Amplifon shares surge following better-than-expected results, with a flood of positive reviews

(Il Sole 24 Ore Radiocor) - A solid quarter that exceeded expectations boosts Amplifon on the Milan Stock Exchange. The hearing aid company’s shares, having struggled to find a price, began trading and shot to the top of the FTSE MIB index, with a rise of around eleven points. Driving buying interest in the share are the results for the first six months of the year, during which the company reported consolidated revenues of 1.185 billion euros (+1.3% at constant exchange rates), mainly thanks to strong organic growth (+3.5%), which saw a “significant acceleration” over the period and was well balanced across geographical regions.

Adjusted net profit amounted to 101.6 million, up 12.3% compared with the first half of 2025. For the 2026 financial year, the group has confirmed the expectations previously announced: global market demand growing by around 3% compared with 2025; outperformance of the reference market in key countries – with a further increase in market share – and a significant improvement in organic growth, exceeding +3% compared with 2025; a substantial increase in the adjusted EBITDA margin of around 100 basis points.

“We reiterate our positive view on the share,” comment the analysts at Intermonte, who have an ‘Outperform’ rating on Amplifon and a target price of 16 euros. The experts highlight among the positive factors “the acceleration in organic growth, which could lead to a significant revaluation of the standalone Hearing Care business”, coupled with “a vastly improved risk profile following the ABB in May, with no further need to raise capital”. Furthermore, the integration of Gn Hearing has “significant potential for value creation”.

“We believe that the results for the second quarter of 2026 are better than expected, providing further confirmation of the improvement in the company’s operational performance, as discussed previously,” comment the experts at Citi, who reiterate their ‘Buy’ recommendation on the share with a target price of €16.50.

In light of the solid half-year results, Mediobanca analysts have raised their forecasts for revenue and adjusted EBITDA by around 1 per cent, resulting in a 3–4 per cent increase in estimates for adjusted earnings per share for the period 2026–2028. Furthermore, the experts have raised the target price to €13.5 from €13, whilst confirming their ‘Neutral’ recommendation. “According to our estimates, Amplifon is trading at around 14 times the forward price-to-earnings (P/E) ratio for 2026, leaving room for a revaluation of the share once the acquisition of Gn Hearing is completed,” they emphasise.