Amplifon — Interim / Quarterly Report 2021

Oct 27, 2021

Informazione Regolamentata n. 0525-77-2021		Data/Ora Ricezione 27 Ottobre 2021 12:52:27	Euronext Star Milan
Societa'	:	AMPLIFON
Identificativo Informazione Regolamentata	:	153376
Nome utilizzatore	:	AMPLIFONN01 - Galli
Tipologia	:	REGEM
Data/Ora Ricezione	:	27 Ottobre 2021 12:52:27
Data/Ora Inizio Diffusione presunta	:	27 Ottobre 2021 12:52:28
Oggetto	:	record year	An excellent quarter paving the way for a
Testo del comunicato

Vedi allegato.

AN EXCELLENT QUARTER PAVING THE WAY FOR A RECORD YEAR

REVENUES AT CONSTANT EXCHANGE RATES INCREASING VS. THIRD QUARTER 2019 BY 21% EXCLUDING ELITE1 CURRENTLY IN WIND-DOWN, AND BY ~20% CONSOLIDATING ELITE

EXCELLENT PROFITABILITY WITH RECURRING EBITDA MARGIN INCREASING VS. THIRD QUARTER 2019 BY 180 BASIS POINTS EXCLUDING ELITE1 , AND BY 110 BASIS POINTS CONSOLIDATING ELITE

STRONG CASH GENERATION WITH FREE CASH FLOW OF 160.9 MILLION EUROS IN THE FIRST NINE MONTHS OF THE YEAR AND IMPROVEMENT IN THE NET FINANCIAL POSITION OVER DECEMBER 2020 AND JUNE 2021

GROUP'S KEY STRATEGIC INITIATIVES ONGOING

• CLOSING OF THE BAY AUDIO ACQUISITION IN AUSTRALIA WHICH WILL BE CONSOLIDATED AS FROM THE FOURTH QUARTER OF 2021
• BOLT-ON ACQUISITIONS IN FRANCE, GERMANY, THE UNITED STATES AND CHINA IN THE THIRD QUARTER
• LAUNCH OF THE AMPLIFON PRODUCT EXPERIENCE IN SPAIN
• OPENING OF THE FIRST AMPLIFON STORE IN SHANGHAI
• WIND-DOWN OF ELITE IN THE US EXPECTED TO BE COMPLETED BY THE FOURTH QUARTER OF 2021

SIGNING OF THE FIRST "SUSTAINABILITY-LINKED" REVOLVING CREDIT FACILITY FOR 100 MILLION EUROS

AMPLIFON INCLUDED IN THE MIB ESG INDEX, THE FIRST ESG INDEX DEDICATED TO ITALIAN BLUE CHIPS

MAIN RESULTS FOR THE FIRST NINE MONTHS OF 2021 2

• Consolidated revenues of 1,418.6 million euros, an increase at constant exchange rates of 17.7% compared to the first nine months of 2019 (not impacted by the Covid-19 pandemic) and 37.0% compared to the first nine months of 2020. Excluding the contribution of Elite in the first nine months of 2021 and in the comparison periods1 , revenues were 1,379.9 million euros, an increase at constant exchange rates of 19.4% compared to the same period of 2019 and 38.1% to the same period of 2020.
• Recurring EBITDA was 326.9 million euros, 24.5% higher than in the first nine months of 2019 and 43.1% higher than in the first nine months of 2020. Excluding the contribution of Elite1 , recurring EBITDA amounted to 326.2 million euros, with the margin rising 190 basis points compared to the same period of 2019 to 23.6% thanks to greater operating efficiency, even after significant investments in the business.
• Recurring net profit was 106.0 million euros, 40.1% higher than in the first nine months of 2019 and 157.9% higher than in the first nine months of 2020.
• Excellent free cash flow of 160.9 million euros, an increase of 134.5% compared to the first nine months of 2019 and of 26.6% compared to the first nine months of 2020.
• Net financial debt was 616.8 million euros, lower than the 633.7 million euros posted at December 31st, 2020, after net cash-out for M&A of 63.5 million euros, dividend payment of 49.4 million euros and the buyback program of 31.1 million euros, with financial leverage down to 1.25x at September 30th, 2021.

¹ In light of the decision to exit the Elite business, which will be discontinued in the fourth quarter of 2021, the income statement figures are also shown net of Elite's contribution and the comments are also based on these figures.

² Unless stated otherwise, the comments in this press release refer to the recurring income statement figures. Also, in light of the significant impact of the Covid-19 outbreak on the financial results for FY 2020 and for the sake of greater comparability, the main income statement figures for the same period of 2019 are also provided.

MAIN RESULTS FOR THE THIRD QUARTER OF 2021 3

• Consolidated revenues of 459.1 million euros, an increase at constant exchange rates of 19.0% compared to the third quarter of 2019 and of 6.8% compared to the third quarter of 2020. Excluding the contribution of Elite in the third quarter of 2021 and in the comparison periods4 , revenues were 448.1 million euros, an increase at constant exchange rates of 21.2% compared to the third quarter of 2019 and 8.0% compared to the third quarter of 2020.
• Recurring EBITDA was 94.2 million euros, 23.8% higher than in the third quarter of 2019 and 3.0% lower than in the third quarter of 2020 which benefitted from extraordinary income related to the Covid-19 emergency. Excluding the contribution of Elite4 , recurring EBITDA was 95.5 million euros, up 30.1% compared to the third quarter of 2019, with the margin rising 180 basis points compared to the same period of 2019 to 21.3% thanks to greater operating efficiency, even after significant investments in the business.
• Recurring net profit was 25.7 million euros, 57.3% higher than in the third quarter of 2019 and 10.0% lower than in the third quarter of 2020 which benefitted from significant extraordinary income related to the Covid-19 emergency.

Milan, October 27th, 2021 – Today the Board of Directors of Amplifon S.p.A. (MTA; Bloomberg ticker: AMP:IM), global leader in hearing solutions and services, approved the Interim Financial Report as at September 30th, 2021 during a meeting chaired by Susan Carol Holland.

ENRICO VITA, CEO

"We are extremely satisfied with the outstanding results of the third quarter, characterized by excellent growth in revenues, despite the extremely challenging comparison base, and continuous improvement in profitability compared to 2019, which was not affected by the pandemic. We are also very enthusiastic about the different strategic initiatives we have undertaken and, above all, the opportunities stemming from the Bay Audio integration in Australia and the launch of the Amplifon Product Experience in the core Spanish market. The results achieved in the first nine months allow us to look ahead to closing another year with record results."

Given the significant impact of the Covid-19 outbreak on the financial results for FY 2020 and in order to allow for greater comparability, the income statement data for 9M and Q3 2019 are also provided in the tables below. In addition, in light of the Board of Directors' resolution to exit the Elite business, the income statement figures are also shown excluding the contribution of Elite for the reporting and comparison periods. The financial figures including Elite reflect the wind-down currently underway and, therefore, are not very significant. Therefore, unless stated otherwise, the following comments refer primarily to the pro-forma figures without Elite.

³ Unless stated otherwise, the comments in this press release refer to the recurring income statement figures. Also, in light of the significant impact of the Covid-19 outbreak on the financial results for FY 2020 and for the sake of greater comparability, the main income statement figures for the same period of 2019 are also provided.

⁴ In light of the decision to exit the Elite business, which will be discontinued in the fourth quarter of 2021, the income statement figures are also shown net of Elite's contribution and the comments are also based on these figures.

THIRD QUARTER 2021 ECONOMIC RESULTS

(Euro millions)	Q3 2021		Q3 2020		Q3 2019
	Recurring	%	Recurring	%	Change vs 2020	Recurring	%	Change vs 2019
Net revenues	459.1	100.0%	428.2	100.0%	7.2%	392.7	100.0%	16.9%
EBITDA	94.2	20.5%	97.1	22.7%	-3.0%	76.0	19.4%	23.8%
EBIT	41.6	9.1%	48.1	11.2%	-13.5%	29.3	7.5%	41.9%
Net income	25.7	5.6%	28.5	6.7%	-10.0%	16.3	4.2%	57.3%
EPS adjusted (*, in Euro)	0.147		0.160		-8.1%	0.103		42.7%

THIRD QUARTER 2021 ECONOMIC RESULTS PRO-FORMA WITHOUT ELITE

(Euro millions)	Q3 2021		Q3 2020		Q3 2019
	Recurring	%	Recurring	%	Change vs 2020	Recurring	%	Change vs 2019
Net revenues	448.1	100.0%	413.4	100.0%	8.4%	375.9	100.0%	19.2%
EBITDA	95.5	21.3%	95.3	23.1%	0.1%	73.4	19.5%	30.1%
EBIT	42.9	9.6%	46.4	11.2%	-7.6%	26.7	7.1%	60.9%

(*) EPS adjusted (adjusted net earnings per share) for non-recurring expenses and the amortization of the intangible assets as per the Purchase Price Allocation accounting treatment.

Consolidated revenues amounted to 459.1 million euros in the third quarter of 2021, an increase at constant exchange rates of 19.0% compared to the third quarter of 2019 and of 6.8% compared to the third quarter of 2020. Excluding the contribution of Elite in the quarter and in the comparison periods, revenues were 448.1 million euros, an increase at constant exchange rates of 21.2% compared to the third quarter of 2019 and 8.0% compared to third quarter of 2020 despite the extremely challenging comparison base for both periods. In particular, the third quarter of 2020 benefited from the easing of the severe lockdown measures adopted in the second quarter of 2020. The outstanding performance with respect to 2019, which was not impacted by the pandemic, was driven by a 13.8% organic growth, well above the reference market, while acquisitions contributed for 7.4%. The foreign exchange effect was negative for 2.0% explained by the strengthening of the Euro against the US dollar and the Latin American currencies.

The performance was positive across all regions, despite the extremely challenging comparison base primarily in EMEA which posted a solid performance, driven by a strong organic growth recorded mainly in France, Spain and Italy; in the AMERICAS, the United States reported once again an excellent, well above market, organic growth, which was combined with the significant contribution of the PJC Hearing acquisition, as well as the outstanding performances in Canada and Latin America; APAC recorded a solid, above-market performance, despite the localized lockdowns in Australia and New Zealand.

Recurring EBITDA was 94.2 million euros, 23.8% higher than in the third quarter of 2019 and 3.0% lower than in the third quarter of 2020, which benefitted from significant extraordinary income related to the Covid-19 emergency. EBITDA as reported came to 93.0 million euros after non-recurring expenses of 1.2 million euros attributable mainly to the GAES integration and the project for the redefinition of Amplifon S.p.A.'s corporate structure. Excluding the contribution of Elite in the third quarter of 2021 and in the comparison periods, recurring EBITDA amounted to 95.5 million euros, an increase of 30.1% over the third quarter of 2019, with the margin rising 180 basis points against the same period of 2019 to 21.3% even after significant investments in the business. This sizeable improvement in profitability is attributable mainly to the greater operating efficiency stemming from the actions taken in 2020 to face the Covid-19 emergency and was achieved, moreover, after significant investments in the business, including in marketing and the continuation of important strategic initiatives.

Recurring EBIT reached 41.6 million euros, 41.9% higher than in the third quarter of 2019 and 13.5% lower than in the third quarter of 2020, which benefitted from significant extraordinary income related to the Covid-19 emergency. EBIT as reported was 38.8 million euros. Excluding the contribution of Elite in the quarter and in the comparison periods, EBIT came to 42.9 million euros, showing an increase of 60.9% over the 26.7 million euros recorded in the same period of 2019. The margin on revenues came to 9.6% compared to 7.1% in the third quarter of 2019.

Recurring net profit was 25.7 million euros, 57.3% higher than the 16.3 million euros posted in the third quarter of 2019, thanks to greater operating leverage, and 10.0% lower than in the third quarter of 2020 which benefitted from significant extraordinary income related to the Covid-19 emergency.

ECONOMIC RESULTS FOR THE FIRST NINE MONTHS OF 2021

(Euro millions)		9M 2021		9M 2020		9M 2019
	Recurring	%	Recurring	%	Change vs 2020	Recurring	%	Change vs 2019
Net revenues	1,418.6	100.0%	1,042.1	100.0%	36.1%	1,224.7	100.0%	15.8%
EBITDA	326.9	23.0%	228.4	21.9%	43.1%	262.6	21.4%	24.5%
EBIT	167.5	11.8%	79.7	7.6%	110.2%	124.7	10.2%	34.3%
Net income	106.0	7.5%	41.1	3.9%	157.9%	75.7	6.2%	40.1%
EPS adjusted (*, in Euro)	0.574		0.281		104.6%	0.432		32.8%

ECONOMIC RESULTS FOR THE FIRST NINE MONTHS OF 2021 PRO-FORMA WITHOUT ELITE

(Euro millions)	9M 2021		9M 2020			9M 2019
	Recurring	%	Recurring	%	Change vs 2020	Recurring	%	Change vs 2019
Net revenues	1,379.9	100.0%	1,004.0	100.0%	37.4%	1,173.6	100.0%	17.6%
EBITDA	326.2	23.6%	224.0	22.3%	45.6%	254.7	21.7%	28.1%
EBIT	166.8	12.1%	75.3	7.5%	121.5%	116.8	10.0%	42.8%

(*) EPS adjusted (adjusted net earnings per share) for non-recurring expenses and the amortization of the intangible assets as per the Purchase Price Allocation accounting treatment.

Consolidated revenues amounted to 1,418.6 million euros in the first nine months of 2021, an increase at constant exchange rates of 17.7% compared to the first nine months of 2019 and of 37.0% compared to the first nine months of 2020. Excluding the contribution of Elite in the first nine months of 2021 and in the comparison periods, revenues amounted to 1,379.9 million euros, an increase at constant exchange rates of 19.4% compared to the same period of 2019 (thanks to a strong organic growth of 13.3%) and 38.1% compared the same period of 2020. Acquisitions contributed for 6.1% compared to 2019 and for 4.9% compared to the same period of 2020, while the foreign exchange effect was negative due once again to the strengthening of the Euro against the US dollar and the Latin American currencies.

Recurring EBITDA was 326.9 million euros, an increase of 24.5% compared to the first nine months of 2019 and of 43.1% compared to the first nine months of 2020. EBITDA as reported came to 321.4 million euros after non-recurring expenses of 5.4 million euros attributable mainly to the GAES integration process and the project for the redefinition of Amplifon S.p.A.'s corporate structure. Excluding the contribution of Elite in the first nine months of 2021 and in the comparison periods, recurring EBITDA was 326.2 million euros, showing an increase of 28.1% over the first nine months of 2019, with the margin rising 190 basis points compared to the same period of 2019 to 23.6%.

Recurring EBIT reached 167.5 million euros, an increase of 34.3% compared to the first nine months of 2019 and of 110.2% compared to the first nine months of 2020. EBIT as reported was 160.3 million euros. Excluding the contribution of Elite, EBIT came to 166.8 million euros, an increase of 42.8% compared to the first nine months of 2019. The margin on revenues came to 12.1% compared to 10.0% in the 2019 comparison period.

Recurring net profit was 106.0 million euros, an increase of 40.1% compared to the first nine months of 2019 and of 157.9% with respect to the first nine months of 2020. This outstanding result is attributable to greater operating leverage. Net profit as reported, which reflects the non-recurring charges of 5.3 million euros, reached 100.7 million euros. The tax rate came to 28.0%, lower than the 28.5% recorded in the 2019 comparison period. The adjusted earnings per share (EPS adjusted) came in at 57.4 euro cents, 32.8% higher than the 43.2 euro cents reported in the same period of 2019 and 104.6% higher than the 28.1 euro cents posted in the first nine months of 2020.

EMEA: Strong top-line performance, despite very challenging comparison base, and outstanding profitability

(Euro millions)	Q3 2021	Q3 2020	Q3 2019	Δ% 21/20	Δ% 21/19
Revenues	310.2	303.2	270.7	+2.3%	+14.6%
Organic growth				+0.0%	+11.3%
Acquisitions				+2.1%	+3.2%
FX				+0.2%	+0.1%
EBITDA recurring	79.1	76.8	58.1	+3.0%	+36.1%
Margin %	25.5%	25.3%	21.5%	+20 bps	+400 bps

In the third quarter EMEA posted a strong performance with revenues increasing at constant exchange rates of 14.5% compared the third quarter of 2019 and 2.1% compared to the third quarter of 2020, despite the extremely challenging comparison base for the same period of both 2019 and 2020, which were characterized by exceptional organic growth of more than 11%. Organic growth in the third quarter 2021 was particularly strong in France, Spain and Italy.

The region posted excellent profitability with the EBITDA margin rising an impressive 400 basis points compared to the same period of 2019 to 25.5%, thanks to greater efficiency post-Covid, improved profitability in Spain and scale reach in core countries.

AMERICAS: Impressive revenue growth continues, boosted by ~+40% well above-market organic growth compared to the third quarter of 2019 and by PJC Hearing acquisition

(Euro millions)	Q3 2021	Q3 2020	Q3 2019	Δ% 21/20	Δ% 21/19
Revenues	90.7	69.6	71.5	+30.4%	+26.8%
Organic growth				+13.3%	+22.1%
Acquisitions				+17.3%	+17.4%
FX				-0.2%	-12.7%
EBITDA recurring	18.8	16.0	15.6	+17.5%	+20.2%
Margin %	20.7%	23.0%	21.9%	-230 bps	-120 bps

Pro-forma figures without Elite

(Euro millions)	Q3 2021	Q3 2020	Q3 2019	Δ% 21/20	Δ% 21/19
Revenues	79.7	54.8	54.7	+45.4%	+45.7%
Organic growth				+24.1%	+38.4%
Acquisitions				+22.0%	+22.8%
FX				-0.7%	-15.5%
EBITDA recurring	20.1	14.3	13.0	+40.2%	+55.1%
Margin %	25.2%	26.2%	23.7%	-100 bps	+150 bps

The United States recorded once again an extraordinary revenue performance, driven by an organic growth of around 40% compared to the third quarter of 2019 (more than twice the reference market) mainly thanks to Miracle-Ear and the contribution of the PJC Hearing acquisition, which also posted strong organic growth in the period (reported in M&A). The performance posted in Canada was strong and that posted by Latin America was excellent.

Excluding the contribution of Elite in the third quarter of 2021 and in the comparison periods, the EBITDA margin came to 25.2%, 150 basis points higher than in the third quarter of 2019, despite the challenging comparison base and after significant investments in the business.

The region's financial results including Elite reflect the wind-down process currently underway and, therefore, are not very significant.

ASIA-PACIFIC: Solid and above market performance, despite local lockdowns in Australia and New Zealand

(Euro millions)	Q3 2021	Q3 2020	Q3 2019	Δ% 21/20	Δ% 21/19
Revenues	58.2	55.5	49.2	+5.0%	+18.4%
Organic growth				-0.8%	+3.7%
Acquisitions				+3.0%	+13.7%
FX				+2.8%	+1.0%
EBITDA recurring	15.7	22.5	14.4	-30.1%	+9.3%
Margin %	27.0%	40.5%	29.2%	-1,350 bps	-220 bps

ASIA-PACIFIC reported a solid revenue performance, despite the extremely challenging comparison base for the third quarter of both 2019 and 2020. A good performance was posted in Australia despite the restrictive measures in place in different areas of the country, while New Zealand posted a negative performance due to the lockdowns which resulted in the mandatory closure of the Group's stores throughout the country for around six weeks. The performance in China was excellent thanks to the outstanding organic growth, as well as the contribution of Sound Bridge.

EBITDA reached 15.7 million euros in ASIA-PACIFIC, an increase of 9.3% compared to the third quarter of 2019. The EBITDA margin came to 27.0%, down 220 basis points compared to the third quarter of 2019 due to lower revenues as a result of the lockdowns in Australia and New Zealand and the increased marketing costs incurred in Australia to launch the Amplifon brand and the Amplifon Product Experience roll-out. The comparison of the EBITDA with the same period of 2020 is not significant given the important extraordinary income posted in the quarter related to the Covid-19 emergency.

BALANCE SHEET FIGURES AS AT SEPTEMBER 30TH, 2021

The balance sheet and financial indicators continue to confirm the Group's solidity: the Company generated excellent free cash flow of 160.9 million euros and decreased its net financial debt.

Total net equity was 838.1 million euros at September 30th, 2021, higher than the 801.9 million euros recorded at December 31st, 2020.

Operating cash flow, before payment of lease liabilities, reached 288.7 million euros. The payment of lease liabilities, equal to 69.3 million euros, brought the operating cash flow to 219.4 million euros, 41.4% higher than the 155.1 million euros recorded in the first nine months of 2020. Free cash flow came to 160.9 million euros, an increase of 33.9 million euros (+26.6%) compared to the 127.1 million euros generated in the first nine months of 2020, after investments (net of disposals) of 58.4 million euros versus 28.1 million euros in the first nine months of 2020. Net cash-out for acquisitions (63.5 million euros versus 41.9 million euros in the first nine months of 2020), along with the payment of dividends (49.4 million euros) and the outlays for the buyback program (31.1 million euros) bring cash flow for the reporting period to a positive 18.8 million euros versus a positive 77.3 million euros in the first nine months of 2020.

Operating cash flow was 72.2% higher than the 127.4 million euros generated in the first nine months of 2019 and free cash flow was 134.5% higher than the 68.6 million euros generated in the same period of 2019.

Net financial debt came to 616.8 million euros, lower than the 633.7 million euros reported at December 31st, 2020, with financial leverage down to 1.25x, compared to 1.63x at December 31st, 2020.

SIGNED THE FIRST "SUSTAINABILITY-LINKED" REVOLVING CREDIT FACILITY

On September 30th, 2021 Amplifon signed a new 5-year "sustainability-linked" revolving credit facility with Intesa Sanpaolo (IMI Corporate & Investment Banking Division) for a total of 100 million euros. This facility (which is part of the plan to refinance and expand the Company's existing revolving credit facilities), linked to certain indicators in Amplifon's Sustainability Plan, will allow the Company to further diversify its sources of funding, as well as extend its average debt maturity.

EVENTS SUBSEQUENT TO SEPTEMBER 30TH, 2021

After the close of the third quarter, the Company announced the closing of the acquisition of Bay Audio in Australia. The transaction values Bay Audio at around AUD 550 million (around Euro 340 million) on an enterprise value basis.

In October the Company also started the roll-out of the Amplifon Product Experience in the core Spanish market and opened its first Amplifon store in Shanghai.

On October 18th, 2021 Amplifon was included in the new MIB ESG index launched by Euronext and Borsa Italiana, dedicated to the 40 Italian blue chips which demonstrate strong ESG (Environment, Social & Governance) practices. Inclusion in the index provides further confirmation of the Company's commitment to pursuing sustainable, longterm growth.

Lastly, during and after the close of the quarter, the Group progressed with the wind-down process of the Elite business in the United States. The wind-down will be treated as a discontinued operation in accordance with the IFRS 5 as of the date on which operations are effectively discontinued. More in detail, P&L data for Elite will be excluded from the Group's consolidated P&L and from the comparison periods starting from the date the business is effectively discontinued. The result of the discontinued operations will be reported in a separate P&L line named Net Result after discontinued operations. As of today Amplifon expects the total negative impact for the winddown of Elite to be around 10 million euros, mainly related to the write-off of assets (credits, other financial assets and goodwill). The discontinuation of Elite is expected to be effective and completed by the end of 2021.

OUTLOOK

The Company is very positive for the full-year 2021 in light of the outstanding results achieved in the first nine months and the positive performance expected for the last quarter of the year. In fact, for the fourth quarter, despite the challenging comparison base, the Company expects an ongoing positive market trend thanks to the effectiveness of the vaccinations in reducing the impacts of the pandemic worldwide, as well as the easing of the restrictions in Australia and New Zealand as vaccinations progress.

Moreover, it is worth noting that the consolidation of Bay Audio as from October 1st shall contribute with additional around 15 million euros to the consolidated revenues expected for the full year 20215 .

Finally, the Company expects to continue with the execution of its 2023 strategic plan at a rapid pace thanks to its leading role in the consolidation process of the industry, its unique and unmatchable customer proposition which will allow the Company to grow faster than the reference market, while, at the same time, re-investing in the business for a long-term sustainable profitable growth path.

ASSIGNMENT OF PERFORMANCE STOCK GRANT PLAN 2019-2025

In accordance with the above-mentioned plan, on October 28th, 2021 the Board of Directors resolved to assign 53,550 shares, at target, relative to the second tranche of the stock grant cycle 2021-2023 as recommended by the Remuneration and Appointments Committee, pursuant to Art. 84 bis, par. 5, of Consob Regulation n. 11971/99, as amended.

The information regarding the beneficiaries and the respective rights assigned will be reported in the table prepared in accordance with the indications provided in Table n. 1, Form 7 of Annex 3A of Regulation n. 11971/1999, along with the characteristics already disclosed in the Information Document, which will be made available within the time period required by law at the Company's registered office and published on the Company's website https://corporate.amplifon.com.

The Information Document relating to the new Stock Grant Plan 2019-2025, which contains all the detailed information required by current law, was made available to the public in the same manner.

⁵ See guidance communicated on press releases of July 29th and September 13th

*****

The Company announces that the Interim Financial Report as at September 30th , 2021 will be made available to the public from November 5th , 2021 at the Company's registered office, on the Company's website (https://corporate.amplifon.com) and on the authorized storage system eMarket STORAGE ().

*****

The results for the Q3 2021 will be presented to the financial community today at 15:00 (CET) during a conference call and audiowebcast. To participate in the conference call dial one of the following numbers: +44 121 281 8004 (UK), +1 718 705 8796 (USA), +33 170918704 (France) or +39 02 802 09 11 (Italy); or access the audiowebcast directly through the following link:

https://services.choruscall.com/mediaframe/webcast.html?webcastid=pzMs1yPB

A few presentation slides will be made available prior to the beginning of the conference call, beginning at 14:30 CET, in the Investors section (Presentations) of the website: https://corporate.amplifon.com. Those who are unable to attend the conference call may access a recording which will be available immediately after the call until 24:00 (CET) of August 1st , 2021, by dialing the following number: +39 02 802 0987 (Italy), access code: 927# - guest code: 700927#; or, if the recording is no longer available, by accessing the webpage:

https://corporate.amplifon.com/en/investors/presentations-and-webcast/Presentation-q3-2021

In compliance with paragraph 2 of Article 154 bis of the "Uniform Financial Services Act" (Legislative Decree 58/1998), the Manager charged with preparing the Company's financial reports, Gabriele Galli, declares that the accounting information reported in the present press release corresponds to the underlying documentary reports, books of account and accounting entries.

*****

*****

This press release contains forward-looking statements. These statements are based on the Company's current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: continued volatility and further deterioration of capital and financial markets, changes in general macro-economic conditions, economic growth and other changes in business conditions, changes in laws and regulations (both in Italy and abroad), and many other factors, most of which are outside of the Company's control.

About Amplifon

Amplifon, global leader in the hearing care retail market, empowers people to rediscover all the emotions of sound. Amplifon's over 17,000 people worldwide strive every day to understand the unique needs of every customer, delivering exclusive, innovative and highly personalized products and services, to ensure everyone the very best solution and an outstanding experience. The Group operates through a network of over 9,000 points of sale in 26 Countries and 5 continents. More information about the Group is available at: https://corporate.amplifon.com.

Investor Relations

Amplifon S.p.A. Francesca Rambaudi Tel +39 02 5747 2261 francesca.rambaudi@amplifon.com

Media Relations Brunswick Lidia Fornasiero/ Barbara Scalchi Tel +39 02 9288 6200 amplifon@brunswickgroup.com

Corporate Communication Amplifon S.p.A. Luca Marini Tel +39 02 5747 2005 luca.marini@amplifon.com

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CONSOLIDATED NET REVENUES BY GEOGRAPHIC AREA – FIRST NINE MONTHS 2021 VS FIRST NINE MONTHS 2020

(€ thousands)	First nine months 2021	%	First nine months 2020	%	Change	Change %	Exchange diff.	Change % in local currency	Organic growth % (*)
Total EMEA	984,146	69.4%	740,652	71.1%	243,494	32.9%	(589)	33.0%	31.1%
Total Americas	262,976	18.5%	174,163	16.7%	88,813	51.0%	(16,009)	60.2%	42.1%
Total APAC	171,467	12.1%	127,307	12.2%	44,160	34.7%	7,569	28.8%	26.1%
Corporate and intercompany elimination	-	-	-	-	-	-	-	-	-
Total	1,418,589	100.0%	1,042,122	100.0%	376,467	36.1%	(9,029)	37.0%	32.3%

(*) Organic growth is calculated as sum of same store growth and openings.

CONSOLIDATED NET REVENUES BY GEOGRAPHIC AREA – FIRST NINE MONTHS 2021 VS FIRST NINE MONTHS 2019

(€ thousands)	First nine months 2021	%	First nine months 2019	%	Change	Change %	Exchange diff.	Change % in local currency	Organic growth % (*)
Total EMEA	984,146	69.4%	877,827	71.7%	106,319	12.1%	1,173	12.0%	9.2%
Total Americas	262,976	18.5%	203,382	16.6%	59,594	29.3%	(26,358)	42.2%	26.3%
Total APAC	171,467	12.1%	140,218	11.4%	31,249	22.3%	1,662	21.1%	11.1%
Corporate and intercompany elimination	-	-	3,314	0.3%	(3,314)	-100.0%	-	-100.0%	-100.0%
Total	1,418,589	100.0%	1,224,741	100.0%	193,848	15.8%	(23,523)	17.7%	11.9%

(*) Organic growth is calculated as sum of same store growth and openings.

CONSOLIDATED NET REVENUES BY GEOGRAPHIC AREA – Q3 2021 VS Q3 2020

(€ thousands)	Q3 2021	%	Q3 2020	%	Change	Change %	Exchange diff.	Change % in local currency	Organic growth % (*)
Total EMEA	310,192	67.6%	303,182	70.8%	7,010	2.3%	632	2.1%	0.0%
Total Americas	90,683	19.7%	69,562	16.2%	21,121	30.4%	(178)	30.6%	13.3%
Total APAC	58,227	12.7%	55,479	13.0%	2,748	5.0%	1,551	2.2%	-0.8%
Corporate and intercompany elimination	-	-	-	-	-	-	-	-	-
Total	459,102	100.0%	428,223	100.0%	30,879	7.2%	2,005	6.8%	2.1%

(*) Organic growth is calculated as sum of same store growth and openings.

CONSOLIDATED NET REVENUES BY GEOGRAPHIC AREA – Q3 2021 VS Q3 2019

(€ thousands)	Q3 2021	%	Q3 2019	%	Change	Change %	Exchange diff.	Change % in local currency	Organic growth % (*)
Total EMEA	310,192	67.6%	270,699	69.0%	39,493	14.6%	446	14.5%	11.3%
Total Americas	90,683	19.7%	71,498	18.2%	19,185	26.8%	(9,084)	39.5%	22.1%
Total APAC	58,227	12.7%	49,181	12.5%	9,046	18.4%	502	17.4%	3.7%
Corporate and intercompany elimination	-	-	1,327	0.3%	(1,327)	-100.0%	-	-100.0%	-100.0%
Total	459,102	100.0%	392,705	100.0%	66,397	16.9%	(8,136)	19.0%	11.9%

(*) Organic growth is calculated as sum of same store growth and openings.

CONSOLIDATED INCOME STATEMENT – FIRST NINE MONTHS 2021 VS FIRST NINE MONTHS 2020

(€ thousands)			First nine months 2021		First nine months 2020
	Recurring	Non recurring	Total	% on recurring	Recurring	Non recurring	Total	% on recurring	Change % on recurring
Revenues from sales and services	1,418,589	-	1,418,589	100.0%	1,042,122	-	1,042,122	100.0%	36.1%
Operating costs	(1,095,428)	(5,183)	(1,100,611)	-77.3%	(826,925)	-	(826,925)	-79.4%	-32.5%
Other income and costs	3,697	(265)	3,432	0.3%	13,160	-	13,160	1.3%	-71.9%
Gross operating profit (EBITDA)	326,858	(5,448)	321,410	23.0%	228,357	-	228,357	21.9%	43.1%
Depreciation, amortization and impairment of non current assets	(56,284)	(1,693)	(57,977)	-4.0%	(51,753)	-	(51,753)	-4.9%	-8.8%
Right-of-use depreciation	(71,196)	-	(71,196)	-4.9%	(67,515)	-	(67,515)	-6.5%	-5.5%
Operating result before the amortization and impairment of PPA related assets (EBITA)	199,378	(7,141)	192,237	14.1%	109,089	-	109,089	10.5%	82.8%
PPA related depreciation, amortization and impairment	(31,913)	-	(31,913)	-2.3%	(29,425)	-	(29,425)	-2.9%	-8.5%
Operating profit (EBIT)	167,465	(7,141)	160,324	11.8%	79,664	-	79,664	7.6%	110.2%
Income, expenses, valuation and adjustments of financial assets	931	-	931	0.1%	(438)	-	(438)	-0.1%	312.6%
Net financial expenses	(21,284)	-	(21,284)	-1.5%	(22,083)	-	(22,083)	-2.1%	3.6%
Exchange differences and non-hedge accounting instruments	39	-	39	0.0%	560	-	560	0.1%	-93.0%
Profit (loss) before tax	147,151	(7,141)	140,010	10.4%	57,703	-	57,703	5.5%	155.0%
Tax	(41,117)	1,882	(39,235)	-2.9%	(16,584)	-	(16,584)	-1.6%	-147.9%
Net profit (loss)	106,034	(5,259)	100,775	7.5%	41,119	-	41,119	3.9%	157.9%
Profit (loss) of minority interests	32	-	32	0.0%	12	-	12	0.0%	166.7%
Net profit (loss) attributable to the Group	106,002	(5,259)	100,743	7.5%	41,107	-	41,107	3.9%	157.9%

CONSOLIDATED INCOME STATEMENT – FIRST NINE MONTHS 2021 VS FIRST NINE MONTHS 2019

(€ thousands)			First nine months 2021	First nine months 2019
	Recurring	Non recurring	Total	% on recurring	Recurring	Non recurring	Total	% on recurring	Change % on recurring
Revenues from sales and services	1,418,589	-	1,418,589	100.0%	1,224,741	-	1,224,741	100.0%	15.8%
Operating costs	(1,095,428)	(5,183)	(1,100,611)	-77.3%	(963,216)	(18,372)	(981,588)	-78.6%	-13.7%
Other income and costs	3,697	(265)	3,432	0.3%	1,085	-	1,085	0.1%	240.8%
Gross operating profit (EBITDA)	326,858	(5,448)	321,410	23.0%	262,610	(18,372)	244,238	21.4%	24.5%
Depreciation, amortization and impairment of non current assets	(56,284)	(1,693)	(57,977)	-4.0%	(45,424)	(198)	(45,622)	-3.7%	-23.9%
Right-of-use depreciation	(71,196)	-	(71,196)	-4.9%	(64,770)	(166)	(64,936)	-5.3%	-9.9%
Operating result before the amortization and impairment of PPA related assets (EBITA)	199,378	(7,141)	192,237	14.1%	152,416	(18,736)	133,680	12.4%	30.8%
PPA related depreciation, amortization and impairment	(31,913)	-	(31,913)	-2.3%	(27,707)	-	(27,707)	-2.3%	-15.2%
Operating profit (EBIT)	167,465	(7,141)	160,324	11.8%	124,709	(18,736)	105,973	10.2%	34.3%
Income, expenses, valuation and adjustments of financial assets	931	-	931	0.1%	220	-	220	0.0%	323.2%
Net financial expenses	(21,284)	-	(21,284)	-1.5%	(19,699)	-	(19,699)	-1.6%	-8.0%
Exchange differences and non-hedge accounting instruments	39	-	39	0.0%	(237)	-	(237)	0.0%	116.5%
Profit (loss) before tax	147,151	(7,141)	140,010	10.4%	104,993	(18,736)	86,257	8.6%	40.2%
Tax	(41,117)	1,882	(39,235)	-2.9%	(29,281)	4,717	(24,564)	-2.4%	-40.4%
Net profit (loss)	106,034	(5,259)	100,775	7.5%	75,712	(14,019)	61,693	6.2%	40.1%
Profit (loss) of minority interests	32	-	32	0.0%	30	-	30	0.0%	6.7%
Net profit (loss) attributable to the Group	106,002	(5,259)	100,743	7.5%	75,682	(14,019)	61,663	6.2%	40.1%

CONSOLIDATED INCOME STATEMENT – Q3 2021 VS Q3 2020

(€ thousands)		Q3 2021		Q3 2020
	Recurring	Non recurring	Total	% on recurring	Recurring	Non recurring	Total	% on recurring	Change % on recurring
Revenues from sales and services	459,102	-	459,102	100.0%	428,223	-	428,223	100.0%	7.2%
Operating costs	(365,415)	(1,027)	(366,442)	-79.6%	(333,230)	-	(333,230)	-77.8%	-9.7%
Other income and costs	464	(129)	335	0.1%	2,065	-	2,065	0.5%	-77.5%
Gross operating profit (EBITDA)	94,151	(1,156)	92,995	20.5%	97,058	-	97,058	22.7%	-3.0%
Depreciation, amortization and impairment of non current assets	(17,337)	(1,693)	(19,030)	-3.8%	(17,523)	-	(17,523)	-4.2%	1.1%
Right-of-use depreciation	(24,498)	-	(24,498)	-5.3%	(21,550)	-	(21,550)	-5.0%	-13.7%
Operating result before the amortization and impairment of PPA related assets (EBITA)	52,316	(2,849)	49,467	11.4%	57,985	-	57,985	13.5%	-9.8%
PPA related depreciation, amortization and impairment	(10,696)	-	(10,696)	-2.3%	(9,847)	-	(9,847)	-2.3%	-8.6%
Operating profit (EBIT)	41,620	(2,849)	38,771	9.1%	48,138	-	48,138	11.2%	-13.5%
Income, expenses, valuation and adjustments of financial assets	102	-	102	0.0%	(182)	-	(182)	-0.1%	156.0%
Net financial expenses	(7,128)	-	(7,128)	-1.6%	(7,864)	-	(7,864)	-1.8%	9.4%
Exchange differences and non-hedge accounting instruments	716	-	716	0.2%	(172)	-	(172)	0.0%	516.3%
Profit (loss) before tax	35,310	(2,849)	32,461	7.7%	39,920	-	39,920	9.3%	-11.5%
Tax	(9,634)	773	(8,861)	-2.1%	(11,261)	-	(11,261)	-2.6%	14.4%
Net profit (loss)	25,676	(2,076)	23,600	5.6%	28,659	-	28,659	6.7%	-10.4%
Profit (loss) of minority interests	2	-	2	0.0%	128	-	128	0.0%	-98.4%
Net profit (loss) attributable to the Group	25,674	(2,076)	23,598	5.6%	28,531	-	28,531	6.7%	-10.0%

CONSOLIDATED INCOME STATEMENT – Q3 2021 VS Q3 2019

(€ thousands)		Q3 2021		Q3 2019
	Recurring	Non recurring	Total	% on recurring	Recurring	Non recurring	Total	% on recurring	Change % on recurring
Revenues from sales and services	459,102	-	459,102	100.0%	392,705	-	392,705	100.0%	16.9%
Operating costs	(365,415)	(1,027)	(366,442)	-79.6%	(316,922)	(12,567)	(329,489)	-80.7%	-15.3%
Other income and costs	464	(129)	335	0.1%	262	-	262	0.1%	77.5%
Gross operating profit (EBITDA)	94,151	(1,156)	92,995	20.5%	76,045	(12,567)	63,478	19.4%	23.8%
Depreciation, amortization and impairment of non current assets	(17,337)	(1,693)	(19,030)	-3.8%	(15,595)	(133)	(15,728)	-4.0%	-11.2%
Right-of-use depreciation	(24,498)	-	(24,498)	-5.3%	(21,995)	(166)	(22,161)	-5.6%	-11.4%
Operating result before the amortization and impairment of PPA related assets (EBITA)	52,316	(2,849)	49,467	11.4%	38,455	(12,866)	25,589	9.8%	36.0%
PPA related depreciation, amortization and impairment	(10,696)	-	(10,696)	-2.3%	(9,118)	-	(9,118)	-2.3%	-17.3%
Operating profit (EBIT)	41,620	(2,849)	38,771	9.1%	29,337	(12,866)	16,471	7.5%	41.9%
Income, expenses, valuation and adjustments of financial assets	102	-	102	0.0%	27	-	27	0.0%	277.8%
Net financial expenses	(7,128)	-	(7,128)	-1.6%	(6,579)	-	(6,579)	-1.7%	-8.3%
Exchange differences and non-hedge accounting instruments	716	-	716	0.2%	(349)	-	(349)	-0.1%	305.2%
Profit (loss) before tax	35,310	(2,849)	32,461	7.7%	22,436	(12,866)	9,570	5.7%	57.4%
Tax	(9,634)	773	(8,861)	-2.1%	(6,081)	3,718	(2,363)	-1.5%	-58.4%
Net profit (loss)	25,676	(2,076)	23,600	5.6%	16,355	(9,148)	7,207	4.2%	57.0%
Profit (loss) of minority interests	2	-	2	0.0%	35	-	35	0.0%	-94.3%
Net profit (loss) attributable to the Group	25,674	(2,076)	23,598	5.6%	16,320	(9,148)	7,172	4.2%	57.3%

NON-RECURRING ITEMS – FIRST NINE MONTHS 2021 VS FIRST NINE MONTHS 2020

(€ thousands)	First nine months 2021	First nine months 2020	First nine months 20219
GAES integration costs	(3,196)	-	(18,372)
Amplifon S.p.A restructuring costs	(1,796)	-	-
Bay Audio Pty acquisition costs	(456)	-	-
Impact of the non-recurring items on EBITDA	(5,448)	-	(18,372)
Accelerated depreciation of GAES tangible assets	(1,693)	-	(364)
Impact of the non-recurring items on EBIT	(7,141)	-	(18,736)
Impact of the non-recurring items on profit before tax	(7,141)	-	(18,736)
Impact of the above items on the tax burden for the period	1,882	-	4,717
Impact of the non-recurring items on net profit	(5,259)	-	(14,019)

NON-RECURRING ITEMS – Q3 2021

(€ thousands)	Q3 2021	Q3 2020	Q3 2019
GAES integration costs	(530)	-	(12,567)
Amplifon S.p.A restructuring costs	(170)	-	-
Bay Audio Pty acquisition costs	(456)	-	-
Impact of the non-recurring items on EBITDA	(1,156)	-	(12,567)
Accelerated depreciation of GAES tangible assets	(1,693)	-	(299)-
Impact of the non-recurring items on EBIT	(2,849)	-	(12,866)
Impact of the non-recurring items on profit before tax	(2,849)	-	(12,866)
Impact of the above items on the tax burden for the period	773	-	3,718
Impact of the non-recurring items on net profit	(2,076)	-	(9,148)

CONSOLIDATED INCOME STATEMENT PRO FORMA WITHOUT ELITE – FIRST NINE MONTHS 2021 VS FIRST NINE MONTHS 2020

(€ thousands)	First nine months 2021				First nine months 2020
	Recurring	Non recurring	Total	% on recurring	Recurring	Non recurring	Total	% on recurring	Change % on recurring
Revenues from sales and services	1,379,873	-	1,379,873	100.0%	1,004,005	-	1,004,005	100.0%	37.4%
Operating costs	(1,057,374)	(5,183)	(1,062,557)	-76.7%	(793,197)	-	(793,197)	-79.0%	-33.3%
Other income and costs	3,697	(265)	3,432	0.3%	13,160	-	13,160	1.3%	-71.9%
Gross operating profit (EBITDA)	326,196	(5,448)	320,748	23.6%	223,968	-	223,968	22.3%	45.6%
Depreciation, amortization and impairment of non current assets	(56,269)	(1,693)	(57,962)	-4.1%	(51,723)	-	(51,723)	-5.2%	-8.8%
Right-of-use depreciation	(71,196)	-	(71,196)	-5.1%	(67,515)	-	(67,515)	-6.7%	-5.5%
Operating result before the amortization and impairment of PPA related assets (EBITA)	198,731	(7,141)	191,590	14.4%	104,730	-	104,730	10.4%	89.8%
PPA related depreciation, amortization and impairment	(31,912)	-	(31,912)	-2.3%	(29,424)	-	(29,424)	-2.9%	-8.5%
Operating profit (EBIT)	166,819	(7,141)	159,678	12.1%	75,306	-	75,306	7.5%	121.5%

CONSOLIDATED INCOME STATEMENT PRO FORMA WITHOUT ELITE – FIRST NINE MONTHS 2021 VS FIRST NINE MONTHS 2019

(€ thousands)	First nine months 2021				First nine months 2019
	Recurring	Non recurring	Total	% on recurring	Recurring	Non recurring	Total	% on recurring	Change % on recurring
Revenues from sales and services	1,379,873	-	1,379,873	100.0%	1,173,572	-	1,173,572	100.0%	17.6%
Operating costs	(1,057,374)	(5,183)	(1,062,557)	-76.7%	(919,977)	(18,372)	(938,349)	-78.4%	-14.9%
Other income and costs	3,697	(265)	3,432	0.3%	1,085	-	1,085	0.1%	240.7%
Gross operating profit (EBITDA)	326,196	(5,448)	320,748	23.6%	254,680	(18,372)	236,308	21.7%	28.1%
Depreciation, amortization and impairment of non current assets	(56,269)	(1,693)	(57,962)	-4.1%	(45,368)	(198)	(45,566)	-3.9%	-24.0%
Right-of-use depreciation	(71,196)	-	(71,196)	-5.1%	(64,770)	(166)	(64,936)	-5.5%	-9.9%
Operating result before the amortization and impairment of PPA related assets (EBITA)	198,731	(7,141)	191,590	14.4%	144,542	(18,736)	125,806	12.3%	37.5%
PPA related depreciation, amortization and impairment	(31,912)	-	(31,912)	-2.3%	(27,704)	-	(27,704)	-2.3%	-15.2%
Operating profit (EBIT)	166,819	(7,141)	159,678	12.1%	116,838	(18,736)	98,102	10.0%	42.8%

CONSOLIDATED INCOME STATEMENT PRO FORMA WITHOUT ELITE – Q3 2021 VS Q3 2020

(€ thousands)	Q3 2021				Q3 2020
	Recurring	Non recurring	Total	% on recurring	Recurring	Non recurring	Total	% on recurring	Change % on recurring
Revenues from sales and services	448,086	-	448,086	100.0%	413,439	-	413,439	100.0%	8.4%
Operating costs	(353,095)	(1,027)	(354,122)	-78.8%	(320,156)	-	(320,156)	-77.4%	-10.3%
Other income and costs	464	(129)	335	0.1%	2,065	-	2,065	0.5%	-77.5%
Gross operating profit (EBITDA)	95,455	(1,156)	94,299	21.3%	95,348	-	95,348	23.1%	0.1%
Depreciation, amortization and impairment of non current assets	(17,334)	(1,693)	(19,027)	-3.9%	(17,513)	-	(17,513)	-4.3%	1.0%
Right-of-use depreciation	(24,498)	-	(24,498)	-5.4%	(21,550)	-	(21,550)	-5.2%	-13.7%
Operating result before the amortization and impairment of PPA related assets (EBITA)	53,623	(2,849)	50,774	12.0%	56,285	-	56,285	13.6%	-4.7%
PPA related depreciation, amortization and impairment	(10,696)	-	(10,696)	-2.4%	(9,848)	-	(9,848)	-2.4%	-8.6%
Operating profit (EBIT)	42,927	(2,849)	40,078	9.6%	46,437	-	46,437	11.2%	-7.6%

CONSOLIDATED INCOME STATEMENT PRO FORMA WITHOUT ELITE – Q3 2021 VS Q3 2019

(€ thousands)	Q3 2021				Q3 2019
	Recurring	Non recurring	Total	% on recurring	Recurring	Non recurring	Total	% on recurring	Change % on recurring
Revenues from sales and services	448,086	-	448,086	100.0%	375,872	-	375,872	100.0%	19.2%
Operating costs	(353,095)	(1,027)	(354,122)	-78.8%	(302,768)	(12,567)	(315,335)	-80.6%	-16.6%
Other income and costs	464	(129)	335	0.1%	262	-	262	0.1%	77.1%
Gross operating profit (EBITDA)	95,455	(1,156)	94,299	21.3%	73,366	(12,567)	60,799	19.5%	30.1%
Depreciation, amortization and impairment of non current assets	(17,334)	(1,693)	(19,027)	-3.9%	(15,514)	(198)	(15,712)	-4.1%	-11.7%
Right-of-use depreciation	(24,498)	-	(24,498)	-5.4%	(21,995)	(166)	(22,161)	-5.9%	-11.4%
Operating result before the amortization and impairment of PPA related assets (EBITA)	53,623	(2,849)	50,774	12.0%	35,857	(12,931)	22,926	9.5%	49.5%
PPA related depreciation, amortization and impairment	(10,696)	-	(10,696)	-2.4%	(9,183)	65	(9,118)	-2.4%	-16.5%
Operating profit (EBIT)	42,927	(2,849)	40,078	9.6%	26,674	(12,866)	13,808	7.1%	60.9%

CONSOLIDATED SEGMENT INFORMATION – FIRST NINE MONTHS 2021 VS FIRST NINE MONTHS 2020

(€ thousands)	First nine months 2021						First nine months 2020
	EMEA	Americas	Asia Pacific	Corporate (*)	Total	EMEA	Americas	Asia Pacific	Corporate (*)	Total
Net Revenues	984,146	262,976	171,467	-	1,418,589	740,652	174,163	127,307	-	1,042,122
EBITDA	270,934	58,657	49,383	(57,564)	321,410	179,677	38,706	45,132	(35,158)	228,357
% on sales	27.5%	22.3%	28.8%	-4.1%	22.7%	24.3%	22.2%	35.5%	-3.4%	21.9%
Recurring EBITDA	274,416	58,657	49,383	(55,598)	326,858	179,677	38,706	45,132	(35,158)	228,357
% on sales	27.9%	22.3%	28.8%	-3.9%	23.0%	24.3%	22.2%	35.5%	-3.4%	21.9%
EBIT	159,772	43,606	26,312	(69,366)	160,324	69,387	29,875	22,854	(42,452)	79,664
% on sales	16.2%	16.6%	15.3%	-4.9%	11.3%	9.4%	17.2%	18.0%	-4.1%	7.6%

(*) The impact of the centralized costs is calculated as a percentage of the Group's total sales.

CONSOLIDATED SEGMENT INFORMATION – FIRST NINE MONTHS 2021 VS FIRST NINE MONTHS 2019

(€ thousands)	First nine months 2021				First nine months 2019
	EMEA	Americas	Asia Pacific	Corporate (*)	Total	EMEA	Americas	Asia Pacific	Corporate (*)	Total
Net Revenues	984,146	262,976	171,467	-	1,418,589	877,827	203,382	140,218	3,314	1,224,741
EBITDA	270,934	58,657	49,383	(57,564)	321,410	187,046	44,753	41,654	(29,215)	244,238
% on sales	27.5%	22.3%	28.8%	-4.1%	22.7%	21.3%	22.0%	29.7%	-2.4%	19.9%
Recurring EBITDA	274,416	58,657	49,383	(55,598)	326,858	205,394	44,777	41,654	(29,215)	262,610
% on sales	27.9%	22.3%	28.8%	-3.9%	23.0%	23.4%	22.0%	29.7%	-2.4%	21.4%
EBIT	159,772	43,606	26,312	(69,366)	160,324	80,999	37,038	23,792	(35,856)	105,973
% on sales	16.2%	16.6%	15.3%	-4.9%	11.3%	9.2%	18.2%	17.0%	-2.9%	8.7%

(*) The impact of the centralized costs is calculated as a percentage of the Group's total sales.

CONSOLIDATED SEGMENT INFORMATION – Q3 2021 VS Q3 2020

(€ thousands)			Q3 2021					Q3 2020
	EMEA	Americas	Asia Pacific	Corporate (*)	Total	EMEA	Americas	Asia Pacific	Corporate (*)	Total
Net Revenues	310,192	90,683	58,227	-	459,102	303,182	69,562	55,479	-	428,223
EBITDA	78,499	18,793	15,717	(20,014)	92,995	76,811	16,000	22,476	(18,229)	97,058
% on sales	25.3%	20.7%	27.0%	-4.4%	20.3%	25.3%	23.0%	40.5%	-4.3%	22.7%
Recurring EBITDA	79,119	18,793	15,717	(19,478)	94,151	76,811	16,000	22,476	(18,229)	97,058
% on sales	25.5%	20.7%	27.0%	-4.2%	20.5%	25.3%	23.0%	40.5%	-4.3%	22.7%
EBIT	41,539	14,139	7,386	(24,293)	38,771	40,589	13,434	14,885	(20,770)	48,138
% on sales	13.4%	15.6%	12.7%	-5.3%	8.4%	13.4%	19.3%	26.8%	-4.9%	11.2%

(*) The impact of the centralized costs is calculated as a percentage of the Group's total sales.

CONSOLIDATED SEGMENT INFORMATION – Q3 2021 VS Q3 2019

(€ thousands)			Q3 2021					Q3 2019
	EMEA	Americas	Asia Pacific	Corporate (*)	Total	EMEA	Americas	Asia Pacific	Corporate (*)	Total
Net Revenues	310,192	90,683	58,227	-	459,102	270,699	71,498	49,181	1,327	392,705
EBITDA	78,499	18,793	15,717	(20,014)	92,995	45,555	15,637	14,385	(12,099)	63,478
% on sales	25.3%	20.7%	27.0%	-4.4%	20.3%	16.8%	21.9%	29.2%	-3.1%	16.2%
Recurring EBITDA	79,119	18,793	15,717	(19,478)	94,151	58,122	15,637	14,385	(12,099)	76,045
% on sales	25.5%	20.7%	27.0%	-4.2%	20.5%	21.5%	21.9%	29.2%	-3.1%	19.4%
EBIT	41,539	14,139	7,386	(24,293)	38,771	9,830	13,027	8,127	(14,513)	16,471
% on sales	13.4%	15.6%	12.7%	-5.3%	8.4%	3.6%	18.2%	16.5%	-3.7%	4.2%

(*) The impact of the centralized costs is calculated as a percentage of the Group's total sales.

RECLASSIFIED CONSOLIDATED BALANCE SHEET

(€ thousands)	09/30/2021	12/31/2020	Change
Goodwill	1,335,378	1,281,609	53,769
Customer lists, non-compete agreements, trademarks and location rights	253,106	259,627	(6,521)
Software, licenses, other int.ass., wip and advances	106,596	101,559	5,037
Tangible assets	176,535	177,616	(1,081)
Right of use assets	415,783	409,338	6,445
Fixed financial assets	38,000	38,125	(125)
Other non-current financial assets	34,682	31,569	3,113
Total fixed assets	2,360,080	2,299,443	60,637
Inventories	66,705	57,431	9,274
Trade receivables	151,186	169,060	(17,874)
Other receivables	80,002	60,533	19,469
Current assets (A)	297,893	287,024	10,869
Total assets	2,657,973	2,586,467	71,506
Trade payables	(200,565)	(181,036)	(19,529)
Other payables	(335,475)	(318,968)	(16,507)
Provisions for risks (current portion)	(2,328)	(3,560)	1,232
Short term liabilities (B)	(538,368)	(503,564)	(34,804)
Working capital (A) – (B)	(240,475)	(216,540)	(23,935)
Derivative instruments	(3,802)	(5,908)	2,106
Deferred tax assets	85,299	83,671	1,628
Deferred tax liabilities	(96,022)	(95,150)	(872)
Provisions for risks (non-current portion)	(51,101)	(49,765)	(1,336)
Employee benefits (non-current portion)	(23,304)	(24,019)	715
Loan fees	6,507	7,941	(1,434)
Other long-term payables	(151,636)	(141,361)	(10,275)
NET INVESTED CAPITAL	1,885,546	1,858,312	27,234
Shareholders' equity	836,274	800,883	35,391
Third parties' equity	1,840	985	855
Net equity	838,114	801,868	36,246
Long term net financial debt	970,941	1,103,265	(132,324)
Short term net financial debt	(354,098)	(469,600)	115,502
Total net financial debt	616,843	633,665	(16,822)
Lease liabilities	430,589	422,779	7,810
Total lease liabilities & net financial debt	1,047,432	1,056,444	(9,012)
NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL DEBT	1,885,546	1,858,312	27,234

CONSOLIDATED NET FINANCIAL DEBT MATURITY PROFILE

(Euro millions)	2021	2022	2023	2024	2025 & beyond	Total
Private placement	-	-	(46.6)	-	(38.8)	(85.4)
Eurobond	-	-	-	-	(350.0)	(350.0)
Bank loans	(14.1)	(84.4)	(83.1)	(191.4)	(84.3)	(457.3)
Financing for GAES acquisition	(19.9)	(79.5)	(79.5)	-	-	(178.9)
Bank accounts	(59.3)	-	-	-	-	(59.3)
Others	(33.8)	(14.2)	(9.5)	(0.3)	-	(57.8)
Short term investments	50.0	-	-	-	-	50.0
Cash and cash equivalents	521.8	-	-	-	-	521.8
Total	444.7	(178.2)	(218.6)	(191.7)	(473.1)	(616.8)

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(€ thousands)	First nine months 2021 (*)	First nine months 2020 (**)	First nine months 2019 (***)
EBIT	160,324	79,664	105,973
Amortization, depreciation and write-downs	161,085	148,693	138,265
Provisions, other non-monetary items and gain/losses from disposals	12,727	13,374	27,515
Net financial expenses	(19,531)	(19,654)	(17,374)
Taxes paid	(42,825)	(15,000)	(29,833)
Changes in net working capital	16,911	(1,653)	(37,537)
Cash flow provided by (used in) operating activities before repayment of lease liabilities	288,691	205,424	187,009
Repayment of lease liabilities	(69,326)	(50,278)	(59,647)
Cash flow provided by (used in) operating activities (A)	219,365	155,146	127,362
Cash flow provided by (used in) operating investing activities (B)	(58,424)	(28,070)	(58,735)
Free Cash Flow (A) + (B)	160,941	127,076	68,627
Net cash flow provided by (used in) acquisitions (C)	(67,204)	(41,947)	(53,008)
(Purchase) sale of other investment, securities and business units (D)	3,753	-	3
Cash flow provided by (used in) investing activities (B+C+D)	(121,875)	(70,017)	(111,740)
Cash flow provided by (used in) operating activities and investing activities	97,490	85,129	15,622
Fees paid on medium/long-term financing	-	(7,533)	-
Treasury shares	(31,085)	-	-
Dividends	(49,356)	-	(30,939)
Capital increases, third parties' contributions and dividends paid by subsidiaries to third parties	440	(272)	(53)
Hedging instruments and other changes in non-current assets	1,303	(73)	(33)
Net cash flow from the period	18,792	77,251	(15,403)
Net financial indebtedness as of period opening date	(633,665)	(786,698)	(840,856)
Effect of exchange rate fluctuations on financial position	(1,918)	(3,105)	(492)
Effect of discontinued operations on net financial indebtedness	(52)	-	-
Change in net financial position	18,792	77,251	(15,403)
Net financial indebtedness as of period closing date	(616,843)	(712,552)	(856,751)

(*) Cash flow is negatively impacted by non-recurring items for Euro 5.112 thousand.

(**) Cash flow is negatively impacted by non-recurring items for Euro 1.372 thousand.

(***) Cash flow is negatively impacted by non-recurring items for Euro 9.500 thousand.