Amplifon (AMP) Q4 2024 earnings summary

Executive summary

• FY 2024 revenues reached €2.41 billion, up 7% at constant exchange rates, driven by strong US growth and accelerated M&A, despite a muted European market.

• US became the largest market, delivering double-digit organic growth, while Europe underperformed due to softness in France and Spain.

• Over 400 new points of sale acquired, mainly in France, Germany, US, and China, surpassing 10,000 globally.

• Significant investments made in audiologist capacity in France and marketing campaigns in Italy and Spain to prepare for anticipated 2025 growth.

• Proposed dividend of €0.29 per share, unchanged from prior year (45% payout ratio).

Financial highlights

• Recurring EBITDA rose 4.8% to €567.7 million (margin 23.6%), while net profit declined to €151.7 million, down 8.5% year-over-year.

• Free cash flow increased about 10% to €176 million, despite higher CapEx and M&A outflows.

• Net financial debt rose to €961.8 million (leverage 1.63x), reflecting strong investment activity.

• Adjusted EPS for FY 2024 was €0.869, down 4.8% year-over-year.

• Q4 2024 revenues were €664.4 million, up 8% year-over-year; recurring EBITDA was €155.4 million (margin 23.4%).

Outlook and guidance

• 2025 guidance targets mid to high single-digit revenue growth at constant exchange rates, with recurring EBITDA margin of at least 24%.

• Growth expected to accelerate from Q2 2025, especially in France due to regulatory reform anniversary.

• M&A expected to contribute around 2% to revenues; organic growth above market.

• US market expected to grow at mid-single digits, with more balanced growth across regions.

• Medium-term outlook remains positive, supported by market fundamentals and strengthened competitive positioning.