We aim at further strengthening our leadership in all the core markets in which we are already leader, such as Italy, France, Spain and Australia, and reaching leadership in those few markets where we are not leader yet, such as Germany, United States, Canada and China. fostered by both strong organic growth and bolt-on acquisitions.

In the three-year period 2021-2023, particular focus will be placed on the US, by far the largest market worldwide, where we are implementing a new strategy to accelerate growth and capture more value in the value chain leveraging its strategic businesses: Miracle-Ear and Amplifon Hearing Healthcare.

Two other compelling growth opportunities are Australia and China. With the recent acquisition of Bay Audio, we have built another Company stronghold to win in the core Australian market. While in China, as testified by the recently announced second joint venture, we will continue to pursue our growth path via M&A or joint ventures with local partners in new areas, organic growth around the two existing hubs of Beijing and Zhejiang as well as a greenfield investment in Shanghai.

After having launched the Amplifon Product Experience, our proposition will be further enriched leveraging three distinctive assets:

• the undisputed leading brands in the industry;
• a superior customer knowledge deriving from the unmatchable set of data we possess to build the finest customer insights and best serve them through a 360° customer centric model;
• an innovative experience, in which digital technologies play a key role in enriching the experience and improving protocols both within our stores and outside, from the first contact to the after-sale.

Contrary to the last three quarters of 2022, characterized by a slightly negative hearing care market trend, the Company estimates that in the first quarter of 2023 market demand was back to growth compared to the same period of 2022, though below historic levels. Therefore, even if the well-known uncertainties related to the macroeconomic environment persist, the Company now expects a positive market development throughout all of 2023.

In light of the above, assuming that there are no further slowdowns in global economic activity due to, among others, the well-known geopolitical and inflation related issues, in 2023 Amplifon expects to see strong growth in results, as follows:

• consolidated revenues increasing significantly to 2.30-2.35 billion euros[1] (compared to 2.12 billion euros reported in 2022), supported by market share gains and bolt-on M&A, which will contribute around 2% to the revenue growth;
• a recurring EBITDA in the range of 570-585 million euros (compared to the 525 million euros posted in 2022), due to operating leverage and the new pricing actions implemented to offset the higher cost of labor, as well as support other strategic costs and investments.

In the medium-term the Company remains extremely positive on its prospects of sustainable growth in sales and profitability, thanks to the secular fundamentals of the hearing care market and its even stronger competitive positioning.

[1] Exchange rates for 2023: EUR/USD at 1.07; EUR /AUD at 1,57; EUR /ARS at 227; EUR/EGP at 32