MILAN, ITALY – Amplifon S.p.A. announced its results for the first nine months and third quarter ended September 30, 2025.
The company reported revenues of €1,743.8 million (~$1.87 billion) for the first nine months, an increase of 1.8% at constant exchange rates compared to the same period in 2024. The improvement was driven by a return to organic growth in the third quarter, despite a slower-than-usual market and a strong comparison base.
Adjusted EBITDA totaled €395.0 million (~$422.7 million), representing a 22.7% margin, compared with €411.7 million (~$440.5 million) and 23.6% in the first nine months of 2024. The decrease mainly reflects lower operating leverage, geographic mix effects in EMEA, and dilution from the accelerated expansion of Miracle-Ear’s direct network in the United States.
Adjusted net profit was €109.6 million (~$117.3 million) versus €134.3 million (~$143.7 million) a year earlier, affected by higher depreciation, amortization, and financial expenses following investments in network expansion and digital transformation.
“In the third quarter we recorded a material improvement in revenue trend with respect to the second quarter, with a return to organic growth compared to the prior year. The performance was driven by a significant acceleration in Europe, also thanks to an improvement in Italy and Spain and despite a lower contribution from France compared to the previous quarter, as well as above-market growth in the Americas. These results were achieved in a market characterized by growth rates still below historical levels. We are accelerating the ‘Fit4Growth’ program with initiatives that will contribute to structural improvements in the Group’s performance.”
—Enrico Vita, CEO of Amplifon
Third-Quarter 2025 Highlights
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Revenue: €563.3 million (~$602.7 million), up 2.4% at constant exchange rates compared to Q3 2024.
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Adjusted EBITDA: €107.3 million (~$114.8 million) with a 19.1% margin, down 6.3% year-over-year.
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Adjusted net profit: €19.2 million (~$20.5 million) compared to €26.5 million (~$28.4 million) in Q3 2024.
Growth in EMEA and the Americas offset a softer performance in Asia-Pacific. Europe saw sequential improvement, particularly in Italy and Spain, while France grew at a slower pace. In the U.S., above-market growth was supported by new acquisitions and Miracle-Ear’s direct channel expansion.
Fit4Growth Program
Amplifon continued to accelerate its Fit4Growth performance-improvement plan, which includes the selective closure or consolidation of around 100 underperforming clinics globally. The program aims to improve adjusted EBITDA margin by 150–200 basis points by 2027. Non-recurring cash costs for implementation are estimated at approximately €35 million (~$37.5 million) over 2025–2026.
At the end of September 2025, net financial debt stood at €1,174.7 million (~$1.26 billion), compared to €961.8 million (~$1.03 billion) at December 31, 2024. The change reflects investments, acquisitions, share buybacks, and dividends totaling more than €320 million (~$342 million).
Regional Performance
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EMEA: Revenues €1,118.3 million (~$1.20 billion), +1.5% at constant exchange rates, driven by acquisitions in France, Germany, and Poland. Adjusted EBITDA margin 27.3%.
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Americas: Revenues €366.0 million (~$391.6 million), stable overall but +2.3% organic growth at constant exchange rates. Adjusted EBITDA margin 22.6%.
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Asia-Pacific: Revenues €259.5 million (~$277.7 million), -6.1% due to soft market conditions and FX headwinds. Adjusted EBITDA margin 25.1%.
Outlook
Amplifon expects gradual improvement in global hearing-care demand through year-end 2025, supported by recovery in the U.S. private-pay segment and solid growth in France and Germany.
For FY 2025, the company anticipates:
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Revenue growth of 2–2.5% at constant exchange rates, and
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An adjusted EBITDA margin of around 23%.
Amplifon remains confident in its medium-term growth outlook, supported by fundamentals of the hearing-care market and the ongoing Fit4Growth program aimed at improving profitability and operational efficiency.
About Amplifon
Amplifon is a global leader in hearing-care retail, helping people rediscover the emotions of sound. Its 20,900 employees across 26 countries provide personalized hearing solutions through a network of more than 10,100 locations. The Group generates annual revenues exceeding €2.4 billion (~$2.57 billion). For more information, visit https://corporate.amplifon.com.
Source: Amplifon
