• €350 million “Eurobond” maturing in 2027, reserved exclusively for institutional investors, issued by Amplifon S.p.A. in 2020; 
• nine bank loans totalling €551 million with maturities in 2025 for €127 million, 2026 for €168.7 million, 2027 for €63 million, 2028 for €63.7 million, 2029 for €128 million; 
• a loan granted by the European Investment Bank amounting to €350 million, of which €75 million has been disbursed and matures in 2032 and €50 million maturing in 2033. The remaining  €225 million are to disbursed by July 2025 and will mature in 2034. The amounts disbursed to date provide for a first reimbursement of €5 million in 2025 and reimbursements of €16.6 million per year from 2026 until 2032 and €3.3 million in 2033; 
• seven irrevocable credit lines with top-tier banking institutions amounting to €540 million, of which €140 million expiring in 2025 and €400 million in 2026, of which €300 million can be extended at the Company’s discretion until 2028.

Some of the Group’s loans, bonds and revolving credit lines are subject to the following financial covenants:

• the ratio of net financial indebtedness excluding lease liabilities to the Net Worth Ratio must not exceed 1.65; 
• the Leverage Ratio, calculated as the ratio of net financial debt, excluding liabilities, to EBITDA recorded in the last four quarters (determined excluding the fair value of the stock-based payments, based solely on recurring business, and restated if the Group’s structure should change significantly), must not exceed 2.85;
• the Interest Cover should be less than 4.9. It is calculated as the ratio of EBITDA (restated like the EBITDA used to calculate the leverage ratio) recorded in the last four quarters and the net interest owed in the same four quarters. 

In the event of relevant acquisitions, the above ratios may be increased to 2.20 and 3.26, respectively, for a period of not more than 12 months, twice over the life of the respective loans (spike).