Amplifon S p A : FY 2022 results presentation

Q4 & FY 2022 Results

M i l a n , M a r c h 1 s t , 2 0 2 3

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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
March 1st, 2023

Best-in-class FY22 results despite exceptional comps in an uncertain macroeconomic context

Revenues	EBITDA recurring	Net Profit as reported
2.12bn€	525m€	179m€
+8.8% vs 2021	+8.8% vs 2021	+13.1% vs 2021
+3.0% organic growth	Margin at 24.8%	29 euro cents dividend per share

Operating Cash Flow	Leverage	Solid start to 2023
353m€	1.52x	first two months
		Solid revenue growth in the
Flat vs exceptionally high 2021	Strongly reducing vs YE 2021	Significant bolt-on M&A acceleration with
	NFP at 830m€, after over 300m€	150 PoS acquired since October
	investments

© Amplifon S.p.A.	3
March 1st, 2023

Q4 2022 Financial highlights

Sound performance despite slower than expected market demand, still challenging comparison base and 1.5 trading days less

Data in €m	Q4 2022	Q4 2021	Δ 22/21
REVENUES	579.4	568.2	+2.0%
Organic growth			+0.4%
Acquisitions			+1.1%
FX			+0.5%
EBITDA Rec.	155.8	156.6	-0.5%
Margin %	26.9%	27.6%	-70bps

• Revenues up +2% at current FX and +1.5% at constant FX
• • Positive and above market organic growth
  • • Softer than expected market development due to macroeconomic headwinds and some temporary adverse factors (climate in the US, regional lockdowns in China, contraction of the French market)
    • Still remarkable comparison base (+16.3% in Q4 2021 vs Q4 2019)
    • 1.5 trading days less vs Q4 2021 (equivalent to ~+2.5% growth)
  • Softer M&A contribution at +1.1%, however steadily accelerating from year-end
  • FX tailwind at +0.5%, significantly reducing vs previous quarters for both the lower appreciation of the USD and AUSD vs Euro and the hyperinflationary environment in Argentina

• EBITDA recurring at €155.8 million, pretty much in line with prior year all-time-high figure
• • Lower operating leverage due to lower organic growth
  • Continued significant re-investments in the business
  • Very challenging comparison base (+180bps in Q4 2021 vs Q4 2019)

© Amplifon S.p.A.	4
March 1st, 2023

FY 2022 Financial highlights

Solid and above-market revenue growth, surpassing the €2bn milestone, market share gains and best-in-class profitability

Data in €m	FY 2022	FY 2021	Δ 22/21
REVENUES	2,119.1	1,948.1	+8.8%
Organic growth			+3.0%
Acquisitions			+3.8%
FX			+2.0%
EBITDA Rec.	525.3	482.8	+8.8%
Margin %	24.8%	24.8%	+0bps

• Revenues up ~+9% at current FX and ~+7% at constant FX
• • Organic growth at +3%, above market with share gains in core markets
  • • Extremely challenging comparison base (+17.2% in 2021 vs 2019)
    • Market softening and increasingly volatile from Q2 due to global macroeconomic headwinds, Covid pandemic in Asia Pacific markets and temporary climate extremes in the US (year-end) and EMEA (Q2)
    • Anticipated contraction of the French market, second largest worldwide, due to the hearing healthcare reform anniversary
  • M&A contribution at 3.8%, primarily for Bay Audio
  • FX tailwind at 2.0% primarily driven by USD appreciation vs Euro

• EBITDA recurring at €525.3 million, up ~+9% vs 2021 and margin still at all-time-high despite high-inflationary environment, even after significant re-investments in strategic initiatives
• All-timehigh Net Profit recurring at €183.3 million, up ~+5% vs 2021
• Dividend proposal increased by 11.5% to 29 euro cents, with pay-out ratio at 36.5% vs 26 euro cents of last year

© Amplifon S.p.A.	5
March 1st, 2023