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amplifon QI 2021 AN EXCELLENT FIRST QUARTER WITH DOUBLE DIGIT REVENUE GROWTH AND STRONG IMPROVEMENT IN PROFITABILITY COMPARED TO BOTH 2020 AND 2019 EXCELLENT BEGINNING OF THE YEAR WITH REVENUE GROWTH AT CONSTANT FX OF 23 % COMPARED TO THE FIRST QUARTER OF 2020 AND MORE THAN 14 % WITH RESPECT TO THE SAME PERIOD OF 2019 STRONG INCREASE IN PROFITABILITY WITH THE EBITDA MARGIN 180 BPS HIGHER THAN IN THE FIRST QUARTER OF 2019 , CONFIRMING THE GROUP'S INCREASED STRUCTURAL EFFICIENCY AND AFTER SIZEABLE INVESTMENTS IN THE BUSINESS STRONG CASH GENERATION WITH RECORD FREE CASH FLOW OF 52.9 MILLION EUROS AND IMPROVEMENT IN THE NET FINANCIAL POSITION OVER DECEMBER 2020 DESPITE SEASONALITY , EVEN AFTER SIGNIFICANT INVESTMENTS IN M & A , AND THE SHARE BUYBACK PROGRAM CONTINUES THE ROLL - OUT OF THE AMPLIFON PROCT EXPERIENCE IN TWO NEW MARKETS ( BELGIUM AND NEW ZEALAND ) AS WELL AS THE NETWORK EXPANSION ( 88 SHOPS ) FOR FULL YEAR 2021 THE COMPANY EXPECTS CONSOLIDATED REVENUES OF APPROXIMATELY 1,930 MILLION EUROS AND AN IMPROVEMENT IN RECURRING EBITDA MARGIN OF + 180 ÷ 200 BASIS POINTS COMPARED TO 2019 THE MAIN RESULTS FOR THE FIRST QUARTER OF 2021 ' • • Consolidated revenues of 440.9 million euros , increasing 22.9 % at constant exchange rates and 21.3 % at current exchange rates compared to the first quarter of 2020 , and 14.1 % at constant exchange rates and 12.5 % at current exchange rates compared to the first quarter of 2019 , despite the restrictive measures still in place in several European countries Recurring EBITDA was 48.9 % higher than in 2020 , reaching 96.6 million euros , with the margin rising 180 basis points compared to the first quarter of 2019 to 21.9 % , thanks to greater operating efficiency and increased productivity Recurring net profit was 25.0 million euros , almost five times higher than the 5.1 million euros posted in the first quarter of 2020 and 33.1 % higher than the 18.8 million euros recorded in the same period of 2019 Record free cash flow of 52.9 million euros , an increase of 19.6 % with respect to the first quarter of 2020 and over three times higher than in the first quarter of 2019 Net financial debt was 625.4 million euros , lower than the 633.7 million euros at December 31st , 2020 despite seasonality , and after net cash - out for M & A of 32.4 million euros and the buyback program of 13.3 million euros , with financial leverage down to 1.44x at March 31st , 2021 Milan , April 29th , 2021 - Today the Board of Directors of Amplifon S.p.A. ( MTA ; Bloomberg ticker : AMP : IM ) , global leader in hearing solutions and services , approved the Interim Financial Report as at March 31st , 2021 during a meeting chaired by Susan Carol Holland . In light of the significant impact of Covid - 19 emergence on the financial results for FY 2020 and in order to allow for greater comparability , the income statement data for the first quarter of 2019 are also provided below . Unless stated otherwise , the comments in this press release also refer to these figures . ' Unless stated otherwise , the comments in this press release refer to the recurring income statement figures . Also , in light of the significant impact of the Covid - 19 emergence on the financial results for FY 2020 and for the sake of greater comparability , the main income statement figures for the same period of 2019 are also provided .