Strong revenue growth at more than 2.4 billion euros (+7%) and EBITDA at 568 million euros (+4.8%) in 2024. Proposed dividend of 0.29 euro per share
THE USA BECOMES THE TOP MARKET IN TERMS OF REVENUE. 2025: EXPECTED MID TO HIGH SINGLE-DIGIT REVENUE GROWTH AND AN EBITDA MARGIN OF AT LEAST 24%
STRONG REVENUE INCREASE (+7% AT CONSTANT EXCHANGE RATES), DRIVEN BY ABOVE-MARKET ORGANIC GROWTH (+3.4%) AND M&A (+3.6%), DESPITE A SOFTER-THAN-EXPECTED EUROPEAN MARKET AND A CHALLENGING COMPARISON BASE
RECURRING EBITDA 4.8% HIGHER THAN IN 2023, WITH MARGIN AT 23.6%, IN A CONTEXT OF A SUBDUED EUROPEAN MARKET, STRONG M&A ACCELERATION (ABOVE ALL IN THE UNITED STATES) AND DESPITE SIGNIFICANT INVESTMENTS IN PREPARATION FOR 2025
RECURRING NET PROFIT AT 152 MILLION EUROS. PROPOSED DIVIDEND OF 0.29 EURO PER SHARE, IN LINE WITH THE PRIOR YEAR
STRONG CASH GENERATION WITH FREE CASH FLOW RISING 10% TO 176 MILLION EUROS, NET FINANCIAL DEBT AT 962 MILLION EUROS AND FINANCIAL LEVERAGE AT 1.63x AT DECEMBER 31ST, 2024, AFTER CAPEX, ACQUISITIONS, DIVIDENDS AND SHARES BUYBACKS TOTALING 430 MILLION EUROS
STRONG NETWORK EXPANSION WITH AROUND 400 POINTS OF SALE ACQUIRED IN 2024, MAINLY IN FRANCE, GERMANY, NORTH AMERICA AND CHINA FOR A TOTAL CASH-OUT OF MORE THAN 192 MILLION EUROS. EXCEEDED 10,000 POINTS OF SALE GLOBALLY
FOR 2025, THE COMPANY EXPECTS MID TO HIGH SINGLE-DIGIT REVENUE GROWTH AT CONSTANT EXCHANGE RATES AND INCREASED PROFITABILITY WITH A RECURRING EBITDA MARGIN OF AT LEAST 24%
IMPORTANT NEW SUSTAINABILITY MILESTONES ACHIEVED IN 2024. AMONG OTHERS: CARBON FOOTPRINT REDUCTION, 80% RENEWABLE ENERGY IN OFFICES AND DIRECT STORES, 575,000 HOURS OF TRAINING DELIVERED TO EMPLOYEES, AND 200 MILLION EUROS SAVED BY CUSTOMERS THANKS TO FREE HEARING TESTS IN AMPLIFON STORES
MAIN RESULTS FOR 2024
- Consolidated revenues of 2,409.2 million euros, an increase of 7.0% at constant exchange rates and of 6.6% at current exchange rates compared to 2023, attributable to strong organic growth, above the reference market which is still characterized by different performances across the various geographies, and the acceleration in acquisitions, despite a particularly challenging comparison base
- Recurring EBITDA was 567.7 million euros, an increase of 4.8% compared to 2023. The recurring EBITDA margin came in at 23.6%, compared to 24% in 2023, due to lower operating leverage in EMEA attributable to market softness, the dilution effect of the Miracle-Ear direct retail network accelerated growth in the United States, as well as the strong investments ahead of 2025
- Recurring net profit was 151.7 million euros compared with 165.8 million euros in 2023 due to higher depreciation and amortization following the strong investments in the business and higher financial expenses
- Free cash flow of 175.9 million euros, after Capex of 145 million euros, an increase of 9.8% compared to 2023
- Net financial debt was 961.8 million euros compared to 852.1 million euros at December 31st, 2023, after Capex, M&A, shares buybacks and dividends totaling 428.6 million euros, with financial leverage at 1.63x at December 31st, 2024 (from 1.50x)
- Proposed dividend of 29 euro cents per share, in line with the dividend paid in 2023, with a pay-out of 45% on the consolidated net earnings per share
ENRICO VITA, CEO
“In 2024 we continued along our strong growth path with revenues exceeding 2.4 billion euros thanks to above-market organic performance and an acceleration in M&A, with 400 new points of sale acquired in Europe, the United States and China, despite a European market performance which was below expectations. More in detail, thanks to another year of significant growth, the United States has become our top market in terms of revenue.
In a very challenging year, with a global market still behind historical growth levels, we invested in our brand, in the distribution network and the hearing care professionals, strengthening our competitive positioning and preparing to make the most of the expected recovery in Europe, particularly France. We are very confident about our growth prospects for 2025, in terms of both revenues and profitability”.
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