Amplifon

Amplifon’s stock falls around 4.5% to €11.66 after GN Store Nord reported weak Q2 figures and cut its full-year outlook for organic sales growth. Within GN Hearing organic sales fell 2% and EBITDA dropped 25%, Jefferies says, due to a tough comparison base and lower volumes with a US customer. The ongoing integration of GN Hearing and the Fit4Growth restructuring programme are weighing on near-term sentiment, although Amplifon had recently reported strong H1 results. » More on de.investing.com

Amplifon reported accelerated organic revenue growth of 4.7% in Q2 and an adjusted net profit up 17.1%. Reported revenue was €606m but was weighed down by the Fit4Growth program (around -3.5%). Adjusted EBITDA rose to €156.2m (+6.1%) with a margin of 25.8% (+90 bp); adjusted free cash flow for H1 grew 70% to €68m. Management confirmed the full-year guidance (organic growth >3%), after which the share jumped sharply (about +7.7% to €12.09). » More on de.investing.com

Citi Research raises Amplifon from "Neutral" to "Buy", citing a recovery in global hearing-aid demand, near-term margin expansions and the earnings potential of the GN Hearing takeover as drivers. The bank expects adjusted EBITDA for Q2 of about €159m (5–6% above consensus) and forecasts EBITDA of €575m for 2026 versus consensus €563m. Citi projects that the GN integration could boost EPS by roughly 15% by 2029 starting from 2027, but also notes integration risks and derives its price target using a 2028 EV/EBITDA of 9.5. Amplifon is trading at a significantly lower EV/EBITDA for 2027/2028 than peers, which Citi says justifies a discount due to a high retail share and integration risk. » More on de.investing.com