FINANCIAL STRUCTURE
Debt and financing
We count on a solid financial structure that allows us to support our ambitious growth projects and to embrace future opportunities thanks to a strong cash flow generation.
Key balance sheet figures
(Million euros)
|
Medium and long-term financial indebtedness |
|
Short-term financial indebtedness |
|
Cash and cash equivalents |
|
Net financial indebtedness |
|
Lease liabilities |
|
Total financial debt & lease liabilities |
|
Total net equity |
|
Net financial indebtedness/EBITDA1 |
|
Net financial indebtedness/Group net equity |
31/12/2025
|
Medium and long-term financial indebtedness |
988.0 |
|
Short-term financial indebtedness |
366.4 |
|
Cash and cash equivalents |
(308.9) |
|
Net financial indebtedness |
1,045.5 |
|
Lease liabilities |
486.3 |
|
Total financial debt & lease liabilities |
1,531.8 |
|
Total net equity |
998.5 |
|
Net financial indebtedness/EBITDA1 |
1.92x |
|
Net financial indebtedness/Group net equity |
1.05x |
31/12/2024
|
Medium and long-term financial indebtedness |
960.4 |
|
Short-term financial indebtedness |
290.3 |
|
Cash and cash equivalents |
(288.8) |
|
Net financial indebtedness |
961.8 |
|
Lease liabilities |
514.3 |
|
Total financial debt & lease liabilities |
1,476.1 |
|
Total net equity |
1,150.2 |
|
Net financial indebtedness/EBITDA1 |
1.63x |
|
Net financial indebtedness/Group net equity |
0.84x |
1 Refers to the EBITDA recorded in the last 4 quarters, determined excluding the fair value of the share-based payments and based only on the recurring busines.
Debt composition and maturity
In order to ensure consistency between our financial structure and our strategic objectives, we diversify the composition and maturity of the debt.
Term
Rate
FINANCING
- a EUR 350 million “Eurobond” maturing in 2027, reserved exclusively for institutional investors, issued by Amplifon S.p.A. in 2020;
- eight bank loans for a total of EUR 644.1 million maturing in 2026 for EUR 187.5 million, in 2027 for EUR 118.8 million, in 2028 for EUR 122.2 million, in 2029 for EUR 186.4 million, and in 2030 for EUR 29.2 million;
- a loan granted by the European Investment Bank amounting to EUR 350 million, of which EUR 75 million has currently been disbursed maturing in 2032, EUR 50 million maturing in 2033 and EUR 75 million maturing in 2034. The remaining EUR 150 million is to be disbursed by July 2026 with final maturity for repayment in 2034. The amounts disbursed to date provide for repayments of EUR 16.6 million in 2026, repayments of EUR 21.6 million in 2027, repayments of EUR 26.6 million from 2028 to 2032, repayments of EUR 13.3 million in 2033 and repayments of EUR 10 million in 2034;
- four “irrevocable” credit lines with top-tier banks amounting to EUR 480 million, of which EUR 180 million expiring in 2030 and EUR 300 million expiring in 2026, extendible at the Company’s discretion through 2028.
COVENANTS
Rating
CONSOLIDATED NET FINANCIAL DEBT MATURITY PROFILE
Milioni di euro
|
European Investment Bank |
|
Eurobond |
|
Bank loans |
|
Bank accounts |
|
Other |
|
Cash & cash equivalents |
|
Total |
2026
|
European Investment Bank |
(16.6) |
|
Eurobond |
- |
|
Bank loans |
(187.4) |
|
Bank accounts |
(152.2) |
|
Other |
(10.2) |
|
Cash & cash equivalents |
308.9 |
|
Total |
(57.5) |
2027
|
European Investment Bank |
(21.7) |
|
Eurobond |
(350.0) |
|
Bank loans |
(118.9) |
|
Bank accounts |
- |
|
Other |
(2.4) |
|
Cash & cash equivalents |
- |
|
Total |
(493.0) |
2028
|
European Investment Bank |
(26.7) |
|
Eurobond |
- |
|
Bank loans |
(122.4) |
|
Bank accounts |
- |
|
Other |
(0.2) |
|
Cash & cash equivalents |
- |
|
Total |
(149.3) |
2029
|
European Investment Bank |
(26.7) |
|
Eurobond |
- |
|
Bank loans |
(186.5) |
|
Bank accounts |
- |
|
Other |
- |
|
Cash & cash equivalents |
- |
|
Total |
(213.2) |
2030 & beyond
|
European Investment Bank |
(103.3) |
|
Eurobond |
- |
|
Bank loans |
(29.2) |
|
Bank accounts |
- |
|
Other |
- |
|
Cash & cash equivalents |
- |
|
Total |
(132.5) |
Total
|
European Investment Bank |
(195.0) |
|
Eurobond |
(350.0) |
|
Bank loans |
(644.4) |
|
Bank accounts |
(152.2) |
|
Other |
(12.8) |
|
Cash & cash equivalents |
308.9 |
|
Total |
(1,045.5) |
