On March 16, 2026 we signed a definitive agreement with GN Store Nord A/S for the acquisition of its entire Hearing business (“GN Hearing”) with a combination of stock and cash.  

The Transaction values GN Hearing at c.€2.3 billion on a cash-free and debt-free basis. At closing, under the terms of the agreement, GN will receive €1.69 billion in cash¹ and 56 million Amplifon shares. 

The Transaction, which has been approved by each company’s Board of Directors, is expected to close by the end of 2026, subject to customary closing conditions, including the completion of the carve-out of GN Hearing from the GN Group and the receipt of required regulatory approvals. 

This strategic transaction brings together two highly complementary global leaders to address the growing demand for advanced hearing health solutions. By joining the forces of GN Hearing and Amplifon, the newly vertically integrated Group can leverage the distinct strengths of two industry pioneers — one specializing in cutting-edge product technology, and the other in high-quality, innovative hearing care and clinical insights — to offer an unprecedented portfolio of comprehensive solutions for customers, hearing care professionals and patients.

The Transaction is a natural evolution of Amplifon and GN Hearing’s long-standing partnership. Both companies share strong core values: a mission to improve hearing worldwide, innovation as a fundamental growth driver, operational excellence, an entrepreneurial mindset, and a truly international outlook. This powerful combination of complementary know-how, technological capabilities, superior expertise, and real-time clinical data will accelerate innovation and product development, and enable greater investments in R&D to ultimately deliver superior patient experience and strengthen Amplifon’s long-term competitive positioning.

Importantly, Amplifon will continue to preserve and enhance GN Hearing’s unique identity, heritage, and strengths, recognizing its brand value, culture, and distinct capabilities as key contributors to the future success of the combined organization.

With:
• approximately €3.3 billion in combined revenues;
• approximately €830 million in pro-forma combined adjusted EBITDA[1];
• more than 20,000 employees;
• more than 700 R&D professionals, and over 2,800 patents;
• operations across more than 100 countries;

The new Group emerges as a powerful platform, uniquely positioned to capture the industry’s secular growth trends.

Amplifon expects the new Group to generate significant, highly deliverable, and low-execution-risk net EBITDA synergies of €60-80 million by the end of 2029, primarily driven by the insourcing of Amplifon’s hearing aid volumes, with additional upside potential yet to be quantified. One-off costs for the integration are expected in the region of €80 million to be sustained in the next 2-3 years from closing.

The Transaction is highly accretive to Amplifon shareholders on revenue growth, profitability, and earnings.

Finally, the Transaction significantly enhances the financial profile of the new Group by balancing retail/service and technology/product revenues, diversifying exposure across multiple markets and channels, thereby improving resilience, and fostering higher quality earnings profile.

[1] Includes Amplifon’s 2025 adjusted EBITDA of €540m and GN Hearing’s 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 

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, where our network counts over 400 points of sale, we will continue to pursue our growth path via M&A in new areas and organic growth around the two existing hubs in 13 mega-cities and provinces.

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.

In 2025, the global hearing care market growth was below historical and expected levels, primarily due to the well-known macroeconomic and geopolitical uncertainties that affected the Group’s patients confidence. Amplifon adopted a proactive approach in order to transform challenges into development opportunities, by implementing during the year significant initiatives designed to accelerate future growth and structurally improve profitability.

With regard to the latter, the Company launched the ‘Fit4Growth’ program and the implementation is progressing at a faster pace than initially expected thanks to the actions already referred to. In the face of this progress and the additional opportunities identified, the ‘Fit4Growth’ program now calls for a run-rate improvement in the adjusted EBITDA margin in the high-end of the range of 150-200 basis points by 2027, and the one-off cash costs for the implementation of the program to be incurred between 2025 and 2026 are now estimated at around 25 million euros compared to the 35 million euros originally expected.

For 2026, the Company expects a gradual improvement in the global market, with growth in demand currently expected in the region of 3% compared to 2025, supported by a progressive recovery in the US private market, driven primarily by the Private Pay segment, and improving trends across the European market. Specifically, assuming there are no further slowdowns in global economic activity (due to - among others - the well-known macroeconomic and geopolitical situation), the Company expects to continue to outperform in its key individual markets, with a solid progressive improvement in organic growth compared to 2025 and, most importantly, a material increase in its adjusted EBITDA margin, supported by the ‘Fit4Growth’ program.

In the medium term, the Company remains extremely positive about its prospects for profitable and sustainable growth, thanks to the fundamentals of the hearing care market and its strong leadership position, as well as the full implementation of the ‘Fit4Growth’ program to enhance profitability and reinforce the Group’s competitive positioning.