Strong revenue growth at 1.75 billion euros in the first nine months of 2024 (+8%) and EBITDA at 412.2 million euros (+6.9%) with margin increasing at 23.6% (+10 bps)

Financial results
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Last updated on October 30, 2024 at 12:45 pm

REVENUES UP 8% AT CONSTANT EXCHANGE RATES IN THE NINE MONTHS, DRIVEN BY ABOVE-MARKET ORGANIC GROWTH (+4.3%) AND M&A ACCELERATION (+3.7%), DESPITE A SOFTER-THAN-EXPECTED EUROPEAN MARKET AND A CHALLENGING COMPARISON BASE

RECURRING EBITDA 6.9% HIGHER THAN IN THE FIRST NINE MONTHS OF 2023, WITH THE MARGIN UP 10 BASIS POINTS AT 23.6%, DESPITE A SOFTER-THAN-EXPECTED EUROPEAN MARKET AND THE DILUTION EFFECT DUE TO THE MIRACLE-EAR DIRECT RETAIL NETWORK ACCELERATED GROWTH IN THE UNITED STATES

NET FINANCIAL DEBT AND LEVERAGE HIGHER THAN DECEMBER 2023 AFTER INVESTMENTS IN CAPEX AND ACQUISITIONS FOR 283 MILLION EUROS, DIVIDENDS AND SHARE BUYBACK FOR 86 MILLION EUROS (TOTALLING +120 MILLION EUROS VS. THE FIRST NINE MONTHS OF 2023)

GLOBAL NETWORK EXCEEDS 10,000 POINTS OF SALE THANKS TO ACQUISITIONS MAINLY IN FRANCE, GERMANY, THE UNITED STATES AND CHINA (370 STORES ACQUIRED IN THE YEAR). NETWORK IN CHINA AT OVER 500 SHOPS

THE COMPANY CONFIRMS ITS OBJECTIVE OF DELIVERING HIGH-SINGLE-DIGIT REVENUE GROWTH IN THE FULL YEAR, WITH M&A CONTRIBUTION ABOVE 3%, AND EXPECTS A RECURRING EBITDA MARGIN BROADLY IN LINE WITH 2023

MAIN RESULTS FOR 9M 2024

  • Consolidated revenues of 1,744.8 million euros, an increase of 8.0% at constant exchange rates and of 6.1% at current exchange rates compared to the first nine months of 2023
  • Recurring EBITDA was 412.2 million euros, up 6.9% compared to 385.8 million euros in the first nine months of 2023. The margin rose 10 basis points to 23.6%, despite a softer-than-expected European market and the dilution effect due to the Miracle-Ear direct retail network accelerated growth in the United States
  • Net profit as reported reached 104.2 million euros, higher than the 103.4 million euros reported in the first nine months of 2023. Recurring net profit was 107.4 million euros compared to 112.8 million euros in the first nine months of 2023 due to higher depreciation and amortization following the significant acceleration in acquisitions, the strong investments in the business, and to the increase in financial expenses
  • Free cash flow was 50.6 million euros, compared to the 68.8 million euros recorded in the same period of the prior year due to an increase in lease payments, higher financial expenses and higher working capital absorption 
  • Net financial debt was 1,068.3 million euros compared to 852.1 million euros at December 31st, 2023, after Capex and M&A totaling 283 million euros (compared to 183 million years in the first nine months of 2023), dividend payment for 66 million euros, and share buyback for 20 million euros, with financial leverage at 1.78x at September 30th, 2024, compared to 1.50x at December 31st, 2023 and 1.63x at September 30th, 2023 

ENRICO VITA, CEO

In the first nine months of 2024, we continued along our revenue growth path thanks to an above-market organic performance and the significant contribution of acquisitions, despite a remarkable 2023 comparison base and a still softer-than-expected, albeit recovering, European market.

The M&A acceleration recorded in the year allows us to further strengthen our presence in core markets – specifically in the United States, France, Germany and China – and to exceed the threshold of 10,000 stores globally. Thanks to these acquisitions and continuous investments, we further strengthened our competitive positioning in the global hearing care market and we look ahead with confidence to the medium-term evolution of our business”. 

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