Amplifon rallies, market celebrates accounts and 2026 guidance

(Il Sole 24 Ore Radiocor) - Buying boom on Amplifon, which initially failed to enter trading but now jumps to the top of the list (FTSE MIB ). Supporting the shares were the first-quarter accounts, which saw consolidated revenues at EUR 579.8 million, up 0.8% at constant exchange rates compared to 1Q2025, mainly due to organic growth of 2.2%, which was positive across all geographies. Adjusted ebitda was EUR 141.8m (+1%), with the margin at a record high level for the period of 24.5%, up 60 basis points from Q1 2025; adjusted net profit rose to EUR 44.4m (+6.7%).

According to Intermonte analysts, the company 'turned a corner in the first quarter, with organic growth and profitability accelerating during the period and strong momentum at the start of the second quarter'. According to the brokers, "the quality of the results was encouraging: margin outperformance was widespread and achieved on the most difficult comparative basis of the year, suggesting that the Fit4Growth programme is gaining momentum faster than expected". The experts believe that 'strong above-market growth in the Americas and Apac, together with an increasingly visible recovery in the Emea region, reinforce confidence in the group's organic growth trajectory to 2026'. In light of this, Intermonte confirms its rating and target price.

Regarding the 2026 outlook, on the revenue side we estimate 'organic growth of over +3% and an expansion of the adjusted ebitda margin of about 100 basis points year-on-year, implying an annual margin of about 23.6%'. In addition, "the updated outlook leaves our 2026 revenue estimate largely unchanged (improved organic growth at +3.2%, more than offset by a higher negative impact from Fit4Growth), while we slightly increase our adjusted ebitda estimate by about 1%, leading to an upgrade of Eps 2026 by about 2%. Beyond 2026, our estimates do not yet incorporate the acquisition of GN Hearing."

Positive verdicts also came from Goldman Sachs, according to which "Amplifon reported first quarter 2026 results, with profitability exceeding expectations". The experts focus on the messages given in the call by management, which "expressed a confident tone, highlighting a clear turn point in the business, with improving trends during the quarter and a very positive start in April, thanks in part to demand building after years of weak dynamics". In light of this, "we have updated our estimates to reflect Q1 2026 performance, currency effects and management's forward-looking guidance. Overall, revenue estimates increase between 0% and 1% for 2026/27/28, while adjusted ebitda increases by about 2%. Our adjusted ebitda estimate for 2026 is now about 1.5% higher than the consensus collected by the company prior to the publication of the first quarter results."

According to Alphavalue, "Amplifon's profitability in the first quarter exceeded expectations, with revenue growth in all geographic regions. Despite a challenging comparative base, profitability improved. Management provided quantitative guidance for 2026, forecasting profitability above market expectations. In addition, a strong start to the second quarter was reported. Growth in the US private pay market in the first quarter, also highlighted by closest competitor Demant, is encouraging. Overall, our estimates are likely to be revised upwards'. Overall, "Amplifon is well positioned to benefit from retail expansion and operational initiatives, including network optimisation through the Fit4Growth programme. In addition, digital transformation efforts should increase conversion rates and margins. Amplifon is also pursuing vertical integration, as evidenced by the deal on GN Hearing (approximately EUR 2.3 billion), expected to be completed by the end of 2026, which could strengthen control over the value chain. Finally, long-term structural growth in the hearing care sector remains intact, underpinned by an ageing population, increasing awareness of hearing loss and low penetration levels'.