Amplifon (AMP) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw improved organic growth, with revenues of €563.3M up 2.4% at constant FX, and organic growth turning positive after a weak Q2, despite challenging market conditions and a high comparison base.

• 9M 2025 revenues were €1,743.8M, nearly flat year-over-year, reflecting market growth below historical levels and adverse macroeconomic and geopolitical factors.

• Adjusted EBITDA for Q3 was €107.3M (19.1% margin), and for 9M €395M (22.7% margin), both down year-over-year due to lower operating leverage and higher marketing spend.

• Adjusted net profit for 9M was €109.6M, down 18.4% year-over-year, impacted by higher depreciation, amortization, and financial expenses.

• Over €320M invested YTD in M&A (~230 clinics), share buybacks (€108M), Capex, and dividends.

Financial highlights

• Q3 revenues: €563.3M (+2.4% at constant FX); 9M revenues: €1,743.8M (+1.8% at constant FX).

• Adjusted EBITDA: €107.3M (19.1% margin) for Q3; €395M (22.7% margin) for 9M.

• Adjusted EBIT: €199.1M (11.4% margin) for 9M; €42.8M (7.6% margin) for Q3.

• Adjusted net profit: €19.2M for Q3; €109.6M for 9M.

• Free cash flow for 9M: €28.4M; net Capex: €90M; share buyback: €108M.

Outlook and guidance

• FY2025 revenue growth expected at 2–2.5% at constant FX, with adjusted EBITDA margin around 23%.

• Fit for Growth/Fit4Growth program aims for 150–200 bps improvement in adjusted EBITDA margin by 2027, with store network optimization ahead of plan.

• Gradual market normalization anticipated, with US and European markets expected to recover, especially in France and Germany.