Consolidated revenues came to 2,395.7 million euros in 2025, an increase of 1.7% at constant exchange rates, due to the return to positive organic growth in the second half of the year and the lower perimeter change contribution related to the ‘Fit4Growth’ program. The organic performance, which was stable compared to the prior year, albeit showing significant improvement in the second half of the year, reflects the particularly strong comparison base  and a market environment below historic growth levels. Acquisitions, made primarily in France, Germany, Poland, the United States and China, contributed 1.7% to revenue growth, including the impact of the closure of around 160 clinics in 10 countries and the significant rationalization of the Chinese wholesale business in the context of the ‘Fit4Growth’ program. The exchange effect (-2.3%) progressively intensified during the year as the Euro strengthened against primarily the US, Australian and New Zealand dollars and revenues at current exchange rates were largely stable compared to 2024 (-0.6%).

Adjusted EBITDA was 540.4 million euros versus 566.1 million euros in 2024 (-4.5%). The margin came in at 22.6%, compared to 23.5% in 2024, due mainly to lower operating leverage, the dilution stemming from the growth of Miracle-Ear’s direct network in the United States, the geographic mix in EMEA, and the higher marketing investments to further strengthen the Group’s distinctive assets. EBITDA as reported came in at 511.6 million euros, after 28.8 million euros in expenses not related to the operating performance primarily related to the ‘Fit4Growth’ program.

Adjusted net profit was 159.2 million euros compared to 188.1 million euros in 2024. This result reflects the change in adjusted EBIT, as well as higher financial expenses and taxes. The 4.5-million-euro increase in financial expenses (net of adjustments) is attributable mainly to interests on higher financial debt, including higher interest on leases liabilities, and to exchange differences tied to currency volatility mainly in APAC and North America. The adjusted tax rate came to 26.8%, slightly higher than the 26.1% recorded in 2024, due, on the one hand, to the business performance and, on the other hand, to the lack of non-taxable income (net of non-deductible costs) and the alignment to the outcome of the tax returns which had a positive impact in 2024. Net profit as reported came to 91.3 million euros (compared to 145.4 million euros in 2024), with the tax rate at 30.5%, higher than in 2024 for the reasons referred to above. The adjusted net earnings per share (EPS adjusted) came in at 71.5 euro cents compared to 83.3 euro cents in 2024.

The balance sheet and financial indicators continue to confirm the Group’s solidity and ability to sustain future growth opportunities. Total net equity reached 998.5 million euros at December 31^st, 2025, lower than the 1,150.2 million euros recorded at December 31^st, 2024, mainly due to FX translation differences (81.6 million euros), dividends (65.3 million euros), and share buybacks (108.2 million euros). The Company generated adjusted free cash flow of 174.4 million euros, compared to 182.0 in 2024, while net financial debt came to  1,045.5 million euros compared to 961.8 million euros at December 31^st, 2024, with financial leverage at 1.92x, compared to 1.63x at December 31^st, 2024, and 2.09x at September 30^th, 2025, after Capex, M&A, shares buybacks and dividends totaling over 350 million euros.

In 2025, the parent company Amplifon S.p.A. posted revenues of 453.0 million euros compared to 409.7 million euros in 2024 and a net profit of 67.5 million euros compared to 95.2 million euros in 2024.

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 63,784,053.19 euros based on the share capital subscribed to date, with shares going ex-dividend (detachment of coupon 19) on May 18^th, 2026, to be paid as from May 20^th, 2026;
• allocate the remaining profit for the year, amounting to 3,749,710.81 euros, to retained earnings.

The total dividends payable and the allocation of earnings will vary depending on the number of shares with dividend rights outstanding as of the payment date, net of the Company’s treasury shares. Should the number of shares outstanding on the dividend payment date be such that the profit for the year is insufficient to fully fund the total dividend payable on all shares outstanding on such date, any shortfall shall be covered by drawing on the reserve of retained earnings as resulting from the statutory financial statements as at December 31^st, 2025.

The 2025 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 4^th, 2026 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 approved the proposal to assign to the Directors an overall remuneration for the year 2026 of 1,530,000.00 euros, unchanged with respect to the prior year.

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 2026 (Section I) and resolved in favor of the Remuneration paid in 2025 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).

Shareholders approved the “Stock Grant Plan 2026-2031” in favor of employees of the Company and its subsidiaries under the terms and conditions described in the Information Document, and granted the Board of Directors all necessary and appropriate authorities to set up and implement the above-mentioned plan.

The Shareholders' Meeting approved the "2026-2028 Sustainable Value Sharing Plan", pursuant to Article 114-bis of Legislative Decree No. 58/1998 (the “Consolidated Law on Finance” or “TUF”) as subsequently amended, a three-year vesting incentive plan reserved for the Managing Director/General Manager, Key Managers with Strategic Responsibilities and selected Key Roles under the terms and conditions described in the Information Document. The Board of Directors was granted all necessary and appropriate authorities to set up and implement the proposed amendments to the "2026-2028 Sustainable Value Sharing Plan”.

The Shareholders' Meeting authorized, 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 2026. 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 6,443,609 treasury shares, equal to 2.846% of the share capital.

The program is motivated by the need 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 basis for 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.