Revenue growth at 1,181 million euros and EBITDA adjusted at 288 million euros in the first half, in a market context influenced by the deterioration of the macroeconomic and geopolitical environment
Launch of the “Fit4Growth” program to strengthen margins (expected +150-200 bps run-rate improvement in adjusted EBITDA margin by 2027) and reinforce the company’s competitiveness
REVENUE GROWTH (+1.6%), IN A CHALLENGING MARKET ENVIRONMENT DUE TO THE PROGRESSIVE DETERIORATION OF THE MACROECONOMIC AND GEOPOLITICAL CONTEXT, WHICH PEAKED IN THE SECOND QUARTER. THE COMPARISON WITH THE FIRST HALF OF 2024 ALSO REFLECTS THE STRONG COMPARISON BASE, AS WELL AS 1.5 FEWER TRADING DAYS
ADJUSTED EBITDA CAME TO 288 MILLION EUROS (-3.2%) DUE TO LOWER OPERATING LEVERAGE AS A RESULT OF THE MARKET ENVIRONMENT, THE GEOGRAPHIC MIX IN EMEA, AND THE DILUTION STEMMING FROM THE ACCELERATED GROWTH OF MIRACLE-EAR’S DIRECT NETWORK IN THE UNITED STATES. ADJUSTED NET PROFIT AT 91 MILLION EUROS
NET FINANCIAL DEBT AT 1,109 MILLION EUROS AND FINANCIAL LEVERAGE AT 1.93x AT JUNE 30TH, 2025, AFTER STRONG INVESTMENTS IN CAPEX, ACQUISITIONS, SHARE BUYBACKS AND DIVIDENDS FOR A TOTAL OF AROUND 240 MILLION EUROS
LAUNCHED “FIT4GROWTH”, AMPLIFON’S PROGRAM TO RESPOND DECISIVELY TO THE CURRENT CHALLENGES, STRENGTHEN MARGINS AND REINFORCE COMPANY’S COMPETITIVENESS THANKS TO INITIATIVES TO ENHANCE THE EFFICIENCY OF THE DISTRIBUTION NETWORK AND BACK-OFFICE PROCESSES, REDUCE COSTS AND FOCUS ON THE INVESTMENTS WITH THE HIGHEST RETURNS
FOR 2025 THE COMPANY EXPECTS REVENUE GROWTH OF AROUND 3% AT CONSTANT EXCHANGE RATES AND ADJUSTED1 EBITDA MARGIN OF AROUND 23%
MAIN RESULTS FOR H1 2025
- Consolidated revenues of 1,180.5 million euros, an increase of 1.6% at constant exchange rates compared to the first half of 2024, despite a soft and increasingly volatile market due to the deterioration of the macroeconomic and geopolitical scenario in the second quarter, the strong comparison base and over 1.5 fewer trading days. Revenues grew 0.3% at current exchange rates due to the strong exchange effect.
- Adjusted EBITDA was 287.6 million euros compared to 297.1 million euros in the first half of 2024. The margin came in at 24.4%, compared to 25.2% in the first half of 2024, due to lower operating leverage, the geographic mix in EMEA, and the dilution stemming from the accelerated growth of Miracle-Ear’s direct network in the United States
- Adjusted net profit was 90.5 million euros compared with 107.8 million euros in the first half of 2024, due to higher depreciation and amortization after strong investments in the business and increased financial expenses
- Free cash flow of 37.5 million euros, after Capex of 64.4 million euros, compared to 46.8 million euros in the first half of 2024
- Net financial debt was 1,109 million euros compared to 961.8 million euros at December 31st, 2024, after Capex, M&A, share buybacks and dividends totaling around 240 million euros, with financial leverage at 1.93x at June 30th, 2025 (from 1.63x)
ENRICO VITA, CEO
In the first half we continued with our revenue growth trend, in a context of clear weakening in consumer confidence due to a particularly complex macroeconomic and geopolitical environment, which appears to have peaked in the second quarter. The impact was more marked in some of our core markets, like Southern Europe, North America and China. In contrast with this trend were France, which reported an excellent performance, in line with expectations, along with Germany.
To structurally strengthen our margins, reinforce our long-term competitive positioning and respond decisively to the current challenges, we have launched the ‘Fit4Growth’ program, which aims to deliver a run-rate improvement in the adjusted EBITDA margin of 150-200 basis points by 2027. Thanks to the solidity of our business model, the quality of our people, and the actions already implemented, in a context of progressive market normalization, we aim to consolidate and further strengthen our path of sustainable growth in the medium to long-term."
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