Amplifon — M&A Activity 2026

Mar 16, 2026

Telefónica: distribution and commercial use strictly prohibited

emarket: C&F storage: C&F International

11

Creating a global integrated leader in audiology

Acquisition of GN's Hearing Business

March 16th, 2026

The program requires ten times less than five minutes. It gives you a score. At the end, you will get a first assessment of your hearing capabilities. All you need is a pair of headphones.

We cover the training. It gives out preliminary training materials with a combination of training and communication. A better level of processing skills will enable you to understand your needs and rights. You are a professional professional looking to train a student outsource.

implifon

Your hearing.

Your life.

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emarket
eilr storage
resources

Disclaimer

The following applies to this document, the oral presentation of the information in this document by Amplifon S.p.A. (the "Company", and together with its subsidiaries, the "Group"), and any question-and-answer session that follows the oral presentation (collectively, the "Information"). In accessing the Information, you agree to be bound by the following terms and conditions.

The information is for information purposes only and does not constitute, nor shall it be construed as, investment advice or a recommendation, solicitation or offer to buy, subscribe for or sell any securities or financial instruments, nor shall it form the basis of, or be relied upon in connection with, any contract or commitment in any jurisdiction.

No representation

Recipients of this presentation are cautioned not to place undue reliance on any of the Information contained herein, including, without limitation, any forward-looking statements, pro forma financial data, unaudited financial information, and alternative performance measures, and are advised to conduct their own independent assessments, with the assistance of their own legal, financial, tax and accounting advisors. The Company, its directors, officers, employees and advisors expressly disclaim any and all liability, whether express or implied, in relation to the completeness, accuracy or correctness of any Information contained in this presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of such Information and no reliance should be placed on it. The Company assumes no obligation to update, revise or correct any of the Information contained herein as a result of new information, future events or any other circumstances.

Non-exhaustive nature and rounding

This document has to be accompanied by the oral presentation of the Information included in this presentation. A simple reading of this document without the appropriate verbal explanation could give rise to a partial or incorrect understanding. Due to rounding, figures presented throughout this document may not add precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Forward-looking statements

This presentation contains forward-looking statements, notwithstanding that such statements are not specifically identified. Forward-looking statements may include statements regarding the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, goals, strategies, future events, future performance, guidance, outlook and business, or other information that is not historical in nature. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target," "believe," "expect," "aim," "intend," "may," "anticipate," "estimate," "plan," "project," "will," "can have," "likely," "should," "would," "could", "remain", "continue", "on track", "design", "objective", "goal", "forecast", "projection", "outlook", "prospects", "guidance" and other words and terms of similar meaning or the negative thereof. Such forward-looking statements are related to future, not past, events and are not guarantees of future performance. These statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future. Forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. The Information, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. The Information has not been independently verified and will not be updated.

Pro forma financial information and foreign currency effects

The pro forma financial information contained in this presentation has been prepared for illustrative purposes only and is intended to provide a merely indicative representation of the possible effects of the transaction described herein, as if such transaction had been completed on the date indicated therein. Pro forma data, by their very nature, refer to a hypothetical situation and, therefore, do not necessarily represent the actual financial position, results of operations or cash flows that would have resulted had the transaction actually been completed on the reference date assumed, nor can they in any way be considered indicative of future results.

The pro forma financial information has been prepared on the basis of assumptions that the Company believes to be reasonable as of the date of this presentation. Such assumptions are subject to significant uncertainties and contingencies, many of which are beyond the Company's control, and may not be reflected in actual results. There can be no assurance that the conditions and assumptions underlying the pro forma data will materialise as anticipated, or that they will materialise at all. The financial information contained in this presentation, including the pro forma data, has not been audited or subject to any form of independent verification. The financial information is provided on the basis of management data available as of the date of this presentation and may be subject to material changes, adjustments and corrections.

The financial information contained in this presentation may be affected by foreign currency exchange rates. Foreign exchange movements can materially and adversely affect revenues, expenses, cash flows, asset and liability values, and reported results. Exchange rates are volatile and may be influenced by interest rate differentials, inflation, monetary and fiscal policies, geopolitical events, liquidity conditions, capital controls, and market sentiment.

Non-IFRS and Alternative Performance Measures

This presentation presents and comments on some financial measures not defined by IFRS. These measures are used to comment on the performance of the Group's business, in compliance with the provisions of the Guidelines on Alternative Performance Measures issued by ESMA on 5 October 2015 (2015/1415), as per CONSOIB communication no. 92543 of 3 December 2015, by ESMA on 17 April 2020 "ESMA Guidelines on Alternative Performance Measures (APMs)" and on 28 October 2022 in section 3 of the "European common enforcement priorities for 2022 annual financial reports".

Alternative performance measures should be used as an information supplement to that provided by IFRS to assist users of the presentation in better understanding the economic, financial and operating performance of the Group, purging the effect of significant items that are infrequent, unusual or unrelated to operating performance. These components (charges and income) can be grouped into the following categories: Transaction and integration costs for acquisitions and changes in earn-out; Charges and write-off related to reorganization and efficiency projects, and changes to the Top Management; Gain and loss on disposal of assets & businesses, write-off and revaluation of fixed assets; PPA amortization; Financial income (loss) related to inflation accounting (IAS 29) and Fair Value changes resulting from modifications and/or non-cash accretion in financial liabilities (IFRS 29); Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters.

Finally, it should be noted that the calculation method of these adjusted measures may differ from the methods used by other companies. The Alternative Performance Measures and the adjusted performance measures are detailed and reconciled with the IFRS financial statement results in the following tables.

Final remarks

For further information on the Company and its business, including factors that could materially affect its financial results, please refer to the Company's filings with the relevant securities regulators, including the annual report and related public disclosures filed with CONSOIB.

Names, organizations and company names referred to may be the trademarks of their respective owners.

In compliance with Article 154-bis of the "Uniform Financial Services Act" (Legislative Decree 58/1998), the Financial Reporting Officer, Gabriele Galli, declares that the accounting information reported in this presentation corresponds to the underlying documentary reports, books of account and accounting entries.

amplifon

Your hearing.

Your life.

---

.

emarket
Fair Storage
SYSTEMS

66 Elevating industry standards by seamlessly blending cutting-edge technology, superior clinical expertise, and unmatched hearing care solutions for customers, hearing care professionals and patients 99

amplifon
Your hearing. Your life.

---

emarket
safe storage
economy

Shaping the future of hearing health

Aging global population & rising life expectancy

Technological advancement & digitalization

Active lifestyle

Increasing adoption & fading stigma

amplifon
Your hearing.
Your life.

---

emarket
edr storage
azamnes

Bringing together two industry leaders

amplifon

Deep hearing care expertise and unparalleled patient insights

GN Hearing

Cutting-edge technology, leading operational capabilities and global commercial platform

Perfect strategic fit driving significant value creation for all stakeholders

amplifon

Your hearing.

Your life.

---

emarket:
sdr srange
cernres

Transaction highlights

Key terms

• Total consideration: ~€2.3bn¹ on a cash-free / debt-free basis, with a mix of cash and stock, as follows:
• Cash consideration: €1.69bn²
• Stock consideration: 56m Amplifon shares

Significant value creation

• €60-80m run-rate net³ EBITDA synergies by end of 2029 already identified, with significant upside potential
• The transaction is accretive to revenue growth, profitability and earnings

Funding and capital structure

• Cash consideration at closing fully funded through a committed bridge loan
• Bridge loan refinanced over time with a mix of debt and equity and/or equity-linked instruments
• c.3.0x Pro-forma Net Debt / Adjusted EBITDA⁴ (excluding net synergies) at closing, accounting for an equity raise of up to €0.75bn

Approvals and timing

• Transaction approved by Amplifon’s and GN’s Board of Directors unanimously
• Amplifon’s controlling shareholder, Ampliter S.r.l (“Ampliter”), and core shareholder Tamburi Investment Partners S.P.A. (“TIP”) confirmed their strong long-term commitment to Amplifon and their financial support to the Transaction, including investment in the future equity raise

• Closing expected by the end of 2026, subject to customary regulatory approvals and completion of GN Hearing carve-out from GN Group

• Based on Amplifon closing share price of €10.52 as of March 13th, 2026.

• Amount to be confirmed at closing based on customary true-up closing adjustment mechanisms.
• Includes impact of potential dis-synergies.
• Net debt including IPR5-16 leases: computed as sum of Amplifon’s Adjusted EBITDA and the Pro-forma carved-out Adjusted EBITDA of GN Hearing (excluding amortization of R&D) excluding net synergies.
  amplifon
  Your hearing.
  Your life.

---

emarket:
air storage
company

GN Hearing: Fastest growing manufacturer of cutting-edge hearing aids & hearing care professionals' trusted partner

Strong heritage with more than 150 years of history

Broadest portfolio of hearing solutions

Multi-brand strategy for diverse segments: ReSound, Jabra, Beltone, Interton, Danavox, Danalogic

Leading manufacturing and operational capabilities

Strong commercial organization and trusted partner to hearing care professionals

I. Pro-forma carved-out Adjusted EBITDA of GN Hearing (reflecting preliminary harmonization with Amplifon's accounting policy, R&D amortization not included).

amplifon

Your hearing.

Your life.

---

emarket: sdr storage ckmines

GN Hearing: Undisputed hearing technology leadership

7	R&D centers worldwide
2,800+	Patent rights
	Internal development of chipset
700+	Total FTEs in R&D
~10	Platforms launched in 15 years

amplifon

Your hearing.

Your life.

---

emarket
edr storage
ckmmn

GN Hearing: Innovation-driven excellence delivering consistent share gains

Technology leadership

Example:

ReSound Vivia

• ☑ Best in noise
• ☑ Smallest AI hearing aid
• ☑ All-day battery

Industry's fastest cadence of product launches

10

Platforms in the last 15 years

ReSound GN

ReSound Enzo & Vivia (2025)

ReSound Nexia (2023/2024)

ReSound Omnia (2022/2023)

Consistently outperforming the market

Global market share

14% 14% 16% 17% 17%

• ☑ Fastest growing
• ☑ Increasing share for L4Y
• ☑ Sustainable growth runway ahead

Source: GN investor presentations and other publicly available information.

amplifon

Your hearing.

Your life.

---

emarket

e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e-mail: e

Unique and highly compelling strategic rationale

Creation of a global, vertically integrated leader delivering best-in-class, patient-centric products and services across the entire audiology value chain

Highly complementary strategic combination built on a long-lasting partnership to meet the surging demand for advanced hearing solutions

Significant and tangible synergies with a clear path to delivery: €60-80m run-rate net! EBITDA synergies by end of 2029 already identified, with significant upside potential

Huge untapped growth potential to be unlocked through scale, insight-driven innovation and expanded market reach

I. Includes impact of potential dis-synergies.

amplifon

Your hearing.

Your life.

---

emarket:
air storage
company

Powerful combination to accelerate innovation and product development to deliver superior patient experience

	amplifon	GN Hearing
Superior clinical expertise	☑	☑
Unparalleled patient insights	☑	☑
Technology leadership	☑	☑
High quality manufacturing	☑	☑
Clinics network / wholesale commercial platform	☑	☑

Distinctive characteristic

I. Includes Miracle-Ear Franchise and Beltone networks.

amplifon

Your hearing.

Your life.

---

emarket:
edr storage
czemnes

Highly complementary companies for a broader geographic reach and enhanced business diversification

Note: DKK/EUR FX rate of 0.134.
1. Based on 2025.

amplifon
Your hearing.
Your life.

---

emarket:
air storage
company

Significant synergies, predominantly from volume insourcing, with a clear path to delivery

Phasing and implementation costs

• Full realization of net synergies by 2029
• One-off costs for the integration are expected in the region of €80 million over the next 2-3 years

Additional potential upsides

A
- Manufacturing & indirect procurement
- Working capital & capex
B
- Innovation-driven acceleration in revenues

I. Includes impact of potential dis-synergies.

amplifon

Your hearing.

Your life.

---

emarket

ofr storage

CENTRE

Untapped growth potential to be unlocked through scale, innovation, and expanded market reach

| | amplifon | | GN Hearing | | amplifon
post Transaction | |
| --- | --- | --- | --- | --- | --- | --- |
| Revenue 2025 | €2.4bn | | ~€1.0bn | | ~€3.3bn | ☑ Accretive to organic growth |
| | | | | | | |
| Adjusted EBITDA 2025
% Margin | €540m
23% | | ~€220m
23% | | ~830m¹
~25% | ☑ Accretive to profitability |
| | | | | | | |
| Adjusted EBIT 2025
% Margin | €281m
12% | | ~€160m
~17% | | >€510m²
~16% | ☑ Accretive to earnings |
| | | | | | | |

Note: DKK/EUR of 0.134.

1. Includes Amplifon's 2025 Adjusted EBITDA of €540m and GN Hearing Pro-forma carved-out 2025 Adjusted EBITDA of c.€220m (reflecting preliminary harmonization with Amplifon's accounting policy, R&D amortization not included).

Includes mid-point €70 million of net synergies.

1. Pro-forma combined Adjusted EBIT computed as the sum of 2025 Amplifon Adjusted EBIT of €281m and GN Hearing 2025 carved-out Adjusted EBIT of c. €160m and includes mid-point €70 million of net synergies.

amplifon

Your hearing.

Your life.

---

emarket:
sdr storage
CENTRE

Stronger business with solid capital structure poised to capture long-term growth

A Debt component

• c. 3.0x Pro-forma Net Debt / Adjusted EBITDA (excluding net synergies) at closing²
• Strong and growing predictable cash flow, supporting rapid deleverage over the next 2-3 years
• Credit enhancing: stronger business, same leverage

B Equity component

• Capital markets transaction: equity and/or equity-linked instruments

i. Amount to be confirmed at closing based on customary true-up closing adjustment mechanisms.

1. Net debt including IFRS-16 leases; EBITDA computed as sum of Amplifon's Adjusted EBITDA and the Pro-forma carved-out Adjusted EBITDA of GN Hearing (excluding amortization of R&D) excluding net synergies.

amplifon
Your hearing.
Your life.

---

emarket:
air storage
company

Transaction structure, timeline and regulatory approval

Indicative timeline

• March 16th signing date
• Customary regulatory approvals & completion of GN Hearing carve-out from GN Group
• Expected closing by the end of 2026

Indicative Amplifon shareholder base post transaction

• GN will have c. 16% pro-forma shareholding¹ and the right to appoint a representative as board member
• GN and Ampliter - Amplifon's controlling shareholder - to enter into a shareholder agreement
• GN stake subject to customary transfer restrictions / lock-up undertakings

I. Pro-forma for the Transaction assuming the execution of the equity raise.

amplifon
Your hearing.
Your life.

---

emarket:
air storage
cennnne

Unlocking the future - the platform for long-term value creation

Shareholders

• Stronger, more profitable and diversified business poised to better capture secular growth
• Significant and tangible synergies: €60-80m run-rate net¹ EBITDA synergies by end of 2029, with significant potential upside
• Strengthened cash flow generation profile
• Accretive to Amplifon's growth, profitability, and earnings

Customers, Hearing care professionals & Patients

• Leverage world-class R&D capabilities to constantly deliver cutting-edge patient-centric hearing solutions
• Faster innovation cycles via direct patient insight-driven feedback loops
• Enhanced scale to support increased R&D investments

Employees

• Exceptional career growth opportunities in a global, industry-leading player
• Preserve unique identities, heritage, and strengths
• Shared values, complementary know-how, entrepreneurial mindset, and a truly international outlook

1 Includes impact of potential dis-synergies.

amplifon
Your hearing.
Your life.

---

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Your hearing, Your life.