Amplifon (AO) | Hold | Capital increase for GN Hearing acquisition

Research evidence excerpt

Amplifon (AO) | Hold | Capital increase for GN Hearing acquisition

News comment

Release date: 22 May 2026

Niccolo Guido Storer, CFA

Equity Research Analyst

Hold +39 02 8550 7209Amplifon nstorer@keplercheuvreux.com

Italy | Medtech & services Beta Profile: MCap: EUR2.4bn

Target Price: EUR10.90 Bloomberg: AMP IM Reuters: AMPF.MI

Current Price: EUR10.60 Free float 58%

Up/downside: 2.8% Avg. daily volume (EURm) 48.5

YTD abs performance -22.9% Market data: 21 May 2026

52-week high/low (EUR) 21.32/8.03

Capital increase for GN Hearing acquisition

Key points:

Amplifon resolved yesterday to issue a maximum of 45.3m shares (c. 20% of the current share count) to finance the cash portion

related to the GN Hearing acquisition.

The capital increase was carried out through an ABB and excluded pre-emptive rights. It allowed Amplifon to raise c. EUR450m

(issue price of EUR10 per share, a discount of nearly 6% to yesterday’s close), below the maximum amount of EUR750m

envisaged at the time of the deal announcement.

The timing of the move was unexpected. We had thought in fact Amplifon would take more time to define the exact amount of

equity to be injected.

While the transaction is being carried out close to multi-year lows and still leaves the company with estimated leverage of c. 3x at

YE27, we believe the move removes a layer of uncertainty surrounding the GN deal. As such, we think it should be taken positively

by the market.

Reduced uncertainty is a positive. The Holland family injected EUR100m

Amplifon took advantage of the option granted to the board to increase capital by up to c. 20% through a capital increase without

pre-emptive rights.

The Holland family, which controls Amplifon with c. 42% of the share capital and 74% of the voting rights, subscribed to new