Quick Take: Amplifon Q2 2026 - Organic growth beat offset again by Fit4Growth adjustments; Solid margin progression

研报英文原文证据摘录

Quick Take: Amplifon Q2 2026 - Organic growth beat offset again by Fit4Growth adjustments; Solid margin progression

30 July 2026

Susannah Ludwig

+41 582 723 127

European Consumer Medical Technologies susannah.ludwig@bernsteinsg.com

Amplifon SpA Richard Hombach

+44 20 7762 1858

Rating richard.hombach@bernsteinsg.com

Market-Perform Estelle Pang, CFA

Price Target +44 20 7676 7646

estelle.pang@bernsteinsg.com

AMP.IM 10.20 EUR Specialist Sales

Christian Moore

+1 917 344 8555

christian.moore@bernsteinsg.com

Quick Take: Amplifon Q2 2026 - Organic growth beat offset again

by Fit4Growth adjustments; Solid margin progression

Amplifon released its Q2 2026 results today after the market close. Q2 revenues of Close Date 29 Jul 2026

€606.0m were up +1.7% in constant currency with organic growth of +4.7% (vs. consensus

AMP.IM Close Price (EUR) 11.59

of +3.7%). M&A contributed +0.5% to growth while Fit4Growth portfolio optimization

Price Target (EUR) 10.20

measures had a -3.5% impact. Total revenues were only in line with consensus expectations

Upside/(Downside) (12)%

despite the organic growth beat. Adjusted EBITDA of €156.2m was +2% above consensus

52-Week Range 16.05/7.84

expectations, while the adjusted EBITDA margin of 25.8% was up +90bps from 24.9% in

EDME 1,601.43

Q2 2025. Management attributed the margin improvement to operating leverage and the

FYE Dec

benefits from the Fit4Growth restructuring program.

Div Yield 2.5%

From a regional standpoint, EMEA reported constant currency growth of +2.0% vs. Market Cap (EUR) (M) 3,139

consensus expectations of +1.3% (organic +4.5% vs. consensus of +3.3%). The company EV (EUR) (M) 4,626

highlighted a strong contribution from Southern Europe, where they noted their performance Performance YTD 1M 6M 12M

was above the market.