Amplifon (AMP) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 performance with 2.2% organic growth and record profitability, driven by prior year initiatives and investments, with momentum continuing into Q2.

• Revenues reached €579.8 million, up 0.8% at constant FX but down 1.4% at current rates due to FX headwinds and restructuring impacts.

• Adjusted EBITDA margin hit a record 24.5%, up 60 bps year-over-year, supported by the Fit4Growth program and operational efficiency.

• Adjusted net profit rose 6.7% to €44.4 million, with adjusted EPS up 9.3% to €0.202.

• Major acquisition: Signed agreement to acquire GN Hearing for €2.3 billion, with integration planning underway and closing expected by end of 2026.

Financial highlights

• Revenues: €579.8 million (-1.4% YoY); organic growth +2.2%, up 160 bps from Q4 2025; acquisitions +1.0%, Fit4Growth and FX -4.6%.

• Adjusted EBITDA: €141.8 million (+1.0% YoY, margin 24.5%); reported EBITDA: €131.9 million.

• Adjusted EBIT: €77.5 million (+5.0% YoY, margin 13.4%).

• Adjusted net profit: €44.4 million (+6.7% YoY, margin 7.7%); reported net profit: €10.5 million, impacted by one-off items.

• Adjusted free cash flow: €23.6 million, up from €20.6 million YoY; net financial debt (excl. leases) reduced to €1,014.6 million.

Outlook and guidance

• Expects gradual global market improvement in 2026, with demand growth around 3% and organic growth above 3% YoY.

• Adjusted EBITDA margin expected to increase by ~100 bps, with further market share gains anticipated.

• Fit for Growth program expected to have a -2.5% to -3% impact on revenues for the year; M&A to contribute ~1%.

• Integration planning for GN Hearing underway, with closing subject to regulatory approvals.