Significant acceleration in organic growth (+2.2%), revenues at 580 million euros and record adjusted EBITDA margin at 24.5% (+60 bps) in the first quarter of 2026, thanks to last year’s initiatives and investments
Adjusted net profit at €44.4 million, up 7%. Very positive start to the second quarter. For 2026, expected an organic growth above 3% and an improvement of the adjusted EBITDA margin in the region of 100 bps
IN THE FIRST QUARTER OF 2026 REVENUES OF 579.8 MILLION EUROS (+0.8% AT CONSTANT EXCHANGE RATES), SUPPORTED BY SOLID ORGANIC GROWTH1 (+2.2%), POSITIVE ACROSS ALL THREE GEOGRAPHIC AREAS, ALSO THANKS TO THE INITIATIVES AND INVESTMENTS CARRIED OUT IN 2025
PROFITABILITY AT ALL-TIME HIGH IN THE FIRST QUARTER, WITH AN ADJUSTED EBITDA MARGIN OF 24.5%, UP 60 BASIS POINTS COMPARED TO THE FIRST QUARTER OF 2025, ALSO THANKS TO THE STRONG EARLY RESULTS OF THE ‘FIT4GROWTH’ PROGRAM
ADJUSTED EBIT AND ADJUSTED NET PROFIT UP 5% AND 7% RESPECTIVELY COMPARED TO THE FIRST QUARTER OF 2025
NET FINANCIAL DEBT REDUCED TO 1,015 MILLION EUROS, WITH FINANCIAL LEVERAGE AT 1.84x, IMPROVING COMPARED TO DECEMBER 31ST, 2025
THE ‘FIT4GROWTH’ PROGRAM IS PROGRESSING AT SUSTAINED PACE, WITH EARLY STRUCTURAL BENEFITS TO PROFITABILITY
VERY POSITIVE START TO THE SECOND QUARTER
FOR 2026, EXPECTED AN ORGANIC GROWTH¹ ABOVE 3% COMPARED TO 2025 AND A SIGNIFICANT INCREASE IN THE ADJUSTED EBITDA MARGIN IN THE REGION OF 100 BASIS POINTS
MAIN RESULTS FOR Q1 2026
- Consolidated revenues of 579.8 million euros, an increase of 0.8% at constant exchange rates compared to the first quarter of 2025 thanks mainly to a solid 2.2% organic growth1, positive across all geographic areas. Acquisitions contributed positively to revenues by 1.0%, while the ‘Fit4Growth’3 efficiency program had a -2.4% impact, reflecting proactive actions to optimize the network and the divestment or termination of current or prospectively dilutive businesses. The foreign exchange led to a slightly negative performance at current exchange rates
- Adjusted EBITDA amounted to 141.8 million euros, an increase of 1.0% compared to the first quarter of 2025, with the margin reaching a record level for the period of 24.5%, 60 basis points higher than in the first quarter of 2025. The improvement was also supported by the ‘Fit4Growth’ program and achieved alongside the ongoing investments in marketing to further strengthen the Group’s distinctive assets. All geographic areas contributed to the improvement in adjusted EBITDA
- Adjusted net profit was 44.4 million euros, 6.7% higher than in the first quarter of 2025
- Adjusted free cash flow increased to 23.6 million euros, after Capex of 21 million euros
- Net financial debt was 1,014.6 million euros, reducing from 1,045.5 million euros at December 31st, 2025, after net investments (Capex and proceeds from the UK divesture) totaling 11 million euros, with financial leverage at 1.84x at March 31st, 2026, improving compared to December 2025
ENRICO VITA, CEO
“We are very satisfied with the results for the first quarter of 2026, which mark the return to solid revenue organic growth, with positive performances across all the geographic areas, thanks to the initiatives and investments made last year. We also reported a record first quarter profitability, thanks also to a faster than expected execution of our productivity programs.
The organic growth trend and the plan to structurally improve profitability make us very positive for the full year. Looking beyond 2026, we are very enthusiastic and optimistic on our growth path, further strengthened by the transformation opportunities stemming from the future integration with GN Hearing.”
1 Organic growth excludes the impact related to the termination of a managed care agreement in the US.
2 Adjusted income statement figures exclude the effect of unusual, infrequent or unrelated items (expenses or income) to the normal course of business.
3 Includes the impact of different efficiency initiatives such as the divesture of the UK business, the termination of a managed care agreement in the US, the closure of non-performing clinics at global level and the rationalization of the non-core wholesale business in China during the first quarter of 2025.
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