Aspirations and strategy
Strengthen our leadership
Offering a unique customer proposition, grow and strengthen the leadership across core markets worldwide, and building an even more efficient and talented organization: these are the foundations of our strategy.
Innovative and distinctive
Our growth strategy is built around the customer, to whom we offer a unique and unmatchable customer proposition.
With the Amplifon Product Experience we redesigned the product experience, building customer-centric families of hearing aids and human-centered digital touchpoints.
Now, with Ampli-care®, it’s time to redesign the audiological-care experience leveraging our proprietary data and technology, to fully embrace customers and activate a full ecosystem around them.
in core markets
Effective and talented
Our Capital Markets Day in a pill
Strengthen our global leadership
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, as testified by the recently announced second joint venture, we will continue to pursue our growth path via M&A or joint ventures with local partners in new areas, organic growth around the two existing hubs of Beijing and Zhejiang as well as a greenfield investment in Shanghai.
Unique and unmatchable proposition
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.
People & organization
In the first nine months of 2023, the Company continued its strong growth path despite a softer-than-expected demand in the European market and a global macroeconomic and geopolitical environment characterized by increasing uncertainty and volatility.
Looking into the fourth quarter of 2023, Amplifon expects:
- the US market to continue to grow healthily, while the European market to remain subdued and below initial expectations;
- to continue to grow organically significantly faster than the market;
- bolt-on acquisitions to contribute at least 2% to the Group’s consolidated revenue growth;
- a strong start to the fourth quarter with double-digit revenue growth at constant exchange rates in October.
In light of the above, and with regards to what previously communicated1, for FY 2023 the Group expects:
- consolidated revenues, in line with the outlook previously communicated, of around 2,290 million euros2 which corresponds to around 11% growth at constant exchange rates compared to FY 2022, supported by continued market share gains, positive pricing actions and bolt-on acquisitions. The revenue figure, updated with the most recent foreign exchange assumptions, corresponds to around 2,320 million euros based on the same foreign exchange assumptions used in the previously communicated outlook;
- recurring EBITDA of around 550 million euros2 (which corresponds to approximately 560 million euros based on the same foreign exchange assumptions used in the previously communicated outlook) explained by the strong investments made in specialized field personnel (hearing care specialists) and marketing to support the Company’s future growth path.
In the medium-term the Company remains extremely positive on its prospects for sustainable growth in sales and profitability, thanks to the secular fundamentals of the hearing care market and its even stronger competitive positioning.
These expectations for 2023 do not include any further slowdowns in global economic activity due to, among others, the well-known inflation related issues and the ever-increasing uncertainties related to the current geopolitical situation. Toward this end, lastly, it should be noted that Amplifon operates around 25 points of sale in Israel which generate sales equal to approximately 1% of its consolidated revenues.
 Please refer to the press release published on May 2nd, 2023
 Foreign exchange rates for FY2023 outlook: EUR/USD at 1.08; EUR /AUD at 1.62; EUR /ARS at 371 (assumed equal to the data as of September 30th given the well-known currency volatility and uncertainty); EUR/EGP at 33.1. In the outlook previously communicated to the market last May the exchange rate assumptions were: EUR/USD at 1.07; EUR /AUD at 1.57; EUR /ARS at 227; EUR/EGP at 32. Such assumptions have been updated to reflect the currency development during the first nine months of the year, characterized by a higher appreciation of the Euro against the USD, AUD and, above all, the Argentinian peso.