Q3 2024 Amplifon SpA Earnings Call Transcript
Key Points
- Amplifon SpA (AMFPF) achieved an 8% revenue growth at constant exchange rates, outperforming the market despite challenging conditions.
- The company expanded its direct retail network in the US, adding 100 stores since January 2024, enhancing its strategic position.
- Amplifon SpA (AMFPF) reported strong performance in Asia Pacific, with revenues up 7% at constant FX, driven by solid organic growth.
- The company invested EUR184 million in M&A activities, significantly increasing its global points of sale to 10,000.
- Amplifon SpA (AMFPF) launched a new television commercial in Italy and Spain to strengthen brand positioning and drive sales.
- The European market remained flattish, impacting Amplifon SpA (AMFPF)'s growth, particularly in key markets like Germany and France.
- Recurring EBITDA margin decreased by 40 basis points to 20.3%, due to lower operating leverage and higher marketing investments.
- The US market growth slowed to around 4% in Q3, down from double-digit growth in the first quarter.
- The company faced a negative FX impact of 1.2%, primarily due to the depreciation of the US dollar and Argentine peso.
- Free cash flow decreased by 30% in the first nine months, largely due to higher working capital absorption.
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Amplifon Q3 and nine months 2024 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Ms. Francesca Rambaudi, Investor Relations and Sustainability Senior Director of Amplifon. Please, go ahead, madam.
Thank you. Good afternoon, and welcome to Amplifon's conference call on third quarter and first 9 months of 2024. Before we start, a few logistic comments.
Earlier today, we issued a press release related to our results, and this presentation is posted on our website in the Investors section. The call can be accessed also via webcast and dial-in details are on Amplifon's website as well as on our press release.
I have to bring your attention to the disclaimer on slide 2. Some of the statements made during this call may be considered forward-looking statements.
With that, I am now pleased to turn the call over to
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