Amplifon stock falls 1.23 percent as GN deal shapes outlook

Published on 09/29/2026 at 16:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Equita SIM upgraded Amplifon from Hold to Buy on September 18, 2026, while Morgan Stanley set a EUR 14.90 target. Q2 margin rose to 25.8 percent.

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Amplifon stock (ISIN IT0004056880) fell 1.23 percent to EUR 12.04 at Lang & Schwarz on September 29, 2026, versus the prior close of EUR 12.19. The market is weighing a recent analyst upgrade against the execution demands of Amplifon's GN Hearing transaction.

Equita turns more positive

According to Fintel on September 18, 2026, Equita SIM upgraded Amplifon from Hold to Buy. The move followed a Hold rating that had replaced Buy in June, giving the latest change a clear directional contrast.

The broader valuation picture also carries a measurable premium to the current quote. Milano Finanza reported on September 2, 2026, that Morgan Stanley began coverage with an Overweight rating and a EUR 14.90 price target, which is 23.75 percent above EUR 12.04.

Q2 margin improves

Q2 2026 revenue reached EUR 606.0 million, up 2.2 percent year over year, while organic growth reached 4.7 percent, according to Investing.com. The same report put adjusted EBITDA margin at 25.8 percent, an improvement of 0.9 percentage points, and adjusted free cash flow at EUR 68.0 million versus EUR 40.0 million in the comparable period.

Management maintained 2026 guidance for organic growth above 3.0 percent and an adjusted EBITDA margin improvement of 1.0 percentage points. That combination makes margin delivery the key operating test as restructuring and integration work continue.

GN Hearing adds execution risk

Amplifon said on September 23, 2026, that minutes covering the September 17 board meeting on the partial demerger had been made public. The process is linked to the planned GN Hearing transaction, so the stock now combines an improving Q2 margin profile with a substantial integration agenda.

Amplifon stock trades lower

Amplifon stock was trading at EUR 12.04 at Lang & Schwarz on September 29, 2026, at 4:04 p.m. CEST, down 1.23 percent versus the prior close of EUR 12.19. Its market capitalization was EUR 2.7 billion on September 29, 2026.