Amplifon (AMP) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw a return to positive organic growth, with revenues of €563.3M up 2.4% at constant FX, and organic growth nearly 1%, outperforming key markets despite headwinds.

• 9M 2025 revenues were €1,743.8M, up 1.8% at constant FX but nearly flat year-over-year, reflecting market growth below historical levels and a high comparison base.

• Adjusted EBITDA for Q3 was €107.3M (19.1% margin), and for 9M €395M (22.7% margin), both down year-over-year due to lower operating leverage, increased marketing, and less favorable mix.

• Adjusted net profit for Q3 was €19.2M (3.4% margin), and for 9M €109.6M (6.3% margin), both declining year-over-year.

• Over €320M invested YTD, including M&A (~230 clinics), share buybacks (€108M), Capex, and dividends.

Financial highlights

• Q3 revenues reached €563.3M, up 2.4% at constant FX; adjusted EBITDA was €107.3M (19.1% margin); adjusted net profit was €19.2M.

• 9M 2025 revenues were €1,743.8M (+1.8% at constant FX); adjusted EBITDA was €395M (22.7% margin); adjusted net profit was €109.6M.

• FX was a significant headwind, reducing Q3 growth by 3.1% and 9M growth by 1.9%.

• M&A contributed 1.6% to Q3 growth and 2.1% YTD, with ~230 locations acquired.

• Free cash flow for 9M was €28.4M, with net Capex at €90M and M&A cash out at €59M.

Outlook and guidance

• FY2025 revenue growth expected at 2–2.5% at constant FX, with adjusted EBITDA margin around 23%.

• The Fit for Growth program aims for a 150–200 bps improvement in adjusted EBITDA margin by 2027, with network optimization ahead of plan.

• Gradual market normalization is anticipated, with the US private pay segment and progressive improvement in Europe as main growth drivers.