Sonova (SOON) H1 24/25 earnings summary

Executive summary

• Achieved 5.9% sales growth in local currencies to CHF 1,833.2 million, led by hearing instruments and cochlear implants, despite challenging market conditions and competitive pressures in Audiological Care and Consumer Hearing.

• Successful launch of Infinio and Sphere platforms in August, with strong customer response and high ASP uplift, expected to drive robust H2 momentum and market share gains, especially in the U.S.

• Profitability impacted by launch costs, ASP pressure, elevated lead generation expenses, and FX headwinds, but cost-tightening and structural improvements are underway.

• Sonova received top sustainability recognitions, including EcoVadis Platinum and TIME's #1 healthcare ranking.

Financial highlights

• Group sales reached CHF 1,833.2 million, up 5.9% in local currencies; organic growth was 4.5%, M&A contributed 1.4%, and FX had a -1.3% to -2% impact.

• Adjusted EBITA/EBITDA was CHF 325.2 million (17.7% margin), down 3.7% in local currencies; reported EBITDA margin at 16.8%.

• Gross profit margin improved to 71.9%, up 50 bps in local currency.

• Adjusted EPS at CHF 3.74, down 9.6% in local currency; operating free cash flow CHF 104.2 million, down 30.7%.

• Net debt/EBITDA ratio at 1.8x; net debt increased to CHF 1,573.2 million due to inventory build-up and seasonal factors.

Outlook and guidance

• Full-year guidance for sales growth of 6–9% and adjusted EBITA growth of 7–11% in local currencies confirmed, with strong H2 momentum expected from new product launches and cost actions.

• Margin expansion and improved profitability anticipated in H2 as launch costs subside and ASPs rise.

• FX headwinds expected to reduce FY sales growth in CHF by 1–2 percentage points and adjusted EBITA by 4–5 percentage points.