We aim at further strengthening our leadership in all the core markets in which we are already leader, such as Italy, France, Spain and Australia, and reaching leadership in those few markets where we are not leader yet, such as Germany, United States, Canada and China. fostered by both strong organic growth and bolt-on acquisitions.

In the three-year period 2021-2023, particular focus will be placed on the US, by far the largest market worldwide, where we are implementing a new strategy to accelerate growth and capture more value in the value chain leveraging its strategic businesses: Miracle-Ear and Amplifon Hearing Healthcare.

Two other compelling growth opportunities are Australia and China. With the recent acquisition of Bay Audio, we have built another Company stronghold to win in the core Australian market. While in China, where our network counts over 400 points of sale, we will continue to pursue our growth path via M&A in new areas and organic growth around the two existing hubs in 13 mega-cities and provinces.

After having launched the Amplifon Product Experience, our proposition will be further enriched leveraging three distinctive assets:

• the undisputed leading brands in the industry;
• a superior customer knowledge deriving from the unmatchable set of data we possess to build the finest customer insights and best serve them through a 360° customer centric model;
• an innovative experience, in which digital technologies play a key role in enriching the experience and improving protocols both within our stores and outside, from the first contact to the after-sale.

In the first half of 2025, the markets in which the Company operates were characterized by a softer demand, reflecting the deterioration in the macroeconomic and geopolitical context, as well as in consumer confidence, which appears to have peaked in the second quarter.

The US market was slightly negative in the first half and below historical growth rates, though improving sequentially in the second quarter. The European market presented a two-speed dynamic, with an excellent performance in France supported by the RAC 0 regulatory reform, in line with expectations, and a positive momentum in Germany, while the rest of the area was impacted by soft consumer confidence and other temporary factors, above all in Southern European countries. There was also substantial softness in the Asia-Pacific markets, above all in China.

For the rest of 2025, the Company expects a progressive normalization of the global market. More specifically, the Group expects the gradual recovery of the US market to continue, thanks also to a more favorable comparison base, and a European market supported by the strong growth of the French market and the positive momentum in Germany, along with a gradual recovery in the rest of the area, particularly in Italy and Spain where the portfolio of returning customers is expected to show improvement over the second quarter of 2025, following the partial recovery from the Covid-19 outbreak in the second half of 2020.

In light of the second quarter performance and current market expectations, assuming there are no further slowdowns in global economic activity due to, among others, the well-known macroeconomic and geopolitical situation, for FY2025, also with regards to what was previously communicated^[1], Amplifon expects: 

• Consolidated revenues to grow by around 3% at constant exchange rates (previously¹ mid to high single-digit);
• An adjusted EBITDA margin of around 23% (previously¹ at least 24%).

In the medium term, the Company remains very positive about its prospects of sustainable growth in sales and profitability, thanks to the unchanged fundamentals of the hearing care market and its strong leadership position, as well as the full implementation of the Fit4Growth program to enhance profitability and reinforce the Group’s competitive positioning.

[1] Please refer to the press release of March 6^th, 2025