--- title: "Interim Financial Report as at 30 June 2026" period: "2026-h1" kind: "financial-report" source_url: "https://corporate.amplifon.com/content/dam/amplifon/archive/en/investors/financial-reports/2026/Interim%20Financial%20Report%20as%20at%2030%20June%202026.pdf" downloaded_at: "2026-08-10" pdf_sha256: "804a4452fef8d11d9b1f0f765c0c07d453abe115d9134333adc621ceae6f6266" pdf_size_bytes: 3050415 extractor: "pdfjs-dist-6.0.227" --- Interim Financial Report as at 30 June 2026 --- --- INDEX PREFACE ...............................................................................................................................5 INTERIM MANAGEMENT REPORT AS AT 30 JUNE 2026 ..........................................................6 HIGHLIGHTS..........................................................................................................................6 ALTERNATIVE PERFORMANCE MEASURES .............................................................................9 SHAREHOLDER INFORMATION ............................................................................................19 RECLASSIFIED CONSOLIDATED INCOME STATEMENT ...........................................................21 RECLASSIFIED CONSOLIDATED BALANCE SHEET ...................................................................23 CONDENSED RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT..................................25 INCOME STATEMENT REVIEW .............................................................................................26 BALANCE SHEET REVIEW .....................................................................................................50 ACQUISITION AND SALE OF COMPANIES AND BUSINESSES ..................................................66 OUTLOOK ...........................................................................................................................68 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2026..........69 CONSOLIDATED STATEMENT OF FINANCIAL POSITION.........................................................70 CONSOLIDATED INCOME STATEMENT .................................................................................72 STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME ................................................73 STATEMENT OF CHANGES IN CONSOLIDATION EQUITY........................................................74 STATEMENT OF CONSOLIDATED CASH FLOWS .....................................................................76 SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CONSOLIDATED CASH FLOWS .....77 NOTES.................................................................................................................................78 1. General Information.................................................................................................78 2. Impacts of trade tariffs, conflict in Middle East, Ukraine and climate change on the Group’s performance and financial position .....................................................................79 --- 3. Acquisitions and goodwill ........................................................................................80 4. Intangible fixed assets with finite useful life............................................................83 5. Property, plant, and equipment...............................................................................85 6. Right-of-use assets ...................................................................................................87 7. Other non-current assets.........................................................................................88 8. Share capital and treasury shares............................................................................88 9. Net financial indebtedness.......................................................................................90 10. Financial liabilities ....................................................................................................93 11. Provision for risks and charges.................................................................................95 12. Lease liabilities .........................................................................................................95 13. Asset and liabilities held for sale..............................................................................96 14. Revenues from sales and services............................................................................97 15. Operating costs, depreciation and impairment, financial income-expenses and taxes 97 16. Performance stock grants ........................................................................................98 17. Earnings (loss) per share ........................................................................................101 18. Transactions with parents and other related parties ............................................102 19. Contingent liabilities ..............................................................................................103 20. Financial risk management ....................................................................................103 21. Translation of foreign companies’ financial statements........................................104 22. Segment Reporting.................................................................................................105 23. Accounting policies ................................................................................................110 24. Subsequent events.................................................................................................114 ANNEXES .......................................................................................................................... 115 Consolidation scope.........................................................................................................115 Declaration in respect of the Consolidated Financial Statements pursuant to Article 154- bis of Legislative Decree no. 58/98..................................................................................119 INDEPENDENT AUDITOR’S REPORT ON REVIEW OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2026..................................................................................... 120 Disclaimer This report contains forward looking statements (“Outlook”) relating to future events and the Amplifon Group’s operating, economic and financial results. These forecasts, by definition, contain elements of risk and uncertainty, insofar as they are linked to the occurrence of future events and developments. The actual results may be very different with respect to the original forecast due to several factors, the majority of which are out of the Group’s control. --- PREFACE This Interim Financial Report as at 30 June 2026 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 2025 that includes additional information on the risks and uncertainties that could impact the Group’s operating results or its financial position. --- INTERIM MANAGEMENT REPORT AS AT 30 JUNE 2026 --- Interim Financial Report as at 30 June 2026 > Interim Management Report HIGHLIGHTS In the first half of 2026, the Amplifon Group recorded total revenue of €1,186 million, with solid organic performance, the strongest in the last two years, well balanced across all geographical areas, against a market backdrop in line with expectations. First Half 2026 First Half 2025 (€ thousands) Economic figures: Revenues from sales and services 1,185,748 1,180,490 Gross operating profit (loss) (EBITDA) 277,030 286,981 Gross operating profit (loss) (EBITDA) Adjusted (*) 297,992 287,645 Operating profit (loss) (EBIT) 125,266 128,986 Operating profit (loss) (EBIT) Adjusted (*) 169,823 156,328 Profit (loss) before tax 76,536 98,280 Profit (loss) before tax Adjusted (*) 140,064 124,946 Net profit (loss) 49,182 68,219 Net profit (loss) Adjusted (*) 101,712 90,561 Net profit (loss) attributable to the Group 49,074 68,120 Net profit (loss) attributable to the Group Adjusted (*) 101,604 90,462 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Interim Financial Report. 06/30/2026 12/31/2025 Change (€ thousands) Financial figures: Non-current assets 3,077,450 3,054,930 22,520 Net invested capital 2,597,888 2,530,324 67,564 Group net equity 1,513,726 998,214 515,512 Total net equity 1,514,149 998,525 515,624 Net financial indebtedness excluding lease liabilities 599,827 1,045,483 (445,656) Net financial indebtedness excluding lease liabilities (*) 1,048,836 1,045,483 3,353 Lease liabilities 483,912 486,316 (2,404) Net financial indebtedness 1,083,739 1,531,799 (448,060) Net financial indebtedness (*) 1,532,748 1,531,799 949 (*) The data as of June 30, 2026, have been restated to exclude the impact of the equity raise completed on May 22, 2026, intended to finance part of the cash consideration for the acquisition of the “Hearing” business from GN Store Nord A/S. 6 --- Interim Financial Report as at 30 June 2026 > Interim Management Report First Half 2026 Pro First Half 2026 First Half 2025 (€ thousands) Forma (*) Free cash flow 56,581 56,581 37,476 Cash flow generated from (absorbed by) business combinations 7,251 7,251 (54,493) Cash flow provided by (used in) financing activities (71,255) 377,754 (121,762) Net cash flow from the period (7,423) 441,586 (138,779) Effect of exchange rate fluctuations on the net financial position 4,070 4,070 (8,298) Effect of discontinued operations on the net financial position - - (74) Net cash flow from the period with changes for exchange rate (3,352) 445,657 (147,151) fluctuations and discontinued operations (*) The data as of June 30, 2026, have been restated to exclude the impact of the equity raise completed on May 22, 2026, intended to finance part of the cash consideration for the acquisition of the “Hearing” business from GN Store Nord A/S. The first half of the current year closed with: - Revenues of €1,185,748 thousand, up 0.4% compared to the same period of the prior year (+1.3% at constant exchange rates); - Gross operating margin (EBITDA) of €277,030 thousand, a decrease of -3.5% compared to the first half of 2025, with the EBITDA margin at 23.4% (90 basis points lower than in the first half of 2025) mainly attributable to the impact of the first portion of the costs incurred in connection with the acquisition of the “Hearing” business from GN Store Nord A/S and to the streamlining and reorganization called for under the Fit4Growth program; - Adjusted gross operating margin (adjusted EBITDA) of €297,992 thousand, an increase of +3.6% compared to the first half of 2025, with the EBITDA adjusted margin at 25.1% (70 basis points higher than in the first half of 2025); - Net profit (loss) attributable to the Group of €49,074 thousand, a decrease of €19,046 thousand (-28.0%) compared to the first half of 2025; - Net profit (loss) attributable to the Group Adjusted of €101,604 thousand, an increase of €11,142 thousand (+12.3%) compared to the first half of 2025. As at 30 June 2026, net financial debt, excluding lease liabilities, amounted to €599,827 thousand, down €445,656 thousand compared with 31 December 2025. This decrease was closely linked to the equity raise completed on 22 May 2026 through an accelerated bookbuilding procedure reserved for qualified investors. The proceeds, amounting to €449,009 thousand net of commissions to the underwriting banks and advisor fees, will be used in full to finance part of the cash consideration for the acquisition of the “Hearing” business from GN Store Nord A/S. 7 --- Interim Financial Report as at 30 June 2026 > Interim Management Report In the first half of 2026, free cash flow was positive at €56,581 thousand (€37,476 thousand at 30 June 2025), after absorbing net operating capital expenditure of €45,932 thousand (€64,433 thousand at 30 June 2025) and exceptional cash outflows of €11,447 thousand, mainly relating to the “Fit4Growth” efficiency program and an initial portion of the costs associated with the acquisition of the “Hearing” business from GN Store Nord A/S. Excluding these cash outflows, adjusted free cash flow amounted to €68,028 thousand, compared with €40,018 thousand in the first half of 2025. Proceeds from business disposals of €13,473 thousand and acquisition-related cash outflows of €6,222 thousand (€54,493 thousand in the first half of 202), together with dividends paid to shareholders of €63,784 thousand (€65,302 thousand in the first half of 2025) and payment of the initial portion of the fees on the senior loan entered into to finance the remaining cash component of the acquisition of the “Hearing” business from GN Store Nord A/S, amounting to €7,236 thousand, as well as the aforementioned equity raise and the effects of exchange-rate movements, resulted in an overall positive cash flow of €441,586 thousand, compared with an overall negative cash flow of €138,779 thousand in the first half of 2025. 8 --- Interim Financial Report as at 30 June 2026 > Interim Management Report ALTERNATIVE PERFORMANCE MEASURES (€ thousands) 06/30/2026 12/31/2025 06/30/2025 Gross operating profit (loss) (EBITDA) 277,030 511,645 286,981 Gross operating profit (loss) (EBITDA) Adjusted 297,992 540,435 287,645 Operating profit (loss) (EBIT) 125,266 196,568 128,986 Operating profit (loss) (EBIT) Adjusted 169,823 281,301 156,328 Profit (loss) before tax 76,536 131,785 98,280 Profit (loss) before tax Adjusted 140,064 217,640 124,946 Net profit (loss) 49,182 91,551 68,219 Net profit (loss) Adjusted 101,712 159,378 90,561 Net profit (loss) attributable to the Group 49,074 91,334 68,120 Net profit (loss) attributable to the Group Adjusted 101,604 159,161 90,462 Net financial indebtedness excluding lease liabilities 599,827 1,045,483 1,108,956 Net financial indebtedness excluding lease liabilities (*) 1,048,836 - - Lease liabilities 483,912 486,316 500,595 Net financial indebtedness 1,083,739 1,531,799 1,609,551 Net financial indebtedness (*) 1,532,748 - - Total Net Equity 1,514,149 998,525 1,013,831 Group Net Equity 1,513,726 998,214 1,013,559 Free Cash Flow 56,581 159,909 37,476 Free Cash Flow Adjusted 68,028 174,428 40,018 Net financial indebtedness excluding lease liabilities/Net Equity (€) 0.69 1.05 1.09 Net financial indebtedness excluding lease liabilities /Group Net Equity (€) 0.69 1.05 1.09 Net financial indebtedness excluding lease liabilities/EBITDA for the leverage 1.87 1.92 1.93 calculation (€) Earnings per share (EPS) (€) 0.21356 0.41049 0.30300 Diluted EPS (€) 0.20781 0.40344 0.30090 EPS Adjusted (€) 0.44215 0.71532 0.40238 Group Net Equity per share (€) 5.696 4.540 4.548 Period-end price (€) 9.476 13.750 19.930 Highest price in period (€) 14.390 27.140 27.140 Lowest price in period (€) 7.836 12.820 15.620 Share price/net equity per share (€) 1.664 3.029 4.382 Market capitalization (€ millions) 2,518.23 3,024.10 4,420.93 Number of shares outstanding 265,748,459 219,937,482 222,854,231 Weighted average number of shares outstanding in the year 229,794,263 222,502,302 224,820,026 Weighted average number of shares potentially subject to options in the 236,149,393 226,388,620 226,388,620 period (*) The data as of June 30, 2026, have been restated to exclude the impact of the equity raise completed on May 22, 2026, intended to finance part of the cash consideration for the acquisition of the “Hearing” business from GN Store Nord A/S. 9 --- Interim Financial Report as at 30 June 2026 > 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. These “Adjusted” components can be grouped into the following categories, as identified by the top management: - Ancillary costs for the acquisition and integration of GN Hearing; - Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out; - Charges and write-off related to corporate and network reorganization, as well as other efficiency projects and changes in Top management; - Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets; - Amortization of fixed assets accounted in phase of Purchase Price Allocation; - 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); - Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters. 10 --- Interim Financial Report as at 30 June 2026 > Interim Management Report The Alternative Performance Measures identified by the Group can be defined as follows: - Gross operating profit (EBITDA) represents the Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets; iii) amortization, depreciation and impairment. - Gross operating profit (EBITDA) Adjusted represents the Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets; iii) amortization, depreciation and impairment; iv) items (income and expenses) that are unusual, infrequent or not related to the operating performance. The reconciliation of the Net profit (loss) attributable to the Group with EBITDA and the EBITDA Adjusted is shown below. First Half First Half Q2 2026 Q2 2025 (€ thousands) 2026 2025 Net profit (loss) attributable to the Group 49,074 68,120 38,553 35,236 Profit (loss) of minority interests 108 99 57 48 Net profit (loss) 49,182 68,219 38,610 35,284 Current and deferred income tax 27,354 30,061 14,708 16,262 Financial income, expenses and value adjustments to financial assets 48,730 30,706 15,445 16,000 Amortization, depreciation and impairment 151,764 157,995 76,373 78,639 Gross operating profit (EBITDA) 277,030 286,981 145,136 146,185 Transaction and integration costs for the acquisitions of GN Hearing (1) 11,827 - 5,633 - Transaction and integration costs for other acquisitions and changes (399) (827) (90) (394) (positive or negative) in earn-out (2) Charges and write-off related to back-office and network reorganization, as 7,942 1,441 4,159 1,441 well as other efficiency projects and changes in Top management (3) Gain and loss on disposal of assets and/or businesses, write-off and 117 50 123 57 revaluation of fixed assets (4) Other unusual, infrequent or unrelated income and expenses above an 1,475 - 1,275 - amount of €1m in a quarter, or above €2m across multiple quarters (5) Total adjustments 20,962 664 11,100 1,104 Gross operating profit (EBITDA) Adjusted 297,992 287,645 156,236 147,289 The following comments refer exclusively to H1 2026: (1) The positive adjustment of €11,827 thousand as at 30 June 2026 refers to a first part of the ancillary costs for the acquisition and integration of GN Hearing (entirely relating to the Corporate); (2) The negative adjustment of €399 thousand as at 30 June 2026 refers, for €247 thousand to transaction and integration costs for other acquisitions (by geographic area: EMEA for €174 thousand, Americas for €27 thousand, APAC for €8 thousand and Corporate for €38 thousand) and for €646 thousand to positive changes in contingent consideration (“earn out”) (by geographic area: EMEA for €455 thousand and Americas for €191 thousand). In the comparison period the negative adjustment for €827 thousand as at 30 June 2025 refers, for €1,429 thousand to transaction and integration costs for acquisitions (by geographic area: EMEA for €1,088 thousand, APAC for €211 thousand and Corporate for €130 thousand) and for €2,256 thousand to positive adjustments in contingent consideration (“earn out”) (by geographic area: EMEA for €966 thousand and Americas for €1,290 thousand); (3) The positive adjustment of €7,942 thousand as at 30 June 2026 refers for €7,157 thousand in costs incurred for network and company reorganization under Fit4Growth program (by geographic area: EMEA for €4,501 thousand, Americas for €649 thousand, APAC for €1,196 thousand and Corporate for €811 thousand) and for €785 thousand to costs related to changes in top management (by geographic area: EMEA for positive €391 thousand, Americas for €444 thousand and Corporate for negative €50 thousand). In the comparison period the positive adjustment for €1,441 thousand as at 30 June 2025 refers, for €650 thousand to costs incurred for network and company reorganization under Fit4Growth program (by geographic area: EMEA for €2 thousand, America for €90 thousand, APAC for €115 thousand and Corporate for €447 thousand) and for €791 thousand to costs related to changes in top management (entirely related to Corporate); 11 --- Interim Financial Report as at 30 June 2026 > Interim Management Report (4) The positive adjustment of €117 thousand (€50 thousand in the comparison period) refers to losses stemming from the disposal of durable goods; (5) The positive adjustment of €1,475 thousand refers to: (i) €1,058 thousand relating to expenses connected with remediation activities in the indirect tax area, which resulted in the recognition of specific provisions by the Indian subsidiary; (ii) for €267 thousand to charges related to the remediation activity in the payroll area, which began during the year 2025 in the APAC Region and (iii) for €150 thousand to charges related to a reassessment, which took place in 2025 in the Americas Region, of the loans received from the US subsidiary Miracle Ear Inc on the basis of the so-called “Paycheck Protection Program Loan” (PPP loan) in the years 2020-2021 which, contrary to what was initially estimated, will have to be repaid. 12 --- Interim Financial Report as at 30 June 2026 > Interim Management Report - Operating profit (EBIT) represents the Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets. - Operating profit (EBIT) Adjusted represents Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets; iii) items (income and expenses) that are unusual, infrequent or not related to the operating performance. The reconciliation of the Net profit (loss) attributable to the Group with EBIT and the EBIT Adjusted is shown below. - First Half First Half Q2 2026 Q2 2025 (€ thousands) 2026 2025 Net profit (loss) attributable to the Group 49,074 68,120 38,553 35,236 Profit (loss) of minority interests 108 99 57 48 Net profit (loss) 49,182 68,219 38,610 35,284 Current and deferred income tax 27,354 30,061 14,708 16,262 Financial income, expenses and value adjustments to financial assets 48,730 30,706 15,445 16,000 Operating profit (loss) (EBIT) 125,266 128,986 68,763 67,546 Transaction and integration costs for the acquisitions of GN Hearing (1) 11,827 - 5,633 - Transaction and integration costs for other acquisitions and changes (399) (827) (90) (394) (positive or negative) in earn-out (2) Charges and write-off related to back-office and network reorganization, as 8,122 2,794 4,800 2,794 well as other efficiency projects and changes in Top management (3) Gain and loss on disposal of assets and/or businesses, write-off and 225 123 209 38 revaluation of fixed assets (4) Amortization of fixed assets accounted in phase of Purchase Price Allocation 23,307 25,252 11,745 12,558 (5) Other unusual, infrequent or unrelated income and expenses above an 1,475 - 1,275 - amount of €1m in a quarter, or above €2m across multiple quarters (6) Total adjustments 44,557 27,342 23,572 14,997 Operating profit (loss) (EBIT) Adjusted 169,823 156,328 92,335 82,543 The following comments refer exclusively to H1 2026: (1), (2), (6) Adjustments are listed in the section relating to Adjusted EBITDA; (3) In addition to the adjustments listed in the section relating to Adjusted EBITDA, net charges for losses of €180 thousand were recognized on property, plant and equipment, intangible assets, right-of-use assets and goodwill arising from corporate and network reorganizations and other efficiency projects attributable to the Fit4Growth program (broken down by region as follows: EMEA negative for €219 thousand, Americas negative for €346 thousand and APAC positive for €745 thousand). In the comparison period, €1,353 thousands of net charges are added for write-downs of tangible and intangible assets and goodwill resulting from corporate reorganizations, the network and other efficiency projects (entirely relating to the APAC area); (4) In addition to the adjustments listed in the section relating to Adjusted EBITDA, net charges of €108 thousand (€73 thousand in the comparison period) were recognized on property, plant and equipment, intangible assets and goodwill; (5) The positive adjustment of €23,307 thousand at 30 June 2026 (broken down by region as follows: EMEA €16,432 thousand, Americas €2,945thousand and APAC €3,930 thousand) refers to the amortization of customer lists, trademarks, licenses, non-compete agreements and franchise rights recognized as a result of business combinations (“PPA”). In the comparison period, the positive adjustment amounted to €25,252 thousand (broken down by region as follows: EMEA €16,929 thousand, Americas €2,482 thousand and APAC €5,841 thousand). 13 --- Interim Financial Report as at 30 June 2026 > Interim Management Report - Profit (loss) before tax Adjusted represents the Profit (loss) before tax Adjusted by items (income and expenses) that are unusual, infrequent or not related to the operating performance as detailed below. The reconciliation of the Profit (loss) before tax with Profit (loss) before tax Adjusted is shown below. First Half First Half Q2 2026 Q2 2025 (€ thousands) 2026 2025 Net profit (loss) attributable to the Group 49,074 68,120 38,553 35,236 Profit (loss) of minority interests 108 99 57 48 Net profit (loss) 49,182 68,219 38,610 35,284 Current and deferred income tax 27,354 30,061 14,708 16,262 Profit (loss) before tax 76,536 98,280 53,318 51,546 Transaction and integration costs for the acquisition of GN Hearing (1) 11,827 - 5,633 - Transaction and integration costs for other acquisitions and changes (399) (827) (90) (394) (positive or negative) in earn-out (2) Charges and write-off related to back-office and network reorganization, as 8,122 2,794 4,800 2,794 well as other efficiency projects and changes in Top management (3) Gain and loss on disposal of assets and/or businesses, write-off and 19,941 123 1,156 38 revaluation of fixed assets (4) Amortization of fixed assets accounted in phase of Purchase Price Allocation 23,307 25,252 11,745 12,559 (5) Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of 1,096 1,161 533 640 financial liabilities (IFRS 9) (6) Other unusual, infrequent or unrelated income and expenses above an (366) (1,837) 286 (961) amount of €1m in a quarter, or above €2m across multiple quarters (7) Total adjustments 63,528 26,666 24,063 14,676 Profit (loss) before tax Adjusted 140,064 124,946 77,381 66,222 The following comments refer exclusively to H1 2026: (1), (2), (3), (5) Adjustments are listed in the section relating to Adjusted EBIT; (4) The following is added to the adjustments listed in the section relating to Adjusted EBIT: (i) €19,029 thousand in charges related to the reclassification in profit & loss of the total negative exchange differences relative to the foreign operations in the United Kingdom included in net equity which were recognized upon the definitive sale of the stake in Amplifon United Kingdom Limited at the beginning of March 2026; (ii) €687 thousand in net gains stemming from the disposal of the stake in Amplifon United Kingdom Limited and Comfoor B.V.; (6) The positive adjustment of €1,096 thousand at 30 June 2026 (€1,161 thousand in the comparison period) relates to financial expenses stemming from hyperinflation (IAS 29) for €655 thousand (€612 thousand in the comparison period) and for €441thousand (€549 thousand in the comparison period) to changes in FV following changes in financial liabilities (IFRS 9); (7) In addition to the adjustments listed in the section relating to the Operating Profit (EBIT) Adjusted, there is added (i) for €2,132 thousand (€1,837 thousand in the comparison period) the negative adjustment for financial gains relating to tax credits, resulting from superbonus discounts in accordance with Articles 119 and 121 of Legislative Decree 34/2020 and (ii) for €291 thousand relating to a positive adjustment for the recognition of financial expenses connected with remediation activities in the indirect tax area at the Indian subsidiary. 14 --- Interim Financial Report as at 30 June 2026 > Interim Management Report - Net profit (loss) Adjusted represents the Net profit (loss) adjusted by items (income and expenses) that are unusual, infrequent or not related to the operating performance as detailed below. The reconciliation of the Net profit (loss) with Net profit (loss) Adjusted is shown below. First Half First Half Q2 2026 Q2 2025 (€ thousands) 2026 2025 Net profit (loss) attributable to the Group 49,074 68,120 38,553 35,236 Profit (loss) of minority interests 108 99 57 48 Net profit (loss) 49,182 68,219 38,610 35,284 Transaction and integration costs for the acquisition of GN Hearing (1) 11,827 - 5,633 - Transaction and integration costs for other acquisitions and changes (399) (827) (90) (394) (positive or negative) in earn-out (2) Charges and write-off related to back-office and network reorganization, as 8,122 2,794 4,800 2,794 well as other efficiency projects and changes in Top management (3) Gain and loss on disposal of assets and/or businesses, write-off and 19,941 123 1,156 38 revaluation of fixed assets (4) Amortization of fixed assets accounted in phase of Purchase Price Allocation 23,307 25,252 11,745 12,559 (5) Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of 1,096 1,161 533 640 financial liabilities (IFRS 9) (6) Other unusual, infrequent or unrelated income and expenses above an (366) (1,837) 286 (961) amount of €1m in a quarter, or above €2m across multiple quarters (7) Total adjustments before tax 63,528 26,666 24,063 14,676 Fiscal effect on adjustments and other fiscal adjustments (8) (10,998) (4,324) (5,455) (1,088) Total adjustments 52,530 22,342 18,608 13,588 Net profit (loss) Adjusted 101,712 90,561 57,218 48,872 The following comments refer exclusively to H1 2026: (1), (2), (3), (4), (5), (6), (7) The adjustments are listed in the section on Adjusted Profit Before Tax; (8) The adjustment refers to the impact of taxes following the adjustments listed above. 15 --- Interim Financial Report as at 30 June 2026 > Interim Management Report - Net profit (loss) attributable to the Group Adjusted represents the Net profit (loss) attributable to the Group adjusted by items (income and expenses) that are unusual, infrequent or not related to the operating performance as detailed below. The reconciliation of the Net profit (loss) attributable to the Group with Net profit (loss) attributable to the Group Adjusted is shown below. First Half First Half Q2 2026 Q2 2025 (€ thousands) 2026 2025 Net profit (loss) attributable to the Group 49,074 68,120 38,553 35,236 Transaction and integration costs for the acquisition of GN Hearing (1) 11,827 - 5,633 - Transaction and integration costs for other acquisitions and changes (399) (827) (90) (394) (positive or negative) in earn-out (2) Charges and write-off related to back-office and network reorganization, as 8,122 2,794 4,800 2,794 well as other efficiency projects and changes in Top management (3) Gain and loss on disposal of assets and/or businesses, write-off and 19,941 123 1,156 38 revaluation of fixed assets (4) Amortization of fixed assets accounted in phase of Purchase Price Allocation 23,307 25,252 11,745 12,559 (5) Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of 1,096 1,161 533 640 financial liabilities (IFRS 9) (6) Other unusual, infrequent or unrelated income and expenses above an (366) (1,837) 286 (961) amount of €1m in a quarter, or above €2m across multiple quarters (7) Total adjustments before tax 63,528 26,666 24,063 14,676 Fiscal effect on adjustments and other fiscal adjustments (8) (10,998) (4,324) (5,455) (1,088) Total adjustments 52,530 22,342 18,608 13,588 Net profit (loss) attributable to the Group Adjusted 101,604 90,462 57,161 48,824 The following comments refer exclusively to H1 2026: (1), (2), (3), (4), (5), (6), (7), (8) The adjustments are listed in the section on Net profit (loss) Adjusted; 16 --- Interim Financial Report as at 30 June 2026 > 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. - Free cash flow Adjusted: represents the cash flow of operating and investing activities before the cash flows used in acquisitions and payment of dividends and the cash flows from or used in other financing activities, adjusted by cash flows that are unusual, infrequent or not related to the operating performance as detailed below The following table provides a breakdown of the calculation of the indicator: First Half (€ thousands) First Half 2025 2026 Free cash flow 56,581 37,476 Cash flow of transaction and integration costs for the acquisition of GN Hearing 1,951 - Cash flow of transaction and integration costs for other acquisitions 448 1,239 Cash flow of charges related to corporate and network reorganization, as well as other efficiency projects 8,323 1,303 and changes in Top management Cash flow of other unusual, infrequent or unrelated income and expenses 725 - Cash flow of unusual, infrequent or not related items 11,447 2,542 Free cash flow Adjusted 68,028 40,018 - The net financial debt represents the Group’s net financial debt determined in accordance with the ESMA guideline 32-382-1138 of 4 March 2021 and CONSOB’s Warning Notice n. 5/21 of 29 April 2021. - Net financial indebtedness excluding lease liabilities is the net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents. - Net financial indebtedness excluding lease liabilities/Net Equity is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to total net equity. - Net financial indebtedness excluding lease liabilities /Group Net Equity is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to the Group’s net equity. 17 --- Interim Financial Report as at 30 June 2026 > Interim Management Report - Net financial indebtedness excluding lease liabilities /EBITDA for the leverage calculation is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to EBITDA for the last four quarters (determined with reference to usual, frequent or related to the operating performance operations only, based on pro forma figures in case of significant changes to the structure of the Group). The breakdown of the calculation of the indicator is shown below: First Half (€ thousands) 2026 Group EBITDA First Half 2026 277,030 Group EBITDA July – December 2025 224,664 Fair value of stock grant assignment 6,666 EBITDA normalized (from acquisitions and disposals) 2,545 Items (income and expenses) that are unusual, infrequent or not related to the operating performance July 2025 - June 2026 49,083 EBITDA for the leverage calculation 559,988 - Earnings per share (EPS) (€) is the Net profit (loss) attributable to the Group divided by the weighted average number of shares outstanding during the period, considering purchases and sales of treasury shares as cancellations or issues of shares, respectively. - Diluted earnings per share (EPS) (€) is the Net profit (loss) attributable to the Group divided by the weighted average number of shares outstanding during the period adjusted for the dilution effect of potential shares. In the calculation of outstanding shares, purchases and sales of treasury shares are considered as cancellations and issues of shares, respectively. - Earnings per share (EPS) Adjusted (€) is the Net profit (loss) attributable to the Group Adjusted divided by the weighted average number of outstanding shares in the period adjusted to reflect the amortization of purchase price allocations. When calculating the number of outstanding shares, the purchases and sales of treasury shares are considered cancellations and share issues, respectively. - Group Net Equity per share (€) is the ratio of Group equity to the number of outstanding shares. - Period-end price (€) is the closing price on the last stock exchange trading day of the period. st - Highest price (€) and lowest price (€) are the highest and lowest prices from 1 January to the end of the period. - Share price/Net equity per share is the ratio of the share closing price on the last stock exchange trading day of the period to net equity per share. - Market capitalization is the closing price on the last stock exchange trading day of the period multiplied by the number of outstanding shares. - The number of shares outstanding is the number of shares issued less treasury shares. 18 --- Interim Financial Report as at 30 June 2026 > Interim Management Report SHAREHOLDER INFORMATION Main shareholders The main shareholders of Amplifon S.p.A. as at 30 June 2026 are: % of the total No. of ordinary Shareholder % held share capital in shares (*) voting rights Ampliter S.r.l. 105,105,392 38.68% 70.09% Treasury shares 5,940,161 2.19% 1.07% Market 160,643,067 59.13% 28.84% Total 271,688,620 100.00% 100.00% (*) Number of shares related to the share capital registered with the Company registrar on 30 June 2026. 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. 19 --- Interim Financial Report as at 30 June 2026 > Interim Management Report st The chart shows the performance of the Amplifon share price and its trading volumes from 1 th January 2026 to 30 June 2026. As at 30 June 2026 market capitalization was €2,518.23 million. Dealings in Amplifon shares in the screen-based stock market Euronext Milano (EXM) during the period 01 January 2026 – 30 June 2026, showed: - average daily value: €29,426,514.61 - average daily volume: 2,629,892.97 shares; - total volume traded of 339,256,193 shares, or 127.66% of the total number of shares comprising the share capital, net of treasury shares. 20 --- Interim Financial Report as at 30 June 2026 > Interim Management Report RECLASSIFIED CONSOLIDATED INCOME STATEMENT First Half % on First Half % on Change 2026 sales 2025 sales % (€ thousands) Revenues from sales and services 1,185,748 100.0% 1,180,490 100.0% 0.4% Operating costs (911,592) -76.9% (896,155) -75.9% -1.7% Other income and costs 2,874 0.3% 2,646 0.2% 8.6% Gross operating profit (loss) (EBITDA) 277,030 23.4% 286,981 24.3% -3.5% Gross operating profit (loss) (EBITDA) Adjusted (*) 297,992 25.1% 287,645 24.4% 3.6% Depreciation, amortization and impairment losses on non-current (59,601) -5.0% (64,074) -5.4% 7.0% assets Right-of-use depreciation (68,856) -5.8% (68,670) -5.9% -0.3% PPA related depreciation, amortization and impairment (23,307) -2.0% (25,251) -2.1% 7.7% Operating profit (loss) (EBIT) 125,266 10.6% 128,986 10.9% -2.9% Operating profit (loss) (EBIT) Adjusted (*) 169,823 14.3% 156,328 13.2% 8.6% Income, expenses, valuation and adjustments of financial assets (687) -0.1% 90 0.0% - Net financial expenses (28,592) -2.4% (28,854) -2.4% 0.9% Exchange differences, inflation accounting and Fair Value valuation (19,451) -1.6% (1,942) -0.2% - Profit (loss) before tax 76,536 6.5% 98,280 8.3% -22.1% Profit (loss) before tax Adjusted (*) 140,064 11.8% 124,946 10.6% 12.1% Tax (27,354) -2.3% (30,061) -2.5% 9.0% Net profit (loss) 49,182 4.1% 68,219 5.8% -27.9% Net profit (loss) Adjusted (*) 101,712 8.6% 90,561 7.7% 12.3% Profit (loss) of minority interests 108 - 99 0.0% 9.1% Net profit (loss) attributable to the Group 49,074 4.1% 68,120 5.8% -28.0% Net profit (loss) attributable to the Group Adjusted (*) 101,604 8.6% 90,462 7.7% 12.3% (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Interim Financial Report. 21 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Second % on Second % on Change Quarter 2026 sales Quarter 2025 sales % (€ thousands) Revenues from sales and services 100.0% 592,700 100.0% 2.2% 605,984 Operating costs (461,916) -76.2% (446,384) -75.4% -3.5% Other income and costs 1,068 0.2% (131) 0.1% 915.3% Gross operating profit (loss) (EBITDA) 145,136 24.0% 146,185 24.7% -0.7% Gross operating profit (loss) (EBITDA) Adjusted (*) 156,236 25.8% 147,289 24.9% 6.1% Depreciation, amortization and impairment losses on non-current -5.1% (31,911) -5.6% 5.1% assets (30,272) Right-of-use depreciation (34,356) -5.7% (34,170) -5.8% -0.5% PPA related depreciation, amortization and impairment (11,745) -1.9% (12,558) -1.9% 6.5% Operating profit (loss) (EBIT) 68,763 11.3% 67,546 11.4% 1.8% Operating profit (loss) (EBIT) Adjusted (*) 92,335 15.2% 82,543 13.9% 11.9% Income, expenses, valuation and adjustments of financial assets (947) -0.2% 90 - - Net financial expenses (14,048) -2.2% (14,706) -2.5% 4.5% Exchange differences, inflation accounting and Fair Value (450) -0.1% (1,384) -0.2% 67.5% valuation Profit (loss) before tax 53,318 8.8% 51,546 8.7% 3.4% Profit (loss) before tax Adjusted (*) 77,381 12.8% 66,222 11.2% 16.9% Tax (14,708) -2.4% (16,262) -2.7% 9.6% Net profit (loss) 38,610 6.4% 35,284 6.0% 9.4% Net profit (loss) Adjusted (*) 57,218 9.4% 48,872 8.2% 17.1% Profit (loss) of minority interests 57 0.0% 48 - 18.8% Net profit (loss) attributable to the Group 38,553 6.4% 35,236 5.9% 9.4% Net profit (loss) attributable to the Group Adjusted (*) 57,161 9.4% 48,824 8.2% 17.1% (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Interim Financial Report. 22 --- Interim Financial Report as at 30 June 2026 > Interim Management Report RECLASSIFIED CONSOLIDATED BALANCE SHEET The reclassified Consolidated Balance Sheet aggregates assets and liabilities according to operating functionality criteria, subdivided by convention into the following three key functions: investments, operations and finance. 06/30/2026 12/31/2025 Change (€ thousands) Goodwill 1,977,440 1,927,215 50,225 Non-competition agreements, trademarks, customer lists and franchise 204,083 221,061 (16,978) rights Software, licenses, other int.ass., wip and advances 156,555 159,660 (3,105) Tangible assets 228,571 237,082 (8,511) Right of use assets 459,117 462,038 (2,921) Fixed financial assets (1) 6,869 6,829 40 Other non-current financial assets (1) 44,815 41,045 3,770 Total fixed assets 3,077,450 3,054,930 22,520 Inventories 79,787 82,452 (2,665) Trade receivables 228,977 221,810 7,167 Other receivables 131,401 113,235 18,166 Current assets (A) 440,165 417,497 22,668 Total assets 3,517,615 3,472,427 45,188 Trade payables (339,539) (366,477) 26,938 Other payables (2) (363,959) (374,330) 10,371 Provisions for risks (current portion) (9,012) (7,459) (1,553) Short term liabilities (B) (712,510) (748,266) 35,756 Net working capital (A) - (B) (272,345) (330,769) 58,424 Derivative instruments (3) 1,891 1,445 446 Deferred tax assets 76,322 74,907 1,415 Deferred tax liabilities (94,700) (92,660) (2,040) Provisions for risks (non-current portion) (14,552) (14,511) (41) Employee benefits (non-current portion) (11,884) (12,480) 596 Loan fees (4) 2,084 2,814 (730) Other long-term payables (167,752) (167,332) (420) Asset and liabilities held for sale (5) 1,374 13,980 (12,606) NET INVESTED CAPITAL 2,597,888 2,530,324 67,564 Shareholders' equity 1,513,726 998,214 515,512 Third parties' equity 423 311 112 Net equity 1,514,149 998,525 515,624 Medium/Long term net financial debt (4) 568,530 987,968 (419,438) Short term net financial debt (4) 25,703 57,515 (31,812) Net financial indebtedness held for sale (5) 5,594 - 5,594 Total net financial debt 599,827 1,045,483 (445,656) Lease liabilities 483,912 486,316 (2,404) Total lease liabilities & net financial debt 1,083,739 1,531,799 (448,060) NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL DEBT 2,597,888 2,530,324 67,564 23 --- Interim Financial Report as at 30 June 2026 > 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; (5) The item “Assets and liabilities held for sale” is presented in the balance sheet under “Assets held for sale” and “Liabilities held for sale”. 24 --- Interim Financial Report as at 30 June 2026 > Interim Management Report CONDENSED RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT The condensed consolidated cash flow statement is a summarized version of the reclassified statement of cash flows set out in the following pages and its purpose is, starting from the EBIT, to detail the cash flows from or used in operating, investing and financing activities. First Half 2026 Pro First Half 2026 First Half 2025 (€ thousands) Forma (**) Operating profit (loss) (EBIT) 125,266 125,999 128,986 Amortization, depreciation and write-downs 151,764 151,764 157,995 Provisions, other non-monetary items and gain/losses from 9,501 9,501 3,128 disposals Net financial expenses (27,740) (27,740) (28,138) Taxes paid (22,253) (22,253) (21,386) Changes in net working capital (65,410) (65,410) (71,569) Cash flow provided by (used in) operating activities before 171,128 171,128 169,016 repayment of lease liabilities Repayment of lease liabilities (68,615) (68,615) (67,107) Cash flow provided by (used in) operating activities (A) 102,513 102,513 101,909 Cash flow provided by (used in) operating investing activities (B) (45,932) (45,932) (64,433) Free Cash Flow (A) + (B) 56,581 56,581 37,476 Free cash flow Adjusted (*) 68,028 68,028 40,018 Net cash flow provided by (used in) acquisitions (C) 7,251 7,251 (54,493) Cash flow provided by (used in) investing activities (B) + (C) (38,681) (38,681) (118,926) Cash flow provided by (used in) operating activities and investing 63,832 63,832 (17,017) activities Dividends (63,784) (63,784) (65,302) Treasury Shares - - (55,228) Fees paid on medium/long-term financing (7,236) (7,236) (1,788) Capital increases, third parties’ contributions and dividends paid by (1) 449,008 - subsidiaries to third parties Change in non-current assets (234) (234) 556 Net cash flow from the period (7,423) 441,586 (138,779) Net financial indebtedness at the beginning of the period (1,045,483) (1,045,483) (961,805) excluding lease liabilities Effect of exchange rate fluctuations on net financial debt 4,070 4,070 (8,298) Effect of discontinued operations on net financial debt - - (74) Changes in net financial debt (7,423) 441,586 (138,779) Net financial indebtedness at the end of the period excluding lease (1,048,836) (599,827) (1,108,956) liabilities (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Interim Financial Report. (**) The data as of June 30, 2026, have been restated to exclude the impact of the equity raise completed on May 22, 2026, intended to finance part of the cash consideration for the acquisition of the “Hearing” business from GN Store Nord A/S. Accordingly, the item “Capital increases, third parties’ contributions and dividends paid by subsidiaries to third parties” excludes the proceeds from the equity raise, which amounted to €449.009 thousand, net of commissions to the underwriting banks and advisor fees. 25 --- Interim Financial Report as at 30 June 2026 > Interim Management Report INCOME STATEMENT REVIEW Consolidated income statement by segment and geographic area First Half 2026 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 775,782 228,714 181,252 - 1,185,748 Operating costs (546,473) (172,744) (135,651) (56,724) (911,592) Other income and costs 2,437 (258) (380) 1,075 2,874 Gross operating profit (loss) (EBITDA) 231,746 55,712 45,221 (55,649) 277,030 Gross operating profit (loss) (EBITDA) Adjusted (*) 236,463 56,791 47,756 (43,018) 297,992 Depreciation, amortization and impairment of non- (27,173) (9,311) (9,064) (14,053) (59,601) current assets Right-of-use depreciation (44,918) (7,675) (15,004) (1,259) (68,856) PPA related depreciation, amortization and impairment (16,432) (2,335) (3,930) (610) (23,307) Operating profit (loss) (EBIT) 143,223 36,391 17,223 (71,571) 125,266 Operating profit (loss) (EBIT) Adjusted (*) 164,229 40,101 24,433 (58,940) 169,823 Income, expenses, valuation and adjustments of (687) financial assets Net financial expenses (28,592) Exchange differences, inflation accounting and Fair (19,451) Value valuation Profit (loss) before tax 76,536 Profit (loss) before tax Adjusted (*) 140,064 Tax (27,354) Net profit (loss) 49,182 Net profit (loss) Adjusted (*) 101,712 Profit (loss) of minority interests 108 Net profit (loss) attributable to the Group 49,074 Net profit (loss) attributable to the Group Adjusted (*) 101,604 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Interim Financial Report. 26 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. First Half 2026 (€ thousands) Net profit (loss) Profit (loss) Net profit Attributable EBITDA EBIT before tax (loss) to the Group Alternative Performance Measures 277,030 125,266 76,536 49,182 49,074 Transaction and integration costs for the acquisitions of GN Hearing 11,827 11,827 11,827 11,827 11,827 Transaction and integration costs for other acquisitions and changes (positive or (399) (399) (399) (399) (399) negative) in earn-out Charges and write-off related to back-office and network reorganization, as well 7,942 8,122 8,122 8,122 8,122 as other efficiency projects and changes in Top management Gain and loss on disp. of assets and/or businesses, write-off and rev. of fixed assets 117 225 19,941 19,941 19,941 Amortization of fixed assets accounted in phase of Purchase Price Allocation - 23,307 23,307 23,307 23,307 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of fin. liab. (IFRS - - 1,096 1,096 1,096 9) Other unusual, infrequent or unrelated income and expenses above an amount of 1,475 1,475 (366) (366) (366) €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 20,962 44,557 63,528 63,528 63,528 Fiscal effect on adjustments and other fiscal adjustments (10,998) (10,998) Total adjustments 20,962 44,557 63,528 52,530 52,530 Adjusted Alternative Performance Measures 297,992 169,823 140,064 101,712 101,604 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. First Half 2026 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 231,746 143,223 55,712 36,391 45,221 17,223 (55,649) (71,571) 277,030 125,266 Measures Transaction and integr. costs for - - - - - - 11,827 11,827 11,827 11,827 the acquisitions of GN Hearing Transaction and integr. costs for other acq. and changes (positive (281) (281) (164) (164) 8 8 38 38 (399) (399) or negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as other 4,892 4,673 1,093 747 1,196 1,941 761 761 7,942 8,122 efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write- 106 182 - 32 6 6 5 5 117 225 off and rev. of fixed assets Amortization of fixed assets - 16,432 - 2,945 - 3,930 - - - 23,307 accounted in phase of PPA Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - - 150 150 1,325 1,325 - - 1,475 1,475 quarter, or above €2m across multiple quarters Total adjustments 4,717 21,006 1,079 3,710 2,535 7,210 12,631 12,631 20,962 44,557 Adjusted Alternative 236,463 164,229 56,791 40,101 47,756 24,433 (43,018) (58,940) 297,992 169,823 Performance Measures 27 --- Interim Financial Report as at 30 June 2026 > Interim Management Report First Half 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 765,958 243,085 171,447 - 1,180,490 Operating costs (544,554) (185,535) (128,390) (37,676) (896,155) Other income and costs 1,544 740 254 108 2,646 Gross operating profit (loss) (EBITDA) 222,948 58,290 43,311 (37,568) 286,981 Gross operating profit (loss) (EBITDA) Adjusted (*) 223,114 57,090 43,641 (36,200) 287,645 Depreciation, amortization and impairment of non- (28,950) (10,344) (10,404) (14,376) (64,074) current assets Right-of-use depreciation (44,484) (7,718) (15,239) (1,229) (68,670) PPA related depreciation, amortization and impairment (16,928) (2,265) (5,841) (217) (25,251) Operating profit (loss) (EBIT) 132,586 37,963 11,827 (53,390) 128,986 Operating profit (loss) (EBIT) Adjusted (*) 149,784 39,245 19,321 (52,022) 156,328 Income, expenses, revaluation and adjustments of 90 financial assets Net financial expenses (28,854) Exchange differences, inflation accounting and Fair (1,942) Value valuation Profit (loss) before tax 98,280 Profit (loss) before tax Adjusted (*) 124,946 Tax (30,061) Net profit (loss) 68,219 Net profit (loss) Adjusted (*) 90,561 Profit (loss) of minority interests 99 Net profit (loss) attributable to the Group 68,120 Net profit (loss) attributable to the Group Adjusted (*) 90,462 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Interim Financial Report. 28 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. First Half 2025 (€ thousands) Net profit (loss) Profit (loss) Net profit attributable to the EBITDA EBIT before tax (loss) Group Alternative Performance Measures 286,981 128,986 98,280 68,219 68,120 Transaction and integration costs for acquisitions and changes (positive or (827) (827) (827) (827) (827) negative) in earn-out Costs relative to corporate and network reorganization, as well as other 1,441 2,794 2,794 2,794 2,794 efficiency projects Gain and loss on disposal of assets and/or businesses, write-off and 50 123 123 123 123 revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 25,252 25,252 25,252 25,252 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial - - 1,161 1,161 1,161 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an - - (1,837) (1,837) (1,837) amount of €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 664 27,342 26,666 26,666 26,666 Fiscal effect on adjustments and other fiscal adjustments (4,324) (4,324) Total adjustments 664 27,342 26,666 22,342 22,342 Adjusted Alternative Performance Measures 287,645 156,328 124,946 90,561 90,462 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. First Half 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 222,948 132,586 58,290 37,963 43,311 11,827 (37,568) (53,390) 286,981 128,986 Measures Transaction and integration costs for acquisitions and 122 122 (1,290) (1,290) 211 211 130 130 (827) (827) changes (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as other (2) 28 90 90 115 1,438 1,238 1,238 1,441 2,794 efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write- 46 119 - - 4 4 - - 50 123 off and revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 16,929 - 2,482 - 5,841 - - - 25,252 Price Allocation Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - - - - - - - - - - quarter, or above €2m across multiple quarters Total adjustments 166 17,198 (1,200) 1,282 330 7,494 1,368 1,368 664 27,342 Adjusted Alternative 223,114 149,784 57,090 39,245 43,641 19,321 (36,200) (52,022) 287,645 156,328 Performance Measures 29 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Second Quarter 2026 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 391,652 120,468 93,864 - 605,984 Operating costs (275,152) (88,623) (72,128) (26,013) (461,916) Other income and costs 1,078 (569) (164) 723 1,068 Gross operating profit (loss) (EBITDA) 117,578 31,276 21,572 (25,290) 145,136 Gross operating profit (loss) (EBITDA) Adjusted (*) 120,177 31,617 23,510 (19,068) 156,236 Depreciation, amortization and impairment of non- (13,194) (4,845) (5,228) (7,005) (30,272) current assets Right-of-use depreciation (22,112) (4,003) (7,605) (636) (34,356) PPA related depreciation, amortization and impairment (8,249) (1,201) (1,990) (305) (11,745) Operating profit (loss) (EBIT) 74,023 21,227 6,749 (33,236) 68,763 Operating profit (loss) (EBIT) Adjusted (*) 84,906 23,033 11,410 (27,014) 92,335 Income, expenses, revaluation and adjustments of (947) financial assets Net financial expenses (14,048) Exchange differences, inflation accounting and Fair (450) Value valuation Profit (loss) before tax 53,318 Profit (loss) before tax Adjusted (*) 77,381 Tax (14,708) Net profit (loss) 38,610 Net profit (loss) Adjusted (*) 57,218 Profit (loss) of minority interests 57 Net profit (loss) attributable to the Group 38,553 Net profit (loss) attributable to the Group Adjusted (*) 57,161 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Interim Financial Report. 30 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. Second Quarter 2026 (€ thousands) Net profit (loss) Profit (loss) Net profit Attributable EBITDA EBIT before tax (loss) to the Group Alternative Performance Measures 145,136 68,763 53,318 38,610 38,553 Transaction and integr. costs for the acquisitions of GN Hearing 5,633 5,633 5,633 5,633 5,633 Transaction and integration costs for acquisitions and changes (positive or (90) (90) (90) (90) (90) negative) in earn-out Costs related to back-office and network reorganization, as well as other efficiency 4,159 4,800 4,800 4,800 4,800 projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and revaluation of 123 209 1,156 1,156 1,156 fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 11,745 11,745 11,745 11,745 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial - - 533 533 533 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an amount of 1,275 1,275 286 286 286 €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 11,100 23,572 24,063 24,063 24,063 Fiscal effect on adjustments and other fiscal adjustments (5,455) (5,455) Total adjustments 11,100 23,572 24,063 18,608 18,608 Adjusted Alternative Performance Measures 156,236 92,335 77,381 57,218 57,161 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. Second Quarter 2026 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 117,578 74,023 31,276 21,227 21,572 6,749 (25,290) (33,236) 145,136 68,763 Measures Transaction and integr. costs for - - (312) (312) - - 5,945 5,945 5,633 5,633 the acquisitions of GN Hearing Transaction and integration costs for acquisitions and changes (162) (162) 64 64 8 8 - - (90) (90) (positive or negative) in earn-out Costs related to back-office and network reorganization, as well as 2,651 2,633 506 432 730 1,463 272 272 4,159 4,800 other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and 110 164 - 32 8 8 5 5 123 209 revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 8,248 - 1,507 - 1,990 - - - 11,745 Price Allocation Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - - 83 83 1,192 1,192 - - 1,275 1,275 quarter, or above €2m across multiple quarters Total adjustments 2,599 10,883 341 1,806 1,938 4,661 6,222 6,222 11,100 23,572 Adjusted Alternative 120,177 84,906 31,617 23,033 23,510 11,410 (19,068) (27,014) 156,236 92,335 Performance Measures 31 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Second Quarter 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 382,394 124,646 85,660 - 592,700 Operating costs (271,005) (94,353) (65,817) (15,209) (446,384) Other income and costs (682) 187 371 (7) (131) Gross operating profit (loss) (EBITDA) 110,707 30,480 20,214 (15,216) 146,185 Gross operating profit (loss) (EBITDA) Adjusted (*) 110,514 30,425 20,325 (13,975) 147,289 Depreciation, amortization and impairment of non- (14,588) (5,242) (5,726) (6,355) (31,911) current assets Right-of-use depreciation (22,312) (3,864) (7,373) (621) (34,170) PPA related depreciation, amortization and impairment (8,368) (1,105) (2,868) (217) (12,558) Operating profit (loss) (EBIT) 65,439 20,269 4,247 (22,409) 67,546 Operating profit (loss) (EBIT) Adjusted (*) 73,626 21,537 8,548 (21,168) 82,543 Income, expenses, revaluation and adjustments of 90 financial assets Net financial expenses (14,706) Exchange differences, inflation accounting and Fair (1,384) Value valuation Profit (loss) before tax 51,546 Profit (loss) before tax Adjusted (*) 66,222 Tax (16,262) Net profit (loss) 35,284 Net profit (loss) Adjusted (*) 48,872 Profit (loss) of minority interests 48 Net profit (loss) attributable to the Group 35,236 Net profit (loss) attributable to the Group Adjusted (*) 48,824 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Interim Financial Report. 32 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group. Second Quarter 2025 (€ thousands) Net profit (loss) Profit (loss) Net profit attributable to the EBITDA EBIT before tax (loss) Group Alternative Performance Measures 146,185 67,546 51,546 35,284 35,236 Transaction and integration costs for acquisitions and changes (positive or (394) (394) (394) (394) (394) negative) in earn-out Charges and write-off related to back-office and network reorganization, as 1,441 2,794 2,794 2,794 2,794 well as other efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and 57 38 38 38 38 revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase Price Allocation - 12,559 12,559 12,559 12,559 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial - - 640 640 640 liabilities (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an - - (961) (961) (961) amount of €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 1,104 14,997 14,676 14,676 14,676 Fiscal effect on adjustments and other fiscal adjustments (1,088) (1,088) Total adjustments 1,104 14,997 14,676 13,588 13,588 Adjusted Alternative Performance Measures 147,289 82,543 66,222 48,872 48,824 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. Second Quarter 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 110,707 65,439 30,480 20,269 20,214 4,247 (15,216) (22,409) 146,185 67,546 Measures Transaction and integration costs for acquisitions and changes (249) (249) (145) (145) (3) (3) 3 3 (394) (394) (positive or negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as other (2) 28 90 90 115 1,438 1,238 1,238 1,441 2,794 efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write-off and 58 39 - - (1) (1) - - 57 38 revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 8,369 - 1,323 - 2,867 - - - 12,559 Price Allocation Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - - - - - - - - - - quarter, or above €2m across multiple quarters Total adjustments (193) 8,187 (55) 1,268 111 4,301 1,241 1,241 1,104 14,997 Adjusted Alternative 110,514 73,626 30,425 21,537 20,325 8,548 (13,975) (21,168) 147,289 82,543 Performance Measures 33 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Revenues from sales and services First Half 2026 First Half 2025 Change Change % (€ thousands) Revenues from sales and 1,185,748 1,180,490 5,258 0.4% services Second Quarter 2026 Second Quarter 2025 Change Change % (€ thousands) Revenues from sales and 605,984 592,700 13,284 2.2% services Consolidated revenues from sales and services amounted to €1,185,748 thousand in the six months of 2026, an increase of €5,258 thousand (+0.4%) compared to the first half of 2025. The contribution of a solid organic performance (€41,512 thousand or +3.5%) and acquisitions (€9,050 thousand or +0.8%) were partially offset by the negative impact (€35,358 thousand or - 3.0%) of the streamlining and reorganization called for under the Fit4Growth program (including the termination of the managed care contract in the United States and the disposal of the businesses in the United Kingdom) and the negative exchange differences of €9,946 thousand (- 0.9%). In the second quarter alone, consolidated revenues from sales and services amounted to €605,984 thousand, an increase of €13,284 thousand (+2.2%) compared to the second quarter of 2025, explained mainly by the organic growth which was positive for €28,460 thousand (+4.7%), partially offset by the negative impact (€21,406 thousand or -3.5%) of the streamlining and reorganization called for under the Fit4Growth program (including the termination of the managed care contract in the United States and the disposal of the businesses in the United Kingdom). The foreign exchange effect was positive for €3,218 thousand (+0,5%) while acquisitions made a positive contribution of €3,012 thousand (+0.5%). In particular, all geographical areas delivered robust organic performance, the strongest in the last two years, well balanced across all geographical areas, against a market backdrop in line with expectations. 34 --- Interim Financial Report as at 30 June 2026 > Interim Management Report The breakdown of revenues from sales and services by geographic area is shown below. Change % in Firsts Half First Half % on Total % on Total Change Change % Exchange diff. local 2026 2025 (€ thousands) currency EMEA 775,782 65.4% 765,958 64.9% 9,824 1.3% 2,110 1.0% Americas 228,714 19.3% 243,085 20.6% (14,371) -5.9% (14,075) -0.1% Asia Pacific 181,252 15.3% 171,447 14.5% 9,805 5.7% 2,019 4.5% Total 1,185,748 100.0% 1,180,490 100.0% 5,258 0.4% (9,946) 1.3% Change % in Q2 Q2 % on Total % on Total Change Change % Exchange diff. local 2026 2025 (€ thousands) currency EMEA 391,652 64.6% 382,394 64.5% 9,258 2.4% 1,492 2.0% Americas 120,468 19.9% 124,646 21.0% (4,178) -3.4% (2,569) -1.3% Asia Pacific 93,864 15.5% 85,660 14.5% 8,204 9.6% 4,295 4.6% Total 605,984 100.0% 592,700 100.0% 13,284 2.2% 3,218 1.7% Europe, Middle East and Africa 2026 2025 Change Change % Period (€ thousand) I quarter 384,130 383,564 566 0.1% II quarter 391,652 382,394 9,258 2.4% I Half Year 775,782 765,958 9,824 1.3% Consolidated revenues from sales and services amounted to €775,782 thousand in the first half of 2026, an increase of €9,824 thousand (+1.3%). The contributions of the organic growth (€18,256 thousand or +2.4%) and acquisitions (€4,179 thousand or +0.5%) were partially offset by the negative impact (€14,721 thousand or -1.9%) of the streamlining and reorganization called for under the Fit4Growth program (including the disposal of the businesses in the United Kingdom in March). The exchange effect was positive for €2,110 thousand (+0.3%). In the second quarter alone, the contributions of the organic performance for €17,248 (+4.5%) and acquisitions for €986 (+0.2%) were partially offset by the negative impact (€10,468 thousand or -2.7%) of the streamlining and reorganization called for under the Fit4Growth program (including the disposal of the businesses in the United Kingdom). The foreign exchange effect was positive for €1,492 thousand (+0.4%). 35 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Americas 2026 2025 Change Change % Period (€ thousand) I quarter 108,246 118,439 (10,193) -8.6% II quarter 120,468 124,646 (4,178) -3.4% I Half Year 228,714 243,085 (14,371) -5.9% Consolidated revenues from sales and services amounted to €228,714 thousand in the first half of 2026, a decrease of €14,371 thousand (-5.9%). The contribution of the organic performance, amounting to €15,440 thousand (+6.3%), and acquisitions, amounting to €3,682 thousand (+1.6%), was more than offset by the negative effect of the streamlining and reorganization called for under the Fit4Growth program (mainly related to the impact of the termination of a managed care contract in the United States) amounting to €19,418 thousand (-8.0%), and by exchange-rate movements amounting to €14,075 thousand (- 5.8%), due to the depreciation of the US dollar, the Argentine peso and the Canadian dollar. In the second quarter, the contribution of the organic growth, amounting to €7,514 thousand (+6.0%), and acquisitions, amounting to €1,442 thousand (+1.2%), was more than offset by the negative effect of the of the streamlining and reorganization called for under the Fit4Growth program (mainly related to the impact of the termination of a managed care contract in the United States) amounting to €10,565 thousand (-8.5%). The foreign exchange effect was negative for €2,569 thousand (-2.1%). Asia Pacific 2026 2025 Change Change % Period (€ thousand) I quarter 87,388 85,787 1,601 1.9% II quarter 93,864 85,660 8,204 9.6% I Half Year 181,252 171,447 9,805 5.7% Consolidated revenues from sales and services amounted to €181,252 thousand in the first half of 2026, an increase of €9,805 thousand (+5.7%). The contributions of the organic growth (€7,816 thousand or +4.6%) and acquisitions completed in the Australian market (€1,189 thousand or +0.7%) more than offset the negative impact of the streamlining and reorganization called for under the Fit4Growth program of €1,219 thousand (-0.8%). The foreign exchange effect was positive for €2,019 thousand (+1.2%), mainly due to the appreciation of the Australian dollar. In the second quarter, the contribution of the organic growth, amounting to €3,698 thousand (+4.3%), and acquisitions, amounting to €584 thousand (+0.7%), more than offset the negative effect of the of the streamlining and reorganization called for under the Fit4Growth program amounting to €373 thousand (-0.4%). The foreign exchange effect was positive for €4,295 thousand (+5.0%), mainly due to the appreciation of the Australian dollar. 36 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Gross operating profit (loss) (EBITDA) First Half 2026 First Half 2025 Change Change % (€ thousands) Gross operating profit (loss) (EBITDA) 277,030 286,981 (9,951) -3.5% Gross operating profit (loss) (EBITDA) Adjusted 297,992 287,645 10,347 3.6% Second Quarter Second Quarter Change Change % (€ thousands) 2026 2025 Gross operating profit (loss) (EBITDA) 145,136 146,185 (1,049) -0.7% Gross operating profit (loss) (EBITDA) Adjusted 156,236 147,289 8,947 6.1% Gross operating profit (EBITDA) amounted to €277,030 thousand in the first half of 2026, a decrease of €9,951 thousand (-3.5%) with respect to the comparison period. The EBITDA margin came to 23.4%, 0.9 p.p. lower than in the comparison period. The result for the period was affected for €20,962 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the Alternative Performance Measures section, to which reference is made, mainly attributable to the first portion of the costs incurred in connection with the acquisition of the “Hearing” business from GN Store Nord A/S and to the streamlining and reorganization called for under the Fit4Growth program. The result for the first half of 2025 was affected by such items in the amount of €664 thousand. Net of these items, adjusted EBITDA came to €297,992 thousand in the first half of 2026, an increase of €10,347 thousand (+3.6%) against the comparison period. The EBITDA adjusted margin was 0.7 p.p. higher than in the comparison period, coming in at 25.1%. In the second quarter alone, EBITDA was €1,049 thousand (-0.7%) lower than in the comparison period, coming in at €145,136 thousand. The EBITDA margin was 24.0%, - 0.7 p.p. lower than in the comparison period. The second quarter result was affected for €11,100 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made, mainly attributable to the first portion of the costs incurred in connection with the acquisition of the “Hearing” business from GN Store Nord A/S and the streamlining and reorganization called for under the Fit4Growth program. The result of 2025 was affected by these items for €1,104 thousand. Net of these items, Adjusted EBITDA came to €156,236 thousand in the second quarter of 2026, an increase against the comparison period of €8,947 thousand (+6.1%). The EBITDA margin was 0.9 p.p. higher than in the comparison period, coming in at 25.8%. 37 --- Interim Financial Report as at 30 June 2026 > Interim Management Report The breakdown of EBITDA by geographic area is shown below. First Half EBITDA EBITDA First Half 2025 Change Change % (€ thousands) 2026 Margin Margin EMEA 231,746 29.9% 222,948 29.1% 8,798 3.9% Americas 55,712 24.4% 58,290 24.0% (2,578) -4.4% Asia Pacific 45,221 24.9% 43,311 25.3% 1,910 4.4% Corporate (*) (55,649) -4.7% (37,568) -3.2% (18,081) 48.1% Total 277,030 23.4% 286,981 24.3% (9,951) -3.5% Q2 EBITDA Q2 EBITDA Change Change % (€ thousands) 2026 Margin 2025 Margin EMEA 117,578 30.0% 110,707 29.0% 6,871 6.2% Americas 31,276 26.0% 30,480 24.5% 796 2.6% Asia Pacific 21,572 23.0% 20,214 23.6% 1,358 6.7% Corporate (*) (25,290) -4.2% (15,216) -2.6% (10,074) 66.2% Total 145,136 24.0% 146,185 24.7% (1,049) -0.7% (*) Centralized costs are shown as a percentage of the Group’s total sales The breakdown of EBITDA Adjusted by geographic area is shown below. EBITDA EBITDA First Half Adjusted First Half 2025 Adjusted Change Change % 2026 (€ thousands) Margin Margin EMEA 236,463 30.5% 223,114 29.1% 13,349 6.0% Americas 56,791 24.8% 57,090 23.5% (299) -0.5% Asia Pacific 47,756 26.3% 43,641 25.5% 4,115 9.4% Corporate (*) (43,018) -3.6% (36,200) -3.1% (6,818) 18.8% Total 297,992 25.1% 287,645 24.4% 10,347 3.6% EBITDA EBITDA Q2 Q2 Adjusted Adjusted Change Change % 2026 2025 (€ thousands) Margin Margin EMEA 120,177 30.7% 110,514 28.9% 9,663 8.7% Americas 31,617 26.2% 30,425 24.4% 1,192 3.9% Asia Pacific 23,510 25.0% 20,325 23.7% 3,185 15.7% Corporate (*) (19,068) -3.1% (13,975) -2.4% (5,093) 36.4% Total 156,236 25.8% 147,289 24.9% 8,947 6.1% (*) Centralized costs are shown as a percentage of the Group’s total sales. 38 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Europe, Middle East and Africa Gross operating profit (EBITDA) amounted to €231,746 thousand in the first half of 2026, an increase of €8,798 thousand (+3.9%) with respect to the comparison period. The EBITDA margin came to 29.9%, a decrease of 0.8 p.p. compared to the first half of 2025. The result for the reporting period was affected for €4,717 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made, mainly attributable to the reorganization called for under the Fit4Growth program. The result of 2025 was affected by these items for €166 thousand. Net of these items, adjusted EBITDA in the first half of 2026 was €13,349 thousand (+6.0%) higher than in the comparison period. The EBITDA adjusted margin was 1.4 p.p. higher than in the comparison period, coming in at 30.5%. In the second quarter alone, EBITDA was €6,871 thousand (+6.2%) higher than in the comparison period coming in at €117,578 thousand. The EBITDA margin was 30.0%, 1.0 p.p. higher than in the comparison period. The second quarter result was affected for €2,599 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made, mainly attributable to the streamlining and reorganization called for under the Fit4Growth program. The result of 2025 was affected by these items for €193 thousand. Net of these items, adjusted EBITDA came to €120,177 thousand, an increase of €9,663 thousand (+8.7%) against the comparison period. The EBITDA margin was 1.8 p.p. higher than in the comparison period, coming in at 30.7%. Americas Gross operating profit (EBITDA) amounted to €55,712 thousand in the first half of 2026, a decline of €2,578 thousand (-4.4%) with respect to the comparison period. The EBITDA margin came to 24.4%, an increase of 0.4 p.p. compared to the first half of 2025. The result for the reporting period was affected for €1,079 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made, mainly attributable to the streamlining and reorganization called for under the Fit4Growth program. The result of 2025 benefited by these items for €1,200 thousand. 39 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Net of these items, adjusted EBITDA in the first half of 2026 was €299 thousand (-0.5%) lower than in the comparison period. The EBITDA adjusted margin was 1.3 p.p. higher than in the comparison period, coming in at 24.8%. In the second quarter alone, EBITDA was €796 thousand (+2.6%) higher than in the comparison period coming in at €31,276 thousand. The EBITDA margin was 26.0%, 1.5 p.p. higher than in the comparison period. The second quarter result was affected for €341 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made, mainly attributable to GN Hearing’s acquisition costs and the streamlining and reorganization called for under the Fit4Growth program. The result of 2025 benefited by these items for €55 thousand. Net of these items, adjusted EBITDA came to €31,617 thousand, an increase of €1,192 thousand (+3.9%) against the comparison period. The EBITDA margin was 1.8 p.p. higher than in the comparison period, coming in at 26.2%. Asia Pacific Gross operating profit (EBITDA) amounted to €45,221 thousand in the first half of 2026, an increase of €1,910 thousand (+4.4%) with respect to the comparison period. The EBITDA margin came to 24.9%, a decrease of 0.4 p.p. compared to the first half of 2025. The result for the reporting period was affected for €2,535 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made. The result of 2025 was affected for €330 thousand. Net of these items, adjusted EBITDA in the first half of 2026 was €4,115 thousand (+9.4%) higher than in the comparison period. The EBITDA adjusted margin was 0.8 p.p. higher than in the comparison period, coming in at 26.3%. In the second quarter alone, EBITDA was €1,358 thousand (+6.7%) higher than in the comparison period coming in at €21,572 thousand. The EBITDA margin was 23.0%, 0.6 p.p. lower than in the comparison period. The second quarter result was affected for €1,938 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made. The result of 2025 was affected by these items for €111 thousand. 40 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Net of these items, adjusted EBITDA came to €23,510 thousand, an increase of €3,185 thousand (+15.7%) against the comparison period. The EBITDA margin was 1.3 p.p. higher than in the comparison period, coming in at 25.0%. Corporate In the first half of 2026 the net cost of centralized corporate functions (corporate bodies, general management, business development, procurement, treasury, legal affairs, human resources, IT systems, global marketing and internal audit) which do not qualify as operating segments under IFRS 8 amounted to €55,649 thousand (-4.7% of the Group’s revenues from sales and services), an increase of €18,081 thousand (+48.1%) with respect to the same period of the prior year. The EBITDA margin was 1.5 p.p. lower than in the comparison period. The result for the reporting period was affected for €12,631 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made, mainly attributable to the first portion of the costs incurred in connection with the acquisition of the “Hearing” business from GN Store Nord A/S costs and the streamlining and reorganization called for under the Fit4Growth program. The result of 2025 was affected by these items for €1,368 thousand. Net of these items, adjusted EBITDA was €6,818 thousand (-18.8%) lower in the first half of 2025. The EBITDA margin was 0.5 p.p. lower than the comparison period, coming in at -3.6%. In the second quarter alone, the net cost for corporate functions amounted to €25,290 thousand (-4.2% of the Group’s revenues from sales and services), an increase of €10,074 thousand (+66.2%) compared to the second quarter of 2025. The second quarter result was affected for €6,222 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made, mainly attributable to GN Hearing’s acquisition costs and the streamlining and reorganization called for under the Fit4Growth program. The result of 2025 was affected by these items for €1,241 thousand. Net of these items, adjusted EBITDA was €5,093 thousand (+36.4%) higher than in the second quarter of 2025. The EBITDA margin was 0.7 p.p. lower than the comparison period, coming in at -3.1%. 41 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Operating profit (loss) (EBIT) First Half 2026 First Half 2025 Change Change % (€ thousands) Operating profit (loss) (EBIT) 125,266 128,986 (3,720) -2.9% Operating profit (loss) (EBIT) Adjusted 169,823 156,328 13,495 8.6% Second Quarter Second Quarter Change Change % (€ thousands) 2026 2025 Operating profit (loss) (EBIT) 68,763 67,546 1,217 1.8% Operating profit (loss) (EBIT) Adjusted 92,335 82,543 9,792 11.9% Operating profit (EBIT) amounted to €125,266 thousand in the first half of 2026, a decrease of €3,720 thousand (-2.9%) with respect to the comparison period. The EBIT margin came to 10.6%, -0.3 p.p. lower than in the comparison period. The change in operating profit (EBIT), compared with the change in earnings before interest, tax, depreciation and amortisation (EBITDA), benefited from lower operating depreciation and amortisation and lower amortisation of assets recognised upon the initial accounting for acquisitions through Purchase Price Allocation, while depreciation of right-of-use assets was in line with the comparative period. The result for the reporting period was affected for €44,557 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, primarily attributable to both the effect of PPA amortization and the write-downs and revaluations related to Fit4Growth program described above. For more information, refer to the section on Alternative Performance Indicators. The result of 2025 was affected for €27,342 thousand by these items. Net of these items, adjusted EBIT amounted to €169,823 thousand in the first half of 2026, an increase of €13,495 thousand (+8.6%) against the comparison period. The EBIT margin was 1.1 p.p. higher than in the comparison period, coming in at 14.3%. In the second quarter alone operating profit (EBIT) amounted to €68,763 thousand, an increase of €1,217 thousand (+1.8%) with respect to the comparison period. The EBIT margin came to 11.3%, 0.1 p.p. lower in the comparison period. The result for the second quarter was affected for €23,572 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance detailed in the section on Alternative Performance Indicators to which reference is made. The result of 2025 was affected by these items for €14,997 thousand. 42 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Net of these items, adjusted EBIT amounted to €92,335 thousand in the second quarter of 2026, an increase of €9,792 thousand (+11.9%) against the comparison period. The EBIT margin was 1.3 p.p. higher than in the comparison period, coming in at 15.2%. The breakdown of EBIT by geographic area is shown below. First Half EBIT First Half EBIT Change Change % (€ thousands) 2026 Margin 2025 Margin EMEA 143,223 18.5% 132,586 17.3% 10,637 8.0% Americas 36,391 15.9% 37,963 15.6% (1,572) -4.1% Asia Pacific 17,223 9.5% 11,827 6.9% 5,396 45.6% Corporate (*) (71,571) -6.0% (53,390) -4.5% (18,181) 34.1% Total 125,266 10.6% 128,986 10.9% (3,720) -2.9% EBIT EBIT Q2 2026 Q2 2025 Change Change % (€ thousands) Margin Margin EMEA 74,023 18.9% 65,439 17.1% 8,584 13.1% Americas 21,227 17.6% 20,269 16.3% 958 4.7% Asia Pacific 6,749 7.2% 4,247 5.0% 2,502 58.9% Corporate (*) (33,236) -5.5% (22,409) -3.8% (10,827) 48.3% Total 68,763 11.3% 67,546 11.4% 1,217 1.8% (*) 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 Half First Half Adjusted Adjusted Change Change % 2026 2025 (€ thousands) Margin Margin EMEA 164,229 21.2% 149,784 19.6% 14,445 9.6% Americas 40,101 17.5% 39,245 16.1% 856 2.2% Asia Pacific 24,433 13.5% 19,321 11.3% 5,112 26.5% Corporate (*) (58,940) -5.0% (52,022) -4.4% (6,918) 13.3% Total 169,823 14.3% 156,328 13.2% 13,495 8.6% EBIT EBIT Q2 2026 Adjusted Q2 2025 Adjusted Change Change % (€ thousands) Margin Margin EMEA 84,906 21.7% 73,626 19.3% 11,280 15.3% Americas 23,033 19.1% 21,537 17.3% 1,496 6.9% Asia Pacific 11,410 12.2% 8,548 10.0% 2,862 33.5% Corporate (*) (27,014) -4.5% (21,168) -3.6% (5,846) 27.6% Total 92,335 15.2% 82,543 13.9% 9,792 11.9% (*) Centralized costs are shown as a percentage of the Group’s total sales. 43 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Europe, Middle East and Africa Operating profit (EBIT) amounted to €143,223 thousand in the first half of 2026, an increase of €10,637 thousand (+8.0%) with respect to the comparison period. The EBIT margin came to 18.5%, an increase of 1.2 p.p. compared to the first half of 2025. The result for the reporting period was affected for €21,006 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made. The result of 2025 was affected by these items for €17,198 thousand. Net of these items, adjusted EBIT in the first half of 2026 was €14,445 thousand (+9.6%) higher than in the comparison period. The EBIT adjusted margin was 1.6 p.p. higher than in the comparison period, coming in at 21.2%. In the second quarter alone Operating profit (EBIT) was €8,584 thousand (+13.1%) higher than in the comparison period coming in at €74,023 thousand. The EBIT margin was 18.9%, 1.8 p.p. higher than in the comparison period. The second quarter result was affected for €10,883 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance detailed in the section on Alternative Performance Indicators to which reference is made. The result of 2025 was affected by these items for €8,187 thousand. Net of these items, adjusted EBIT came to €84,906 thousand, an increase of €11,280 thousand (+15.3%) against the comparison period. The EBIT margin was 2.4 p.p. higher than in the comparison period, coming in at 21.7%. Americas Operating profit (EBIT) amounted to €36,391 thousand in the first half of 2026, a decrease of €1,572 thousand (-4.1%) with respect to the comparison period. The EBIT margin came to 15.9%, an increase of 0.3 p.p. compared to the first half of 2025. The result for the reporting period was affected for €3,710 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance detailed in the section on Alternative Performance Indicators to which reference is made. The result of 2025 was affected by these items for €1,282 thousand. Net of these items, adjusted EBIT in the first half of 2026 was €856 thousand (+2.2%) higher than in the comparison period. The EBIT adjusted margin was 1.4 p.p. higher than in the comparison period, coming in at 17.5%. 44 --- Interim Financial Report as at 30 June 2026 > Interim Management Report In the second quarter alone Operating profit (EBIT) was €958 thousand (+4.7%) higher than in the comparison period coming in at €21,227 thousand. The EBIT margin was 17.6%, 1.3 p.p. higher than in the comparison period. The second quarter result was affected for €1,806 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance detailed in the section on Alternative Performance Indicators to which reference is made. The result of 2025 was affected by these items for €1,268 thousand. Net of these items, adjusted EBIT came to €23,033 thousand, an increase of €1,496 thousand (+6.9%) against the comparison period. The EBIT margin was 1.8 p.p. higher than in the comparison period, coming in at 19.1%. Asia Pacific Operating profit (EBIT) amounted to €17,223 thousand in the first half of 2026, an increase of €5,396 thousand (+45.6%) with respect to the comparison period. The EBIT margin came to 9.5%, an increase of 2.6 p.p. compared to the first half of 2025. The result for the reporting period was affected for €7,210 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made. The result of 2025 was affected by these items for €7,494 thousand. Net of these items, adjusted EBIT in the first half of 2026 was €5,112 thousand (+26.5%) higher than in the comparison period. The EBIT adjusted margin was 2.2 p.p. higher than in the comparison period, coming in at 13.5%. In the second quarter alone Operating profit (EBIT) was €2,502 thousand (+58.9%) higher than in the comparison period coming in at €6,749 thousand. The EBIT margin was 7.2%, 2.2 p.p. higher than in the comparison period. The second quarter result was affected for €4,661 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance detailed in the section on Alternative Performance Indicators to which reference is made. The result of 2025 was affected by these items for €4,301 thousand. Net of these items, adjusted EBIT came to €11,410 thousand, an increase of €2,862 thousand (+33.5%) against the comparison period. The EBIT margin was 2.2 p.p. higher than in the comparison period, coming in at 12.2%. 45 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Corporate The net Corporate costs at the EBIT level amounted to €71,571 thousand in the first half of 2026 (-6.0% of the revenues generated by the Group’s sales and services), an increase of €18,181 thousand against the first half of 2025 (+34.1%). The result for the reporting period was affected for €12,631 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made. The result of 2025 was affected for €1,368 thousand. Net of these items, adjusted EBIT in the first half of 2026 was €6,918 thousand (-13.3%) lower than in the comparison period. The EBIT adjusted margin was 0.6 p.p. lower than in the comparison period, coming in at -5.0%. In the second quarter alone, the net Corporate costs at the EBIT level amounted to €33,236 thousand (-5.5% of the revenues generated by the Group’s sales and services), an increase of €10,827 thousand (+48.3%) against the second quarter of 2025. The result for the second quarter was affected for €6,222 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance detailed in the section on Alternative Performance Indicators to which reference is made. The result of 2025 was affected by these items for €1,241 thousand. Net of these items, costs were €5,846 thousand (+27.6%) higher. The margin on sales came to -4.5%, showing a deterioration of -0.9 p.p. against the comparison period. 46 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Profit before taxes First Half 2026 First Half 2025 Change Change % (€ thousands) Profit before taxes 76,536 98,280 (21,744) -22.1% Profit before taxes Adjusted 140,064 124,946 15,118 12.1% Second Quarter Second Quarter Change Change % (€ thousands) 2026 2025 Profit before taxes 53,318 51,546 1,772 3.4% Profit before taxes Adjusted 77,381 66,222 11,159 16.9% Profit before taxes amounted to €76,536 thousand in the first half of 2026, a decrease of €21,744 thousand (-22.1%) against the comparison period, with a profit before taxes margin of 6.5% (- 1.8 p.p. with respect to the comparison period). Total financial expenses amounted to €48,730 thousand, an increase of €18,024 thousand compared to the first half of 2025 due mainly to the reclassification in profit & loss of the total negative exchange differences relative to the foreign operations in the United Kingdom included in net equity and amounted at 19,029 which were recognized upon the definitive sale of the stake in Amplifon United Kingdom Limited at the beginning of March 2026. Net of this impact, net financial expenses were substantially aligned with the comparison period. The result for the reporting period was affected for €63,528 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made. In addition to the comments on EBIT, there was a net negative effect of €18,971 thousand detailed in the section on Alternative Performance Indicators that includes the negative exchange differences impact described above. The result of 2025 was affected for €26,666 thousand. Net of these items, adjusted Profit before taxes was €140,064 thousand, an increase of €15,118 thousand (+12.1%) against the comparison period. The adjusted Profit before taxes margin was 1.2 p.p. higher than in the comparison period, coming in at 11.8%. In the second quarter alone, profit before tax amounted to €53,318 thousand, an increase of €1,772 thousand (+3.4%) against the comparison period. The profit before taxes margin came to 8.8% (+0.1 p.p. compared to the comparison period). Net expenses for financial management were at €15,445 thousand. The result for the quarter was affected for €24,063 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance detailed in the section 47 --- Interim Financial Report as at 30 June 2026 > Interim Management Report on Alternative Performance Indicators to which reference should be made. The result of 2025 was affected by these items for €14,676 thousand. Net of these items, adjusted profit before tax was €77,381 thousand (+16.9%) lower. The profit before taxes adjusted margin was 1.6 p.p. higher than in the comparison period, coming in at 12.8%. Group net profit First Half 2026 First Half 2025 Change Change % (€ thousands) 49,074 68,120 (19,046) -28.0% Net profit (loss) attributable to the Group Net profit (loss) attributable to the Group Adjusted 101,604 90,462 11,142 12.3% Second Quarter Second Quarter Change Change % (€ thousands) 2026 2025 38,553 35,236 3,317 9.4% Net profit (loss) attributable to the Group Net profit (loss) attributable to the Group Adjusted 57,161 48,824 8,337 17.1% The Group’s portion of net profit came to €49,074 thousand in the first half of 2026, a decrease of €19,046 thousand (-28.0%) against the comparison period with the profit margin down 1.7 p.p. at 4.1%. The result for the reporting period was affected for €52,530 thousand by items (income and expenses) considered unusual, infrequent or not related to the operating performance, net of their tax effect of €10,998 thousand, detailed in the section on Alternative Performance Indicators to which reference is made. The result of 2025 was affected for €22,342 thousand net of their tax effect of €4,324 thousand. Net of these items, the Group’s adjusted portion of net profit amounted to €101,604 thousand in the first half of 2026, €11,121 thousand higher (+12.3%) than in the comparison period. The profit margin was 0.9 p.p. higher than in the comparison period and came in at 8.6%. In the second quarter alone, the Group’s portion of net profit was €38,553 thousand, €3,317 thousand (+9.4%) higher than in the comparison period. The profit margin came in at 6.4% (+0.4 p.p. against the comparison period). The result for the quarter was affected for €18,608 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance detailed in the section on Alternative Performance Indicators to which reference should be made, net the tax effect of €4,555 thousand. The result of 2025 was affected by these items for €13,588 thousand, net the tax effect of €1,088 thousand. 48 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Net of these items, the adjusted Group’s portion of net profit amounted to €57,161 thousand, an increase of €8,337 thousand (+17.1%). The profit margin was 1.2 p.p. higher than in the comparison period, coming in at 9.4%. The tax rate for the period was 35.7%, compared with 30.6% in the comparative period, due to the impact of the reclassification to the income statement, which did not give rise to any tax effect, of the negative exchange differences relating to the foreign operation in the United Kingdom. These differences had been accumulated over the years in equity and were realised upon completion of the disposal of the investment in Amplifon United Kingdom Limited at the beginning of March 2026. The Adjusted tax rate for the period was 27.4%, compared with 27.5% in the comparative period. 49 --- Interim Financial Report as at 30 June 2026 > Interim Management Report BALANCE SHEET REVIEW (*) Consolidated balance sheet by geographical area 06/30/2026 (€ thousands) EMEA Americas APAC Eliminations Total Goodwill 1,063,010 304,262 610,168 - 1,977,440 Non-competition agreements, trademarks, customer lists and franchise 138,254 26,569 39,260 - 204,083 rights Software, licenses, other int.ass., wip and 116,620 28,892 11,043 - 156,555 advances Tangible assets 156,106 39,664 32,801 - 228,571 Right of use assets 360,302 42,259 56,556 - 459,117 Fixed financial assets 817 5,813 239 - 6,869 Other non-current financial assets 40,218 3,366 1,231 - 44,815 Total fixed assets 1,875,327 450,825 751,298 - 3,077,450 Inventories 58,872 10,994 9,921 - 79,787 Trade receivables 249,504 38,698 19,470 (78,695) 228,977 Other receivables 91,644 25,996 13,949 (188) 131,401 Current assets (A) 400,020 75,688 43,340 (78,883) 440,165 Total assets 2,275,347 526,513 794,638 (78,883) 3,517,615 Trade payables (301,097) (71,900) (45,237) 78,695 (339,539) Other payables (292,202) (36,993) (34,952) 188 (363,959) Provisions for risks (current portion) (3,330) (831) (4,851) - (9,012) Short term liabilities (B) (596,629) (109,724) (85,040) 78,883 (712,510) Net working capital (A) - (B) (196,609) (34,036) (41,700) - (272,345) Derivative instruments 1,891 - - - 1,891 Deferred tax assets 49,792 9,477 17,053 - 76,322 Deferred tax liabilities (58,668) (29,370) (6,662) - (94,700) Provisions for risks (non-current portion) (12,569) (1,608) (375) - (14,552) Employee benefits (non-current portion) (11,076) 9 (817) - (11,884) Loan fees 2,084 - - - 2,084 Other long-term payables (153,620) (11,817) (2,315) - (167,752) Asset and liabilities held for sale - - 1,374 - 1,374 NET INVESTED CAPITAL 1,496,552 383,480 717,856 - 2,597,888 Shareholders' equity 1,513,726 Third parties' equity 423 Net equity 1,514,149 Medium/Long term net financial debt 568,530 Short term net financial debt 25,703 Net financial indebtedness held for sale 5,594 Total net financial debt 599,827 Lease liabilities 380,633 45,951 57,328 - 483,912 Total lease liabilities & net financial debt 1,083,739 NET EQUITY, LEASE LIABILITIES AND NET 2,597,888 FINANCIAL DEBT (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. 50 --- Interim Financial Report as at 30 June 2026 > Interim Management Report 12/31/2025 (€ thousands) EMEA Americas APAC Eliminations Total Goodwill 1,059,123 293,920 574,172 - 1,927,215 Non-competition agreements, trademarks, customer lists and franchise 152,578 28,042 40,441 - 221,061 rights Software, licenses, other int.ass., wip and 121,549 27,988 10,123 - 159,660 advances Tangible assets 159,764 40,501 36,817 - 237,082 Right of use assets 361,779 44,436 55,823 - 462,038 Fixed financial assets 975 5,629 225 - 6,829 Other non-current financial assets 36,527 2,888 1,630 - 41,045 Total fixed assets 1,892,295 443,404 719,231 - 3,054,930 Inventories 63,134 10,261 9,057 - 82,452 Trade receivables 252,207 50,445 14,081 (94,923) 221,810 Other receivables 82,767 19,890 10,766 (188) 113,235 Current assets (A) 398,108 80,596 33,904 (95,111) 417,497 Total assets 2,290,403 524,000 753,135 (95,111) 3,472,427 Trade payables (331,245) (93,033) (37,122) 94,923 (366,477) Other payables (302,544) (37,044) (34,934) 192 (374,330) Provisions for risks (current portion) (2,039) (837) (4,583) - (7,459) Short term liabilities (B) (635,824) (130,914) (76,639) 95,111 (748,266) Net working capital (A) - (B) (237,716) (50,318) (42,735) - (330,769) Derivative instruments 1,445 - - - 1,445 Deferred tax assets 51,804 7,670 15,433 - 74,907 Deferred tax liabilities (58,993) (26,816) (6,851) - (92,660) Provisions for risks (non-current portion) (12,649) (1,515) (347) - (14,511) Employee benefits (non-current portion) (11,725) (22) (733) - (12,480) Loan fees 2,814 - - - 2,814 Other long-term payables (152,779) (12,041) (2,512) - (167,332) Asset and liabilities held for sale 13,980 - - - 13,980 NET INVESTED CAPITAL 1,488,476 360,362 681,486 - 2,530,324 Shareholders' equity 998,214 Third parties' equity 311 Net equity 998,525 Medium/Long term net financial debt 987,968 Short term net financial debt 57,515 Total net financial indebtedness 1,045,483 Lease liabilities 381,266 48,525 56,525 - 486,316 Total lease liabilities & net financial debt 1,531,799 NET EQUITY, LEASE LIABILITIES AND NET 2,530,324 FINANCIAL DEBT 51 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Non-Current Assets Non-current assets amounted to €3,077,450 thousand as at 30 June 2026, an increase of €22,520 thousand with respect to the €3,054,930 thousand recorded as at 31 December 2025. The changes in the period are explained by: - €8,630 thousand, by acquisitions; - €73,763 thousand, by right-of-use assets acquired in the reporting period and for the renewal of existing leases and network expansion; - €46,300 thousand, by investments in plant, property and equipment (for €20,939 thousand) relating primarily the renewal and relocations of existing clinics, as well as the purchase of hardware needed to implement Group IT projects, and in intangible assets (for €25,361 thousand) relating to the development of IT systems, new front-office solutions, and the ongoing implementation and standardization of the Group's cloud-based ERP system; - €151,764 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; - €45,591 thousand, by the positive impact of exchange differences, which had the largest impact on goodwill; The breakdown of non-current assets by geographic area is shown below. 52 --- Interim Financial Report as at 30 June 2026 > Interim Management Report 06/30/2026 12/31/2025 Change (€ thousands) Goodwill 1,063,010 1,059,123 3,887 Non-competition agreements, trademarks, customer lists and 138,254 152,578 (14,324) lease rights Software, licenses, other intangible fixed assets, fixed assets in 116,620 121,549 (4,929) progress and advances Tangible assets 156,106 159,764 (3,658) EMEA (*) Right-of-use assets 360,302 361,779 (1,477) Financial fixed assets 817 975 (158) Other non-current financial assets 40,218 36,527 3,691 Non-current assets 1,875,327 1,892,295 (16,968) Goodwill 304,262 293,920 10,342 Non-competition agreements, trademarks, customer lists and 26,569 28,042 (1,473) lease rights Software, licenses, other intangible fixed assets, fixed assets in 28,892 27,988 904 progress and advances Tangible assets 39,664 40,501 (837) Americas Right-of-use assets 42,259 44,436 (2,177) Financial fixed assets 5,813 5,629 184 Other non-current financial assets 3,366 2,888 478 Non-current assets 450,825 443,404 7,421 Goodwill 610,168 574,172 35,996 Non-competition agreements, trademarks, customer lists and 39,260 40,441 (1,181) lease rights Software, licenses, other intangible fixed assets, fixed assets in 11,043 10,123 920 progress and advances Tangible assets 32,801 36,817 (4,016) Asia Pacific Right-of-use assets 56,556 55,823 733 Financial fixed assets 239 225 14 Other non-current financial assets 1,231 1,630 (399) Non-current assets 751,298 719,231 32,067 Total 3,077,450 3,054,930 22,520 (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. 53 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Europe, Middle East and Africa Non-current assets amounted to €1,875,327 thousand as at 30 June 2026, a decrease of €16,968 thousand with respect to the €1,892,295 thousand recorded as at 31 December 2025. The change is explained for: - €4,453 thousand, by acquisitions made in the reporting period; - €48,936 thousand, by right-of-use assets acquired in the year as a result of the renewal of existing leases and network expansion; - €34,158 thousand, by investments in plant, property and equipment (€15,715 thousand) and in intangible assets (€18,443 thousand); - €104,445 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. Americas Non-current assets amounted to €450,825 thousand as at 30 June 2026, an increase of €7,421 thousand with respect to the €443,404 thousand recorded as at 31 December 2025. The change is explained for: - €2,708 thousand, by acquisitions made in the reporting period; - €4,332 thousand, by right-of-use assets acquired in the year as a result of the renewal of existing leases and network expansion; - €6,254 thousand, by investments in plant, property and equipment (€2,757 thousand) and in intangible assets (€3,497 thousand) relating to development of IT system in the US subsidiaries; - €19,321 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 €13,448 thousand, by increases mainly attributable to exchange rate fluctuations, with a predominant impact on goodwill. 54 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Asia Pacific Non-current assets amounted to €751,298 thousand as at 30 June 2026, an increase of €32,067 thousand with respect to the €719,231 thousand recorded as at 31 December 2025. The change is explained for: - €1,469 thousand, by acquisitions made in the reporting period; - €20,494 thousand, by right-of-use assets acquired in the year as a result of the renewal of existing leases and network expansion; - €5,888 thousand, by investments in plant, property and equipment (€2,467 thousand) and in intangible assets (€3,421 thousand); - €27,998 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 €32,214 thousand, by increases mainly attributable to exchange rate fluctuations, with a predominant impact on goodwill. 55 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Net invested capital Net invested capital amounted to €2,597,888 thousand as at 30 June 2026, an increase of €67,564 thousand against the €2,530,324 thousand recorded as at 31 December 2025. This increase was mainly attributable to the change in working capital and the increase in non- current assets described in the previous paragraph. The breakdown of net invested capital by geographic area is shown below. 06/30/2026 12/31/2025 Change (€ thousands) EMEA (*) 1,496,552 1,488,476 8,076 Americas 383,480 360,362 23,118 Asia Pacific 717,856 681,486 36,370 Total 2,597,888 2,530,324 67,564 (*) 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 €1,496,552 thousand as at 30 June 2026, an increase of €8,076 thousand against the €1,488,476 thousand recorded as at 31 December 2025. This change was attributable to the decrease in non-current assets described above, which was more than offset by a positive change in working capital, including the reduction in the assets and liabilities relating to Amplifon United Kingdom Limited, which was disposed of in the first quarter of 2026 and had already been classified as held for sale in the comparative period. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €144,556 thousand (€111,754 thousand in the same period of the prior year) and VAT credits with a face value of €20,140 thousand (€17,893 thousand in the same period of the prior year). Americas Net invested capital came to €383,480 thousand as at 30 June 2026, an increase of €23,118 thousand against the €360,362 thousand recorded as at 31 December 2025. In addition to the increase in non-current assets, there was also an increase in working capital. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €7,696 thousand (€2,936 thousand in the same period of the prior year). 56 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Asia Pacific Net invested capital came to €717,856 thousand as at 30 June 2026, an increase of €36,370 thousand against the €681,486 thousand recorded as at 31 December 2025. The increase in net invested capital is mainly attributable to the increase of non-current assets described above. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €9,953 thousand (€6,679 thousand in the same period of the prior year). 57 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Net financial indebtedness 06/30/2026 Pro 06/30/2026 12/31/2025 Change (€ thousands) Forma (**) Net medium and long-term financial 568,530 568,530 987,968 (419,438) indebtedness Net short-term financial indebtedness 737,693 737,693 366,397 371,296 Cash and cash equivalents (262,981) (711,990) (308,882) (403,108) Net financial indebtedness held for sale 5,594 5,594 - 5,594 Net financial indebtedness excluding lease 1,048,836 599,827 1,045,483 (445,656) liabilities (A) Lease liabilities – current portion 124,458 124,458 122,007 2,451 Lease liabilities – non-current portion 359,454 359,454 364,309 (4,855) Lease liabilities (B) 483,912 483,912 486,316 (2,404) Net financial indebtedness (A+B) (C) 1,532,748 1,083,739 1,531,799 (448,060) Group net equity (D) 1,513,726 1,513,726 998,214 515,512 Minority interests 423 423 311 112 Net Equity (E) 1,514,149 1,514,149 998,525 515,624 Net financial indebtedness excluding lease 0.69 0.40 1.05 liabilities /Group net equity (A/D) Net financial indebtedness excluding lease 0.69 0.40 1.05 liabilities /Net equity (A/E) Net financial indebtedness excluding lease 1.87 1.07 1.92 liabilities /EBITDA for leverage calculation (*) (*) The net financial debt excluding lease liabilities/total EBITDA ratio used to determine leverage is calculated as the ratio between net financial debt, excluding lease liabilities and short-term investments that do not qualify as cash equivalents, and EBITDA for the last four quarters. EBITDA is calculated excluding unusual, infrequent or non-operating items (expenses or income) and using restated data in the event of a significant change in the Group’s structure. (**) The figures as at 30 June 2026 have been restated to exclude the impact of the equity raise completed on 22 May 2026 to finance part of the cash consideration for the acquisition of the “Hearing” business from GN Store Nord A/S. To this end, only the line item “Cash and cash equivalents” was restated, while the line item “Group net Equity” remained unchanged, since the effects on equity resulting from the aforementioned equity raise will persist even after the transaction is completed. Net financial debt, excluding lease liabilities, amounted to €599,827 thousand as at 30 June 2026, a decrease of €445,656 thousand compared to 31 December 2025. This decrease was closely linked to the equity raise completed on 22 May 2026 through an accelerated bookbuilding procedure reserved for qualified investors. The proceeds, amounting to €449,009 thousand net of commissions to the underwriting banks and advisor fees, will be used in full to finance part of the cash consideration for the acquisition of the “Hearing” business from GN Store Nord A/S. In the first half of 2026, free cash flow reached a positive €56,581 thousand (€37,476 thousand at 30 June 2025) after absorbing net operating investments €45,932 thousand (€64,433 thousand in the comparison period) and exceptional cash outflows of €11,447 thousand, mainly relating to the “Fit4Growth” efficiency program and an initial portion of the costs associated with the acquisition of the “Hearing” business from GN Store Nord A/S. Excluding these cash outflows, adjusted free cash flow amounted to €68,028 thousand, compared with €40,018 thousand in the first half of 2025. 58 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Proceeds from business disposals of €13,473 thousand and acquisition-related cash outflows of €6,222 thousand (€54,493 thousand in the first half of 202), together with dividends paid to shareholders of €63,784 thousand (€65,302 thousand in the first half of 2025) and payment of the initial portion of the fees on the senior loan entered into to finance the remaining cash component of the acquisition of the “Hearing” business from GN Store Nord A/S, amounting to €7,236 thousand, as well as the aforementioned equity raise and the effects of exchange-rate movements, resulted in an overall positive cash flow of €441,586 thousand, compared with an overall negative cash flow of €138,779 thousand in the first half of 2025. On 18 June 2026, on the basis of the term sheet signed on 16 March 2026, a senior loan agreement (the “acquisition facility”) was entered into for a total amount of €1,350 million, with a term of 18 months and two days from the date of execution and an option to extend it by a further six months. Together with the €453,000 thousand equity raise carried out through an accelerated bookbuilding procedure reserved for qualified investors, as described above, the facility will be used to finance the cash consideration for the acquisition of the “Hearing” business from GN Store Nord A/S. In April 2026, Amplifon exercised the extension option under its €300 million revolving credit facility, extending its maturity to 31 May 2027, with the option of a further extension to 31 May 2028. In June 2026, an amendment agreement was entered into with the European Investment Bank in respect of the €50 million financing agreement signed in June 2024, extending its availability period to 25 June 2027. As at 30 June 2026, the Group had cash and cash equivalents, including time deposits with maturities of less than 90 days, amounting to €712 million, against total financial debt amounted to €1,312 million excluding lease liabilities and disregarding the effects of the equity raise carried out in connection with the acquisition of the “Hearing” business from GN Store Nord A/S. Long-term debt, net of lease liabilities, amounts to €568,530 thousand as at 30 June 2026 (€987,968 thousand as at 31 December 2025), showing a decrease of €419,438 thousand compared to 2025 explained by the reclassification of short-term portions of the Eurobond expiring February 2027 debt. Short-term debt amounts to €737,693 thousand, an increase of €371,296 thousand compared to the €366,397 thousand recorded at 31 December 2025 mainly attributable to the reclass of the Eurobond to short-term. The short-term portion refers primarily to the short-term portion of long-term bank debt (€198,556 thousand), bank borrowings linked to hot money accounts and other short-term credit lines (€176,732 thousand), the interest payable on the Eurobond (€1,478 thousand) and other bank loans (€4,575 thousand), short-term lines included, as well as the best estimate of the deferred payments for acquisitions (€6,859 thousand). 59 --- Interim Financial Report as at 30 June 2026 > Interim Management Report Net financial debt also includes the portion of the net financial debt of the subsidiary Amplifon (India) Pvt Ltd which has been classified within assets and liabilities held for sale in accordance to IFRS 5, following the disposal agreement signed in May 2026. The chart below shows the debt maturity profile compared with: - total liquidity, net of the €449 million proceeds from the equity raise intended to finance the acquisition of GN Hearing, amounting to €263 million; - committed credit facilities, of which a total of €480 million remained undrawn; - the undrawn portion, amounting to €150 million of the financing facility supporting investment in innovation and digitalization entered into with the European Investment Bank; - It should also be noted that the senior loan described above, namely the “acquisition facility” for a total amount of €1,350 million, is intended to finance the acquisition of GN Hearing and is therefore not included among the credit facilities referred to above. 60 --- Interim Financial Report as at 30 June 2026 > Interim Management Report 61 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements Other available uncommitted credit lines amounted to €439 million, with an unutilized portion of €267 million as at 30 June 2026. Interest payable on financial debt amounted to €18,662 thousand as at 30 June 2026 versus €19,135 thousand as at 30 June 2025. Interest payable on leases recognized in accordance with IFRS 16 amounted to €10,105 thousand versus €10,321 thousand as at 30 June 2025. Interest receivable on bank deposits came to €1,800 thousand as at 30 June 2026 versus €2,076 thousand as at 30 June 2025. The reasons for the changes in net debt are described in the next section on the statement of cash flows. 62 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements CASH FLOW STATEMENT The reclassified statement of cash flows shows the change in net financial indebtedness from the beginning to the end of the period. Pursuant to IAS 7, the consolidated financial statements include a statement of cash flows that shows the change in cash and cash equivalents from the beginning to the end of the period. (€ thousands) First Half 2026 First Half 2025 OPERATING ACTIVITIES: Net profit (loss) attributable to the Group 49,074 68,120 Minority interests 108 99 Amortization, depreciation and impairment: - Goodwill 734 - - Intangible fixed assets 51,410 55,708 - Tangible fixed assets 31,015 32,800 - Right-of-use assets 68,605 69,487 Total amortization, depreciation and impairment 151,764 157,995 Provisions, other non-monetary items and gains/losses from disposals 9,501 3,128 Group’s share of the result of associated companies - (90) Financial income charges 48,730 30,797 Current and deferred income taxes 27,354 30,060 Change in assets and liabilities: - Utilization of provisions (7,044) (5,612) - (Increase) decrease in inventories 3,998 (1,201) - Decrease (increase) in trade receivables (2,443) 3,101 - Increase (decrease) in trade payables (34,756) (44,348) - Changes in other receivables and other payables (25,165) (23,509) Total change in assets and liabilities (65,410) (71,569) Dividends received - 291 Net interest charges (27,740) (28,429) Taxes paid (22,253) (21,386) Cash flow provided by (used in) operating activities before repayment of lease liabilities 171,128 169,016 Repayment of lease liabilities (68,615) (67,107) Cash flow generated from (absorbed) by operating activities 102,513 101,909 INVESTING ACTIVITIES: Purchase of intangible fixed assets (20,724) (31,460) Purchase of property, plant and equipment (25,294) (33,155) Consideration from sale of tangible fixed assets and businesses 86 182 Cash flow generated from (absorbed) by investing activities (45,932) (64,433) Cash flow generated from operating and investing activities (Free cash flow) 56,581 37,476 Free cash flow Adjusted (*) 68,028 40,018 Business combinations (**) 7,251 (54,493) Net cash flow generated from acquisitions 7,251 (54,493) Cash flow generated from (absorbed) by investing activities and acquisitions (38,681) (118,926) 63 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements First Half 2026 First Half 2026 First Half 2025 (€ thousands) Pro Forma (***) FINANCING ACTIVITIES: Dividends (63,784) (63,784) (65,302) Treasury shares - - (55,228) Fees paid on medium/long-term financing (7,236) (7,236) (1,788) Capital increases, third parties’ contributions and dividends paid by (1) 449,008 - subsidiaries to third parties Other non-current assets (234) (234) 556 Cash flow generated from (absorbed) by financing activities (71,255) 377,754 (121,762) Changes in net financial indebtedness net of lease liabilities (7,423) 441,586 (138,779) Net financial indebtedness at the beginning of the period net of lease (1,045,483) (1,045,483) (961,805) liabilities Effect of exchange rate fluctuations on net financial debt 4,070 4,070 (8,298) Effect of discontinued operations on net financial debt - - (74) Changes in net financial debt (7,423) 441,586 (138,779) Net financial indebtedness at the end of the period net of lease liabilities (1,048,836) (599,827) (1,108,956) (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the Alternative Performance Measures in this Interim Financial Report. (**) This item refers to net cash flows received/used by disposals/acquisitions of business units and equity investments. (***) The data as of June 30, 2026, have been restated to exclude the impact of the equity raise completed on May 22, 2026, intended to finance part of the cash consideration for the acquisition of the “Hearing” business from GN Store Nord A/S. Accordingly, the item “Capital increases, third parties’ contributions and dividends paid by subsidiaries to third parties” excludes the proceeds from the equity raise, which amounted to €449.009 thousand, net of commissions to the underwriting banks and advisor fees. The change in net financial indebtedness of €441,586 thousand is attributable to: (i) Investing activities: - €46,018 capital expenditure on property, plant and equipment and intangible assets of thousand relating to new Front-Office solutions with the optimization of in-store systems and tools supporting the Amplifon Product Experience and the Next protocol, the network expansion and the ongoing implementation, standardization and homogenization of the Group cloud based ERP system; - net proceeds of €7,251 thousand from acquisitions (proceeds of €13,473 thousand and cash-outs of €6,222 thousand), including the impact of the acquired company’s debt and the best estimate of the earn-out linked to sales and profitability targets payable over the next few years; - net proceeds from the disposal of assets of €86 thousand. (ii) Operating activities: - interest payable on financial indebtedness, on leases in application of IFRS 16 and other net financial expenses of €27,740 thousand; - payment of taxes amounting to €22,253 thousand; - payment of principle on lease obligations of €68,615 thousand; - cash flow generated by current operations of €221,121 thousand. 64 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements (iii) The following financing activities: - the equity raise carried out on 22 May 2026 through an accelerated bookbuilding procedure reserved for qualified investors, whose proceeds, amounting to €449,009 thousand net of commissions to the underwriting banks and advisor fees, will be used in full to finance part of the cash component of the acquisition of the “Hearing” business from GN Store Nord A/S; - dividend distributions amounting to €63,784 thousand; - payment of fees on medium and long-term borrowings amounting to €7,236 thousand; - a change in other non-current receivables amounting to €234 thousand. (iv) Net debt was also impacted by: - exchange gains of €4,070 thousand. 65 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements ACQUISITION AND SALE OF COMPANIES AND BUSINESSES th On March 16 , 2026, Amplifon S.p.A. signed a definitive agreement with GN Store Nord A/S ("GN") for the acquisition of the entire Hearing business with a valuation of this business of approximately €2.3 billion on a cash and debt-free basis. At closing, under the terms of the agreement, GN will receive €1.7 billion in cash and 56 million Amplifon shares. GN Hearing, headquartered in Ballerup (Denmark), is the hearing business of GN. GN Hearing develops, manufactures and globally markets a comprehensive portfolio of advanced hearing aid solutions and related audiological services, mainly B2B. GN Hearing operates a multi-brand strategy to target different market segments and channels: ReSound (its flagship medical brand, recently featuring the successful AI-powered Vivia and Nexia platforms), Beltone (focused on the North American retail market), Interton & Danavox (brands targeted at specific regional or value-driven segments), Jabra (while part of GN’s Audio division, the brand is also used for OTC (Over-the-Counter) hearing solutions and prescription hearing aids for the B2B segment), and Danalogic (a data-driven management consultancy for independent hearing care providers). Technology leadership and a powerful, innovation-driven R&D engine sit at the core of GN Hearing’s competitive advantage. As a global stand-alone manufacturer with fully integrated in- house electronics and assembly, the company combines deep engineering expertise with a diversified industrial footprint — spanning across four manufacturing facilities in Denmark, China, Malaysia, and a newly-opened state-of-the-art site in the US — consistently delivering new product introductions at a pace materially ahead of industry benchmarks. st In fiscal year ending December 31 , 2025, GN Hearing generated revenues of DKK 7.2 billion (c.€1 billion) and pro-forma carved-out adjusted EBITDA (reflecting the preliminary harmonization with Amplifon’s accounting policies) of DKK 1.6 billion (c.€220 million), with margin on revenues of c.23%. GN Hearing has a globally diversified revenue base: Americas 49%, Europe 28%, and Rest of the World 23%. In the last years, GN Hearing has consistently outperformed the broader market, gaining share. Specifically, in the last 3 years GN Hearing strongly accelerated revenue growth reporting an organic CAGR of 9% thanks to the launch of highly differentiated platforms. The transaction brings together two global leaders — one specializing in the development, manufacture and B2B commercialization of cutting-edge hearing aids and the other in quality data-driven (B2C) clinical care and excellence — to offer a comprehensive portfolio of unparalleled solutions for customers, hearing care professionals and patients. The combination will support expansion across multiple channels, markets and geographies, enhance diversification and strengthen penetration in key markets, especially in the large and attractive U.S. market. One-off costs for the integration are expected in the region of €80 million to be sustained in the next 2-3 years from closing. The transaction is currently expected to close by the end of 2026 and is subject to the completion of the appropriate regulatory processes, customary antitrust approvals, as well as the completion of the carve-out of GN Hearing from the GN Group. 66 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements In addition, during the first half of 2026, the Group carried out business disposals and acquisitions resulting in total net proceeds of €7,251 thousand (proceeds of €13,473 thousand and cash-outs of €6,222 thousand), including the net financial position acquired and/or disposed of and the best estimate of the net change in earn-outs contingent upon the achievement of revenue and profitability targets to be paid in the coming years. Overall, in the first half of 2026: - in the United Kingdom, the subsidiary Amplifon United Kingdom Limited was sold; - in the Netherlands, the stake in the joint venture Comfoor B.V. was sold; - in the United States, 8 hearing centers were acquired; - in Germany, 3 hearing centers were acquired; - in Australia, 2 hearing centers were acquired. 67 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements OUTLOOK During 2025 the Group implemented different initiatives and made significant investments with the aim to accelerate future growth and structurally improve profitability. In the first half of 2026 these initiatives and investments delivered tangible results, driving improvements in both organic growth and profitability. Accordingly, for 2026 the Group confirms its previously announced expectations, assuming that there are no further slowdowns in global economic activity due to - among others - the well- known macroeconomic and geopolitical situation: • global market demand growth in the region of 3% compared to 2025; • outperformance in its key individual markets, with a further increase of its market share, and a significant improvement in organic growth, above 3% (that excludes the impact related to the termination of a managed care agreement in the US) compared to 2025; • a material increase in the adjusted EBITDA margin in the region of 100 basis points. Lastly, the Group is making positive progress, fully in line with the expected timetable, on the planning of the future integration of GN Hearing, with a view to guaranteeing full operational capacity of the new vertically integrated group from the day after closing. The closing of the th acquisition announced on March 16 , 2026 is subject to customary conditions precedent, including the receipt of the required regulatory approvals and the completion of the carve-out of GN Hearing from the GN Group. Until the closing, Amplifon and GN Hearing will remain two separate and independent entities. In the medium term the Group remains very confident and excited about its strong prospects for profitable growth, further strengthened by the transformational opportunity stemming from the future integration with GN Hearing. th Milan, July 30 , 2026 CEO Enrico Vita 68 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2026 69 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements (*) CONSOLIDATED STATEMENT OF FINANCIAL POSITION 06/30/2026 12/31/2025 Change (€ thousands) ASSETS Non-current assets Goodwill Note 3 1,977,440 1,927,215 50,225 Intangible fixed assets with finite useful life Note 4 360,637 380,720 (20,083) Property, plant, and equipment Note 5 228,571 237,082 (8,511) Right-of-use assets Note 6 459,117 462,038 (2,921) Equity-accounted investments 31 21 10 Hedging instruments 1,028 42 986 Deferred tax assets 76,322 74,907 1,415 Contract costs 10,166 10,488 (322) Other assets Note 7 42,527 37,365 5,162 Total non-current assets 3,155,839 3,129,878 25,961 Current assets Inventories 79,787 82,452 (2,665) Trade receivables 228,977 221,810 7,167 Contract costs 8,953 7,768 1,185 Other receivables 122,448 105,467 16,981 Hedging instruments 1,157 2,235 (1,078) Other financial assets 793 - 793 Cash and cash equivalents Note 9 711,990 308,882 403,108 Asset held for sale Note 13 10,150 34,424 (24,274) Total current assets 1,164,255 763,038 401,217 Total assets 4,320,094 3,892,916 427,178 70 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 06/30/2026 12/31/2025 Change (€ thousands) LIABILITIES Net Equity Share capital Note 8 5,434 4,528 906 Share premium reserve 649,946 202,712 447,234 Treasury shares Note 8 (121,528) (131,983) 10,455 Other reserves (101,038) (162,293) 61,255 Retained earnings 1,031,838 993,916 37,922 Profit (loss) for the period 49,074 91,334 (42,260) Group net equity 1,513,726 998,214 515,512 Minority interests 423 311 112 Total net equity 1,514,149 998,525 515,624 Non-current liabilities Medium/long-term financial liabilities Note 10 567,846 983,806 (415,960) Lease liabilities Note 12 359,454 364,309 (4,855) Provisions for risks and charges Note 11 14,552 14,511 41 Liabilities for employees’ benefits 11,884 12,480 (596) Hedging instruments - 315 (315) Deferred tax liabilities 94,700 92,660 2,040 Payables for business acquisitions 563 2,601 (2,038) Contract liabilities 146,690 145,150 1,540 Other long-term liabilities 21,063 22,181 (1,118) Total non-current liabilities 1,216,752 1,638,013 (421,261) Current liabilities Trade payables 339,539 366,477 (26,938) Payables for business acquisitions 6,859 5,792 1,067 Contract liabilities 120,156 123,581 (3,425) Tax liabilities 56,667 48,089 8,578 Other payables 182,927 197,881 (14,954) Hedging instruments 549 380 169 Provisions for risks and charges Note 11 9,012 7,459 1,553 Liabilities for employees’ benefits 4,551 4,806 (255) Short-term financial liabilities Note 10 730,105 359,462 370,643 Lease liabilities Note 12 124,458 122,007 2,451 Liabilities held for sale Note 13 14,370 20,444 (6,074) Total current liabilities 1,589,193 1,256,378 332,815 TOTAL LIABILITIES 4,320,094 3,892,916 427,178 (*) Transactions with related parties have not been reported separately because not material both at single entity and at consolidated level. Please refer to note 18 for more details. 71 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements (*) CONSOLIDATED INCOME STATEMENT First Half 2026 First Half 2025 Change (€ thousands) Revenues from sales and services Note 14 1,185,748 1,180,490 5,258 Operating costs Note 15 (911,592) (896,155) (15,437) Other income and costs 2,874 2,646 228 Gross operating profit (EBITDA) 277,030 286,981 (9,951) Amortization, depreciation and impairment Amortization of intangible fixed assets Note 4 (51,466) (55,650) 4,184 Depreciation of property, plant, and equipment Note 5 (31,155) (32,248) 1,093 Right-of-use depreciation Note 6 (68,856) (68,670) (186) Impairment losses and reversals of non-current assets (287) (1,427) 1,140 (151,764) (157,995) 6,231 Operating result 125,266 128,986 (3,720) Financial income, expenses and value adjustments to financial assets Group's share of the result of associated companies valued at equity and gains/losses on disposals of equity (687) 90 (777) investments Interest income and expenses (16,862) (17,056) 194 Interest expenses on lease liabilities (10,105) (10,321) 216 Other financial income and expenses (1,625) (1,477) (148) Exchange gains and losses, and inflation accounting (19,059) (2,650) (16,409) Gain (loss) on assets accounted at fair value (392) 708 (1,100) (48,730) (30,706) (18,024) Profit (loss) before tax 76,536 98,280 (21,744) Current and deferred income tax Current tax (26,644) (25,685) (959) Deferred tax (710) (4,376) 3,666 (27,354) (30,061) 2,707 Net profit (loss) 49,182 68,219 (19,037) Net profit (loss) attributable to Minority interests 108 99 9 Net profit (loss) attributable to the Group 49,074 68,120 (19,046) (*) Transactions with related parties have not been reported separately because not material both at single entity and at consolidated level. Please refer to note 18 for more details. Earnings per share (€ per share) Note 17 First Half 2026 First Half 2025 Earnings per share - Basic 0.21356 0.30300 - Diluted 0.20781 0.30090 72 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME First Half 2026 First Half 2025 (€ thousands) Net income (loss) for the period 49,182 68,219 Other comprehensive income (loss) that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit plans 763 2,736 Tax effect on components of other comprehensive income that will not be reclassified (208) (444) subsequently to profit or loss Total other comprehensive income (loss) that will not be reclassified subsequently to 555 2,292 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 446 (2,621) Gains/(losses) on exchange differences from translation of financial statements of foreign 69,079 (91,768) entities Tax effect on components of other comprehensive income that will be reclassified (107) 629 subsequently to profit or loss Total other comprehensive income (loss) that will be reclassified subsequently to profit or 69,418 (93,760) loss after the tax effect (B) Total other comprehensive income (loss) (A)+(B) 69,973 (91,468) Comprehensive income (loss) for the period 119,155 (23,249) Attributable to the Group 119,042 (23,299) Attributable to Minority interests 113 50 73 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements STATEMENT OF CHANGES IN CONSOLIDATION EQUITY Share Treasury Stock Share Legal Other (€ thousands) premium shares grant capital reserve reserves reserve reserve reserve Balance as at 01/01/2025 4,528 202,712 934 3,636 (29,358) 41,307 Allocation of profit (loss) for 2024 Share capital increase Treasury shares (55,228) Dividend distribution Notional cost of stock grants 3,439 Other changes 5,933 (8,396) - Stock Grant 5,933 (8,396) - Inflation accounting - Other changes Total comprehensive income (loss) for the period - Hedge accounting - Actuarial gains (losses) - Translation differences - Profit for the first half of 2025 Balance as at 30 June 2025 4,528 202,712 934 3,636 (78,653) 36,350 Share Treasury Stock Legal Other (€ thousands) Share capital premium shares grant reserve reserves reserve reserve reserve Balance at 01/01/2026 4,528 202,712 934 3,636 (131,983) 36,326 Allocation of profit (loss) for 2025 Share capital increase 906 447,234 Treasury shares Dividend distribution Notional cost of stock grants 6,492 Other changes 10,455 (15,205) - Stock Grant 10,455 (15,205) - Inflation accounting - Other changes Total comprehensive income (loss) for the period - Hedge accounting - Actuarial gains (losses) - Translation differences - Profit for the first half of 2026 Balance at 30 June 2026 5,434 649,946 934 3,636 (121,528) 27,613 74 --- Interim Financial Report as at 30 June 2026 > 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 2,856 (3,071) 904,374 (123,290) 145,374 1,150,002 222 1,150,224 145,374 (145,374) - - - - (55,228) (55,228) (65,302) (65,302) (65,302) 3,439 3,439 6,410 3,947 3,947 2,793 330 330 3,831 3,831 3,831 (214) (214) (214) (1,992) 2,292 (91,719) 68,120 (23,299) 50 (23,249) (1,992) (1,992) (1,992) 2,292 2,292 2,292 (91,719) (91,719) (49) (91,768) 68,120 68,120 99 68,219 864 (779) 990,856 (215,009) 68,120 1,013,559 272 1,013,831 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 1,158 585 993,916 (204,932) 91,334 998,214 311 998,525 91,334 (91,334) - - 448,140 448,140 - - (63,784) (63,784) (63,784) 6,492 6,492 10,372 5,622 (1) 5,621 5,664 914 914 4,692 4,692 4,692 16 16 (1) 15 339 555 69,074 49,074 119,042 113 119,155 339 339 339 555 555 555 69,074 69,074 5 69,079 49,074 49,074 108 49,182 1,497 1,140 1,031,838 (135,858) 49,074 1,513,726 423 1,514,149 75 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements STATEMENT OF CONSOLIDATED CASH FLOWS (€ thousands) First Half 2026 First Half 2025 OPERATING ACTIVITIES Net profit (loss) 49,182 68,219 Amortization, depreciation and impairment: - intangible fixed assets 51,410 55,708 - property, plant, and equipment 31,015 32,800 - right-of-use assets 68,605 69,487 - goodwill 734 - Provisions, other non-monetary items and gain/losses from disposals 9,501 3,128 Group’s share of the result of associated companies - (90) Financial income and expenses 48,730 30,797 Current and deferred taxes 27,354 30,060 Cash flow from operating activities before change in net working capital 286,531 290,109 Utilization of provisions (7,044) (5,612) (Increase) decrease in inventories 3,998 (1,201) Decrease (increase) in trade receivables (2,443) 3,101 Increase (decrease) in trade payables (34,756) (44,348) Changes in other receivables and other payables (25,165) (23,509) Total change in assets and liabilities (65,410) (71,569) Dividends earned - 291 Interest received (paid) (30,001) (30,953) Taxes paid (22,255) (21,386) Cash flow generated from (absorbed by) operating activities (A) 168,865 166,492 INVESTING ACTIVITIES: Purchase of intangible fixed assets (20,724) (31,460) Purchase of tangible fixed assets (25,294) (33,155) Consideration from sale of non-current assets 86 182 Cash flow generated from (absorbed by) operating investing activities (B) (45,932) (64,433) Purchase of subsidiaries and business units net of cash and cash equivalents acquired or (6,222) (54,493) dismissed Increase (decrease) in payables for business acquisitions (2,129) (4,992) (Purchase) sale of equity investments and other securities 13,473 Cash flow generated from (absorbed by) acquisition activities (C) 5,122 (59,485) Cash flow generated from (absorbed by) investing activities (B)+(C) (40,810) (123,918) FINANCING ACTIVITIES: Increase (decrease) in financial payables (36,416) 104,570 Fees paid on medium and long-term loans (7,236) (1,788) Principal portion of lease payments (68,615) (67,107) Other non-current assets and liabilities (234) 556 Dividend distributed (63,784) (65,302) Treasury shares purchase - (55,228) Capital increases, third parties’ contributions and dividends paid by subsidiaries to third 449,008 - parties Cash flow generated from (absorbed by) financing activities (D) 272,723 (84,299) Net increase in cash and cash equivalents (A)+(B)+(C)+(D) 400,778 (41,725) 76 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements First Half 2026 First Half 2025 (€ thousands) Cash and cash equivalents at beginning of period 308,882 288,834 Effect of exchange rate fluctuations on cash & cash equivalents 2,330 (4,342) Effect of asset disposals on cash & cash equivalents - (74) Flows of cash and cash equivalents 400,778 (41,725) Cash and cash equivalents at end of period 711,990 242,693 SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CONSOLIDATED CASH FLOWS The fair values of the assets and liabilities acquired are summarized in the table below: First Half 2026 First Half 2025 (€ thousands) - Goodwill 5,463 46,120 - Customer lists 1,379 10,821 - Trademarks and non-competition agreements 406 1,319 - Other intangible fixed assets 537 2,035 - Property, plant, and equipment 214 2,442 - Right-of-use assets 628 7,520 - Current assets 11 5,342 - Provision for risks and charges - (10) - Current liabilities (1,272) (8,812) - Other non-current assets and liabilities (1,144) (12,980) Total investments 6,222 53,797 Net financial debt acquired - 3,290 Total business combinations 6,222 57,087 (Increase) decrease in payables through business acquisition 2,129 4,992 (Purchase) sale of equity investments and other securities (13,473) - Cash flow absorbed by (generated from) acquisitions (5,122) 62,079 (Cash and cash equivalents acquired) - (2,594) Net cash flow absorbed by (generated from) acquisitions (5,122) 59,485 77 --- Interim Financial Report as at 30 June 2026 > 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. (38.68% of share capital and 70.09% of voting rights as at 30 June 2026), held by Amplifin S.r.l at 100.0%, which is owned at 88,0% by Susan Carol Holland. The Condensed Consolidated Financial Statements as at 30 June 2026 was prepared in accordance with International Accounting Standards, as well as the implementation regulations set out in Article 9 of Legislative Decree no. 38 of 28 February 2005. These standards include the IAS and IFRS issued by the International Accounting Standard Board, as well as the SIC and IFRIC interpretations issued by the International Financial Reporting Interpretations Committee, which were endorsed in accordance with the procedure set out in Article 6 of Regulation (EC) no. 1606 of 19 July 2002 by 30 June 2026. The International Accounting Standards endorsed after that date and before the preparation of this report were adopted in the preparation of the condensed interim consolidated financial report only if early adoption is allowed by the Endorsing Regulation and the standard itself and if the Group had elected to do so. The condensed interim consolidated financial statements as at 30 June 2026 does not include all the additional information required by the annual financial statements and must be read together with the annual consolidated financial statements of the Group as at 31 December 2025. The publication of the Condensed Consolidated Financial Statements of the Amplifon Group as th at 30 June 2026 was authorized by a resolution of the Board of Directors of 30 July 2026 which approved their publication. According to the Consob Communication of 28 July 2006, it is specified that during the first half of 2026 the Group did not carry out atypical and/or unusual transactions, as defined by the Communication itself. 78 --- Interim Financial Report as at 30 June 2026 > 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 During the first half of 2026, the global macroeconomic and geopolitical environment continued to be characterised by high levels of uncertainty and volatility. Persistent geopolitical tensions in the world’s main conflict areas, together with the increasing fragmentation of trade relations and instability in energy markets, continue to represent risk factors for global economic growth and for consumer and business confidence. In particular, the escalation of the conflict involving the United States, Israel and Iran had significant repercussions on maritime traffic and international supply chains, especially in relation to the Strait of Hormuz. The geopolitical situation in the Middle East deteriorated further and significantly. The temporary agreements reached in June 2026, intended to facilitate the gradual normalisation of navigation through the Strait of Hormuz, did not produce lasting effects. In the following weeks, following the resumption of hostilities, the process of restoring trade flows was interrupted, with the conflict once again under way on all fronts and causing a new escalation on regional stability and global energy markets. In any event, the Group’s exposure in the region remains very limited: 24 hearing care centres operate in Israel and collectively generate less than 1% of annual consolidated revenue; activities in neighbouring countries, such as Egypt, are marginal; moreover, the Group has no direct or indirect operations in Lebanon or Iran. With regard to the conflict between Ukraine and Russia, the environment continues to be characterised by significant geopolitical instability, with ongoing military operations, attacks on civilian and strategic infrastructure, and successive sanctions and diplomatic initiatives by the international community. The course of the conflict remains uncertain and continues to represent a risk factor for the global economic and geopolitical outlook, with possible repercussions on energy markets, supply chains and confidence among economic operators. It should be noted that the Group has no direct or indirect operations in Ukraine, Russia or Belarus. The development of United States trade policies, including initiatives concerning tariffs and the protection of national security, continues to be carefully assessed. With regard to the investigation launched in September 2025 under Section 232 into a number of product sectors, including medical devices, no conclusive developments emerged during the first half of 2026. The outcome of the review, expected within 270 days of its launch, could potentially result in the introduction of trade measures affecting certain Group suppliers. However, the Group continues to benefit from robust mitigating factors, including the diversification of procurement sources, suppliers’ operational flexibility, its negotiating strength and the geographical diversification of its operations. During the period, the Group continued to monitor developments in the macroeconomic environment particularly closely, with specific reference to inflation and interest-rate trends, as well as the indirect effects arising from heightened geopolitical tensions. As a result of the factors described above, interest rates remain high and the economic growth outlook continues to be affected by a persistently uncertain environment, with potential repercussions on demand 79 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements and patient confidence. Even in this scenario, the hearing aid market has demonstrated structural resilience, consistent with the non-discretionary nature of hearing care and the availability of reimbursement and financing schemes that support access to services and devices. Nevertheless, the prolonged macroeconomic and geopolitical uncertainty continued to affect patient confidence, in some cases leading to the postponement of purchasing decisions, which nevertheless remain necessary over the medium term. With regard to climate change, the Group is continuing to implement its climate strategy, validated by the Science Based Targets initiative (SBTi), aimed at reducing greenhouse gas emissions and contributing to the achievement of the targets set out in the 2015 Paris Agreement. 3. Acquisitions and goodwill During the first half of 2026, the Group acquired 13 hearing centres (8 in the United States, 3 in Germany and 2 in Australia) for a total net proceed of €7,251 thousand (proceeds from business disposals of €13,473 thousand and acquisition-related cash outflows of €6,222 thousand), 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. 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) 12/31/2025 06/30/2026 EMEA 1,059,123 3,241 - - 646 1,063,010 AMERICAS 293,920 1,345 - - 8,997 304,262 APAC 574,172 877 - (734) 35,853 610,168 Total 1,927,215 5,463 - (734) 45,496 1,977,440 “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. The “impairment” line item refers to the impairment of goodwill related to Amplifon (India) Pvt Ltd subsidiary in light of the sale agreement reached in May 2026 by the Amplifon Group, through its direct subsidiary Amplifon Nederland B.V. For further details, please refer to Note 13, “Assets and liabilities held for sale.” “Other net changes” refers almost entirely to foreign exchange differences. 80 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements Identification of the Groups of Cash Generating Units For the purpose of determining Cash Generating Units, consideration was given to the fact that the Group’s management structure is organised into three Regions (“EMEA”, “Americas” and “Asia Pacific”), which are homogeneous in terms of business models and represent both the level at which results are monitored by Group Management and the operating segments for which disclosures are provided in accordance with IFRS 8. Budget guidelines are defined centrally at regional level, and the Regional Executive Vice Presidents are autonomous in allocating resources to their respective countries (which, under the Group’s business model, act exclusively as distributors) and in managing their operations. Accordingly, total goodwill arising from the allocation of the consideration paid for business combinations is allocated and monitored by Group Management at the level of Groups of Cash Generating Units, which coincide with the Regions. This reflects the fact that the independence of cash flows is ensured exclusively at this level, whereas it is not guaranteed at the level of individual countries (individual CGUs). The classification of operations into cash-generating units and the criteria used to identify them remain unchanged from the financial statements as of December 31, 2025. The groups of Cash Generating Units recognized for the purposes of impairment test include: • EMEA which includes Italy, France, the Netherlands, Germany, Belgium, Switzerland, Spain, Portugal, Hungary, Poland, Israel and Egypt; • AMERICAS which includes both the single businesses through which operations are carried out in the US market (Franchising, Retail and Managed Care) and the countries Canada, Argentina, Chile, Mexico, Panama, Ecuador, Colombia and Uruguay; • ASIA PACIFIC which includes Australia, New Zealand, India and China. The recoverable value of goodwill is determined based on the value in use or, if the latter is less than book value, on fair value. No impairment loss was identified as a result of the impairment tests conducted on 31 December 2025. The Group tests for impairment of goodwill once a year and in the event of any impairment indicators. In the first half of 2026, the Group delivered a solid performance, driven mainly by positive organic growth across all geographical areas, with a significant acceleration over the course of the period. This performance was supported by positive developments in global market demand, with particularly favourable results in the US private market and a progressive improvement in market conditions in both Europe and the APAC region. Profitability improved markedly across all geographies, thanks to the benefits of operating leverage and the results of the Fit4Growth programme, despite continued investment aimed at further strengthening the Group’s distinctive assets and competitive capabilities. Compared with Budget expectations, consolidated revenue was slightly lower, mainly due to the performance of the EMEA region, while profitability was broadly in line with forecasts. The AMERICAS region reported revenue slightly below expectations, while maintaining profitability 81 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements in line with Budget. The APAC region, by contrast, delivered results above expectations in terms of both revenue and profitability. For the purpose of assessing whether the headroom identified as of 31 December 2025 had been maintained, sensitivity analyses were performed on the groups of Cash-Generating Units carried out at 31 December 2025, using parameters updated as of 30 June 2026. In particular, the discount rate (WACC) and the growth rate were updated based on the most recent information available and applied to the same business plan used for the impairment test at 31 December 2025. With specific reference to the EMEA region, in order to verify that the underperformance against budget did not compromise the headroom determined at year-end 2025, the impairment test sensitivity analysis incorporated a prudent adjustment to cash flows, reducing them by a percentage consistent with the negative budget variance recorded as of 30 June 2026. No adjustments were made to cash flows for the AMERICAS and APAC regions, as their performance was in line with or exceeded budget expectations. On the basis of the above, it was concluded that there were no indicators of impairment at 30 June 2026 and, therefore, no specific impairment test was performed. For the purposes of the goodwill assessment, reference should therefore be made to the impairment test performed on the 2025 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 1,970 1,084 3,168 6,222 Assets and liabilities acquired – Book value Current assets - 11 - 11 Current liabilities (457) (329) (44) (830) Net working capital (457) (318) (44) (819) Other intangible, tangible and right-of-use assets 289 769 321 1,379 Other non-current assets and liabilities (271) (29) (261) (561) Non-current assets and liabilities 18 740 60 818 Net invested capital (439) 422 16 (1) NET EQUITY ACQUIRED - BOOK VALUE (439) 422 16 (1) DIFFERENCE TO BE ALLOCATED 1,548 1,068 6,223 3,607 ALLOCATIONS Non-compete agreements - 406 - 406 Customer lists 923 185 271 1,379 Contract liabilities - Short and long-term (557) (388) - (945) Deferred tax assets - 270 - 270 Deferred tax liabilities - (270) (80) (350) Total allocations 366 203 191 760 GOODWILL 3,241 1,345 877 5,463 82 --- Interim Financial Report as at 30 June 2026 > 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 12/31/2025 at 12/31/2025 at 06/30/2026 at 06/30/2026 downs at downs at (€ thousands) 12/31/2025 06/30/2026 Software 376,450 (249,708) 126,742 402,102 (274,385) 127,717 Licenses 40,190 (31,604) 8,586 41,169 (34,228) 6,941 Non-competition agreements 26,842 (21,207) 5,635 31,818 (25,209) 6,609 Customer lists 521,137 (348,054) 173,083 529,940 (371,567) 158,373 Trademarks and concessions 92,267 (60,769) 31,498 93,946 (65,145) 28,801 Other 22,796 (10,391) 12,405 24,070 (11,709) 12,361 Fixed assets in progress and 22,771 - 22,771 19,835 - 19,835 advances Total 1,102,453 (721,733) 380,720 1,142,880 (782,243) 360,637 Net book Other Net book Business Write-up/ value at Investments Disposals Amortization net value at combinations Impairment (€ thousands) 12/31/2025 changes 06/30/2026 Software 126,742 5,638 (6) (22,724) 2 - 18,065 127,717 Licenses 8,586 112 - (2,525) - - 768 6,941 Non-competition 5,635 3,405 - (3,645) 406 - 808 6,609 agreements Customer lists 173,083 - - (18,732) 1,379 (10) 2,653 158,373 Trademarks and 31,498 - - (2,959) - - 262 28,801 concessions Other 12,405 179 (8) (881) 535 66 65 12,361 Fixed assets in progress and 22,771 16,027 - - - - (18,963) 19,835 advances Total 380,720 25,361 (14) (51,466) 2,322 56 3,658 360,637 Investments in intangible assets during the period, amounting to €25,361 thousand, mainly related to investments in digitalisation and information technology. Investments continued in the main strategic programmes, including Symphony, which is intended to offer customers an increasingly personalised experience, and 1AT, which is aimed at harmonising ERP systems across the Group. At the same time, significant work was carried out on front-end systems with the aim of optimising the Amplifon Product Experience and supporting the implementation of the Next protocol, which has reshaped the entire Amplifon customer journey, including through the refurbishment of hearing-care centres. These efforts also extended to improvements in operating and back-office processes, with a strong focus on the Group’s procurement systems and the centralisation of purchasing activities. The change in “Business combinations” comprises: - For €925 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; 83 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements - For €1,126 thousand the temporary allocation of the price paid for acquisitions made in Americas; - For €271 thousand the temporary allocation of the price paid for acquisitions made in APAC. The item “Write – up/(impairment)” includes the €66 thousand of net income for write-ups and impairment losses on customer files and other intangible assets, following the closure and relocation of under-performing clinics in the context of the Fit4Growth program. The item "Other net changes" is explained almost entirely by foreign exchange differences and the reclassification of work in progress completed in the period. 84 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 5. Property, plant, and equipment The following table shows the changes in property, plant, and equipment. Accumulated Accumulated amortization amortization Historical cost Net book value Historical cost Net book value and write- and write- at 12/31/2025 at 12/31/2025 at 06/30/2026 at 06/30/2026 downs at downs at (€ thousands) 12/31/2025 06/30/2026 Land 112 - 112 124 124 Buildings, constructions and 374,965 (247,321) 127,644 382,889 (259,170) 123,719 leasehold improvements Plant and machines 45,559 (37,827) 7,732 43,634 (36,911) 6,723 Industrial and commercial 100,811 (78,217) 22,594 100,554 (80,751) 19,803 equipment Motor vehicles 1,500 (945) 555 1,362 (933) 429 Computers and office 101,971 (81,373) 20,598 106,098 (87,293) 18,805 machinery Furniture and fittings 163,576 (115,751) 47,825 164,083 (117,622) 46,461 Other tangible fixed assets 7,524 (5,898) 1,626 5,568 (4,677) 891 Fixed assets in progress and 8,396 - 8,396 11,616 11,616 advances Total 804,414 (567,332) 237,082 815,928 (587,357) 228,571 Net book Other Net book Business Write-up/ value at Investments Disposals Amortization net value at combinations Impairment (€ thousands) 12/31/2025 changes 06/30/2026 Land 112 - - - - - 12 124 Buildings, constructions and 127,644 4,866 (117) (13,883) - 140 5,069 123,719 leasehold improvements Plant and machines 7,732 119 (54) (1,338) 5 65 194 6,723 Industrial and commercial 22,594 1,044 (32) (3,889) 59 (1) 28 19,803 equipment Motor vehicles 555 - (34) (83) - - (9) 429 Computers and office 20,598 1,382 (27) (5,386) 41 (49) 2,246 18,805 machinery Furniture and fittings 47,825 1,534 (3) (6,356) 109 (15) 3,367 46,461 Other tangible fixed assets 1,626 13 (3) (220) - - (525) 891 Fixed assets in progress and 8,396 11,981 - - - - (8,761) 11,616 advances Total 237,082 20,939 (270) (31,155) 214 140 1,621 228,571 The investments of the reporting period (€20,939 thousand) refer primarily to the opening of new clinics and renewal of existing ones, as well as to the purchase of hardware needed for the implementation of Group Information Technology projects previously described. The change in “Business combinations” comprises: - For €16 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - For €138 thousand the temporary allocation of the price paid for acquisitions made in Americas; 85 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements - For €60 thousand the temporary allocation of the price paid for acquisitions made in APAC. The item “Write – up/(impairment)” includes, for €240 thousand of net gains for the impairment and write – up of buildings, construction and leasehold improvements, computers and office machinery, furniture and fittings, following the closure and relocations of low performing clinics, as part of the Fit4Growth program. “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. 86 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 6. Right-of-use assets Right-of-use assets are reported here below: Accumulated Accumulated amortization amortization Historical cost Net book value Historical cost Net book value and write- and write- at 12/31/2025 at 12/31/2025 at 06/30/2026 at 06/30/2026 downs at downs at (€ thousands) 12/31/2025 06/30/2026 Stores and offices 1,001,394 (556,418) 444,976 1,038,276 (595,792) 442,484 Motor vehicles 35,238 (20,167) 15,071 36,422 (21,622) 14,800 Electronic machinery 5,219 (3,228) 1,991 5,642 (3,809) 1,833 Total 1,041,851 (579,813) 462,038 1,080,340 (621,223) 459,117 Net book Other Net book Business Write-up/ value at Increase Decrease Depreciation net value at combinations Impairment (€ thousands) 12/31/2025 changes 06/30/2026 Stores and offices 444,976 69,525 (7,216) (64,159) 628 251 (1,521) 442,484 Motor vehicles 15,071 3,805 (1,107) (4,052) - - 1,083 14,800 Electronic machinery 1,991 433 - (645) - - 54 1,833 Total 462,038 73,763 (8,323) (68,856) 628 251 (384) 459,117 The increase in right of use assets (€73,763 thousand) acquired in the period is explained by the renewal of existing leases and the network expansion. The change in “Business combinations” comprises for: - For €271 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - For €96 thousand the temporary allocation of the price paid for acquisitions made in Americas; - For €261 thousand the temporary allocation of the price paid for acquisitions made in APAC. The item “Write – up/(impairment)” includes net income of €246 thousand for the impairment and write - up of right-of-use assets of low-performing clinics that were closed as part of the Fit4Growth program. “Other changes” refers mainly to foreign exchange differences recorded in the reporting period. 87 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 7. Other non-current assets Balance at Balance at Change (€ thousands) 06/30/2026 12/31/2025 Long-term financial receivables 4,850 4,830 20 Asset Plans and other restricted amounts 1,571 1,520 51 Security deposits 12,597 12,960 (363) Deferred cost of post-sales services 11,292 10,905 387 Medium/long-term receivables for disposal 1,039 - 1,039 Other non-current assets 11,178 7,150 4,028 Total 42,527 37,365 5,162 “Other non-current assets” amounted to €42,527 thousand on 30 June 2026 (€37,365 thousand on 31 December 2025). The long-term financial receivables refer largely to the loans granted to Miracle Ear franchisees in the United States to support growth. The item “Medium/long-term receivables for disposal” relates entirely to receivables arising from the disposal of the investment in the joint venture Comfoor B.V., occurred in March 2026. Both long-term financial receivables and other non-current assets are held until the contractual cash flows are received and discounted when the interest rate applied to the latter differs from the market rate. 8. Share capital and treasury shares As at 30 June 2026, the share capital consisted of 271,688,620 shares with a par value of Euro 0.02 each, fully subscribed and paid up. On 21 May 2026, the Board of Directors of Amplifon S.p.A. resolved to exercise the authority granted by the Extraordinary Shareholders’ Meeting of 30 April 2024 pursuant to Article 2443 of the Italian Civil Code, approving a divisible equity raise for cash, excluding pre-emption rights pursuant to Article 2441, paragraphs 5 and 6, of the Italian Civil Code, through the issue of 45,300,000 new ordinary shares with a par value of Euro 0.02 each, representing approximately 20% of the share capital prior to the equity raise. The transaction was carried out through an accelerated bookbuilding (ABB) procedure reserved for qualified investors. The equity raise, completed on 22 May 2026, resulted in the issue of 45,300,000 new ordinary shares for total gross proceeds of €453,000 thousand, of which €906 thousand was allocated to share capital and €452,094 thousand was recognised in the share premium reserve. Following the transaction, the Company’s share capital amounted to € 5,433,772.40, divided into 271,688,620 ordinary shares with par value of Euro 0.02 per share. 88 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements The net proceeds from the transaction, amounting to €449,009 thousand after deduction of fees payable to the underwriting banks and advisor fees directly attributable to the equity raise, are intended to finance the cash component of the acquisition of GN Store Nord A/S’s “Hearing” business, as previously announced to the market. During the first half of 2026, no shares were purchased and 510,977 shares transferred following the exercise of performance stock grants. As at 30 June 2026, a total of 5,940,161 treasury shares, equal to 2.186% of the Company’s share capital, was held. Information on the treasury shares held is provided in the following table. Average purchase price (Euro) No. of treasury Total amount shares (€ thousands) FV of transferred rights (Euro) Held at 12/31/2025 6,451,138 20.459 131,983 Purchases - - - Transfers due to exercise of performance stock grants (510,977) 20.459 (10,455) Held at 06/30/2026 5,940,161 20.459 121,528 89 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 9. Net financial indebtedness The Group’s net financial indebtedness, including lease liabilities, prepared in accordance with the ESMA guideline 32-382-1138 of 4 March 2021 and CONSOB’s Warning Notice n. 5/21 of 29 April 2021, is shown below. (€ thousands) 06/30/2025 12/31/2025 Change A Cash 711,990 308,882 403,108 B Cash equivalent - - - C Short term investments - - - D Total Cash, Cash Equivalents and Short-Term Investments (A+B+C) 711,990 308,882 403,108 Current financial payables (including bonds, but excluding current E 526,987 148,502 378,485 portion of medium/long-term debt) - Other financial payables and bank overdrafts 176,732 148,639 28,093 - - Hedging derivatives 255 (137) 392 - - Eurobond 2020-2027 350,000 - 350,000 F Current portion of medium/long-term financial debt 335,164 339,902 (4,738) - Financial accruals and deferred income 5,291 7,939 (2,648) - Payables for business acquisitions 6,859 5,792 1,067 - Bank borrowings 198,556 204,164 (5,608) - Lease Liability – current portion 124,458 122,007 2,451 G Current Financial Indebtedness (E+F) 862,151 488,404 373,747 H Net Current Financial Indebtedness (G-D) 150,161 179,522 (29,361) I Non current financial payables 927,984 1,002,277 (74,293) - Bank borrowings – Non current portion 569,006 635,367 (66,361) - Payables for business acquisitions – Non current portion 563 2,601 (2,038) - Medium/long-term receivables for disposal (1,039) - (1,039) - Lease Liability – Non current portion 359,454 364,309 (4,855) 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) 927,984 1,352,277 (424,293) M Total Financial Indebtedness (H+L) 1,078,145 1,531,799 (453,654) 90 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements Excluding lease liabilities (€483,912 thousand as at 30 June 2026) and including the portion of the net financial debt of the subsidiary Amplifon (India) Pvt Ltd which has been classified within assets and liabilities held for sale in accordance to IFRS 5, following the disposal agreement signed in May 2026 (€5,594 thousand at 30 June 2026), net financial debt amounted to €599,827 thousand as at 30 June 2026 showing a decrease of €445,656 thousand against comparison period, broken down as follows: Balance at Balance at Change 06/30/2026 12/31/2025 (€ thousands) A Cash and Cash Equivalents 711,990 308,882 403,108 B Other current financial assets - - - D Cash and Cash Equivalents (A+B) 711,990 308,882 403,108 C Current Financial Indebtedness (excluding lease liabilities) 737,693 366,397 371,296 E Net Financial Indebtedness held for sale 5,594 5,594 F Net Current Financial Indebtedness (excluding lease liabilities) (C+E-D) 31,297 57,515 (26,218) G Non-current Financial Indebtedness (excluding lease liabilities) 568,530 987,968 (419,438) H Total Financial Indebtedness (excluding lease liabilities) (F+G) 599,827 1,045,483 (445,656) The positive variance of €445,656 thousand compared with 31 December 2025 is closely linked to the equity raise completed on 22 May 2026 through an accelerated bookbuilding procedure reserved for qualified investors. The proceeds, amounting to €449,009 thousand net of commissions to the underwriting banks and advisor fees, will be used in full to finance part of the cash consideration for the acquisition of the “Hearing” business from GN Store Nord A/S. On 18 June 2026, on the basis of the term sheet signed on 16 March 2026, a senior loan agreement (the “acquisition facility”) was entered into for a total amount of €1,350 million, with a term of 18 months and two days from the date of execution and an option to extend it by a further six months. Together with the €453,000 thousand equity raise carried out through an accelerated bookbuilding procedure reserved for qualified investors, as described above, the facility will be used to finance the cash consideration for the acquisition of the “Hearing” business from GN Store Nord A/S. In April 2026, Amplifon exercised its option to extend its €300 million revolving credit facility, bringing its maturity to May 31, 2027, with the possibility of a further extension to May 31, 2028. In June 2026, an agreement was signed with the European Investment Bank to modify the financing of €50 million, signed in June 2024, extending its availability period to 25 June 2027. Long-term debt, net of lease liabilities, amounts to €568,530 thousand as at 30 June 2026 (€987,968 thousand as at 31 December 2025), showing a decrease of €419,438 thousand compared to 2025 following the reclass to short term of the Eurobond. Short-term debt, excluding lease liabilities, improved by €26,218 thousand, from a negative €57,515 thousand at 31 December 2025 to a negative €31,297 thousand at 30 June 2026. The 91 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements improvement is closely linked to the net proceeds from the equity raise described above, which are earmarked to partly finance the acquisition of GN Hearing. Excluding these proceeds, the short-term net financial position amounted to €480,306 thousand, representing a deterioration of €422,791 thousand compared with 31 December 2025, mainly due to the classification of the Eurobond maturing in February 2027 as a current liability. More specifically, the short-term net financial position includes the Eurobond maturing in February 2027 (€350,000 thousand), the current portions of long-term bank borrowings (€198,556 thousand), hot money facilities and other drawings under short-term credit lines (€176,732 thousand), accrued interest on the Eurobond (€1,478 thousand) and on other bank borrowings (€4,575 thousand), including short-term facilities, as well as the best estimate of liabilities for deferred acquisition payments (€6,859 thousand). The Group has undrawn committed credit facilities of €480 million, in addition to the undrawn portion of €150 million of the financing agreement entered into with the European Investment Bank and undrawn uncommitted credit facilities amounting to €267 million. It should also be noted that the senior loan described above, namely the “acquisition facility” for a total amount of €1,350 million, is intended to finance the acquisition of GN Hearing and is therefore not included among the credit facilities referred to above. Bank loans and the Eurobond 2020-2027 are shown in the statement of financial position as follows: a. under the item “medium/long-term financial liabilities”: Balance at 06/30/2026 (€ thousands) Loan with the European Investment Bank 200,000 Other medium/long-term debt 369,006 Fees on bank loans (1,160) Medium/long-term financial liabilities 567,846 b. under the item “financial payables (current)”. Balance at 06/30/2026 (€ thousands) Bank overdraft and other short-term debt (including current portion of other long-term debt) 374,945 Eurobond 2020-2027 350,000 Other financial payables 6,085 Fees on bank loans (925) Short-term financial liabilities 730,105 All the other items in the net financial position table can be easily referred to in the financial consolidated statements. 92 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 10. Financial liabilities The financial liabilities breakdown is as follows: Balance at Balance at Change (€ thousands) 06/30/2026 12/31/2025 Eurobond 2020-2027 - 350,000 (350,000) Loan with European Bank of Investments 200,000 200,000 - Other medium long-term bank loans 369,006 435,367 (66,361) Fees on bank loans (1,160) (1,561) 401 Total long-term financial liabilities 567,846 983,806 (415,960) Short term debt 730,105 359,462 370,643 - Eurobond 2020-2027 350,000 - 350,000 - of which current portion of short-term bank loans 198,556 204,164 (5,608) - of which debts for account overdrafts and other short-term liabilities 176,732 148,639 28,093 - of which fees on bank loans (925) (1,254) 329 Total short-term financial liabilities 730,105 359,462 370,643 Total financial liabilities 1,297,951 1,343,268 (45,317) 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. 93 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements - Bank loans These are the main bilateral and pooled loans which are detailed below: Nominal Oustanding Fair Debt Swap rate + Rate in Fixed Final rate Issue Date Debtor Type Maturity value debt value hedged applicable use (*) rate in use (€/000) (€/000) (€/000) (€/000) margin (**) Amplifon 12/23/2021 Amortizing 12/23/2026 210,000 73,500 74,817 73,500 1.11% 1.11% S.p.A. Amplifon 06/25/2025 Amortizing 12/23/2026 20,000 20,000 20,551 3.60% 3.60% S.p.A. Amplifon 09/30/2024 Amortizing 09/30/2029 50,000 38,235 38,738 38,235 3.25% 3.25% S.p.A. Amplifon 10/15/2024 Amortizing 10/15/2029 200,000 183,400 169,103 3.28% 91,700 3.33% 3.28% (***) S.p.A. Amplifon 12/20/2024 Amortizing 12/19/2029 75,000 65,625 70,168 65,625 3.28% 3.28% S.p.A. Amplifon 03/12/2025 Amortizing 03/12/2030 75,000 75,000 77,155 3.30% 3.30% S.p.A. Amplifon 04/28/2020 Amortizing 03/31/2030 50,000 50,000 51,549 3.55% 3.55% S.p.A. Amplifon 06/12/2025 Amortizing 06/12/2030 75,000 75,000 66,794 3.50% 3.50% S.p.A. Amplifon 12/15/2023 Amortizing 12/15/2032 75,000 65,000 66,972 3.65% 3.65% S.p.A. Amplifon 12/15/2023 Amortizing 06/27/2033 50,000 46,667 48,497 3.90% 3.90% S.p.A. Amplifon 07/01/2025 Amortizing 07/03/2034 75,000 75,000 77,742 3.28% 3.28% S.p.A. Total 955,000 767,427 762,086 269,060 (*) The nominal interest rate comprises the benchmark rate (Euribor) plus the applicable spread. (**) An Interest Rate Swap was used to hedge these loans against interest rate risk at the IRS rate plus a spread. (***) The rate for the €100 million tranche of this loan is 3.43% and 3.28% for the remainder. 94 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 11. Provision for risks and charges Provisions for risks and charges amounted to €23,564 thousand, compared to €21,970 thousand recorded on 31 December 2025. The provisions for risks as at 30 June 2026 are detailed below: 06/30/2026 12/31/2025 Change (€ thousands) Contractual risk provision 276 276 - Agents’ leaving indemnity 12,994 12,819 175 Other risk provisions 1,282 1,416 (134) Total Long-term provision for risks and charges 14,552 14,511 41 Contractual risk provision 1,088 1,026 62 Contractual risk provision 4,292 4,038 253 Other provisions for risks 3,632 2,395 1,237 Total Short-term provision for risks and charges 9,012 7,459 1,553 Total provision for risks and charges 23,564 21,970 1,594 12. Lease liabilities The lease liabilities stem from long-term leases and rental agreements. These liabilities are equal to the present value of future installments payable over the lease term. The finance lease liabilities are shown in the statement of financial position as follows: 06/30/2026 12/31/2025 Change (€ thousands) Short term lease liabilities 124,458 122,007 2,451 Long term lease liabilities 359,454 364,309 (4,855) Total lease liabilities 483,912 486,316 (2,404) During the reporting period, the following costs have been booked in profit and loss. First Half (€ thousands) 2026 Interest charges on leased assets (10,105) Right-of-use depreciation (68,856) Costs for short-term leases and leases for low value assets (9,397) 95 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 13. Asset and liabilities held for sale As part of the strategic review of the attractiveness of the business segments and the Group’s competitive positioning envisaged under the Fit4Growth programme, on 18 May 2026 Amplifon Group, through its direct subsidiary Amplifon Nederland B.V., entered into an agreement for the disposal of its subsidiary Amplifon (India) Pvt Ltd. In view of the above disposal, at 30 June 2026 the assets and liabilities relating to Amplifon (India) Pvt Ltd covered by the disposal agreement, which do not constitute a major line of business and therefore do not qualify as a discontinued operation, were reclassified under “Assets held for sale” and “Liabilities held for sale”. The following tables show the main classes of assets and liabilities classified as held for sale: Value at 06/30/2026 (€ thousands) Non-current assets 8,392 Current assets 1,758 - of which Cash and Cash Equivalents 264 Asset held for sale 10,150 Value at 06/30/2026 (€ thousands) Non current liabilities 4,120 Current liabilities 10,250 - of which financial labilities 5,858 Liabilities held for sale 14,370 The carrying amounts of all assets and liabilities were determined in accordance with the applicable IFRS immediately prior to classification as held for sale. In accordance with IFRS 5, assets and liabilities were measured at the lower of their carrying amount and fair value less costs to sell. 96 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 14. Revenues from sales and services First Half First Half Change (€ thousands) 2026 2025 Revenues from sale of products 1,022,193 1,021,476 717 Revenues from services 163,555 159,014 4,541 Total revenues from sales and services 1,185,748 1,180,490 5,258 Goods and services provided at a point in time 1,022,193 1,021,476 717 Goods and services provided over time 163,555 159,014 4,541 Total revenues from sales and services 1,185,748 1,180,490 5,258 Consolidated revenues from sales and services amounted to €1,185,748 thousand in the six months of 2026, an increase of €5,258 thousand (+0.4%) compared to the first half of 2025. The contribution of a solid organic performance (€41,512 thousand or +3.5%) and acquisitions (€9,050 thousand or +0.8%) were partially offset by the negative impact (€35,358 thousand or - 3.0%) of the streamlining and reorganization called for under the Fit4Growth program (including the termination of the managed care contract in the United States and the disposal of the businesses in the United Kingdom) and the negative exchange differences of €9,946 thousand (- 0.9%). 15. Operating costs, depreciation and impairment, financial income- expenses and taxes Operating costs amounted to €911,592 thousand in the first half of 2026 (€896,155 thousand in the first half of 2025), an increase of €15,437 thousand against the comparison period (+1.7%). In the first half of 2026, operating costs comprises €20,962 thousand of unusual, infrequent or unrelated elements (income or expenses) or not related to the operating performance of the Group, mainly attributable to the following areas: - €11,827 thousand related to a first tranche of transaction and integration costs for the acquisition of GN Hearing; - €4,976 thousand related to employee termination incentives under the Fit4Growth program; - €2,181 thousand related to consultancies and other costs under the Fit4Growth program; th “Amortization, depreciation and impairment” amounted to €151,764 thousand as at 30 June 2026, compared to €157,995 thousand of the comparison period. Total financial expenses amounted to €48,730 thousand, an increase of €18,024 thousand compared with 2025, mainly due to the reclassification to the income statement of negative exchange differences relating to the foreign operation in the United Kingdom. These differences, accumulated over the years in equity and amounting to €19,029 thousand, were realised upon completion of the disposal of the investment in Amplifon United Kingdom Limited at the beginning of March 2026. Excluding this impact, financial expenses were substantially in line with the comparative period. 97 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements The tax rate for the period was 35.7%, compared with 30.6% in the comparative period, due to the impact of the reclassification to the income statement — which did not give rise to any tax effect — of the negative exchange differences relating to the foreign operation in the United Kingdom. These differences had been accumulated over the years in equity and were realised upon completion of the disposal of the investment in Amplifon United Kingdom Limited at the beginning of March 2026. 16. Performance stock grants General features of the 2026–2031 Stock Grant Plan On 5 May 2026, on the basis of the resolution passed by the Ordinary Shareholders’ Meeting on 23 April 2026 and after consulting the Remuneration and Nomination Committee, the Board of Directors of Amplifon S.p.A. approved the new rules governing the 2026–2031 Stock Grant Plan and resolved to award up to 10,500,000 rights. The Plan has the following general features: • The 2026–2031 Stock Grant Plan has different features for each category of Beneficiary: - Long-Term Incentive Plan (LTI) Beneficiaries: employees identified according to the band assigned to their organisational position under the Company’s banding system, which may be reviewed annually. This category is in turn divided into three further clusters, each providing for the award of a different mix of rights whose vesting is or is not subject to performance conditions, as described in the following point. - Amplifon Extraordinary Award Plan (AEA) Beneficiaries: employees identified on the basis of retention, promotion potential and extraordinary recognition criteria. • As a general rule, the vesting of the rights awarded and, consequently, the award of the related shares are subject to the condition that, at the end of the overall reference period, the Beneficiary remains employed by the Company or by another Group company. In addition, for the Beneficiaries of the first Long-Term Incentive Plan (LTI), depending on the cluster to which they belong, the achievement of the business targets specified in the Rights Award Letter is required, in whole or in part, as an additional condition for the award of the shares. • The shares corresponding to the vested rights will be awarded to the Beneficiary within 90 (ninety) working days of the date on which vesting of the rights is notified, subject to the completion, including by the Beneficiary, of all the relevant formalities, including accounting and/or administrative formalities, required to make the shares available. 98 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements On 6 May 2026, 2,026,850 rights at target were awarded as the first tranche of the 2026–2028 stock grant cycle. The unit fair value of the stock grants awarded during the period was Euro 9.42. The assumptions used to determine fair value are as follows: Valuation model Binomial tree (Cox-Ross-Rubinstein method) Price at the grant date € 9.91 Threshold Euro - Exercise price 0.00 Volatility (3 years) 39.52% Risk-free interest rate 2.785% Vesting period (years) 3 Three months after the date on which the Board of Directors Vesting date approves the draft Consolidated Financial Statements for the year ended 31 December 2028 Expected dividend 1.7594% The notional cost of this grant cycle recognised in the income statement at 30 June 2026 amounted to €6,492 thousand. Sustainable Value Sharing Plan 2026-2028 On 5 May 2026, on the basis of the resolution passed by the Ordinary Shareholders’ Meeting on 23 April 2026 and after consulting the Remuneration and Nomination Committee, pursuant to Article 84-bis, paragraph 5, of Consob Regulation No. 11971/99, the Board of Directors of Amplifon S.p.A. resolved to award up to 200,000 rights under the 2026–2028 Sustainable Value Sharing Plan. The Plan is reserved for the Chief Executive Officer, the Group’s Executives with Strategic Responsibilities (the “Beneficiaries”) and specific key roles, as described in the Information Document approved by the Shareholders’ Meeting on 23 April 2026. The Plan is a structured incentive instrument that operates through two distinct phases, the second of which is conditional and dependent on the implementation of the first (respectively, “Phase A” and “Phase B”). Phase A: the Target MBO achieved and hypothetically due to the Beneficiaries under the MBO Plan applicable in the previous financial year, including the MBO relating to 2025, is not paid. Instead of the Target MBO, the Beneficiaries receive a certain number of rights (the “Co-invested Rights”), which will entitle them to receive shares at the end of the Phase B vesting period described below, or at an earlier date should Phase B not vest. Phase B: where, in a given financial year, the Beneficiaries receive Co-invested Rights under the mechanism described above, they will participate in a further, separate share-based incentive scheme. Under this scheme, the Company awards them an additional number of rights equal to the number of Co-invested Rights, which will entitle the Beneficiaries to receive shares provided 99 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements that, by the end of the vesting period, certain performance targets linked to the generation of value and the Group’s sustainable success have been achieved (the “Matched Rights”). With reference to the 2026–2028 Sustainable Value Sharing Plan reserved for the Chief Executive Officer and the Group’s Executives with Strategic Responsibilities, the conversion of the vested MBO resulted in the award of 98,030 Co-invested Rights and 98,030 Matched Rights. The assumptions used to determine fair value are as follows: PHASE A PHASE B Binomial tree (Cox-Ross-Rubinstein method) Valuation model Binomial tree (Cox-Ross-Rubinstein method) FV € 9.91 € 5.58 KPI Euro - ESG/TSR Exercise price 0.00 0.00 Volatility (3 years) 39.52% 39.52% Risk-free interest rate 2.785% 2.785% Vesting period (years) 3 3 Three months after the date on which the Three months after the date on which the Board of Directors Board of Directors Vesting date approves the draft Consolidated Financial approves the draft Consolidated Financial Statements for the year ended 31 December Statements for the year ended 31 December 2028 2028 Expected dividend 1.7594% 1.7594% 100 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 17. Earnings (loss) per share Earning (loss) per share Basic earnings (loss) per share is obtained by dividing the net profit for the year attributable to the ordinary shareholders of the parent company by the weighted average number of shares outstanding in the period, considering purchases and disposals of own shares as cancellations and issues of shares. Earnings per share are determined as follows: First Half First Half Earnings per share 2026 2025 Net profit (loss) attributable to ordinary shareholders (€ thousand) 49,074 68,120 Average number of shares outstanding in the period 229,794,263 224,820,026 Average number per share (€ per share) 0.21356 0.30300 Net profit (loss) of the period is affected by unusual, infrequent, or non-operating income items described in Note 15 “Operating costs, depreciation and impairment, financial income-expenses and taxes” net of the related tax effect. Diluted earnings (losses) per share Diluted earnings (losses) per share is obtained by dividing the net profit for the period attributable to the ordinary shareholders of the parent by the weighted average number of shares outstanding during the year adjusted by the diluting effects of potential shares. In the calculation of shares outstanding, purchases and sales of treasury shares are considered as cancellation or issue of shares. The potential ordinary share categories stems exclusively from the Group’s treasury shares. First Half First Half Weighted average diluted number of shares outstanding 2026 2025 Average number of shares outstanding in the period 229,794,263 224,820,026 Weighted average of potential and diluting ordinary shares 6,355,130 1,568,594 Weighted average of shares potentially subject to options in the period 236,149,393 226,388,620 The diluted earnings per share were determined as follows: First Half First Half Diluted earnings per share 2026 2025 Net profit attributable to ordinary shareholders (€ thousand) 49,074 68,120 Average number of shares outstanding in the period 236,149,393 226,388,620 Average diluted earnings per share (€) 0.20781 0.30090 101 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 18. Transactions with parents and other related parties 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. (38.68% of share capital and 70.09% of voting rights as at 30 June 2026), held by Amplifin S.r.l at 100.0%, which is owned at 88,0% by Susan Carol Holland. The transactions with related parties, including intercompany transactions, do not qualify as atypical or unusual, and fall within the Group’s normal course of business and are conducted at arm’s length as dictated by the nature of the goods and services provided. The following table details transactions with related parties: 06/30/2026 First Half 2026 Revenues Interest Trade Trade Other Other Other Other for sales Operating income receivables payables receivables payables assets liabilities and (costs)/revenues and (€ thousands) services expense Amplifin S.r.l. 14 - - - - - - (13) - Total – Parent company 14 - - - - - - (13) - Ruti Levinson Institute Ltd (Israel) 57 - - - - - - - - Afik - Test Diagnosis & Hearing 117 - - - 15 - - - - Aids Ltd (Israel) Total – Other related parties 174 - - - 15 - - - - Total related parties 188 - - - 15 - - (13) - Total as per financial statements 228,977 339,540 122,448 56,667 42,527 730,105 1,185,748 (911,592) (16,862) % of financial statements total 0.08% - - - 0.04% - - - - The trade and other receivables refer primarily to the trade receivables due by associates who act as resellers and to which the Group supplies hearing aids and other related products. The lease for the Milan headquarters (leased to Amplifon S.p.A. by the parent company Amplifin S.r.l.) is recognized under right-of-use depreciation for per €929 thousand, interest on leases for €160 thousand, lease liabilities of €7,531 thousand, and right-of-use asset of €6,501 thousand. 102 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 19. 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. 20. 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 2025 Annual Report. 103 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 21. Translation of foreign companies’ financial statements The exchange rates used to translate non-Euro zone companies’ financial statements are as follows: 30 June 2026 2025 30 June 2025 As at As at Average exchange Average exchange rate As at 30 June 30 June 31 December rate Panamanian balboa 1.1666 1.1394 1.1750 1.0927 1.1720 Australian dollar 1.6612 1.6544 1.7581 1.7229 1.7948 Canadian dollar 1.6074 1.6220 1.6088 1.5400 1.6027 New Zealand dollar 1.9873 2.0136 2.0380 1.8827 1.9334 Singapore dollar 1.4907 1.4754 1.5105 1.4461 1.4941 US dollar 1.1666 1.1394 1.1750 1.0927 1.1720 Hungarian forint 372.2600 356.3000 385.1500 404.5700 399.8000 Swiss franc 0.9179 0.9224 0.9314 0.9414 0.9347 Egyptian pound 58.8661 56.1139 56.0487 55.1248 58.3194 Israeli New shekel 3.5440 3.3953 3.7471 3.9291 3.9492 Argentinian peso (*) 1649.4737 1687.3239 1707.5606 1391.4393 1391.4393 Chilean peso 1041.5700 1050.7400 1058.1300 1043.2800 1100.9700 Colombian peso 4263.0500 3930.9500 4435.1900 4579.6600 4790.8500 Mexican peso 20.3754 19.9030 21.1180 21.8035 22.0899 Uruguayan peso 46.1889 45.7548 45.9178 46.2883 47.0360 Chinese renminbi 8.0073 7.7314 8.2262 7.9238 8.3970 Indian rupee 108.5944 107.8565 105.5965 94.0693 100.5605 British pound 0.8672 0.8618 0.8726 0.8423 0.8555 Polish zloty 4.2423 4.2955 4.2210 4.2313 4.2423 (*) Argentina is a highly inflationary country. As requested by IAS 29, profit and loss items have been converted at the closing exchange rate. The average Argentine peso exchange rate as at 30 June 2026 is 1649.4737 and as at 30 June 2025 is 1391.4393. 104 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 22. 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. 105 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements th (*) Statement of Financial Position as at June 30 , 2026 EMEA AMERICAS APAC ELIM. CONSOLIDATED (€ thousands) ASSETS Non-current assets Goodwill 1,063,010 304,262 610,168 - 1,977,440 Intangible fixed assets with finite useful life 254,873 55,461 50,303 - 360,637 Property, plant, and equipment 156,106 39,664 32,801 - 228,571 Right-of-use assets 360,302 42,259 56,556 - 459,117 Equity-accounted investments 31 - - - 31 Hedging instruments 1,028 - - - 1,028 Deferred tax assets 49,792 9,477 17,053 - 76,322 Deferred contract costs 8,815 1,309 42 - 10,166 Other assets 33,227 7,871 1,429 - 42,527 Total non-current assets 3,155,839 Current assets Inventories 58,872 10,994 9,921 - 79,787 Receivables 333,196 63,791 33,321 (78,883) 351,425 Deferred contract costs 7,952 903 98 - 8,953 Hedging instruments 1,157 - - - 1,157 Other financial assets 793 Cash and cash equivalents 711,990 Asset held for sale - - 10,150 - 10,150 Total current assets 1,164,255 TOTAL ASSETS 4,320,094 LIABILITIES Net Equity 1,514,149 Non-current liabilities Medium/long-term financial liabilities 567,846 Lease liabilities 290,459 33,408 35,587 - 359,454 Provisions for risks and charges 12,569 1,608 375 - 14,552 Liabilities for employees’ benefits 11,076 (9) 817 - 11,884 Deferred tax liabilities 58,668 29,370 6,662 - 94,700 Payables for business acquisitions 387 176 - - 563 Contract liabilities 133,240 11,136 2,314 - 146,690 Other long-term liabilities 20,380 681 2 - 21,063 Total non-current liabilities 1,216,752 Current assets Trade payables 301,097 71,900 45,237 (78,695) 339,539 Payables for business acquisitions 3,776 2,974 109 - 6,859 Contract liabilities 95,629 15,782 8,745 - 120,156 Other payables and tax payables 195,306 20,824 23,652 (188) 239,594 Hedging instruments 549 - - - 549 Provisions for risks and charges 3,330 831 4,851 - 9,012 Liabilities for employees’ benefits 1,609 388 2,554 - 4,551 Short-term financial liabilities 730,105 Lease liabilities 90,174 12,543 21,741 - 124,458 Liabilities held for sale - - 14,370 - 14,370 Total current liabilities 1,589,193 TOTAL LIABILITIES 4,320,094 (*) 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. 106 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements Statement of Financial Position as at December 31st, 2025 (*) EMEA AMERICAS APAC ELIM. CONSOLIDATED (€ thousands) ASSETS Non-current assets Goodwill 1,059,123 293,920 574,172 - 1,927,215 Intangible fixed assets with finite useful life 274,126 56,030 50,564 - 380,720 Property, plant, and equipment 159,764 40,501 36,817 - 237,082 Right-of-use assets 361,779 44,436 55,823 - 462,038 Equity-accounted investments 21 - - - 21 Hedging instruments 42 - - - 42 Deferred tax assets 51,804 7,670 15,433 - 74,907 Deferred contract costs 9,215 1,204 69 - 10,488 Other assets 28,267 7,313 1,785 - 37,365 Total non-current assets 3,129,878 Current assets Inventories 63,134 10,261 9,057 - 82,452 Receivables 328,197 69,462 24,729 (95,111) 327,277 Deferred contract costs 6,778 872 118 - 7,768 Hedging instruments 2,235 - - - 2,235 Other financial assets - Cash and cash equivalents 308,882 Asset held for sale 34,424 - - - 34,424 Total current assets 763,038 TOTAL ASSETS 3,892,916 LIABILITIES Net Equity 998,525 Non-current liabilities Medium/long-term financial liabilities 983,806 Lease liabilities 293,562 35,849 34,898 - 364,309 Provisions for risks and charges 12,649 1,515 347 - 14,511 Liabilities for employees’ benefits 11,725 22 733 - 12,480 Hedging instruments 315 - - - 315 Deferred tax liabilities 58,993 26,816 6,851 - 92,660 Payables for business acquisitions 725 1,876 - - 2,601 Contract liabilities 130,814 11,827 2,509 - 145,150 Other long-term liabilities 21,965 214 2 - 22,181 Total non-current liabilities 1,638,013 Current liabilities Trade payables 331,245 93,033 37,122 (94,923) 366,477 Payables for business acquisitions 2,209 3,407 176 - 5,792 Contract liabilities 98,245 16,781 8,555 - 123,581 Other payables and tax payables 202,022 20,038 24,098 (188) 245,970 Hedging instruments 380 - - - 380 Provisions for risks and charges 2,038 838 4,583 - 7,459 Liabilities for employees’ benefits 2,299 226 2,281 - 4,806 Short-term financial liabilities 359,462 Lease liabilities 87,704 12,676 21,627 - 122,007 Liabilities held for sale 20,444 - - - 20,444 Total current liabilities 1,256,378 TOTAL LIABILITIES 3,892,916 (*) The items in the statement of financial position are analyzed by geographic area without being separated from the Corporate functions which are included in EMEA. 107 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements (*) Income Statement – June 30, 2026 EMEA AMERICAS APAC CORPORATE ELIM. CONSOLIDATED (€ thousands) Revenues from sales and services 775,782 228,714 181,252 - - 1,185,748 Operating costs (546,473) (172,744) (135,651) (56,724) - (911,592) Other income and costs 2,437 (258) (380) 1,075 - 2,874 Gross operating profit by segment 231,746 55,712 45,221 (55,649) - 277,030 (EBITDA) Amortization, depreciation and impairment Intangible assets amortization (24,906) (6,641) (5,841) (14,078) - (51,466) Property, plant, and equipment (18,844) (5,319) (6,407) (585) - (31,155) depreciation Right-of-use depreciation (44,918) (7,675) (15,004) (1,259) - (68,856) Impairment losses and reversals of 145 314 (746) - - (287) non-current assets (88,523) (19,321) (27,998) (15,922) - (151,764) Operating result by segment 143,223 36,391 17,223 (71,571) - 125,266 Financial income, expenses and value adjustments to financial assets Share of interests held in associated companies valued at equity and (687) - - - - (687) gains/losses on disposals of equity investments Interest income and expenses (16,862) Interest expenses on lease liabilities (10,105) Other financial income and expenses (1,625) Exchange gains and losses, and (19,059) inflation accounting Gain (loss) on assets accounted at fair (392) value (48,730) Net profit (loss) before tax 76,536 Current and deferred income tax Current income tax (26,644) Deferred tax (710) (27,354) Net profit (loss) 49,182 Net profit (loss) attributable to 108 Minority interests Net profit (loss) attributable to the 49,074 Group (*) The figures of the operating segments are net of the intercompany eliminations. 108 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements (*) Income Statement – June 30, 2025 EMEA AMERICAS APAC CORPORATE ELIM. CONSOLIDATED (€ thousands) Revenues from sales and services 765,958 243,085 171.447 - - 1,180,490 Operating costs (544,554) (185,535) (128,390) (37,676) - (896,155) Other income and costs 1,544 740 254 108 - 2,646 Gross operating profit by segment 222,948 58,290 43,311 (37,568) - 286,981 (EBITDA) Amortization, depreciation and impairment Intangible assets amortization (26,452) (7,892) (7,493) (13,813) - (55,650) Property, plant, and equipment (19,322) (4,717) (7,429) (780) - (32,248) depreciation Right-of-use depreciation (44,484) (7,718) (15,239) (1,229) - (68,670) Impairment losses and reversals of non- (104) - (1,323) - - (1,427) current assets (90,362) (20,327) (31,484) (15,822) - (157,995) Operating result by segment 132,586 37,963 11,827 (53,390) - 128,986 Financial income, expenses and value adjustments to financial assets Group's share of the result of associated companies valued at equity and 90 - - - - 90 gains/losses on disposals of equity investments Interest income and expenses (17,056) Interest expenses on lease liabilities (10,321) Other financial income and expenses (1,477) Exchange gains and losses, and inflation (2,650) accounting Gain (loss) on assets accounted at fair 708 value (30,706) Net profit (loss) before tax 98,280 Current and deferred income tax Current income tax (25,685) Deferred tax (4,376) (30,061) Net profit (loss) 68,219 Net profit (loss) attributable to Minority 99 interests Net profit (loss) attributable to the Group 68,120 (*) The figures of the operating segments are net of the intercompany eliminations. 109 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 23. Accounting policies Presentation of the financial statements The Condensed Consolidated Financial Statements as at June 30, 2026 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; 110 --- Interim Financial Report as at 30 June 2026 > 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/interpretations approved by the IASB, endorsed in Europe 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 Annual improvements volume 11 (issued 9 Jul ‘25 10 Jul ‘25 1 Jan ‘26 1 Jan ‘26 on 18 July 2024) Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature- 30 Jun ‘25 1 Jul ‘25 1 Jan‘26 1 Jan ‘26 dependent Electricity” (issued on 18 December 2024) Amendments to IFRS 9 and IFRS 7 “Classification and Measurement \of 27 May ‘25 28 May ‘25 1 Jan ‘26 1 Jan ‘26 Financial Instruments” (issued on 30 May 2024) 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 111 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements consequences, oversights or conflicts between requirements of the Accounting Standards. In particular, the amendments relate to IFRS1, IFRS7, IFRS9, IFRS10 and IAS7. The objective of the Amendments to IFRS 9 and IFRS 7 Contract Referencing Nature-dependent Electricity is to better reflect the effects of physical and virtual nature-dependent electricity contracts in the financial statements through narrow-scope amendments to the own-use, hedge accounting and disclosure requirements. The 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. Future accounting standards and interpretations Future IFRS standards/interpretations approved by IASB, endorsed in Europe The following table shows the future IFRS standards interpretation approved by us and endorsed in Europe. Endorsement Publication in Effective date for Description Effective date date the G.U.C.E. Amplifon IFRS 18 Presentation and Disclosure in Financial Statements (issued on 9 April 13 Feb ‘26 16 Feb ‘26 1 Jan ‘27 1 Jan ‘27 2024) IFRS 18 “Presentation and Disclosure in Financial Statements” will replace IAS 1 and provides more detailed requirements regarding the structure of financial statements, with particular reference to the statement of profit or loss, where minimum mandatory subtotals are introduced. It also establishes new disclosure requirements relating to “Management Defined Performance Measures (MPMs)” and provides guidance on the aggregation of information in the financial statements and in the notes. With reference to IFRS 18, the Group has launched a programme to assess the implications for the presentation of the financial statements, the aggregation and disaggregation of line items and the disclosure requirements relating to management-defined performance measures (MPMs), as well as a possible implementation and adaptation phase concerning administrative processes and the accounting system, where necessary. In particular, given that the new standard will have no impact on the recognition and measurement of financial-statement items, its application will mainly entail a review of the current income-statement format and the reclassification of items within the new prescribed categories. More limited impacts are expected in relation to the presentation of items in the statement of financial position and the statement of cash flows. 112 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements IFRS standards/interpretations approved by IASB, but not endorsed in Europe The following are the international accounting standards, interpretations, amendments to existing accounting standards and interpretations, or specific provisions contained in the standards and interpretations approved by the IASB which, at 30 June 2026, have yet to be endorsed for adoption in Europe. Description Effective date IFRS 19 Subsidiaries without Public Accountability Periods beginning on or after 1 Jan ‘27 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures Periods beginning on or after 1 Jan ‘27 (issued on 21 August 2025) Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates: Periods beginning on or after 1 Jan ‘27 Translation to a Hyperinflationary Presentation Currency” (issued on 13 November 2025) IFRS 19 “Subsidiaries without Public Accountability” introduces reduced disclosure requirements for the financial statements of subsidiaries that are not required to present publicly available IFRS financial statements. The amendment issued on 21 August supplements the standard based on regulatory developments endorsed after its initial publication. The amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency” define a specific method for translating into a hyperinflationary presentation currency the financial statements of entities whose functional currency is not hyperinflationary. 113 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements 24. Subsequent events th On July 6 , 2026, the Group drew down its existing credit line with European Investment Bank for a total amount of €100 million, for the purpose of refinancing existing credit lines. th Milan, July 30 , 2026 CEO Enrico Vita 114 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements Annexes Annex I Consolidation scope As required by articles 38 and 39 of Law 127/91 and article 126 of Consob’s resolution 11971 dated 14 May 1999, as amended by resolution 12475 dated 6 April 2000, the following is the list of companies included in the consolidation scope of Amplifon S.p.A. as at 30 June 2026. Parent company: Company name Head office Currency Share capital Amplifon S.p.A. Milan (Italy) EUR 5,433,772 Subsidiaries consolidated using the line-by-line method: Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 06/30/2026 Amplifon Rete Milan (Italy) I EUR 35,750 2.60% Amplifon Italia S.p.A. Milan (Italy) D EUR 100,000 100.00% Amplifon France S.A.S. Paris (France) D EUR 173,550,898 100.00% Castanet-Tolosan Pastel Audition S.A.S. I EUR 10,000 100.00% (France) Amplifon Iberica S.A.U. Barcelona (Spain) D EUR 26,578,809 100.00% Microson S.A. Barcelona (Spain) D EUR 61,752 100.00% Amplifon LATAM Holding S.L.U. Barcelona (Spain) I EUR 3,000 100.00% Audifonos factory, S.L. Malaga (Spain) I EUR 3,000 100.00% Audifonos Sevillaudio, S.L. Malaga (Spain) I EUR 10,000 100.00% Audio Diagnostics, S.L. Malaga (Spain) I EUR 30,000 100.00% Audio Elite sur, S.L. Malaga (Spain) I EUR 20,000 100.00% Audiolmenes, S.L. Malaga (Spain) I EUR 3,000 100.00% Corbaudio Centros Auditivos, S.L. Cordoba (Spain) I EUR 3,000 100.00% Talayoaudio, S.L.U. Marbella (Spain) I EUR 3,000 100.00% Tecnoaudifonos, S.L.U. (*) Malaga (Spain) I EUR 6,000 100.00% Audio Nevada, S.L. Malaga (Spain) I EUR 10,000 100.00% Audioliva, S.L. Jaen (Spain) I EUR 3,000 100.00% Centro Audio Granada, S.L. Granada (Spain) I EUR 36,000 100.00% Futurooigo, S.L. Malaga (Spain) I EUR 3,000 100.00% Centro Auditivo Sent, S.L. Granada (Spain) I EUR 3,000 100.00% Esteponaudio, S.L. Estepona (Spain) I EUR 3,000 100.00% Recimetal Cordoba, S.L. (*) Marbella (Spain) I EUR 23,095 100.00% Soluciones Auditivas de la Rute (Spain) I EUR 3,000 100.00% Subbetica, S.L. Soluciones Auditivas y Visuales Malaga (Spain) I EUR 29,000 100.00% Gonzales, S.L. Soluciones Profesionales de Malaga (Spain) I EUR 23,408 100.00% Audiologia, S.L. 115 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 06/30/2026 Sonic Technology España, S.L. Fuengirola (Spain) I EUR 9,015 100.00% Sontec Centros Auditivos, S.L. Mijas (Spain) I EUR 3,000 100.00% Amplifon Portugal S.A. Lisbon (Portugal) I EUR 15,520,187 100.00% Amplifon Magyarország Kft Budapest (Hungary) D HUF 723,500,000 100.00% Amplibus Magyarország Kft Budaörs (Hungary) I HUF 3,000,000 100.00% Amplifon A.G. Baar (Switzerland) D CHF 1,000,000 100.00% Doesburg Amplifon Nederland B.V. D EUR 74,212,052 100.00% (Netherlands) Auditech B.V. Utrecht (Netherlands) I EUR 22,500 100.00% Electro Medical Instruments B.V. Utrecht (Netherlands) I EUR 16,650 100.00% Beter Horen B.V. Utrecht (Netherlands) I EUR 18,000 100.00% Amplifon Customer Care Service Elst (Netherlands) I EUR 18,000 100.00% B.V. (*) Amplifon Belgium N.V. Brussels (Belgium) D EUR 495,800 100.00% Luxembourg Amplifon RE S.A. D EUR 7,500,000 100.00% (Luxembourg) Amplifon Deutschland GmbH Hamburg (Germany) D EUR 6,026,000 100.00% Focus Hören A.G. Bonn (Germany) I EUR 485,555 100.00% focus hören Deutschland GmbH Bonn (Germany) I EUR 25,000 100.00% Amplifon Poland Sp.z.o.o. Lodz (Poland) D PLN 3,349,220 100.00% Medtechnica Ortophone Ltd Tel Aviv (Israel) D ILS 1,100 100.00% Amplifon Hearing Middle East Cairo (Egypt) D EGP 3,000,000 51.00% Miracle Ear Inc. St. Paul (United States) I USD 5 100.00% Amplifon Hearing Health Care, St. Paul (United States) I USD 10 100.00% Corp. New York (United Ampifon IPA LLC (*) I USD - 100.00% States) Amplifon USA Inc. Dover (United States) D USD 52,500,010 100.00% METX LLC Waco (United States) I USD - 100.00% MEFL LLC Waco (United States) I USD - 100.00% ME Tampa LLC Waco (United States) I USD - 100.00% MENM LLC Waco (United States) I USD - 100.00% Wilmington (United ME Flagship LLC I USD - 100.00% States) Minneapolis (United ME Pivot Holdings LLC I USD 2,000,000 100.00% States) Minneapolis (United MEOH LLC I USD - 100.00% States) Phoenix (United Safe in Sound Hearing, LLC (*) I USD - 100.00% States) SISH Tucson, LLC (*) Tucson (United States) I USD - 100.00% Miracle Ear Canada Ltd Vancouver (Canada) I CAD 178,701,200 100.00% Great to Hear Inc. (*) Manitoba (Canada) I CAD - 100.00% Hometown Hearing Centre Inc (*) Bancroft (Canada) I CAD - 100.00% Audia Hearing Aid Centre Inc (*) Ontario (Canada) I CAD - 100.00% Hearing Institute of Ontario (*) Ontario (Canada) I CAD - 100.00% Pure Audiology (*) Oakville (Canada) I CAD - 100.00% St. Thomas Hearing Clinic (*) St. Thomas (Canada) I CAD - 100.00% Sunnybank Enterprises, Inc. (*) Parksville (Canada) I CAD - 100.00% 116 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 06/30/2026 Santiago de Chile GAES Chile I CLP 1,901,686,034 100.00% (Chile) GAES Servicios Corporativo de Santiago de Chile I CLP 10,000,000 100.00% Latinoamerica SpA (*) (Chile) Santiago de Chile Audiosonic Chile S.A. I CLP - 99.00% (Chile) Buenos Aires GAES Argentina S.A. I ARS 120,542,331 100.00% (Argentina) GAES Colombia S.A. Bogotá (Colombia) I COP 22,000,000,000 100.00% GAES Ecuador S.A. Quito (Ecuador) I USD 430,337 100.00% GAES Mexico S.A. Mexico City (Mexico) I MXN 276,477,133 100.00% Compania de Audiologia y Aguascalientes I MXN 43,306,212 100.00% Sistemas Medicos S.A. (Mexico) GAES Panama S.A. Panama City (Panama) I PAB 510,000 100.00% Audical S.A.S. Montevideo (Uruguay) D UYU 500,000 100.00% Centro Auditivo S.A.S. Montevideo (Uruguay) D UYU 500,000 100.00% Ikako S.A. Montevideo (Uruguay) D UYU 100,000 100.00% Amplifon Australia Holding Pty Sydney (Australia) D AUD 392,000,000 100.00% Ltd National Hearing Centres Pty Ltd Sydney (Australia) I AUD 100 100.00% National Hearing Centres Unit Sydney (Australia) I AUD - 100.00% Trust Otohub Trust Ltd Sydney (Australia) D AUD - 100.00% Otohub Australasia Ltd Sydney (Australia) D AUD 10 100.00% Attune Hearing Pty Ltd Sydney (Australia) D AUD 14,771,093 100.00% Attune Workplace Hearing Pty Ltd Sydney (Australia) I AUD 1 100.00% Ear Deals Pty Ltd Sydney (Australia) I AUD 300,000 100.00% Bay Audio Pty Limited Sydney (Australia) D AUD 10,000 100.00% Amplifon Asia Pacific Pte Limited Singapore (Singapore) I SGD 12,922,050 100.00% Auckland (New Amplifon NZ Ltd I NZD 130,411,317 100.00% Zealand) Auckland (New Bay Audiology Ltd (*) I NZD - 100.00% Zealand) Auckland (New Dilworth Hearing Ltd (*) I NZD - 100.00% Zealand) Auckland (New Auckland Hearing Limited (*) I NZD - 100.00% Zealand) Auckland (New Hearing Health Limited (*) I NZD - 100.00% Zealand) Amplifon (India) Pvt Ltd Gurgaon (India) I INR 2,550,000,000 100.00% Beijing Amplifon Hearing Beijing (China) D CNY 2,143,685 100.00% Technology Center Co. Ltd. Tianjin Amplifon Hearing Tianjin (China) I CNY 3,500,000 100.00% Technology Co. Ltd Shijiazhuang Amplifon Hearing Shijiazhuang (China) I CNY 100,000 100.00% Technology Center Co. Ltd Amplifon (China) investment Co., Shanghai (China) D CNY 673,662,281 100.00% Ltd. Hangzhou Amplifon Hearing Aid Hangzhou (China) D CNY 11,000,000 100.00% Co. Ltd Zhengzhou Yuanjin Hearing Zhengzhou (China) I CNY - 100.00% Technology Co., Ltd. Wuhan Amplifon Hearing Aid Co., Wuhan (China) I CNY 48,500,000 100.00% Ltd Shanghai Amplifon Hearing Shanghai (China) I CNY 50,000,000 100.00% Technology Co. Ltd 117 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 06/30/2026 Nanjing Amplifon Hearing Aid Co. Nanjing (China) I CNY 37,500,000 100.00% Ltd Shanxi Amplifon Hearing Aid Co., Taiyuan (China) I CNY 30,000,000 100.00% Ltd. Henan Amplifon Hearing Aid Co., Zhengzhou (China) I CNY 1,000,000 100.00% Ltd. Fuzhou Tingan medical device co. Fuzhou (China) I CNY 20,000,000 100.00% ltd. Chongqing Amplifon Hearing Aids Chongqing (China) I CNY 10,000,000 100.00% Co. Ltd. Sichuan Amplifon Hearing Aid Co., Chengdu (China) I CNY 24,000,000 100.00% Ltd. Xi'an Ansheng Medical Equipment Xi'an (China) I CNY 16,000,000 100.00% Co. Ningxia Amplifon Hearing Aid Yinchuan (China) I CNY 16,000,000 100.00% Co., Ltd. Yunnan Amplifon Hearing Aid Co. Kunming (China) I CNY 16,000,000 100.00% Ltd. Shanxi Amplifon Hearing Aid Co., Xi'an (China) I CNY 18,000,000 100.00% Ltd. Anhui Amplifon Hearing Aid Hefei (China) I CNY 30,000,000 100.00% business Co., Ltd. Anlaisheng (Inner Mongolia) Hohhot (China) I CNY 47,000,000 100.00% Medical Devices Co., Ltd Amplifon International Trade Hangzhou (China) I CNY 34,000,000 100.00% (Hangzhou) Co., Ltd (*) Dormant companies Companies valued using the equity method: Direct/Indirect % held as at Company name Head office Currency Share Capital ownership 06/30/2026 Ramat HaSharon Ruti Levinson Institute Ltd (*) I ILS 105 20.0% (Israel) Afik - Test Diagnosis & Hearing Aids Jerusalem (Israel) I ILS 100 20.0% Ltd (*) Mairangi Bay (New Lakeside Specialist Centre Ltd (*) I NZD - 50.0% Zealand) (*) Related companies 118 --- Interim Financial Report as at 30 June 2026 > Condensed Consolidated Financial Statements Declaration in respect of the Consolidated Financial Statements pursuant to Article 154-bis of Legislative Decree no. 58/98 We, the undersigned, Enrico Vita, Chief Executive Officer and Gabriele Galli, Executive Responsible for Corporate Accounting Information for Amplifon S.p.A., taking into account the provisions of article § 154-bis, paragraphs 3 and 4 of Law no. 58/98, certify: - the adequacy, by reference to the characteristics of the business and - the effective application of the administrative and accounting procedures for the preparation of the condensed interim consolidated financial statements during the period 1 January – 30 June 2026. th We also certify that the condensed interim consolidated financial statements as at 30 June 2026: - have been prepared in accordance with the international accounting standards recognized in the European Union under the EC regulation no. 1606/2002 of the European Parliament and of the Council of 19 July 2002; - correspond to the underlying accounting entries and records; - provides a true and fair view of the performance and financial position of the issuer and of all of the companies included in the consolidation area. The report on operations includes a reliable operating and financial review of the Company and all of the companies included in the consolidation area. th Milan, July 30 , 2026 Executive Responsible for CEO Corporate Accounting Information Enrico Vita Gabriele Galli 119 --- --- ---