Sonova (SOON) H1 26/27 earnings summary

Executive summary

• H1 sales reached CHF 1,834.1m, up 7.5% in local currencies; market-share gains and broad regional growth supported performance.

• Core EBIT rose 22.9% in local currencies to CHF 384.0m; FY sales and core EBIT growth guidance increased to 6–8% and 10–13%.

Financial highlights

• Sales were CHF 1,834.1m, up 7.5% in local currencies; organic growth was 7.0%, net M&A added 0.5%, and FX reduced reported sales by CHF 13.7m.

• Core gross profit was CHF 1,369.7m and core gross margin 74.7%, up 230 bps, on volume and ASP gains and the absence of prior-year ramp-up costs.

• Core EBIT was CHF 384.0m, up 22.9% in local currencies; reported EBIT was CHF 372.0m, including CHF 12.0m of non-core items.

• Core EPS from continuing operations was CHF 5.37, up 37.8%; reported EPS was CHF 5.18 and continuing-operations income after taxes was CHF 308.5m.

• Operating free cash flow reached CHF 287.0m versus CHF 89.7m; free cash flow was CHF 266.2m versus CHF 60.3m.

Outlook and guidance

• FY 2026/27 sales growth guidance increased to 6–8% from 5–8%; core EBIT growth guidance rose to 10–13% from 7–10%, in local currencies.

• Global hearing-care market growth assumption increased to 3–5% from 2–4%, reflecting recent recovery and intact fundamentals.

• H2 strategic investment is set to increase by a low-double-digit CHF million amount, supporting R&D, operations, IT and the consumer journey.

• Early-November FX rates imply a broadly neutral FY impact on sales and core EBIT growth in CHF; FY non-core items are expected at CHF 35–40m.

• Cochlear Implants performance is expected to improve in H2 with Integro; the extent depends partly on U.S. regulatory approval timing.