Solid revenue growth (+2.6%) at 588 million euros in the first quarter adjusted EBITDA of more than 140 million euros (+3.4%), with record profitability for the period (23.9%). Outlook for 2025 confirmed. Buy-back up to 150 million euros to be launched in the coming weeks
SOLID REVENUE GROWTH (+2.6%), DESPITE 1.5 FEWER TRADING DAYS, THE STRONG COMPARISON BASE AND THE SOFT MARKET, PRIMARILY IN THE UNITED STATES
HIGHEST-EVER PROFITABILITY IN THE FIRST QUARTER WITH THE ADJUSTED EBITDA MARGIN1 AT 23.9%, AN INCREASE OF 20 BPS COMPARED TO THE FIRST QUARTER OF 2024. ADJUSTED NET PROFIT1 AT 41.6 MILLION EUROS
NET FINANCIAL DEBT AT 997 MILLION EUROS AND FINANCIAL LEVERAGE AT 1.67x AT MARCH 31ST, 2025, AFTER STRONG INVESTMENTS IN CAPEX, ACQUISITIONS AND SHARE BUY-BACKS FOR A TOTAL OF OVER 80 MILLION EUROS
STRONG NETWORK EXPANSION WITH MORE THAN 220 CLINICS ACQUIRED SINCE THE BEGINNING OF THE YEAR, MAINLY IN POLAND, THE UNITED STATES, FRANCE, GERMANY AND CHINA
OUTLOOK FOR 2025 CONFIRMED: MID TO HIGH SINGLE-DIGIT REVENUE GROWTH AT CONSTANT EXCHANGE RATES AND INCREASED PROFITABILITY WITH AN ADJUSTED EBITDA MARGIN1 OF AT LEAST 24%
SHARE BUY-BACK PROGRAM OF UP TO 150 MILLION EUROS TO BE LAUNCHED IN THE COMING WEEKS, WITHIN THE RESOLUTION APPROVED BY THE SHAREHOLDERS’ MEETING
MAIN RESULTS FOR Q1 2025
- Consolidated revenues of 587.8 million euros, showing a solid growth of 2.6% at constant and current exchange rates compared to the first quarter of 2024, despite 1.5 fewer trading days, a particularly strong comparison base and the soft market environment, primarily in the United States
- Adjusted EBITDA1 amounted to 140.4 million euros, an increase of 3.4% compared to the first quarter of 2024. The EBITDA margin came in at 23.9%, 20 basis points higher than the record 23.7% posted in the first quarter of 2024, thanks to profitability improvement in EMEA
- Adjusted net profit1 was 41.6 million euros compared with 44.1 million euros in the first quarter of 2024 due to higher depreciation and amortization following the strong investments in the business and increased financial expenses
- Free cash flow of 18.5 million euros, after Capex of 31.6 million euros, compared to 37.2 million euros in the first quarter of 2024
- Net financial debt was 996.6 million euros compared to 961.8 million euros at December 31st, 2024, after Capex, M&A, and share buy-backs totaling over 80 million euros, with financial leverage at 1.67x at March 31st, 2025 (from 1.63x)
CHANGE IN THE ALTERNATIVE PERFORMANCE MEASURES
Starting from the first quarter of 2025, in order to facilitate the understanding of the economic, financial and operational performance of the Group and in line with market practice, Amplifon made a change to the representation of the Alternative Performance Measures used by the top management to monitor the economic, financial and operational performance of the Group. As of the Interim Financial Report as at March 31st, 2025, the Company reports certain indicators as “adjusted” in order to represent the Group’s operating performance net of items (charges or income) that are unusual, infrequent or not correlated to the operating performance and therefore allow the analysis of the strictly operational performance of the Group. The Company has determined the same indicators in a homogeneous manner also with reference to the comparison period. For more details on the Alternative Performance Measures refer to page 5 and for reconciliation tables, along with the Amplifon Group’s adjusted 2024 figures by geographic area, quarter, as well as the IFRS Income Statement (as reported) please refer to the tables at the end of this press release.
ENRICO VITA, CEO
"We started the year with solid results, which demonstrate the strength of our company and our business model also in a complex context. In the first quarter, we recorded revenue growth of 2.6%, despite a particularly strong comparison base, fewer trading days and a soft global market.
Profitability reached a record level for the period, showing improvement of +20 basis points compared to the excellent performance of the first quarter of the prior year thanks, above all, to higher profitability in EMEA, while we continue to invest in our strategic priorities. Looking ahead to the future, we confirm our outlook for 2025 and the acceleration in revenue growth expected to begin already in the second quarter, driven by the French market, in particular.”
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