AMP Limited

Coruscall Conference Operator, welcome and thank you for joining the Amplifon 3rd quarter and 9 months 2025 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 Ms. Francesca Rambaudi, Investor Relations and Sustainability Senior Director of Amplifon. Please go ahead, Madam.

Thank you. Good afternoon and welcome to Amplifon's conference call on third quarter and first nine-month 2025 results. Before we start, a few logistic comments. Earlier today, we issued a press release related to our results and this presentation is posted on our 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 our 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 forward-looking statements. With that, I am now pleased to turn the call over to Amplifon CEO Enrico Vita.

Thank you, Francesca. Good afternoon, everyone, and thank you for joining us once again today. As usual, let's begin with a general overview of the global market performance, starting with the European market. In France, the market continued to record solid volume growth, at a slower pace compared with Q2. Official data indicate a volume growth of around 6%, which we believe reflects the impact of the recent political events you are all aware of. On the other side, on a positive note, Spain and Italy, two of our key markets, improved versus the second quarter, showing encouraging trends. As we mentioned during our last update, the second quarter was the most affected by the five-year anniversary of the strict COVID lockdowns in 2020, which had significantly reduced the returning customer base. Germany also delivered a positive performance. Overall, we estimated that in the European market, the growth in Q3 was around 2-2.5% in volume terms, less in value because of the category mix in France. Given these dynamics, we expect the gradual recovery in Europe to continue moving forward, and particularly in 2026, when we will see the anniversary of the market rebound of 2021 impacting positively on our returning customer base, particularly in Southern Europe. In the US, the market growth was around 2% in the third quarter, which is still below historical average. In particular, the private pay channel was more positive, while the insurance channel was around minus 1%. Over the first nine months, the overall US market was flat, as recent uncertainties clearly impacted the consumer behavior, especially in the first quarter. but also and mainly due to the insurance channel decreasing by approximately minus 4% over the period, driven by a reduction in healing benefits offered by health plans after a strong push in past years. At SAIT, we continue to expect a gradual improvement in the coming months, driven primarily by the private pay segment. Moving to APAC, here we have yet to see a clear improvement in trends. Both markets in Australia and in New Zealand remained in negative territory. All in all, we estimated that the global market grew by around 2% in volume in Q3 and by slightly less than that in value according to market waves. Let's now turn to our performance within this market context. Our sales grew by 2.4% at constant exchange rates, while the appreciation of the euro versus nearly all major currencies in our footprint had an impact of around minus 3%. Organic growth showed a material improvement of 250 basis points versus Q2. Returned to positive territory, close to plus 1%, and we believe that we have consistently outperformed across most of our key markets. This growth was mainly driven by EMEA's return to positive organic growth, thanks to a significant improvement in the performance in Southern Europe, Italy, Spain, and despite a lower contribution coming from France versus Q2. It is also important to highlight our strong performance in the US, in particular with Miracle-Ear Direct Retail, where we continue to outperform the market. In Australia and New Zealand too, despite respectively a flattish and a negative organic growth, we believe we have outperformed both markets. The contribution from M&A activity was plus 1.6%, reflecting here the net effect of the acquisition and the selective closures carried out as part of our Fit for Growth program. Turning to profitability, our adjusted EBITDA margin was 19.1%, down 110 basis points year over year. This reflects an improving trend compared to Q2 and was primarily driven by lower operating leverage, and still though to a lesser standard than in Q2, less favorable geographical mix. Finally, we reported an adjusted net profit of approximately 19 million, affecting the seasonally smallest quarter of the year. Let me now provide a brief update on our Fit4Grow program, which, as you know, aims to deliver a run rate improvement of approximately 150 to 200 basis points in adjusted EBITDA margin by 2027. This program is progressing well and is currently ahead of the initial plan, particularly with regards to the optimization of our store network. We continue to track progress closely and remain fully confident that these actions will position us for the next phase of sustainable growth. With that, I will now hand it over to Gabriele, who will provide more details on our financial results.