MILAN, ITALY – Amplifon, the global leader in hearing care retail, has reported an exceptional second quarter in 2026, marking its highest organic quarterly growth in two years and demonstrating significantly improved profitability. These strong results for both the second quarter and the first half of 2026 underscore the effectiveness of the company’s strategic initiatives and provide solid ground for reaffirming its full-year outlook, even as it navigates the landmark integration with GN Hearing.
For the first six months of 2026, Amplifon recorded consolidated revenues of €1.186 billion, equivalent to approximately $1.37 billion USD. This figure represents a commendable 1.3% growth at constant exchange rates when compared to the corresponding period in 2025. A deeper dive into these figures reveals that organic growth, a key indicator of underlying business health, reached a robust 3.5%, a positive trend observed uniformly across all of the company’s major geographic regions. This widespread growth suggests a successful execution of market penetration strategies and customer engagement across diverse operational landscapes.
Profitability metrics also showcased significant improvement. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first half totaled €298 million, approximately $344 million USD. This marked a 3.6% increase from the first half of 2025. Crucially, the adjusted EBITDA margin expanded by 70 basis points, reaching 25.1%, indicating enhanced operational efficiency and effective cost management. Furthermore, adjusted net profit saw a substantial uplift, climbing 12.3% from the prior-year period to reach €101.6 million, or about $117 million USD, reinforcing the company’s strong financial performance.
Accelerated Performance in the Second Quarter
The second quarter of 2026 proved to be a period of accelerated growth for Amplifon. Consolidated revenues for the quarter reached €606 million, roughly $699 million USD. During this period, organic growth surged to an impressive 4.7%, a testament to the company’s revitalized market approach and strategic investments, and its strongest quarterly result in two years. This acceleration is particularly noteworthy as it reflects a culmination of efforts to enhance customer experience, optimize operations, and expand market reach.
The heightened revenue translated directly into stronger profitability for the quarter. Second-quarter adjusted EBITDA increased by 6.1% to €156.2 million, approximately $180 million USD. The adjusted EBITDA margin further improved by 90 basis points, reaching 25.8%, signaling sustained efficiency gains. Adjusted net profit for the quarter saw an even more significant increase of 17.1%, totaling €57.2 million, or about $66 million USD. These figures collectively paint a picture of a company successfully executing its strategy and delivering tangible financial improvements.
According to Amplifon, these robust results are a direct reflection of sustained growth across its diverse geographic markets, coupled with the positive impact of strategic initiatives and investments implemented throughout 2025. A cornerstone of these efforts has been the "Fit4Growth" program, a comprehensive initiative designed to bolster operational efficiency and strengthen profitability across the organization.
Strategic Realignment: The Fit4Growth Program
The "Fit4Growth" program, launched in 2025, has been instrumental in shaping Amplifon’s recent success. This multi-faceted initiative focused on streamlining operations, optimizing the company’s extensive clinic network, and re-evaluating certain market engagements to maximize value. As part of this program, Amplifon undertook decisive actions, including the closure of over 200 clinics. This strategic consolidation aimed at divesting from underperforming or geographically redundant locations, allowing for a more concentrated investment in high-potential areas and improving the overall efficiency of its retail footprint.
Further demonstrating its commitment to optimizing its portfolio, Amplifon divested its UK business. While specific reasons for the divestment were not detailed, such moves typically aim to either exit non-core markets, unlock capital for reinvestment elsewhere, or improve overall profitability by focusing on regions with stronger growth prospects or higher margins. This decision aligns with the broader goal of the Fit4Growth program to enhance the company’s financial health.
In the United States, Amplifon made a significant strategic shift by ending a managed care agreement. Managed care contracts, while providing a steady stream of customers, often come with lower reimbursement rates compared to private-pay services. By stepping away from this agreement, Amplifon signals a deliberate move to prioritize higher-margin private-pay activities, a strategy that appears to be yielding positive results, as evidenced by the strong performance in the Americas region.
Simultaneously, the company maintained its commitment to strategic investments in marketing and other areas crucial for supporting its brands and clinic operations. In a competitive and increasingly consumer-aware market like hearing care, robust marketing is vital for educating potential customers, reducing the stigma associated with hearing aids, and building brand loyalty. These investments ensure that while Amplifon streamlines its physical presence, its market visibility and brand strength continue to grow.
CEO’s Perspective and Market Outperformance
Enrico Vita, Amplifon’s CEO, underscored the significance of the recent achievements in his statement. "In the second quarter, we delivered excellent results, achieving our highest organic growth in the past two years, outperforming the market across all geographies and significantly improving profitability," Vita commented. His remarks highlight the company’s ability to not only grow but to do so at a pace that exceeds general market trends, suggesting a robust competitive advantage derived from its strategic adjustments.
Vita further emphasized the direct link between the 2025 initiatives and the current positive outcomes: "These results confirm the effectiveness of the many initiatives and investments undertaken in 2025, which are now delivering tangible outcomes and further strengthening our competitive position." This statement provides crucial context, illustrating a clear cause-and-effect relationship between strategic planning and financial performance.
Looking ahead, Vita expressed strong confidence in the company’s trajectory. "The very positive results achieved in the first half, together with the solid start to the third quarter, reinforce our confidence in the outlook for the full year 2026," he noted. This forward-looking perspective is vital for investors and stakeholders, signaling stability and continued growth momentum.
Beyond the immediate financial performance, Vita also touched upon a pivotal future development: the integration with GN Hearing. "We are also looking with great excitement at the opportunities that will arise from the integration with GN Hearing, a strategic step that will accelerate the Group’s growth, innovation and transformation, creating further value for all our stakeholders," he concluded. This highlights the transformative potential of the acquisition and its alignment with Amplifon’s long-term vision.
Global Market Performance Snapshot
Amplifon’s growth was broad-based, with notable performances across its key global markets:
- Europe, Middle East, and Africa (EMEA): This region reported strong organic growth during the second quarter, primarily buoyed by robust performance in Southern Europe. The EMEA region’s first-half adjusted EBITDA reached €236.5 million, approximately $273 million USD, with its margin impressively increasing to 30.5%. This high margin suggests a mature and highly efficient operational footprint in these markets, where Amplifon likely benefits from established brand recognition and optimized distribution networks.
- Americas: The Americas region delivered strong organic growth of 6.3% during the first half and 6.0% during the second quarter, a performance that Amplifon noted was above the broader market. In the United States, the strategic pivot to emphasize stronger private-pay activity successfully offset a contraction observed in the insurance segment. This demonstrates the agility of Amplifon’s operational strategy in adapting to market dynamics. First-half adjusted EBITDA for the Americas totaled €56.8 million, roughly $65 million USD, reflecting healthy growth despite the insurance sector headwinds.
- Asia Pacific: This dynamic region recorded organic growth of 4.6% during the first half, driven by strong contributions from Australia and China. The Asia Pacific market is characterized by rapidly aging populations and increasing disposable incomes, making it a key growth engine for global healthcare companies. The region’s adjusted EBITDA increased by 9.4% to €47.8 million, or about $55 million USD, showcasing significant potential and effective market penetration strategies in these key Asian economies.
Broader Context: The Global Hearing Care Market
Amplifon’s performance unfolds within a global hearing care market that is experiencing significant structural growth. Demographic shifts, particularly the aging global population, are a primary driver. As life expectancy increases, so does the prevalence of age-related hearing loss, creating a steadily expanding customer base for hearing aids and related services. Beyond demographics, increasing public awareness about the importance of hearing health and the societal benefits of addressing hearing loss contributes to market expansion. Campaigns to destigmatize hearing aid use, coupled with advancements in hearing technology, are making solutions more appealing and accessible.
Technological innovation plays a crucial role, with advancements in digital signal processing, connectivity (Bluetooth integration with smartphones), artificial intelligence for personalized sound experiences, and discreet designs continuously improving product efficacy and user satisfaction. The competitive landscape includes a mix of large manufacturers, smaller innovative startups, and a growing retail sector. Amplifon, as a global retail leader, sits at a critical juncture between manufacturing innovation and direct consumer access, leveraging its extensive network to provide highly personalized solutions. Its ability to outperform the market, as stated by CEO Vita, indicates effective navigation of these complex market dynamics, driven by its strategic investments in technology, service, and network optimization.
Chronology of Strategic Actions and Future Outlook
Amplifon’s current success is rooted in a series of deliberate strategic actions initiated in the preceding years.
- 2025: The year 2025 was pivotal, marked by the launch of the "Fit4Growth" program. This period saw intensive strategic reviews, the initiation of clinic network optimization efforts, including closures and divestments (like the UK business), and the strategic decision to exit the US managed care agreement. Significant investments in marketing and brand support were also scaled up during this time, setting the stage for improved performance.
- Early 2026 (Q1): Continued implementation of the Fit4Growth initiatives, with initial benefits starting to materialize, laying the groundwork for the stronger Q2 results.
- March 2026: A landmark announcement was made – Amplifon’s proposed acquisition of GN Hearing. This strategic move signaled a major play to consolidate its leadership and accelerate innovation within the industry.
- Q2 2026: The period in review, where the tangible outcomes of the 2025 initiatives became clearly evident in the company’s financial results, showcasing the highest organic growth in two years and significant profitability improvements.
- H1 2026: Cumulative strong performance, reinforcing the efficacy of the chosen strategic direction.
- Current (Q3 2026 onwards): Amplifon reports a "solid start" to the third quarter, further bolstering confidence in its full-year projections. Concurrently, planning for the proposed acquisition and future integration of GN Hearing is progressing according to schedule.
Amplifon has confidently reaffirmed its previously announced expectations for the full year 2026. The company continues to anticipate organic growth exceeding 3% and an improvement in its adjusted EBITDA margin of approximately 100 basis points. This outlook is predicated on the assumption of no further significant slowdown in global economic activity, reflecting a cautious yet optimistic stance on the macroeconomic environment.
The Transformative GN Hearing Integration
The proposed acquisition of GN Hearing represents a transformative event for Amplifon and the broader hearing care industry. Announced in March 2026, this strategic maneuver is poised to significantly reshape Amplifon’s market position, capabilities, and future growth trajectory. While Amplifon is primarily a retail and service provider, GN Hearing is a leading innovator and manufacturer of hearing aids and diagnostic audiology equipment. The integration of a major manufacturing entity into Amplifon’s predominantly retail-focused business model could unlock substantial synergies.
This acquisition is expected to accelerate Amplifon’s growth by expanding its technological capabilities and product portfolio. By potentially integrating manufacturing and retail, Amplifon could achieve greater control over the supply chain, foster direct innovation, and potentially offer more competitive or customized solutions to its customers. The move is also anticipated to drive innovation within the Group, bringing together Amplifon’s deep understanding of consumer needs with GN Hearing’s R&D prowess. Such a combination could lead to breakthroughs in hearing technology and personalized care.
The transaction remains subject to customary closing conditions, including obtaining all necessary regulatory approvals and the completion of the process to separate GN Hearing from its parent company, GN Group. Regulatory bodies will scrutinize the acquisition for potential anti-trust concerns, given the significant market presence of both entities. Until these conditions are met and the transaction officially closes, Amplifon and GN Hearing will continue to operate as separate and independent companies, ensuring fair competition and adherence to regulatory frameworks. The successful integration of two large, distinct entities will require meticulous planning and execution, but if achieved, promises to create further value for all stakeholders, from customers to shareholders, by creating a more robust, innovative, and vertically integrated global leader in hearing care.
Conclusion
Amplifon’s strong performance in the second quarter and first half of 2026 highlights the successful execution of its strategic "Fit4Growth" program. By optimizing its clinic network, making targeted divestments, and focusing on high-margin customer segments, the company has not only achieved its highest organic growth in two years but also significantly enhanced its profitability. With a robust outlook for the full year and the impending transformative integration of GN Hearing, Amplifon appears well-positioned to strengthen its global leadership in the hearing care market, driving both innovation and continued value creation for its diverse stakeholder base. The strategic moves underscore a proactive approach to market leadership, adapting to evolving industry dynamics while maintaining a clear focus on long-term growth and profitability.
