Amplifon: Q2‘26 consensus comparison: Consensus looks OK for Q2, focus remains on continued evidence of a market recovery

Research evidence excerpt

Amplifon: Q2‘26 consensus comparison: Consensus looks OK for Q2, focus remains on continued evidence of a market recovery

J P M O R G A N Europe Equity Research

28 July 2026

Amplifon

Q2’26 consensus comparison: Consensus looks OK for Overweight

Q2, focus remains on continued evidence of a market AMPF.MI, AMP IM

recovery Price (27 Jul 26):€11.32

Price Target (Jun-27):€16.70

Ahead of Amplifon’s Q2’26 results (30 July), we lay out a comparison to the latest European Medical Technologies &

company consensus. We would also flag our recently published Hearing Aids Services

sector note here, where we lay out our thoughts on the Hearing Aid market which David Adlington AC

appears to be accelerating, reiterating Demant as top pick within the space and (44-20) 7134-5828

upgrading Amplifon to Overweight on the significant re-rating potential. For david.adlington@jpmorgan.com

Q2’26, we are slightly below on group sales owing to lower organic growth Anchal Verma

assumptions, although broadly in-line for adj EBITDA on better margin (44-20) 3493-6144

assumptions. For FY26, we are largely in-line on both sales and adj EBITDA. anchal.verma@jpmorgan.com

Consensus estimates look OK for Q2 and while results themselves should not Philip S Omnou

(44-20) 3493-5648

represent a major catalyst for re-rating, our focus remains on incremental evidence philip.omnou@jpmorgan.com

of an acceleration in market growth, as well as signs of continued execution on its J.P. Morgan Securities plc

strategic priorities.

Specialist Sales contact details:

• Q2’26 comparison. We are 1.3% below consensus for group sales where we Marjan Daeipour - Specialist Sales -

look for +2.7% organic growth (consensus +3.7%). At the divisional level, we European Healthcare