An excellent second quarter with the highest organic growth in the last two years (+4.7%) and a significant acceleration in profitability (adjusted EBITDA +6.1%, margin up +90 bps and adjusted net profit +17.1%)
Positive momentum continues into Q3. 2026 outlook confirmed
REVENUES AT 1,185.7 MILLION EUROS IN THE FIRST HALF (+1.3% AT CONSTANT EXCHANGE RATES), SUPPORTED BY STRONG ORGANIC GROWTH1 (+3.5%), WELL BALANCED ACROSS ALL GEOGRAPHIC AREAS, ALSO THANKS TO THE INITIATIVES AND INVESTMENTS CARRIED OUT IN 2025. IN THE SECOND QUARTER, ORGANIC GROWTH ACCELERATED TO +4.7%, REACHING ITS HIGHEST LEVEL IN THE LAST TWO YEARS
ADJUSTED EBITDA2 AT 298 MILLION EUROS IN THE FIRST HALF (+3.6%), WITH THE MARGIN AT 25.1% (+70 BPS), REFLECTING A STRONG IMPROVEMENT ACROSS ALL GEOGRAPHIC AREAS THANKS TO THE INITIATIVES LAUNCHED IN 2025. IN THE SECOND QUARTER, PROFITABILITY ACCELERATED, WITH ADJUSTED EBITDA UP +6.1% AND THE MARGIN EXPANDING BY +90 BPS
ADJUSTED EBIT AND NET PROFIT 2 UP 8.6% AND 12.3% IN THE FIRST HALF, RESPECTIVELY, ACCELERATING TO 11.9% AND 17.1%, RESPECTIVELY, IN THE SECOND QUARTER
STRONG CASH GENERATION IN THE FIRST HALF, WITH ADJUSTED FREE CASH FLOW 2 AT 68 MILLION EUROS, 70% HIGHER THAN IN THE FIRST HALF OF 2025, AND PRO FORMA NET FINANCIAL DEBT3 OF 1,049 MILLION EUROS, EXCLUDING THE PROCEEDS FROM THE EQUITY RAISE FOR THE GN HEARING ACQUISITION. FINANCIAL LEVERAGE AT 1.87x, IMPROVING COMPARED TO DECEMBER 31ST, 2025
POSITIVE MOMENTUM CONTINUES INTO THE THIRD QUARTER. 2026 OUTLOOK CONFIRMED: ORGANIC GROWTH ABOVE 3% AND AN INCREASE IN ADJUSTED EBITDA MARGIN IN THE REGION OF 100 BASIS POINTS
AMPLIFON S.P.A.’S PARTIAL DEMERGER PLAN APPROVED TO ENSURE A MORE EFFICIENT MANAGEMENT OF NON-EU OPERATIONS AS PART OF THE REORGANIZATION OF THE CORPORATE STRUCTURE, ALSO IN CONNECTION WITH THE GN HEARING ACQUISITION
MAIN RESULTS FOR H1 2026
- Consolidated revenues of 1,185.7 million euros, up 1.3% at constant exchange rates compared to the first half of 2025, mainly thanks to strong organic growth1 of 3.5%, which accelerated significantly over the period and was well balanced across all geographic areas. Acquisitions contributed positively to revenues by 0.8%, while the ‘Fit4Growth’ program4 had an impact of -3.0%, reflecting proactive actions to optimize the network and the divestment or termination of dilutive businesses. The unfavorable foreign exchange effect resulted in revenue growth of 0.4% at current exchange rates
- Adjusted EBITDA amounted to 298.0 million euros, up 3.6% compared to the first half of 2025, with the margin at 25.1%, 70 basis points higher than in the comparison period. The strong improvement across all geographic areas was supported by operating leverage and the ‘Fit4Growth’ program, even after significant marketing investments to further strengthen the Group’s distinctive assets
- Adjusted net profit amounted to 101.6 million euros, 12.3% higher than in the first half of 2025
- Adjusted free cash flow increased by 70% to 68.0 million euros, after Capex of 45.9 million euros
- Pro forma net financial debt3 (excluding the net proceeds from the equity raise for the GN Hearing acquisition) of 1,048.8 million euros, compared to 1,045.5 million euros at December 31st, 2025, after approximately 110 million euros in Capex and dividends. Financial leverage at 1.87x at June 30th, 2026, improving compared to December 31st, 2025
Enrico Vita, CEO
“In the second quarter, we delivered excellent results, achieving our highest organic growth in the past two years, outperforming the market across all geographies and significantly improving profitability. These results confirm the effectiveness of the many initiatives and investments undertaken in 2025, which are now delivering tangible outcomes and further strengthening our competitive position.
The very positive results achieved in the first half, together with the solid start to the third quarter, reinforce our confidence in the outlook for the full year 2026.
We are also looking with great excitement at the opportunities that will arise from the integration with GN Hearing, a strategic step that will accelerate the Group’s growth, innovation and transformation, creating further value for all our stakeholders.”
[1] Organic growth excludes the impact of the termination of a managed care agreement in the US.
[2] Adjusted income statement figures which exclude the effect of unusual, infrequent or unrelated items (expenses or Income) outside the scope of the normal course of business. For more information refer to the notes to this press release. Unless stated otherwise, the comments in this press release refer to the adjusted figures.
[3] Pro forma: excluding the impact of the equity raise via ABB completed on May 22nd, 2026 (net proceeds of 449 million euros) intended to finance part of the cash consideration for the acquisition of GN Hearing.
[4] Includes the impact of different efficiency initiatives such as the divesture of the UK business, the termination of a managed care agreement in the US, and the closure of non-performing clinics at global level.
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