Slide 1: Q3 & 9M 2025 Results
Q 3 & 9M 202 5 Results M il a n, October 29 th , 2 02 5
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 b
Slide 3: Q3 2025 Highlights
Q 3 202 5 H ighlights Significant improvement in organic growth trend compared to the second quarter in the third quarter of 2025 Revenues EBITDA Adjusted Net Profit Adjusted 563 m€ 107m€ 19m€ +2.4% at K FX vs Q3 202 4 Margin at 19.1% Margin at 3.4% ~+1% organic growth (+250bps vs. Q2 25) Leverage O
Slide 4: Q3 2025 Financial highlights
Q3 2025 Financial highlights Significant improvement in organic growth trend, particularly in EMEA, despite a lower contribution from France and a very high comparison base. Material FX headwind Data in €m Q3 2025 Q3 2024 Δ% ▪ Revenue growth at constant FX at 2.4% vs. Q 3 2024 ▪ Organic growth at ~+
Slide 5: 9M 2025 Financial highlights
9M 202 5 Financial highlights Performance reflecting market growth below historical levels, particularly in Q2, and a high comparison base. Increasing FX headwind Data in €m 9M 202 5 9M 202 4 Δ% ▪ Revenue growth at constant FX at +1.8% vs. 9M 202 4 ▪ Flattish organic performance REVENUES 1,743.8 1,7
Slide 6: Financial results by Region: EMEA
Financial results by Region EMEA: Significant improvement in organic growth despite a lower contribution from France compared to Q2 Data in €m Q3 2025 Q3 2024 Δ% ▪ Revenue growth at constant FX at 2.3% vs. Q 3 2024 ▪ Positive organic performance, improving 280 bps vs. Q 2 despite a REVENUES 352.4 34
Slide 7: Financial results by Region: Americas
Financial results by Region AMERICAS: Strong and above -market organic growth despite a remarkable comparison base. Significant and increasing FX headwind ▪ Revenue growth at constant FX at 5.6% vs. Q 3 2024 Data in €m Q3 2025 Q3 2024 Δ% ▪ Strong and above -market organic growth REVENUES 122.9 126.0
Slide 8: Financial results by Region: APAC
Financial results by Region APAC: Performance reflecting soft market context and a high comparison base. Significant and increasing FX headwind Data in €m Q3 2025 Q3 2024 Δ% ▪ Revenue performance at constant FX at -1.5% vs. Q 3 2024 ▪ Organic performance at -1.9% REVENUES 88.0 97.3 -9.5% ▪ High comp
Slide 9: Q3 2025 Financial results
Q3 2025 Financial results Improvement in revenue trend despite market growth still below historical levels. Net Profit development reflecting seasonality (smallest quarter of the year) Data in €m (unless specified) Q3 2025 Q3 2024 ∆ 25/24 REVENUES 563.3 567.6 -0.7% EBITDA Adj. 107.3 114.6 -6.3% Marg
Slide 10: 9M 2025 Financial results
9M 2025 Financial results Performance reflecting market growth below historical levels Data in €m (unless specified) 9M 2025 9M 2024 ∆ 25/24 REVENUES 1,743.8 1,744.8 -0.1% EBITDA Adj. 395.0 411.7 -4.1% Margin % 22.7% 23.6% -- D&A (195.9) (182.8) -7.2% EBIT Adj . 199.1 228.9 -13.0% Margin % 11.4% 13.
Slide 11: 9M 2025 Financial results: operating cash flow
9M 2025 Financial results Operating cash flow at ~120 million euros Data in €m 9M 2025 9M 2024 ∆ Operating cash flow before repayment of lease liabilities 219.1 245.7 (26.6) Repayment of lease liabilities (100.6) (96.1) (4.5) Operating cash flow 118.5 149.6 (31.1) Capex (net) (90.2) (99.0) 8.8 Free
Slide 12: 9M 2025 Financial results: leverage
9M 2025 Financial results L everage at 2.09x, after significant investments of > €320m in Capex, M&A cash -out, share buyback and dividends Data in €m 30/09/2025 31/12/2024 Liquidity (237.3) (288.8) Short -term debt 302.8 290.3 Medium/long -term debt 1,109.2 960.4 Net financial debt 1,174.7 961.8 Le
Slide 13: Outlook
202 5 Outlook ▪ In the first 9 months of the year the global market growth was below historical levels ▪ The US private market was flat during the period, primarily due to the Insurance Channel ▪ The European market showed a two -speed dynamic ▪ Strong volume growth in France driven by the RAC 0 ann
Slide 14: Annex
rNalat=).4 aamplifon
Slide 15: Q3 2025 Reported financials
Q3 2025 Reported financials Data in €m (unless specified) Q3 2025 Q3 2024 ∆ 25/24 REVENUES 563.3 567.6 -0.7% EBITDA 103.5 114.0 -9.3% Margin % 18.4% 20.1% -- ORDINARY D&A (66.6) (62.5) -6,4% PPA AMORTIZATION (12.6) (12.9) +2.3% EBIT 24.3 38.6 -37.1% Margin % 4.3% 6.8% -- NET FINANCIAL EXPENSES (17.1
Slide 16: 9M 2025 Reported financials
9M 2025 Reported financials Data in €m (unless specified) 9M 2025 9M 2024 ∆ 25/24 REVENUES 1,743.8 1,744,8 -0.1% EBITDA 390.4 407,8 -4.3% Margin % 22.4% 23,4% -- ORDINARY D&A (199.3) (183.4) -8.6% PPA AMORTIZATION (37.9) (36.8) -2.8% EBIT 153.3 187.5 -18.3% Margin % 8.8% 10.7% -- NET FINANCIAL EXPEN
Slide 17: 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
Slide 18: Q3 2025 Reconciliation to consolidated financial statements
Q3 2025 Reconciliation to consolidated financial statements Data in €m EBITDA EBIT Net Profit IFRS Financial Statements Measures (as reported) 103.5 24.3 6.3 Transaction and integration costs for acquisitions and changes in earn -out 0.2 0.2 0.2 Charges and write-off related to reorganization, effic
Slide 19: Q3 2024 Reconciliation to consolidated financial statements
Q3 2024 Reconciliation to consolidated financial statements Data in €m EBITDA EBIT Net Profit IFRS Financial Statements Measures (as reported) 114.0 38.6 16.4 Transaction and integration costs for acquisitions and changes in earn -out 0.8 0.8 0.8 Charges and write-off related to reorganization, effi
Slide 20: 9M 2025 Reconciliation to consolidated financial statements
9M 2025 Reconciliation to consolidated financial statements Data in €m EBITDA EBIT Net Profit IFRS Financial Statements Measures (as reported) 390.4 153.3 74.4 Transaction and integration costs for acquisitions and changes in earn -out (0.6) (0.6) (0.6) Charges and write-off related to reorganizatio
Slide 21: 9M 2024 Reconciliation to consolidated financial statements
9M 2024 Reconciliation to consolidated financial statements Data in €m EBITDA EBIT Net Profit IFRS Financial Statements Measures (as reported) 407.8 187.5 104.2 Transaction and integration costs for acquisitions and changes in earn -out 1.0 1.0 1.0 Charges and write-off related to reorganization, ef
Slide 22: Historical Alternative Performance Measures
Historical Alternative Performance Measures Data in €m Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Adjusted Recurring Adjusted Recurring Adjusted Recurring Adjusted Recurring Adjusted Recurring EBITDA 135.7 136.8 161.3 160.4 114.6 115.0 154.4 155.4 566.1 567.7 Margin % 23.7% 23.9% 26.7% 26.6% 20.2% 20.3
Slide 23: Historical EBITDA by Region
Historical EBITDA by Region Data in €m Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Adjusted Recurring Adjusted Recurring Adjusted Recurring Adjusted Recurring Adjusted Recurring EMEA 109.2 109.3 118.2 117.2 82.6 82.4 107.5 107.9 417.5 416.8 Margin % 29.0% 29.1% 31.0% 30.7% 24.0% 23.9% 25.0% 25.1% 27.3%
Slide 24: 2026 Financial Calendar
2026 Financial Calendar Corporate events ▪ March 4 th : FY 2025 Results ▪ April 23 rd : Shareholder’s General Meeting ▪ May 5 th : Q1 2026 Results ▪ July 30 th : Q2 & H1 2026 Results ▪ October 29 th : Q3 & 9M 2026 Results I nv e st o r R e l a t io ns & S ust a ina b il it y C o nt a c t s FRANCESCA