MILAN, ITALY — Global hearing care provider Amplifon has reported its first-half 2025 financial results, showing modest revenue growth despite facing economic uncertainty, foreign exchange pressures, and softening consumer demand in key markets. While revenue rose slightly, the company saw declines in profitability and announced a strategic plan to improve operational efficiency and long-term competitiveness.
First-Half Results Reflect Market Pressures
Amplifon reported consolidated revenues of approximately €1.18 billion (~$1.29 billion USD) in H1 2025, marking a 1.6% increase at constant exchange rates compared to the same period in 2024. At current exchange rates, revenue growth was limited to 0.3% due to adverse currency effects, particularly from the U.S., Australian, and New Zealand dollars.
Adjusted EBITDA declined by 3.2% to €287.6 million (~$314 million USD), with a margin of 24.4%, down from 25.2% in the first half of 2024. The company cited lower operating leverage, regional mix shifts in EMEA, and dilution from the rapid expansion of Miracle-Ear’s direct network in the United States.
Adjusted net profit was €90.5 million (~$99 million USD), down from €107.8 million in the previous year, driven by higher depreciation, amortization, and financial expenses. Free cash flow also declined to €37.5 million ($41 million USD), compared to €46.8 million in H1 2024.
“In the first half we continued with our revenue growth trend, in a context of clear weakening in consumer confidence due to a particularly complex macroeconomic and geopolitical environment, which appears to have peaked in the second quarter”
–Enrico Vita, Amplifon CEO
New Strategic Program to Reinforce Margins
In response to ongoing pressures, Amplifon introduced the “Fit4Growth” program, a multi-year initiative aimed at enhancing efficiency and delivering a 150–200 basis point improvement in adjusted EBITDA margin by 2027. The plan includes efforts to streamline the company’s global footprint, cut costs, and prioritize high-return investments without compromising strategic goals.
“Thanks to the solidity of our business model, the quality of our people, and the actions already implemented, in a context of progressive market normalization, we aim to consolidate and further strengthen our path of sustainable growth in the medium to long-term,” said Vita.
The company expects to invest approximately €35 million (~$38 million USD) in non-recurring costs related to the program over the next two years.
Geographic Trends: Regional Performance Mixed
Amplifon’s performance in the first half of 2025 varied by region, reflecting different levels of consumer confidence and market dynamics:
- France and Germany posted strong results, with France benefitting from regulatory reforms and both countries helping to offset weakness in other European markets.
- Southern Europe continued to experience weak consumer sentiment and reduced customer return rates, further compounded by the five-year anniversary of COVID-19 lockdowns.
- United States revenue was relatively flat, despite acquisition-driven growth, as the private market remained volatile and below historic growth levels.
- Asia-Pacific, particularly China, saw softer performance due to lower consumer confidence and Amplifon’s strategic exit from non-core wholesale operations. However, Australia and New Zealand showed organic growth.
In total, more than 220 clinics were acquired across France, Germany, Poland, the U.S., and China in the first half of the year, with an investment of approximately €55 million (~$60 million USD).
Outlook for the Remainder of 2025
Amplifon anticipates gradual market normalization in the second half of the year. The company forecasts approximately 3% revenue growth at constant exchange rates and an adjusted EBITDA margin of around 23%, slightly below its earlier projection.
While near-term challenges persist, Amplifon remains optimistic about its long-term trajectory. The fundamentals of the hearing care market remain strong, and the company aims to reinforce its leadership through continued investment and strategic discipline.
About Amplifon
Amplifon operates in the global hearing care retail market with a network of over 10,000 points of sale in 26 countries across five continents. The company has annual revenues of more than €2.4 billion and employs around 20,900 people worldwide. For more information, visit https://corporate.amplifon.com.
Source: Amplifon
