Amplifon (AMP) Q4 2025 earnings summary

Executive summary

• FY 2025 delivered solid results with revenues of €2,396m, up 1.7% at constant FX, driven by improved organic growth in H2 despite global market growth below historical levels and challenging macroeconomic conditions.

• The Fit4Growth program exceeded expectations, delivering cost efficiencies, network optimization, and is ahead of schedule for margin improvement by 2027.

• Portfolio optimization included the divestiture of the loss-making UK business and termination of a managed care agreement in the US, with marginal revenue impact.

• Sustainability achievements included CSRD compliance, SBTI validation, and recognition as a Global Top Employer.

Financial highlights

• FY 2025 revenues were €2,396m, up 1.7% at constant FX, with adjusted EBITDA at €540m (22.6% margin), and adjusted net profit at €159m, down 15.4% year-over-year.

• Q4 2025 revenues were €652m, up 1.4% at constant FX, with adjusted EBITDA at €145.5m (22.3% margin).

• Adjusted free cash flow for FY 2025 was €174m after €117m in Capex; share buybacks totaled €108m.

• Net financial debt at year-end was €1,045m, with leverage at 1.92x.

• Proposed dividend of €0.29 per share, with a payout ratio of 69.8%.

Outlook and guidance

• 2026 market demand is expected to gradually improve to around +3%, with a material increase in adjusted EBITDA margin anticipated, driven by Fit4Growth and better market conditions.

• Margin improvement from Fit4Growth is targeted at the upper end of 150-200 bps by 2027, with tangible benefits expected already in 2026.

• M&A activity to resume in 2026, especially in the US, after a focus on internal optimization in 2025.