Interim Financial Report as at 30 September 202 5

INDEX

PREFACE 4
INTERIM MANAGEMENT REPORT AS AT 30 SEPTEMBER 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 SEPTEMBER 202562
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, macroeconomic environment and climate change on the Group's performance and financial position 72

3.	Acquisitions and goodwill 74
4.	Intangible fixed assets with finite useful life77
5.	Property, plant, and equipment79
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, depr. and impairment, financial income-expenses and taxes89
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 events105
ANNEXES		106
	Consolidation scope 106 Declaration in respect of the Consolidated Financial Statements pursuant to Article 154-
	bis of Legislative Decree no. 58/98 111

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 September 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 SEPTEMBER 2025

HIGHLIGHTS

In the first nine months of 2025 Amplifon Group recorded revenues for €1,743 million, substantially aligned on absolute values compared to 2024, but growing at constant exchange rates despite a particularly challenging comparison base and a weak market which was impacted by macroeconomic and geopolitical factors.

(€ thousands)	First nine months 2025	First nine months 2024
Economic figures:
Revenues from sales and services	1,743,823	1,744,833
Gross operating profit (loss) (EBITDA)	390,445	407,813
Gross operating profit (loss) (EBITDA) Adjusted (*)	394,978	411,661
Operating profit (loss) (EBIT)	153,278	187,539
Operating profit (loss) (EBIT) Adjusted (*)	199,101	228,911
Profit (loss) before tax	105,445	143,942
Profit (loss) before tax Adjusted (*)	150,989	185,239
Net profit (loss)	74,579	104,315
Net profit (loss) Adjusted (*)	109,771	134,462
Net profit (loss) attributable to the Group	74,423	104,181
Net profit (loss) attributable to the Group Adjusted (*)	109,615	134,328

^(*) 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)	09/30/2025	12/31/2024	Change
Financial figures:
Non-current assets	3,084,157	3,185,747	(101,590)
Net invested capital	2,640,318	2,626,366	13,952
Group net equity	969,834	1,150,002	(180,168)
Total net equity	970,080	1,150,224	(180,144)
Net financial indebtedness excluding lease liabilities	1,174,686	961,805	212,881
Lease liabilities	495,552	514,337	(18,785)
Net financial indebtedness	1,670,238	1,476,142	194,096

(€ thousands)	First nine months 2025	First nine months 2024
Free cash flow	28,365	50,560
Cash flow generated from (absorbed by) business combinations	(58,561)	(184,077)
Cash flow provided by (used in) financing activities	(175,000)	(80,775)
Net cash flow from the period	(205,196)	(214,292)
Effect of exchange rate fluctuations on the net financial position	(7,611)	(1,857)
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	(212,881)	(216,149)

The first nine months of the year closed with:

Revenues of €1,743,823 thousand, down 0.1% compared to the same period of the prior year (+1.8% at constant exchange rates);
Gross operating margin (EBITDA) of €390,445 thousand, a decrease of -4.3% compared to the first nine months of 2024, with the EBITDA margin at 22.4% (100 basis points lower than in the first nine months of 2024);
Adjusted gross operating margin (adjusted EBITDA) of €394,978 thousand, a decrease of -4.1% compared to the first nine months of 2024, with the EBITDA adjusted margin at 22.7% (90 basis points lower than in the first nine months of 2024);
Net profit (loss) attributable to the Group of €74,423 thousand, a decrease of €29,758 thousand (-28.6%) compared to the first nine months of 2024;
Net profit (loss) attributable to the Group Adjusted of €109,615 thousand, a decrease of €24,713 thousand (-18.4%) compared to the first nine months of 2024.

Net financial debt, excluding lease liabilities, amounted to €1,174,686 thousand at 30 September 2025, an increase of €212,881 thousand compared to 31 December 2024 which reflects the significant outlays for the payment of share buybacks and dividends to shareholders. Free cash flow reached a positive €28,365 thousand (€50,560 thousand at 30 September 2024) after €90,177 thousand in capital expenditure (€99,035 thousand in the comparison period). Net cash-outs for acquisitions (which amounted to €58,561 thousand versus €184,077 thousand in the first nine months of 2024), along with the purchase of treasury shares (€108,207 thousand versus €20,258 thousand at 30 September 2024) and the payment of dividends (€65,302 thousand versus €65,593 thousand in the comparison period), resulted in negative cash flow of €205,196 thousand versus negative €214,292 thousand in the first nine months of 2024.

Please note that during the first half of 2025, remaining credit lines that included financial covenants expired and/or were repaid. Therefore, from June 2025, the Group is no longer subject to any financial covenants.

ALTERNATIVE PERFORMANCE MEASURES

(€ thousands)	09/30/2025	12/31/2024	09/30/2024
Gross operating profit (loss) (EBITDA)	390,445	561,090	407,813
Gross operating profit (loss) (EBITDA) Adjusted	394,978	566,051	411,661
Operating profit (loss) (EBIT)	191,150	256,814	187,539
Operating profit (loss) (EBIT) Adjusted	153,278	313,845	228,911
Profit (loss) before tax	105,445	196,780	143,942
Profit (loss) before tax Adjusted	150,989	254,670	185,239
Net profit (loss)	74,579	145,570	104,315
Net profit (loss) Adjusted	109,771	188,329	134,462
Net profit (loss) attributable to the Group	74,423	145,374	104,181
Net profit (loss) attributable to the Group Adjusted	109,615	188,133	134,328
Net financial indebtedness excluding lease liabilities	1,174,686	961,805	1,068,279
Lease liabilities	495,552	514,337	506,939
Net financial indebtedness	1,670,238	1,476,142	1,575,217
Total Net Equity	970,080	1,150,224	1,118,265
Group Net Equity	969,834	1,150,002	1,118,112
Net financial indebtedness excluding lease liabilities/Net Equity (€)	1.21	0.84	0.96
Net financial indebtedness excluding lease liabilities /Group Net Equity (€)	1.21	0.84	0.96
Net financial indebtedness excluding lease liabilities/EBITDA for the leverage calculation (€)	2.09	1.63	1.78
Earnings per share (EPS) (€)	0.33319	0.64384	0.46111
Diluted EPS (€)	0.32874	0.64214	0.45766
EPS Adjusted (€)	0.49074	0.83321	0.59454
Group Net Equity per share (€)	4.407	5.104	4.958
Period-end price (€)	13.855	24.850	25.810
Highest price in period (€)	27.140	35.140	35.140
Lowest price in period (€)	13.705	22.890	25.740
Share price/net equity per share (€)	3.144	4.869	5.205
Market capitalization (€ millions)	3,047.23	5,599.21	5,819.22
Number of shares outstanding	219,937,482	225,320,371	225,501,321
Weighted average number of shares outstanding in the year	223,366,637	225,791,949	225,934,134
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 nine months 2025	First nine months 2024	Third Quarter 2025	Third Quarter 2024
Net profit (loss) attributable to the Group	74,423	104,181	6,302	16,388
Profit (loss) of minority interests	156	134	57	53
Net profit (loss)	74,579	104,315	6,359	16,441
Current and deferred income tax	30,866	39,627	806	6,068
Financial income, expenses and value adjustments to financial assets	47,833	43,597	17,127	16,083
Amortization, depreciation and impairment	237,167	220,274	79,171	75,447
Gross operating profit (EBITDA)	390,445	407,813	6,302	16,388
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1)	(585)	1,046	241	813
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management (2)	5,118	2,396	3,677	(60)
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (3)	-	(731)	(50)	(407)
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters (4)	-	1,137	-	218
Total adjustments	4,533	3,848	3,868	564
Gross operating profit (EBITDA) Adjusted	394,978	411,661	107,331	114,603

The following comments refer exclusively to the first nine months of 2025:

(1) The negative adjustment of €585 thousand as at 30 September 2025 refers, for €1,608 thousand to transaction and integration costs for acquisitions (by geographic area: EMEA for €1,268 thousand, APAC for €210 thousand, Corporate for €130 thousand) and for €2,193 thousand to changes in contingent consideration ("earn out") (by geographic area: EMEA for €966 thousands and Americas for €1,277 thousand). In the comparison period the positive adjustment for €1,046 thousand refers, for €3,568 thousand to transaction and integration costs for acquisitions (by geographic area: EMEA for €3,143 thousands, America for €25 thousand, APAC for €400 thousand) and for €2,522 thousand to changes in contingent consideration ("earn out") (by geographic area: EMEA for €646 thousands and Americas for €1,876 thousand);
(2) The positive adjustments of €5,118 thousand as at 30 September 2025 refer for €4,327 thousand in costs incurred for network and company reorganization (by geographic area: EMEA for positive €2,572 thousand, Americas for €656 thousand, APAC for €651 thousand and Corporate for €448 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 €2,396 thousand refers for €718 thousand to company and network reorganization (entirely related to EMEA), along with €1,678 thousand used to define and implement amends to corporate bylaws including related to increased voting rights (entirely related to Corporate);
(3) The adjustments in the comparison period refer to gains stemming from the disposal of durable goods for €731 thousand;
(4) The positive adjustment of €1,137 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 nine months 2025	First nine months 2024	Third Quarter 2025	Third Quarter 2024
Net profit (loss) attributable to the Group	74,423	104,181	6,302	16,388
Profit (loss) of minority interests	156	134	57	53
Net profit (loss)	74,579	104,315	6,359	16,441
Current and deferred income tax	30,866	39,627	806	6,068
Financial income, expenses and value adjustments to financial assets	47,833	43,597	17,127	16,083
Operating profit (loss) (EBIT)	153,278	187,539	24,292	38,592
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1)	(585)	1,046	241	813
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management (2)	8,431	2,396	5,636	(60)
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (3)	105	(43)	(18)	(365)
Amortization of fixed assets accounted in phase of Purchase Price Allocation (4)	37,872	36,836	12,621	12,918
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters (5)	-	1,137	-	218
Total adjustments	45,823	41,372	18,480	13,524
Operating profit (loss) (EBIT) Adjusted	199,101	228,911	42,772	52,116

The following comments refer exclusively to the first nine months of 2025:

(1),(5) The adjustments are listed in the section on Adjusted EBITDA;
(2) €3,313 thousand in costs for the write-down of property, plant and equipment, right-of-use, 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 (by geographic area: EMEA for €1,763 thousands, Americas for €1,006 thousand and APAC for €544 thousand);
(3) €105 thousand (€688 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 €37,872 thousand at 30 September 2025 (by geographic area: EMEA for €25,276 thousand, Americas for €3,884 thousand and APAC for €8,712 thousand) refers to the amortization of customer lists, trademarks, licenses, non-compete agreements and franchisee rights allocated as a result of business combinations ("PPA"). In the comparison period the positive adjustment was for €36,836 thousand (by geographic area: EMEA for €24,393 thousand, Americas for €3,201 thousand and APAC for €9,242 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 Net profit (loss) attributable to the Group with Profit (loss) before tax Adjusted is shown below.

(€ thousands)	First nine months 2025	First nine months 2024	Third Quarter 2025	Third Quarter 2024
Net profit (loss) attributable to the Group	74,423	104,181	6,302	16,388
Profit (loss) of minority interests	156	134	57	53
Net profit (loss)	74,579	104,315	6,359	16,441
Current and deferred income tax	30,866	39,627	806	6,068
Profit (loss) before tax	105,445	143,942	7,165	22,509
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1)	(585)	1,046	241	813
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management (2)	8,431	2,396	5,636	(60)
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (3)	105	(43)	(18)	(365)
Amortization of fixed assets accounted in phase of Purchase Price Allocation (4)	37,872	36,836	12,621	12,918
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)	1,601	2,649	439	570
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters (6)	(1,880)	(1,587)	(42)	(122)
Total adjustments	45,544	41,297	18,877	13,754
Profit (loss) before tax Adjusted	150,989	185,239	26,042	36,263

The following comments refer exclusively to the first nine months of 2025:

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

(5) The adjustment of €1,601 thousand at 30 September 2025 (€2,649 thousand in the comparison period) refers for €831 thousand (€2,014 thousand in the comparison period) to financial expenses stemming from hyperinflation (IAS 29) and for €770 thousand (€635 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: €1,880 thousand (€2,724 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) attributable to the Group with Net profit (loss) Adjusted is shown below.

(€ thousands)	First nine months 2025	First nine months 2024	Third Quarter 2025	Third Quarter 2024
Net profit (loss) attributable to the Group	74,423	104,181	6,302	16,388
Profit (loss) of minority interests	156	134	57	53
Net profit (loss)	74,579	104,315	6,359	16,441
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1)	(585)	1,046	241	813
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management (2)	8,431	2,396	5,636	(60)
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (3)	105	(43)	(18)	(365)
Amortization of fixed assets accounted in phase of Purchase Price Allocation (4)	37,872	36,836	12,621	12,918
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)	1,601	2,649	439	570
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters (6)	(1,880)	(1,587)	(42)	(122)
Total adjustments before tax	45,544	41,297	18,877	13,754
Fiscal effect on adjustments and other fiscal adjustments (7)	(10,352)	(11,150)	(6,027)	(3,644)
Total adjustments	35,192	30,147	12,850	10,110
Net profit (loss) Adjusted	109,771	134,462	19,209	26,551

The following comments refer exclusively to the first nine months of 2025:

^{(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 €2,738 thousand and non-monetary gain for €959 thousand in Germany.

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 nine months 2025	First nine months 2024	Third Quarter 2025	Third Quarter 2024
Net profit (loss) attributable to the Group	74,423	104,181	6,302	16,388
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out (1)	(585)	1,046	241	813
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management (2)	8,431	2,396	5,636	(60)
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets (3)	105	(43)	(18)	(365)
Amortization of fixed assets accounted in phase of Purchase Price Allocation (4)	37,872	36,836	12,621	12,918
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)	1,601	2,649	439	570
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters (6)	(1,880)	(1,587)	(42)	(122)
Total adjustments before tax	45,544	41,297	18,877	13,754
Fiscal effect on adjustments and other fiscal adjustments (7)	(10,352)	(11,150)	(6,027)	(3,644)
Total adjustments	35,192	30,147	12,850	10,110
Net profit (loss) attributable to the Group Adjusted	109,615	134,328	19,152	26,498

The following comments refer exclusively to the first nine months of 2025: (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:

(€ thousands)	Value as at 09/30/2025
Group EBITDA first nine months 2025	390,445
Group EBITDA October – December 2024	153,278
Fair value of stock grant assignment	7,090
EBITDA normalized (from acquisitions and disposals)	3,741
Items (income and expenses) that are unusual, infrequent or not related to the operating performance October 2024 – September 2025	7,094
EBITDA for the leverage calculation	561,648

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 September 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	6,451,138	2.85%	1.54%
Market	124,832,090	55.14%	30.10%
Total	226,388,620	100.00%	100.00%

^(*) Number of shares related to the share capital registered with the Company register on 30 September 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 September 2025.

As at 30 September 2025 market capitalization was €3,047.23 million.

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

average daily value: €29,795,522;
average daily volume: 1,501,995 shares;
total volume traded of 292,889,063 shares, or 133.17% of the total number of shares comprising the share capital, net of treasury shares.

RECLASSIFIED CONSOLIDATED INCOME STATEMENT

(€ thousands)	First nine months 2025	% on sales	First nine months 2024	% on sales	Change %
Revenues from sales and services	1,743,823	100.0%	1,744,833	100.0%	-0.1%
Operating costs	(1,356,320)	-77.8%	(1,342,180)	-76.9%	-1.1%
Other income and costs	2,942	0.2%	5,160	0.3%	-43.0%
Gross operating profit (loss) (EBITDA)	390,445	22.4%	407,813	23.4%	-4.3%
Gross operating profit (loss) (EBITDA) Adjusted (*)	394,978	22.7%	411,661	23.6%	-4.1%
Depreciation, amortization and impairment losses on non current assets	(95,709)	-5.5%	(86,550)	-5.0%	-10.6%
Right-of-use depreciation	(103,586)	-5.9%	(96,887)	-5.6%	-6.9%
PPA related depreciation, amortization and impairment	(37,872)	-2.2%	(36,837)	-2.1%	-2.8%
Operating profit (loss) (EBIT)	153,278	8.8%	187,539	10.7%	-18.3%
Operating profit (loss) (EBIT) Adjusted (*)	199,101	11.4%	228,911	13.1%	-13.0%
Income, expenses, valuation and adjustments of financial assets	90	-	283	-	-68.2%
Net financial expenses	(45,077)	-2.6%	(41,634)	-2.4%	-8.3%
Exchange differences, inflation accounting and Fair Value valuation	(2,846)	-0.2%	(2,246)	-0.1%	-26.7%
Profit (loss) before tax	105,445	6.0%	143,942	8.2%	-26.7%
Profit (loss) before tax Adjusted (*)	150,989	8.7%	185,239	10.6%	-18.5%
Tax	(30,866)	-1.7%	(39,627)	-2.2%	22.1%
Net profit (loss)	74,579	4.3%	104,315	6.0%	-28.5%
Net profit (loss) Adjusted (*)	109,771	6.3%	134,462	7.7%	-18.4%
Profit (loss) of minority interests	156	-	134	-	16.4%
Net profit (loss) attributable to the Group	74,423	4.3%	104,181	6.0%	-28.6%
Net profit (loss) attributable to the Group Adjusted (*)	109,615	6.3%	134,328	7.7%	-18.4%

(€ thousands)	Third Quarter 2025	% on sales	Third Quarter 2024	% on sales	Change %
Revenues from sales and services	563,333	100.0%	567,582	100.0%	-0.7%
Operating costs	(460,166)	-81.7%	(454,496)	-80.1%	-1.2%
Other income and costs	296	0.1%	953	0.2%	-68.9%
Gross operating profit (loss) (EBITDA)	103,463	18.4%	114,039	20.1%	-9.3%
Gross operating profit (loss) (EBITDA) Adjusted (*)	107,331	19.1%	114,603	20.2%	-6.3%
Depreciation, amortization and impairment losses on non-current assets	(31,635)	-5.6%	(29,695)	-5.2%	-6.5%
Right-of-use depreciation	(34,915)	-6.3%	(32,834)	-5.8%	-6.3%
PPA related depreciation, amortization and impairment	(12,621)	-2.2%	(12,918)	-2.3%	2.3%
Operating profit (loss) (EBIT)	24,292	4.3%	38,592	6.8%	-37.1%
Operating profit (loss) (EBIT) Adjusted (*)	42,772	7.6%	52,116	9.2%	-17.9%
Income, expenses, valuation and adjustments of financial assets	-	-	-	-	-
Net financial expenses	(16,223)	-2.9%	(15,294)	-2.7%	-6.1%
Exchange differences, inflation accounting and Fair Value valuation	(904)	-0.1%	(789)	-0.1%	-14.6%
Profit (loss) before tax	7,165	1.3%	22,509	4.0%	-68.2%
Profit (loss) before tax Adjusted (*)	26,042	4.6%	36,263	6.4%	-28.2%
Tax	(806)	-0.2%	(6,068)	-1.1%	86.7%
Net profit (loss)	6,359	1.1%	16,441	2.9%	-61.3%
Net profit (loss) Adjusted (*)	19,209	3.4%	26,551	4.7%	-27.7%
Profit (loss) of minority interests	57	-	53	-	7.5%
Net profit (loss) attributable to the Group	6,302	1.1%	16,388	2.9%	-61.5%
Net profit (loss) attributable to the Group Adjusted (*)	19,152	3.4%	26,498	4.7%	-27.7%

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)	09/30/2025	12/31/2024	Change
Goodwill	1,923,283	1,945,495	(22,212)
Customer lists, non-compete agreements, trademarks and location rights	233,248	259,447	(26,199)
Software, licenses, other int.ass., wip and advances	159,640	168,913	(9,273)
Tangible assets	248,610	253,925	(5,315)
Right of use assets	469,253	492,064	(22,811)
Fixed financial assets (1)	9,753	24,472	(14,719)
Other non-current financial assets (1)	40,370	41,432	(1,061)
Total fixed assets	3,084,157	3,185,747	(101,590)
Inventories	89,985	93,180	(3,195)
Trade receivables	224,608	226,754	(2,146)
Other receivables	127,292	115,304	11,988
Current assets (A)	441,885	435,238	6,647
Total assets	3,526,042	3,620,985	(94,943)
Trade payables	(297,085)	(377,100)	80,015
Other payables (2)	(358,314)	(374,272)	15,958
Provisions for risks (current portion)	(4,771)	(2,403)	(2,368)
Short term liabilities (B)	(660,170)	(753,775)	93,605
Net working capital (A) - (B)	(218,285)	(318,537)	100,252
Derivative instruments (3)	1,438	3,680	(2,242)
Deferred tax assets	72,762	77,332	(4,570)
Deferred tax liabilities	(95,766)	(99,493)	3,727
Provisions for risks (non-current portion)	(17,570)	(20,925)	3,355
Employee benefits (non-current portion)	(14,476)	(15,457)	981
Loan fees (4)	3,258	3,452	(194)
Other long-term payables	(175,200)	(189,433)	14,233
NET INVESTED CAPITAL	2,640,318	2,626,366	13,952
Shareholders' equity	969,834	1,150,002	(180,168)
Third parties' equity	246	222	24
Net equity	970,080	1,150,224	(180,144)
Long term net financial debt (4)	1,109,150	960,387	148,763
Short term net financial debt (4)	65,536	1,418	64,118
Total net financial debt	1,174,686	961,805	212,881
Lease liabilities	495,552	514,337	(18,785)
Total lease liabilities & net financial debt	1,670,238	1,476,142	194,096
NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL DEBT	2,640,318	2,626,366	13,952

(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 nine months 2025	First nine months 2024
Operating profit (loss) (EBIT)	153,278	187,539
Amortization, depreciation and write-downs	237,167	220,274
Provisions, other non-monetary items and gain/losses from disposals	8,056	17,024
Net financial expenses	(44,905)	(40,563)
Taxes paid	(31,765)	(54,480)
Changes in net working capital	(102,700)	(84,087)
Cash flow provided by (used in) operating activities before repayment of lease liabilities	219,131	245,707
Repayment of lease liabilities	(100,589)	(96,112)
Cash flow provided by (used in) operating activities (A)	118,542	149,595
Cash flow provided by (used in) operating investing activities (B)	(90,177)	(99,035)
Free Cash Flow (A) + (B)	28,365	50,560
Net cash flow provided by (used in) acquisitions (C)	(58,561)	(184,077)
Cash flow provided by (used in) investing activities (B) + (C)	(148,738)	(283,112)
Cash flow provided by (used in) operating activities and investing activities	(30,196)	(133,517)
Treasury Shares	(108,207)	(20,258)
Dividends	(65,302)	(65,593)
Fees paid on medium/long-term financing	(1,788)	(104)
Capital increases, third parties' contributions and dividends paid by subsidiaries to third parties	(100)	(382)
Change in non-current assets	397	5,562
Net cash flow from the period	(205,196)	(214,292)

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	(7,611)	(1,857)
Effect of discontinued operations on net financial debt	(74)	-
Changes in net financial debt	(205,196)	(214,292)
Net financial indebtedness at the end of the period excluding lease liabilities	(1,174,686)	(1,068,279)

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

(€ thousands)	First nine months 2025	First nine months 2024
Free cash flow	28,365	50,560
Free cash flow generated by unusual, infrequent or unrelated items (see page 60 for details)	4,879	4,734
Free cash flow generated by operating performance	33,154	55,294

INCOME STATEMENT REVIEW Consolidated income statement by segment and geographic area

(€ thousands)			First nine months 2025
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	1,118,340	366,019	259,464	-	1,743,823
Operating costs	(818,434)	(283,080)	(195,175)	(59,631)	(1,356,320)
Other income and costs	2,526	212	(178)	382	2,942
Gross operating profit (loss) (EBITDA)	302,432	83,151	64,111	(59,249)	390,445
Gross operating profit (loss) (EBITDA) Adjusted (*)	305,280	82,578	65,000	(57,880)	394,978
Depreciation, amortization and impairment of non current assets	(44,116)	(16,552)	(13,881)	(21,160)	(95,709)
Right-of-use depreciation	(66,989)	(12,169)	(22,570)	(1,858)	(103,586)
PPA related depreciation, amortization and impairment	(25,276)	(3,354)	(8,712)	(530)	(37,872)
Operating profit (loss) (EBIT)	166,051	51,076	18,948	(82,797)	153,278
Operating profit (loss) (EBIT) Adjusted (*)	196,043	55,393	29,093	(81,428)	199,101
Income, expenses, valuation and adjustments of financial assets					90
Net financial expenses					(45,077)
Exchange differences, inflation accounting and Fair Value valuation					(2,846)
Profit (loss) before tax					105,445
Profit (loss) before tax Adjusted (*)					150,989
Tax					(30,866)
Net profit (loss)					74,579
Net profit (loss) Adjusted (*)					109,771
Profit (loss) of minority interests					156
Net profit (loss) attributable to the Group					74,423
Net profit (loss) attributable to the Group Adjusted (*)					109,615

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 nine months 2025
Alternative Performance Measures	EBITDA 390,445 153,278	EBIT	Profit (loss) before tax 105,445	Net profit (loss) 74,579	Net profit (loss) Attributable to the Group 74,423
Transaction and integration costs for acquisitions and changes (positive or	(585)	(585)	(585)	(585)	(585)
negative) in earn-out Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	5,118	8,431	8,431	8,431	8,431
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets	-	105	105	105	105
Amortization of fixed assets accounted in phase of Purchase Price Allocation		- 37,872	37,872	37,872	37,872
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)	-	-	1,601	1,601	1,601
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters	-	-	(1,880)	(1,880)	(1,880)
Total adjustments before tax		4,533 45,823	45,544	45,544	45,544
Fiscal effect on adjustments and other fiscal adjustments				(10,352)	(10,352)
Total adjustments		4,533 45,823	45,544	35,192	35,192
Adjusted Alternative Performance Measures	394,978 199,101		150,989	109,771	109,615

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

(€ thousands)					First nine months 2025
	EMEA		Americas		Asia Pacific		Corporate		Total
	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT
Alternative Performance Measures	302,432	166,051	83,151	51,076	64,111	18,948	(59,249)	(82,797)	390,445	153,278
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	302	302	(1,227)	(1,227)	210	210	130	130	(585)	(585)
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	2,572	4,335	656	1,662	651	1,195	1,239	1,239	5,118	8,431
Gain and loss on disposal of assets and/or businesses, write off and revaluation of fixed assets	(26)	79	(2)	(2)	28	28	-	-	-	105
Amortization of fixed assets accounted in phase of Purchase Price Allocation	-	25,276	-	3,884	-	8,712	-	-	-	37,872
Total adjustments	2,848	29,992	(573)	4,317	889	10,145	1,369	1,369	4,533	45,823
Adjusted Alternative Performance Measures	305,280	196,043	82,578	55,393	65,000	29,093	(57,880)	(81,428)	394,978	199,101

(€ thousands)			First nine months 2024
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	1,101,713	366,417	276,466	237	1,744,833
Operating costs	(797,387)	(277,727)	(203,190)	(63,876)	(1,342,180)
Other income and costs	3,070	2,312	(326)	104	5,160
Gross operating profit (loss) (EBITDA)	307,396	91,002	72,950	(63,535)	407,813
Gross operating profit (loss) (EBITDA) Adjusted (*)	309,977	89,161	73,235	(60,712)	411,661
Depreciation, amortization and impairment of non current assets	(38,610)	(13,288)	(14,287)	(20,365)	(86,550)
Right-of-use depreciation	(62,504)	(10,528)	(22,079)	(1,776)	(96,887)
PPA related depreciation, amortization and impairment	(24,393)	(3,202)	(9,242)	-	(36,837)
Operating profit (loss) (EBIT)	181,889	63,984	27,342	(85,676)	187,539
Operating profit (loss) (EBIT) Adjusted (*)	209,511	65,344	36,909	(82,853)	228,911
Income, expenses, revaluation and adjustments of financial assets					283
Net financial expenses					(41,634)
Exchange differences, inflation accounting and Fair Value valuation					(2,246)
Profit (loss) before tax					143,942
Profit (loss) before tax Adjusted (*)					185,239
Tax					(39,627)
Net profit (loss)					104,315
Net profit (loss) Adjusted (*)					134,462
Profit (loss) of minority interests					134
Net profit (loss) attributable to the Group					104,181
Net profit (loss) attributable to the Group Adjusted (*)					134,328

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 nine months 2024
	EBITDA	EBIT	Profit (loss) before tax	Net profit (loss)	Net profit (loss) attributable to the Group
Alternative Performance Measures	407,813 187,539		143,942	104,315	104,181
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	1,046	1,046	1,046	1,046	1,046
Costs relative to corporate and network reorganization, as well as other efficiency projects	2,396	2,396	2,396	2,396	2,396
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets	(731)	(43)	(43)	(43)	(43)
Amortization of fixed assets accounted in phase of Purchase Price Allocation	-	36,836	36,836	36,836	36,836
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)	-	-	2,649	2,649	2,649
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters	1,137	1,137	(1,587)	(1,587)	(1,587)
Total adjustments before tax	3,848	41,372	41,297	41,297	41,297
Fiscal effect on adjustments and other fiscal adjustments				(11,150)	(11,150)
Total adjustments	3,848	41,372	41,297	30,147	30,147
Adjusted Alternative Performance Measures	411,661 228,911		185,239	134,462	134,328

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

(€ thousands)					First nine months 2024
		EMEA	Americas		Asia Pacific			Corporate		Total
	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT
Alternative Performance Measures	307,396	181,889	91,002	63,984	72,950	27,342	(63,535)	(85,676)	407,813	187,539
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	2,497	2,497	(1,851)	(1,851)	400	400	-	-	1,046	1,046
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	718	718	-	-	-	-	1,678	1,678	2,396	2,396
Gain and loss on disposal of assets and/or businesses, write off and revaluation of fixed assets	(634)	14	10	10	(115)	(75)	8	8	(731)	(43)
Amortization of fixed assets accounted in phase of Purchase Price Allocation	-	24,393	-	3,201	-	9,242	-	-	-	36,836
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters	-	-	-	-	-	-	1,137	1,137	1,137	1,137
Total adjustments	2,581	27,622	(1,841)	1,360	285	9,567	2,823	2,823	3,848	41,372
Adjusted Alternative Performance Measures	309,977	209,511	89,161	65,344	73,235	36,909	(60,712)	(82,853)	411,661	228,911

(€ thousands)			Third Quarter 2025
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	352,382	122,934	88,017	-	563,333
Operating costs	(273,880)	(97,545)	(66,785)	(21,956)	(460,166)
Other income and costs	983	(528)	(433)	274	296
Gross operating profit (loss) (EBITDA)	79,485	24,861	20,799	(21,682)	103,463
Gross operating profit (loss) (EBITDA) Adjusted (*)	82,167	25,488	21,358	(21,682)	107,331
Depreciation, amortization and impairment of non current assets	(15,168)	(6,207)	(3,477)	(6,783)	(31,635)
Right-of-use depreciation	(22,506)	(4,451)	(7,329)	(629)	(34,915)
PPA related depreciation, amortization and impairment	(8,348)	(1,089)	(2,871)	(313)	(12,621)
Operating profit (loss) (EBIT)	33,463	13,114	7,122	(29,407)	24,292
Operating profit (loss) (EBIT) Adjusted (*)	46,258	16,149	9,772	(29,407)	42,772
Income, expenses, revaluation and adjustments of financial assets					-
Net financial expenses					(16,223)
Exchange differences, inflation accounting and Fair Value valuation					(904)
Profit (loss) before tax					7,165
Profit (loss) before tax Adjusted (*)					26,042
Tax					(806)
Net profit (loss)					6,359
Net profit (loss) Adjusted (*)					19,209
Profit (loss) of minority interests					57
Net profit (loss) attributable to the Group					6,302
Net profit (loss) attributable to the Group Adjusted (*)					19,152

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

(€ thousands)			Third Quarter 2025
	EBITDA	EBIT	Profit (loss) before tax	Net profit (loss)	Net profit (loss) Attributable to the Group
Alternative Performance Measures Transaction and integration costs for acquisitions and changes (positive or	103,463 24,292		7,165	6,359	6,302
negative) in earn-out	241	241	241	241	241
Costs related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	3,677	5,636	5,636	5,636	5,636
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets	(50)	(18)	(18)	(18)	(18)
Amortization of fixed assets accounted in phase of Purchase Price Allocation		- 12,621	12,621	12,621	12,621
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)	-	-	439	439	439
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters	-	-	(42)	(42)	(42)
Total adjustments before tax		3,868 18,480	18,877	18,877	18,877
Fiscal effect on adjustments and other fiscal adjustments				(6,027)	(6,027)
Total adjustments		3,868 18,480	18,877	12,850	12,850
Adjusted Alternative Performance Measures	107,331 42,772		26,042	19,209	19,152

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

(€ thousands)						Third Quarter 2025
	EMEA		Americas Asia Pacific						Corporate		Total
	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT
Alternative Performance Measures	79,485	33,463	24,861	13,114	20,799	7,122	(21,682)	(29,407)	103,463	24,292
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	179	179	63	63	(1)	(1)	-	-	241	241
Costs related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	2,575	4,308	566	1,572	536	(244)	-	-	3,677	5,636
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets	(72)	(40)	(2)	(2)	24	24	-	-	(50)	(18)
Amortization of fixed assets accounted in phase of Purchase Price Allocation	-	8,348	-	1,402	-	2,871	-	-	-	12,621
Total adjustments	2,682	12,795	627	3,035	559	2,650	-	-	3,868	18,480
Adjusted Alternative Performance Measures	82,167	46,258	25,488	16,149	21,358	9,772	(21,682)	(29,407)	107,331	42,772

(€ thousands)			Third Quarter 2024
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	344,246	125,999	97,281	56	567,582
Operating costs	(263,475)	(97,200)	(71,253)	(22,568)	(454,496)
Other income and costs	886	491	(232)	(192)	953
Gross operating profit (loss) (EBITDA)	81,657	29,290	25,796	(22,704)	114,039
Gross operating profit (loss) (EBITDA) Adjusted (*)	82,570	28,630	25,942	(22,539)	114,603
Depreciation, amortization and impairment of non current assets	(13,653)	(4,346)	(4,785)	(6,911)	(29,695)
Right-of-use depreciation	(21,049)	(3,542)	(7,643)	(600)	(32,834)
PPA related depreciation, amortization and impairment	(8,632)	(1,068)	(3,218)	-	(12,918)
Operating profit (loss) (EBIT)	38,323	20,334	10,150	(30,215)	38,592
Operating profit (loss) (EBIT) Adjusted (*)	47,906	20,742	13,518	(30,050)	52,116
Income, expenses, revaluation and adjustments of financial assets					-
Net financial expenses					(15,294)
Exchange differences, inflation accounting and Fair Value valuation					(789)
Profit (loss) before tax					22,509
Profit (loss) before tax Adjusted (*)					36,263
Tax					(6,068)
Net profit (loss)					16,441
Net profit (loss) Adjusted (*)					26,551
Profit (loss) of minority interests					53
Net profit (loss) attributable to the Group					16,388
Net profit (loss) attributable to the Group Adjusted (*)					26,498

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

(€ thousands)				Third Quarter 2024
	EBITDA	EBIT	Profit (loss) before tax	Net profit (loss)	Net profit (loss) attributable to the Group
Alternative Performance Measures	114,039	38,592	22,509	16,441	16,388
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	813	813	813	813	813
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	(60)	(60)	(60)	(60)	(60)
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets	(407)	(365)	(365)	(365)	(365)
Amortization of fixed assets accounted in phase of Purchase Price Allocation	-	12,918	12,918	12,918	12,918
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)	-	-	570	570	570
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters	218	218	(122)	(122)	(122)
Total adjustments before tax	564	13,524	13,754	13,754	13,754
Fiscal effect on adjustments and other fiscal adjustments				(3,644)	(3,644)
Total adjustments	564	13,524	13,754	10,110	10,110
Adjusted Alternative Performance Measures	114,603	52,116	36,263	26,551	26,498

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

(€ thousands)						Third Quarter 2024
	EMEA		Americas		Asia Pacific			Corporate	Total
	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT
Alternative Performance Measures	81,657	38,323	29,290	20,334	25,796	10,150	(22,704)	(30,215)	114,039	38,592
Transaction and integration costs for acquisitions and changes (positive or negative) in earn-out	1,340	1,340	(660)	(660)	133	133	-	-	813	813
Charges and write-off related to back-office and network reorganization, as well as other efficiency projects and changes in Top management	-	-	-	-	-	-	(60)	(60)	(60)	(60)
Gain and loss on disposal of assets and/or businesses, write-off and revaluation of fixed assets	(427)	(389)	-	-	13	17	7	7	(407)	(365)
Amortization of fixed assets accounted in phase of Purchase Price Allocation	-	8,632	-	1,068	-	3,218	-	-	-	12,918
Other unusual, infrequent or unrelated income and expenses above an amount of €1m in a quarter, or above €2m across multiple quarters	-	-	-	-	-	-	218	218	218	218
Total adjustments	913	9,583	(660)	408	146	3,368	165	165	564	13,524
Adjusted Alternative Performance Measures	82,570	47,906	28,630	20,742	25,942	13,518	(22,539)	(30,050)	114,603	52,116

Revenues from sales and services

(€ thousands)	First nine months 2025	First nine months 2024	Change	Change %
Revenues from sales and services	1,743,823	1,744,833	(1,010)	-0.1%
(€ thousands)	Third quarter 2025	Third quarter 2024	Change	Change %
Revenues from sales and services	563,333	567,582	(4,249)	-0.7%

Consolidated revenues from sales and services amounted to €1,743,823 thousand in the first nine months of 2025, substantially aligned (-0.1%) compared to the first nine months of 2024. The negative variation for €1,010 thousand is explained mainly by exchange differences which were negative for €32,688 thousand (-1.9%) and organic performance which was negative for €4,892 thousand (-0.3%). The change in perimeter had a positive impact of €36,570 thousand (+2.1%): the contribution of acquisitions made (€41,498 thousand or +2.4%) was partially offset by the disposal of the wholesale network of the Chinese subsidiary Hangzhou Amplifon Hearing Aid Co., Ltd. and the closure of a first group of non-performing clinics, for €4,928 thousand (-0.3%).

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 performance (+0.1%).

Despite the soft market, there was good organic performance in Americas while in Europe, even though overall growth was positive thanks to the contribution of acquisitions, organic performance was negative. Apac was impacted by the weakening of the New Zealand and Australian dollars, while organic performance reflects the soft Chinese market.

In the third quarter alone, consolidated revenues from sales and services amounted to €563,333 thousand, a decrease of €4,249 thousand (-0.7%) compared to the third quarter of 2024. The positive contributions of the organic performance (€4,612 thousand or +0.8%) and perimeter changes (€8,797 thousand or +1.6%) and, that include the contribution of acquisition made (€10,852 thousand or +2.0%) and the effect of the disposal described above (€2,055 thousand or -0.4%) were more than offset by €17,658 thousand (-3.1%) in foreign exchange differences.

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

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

(€ thousands)	First nine months 2025	% on Total	First nine months 2024	% on Total	Change	Change %	Exchange diff.	Change % in local currency
EMEA	1,118,340	64.1%	1,101,713	63.2%	16,627	1.5%	959	1.4%
Americas	366,019	21.0%	366,417	21.0%	(398)	-0.1%	(17,872)	4.8%
Asia Pacific	259,464	14.9%	276,466	15.8%	(17,002)	-6.1%	(15,775)	-0.4%
Corporate	-	-	237	0.0%	(237)	-100.0%	-	-100.0%
Total	1,743,823	100.0%	1,744,833	100.0%	(1,010)	-0.1%	(32,688)	1.8%

								Change % in
	Q3		Q3	% on				local
(€ thousands)	2025	% on Total	2024	Total	Change	Change %	Exchange diff.	currency
EMEA	352,382	62.6%	344,246	60.7%	8,136	2.4%	224	2.3%
Americas	122,934	21.8%	125,999	22.2%	(3,065)	-2.4%	(10,106)	5.6%
Asia Pacific	88,017	15.6%	97,281	17.1%	(9,264)	-9.5%	(7,776)	-1.5%
Corporate	-	0.0%	56	0.0%	(56)	-100.0%	-	-100.0%
Total	563,333	100.0%	567,582	100.0%	(4,249)	-0.7%	(17,658)	2.4%

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%
III quarter	352,382	344,246	8,136	2.4%
First nine months	1,118,340	1,101,713	16,627	1.5%

Consolidated revenues from sales and services amounted to €1,118,340 thousand in the first nine months of 2025, an increase of €16,627 thousand (+1.5%) compared to the same period of the prior year.

The increase is explained for €26,894 thousand (+2.4%) by the changes in perimeter including first-time consolidation of the Polish subsidiary Amplifon Aparaty Słuchowe Sp.zo.o. purchased at the beginning of March. The good performance of the French market failed to offset the softness of the Southern European markets and the overall organic performance resulted negative for €11,226 thousand (-1.0%), while the exchange difference was slightly positive at €959 thousand (+0.1%).

In the third quarter alone, consolidated revenues from sales and services amounted to €352,382 thousand, an increase of €8,136 thousand (+2.4%) with respect to the comparison period. This change is explained mainly by the changes in perimeter which contributed €6,888 thousand (+2.0%) and organic performance for €1,024 thousand (+0.3%). The foreign exchange effect was slightly positive at €224 thousand (+0.1%).

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%
III quarter	122,934	125,999	(3,065)	-2.4%
First nine months	366,019	366,417	(398)	-0.1%

Consolidated revenues from sales and services amounted to €366,019 thousand, substantially aligned (-0.1%) to the comparison period.

The positive contributions of the organic performance (€8,351 thousand or +2.3%) and the perimeter changes (€9,123 thousand or +2.5%), were more than offset by €17,872 thousand (- 4.9%) in foreign exchange differences.

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 performance (+0.3%) and a negative impact on foreign exchange differences (-0.1%).

In the third quarter alone, consolidated revenues from sales and services amounted to €122,934 thousand, a drop of €3,065 thousand (-2.4%) with respect to the comparison period explained primarily by the adverse exchange effect for €10,106 thousand (-8.0%) attributable to the weakening of the US dollar, the Argentine peso, and the Canadian dollar, partially offset by the good organic performance of Miracle-Ear (Franchising, Retail and Managed Care) and perimeter changes for €1,571 thousand (+1.3%).

In the third quarter alone, 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 performance (+0.4%) and a negative impact on foreign exchange differences (-0.1%).

Asia Pacific

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%
III quarter	88,017	97,281	(9,264)	-9.5%
First nine months	259,464	276,466	(17,002)	-6.1%

Revenues from sales and services amounted to €259,464 thousand in the first nine months of 2025, showing a decrease of €17,002 thousand (-6.1%) compared to the same period of 2024.

This change is explained primarily by negative exchange differences for €15,775 thousand (- 5.7%), due to the weakening of the New Zealand and Australian dollars. The perimeter changes had a positive impact of €553 thousand (+0.2%) while organic performance had a negative impact of €1,780 thousand (-0.6%).

In the third quarter alone, consolidated revenues from sales and services amounted to €88,017 thousand, a drop of €9,264 thousand (-9.5%) mainly attributable to negative exchange differences for €7,776 thousand (-8.0%). Perimeter changes were positive for €338 thousand (+0.4%): the contribution of acquisition made in China and Australia was partially offset by the effect of the disposal of the wholesale sales network of the Chinese subsidiary Hangzhou Amplifon Hearing Aid Co., Ltd. and the closure of a first group of non-performing clinics, while organic performance had a negative impact of €1,826 thousand (-1.9%).

Gross operating profit (loss) (EBITDA)

	First nine months	First nine months
(€ thousands)	2025	2024	Change	Change %

Gross operating profit (loss) (EBITDA)	390,445	407,813	(17,368)	-4.3%
Gross operating profit (loss) (EBITDA) Adjusted	394,978	411,661	(16,683)	-4.1%


	Third quarter	Third quarter
(€ thousands)	2025	2024	Change	Change %
Gross operating profit (loss) (EBITDA)	103,463	114,039	(10,576)	-9.3%

Gross operating profit (EBITDA) amounted to €390,445 thousand in the first nine months of 2025, a decline of €17,368 thousand (-4.3%) with respect to the comparison period. The EBITDA margin came to 22.4%, 1.0 p.p. lower than in the comparison period.

The change compared to the prior reporting period is attributable to lower operating leverage and the dilution resulting from the acceleration of growth of Miracle-Ear's direct network in the United States.

The result for the reporting period was affected for €4,533 thousand 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) mainly attributable to the program (Fit4Growth) aimed to strengthen margin and reinforce the Group's competitiveness. The impact of these items amounted to €3,848 thousand in 2024.

Net of these items, adjusted EBITDA came to €394,978 thousand in the first nine months of 2025, a decrease of €16,683 thousand (-4.1%) against the comparison period. The EBITDA adjusted margin was 0.9 p.p. lower than in the comparison period, coming in at 22.7%.

In the third quarter alone, EBITDA was €10,576 thousand (-9.3%) lower than in the comparison period coming in at €103,463 thousand. The EBITDA margin was 18.4%, - 1.7 p.p. lower than in the comparison period.

The third quarter result was affected for €3,868 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance mainly attributable to the program (Fit4Growth) aimed to strengthen margin and reinforce the Group's competitiveness. The impact of these items amounted to €564 thousand in 2024.

Net of these items, adjusted EBITDA came to €107,331 thousand in the third quarter of 2025, a decrease against the comparison period of €7,272 thousand (-6.3%). The EBITDA adjusted margin was 1.1 p.p. lower than in the comparison period, coming in at 19.1%.

The breakdown of EBITDA by geographic area is shown below.

	First nine		First nine
	months	EBITDA	months	EBITDA
(€ thousands)	2025	Margin	2024	Margin	Change	Change %
EMEA	302,432	27.0%	307,396	27.9%	(4,964)	-1.6%
Americas	83,151	22.7%	91,002	24.8%	(7,851)	-8.6%
Asia Pacific	64,111	24.7%	72,950	26.4%	(8,839)	-12.1%
Corporate (*)	(59,249)	-3.4%	(63,535)	-3.6%	4,286	-6.7%
Total	390,445	22.4%	407,813	23.4%	(17,368)	-4.3%

(€ thousands)	Third quarter 2025	EBITDA Margin	Third quarter 2024	EBITDA Margin	Change	Change %
EMEA	79,485	22.6%	81,657	23.7%	(2,172)	-2.7%
Americas	24,861	20.2%	29,290	23.2%	(4,429)	-15.1%
Asia Pacific	20,799	23.6%	25,796	26.5%	(4,997)	-19.4%
Corporate (*)	(21,682)	-3.8%	(22,704)	-4.0%	1,022	-4.5%
Total	103,463	18.4%	114,039	20.1%	(10,576)	-9.3%

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

The breakdown of EBITDA Adjusted by geographic area is shown below.

(€ thousands)	First nine months 2025	EBITDA Adjusted Margin	First nine months 2024	EBITDA Adjusted Margin	Change	Change %
EMEA	305,280	27.3%	309,977	28.1%	(4,697)	-1.5%
Americas	82,578	22.6%	89,161	24.3%	(6,583)	-7.4%
Asia Pacific	65,000	25.1%	73,235	26.5%	(8,235)	-11.2%
Corporate (*)	(57,880)	-3.3%	(60,712)	-3.5%	2,832	-4.7%
Total	394,978	22.7%	411,661	23.6%	(16,683)	-4.1%
(€ thousands)	Third quarter 2025	EBITDA Adjusted Margin	Third quarter 2024	EBITDA Adjusted Margin	Change	Change %
EMEA	82,167	23.3%	82,570	24.0%	(403)	-0.5%
Americas	25,488	20.7%	28,630	22.7%	(3,142)	-11.0%
Asia Pacific	21,358	24.3%	25,942	26.7%	(4,584)	-17.7%
Corporate (*)	(21,682)	-3.8%	(22,539)	-4.0%	857	-3.8%

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

Europe, Middle East and Africa

Gross operating profit (EBITDA) amounted to €302,432 thousand in the first nine months of 2025, a decrease of €4,964 thousand (-1.6%) with respect to the comparison period. The EBITDA margin came to 27.0%, a decrease of 0.9 p.p. compared to the first nine months of 2024.

The result for the reporting period was affected for €2,848 thousand 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) mainly attributable to the program Fit4Growth. The impact of these items amounted to €2,581 thousand in 2024.

Net of these items, adjusted EBITDA amounted to €305,280 thousand in the first nine months of 2025, a decrease of €4,697 thousand (-1.5%) with respect to the comparison period. The EBITDA adjusted margin was 0.8 p.p. lower than in the comparison period, coming in at 27.3%.

In the third quarter alone, EBITDA was €2,172 thousand (-2.7%) lower than in the comparison period coming in at €79,485 thousand. The EBITDA margin was 1.1 p.p. lower than in the comparison period coming in at 22.6%.

The third quarter result was affected for €2,682 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance mainly attributable to the program Fit4Growth. The impact of these items amounted to €913 thousand in 2024.

Net of these items, adjusted EBITDA came to €82,167 thousand in the third quarter, a decrease of €403 thousand (-0.5%) against the comparison period. The EBITDA adjusted margin was 0.7 p.p. lower than in the comparison period, coming in at 23.3%.

Americas

Gross operating profit (EBITDA) amounted to €83,151 thousand in the first nine months of 2025, a decrease of €7,851 thousand (-8.6%) with respect to the comparison period. The EBITDA adjusted margin came to 22.7%, a decrease of 2.1 p.p. compared to the first nine months of 2024.

The result for the reporting period benefited for €573 thousand from 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). The impact of these items amounted to €1,841 thousand in 2024.

Net of these items, adjusted EBITDA amounted to €82,578 thousand in the first nine months of 2025, €6,583 thousand (-7.4%) with respect to the comparison period. The EBITDA adjusted margin was 1.7 p.p. lower than in the comparison period, coming in at 22.6%. In the third quarter alone, EBITDA was €4,429 thousand (-15.1%) lower than in the comparison

period coming in at €24,861 thousand. The EBITDA margin was 20.2%, 3.0 p.p. lower than in the comparison period.

The third quarter result was affected for €627 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance mainly attributable to the program Fit4Growth. The impact of these items amounted to €660 thousand in 2024.

Net of these items, adjusted EBITDA came to €25,488 thousand in the third quarter of 2025, a decrease of €3,142 thousand (-11.0%) against the comparison period. The EBITDA adjusted margin was 2.0 p.p. lower than in the comparison period, coming in at 20.7%.

Asia Pacific

Gross operating profit (EBITDA) amounted to €64,111 thousand in the first nine months of 2025, a decrease of €8,839 thousand (-12.1%) with respect to the comparison period. The EBITDA margin came to 24.7%, a decrease of 1.7 p.p. compared to the first nine months of 2024.

The result for the reporting period was affected for €889 thousand 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) mainly attributable to the program Fit4Growth. The impact of these items amounted to €285 thousand in 2024.

Net of these items, adjusted EBITDA amounted to €65,000 thousand in the first nine months of 2025, €8,235 thousand (-11.2%) with respect to the comparison period. The EBITDA adjusted margin was 1.4 p.p. lower than in the comparison period, coming in at 25.1%.

In the third quarter alone, EBITDA was €4,997 thousand (-19.4%) lower than in the comparison period coming in at €20,799 thousand. The EBITDA margin was 23.6%, 2.9 p.p. lower than in the comparison period.

In the third quarter alone, the result was affected for €559 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance mainly attributable to the program Fit4Growth. The result of 2024 was affected by these items for €146 thousand.

Net of these items, adjusted EBITDA came to €21,358 thousand in the third quarter of 2025, a decrease of €4,584 thousand (-17.7%) against the comparison period. The EBITDA adjusted margin was 2.4 p.p. lower than in the comparison period, coming in at 24.3%.

Corporate

In the first nine months of 2025 the net cost of centralized corporate functions (corporate bodies, general management, business development, procurement, treasury, legal affairs, human resources, IT systems, global marketing and internal audit) which do not qualify as operating segments under IFRS 8 amounted to €59,249 thousand (-3.4% of the Group's revenues from sales and services), a decrease of €4,286 thousand (-6.7%) with respect to the same period of the prior year. The EBITDA margin was 0.2 p.p. higher than in the comparison period.

The result for the reporting period was affected for €1,369 thousand 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). The 2024 result was affected by these items for €2,823 thousand.

Net of these items, costs were €2,832 thousand (-4.7%) lower with the margin up +0.2 p.p. against the comparison period at 3.3%.

In the third quarter corporate costs amounted €21,682 thousand (-3.8% of the Group's revenues from sales and services), a decrease of €1,022 thousand (-4.5%) compared to the third quarter of 2024.

The third quarter result was not impacted by items (income and expenses) that are unusual, infrequent or not related to the operating performance. The 2024 result was affected by these items for €165 thousand.

Net of these items, costs were €857 thousand (3.8%) lower, with the margin 0.2. p.p higher at 3.8%.

Operating profit (loss) (EBIT)

	First nine months	First nine months
(€ thousands)	2025	2024	Change	Change %

Operating profit (loss) (EBIT)	153,278	187,539	(34,261)	-18.3%
Operating profit (loss) (EBIT) Adjusted	199,101	228,911	(29,810)	-13.0%


	Third quarter	Third quarter
(€ thousands)	2025	2024	Change	Change %

Operating profit (loss) (EBIT)	24,292	38,592	(14,300)	-37.1%

Operating profit (EBIT) amounted to €153,278 thousand in the first nine months of 2025, a decrease of €34,261 thousand (-18.3%) with respect to the comparison period. The EBIT margin came to 8.8%, 1.9 p.p. lower than in the comparison period.

With respect to the gross operating profit (EBITDA), EBIT was also impacted by an increase in amortization and depreciation stemming from previous years' network expansion, innovation and digital transformation, by higher charges for write-downs of tangible, intangible assets and rights of-use, mainly attributable to the closure of non-performing shops related to a broad program (Fit4Growth) to strengthen margins and reinforce company's competitiveness, as well as higher amortization for the right of-use assets and the initial recognition of assets in accordance with Purchase Price Allocation accounting.

The result for the reporting period was affected for €45,823 thousand by items (income and expenses) that are unusual, infrequent or not related to the operating performance primarily attributable both to the effect of PPA amortization and write-downs related to Fit4Growth program described above. For more information, refer to the section on Alternative Performance Indicators. The 2024 result was affected €41,372 thousand by these items.

Net of these items, adjusted EBIT amounted to €199,101 thousand in the first nine months of 2025, a decrease of €29,810 thousand (-13.0%) against the comparison period. The EBIT adjusted margin was 1.7 p.p. lower than in the comparison period, coming in at 11.4%.

In the third quarter alone operating profit (EBIT) amounted to €24,292 thousand, a decrease of €14,300 thousand (-37.1%) with respect to the comparison period. The EBIT margin came to 4.3%, 2.5 p.p. lower in the comparison period.

The result for the third quarter was affected for €18,480 thousand 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). The 2024 result was affected by these items for €13,524 thousand.

Net of these items, adjusted EBIT amounted to €42,772 thousand in the third quarter of 2025, a decrease of €9,344 thousand (-17.9%) against the comparison period. The EBIT adjusted margin was 1.6 p.p. lower than in the comparison period, coming in at 7.6%.

The breakdown of EBIT by geographic area is shown below.

(€ thousands)	First nine months 2025	EBIT Margin	First nine months 2024	EBIT Margin	Change	Change %
EMEA	166,051	14.8%	181,889	16.5%	(15,838)	-8.7%
Americas	51,076	14.0%	63,984	17.5%	(12,908)	-20.2%
Asia Pacific	18,948	7.3%	27,342	9.9%	(8,394)	-30.7%
Corporate (*)	(82,797)	-4.7%	(85,676)	-4.9%	2,879	-3.4%
Total	153,278	8.8%	187,539	10.7%	(34,261)	-18.3%
(€ thousands)	Third quarter 2025	EBIT Margin	Third quarter 2024	EBIT Margin	Change	Change %
EMEA	33,463	9.5%	38,323	11.1%	(4,860)	-12.7%
Americas	13,114	10.7%	20,334	16.1%	(7,220)	-35.5%
				10.4%	(3,028)	-29.8%
Asia Pacific	7,122	8.1%	10,150
Corporate (*)	(29,407)	-5.2%	(30,215)	-5.3%	808	-2.7%

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

The breakdown of EBIT Adjusted by geographic area is shown below.

(€ thousands)	First nine months 2025	EBIT Adjusted Margin	First nine months 2024	EBIT Adjusted Margin	Change	Change %
EMEA	196,043	17.5%	209,511	19.0%	(13,468)	-6.4%
Americas	55,393	15.1%	65,344	17.8%	(9,951)	-15.2%
Asia Pacific	29,093	11.2%	36,909	13.4%	(7,816)	-21.2%
Corporate (*)	(81,428)	-4.7%	(82,853)	-4.7%	1,425	-1.7%
Total	199,101	11.4%	228,911	13.1%	(29,810)	-13.0%
(€ thousands)	Third quarter 2025	EBIT Adjusted Margin	Third quarter 2024	EBIT Adjusted Margin	Change	Change %
EMEA	46,258	13.1%	47,906	13.9%	(1,648)	-3.4%
Americas	16,149	13.1%	20,742	16.5%	(4,593)	-22.1%
Asia Pacific	9,772	11.1%	13,518	13.9%	(3,746)	-27.7%
Corporate (*)	(29,407)	-5.2%	(30,050)	-5.3%	643	-2.1%
				9.2%	(9,344)	-17.9%

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