Amplifon stock: Q3 margins widen as GN Hearing planning advances

Amplifon reported stronger profitability in the third quarter of 2026, with the results released on Thursday, October 29. In its third-quarter results release, the hearing-care group said organic growth reached 3.6% over the highest comparison base of the year, while adjusted margins widened.

Third-quarter revenue rose 2.1% year over year to 575.0 million euros. Adjusted EBITDA increased 7.0% to 114.8 million euros, lifting the margin by 90 basis points to 20.0%. Adjusted EBIT advanced 21.9% to 52.2 million euros, with the margin expanding by 150 basis points to 9.1%. Adjusted net profit rose 38.7% to 26.6 million euros.

Nine-month cash generation strengthens

For the first nine months, revenue reached 1,760.8 million euros and organic growth was 3.5%. Adjusted EBITDA rose 4.5% to 412.8 million euros, with the margin 80 basis points higher at 23.4%. Adjusted EBIT increased 11.5% to 222.0 million euros, while adjusted net profit climbed 16.9% to 128.2 million euros.

Adjusted free cash flow rose 138.6% to 79.1 million euros after capital expenditure of 64.3 million euros. Amplifon said pro forma net financial debt stood at 1,052.8 million euros at September 30, 2026, excluding the 448.1 million euros in net proceeds from the May equity raise intended to help finance the GN Hearing acquisition. Financial leverage improved to 1.85 times.

GN Hearing planning remains on schedule

CEO Enrico Vita said the improvement reflected operating leverage and the Fit4Growth program, alongside investments intended to strengthen the group's competitive position. The program includes efficiency measures such as network optimization, business divestments and the closure of non-performing clinics.

Management said planning for the integration of GN Hearing is progressing according to timetable, with the aim of being ready when the acquisition closes. The planned transaction is expected to close by the end of 2026, subject to regulatory approvals, customary conditions and the separation of GN Hearing from its parent group.

Amplifon confirmed its 2026 outlook for organic growth above 3% and an adjusted EBITDA margin increase in the region of 100 basis points. The unchanged forecast leaves fourth-quarter execution and transaction preparation as the next major tests for investors.

Amplifon stock traded at 11.75 euros on Lang & Schwarz at 10:31 CET on Wednesday, November 4, 2026. The real-time quote of Amplifon stock is available for current trading information.

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