Amplifon's Momentum Turns: Strongest Growth in Two Years as Fit4Growth Pays Off
Q2 2026 delivers 4.7% organic growth, 90bp margin expansion, and reaffirmed confidence in the GN Hearing acquisition.
AMP.MI · Earnings Call · 2026-07-30
The Turn
After a tough 2025 where Amplifon had to defend market share and restructure, the second quarter of 2026 marks a clear inflection. Revenue grew 4.7% organically — the strongest in two years — and adjusted EBITDA margin expanded 90 basis points, with every region contributing to the improvement. CEO Enrico Vita was direct about what this means:
these initiatives are now translating into stronger performance giving us confidence that the momentum we are building is sustainable.
The margin improvement was even more pronounced at EBIT level, which rose 130 basis points, reflecting the operating leverage embedded in the business.
Fit4Growth: The Engine
The Fit4Growth program is the structural driver behind the profitability step-change. By closing over 200 underperforming clinics since its launch (15 in Q2) and exiting non-core markets like the U.K., the company has sacrificed 3.5% of revenue growth in the quarter but is reaping substantial benefits. CFO Gabriele Galli explained: “This improvement was driven by the excellent improvement seen across all the regions, also thanks to the strong results of the Fit4Growth program.” — Gabriele Galli, CFO · 2026-07-30 Management expects the program to deliver roughly 100 basis points of EBITDA margin expansion for the full year. Enrico confirmed the program is ahead of plan: “We have closed at a group level about 200 stores, and we envisage a number of stores in the region of 250.” — Enrico Vita, CEO · 2026-07-30 This ongoing Fit4Growth program is also improving cash generation, with free cash flow up 70% year-on-year in H1.
Regional Divergence
The growth story is balanced but the nuances matter. In the U.S., a resilient private-pay market (+4%) more than offset a 4% decline in the insurance channel, with Amplifon clearly outperforming. Enrico noted the shift: “we see a solid growth in the private channel... some of the patients are moving to private.” — Enrico Vita, CEO · 2026-07-30 Meanwhile, Southern Europe (Italy, Spain, Portugal) is showing clear improvement, while France is annualizing last year's exceptional growth driven by the 100% Santé reform. This rebalancing is a healthy sign for the group's mix.
Outlook and GN Hearing
Guidance is maintained: organic growth above 3% and EBITDA margin improvement of ~100 bps for FY26. Crucially, the momentum has continued into early Q3. Enrico's confidence is underpinned by the GN Hearing acquisition, which is progressing through regulatory review. The company has secured a €1.35bn bridge loan and completed a €453m ABB to fund the deal, which is expected to close by year-end. The integration planning is ahead of schedule, and Enrico reiterated his excitement: “we remain very confident in achieving our goal of an organic revenue growth above 3%, re-establishing a solid and sustainable growth trajectory.” — Enrico Vita, CEO · 2026-07-30
Prior Confirmation
This quarter's results validate the strategy laid out in the prior call. Back in March, Enrico had already signaled the completion of Fit4Growth actions: “we are now looking at basically complete the vast majority of our activities in terms of Fit4Growth... so that we want to restart with M&A.” — Enrico Vita, CEO · 2026-03-04 He also defended the company's competitive position: “we are absolutely convinced that overall, we are performing at least in line with the market, if not better.” — Enrico Vita, CEO · 2026-03-04 Today's numbers prove that conviction was well-founded.
Amplifon has emerged from its restructuring with stronger growth, better margins, and a clear path to scale through the GN Hearing acquisition. The market has yet to fully re-rate the stock, but the operational transformation is undeniable.