Amplifon S p A : Presentazione risultati H1 2022

Q2 & H1 2022 Results

M i l a n , J u l y 2 8 t h , 2 0 2 2

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Income statement data reported herein

In light of the wind-down of Elite, completed and effective in Q4 2021, and treated as discontinued operations following IFRS 5 application, Elite P&L is excluded from Q2 and H1 2021 comparative period (which has been fully restated) with the result of discontinued operations reported in "Net Results from discontinued operations".

Statement

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.

Figures in the tables may reflect minimal differences exclusively due to rounding.

© Amplifon S.p.A.	2
July 28th, 2022

Q2 2022: High-single-digit revenue growth and outstanding profitability expansion despite exceptionally high comps

Revenues	EBITDA recurring	Net Profit recurring
541.4m€	147.3m€	57.0m€
~+8% vs Q2 2021	Margin at 27.2%	Margin at 10.6%
+0.5% organic growth	+40bps vs Q2 2021	+5.2% vs Q2 2021

Operating Cash Flow	NFP	Leverage
155.6m€	895.3m€	1.67x
Unchanged vs exceptionally high	Slightly increasing vs YE 2021 after	Slightly reducing vs YE 2021
Q2 2021
180m€ investments

© Amplifon S.p.A.	3
July 28th, 2022

Q2 2022 Financial highlights

Another quarter of market share gains and high-single-digit revenue growth despite an exceptional comparison base (Q2 2021 ~+20% vs Q2 2019)

Data in €m	Q2 2022	Q2 2021	22/21
REVENUES	541.4	503.3	+7.6%
Organic growth			+0.5%
Acquisitions			+4.5%
FX			+2.6%
EBITDA Rec.	147.3	134.8	+9.2%
Margin %	27.2%	26.8%	+40bps

• Revenues at constant FX up +5.0% vs Q2 2021
• • Organic growth at +0.5% vs Q2 2021, above market with share gains in core markets
  • • Remarkable comparison base, highest growth level reported in 2021
    • Anticipated contraction of the French market, second largest worldwide, due to the hearing healthcare reform anniversary
    • Markets in Asia Pacific still affected by Covid pandemic and related restrictions
    • Negative impact of one trading day less
  • M&A contribution at +4.5%, primarily for Bay Audio
  • FX tailwind at +2.6% driven by USD and AUSD appreciation vs Euro

• EBITDA recurring at €147.3 million, with margin at 27.2%, up 40bps vs Q2 2021
• • Outstanding profitability expansion even after re-investments in the business thanks to higher efficiency and productivity

© Amplifon S.p.A.	4
July 28th, 2022

H1 2022 Financial highlights

Double-digit revenue growth and outstanding profitability expansion

Data in €m	H1 2022	H1 2021	22/21
REVENUES	1,037.2	931.8	+11.3%
Organic growth			+4.3%

• Revenues at constant FX up +9.1% vs H1 2021
• • Organic growth at +4.3%, above market
  • • Remarkable comparison base (~+17% in H1 2021 vs H1 2019)
  • M&A contribution at +4.8%, primarily for Bay Audio
  • FX tailwind at +2.2% primarily driven by USD appreciation vs Euro

					EBITDA recurring at €260.1 million, with margin at 25.1%, up
Acquisitions			+4.8%
			30bps
FX			+2.2%
			 Outstanding operating leverage and cost management
EBITDA Rec.	260.1	230.7	+12.7%
	Significant re-investments in the business
Margin %	25.1%	24.8%	+30bps		 Marketing investments
					 Several strategic initiatives ongoing

© Amplifon S.p.A.	5
July 28th, 2022