2021: another excellent year with strong revenue growth and best-in-class profitability

Q4 & FY 2021

2021: ANOTHER EXCELLENT YEAR WITH STRONG REVENUE GROWTH AND

BEST-IN-CLASS PROFITABILITY

REVENUES AT CONSTANT EXCHANGE RATES UP ~30% VS. 2020 AND ~19% VS. 2019. RESULTS WELL ABOVE THE REFERENCE MARKET

RECURRING EBITDA 32% HIGHER THAN IN 2020 AND ~27% HIGHER THAN IN 2019, WITH MARGIN AT 24.8%, AFTER SIGNIFICANT INVESTMENTS IN THE BUSINESS

RECORD RECURRING NET PROFIT OF MORE THAN 175 MILLION EUROS, AN INCREASE OF OVER 80% VS. 2020 AND OF ~50% VS. 2019. PROPOSED DIVIDEND OF 26 EURO CENTS, 18.2% HIGHER THAN IN 2020

EXCELLENT CASH GENERATION WITH FREE CASH FLOW REACHING ~255 MILLION EUROS, CONTRIBUTING TO A FINANCIAL LEVERAGE OF 1.68x AFTER OVER 600 MILLION EUROS IN INVESTMENTS, DIVIDENDS AND SHARE BUYBACK

DELIVERY OF THE STRATEGIC PLAN: ACQUISITION OF BAY AUDIO, WIND-DOWN OF ELITE AND STRONG ACCELERATION IN SUSTAINABILITY AND INNOVATION

AMPLIFON X, A NEW BUSINESS UNIT DEDICATED TO DIGITAL INNOVATION TO LEAD THE EVOLUTION OF THE NEW CUSTOMER EXPERIENCE

POSITIVE OUTLOOK FOR 2022, ALSO CONFIRMED BY THE GROUP'S STRONG GROWTH IN THE FIRST TWO MONTHS OF THE YEAR

MAIN RESULTS FOR 20211

• Consolidated revenues of 1,948.1 million euros, an increase at constant exchange rates of 29.5% compared to 2020 and of 18.7% compared to 2019 (not impacted by the Covid-19 pandemic)
• Recurring EBITDA amounted to 482.8 million euros, an increase of 32.0% compared to 2020 and of 26.8% compared to 2019, with the margin at 24.8%, rising 190 basis points compared to 2019 thanks to greater operating efficiency, also after significant investments in the business
• Recurring net profit at 175.2 million euros, an increase of 81.4% compared to 2020 and of 49.6% compared to 2019
• Excellent free cash flow of 254.9 million euros, unchanged compared to 2020, not a meaningful comparison base due to the measures implemented in response to the Covid-19 emergency, and 105.0 million euros or 70.1% higher compared to 2019
• Net financial debt at 871.2 million euros, higher than the 633.7 million euros posted at December 31st, 2020, after over 600 million euros investments in M&A, Capex, dividends and share buyback, with financial leverage of 1.68x at December 31st, 2021
• Proposed dividend of 26 euro cents per share, an increase of 18.2% compared to the 22 euro cents per share paid in 2020, with a payout of around 37% on the consolidated net earnings per share2

MAIN RESULTS FOR THE FOURTH QUARTER OF 20211

• Consolidated revenues of 568.2 million euros, an increase at constant exchange rates of 12.2% compared to the fourth quarter of 2020 and of 17.1% compared to the fourth quarter of 2019
• Recurring EBITDA was 156.6 million euros, with margin at 27.6%, rising 180 bps compared to the same period of 2019
• Recurring net profit of 70.1 million euros, an increase of 19.3% compared to the same period of 2020 and of 46.7% compared to the fourth quarter of 2019

1. Unless stated otherwise, the comments in this press release refer to recurring income statement figures.
2. Calculated on the net profit as reported

ENRICO VITA, CEO

"2021 was a truly outstanding year for Amplifon. We achieved excellent financial results, the operating performance of the business saw a further strengthening of our competitive positioning and we undertook important strategic initiatives. In fact, during the year we closed the Bay Audio acquisition in Australia, the second largest acquisition ever in our history. Moreover, the Elite business in the United States was discontinued, consistent with our strategy to provide the best customer proposition directly to the end consumer. We also continued our expansion in the Chinese market and launched the Amplifon Product Experience in four new countries, including the important Spanish market. Our commitment to sustainable long-term growth was further strengthened via a significant acceleration in innovation and sustainability. We are, therefore, very confident in the short and medium-term prospects of our Company".

Milan, March 3rd, 2022 - Today the Board of Directors of Amplifon S.p.A. (MTA; Bloomberg ticker: AMP:IM), global leader in hearing solutions and services, approved the draft Annual Financial Statements and the Consolidated Financial Statements as at December 31st, 2021 during a meeting chaired by Susan Carol Holland.

In the fourth quarter of 2021 the Company finalized the wind-down of Elite's wholesale business in the United States, as resolved by the Board of Directors on July 29th, 2021. The wind-down of Elite, which represented a separate major line of business, was treated as a discontinued operation in accordance with IFRS 5 as of the date operations were effectively discontinued. In accordance with this accounting standard, in this press release the income statement figures for Elite are recognized among the non-recurring items in the line "Profit (loss) from Discontinued Operations" both for 2021 and the comparison periods. Therefore, the income statement figures through the line "Profit (Loss) from Continuing Operations" for 2021, 2020 and 2019 do not include the results of the discontinued business.

Lastly, in light of the significant impact of the Covid-19 outbreak on the 2020 financial results and for the sake of greater comparability, the tables below include the main income statement figures for 2019 and Q4 2019 restated for the exclusion of Elite's discontinued business figures through the line "Profit (Loss) from Continuing Operations".

FOURTH QUARTER 2021 RESULTS VS 2020

	(Euro millions)				Q4 2021						Q4 2020
					Non		% on				Non		% on		Change %
			Recurring		Total		Recurring	Total		on
				recurring	recurring		recurring	recurring
															recurring
	Net revenues		568.2		-	568.2	100.0%		499.3	-	499.3	100.0%		13.8%
	EBITDA		156.6		(9.0)	147.6	27.6%		141.9	-	141.9	28.4%		10.4%
	EBIT		95.3		(9.0)	86.3	16.8%		88.1	-	88.1	17.6%		8.2%
	Profit (loss) from
	continuing		70.1		(6.4)	63.7	12.3%		58.8	-	58.8	11.8%		19.2%
	operations
	Net income		70.1		(13.1)	57.0	12.3%		58.8	1.1	59.9	11.8%		19.3%
	EPS adjusted		0.355						0.292						21.4%
	(*, in Euro)

1. EPS adjusted (adjusted net earnings per share) for non-recurring expenses and for the amortization linked to acquisitions as per the Purchase Price Allocation accounting treatment.

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FOURTH QUARTER 2021 RESULTS VS 2019

	(Euro millions)				Q4 2021						Q4 2019
					Non		% on				Non		% on		Change %
			Recurring		Total		Recurring		Total		on
				recurring	recurring			recurring	recurring
															recurring
	Net revenues		568.2		-	568.2	100.0%		488.6		-	488.6	100.0%		16.3%
	EBITDA		156.6		(9.0)	147.6	27.6%		126.1		(3.8)	122.3	25.8%		24.1%
	EBIT		95.3		(9.0)	86.3	16.8%		72.6		(5.5)	67.1	14.9%		31.3%
	Profit (loss) from
	continuing		70.1		(6.4)	63.7	12.3%		47.6		(4.4)	43.2	9.7%		47.3%
	operations
	Net income		70.1		(13.1)	57.0	12.3%		47.8		(0.8)	47.0	9.8%		46.7%
	EPS adjusted		0.355						0.233						52.3%
	(*. in Euro)

1. EPS adjusted (adjusted net earnings per share) for non-recurring expenses and for the amortization linked to acquisitions as per the Purchase Price Allocation accounting treatment.

Consolidated revenues amounted to 568.2 million euros in the fourth quarter of 2021, an increase at constant exchange rates of 12.2% compared to the fourth quarter of 2020 and of 17.1% compared to the fourth quarter of 2019, despite the December peak in Covid-19 contagions and the challenging 2019 comparison base. The outstanding performance compared to the fourth quarter of 2019, which was not impacted by the pandemic, is attributable to well-above market organic growth for 8.4% and for 8.7% to acquisitions. The foreign exchange effect was negative for 0.8% due to the strengthening of the Euro against the US dollar and the Latin American currencies.

The performance was positive across all regions compared to the fourth quarter of 2019, despite the December peak in Covid contagions. A strong performance was posted in EMEA, driven by excellent organic growth in France and Spain, as well as a solid performance in Italy, Switzerland and Portugal; in the AMERICAS, the United States reported once again an excellent organic growth, more than double the reference market, which was combined with the significant contribution of the PJC Hearing acquisition, as well as the double-digit growth recorded in Canada and Latin America; lastly, an outstanding performance was also reported in APAC thanks to the contribution of Bay Audio and to a double-digit organic growth in all the markets of the region despite temporary, localized lockdowns.

Recurring EBITDA reached the record level of 156.6 million euros, an increase of 10.4% compared to the fourth quarter of 2020 and of 24.1% compared to the fourth quarter of 2019. The margin came in at 27.6%, 180 basis points higher than in the same period of 2019 thanks to greater operating efficiency and scale, even after significant investments in the business, including in marketing and in the continuation of important strategic initiatives. The comparison of the profitability with the same period of 2020 is not meaningful due the extraordinary incomes related to the Covid-19 emergency recorded in the quarter. EBITDA as reported came to 147.6 million euros after non-recurring expenses of 9.0 million euros mainly attributable to the transaction costs for the Bay Audio acquisition (closed on October 1st).

Recurring EBIT was 95.3 million euros, 8.2% higher than in the fourth quarter of 2020 and 31.3% higher than in the fourth quarter of 2019, with the margin at 16.8% compared to 14.9% in the fourth quarter of 2019. EBIT as reported came in at 86.3 million euros.

Recurring net profit reached 70.1 million euros, 19.3% higher than in the fourth quarter of 2020 and 46.7% higher than in the same period of 2019, thanks to greater operating leverage. Net profit as reported amounted to 57.0 million euros and reflects both the non-recurringexpenses referred to above and the net profit of the discontinued Elite business in the United States which had a negative impact of 6.6 million euros.

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2021 RESULTS VS 2020

	(Euro millions)				FY 2021						FY 2020
					Non		% on				Non		% on		Change %
			Recurring		Total		Recurring	Total		on
				recurring	recurring		recurring	recurring
							recurring
	Net revenues		1,948.1		-	1,948.1	100.0%		1,503.3	-	1,503.3	100.0%		29.6%
	EBITDA		482.8		(14.5)	468.3	24.8%		365.8	-	365.8	24.3%		32.0%
	EBIT		262.1		(16.1)	246.0	13.5%		163.4	-	163.4	10.9%		60.4%
	Profit (loss) from
	continuing		175.3		(11.7)	163.6	9.0%		96.7	-	96.7	6.4%		81.3%
	operations
	Net income		175.2		(17.5)	157.8	9.0%		96.6	4.4	101.0	6.4%		81.4%
	EPS adjusted		0.926						0.558						65.7%
	(*, in Euro)
	Free cash flow					254.9						256.9			-0.8%
					12/31/2021						12/31/2020			Change %
	Net Financial				871.2						633.7				37.5%
	Indebtedness

1. EPS adjusted (adjusted net earnings per share) for non-recurring expenses and for the amortization linked to acquisitions as per the Purchase Price Allocation accounting treatment.

2021 RESULTS VS 2019

	(Euro millions)				FY 2021						FY 2019
					Non		% on				Non		% on		Change %
			Recurring		Total	Recurring			Total		on
					recurring		recurring				recurring		recurring		recurring
	Net revenues		1,948.1		-	1,948.1	100.0%	1,662.2		-	1,662.2	100.0%		17.2%
	EBITDA		482.8		(14.5)	468.3	24.8%	380.8		(22.2)	358.6	22.9%		26.8%
	EBIT		262.1		(16.1)	246.0	13.5%	189.4		(24.2)	165.2	11.4%		38.4%
	Profit (loss) from
	continuing		175.3		(11.7)	163.6	9.0%	117.0		(18.4)	98.6	7.0%		49.8%
	operations
	Net income		175.2		(17.5)	157.8	9.0%	117.1		(8.5)	108.7	7.0%		49.6%
	EPS adjusted		0.926					0.637							45.3%
	(*, in Euro)
	Free cash flow					254.9						149.9			70.1%

1. EPS adjusted (adjusted net earnings per share) for non-recurring expenses and for the amortization linked to acquisitions as per the Purchase Price Allocation accounting treatment.

Consolidated revenues amounted to €1,948.1 million euros in 2021, an increase at constant exchange rates of 29.5% compared to 2020 and of 18.7% compared to 2019 thanks to a strong organic growth of 24.0% compared to 2020 and of 11.9% compared to 2019. Acquisitions contributed for 5.5% compared to 2020 and for 6.8% compared to 2019, while the foreign exchange effect was basically neutral compared to 2020 and negative for 1.5% compared to 2019 due to the strengthening of the Euro against the US dollar and the Latin American currencies.

Recurring EBITDA reached a record 482.8 million euros, an increase of 32.0% compared to 2020 and of 26.8% compared to 2019, with the EBITDA margin at 24.8%, 190 basis points higher than in 2019. The comparison of the profitability with 2020 is not meaningful due to the extraordinary incomes related to the Covid-19 emergency recorded in the year. EBITDA as reported came to 468.3 million euros after non-recurring expenses of 14.5 million euros mainly attributable to the transaction costs for the Bay Audio acquisition in Australia, costs related to the integration of GAES and to the project for the redefinition of Amplifon S.p.A.'s corporate structure.

Recurring EBIT reached 262.1 million euros, an increase of 60.4% compared to 2020 and of 38.4% compared to 2019, with the margin at 13.5% compared to 11.4% in 2019. EBIT as reported amounted to 246.0 million euros.

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Recurring net profit reached all-time high of 175.2 million euros, an increase of 81.4% compared to 2020 and of 49.6% compared to 2019 driven by the strong revenue growth, greater operating leverage and lower financial expenses. In addition to a lower weight of financial interests, financial expenses benefitted from the recognition of a 4.6 million euros income related to the change in the fair value of the GAES acquisition financing facility which was refinanced at the end of December 2021 with a new 5-year loan (the Sustainability-linkedTerm Loan described below).

Net profit as reported amounted to 157.8 million euros and reflects both the non-recurring charges net of taxes referred to above for 11.7 million euros as well as the net profit from the discontinued Elite business which had a negative impact of 5.8 million euros. The tax rate came to 26.8%, lower than the 28.3% recorded in 2019. The adjusted earnings per share (EPS adjusted) came in at 92.6 euro cents, 45.3% higher than the 63.7 euro cents reported in 2019 and 65.7% higher than the 55.8 euro cents reported in 2020.

EMEA: Strong top-line performance and step-up in profitability, despite the challenging comparison base and the peak in Covid contagions at year-end

(million euros)	FY 2021	FY 2020	FY 2019	% 21/20	% 21/19
Revenues	1,389.6	1,123.5	1,253.9	+23.7%	+10.8%
Organic growth				+22.0%	+8.0%
Acquisitions				+1.6%	+2.6%
FX				+0.1%	+0.2%
EBITDA Rec.	408.2	305.5	322.2	+33.6%	+26.7%
Margin %	29.4%	27.2%	25.7%	+220 bps	+370 bps
(million euros)	Q4 2021	Q4 2020	Q4 2019	% 21/20	% 21/19
Revenues	405.5	382.9	376.1	+5.9%	+7.8%
Organic growth				+4.4%	+5.5%
Acquisitions				+1.2%	+2.2%
FX				+0.3%	+0.1%
EBITDA Rec.	133.8	125.9	116.8	+6.3%	+14.5%
Margin %	33.0%	32.9%	31.1%	+10 bps	+190 bps

In 2021 EMEA recorded an outstanding performance driven by strong organic growth and bolt-on acquisitions mainly in France and Germany. An excellent performance was posted in France, Spain, Italy, and Portugal. EMEA reported strong revenue growth also in the fourth quarter, despite the December peak in Covid-19 contagions and the challenging 2019 comparison base. In the fourth quarter organic growth was very strong in France as well as in Spain, where the Amplifon Product Experience was successfully launched, reaching a very high penetration in the addressable market shortly after the launch. A solid quarterly performance was also reported in Italy, Switzerland, and Portugal.

In 2021 EMEA posted a record profitability with EBITDA margin at 29.4%, an increase of 370 basis points compared to 2019, while in the fourth quarter the margin rose 190 basis points compared to the same period of 2019 reaching 33.0%, thanks to greater efficiency, improved profitability in Spain and the greater scale reached in core countries.

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