MILAN, ITALY — Amplifon S.p.A., a global provider of hearing care solutions and services, has reported consolidated revenues of €2.4 billion (~$2.6B USD) for fiscal year 2025, representing growth of 1.7% at constant exchange rates compared with 2024. The company cited improving organic growth in the second half of the year despite overall market expansion remaining below historical levels.
The company also announced adjusted EBITDA of €540.4 million (~$583M USD), with a margin of 22.6%, and adjusted net profit of €159.2 million (~$172M USD). Amplifon’s Board of Directors has proposed a dividend of €0.29 per share.
Market Conditions and Strategic Actions
According to the company, 2025 was marked by softer market conditions across the hearing care sector, influenced by broader economic uncertainty affecting consumer confidence. In response, Amplifon implemented several operational and strategic initiatives aimed at strengthening profitability and supporting future growth.
These actions included continued expansion of the Miracle-Ear direct network in the United States, targeted acquisitions in markets such as France, Germany, Poland, the United States, and China, and implementation of the company’s “Fit4Growth” efficiency program.
The Fit4Growth initiative has included the closure of approximately 160 clinics across 10 countries, operational efficiencies in back-office functions, and reduced capital expenditures compared with 2024. The company also divested its business in the United Kingdom as part of the program.
Amplifon reported adjusted free cash flow of €174.4 million (~$188M USD) for the year. Net financial debt stood at €1.05 billion (~$1.13B USD) at the end of 2025, compared with €961.8 million (~$1.04B USD) at the end of 2024. The increase reflects capital expenditures, acquisitions, dividends, and share buybacks totaling more than €350 million (~$378M USD).
Revenue Performance Across Regions
Total consolidated revenues reached €2,395.7 million (~$2.6B USD). Growth was supported by acquisitions contributing approximately 1.7% to overall revenue performance.
Regionally, Amplifon reported revenue increases across EMEA, supported by improved organic performance during the second half of the year. In the Americas, the company noted above-market organic growth despite a challenging comparison base. The Asia-Pacific region saw softer results overall due to underlying market weakness and restructuring activities associated with the Fit4Growth program.
The company noted that currency movements had a negative effect on reported results, with revenues at current exchange rates remaining broadly stable compared with 2024.
Fourth Quarter Results
For the fourth quarter of 2025, Amplifon reported revenues of €651.9 million (~$704M USD), representing growth of 1.4% at constant exchange rates compared with the same period in 2024.
Adjusted EBITDA for the quarter was €145.5 million (~$157M USD), with a margin of 22.3%, compared with €154.4 million (~$167M USD) in the fourth quarter of the previous year. Adjusted net profit for the quarter was €49.5 million (~$53M USD).
CEO Perspective
Commenting on the results, Amplifon CEO Enrico Vita noted the challenging market conditions but pointed to improving performance trends during the year.
“2025 was a challenging year for the hearing care industry as a whole with growth below historic levels, above all due to the well-known global tensions which affected our patients’ confidence. In this context, we implemented a series of actions to accelerate revenues and improve profitability, which are already generating very positive results. These include the return to organic growth in the second half of the year and the acceleration in the ‘Fit4Growth’ performance improvement program. These initiatives, in a market which we expect will gradually improve, allow us to look at the prospects for our business with renewed confidence.”
Outlook for 2026
Looking ahead, Amplifon expects a progressive improvement in organic growth in 2026 compared with 2025. The company also anticipates a meaningful increase in adjusted EBITDA margin as the Fit4Growth program continues to deliver operational efficiencies.
Amplifon indicated that margin improvement by 2027 is now expected to reach the higher end of the program’s originally announced target range of +150 to 200 basis points.
About Amplifon
Amplifon is a global leader in hearing care solutions and services. Founded in 1950 and headquartered in Milan, Italy, the company operates through a network of hearing care clinics and retail locations across multiple continents, providing hearing testing, hearing aids, and related services. Amplifon serves millions of customers worldwide through thousands of points of sale and continues to expand its presence through acquisitions and network development.
Source: Amplifon
