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)
|
in CHF m unless otherwise specified
|
FY 2025/26
|
FY 2024/25 restated 1)
|
Change
in CHF
|
Change in local currencies
|
|
Sales
|
3,605.9
|
3,612.9 |
-0.2%
|
+5.9%
|
|
Gross profit
|
2,658.3 |
2,684.4 |
-1.0%
|
+5.8%
|
|
EBITA
|
724.2
|
768.3
|
-5.8%
|
+7.7%
|
|
EBIT
|
675.8
|
719.8
|
-6.1%
|
+7.9%
|
| Income after taxes |
546.0 |
564.9 |
-3.4% |
+13.9% |
|
Basic earnings per share (CHF)
|
9.02 |
9.37 |
-3.8%
|
+13.6%
|
| Operating free cash flow |
519.1
|
581.7
|
-10.8%
|
|
|
ROCE
|
19.0%
|
19.9%
|
|
|
| |
|
|
|
|
|
EBITA (normalized) 2)
|
811.2
|
782.1
|
+3.7%
|
+17.3%
|
|
EBITA margin (normalized) 2)
|
22.5%
|
21.6%
|
|
|
|
Basic earnings per share (normalized, CHF) 2)
|
10.42
|
10.43 |
-0.1%
|
+16.0% |
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
“Reconciliation of non-GAAP financial measures”.
Market-leading innovations drive market share gains
Building on the momentum from last year’s Infinio launches, Sonova further strengthened its innovation leadership, contributing to accelerated growth and continued market share gains. With the introduction of Phonak Infinio Ultra in October, Sonova further advanced AI-supported hearing aid performance to enhance speech understanding while improving ease of use. Ultra features AutoSense OS™ 7.0 for seamless automatic adaptation and simple one-step pairing with phones and Bluetooth® devices. The patented EasyGuard™ wax management system protects the receiver with an acoustically transparent membrane, simplifying maintenance and reducing service visits.
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:
On 23 March 2026, Sonova announced that, following a strategic portfolio review, Sonova intends to divest its Consumer Hearing business. As a result, the business is classified as discontinued operations, and the relevant comparative figures for the 2024/25 financial year have been restated accordingly. Figures and growth rates refer to continuing operations and exclude the Consumer Hearing business, unless otherwise stated. In addition, the Hearing Instruments business will be referred to as the Wholesale business, and the Audiological Care business as the Retail business, from this point forward. These terms will be used consistently throughout this media release.
Strong market share gains, driven by successful product launches
In the 2025/26 financial year, Sonova Group sales reached CHF 3,605.9 million, up 5.9% in local currencies and down 0.2% when translated into Swiss francs. Momentum remained strong throughout the year. Growth in the Hearing Instruments segment (combined Wholesale and Retail business) accelerated in the second half against a stronger comparison base in the prior-year period, driven by successful product launches and solid execution. The Cochlear Implants business faced continued headwinds, particularly in China, resulting in lower sales for the year. Organic growth for the Group was 5.4%, while acquisitions in the reporting period, along with the full-year effect of previous acquisitions, contributed 0.5% to total sales growth. Exchange rate effects negatively impacted reported sales by CHF 221.0 million, reducing growth in Swiss francs by 6.1 percentage points. On a pro forma basis, including discontinued operations, sales were up 5.5% in local currencies.
Growth across all regions
Sales in Europe, Middle East, and Africa (EMEA) increased by 4.8% in local currencies. Growth benefited from sustained market share gains driven by Sonova’s successful product launches, along with bolt-on acquisitions, mainly in Germany, Italy, and France.
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
Normalized figures and growth rates in these results exclude items that are not reflective of the Group’s underlying operating performance. For more details, please refer to the “Reconciliation of non-GAAP financial measures” table in the Annual Report 2025/26. These items include:
- M&A related costs: In the 2025/26 financial year, transaction and integration costs related to acquisitions amounted to CHF 0.6 million (2024/25: CHF 7.5 million).
- Legal and legacy items: The Group incurred CHF 28.2 million in legal costs (2024/25: CHF 6.3 million) related to patent-litigation fees and settlement. The reassessment of product liability provisions for a legacy product in the Cochlear Implants segment resulted in costs of CHF 23.6 million.
- Software assets: As part of the strategic review, software assets were reassessed to ensure they align with the company’s future direction. Certain software assets were found to be unlikely to deliver the economic benefits originally anticipated. This led to a non-cash impairment charge of CHF 34.7 million.
- Tax impacts: Impacts from tax reforms increased reported income taxes by CHF 3.6 million (2024/25: CHF 49.5 million).
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 Hearing Instruments segment totaled CHF 3,353.8 million, reflecting an increase of 7.5% in local currencies and 1.4% in Swiss francs. Organic sales growth was 6.9%, while acquisitions contributed an additional 0.6% equating to CHF 18.7 million.
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
Sales in the Cochlear Implants segment totaled CHF 252.1 million, a decline of 11.1% in local currencies and 17.1% in Swiss francs. System sales were down 10.3% in local currencies. The business in China was substantially hampered by challenges following the introduction of volume-based procurement (VBP). Developed markets saw increased competitive pressure following a product launch by the largest competitor in the second half-year. Excluding China, system sales were up 0.7% in local currencies. Sales of upgrades and accessories were down by 13.1% in local currencies, as many recipients have already adopted the Marvel sound processor technology introduced in 2021.
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 flow from operating activities totaled CHF 734.5 million (2024/25: CHF 790.3 million). The development was driven by adverse currency impacts and the phasing of tax payments, while changes in working capital were stable versus the prior year. Operating free cash flow reached CHF 519.1 million (2024/25: CHF 581.7 million). This reflects lower cash outflows related to net purchases of tangible and intangible assets of CHF 102.0 million (2024/25: CHF 130.1 million) and higher net investments in financial assets.
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
Cash and cash equivalents stood at CHF 721.9 million compared to CHF 686.9 million at the end of the 2024/25 financial year. Capital employed reached CHF 3,519.4 million compared to CHF 3,578.7 million at the end of the 2024/25 financial year.
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
Sonova is entering the 2026/27 financial year from a position of strength, executing its renewed strategy presented in March 2026 and building on strong momentum in sales and earnings. The Group expects a gradual market recovery through the year, with overall market growth of 2-4% for the financial year, improving toward the mid-term assumption of 3-5%.
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
3-4 percentage points in the 2026/27 financial year.
Dividend proposal
At the Annual General Meeting (AGM) in June 2026, the Board of Directors will propose a dividend of CHF 4.70 per share. This represents an increase of 7% and corresponds to a payout ratio of approximately 45%, in line with the Group’s total shareholder return strategy. If approved at the AGM, this would mark the highest dividend Sonova has ever paid.
Proposed changes to the Board of Directors
After long tenures, Lynn Dorsey Bleil and Ronald van der Vis will not stand for re-election at the upcoming Annual General Meeting. The Board proposes Ingrid Cotoros, Malina Man Lin Ngai and Hooi Ling Tan as new members. These nominations are intended to further strengthen the Board’s diverse capabilities in technology, retail, and consumer goods.
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 online Annual Report 2025/26 is available at:
https://report.sonova.com/2026
The complete Annual Report 2025/26 is available at:
https://www.sonova.com/en/financial-reports
The presentation of the Full-Year Results 2025/26 can be downloaded at:
https://www.sonova.com/en/presentations
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