Cochlear (COH) AGM 2026 summary

Opening remarks and agenda

• AGM covered FY 2026 financial, sustainability, directors’ and auditors’ reports, followed by remuneration, director reelections, CEO long-term incentives and proportional takeover provisions.

• More than 55,000 people received hearing implants in FY 2026, with estimated lifetime societal benefit above AUD 9 billion.

Financial performance review

• FY 2026 sales growth was affected by slower market growth in developed markets; revenue growth improved in H2.

• Constant-currency sales rose 2%; reported sales were lower due to Australian dollar strength, while gross margin fell from 74% to 71% on lower volumes, fixed-cost recovery and sales mix.

• Operating expenses reflected Middle East disruption and accelerated restructuring; actions were implemented late in FY 2026, limiting their in-year cost benefits.

• FY 2027 underlying net profit guidance remains AUD 330 million to AUD 350 million, consistent with guidance issued in August.

Board and executive committee updates

• Professor Ian Meredith is due to join the board in December; Professor Bruce Robinson described an orderly transition of committee responsibilities to him.

• Sir Michael Daniell and Professor Bruce Robinson stood for reelection; the board considered both independent, with relevant medical technology, clinical research and governance experience.

• Michael Daniell chaired the Product and Services Innovation Committee until July and serves on the Audit and Risk, Medical Science and Nomination Committees.