--- title: "Q1 2026 Results Presentation" period: "2026-q1" kind: "results-presentation" source_url: "https://corporate.amplifon.com/content/dam/amplifon/archive/en/investors/presentations-webcast/2026/Q1-2026-Results-Presentation.pdf" downloaded_at: "2026-06-06" pdf_sha256: "9f81b87c16c9f5987a298bcd10acd3de83237e76ef80dd05a29c88d4013eb983" pdf_size_bytes: 423587 extractor: "pdfjs-dist-6.0.227" --- Q1 2026 Results th Milan, May 5 2026 --- Disclaimer The following applies to this document, the oral presentation of the information in this document by Amplifon S.p.A. (the “Company”), and any question-and-answer session that follows the oral presentation (collectively, the “Information”). In accessing the Information, you agree to be bound by the following terms and conditions. The Information is confidential and may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part, for any purpose. The Information contains forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. 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The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward- looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company’s expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document. This Information does not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein. Statement In compliance with Article 154 bis of the “Uniform Financial Services Act” (Legislative Decree 58/1998), the Financial Reporting Officer, Gabriele Galli, declares that the accounting information reported in this presentation corresponds to the underlying documentary reports, books of account and accounting entries. Non-IFRS and Alternative Performance Measures This document contains certain Alternative Performance Measures (APMs) used by management to monitor the underlying economic, financial and operating performance of the Group, which are not defined by IFRS. Since the composition of such APMs is not regulated by the reference accounting principles, similarly entitled non-IFRS APMs reported by other companies may not be calculated in an identical manner and, consequently, may not be comparable. The APMs (i) are derived from historical results of Amplifon; (ii) are non-IFRS financial measures and, although derived from the financial statements, are unaudited; and (iii) are not an alternative to financial measures prepared in accordance with IFRS. The APMs presented herein include EBITDA, EBITDA adjusted, EBIT adjusted, Profit before tax (PBT) adjusted, Net profit adjusted, Earnings per share (EPS) adjusted and Free Cash Flow. These APMs exclude the effect of unusual, infrequent or unrelated items to the normal course of business as the impact of these events might affect the understanding of the Group’s underlying performance. Definition of unusual, infrequent and unrelated items and reconciliation to IFRS Financial Statements Measures are provided in the Annex. Figures in the tables may reflect minimal differences exclusively due to rounding. © Amplifon S.p.A. 2 th May 5 , 2026 --- Q1 2026 Highlights Turning the corner: back to solid organic growth on last year initiatives and investments. Record Q1 profitability on high comps. Strong momentum through the quarter Revenues EBITDA Adjusted Net Profit Adjusted 142m€ 44m€ 580m€ +2.2% organic growth Margin at 24.5% Margin at 7.7% +0.8% at K FX +60 bps vs. Q1 2025 +6.7% vs. Q1 2025 Free Cash Flow Adjusted Leverage 24m€ 1.84x Very positive start to Q2 NFP at 1,015m€ vs. 1,045m€ at YE 25 vs. 21m€ Q1 2025 after 11m€ of net investments, including +14.6% vs. Q1 2025 21m€ in Capex © Amplifon S.p.A. 3 th May 5 , 2026 --- Q1 2026 Financial highlights Back to solid organic growth on last year initiatives and investments. Record Q1 profitability on high comps, driven by strong Fit4Growth early results. Strong momentum through the quarter  Revenue growth at constant FX at +0.8% vs. Q1 2025 Data in €m Q1 2026 Q1 2025 Δ%  Solid organic growth at +2.2%, improving 160 bps vs. Q4 2025 - Positive across all regions REVENUES 579.8 587.8 -1.4%  Positive development of global market demand, in line with 2026 +2.2% assumptions Organic growth - In the US, improving private market (~+3%) driven by a strong -2.4% Fit4Growth private pay segment offsetting a still decreasing insurance segment - Improving market development in both Europe and APAC +1.0% M&A  Fit4Growth impact of -2.4% nd -2.2% - Divesture of the dilutive UK business on March 2 , 2026 FX - Termination of a managed care agreement in the US effective EBITDA Adjusted 141.8 140.4 +1.0% st from January 1 , 2026 - Closure of ~30 clinics in Q1 and ~190 clinics globally since the Margin % 24.5% 23.9% +60 bps launch of the network efficiency program - Carryover from rationalization of the non-core wholesale business in China  M&A contribution of +1.0%, primarily for carryover from 2025 bolt-ons  Significant FX headwind due to EUR appreciation vs. USD, AUSD & NZD  Adjusted EBITDA of €141.8 million, up +1.0%  Margin at 24.5%, up 60 bps vs. Q1 2025 record level  Profitability improvement across all regions  Strong early results from Fit4Growth despite high comparison base and ongoing investments to further strengthen our distinctive assets Note: Fit4Growth refers to the impact of the different efficiency initiatives including the UK divesture, the termination of a managed care agreement in the US, the closure of non-performing clinics globally and the rationalization of the non-core wholesale business in China © Amplifon S.p.A. 4 th May 5 , 2026 --- Financial results by Region EMEA: Positive organic growth with acceleration through the quarter. Excellent profitability improvement on high comps  Revenue performance at constant FX flattish vs. Q1 2025 Data in €m Q1 2026 Q1 2025 Δ%  Positive organic performance, accelerating through the quarter - Strong momentum building in Italy and Spain REVENUES 384.1 383.6 +0.1% - Improving market development +0.3% Organic growth  Fit4Growth impact of -1.1% nd - Divesture of the dilutive UK business on March 2 , 2026 -1.1% Fit4Growth - ~25 clinics closed in Q1 and carryover from 2025 closures +0.7% M&A  M&A contribution of +0.7%, primarily for carryover from 2025 bolt-ons  Slight FX tailwind +0.2% FX  Adjusted EBITDA of €116.3 million EBITDA Adjusted 116.3 112.6 +3.3%  Margin at 30.3%, up 90 bps vs. Q1 2025 record level Margin % 30.3% 29.4% +90 bps  Strong early results from Fit4Growth despite high comparison base and ongoing investments to further strengthen our distinctive assets Note: Fit4Growth refers to the impact of the different efficiency initiatives including the UK divesture and the closure of non-performing clinics © Amplifon S.p.A. 5 th May 5 , 2026 --- Financial results by Region AMERICAS: Excellent organic growth, well above-market, coupled with a very strong profitability improvement. Material FX headwind  Revenue growth at constant FX at +1.1% vs. Q1 2025 Data in €m Q1 2026 Q1 2025 Δ%  Excellent organic growth at +6.7% - Broad-based performance across all region’s markets and businesses REVENUES 108.2 118.4 -8.6% - Significant market share gains +6.7% - Positive US market (~+3%),: driven by a strong private pay segment Organic growth offsetting a still decreasing insurance segment -7.5% Fit4Growth  Fit4Growth impact of -7.5% - Termination of a managed care agreement in the US effective +1.9% M&A st from January 1 , 2026 -9.7% FX - 3 clinics closed in Q1 and carryover from 2025 closures  M&A contribution of +1.9%, primarily for carryover from 2025 bolt-ons EBITDA Adjusted 25.2 26.7 -5.6%  Material FX headwind due to EUR appreciation vs. all regional Margin % 23.3% 22.5% +80 bps currencies  Adjusted EBITDA of €25.2 million  Margin at 23.3%, up 80 bps vs. Q1 2025  Strong early results from Fit4Growth and ongoing investments to further strengthen our distinctive assets Note: Fit4Growth refers to the impact of the different efficiency initiatives including the termination of managed care agreement in the US and the closure of non-performing clinics © Amplifon S.p.A. 6 th May 5 , 2026 --- Financial results by Region APAC: Very strong organic growth, well above-market, coupled with a strong profitability improvement  Revenue growth at constant FX at +4.6% vs. Q1 2025 Data in €m Q1 2026 Q1 2025 Δ%  Very strong organic growth at +4.8%, improving 400bps vs Q4 2025 REVENUES 87.4 85.8 +1.9% - Broad-based performance across all region’s markets +4.8% - Significant market share gains Organic growth - Positive market development -1.0% Fit4Growth  Fit4Growth impact of -1.0% +0.8% - 2 clinics closed in Q1 and carryover from 2025 closures M&A - Carryover from rationalization of the non-core wholesale -2.7% FX business in China  M&A contribution of +0.8%, primarily for carryover from 2025 bolt-ons EBITDA Adjusted 24.2 23.3 +4.0%  Significant FX headwind due to EUR appreciation vs. all regional Margin % 27.7% 27.2% +50 bps currencies  Adjusted EBITDA of €24.2 million  Margin at 27.7%, up 50bps vs. Q1 2025 driven by strong early results from Fit4Growth and despite fast growth of China Note: Fit4Growth refers to the impact of the different efficiency initiatives including the closure of non-performing clinics and the rationalization of the non-core wholesale business in China © Amplifon S.p.A. 7 th May 5 , 2026 --- Q1 2026 Financial results Profitability benefiting also from strong Fit4Growth early results Data in €m Q1 2026 Q1 2025 ∆ 26/25 (unless specified) REVENUES 579.8 587.8 -1.4% EBITDA Adj. 141.8 140.4 +1.0% Margin % 24.5% 23.9% -- D&A (64.3) (66.6) +3.5% EBIT Adj. 77.5 73.8 +5.0% Margin % 13.4% 12.6% -- NET FINANCIAL EXPENSES (14.8) (15.1) -1.7% PBT Adj. 62.7 58.7 +6.7% Taxes (18.2) (17.0) -6.8% % on PBT 29.0% 29.0% -- Net Profit Adj. 44.4 41.6 +6.7% Margin % 7.7% 7.1% -- EPS Adj. (€) +9.3% 0.202 0.185 Financial data excluding usual, infrequent or unrelated items (income and expenses) affecting the Group's operating/underlying performance. Definitions and reconciliation to IFRS Financial Statements Measures provided in Annex © Amplifon S.p.A. 8 th May 5 , 2026 --- Q1 2026 Financial results Solid free cash flow adjusted at 23.6 million euros Data in €m Q1 2026 Q1 2025 ∆ Operating cash flow before repayment of lease liabilities adjusted (*) 78.8 85.9 (7.1) Repayment of lease liabilities (34.3) (33.8) (0.5) Operating cash flow adjusted (*) 44.5 52.1 (7.6) Capex (net) (21.0) (31.6) 10.6 Free cash flow adjusted (*) 23.6 20.6 3.0 Free cash flow 17.8 18.5 (0.7) Acquisitions (net) 10.1 (41.0) 51.0 Cash provided by (used in) operating and investing activities 27.8 (22.5) 50.3 Cash provided by (used) financing activities (0.3) (8.8) 8.5 Net cash flow for the period 27.6 (31.3) 58.9 Net financial position (opening date) (1,045.5) (961.8) (83.7) Change in net financial position 27.6 (31.3) 58.9 Effect of FX, HFS & Deconsolidation NFP 3.3 (3.5) 6.8 Net financial position (closing date) (1,014.6) (18.0) (996.6) (*) Adjusted from unusual, infrequent or unrelated items for €5.8m (€2.1m in Q1 2025) © Amplifon S.p.A. 9 th May 5 , 2026 --- Q1 2026 Financial results Leverage down to 1.84x, after net investments of 11 million euros, including 21 million euros in Capex Data in €m 31/03/2026 31/12/2025 (309.6) (308.9) Liquidity 708.6 366.4 Short-term debt 615.6 988.0 Medium/long-term debt 1,014.6 1,045.5 Net financial debt 486.5 486.3 Lease liabilities 1,501.1 1,531.8 Total financial debt & lease liabilities 1,076.7 998.5 Total net equity 1 1.84x 1.92x Net debt/EBITDA 0.94x 1.05x Net debt/Equity 1. Refers to the EBITDA recorded in the last 4 quarters determined excluding the fair value of the share-based payments and based only on the recurring business © Amplifon S.p.A. 10 th May 5 , 2026 --- Outlook 2026 Turning the corner: momentum building into Q2  During 2025, we implemented meaningful initiatives and invested substantially to accelerate future revenue growth and structurally enhance profitability  In Q1 2026, the early impact of these initiatives and investments began to materialize in both organic growth and profitability, with strong momentum through the quarter  Looking ahead to 2026, we expect:  A steady improvement in the market demand, with global growth in the region of +3%  Continued outperformance in our key individual markets, driving market share gains, with strong improvement in 1 organic growth, above +3% 2  A material increase in profitability , also supported by Fit4Growth, in the region of +100 bps  Prospective GN Hearing acquisition: full-force integration planning initiated to ensure Day 1 readiness following the necessary regulatory approvals  Looking beyond 2026, we are very confident and excited about our strong prospects for profitable growth, further strengthened by the transformational opportunity created by the GN Hearing acquisition 1) Organic growth excludes the impact related to the termination of a managed care agreement in the US 2) Adjusted EBITDA margin © Amplifon S.p.A. 11 th May 5 , 2026 --- Annex --- Q1 2026 Reported financials Data in €m Q1 2026 Q1 2025 ∆ 26/25 (unless specified) REVENUES 579.8 587.8 -1.4% EBITDA 131.9 140.8 -6.3% Margin % 22.7% 24.0% -- ORDINARY D&A (63.8) (66.7) +4.2% PPA AMORTIZATION (11.6) (12.7) +8.9% EBIT 56.5 61.4 -8.0% Margin % 9.7% 10.5% -- NET FINANCIAL EXPENSES (33.3) (14.7) -126.3% PBT 23.2 46.7 -50.3% Taxes 12.6 13.8 -8.3% % on PBT -54.5% -29.5% -- Net Profit 10.5 32.9 -68.0% Margin % 1.8% 5.6% -- EPS (€) 0.048 0.146 -67.2% © Amplifon S.p.A. 13 th May 5 , 2026 --- Alternative Performance Measures - adjustments  Alternative Performance Measures exclude the impact of unusual, infrequent or unrelated items to the normal course of business including  Transaction and integration costs for acquisitions and changes in earn-out  Charges and write-off related to reorganization, efficiency projects, and changes to the top management  Gain and loss on disposal of assets & businesses, write-off and revaluation of fixed assets  PPA amortization  Financial income (loss) related to inflation accounting and Fair Value changes resulting from modifications and/or non- cash accretion in financial liabilities  Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters  Fiscal effect on adjustments & other fiscal adjustments © Amplifon S.p.A. 14 th May 5 , 2026 --- Q1 2026 Reconciliation to consolidated financial statements Data in €m EBITDA EBIT Net Profit IFRS Financial Statements Measures (as reported) 131.9 56.5 10.5 Transaction and integration costs for the acquisition of GN Hearing 6.2 6.2 6.2 Transaction and integration costs for other acquisitions and changes in earn-out (0.3) (0.3) (0.3) Charges and write-off related to reorganization, efficiency projects, and changes to 3.8 3.3 3.3 the top management Gain and loss on disposal of assets & businesses, write-off and revaluation of (0.0) 0.0 18.8 fixed assets PPA amortization - 11.6 11.6 Financial income (loss) related to inflation accounting and Fair Value changes - - 0.6 resulting from modifications and/or non-cash accretion in financial liabilities 1 Other 0.2 0,2 (0.7) Total adjustments before tax 9.9 21.0 39.5 Fiscal effect on adjustments & other fiscal adjustments - - (5.5) Total adjustments 9.9 21.0 33.9 Adjusted Measures 141.8 77.5 44.4 1, Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters © Amplifon S.p.A. 15 th May 5 , 2026 --- Q1 2025 Reconciliation to consolidated financial statements Data in €m EBITDA EBIT Net Profit IFRS Financial Statements Measures (as reported) 140.8 61.4 32.9 Transaction and integration costs for acquisitions and changes in earn-out (0.4) (0.4) (0.4) Charges and write-off related to reorganization, efficiency projects, and changes to - - - the top management Gain and loss on disposal of assets & businesses, write-off and revaluation of (0.0) 0.1 0.1 fixed assets PPA amortization - 12.7 12.7 Financial income (loss) related to inflation accounting and Fair Value changes - - 0.5 resulting from modifications and/or non-cash accretion in financial liabilities 1 Other - - (0.9) Total adjustments before tax (0.4) 12.3 12.0 Fiscal effect on adjustments & other fiscal adjustments - - (3.2) Total adjustments (0.4) 12.3 8.8 Adjusted Measures 140.4 73.8 41.6 1, Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters © Amplifon S.p.A. 16 th May 5 , 2026 --- 2026 Financial Calendar Corporate events th March 4 : FY 2025 Results rd April 23 : Shareholder’s General Meeting th May 5 : Q1 2026 Results th July 30 : Q2 & H1 2026 Results th October 29 : Q3 & 9M 2026 Results © Amplifon S.p.A. 17 th May 5 , 2026 --- Investor Relations & Sustainability Contacts FRANCESCA RAMBAUDI AMANDA HART GIRALDI OLGA LEPECHKINA Investor Relations & Sustainability Sr Director Investor Relations Manager Assistant Tel: +39 02 5747 2261 Tel: +39 02 5747 2317 Tel: +39 02 5747 2542 francesca.rambaudi@amplifon.com amanda.giraldi@amplifon.com olga.lepechkina@amplifon.com