Amplifon (AMP) Q4 2024 earnings summary

Executive summary

• FY 2024 revenues grew 7% at constant exchange rates to €2.41 billion, driven by 3.4% organic growth and 3.6% M&A, despite a muted European market and strong U.S. performance; the U.S. became the largest market.

• Recurring EBITDA rose 4.8% to €567.7 million (margin 23.6%), while recurring net profit declined 8.5% to €151.7 million due to higher D&A and financial expenses.

• Free cash flow increased about 10% to €176 million; net financial debt rose to €961.8 million (leverage 1.63x) after significant M&A, CapEx, buybacks, and dividends.

• Over 400 new points of sale acquired, mainly in France, Germany, U.S., and China, surpassing 10,000 globally.

• Proposed dividend of €0.29 per share, unchanged from prior year (45% payout ratio).

Financial highlights

• Q4 2024 revenues were €664.4 million, up 8% year-over-year, with organic growth of 0.8% and M&A contribution of 3.7%.

• Q4 recurring EBITDA was €155.4 million (margin 23.4%), flat versus Q4 2023.

• FY 2024 recurring EBIT margin was 11.0% (down from 12.1% in 2023); adjusted EPS was €0.869, down 4.8% year-over-year.

• Free cash flow up 10% to €176 million; operating cash flow up 7% to €449.9 million.

• Net financial debt: €961.8 million (vs. €852.1 million at end-2023); leverage 1.63x.

Outlook and guidance

• 2025 guidance: mid to high single-digit revenue growth (5–9%) at constant exchange rates, with 2% from M&A.

• Recurring EBITDA margin targeted at least 24%, with growth expected to accelerate from Q2 2025, especially in France.

• Anticipate European market, especially France, to return to solid growth from Q2 2025; U.S. market expected to grow at a mid-single-digit rate.

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