Slide 1: Q4 & FY 2025 Results
Q4 & FY 2025 Results Milan, March 4th 2026
Slide 2: Disclaimer
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 bou
Slide 3: FY 2025 Highlights
FY 2025 Highlights A solid performance in a global market growing below historical levels. Material improvement in organic growth in H2. Fit4Growth ahead of initial plan Revenues EBITDA Adjusted Net Profit Adjusted 2,396m€ 540m€ 159m€ +1.7% at K FX vs FY 2024 Margin at 22.6% Margin at 6.6% Flat orga
Slide 4: Fit4Growth implementation ahead of initial plan
Fit4Growth implementation ahead of initial plan Key initiatives at global level FIT4GROWTH NETWORK EFFICIENCY BACK-OFFICE COST CONTAINMENT STRATEGIC REVIEW OF ENHANCEMENT EFFICIENCY PROGRAM BUSINESS SEGMENTS SYNERGIES Network optimization Optimization of back-office Short-term G&A cost Strat
Slide 5: Portfolio optimization: UK divesture & managed care agreement termination
Portfolio optimization: UK divesture & managed care agreement termination Focus on high-potential, profitable growth segments Divesture of the dilutive UK business Termination of a managed care agreement upon expiration UK Business ~100 clinics across England & Wales Agreement Termination of a m
Slide 6: FY 2025 Financial highlights
FY 2025 Financial highlights Performance reflecting market growth below historical levels and a high comparison base. Significant improvement in organic growth in H2. Increasing FX headwind Revenue growth at constant FX at +1.7% vs. FY 2024 Data in €m FY 2025 FY 2024 Δ% Flat organic performance,
Slide 7: Q4 2025 Financial highlights
Q4 2025 Financial highlights Back to positive organic performance across all regions. Lower M&A/perimeter change due to Fit4Growth. Material FX headwind Revenue growth at constant FX at +1.4% vs. Q4 2024 Data in €m Q4 2025 Q4 2024 Δ% Organic growth at 0.6%, positive across all regions REVENUES 6
Slide 8: Financial results by Region
Financial results by Region EMEA: Significant trend improvement in both organic growth and profitability. Lower M&A/perimeter change contribution for Fit4Growth Revenue growth at constant FX at +1.6% vs. Q4 2024 Data in €m Q4 2025 Q4 2024 Δ% Positive organic performance, improving sequentially R
Slide 9: Financial results by Region
Financial results by Region AMERICAS: Positive organic growth despite market below historical levels and a remarkable comparison base. Significant and increasing FX headwind Revenue growth at constant FX at 2% vs. Q4 2024 Data in €m Q4 2025 Q4 2024 Δ% Positive organic growth REVENUES 129.7 140.9
Slide 10: Financial results by Region
Financial results by Region APAC: Significant improvement in organic performance in a still soft market context. Negative M&A/perimeter change related to Fit4Growth. Significant and increasing FX headwind Flattish revenue performance at constant FX vs. Q4 2024 Data in €m Q4 2025 Q4 2024 Δ% Organ
Slide 11: FY 2025 Financial results
FY 2025 Financial results Performance reflecting global market growth below historical levels. Dividend proposal at 29-euro cents Data in €m (unless specified) FY 2025 FY 2024 ∆ 25/24 REVENUES 2,395.7 2,409.2 -0.6% EBITDA Adj. 540.4 566.1 -4.5% Margin % 22.6% 23.5% -- D&A (259.1) (252.2) -2.7% EBIT
Slide 12: Q4 2025 Financial results
Q4 2025 Financial results Revenues reflect global market growth still below historical levels, material FX headwind and temporary M&A reduction. Profitability to benefit from Fit4Growth from 2026 Data in €m (unless specified) Q4 2025 Q4 2024 ∆ 25/24 REVENUES 651.9 664.4 -1.9% EBITDA Adj. 145.5 154.4
Slide 13: FY 2025 Financial results
FY 2025 Financial results Very strong free cash flow adjusted at 174 million euros Data in €m FY 2025 FY 2024 ∆ Operating cash flow before repayment of lease liabilities adjusted (*) 428.4 456.0 (27.6) Repayment of lease liabilities (137.3) (129.0) (8.3) Operating cash flow adjusted (*) 291.2 327.1
Slide 14: FY 2025 Financial results
FY 2025 Financial results Leverage at 1.92x, after significant investments of >350 million euros in Capex, M&A cash-out, share buyback and dividends Data in €m 31/12/2025 31/12/2024 Liquidity (308.9) (288.8) Short-term debt 366.4 290.3 Medium/long-term debt 988.0 960.4 Net financial debt 1,045.5 961
Slide 15: Our commitment to a more sustainable future
Our commitment to a more sustainable future 2025 main achievements CSRD Compliance SBTi validation Global Top Employer ESG finance Sustainability Plan First reporting SBTI’s validation of Global Top Over 1.2b of Fully on track on our wave according to our Climate Employer: only 17 Sustaina
Slide 16: Outlook 2026
Outlook 2026 While 2025 market growth was below historical and expected levels, we implemented meaningful initiatives to accelerate future revenue growth and structurally enhance profitability On profitability, we have launched Fit4Growth. The program is progressing strongly and is tracking at t
Slide 17: Annex
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Slide 18: FY 2025 Reported financials
FY 2025 Reported financials Data in €m (unless specified) FY 2025 FY 2024 ∆ 25/24 REVENUES 2,395.7 2,409.2 -0.6% EBITDA 511.6 561.1 -8.8% Margin % 21.4% 23.3% -- ORDINARY D&A (264.8) (255.1) -3.8% PPA AMORTIZATION (50.3) (49.2) -2.3% EBIT 196.6 256.8 -23.5% Margin % 8.2% 10.7% -- NET FINANCIAL EXPEN
Slide 19: Q4 2025 Reported financials
Q4 2025 Reported financials Data in €m (unless specified) Q4 2025 Q4 2024 ∆ 25/24 REVENUES 651.9 664.4 -1.9% EBITDA 121.2 153.3 -20.9% Margin % 18.6% 23.1% -- ORDINARY D&A (65.5) (71.7) -8.6% PPA AMORTIZATION (12.4) (12.3) -0.8% EBIT 43.3 69.3 -37.5% Margin % 6.6% 10.4% -- NET FINANCIAL EXPENSES (16
Slide 20: Alternative Performance Measures - adjustments
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 re
Slide 21: FY 2025 Reconciliation to consolidated financial statements
FY 2025 Reconciliation to consolidated financial statements Data in €m EBITDA EBIT Net Profit IFRS Financial Statements Measures (as reported) 511.6 196.6 91.3 Transaction and integration costs for acquisitions and changes in earn-out 0.5 0.5 0.5 Charges and write-off related to reorganization, effi
Slide 22: FY 2024 Reconciliation to consolidated financial statements
FY 2024 Reconciliation to consolidated financial statements Data in €m EBITDA EBIT Net Profit IFRS Financial Statements Measures (as reported) 561.1 256.8 145.4 Transaction and integration costs for acquisitions and changes in earn-out 1.9 1.9 1.9 Charges and write-off related to reorganization, eff
Slide 23: Q4 2025 Reconciliation to consolidated financial statements
Q4 2025 Reconciliation to consolidated financial statements Data in €m EBITDA EBIT Net Profit IFRS Financial Statements Measures (as reported) 121.2 43.3 16.9 Transaction and integration costs for acquisitions and changes in earn-out 1.1 1.1 1.1 Charges and write-off related to reorganization, effic
Slide 24: Q4 2024 Reconciliation to consolidated financial statements
Q4 2024 Reconciliation to consolidated financial statements Data in €m EBITDA EBIT Net Profit IFRS Financial Statements Measures (as reported) 153.3 69.3 41.2 Transaction and integration costs for acquisitions and changes in earn-out 0.8 0.8 0.8 Charges and write-off related to reorganization, effic
Slide 25: 2026 Financial Calendar
2026 Financial Calendar Corporate events March 4th: FY 2025 Results April 23rd: Shareholder’s General Meeting May 5th: Q1 2026 Results July 30th: Q2 & H1 2026 Results October 29th: Q3 & 9M 2026 Results © Amplifon S.p.A. March 4th, 2026 25
Slide 26: Investor Relations & Sustainability Contacts
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@am