Classification: internal

INDEX

PREFACE 4
INTERIM MANAGEMENT REPORT AS AT 30 JUNE 2025 5
HIGHLIGHTS 6
ALTERNATIVE PERFORMANCE MEASURES 8
SHAREHOLDER INFORMATION 16
RECLASSIFIED CONSOLIDATED INCOME STATEMENT 18
RECLASSIFIED CONSOLIDATED BALANCE SHEET 20
CONDENSED RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT22
INCOME STATEMENT REVIEW 23
BALANCE SHEET REVIEW 48
ACQUISITION OF COMPANIES AND BUSINESSES 60
OUTLOOK 61
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2025 62
CONSOLIDATED STATEMENT OF FINANCIAL POSITION63
CONSOLIDATED INCOME STATEMENT 65
STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME 66
STATEMENT OF CHANGES IN CONSOLIDATION EQUITY67
STATEMENT OF CONSOLIDATED CASH FLOWS 69
SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CONSOLIDATED CASH FLOWS 70
NOTES71
1. General Information71
2. Impacts of trade tariffs, conflict in Middle East, Ukraine and climate change on the Group's performance and financial position 72

3.	Acquisitions and goodwill 73
4.	Intangible fixed assets with finite useful life76
5.	Property, plant, and equipment78
6.	Right-of-use assets80
7.	Other non-current assets81
8.	Share capital and treasury shares82
9.	Net financial indebtedness83
10.	Financial liabilities86
11.	Provision for risks and charges88
12.	Lease liabilities 88
13.	Revenues from sales and services89
14.	Operating costs, depreciation and impairment, financial income-expenses and taxes 89
15.	Performance stock grants90
16.	Earnings (loss) per share 92
17.	Transactions with parents and other related parties 93
18.	Contingent liabilities 94
19.	Financial risk management 94
20.	Translation of foreign companies' financial statements95
21.	Segment Reporting96
22.	Accounting policies 101
23.	Subsequent events104
ANNEXES	105
	Consolidation scope 105 Declaration in respect of the Consolidated Financial Statements pursuant to Article 154- bis of Legislative Decree no. 58/98 110
	INDEPENDENT AUDITOR'S REPORT ON REVIEW OF CONDENSED INTERIM CONSOLIDATED
	FINANCIAL STATEMENTS AS AT 30 JUNE 2025 111

Disclaimer

This report contains forward looking statements ("Outlook") relating to future events and the Amplifon Group's operating, economic and financial results. These forecasts, by definition, contain elements of risk and uncertainty, insofar as they are linked to the occurrence of future events and developments. The actual results may be very different with respect to the original forecast due to several factors, the majority of which are out of the Group's control.

PREFACE

This Interim Financial Report as at 30 June 2025 was prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) endorsed by the European Union and should be read together with the Group's consolidated financial statements as at and for the year ended 31 December 2024 that includes additional information on the risks and uncertainties that could impact the Group's operating results or its financial position.

Starting from 2025, in order to facilitate the understanding of the Group's economicfinancial performance and in line with market practice, a change was made to the representation of Alternative Performance Measures (APM) used by the Top management to monitor the Group's economic, financial and operating performance. The Group reports certain indicators as "adjusted" in order to present the Group's operating performance net of items (income and expenses) that are unusual, infrequent or not related to the operating performance. This will allow an analysis of the strictly operational performance of the Group. The Group also determined the same indicators for the comparison period in the same way.

For more information on the Alternative Performance Measures identified by the Group and the way the latter are determined, please refer to the section "Alternative Performance Measures" in this Interim Financial Report.

INTERIM MANAGEMENT REPORT AS AT

30 JUNE 2025

HIGHLIGHTS

In the first six months of 2025 Amplifon, with the acquisition made, recorded revenue growth despite a particularly challenging comparison base and a weak market which was impacted by macroeconomic and geopolitical factors.

(€ thousands)	First Half 2025	First Half 2024
Economic figures:
Revenues from sales and services	1,180,490	1,177,251
Gross operating profit (loss) (EBITDA)	286,981	293,773
Gross operating profit (loss) (EBITDA) Adjusted (*)	287,645	297,058
Operating profit (loss) (EBIT)	128,986	148,947
Operating profit (loss) (EBIT) Adjusted (*)	156,328	176,795
Profit (loss) before tax	98,280	121,432
Profit (loss) before tax Adjusted (*)	124,946	148,974
Net profit (loss)	68,219	87,874
Net profit (loss) Adjusted (*)	90,561	107,909
Net profit (loss) attributable to the Group	68,120	87,793
Net profit (loss) attributable to the Group Adjusted (*)	90,462	107,828

(*) For details on the Alternative Performance Measures identified by the Group and how they were determined refer to the specific sections of the Preface and the Alternative Performance Measures in this Interim Financial Report.

(€ thousands)	06/30/2025	12/31/2024	Change
Financial figures:
Non-current assets	3,105,626	3,185,747	(80,121)
Net invested capital	2,623,382	2,626,366	(2,984)
Group net equity	1,013,559	1,150,002	(136,443)
Total net equity	1,013,831	1,150,224	(136,393)
Net financial indebtedness excluding lease liabilities	1,108,956	961,805	147,151
Lease liabilities	500,595	514,337	(13,742)
Net financial indebtedness	1,609,551	1,476,142	133,409

(€ thousands)	First six months 2025	First six months 2024
Free cash flow	37,476	46,822
Cash flow generated from (absorbed by) business combinations	(54,493)	(142,737)
Cash flow provided by (used in) financing activities	(121,762)	(59,899)
Net cash flow from the period	(138,779)	(155,814)
Effect of exchange rate fluctuations on the net financial position	(8,298)	(1,341)
Effect of discontinued operations on the net financial position	(74)	-
Net cash flow from the period with changes for exchange rate fluctuations and discontinued operations	(147,151)	(157,155)

The first six months of the current year closed with:

turnover of €1,180,490 thousand, up 0.3% compared to the same period of the prior year (+1.6% at constant exchange rates);
a Gross operating profit (EBITDA) of €286,981 thousand, a decrease of -2.3% compared to the first six months of 2024, with the EBITDA margin at 24.3% (70 basis points lower than in the first half of 2024);
an adjusted Gross operating profit (EBITDA Adjusted) of €287,645 thousand, a decrease of -3.2% compared to the first six months of 2024, with the EBITDA margin at 24.4% (80 basis points lower than in the first half of 2024);
a Group net profit of €68,120 thousand, a decrease of €19,673 thousand (-22.4%) compared to the first half of 2024;
an adjusted Group net profit of € 90,462 thousand, a decrease of €17,366 thousand (- 16.1%) compared to the first six months of 2024.

Net financial debt, excluding lease liabilities, amounted to €1,108,956 thousand as at 30 June 2025, an increase of €147,151 thousand compared to 31 December 2024 which reflects the significant outlays for the payment of dividends and share buybacks. In the first half of 2025, free cash flow reached a positive €37,476 thousand (€46,822 thousand as at 30 June 2024) after €64,433 thousand in capital expenditure (€65,338 thousand in the comparison period).

Net cash-outs for acquisitions (which amounted to €54,493 thousand versus €142,737 thousand in the first half of 2024), along with the purchase of treasury shares (€55,228 thousand) and the payment of dividends (€65,302 thousand versus €65,593 thousand in the comparison period), brought cash flow for the reporting period to negative €138,779 thousand versus negative €155,814 thousand in the first half of 2024.

As a result of the repayments made in the second quarter of 2025, the Group no longer has any financing subject to financial covenants.

ALTERNATIVE PERFORMANCE MEASURES

(€ thousands)	06/30/2025	12/31/2024	06/30/2024
Gross operating profit (loss) (EBITDA)	286,981	561,090	293,773
Gross operating profit (loss) (EBITDA) Adjusted	287,645	566,051	297,058
Operating profit (loss) (EBIT)	128,986	256,814	148,947
Operating profit (loss) (EBIT) Adjusted	156,328	313,845	176,795
Profit (loss) before tax	98,280	196,780	121,432
Profit (loss) before tax Adjusted	124,946	254,670	148,974
Net profit (loss)	68,219	145,570	87,874
Net profit (loss) Adjusted	90,561	188,329	107,909
Net profit (loss) attributable to the Group	68,120	145,374	87,793
Net profit (loss) attributable to the Group Adjusted	90,462	188,133	107,828
Net financial indebtedness excluding lease liabilities	1,108,956	961,805	1,009,285
Lease liabilities	500,595	514,337	512,361
Net financial indebtedness	1,609,551	1,476,142	1,521,646
Total Net Equity	1,013,831	1,150,224	1,138,588
Group Net Equity	1,013,559	1,150,002	1,138,354
Net financial indebtedness excluding lease liabilities/Net Equity (€)	1.09	0.84	0.89
Net financial indebtedness excluding lease liabilities /Group Net Equity (€)	1.09	0.84	0.89
Net financial indebtedness excluding lease liabilities/EBITDA for the leverage calculation (€)	1.93	1.63	1.70
Earnings per share (EPS) (€)	0.30300	0.64384	0.38850
Diluted EPS (€)	0.30090	0.64214	0.38547
EPS Adjusted (€)	0.40238	0.83321	0.47716
Group Net Equity per share (€)	4.548	5.104	5.034
Period-end price (€)	19.930	24.850	33.240
Highest price in period (€)	27.140	35.140	35.140
Lowest price in period (€)	15.620	22.890	29.180
Share price/net equity per share (€)	4.382	4.869	6.603
Market capitalization (€ millions)	4,420.93	5,599.21	7,518.35
Number of shares outstanding	222,854,231	225,320,371	226,183,821
Weighted average number of shares outstanding in the year	224,820,026	225,791,949	225,979,292
Weighted average number of shares potentially subject to options in the period	226,388,620	226,388,620	226,388,620

The main economic and financial indicators used by Top management to monitor the Group's economic and financial performance as alternatives to the indicators defined or specified in the applicable financial reporting framework are reported in this section. In order to facilitate understanding of the Group's economic and financial performance, the directors identified certain Alternative Performance Measures (APMs). The following information is provided with a view to a correct interpretation of these APMs:

the APMs are built based on historical data and are not indicative of the Group's future performance. More specifically, they are taken from the Group's consolidated financial statements;
where applicable, the APMs are determined in accordance with the ESMA Guidelines on Alternative Performance Measures of 5 October 2015 (2015/1415) as per CONSOB Notice n. 92543 of 3 December 2015, the ESMA Guidelines on Alternative Performance Measures (APMs) of 17 April 2020 and Section 3 of ESMA's "European common enforcement priorities for 2022 annual financial reports of 28 October 2022";
the APMs are not regulated by the International Financial Reporting Standards (IFRS) applied by the Group and, while based on the Group's consolidated financial statements, they are not subject to any audits or limited review by the external auditors;
the APMs should not be viewed as substitutes for the indicators called for under the IFRS;
the financial information included in the Group's consolidated financial statements should be taken into account when making any interpretations of these APMs;
as the APMs used by the Group are not based on specific accounting standards, they could differ from those used by other groups and, therefore, are not comparable;
the APMs used by the Group are consistent across all the reporting periods for which financial information is provided in this document.

This document contains certain indicators defined as "Adjusted", in order to represent the Group's operating performance net of unusual, infrequent or unrelated elements (income or expenses) and thus allow an analysis of the Group's strictly operating performance.

These "Adjusted" components can be grouped into the following categories, as identified by the top management:

1. Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out;
1. Charges and write-off related to corporate and network reorganization, as well as other efficiency projects and changes in Top management;
1. Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets;
1. Amortization of fixed assets accounted in phase of Purchase Price Allocation;
1. Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9);
1. Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters.

The Alternative Performance Measures identified by the Group can be defined as follows:

Gross operating profit (EBITDA) represents the Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets; iii) amortization, depreciation and impairment.
Gross operating profit (EBITDA) Adjusted represents the Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets; iii) amortization, depreciation and impairment; iv) items (income and expenses) that are unusual, infrequent or not related to the operating performance.

The reconciliation of the Net profit (loss) attributable to the Group with EBITDA and the EBITDA Adjusted is shown below.

(€ thousands)	First Half 2025	First Half 2024
Net profit (loss) attributable to the Group	68,120	87,793
Profit (loss) of minority interests	99	81
Net profit (loss)	68,219	87,874
Current and deferred income tax	30,061	33,558
Financial income, expenses and value adjustments to financial assets	30,706	27,515
Amortization, depreciation and impairment	157,995	144,826
Gross operating profit (EBITDA)	286,981	293,773
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1)	(827)	233
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management (2)	1,441	2,456
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (3)	50	(324)
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters (4)	-	920
Total adjustments	664	3,285
Gross operating profit (EBITDA) Adjusted	287,645	297,058

(1) The negative adjustment of €827 thousand as at 30 June 2025 refers, for €1,429 thousand to transaction and integration costs for acquisitions (by geographic area: EMEA for €1,088 thousand, APAC for €211 thousand, Corporate for €130 thousand) and for €2,256 thousand to changes in contingent consideration ("earn out") (by geographic area: EMEA for €966 thousands and Americas for €1,290 thousand). In the comparison period the positive adjustment for €233 thousand refers, for €1,983 thousand to transaction and integration costs for acquisitions (by geographic area: EMEA for €1,695 thousands, America for €21 thousand, APAC for €267 thousand) and for €1,750 thousand to changes in contingent consideration ("earn out") (by geographic area: EMEA for €538 thousands and Americas for €1,212 thousand);
(2) The positive adjustments of €1,441 thousand as at 30 June 2025 refer mainly to the €650 thousand in costs incurred for network and company reorganization (by geographic area: EMEA for positive €2 thousand, Americas for €90 thousand, APAC for €115 thousand and Corporate for €447 thousand) and for €791 thousand to costs related to changes in top management (entirely related to Corporate). In the comparison period the positive adjustment of €2,456 thousand refers for €718 thousand to company and network reorganization (entirely related to EMEA), along with €1,738 thousand used to define and implement amends to corporate bylaws including related to increased voting rights (entirely related to Corporate).
(3) The adjustments refer to charges stemming from the disposal of durable goods for €50 thousand (negative for €324 thousand in the comparison period);

(4) The positive adjustment of €920 thousand in the comparison period refers to the notional cost of the assignment of Amplifon shares made by the shareholder Ampliter to the Chief Executive Officer.

Operating profit (EBIT) represents the Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets.
Operating profit (EBIT) Adjusted represents Net profit (loss) attributable to the Group adjusted by: i) current and deferred income taxes; ii) financial income, expenses and value adjustments to financial assets; iii) items (income and expenses) that are unusual, infrequent or not related to the operating performance.

The reconciliation of the Net profit (loss) attributable to the Group with EBIT and the EBIT Adjusted is shown below.

(€ thousands)	First Half 2025	First Half 2024
Net profit (loss) attributable to the Group	68,120	87,793
Profit (loss) of minority interests	99	81
Net profit (loss)	68,219	87,874
Current and deferred income tax	30,061	33,558
Financial income, expenses and value adjustments to financial assets	30,706	27,515
Operating profit (loss) (EBIT)	128,986	148,947
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1)	(827)	233
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management (2)	2,794	2,456
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (3)	123	321
Amortization of fixed assets accounted in phase of Purchase Price Allocation (4)	25,252	23,918
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters (5)	-	920
Total adjustments	27,342	27,848
Operating profit (loss) (EBIT) Adjusted	156,328	176,796

(1), (5) The adjustments are listed in the section on Adjusted EBITDA;

(2) €1,353 thousand in costs for the write-down of property, plant and equipment, intangible assets and goodwill related to company and network reorganization and other efficiency projects are added to the adjustments listed in the section on Adjusted EBITDA (entirely related to APAC);

(3) €73 thousand (€645 thousand in the comparison period) in costs for the write-down of property, plant and equipment, intangible assets and goodwill are added to the adjustments listed in the section on Adjusted EBITDA;

(4) The positive adjustment of €25,252 thousand at 30 June 2025 (by geographic area: EMEA for €16,929 thousand, Americas for €2,482 thousand and APAC for €5,841 thousand) refers to the amortization of client lists, trademarks, licenses and non-compete agreements allocated as a result of business combinations ("PPA"). In the comparison period the positive adjustment was for €23,918 thousand (by geographic area: EMEA for €15,761 thousand, Americas for €2,133 thousand and APAC for €6,024 thousand);

Profit (loss) before tax Adjusted represents the Profit (loss) before tax Adjusted by items (income and expenses) that are unusual, infrequent or not related to the operating performance as detailed below.

The reconciliation of the Profit (loss) before tax with Profit (loss) before tax Adjusted is shown below.

(€ thousands)	First Half 2025	First Half 2024
Net profit (loss) attributable to the Group	68,120	87,793
Profit (loss) of minority interests	99	81
Net profit (loss)	68,219	87,874
Current and deferred income tax	30,061	33,558
Profit (loss) before tax	98,280	121,432
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1)	(827)	233
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management (2)	2,794	2,456
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (3)	123	321
Amortization of fixed assets accounted in phase of Purchase Price Allocation (4)	25,252	23,918
Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9) (5)	1,161	2,079
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters (6)	(1,837)	(1,465)
Total adjustments	26,666	27,542
Profit (loss) before tax Adjusted	124,946	148,974

(1), (2), (3), (4) The adjustments are listed in the section on Adjusted EBIT;

(5) The adjustment of €1,161 thousand at 30 June 2025 (€2,079 thousand in the comparison period) refers for €612 thousand (€ 1,660 thousand in the comparison period) to financial expenses stemming from hyperinflation (IAS 29) and for €549 thousand (€420 thousand in the comparison period) to changes in FV following changes in financial liabilities (IFRS 9);

⁽⁶⁾ The following should be added to the adjustments referred to in the section on Adjusted EBIT: €1,837 thousand (€2,385 thousand in the comparison period) in financial income relating to tax credits, derived from superbonus discounts, in accordance Articles 119 and 121 of Legislative Decree 34/2020, for further details refer to Note 7 (Other Non-Current Assets) of the explanatory notes;

Net profit (loss) Adjusted represents the Net profit (loss) adjusted by items (income and expenses) that are unusual, infrequent or not related to the operating performance as detailed below.

The reconciliation of the Net profit (loss) with Net profit (loss) Adjusted is shown below.

(€ thousands)	First Half 2025	First Half 2024
Net profit (loss) attributable to the Group	68,120	87,793
Profit (loss) of minority interests	99	81
Net profit (loss)	68,219	87,874
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1)	(827)	233
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management (2)	2,794	2,456
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (3)	123	321
Amortization of fixed assets accounted in phase of Purchase Price Allocation (4)	25,252	23,918
Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9) (5)	1,161	2,079
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters (6)	(1,837)	(1,465)
Total adjustments before tax	26,666	27,542
Fiscal effect on adjustments and other fiscal adjustments (7)	(4,324)	(7,507)
Total adjustments	22,342	20,035
Net profit (loss) Adjusted	90,561	107,909

(1), (2), (3), (4), (5), (6) The adjustments are listed in the section on Adjusted Profit Before Tax;

(7) The adjustment refers to the impact of taxes following the adjustments listed above and the effect of a reassessment of an estimation of deferred tax in Australia that entailed a non-monetary charge for €2,773 thousand.

Net profit (loss) attributable to the Group Adjusted represents the Net profit (loss) attributable to the Group adjusted by items (income and expenses) that are unusual, infrequent or not related to the operating performance as detailed below.

The reconciliation of the Net profit (loss) attributable to the Group with Net profit (loss) attributable to the Group Adjusted is shown below.

(€ thousands)	First Half 2025	First Half 2024
Net profit (loss) attributable to the Group	68,120	87,793
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1)	(827)	233
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management (2)	2,794	2,456
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (3)	123	321
Amortization of fixed assets accounted in phase of Purchase Price Allocation (4)	25,252	23,918
Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9) (5)	1,161	2,079
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters (6)	(1,837)	(1,465)
Total adjustments before tax	26,666	27,542
Fiscal effect on adjustments and other fiscal adjustments (7)	(4,324)	(7,507)
Total adjustments	22,342	20,035
Net profit (loss) attributable to the Group Adjusted	90,462	107,830

(1), (2), (3), (4), (5), (6), (7) The adjustments are listed in the section on Net profit (loss) Adjusted;

Free cash flow: represents the cash flow of operating and investing activities before the cash flows used in acquisitions and payment of dividends and the cash flows from or used in other financing activities.
The net financial debt represents the Group's net financial debt determined in accordance with the ESMA guideline 32-382-1138 of 4 March 2021 and CONSOB's Warning Notice n. 5/21 of 29 April 2021.
Net financial indebtedness excluding lease liabilities is the net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents.
Net financial indebtedness excluding lease liabilities/Net Equity is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to total net equity.
Net financial indebtedness excluding lease liabilities /Group Net Equity is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to the Group's net equity.
Net financial indebtedness excluding lease liabilities /EBITDA for the leverage calculation is the ratio of net financial indebtedness, excluding lease liabilities and short-term investments not cash equivalents, to EBITDA for the last four quarters (determined with reference to usual, frequent or related to the operating performance operations only, based on pro forma figures in case of significant changes to the structure of the Group).

The breakdown of the calculation of the indicator is shown below:

	Value as at
(€ thousands)	06/30/2025
Group EBITDA first six months 2025	286,981
Group EBITDA July – December 2024	267,317
Fair value of stock grant assignment	10,196
EBITDA normalized (from acquisitions and disposals)	5,929
Items (income and expenses) that are unusual, infrequent or not related to the operating performance July 2024 - June 2025	4,752
EBITDA for the leverage calculation	575,175

Earnings per share (EPS) (€) is the Net profit (loss) attributable to the Group divided by the weighted average number of shares outstanding during the period, considering purchases and sales of treasury shares as cancellations or issues of shares, respectively.
Diluted earnings per share (EPS) (€) is the Net profit (loss) attributable to the Group divided by the weighted average number of shares outstanding during the period adjusted for the dilution effect of potential shares. In the calculation of outstanding shares, purchases and sales of treasury shares are considered as cancellations and issues of shares, respectively.
Earnings per share (EPS) Adjusted (€) is the Net profit (loss) attributable to the Group Adjusted divided by the weighted average number of outstanding shares in the period adjusted to reflect the amortization of purchase price allocations. When calculating the number of outstanding shares, the purchases and sales of treasury shares are considered cancellations and share issues, respectively.

Group Net Equity per share (€) is the ratio of Group equity to the number of outstanding shares.
Period-end price (€) is the closing price on the last stock exchange trading day of the period.
Highest price (€) and lowest price (€) are the highest and lowest prices from 1 stJanuary to the end of the period.
Share price/Net equity per share is the ratio of the share closing price on the last stock exchange trading day of the period to net equity per share.
Market capitalization is the closing price on the last stock exchange trading day of the period multiplied by the number of outstanding shares.
The number of shares outstanding is the number of shares issued less treasury shares.

SHAREHOLDER INFORMATION

Main shareholders

The main shareholders of Amplifon S.p.A. as at 30 June 2025 are:

Shareholder	No. of ordinary shares (*)	% held	% of the total share capital in voting rights
Ampliter S.r.l.	95,105,392	42.01%	68.36%
Treasury shares	3,534,389	1.56%	0.85%
Market	127,748,839	56.43%	30.79%
Total	226,388,620	100.00%	100.00%

(*) Number of shares related to the share capital registered with the Company registrar on 30 June 2025.

Pursuant to article 2497 of the Italian Civil Code, Amplifon S.p.A. is not subject to management and coordination either by its direct parent Ampliter S.r.l. or its indirect parent.

The shares of the parent Amplifon S.p.A. have been listed on the screen-based stock market Euronext Milano (EXM) since 27 June 2001 and since 10 September 2008 in the STAR segment. Amplifon is also included in the FTSE MIB index and in the Stoxx Europe 600 index.

The chart shows the performance of the Amplifon share price and its trading volumes from 1st January 2025 to 30th June 2025.

As at 30 June 2025 market capitalization was €4,420.93 million.

Dealings in Amplifon shares in the screen-based stock market Euronext Milano (EXM) during the period 01 January 2025 – 30 June 2025, showed:

average daily value: €28,195,247;
average daily volume: 1,312,094 shares;
total volume traded of 169,260,125 shares, or 76.30% of the total number of shares comprising the share capital, net of treasury shares.

RECLASSIFIED CONSOLIDATED INCOME STATEMENT

(€ thousands)	First Half 2025	% on sales	First Half 2024	% on sales	Change %
Revenues from sales and services	1,180,490	100.0%	1,177,251	100.0%	0.3%
Operating costs	(896,155)	-75.9%	(887,685)	-75.4%	-1.0%
Other income and costs	2,646	0.2%	4,207	0.4%	-37.1%
Gross operating profit (loss) (EBITDA)	286,981	24.3%	293,773	25.0%	-2.3%
Gross operating profit (loss) (EBITDA) Adjusted (*)	287,645	24.4%	297,058	25.2%	-3.2%
Depreciation, amortization and impairment losses on non-current assets	(64,074)	-5.4%	(56,855)	-4.8%	-12.7%
Right-of-use depreciation	(68,670)	-5.9%	(64,053)	-5.4%	-7.2%
PPA related depreciation, amortization and impairment	(25,251)	-2.1%	(23,918)	-2.1%	-5.6%
Operating profit (loss) (EBIT)	128,986	10.9%	148,947	12.7%	-13.4%
Operating profit (loss) (EBIT) Adjusted (*)	156,328	13.2%	176,795	15.0%	-11.6%
Income, expenses, valuation and adjustments of financial assets	90	0.0%	283	0.0%	-68.2%
Net financial expenses	(28,854)	-2.4%	(26,340)	-2.3%	-9.5%
Exchange differences, inflation accounting and Fair Value valuation	(1,942)	-0.2%	(1,458)	-0.1%	-33.2%
Profit (loss) before tax	98,280	8.3%	121,432	10.3%	-19.1%
Profit (loss) before tax Adjusted (*)	124,946	10.6%	148,974	12.7%	-16.1%
Tax	(30,061)	-2.5%	(33,558)	-2.8%	10.4%
Net profit (loss)	68,219	5.8%	87,874	7.5%	-22.4%
Net profit (loss) Adjusted (*)	90,561	7.7%	107,909	9.2%	-16.1%
Profit (loss) of minority interests	99	0.0%	81	0.0%	22.2%
Net profit (loss) attributable to the Group	68,120	5.8%	87,793	7.5%	-22.4%
Net profit (loss) attributable to the Group Adjusted (*)	90,462	7.7%	107,828	9.2%	-16.1%

(€ thousands)	Second Quarter 2025	% on sales	Second Quarter 2024	% on sales	Change %
Revenues from sales and services	592,700	100.0%	604,143	100.0%	-1.9%
Operating costs	(446,384)	-75.4%	(446,995)	-74.0%	0.1%
Other income and costs	(131)	0.1%	930	0.2%	-114.1%
Gross operating profit (loss) (EBITDA)	146,185	24.7%	158,078	26.2%	-7.5%
Gross operating profit (loss) (EBITDA) Adjusted (*)	147,289	24.9%	161,330	26.7%	-8.7%
Depreciation, amortization and impairment losses on non-current assets	(31,911)	-5.6%	(28,815)	-4.6%	-10.7%
Right-of-use depreciation	(34,170)	-5.8%	(32,828)	-5.5%	-4.1%
PPA related depreciation, amortization and impairment	(12,558)	-1.9%	(12,121)	-2.1%	-3.6%
Operating profit (loss) (EBIT)	67,546	11.4%	84,314	14.0%	-19.9%
Operating profit (loss) (EBIT) Adjusted (*)	82,543	13.9%	99,814	16.5%	-17.3%
Income, expenses, valuation and adjustments of financial assets	90	-	282	-	-68.1%
Net financial expenses	(14,706)	-2.5%	(12,629)	-2.1%	-16.4%
Exchange differences, inflation accounting and Fair Value valuation	(1,384)	-0.2%	(713)	-0.1%	-94.1%
Profit (loss) before tax	51,546	8.7%	71,254	11.8%	-27.7%
Profit (loss) before tax Adjusted (*)	66,222	11.2%	86,124	14.3%	-23.1%
Tax	(16,262)	-2.7%	(18,708)	-3.1%	13.1%
Net profit (loss)	35,284	6.0%	52,546	8.7%	-32.9%
Net profit (loss) Adjusted (*)	48,872	8.2%	63,389	10.5%	-22.9%
Profit (loss) of minority interests	48	-	(383)	-0.1%	112.5%
Net profit (loss) attributable to the Group	35,236	5.9%	52,929	8.8%	-33.4%
Net profit (loss) attributable to the Group Adjusted (*)	48,824	8.2%	63,772	10.6%	-23.4%

RECLASSIFIED CONSOLIDATED BALANCE SHEET

The reclassified Consolidated Balance Sheet aggregates assets and liabilities according to operating functionality criteria, subdivided by convention into the following three key functions: investments, operations and finance.

(€ thousands)	06/30/2025	12/31/2024	Change
Goodwill	1,919,448	1,945,495	(26,047)
Customer lists, non-compete agreements, trademarks and location rights	244,533	259,447	(14,914)
Software, licenses, other int.ass., wip and advances	159,858	168,913	(9,055)
Tangible assets	252,009	253,925	(1,916)
Right of use assets	476,337	492,064	(15,727)
Fixed financial assets (1)	12,323	24,472	(12,149)
Other non-current financial assets (1)	41,118	41,432	(313)
Total fixed assets	3,105,626	3,185,747	(80,121)
Inventories	93,637	93,180	457
Trade receivables	220,330	226,754	(6,424)
Other receivables	122,505	115,304	7,201
Current assets (A)	436,472	435,238	1,234
Total assets	3,542,098	3,620,985	(78,887)
Trade payables	(328,383)	(377,100)	48,717
Other payables (2)	(351,634)	(374,272)	22,638
Provisions for risks (current portion)	(3,062)	(2,403)	(659)
Short term liabilities (B)	(683,079)	(753,775)	70,696
Net working capital (A) - (B)	(246,607)	(318,537)	71,930
Derivative instruments (3)	1,059	3,680	(2,621)
Deferred tax assets	74,322	77,332	(3,010)
Deferred tax liabilities	(99,669)	(99,493)	(176)
Provisions for risks (non-current portion)	(16,704)	(20,925)	4,221
Employee benefits (non-current portion)	(13,527)	(15,457)	1,930
Loan fees (4)	3,720	3,452	268
Other long-term payables	(184,838)	(189,433)	4,595
NET INVESTED CAPITAL	2,623,382	2,626,366	(2,984)
Shareholders' equity	1,013,559	1,150,002	(136,443)
Third parties' equity	272	222	50
Net equity	1,013,831	1,150,224	(136,393)
Long term net financial debt (4)	1,046,467	960,387	86,080
Short term net financial debt (4)	62,489	1,418	61,071
Total net financial debt	1,108,956	961,805	147,151
Lease liabilities	500,595	514,337	(13,742)
Total lease liabilities & net financial debt	1,609,551	1,476,142	133,409
NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL DEBT	2,623,382	2,626,366	(2,984)

Notes for reconciling the condensed balance sheet with the statutory balance sheet:

(1) "Financial fixed assets" and "Other non-current financial assets" include equity interests valued by using the net equity method, financial assets at fair value through profit and loss and other non-current assets;
(2) "Other payables" includes other liabilities, accrued liabilities and deferred income, current portion of liabilities for employees' benefits and tax liabilities;
(3) "Derivatives instruments" includes cash flow hedging instruments not included in the item "Net medium and long-term financial indebtedness";
(4) The item "loan fees" is presented in the balance sheet as a direct reduction of the short-term and medium/longterm components of the items "financial payables" and "financial liabilities" for the short-term and long-term portions, respectively.

CONDENSED RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT

The condensed consolidated cash flow statement is a summarized version of the reclassified statement of cash flows set out in the following pages and its purpose is, starting from the EBIT, to detail the cash flows from or used in operating, investing and financing activities.

(€ thousands)	First Half 2025	First Half 2024
Operating profit (loss) (EBIT)	128,986	148,947
Amortization, depreciation and write-downs	157,995	144,826
Provisions, other non-monetary items and gain/losses from disposals	3,128	9,554
Net financial expenses	(28,138)	(25,134)
Taxes paid	(21,386)	(44,208)
Changes in net working capital	(71,569)	(58,257)
Cash flow provided by (used in) operating activities before repayment of lease liabilities	169,016	175,728
Repayment of lease liabilities	(67,107)	(63,568)
Cash flow provided by (used in) operating activities (A)	101,909	112,160
Cash flow provided by (used in) operating investing activities (B)	(64,433)	(65,338)
Free Cash Flow (A) + (B)	37,476	46,822
Net cash flow provided by (used in) acquisitions (C)	(54,493)	(142,737)
Cash flow provided by (used in) investing activities (B) + (C)	(118,926)	(208,075)
Cash flow provided by (used in) operating activities and investing activities	(17,017)	(95,915)
Dividends	(65,302)	(65,593)
Treasury Shares	(55,228)	-
Fees paid on medium/long-term financing	(1,788)	(105)
Change in non-current assets	556	5,799
Net cash flow from the period	(138,779)	(155,814)

Net financial indebtedness at the beginning of the period excluding lease liabilities	(961,805)	(852,130)
Effect of exchange rate fluctuations on net financial debt	(8,298)	(1,341)
Effect of discontinued operations on net financial debt	(74)	-
Changes in net financial debt	(138,779)	(155,814)
Net financial indebtedness at the end of the period excluding lease liabilities	(1,108,956)	(1,009,285)

The impact of unusual, infrequent or unrelated items on free cash flow in the period is shown in the following table.

(€ thousands)	First Half 2025	First Half 2024
Free cash flow	37,476	46,822
Free cash flow generated by unusual, infrequent or unrelated items (see page 60 for details)	2,542	2,005
Free cash flow generated by operating performance	40,018	48,827

INCOME STATEMENT REVIEW

Consolidated income statement by segment and geographic area

(€ thousands)	First Half 2025
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	765,958	243,085	171,447	-	1,180,490
Operating costs	(544,554)	(185,535)	(128,390)	(37,676)	(896,155)
Other income and costs	1,544	740	254	108	2,646
Gross operating profit (loss) (EBITDA)	222,948	58,290	43,311	(37,568)	286,981
Gross operating profit (loss) (EBITDA) Adjusted (*)	223,114	57,090	43,641	(36,200)	287,645
Depreciation, amortization and impairment of non current assets	(28,950)	(10,344)	(10,404)	(14,376)	(64,074)
Right-of-use depreciation	(44,484)	(7,718)	(15,239)	(1,229)	(68,670)
PPA related depreciation, amortization and impairment	(16,928)	(2,265)	(5,841)	(217)	(25,251)
Operating profit (loss) (EBIT)	132,586	37,963	11,827	(53,390)	128,986
Operating profit (loss) (EBIT) Adjusted (*)	149,784	39,245	19,321	(52,022)	156,328
Income, expenses, valuation and adjustments of financial assets					90
Net financial expenses					(28,854)
Exchange differences, inflation accounting and Fair Value valuation					(1,942)
Profit (loss) before tax					98,280
Profit (loss) before tax Adjusted (*)					124,946
Tax					(30,061)
Net profit (loss)					68,219
Net profit (loss) Adjusted (*)					90,561
Profit (loss) of minority interests					99
Net profit (loss) attributable to the Group					68,120
Net profit (loss) attributable to the Group Adjusted (*)					90,462

Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group.

(€ thousands)	First Half 2025
	EBITDA	EBIT	Profit (loss) before tax	Net profit (loss)	Net profit (loss) Attributable to the Group
Alternative Performance Measures	286,981 128,986		98,280	68,219	68,120
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	(827)	(827)	(827)	(827)	(827)
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	1,441	2,794	2,794	2,794	2,794
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets	50	123	123	123	123
Amortization of fixed assets accounted in phase of Purchase Price Allocation		- 25,252	25,252	25,252	25,252
Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9)	-	-	1,161	1,161	1,161
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters	-	-	(1,837)	(1,837)	(1,837)
Total adjustments before tax		664 27,342	26,666	26,666	26,666
Fiscal effect on adjustments and other fiscal adjustments				(4,324)	(4,324)
Total adjustments		664 27,342	26,666	22,342	22,342
Adjusted Alternative Performance Measures	287,645 156,328		124,946	90,561	90,462

Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators.

(€ thousands)	First Half 2025
	EMEA Americas			Asia Pacific		Corporate		Total
	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT
Alternative Performance Measures	222,948	132,586	58,290	37,963	43,311	11,827	(37,568)	(53,390)	286,981	128,986
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	122	122	(1,290)	(1,290)	211	211	130	130	(827)	(827)
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	(2)	28	90	90	115	1,438	1,238	1,238	1,441	2,794
Gain and loss on disposal of assets and/or businesses, write off and revaluation of fixed assets	46	119	-	-	4	4	-	-	50	123
Amortization of fixed assets accounted in phase of Purchase Price Allocation	-	16,929	-	2,482	-	5,841	-	-	-	25,252
Total adjustments	166	17,198	(1,200)	1,282	330	7,494	1,368	1,368	664	27,342
Adjusted Alternative Performance Measures	223,114	149,784	57,090	39,245	43,641	19,321	(36,200)	(52,022)	287,645	156,328

(€ thousands)		First Half 2024
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	757,467	240,418	179,185	181	1,177,251
Operating costs	(533,912)	(180,528)	(131,935)	(41,310)	(887,685)
Other income and costs	2,184	1,821	(95)	297	4,207
Gross operating profit (loss) (EBITDA)	225,739	61,711	47,155	(40,832)	293,773
Gross operating profit (loss) (EBITDA) Adjusted (*)	227,407	60,530	47,294	(38,173)	297,058
Depreciation, amortization and impairment of non current assets	(24,957)	(8,942)	(9,502)	(13,454)	(56,855)
Right-of-use depreciation	(41,455)	(6,985)	(14,437)	(1,176)	(64,053)
PPA related depreciation, amortization and impairment	(15,761)	(2,133)	(6,024)	-	(23,918)
Operating profit (loss) (EBIT)	143,566	43,651	17,192	(55,462)	148,947
Operating profit (loss) (EBIT) Adjusted (*)	161,605	44,603	23,390	(52,803)	176,795
Income, expenses, revaluation and adjustments of financial assets					283
Net financial expenses					(26,340)
Exchange differences, inflation accounting and Fair Value valuation					(1,458)
Profit (loss) before tax					121,432
Profit (loss) before tax Adjusted (*)					148,974
Tax					(33,558)
Net profit (loss)					87,874
Net profit (loss) Adjusted (*)					107,909
Profit (loss) of minority interests					81
Net profit (loss) attributable to the Group					87,793
Net profit (loss) attributable to the Group Adjusted (*)					107,828

Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group.

(€ thousands)	First Half 2024
	EBITDA	EBIT	Profit (loss) before tax	Net profit (loss)	Net profit (loss) attributable to the Group
Alternative Performance Measures	293,773 148,947		121,432	87,874	87,793
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	233	233	233	233	233
Costs relative to corporate and network reorganization, as well as other efficiency projects	2,456	2,456	2,456	2,456	2,456
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets	(324)	321	321	321	321
Amortization of fixed assets accounted in phase of Purchase Price Allocation	-	23,918	23,918	23,918	23,918
Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9)	-	-	2,079	2,079	2,079
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters	920	920	(1,465)	(1,465)	(1,465)
Total adjustments before tax	3,285	27,848	27,542	27,542	27,542
Fiscal effect on adjustments and other fiscal adjustments				(7,507)	(7,507)
Total adjustments	3,285	27,848	27,542	20,035	20,035
Adjusted Alternative Performance Measures	297,058 176,795		148,974	107,909	107,828

Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators.

(€ thousands)	First Half 2024
	EMEA		Americas Asia Pacific		Corporate		Total
	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT
Alternative Performance Measures	225,739	143,566	61,711	43,651	47,155	17,192	(40,832)	(55,462)	293,773	148,947
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	1,157	1,157	(1,191)	(1,191)	267	267	-	-	233	233
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	718	718	-	-	-	-	1,738	1,738	2,456	2,456
Gain and loss on disposal of assets and/or businesses, write off and revaluation of fixed assets	(207)	403	10	10	(128)	(93)	1	1	(324)	321
Amortization of fixed assets accounted in phase of Purchase Price Allocation	-	15,761		2,133	-	6,024	-	-	-	23,918
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters	-	-	-	-	-	-	920	920	920	920
Total adjustments	1,668	18,039	(1,181)	952	139	6,198	2,659	2,659	3,285	27,848
Adjusted Alternative Performance Measures	227,407	161,605	60,530	44,603	47,294	23,390	(38,173)	(52,803)	297,058	176,795

(€ thousands)	Second Quarter 2025
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	382,394	124,646	85,660	-	592,700
Operating costs	(271,005 )	(94,353)	(65,817)	(15,209)	(446,384)
Other income and costs	(682)	187	371	(7)	(131)
Gross operating profit (loss) (EBITDA)	110,707	30,480	20,214	(15,216)	146,185
Gross operating profit (loss) (EBITDA) Adjusted (*)	110,514	30,425	20,325	(13,975)	147,289
Depreciation, amortization and impairment of non current assets	(14,588)	(5,242)	(5,726)	(6,355)	(31,911)
Right-of-use depreciation	(22,312)	(3,864)	(7,373)	(621)	(34,170)
PPA related depreciation, amortization and impairment	(8,368)	(1,105)	(2,868)	(217)	(12,558)
Operating profit (loss) (EBIT)	65,439	20,269	4,247	(22,409)	67,546
Operating profit (loss) (EBIT) Adjusted (*)	73,626	21,537	8,548	(21,168)	82,543
Income, expenses, revaluation and adjustments of financial assets					90
Net financial expenses					(14,706)
Exchange differences, inflation accounting and Fair Value valuation					(1,384)
Profit (loss) before tax					51,546
Profit (loss) before tax Adjusted (*)					66,222
Tax					(16,262)
Net profit (loss)					35,284
Net profit (loss) Adjusted (*)					48,872
Profit (loss) of minority interests					48
Net profit (loss) attributable to the Group					35,236
Net profit (loss) attributable to the Group Adjusted (*)					48,824

Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group.

(€ thousands)	Second Quarter 2025
	EBITDA	EBIT	Profit (loss) before tax	Net profit (loss)	Net profit (loss) Attributable to the Group
Alternative Performance Measures	146,185 67,546		51,546	35,284	35,236
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	(394)	(394)	(394)	(394)	(394)
Costs related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	1,441	2,794	2,794	2,794	2,794
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets	57	38	38	38	38
Amortization of fixed assets accounted in phase of Purchase Price Allocation		- 12,559	12,559	12,559	12,559
Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9)	-	-	640	640	640
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters	-	-	(961)	(961)	(961)
Total adjustments before tax		1,104 14,997	14,676	14,676	14,676
Fiscal effect on adjustments and other fiscal adjustments				(1,088)	(1,088)
Total adjustments		1,104 14,997	14,676	13,588	13,588
Adjusted Alternative Performance Measures	147,289 82,543		66,222	48,872	48,824

Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators.

(€ thousands)	Second Quarter 2025
	EMEA		Americas		Asia Pacific		Corporate		Total
	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT
Alternative Performance Measures	110,707	65,439	30,480	20,269	20,214	4,247	(15,216)	(22,409)	146,185	67,546
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	(249)	(249)	(145)	(145)	(3)	(3)	3	3	(394)	(394)
Costs related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	(2)	28	90	90	115	1,438	1,238	1,238	1,441	2,794
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets	58	39	-	-	(1)	(1)	-	-	57	38
Amortization of fixed assets accounted in phase of Purchase Price Allocation	-	8,369	-	1,323	-	2,867	-	-	-	12,559
Total adjustments	(193)	8,187	(55)	1,268	111	4,301	1,241	1,241	1,104	14,997
Adjusted Alternative Performance Measures	110,514	73,626	30,425	21,537	20,325	8,548	(13,975)	(21,168)	147,289	82,543

(€ thousands)		Second Quarter 2024
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	381,409	129,597	93,021	116	604,143
Operating costs	(264,170)	(95,212)	(69,959)	(17,654)	(446,995)
Other income and costs	(233)	1,086	(69)	146	930
Gross operating profit (loss) (EBITDA)	117,006	35,471	22,993	(17,392)	158,078
Gross operating profit (loss) (EBITDA) Adjusted (*)	118,194	35,109	23,268	(15,241)	161,330
Depreciation, amortization and impairment of non current assets	(12,608)	(4,613)	(4,806)	(6,788)	(28,815)
Right-of-use depreciation	(20,907)	(3,615)	(7,712)	(594)	(32,828)
PPA related depreciation, amortization and impairment	(7,881)	(1,188)	(3,052)	-	(12,121)
Operating profit (loss) (EBIT)	75,610	26,055	7,423	(24,774)	84,314
Operating profit (loss) (EBIT) Adjusted (*)	84,790	26,881	10,766	(22,623)	99,814
Income, expenses, revaluation and adjustments of financial assets					282
Net financial expenses					(12,629)
Exchange differences, inflation accounting and Fair Value valuation					(713)
Profit (loss) before tax					71,254
Profit (loss) before tax Adjusted (*)					86,124
Tax					(18,708)
Net profit (loss)					52,546
Net profit (loss) Adjusted (*)					63,389
Profit (loss) of minority interests					(383)
Net profit (loss) attributable to the Group					52,929
Net profit (loss) attributable to the Group Adjusted (*)					63,772

Below is a summary reconciliation between EBITDA, EBIT, Profit before Tax, Net profit (loss), and the Net profit (loss) attributable to the Group.

(€ thousands)	Second Quarter 2024
	EBITDA	EBIT	Profit (loss) before tax	Net profit (loss)	Net profit (loss) attributable to the Group
Alternative Performance Measures	158,078	84,314	71,254	52,546	52,929
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	301	301	301	301	301
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	2,456	2,456	2,456	2,456	2,456
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets	83	209	209	209	209
Amortization of fixed assets accounted in phase of Purchase Price Allocation	-	12,122	12,122	12,122	12,122
Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion of financial liabilities (IFRS 9)	-	-	688	688	688
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters	412	412	(906)	(906)	(906)
Total adjustments before tax	3,252	15,500	14,870	14,870	14,870
Fiscal effect on adjustments and other fiscal adjustments				(4,027)	(4,027)
Total adjustments	3,252	15,500	14,870	10,843	10,843
Adjusted Alternative Performance Measures	161,330	99,814	86,124	63,389	63,772

Below is a summary reconciliation between EBITDA, EBIT by geographical with the same adjusted indicators.

(€ thousands)	Second Quarter 2024
		EMEA Americas		Asia Pacific		Corporate		Total
	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT
Alternative Performance Measures	117,006	75,610	35,471	26,055	22,993	7,423	(17,392)	(24,774)	158,078	84,314
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	502	502	(402)	(402)	201	201	-	-	301	301
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	718	718	-	-	-	-	1,738	1,738	2,456	2,456
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets	(32)	78	40	40	74	90	1	1	83	209
Amortization of fixed assets accounted in phase of Purchase Price Allocation	-	7,882	-	1,188	-	3,052	-	-	-	12,122
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters	-	-	-	-	-	-	412	412	412	412
Total adjustments	1,188	9,180	(362)	826	275	3,343	2,151	2,151	3,252	15,500
Adjusted Alternative Performance Measures	118,194	84,790	35,109	26,881	23,268	10,766	(15,241)	(22,623)	161,330	99,814

Revenues from sales and services

(€ thousands)	First Half 2025	First Half 2024	Change	Change %
Revenues from sales and services	1,180,490	1,177,251	3,239	0.3%

(€ thousands)	Second Quarter 2025	Second Quarter 2024	Change	Change %

Revenues from sales and services	592,700	604,143	(11,443)	-1.9%

Consolidated revenues from sales and services amounted to €1,180,490 thousand in the first six months of 2025, an increase of €3,239 thousand (+0.3%) compared to the first six months of 2024, explained for €27,773 thousand (+2.4%) by acquisitions and perimeter changes. Organic growth was negative for €9,504 thousand (-0.8%), while exchange differences were negative for €15,030 thousand (-1.3%).

The revenues of the Argentinian subsidiary reflect the inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a positive impact on organic growth (+0.1%).

Despite the weakness of the market, there was good organic growth in the Americas region, while the European area, although growing overall thanks to the acquisitions, recorded negative organic performance. The APAC region was affected by the depreciation of the New Zealand dollar and the Australian dollar and, in terms of organic growth, by the weakness of the Chinese market.

In the second quarter alone, consolidated revenues from sales and services amounted to €592,700 thousand, a decrease of €11,443 thousand (-1.9%) compared to the second quarter of 2024, explained mainly by the foreign exchange effect which was negative for €15,167 thousand (-2.5%) and organic growth which was negative for €10,002 thousand (-1.7%). Acquisitions and perimeter changes made a positive contribution of €13,726 thousand (+2.3%).

The revenues of the Argentinian subsidiary, in the second quarter alone, reflect the inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a positive impact on organic growth (+0.1%).

(€ thousands)	H1 2025	% on Total	H1 2024	% on Total	Change	Change %	Exchange diff.	Change % in local currency
EMEA	765,958	64.9%	757,467	64.4%	8,491	1.1%	735	1.0%
Americas	243,085	20.6%	240,418	20.4%	2,667	1.1%	(7,766)	4.3%
Asia Pacific	171,447	14.5%	179,185	15.2%	(7,738)	-4.3%	(7,999)	0.1%
Corporate	-	0.0%	181	0.0%	(181)	-100.0%	-	-100.0%
Total	1,180,490	100.0%	1,177,251	100.0%	3,239	0.3%	(15,030)	1.6%


								Change % in
(€ thousands)	Q2 2025	% on Total	Q2 2024	% on Total	Change	Change %	Exchange diff.	local currency
EMEA	382,394	64.5%	381,409	63.1%	985	0.3%	541	0.1%
Americas	124,646	21.0%	129,597	21.5%	(4,951)	-3.8%	(9,119)	3.2%
Asia Pacific	85,660	14.5%	93,021	15.4%	(7,361)	-7.9%	(6,589)	-0.8%
Corporate	-	0.0%	116	0.0%	(116)	-100.0%	-	-100.0%

The breakdown of revenues from sales and services by geographic area is shown below.

Europe, Middle East and Africa

Period (€ thousand)	2025	2024	Change	Change %
I quarter	383,564	376,058	7,506	2.0%
II quarter	382,394	381,409	985	0.3%
I Half Year	765,958	757,467	8,491	1.1%

Consolidated revenues from sales and services amounted to €765,958 thousand in the first six months of 2025, an increase of €8,491 thousand (+1.1%) compared to the same period of the prior year.

The increase is attributable to acquisitions and perimeter changes which contributed €20,006 thousand (+2.6%), among them stands out the first-time consolidation of the Polish subsidiary Amplifon Aparaty Słuchowe Sp.zo.o. purchased at the beginning of March. The strong performance of the French and German markets, mainly in the second half of the semester, was not enough to offset the weakness of the Southern European markets and the organic performance had a negative impact on the European market of €12,250 thousand (-1.6%). The foreign exchange effect was slightly positive at €735 thousand (+0.1%).

In the second quarter alone, consolidated revenues from sales and services amounted to € 382,394 thousand, an increase of €985 thousand (+0.3%) with respect to the comparison period. This change is explained primarily by acquisitions and perimeter changes, for €10,025 thousand (+2.6%). Organic growth was negative for €9,581 thousand (-2.5%) while the foreign exchange effect was marginal at positive €541 thousand (+0.2%).

Americas

Period (€ thousand)	2025	2024	Change	Change %
I quarter	118,439	110,821	7,618	6.9%
II quarter	124,646	129,597	(4,951)	-3.8%
I Half Year	243,085	240,418	2,667	1.1%

Consolidated revenues from sales and services amounted to €243,085 thousand in the first six months of 2025, an increase of €2,667 thousand (+1.1%).

This increase is explained for €2,881 thousand (+1.2%) by organic growth which was fueled primarily by the above-market performance of Miracle-Ear Direct Retail. Acquisitions and perimeter changes contributed €7,552 thousand (+3.1%) and the foreign exchange effect which negatively contributed for €7,766 thousand (-3.2%).

The revenues of the Argentinian subsidiary reflect the inflation accounting used in accordance with IAS 29 (Inflation Accounting), which had a positive impact on organic growth (+0.2%).

In the second quarter alone, consolidated revenues from sales and services amounted to € 124,646 thousand, a drop of €4,951 thousand (-3.8%) with respect to the comparison period. This change is explained primarily by the weakening of the US dollar, the Argentine peso, and the Canadian dollar, which negatively contributed for €9,199 thousands (-7,0%), partially offset by the positive contributions made by acquisitions and perimeter changes for €4,053 thousand (+3.1%) and organic growth for €115 thousand (+0.1%).

Period (€ thousand)	2025	2024	Change	Change %
I quarter	85,787	86,164	(377)	-0.4%
II quarter	85,660	93,021	(7,361)	-7.9%
I Half Year	171,447	179,185	(7,738)	-4.3%

Asia Pacific

Revenues from sales and services amounted to €171,447 thousand in the first six months of 2025, showing a decrease of €7,738 thousand (-4.3%) compared to the same period of 2024.

This change is explained primarily by negative exchange differences for €7,999 thousand (-4.4%), due to the weakening of the New Zealand and Australian dollars. Overall, the acquisitions and perimeter changes had a positive impact of €215 thousand (+0.1%): the contribution of acquisitions in China for €3,181 thousand (+1.8%) was partially offset by the disposal of the

indirect sales network of the Chinese subsidiary Hangzhou Amplifon Hearing Aid Co., Ltd. and from the closure of one first group of low-performing shops, for €2,966 thousand (-1.7%). Organic growth had a positive impact of €46 thousand.

In the second quarter alone, consolidated revenues from sales and services amounted to €85,660 thousand, a drop of €7,361 thousand (-7.9%) mainly attributable to negative exchange differences for €6,589 thousand (-7.1%). Acquisitions and perimeter changes were negative for €352 thousand (-0.4%) mostly due to the disposal of indirect sales channels described above. Organic growth had a negative impact of €420 thousand (-0.4%).

Gross operating profit (loss) (EBITDA)

(€ thousands)	First Half 2025	First Half 2024

Gross operating profit (loss) (EBITDA)	286,981	293,773
Gross operating profit (loss) (EBITDA) Adjusted	287,645	297,058

(€ thousands)	Second Quarter 2025	Second Quarter 2024

Gross operating profit (loss) (EBITDA)	146,185	158,078
Gross operating profit (loss) (EBITDA) Adjusted	147,289	161,330

Gross operating profit (EBITDA) amounted to €286,981 thousand in the first six months of 2025, a decline of €6,792 thousand (-2.3%) with respect to the comparison period. The EBITDA margin came to 24.3%, 0.7 p.p. lower than in the comparison period.

The change compared to the previous period is attributable to the effect of lower operating leverage, the unfavorable geographic mix with greater exposure to Southern European markets, which slowed more than others, the dilution resulting from the acceleration of growth of Miracle-Ear's direct network in the United States, and the performance in China.

The result for the reporting period was affected by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made) for €664 thousand. The result of 2024 was affected by these items for €3,285 thousand.

Net of these items, adjusted EBITDA came to €287,645 thousand in the first six months of 2025, a decrease of €9,413 thousand (-3.2%) against the comparison period. The EBITDA margin was 0.8 p.p. lower than in the comparison period, coming in at 24.4%.

In the second quarter alone, EBITDA was €11,893 thousand (-7.5%) lower than in the comparison period coming in at €146,185 thousand. The EBITDA margin was 24.7%, - 1.5 p.p. lower than in the comparison period.

The second quarter result was affected by items (income and expenses) that are unusual, infrequent or not related to the operating performance (detailed in the section on Alternative Performance Indicators to which reference should be made) for € 1,104 thousand. The result of 2024 was affected by these items for €3,252 thousand.

Net of these items, Adjusted EBITDA came to €147,289 thousand in the second quarter of 2025, a decrease against the comparison period of €14,041 thousand (-8.7%). The EBITDA margin was 1.8 p.p. lower than in the comparison period, coming in at 24.9%.

	H1	EBITDA	H1	EBITDA
(€ thousands)	2025	Margin	2024	Margin	Change	Change %
EMEA	222,948	29.1%	225,739	29.8%	(2,791)	-1.2%
Americas	58,290	24.0%	61,711	25.7%	(3,421)	-5.5%
Asia Pacific	43,311	25.3%	47,155	26.3%	(3,844)	-8.2%
Corporate (*)	(37,568)	-3.2%	(40,832)	-3.5%	3,264	-8.0%
Total	286,981	24.3%	293,773	25.0%	(6,792)	-2.3%


	Q2	EBITDA	Q2	EBITDA
(€ thousands)	2025	Margin	2024	Margin	Change	Change %
EMEA	110,707	29.0%	117,006	30.7%	(6,299)	-5.4%
Americas	30,480	24.5%	35,471	27.4%	(4,991)	-14.1%
Asia Pacific	20,214	23.6%	22,993	24.7%	(2,779)	-12.1%
Corporate (*)	(15,216)	-2.6%	(17,392)	-2.9%	2,176	-12.5%

The breakdown of EBITDA by geographic area is shown below.

(*) Centralized costs are shown as a percentage of the Group's total sales