Strong revenue growth at 1.65 billion euros (+10%) in the first nine months of 2023, EBITDA at 386 million euros (+4.4%)

International expansion accelerates: exceeded the 9,500 points of sale worldwide and more than 300 in China

Financial results
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Last updated on October 30, 2023 at 12:45 pm

Revenues up 9.7% at constant exchange rates driven mainly by a strong, well-above-market organic growth (+7.6%), further accelerating to 9% in the third quarter in a softer than expected European market

Recurring EBITDA 4.4% higher than in the first nine months of 2022, with the margin at 23.5% after significant investments in the business to support future growth. Net profit at around 113 million euros  

Net financial debt of 917.6 million euros at September 30th (830 million euros at December 31st, 2022) after investments in capex, acquisitions and dividends for around 250 million euros.  Financial leverage at 1.63x

Bolt-on acquisitions continue: Amplifon’s global network exceeds 9,500 stores thanks to the roughly 220 points of sale acquired since the beginning of the year, mainly in France, Germany, North America, and China, for a cash-out of around 83 million euros. More than 300 stores in China.

Strong start to the fourth quarter with double-digit revenue growth at constant exchange rates in October 

MAIN RESULTS FOR 9M 2023

  • Consolidated revenues of 1,645.1 million euros, an increase of 9.7% at constant exchange rates and of 6.8% at current exchange rates compared to the first nine months of 2022
  • Recurring EBITDA was 385.8 million euros, up 4.4% compared to 369.5 million euros in the first nine months of 2022. Margin on revenues at 23.5%, down 50 basis points compared to the record level posted in the first nine months of 2022 due to lower operating leverage in EMEA for the softer than expected market, a less favorable geographic mix and the strong investments to support the company’s future growth
  • Recurring net profit amounted to 112.8 million euros, 5.7% lower than the 119.6 million euros recorded in the first nine months of 2022, due to higher amortization and depreciation attributable to the strong investments in the business and higher financial expenses (interests, inflation accounting, lease accounting and foreign exchange differences)
  • Free cash flow came to 68.8 million euros, after significant investments of 99.8 million euros, compared to the exceptional 143.0 million euros reported in the same period of 2022 which also benefitted from significant actions to improve working capital
  • Net financial debt was 917.6 million euros compared to 830.0 million euros at December 31st, 2022, after investments for capex, M&A and dividends of around 250 million euros, with financial leverage at 1.63x at September 30th, 2023

MAIN RESULTS FOR Q3 2023

  • Consolidated revenues of 531.3 million euros, up 11.4% at constant exchange rates and 5.7% at current exchange rates compared to the third quarter of 2022 driven by a record organic growth of 9%, despite the softer demand in Europe, the Group’s main market
  • Recurring EBITDA was 109.8 million euros, an increase of 0.3% compared to 109.4 million euros in the third quarter of 2022. Margin on revenues of 20.7% was 110 basis points lower compared to the record level posted in the third quarter of 2022 due to lower operating leverage in EMEA for the softer than expected market, a less favorable geographic mix, the significant investments to support the company’s future growth and the negative foreign exchange effect
  • Recurring net profit amounted to 23.5 million euros compared to 29.7 million euros in the third quarter of 2022

ENRICO VITA, CEO

“The results for the first nine months confirm the great dynamism of our group, demonstrated by the strong increase in revenues and, above all, a record organic growth achieved despite a demand in Europe which remains subdued. We are continuing to invest significantly in our international network through continuous acquisitions and we have now exceeded 9,500 stores, strengthening our presence in core markets like North America, France, Germany and China. In the latter we now have more than 300 points of sale, becoming one of the country’s main players in just five years of operation. These investments, combined with the ones made throughout the year in the organization to better serve our customers, marketing and innovation are essential to the acceleration of our medium/long-term growth path.”

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