AMP Limited

Good afternoon, this is the Core School Conference Operator. Welcome. Good afternoon, this is the Core School Conference Operator. Welcome and thank you for joining the AMPLIFON third quarter and nine month 2022 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Francesca Rambaudi, Investor Relations and Sustainability Senior Director of Amplifon. Please go ahead, madam.

Good afternoon and welcome to Amplifon's conference call on third quarter and nine months 2022 results. Before we start, a few logistic comments. Earlier today, we issued a press release related to our results and this presentation, which are posted on the website in the investor section. The call can be accessed also via webcast and dial-in details are on Amplifon's website as well as on the press release. I have to bring your attention to the disclaimer on slide two, as some of the statements made during this call may be considered overlooking statements. With that, I am now pleased to turn the call over to our CEO, Enrico Vita.

Thank you, Francesca. Good afternoon, everyone, and thank you for joining us. Today, I'm glad to comment with you on our very strong Q3 results. Strong despite still an exceptionally high comparison base, in particular in France and the US. Strong results also despite some contingent issues from July to mid-August in Australia and New Zealand due to the last wave of COVID-related infections affecting customers and staff, and also in South Europe due to an exceptionally hit wave in particular in Italy and Spain. In this scenario, we posted a double-digit revenue growth supported by a strong organic growth. In fact, our revenues increased by 12.1% at current exchange rates and plus 8.5% at cost of exchange rates. The organic component of the growth was also very positive at plus 3.5%. In this context, once again, I cannot avoid highlighting our performance in the US where our growth led by Miracle-Ear was again very strong and well above the market's growth, which reported a minus 3% contraction in the period, although on a very high comparison base. We significantly outperformed the market also on a global level, and we gained material market share in almost all our core markets. Finally, definitely an excellent quarter in terms of profitability. The increasing profitability of 50 basis points is without a doubt remarkable, also considering the last year exceptionally high comparison base also in terms of EBITDA margin. This result was possible thanks to a rigorous and decisive approach to our cost, but without giving up on our most critical strategic initiatives. With that, I now hand over to Gabriele to give you more colors about our financial performance.