Revenues up +12%, thanks to a strong organic growth, and outstanding profitability expansion in the third quarter of 2022. Revenues at over 1.5 billion euros (+11.6%) and recurring net profit at 120 million euros (+13.7%) in the nine months
Strong increase in revenues in the quarter, driven by a solid and above-market organic growth, despite an exceptionally challenging comparison base (+19% in the third quarter 2021 compared to the third quarter 2019)
Significant profitability step-up with the recurring EBITDA margin up 50 basis points compared to the third quarter of 2021, thanks to timely and effective cost management measures and after significant investments in the business
Solid cash generation with free cash flow of 143.0 million euros in the first nine months of the year and a net financial position at 882.1 million euros after investments of around 230 million euros in capex, m&a, share buybacks and dividends
The company expects FY 2022 growing with revenues in the region of 2,150 million euros and EBITDA recurring margin in the region of 25%
MAIN RESULTS FOR Q3 2022
- Consolidated revenues reached 502.5 million euros, an increase at current exchange rates of 12.1% and of 8.5% at constant exchange rates compared to the third quarter of 2021
- Recurring EBITDA was 109.4 million euros, an increase of 14.6% compared to the same period of 2021, with the margin rising 50 basis points to 21.8%
- Recurring net profit was 29.7 million euros, 12.1% higher than in the same period of 2021
MAIN RESULTS FOR 9M 2022
- Consolidated revenues reached 1,539.7 million euros, an increase at current exchange rates of 11.6% and of 9.0% at constant exchange rates compared to the first nine months of 2021
- Recurring EBITDA was 369.5 million euros, an increase of 13.3% compared to the first nine months of 2021, with the margin rising 40 basis points to 24.0% compared to the same period of 2021 thanks to timely and effective cost containment measures, even after significant investments in the business
- Recurring net profit was 119.6 million euros, 13.7% higher than in the first nine months of 2021
- Free cash flow came to 143.0 million euros, a decrease mainly due to higher investments compared to the exceptional 160.9 million euros reported in the first nine months of 2021
- Net financial debt was 882.1 million euros, largely unchanged compared to the 871.2 million euros posted at December 31st, 2021, after Capex of 75.4 million euros, net cash-out for M&A of 52.2 million euros, dividends of 58.2 million euros and share buyback of 42.9 million euros, with financial leverage down to 1.61x at September 30th, 2022
ENRICO VITA, CEO
“The results for the third quarter and the first nine months of 2022 once again show our ability to grow more than the reference market and across all the core geographic areas, strengthening Amplifon’s global leadership in hearing care solutions and services.
We have today an ideal positioning in terms of market share, service quality, innovation capabilities and expertise allowing us to successfully compete in an uncertain macroeconomic and geopolitical environment as the current one and to continue to grow and generate value for our stakeholders”.
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