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.

• All regions contributed positively to growth, with key markets like the U.S., Italy, Spain, and Australia showing strong momentum.

• Early results from the Fit for Growth program improved margins and operational efficiency.

• Outperformed global market growth of 3% in units, led by robust private pay segment and improving trends in APAC and Europe.

• Revenues reached €579.8 million, up 0.8% at constant FX, despite FX headwinds.

Financial highlights

• Q1 2026 revenues were €579.8 million, up 0.8% at constant FX; organic growth was 2.2% year-over-year.

• Adjusted EBITDA reached €142 million, with a record margin of 24.5%, up 60 bps year-over-year.

• Adjusted EBIT was €78 million (+5.0% YoY); adjusted net profit increased 6.7% to €44.4 million; adjusted EPS at €0.202 (+9.3%).

• Adjusted free cash flow was €23.6 million, up from €20.6 million in Q1 2025; net financial position improved to €1,014.6 million.

• Financial leverage improved to 1.84x from 1.92x at year-end 2025.

Outlook and guidance

• Organic growth for 2026 expected above 3%, with adjusted EBITDA margin improvement of ~100 bps.

• Market demand anticipated to gradually improve, with outperformance in key markets and further market share gains.

• 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 acquisition underway, with closing expected by end of 2026, pending regulatory approval.

• Confident in achieving strong organic growth and profitability improvements, supported by operating leverage and ongoing initiatives.