Revenue growth of 1.7% (at constant exchange rates) to around 2.4 billion euros, with significant improvement in organic growth in the second half
Proposed dividend of 0.29 euros per share. The ‘Fit4Growth’ program exceeds expectations: improvement in adjusted EBITDA margin by 2027 now expected to be in the high end of the +150-200 bps range. Divesture of the business in the United Kingdom
REVENUE GROWTH IN 2025 COMPARED TO 2024 (+1.7% AT CONSTANT EXCHANGE RATES) WITH SIGNIFICANT IMPROVEMENT IN ORGANIC GROWTH IN THE SECOND HALF, DESPITE THE STRONG COMPARISON BASE AND MARKET GROWTH BELOW HISTORIC LEVELS
ADJUSTED[1] EBITDA AT 540 MILLION EUROS, WITH THE MARGIN AT 22.6%, DUE MAINLY TO LOWER OPERATING LEVERAGE, THE DILUTION EFFECT STEMMING FROM THE GROWTH OF THE MIRACLE-EAR DIRECT NETWORK IN THE UNITED STATES, THE GEOGRAPHIC MIX IN EMEA AND THE MARKETING INVESTMENTS TO FURTHER STRENGTHEN THE GROUP’S DISTINCTIVE ASSETS
ADJUSTED1 NET PROFIT AT 159 MILLION EUROS. PROPOSED DIVIDEND OF 0.29 EUROS PER SHARE
STRONG CASH GENERATION WITH ADJUSTED1 FREE CASH FLOW AT 174 MILLION EUROS. NET FINANCIAL DEBT AT 1,045 MILLION EUROS WITH FINANCIAL LEVERAGE AT 1.92x AT DECEMBER 31ST, 2025, AFTER CAPEX, ACQUISITIONS, DIVIDENDS AND SHARE BUYBACKS TOTALING MORE THAN 350 MILLION EUROS
THE ‘FIT4GROWTH’ PROGRAM IMPLEMENTATION AHEAD OF INITIAL PLAN: CLOSURE OF AROUND 160 CLINICS IN 10 COUNTRIES, BACK-OFFICE EFFICIENCIES, CAPEX SIGNIFICANTLY LOWER THAN IN 2024 AND DIVESTURE OF DILUTIVE UK BUSINESS
FOR 2026, THE COMPANY EXPECTS A SOLID PROGRESSIVE IMPROVEMENT IN ORGANIC GROWTH COMPARED TO 2025 AND, MOST IMPORTANTLY, A MATERIAL INCREASE IN ITS ADJUSTED EBITDA MARGIN, SUPPORTED BY THE ‘FIT4GROWTH’ PROGRAM
MAIN RESULTS FOR 2025
- Consolidated revenues of 2,395.7 million euros, an increase of 1.7% at constant exchange rates compared to 2024, thanks also to the significant improvement in organic growth reported in the second half, despite market growth still below historical levels and the strong comparison base. Revenues substantially stable at current exchange rates due to the exchange effect
- Adjusted EBITDA was 540.4 million euros compared to 566.1 million euros in 2024 (-4.5%). The margin was 22.6%, compared to 23.5% in 2024, due mainly to lower operating leverage, the dilution stemming from the growth of Miracle-Ear’s direct network in the United States, the geographic mix in EMEA, and the higher marketing investments to further strengthen the Group’s distinctive assets
- Adjusted net profit was 159.2 million euros compared with 188.1 million euros in 2024, due mainly to lower operating leverage
- Adjusted free cash flow of 174.4 million euros, after Capex of 116.7 million euros
- Net financial debt was 1,045.5 million euros compared to 961.8 million euros at December 31st, 2024, after Capex, M&A, share buybacks and dividends totaling more than 350 million euros, with financial leverage at 1.92x at December 31st, 2025 (versus 2.09x at September 30th, 2025 and 1.63x at December 31st, 2024)
- Proposed dividend of 0.29 euro cents per share[2]
ENRICO VITA, CEO
“2025 was a challenging year for the hearing care industry as a whole with growth below historic levels, above all due to the well-known global tensions which affected our patients’ confidence. In this context, we implemented a series of actions to accelerate revenues and improve profitability, which are already generating very positive results. These include the return to organic growth in the second half of the year and the acceleration in the ‘Fit4Growth’ performance improvement program. These initiatives, in a market which we expect will gradually improve, allow us to look at the prospects for our business with renewed confidence”.
[1] Adjusted income statement figures which exclude the effect of unusual, infrequent or unrelated items (expenses or income) outside the scope of the normal course of business. For more information refer to the notes to this press release. Unless stated otherwise, the comments in this press release refer to the adjusted figures.
[2] Pay-out of 69.8% on the consolidated net earnings per share (calculated based on the net profit as reported)
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