MILAN, ITALY — Amplifon S.p.A. has reported robust financial results for the full year 2024, with consolidated revenues reaching €2.4 billion (~$2.58 billion USD), reflecting a 7% increase at constant exchange rates compared to the previous year. The company’s growth was driven by organic growth of 3.4%, complemented by strategic acquisitions that contributed an additional 3.6%.
While the European market showed some weakness, particularly in the EMEA (Europe, Middle East, and Africa) region, the United States emerged as Amplifon’s top market in terms of revenue. This shift underscores the continued importance of the U.S. market, where the company’s strong network expansion and acquisition strategy have paid off.
The company acquired approximately 400 new points of sale, primarily in North America, France, Germany, and China, boosting its global presence and surpassing 10,000 points of sale worldwide.
“In 2024 we continued along our strong growth path with revenues exceeding 2.4 billion euros thanks to above-market organic performance and an acceleration in M&A, with 400 new points of sale acquired in Europe, the United States and China, despite a European market performance which was below expectations. More in detail, thanks to another year of significant growth, the United States has become our top market in terms of revenue. In a very challenging year, with a global market still behind historical growth levels, we invested in our brand, in the distribution network and the hearing care professionals, strengthening our competitive positioning and preparing to make the most of the expected recovery in Europe, particularly France. We are very confident about our growth prospects for 2025, in terms of both revenues and profitability”.
–Enrico Vita, Amplifon CEO
Regional Performance Highlights:
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EMEA: The EMEA region saw slower-than-expected recovery in certain European markets, particularly in the second half of the year. Despite this, Amplifon continued to perform well in key countries like France and Italy, where demand for hearing aids and related services remained stable. The region is expected to recover, driven by upcoming regulatory changes in France, which will likely stimulate growth.
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Americas: The Americas region performed strongly, with the United States leading the way. This growth was driven by continued demand for hearing aids, as well as the expansion of retail networks and strategic acquisitions, including new points of sale. The U.S. market has firmly established itself as the top contributor to Amplifon’s global revenues.
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APAC: Amplifon’s performance in the APAC region showed positive trends, particularly in China and Australia. The company continues to make inroads into emerging markets, where the demand for hearing solutions is growing rapidly, driven by both aging populations and rising awareness of hearing health.
Solid Profitability and Investments
For the full year, recurring EBITDA increased by 4.8% to €567.7 million (~$611.7 million USD), with an EBITDA margin of 23.6%. The recurring net profit stood at €151.7 million (~$163.8 million USD), although this represented a decline from the previous year due to higher depreciation and financial expenses. The company’s free cash flow rose by 10% to €176 million (~$188.6 million USD), underscoring strong cash generation despite significant investments in acquisitions and network expansion.
Looking ahead to 2025, Amplifon anticipates mid-to-high single-digit revenue growth, supported by an improved operating leverage in the EMEA region and continued strong performance in the U.S. market. The company projects an EBITDA margin of at least 24% and remains optimistic about a recovery in the European market, particularly driven by regulatory changes in France.
Sustainability and Corporate Achievements
In addition to its financial results, Amplifon made significant strides in sustainability in 2024. The company reported a 3% reduction in its carbon footprint and a shift to 80% renewable energy in its offices and direct stores. The company also continued its commitment to corporate responsibility, delivering 575,000 hours of training to employees and enabling customers to save €200 million (~$214 million USD) through free hearing tests.
Proposed Dividend and Shareholder Approvals
The Board of Directors has proposed a dividend of €0.29 per share (approximately $0.31), consistent with the previous year. The proposal will be put to a vote at the Annual Shareholders’ Meeting on April 23, 2025. The meeting will also address the appointment of the Board of Directors for the 2025-2027 term, the authorization for a new share buyback program, and the approval of the 2025 Remuneration Report.
- For full financial results, visit the company’s website here.
About Amplifon
Amplifon, the global leader in the hearing care retail market, empowers people to rediscover all the emotions of sound. Amplifon’s around 19.400 employees and partners worldwide strive every day to understand the unique needs of every customer, delivering exclusive, innovative and highly personalised products and services to offer everyone the very best solution and an outstanding experience. With annual revenues of over €2 billion, the Group operates through a network of over 9 300 points of sale in 25 countries and five continents. For more information about the Group, please visit: https://corporate.amplifon.com.
Source: Amplifon
