Amplifon stock: Q3 margins widen as GN Hearing planning advances

Amplifon reported stronger profitability in the third quarter and first nine months of 2026, while maintaining its full-year outlook. The figures were published by Amplifon on Thursday, October 29, after the close of the European session.

Margins Outpace Revenue Growth

Third-quarter revenue reached 575.0 million euros, up 2.1% year over year at current exchange rates and 0.2% at constant exchange rates. Organic growth was 3.6%, supported by balanced performance across the companys geographic regions.

Profitability improved more quickly than sales. Adjusted EBITDA rose 7.0% to 114.8 million euros, lifting the margin by 90 basis points to 20.0%. Adjusted EBIT increased 21.9% to 52.2 million euros, with the margin widening by 150 basis points to 9.1%. Adjusted net profit advanced 38.7% to 26.6 million euros.

Amplifon attributed the margin improvement to operating leverage and benefits from its Fit4Growth program. The program includes network optimization, the divestment or termination of dilutive businesses and the closure of non-performing clinics. The company presents adjusted figures excluding unusual, infrequent or unrelated items outside normal operations.

Cash Flow Strengthens Through September

For the first nine months, revenue was 1.7608 billion euros, up 0.9% at constant exchange rates, with organic growth of 3.5%. Adjusted EBITDA rose 4.5% to 412.8 million euros, and the margin reached 23.4%, 80 basis points above the prior-year period. Adjusted EBIT increased 11.5% to 222.0 million euros, while adjusted net profit rose 16.9% to 128.2 million euros.

Adjusted free cash flow increased 138.6% to 79.1 million euros after capital expenditure of 64.3 million euros. Pro forma net financial debt stood at 1,052.8 million euros at September 30, excluding the proceeds from the equity raise intended to help fund the GN Hearing acquisition. Financial leverage improved to 1.85 times.

GN Hearing Integration Remains Central

Chief Executive Enrico Vita said the first nine months confirmed the effectiveness of initiatives and investments aimed at strengthening Amplifons competitive position. He added that planning for the integration of GN Hearing was progressing according to schedule, with the company preparing to be ready when the acquisition closes.

Amplifon confirmed its 2026 outlook for organic growth above 3% and an adjusted EBITDA margin increase in the region of 100 basis points. For investors, the central execution questions are whether the company can sustain the stronger margin trend and complete the planned integration while preserving financial flexibility.

Amplifon stock traded at 11.23 euros on Lang & Schwarz at 09:13 CET on Monday, November 2, 2026. See the real-time quote of Amplifon stock for the latest market indication.

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