Sonova delivers strong FY 2025/26 results with continued market outperformance and increased profitability
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Sonova Holding AG / Key word(s): Annual Results/Dividend Group Media & Investor Release Staefa (Switzerland), 18 May 2026 – Sonova Holding AG (SIX: SOON), the leading provider of innovative hearing solutions, today announces results for its 2025/26 financial year, delivered in line with guidance and confirming continued market outperformance. Eric Bernard, CEO of Sonova, says: “Building on our strong performance in 2025/26, we outperformed the market and delivered results in line with our guidance. Strong growth in our Wholesale business, accelerating to 10.9% in local currencies in the second half, reflects our technology and innovation leadership and consistent execution. Our Infinio platform, including Infinio Ultra, continues to strengthen our leadership in AI-enabled hearing aid performance while driving tangible market impact. Innovations such as Virto R, which combines advanced performance with a discreet, custom-designed form factor, and the EasyGuard™ wax management further translate our technological progress into measurable results. During the year, we made important strategic progress. With the intended divestment of the Consumer Hearing business, the transition to a regionalized operating model, and a strong pipeline of upcoming product launches across hearing aids and cochlear implants, we are executing our strategy as planned. As we enter 2026/27, we remain confident in our strategy, our teams, and our ability to deliver profitable growth and sustainable value creation.”
Sonova Group key figures (from continuing operations)
1) Comparative information restated for discontinued operations 2) Non-GAAP financial measure normalized for nonrecurring items; see the Annual Report 2025/26 including the table
Market-leading innovations drive market share gains Infinio Ultra Sphere further expands Sonova’s AI leadership position. Sphere extracts and enhances voices from all directions, improving speech clarity in complex listening environments. Ongoing DEEPSONIC™ chip development supports improved energy efficiency and extended daily use. Another highlight was the August launch of Virto R Infinio, Sonova’s first rechargeable custom in-the-ear (ITE) solution. It combines advanced speech performance with a compact, custom-made design and universal connectivity. It addresses the growing rechargeable ITE segment and quickly captured substantial market share, contributing to strong second half wholesale growth.
Note on reporting: Strong market share gains, driven by successful product launches Growth across all regions In the United States, sales rose by 9.1% in local currency, driven by market share gains in the Wholesale business across the commercial market and in the U.S. Department of Veterans Affairs (VA), with Sonova expanding its leading position following the successful Virto R Infinio launch. Sales in the Cochlear Implants segment were impacted in the second half-year by a competitor’s product launch. Sales in the rest of the Americas (excluding the USA) rose 7.1% in local currency, led by substantial market share gains in the Wholesale business and the expansion of the Retail business store network in both Canada and Brazil. Sales in the Asia Pacific (APAC) region rose by 1.4% in local currencies. Both the Wholesale and Retail businesses posted strong growth in Australia and Japan. The Retail business in China delivered double-digit growth. The Cochlear Implants business continued to face headwinds in China following the introduction of volume-based procurement (VBP). Significant improvement in profitability
Overall, normalizations in the period primarily reflect non-recurring legal, legacy, and strategic items, with lower acquisition-related costs. Gross profit amounted to CHF 2,658.3 million, up 5.8% in local currencies but down 1.0% in Swiss francs. Growth was supported by higher volume and positive ASP development in the Wholesale and Retail businesses. While the initial ramp-up and regionalization of Sonova’s manufacturing and logistics footprint resulted in elevated costs in the first half-year, they delivered sustainable improvements by year-end. The gross profit margin reached 73.7%, down by 0.1 percentage points in local currencies or 0.6 percentage points in Swiss francs. Excluding acquisition-related amortization, reported operating expenses were CHF 1,934.1 million (2024/25: CHF 1,916.1 million). Normalized operating expenses before acquisition-related amortization rose by 1.1% in local currencies but declined by 2.9% in Swiss francs to CHF 1,847.1 million (2024/25: CHF 1,902.2 million). Cost-efficiency initiatives in the Retail business undertaken in the 2024/25 financial year contributed to positive operating leverage. The Group continued to invest in innovation, with research and development (R&D) expenses before acquisition-related amortization up by 3.8% in local currencies to CHF 217.7 million. Normalized sales and marketing costs before acquisition-related amortization increased by 1.5% in local currencies to CHF 1,287.5 million, representing 35.7% of sales (2024/25: 36.9%). This resulted in significant operating leverage, with continued investments in lead generation in the Retail business. Normalized general and administration costs before acquisition-related amortization increased by 0.2% in local currencies, reaching CHF 343.6 million or 9.5% of sales (2024/25: 9.8%). Other income was CHF 1.8 million (2024/25: CHF 0.2 million). Normalized operating profit before acquisition-related amortization (EBITA) rose by 17.3% in local currencies and 3.7% in Swiss francs, reaching CHF 811.2 million (2024/25: CHF 782.1 million). This included restructuring costs of CHF 16.7 million (2024/25: CHF 43.9 million). The normalized EBITA margin was 22.5%, up 2.3 percentage points in local currencies and 0.8 percentage points in Swiss francs. The strong headwind from exchange rate developments reduced normalized EBITA by CHF 106.5 million and margin by 1.5 percentage points. On a pro forma basis, including discontinued operations, normalized EBITA would have been up 14.5% in local currencies. Reported EBITA increased by 7.7% in local currencies and declined 5.8% in Swiss francs, totaling CHF 724.2 million (2024/25: CHF 768.3 million). Acquisition-related amortization was CHF 48.3 million (2024/25: CHF 48.5 million). Reported operating profit (EBIT) amounted to CHF 675.8 million (2024/25: CHF 719.8 million), up 7.9% in local currencies and down 6.1% in Swiss francs. Net financial expenses, including associates, were CHF 34.1 million (2024/25: CHF 35.5 million), with non-cash mark-to-market adjustments and realized losses on financial investments offset by a gain on the disposal of an investment in associates. Income taxes amounted to CHF 95.7 million (2024/25: CHF 119.4 million). Basic earnings per share (EPS) from continuing operations reached CHF 9.02, up 13.6% in local currencies and down 3.8% in Swiss francs. Normalized EPS from continuing operations rose 16.0% in local currency terms and remained flat in Swiss francs at CHF 10.42. Following the decision to divest the Consumer Hearing business, this business is classified as discontinued operations. The loss after tax from discontinued operations amounted to CHF 106.5 million (2024/25: CHF 17.9 million). This is attributable to the operating result of the business as well as non-cash impairments related to the planned divestment of the business. Basic earnings per share (EPS), including discontinued operations, was CHF 7.23. Hearing Instruments segment – Strong sales growth and acceleration in the second half Sales in the Wholesale business reached CHF 1,861.8 million, up 9.5% in local currencies. Growth was driven by strong market reception of Infinio Ultra, which built on the success of the Infinio and Infinio Sphere™ platforms, and of Virto R Infinio. As a result, the business significantly expanded its market share globally and achieved double-digit growth in the second half-year, on a much higher comparison base from the prior-year period, reflecting the strong momentum. The Retail business reported sales of CHF 1,491.9 million, representing an increase of 5.1% in local currencies. Organic growth reached 3.8%. Reinvesting a portion of cost savings from measures implemented in the 2024/25 financial year into targeted lead-generation initiatives contributed to above-market growth. Acquisitions lifted sales by 1.3% (including the full-year effect of prior year acquisitions), mainly in Germany, Australia, and Canada. Normalized EBITA rose by 20.6% in local currencies to CHF 793.7 million (2024/25: CHF 747.5 million), corresponding to a margin of 23.7% (2024/25: 22.6%). Reported EBITA for the Hearing Instruments segment was CHF 758.4 million, up 17.1% in local currencies. Cochlear Implants segment – Continued headwinds Normalized EBITA reached CHF 17.2 million (2024/25: CHF 34.6 million), representing a margin of 6.8% (2024/25: 11.4%). Strict cost control and the weaker US dollar only partly offset negative operating leverage associated with lower sales. Reported EBITA loss for the Cochlear Implants segment amounted to CHF 34.6 million and includes legal costs and the increase in a legacy product liability provision mentioned above. Cash flow Cash consideration for acquisitions amounted to CHF 45.5 million (2024/25: CHF 71.9 million), reflecting the continued expansion of the retail network through bolt-on acquisitions. In summary, this resulted in a free cash flow of CHF 473.7 million (2024/25: CHF 509.8 million). The cash outflow from financing activities was CHF 451.3 million, which includes the dividend payment of CHF 262.3 million, repayments of lease liabilities of CHF 72.0 million, and a net outflow from borrowings of CHF 26.7 million. Balance sheet The Group’s equity of CHF 2,635.8 million represents an equity ratio of 46.8% compared to 45.0% at the end of the 2024/25 financial year. The net debt position decreased to CHF 994.3 million compared to CHF 1,102.4 million at the end of the 2024/25 financial year. The net debt/EBITDA ratio reached 1.1x compared to 1.2x at the end of the 2024/25 financial year. The return on capital employed (ROCE) reached 19.0% compared to 19.9% in the prior year. Outlook 2026/27 In Wholesale, Sonova expects to continue to outperform the market, supported by upcoming product launches including a new platform, and by the Group’s leadership in AI-enabled hearing performance. In Retail, the Group anticipates robust organic growth, further supported by value-accretive M&A contributions and an accelerated pace of new store openings. The Cochlear Implants business is expected to face headwinds in the first half, with an anticipated pick-up in the second half following the planned launch of a new sound processor, subject to regulatory approvals. Continued growth and disciplined cost management will help fund investments in strategic initiatives across operations, R&D, IT systems, and the development of Asia-focused solutions, while continuing to deliver operating leverage. The outlook is based on current market sentiment and growth trends in the hearing care market and assumes no material disruptions beyond those known at publication. For the 2026/27 financial year, Sonova expects consolidated sales to rise by 5-8% and core EBIT to grow by 7-10% at constant exchange rates. Based on exchange rates as of early May 2026, Sonova expects reported sales growth in Swiss francs to be reduced by 1-2 percentage points and core EBIT growth in Swiss francs to be negatively impacted by Dividend proposal Proposed changes to the Board of Directors Ingrid Cotoros has over two decades of leadership experience in advanced technology and engineering. She currently serves as Chief Development Officer at Mytra, where she leads robotics engineering and development. From 2019 to 2024, she was Vice President of Technology Engineering for Devices at Meta Reality Labs, leading a global team of more than 1,300 engineers and scientists. During this time, she oversaw the development of transformative products including Ray-Ban Meta smart glasses, Quest headsets, and Orion AR glasses. Before Meta, she held senior engineering leadership roles at GoPro and Lockheed Martin, spanning imaging systems, audio technologies, propulsion, and advanced materials R&D. Ingrid Cotoros holds a Ph.D. from the University of California, Berkeley, USA, and a Bachelor of Science in Physics (Honours) from the California Institute of Technology, USA. She holds dual Romanian and US citizenship. Malina Man Lin Ngai serves as Group CEO of AS Watson, the largest global health and beauty retailer with more than 17,000 stores across 31 markets. She previously held a range of senior leadership roles including Group Chief Operating Officer from 2013 and CEO of AS Watson (Asia & Europe) from 2019. In these roles, she was responsible for operations, brand development, communications, digital, and organizational transformation. In addition to her executive career, she has held non-executive roles including at InterContinental Hotels Group and has served on multiple advisory boards and public committees in Hong Kong. She will also be proposed for election to the Nomination & Compensation Committee. Malina Man Lin Ngai holds a Master’s degree from the National University of Ireland, an MBA from the University of Leicester, United Kingdom, and a Bachelor's degree in Business Administration and Sports Management from the University of Canberra, Australia. She is a Hong Kong national. Hooi Ling Tan brings extensive experience in technology and strategy, with a focus on building and scaling digital platforms in Southeast Asia. Hooi Ling serves as a member of the Board of Directors of Wise Ltd. and as a Board Member of Endeavor, a non-profit organization supporting entrepreneurs globally. She is co-founder of Grab, which she established during her MBA at Harvard Business School and developed into a leading technology platform offering deliveries, mobility, financial, and other services across Southeast Asia. Hooi Ling previously held roles at McKinsey & Company and Salesforce, focusing on corporate strategy and operations. She has also served on the boards of the National University of Singapore and the Singapore Economic Development Board. Hooi Ling Tan holds an MBA from Harvard Business School, US, and a Bachelor of Science in Mechanical Engineering from the University of Bath, United Kingdom. She is a Singaporean national.
The presentation of the Full-Year Results 2025/26 can be downloaded at:
– End – About Sonova Sonova is the global leader in innovative hearing care solutions, combining technology leadership, audiological expertise and a strong local presence to serve a growing number of people with hearing loss in more than 100 countries. The Group was founded in 1947 and is headquartered in Stäfa, Switzerland. As a vertically integrated company across its wholesale, retail and cochlear implants businesses, Sonova operates through the brands Phonak, Unitron, AudioNova and Advanced Bionics as well as recognized regional brands. In the 2025/26 financial year, the Group generated sales of CHF 3.6 billion, with a net profit of CHF 546 million. Over 18,000 employees are working on achieving Sonova’s vision of a world where everyone enjoys the delight of hearing. Sonova has a long-standing commitment to innovation and was ranked no. 12 among the most innovative companies in Europe in 2025 by Fortune magazine, selected from 300 companies across 21 countries and 16 industries. For more information please visit www.sonova.com.
Disclaimer Sonova shares (ticker symbol: SOON, Security no: 1254978, ISIN: CH0012549785) have been listed on the SIX Swiss Exchange since 1994. The securities of Sonova have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or under the applicable securities laws of any state of the United States of America, and may not be offered or sold in the United States of America except pursuant to an exemption from the registration requirements under the U.S. Securities Act and in compliance with applicable state securities laws, or outside the United States of America to non-U.S. Persons in reliance on Regulation S under the U.S. Securities Act. End of Inside Information |
| Language: | English |
| Company: | Sonova Holding AG |
| Laubisrütistrasse 28 | |
| 8712 Stäfa | |
| Switzerland | |
| Phone: | +41 58 928 33 33 |
| E-mail: | ir@sonova.com |
| Internet: | www.sonova.com |
| ISIN: | CH0012549785 |
| Valor: | 12549785 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 2328596 |
| End of Announcement | EQS News Service |
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2328596 18-May-2026 CET/CEST
Deutsche Börse 
