Amplifon Reports 3.6% Organic Growth, Higher Profits in Q3 2026
Hearing care retailer maintains its 2026 outlook as restructuring boosts margins and preparations continue for the GN Hearing acquisition.)
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Amplifon, the global hearing care retailer behind Miracle-Ear and prospective buyer of GN Hearing, reported third-quarter revenue of €575 million (≈US$640 million), up 2.1% from a year earlier, while organic growth reached 3.6%. Revenue increased 0.2% at constant exchange rates, reflecting the impact of recent business divestments corresponding to its Fit4Growth strategy and the termination of a US managed care agreement.
Profitability improved more sharply. Adjusted EBITDA rose 7% to €114.8 million (≈US$127.8 million), with its margin increasing to 20%, while adjusted net profit climbed 38.7% to €26.6 million (≈US$29.6 million).
Amplifon CEO Enrico VitaThird quarter results confirm the solid improvement in our performance, with a very positive organic growth and a significant increase in profitability, supported by operating leverage and the Fit4Growth program. The significant improvement across our key financial indicators in the first nine months compared to the previous year, including EBIT and net profit, confirms the effectiveness of the initiatives and investments we have been pursuing to further enhance our competitive position and sustain future growth. Meanwhile, the planning for the integration of GN Hearing is progressing according to timetable, with the aim of being fully prepared at the closing of the acquisition. We are excited about the extraordinary opportunities for growth, innovation and value creation for all stakeholders that this new phase of our journey will bring.
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Despite the positive numbers, organic growth fell slightly short of the analysts' consensus, and adjusted EBITDA came in about 2% below expectations.
The results illustrate the trade-off in Amplifon’s Fit4Growth restructuring: closing underperforming clinics and exiting businesses is helping profitability while holding back its sales. The measures reduced third-quarter revenue growth by 3.9 percentage points, nearly offsetting organic growth and acquisitions. In the Americas, organic growth reached 3.3%, but restructuring—including the termination of a US managed care agreement—contributed to a 1% decline in reported revenue. Amplifon also acquired 40 Louisiana clinics, bringing Miracle-Ear’s owned network to 450 locations.
Organic growth reached 3.5% in Europe, the Middle East and Africa, and 4.2% in Asia Pacific.
For the first 9 months, revenue rose 1% to €1.76 billion. Adjusted net profit increased 16.9%, although reported net profit declined to €58.4 million from €74.4 million, reflecting adjustments including divestment-related currency charges.
Amplifon’s 3.6% organic growth was more modest than the preliminary Q3 gains recently reported by Demant: 6% in its Hearing Care retail business and 17% in hearing aid sales to external customers (with the latter figure being wholesale revenue which benefited from Oticon’s recent product launches, making it a less direct comparison with Amplifon’s retail performance).
Amplifon maintained its full-year forecast for organic growth above 3% and roughly a one-percentage-point improvement in adjusted EBITDA margin.
Meanwhile, its planned €2.3 billion acquisition of GN Hearing moved another step forward on October 29, when shareholders approved issuing 56 million Amplifon shares to GN as part of the purchase price. Amplifon still expects to complete the deal by the end of 2026, subject to required regulatory approvals and GN Hearing’s separation from its parent company (see HearingTracker’s interview with GN CEO Peter Karlstrømer).
The acquisition would bring the manufacturer behind ReSound, Beltone, and Jabra Enhance under the same ownership as Amplifon’s global hearing care network, including Miracle-Ear. CEO Enrico Vita said integration planning remained on schedule, with preparations aimed at ensuring readiness when the transaction closes.
Karl Strom
Editor in ChiefKarl Strom is the editor-in-chief of HearingTracker. He was a founding editor of The Hearing Review and has covered the hearing aid industry for over 30 years.