An excellent first quarter with double digit revenue growth and strong improvement in profitability compared to both 2020 and 2019

Financial results
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Last updated on April 29, 2021 at 12:53 pm

Excellent beginning of the year with revenue growth at constant FX of 23% compared to the first quarter of 2020 and more than 14% with respect to the same period of 2019

Strong increase in profitability with the EBITDA margin 180 bps higher than in the first quarter of 2019, confirming the Group’s increased structural efficiency and after sizeable investments in the business

Strong cash generation with record free cash flow of 52.9 million euros and improvement in the net financial position over December 2020 despite seasonality, even after significant investments in M&A, and the share buyback program

Continues the roll-out of the Amplifon Proct Experience in two new markets (Belgium and New Zealand) as well as the network expansion (88 shops)

For full year 2021 the Company expects consolidated revenues of approximately 1,930 million euros and an improvement in recurring EBITDA margin of +180÷200 basis points compared to 2019

MAIN RESULTS FOR Q1 2021

  • Consolidated revenues of 440.9 million euros, increasing 22.9% at constant exchange rates and 21.3% at current exchange rates compared to the first quarter of 2020, and 14.1% at constant exchange rates and 12.5% at current exchange rates compared to the first quarter of 2019, despite the restrictive measures still in place in several European countries
  • Recurring EBITDA was 48.9% higher than in 2020, reaching 96.6 million euros, with the margin rising 180 basis points compared to the first quarter of 2019 to 21.9%, thanks to greater operating efficiency and increased productivity
  • Recurring net profit was 25.0 million euros, almost five times higher than the 5.1 million euros posted in the first quarter of 2020 and 33.1% higher than the 18.8 million euros recorded in the same period of 2019
  • Record free cash flow of 52.9 million euros, an increase of 19.6% with respect to the first quarter of 2020 and over three times higher than in the first quarter of 2019
  • Net financial debt was 625.4 million euros, lower than the 633.7 million euros at December 31st, 2020 despite seasonality, and after net cash-out for M&A of 32.4 million euros and the buyback program of 13.3 million euros, with financial leverage down to 1.44x at March 31st, 2021

ENRICO VITA, CEO

“We are extremely satisfied with the excellent results recorded in the first quarter, which are characterized by strong, well above market, organic growth, as well as excellent improvement in profitability and record cash generation. All of this at a time when restrictive measures are still in place in several countries, mainly in Europe, which confirms not only the resilience of our business and our strong competitive positioning, but also the effectiveness of the actions taken since the inception of the Covid-19 emergence. The quarterly results provide further demonstration of our ability to emerge from 2020 even stronger than before and allow us to look forward with sound optimism to both the rest of the year and our Company’s significant medium-term growth prospects.”

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