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Strategy & Ambitions

A compelling innovation program on the customer experience to reshape the hearing care retail

During the Capital Markets Day held on March 26th, 2018 Amplifon unveiled its strategic pillars and financial targets for the 2018-2020 period. The strategic plan presented is the continuation of the 2016-2018 one, which Amplifon has successfully delivered.


Over the next three years, Amplifon aims to further strengthen its global leadership, positioning the Company at the forefront of innovation through three strategic pillars.

Strategic pillars to 2020

The accelerators for our growth

Strengthen leadership in core markets

A differentiated growth strategy, focused on core worldwide markets. In particular, we aim at consolidating further our leadership position in all core mature countries and, among those emerging, we identified the Chinese market as a sizeable opportunity for our medium-term growth path.

Innovative and distinctive customer experience

A customer-centric strategy to offer a distinctive and highly innovative customer experience with the launch of Amplifon product-lines and proprietary multi-channel eco-system, leveraging on unique and unmatched assets such as data, brand and an impeccable and decidedly personalized service. Read more

Effective execution capabilities

Investments to support effective execution capability through a distinctive corporate culture, attraction of top talents, sharing of best practices and extension of the global integrated IT infrastructure.

2020 Financial Targets


A clear and ambitious set of Financial Targets for the 2018-2020 period:


  • Sales growth: For the three-year period 2018-2020 Amplifon expects consolidated revenues to grow, faster than the market, at a high-single digit (in local currency) CAGR. The growth will be driven by solid organic growth and by M&A contribution (around 500 additional stores in selected core Countries).


  • EBITDA margin: The Company will focus on increasing the EBITDA recurring margin at 2020 to around 18.5%, also after increased investments in marketing and infrastructure to support future growth. The Company also expects steady EPS growth in the three-year period, driven both by higher operating leverage as well as lower financial charges, thanks to the recent refinancing of the Eurobond (July 2018) with significantly improved terms and conditions, and a tax rate estimated below 30% in the three-year period.


  • Cumulated Operating Cash Flow:  For the three-year period 2018-2020, the Company aims at generating around 600 million euros of cumulated Operating Cash Flow. The significant cash generation will fully support the investments expected for the period (totaling around 480 million euros for both Capex and cash-out for acquisitions), while further reducing Amplifon's financial leverage thus ensuring adequate financial flexibility.