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Sonova (SOON) investor relations material
Sonova H1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 25/26 earnings summary14 Nov, 2025
Executive summary
Group sales reached CHF 1,815.4 million, up 4.9% in local currencies, driven by strong growth in Hearing Instruments and Audiological Care, with combined sales up 7% and significant market share gains, while Consumer Hearing and Cochlear Implants faced headwinds, especially from tariffs and China market challenges.
Product innovation included launches such as Phonak Infinio, Infinio Seer, VirtoR, Infinio Ultra, and Infinio Ultra Sphere, advancing AI and rechargeable ITE solutions and driving positive market response.
Organizational restructuring to a four-region model aims to enhance customer proximity and responsiveness, with regional heads reporting directly to the CEO.
Margin improvement in local currencies was largely offset by strong FX headwinds, with normalized Group EBITA up 16% in local currencies to CHF 316.1 million and margin at 17.4%.
Outlook for FY 2025/26 confirmed, expecting continued growth from recent product launches and innovation leadership.
Financial highlights
Group sales reached CHF 1,815.4 million (+4.9% in local currencies, -1.0% in CHF), with organic growth of 4.5% and acquisitions contributing 0.4%.
Normalized EBITA was CHF 316.1 million (+16.0% in local currencies), with margin up 180 basis points to 17.4%.
Normalized EPS grew 20.1% in local currencies to CHF 3.56; reported EPS stable due to FX effects.
Cash flow from operating activities increased 12.1% to CHF 241.2 million; free cash flow was CHF 37.5 million.
Net debt to EBITDA at 1.5x, improved from 1.8x a year ago; equity ratio at 44.4%.
Outlook and guidance
FY 2025/26 guidance reiterated: consolidated sales growth of 5-9% and normalized EBITDA/EBITA growth of 14-18% at constant exchange rates.
Market growth expected at 1-3% for the remainder of the year, with continued volatility and macroeconomic uncertainties.
Currency headwinds expected to reduce reported sales growth by 6 percentage points and EBITDA/EBITA by 13-14 percentage points.
Sequential improvement anticipated in Consumer Hearing and Cochlear Implants in H2.
Assumes no significant new tariffs or major disruptions beyond those already known.
Mitigate manufacturing/logistics cost impact?
What are the significant financial asset investments?
Strategy for China's VBP and tariff impacts?
CI R&D integration impact on future growth?
H2 gross margin drivers and magnitude?
Virto R's contribution to H2 growth?
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Next Sonova earnings date
H2 25/268 May, 2026
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Frequently asked questions
Sonova Holding AG is a global provider of hearing care solutions. The company designs, manufactures, and distributes hearing instruments, cochlear implants, and wireless communication systems. Sonova’s product offerings include hearing aids, hearing implants, and professional audiology services, catering to individuals with hearing loss. The company also develops wireless communication products for use in various environments such as medical facilities and education settings. The company is headquartered in Stäfa, Switzerland, and its shares are listed on the SIX.
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