Amplifon (AMP) Q1 2025 earnings summary

Executive summary

• Revenues grew 2.6% year-over-year to €587.8 million, driven mainly by acquisitions, despite fewer trading days and market softness, especially in the US.

• Adjusted EBITDA reached €140.4 million (23.9% margin, up 20 bps), a record level, with profitability improvements led by EMEA.

• Adjusted net profit was €41.6 million (7.1% margin), down 5.5% year-over-year, mainly due to higher depreciation, amortization, and financial expenses.

• Significant M&A activity with about 200 clinics acquired and €41 million invested in Q1, expanding the US network and presence in Europe and China.

• 2025 outlook confirmed: mid to high single-digit revenue growth at constant FX and adjusted EBITDA margin of at least 24%.

Financial highlights

• Revenues: €587.8 million (+2.6% year-over-year); organic growth flat to slightly positive, with acquisitions contributing 2.5%.

• Adjusted EBITDA: €140.4 million (+3.4%), margin 23.9% (+20 bps year-over-year).

• Adjusted EBIT: €73.8 million (-4.2%), margin 12.6%.

• Adjusted net profit: €41.6 million (-5.5%), margin 7.1%; adjusted EPS €0.185 (-5.3%).

• Free cash flow: €18.5 million (vs €37.2 million in Q1 2024); net financial debt: €996.6 million (up from €961.8 million at Dec 2024).

Outlook and guidance

• 2025 guidance confirmed: mid to high single-digit revenue growth at constant FX, adjusted EBITDA margin ≥24%.

• Acceleration in revenue growth expected from Q2, especially in France, with gradual normalization in Europe and the US.

• Medium-term outlook remains positive, supported by market fundamentals and competitive positioning.