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 2023, in a global macroeconomic and geopolitical environment characterized by uncertainty and volatility, especially in Europe, the Company continued along its strong growth path, outpacing the reference market and strengthening its competitive positioning in core countries. In response to the slightly negative and softer-than-expected European market in 2023, the Company introduced several measures to improve the productivity of its network.

In 2024 the Company expects the hearing care market demand to continue to grow healthily in the United States and to substantially normalize in Europe, thanks also to the expected improvement in France and Germany.

In the first two months of 2024, the Company reported strong revenue growth, in line with plan.

In light of the above and assuming that there are no further slowdowns in global economic activity due to, among others, the well-known inflation related issues and the geopolitical situation, Amplifon expects strong growth in the 2024 results. More in detail:

• Consolidated revenues are expected to grow high-single-digit at constant exchange rates^[1], supported by market share gains and bolt-on acquisitions, the latter contributing to revenue growth for at least 2%;
• Recurring EBITDA margin above 24.6% thanks also to the productivity measures initiated in the second part of 2023, which will benefit the Group already from the first quarter.

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

^{[1] Except for the exchange rate EUR /ARS expected at 1,100 as of December 31st, 2024.}