Consolidated revenues amounted to 2,409.2 million euros in 2024, an increase of 7.0% at constant exchange rates and of 6.6% at current exchange rates compared to 2023. The performance was driven for 3.4% by strong organic growth, above the reference market, which is still characterized by different performances across the various geographies, and for 3.6% by the significant contribution of acquisitions made mainly in the United States, France, Germany and China, despite a particularly challenging comparison base. The foreign exchange effect was negative for 0.4% due to the depreciation of the US dollar, the Australian dollar, the New Zealand dollar and, above all, due to the annualization of the strong devaluation of the peso carried out by the Argentinian government in December 2023.

More in detail, revenue growth and a positive organic performance were reported in EMEA despite a softer-than-expected market; AMERICAS continues to record double-digit growth despite the challenging comparison base; and APAC reported a good performance, supported by solid organic growth and the acquisitions in China.

Recurring EBITDA was 567.7 million euros, an increase of 4.8% compared to 2023. The recurring EBITDA margin was 23.6%, compared to 24% in 2023, due to lower operating leverage in EMEA attributable to a softer-than-expected market, the dilution effect of the Miracle-Ear direct retail network accelerated growth in the United States, as well as the strong investments ahead of 2025. EBITDA as reported amounted to 561.1 million euros, after non-recurring expenses of 6.6 million euros.

Recurring net profit amounted to 151.7 million euros, a decrease of 8.5% compared to the 165.8 million euros recorded in 2023 after higher depreciation and amortization and an increase in financial expenses. Such increase, which amounted to 10.6 million euros, is attributable mainly to higher net financial debt, including higher lease liabilities following the strong network expansion (in application of IFRS 16), the refinancing of expiring facilities, mainly subscribed during 2020, at current market conditions and the increase in market interest rates compared to the 2023 average. 

Net profit as reported, which reflects non-recurring expenses net of taxes for 6.4 million euros, was 145.4 million euros. The tax rate was 26.0%, slightly lower than in 2023. The adjusted net earnings per share (EPS adjusted) came in at 86.9 euro cents, a decrease of 4.8% compared to the 91.3 euro cents reported in 2023.

The balance sheet and financial indicators continue to confirm the Group’s solidity and ability to sustain future growth opportunities. Total net equity reached 1,150.2 million euros at December 31^st, 2024, higher than the 1,101.7 million euros recorded at December 31^st, 2023. The Company generated a strong free cash flow of 175.9 million euros, around 10% higher than in 2023, while net financial debt came to 961.8 million euros, with financial leverage at 1.63x, also after Capex, M&A, shares buybacks and dividends totaling around 430 million euros.

In 2024, the parent company Amplifon S.p.A. posted revenues of 409.7 million euros compared to 480.5 million euros in 2023 and a net profit of 95.2 million euros compared to 90.6 million euros in 2023.

The 2024 Consolidated Sustainability Statement, d in accordance with Italian Legislative Decree 125 of September 6^th, 2024, which implements EU Directive 2022/2464/UE (referred to also as Corporate Sustainability Reporting Directive or CSRD), and approved by the Board of Directors on March 6^th, 2025 has been submitted to the Shareholders’ Meeting as well. Such document, included in the Company’s Annual Report, stems from the Double Materiality Analysis and describes the progress made by the Group with respect to the relevant Impacts, Risks and Opportunities identified. The statement also provides all the stakeholders with an update about the developments with respect to the Sustainability Plan “Listening Ahead” launched in 2024 and developed in accordance with the 2030 United Nations Agenda for Sustainable Development.

The Shareholders’ Meeting also resolved to allocate the profit for the year as follows:

• distribution of part of the year’s earnings as a dividend to shareholders of 0.29 euros (29 euro cents) per share, for a total of 65,233,631.53 euros based on the share capital subscribed to date, with shares going ex-dividend (detachment of coupon 17) on May 19^th, 2025, to be paid as from May 21^st, 2025;
• allocation of the rest of the year’s earnings, amounting to 29,946,303.47 euros, as retained earnings.

The total dividends payable and the allocation of retained earnings not distributed will vary depending on the number of shares with dividend rights outstanding as of the payment date, net of the Company’s treasury shares. 

The Shareholders' Meeting appointed the Board of Directors for the financial years 2025-2027, setting the number of members at "nine".

The appointment was based on the list voting mechanism, as provided by the current Articles of Association.

Following the vote, the following directors were elected:

1. Susan Carol HOLLAND
2. Enrico VITA
3. Giovanni TAMBURI
4. Maurizio COSTA
5. Maria Patrizia GRIECO
6. Lorenzo POZZA
7. Nina CORTESE
8. Nicola BEDIN
9. Lorenza MORANDINI

The Shareholders' Meeting also approved to award the Board of Directors a total remuneration for their first year mandate equal to 1,530,000 euros to be charged to the costs for the reference financial year.

The curricula vitae of the members of the Board and further documentation related to the said lists, as well as the results of the voting, are available at the registered office and on the website: https://corporate.amplifon.com (Governance section).

Shareholders examined the Remuneration Statement, prepared in accordance with Article 123-ter of Legislative Decree no. 58 of February 24^th, 1998 and in compliance with Annex 3A, schedules 7-bis and 7-ter of CONSOB Regulation no. 11971 of May 14^th, 1999 and following amendments, and approved the Remuneration Policy 2025 (Section I) and resolved in favor of the Remuneration paid in 2024 and other information (Section II), the resulting votes will be made available to the public in accordance with art. 125-quater, comma 2 of the Consolidated Finance Act (Legislative Decree no. 58 of February 24^th, 1998).

The Shareholders' Meeting authorised, pursuant to articles 2357 and 2357-ter of the Italian Civil Code and 132 of Legislative Decree no. 58 of 24 February 1998, a new share buyback program, subject to revocation of the current plan expiring in October 2025. The new authorization is requested for a period of 18 months from the Shareholders’ Meeting and calls for the purchase and disposal, on one or more occasions, on a rotating basis, of up to a total number of new shares which, taking account of the treasury shares already held, does not exceed 10% of Amplifon S.p.A.'s share capital. The treasury shares currently held by the Company amount to 1,445,063, equal to 0.638% of the share capital.

The proposal is motivated by the need to continue to provide the Company with an efficient means to access treasury shares to service stock-based incentive plans, existing and future, reserved for executives and/or employees and/or staff members of the Company or its subsidiaries, and for the potential free allocation of shares to shareholders, as well as to increase the number of treasury shares to be used as a form of payment for extraordinary transactions, including company acquisitions or the exchange of equity interests.

The purchase price of the shares will be determined on a case by case basisfor each single transaction, granted that it may not be more than 10% higher or lower than the stock price registered at the close of the trading session prior to each single purchase. The price, however, may not be 10% higher or lower than the stock price registered at the close of the trading session prior to each single purchase.  

The Shareholders' Meeting approved the Shareholders' Meeting Regulations, pursuant to art. 2364, no. 6), of the Italian Civil Code, updated to comply with the statutory changes introduced by the Extraordinary Shareholders' Meeting held on April 30^th, 2024, specifically providing detailed provisions ir shareholder participation and the conduct of the Company’s meetings.

In particular, a dedicated section has been intorduced into the text of the Shareholders' Meeting Regulations with the aim to address situations in which the notice of call provides exclusively for participation by way of the proxy agent (see Section III of the Shareholders' Meeting Regulations); and separately regules the cases in which the participation of the eligible parties take place (i) in person or (ii) through telecommunication means.