Amplifon (AMP) Q2 2025 earnings summary

Executive summary

• Q2 and H1 2025 were marked by challenging macroeconomic and geopolitical conditions, with consumer confidence and market volatility peaking in Q2, leading to soft demand and significant FX headwinds.

• Revenue grew 0.3% year-over-year to €1,180.5M in H1 2025, driven by acquisitions amid a weak market; Q2 revenues were €592.7M, up 0.6% at constant FX but down 1.9% at current FX.

• Adjusted EBITDA margin declined to 24.4% in H1 2025 (down 80 bps), with adjusted net profit down 16.1% to €90.5M; Q2 adjusted EBITDA margin was 24.9%.

• The comprehensive Fit4Growth program was launched to structurally enhance profitability, targeting a 150–200 bps improvement in adjusted EBITDA margin by 2027 through network efficiency, cost containment, and strategic focus.

• Net financial debt rose to ~€1.1B (1.93x EBITDA) at June 30, 2025, reflecting investments in M&A, share buybacks, and dividends.

Financial highlights

• H1 2025 revenues: €1,180.5M (+0.3% year-over-year); organic growth -0.8%, acquisitions +2.4%, FX -1.3%.

• Adjusted EBITDA: €287.6M (24.4% margin), down 3.2% year-over-year; Q2 adjusted EBITDA: €147.3M (24.9% margin), down 8.7%.

• Adjusted EBIT: €156.3M (13.2% margin), down 11.6% year-over-year; Q2 adjusted EBIT: €82.5M (13.9% margin), down 17.3%.

• Adjusted net profit: €90.5M (7.7% margin), down 16.1% year-over-year; Q2 adjusted net profit: €48.8M (8.2% margin), down 23.4%.

• Free cash flow in H1: €37.5M, down from €46.8M in H1 2024, after €64.4M in Capex.

Outlook and guidance

• FY2025 revenue growth expected at ~3% at constant FX (previously mid-to-high single digit), with adjusted EBITDA margin around 23% (previously at least 24%).

• Market demand is expected to gradually normalize in H2 2025, with progressive improvement in US and European markets.

• Fit4Growth program aims for a 150–200 bps run-rate improvement in adjusted EBITDA margin by 2027.