46,479 (Increase) decrease in financial receivables - 8 Fees paid on medium and long-term loans (613) - Principal portion of lease payments (33,831) (30,129) Other non-current assets and liabilities (35) 5,898 (8,164) - Treasury shares purchase Cash flow generated from (absorbed by) financing activities (D) (34,516) 22,256 Net increase in cash and cash equivalents (A)+(B)+(C)+(D) (25,286) 21,534 59 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements First three months First three months (€ thousands) 2025 2024 Cash and cash equivalents at beginning of period 288,834 193,148 Effect of exchange rate fluctuations on cash & cash equivalents (2,091) (962) Effect of asset disposals on cash & cash equivalents (74) - Flows of cash and cash equivalents (25,286) 21,534 Cash and cash equivalents at end of period 261,383 213,720 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 16 “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 three months First three (€ thousands) 2025 months 2024 - Goodwill 34,160 59,868 - Customer lists 8,807 16,955 - Trademarks and non-competition agreements 560 1,308 - Other intangible fixed assets 10 831 - Property, plant, and equipment 2,090 3,637 - Right-of-use assets 5,645 3,805 - Current assets 2,903 9,707 - Provision for risks and charges (10) (1,537) - Current liabilities (5,213) (9,430) - Other non-current assets and liabilities (7,631) (9,246) Total investments 41,321 75,898 Net financial debt acquired 523 337 Total business combinations 41,844 76,235 (Increase) decrease in payables through business acquisition 513 (4,261) Cash flow absorbed by (generated from) acquisitions 42,357 71,974 (Cash and cash equivalents acquired) (872) (4,925) Net cash flow absorbed by (generated from) acquisitions 41,485 67,049 60 --- Interim Financial Report as at 31 March 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 59.09% of voting rights as at 31 March 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 31 March 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 31 March 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 on 31 March 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 on 31 December 2024. The publication of the Condensed Consolidated Financial Statements of the Amplifon Group on 31 March 2025 was authorized by a resolution of the Board of Directors of 6 May 2025 which approved their publication. According to the Consob Communication of 28 July 2006, it is specified that during the first three months of 2025 the Group did not carry out atypical and/or unusual transactions, as defined by the Communication itself. 61 --- Interim Financial Report as at 31 March 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 backdrop, influenced by conflicts and recent developments related to the tariffs imposed by the United States which could impact a few of the Group’s providers, continues to be characterized by uncertainty and volatility. Toward this end Amplifon continues to monitor changes in the business environment. The Group 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 is undergoing a phase of severe escalation, with devastating consequences for civilians and a growing risk of regional destabilization (involving countries like Iran and Lebanon). Despite diplomatic efforts, a lasting solution still seems far away. That said the Group only has 24 clinics 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 combat and complicated diplomatic developments. The Group has no business activities, direct or indirect, in either Ukraine, Russia or Byelorussia. While inflation was moderate in the reporting period and interest rates declined, economic growth remains limited, impacted by external factors like trade tensions and the increase in energy costs. These factors could continue to impact demand and different cost categories like, for example, the cost of labor and the cost of debt. Generally, the hearing aid market has shown great resilience even in times of economic crisis thanks to the importance and non-discretional nature of hearing care, which remains a priority for consumers regardless of the economic conditions. This along with the use of public/private insurances and consumer loans, which facilitate access to services and hearing aids, contribute to the stability of the demand even in periods of economic uncertainty. The persistent uncertainty and volatility, could, however, impact consumer confidence in general and cause consumers to postpone the purchase of a hearing aid which would, however, still be needed in the medium term. 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. Furthermore, the Group’s activities and business model do not entail significant exposure to the environmental risks connected specifically to climate change. 62 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 3. Acquisitions and goodwill In the first three months of 2025 the Group continued with its strategy to balance external and internal growth and acquired 195 clinics, comprising 171 in EMEA, 22 in Asia Pacific and 2 in Americas. 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 €40,972 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 03/31/2025 EMEA 1,031,163 31,550 - - (542) 1,062,171 AMERICAS 313,631 584 - - (10,499) 303,716 APAC 600,701 2,026 - - (19,066) 583,661 Total 1,945,495 34,160 - - (30,107) 1,949,548 “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 purposes of impairment testing the total goodwill stemming from the cost incurred for a business combination was allocated to groups of Cash Generating Units; these groups of Cash Generating Units were 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 to perform impairment are: • 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. 63 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements The recoverable value of goodwill is determined based on the value in use or, if the latter is less than book value, on fair value. No impairment loss was identified as a result of the impairment tests conducted on 31 December 2024. The Group tests for impairment of goodwill once a year and in the event of any impairment indicators. The Group recorded a solid revenue performance in the first three months of 2025 despite a particularly challenging comparison base and a weak market, above all in the United States. Despite a weak market, there was a significant increase in revenues in the Americas, while Europe, though up overall, was still soft and the growth is exclusively linked to the acquisitions that occurred in the period. APAC, which was impacted primarily by the weakness of the New Zealand and Australian dollars, shows an overall slight decline compared to the comparative period, but with positive organic growth. The Group overall profitability has increased, reaching a record level for the first quarter (+24.0% on revenues from sales and services). Both sales and profitability, however, were below budget across all the geographic regions. The biggest gap was recorded in Americas and APAC. The sensitivity analyses carried out during impairment testing on 31 December 2024 showed that all the Groups of Cash Generating Units had ample headroom capable of absorbing significant changes in the basic parameters and future cash flows. In order to understand if the headroom recorded at year-end 2024 was maintained, the impairment tests were reperformed for all the groups of cash-generating units, using the discount rate (WACC), the growth rate (g) updated based on data available at 31 March 2025 (WACC rates were higher compared to the rates used at 31 December 2024, against slight changes in the growth rate) and adjusting the potential total cash flows by a percentage equal to the budget gap reported at March 2025. Based on the analyses carried out all the geographical areas had maintained significant headroom capable of absorbing any significant changes in future cash flows. No indicators of impairment 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. 64 --- Interim Financial Report as at 31 March 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 37,638 (497) 4,180 41,321 Assets and liabilities acquired – Book value Current assets 2,002 18 11 2,031 Current liabilities (2,895) (1,154) (234) (4,283) Net working capital (893) (1,136) (223) (2,252) Other intangible, tangible and right-of-use assets 6,431 1 1,314 7,746 Provision for risks and charges (10) - - (10) Other non-current assets and liabilities (3,581) - (566) (4,147) Non-current assets and liabilities 2,840 1 748 3,589 Net invested capital 1,947 (1,135) 525 1,337 Net financial position 329 20 - 349 NET EQUITY ACQUIRED - BOOK VALUE 2,276 (1,115) 525 1,686 DIFFERENCE TO BE ALLOCATED 618 3,655 39,635 35,362 ALLOCATIONS Trademarks 11 - - 11 Non-compete agreements - - 549 549 Customer lists 7,358 92 1,357 8,807 Contract liabilities - Short and long-term (3,062) (58) (178) (3,298) Deferred tax assets 617 - 38 655 Deferred tax liabilities (1,112) - (137) (1,249) ALLOCATIONS 3,812 34 1,629 5,475 GOODWILL 31,550 584 2,026 34,160 65 --- Interim Financial Report as at 31 March 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 03/31/2025 at 03/31/2025 downs at downs at (€ thousands) 12/31/2024 03/31/2025 Software 356,982 (220,799) 136,183 366,502 (230,811) 135,691 Licenses 35,392 (26,093) 9,299 37,408 (27,738) 9,670 Non-competition agreements 23,601 (19,300) 4,301 26,078 (20,293) 5,785 Customer lists 524,674 (316,879) 207,795 528,228 (324,456) 203,772 Trademarks and concessions 94,720 (56,145) 38,575 98,886 (62,438) 36,448 Other 18,378 (6,113) 12,265 18,257 (6,437) 11,820 Fixed assets in progress and 19,942 - 19,942 15,158 - 15,158 advances Total 1,073,689 (645,329) 428,360 1,090,517 (672,173) 418,344 Net book Other Net book Business value at Investments Disposals Amortization Impairment net value at combinations (€ thousands) 12/31/2024 changes 03/31/2025 Software 136,183 1,414 - (13,230) 2 - 11,322 135,691 Licenses 9,299 947 - (1,546) 11 - 959 9,670 Non-competition 4,301 1,297 - (1,392) 549 (17) 1,047 5,785 agreements Customer lists 207,795 - - (10,450) 8,807 - (2,380) 203,772 Trademarks and 38,575 - - (1,916) - - (211) 36,448 concessions Other 12,265 224 - (403) - - (266) 11,820 Fixed assets in progress and 19,942 10,491 - - 8 - (15,283) 15,158 advances Total 428,360 14,373 - (28,937) 9,377 (17) (4,812) 418,344 The investments in intangible assets (€14,373 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, as well as on systems used to streamline and centralize Group procurement. The change in “Business combinations” comprises: - For €7,380 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - For €92 thousand the temporary allocation of the price paid for acquisitions made in Americas; 66 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements - For €1,905 thousand the temporary allocation of the price paid for acquisitions made in APAC. The item "Other net changes" is explained almost entirely by foreign exchange differences and the reclassification of work in progress completed in the period. 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 03/31/2025 at 03/31/2025 downs at downs at (€ thousands) 12/31/2024 03/31/2025 Land 165 - 165 165 - 165 Buildings, constructions and 371,383 (242,117) 129,266 377,344 (248,104) 129,240 leasehold improvements Plant and machines 47,495 (37,922) 9,573 47,529 (38,494) 9,035 Industrial and commercial 97,332 (74,844) 22,488 99,337 (77,051) 22,286 equipment Motor vehicles 1,416 (765) 651 1,507 (851) 656 Computers and office 103,003 (78,749) 24,254 103,911 (81,144) 22,767 machinery Furniture and fittings 154,918 (109,838) 45,080 157,407 (112,327) 45,080 Other tangible fixed assets 6,439 (4,618) 1,821 7,798 (5,732) 2,066 Fixed assets in progress and 20,626 - 20,626 21,061 - 21,061 advances Total 802,777 (548,853) 253,924 816,059 (563,703) 252,356 Net book Other Net book Business value at Investments Disposals Amortization Impairment net value at combinations (€ thousands) 12/31/2024 changes 03/31/2025 Land 165 - - - - - - 165 Buildings, constructions and 129,266 3,667 (33) (6,931) 323 (70) 3,018 129,240 leasehold improvements Plant and machines 9,573 80 (2) (692) 128 - (52) 9,035 Industrial and commercial 22,488 631 (4) (1,665) 383 - 453 22,286 equipment Motor vehicles 651 - - (34) 38 - 1 656 Computers and office 24,254 1,056 - (3,219) 370 - 306 22,767 machinery Furniture and fittings 45,080 1,031 - (3,129) 385 (2) 1,715 45,080 Other tangible fixed assets 1,821 10 - (157) 440 - (48) 2,066 Fixed assets in progress and 20,626 10,746 - - 23 (3) (10,331) 21,061 advances Total 253,924 17,221 (39) (15,827) 2,090 (75) (4,938) 252,356 The investments of the reporting period (€17,221 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. 67 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements The change in “Business combinations” comprises: - For €1,589 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - For €1 thousand, the temporary allocation of the price paid for acquisitions made in Americas; - For €500 thousand, the temporary allocation of the price paid for acquisitions made in APAC. “Other net changes” is explained primarily by foreign exchange differences recorded in the reporting period and the reclassification of work in progress completed in the period. 6. Right-of-use assets Right-of-use assets are reported here below: Accumulated Accumulated amortization amortization Historical cost Net book value Historical cost Net book value and write- and write- at 12/31/2024 at 12/31/2024 at 03/31/2025 at 03/31/2025 downs at downs at (€ thousands) 12/31/2024 03/31/2025 Stores and offices 955,892 (483,899) 471,993 970,207 (500,546) 469,661 Motor vehicles 35,504 (17,687) 17,817 35,328 (18,653) 16,675 Electronic machinery 4,368 (2,114) 2,254 4,278 (2,353) 1,925 Total 995,764 (503,700) 492,064 1,009,813 (521,552) 488,261 Net book Other Net book value at Business net value at (€ thousands) 12/31/2024 Increase Decrease Depreciation combinations Impairment changes 03/31/2025 Stores and offices 471,993 28,502 (942) (32,043) 5,504 - (3,353) 469,661 Motor vehicles 17,817 1,825 (874) (2,172) 136 - (57) 16,675 Electronic machinery 2,254 - - (284) 5 - (50) 1,925 Total 492,064 30,327 (1,816) (34,499) 5,645 - (3,460) 488,261 The increase in right of use assets (€30,327 thousand) acquired in the period is explained by the renewal of existing leases and the network expansion. The change in “business combinations” comprises: - for €4,831 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - for €814 thousand, the temporary allocation of the price paid for acquisitions made in APAC. “Other changes” refers mainly to foreign exchange differences recorded in the reporting period. 68 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 7. Other non-current assets Balance at 03/31/2025 Balance at 12/31/2024 Change (€ thousands) Long-term financial receivables 5,805 6,120 (315) Asset Plans and other restricted amounts 2,698 1,637 1,061 Other non-current assets 43,004 45,127 (2,123) Total 51,507 52,884 (1,377) “Other non-current assets” amounted to €51,507 thousand on 31 March 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 short-term reclassification of the superbonus tax credits granted in accordance with Articles 119 and 121 of Law Decree 34/2020, purchased and recognized in 2024. 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 three months of 2025: - as per the joint agreement between Amplifon S.p.A. and Amplifon Italia S.p.A. stipulated on 20 December 2024, credits with a nominal value of €2,539 thousand were transferred against consideration of €2,387 thousand (recognized in “Other receivables” of current assets) which can be used in full (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 amounted to €15,368 thousand; - the actualized financial income derived from the credits amounted to €932 thousand while actualized financial expenses for payables amounted to €57 thousand. The amount of these credits recognized in “Other non-current assets” amounted to €11,356 thousand on 31 March 2025. The current portion of the credits is recognized in “Other receivables” for €6,259 thousand, while the payables for the settlement of these receivable are classified under “Other payables” for €18,413 thousand and the non-current portion is recognized in “Other long-term liabilities” for 13,656 thousand. 69 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 8. Share capital and treasury shares On 31 March 2025 the share capital comprised 226,388,620 ordinary shares with a par value of €0.02 fully paid in and subscribed, unchanged with respect to 31 December 2024. In the reporting period 400,000 treasury shares were purchased, and 10,200 shares were transferred following the exercise of performance stock grants. A total of 1,458,049 treasury shares, equal to 0.644% of the share capital, was held on 31 March 2025. 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 400,000 20.410 8,164 Transfers due to exercise of performance stock grants (10,200) 25.540 (261) Held at 03/31/2025 1,458,049 25.556 37,261 70 --- Interim Financial Report as at 31 March 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) 03/31/2025 12/31/2024 Change A Cash 261,383 288,834 (27,451) B Cash equivalent - - - C Short term investments - - - D Total Cash, Cash Equivalents and Short-Term Investments (A+B+C) 261,383 288,834 (27,451) Current financial payables (including bonds, but excluding current E 133,767 140,008 (6,241) portion of medium/long-term debt) - Other financial payables and bank overdrafts 134,153 139,765 (5,612) - - Hedging derivatives (386) 243 (629) F Current portion of medium/long-term financial debt 281,682 276,985 4,697 - Financial accruals and deferred income 6,426 6,771 (345) - Payables for business acquisitions 12,958 11,510 1,448 - Bank borrowings 134,897 131,964 2,933 - Lease Liability – current portion 127,401 126,740 661 G Current Financial Indebtedness (E+F) 415,449 416,993 (1,544) H Net Current Financial Indebtedness (G-D) 154,066 128,159 25,907 I Non current financial payables 1,003,534 997,983 5,551 - Bank borrowings – Non current portion 616,347 604,501 11,846 - Payables for business acquisitions – Non current portion 3,573 5,885 (2,312) - Lease Liability – Non current portion 383,614 387,597 (3,983) 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) 1,353,534 1,347,983 5,551 M Total Financial Indebtedness (H+L) 1,507,600 1,476,142 31,458 71 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements Excluding lease liabilities (€511,015 thousand on 31 March 2025), net financial debt amounted to €996,585 thousand on 31 March 2025, broken down as follows: 03/31/2025 12/31/2024 Change (€ thousands) Cash and Cash Equivalents 261,383 288,834 (27,451) Cash and Cash Equivalents 261,383 288,834 (27,451) Current Financial Indebtedness (excluding lease 288,048 290,253 (2,205) liabilities) Net Current Financial Indebtedness (excluding lease 26,665 1,419 25,246 liabilities) Non-current Financial Indebtedness (excluding lease 969,920 960,386 9,534 liabilities) Total Financial Indebtedness (excluding lease liabilities) 996,585 961,805 34,780 During the reporting period and in April 2025 Amplifon finalized a series of transactions based on which the Group will not be subject to any financial covenants at the next reporting date (June 2025). More in detail: • In March 2025, Amplifon S.p.A. signed a 5-year, sustainability linked, credit facility with Intesa Sanpaolo totaling €175 million, comprised of a EUR 100 million revolving credit line and €75 million long term loan. The new financing was used to refinance, and increase, a pre-existing line expiring in 2026, subject to financial covenants. The new credit facility is not, however, subject to financial covenants; • In April 2025, Amplifon S.p.A. finalized another refinancing transaction with Banco BPM, which is also sustainability-linked, for a total of €100 million, comprised of a EUR 50 million, 5-year revolving credit line and a €50 million, 5-year term loan. This transaction is also not subject to financial covenants; • In April 2025 two committed, revolving credit lines, totalling €45 million, granted by Sparkasse and Barclays, expiring in the second half of 2025, were extinguished, in advance. Both of these credit lines were subject to financial covenants. The remaining lines, subject to financial covenants, will expire in the second quarter of 2025. Long-term debt, net of lease liabilities, amounts to €969,920 thousand on 31 March 2025 (€ 960,386 thousand at 31 December 2024), showing an increase of €9,534 thousand compared to 2024 explained by the new financing agreements signed in the reporting period which was only partially offset by the decrease in deferred payments for acquisitions. Short-term debt, excluding lease liabilities, increased by €25,246 thousand, going from €1,419 thousand on 31 December 2024 to €26,665 thousand on 31 March 2025 as a result of the increase in total net debt. More in detail, short-term debt comprises primarily the hot money accounts and the utilization of other short-term credit lines (€134,153 thousand), the short-term portion of long-term debt (€134,897 thousand), the interest payable on other bank loans (€5,258 thousand) and on the 72 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements Eurobond (€496 thousand) and, lastly, the best estimate of the deferred payments for acquisitions (€12,958 thousand), net of €261,383 thousand in total liquidity. The Group has €495 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, €216 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 03/31/2025 (€ thousands) Eurobond 2020-2027 350,000 Loan with the European Investment Bank 125,000 Other medium/long-term debt 491,347 Fees on Eurobond 2020-2027 and bank loans (2,168) Medium/long-term financial liabilities 964,179 b. under the item “financial payables (current)”. Balance at 03/31/2025 (€ thousands) Bank overdraft and other short-term debt (including current portion of other long-term debt) 269,022 Other financial payables 6,426 Fees on bank loans (1,191) Short-term financial liabilities 274,257 All the other items in the net financial position table can be easily referred to in the financial consolidated statements. 73 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 10. Financial liabilities The financial liabilities breakdown is as follows: Balance at Balance at Change (€ thousands) 03/31/2025 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 491,347 479,501 11,846 Fees on Eurobond 2020-2027 and bank loans (2,168) (2,218) 50 Total long-term financial liabilities 964,179 952,283 11,896 Short term debt 274,257 277,518 (3,261) - of which debts for account overdrafts and other short-term liabilities 134,897 131,964 2,933 - of which current portion of short-term bank loans 134,153 139,765 (5,612) - of which for bank loans (1,191) (1,233) 42 Total short-term financial liabilities 274,257 277,518 (3,261) Total financial liabilities 1,238,436 1,229,801 8,635 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. 74 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements - Bank loans These are the main bilateral and pooled loans which are detailed below: Outstanding Swap rate + Nominal Oustanding Rate in debt Fixed Final rate in Issue Date Debtor Type Maturity applicable value (€/000) debt (€/000) use (*) hedged rate use margin (**) (€/000) Amplifon 04/06/2020 Amortizing 04/06/2025 50,000 7,142 4.96% 7,142 0.88% 0.88% S.p.A. Amplifon 04/07/2020 Amortizing 04/07/2025 150,000 30,000 4.10% 20,000 1.25% 1.25% S.p.A. Amplifon 04/23/2020 Amortizing 06/30/2025 35,000 11,375 3.67% 11,375 0.99% 0.99% S.p.A. Amplifon 04/28/2020 Amortizing 10/31/2025 50,000 25,000 3.94% 3.94% S.p.A. Amplifon 04/29/2025 04/29/2020 Amortizing 78,000 9,750 5.83% 6,825 1.56% 1.56% S.p.A. (*****) Amplifon 12/23/2021 Amortizing 12/23/2026 210,000 142,800 3.38% 142,800 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. Total 1,098,000 751,067 413,142 (*) 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 EIB is fixed rate through 12/15/2027; it will subsequently be adjusted to reflect current market conditions, and the Group may choose either a fixed or a floating rate. (****) The rate for the €100 million tranche of this loan is 3.43% and 3.28% for the remainder. (*****) Loan extinguished in advance in April 2025 and refinanced with a new line not subject to covenants. A few of the credit lines (all expiring by 30 June 2025) are subject to the financial covenants detailed below. The financial covenants still applicable to the residual loans are, in fact, shown below and reflect the transactions described above which resulted in the early termination and the refinancing of facilities previously subject to covenants with new facilities not subject to covenants. Where provided for, there are also spike clauses based on which the covenant may be increased twice for a maximum of 12 months over the life of the loan in the event of sizeable acquisitions. Primary Credit Facility Agreement Leverage Ratio Net Worth Ratio Interest Cover Spike -Medium/long-term bilateral loans with top-tier banking institutions of ≤ 3.26 (Leverage €30 million, with last expiration in Ratio) June 2025. ≤ 2.85 ≤ 1.65 - - Irrevocable credit lines with top-tier ≤ 2.20 (Net Worth banking institutions of €45 million Ratio) expiring in June 2025. -€7 million bank loan expiring in June ≤ 3.26 (Leverage ≤ 2.85 - > 4.90 2025. Ratio) ≤ 3.26 (Leverage -Medium/long-term bilateral loans Ratio) with top-tier banking institutions of ≤ 2.85 ≤ 1.65 > 4.90 €21 million, with last expiration in April ≤ 2.20 (Net Worth and June 2025. Ratio) 75 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements The remaining bank loans, the Eurobond, and the loan granted by the European Investment Bank are not subject to covenants. As a result of the transactions described above in Note 9 “Net financial indebtedness”, at the next reporting date, 30 June 2025, the Group will no longer have loans subject to financial covenants. The covenants applied in accordance with current international practice which limit the ability to issue guarantees and complete sales and lease backs, as well as extraordinary transactions involving the sale of assets, will, however, remain in force. The covenant ratios on 31 March 2025 (which, however, is not an official reporting date) were as follows: Value as at 03/31/2025 Net financial indebtedness excluding lease liabilities/Group net equity (Net Worth Ratio) 0.87 Net financial position excluding lease liabilities/EBITDA for the last four quarters (Leverage Ratio) 1.67 EBITDA for the last 4 quarters/Net financial expenses (Interest Cover) 18.50 The above-mentioned ratios were determined based on an EBITDA which was restated and normalized, in order to reflect the main changes. (€ thousands) Value as at 03/31/2025 Group EBITDA first three months 2025 140,796 EBITDA April-December 2024 425,395 Fair value of stock grant assignment 13,347 EBITDA normalized (from acquisitions and disposals) 8,173 Acquisitions and non-recurring costs 7,854 EBITDA for the covenant calculation 595,565 The same agreements are also subject to other covenants applied in current international practice which limit the ability to issue guarantees and complete sales and lease backs, as well as extraordinary transactions involving the sale of assets. 76 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 11. Provision for risks and charges Provisions for risks and charges amounted to €22,721 thousand, compared to €23,328 thousand recorded on 31 December 2024. The provisions for risks on 31 March 2025 are detailed below: 03/31/2025 12/31/2024 Change (€ thousands) Product warranty provision 746 1,416 (670) Contractual risk provision 3,418 3,399 19 Agents’ leaving indemnity 13,635 13,515 120 Other risk provisions 2,569 2,595 (26) Total Long-term provision for risks and charges 20,368 20,925 (557) Product warranty provision 203 215 (12) Other provisions for risks 2,150 2,188 (38) Total Short-term provision for risks and charges 2,353 2,403 (50) Total provision for risks and charges 22,721 23,328 (607) 77 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 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: 03/31/2025 12/31/2024 Change (€ thousands) Short term lease liabilities 127,401 126,740 661 Long term lease liabilities 383,614 387,597 (3,983) Total lease liabilities 511,015 514,337 (3,322) During the reporting period, the following costs have been booked in profit and loss. First three months (€ thousands) 2025 Interest charges on leased assets (5,155) Right-of-use depreciation (34,499) Costs for short-term leases and leases for low value assets (5,398) 13. Revenues from sales and services First three months First three months Change (€ thousands) 2025 2024 Revenues from sale of products 508,118 501,149 6,969 Revenues from services 79,672 71,960 7,712 Total revenues from sales and services 587,790 573,109 14,681 Goods and services provided at a point in time 508,118 501,149 6,969 Goods and services provided over time 79,672 71,960 7,712 Total revenues from sales and services 587,790 573,109 14,681 Consolidated revenues from sales and services amounted to €587,790 thousand in the first three months of 2025, an increase of €14,681 thousand (+2.6%) with respect to the comparison period, attributable largely to acquisitions which contributed €14,047 thousand (+2.5%). Organic growth contributed €497 thousand (+0.1%). The foreign exchange effect was marginal, with the positive impact recorded in Americas offset by the negative effect reported in APAC. 78 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 14. Operating costs, depreciation and impairment, financial income-expenses and taxes Operating costs amounted to €449,771 thousand in the first quarter of 2025(€440,691 thousand in the first quarter of 2024), an increase of €9,080 thousand (+2.1%) against the comparison period. “Amortization, depreciation and impairment” amounted to €79,355 thousand on 31 March 2025, higher than the €71,062 thousand recorded in the first three months of 2024. “Financial income, expenses and value adjustments to financial assets” came to €14,707 thousand in the first quarter of 2025 (€14,445 thousand in the first three months of 2024). Current and deferred tax amounted to €13,798 thousand in the first quarter of 2025, compared to €14,850 thousand in the first quarter of 2024. The tax rate was 29.5% in the reporting period versus 29.6% on 31 March 2024. 15. 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 three months First three Earnings per share 2025 months 2024 Net profit (loss) attributable to ordinary shareholders (€ thousand) 32,885 34,864 Average number of shares outstanding in the period 225,247,527 225,787,617 Average number per share (€ per share) 0.14599 0.15441 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. 79 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements The potential ordinary share categories refer to the possible conversion of Group employees’ stock options and stock grants’ attribution. The computation of the average number of outstanding potential shares is based on the average fair value of shares for the period; stock options and stock grants are excluded from the calculation since they have anti-diluting effects. The potential ordinary share categories stems exclusively from the Group’s treasury shares. First three months First three months Weighted average diluted number of shares outstanding 2025 2024 Average number of shares outstanding in the period 225,247,527 225,787,617 Weighted average of potential and diluting ordinary shares 1,141,093 1,432,024 Weighted average of shares potentially subject to options in the period 226,388,620 227,219,641 The diluted earnings per share were determined as follows: First three months First three months Diluted earnings per share 2025 2024 Net profit attributable to ordinary shareholders (€ thousand) 32,885 34,864 Average number of shares outstanding in the period 226,388,620 227,219,641 Average diluted earnings per share (€) 0.14526 0.15344 80 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 16. 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 59.09% 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: 03/31/2025 First three months 2025 Interest Trade Other Revenues for sales Operating income and (€ thousands) receivables Trade payables receivables and services (costs)/revenues expense Amplifin S.r.l. - - - - (13) - Total – Parent - - - - (13) - Comfoor BV (The Netherlands) 42 1,915 1,143 Ruti Levinson Institute Ltd (Israel) 35 - Afik - Test Diagnosis & Hearing (4) - 13 Aids Ltd (Israel) Total – Other related parties 73 1,915 13 1,143 Total related parties 73 1,915 13 1,130 Total as per financial statements 228,320 339,631 51,506 587,790 (449,771) (8,225) % of financial statements total 0.03% 0.56% 0.03% 0.00% -0.25% 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 by the parent company Amplifin) is recognized under right-of-use depreciation for per €460 thousand, interest on leases for €101 thousand, lease liabilities of €9,885 thousand, and right-of-use asset of €8,740 thousand. 81 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 17. 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. 18. 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. 82 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 19. Translation of foreign companies’ financial statements The exchange rates used to translate non-Euro zone companies’ financial statements are as follows: 31 March 2025 2024 31 March 2024 As at As at Average exchange Average exchange rate As at 31 March 31 March 31 December rate Panamanian balboa 1.0523 1.0815 1.0389 1.0858 1.0811 Australian dollar 1.6772 1.7318 1.6772 1.6511 1.6607 Canadian dollar 1.5105 1.5533 1.4948 1.4639 1.4672 New Zealand dollar 1.8537 1.9035 1.8532 1.7717 1.8092 Singapore dollar 1.4186 1.4519 1.4164 1.4552 1.4587 US dollar 1.0523 1.0815 1.0389 1.0858 1.0811 Hungarian fiorint 405.0200 402.3500 411.3500 388.1800 395.2600 Swiss franc 0.9458 0.9531 0.9412 0.9491 0.9766 Egyptian pound 53.1636 54.6907 52.8202 38.4156 51.1202 Israeli New shekel 3.8045 4.0256 3.7885 3.9777 3.9799 Argentinian peso (*) 1158.1498 1158.1498 1070.8061 927.2296 927.2296 Chilean peso 1013.7600 1028.5100 1033.7600 1027.1200 1060.0900 Colombian peso 4407.7300 4543.4700 4577.5500 4253.8900 4169.7200 Mexican peso 21.4988 22.0627 21.5504 18.4492 17.9179 Uruguayan peso 45.3421 45.5703 45.4668 42.2725 40.5753 Chinese renminbi 7.6551 7.8442 7.5833 7.8048 7.8144 Indian rupee 91.1378 92.3955 88.9335 90.1551 90.1365 British pound 0.8357 0.8354 0.8292 0.8563 0.8551 Polish zloty 4.2015 4.1840 4.2750 4.3333 4.3123 (*) 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 31 March 2025 is 1110.3882 and as at 31 March 2024 is 904.8167. 83 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 20. 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. 84 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements th (*) Statement of Financial Position as at March 31 , 2025 EMEA AMERICAS APAC ELIM. CONSOLIDATED (€ thousands) ASSETS Non-current assets Goodwill 1,062,171 303,716 583,661 - 1,949,548 Intangible fixed assets with finite useful life 300,772 59,035 58,537 - 418,344 Property, plant, and equipment 167,674 43,549 41,133 - 252,356 Right-of-use assets 383,800 48,706 55,755 - 488,261 Equity-accounted investments 2,522 - - - 2,522 Hedging instruments 3,762 - - - 3,762 Deferred tax assets 57,685 5,823 14,714 - 78,222 Deferred contract costs 9,374 1,189 82 - 10,645 Other assets 41,731 7,872 1,904 - 51,507 Total non-current assets 3,255,167 Current assets Inventories 77,151 12,429 9,480 - 99,060 Receivables 313,443 66,882 22,540 (61,202) 341,663 Deferred contract costs 6,619 964 121 - 7,704 Hedging instruments 630 - - - 630 Other financial assets 18 Cash and cash equivalents 261,383 Total current assets 710,458 TOTAL ASSETS 3,965,625 LIABILITIES Net Equity 1,140,947 Non-current liabilities Medium/long-term financial liabilities 964,179 Lease liabilities 308,448 39,200 35,966 - 383,614 Provisions for risks and charges 18,411 1,112 845 - 20,368 Liabilities for employees’ benefits 15,051 - 758 - 15,809 Hedging instruments 849 - - - 849 Deferred tax liabilities 68,054 23,066 8,646 - 99,766 Payables for business acquisitions 1,636 1,937 - - 3,573 Contract liabilities 142,221 12,837 2,799 - 157,857 Other long-term liabilities 35,358 848 47 - 36,253 Total non-current liabilities 1,682,268 Current assets Trade payables 291,956 72,720 35,970 (61,014) 339,632 Payables for business acquisitions 6,543 4,084 2,331 - 12,958 Contract liabilities 93,966 17,099 7,511 - 118,576 Other payables and tax payables 201,891 31,664 29,639 (188) 263,006 Hedging instruments 195 - - - 195 Provisions for risks and charges 1,751 602 - - 2,353 Liabilities for employees’ benefits 1,074 497 2,461 - 4,032 Short-term financial liabilities 274,257 Lease liabilities 92,918 13,588 20,895 - 127,401 Total current liabilities 1,142,410 TOTAL LIABILITIES 3,965,625 (*) 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. 85 --- Interim Financial Report as at 31 March 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. 86 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements (*) Income Statement – First three months 2025 EMEA AMERICAS APAC CORPORATE ELIM. CONSOLIDATED (€ thousands) Revenues from sales and services 383,564 118,439 85,787 - - 587,790 Operating costs (273,549) (91,183) (62,572) (22,467) - (449,771) Other income and costs 2,227 553 (118) 115 - 2,777 Gross operating profit by segment 112,242 27,809 23,097 (22,352) - 140,796 (EBITDA) Amortization, depreciation and impairment Intangible assets amortization (13,353) (4,087) (3,871) (7,626) - (28,937) Property, plant, and equipment (9,476) (2,175) (3,781) (395) - (15,827) depreciation Right-of-use depreciation (22,172) (3,853) (7,866) (608) - (34,499) Impairment losses and reversals of (92) - - - - (92) non-current assets (45,093) (10,115) (15,518) (8,629) - (79,355) Operating result by segment 67,149 17,694 7,579 (30,981) - 61,441 Financial income, expenses and value adjustments to financial assets Interest income and expenses (8,225) Interest expenses on lease liabilities (5,155) Other financial income and expenses (769) Exchange gains and losses, and (1,187) inflation accounting Gain (loss) on assets accounted at fair 629 value (14,707) Net profit (loss) before tax 46,734 Current and deferred income tax Current income tax (14,350) Deferred tax 552 (13,798) Net profit (loss) 32,936 Net profit (loss) attributable to 51 Minority interests Net profit (loss) attributable to the 32,885 Group (*) The figures of the operating segments are net of the intercompany eliminations. 87 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements (*) Income Statement – First three months 2024 EMEA AMERICAS APAC CORPORATE ELIM. CONSOLIDATED (€ thousands) Revenues from sales and services 376,058 110,821 86,164 66 - 573,109 Operating costs (269,742) (85,316) (61,977) (23,656) - (440,691) Other income and costs 2,418 735 (25) 149 - 3,277 Gross operating profit by segment 108,734 26,240 24,162 (23,441) - 135,695 (EBITDA) Amortization, depreciation and impairment Intangible assets amortization (11,102) (3,167) (3,747) (6,281) - (24,297) Property, plant, and equipment (8,627) (2,106) (3,901) (388) - (15,022) depreciation Right-of-use depreciation (20,549) (3,371) (6,727) (577) - (31,224) Impairment losses and reversals of non- (500) - (19) - - (519) current assets (40,778) (8,644) (14,394) (7,246) - (71,062) Operating result by segment 67,956 17,596 9,768 (30,687) - 64,633 Financial income, expenses and value adjustments to financial assets Interest income and expenses (8,685) Interest expenses on lease liabilities (4,451) Other financial income and expenses (575) Exchange gains and losses, and inflation (407) accounting Gain (loss) on assets accounted at fair (337) value (14,455) Net profit (loss) before tax 50,178 Current and deferred income tax Current income tax (15,644) Deferred tax 794 (14,850) Net profit (loss) 35,328 Net profit (loss) attributable to Minority 464 interests Net profit (loss) attributable to the Group 34,864 (*) The figures of the operating segments are net of the intercompany eliminations. 88 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 21. Accounting policies Presentation of the financial statements The consolidated financial statements as at March 31, 2025 were prepared in accordance with the historical cost method with the exception of derivatives, a few financial investments measured at fair value and assets and liabilities hedged against changes in fair value, as explained in more detail in this report, as well as on a going concern basis. With regard to the financial statements, the following is specified: - in the statement of financial position, the Group distinguishes between non-current and current assets and liabilities; - in the income statement, the Group classifies costs by nature insofar as this is deemed to more accurately represent the primarily commercial and distribution activities carried out by the Group; - comprehensive income statement: in addition to the net result for the year, it includes the effects of changes in exchange rates, the cash flow hedge reserve, the foreign currency basis spread reserve on derivative instruments and the actuarial gains and losses that have been recognized directly in changes in shareholders' equity, these items are divided according to whether or not they can be subsequently reclassified to the income statement; - statement of changes in net equity: the Group reports all the changes in net equity, including those deriving from shareholder transactions (payment of dividends and capital increases); - statement of cash flows: is prepared using the indirect method to determine cash flow from operations. Use of estimates in preparing the financial statements The preparation of the financial statements and explanatory notes requires the use of estimates and assumptions particularly with regard to the following items: - revenues for services rendered over time recognized based on the effort or the input expended to satisfy the performance obligation; - allowances for impairment made based on the asset’s estimated realizable value; - provisions for risks and charges made based on a reasonable estimate of the amount of the potential liability, including with regard to any counterparty claims; - provisions for obsolete inventories in order to align the carrying value of inventories with the estimated realizable value; - provisions for employee benefits, calculated based on actuarial valuations; - amortization and depreciation of intangible assets and tangible fixed assets recognized based on the estimated remaining useful life and the recoverable amount; - income tax recognized based on the best estimate of the tax rate for the full year; - IRS and currency swaps (instruments not traded on regulated markets), marked to market at the reporting date based on the yield curve and market exchange rates, which are subject to credit/debit valuation adjustments based on market prices; 89 --- Interim Financial Report as at 31 March 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. 90 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements Future accounting standards and interpretations 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 01 April 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 Amendments to IFRS 9 e IFRS7 “Classification and Measurement of Financial Periods beginning on or after 1 Jan ‘26 Instruments” (issued on 30 May 2024) 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, 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 amendments to IFRS9 and IFRS7 proposed by IASB are related to the settlement of liabilities through electronic payment systems and to clarifying the classification of financial assets with environmental, social and corporate governance (ESG) and similar features. The objective of the Amendments to IFRS 9 and IFRS 7 Contract Referencing Nature-dependent Electricity is to better reflect the effects of physical and virtual nature-dependent electricity contracts in the financial statements through narrow-scope amendments to the own-use, hedge accounting and disclosure requirements. costs and revenues. The IFRS 18 principle, 'Presentation and Disclosure in Financial Statements,' will supersede IAS 1 and provides a more detailed definition of the financial statement formats, with particular emphasis on the income statement, where minimum and mandatory subtotals are stipulated. It also introduces new disclosure requirements concerning 'Management Defined Performance Measures' and offers guidelines for the aggregation of information in the financial statements and accompanying notes. The IFRS 19 principle, 'Subsidiaries without Public Accountability,' establishes reduced reporting obligations for the financial statements of subsidiaries that are not required to prepare public IFRS financial statements. 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. 91 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements 22. Subsequent events At the end of April, Amplifon has completed the acquisition of 24 clinics in Arizona, which represents the fourth largest franchisee of Miracle-Ear, with combined annual revenues of more than $15 million. This acquisition is part of the Group’s strategy to continue growing in the most important global market of the hearing care sector by strengthening a network of directly operated clinics alongside our consolidated franchising network. Following this acquisition, Miracle-Ear’s network in the United States comprises more than 420 clinics, which are added to the circa 1,200 franchisees’ locations. Today Amplifon’s global network includes more than 10,200 locations. st On 1 April 2025, the Group finalized a sustainability-linked loan with Banco BPM for a total of EUR 100 million in order to refinance credit lines subject to financial covenants. The loan comprises a EUR 50 million, 5-year revolving credit facility and a EUR 50 million, 5-year term loan. At the same time, the Group extinguished two committed credit lines, subject to financial covenants, granted by Sparkasse and Barclays in advance for a total of EUR 45 million. As a result of these transactions, and as the remaining credit lines subject to financial covenants will expire in the second quarter, at the next reporting date (30 June 2025), the Group will no longer have any loans subject to financial covenants. On 23 April 2025 the Shareholders' Meeting appointed the Company’s new Board of Directors, which now comprises: • Susan Carol Holland (Chairperson); • Enrico Vita (Chief Executive Officer); • Giovanni Tamburi (Director); • Maurizio Costa (Director); • Maria Patrizia Grieco (Director); • Lorenzo Pozza (Director); • Nina Cortese (Director); • Nicola Bedin (Director); • Lorenza Morandini (Director); After 31 March 2025, the exercise of performance stock grants continued, and the Group transferred 12,986 treasury shares. A total of 1,445,063 treasury shares, equal to 0.638% of the share capital, was held on the date of this report. th Milano, May 6 , 2025 CEO Enrico Vita 92 --- Interim Financial Report as at 31 March 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. at 31 March 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 03/31/2025 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. Arcueil (France) D EUR 173,550,898 100.0% SCI Eliot Leslie (*) Lyon (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) Villefranche de Pastel Audition S.A.S. I EUR 10,000 100.0% Lauragais (France) Acoustiques des Halles S.A.S. Biarritz (France) I EUR 80,000 100.0% Saint-André-de- Audition Détente S.A.S. I EUR 2,222 100.0% Sangonis (France) 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. Lesouef (France) I EUR 5,000 100.0% Audition Oscar Thuaire S.A.S. Thuaire (France) I EUR 1,000 100.0% Clarté Audition Sanguinet S.A.S. Thuaire (France) I EUR 1,000 100.0% Clarté Audition Nord Landes S.A.S. Thuaire (France) I Amplifon Ibérica, S.A.U. Barcelona (Spain) D EUR 26,578,809 100.0% 93 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 03/31/2025 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) EUR 3,000 100.0% I Audifonos sevillaudio, S.L. Malaga (Spain) I EUR 10,000 100.0% Audio diagnostics, S.L. Malaga (Spain) I EUR 30,000 100.0% Audio elite sur, S.L. Malaga (Spain) I EUR 20,000 100.0% Audiolmenes, S.L. Malaga (Spain) EUR 3,000 100.0% I Corbaudio centros auditivos, S.L. Cordoba (Spain) EUR 3,000 100.0% I Talayoaudio, S.L.U. Marbella (Spain) I EUR 3,000 100.0% Tecnoaudifonos, S.L.U. (*) Malaga (Spain) I EUR 6,000 100.0% Audio nevada, S.L. Malaga (Spain) EUR 10,000 100.0% I Audioliva, S.L. Jaen (Spain) EUR 3,000 100.0% I Centro audio granada, S.L. Granada (Spain) I EUR 36,000 100.0% Futurooigo, S.L. Malaga (Spain) I EUR 3,000 100.0% Centro auditivo sent, S.L. Granada (Spain) EUR 3,000 100.0% I Esteponaudio, S.L. Estepona (Spain) EUR 3,000 100.0% I Recimetal cordoba, S.L. (*) Marbella (Spain) I EUR 23,095 100.0% Soluciones auditivas de la subbetica, Rute (Spain) EUR 3,000 100.0% I S.L. Soluciones auditivas y visuales Malaga (Spain) EUR 29,000 100.0% I gonzales, S.L. Soluciones profesionales de Malaga (Spain) EUR 23,408 100.0% I audiologia, S.L. Sonic technology españa, S.L. Fuengirola (Spain) I EUR 9,015 100.0% 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% Doesburg (The Amplifon Nederland B.V. D EUR 74,212,052 100.0% Netherlands) Doesburg (The Auditech B.V. I EUR 22,500 100.0% Netherlands) Doesburg (The Electro Medical Instruments B.V. I EUR 16,650 100.0% Netherlands) Doesburg (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 Willroth (Germany) I EUR 485,555 100.0% Focus hören Deutschland GmbH Willroth (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 3,348,280 100.0% Amplifon Aparaty Słuchowe Sp. z o.o. Poznań (Poland) I PLN 8,050,000 100.0% 94 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 03/31/2025 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 Elite Hearing, LLC I USD 1,000 100.0% 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) 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% Wilmington (United ME Flagship, LLC I USD - 100.0% States) Minneapolis (United ME Pivot Holdings, LLC I USD 2,000,000 100.0% States) Minneapolis (United MEOH, LLC I USD - 100.0% States) Miracle Ear Canada Ltd. Vancouver (Canada) I CAD 169,601,200 100.0% 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% (*) Prince Rupert Rupert Hearing Ltd (*) I CAD - 100.0% (Canada) 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% 95 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 03/31/2025 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% Otohub Unit Trust (in liquidazione) Brisbane (Australia) D AUD - 100.0% Otohub Australasia Pty Ltd Brisbane (Australia) D AUD 10 100.0% Attune Hearing Pty Ltd Brisbane (Australia) D AUD 14,771,093 100.0% Attune Workplace Hearing Pty Ltd Brisbane (Australia) I AUD 1 100.0% Ear Deals Pty Ltd Brisbane (Australia) I AUD 300,000 100.0% Bay Audio Pty Ltd Sydney (Australia) D AUD 10,000 100.0% Singapore Amplifon Asia Pacific Pte Limited I SGD 1,000,000 100.0% (Singapore) Auckland (New Auckland Hearing Ltd (*) I NZD - 100.0% Zealand) Takapuna (New Amplifon NZ Ltd I NZD 130,411,317 100.0% 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 608,750,000 100.0% 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. Luoyang (China) 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. 96 --- Interim Financial Report as at 31 March 2025 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 03/31/2025 Xi'an Ansheng Medical Equipment Xi’an (China) I CNY 16,000,000 100.0% Co., Ltd. Ningxia Listening Shunan Medical Yinchuan (China) I CNY 16,000,000 100.0% Equipment 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 Ma'anshan (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 - 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 03/31/2025 Doesburg (The Comfoor BV (*) I EUR 18,000 50.0% Netherlands) Ramat HaSharon Ruti Levinson Institute Ltd (**) I ILS 105 16.0% (Israel) Afik - Test Diagnosis & Hearing Aids Jerusalem (Israel) I ILS 100 16.0% Ltd (**) Mairangi Bay (New Lakeside Specialist Centre Ltd (**) I NZD - 50.0% Zealand) (*) Joint Venture (**) Related companies 97 --- Interim Financial Report as at 31 March 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 – 31 March 2025. We also certify that the condensed interim consolidated financial statements at 31 March 2025: - have been prepared in accordance with the international accounting standards recognized in the European Union under the EC regulation no. 1606/2002 of the European Parliament and of the Council of 19 July 2002; - correspond to the underlying accounting entries and records; - provides a true and fair view of the performance and financial position of the issuer and of all of the companies included in the consolidation area. The report on operations includes a reliable operating and financial review of the Company and all of the companies included in the consolidation area. th Milano, May 6 , 2025 CEO Executive Responsible for Corporate Accounting Information Enrico Vita Gabriele Galli 98