Amplifon Reports Record Q1 2026 Profitability Despite Modest Revenue Growth

Amplifon reported a relatively modest increase in first-quarter 2026 revenue, but the company’s profitability reached a record level, supported by organic growth, network optimization, and early benefits from its Fit4Growth program.

For the quarter, Amplifon posted consolidated revenues of €579.8 million (US$677.6 million), an increase of 0.8% at constant exchange rates compared with the first quarter of 2025. Organic growth was 2.2%, with positive performance reported across all three of the company’s geographic regions. Acquisitions added another 1.0% to revenue growth. However, total revenues missed consensus by 1%.

For audiology and hearing industry observers, the results suggest Amplifon is prioritizing operational efficiency and profitability while continuing to invest in growth. The company’s Fit4Growth efficiency and restructuring program appears to be playing a central role, with early structural benefits already contributing to margin expansion even as certain network and business exits reduced reported revenue growth. The company is also preparing the way for its planned acquisition of GN Hearing.

Amplifon’s gains were partially offset by a 2.4% negative impact from Fit4Growth, reflecting proactive steps to optimize its network, including the divestment or termination of businesses considered currently or prospectively dilutive. Fit4Growth actions included the divestment of its roughly 100-clinic UK retail business to Demant-owned Hidden Hearing and the non-renewal of a U.S. managed-care agreement with an unnamed insurance customer of Amplifon Hearing Health Care. Foreign exchange also had a slightly negative effect on reported revenue.

While top-line growth was restrained, profitability improved. Adjusted EBITDA rose to €141.8 million (US$165.7 million), up 1.0% from the prior-year quarter. Amplifon’s adjusted EBITDA margin reached 24.5%, an all-time high for the first quarter and 60 basis points higher than in Q1 2025. The company said all geographic regions contributed to the margin improvement, which came despite continued marketing investments intended to strengthen Amplifon’s brand and customer acquisition capabilities.

Adjusted EBIT and adjusted net profit also improved. Adjusted net profit was €44.4 million (US$51.9 million), up 6.7% from the first quarter of 2025, while adjusted EBIT increased by about 5%.

Amplifon indicated that the second quarter has started “very positively.” For full-year 2026, it expects organic growth above 3% compared with 2025 and a significant increase in adjusted EBITDA margin, in the region of 100 basis points.

The company also reported improved cash generation and lower debt. Adjusted free cash flow rose to €23.6 million (US$27.6 million), after capital expenditures of €21 million (US$24.5 million). Net financial debt declined to €1.015 billion (US$1.186 billion), down from €1.046 billion (US$1.222 billion) at the end of 2025. Amplifon’s financial leverage improved to 1.84x as of March 31, 2026.

The results suggest Amplifon is focused less on short-term revenue acceleration and more on reshaping its retail network, improving operating leverage, and strengthening profitability across its global hearing care platform.

SOURCE: Amplifon