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Amplifon (AMP) investor relations material
Amplifon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 saw a return to positive organic growth, with revenues of €563.3M, up 2.4% at constant FX, and organic growth of nearly 1%, outperforming key markets despite headwinds in France and APAC.
Adjusted EBITDA margin was 19.1% for Q3 and 22.7% for 9M, both down year-over-year due to lower operating leverage, increased marketing, and less favorable geographic mix.
Adjusted net profit for Q3 was €19.2M (3.4% margin), and for 9M €109.6M (6.3% margin), both declining year-over-year.
The Fit for Growth program is ahead of plan, with ~100 underperforming store closures year-to-date and a target of 250 closures or mergers, aiming for a 150–200 bps improvement in adjusted EBITDA margin by 2027.
Over €320M invested year-to-date, including M&A (~230 clinics), share buybacks (€108M), Capex, and dividends.
Financial highlights
Q3 revenues were €563.3M, up 2.4% at constant FX; adjusted EBITDA was €107.3M (19.1% margin); adjusted net profit was €19.2M.
9M 2025 revenues reached €1,743.8M, up 1.8% at constant FX; adjusted EBITDA was €395M (22.7% margin); adjusted net profit was €109.6M.
FX was a significant headwind, reducing Q3 growth by 3.1% and 9M growth by 1.9%.
M&A contributed 1.6% to Q3 growth and 2.1% year-to-date, with ~230 locations acquired.
Free cash flow for 9M was €28.4M, with net Capex at €90M and M&A cash out at €59M.
Outlook and guidance
FY2025 revenue growth is expected at 2–2.5% at constant FX, with adjusted EBITDA margin targeted around 23%.
Gradual market normalization is anticipated, with the US private pay segment as the main growth driver and progressive improvement in Europe.
The Fit for Growth program aims for a 150–200 bps run-rate improvement in adjusted EBITDA margin by 2027.
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