Amplifon (AMP) H1 2026 earnings summary

Executive summary

• Achieved highest organic growth in two years in Q2 2026 (+4.7%), with significant profitability and margin expansion across all regions, validating recent investments and strategic initiatives.

• H1 2026 revenues reached €1,185.7 million (+1.3% at constant FX), driven by strong organic growth and balanced performance, despite adverse FX and Fit4Growth restructuring impacts.

• Adjusted EBITDA for H1 2026 was €298.0 million (+3.6%), margin up 70 bps to 25.1%, while reported EBITDA declined due to one-off costs from GN Hearing acquisition and restructuring.

• Adjusted net profit for H1 2026 rose 12.3% to €101.6 million; Q2 adjusted net profit up 17.1% year-over-year.

• Major acquisition: Agreement signed to acquire GN Hearing for €2.3 billion, with closing expected by year-end 2026, subject to regulatory approvals.

Financial highlights

• Q2 2026 revenues: €606.0 million (+1.7% at constant FX), with organic growth of 4.7% and adjusted EBITDA margin of 25.8%.

• H1 2026 adjusted EBIT: €169.8 million (+8.6%), margin at 14.3%; adjusted EPS: €0.442 (+9.9%).

• Adjusted net profit for H1 2026: €101.6 million (+12.3%); Q2 adjusted net profit: €57.2 million (+17.1%).

• Adjusted free cash flow in H1 2026: €68.0 million, up 70% year-over-year.

• Pro forma net financial debt at June 30, 2026: €1,048.8 million; leverage improved to 1.87x.

Outlook and guidance

• 2026 guidance reaffirmed: organic growth above 3% and adjusted EBITDA margin to rise by ~100 bps.

• Positive momentum continues into Q3 2026, with strong start to the quarter.

• Integration planning for GN Hearing acquisition progressing on schedule; closing expected by year-end 2026.

• Fit4Growth program's extraordinary phase expected to complete by year-end, with minimal restructuring costs in 2027.