Shares of Italian hearing aid company Amplifon fell 4.5% to €11.66 on Tuesday, retreating from Monday’s close of €12.215 and extending declines from earlier in the year.
The drop followed an update from GN Store Nord, Amplifon’s partner in the acquisition of GN Hearing, which lowered its organic sales growth guidance for fiscal 2026 to a range of 0-3%, down from a prior 0-6% forecast. The revision reflects weaker-than-expected performance in GN Store Nord’s gaming and enterprise segments, which have shifted toward the lower end of management’s assumptions.
Within GN Hearing specifically, organic sales declined 2% year-on-year, while EBITDA dropped 25% due to volume weakness tied to a U.S. client. Analysts at Jefferies attributed the sales decline to "the toughest comparative base of the year," according to a note published Monday.
Amplifon, which agreed to acquire GN Hearing in March, is managing the integration alongside its ongoing Fit4Growth restructuring program. The company’s own financial performance has shown resilience: in its half-year 2026 earnings released July 30, Amplifon reported 4.7% organic revenue growth—the highest in two years—and a 12.3% increase in adjusted net profit.
The broader market provided little directional impetus, with major U.S. indices such as the S&P 500 and Dow Jones trading essentially flat. Amplifon’s shares remain well above the 52-week low of €7.836 reached in March, though the stock has faced pressure amid the GN Hearing integration and guidance revisions.
