Amplifon SpA
MIL:AMP
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Amplifon SpA
Amplifon SpA, a global leader in hearing solutions, crafts its story around a mission to enhance auditory experiences for individuals worldwide. The company, founded in 1950 by Algernon Charles Holland in Milan, Italy, began as a modest venture but evolved into a dominant force in the audiology market. Amplifon operates through an extensive network of clinics and service centers, boasting a widespread presence across Europe, the Americas, Asia-Pacific, and Africa. Each location serves as a hub where highly trained audiologists and specialists offer personalized hearing assessments and consultations. This localized approach allows the company to cater uniquely to each customer's needs, delivering tailored solutions such as hearing aids, devices, and accessories from leading brands, as well as a suite of supportive services.
The company's business model effectively harnesses a comprehensive and vertically integrated structure. Amplifon generates revenue by not just selling hearing devices, but also by providing related services like fittings, aftercare, and support. This approach creates a recurring income stream, as customers often require ongoing maintenance and upgrades to their devices. Additionally, Amplifon invests heavily in research and development, ensuring its offerings incorporate the latest technological advancements. By focusing on innovation and customer satisfaction, Amplifon maintains strong relationships with both its suppliers and clientele, fortifying its position in the competitive landscape of hearing solutions. Through a combination of strategy, service, and an unwavering commitment to quality, the company continues to expand its influence and drive growth in the global market.
Amplifon SpA, a global leader in hearing solutions, crafts its story around a mission to enhance auditory experiences for individuals worldwide. The company, founded in 1950 by Algernon Charles Holland in Milan, Italy, began as a modest venture but evolved into a dominant force in the audiology market. Amplifon operates through an extensive network of clinics and service centers, boasting a widespread presence across Europe, the Americas, Asia-Pacific, and Africa. Each location serves as a hub where highly trained audiologists and specialists offer personalized hearing assessments and consultations. This localized approach allows the company to cater uniquely to each customer's needs, delivering tailored solutions such as hearing aids, devices, and accessories from leading brands, as well as a suite of supportive services.
The company's business model effectively harnesses a comprehensive and vertically integrated structure. Amplifon generates revenue by not just selling hearing devices, but also by providing related services like fittings, aftercare, and support. This approach creates a recurring income stream, as customers often require ongoing maintenance and upgrades to their devices. Additionally, Amplifon invests heavily in research and development, ensuring its offerings incorporate the latest technological advancements. By focusing on innovation and customer satisfaction, Amplifon maintains strong relationships with both its suppliers and clientele, fortifying its position in the competitive landscape of hearing solutions. Through a combination of strategy, service, and an unwavering commitment to quality, the company continues to expand its influence and drive growth in the global market.
Revenue Growth: Amplifon's Q3 revenue grew by 2.4% at constant FX, with organic growth back to positive at around 1%, but FX headwinds resulted in a reported decline of 0.7%.
Profitability: Adjusted EBITDA margin fell to 19.1%, down 110 basis points year-over-year due to lower operating leverage and higher marketing spend.
Market Outperformance: Management emphasized outperforming the market across key regions, especially in the US (Miracle-Ear Direct Retail), Southern Europe, and Australia.
Fit4Growth Progress: The Fit4Growth program is ahead of plan, with 100 store closures year-to-date and a target to improve EBITDA margin by 150–200 bps by 2027.
2025 Guidance: Full-year 2025 revenue growth expected between 2% and 2.5% at constant FX, with adjusted EBIT margin around 23%.
US Trends: The private pay channel in the US is growing and expected to remain the main driver, while the insurance channel continues to shrink.
France: Q3 saw slower growth in France (6% volume), attributed to political turmoil, but management expects demand to recover in coming quarters.
