--- title: "Interim Financial Report as at 31 March 2026" period: "2026-q1" kind: "financial-report" source_url: "https://corporate.amplifon.com/content/dam/amplifon/archive/en/investors/financial-reports/2026/Interim%20Financial%20Report%20as%20at%2031%20March%202026.pdf" downloaded_at: "2026-06-06" pdf_sha256: "cb5f30d5ab8d34b6f2ab936cbda26727a633fc7c653a8edf51e65ce15609f5e6" pdf_size_bytes: 2719029 extractor: "pdfjs-dist-6.0.227" --- Interim Financial Report as at 31March 202 6 Classification: internal --- INDEX PREFACE ...............................................................................................................................4 INTERIM MANAGEMENT REPORT AS AT 31 MARCH 2026.......................................................5 HIGHLIGHTS..........................................................................................................................6 ALTERNATIVE PERFORMANCE MEASURES .............................................................................8 SHAREHOLDER INFORMATION ............................................................................................17 RECLASSIFIED CONSOLIDATED INCOME STATEMENT ...........................................................19 RECLASSIFIED CONSOLIDATED BALANCE SHEET ...................................................................20 CONDENSED RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT..................................22 INCOME STATEMENT REVIEW .............................................................................................23 BALANCE SHEET REVIEW .....................................................................................................38 ACQUISITION AND DISPOSAL OF COMPANIES AND BUSINESSES ..........................................51 OUTLOOK ...........................................................................................................................53 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 MARCH 2026......54 CONSOLIDATED STATEMENT OF FINANCIAL POSITION.........................................................55 CONSOLIDATED INCOME STATEMENT .................................................................................57 STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME ................................................58 STATEMENT OF CHANGES IN CONSOLIDATION EQUITY........................................................59 STATEMENT OF CONSOLIDATED CASH FLOWS .....................................................................61 SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CONSOLIDATED CASH FLOWS .....62 NOTES.................................................................................................................................63 1. General Information.................................................................................................63 2. Impacts of military conflict in Middle East and Ukraine, trade tariffs, macroeconomic environment and climate change on the Group’s performance and financial position ...64 --- 3. Acquisitions and goodwill ........................................................................................66 4. Intangible fixed assets with finite useful life............................................................69 5. Property, plant, and equipment...............................................................................71 6. Right-of-use assets ...................................................................................................73 7. Other non-current assets.........................................................................................74 8. Share capital and treasury shares............................................................................74 9. Net financial indebtedness.......................................................................................75 10. Financial liabilities ....................................................................................................78 11. Provision for risks and charges.................................................................................80 12. Lease liabilities .........................................................................................................80 13. Revenues from sales and services............................................................................81 14. Operating costs, depreciation and impairment, financial income-expenses and taxes 81 15. Earnings (losses) per share.......................................................................................83 16. Transactions with parents and other related parties ..............................................84 17. Contingent liabilities ................................................................................................85 18. Financial risk management ......................................................................................85 19. Translation of foreign companies’ financial statements..........................................86 20. Segment Reporting...................................................................................................87 21. Accounting policies ..................................................................................................92 22. Subsequent events...................................................................................................96 ANNEXES ............................................................................................................................97 Consolidation scope ..........................................................................................................97 Declaration in respect of the Consolidated Financial Statements pursuant to Article 154- bis of Legislative Decree no. 58/98.................................................................................102 Disclaimer This report contains forward looking statements (“Outlook”) relating to future events and the Amplifon Group’s operating, economic and financial results. These forecasts, by definition, contain elements of risk and uncertainty, insofar as they are linked to the occurrence of future events and developments. The actual results may be very different with respect to the original forecast due to several factors, the majority of which are out of the Group’s control. --- PREFACE This Interim Financial Report as at 31 March 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 31 MARCH 2026 --- Interim Financial Report as at 31 March 2026 > Interim Management Report HIGHLIGHTS In the first three months of 2026 Amplifon Group’s revenues amounted to €580 million, with the return to a solid organic growth, to which all regions contributed in an improving market environment, was more than offset by the negative impact 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. First three First three (€ thousands) months 2026 months 2025 Economic figures: Revenues from sales and services 579,764 587,790 Gross operating profit (loss) (EBITDA) 131,895 140,796 Gross operating profit (loss) (EBITDA) Adjusted (*) 141,757 140,356 Operating profit (loss) (EBIT) 56,503 61,441 Operating profit (loss) (EBIT) Adjusted (*) 77,486 73,786 Profit (loss) before tax 23,218 46,734 Profit (loss) before tax Adjusted (*) 62,683 58,724 Net profit (loss) 10,572 32,936 Net profit (loss) Adjusted (*) 44,493 41,691 Net profit (loss) attributable to the Group 10,521 32,885 Net profit (loss) attributable to the Group Adjusted (*) 44,442 41,640 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Alternative Performance Measures in this Interim Financial Report. 03/31/2026 12/31/2025 Change (€ thousands) Financial figures: Non-current assets 3,083,317 3,054,930 28,387 Net invested capital 2,577,859 2,530,324 47,535 Group net equity 1,076,453 998,214 78,239 Total net equity 1,076,748 998,525 78,223 Net financial indebtedness excluding lease liabilities 1,014,634 1,045,483 (30,849) Lease liabilities 486,477 486,316 161 Net financial indebtedness 1,501,111 1,531,799 (30,688) First three months 2026 First three months 2025 (€ thousands) Free cash flow 17,770 18,477 Cash flow generated from (absorbed by) business combinations 10,060 (40,972) Cash flow provided by (used in) financing activities (263) (8,812) Net cash flow from the period 27,567 (31,307) Effect of exchange rate fluctuations on the net financial position 3,282 (3,399) Effect of discontinued operations on the net financial position - (74) Net cash flow from the period with changes for exchange rate fluctuations 30,849 (34,780) and discontinued operations 6 --- Interim Financial Report as at 31 March 2026 > Interim Management Report The first three months of the year closed with: - Revenues of €579,764 thousand, down 1.4% compared to the same period of the prior year (+0.8% at constant exchange rates); - Gross operating margin (EBITDA) of €131,895 thousand, a decrease of 6.3% compared to the first three months of 2025, with the EBITDA margin at 22.7% (130 basis points lower than in the first three months of 2025); - Adjusted gross operating margin (adjusted EBITDA) of €141,757 thousand, an increase of +1.0% compared to the first three months of 2025, with the EBITDA adjusted margin at 24.5% (60 basis points higher than in the first three months of 2025); - Net profit (loss) attributable to the Group of €10,521 thousand, a decrease of €22,364 thousand (-68,0%) compared to the first three months of 2025; - Net profit (loss) attributable to the Group Adjusted of €44,442 thousand, an increase of €2,802 thousand (+6.7%) compared to the first three months of 2025. Net financial debt, excluding lease liabilities, amounted to €1,014,634 thousand at 31 March 2026, a decrease of €30,849 thousand compared to 31 December 2025. In the first three months of 2026, free cash flow reached a positive €17,770 thousand (€18,477 thousand at 31 March 2025) after absorbing net operating investments €20,987 thousand (€31,554 thousand in the comparison period). Net proceeds from business disposals of €14,383 thousand and cash-outs for acquisitions of €4,323 thousand (€40,972 thousand in the first three months of 2025), resulted in positive cash flow of €27,567 thousand versus negative €31,307 thousand in the first three months of 2025. 7 --- Interim Financial Report as at 31 March 2026 > Interim Management Report ALTERNATIVE PERFORMANCE MEASURES 03/31/2026 12/31/2025 03/31/2025 (€ thousands) Gross operating profit (loss) (EBITDA) 131,895 511,645 140,796 Gross operating profit (loss) (EBITDA) Adjusted 141,757 540,435 140,356 Operating profit (loss) (EBIT) 56,503 196,568 61,441 Operating profit (loss) (EBIT) Adjusted 77,486 281,301 73,786 Profit (loss) before tax 23,218 131,785 46,734 Profit (loss) before tax Adjusted 62,683 217,640 58,724 Net profit (loss) 10,572 91,551 32,936 Net profit (loss) Adjusted 44,493 159,378 41,691 Net profit (loss) attributable to the Group 10,521 91,334 32,885 Net profit (loss) attributable to the Group Adjusted 44,442 159,161 41,640 Net financial indebtedness excluding lease liabilities 1,014,634 1,045,483 996,585 Lease liabilities 486,477 486,316 511,015 Net financial indebtedness 1,501,111 1,531,799 1,507,600 Total Net Equity 1,076,748 998,525 1,140,947 Group Net Equity 1,076,453 998,214 1,140,690 Free Cash Flow 17,770 159,909 18,477 Free Cash Flow Adjusted 23,555 174,428 20,562 Net financial indebtedness excluding lease liabilities/Net Equity (€) 0.94 1.05 0.87 Net financial indebtedness excluding lease liabilities /Group Net Equity (€) 0.94 1.05 0.87 Net financial indebtedness excluding lease liabilities/EBITDA for the leverage 1.84 1.92 1.67 calculation (€) Earnings per share (EPS) (€) 0.04784 0.41049 0.14599 Diluted EPS (€) 0.04647 0.40344 0.14526 EPS Adjusted (€) 0.20207 0.71532 0.18486 Group Net Equity per share (€) 4.894 4.540 5.071 Period-end price (€) 9.398 13.750 18.675 Highest price in period (€) 14.390 27.140 27.140 Lowest price in period (€) 7.836 12.820 18.390 Share price/net equity Group per share (€) 1.920 3.029 3.627 Market capitalization (€ millions) 2,067.0 3,024.1 4,200.6 Number of shares outstanding 219,945,011 219,937,482 224,930,571 Weighted average number of shares outstanding in the year 219,938,570 222,502,302 225,247,527 Weighted average number of shares potentially subject to options in the 226,388,620 226,388,620 226,388,620 period 8 --- Interim Financial Report as at 31 March 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: - Transaction and integration costs for the acquisition of GN Hearing; - Transaction and integration costs for other 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. 9 --- Interim Financial Report as at 31 March 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 three First three (€ thousands) months 2026 months 2025 Net profit (loss) attributable to the Group 10,521 32,885 Profit (loss) of minority interests 51 51 Net profit (loss) 10,572 32,936 Current and deferred income tax 12,646 13,798 Financial income, expenses and value adjustments to financial assets 33,285 14,707 Amortization, depreciation and impairment 75,392 79,355 Gross operating profit (EBITDA) 131,895 140,796 Transaction and integration costs for the acquisitions of GN Hearing (1) 6,193 - Transaction and integration costs for other acquisitions and changes (positive or negative) in earn- (309) (433) out (2) Charges and write-off related to back-office and network reorganization, as well as other efficiency 3,783 - projects and changes in Top management (3) Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (4) (6) (7) Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, 201 - or above €2m across multiple quarters (5) Total adjustments 9,862 (440) Gross operating profit (EBITDA) Adjusted 141,757 140,356 (1) The positive adjustment of €6,193 thousand as at 31 March 2026 refers to transaction and integration costs for the acquisition of GN Hearing (by geographic area: Corporate €5,881 thousand and Americas €312 thousand); (2) The negativeadjustment of €309 thousand as at 31 March 2026 refers, for €176 thousand to transaction and integration costs for other acquisitions (by geographic area: EMEA for €137 thousand, Corporate for €39 thousand) and for €485 thousand to positive changes in contingent consideration (“earn out”) (by geographic area: EMEA for €256 thousand and Americas for €229 thousand). In the comparison period the negative adjustment for €433 thousand refers, for €875 thousand to transaction and integration costs for acquisitions (by geographic area: EMEA for €534 thousand, APAC for €213 thousand and Corporate for €128 thousand) and for €1,308 thousand to positive adjustments in contingent consideration (“earn out”) (by geographic area: EMEA for €163 thousand and Americas for €1,145 thousand); (3) The positive adjustment of €3,783 thousand as at 31 March 2026 refers for€3,477 thousand in costs incurred for network and company reorganization underFit4Growthprogram(by geographic area: EMEA for €2,241thousand, Americas for €281thousand, APAC for €466 thousand and Corporate for €489 thousand) and for €306 thousand to costs related to changes in top management (entirely related to Americas); (4) The negative adjustmentof €6 thousand (€7 thousand in the comparison period) refers to gains stemming from the disposal of durable goods; (5) The positive adjustment of €201 thousand refers to: (i) for €67 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 and (ii) for €134 thousand to charges related to the remediation activity in the payroll area, which began during the year 2025 in the APAC Region. 10 --- Interim Financial Report as at 31 March 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 three First three (€ thousands) months 2026 months 2025 Net profit (loss) attributable to the Group 10,521 32,885 Profit (loss) of minority interests 51 51 Net profit (loss) 10,572 32,936 Current and deferred income tax 12,646 13,798 Financial income, expenses and value adjustments to financial assets 33,285 14,707 Operating profit (loss) (EBIT) 56,503 61,441 Transaction and integration costs for the acquisitions of GN Hearing (1) 6,193 - Transaction and integration costs for other acquisitions and changes (positive or negative) in earn-out (309) (433) (2) Charges and write-off related to back-office and network reorganization, as well as other efficiency 3,322 - projects and changes in Top management (3) Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (4) 15 85 Amortization of fixed assets accounted in phase of Purchase Price Allocation (5) 11,561 12,693 Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or 201 - above €2m across multiple quarters (6) Total adjustments 20,983 12,345 Operating profit (loss) (EBIT) Adjusted 77,486 73,786 (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 impairment reversals and losses of €461 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 €202 thousand, Americas negative for €272 thousand and APAC positive for €13 thousand); (4) In addition to the adjustments listed in the section relating to Adjusted EBITDA, impairment losses of €21 thousand (€92 thousand in the comparison period) were recognized on property, plant and equipment, intangible assets and goodwill; (5) The positive adjustment of €11,561 thousand at 31 March 2026 (broken down by region as follows: EMEA €8,183 thousand, Americas €1,438 thousand and APAC €1,940 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 €12,693 thousand (broken down by region as follows: EMEA €8,560 thousand, Americas €1,159 thousand and APAC €2,974 thousand). 11 --- Interim Financial Report as at 31 March 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 Net profit (loss) attributable to the Group with Profit (loss) before tax Adjusted is shown below. First three First three (€ thousands) months 2026 months 2025 Net profit (loss) attributable to the Group 10,521 32,885 Profit (loss) of minority interests 51 51 Net profit (loss) 10,572 32,936 Current and deferred income tax 12,646 13,798 Profit (loss) before tax 23,218 46,734 Transaction and integration costs for the acquisition of GN Hearing (1) 6,193 - Transaction and integration costs for other acquisitions and changes (positive or negative) in earn-out (309) (433) (2) Charges and write-off related to back-office and network reorganization, as well as other efficiency 3,322 - projects and changes in Top management (3) Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (4) 18,785 85 Amortization of fixed assets accounted in phase of Purchase Price Allocation (5) 11,561 12,693 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from 563 521 modifications and/or non-cash accretion of financial liabilities (IFRS 9) (6) Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or (650) (876) above €2m across multiple quarters (7) Total adjustments 39,465 11,990 Profit (loss) before tax Adjusted 62,683 58,724 (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) €259 thousand in net gains stemming from the disposal of the stake in Amplifon United Kingdom Limited and Comfoor B.V.; (6) The positiveadjustment of €563 thousand at 31 March 2026(€521 thousand in the comparison period) relates to financial expenses stemming from hyperinflation (IAS 29) for €343 thousand (€300 thousand in the comparison period) and for €220 thousand (€221 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 Adjusted EBIT, a negative adjustment of €851 thousand (€876 thousand in the comparison period)is addedrelating to financial income from tax credits arising from “superbonus” discounts in accordance with Articles 119 and 121 of Law Decree no. 34/2020. 12 --- Interim Financial Report as at 31 March 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) attributable to the Group with Net profit (loss) Adjusted is shown below. First three First three (€ thousands) months 2026 months 2025 Net profit (loss) attributable to the Group 10,521 32,885 Profit (loss) of minority interests 51 51 Net profit (loss) 10,572 32,936 Transaction and integration costs for the acquisition of GN Hearing (1) 6,193 - Transaction and integration costs for other acquisitions and changes (positive or negative) in earn-out (2) (309) (433) Charges and write-off related to back-office and network reorganization, as well as other efficiency projects 3,322 - and changes in Top management (3) Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (4) 18,785 85 Amortization of fixed assets accounted in phase of Purchase Price Allocation (5) 11,561 12,693 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from 563 521 modifications and/or non-cash accretion of financial liabilities (IFRS 9) (6) Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or (650) (876) above €2m across multiple quarters (7) Total adjustments before tax 39,465 11,990 Fiscal effect on adjustments and other fiscal adjustments (8) (5,544) (3,235) Total adjustments 33,921 8,755 Net profit (loss) Adjusted 44,493 41,691 (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. 13 --- Interim Financial Report as at 31 March 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 three months First three (€ thousands) 2026 months 2025 Net profit (loss) attributable to the Group 10,521 32,885 Transaction and integration costs for the acquisition of GN Hearing (1) 6,193 - Transaction and integration costs for other acquisitions and changes (positive or negative) in (309) (433) earn-out (2) Charges and write-off related to back-office and network reorganization, as well as other 3,322 - efficiency projects and changes in Top management (3) Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (4) 18,785 85 Amortization of fixed assets accounted in phase of Purchase Price Allocation (5) 11,561 12,693 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting 563 521 from modifications and/or non-cash accretion of financial liabilities (IFRS 9) (6) Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a (650) (876) quarter, or above €2m across multiple quarters (7) Total adjustments before tax 39,465 11,990 Fiscal effect on adjustments and other fiscal adjustments (8) (5,544) (3,235) Total adjustments 33,921 8,755 Net profit (loss) attributable to the Group Adjusted 44,442 41,640 (1), (2), (3), (4), (5), (6), (7), (8) The adjustments are listed in the section on Net profit (loss) Adjusted; 14 --- Interim Financial Report as at 31 March 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 three First three (€ thousands) months 2026 months 2025 Free cash flow 17,770 18,477 Cash flow of transaction and integration costs for the acquisition of GN Hearing (607) - Cash flow of transaction and integration costs for other acquisitions (239) (1,085) Cash flow of charges related to corporate and network reorganization, as well as other efficiency projects (4,358) (1,000) and changes in Top management Cash flow of other unusual, infrequent or unrelated income and expenses (581) - Cash flow of unusual, infrequent or not related items (5,785) (2,085) Free cash flow Adjusted 23,555 20,562 - 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. 15 --- Interim Financial Report as at 31 March 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: (€ thousands) First three months 2026 Group EBITDA Q1 2026 131,895 Group EBITDA April – December 2025 370,849 Fair value of stock grant assignment 5,148 EBITDA normalized (from acquisitions and disposals) 4,357 Items (income and expenses) that are unusual, infrequent or not related to the operating performance 39,092 April 2025 – March 2026 EBITDA for the leverage calculation 551,341 - 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. 16 --- Interim Financial Report as at 31 March 2026 > Interim Management Report SHAREHOLDER INFORMATION Main shareholders The main shareholders of Amplifon S.p.A. as at 31 March 2026 are: % of the total No. of ordinary Shareholder % held share capital in shares (*) voting rights Ampliter S.r.l. 95,105,392 42.01% 68.48% Treasury shares 6,443,609 2.85% 1.55% Market 124,839,619 55.14% 29.97% Total 226,388,620 100.00% 100.00% (*) Number of shares related to the share capital registered with the Company register on 31 March 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. 17 --- Interim Financial Report as at 31 March 2026 > Interim Management Report st The chart shows the performance of the Amplifon share price and its trading volumes from 1 st January 2026 to 31 March 2026. As at 31 March 2026 market capitalization was €2,067.04 million. Dealings in Amplifon shares in the screen-based stock market Euronext Milano (EXM) during the period 01 January 2025 – 31 March 2026, showed: - average daily value: €37,076,383; - average daily volume: 3,020,114 shares; - total volume traded of 193,287,300 shares, or 87.88% of the total number of shares comprising the share capital, net of treasury shares. 18 --- Interim Financial Report as at 31 March 2026 > Interim Management Report RECLASSIFIED CONSOLIDATED INCOME STATEMENT First three months % on First three months % on Change 2026 sales 2025 sales % (€ thousands) Revenues from sales and services 579,764 100.0% 587,790 100.0% -1.4% Operating costs (449,676) -77.6% (449,771) -76.5% - Other income and costs 1,807 0.3% 2,777 0.5% -34.9% Gross operating profit (loss) (EBITDA) 131,895 22.7% 140,796 24.0% -6.3% Gross operating profit (loss) (EBITDA) Adjusted (*) 141,757 24.5% 140,356 23.9% 1.0% Depreciation, amortization and impairment losses on non- (29,329) -5.1% (32,163) -5.3% 8.8% current assets Right-of-use depreciation (34,502) -5.9% (34,499) -5.9% - PPA related depreciation, amortization and impairment (11,561) -2.0% (12,693) -2.3% 8.9% Operating profit (loss) (EBIT) 56,503 9.7% 61,441 10.5% -8.0% Operating profit (loss) (EBIT) Adjusted (*) 77,486 13.4% 73,786 12.6% 5.0% Income, expenses, valuation and adjustments of financial 259 - - - - assets Net financial expenses (14,543) -2.5% (14,149) -2.4% -2.8% Exchange differences, inflation accounting and Fair Value (19,001) -3.2% (558) -0.1% - valuation Profit (loss) before tax 23,218 4.0% 46,734 8.0% -50.3% Profit (loss) before tax Adjusted (*) 62,683 10.8% 58,724 10.0% 6.7% Tax (12,646) -2.2% (13,798) -2.4% 8.3% Net profit (loss) 10,572 1.8% 32,936 5.6% -67.9% Net profit (loss) Adjusted (*) 44,493 7.7% 41,691 7.1% 6.7% Profit (loss) of minority interests 51 - 51 - - Net profit (loss) attributable to the Group 10,521 1.8% 32,885 5.6% -68.0% Net profit (loss) attributable to the Group Adjusted (*) 44,442 7.7% 41,640 7.1% 6.7% (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Alternative Performance Measures in this Interim Financial Report. 19 --- Interim Financial Report as at 31 March 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. 03/31/2026 12/31/2025 Change (€ thousands) Goodwill 1,967,598 1,927,215 40,383 Customer lists, non-compete agreements, trademarks and location rights 214,418 221,061 (6,643) Software, licenses, other int.ass., wip and advances 157,752 159,660 (1,908) Property, plant and equipment 233,953 237,082 (3,129) Right of use assets 461,099 462,038 (939) Fixed financial assets (1) 6,843 6,829 14 Other non-current financial assets (1) 41,654 41,045 609 Total fixed assets 3,083,317 3,054,930 28,387 Inventories 88,014 82,452 5,562 Trade receivables 231,615 221,810 9,805 Other receivables 131,926 113,235 18,691 Current assets (A) 451,555 417,497 34,058 Total assets 3,534,872 3,472,427 62,445 Trade payables (359,041) (366,477) 7,436 Other payables (2) (387,561) (374,330) (13,231) Provisions for risks (current portion) (9,178) (7,459) (1,719) Short term liabilities (B) (755,780) (748,266) (7,514) Net working capital (A) - (B) (304,225) (330,769) 26,544 Derivative instruments (3) 3,045 1,445 1,600 Deferred tax assets 78,672 74,907 3,765 Deferred tax liabilities (93,774) (92,660) (1,114) Provisions for risks (non-current portion) (14,241) (14,511) 270 Employee benefits (non-current portion) (12,132) (12,480) 348 Loan fees (4) 6,425 2,814 3,611 Other long-term payables (169,228) (167,332) (1,896) Asset and liabilities held for sale (5) - 13,980 (13,980) NET INVESTED CAPITAL 2,577,859 2,530,324 47,535 Shareholders' equity 1,076,453 998,214 78,239 Third parties' equity 295 311 (16) Net equity 1,076,748 998,525 78,223 Medium/Long term net financial debt 615,590 987,968 (372,378) Short term net financial debt 399,044 57,515 341,529 Total net financial debt 1,014,634 1,045,483 (30,849) Lease liabilities 486,477 486,316 161 Total lease liabilities & net financial debt 1,501,111 1,531,799 (30,688) NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL DEBT 2,577,859 2,530,324 47,535 20 --- Interim Financial Report as at 31 March 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”. 21 --- Interim Financial Report as at 31 March 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 three months 2026 First three months 2025 (€ thousands) Operating profit (loss) (EBIT) 56,503 61,441 Amortization, depreciation and write-downs 75,392 79,355 Provisions, other non-monetary items and gain/losses from disposals 7,437 4,046 Net financial expenses (14,020) (13,628) Taxes paid (9,739) (14,570) Changes in net working capital (42,514) (32,782) Cash flow provided by (used in) operating activities before repayment of lease 73,059 83,862 liabilities Repayment of lease liabilities (34,302) (33,831) Cash flow provided by (used in) operating activities (A) 38,757 50,031 Cash flow provided by (used in) operating investing activities (B) (20,987) (31,554) Free Cash Flow (A) + (B) 17,770 18,477 Free cash flow Adjusted (*) 23,555 20,562 Net cash flow provided by (used in) acquisitions (C) 10,060 (40,972) Cash flow provided by (used in) investing activities (B) + (C) (10,927) (72,526) Cash flow provided by (used in) operating activities and investing activities 27,830 (22,495) Treasury Shares - (8,164) Fees paid on medium/long-term financing - (613) Capital increases, third parties’ contributions and dividends paid by subsidiaries to (1) - third parties Change in non-current assets (262) (35) Net cash flow from the period 27,567 (31,307) Net financial indebtedness at the beginning of the period excluding lease (1,045,483) (961,805) liabilities Effect of exchange rate fluctuations on net financial debt 3,282 (3,399) Effect of discontinued operations on net financial debt - (74) Changes in net financial debt 27,567 (31,307) Net financial indebtedness at the end of the period excluding lease liabilities (1,014,634) (996,585) (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Alternative Performance Measures in this Interim Financial Report. 22 --- Interim Financial Report as at 31 March 2026 > Interim Management Report INCOME STATEMENT REVIEW Consolidated income statement by segment and geographic area First three months 2026 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 384,130 108,246 87,388 - 579,764 Operating costs (271,320) (84,121) (63,523) (30,712) (449,676) Other income and costs 1,358 311 (216) 354 1,807 Gross operating profit (loss) (EBITDA) 114,168 24,436 23,649 (30,358) 131,895 Gross operating profit (loss) (EBITDA) Adjusted (*) 116,286 25,173 24,247 (23,949) 141,757 Depreciation, amortization and impairment of non- (13,979) (4,466) (3,837) (7,047) (29,329) current assets Right-of-use depreciation (22,806) (3,672) (7,399) (625) (34,502) PPA related depreciation, amortization and impairment (8,183) (1,134) (1,940) (304) (11,561) Operating profit (loss) (EBIT) 69,200 15,164 10,473 (38,334) 56,503 Operating profit (loss) (EBIT) Adjusted (*) 79,321 17,067 13,023 (31,925) 77,486 Income, expenses, valuation and adjustments of 259 financial assets Net financial expenses (14,543) Exchange differences, inflation accounting and Fair (19,001) Value valuation Profit (loss) before tax 23,218 Profit (loss) before tax Adjusted (*) 62,683 Tax (12,646) Net profit (loss) 10,572 Net profit (loss) Adjusted (*) 44,493 Profit (loss) of minority interests 51 Net profit (loss) attributable to the Group 10,521 Net profit (loss) attributable to the Group Adjusted (*) 44,442 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Alternative Performance Measures in this Interim Financial Report. 23 --- Interim Financial Report as at 31 March 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 three months 2026 (€ thousands) Net profit (loss) Profit (loss) Net profit Attributable EBITDA EBIT before tax (loss) to the Group Alternative Performance Measures 131,895 56,503 23,218 10,572 10,521 Transaction and integration costs for the acquisitions of GN Hearing 6,193 6,193 6,193 6,193 6,193 Transaction and integration costs for other acquisitions and changes (positive or (309) (309) (309) (309) (309) negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as 3,783 3,322 3,322 3,322 3,322 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 (6) 15 18,785 18,785 18,785 Amortization of fixed assets accounted in phase of Purchase Price Allocation - 11,561 11,561 11,561 11,561 Financial income (loss) related to inflation accounting (IAS 29) and Fair Value - - 563 563 563 changes resulting from modifications and/or non-cash accretion of fin. liab. (IFRS 9) Other unusual, infrequent or unrelated income and expenses above an amount of 201 201 (650) (650) (650) €1m in a quarter, or above €2m across multiple quarters Total adjustments before tax 9,862 20,983 39,465 39,465 39,465 Fiscal effect on adjustments and other fiscal adjustments (5,544) (5,544) Total adjustments 9,862 20,983 39,465 33,921 33,921 Adjusted Alternative Performance Measures 141,757 77,486 62,683 44,493 44,442 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. First three months 2026 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 114,168 69,200 24,436 15,164 23,649 10,473 (30,358) (38,334) 131,895 56,503 Measures Transaction and integr. costs for - - 312 312 - - 5,881 5,881 6,193 6,193 the acquisitions of GN Hearing Transaction and integr. costs for other acq. and changes (positive (119) (119) (229) (229) - - 39 39 (309) (309) or negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as other 2,241 2,040 587 315 466 478 489 489 3,783 3,322 efficiency projects and changes in Top management Gain and loss on disposal of assets and/or businesses, write- (4) 17 - - (2) (2) - - (6) 15 off and rev. of fixed assets Amortization of fixed assets - 8,183 - 1,438 - 1,940 - - - 11,561 accounted in phase of PPA Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a - - 67 67 134 134 - - 201 201 quarter, or above €2m across multiple quarters Total adjustments 2,118 10,121 737 1,903 598 2,550 6,409 6,409 9,862 20,983 Adjusted Alternative 116,286 79,321 25,173 17,067 24,247 13,023 (23,949) (31,925) 141,757 77,486 Performance Measures 24 --- Interim Financial Report as at 31 March 2026 > Interim Management Report First three months 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total Revenues from sales and services 383,564 118,439 85,787 - 587,790 Operating costs (273,549) (91,183) (62,572) (22,467) (449,771) Other income and costs 2,227 553 (118) 115 2,777 Gross operating profit (loss) (EBITDA) 112,242 27,809 23,097 (22,352) 140,796 Gross operating profit (loss) (EBITDA) Adjusted (*) 112,600 26,664 23,316 (22,224) 140,356 Depreciation, amortization and impairment of non- (14,361) (5,103) (4,678) (8,021) (32,163) current assets Right-of-use depreciation (22,172) (3,853) (7,866) (608) (34,499) PPA related depreciation, amortization and impairment (8,560) (1,159) (2,974) - (12,693) Operating profit (loss) (EBIT) 67,149 17,694 7,579 (30,981) 61,441 Operating profit (loss) (EBIT) Adjusted (*) 76,159 17,708 10,772 (30,853) 73,786 Net financial expenses (14,149) Exchange differences, inflation accounting and Fair (558) Value valuation Profit (loss) before tax 46,734 Profit (loss) before tax Adjusted (*) 58,724 Tax (13,798) Net profit (loss) 32,936 Net profit (loss) Adjusted (*) 41,691 Profit (loss) of minority interests 51 Net profit (loss) attributable to the Group 32,885 Net profit (loss) attributable to the Group Adjusted (*) 41,640 (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Alternative Performance Measures in this Interim Financial Report. 25 --- Interim Financial Report as at 31 March 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 three months 2025 (€ thousands) Net profit (loss) Profit (loss) Net profit attributable to the EBITDA EBIT before tax (loss) Group Alternative Performance Measures 140.796 61.441 46.734 32.936 32.885 Transaction and integration costs for acquisitions and changes (433) (433) (433) (433) (433) (positive or negative) in earn-out Costs relative to corporate and network reorganization, as well - - - - - as other efficiency projects Gain and loss on disposal of assets and/or businesses, write-off (7) 85 85 85 85 and revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 12.693 12.693 12.693 12.693 Price Allocation Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or - - 521 521 521 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 - - (876) (876) (876) multiple quarters Total adjustments before tax (440) 12.345 11.990 11.990 11.990 Fiscal effect on adjustments and other fiscal adjustments - - - (3.235) (3.235) Total adjustments (440) 12.345 11.990 8.755 8.755 Adjusted Alternative Performance Measures 140.356 73.786 58.724 41.691 41.640 Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators. First three months 2025 (€ thousands) EMEA Americas Asia Pacific Corporate Total EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT Alternative Performance 112,242 67,149 27,809 17,694 23,097 7,579 (22,352) (30,981) 140,796 61,441 Measures Transaction and integration costs for acquisitions and 371 371 (1,145) (1,145) 213 213 128 128 (433) (433) changes (positive or negative) in earn-out Gain and loss on disposal of assets and/or businesses, write- (13) 79 - - 6 6 - - (7) 85 off and revaluation of fixed assets Amortization of fixed assets accounted in phase of Purchase - 8,560 - 1,159 - 2,974 - - - 12,693 Price Allocation Total adjustments 358 9,010 (1,145) 14 219 3,193 128 128 (440) 12,345 Adjusted Alternative 112,600 76,159 26,664 17,708 23,316 10,772 (22,224) (30,853) 140,356 73,786 Performance Measures 26 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Revenues from sales and services First three months 2026 First three months 2025 Change Change % (€ thousands) Revenues from sales and services 579,764 587,790 (8,026) -1.4% Consolidated revenues from sales and services amounted to €579,764 thousand in the first quarter of 2026, a decrease (-1.4%) compared to the first quarter of 2025. The positive contributions of a return of a solid organic performance (€13,052 thousand or +2.2%) and acquisitions (€6,038 thousand or +1.0%) were more than offset by the negative impact (€13,952 thousand or -2.4%) 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 €13,164 thousand (-2.2%). In particular, the Americas and APAC region recorded a solid organic growth well-above the market and well balanced across the various segments and markets, while organic performance in the EMEA region, although positive and showing gradual improvement during the quarter, was still affected by market environment weakness. The breakdown of revenues from sales and services by geographic area is shown below. First three First three Change % % on months % on Total months Change Change % Exchange diff. in local Total (€ thousands) 2026 2025 currency EMEA 384,130 66.2% 383,564 65.3% 566 0.1% 618 -0.1% Americas 108,246 18.7% 118,439 20.1% (10,193) -8.6% (11,506) 1.1% Asia Pacific 87,388 15.1% 85,787 14.6% 1,601 1.9% (2,276) 4.6% Total 579,764 100.0% 587,790 100.0% (8,026) -1.4% (13,164) 0.8% 27 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Europe, Middle East and Africa First three months 2026 First three months 2025 Change Change % (€ thousands) Revenues from sales and services 384,130 383,564 566 0.1% Consolidated revenues from sales and services amounted to €384,130 thousand in the first quarter of 2026, an increase of €566 thousand (+0.1%) The positive contributions of the organic performance (€1,008 thousand or +0.3%) and acquisitions (€3,193 thousand or +0.7%) were more than offset by the negative impact (€4,253 thousand or -1.1%) 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 €618 thousand (+0.2%). Americas First three months 2026 First three months 2025 Change Change % (€ thousands) Revenues from sales and services 108,246 118,439 (10,193) -8.6% Consolidated revenues from sales and services amounted to €108,246 thousand, a decrease of €10,193 (-8.6%) compared to the same period of the prior year. The positive contributions of acquisitions (€2,240 thousand or +1.9%) and the organic performance (€7,926 thousand or +6.7%) were more than offsets by the negative impact of €8,853 thousand (-7.5%) linked to the streamlining and reorganization called for under the Fit4Growth program (including the termination of the managed care contract in the United States), and by the adverse exchange effect of €11,506 thousand (-9.7%), attributable to the weakening of the US dollar, the Argentine peso and the Canadian dollar. 28 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Asia Pacific First three months 2026 First three months 2025 Change Change % (€ thousands) Revenues from sales and services 87,388 85,787 1,601 1.9% Consolidated revenues from sales and services amounted to €87,388 thousand in the first quarter of 2026, an increase of €1,601 thousand (+1.9%). The positive contribution of the organic performance (€4,118 thousand or +4.8%) and acquisitions (€605 thousand or +0.8%) more than offset the negative impact of the streamlining and reorganization called for under the Fit4Growth program (including the rationalization of the Chinese affiliate Hangzhou Amplifon Hearing Aid Co. Ltd’s indirect sales channels) of €846 thousand (-1.0%) and the exchange differences of €2,276 thousand (-2.7%). 29 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Gross operating profit (loss) (EBITDA) First three months First three months Change Change % (€ thousands) 2026 2025 Gross operating profit (loss) (EBITDA) 131,895 140,796 (8,901) -6.3% Gross operating profit (loss) (EBITDA) Adjusted 141,757 140,356 1,401 1.0% Gross operating profit (EBITDA) amounted to €131,895 thousand in the first three months of 2026, a decline of €8,901 thousand (-6.3%) with respect to the comparison period. The EBITDA margin came to 22.7%, 1.3 p.p. lower than in the comparison period. The result for the reporting period was affected for €9,862 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 impact of these items amounted to €440 thousand in the first quarter of 2025. Net of these items, adjusted EBITDA came to €141,757 thousand in the first three months of 2026, an increase of €1,401 thousand (+1.0%) against the comparison period. The EBITDA adjusted margin was 0.6 p.p. higher than in the comparison period, coming in at 24.5%. The increase with respect to the comparison period is mainly attributable to the strong early results of the Fit4Growth program and after ongoing investments in marketing to further strengthen the Group’s distinctive assets. The breakdown of EBITDA by geographic area is shown below. First three First three EBITDA EBITDA months 2026 months 2025 (€ thousands) Margin Margin Change Change % EMEA 114,168 29.7% 112,242 29.3% 1,926 1.7% Americas 24,436 22.6% 27,809 23.5% (3,373) -12.1% Asia Pacific 23,649 27.1% 23,097 26.9% 552 2.4% Corporate (*) (30,358) -5.2% (22,352) -3.8% (8,006) 35.8% Total 131,895 22.7% 140,796 24.0% (8,901) -6.3% (*) Centralized costs are shown as a percentage of the Group’s total sales The breakdown of EBITDA Adjusted by geographic area is shown below. EBITDA EBITDA First three First three Adjusted Adjusted months 2026 months 2025 (€ thousands) Margin Margin Change Change % EMEA 116,286 30.3% 112,600 29.4% 3,686 3.3% Americas 25,173 23.3% 26,664 22.5% (1,491) -5.6% Asia Pacific 24,247 27.7% 23,316 27.2% 931 4.0% Corporate (*) (23,949) -4.1% (22,224) -3.8% (1,725) 7.8% Total 141,757 24.5% 140,356 23.9% 1,401 1.0% (*) Centralized costs are shown as a percentage of the Group’s total sales. 30 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Europe, Middle East and Africa Gross operating profit (EBITDA) amounted to €114,168 thousand in the first three months of 2026, an increase of €1,926 thousand (+1.7%) with respect to the comparison period. The EBITDA margin came to 29.7%, 0.4 p.p. higher than in the comparison period. The result for the reporting period was affected for €2,118 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 impact of these items amounted to €358 thousand in the first quarter of 2025. Net of these items, adjusted EBITDA amounted to €116,286 thousand in the first three months of 2026, an increase of €3,686 thousand (+3.3%) with respect to the comparison period. The EBITDA adjusted margin was 0.9 p.p. higher than in the comparison period, coming in at 30.3%. Americas Gross operating profit (EBITDA) amounted to €24,436 thousand in the first three months of 2026, a decrease of €3,373 thousand (-12.1%) with respect to the comparison period. The EBITDA margin came to 22.6%, 0.9 p.p. lower than in the comparison period. The result for the reporting period was affected by €737 thousand from items (income and expenses) that are unusual, infrequent or not related to the operating performance, detailed in the section on Alternative Performance Indicators to which reference is made, mainly attributable to GN Hearing’s acquisition costs and the streamlining and reorganization called for under the Fit4Growth program. The impact of these items amounted to €1,145 thousand in the first quarter of 2025. Net of these items, adjusted EBITDA amounted to €25,173 thousand in the first three months of 2026, a decrease of €1,491 thousand (-5.6%) with respect to the comparison period. The EBITDA adjusted margin was 0.8 p.p. higher than in the comparison period, coming in at 23.3%. 31 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Asia Pacific Gross operating profit (EBITDA) amounted to €23,649 thousand in the first three months of 2026, an increase of €552 thousand (+2.4%) with respect to the comparison period. The EBITDA margin came to 27.1%, 0.2 p.p. higher than in the comparison period. The result for the reporting period was affected for €598 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 impact of these items amounted to €219 thousand in the first quarter of 2025. Net of these items, adjusted EBITDA amounted to €24,247 thousand in the first three months of 2026, an increase of €931 thousand (+4.0%) with respect to the comparison period. The EBITDA adjusted margin was 0.5 p.p. higher than in the comparison period, coming in at 27.7%. Corporate In the first three months 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 €30,358 thousand, an increase of €8,006 thousand (+35.8%) with respect to the same period of the prior year. The EBITDA margin on Group revenues was 1.4 p.p. higher than in the comparison period, coming in at -5.2%. The result for the reporting period was affected for €6,409 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. The impact of these items amounted to €128 thousand in the first quarter of 2025. Net of these items, costs were €1,725 thousand (+7.8%) higher with the margin up +0.3 p.p. against the comparison period at -4.1%. 32 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Operating profit (loss) (EBIT) First three months First three months (€ thousands) 2026 2025 Change Change % Operating profit (loss) (EBIT) 56,503 61,441 (4,938) -8.0% Operating profit (loss) (EBIT) Adjusted 77,486 73,786 3,700 5.0% Operating profit (EBIT) amounted to €56,503 thousand in the first three months of 2026, a decrease of €4,938 thousand (-8.0%) with respect to the comparison period. The EBIT margin came to 9.7%, 0.8 p.p. lower than in the comparison period. With respect to EBITDA, EBIT benefited from lower operating depreciation and amortization, as well as amortization of fixed assets accounted in phase of Purchase Price Allocation (PPA), while amortization of right of use assets was in line with the comparison period. The result for the reporting period was affected for €20,983 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance, primarily attributable both to the effect of PPA amortization and write-downs and revaluations related to Fit4Growth program described above. For more information, refer to the section on Alternative Performance Indicators. The impact of these items amounted to €12,345 thousand in the first quarter of 2025. Net of these items, adjusted EBIT amounted to €77,486 thousand in the first three months of 2026, an increase of €3,700 thousand (+5.0%) against the comparison period. The EBIT adjusted margin was 0.8 p.p. higher than in the comparison period, coming in at 13.4%. The breakdown of EBIT by geographic area is shown below. First three EBIT First three EBIT Change Change % (€ thousands) months 2026 Margin months 2025 Margin EMEA 69,200 18.0% 67,149 17.5% 2,051 3.1% Americas 15,164 14.0% 17,694 14.9% (2,530) -14.3% Asia Pacific 10,473 12.0% 7,579 8.8% 2,894 38.2% Corporate (*) (38,334) -6.6% (30,981) -5.3% (7,353) 23.7% Total 56,503 9.7% 61,441 10.5% (4,938) -8.0% (*) Centralized costs are shown as a percentage of the Group’s total sales. The breakdown of EBIT Adjusted by geographic area is shown below. EBIT EBIT First three First three Adjusted Adjusted Change Change % months 2026 months 2025 (€ thousands) Margin Margin EMEA 79,321 20.6% 76,159 19.9% 3,162 4.2% Americas 17,067 15.8% 17,708 15.0% (641) -3.6% Asia Pacific 13,023 14.9% 10,772 12.6% 2,251 20.9% Corporate (*) (31,925) -5.5% (30,853) -5.2% (1,072) 3.5% Total 77,486 13.4% 73,786 12.6% 3,700 5.0% (*) Centralized costs are shown as a percentage of the Group’s total sales. 33 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Europe, Middle East and Africa Operating profit (EBIT) amounted to €69,200 thousand in the first three months of 2026, an increase of €2,051 thousand (+3.1%) with respect to the comparison period. The EBIT margin came to 18.0%, 0.5 p.p. higher than in the first three months of 2025. The result for the reporting period was affected for €10,121 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 impact of these items amounted to €9,010 thousand in the first quarter of 2025. Net of these items, adjusted EBIT was €79,321 thousand, an increase of €3,162 thousand (+4.2%) against the comparison period. The EBIT adjusted margin was 0.7 p.p. higher than in the comparison period, coming in at 20.6%. Americas Operating profit (EBIT) amounted to €15,164 thousand in the first three months of 2026, a decrease of €2,530 thousand (-14.3%) with respect to the comparison period. The EBIT margin came to 14.0%, 0.9 p.p. lower than in the first three months of 2025. The result for the reporting period was affected for €1,903 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 impact of these items amounted to €14 thousand in the first quarter of 2025. Net of these items, adjusted EBIT was €17,067 thousand, a decrease of €641 thousand (-3.6%) against the comparison period. The EBIT adjusted margin was 0.8 p.p. higher than in the comparison period, coming in at 15.8%. Asia Pacific Operating profit (EBIT) amounted to €10,473 thousand in the first three months of 2026, an increase of €2,894 thousand (+38.2%) with respect to the comparison period. The EBIT margin came to 12.0%, 3.2 p.p. higher than in the first three months of 2025. The result for the reporting period was affected for €2,550 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 impact of these items amounted to €3,193 thousand in the first quarter of 2025. Net of these items, adjusted EBIT was €13,023 thousand, an increase of €2,251 thousand (+20.9 %) against the comparison period. The EBIT adjusted margin was 2.3 p.p. higher than in the comparison period, coming in at 14.9%. 34 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Corporate The net Corporate costs at the EBIT level amounted to €38,334 thousand in the first three months of 2026, an increase of €7,353 thousand (+23.7%) with respect to the same period of the prior year. The EBIT margin on Group revenues was 1.3 p.p. higher than in the comparison period, coming in at -6.6%. The result for the reporting period was affected for €6,409 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 impact of these items amounted to €128 thousand in the first quarter of 2025. Net of these items, the increase of Corporate costs at the EBIT level amounted to €1,072 thousand (+3.5%). The EBIT adjusted margin was 0.3 p.p. higher than in the comparison period, coming in at -5.5%. 35 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Profit before taxes First three months First three months Change Change % (€ thousands) 2026 2025 Profit before taxes 23,218 46,734 (23,516) -50.3% Profit before taxes Adjusted 62,683 58,724 3,959 6.7% Profit before taxes amounted to €23,218 thousand in the first three months of 2026, a decrease of €23,516 thousand (-50.3%) against the comparison period, with a gross profit margin of 4.0% (-4.0 p.p. with respect to the comparison period). Total financial expenses were €18,578 thousand higher than in 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 €39,465 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 €18,482 thousand detailed in the section on Alternative Performance Indicators. The impact of these items amounted to €11,990 thousand in the first quarter of 2025. Net of these items, adjusted Profit before taxes was €62,683 thousand, an increase of €3,959 thousand (+6.7%) against the comparison period. The adjusted Profit before taxes margin was 0.8 p.p. higher than in the comparison period, coming in at 10.8%. 36 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Group net profit First three months First three months Change Change % (€ thousands) 2026 2025 Net profit (loss) attributable to the Group 10,521 32,885 (22,364) -68.0% Net profit (loss) attributable to the Group Adjusted 44,442 41,640 2,802 6.7% The Group’s portion of net profit came to €10,521 thousand in the first three months of 2026, a decrease of €22,364 thousand (-68.0%) against the comparison period, with the profit margin down 3.8 p.p. at 1.8%. The result for the reporting period was affected for €33,921 thousand by items (income and expenses) considered unusual, infrequent or not related to the operating performance, net of their tax effect of €5,544 thousand, detailed in the section on Alternative Performance Indicators to which reference is made. The impact of these items amounted to €8,755 thousand in the first quarter of 2025, net of their tax effect of €3,235 thousand. Net of these items, the Group’s adjusted portion of net profit amounted to € 44,442 thousand in the first three months of 2026, an increase of € 2,802 (+6.7%) thousand against the comparison period. The Group net profit adjusted margin was 0.6 p.p. higher than in the comparison period at 7.7%. The tax rate for the period stood at 54.5%, compared to 29.5% in the comparison period, due to the reclassification in profit & loss, without tax effect, 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. The adjusted tax rate in the period came to 29.0%, aligned with the comparison period. 37 --- Interim Financial Report as at 31 March 2026 > Interim Management Report BALANCE SHEET REVIEW (*) Consolidated balance sheet by geographical area 03/31/2026 (€ thousands) EMEA Americas APAC Eliminations Total Goodwill 1,062,507 301,334 603,757 - 1,967,598 Customer lists, non-compete agreements, 146,696 27,426 40,296 - 214,418 trademarks and location rights Software, licenses, other int.ass., wip and 118,002 28,770 10,980 - 157,752 advances Property, plant, and equipment 155,857 40,179 37,917 - 233,953 Right-of-use assets 358,693 42,032 60,374 - 461,099 Financial fixed assets 863 5,747 233 - 6,843 Other non-current financial assets 36,677 3,307 1,670 - 41,654 Total fixed assets 1,879,295 448,795 755,227 - 3,083,317 Inventories 65,860 11,579 10,575 - 88,014 Trade receivables 242,645 35,060 18,105 (64,195) 231,615 Other receivables 94,534 23,647 13,933 (188) 131,926 Current assets (A) 403,039 70,286 42,613 (64,383) 451,555 Total assets 2,282,334 519,081 797,840 (64,383) 3,534,872 Trade payables (312,026) (68,226) (42,984) 64,195 (359,041) Other payables (313,335) (37,607) (36,807) 188 (387,561) Provisions for risks (current portion) (3,558) (828) (4,792) - (9,178) Short term liabilities (B) (628,919) (106,661) (84,583) 64,383 (755,780) Net working capital (A) - (B) (225,880) (36,375) (41,970) - (304,225) Derivative instruments 3,045 - - - 3,045 Deferred tax assets 53,451 8,529 16,692 - 78,672 Deferred tax liabilities (59,019) (27,862) (6,893) - (93,774) Provisions for risks (non-current portion) (12,377) (1,519) (345) - (14,241) Employee benefits (non-current portion) (11,213) (12) (907) - (12,132) Loan fees 6,425 - - - 6,425 Other long-term payables (153,993) (12,754) (2,481) - (169,228) NET INVESTED CAPITAL 1,479,734 378,802 719,323 - 2,577,859 Shareholders' equity 1,076,453 Third parties' equity 295 Net equity 1,076,748 Medium/Long term net financial debt 615,590 Short term net financial debt 399,044 Total net financial debt 1,014,634 Lease liabilities 378,685 45,936 61,856 - 486,477 Total lease liabilities & net financial debt 1,501,111 NET EQUITY, LEASE LIABILITIES AND NET 2,577,859 FINANCIAL DEBT (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. 38 --- Interim Financial Report as at 31 March 2026 > Interim Management Report 12/31/2025 (€ thousands) EMEA Americas APAC Eliminations Total Goodwill 1,059,123 293,920 574,172 - 1,927,215 Customer lists, non-compete agreements, 152,578 28,042 40,441 - 221,061 trademarks and location rights Software, licenses, other int.ass., wip and 121,549 27,988 10,123 - 159,660 advances Property, plant, and equipment 159,764 40,501 36,817 - 237,082 Right-of-use assets 361,779 44,436 55,823 - 462,038 Financial fixed 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 debt 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 39 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Non-Current Assets Non-current assets amounted to €3,083,317 thousand as at 31 March 2026, an increase of €28,387 thousand with respect to the €3,054,930 thousand recorded as at 31 December 2025. The changes in the period are explained by: - €5,852 thousand, by acquisitions; - €34,698 thousand, by right-of-use assets acquired in the reporting period and for the renewal of existing leases and network expansion; - €21,411 thousand, by investments in plant, property and equipment (for €9,287 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 €12,124 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; - €75,392 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; - €41,818 thousand, by the positive impact of exchange differences, which had the largest impact on goodwill; 40 --- Interim Financial Report as at 31 March 2026 > Interim Management Report The breakdown of non-current assets by geographic area is shown below. 03/31/2026 12/31/2025 Change (€ thousands) Goodwill 1,062,507 1,059,123 3,384 Non-competition agreements, trademarks, customer lists and 146,696 152,578 (5,882) lease rights Software, licenses, other intangible fixed assets, fixed assets in 118,002 121,549 (3,547) progress and advances EMEA (*) Tangible assets 155,857 159,764 (3,907) Right-of-use assets 358,693 361,779 (3,086) Financial fixed assets 863 975 (112) Other non-current financial assets 36,677 36,527 150 Non-current assets 1,879,295 1,892,295 (13,000) Goodwill 301,334 293,920 7,414 Non-competition agreements, trademarks, customer lists and 27,426 28,042 (616) lease rights Software, licenses, other intangible fixed assets, fixed assets in 28,770 27,988 782 progress and advances Tangible assets 40,179 40,501 (322) Americas Right-of-use assets 42,032 44,436 (2,404) Financial fixed assets 5,747 5,629 118 Other non-current financial assets 3,307 2,888 419 Non-current assets 448,795 443,404 5,391 Goodwill 603,757 574,172 29,585 Non-competition agreements, trademarks, customer lists and 40,296 40,441 (145) lease rights Software, licenses, other intangible fixed assets, fixed assets in 10,980 10,123 857 progress and advances Asia Pacific Tangible assets 37,917 36,817 1,100 Right-of-use assets 60,374 55,823 4,551 Financial fixed assets 233 225 8 Other non-current financial assets 1,670 1,630 40 Non-current assets 755,227 719,231 35,996 Total 3,083,317 3,054,930 28,387 (*) The balance sheet items are analyzed by geographical area without separation of the Corporate structures that are natively included in EMEA. 41 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Europe, Middle East and Africa Non-current assets amounted to €1,879,295 thousand as at 31 March 2026, a decrease of €13,000 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; - €22,538 thousand, by right-of-use assets acquired in the year as a result of the renewal of existing leases and network expansion; - €15,213 thousand, by investments in plant, property and equipment (per €6,359 thousand) and in intangible assets (per €8,854 thousand); - €52,944 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 €2,579 thousand, by decreases mainly attributable to the early lease terminations (€2,952 thousand) due to clinics’ relocation and closure of clinics attributable to the Fit4Growth program. Americas Non-current assets amounted to €448,795 thousand as at 31 March 2026, an increase of €5,391 thousand with respect to the €443,404 thousand recorded as at 31 December 2025. The change is explained for: - €1,399 thousand, by acquisitions made in the reporting period; - €782 thousand, by right-of-use assets acquired in the year as a result of the renewal of existing leases and network expansion; - €3,121 thousand, by investments in plant, property and equipment (for €1,312 thousand) and in intangible assets (for €1,809 thousand) relating to development of IT system in the US subsidiaries; - €9,272 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; - €9,361 thousand, by positive changes mainly attributable to exchange rate fluctuations, with a predominant impact on goodwill, net of early terminations (€198 thousand) of lease contracts following the closure of hearing care centres under the Fit4Growth program. 42 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Asia Pacific Non-current assets amounted to €755,227 thousand as at 31 March 2026, an increase of €35,996 thousand with respect to the €719,231 thousand recorded as at 31 December 2025. The change is explained for: - €13,290 thousand, by right-of-use assets acquired in the year as a result of the renewal of existing leases and network expansion; - €3,077 thousand, by investments in plant, property and equipment (for €1,461 thousand) and in intangible assets (for €1,616 thousand); - €13,176 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; - €32,805 thousand, by positive changes mainly attributable to exchange rate fluctuations, with a predominant impact on goodwill, net of early terminations (€2,618 thousand) of lease contracts following the closure of hearing care centres under the Fit4Growth program. 43 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Net invested capital Net invested capital amounted to €2,577,859 thousand as at 31 March 2026, an increase of €47,535 thousand against the €2,530,324 thousand recorded as at 31 December 2025. The increase is mainly attributable to the variation of the non-current assets above mentioned and to the increase of working capital. The breakdown of net invested capital by geographic area is shown below. 03/31/2026 12/31/2025 Change (€ thousands) EMEA (*) 1,479,734 1,488,476 (8,742) Americas 378,802 360,362 18,440 Asia Pacific 719,323 681,486 37,837 Total 2,577,859 2,530,324 47,535 (*) 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 €1,479,734 thousand as at 31 March 2026, a decrease of €8,742 thousand against the €1,488,476 thousand recorded as at 31 December 2025. This change is attributable to the decrease in non-current assets described above, partially offset by an increase in working capital, which includes the reduction in assets and liabilities held for sale following the disposals of the subsidiary Amplifon United Kingdom Limited and the stake in the joint venture Comfoor B.V. in the first quarter of 2026. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €59,657 thousand (€58,009 thousand in the same period of the prior year) and VAT credits with a face value of €11,628 thousand (€13,213 thousand in the same period of the prior year). Americas Net invested capital came to €378,802 thousand as at 31 March 2026, an increase of €18,440 thousand against the €360,362 thousand recorded as at 31 December 2025. In addition to the increase in non-current assets described above, there was an increase in working capital mainly due to an higher decrease of trade payables. Factoring without recourse in the reporting period, through premier factoring companies, involved trade receivables with a face value of €1,798 thousand (€1,865 thousand in the same period of the prior year). 44 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Asia Pacific Net invested capital came to €719,323 thousand as at 31 March 2026, an increase of €37,837 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 €10,039 thousand (€5,328 thousand in the same period of the prior year). 45 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Net financial indebtedness 03/31/2026 12/31/2025 Change (€ thousands) Net medium and long-term financial indebtedness 615,590 987,968 (372,378) Net short-term financial indebtedness 708,599 366,397 342,202 Cash and cash equivalents (309,555) (308,882) (673) Net financial indebtedness excluding lease liabilities (A) 1,014,634 1,045,483 (30,849) Lease liabilities – current portion 126,920 122,007 4,913 Lease liabilities – non-current portion 359,557 364,309 (4,752) Lease liabilities (B) 486,477 486,316 161 Net financial indebtedness (A+B) (C) 1,501,111 1,531,799 (30,688) Group net equity (D) 1,076,453 998,214 78,239 Minority interests 295 311 (16) Net Equity (E) 1,076,748 998,525 78,223 Net financial indebtedness excluding lease liabilities 0.94 1.05 /Group net equity (A/D) Net financial indebtedness excluding lease liabilities 0.94 1.05 /Net equity (A/E) Net financial indebtedness excluding lease liabilities 1.84 1.92 /EBITDA for leverage calculation (*) (*) Net financial indebtedness excluding lease liabilities/EBITDA for the leverage calculation is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to EBITDA for the last four quarters (determined with reference to usual, frequent or related to the operating performance operations only, based on pro forma figures in case of significant changes to the structure of the Group). Net financial debt, excluding lease liabilities, amounted to €1,014,634 thousand at 31 March 2026, a decrease of €30,849 thousand compared to 31 December 2025. In the first three months of 2026, free cash flow reached a positive €17,770 thousand (€18,477 thousand at 31 March 2025) after absorbing net operating investments €20,987 thousand (€31,554 thousand in the comparison period). Net proceeds from business disposals of €14,383 thousand and cash-outs for acquisitions of €4,323 thousand (€40,972 thousand in the first three months of 2025), resulted in positive cash flow of €27,567 thousand versus negative €31,307 thousand in the first three months of 2025. 46 --- Interim Financial Report as at 31 March 2026 > Interim Management Report On March 16, 2026, on the occasion of the signing of the binding agreement for the acquisition of GN Hearing, Amplifon S.p.A. signed a term sheet for the acquisition facility amounting to €1,800 million. The expected duration of the acquisition facility is 18 months and 2 days from the date of the contract's signing, with the option to extend it for an additional 6 months. As at 31 March 2026, the Group had cash and cash equivalents of €310 thousand compared to a total financial indebtedness of €1,324 million, net of lease liabilities. Long-term debt, net of lease liabilities, amounts to €615,590 thousand as at 31 March 2026 (€987,968 thousand as at 31 December 2025), showing a decrease of €372,378 thousand compared to 31 December 2025 due to the reclass of the Eurobond expiring in February 2027 to short-term debt. Short-term debt amounts to €708,599 thousand, an increase of €342,202 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 (€220,682 thousand), bank borrowings linked to hot money accounts and other short-term credit lines (€122,550 thousand), the interest payable on the Eurobond (€496 thousand) and other bank loans (€6,141 thousand), short-term lines included, as well as the best estimate of the deferred payments for acquisitions (€8,298 thousand). The chart below shows the debt maturities compared to: - the €310 million in cash and cash equivalents; - the €480 million unutilized portions of irrevocable credit lines; - the €150 million unutilized portion of the loan from the European Investment Bank supporting investments in innovation and digitalization. It should be noted that the acquisition facility described above will be drawn down only upon the closing of the acquisition of GN Hearing, in connection with payment for the acquisition, and is therefore not included among the available credit lines in the chart below. 47 --- Interim Financial Report as at 31 March 2026 > Interim Management Report Other available uncommitted credit lines amounted to €404 million, with an unutilized portion of €292 million as at 31 March 2026. Interest payable on financial debt amounted to €9,855 thousand as at 31 March 2026 versus €9,771 thousand as at 31 March 2025. Interest payable on leases recognized in accordance with IFRS 16 amounted to €5,135 thousand versus €5,155 thousand as at 31 March 2025. Interest receivable on bank deposits came to €552 thousand as at 31 March 2026 versus €1,082 thousand as at 31 March 2025. The reasons for the changes in net debt are described in the next section on the statement of cash flows. 48 --- Interim Financial Report as at 31 March 2026 > Interim Management Report CASH FLOW STATEMENT The reclassified statement of cash flows shows the change in net financial indebtedness from the beginning to the end of the period. Pursuant to IAS 7, the consolidated financial statements include a statement of cash flows that shows the change in cash and cash equivalents from the beginning to the end of the period. First three months First three months (€ thousands) 2026 2025 OPERATING ACTIVITIES: Net profit (loss) attributable to the Group 10,521 32,885 Minority interests 51 51 Amortization, depreciation and impairment: - Intangible fixed assets 25,494 28,954 - Tangible fixed assets 15,597 15,902 - Right-of-use assets 34,301 34,499 Total amortization, depreciation and impairment 75,392 79,355 Provisions, other non-monetary items and gains/losses from disposals 7,437 4,046 Group’s share of the result of associated companies - - Financial income charges 33,285 14,707 Current and deferred income taxes 12,646 13,798 Change in assets and liabilities: - Utilization of provisions (4,836) (1,652) - (Increase) decrease in inventories (6,246) (7,740) - Decrease (increase) in trade receivables (5,596) (2,850) - Increase (decrease) in trade payables (13,292) (32,965) - Changes in other receivables and other payables (12,544) 12,425 Total change in assets and liabilities (42,514) (32,782) Net interest charges (14,020) (13,628) Taxes paid (9,739) (14,570) Cash flow provided by (used in) operating activities before repayment of lease liabilities 73,059 83,862 Repayment of lease liabilities (34,302) (33,831) Cash flow generated from (absorbed) by operating activities 38,757 50,031 INVESTING ACTIVITIES: Purchase of intangible fixed assets (12,057) (14,373) Purchase of property, plant and equipment (9,071) (17,220) Consideration from sale of tangible fixed assets and businesses 141 39 Cash flow generated from (absorbed) by investing activities (20,987) (31,554) Cash flow generated from operating and investing activities (Free cash flow) 17,770 18,477 Free cash flow Adjusted (*) 23,555 20,562 Business combinations (**) 10,060 (40,972) Net cash flow generated from acquisitions 10,060 (40,972) Cash flow generated from (absorbed) by investing activities and acquisitions (10,927) (72,526) 49 --- Interim Financial Report as at 31 March 2026 > Interim Management Report (€ thousands) FINANCING ACTIVITIES: Treasury shares - (8,164) Fees paid on medium/long-term financing - (613) Capital increases, third parties’ contributions and dividends paid by subsidiaries to third (1) - parties Other non-current assets (262) (35) Cash flow generated from (absorbed) by financing activities (263) (8,812) Changes in net financial indebtedness net of lease liabilities 27,567 (31,307) Net financial indebtedness at the beginning of the period net of lease liabilities (1,045,483) (961,805) Effect of exchange rate fluctuations on net financial debt 3,282 (3,399) Effect of discontinued operations on net financial debt - (74) Changes in net financial debt 27,567 (31,307) Net financial indebtedness at the end of the period net of lease liabilities (1,014,634) (996,585) (*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of 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 change in net financial indebtedness of €27,567 thousand is mainly attributable to: (i) Investing activities: - €21,128 capital expenditure on property, plant and equipment and intangible assets of thousand relating to new Front-Office solutions in Spain and Belgium and the start of implementation activities in Australia, the optimization of in-store systems and tools supporting the Amplifon Product Experience and the Next protocol, the network expansion and the ongoing implementation, standardization and homogenization of the Group cloud based ERP system; - net proceeds of €10,060 thousand from acquisitions (proceeds of €14,399 thousand and cash-outs of €4,339 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 €141 thousand. (ii) Operating activities: - interest payable on financial indebtedness, on leases in application of IFRS 16 and other net financial expenses of €14,020 thousand; - payment of taxes amounting to €9,739 thousand; - payment of principle on lease obligations of €34,302 thousand; - cash flow generated by current operations of €96,819 thousand. (iii) Net debt was also impacted by: - exchange losses of €3,282 thousand; 50 --- Interim Financial Report as at 31 March 2026 > Interim Management Report ACQUISITION AND DISPOSAL 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. The funding of the cash component is fully committed by an acquisition facility in Euro, to be refinanced over the next 24 months with a mix of debt and equity and/or equity-linked instruments, with timing and amounts yet to be determined. The equity raise will be up to €0.75 billion. 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. 51 --- Interim Financial Report as at 31 March 2026 > Interim Management Report 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. In addition, during the first three months of 2026, the Group carried out business disposals and acquisitions resulting in total net proceeds of €10,060 thousand (proceeds of €14,399 thousand and payments of €4,339 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. More in detail, in the first three months 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 Germany, 3 hearing centers were acquired; - in the United States, 2 hearing centers were acquired. 52 --- Interim Financial Report as at 31 March 2026 > Interim Management Report OUTLOOK In 2025, the Group implemented different initiatives and made significant investments with the aim to accelerate future growth and structurally improve profitability. The results achieved in the first quarter of 2026 reflect the strong early benefits in terms of both organic revenue growth, which accelerated progressively in the quarter, as well as profitability. For 2026, the Group expects a gradual improvement in the global market, with growth in demand currently expected in the region of 3% compared to 2025. In this context, assuming no further slowdowns in the global economic activity, due to - among others - the well-known macroeconomic and geopolitical situation, the Group expects to continue to outperform 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. Moreover, the Group expects a material increase in the adjusted EBITDA margin in the region of 100 basis points. Lastly, the Group has initiated a full-force planning of the activities for the future integration of GN Hearing, with a view to guaranteeing full operational capacity of the new vertically integrated th group from the day after closing. The closing of the acquisition announced on March 16 , 2026 is subject to customary conditions precedent, including the receipt of 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 enthusiastic about its strong prospects for profitable growth, further strengthened by the transformation opportunities stemming from the future integration with GN Hearing. th Milan, May 5 , 2026 CEO Enrico Vita 53 --- CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 MARCH 2026 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements (*) CONSOLIDATED STATEMENT OF FINANCIAL POSITION 03/31/2026 12/31/2025 Change (€ thousands) ASSETS Non-current assets Goodwill Note 3 1,967,598 1,927,215 40,383 Intangible fixed assets with finite useful life Note 4 372,170 380,720 (8,550) Property, plant, and equipment Note 5 233,953 237,082 (3,129) Right-of-use assets Note 6 461,099 462,038 (939) Equity-accounted investments 24 21 3 Hedging instruments 1,625 42 1,583 Deferred tax assets 78,672 74,907 3,765 Contract costs 10,321 10,488 (167) Other assets Note 7 39,191 37,365 1,826 Total non-current assets 3,164,653 3,129,878 34,775 Current assets Inventories 88,014 82,452 5,562 Trade receivables 231,615 221,810 9,805 Contract costs 8,342 7,768 574 Other receivables 123,584 105,467 18,117 Hedging instruments 1,852 2,235 (383) Cash and cash equivalents Note 9 309,555 308,882 673 Asset held for sale - 34,424 (34,424) Total current assets 762,962 763,038 (76) Total assets 3,927,615 3,892,916 34,699 55 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 03/31/2026 12/31/2025 Change (€ thousands) LIABILITIES Net Equity Share capital Note 8 4,528 4,528 - Share premium reserve 202,712 202,712 - Treasury shares (131,829) (131,983) 154 Other reserves (96,916) (162,293) 65,377 Retained earnings 1,087,437 993,916 93,521 Profit (loss) for the period 10,521 91,334 (80,813) Group net equity 1,076,453 998,214 78,239 Minority interests 295 311 (16) Total net equity 1,076,748 998,525 78,223 Non-current liabilities Medium/long-term financial liabilities Note 10 610,340 983,806 (373,466) Lease liabilities Note 12 359,557 364,309 (4,752) Provisions for risks and charges Note 11 14,241 14,511 (270) Liabilities for employees’ benefits 12,132 12,480 (348) Hedging instruments - 315 (315) Deferred tax liabilities 93,774 92,660 1,114 Payables for business acquisitions 991 2,601 (1,610) Contract liabilities 147,007 145,150 1,857 Other long-term liabilities 22,222 22,181 41 Total non-current liabilities 1,260,264 1,638,013 (377,749) Current liabilities Trade payables 359,041 366,477 (7,436) Payables for business acquisitions 8,298 5,792 2,506 Contract liabilities 123,343 123,581 (238) Tax liabilities 52,460 48,089 4,371 Other payables 207,289 197,881 9,408 Hedging instruments 841 380 461 Provisions for risks and charges Note 11 9,178 7,459 1,719 Liabilities for employees’ benefits 4,496 4,806 (310) Short-term financial liabilities Note 10 698,737 359,462 339,275 Lease liabilities Note 12 126,920 122,007 4,913 Liabilities held for sale - 20,444 (20,444) Total current liabilities 1,590,603 1,256,378 334,225 TOTAL LIABILITIES 3,927,615 3,892,916 34,699 (*) Transactions with related parties have not been reported separately because not material at both single entity and consolidated level. Please refer to note 16 for more details. 56 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements (*) CONSOLIDATED INCOME STATEMENT First three months 2026 First three months 2025 Change (€ thousands) Revenues from sales and services Note 13 579,764 587,790 (8,026) Operating costs Note 14 (449,676) (449,771) 95 Other income and costs 1,807 2,777 (970) Gross operating profit (EBITDA) 131,895 140,796 (8,901) Amortization, depreciation and impairment Amortization of intangible fixed assets Note 4 (25,550) (28,937) 3,387 Depreciation of property, plant, and equipment Note 5 (15,780) (15,827) 47 Right-of-use depreciation Note 6 (34,502) (34,499) (3) Impairment losses and reversals of non-current assets 440 (92) 532 (75,392) (79,355) 3,963 Operating result 56,503 61,441 (4,938) 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 259 - 259 investments Interest income and expenses (8,735) (8,225) (510) Interest expenses on lease liabilities (5,135) (5,155) 20 Other financial income and expenses (673) (769) 96 Exchange gains and losses, and inflation accounting (18,454) (1,187) (17,267) Gain (loss) on assets accounted at fair value (547) 629 (1,176) (33,285) (14,707) (18,578) Profit (loss) before tax 23,218 46,734 (23,516) Current and deferred income tax Current tax (16,208) (14,350) (1,858) Deferred tax 3,562 552 3,010 (12,646) (13,798) 1,152 Net profit (loss) 10,572 32,936 (22,364) Net profit (loss) attributable to Minority interests 51 51 - Net profit (loss) attributable to the Group 10,521 32,885 (22,364) (*) Transactions with related parties have not been reported separately because not material at both single entity and consolidated level. Please refer to note 16 for more details. First three months First three months Earnings per share (€ per share) Note 15 2026 2025 Earnings per share - Basic 0.04784 0.14599 - Diluted 0.04647 0.14526 57 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME First three months First three months (€ thousands) 2026 2025 Net income (loss) for the period 10,572 32,936 Other comprehensive income (loss) that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit plans 931 319 Tax effect on components of other comprehensive income that will not be reclassified (174) 56 subsequently to profit or loss Total other comprehensive income (loss) that will not be reclassified subsequently to 757 375 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 1,600 (719) Gains/(losses) on exchange differences from translation of financial statements of foreign 59,225 (38,728) entities Tax effect on components of other comprehensive income that will be reclassified (384) 173 subsequently to profit or loss Total other comprehensive income (loss) that will be reclassified subsequently to profit or 60,441 (39,274) loss after the tax effect (B) Total other comprehensive income (loss) (A)+(B) 61,198 (38,899) Comprehensive income (loss) for the period 71,770 (5,963) Attributable to the Group 71,786 (5,998) Attributable to Minority interests (16) 35 58 --- Interim Financial Report as at 31 March 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 (8,164) Dividend distribution Notional cost of stock grants 2,804 Other changes 261 (321) - Stock Grant 261 (321) - Inflation accounting - Other changes Total comprehensive income (loss) for the period - Hedge accounting - Actuarial gains (losses) - Translation differences - Profit for the first three months of 2025 st Balance as at 31 March 2025 4,528 202,712 934 3,636 (37,261) 43,790 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 Treasury shares Dividend distribution Notional cost of stock grants 4,342 Other changes 154 (230) - Stock Grant 154 (230) - Inflation accounting - Other changes Total comprehensive income (loss) for the period - Hedge accounting - Actuarial gains (losses) - Translation differences - Profit for the first three months of 2025 st Balance at 31 March 2026 4,528 202,712 934 3,636 (131,829) 40,438 59 --- Interim Financial Report as at 31 March 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) - - - - (8,164) (8,164) - - 2,804 2,804 2,106 2,046 2,046 60 - - 2,090 2,090 2,090 (44) (44) (44) (546) 375 - (38,712) 32,885 (5,998) 35 (5,963) (546) (546) (546) 375 375 375 (38,712) (38,712) (16) (38,728) 32,885 32,885 51 32,936 2,310 (2,696) 1,051,854 (162,002) 32,885 1,140,690 257 1,140,947 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) - - - - - - - - 4,342 4,342 2,187 2,111 2,111 76 - - 2,114 2,114 2,114 (3) (3) (3) 1,216 757 - 59,292 10,521 71,786 (16) 71,770 1,216 1,216 1,216 757 757 757 59,292 59,292 (67) 59,225 10,521 10,521 51 10,572 2,374 1,342 1,087,437 (145,640) 10,521 1,076,453 295 1,076,748 60 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements STATEMENT OF CONSOLIDATED CASH FLOWS First three months First three months (€ thousands) 2026 2025 OPERATING ACTIVITIES Net profit (loss) 10,572 32,936 Amortization, depreciation and impairment: - intangible fixed assets 25,494 28,954 - property, plant, and equipment 15,597 15,902 - right-of-use assets 34,301 34,499 Provisions, other non-monetary items and gain/losses from disposals 7,437 4,046 Group’s share of the result of associated companies - - Financial income and expenses 33,285 14,707 Current and deferred taxes 12,646 13,798 Cash flow from operating activities before change in net working capital 139,332 144,842 Utilization of provisions (4,836) (1,652) (Increase) decrease in inventories (6,246) (7,740) Decrease (increase) in trade receivables (5,596) (2,850) Increase (decrease) in trade payables (13,292) (32,965) Changes in other receivables and other payables (12,544) 12,425 Total change in assets and liabilities (42,514) (32,782) Interest received (paid) (14,753) (15,221) Taxes paid (9,739) (14,570) Cash flow generated from (absorbed by) operating activities (A) 72,326 82,269 INVESTING ACTIVITIES: Purchase of intangible fixed assets (12,057) (14,373) Purchase of tangible fixed assets (9,071) (17,220) Consideration from sale of non-current assets 141 39 Cash flow generated from (absorbed by) operating investing activities (B) (20,987) (31,554) Purchase of subsidiaries and business units net of cash and cash equivalents acquired or (4,339) (40,972) dismissed Increase (decrease) in payables for business acquisitions (247) (513) (Purchase) and sale of other equity investments and securities 14,399 - Cash flow generated from (absorbed by) acquisition activities (C) 9,813 (41,485) Cash flow generated from (absorbed by) investing activities (B)+(C) (11,174) (73,039) FINANCING ACTIVITIES: Increase (decrease) in financial payables (27,408) 8,127 Fees paid on medium and long-term loans - (613) Principal portion of lease payments (34,302) (33,831) Other non-current assets and liabilities (262) (35) Treasury shares purchase - (8,164) Capital increases and minority shareholders’ contributions and dividends paid to third (1) - parties by subsidiaries Cash flow generated from (absorbed by) financing activities (D) (61,973) (34,516) Net increase in cash and cash equivalents (A)+(B)+(C)+(D) (821) (25,286) 61 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements First three months First three months (€ thousands) 2026 2025 Cash and cash equivalents at beginning of period 308,882 288,834 Effect of exchange rate fluctuations on cash & cash equivalents 1,494 (2,091) Effect of asset disposals on cash & cash equivalents - (74) Flows of cash and cash equivalents (821) (25,286) Cash and cash equivalents at end of period 309,555 261,383 Related-party transactions relate to lease of the main office and certain stores, to recharges of maintenance costs and general services of the above-mentioned buildings and to commercial transactions, personnel costs and loans. Such operations are detailed in Note 16 “Transactions with parents and other related parties”. SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CONSOLIDATED CASH FLOWS The fair values of the assets and liabilities acquired are summarized in the table below: First three months First three (€ thousands) 2026 months 2025 - Goodwill 3,699 34,160 - Customer lists 1,005 8,807 - Trademarks and non-competition agreements 320 560 - Other intangible fixed assets 449 10 - Property, plant, and equipment 106 2,090 - Right-of-use assets 271 5,645 - Current assets 11 2,903 - Provision for risks and charges - (10) - Current liabilities (853) (5,213) - Other non-current assets and liabilities (669) (7,631) - Third parties’ equity - - Total investments 4,339 41,321 Net financial debt acquired - 523 Total business combinations 4,339 41,844 (Increase) decrease in payables through business acquisition 247 513 (Purchase) and sale of other equity investments and securities (14,399) - Cash flow absorbed by (generated from) acquisitions (9,813) 42,357 (Cash and cash equivalents acquired) - (872) Net cash flow absorbed by (generated from) acquisitions (9,813) 41,485 62 --- Interim Financial Report as at 31 March 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. (42.01% of share capital and 68.48% of voting rights), held by Amplifin S.r.l at 100%, which is owned at 88% by Susan Carol Holland. The Condensed Interim Consolidated Financial Statements as at 31 March 2026 was prepared in accordance with International Accounting Standards, as well as with the implemented regulations set out in Article 9 of Legislative Decree no. 38 of 28 February 2005. These standards include the IAS and IFRS issued by the International Accounting Standard Board, as well as the SIC and IFRIC interpretations issued by the International Financial Reporting Interpretations Committee, which were endorsed in accordance with the procedure set out in Article 6 of Regulation (EC) no. 1606 of 19 July 2002 by 31 March 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 31 March 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 at 31 March 2026 was authorized by a resolution of the Board of Directors of 5 May 2026 which approved their publication. According to the Consob Communication of 28 July 2006, it is specified that during the first three months of 2026 the Group did not carry out atypical and/or unusual transactions, as defined by the Communication itself. 63 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 2. Impacts of military conflict in Middle East and Ukraine, trade tariffs, macroeconomic environment and climate change on the Group’s performance and financial position During the first quarter of 2026, the global macroeconomic and geopolitical environment continued to be characterized by a high level of volatility. Geopolitical tensions in the main crisis theatres, together with the persistent fragmentation of international trade policies, accentuated by Iran's total closure of the Strait of Hormuz, continued to pose a risk to economic stability and consumer confidence. In fact, the geopolitical context of the Middle East remains extremely complex and delicate. Following the significant military escalation between the U.S., Israel and Iran, recorded by the end of February and March 2026, the total lockdown of the Strait of Hormuz to commercial traffic was ordered. Despite a temporary ceasefire, announced at the beginning of April 2026, and numerous attempts through continuous diplomatic negotiations, it is not possible to predict precise timelines for the full reopening of the Strait, and the situation continues to represent a risk factor for regional stability and energy markets globally. However, the Group’s exposure in the area remains very limited: there are 24 hearing centers operating in Israel, which together generate less than 1% of annual consolidated revenue; activities in neighboring countries, such as Egypt, are marginal; furthermore, the Group has no direct or indirect activities in Lebanon or Iran. The conflict between Russia and Ukraine remains highly unstable and, during the first quarter of 2026, negotiations for a peace plan continued to alternate between phases of diplomatic stalemate and new economic sanctions imposed by Western countries. The Group confirms that it has no exposure, either direct or indirect, in Ukraine, Russia or Belarus. The evolution of U.S. trade policies, including tariffs and national security initiatives, remains closely monitored Regarding the investigation initiated in September 2025 pursuant to “Section 232” across several product categories, including medical devices, in the first quarter of 2026 no final developments have emerged; the outcome of this investigation, which must be concluded within 270 days from its initiation, may justify the adoption of trade measures potentially affecting the Group’s suppliers. However, the Group can rely on solid mitigation levers: significant negotiating power, diversification of sourcing, relative flexibility of suppliers in managing production logistics and, not least, the Group’s geographical diversification. During the period, the Group maintained close monitoring of developments in the macroeconomic environment, with particular focus on inflation and interest rate trends, as well as the growing instability of the geopolitical context. 64 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements As a result of the above, the level of interest rates remains high and the outlook for economic growth is affected by a context of persistent uncertainty, with potential consequences on demand and patient confidence. Although the hearing aid market has historically demonstrated resilience even during periods of economic crisis, given the essential and non-discretionary nature of hearing care, as well as the existence of reimbursement and financing systems supporting access to hearing services and devices, the persistence of uncertainty and volatility in the macroeconomic and geopolitical environment has generally affected patient confidence, in some cases leading to a postponement of purchases of devices that remain necessary in the medium term. With reference to climate change, the Group has continued to pursue the implementation of its climate strategy, validated by the Science Based Targets initiative (SBTi), aimed at reducing greenhouse gas emissions and contributing to the achievement of the objectives of the 2015 Paris Agreement. 65 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 3. Acquisitions and goodwill During the first three months of 2026, the Group acquired 5 hearing centers (three in Germany and two in the United States) for a total investment of €4,339 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 03/31/2026 EMEA 1,059,123 3,241 - - 143 1,062,507 AMERICAS 293,920 458 - - 6,956 301,334 APAC 574,172 - - - 29,585 603,757 Total 1,927,215 3,699 - - 36,684 1,967,598 “Business combinations” refers to the temporary allocation to goodwill of the portion of the purchase price paid, including deferments and contingent consideration (earn-outs), which is not directly attributable to the fair value of assets and liabilities, but is based on the positive contribution to cash flows that is expected to be made for an indefinite period of time. “Other net changes” refers almost entirely to foreign exchange differences. Identification of the Groups of Cash Generating Units For the purpose of 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. 66 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements The groups of cash generating units identified for the purpose of impairment testing in the period are: • EMEA that includes Italy, France, the Netherlands, Germany, Belgium, Switzerland, Spain, Portugal, Hungary, Poland, Israel and Egypt; • AMERICAS which includes the individual businesses through which it operates 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 three months of 2026 the Group recorded a solid overall performance mainly supported by positive organic growth in all geographies. In particular, the Americas and APAC region recorded a solid organic growth well-above the market and well balanced across the various segments and markets, while organic performance in the EMEA region, although positive and showing gradual improvement during the quarter, was still affected by market environment weakness. Profitability was on the rise, reaching a record first quarter level. Both revenues and profitability were slightly below the Group-wide budget due to EMEA. The AMERICAS area is aligned in terms of revenues but growing in terms of profitability, and the APAC area has achieved results above budget expectations both in terms of revenues and profitability. To evaluate the maintenance of the headroom identified as at 31 December 2025, impairment tests were re-performed on the Groups of Cash Generating Units, using parameters updated as at 31 March 2026. Specifically, 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 as at 31 December 2025. With reference to the EMEA Group of Cash Generating Units, in order to verify that the performance lower than the budget did not compromise the headroom determined at the end of 2025, the re-performance of the impairment test incorporated a prudent adjustment to cash flows, reducing them by a percentage consistent with the negative deviation from the budget recorded as of 31 March 2026. With reference to AMERICAS and APAC Groups of Cash Generating Units, which reported to be in line with or above budget, no adjustments were made to cash flows Based on what above mentioned, it was determined that there were no indicators of impairment as at 31 March 2026 and no specific impairment test was performed. For the purposes of measuring the recoverable value of goodwill reference should be made to the impairment tests reported in the Annual Report 2025. 67 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements A summary of the book value and the fair value of assets and liabilities, deriving from the temporary allocation of the purchase price made as a result of business combinations and the purchase of minority interests in subsidiaries, is provided in the following table. EMEA Americas APAC Total (€ thousands) Cost of acquisitions of the period 972 - 3,367 4,339 Assets and liabilities acquired – Book value Current assets - 11 - 11 Current liabilities (257) (303) - (560) Net working capital (257) (292) - (549) Other intangible, tangible and right-of-use assets 289 538 - 827 Other non-current assets and liabilities (272) 2 - (270) Non-current assets and liabilities 17 540 - 557 Net invested capital (240) 248 - 8 NET EQUITY ACQUIRED - BOOK VALUE (240) 248 - 8 DIFFERENCE TO BE ALLOCATED 724 - 4,331 3,607 ALLOCATIONS Non-compete agreements - 320 - 320 Customer lists 923 82 - 1,005 Contract liabilities - Short and long-term (557) (136) - (693) Deferred tax assets - 204 - 204 Deferred tax liabilities - (204) - (204) ALLOCATIONS 366 266 - 632 GOODWILL 3,241 458 - 3,699 68 --- Interim Financial Report as at 31 March 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 03/31/2026 at 03/31/2026 downs at downs at (€ thousands) 12/31/2025 03/31/2026 Software 376,450 (249,708) 126,742 393,559 (262,990) 130,569 Licenses 40,190 (31,604) 8,586 40,973 (32,931) 8,042 Non-competition agreements 26,842 (21,207) 5,635 30,580 (23,383) 7,197 Customer lists 521,137 (348,054) 173,083 527,666 (361,311) 166,355 Trademarks and concessions 92,267 (60,769) 31,498 93,734 (63,499) 30,235 Other 22,796 (10,391) 12,405 23,767 (11,054) 12,713 Fixed assets in progress and 22,771 - 22,771 17,059 - 17,059 advances Total 1,102,453 (721,733) 380,720 1,127,338 (755,168) 372,170 Net book Other Net book Business Write – up/ value at Investments Disposals Amortization net value at combinations (impairment) (€ thousands) 12/31/2025 changes 03/31/2026 Software 126,742 1,093 (4) (11,185) 2 - 13,921 130,569 Licenses 8,586 74 - (1,322) - - 704 8,042 Non-competition 5,634 2,525 - (1,825) 320 - 543 7,197 agreements Customer lists 173,083 - - (9,317) 1,005 (10) 1,594 166,355 Trademarks and 31,498 - - (1,473) - - 210 30,235 concessions Other 12,406 95 (3) (428) 447 66 130 12,713 Fixed assets in progress and 22,771 8,337 - - - - (14,049) 17,059 advances Total 380,720 12,124 (7) (25,550) 1,774 56 3,053 372,170 The investments in intangible assets (€12,124 thousand) are related to investments in digitalization and information technology. The constant focus on the customer and the goal to increase control of operations fueled the significant work done on both technological infrastructures through the Symphony project, focused on providing customers with a highly personalized experience, as well as on the optimization of in-store systems and tools to support the Amplifon Product Experience, which has redefined Amplifon’s entire customer journey, including through clinic renovation. At the same time substantial work was also done on operating and back-office processes, with significant focus on procurement systems and centralizing Group procurement. 69 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements The change in “Business combinations” comprises: - For €925 thousand, the temporary allocation of the price paid for acquisitions made in EMEA; - For €849 thousand the temporary allocation of the price paid for acquisitions made in Americas. The item “Write – up/(impairment)” includes the € 56 thousand of net income for write-ups and impairment losses on customer files and other intangible assets, following the closure 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. 70 --- Interim Financial Report as at 31 March 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 03/31/2026 at 03/31/2026 downs at downs at (€ thousands) 12/31/2025 03/31/2026 Land 112 - 112 122 - 122 Buildings, constructions and 374,965 (247,321) 127,644 381,619 (255,043) 126,576 leasehold improvements Plant and machines 45,559 (37,827) 7,732 45,199 (37,851) 7,348 Industrial and commercial 100,811 (78,217) 22,594 102,472 (80,317) 22,155 equipment Motor vehicles 1,500 (945) 555 1,485 (940) 545 Computers and office 101,971 (81,373) 20,598 105,943 (85,671) 20,272 machinery Furniture and fittings 163,576 (115,751) 47,825 163,831 (116,177) 47,654 Other tangible fixed assets 7,524 (5,898) 1,626 6,045 (4,912) 1,133 Fixed assets in progress and 8,396 - 8,396 8,148 - 8,148 advances Total 804,414 (567,332) 237,082 814,864 (580,911) 233,953 Net book Other Net book Business Write – up/ value at Investments Disposals Amortization net value at combinations (impairment) (€ thousands) 12/31/2025 changes 03/31/2026 Land 112 - - - - - 10 122 Buildings, constructions and leasehold 127,644 2,519 (35) (6,891) - 132 3,207 126,576 improvements Plant and machines 7,732 79 (6) (653) 5 65 126 7,348 Industrial and commercial 22,594 694 (11) (1,969) - (7) 854 22,155 equipment Motor vehicles 555 - (22) (41) - - 53 545 Computers and office 20,598 1,237 (15) (2,911) - 2 1,361 20,272 machinery Furniture and fittings 47,825 426 (13) (3,198) 11 (7) 2,610 47,654 Other tangible fixed assets 1,626 13 (3) (117) - (2) (384) 1,133 Fixed assets in progress and 8,396 4,319 (92) - 90 - (4,565) 8,148 advances Total 237,082 9,287 (197) (15,780) 106 183 3,272 233,953 The investments of the reporting period (€9,287 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 €90 thousand the temporary allocation of the price paid for acquisitions made in Americas. 71 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements The item “Write – up/(impairment)” includes mainly, for €204 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 of a first group 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. 72 --- Interim Financial Report as at 31 March 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 03/31/2026 at 03/31/2026 downs at downs at (€ thousands) 12/31/2025 03/31/2026 Stores and offices 1,001,394 (556,418) 444,976 1,014,356 (569,313) 445,043 Motor vehicles 35,238 (20,167) 15,071 34,560 (20,227) 14,333 Electronic machinery 5,219 (3,228) 1,991 5,185 (3,462) 1,723 Total 1,041,851 (579,813) 462,038 1,054,101 (593,002) 461,099 Net book Other Net book value at Business Write – up/ net value at (€ thousands) 12/31/2025 Increase Decrease Depreciation combinations (impairment) changes 03/31/2026 Stores and offices 444,976 35,354 (4,765) (32,142) 271 201 1,148 445,043 Motor vehicles 15,071 1,256 (1,003) (2,047) - - 1,056 14,333 Electronic machinery 1,991 - - (313) - - 45 1,723 Total 462,038 36,610 (5,768) (34,502) 271 201 2,249 461,099 The increase in right of use assets (€36,610 thousand) acquired in the period is explained by the renewal of existing leases and the network expansion. The change in “Business combinations” comprises for €271 thousand the temporary allocation of the price paid for acquisitions made in EMEA. The item “Write – up/(impairment)” relates entirely to net income 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. 73 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 7. Other non-current assets Balance at Balance at Change (€ thousands) 03/31/2026 12/31/2025 Long-term financial receivables 4,932 4,830 102 Asset Plans and other restricted amounts 1,444 1,520 (76) Security deposits 12,955 12,960 (5) 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 7,529 7,150 379 Total 39,191 37,365 1,826 “Other non-current assets” amounted to €39,191 thousand on 31 March 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. 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. 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. 8. Share capital and treasury shares As at 31 March 2026, the share capital comprised 226,388,620 ordinary shares with a par value of €0.02 fully subscribed and paid in, unchanged with respect to 31 December 2025. During the first three months of 2026, no shares were purchased and 7,529 shares transferred following the exercise of performance stock grants. As at 31 March 2026, a total of 6,443,609 treasury shares, equal to 2.846% 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 (7.529) 20.459 (154) Held at 03/31/2026 6,443,609 20.459 131,829 74 --- Interim Financial Report as at 31 March 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. Balance at Balance at (€ thousands) Change 03/31/2026 12/31/2025 A Cash 309,555 308,882 673 B Cash equivalent - - - C Short term investments - - - D Total Cash, Cash Equivalents and Short-Term Investments (A+B+C) 309,555 308,882 673 Current financial payables (including bonds, but excluding current E 472,960 148,502 324,458 portion of medium/long-term debt) - Other financial payables and bank overdrafts 122,550 148,639 (26,089) - - Hedging derivatives 410 (137) 547 - - Eurobond 2020-2027 350,000 - 350,000 F Current portion of medium/long-term financial debt 362,559 339,902 22,657 - Financial accruals and deferred income 6,659 7,939 (1,280) - Payables for business acquisitions 8,298 5,792 2,506 - Bank borrowings 220,682 204,164 16,518 - Lease Liability – current portion 126,920 122,007 4,913 G Current Financial Indebtedness (E+F) 835,519 488,404 347,115 H Net Current Financial Indebtedness (G-D) 525,964 179,522 346,442 I Non current financial payables 975,147 1,002,277 (27,130) - Bank borrowings – Non current portion 615,638 635,367 (19,729) - Payables for business acquisitions – Non current portion 991 2,601 (1,610) - Medium/long-term receivables for disposal (1,039) - (1,039) - Lease Liability – Non current portion 359,557 364,309 (4,752) 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) 975,147 1,352,277 (377,130) M Total Financial Indebtedness (H+L) 1,501,111 1,531,799 (30,688) 75 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements Excluding lease liabilities (€486,477 thousand as at 31 March 2026), net financial debt amounted to €1,014,634 thousand as at 31 March 2026, broken down as follows: Balance at Balance at Change 03/31/2026 12/31/2025 (€ thousands) A Cash and Cash Equivalents 309,555 308,882 673 B Other current financial assets - - - D Cash and Cash Equivalents (A+B) 309,555 308,882 673 C Current Financial Indebtedness (excluding lease liabilities) 708,599 366,397 342,202 E Net Current Financial Indebtedness (excluding lease liabilities) (C-D) 399,044 57,515 341,529 F Non-current Financial Indebtedness (excluding lease liabilities) 615,590 987,968 (372,378) G Total Financial Indebtedness (excluding lease liabilities) (E+F) 1,014,634 1,045,483 (30,849) On March 16, 2026, on the occasion of the signing of the binding agreement for the acquisition of GN Hearing, Amplifon S.p.A. signed a term sheet of the acquisition facility amounting to €1,800 million. The expected duration of the acquisition facility is 18 months and 2 days from the date of the contract's signing, with the option to extend it for an additional 6 months. Long-term debt, net of lease liabilities, amounts to €615,590 thousand as at 31 March 2026 (€987,968 thousand as at 31 December 2025), showing a decrease of €372,378 thousand compared to 2025 following the reclass to short term of the Eurobond. Short-term debt, excluding lease liabilities, increased by €342,202 thousand, going from €366,397 thousand at 31 December 2025 to €708,599 thousand at 31 March 2026. More in detail, short-term debt mainly comprises the Eurobond (€350,000 thousand), the current portion of long-term bank loans (€220,682 thousand), bank borrowings relating to hot money accounts and other short-term lines (€122,550 thousand), accrued interest on the Eurobond (€496 thousand) and on other bank loans (€6,141 thousand) as well as the best estimate of deferred payments for acquisitions (€8,298 thousand). The Group has €480 million in unutilized irrevocable credit lines which, along with the unutilized portion of the loan signed with the European Investment Bank amounting to €150 million, €292 million in other available uncommitted credit lines. It should be noted that the Group’s financial position does not include the impact of the acquisition facility related to the acquisition of GN Hearing. 76 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements Bank loans and the Eurobond 2020-2027 are shown in the statement of financial position as follows: a. under the item “medium/long-term financial liabilities”: Balance at 03/31/2026 (€ thousands) Loan with the European Investment Bank 200,000 Other medium/long-term debt 415.638 Fees on bank loans (5.298) Medium/long-term financial liabilities 610.340 b. under the item “financial payables (current)”: Balance at 03/31/2026 (€ thousands) Bank overdraft and other short-term debt (including current portion of other long-term debt) 343,206 Eurobond 2020-2027 350,000 Other financial payables 6,659 Fees on Eurobond 2020-2027 and bank loans (1,128) Short-term financial liabilities 698,737 All the other items in the net financial position table can be easily referred to in the financial consolidated statements. 77 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 10. Financial liabilities The financial liabilities breakdown is as follows: Balance at Balance at Change (€ thousands) 03/31/2026 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 415,638 435,367 (19,729) Fees on bank loans (5,298) (1,561) (3,737) Total long-term financial liabilities 610,340 983,806 (373,466) Short term debt 698,737 359,462 339,275 - Eurobond 2020-2027 350,000 - 350,000 - of which current portion of short-term bank loans 220,682 204,164 16,518 - of which debts for account overdrafts and other short-term liabilities 122,550 148,639 (26,089) - of which fees on Eurobond 2020-2027 and bank loans (1,128) (1,254) 126 Total short-term financial liabilities 698,737 359,462 339,275 Total financial liabilities 1,309,077 1,343,268 (34,191) 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. 78 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements - Bank loans These are the main bilateral and pooled loans which are detailed below: Outstanding Nominal Outstanding Rate Swap rate+ Fair Value debt Fixed Final rate in Issue Date Debtor Type Maturity value debt in use applicable (€/000) hedged Rate use (€/000) (€/000) (*) margin (**) (€/000) Amplifon 12/23/2021 Amortizing 12/23/2026 210,000 105,000 107,616 105,000 1.11% 1.11% S.p.A. Amplifon 06/25/2025 Amortizing 12/23/2026 20,000 20,000 20,635 3.04% 3.04% S.p.A. Amplifon 09/30/2024 Amortizing 09/30/2029 50,000 41,176 44,899 41,176 3.25% 3.25% S.p.A. Amplifon 10/15/2024 Amortizing 10/15/2029 200,000 200,000 206,084 3.28% 100,000 3.43% 3.28% (***) S.p.A. Amplifon 12/20/2024 Amortizing 12/19/2029 75,000 75,000 79,683 75,000 3.28% 3.28% S.p.A. Amplifon 03/12/2025 Amortizing 03/12/2030 75,000 75,000 77,170 3.30% 3.30% S.p.A. Amplifon 04/28/2020 Amortizing 03/31/2030 50,000 50,000 51,564 3.55% 3.55% S.p.A. Amplifon 06/12/2025 Amortizing 06/12/2030 75,000 75,000 76,587 2.94% 2.94% S.p.A. Amplifon 12/15/2023 Amortizing 12/15/2032 75,000 70,000 72,757 3.65% 3.65% 3.65% S.p.A. Amplifon 12/15/2023 Amortizing 06/27/2033 50,000 50,000 52,431 3.90% 3.90% 3.90% S.p.A. Amplifon 07/01/2025 Amortizing 07/03/2034 75,000 75,000 78,427 3.28% 3.28% 3.28% S.p.A. Totale 955,000 836,176 867,853 321,176 (*) The nominal interest rate comprises the benchmark rate (Euribor) plus the applicable spread. (**) An Interest Rate Swap was used to hedge these loans against interest rate risk at the IRS rate plus a spread. (***) The €200 million financing is provided by CDP for €100 million at a fixed rate of 3.28% and by UniCredit for €100 million at a swap rate of 3.43%. The final average rate is 3.36%. 79 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 11. Provision for risks and charges Provisions for risks and charges amounted to €23,418 thousand, compared to €21,970 thousand recorded on 31 December 2025. The provisions for risks as at 31 March 2026 are detailed below: Balance at 03/31/2026 Balance at 12/31/2025 Change (€ thousands) Contractual risk provision 276 276 - Agents’ leaving indemnity 12,674 12,819 (145) Other risk provisions 1,291 1,416 (125) Total Long-term provision for risks and charges 14,241 14,511 (270) Product warranty provision 1,053 1,026 27 Contractual risk provision 4,253 4,038 215 Other provisions for risks 3,872 2,395 1,477 Total Short-term provision for risks and charges 9,178 7,459 1,719 Total provision for risks and charges 23,419 21,970 1,449 12. Lease liabilities The lease liabilities stem from long-term leases and rental agreements. These liabilities are equal to the present value of future instalments payable over the lease term. The finance lease liabilities are shown in the statement of financial position as follows: Balance at Balance at Change (€ thousands) 03/31/2026 12/31/2025 Short term lease liabilities 126,920 122,007 4,913 Long term lease liabilities 359,557 364,309 (4,752) Total lease liabilities 486,477 486,316 161 During the reporting period, the following costs have been booked in profit and loss. First three months (€ thousands) 2026 Interest charges on leased assets (5,135) Right-of-use depreciation (34,502) Costs for short-term leases and leases for low value assets (4,942) 80 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 13. Revenues from sales and services First three months First three months Change 2026 2025 (€ thousands) Revenues from sale of products 500,772 508,118 (7,346) Revenues from services 78,992 79,672 (680) Total revenues from sales and services 579,764 587,790 (8,026) Goods and services provided at a point in time 500,772 508,118 (7,346) Goods and services provided over time 78,992 79,672 (680) Total revenues from sales and services 579,764 587,790 (8,026) Consolidated revenues from sales and services amounted to €579,764 thousand in the first three months of 2026, decreasing (-1.4%) with the compared period. 14. Operating costs, depreciation and impairment, financial income- expenses and taxes Operating costs amounted to €449,579 thousand in the first three months of 2026 (€449,771 thousand in the first three months of 2025), a decrease of €191 thousand against the comparison period. In the first three months of 2026, operating costs comprises €9,862 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: - €6,193 thousand related transaction and integration costs for the acquisition of GN Hearing; - €2,083 thousand related to employee termination incentives under the Fit4Growth program; - €1,394 thousand related to consultancies and other costs under the Fit4Growth program; “Amortization, depreciation and impairment” amounted to €75,392 thousand as at 31 March 2026, with a decrease of €79,355 thousand against the comparison period. “Financial income, expenses and value adjustments to financial assets” came to €33,285 thousand in the first three months of 2026 (€14,707 thousand in the first three months of 2025). Total financial expenses were €18,578 thousand higher than in 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 accounted for €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. 81 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements Current and deferred tax amounted to €12,646 thousand in the first three months of 2026, compared to €13,798 thousand in the first three months of 2025. The tax rate was 54.5% versus 29.5% with the comparison period, due mainly to the strong effect of the reclassification in profit & loss, without tax effect, 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. 82 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 15. Earnings (losses) per share Earnings (losses) per share Basic earnings (losses) per share is obtained by dividing the net profit for the year attributable to the ordinary shareholders of the parent company by the weighted average number of shares outstanding in the period, considering purchases and disposals of own shares as cancellations and issues of shares. Earnings per share are determined as follows: First three months First three months Earnings per share 2026 2025 Net profit (loss) attributable to ordinary shareholders (€ thousand) 10,521 32,885 Average number of shares outstanding in the period 219,938,570 225,247,527 Average number per share (€ per share) 0.04784 0.14599 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 three months First three months Weighted average diluted number of shares outstanding 2026 2025 Average number of shares outstanding in the period 219,938,570 225,247,527 Weighted average of potential and diluting ordinary shares 6,450,050 1,141,093 Weighted average of shares potentially subject to options in the period 226,388,620 226,388,620 The diluted earnings per share were determined as follows: First three months First three months Diluted earnings per share 2026 2025 Net profit attributable to ordinary shareholders (€ thousand) 10,521 32,885 Average number of shares outstanding in the period 226,388,620 226,388,620 Average diluted earnings per share (€) 0.04647 0.14526 83 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 16. Transactions with parents and other related parties The parent company, Amplifon S.p.A. is based in Via Ripamonti 133, Milan, Italy and it’s controlled directly by Ampliter S.r.l. (42.01% of share capital and 68.48% of voting rights), held for a 100.0% by Amplifin S.r.l., which is owned at 88% by Susan Carol Holland. The transactions with related parties, including intercompany transactions, do not qualify as atypical or unusual, and fall within the Group’s normal course of business and are conducted at arm’s length as dictated by the nature of the goods and services provided. The following table details transactions with related parties: 03/31/2026 First three months 2026 Revenues Interest for sales income Other Other and Operating and (€ thousands) Trade receivables Trade payables receivables assets services (costs)/revenues expense Amplifin S.r.l. - - - - - (21) - Totale – Società controllante - - - - - (21) - Ruti Levinson Institute Ltd (Israel) 28 - - - - - - Afik - Test Diagnosis & Hearing 78 - - 14 - - - Aids Ltd (Israel) Total – Other related parties 106 - - 14 - - - Total related parties 106 - - 14 - (21) - Total as per financial statements 231,615 359,041 123,584 38,153 579,764 (449,676) (8,735) % of financial statements total 0.05% - - 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 €464 thousand, interest on leases for €82 thousand, lease liabilities of €8,029 thousand, and right-of-use asset of €6,965 thousand. 84 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 17. Contingent liabilities Currently the Group is not exposed to any particular risks, uncertainties or legal disputes in excess of the provisions already made in the financial statements, shown in Note 11 “Provision for risk and charges”. The usual tax audits are currently underway, and no findings of note have been reported so far and the Group is, at any rate, confident in the adequacy of the measures implemented. 18. Financial risk management As this condensed consolidated interim financial report does not include all the additional information that is mandatorily included in the Annual Report relating to the management of financial risk, for a detailed analysis of financial risk management reference should be made to the Group’s 2025 Annual Report. 85 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 19. Translation of foreign companies’ financial statements The exchange rates used to translate non-Euro zone companies’ financial statements are as follows: st st 31 March 2026 2025 31 March 2025 As at As at Average exchange st Average exchange rate As at 31 March st st 31 March 31 December rate Panamanian balboa 1.1703 1.1498 1.1750 1.0858 1.0811 Australian dollar 1.6841 1.6693 1.7581 1.6511 1.6607 Canadian dollar 1.6049 1.6022 1.6088 1.4639 1.4672 New Zealand dollar 1.9846 2.0061 2.0380 1.7717 1.8092 Singapore dollar 1.4929 1.4811 1.5105 1.4552 1.4587 US dollar 1.1703 1.1498 1.1750 1.0858 1.0811 Hungarian forint 384.1600 384.8800 385.1500 388.1800 395.2600 Swiss franc 0.9168 0.9194 0.9314 0.9491 0.9766 Egyptian pound 57.1173 62.7375 56.0487 38.4156 51.1202 Israeli New shekel 3.6523 3.6380 3.7471 3.9777 3.9799 Argentinian peso (*) 1606.4364 1606.4364 1707.5606 927.2296 927.2296 Chilean peso 1036.5600 1071.6900 1058.1300 1027.1200 1060.0900 Colombian peso 4326.2500 4220.1600 4435.1900 4253.8900 4169.7200 Mexican peso 20.5483 20.7101 21.1180 18.4492 17.9179 Uruguayan peso 45.7392 46.6761 45.9178 42.2725 40.5753 Chinese renminbi 8.1032 7.9341 8.2262 7.8048 7.8144 Indian rupee 107.1162 107.8788 105.5965 90.1551 90.1365 British pound 0.8682 0.8683 0.8726 0.8563 0.8551 Polish zloty 4.2350 4.2890 4.2210 4.3333 4.3123 (*) Argentina is a highly inflationary country. As requested by IAS 29, profit and loss items have been converted at the closing exchange rate. The average Argentine peso exchange rate as at 31 March 2026 is 1660.0891 and as at 31 March 2025 is 1110.3882. 86 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 20. Segment Reporting In accordance with IFRS 8 “Operating Segments”, the schedules related to each operating segment are shown below. The Amplifon Group’s business (distribution and customization of hearing solutions) is organized into three specific geographical areas which comprise the Group’s operating segments: Europe, Middle-East and Africa - EMEA - (Italy, France, The Netherlands, Germany, 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. 87 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements st (*) Statement of Financial Position as at March 31 , 2026 EMEA AMERICAS APAC ELIM. CONSOLIDATED (€ thousands) ASSETS Non-current assets Goodwill 1,062,507 301,334 603,757 - 1,967,598 Intangible fixed assets with finite useful life 264,698 56,196 51,276 - 372,170 Property, plant, and equipment 155,857 40,179 37,917 - 233,953 Right-of-use assets 358,693 42,032 60,374 - 461,099 Equity-accounted investments 24 - - - 24 Hedging instruments 1,625 - - - 1,625 Deferred tax assets 53,451 8,529 16,692 - 78,672 Deferred contract costs 8,967 1,286 68 - 10,321 Other assets 29,589 7,767 1,835 - 39,191 Total non-current assets 3,164,653 Current assets Inventories 65,860 11,579 10,575 - 88,014 Receivables 329,858 57,810 31,914 (64,383) 355,199 Deferred contract costs 7,321 897 124 - 8,342 Hedging instruments 1,852 - - - 1,852 Cash and cash equivalents 309,555 Asset held for sale - - - - - Total current assets 762,962 TOTAL ASSETS 3,927,615 LIABILITIES Net Equity 1,076,748 Non-current liabilities Medium/long-term financial liabilities 610,340 Lease liabilities 286,762 33,421 39,374 - 359,557 Provisions for risks and charges 12,377 1,519 345 - 14,241 Liabilities for employees’ benefits 11,213 12 907 - 12,132 Hedging instruments - - - - - Deferred tax liabilities 59,019 27,862 6,893 - 93,774 Payables for business acquisitions 574 417 - - 991 Contract liabilities 132,381 12,147 2,479 - 147,007 Other long-term liabilities 21,613 607 2 - 22,222 Total non-current liabilities 1,260,264 Current assets Trade payables 312,026 68,226 42,984 (64,195) 359,041 Payables for business acquisitions 4,323 3,975 - - 8,298 Contract liabilities 97,383 17,047 8,913 - 123,343 Other payables and tax payables 214,239 20,240 25,458 (188) 259,749 Hedging instruments 841 - - - 841 Provisions for risks and charges 3,558 828 4,792 - 9,178 Liabilities for employees’ benefits 1,740 320 2,436 - 4,496 Short-term financial liabilities 698,737 Lease liabilities 91,923 12,515 22,482 - 126,920 Liabilities held for sale - - - - - Total current liabilities 1,590,603 TOTAL LIABILITIES 3,927,615 (*) 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. 88 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements st (*) Statement of Financial Position as at December 31 , 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. 89 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements st (*) Income Statement – First three months, March 31 2026 EMEA AMERICAS APAC CORPORATE CONSOLIDATED (€ thousands) Revenues from sales and services 384,130 108,246 87,388 - 579,764 Operating costs (271,320) (84,121) (63,523) (30,712) (449,676) Other income and costs 1,358 311 (216) 354 1,807 Gross operating profit by segment (EBITDA) 114,168 24,436 23,649 (30,358) 131,895 Amortization, depreciation and impairment Intangible assets amortization (12,480) (3,227) (2,798) (7,045) (25,550) Property, plant, and equipment depreciation (9,863) (2,645) (2,966) (306) (15,780) Right-of-use depreciation (22,806) (3,672) (7,399) (625) (34,502) Impairment losses and reversals of non-current assets 181 272 (13) - 440 (44,968) (9,272) (13,176) (7,976) (75,392) Operating result by segment 69,200 15,164 10,473 (38,334) 56,503 Financial income, expenses and value adjustments to financial assets Share of interests held in associated companies valued at equity 259 - - - 259 and gains/losses on disposals of equity investments Interest income and expenses (8,735) Interest expenses on lease liabilities (5,135) Other financial income and expenses (673) Exchange gains and losses, and inflation accounting (18,454) Gain (loss) on assets accounted at fair value (547) (33,285) Net profit (loss) before tax 23,218 Current and deferred income tax Current income tax (16,208) Deferred tax 3,562 (12,646) Net profit (loss) 10,572 Net profit (loss) attributable to Minority interests 51 Net profit (loss) attributable to the Group 10,521 (*) The figures of the operating segments are net of the intercompany eliminations. 90 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements st (*) Income Statement – First three months March 31 , 2025 EMEA AMERICAS APAC CORPORATE CONSOLIDATED (€ thousands) Revenues from sales and services 383,564 118,439 85,787 - 587,790 Operating costs (273,549) (91,183) (62,572) (22,467) (449,771) Other income and costs 2,227 553 (118) 115 2,777 Gross operating profit by segment (EBITDA) 112,242 27,809 23,097 (22,352) 140,796 Amortization, depreciation and impairment Intangible assets amortization (13,353) (4,087) (3,871) (7,626) (28,937) Property, plant, and equipment depreciation (9,476) (2,175) (3,781) (395) (15,827) Right-of-use depreciation (22,172) (3,853) (7,866) (608) (34,499) Impairment losses and reversals of non-current assets (92) - - - (92) (45,093) (10,115) (15,518) (8,629) (79,355) Operating result by segment 67,149 17,694 7,579 (30,981) 61,441 Financial income, expenses and value adjustments to financial assets Interest income and expenses (8,225) Interest expenses on lease liabilities (5,155) Other financial income and expenses (769) Exchange gains and losses, and inflation accounting (1,187) Gain (loss) on assets accounted at fair value 629 (14,707) Net profit (loss) before tax 46,734 Current and deferred income tax Current income tax (14,350) Deferred tax 552 (13,798) Net profit (loss) 32,936 Net profit (loss) attributable to Minority interests 51 Net profit (loss) attributable to the Group 32,885 (*) The figures of the operating segments are net of the intercompany eliminations. 91 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 21. Accounting policies Presentation of the financial statements The Interim Consolidated Financial Statements as at March 31, 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; 92 --- Interim Financial Report as at 31 March 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 Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates: 12 Nov ‘24 13 Nov ‘24 1 Jan ‘25 1 Jan ‘25 Lack of Exchangeability” (issued on 15 august 2023) 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) 93 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements The amendments to IAS 21 proposed by IASB provide clarification as to exchange whether a currency is exchangeable and which exchange rate to be used if it is not. The document Annual improvement. Volume 11 lists improvements limited to changes that either clarify the wording in an IFRS Accounting Standard, or correct relatively minor unintended consequences, oversights or conflicts between requirements of the Accounting Standards. In particular, the amendments relate to IFRS1, IFRS7, IFRS9, IFRS10 and IAS7. The objective of the Amendments to IFRS 9 and IFRS 7 Contract Referencing Nature-dependent Electricity is to better reflect the effects of physical and virtual nature-dependent electricity contracts in the financial statements through narrow-scope amendments to the own-use, hedge accounting and disclosure requirements. The 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 the exception of IFRS 18, the adoption of the above-mentioned standards and interpretations is not expected to have a material impact on the measurement of the Group’s assets, liabilities, expenses and revenues. With reference to IFRS 18, the Group has initiated an assessment program to analyse the implications in terms of presentation of the financial statements, aggregation and disaggregation of line items, and disclosure requirements relating to MPMs, as well as a possible implementation/adaptation phase of administrative processes and the accounting system, where necessary. 94 --- Interim Financial Report as at 31 March 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 31 March 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. 95 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements 22. Subsequent events As of the date of approval of the present Interim Financial Report as at March 31, 2026, no events have occurred after the end of the period that have a significant impact such as to require changes or additions to the information contained herein. th Milan, May 5 , 2026 CEO Enrico Vita 96 --- Interim Financial Report as at 31 March 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 31 March 2026. Parent company: Company name Head office Currency Share capital Amplifon S.p.A. Milan (Italy) EUR 4,527,772 Subsidiaries consolidated using the line-by-line method: % held as at Direct/Indirect Company name Head office Currency Share Capital ownership 03/31/2026 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. Parigi (France) D EUR 173,550,898 100.00% Nadov Audition S.A.S. Juvisy (France) I EUR 5,000 100.00% VilleFranche-de-Lauragais Pastel Audiologie S.A.S. I EUR 818,000 100.00% (France) Pastel Audition S.A.S. Castanet-Tolosan (France) I EUR 10,000 100.00% Acoustiques des Halles S.A.S. Bayonne (France) I EUR 80,000 100.00% Audition Oscar Thuaire S.A.S. Mont-de-Marsan (France) I EUR 5,000 100.00% Clarté Audition Sanguinet S.A.S. Sanguinet (France) I EUR 1,000 100.00% Clarté Audition Nord Landes Biscarrosse (France) I EUR 1,000 100.00% S.A.S. LCA Bagnols sur Cèze S.A.S. Bagnols-Sur-Ceze (France) I EUR 1,524 100.00% Amplifon Iberica S.A.U. Barcellona (Spain) D EUR 26,578,809 100.00% Microson S.A. Barcellona (Spain) D EUR 61,752 100.00% Amplifon LATAM Holding S.L.U. Barcellona (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, Cordoba (Spain) I EUR 3,000 100.00% S.L. Talayoaudio, S.L.U. Marbella (Spain) I EUR 3,000 100.00% 97 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements % held as at Direct/Indirect Company name Head office Currency Share Capital ownership 03/31/2026 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. 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. Lisboa (Portugal) I EUR 15,520,187 100.00% Amplifon Magyarország Kft Budapest (Hungary) D HUF 723,500,000 100.00% Amplibus Magyarország Kft Budaörs (Hungary) I HUF 3,000,000 100.00% Amplifon A.G. Baar (Switzerland) D CHF 1,000,000 100.00% Doesburg (The 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. Bruxelles (Belgium) D EUR 495,800 100.00% Amplifon RE S.A. Luxemburg (Luxemburg) D EUR 7,500,000 100.00% Amplifon Deutschland GmbH Hamburg (Germany) D EUR 6,026,000 100.00% Focus Hören AG 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% Amplifon Aparaty Sluchowe Sp. z Poznań (Poland) I PLN 8,050,000 100.00% o.o. 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. Ampifon IPA LLC (*) New York (United States) I USD - 100.00% 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% 98 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements % held as at Direct/Indirect Company name Head office Currency Share Capital ownership 03/31/2026 ME Tampa, LLC Waco (United States) I USD - 100.00% - MENM, LLC Waco (United States) I USD 100.00% - ME Flagship, LLC Wilmington (United States) I USD 100.00% ME Pivot Holdings, LLC Minneapolis (United States) I USD 2,000,000 100.00% - MEOH, LLC Minneapolis (United States) I USD 100.00% - Safe in Sound Hearing, LLC (*) Phoenix (United States) I USD 100.00% - 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% GAES Chile Santiago de Chile (Chile) I CLP 1,901,686,034 100.00% GAES Servicios Corporativo de Santiago de Chile (Chile) I CLP 10,000,000 100.00% Latinoamerica SpA (*) Audiosonic Chile S.A. Santiago de Chile (Chile) I CLP - 99.00% GAES Argentina S.A. Buenos Aires (Argentina) I ARS 120,542,331 100.00% GAES Colombia S.A. Bogotà (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. Ciudad de México (Mexico) I MXN 276,477,133 100.00% Compania de Audiologia y Aguascalientes (Mexico) I MXN 43,306,212 100.00% Sistemas Medicos S.A. GAES Panama S.A. Panama (Panama) I PAB 510,000 100.00% Audical S.A.S. Montevideo (Uruguay) D UYU 500,000 100.00% Centro Auditivo S.A.S. Montevideo (Uruguay) D UYU 500,000 100.00% Ikako S.A. Montevideo (Uruguay) D UYU 100,000 100.00% Amplifon Australia Holding Pty 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 Sydney (Australia) I AUD 1 100.00% Ltd 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% 99 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements % held as at Direct/Indirect Company name Head office Currency Share Capital ownership 03/31/2026 Amplifon NZ Ltd Auckland (New Zealand) I NZD 130,411,317 100.00% - Bay Audiology Ltd (*) Auckland (New Zealand) I NZD 100.00% - Dilworth Hearing Ltd (*) Auckland (New Zealand) I NZD 100.00% - Auckland Hearing Limited (*) Auckland (New Zealand) I NZD 100.00% - Hearing Health Limited (*) Auckland (New Zealand) I NZD 100.00% Amplifon (India) Pvt Ltd Gurgaon (India) I INR 2,550,000,000 100.00% Beijing Amplifon Hearing Běijīng (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 Shanghai (China) D CNY 664,890,351 100.00% Co., 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 Wuhan (China) I CNY 48,500,000 100.00% Co., Ltd Shanghai Amplifon Hearing Shanghai (China) I CNY 50,000,000 100.00% Technology Co. Ltd Nanjing Amplifon Hearing Aid Nanjing (China) I CNY 37,500,000 100.00% Co. 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 Fuzhou (China) I CNY 20,000,000 100.00% co. ltd. Chongqing Amplifon Hearing Chongqing (China) I CNY 10,000,000 100.00% Aids Co. Ltd. Sichuan Amplifon Hearing Aid Chengdu (China) I CNY 24,000,000 100.00% Co., Ltd. Xi'an Ansheng Medical Xi'an (China) I CNY 16,000,000 100.00% Equipment Co. Ningxia Amplifon Hearing Aid Yinchuan (China) I CNY 16,000,000 100.00% Co., Ltd. Yunnan Amplifon Hearing Aid Kunming (China) I CNY 16,000,000 100.00% Co. Ltd. Shanxi Amplifon Hearing Aid Xi'an (China) I CNY 18,000,000 100.00% Co., 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 100 --- Interim Financial Report as at 31 March 2026 > Condensed Consolidated Financial Statements Companies valued using the equity method: Direct/Indirect Share % held as at Company name Head office Currency ownership Capital 03/31/2026 Ramat HaSharon Ruti Levinson Institute Ltd (*) I EUR 105 20.00% (Israel) Afik - Test Diagnosis & Hearing Aids Ltd Jerusalem (Israel) I ILS 100 20.00% (*) Mairangi Bay Lakeside Specialist Centre Ltd (*) I ILS - 50.00% (New Zealand) (*) Related companies 101 --- Interim Financial Report as at 31 March 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 – 31 March 2026. We also certify that the condensed interim consolidated financial statements as at 31 March 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, May 5 , 2026 CEO Executive Responsible for Corporate Accounting Information Enrico Vita Gabriele Galli 102