SIGNIFICANT IMPROVEMENT IN ORGANIC GROWTH TREND IN THE THIRD QUARTER. REVENUE GROWTH AT 1,744 MILLION EUROS (+1.8%) IN THE NINE MONTHS
REVENUE GROWTH (+1.8% AT CONSTANT EXCHANGE RATES) IN THE NINE MONTHS COMPARED TO 2024 WITH PROGRESSIVE IMPROVEMENT IN THE THIRD QUARTER COMPARED TO THE SECOND QUARTER, DESPITE A STRONG COMPARISON BASE AND MARKET GROWTH BELOW HISTORICAL LEVELS
ADJUSTED[1] EBITDA CAME TO 395 MILLION EUROS (-4.1%), WITH THE MARGIN AT 22.7%, DUE MAINLY 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. ADJUSTED1 NET PROFIT AT 110 MILLION EUROS
NET FINANCIAL DEBT AT 1,175 MILLION EUROS AND FINANCIAL LEVERAGE AT 2.09x AT SEPTEMBER 30TH, 2025, AFTER STRONG INVESTMENTS IN CAPEX, ACQUISITIONS, SHARE BUYBACKS AND DIVIDENDS FOR A TOTAL OF OVER 320 MILLION EUROS
ACCELERATION OF THE ‘FIT4GROWTH’ PROGRAM WITH SELECTIVE CLOSURE OF AROUND 100 CLINICS AS OF TODAY. THE PROGRAM IS EXPECTED TO DELIVER A +150-200 BPS RUN-RATE IMPROVEMENT IN ADJUSTED1 EBITDA MARGIN BY 2027
IN CONSIDERATION OF THE -0.5% IMPACT ON TOTAL GROWTH FOR THE ACCELERATION OF THE ‘FIT4GROWTH’ NETWORK OPTIMIZATION, THE COMPANY EXPECTS FY2025 REVENUE GROWTH AT CONSTANT EXCHANGE RATES AT 2-2.5% AND AN ADJUSTED1 EBITDA MARGIN IN THE REGION OF 23%
MAIN RESULTS FOR 9M 2025
- Consolidated revenues of 1,743.8 million euros, an increase of 1.8% at constant exchange rates compared to the first nine months of 2024, also thanks to the sequential improvement in the third quarter, despite a market growth still below historical levels and the strong comparison base. Revenues were substantially stable at current exchange rates due to the exchange effect
- Adjusted EBITDA was 395.0 million euros compared to 411.7 million euros in the first nine months of 2024. The margin came in at 22.7%, compared to 23.6% in the first nine months of 2024, due mainly 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 109.6 million euros compared with 134.3 million euros in the first nine months of 2024, also due to higher depreciation and amortization after strong investments in the business and increased financial expenses
- Free cash flow of 28.4 million euros, after Capex of 90.2 million euros, compared to 50.6 million euros in the first nine months of 2024
- Net financial debt was 1,174.7 million euros compared to 961.8 million euros at December 31st, 2024, after Capex, M&A, share buybacks and dividends totaling over 320 million euros, with financial leverage at 2.09x at September 30th, 2025 (from 1.63x)
ENRICO VITA, CEO
“In the third quarter we recorded a material improvement in revenue trend with respect to the second quarter, with a return to organic growth compared to the prior year. The performance was driven by a significant acceleration in Europe, also thanks to an improvement in Italy and Spain and despite a lower contribution from France compared to the previous quarter, as well as an above-market growth in Americas. These results were achieved in a market characterized by growth rates that are still below historical levels and in the presence of a particularly strong comparison base. We are accelerating the ‘Fit4Growth’ program with initiatives that will contribute to structural improvements in the Group’s performance. The trend seen in the quarter, together with the actions already launched and the solidity of our business model, make us confident in our short- and medium-term growth path.”
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