Amplifon stock heads toward October 29 meeting as margins improve

Published on 10/04/2026 at 15:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Amplifon stock heads toward an October 29 shareholder meeting on the GN Hearing deal. H1 revenue reached EUR 1,185.7 million and adjusted EBITDA margin rose to 25.1 percent.

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Amplifon stock (ISIN IT0004056880) was last at EUR 11.55 on Euronext Milan on October 2, 2026 at 5:35 p.m. CEST, down 1.95 percent from the prior close. The next company milestone is an October 29 shareholder meeting on the proposed GN Hearing acquisition, according to Amplifon Corporate in a notice dated September 29, 2026.

GN Hearing vote is next

The meeting will consider a capital increase reserved for GN Store Nord in connection with the acquisition of GN Hearing. Amplifon's board has proposed issuing 56,000,000 new ordinary shares, while the transaction also includes the proposed appointment of a GN representative to the board, as Amplifon Corporate reported on September 17, 2026.

The transaction gives the October vote direct financial relevance because the new shares affect the capital structure before the planned year-end closing. Execution, financing and integration therefore remain central variables alongside the operating recovery.

H1 margin reaches 25.1 percent

Amplifon's first-half 2026 revenue reached EUR 1,185.7 million, up 1.3 percent at constant exchange rates, while organic growth accelerated to 3.5 percent. According to Capital.com on September 30, 2026, adjusted EBITDA rose 3.6 percent year over year to EUR 298.0 million and the adjusted EBITDA margin increased 70 basis points to 25.1 percent.

The company also reported adjusted free cash flow of EUR 68.0 million for the first half, a 70 percent year-over-year increase. That combination puts the operating margin and cash conversion at the center of the investment case as Amplifon prepares for the GN Hearing transaction.

Consensus target exceeds EUR 13

A September 7, 2026 consensus from Marketscreener covers 16 analysts and carries an Outperform rating. The average target is EUR 13.53, which lies 17.14 percent above the October 2 price of EUR 11.55; the high target is EUR 16.70 and the low target is EUR 11.00.

The range shows how much of the valuation debate depends on the deal. A higher target reflects confidence in organic growth, margin gains and acquisition synergies, while the low estimate leaves limited room for execution setbacks.

Stock remains below yearly high

Amplifon traded between EUR 11.54 and EUR 11.93 on October 2, 2026, with volume of 1,513,151 shares. Its 52-week range was EUR 7.836 to EUR 15.835, leaving the last price 27.05 percent below the yearly high.

Amplifon stock was last at EUR 11.55 on October 2, 2026 at 5:35 p.m. CEST on Euronext Milan. The October 29 meeting now provides the next dated checkpoint for the GN Hearing capital increase and the group's broader restructuring plans.