Amplifon Spa · MIL:AMP
Amplifon Spa — Merger or Acquisition (March 2026)
18 slides from Amplifon Spa's merger presentation, Mar 16, 2026
Slide 1: Creating a global integrated leader in audiology
Creating a global integrated leader in audiology Acquisition of GN’s Hearing Business March 16th, 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 together with its subsidiaries, the “Group”), and any question-and-answer session that follows the oral presentation (collectively, the “Information”).
Slide 3: Elevating industry standards in hearing care
“ Elevating industry standards by seamlessly blending cutting-edge technology, superior clinical expertise, and unmatched hearing care solutions “ for customers, hearing care professionals and patients 3
Slide 4: Shaping the future of hearing health
Shaping the future of hearing health Aging global population & rising life expectancy Technological advancement & digitalization Active lifestyle Increasing adoption & fading stigma 4
Slide 5: Bringing together two industry leaders
Bringing together two industry leaders GN Hearing Deep hearing care expertise and unparalleled Cutting-edge technology, leading operational patient insights capabilities and global commercial platform Perfect strategic fit driving significant value creation for all stakeholders 5
Slide 6: Transaction highlights
Transaction highlights Total consideration: ~€2.3bn1 on a cash-free / debt-free basis, with a mix of cash and stock, as follows: Key terms - Cash consideration: €1.69bn2 - Stock consideration: 56m Amplifon shares Significant €60-80m run-rate net3 EBITDA synergies by end of 2029 already identifie
Slide 7: GN Hearing: Fastest growing manufacturer of cutting-edge hearing aids
GN Hearing: Fastest growing manufacturer of cutting-edge hearing aids & hearing care professionals’ trusted partner Strong heritage with more than 150 years of history +100 Countries of Global scale ~€1.0bn 2025 Revenues Broadest portfolio of hearing solutions operations Multi-brand strategy for div
Slide 8: GN Hearing: Undisputed hearing technology leadership
GN Hearing: Undisputed hearing technology leadership 7 R&D centers worldwide 2,800+ Patent rights Internal development of chipset 700+ Total FTEs in R&D ~10 Platforms launched in 15 years 8
Slide 9: GN Hearing: Innovation-driven excellence delivering consistent share gains
GN Hearing: Innovation-driven excellence delivering consistent share gains Technology leadership Industry's fastest cadence Consistently outperforming of product launches the market Global market share 17% 10 16% 17% 14% 14% Platforms in the last 15 years ’21 ’22 ’23 ’24 ’25 Example: ReSound Vivia B
Slide 10: Unique and highly compelling strategic rationale
Unique and highly compelling strategic rationale Creation of a global, vertically integrated leader delivering best-in- class, patient-centric products and services across the entire audiology value chain Highly complementary strategic combination built on a long-lasting partnership to meet the surg
Slide 11: Powerful combination to accelerate innovation and product development
Powerful combination to accelerate innovation and product development to deliver superior patient experience GN Hearing >11,000 Superior clinical expertise Locations Unparalleled patient insights ~8,000 Clinics1 Technology leadership 4 High quality manufacturing Manufacturing sites Clinics network /
Slide 12: Highly complementary companies for broader geographic reach
Highly complementary companies for a broader geographic reach and enhanced business diversification GN Hearing GN Hearing Combined post Transaction Europe Americas 15% 17% RoW 23% 28% Revenue 21% 54% by geography1 64% 29% 49% Retail Wholesale 8%2 29% Revenue 100% 100% by segment1 71% €2.4bn ~€1.0bn
Slide 13: Significant synergies, predominantly from volume insourcing
Significant synergies, predominantly from volume insourcing, with a clear path to delivery Phasing and implementation costs Full realization of net synergies1 by 2029 B ~€80m One-off costs for the integration are expected in the region of €80 million over ~€60m A the next 2-3 years ~85% from vol
Slide 14: Untapped growth potential through scale, innovation, and market reach
Untapped growth potential to be unlocked through scale, innovation, and expanded market reach GN Hearing post Transaction Accretive to Revenue 2025 €2.4bn ~€1.0bn ~€3.3bn organic growth Adjusted EBITDA 2025 €540m ~€220m ~830m1 Accretive to profitability % Margin 23% 23% ~25% Adjusted EBIT 2025 €281m
Slide 15: Stronger business with solid capital structure
Stronger business with solid capital structure poised to capture long-term growth €1.69bn1 A Debt component c. 3.0x Pro-forma Net Debt / Adjusted EBITDA (excluding net synergies) at closing2 A Strong and growing predictable cash flow, supporting rapid deleverage over the next Up to €0.75bn 2-3 y
Slide 16: Transaction structure, timeline and regulatory approval
Transaction structure, timeline and regulatory approval Indicative timeline Indicative Amplifon shareholder base post transaction March 16th signing date GN will have c. 16% pro-forma shareholding1 and the right to appoint a representative as board member GN and Ampliter - Amplifon’s controlli
Slide 17: Unlocking the future - the platform for long-term value creation
Unlocking the future - the platform for long-term value creation Stronger, more profitable and diversified business poised to better capture secular growth Significant and tangible synergies: €60-80m run-rate net1 EBITDA synergies by end of 2029, with significant Shareholders potential upside
Slide 18: Amplifon
aamplifon Your hearing. Your life.