Amplifon (AMP) investor relations material

Deal rationale and strategic fit

• Creates a global, vertically integrated leader in audiology and hearing care, combining advanced product innovation, clinical expertise, and patient insights to elevate industry standards worldwide.

• Addresses growing global demand for advanced hearing solutions, leveraging demographic trends, technological progress, and complementary strengths.

• Unlocks untapped growth potential through scale, innovation, and expanded market reach, especially in the U.S. and Europe.

• GN Hearing brings leading technology, operational expertise, and a strong commercial platform; Amplifon adds clinical know-how and a global retail network.

• Preserves and enhances GN Hearing's brand identity and culture within the new group, supported by strong cultural alignment and complementary business models.

Financial terms and conditions

• Total consideration is approximately €2.3 billion: €1.69 billion in cash and 56 million newly issued shares, valuing GN Hearing on a cash-free, debt-free basis.

• Cash component is fully covered by a committed bridge facility, to be refinanced via debt and equity or equity-linked instruments.

• Pro-forma net debt to adjusted EBITDA expected at around 3.0x at closing, reducing to below 2.9x with synergies.

• GN Store Nord will hold a 16% stake in the new group and appoint a board member.

• Both Boards and key shareholders have unanimously approved the deal and committed to participate in the equity raise.

Synergies and expected cost savings

• Identified run-rate net EBITDA synergies of €60–80 million by 2029, mainly from volume insourcing.

• One-off integration costs estimated at €80 million over two to three years post-closing.

• Additional upside potential from manufacturing, procurement, working capital, CapEx optimization, and future revenue synergies.

• Synergies are considered highly executable with limited delivery risk and clear implementation plans.

• Integration costs and potential dis-synergies are factored into synergy estimates.