Slide 1: Full Year Results 2024/25
Full Year Results 2024/25 Arnd Kaldowski, CEO Matthias Düllmann, interim CFO Stäfa, May 9, 2025
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are su
Slide 3: Business Review
Business Review 3
Slide 4: Summary FY 2024/25
Summary FY 2024/25 − Solid growth and market share gains across all businesses in 2HY − Successful platform launches driving growth in HI – AC and CH business with strong acceleration in 2HY − Double-digit growth in sales of new CI systems throughout the year − Continued strong customer response on
Slide 5: Sonova Group results: Key highlights FY 2024/25
Sonova Group results Key highlights – FY 2024/25 Sales EPS (adj.) Outlook for sales CHF 3,865 m CHF 10.81 per share +5 - 9% +7.6% in LC +10.6% in LC growth in LC +6.6% in CHF +7.4% in CHF in FY 2025/26 organic growth +6.4% in LC growing above market EBITA (adj.) Breakthrough innovation Outlook for E
Slide 6: Sonova Group results: HI segment business summary
Sonova Group results Business summary Hearing − Sales of CHF 1,821.4 million, up +8.5% in local currencies (LC), representing solid growth despite subdued markets Instruments − Strong market reception of new Infinio and Sphere Infinio platforms driving market share gains across geographies (HI) − Ac
Slide 7: Hearing Instruments segment
Hearing Instruments segment Highlights Sales EBITA (adj.) Segment sales − Acceleration across all three businesses resulting CHF 3,561m CHF 765m in share gains and growth of +9.4% in LC in 2HY +7.5% vs. PY in LC +6.5% vs. PY in LC − Successful launch of new products supporting (2HY: +9.4% in LC) (2H
Slide 8: Hearing Instruments business
Hearing Instruments business Sales dynamics HI business sales: CHF 1,821m +8.5% vs. PY in LC (2HY: +9.8% in LC) − Sales growth accelerating to +9.8% in LC in 2HY, implying sustained market share gains − Double-digit volume growth in part offset by late-cycle ASP pressure in 1HY and significant slowd
Slide 9: Continued success with the Phonak Infinio platforms
Continued success with the Phonak Infinio platforms Strong market reception for Infinio with new ERA chip and Sphere Infinio featuring proprietary DEEPSONIC AI-chip Recognition through Awards Recognition through customers Consumer response Commercial success Customer satisfaction − High satisfaction
Slide 10: Audiological Care business
Audiological Care business Sales dynamics AC business sales: CHF 1,488m +6.4% vs. PY in LC +3.3% organic growth (2HY: +8.1% in LC; +5.3% organic growth) − Strong pick-up in growth to +8.1% in LC in 2HY, supported by a series of measures to drive growth and profitability − Improved lead generation th
Slide 11: Driving growth and improve efficiency
Driving growth and improve efficiency Elevating lead generation and driving structural optimization Sales growth initiatives Structural cost improvements − Increased and optimized advertising − Streamlined global and local HQ spend based on customer type, functions to reduce costs for channel and co
Slide 12: Consumer Hearing business
Consumer Hearing business Sales dynamics CH business sales: CHF 252m +6.4% vs. PY in LC (2HY: +14.5% in LC) − Double-digit sales growth in 2HY, fueled by market share gains in premium audio segment, improved market demand and favorable comparison base − Further progress on strategic priorities, conc
Slide 13: Strong performance in most attractive market segment
Strong performance in most attractive market segment Premium Bluetooth headphones representing a major driver for growth Market dynamics* − Premium BT headband market surpassing CHF 3bn in 2024 in six key markets, doubling in the past 3 years − Growth driven by consumer demand for superior sound qua
Slide 14: Cochlear Implants segment
Cochlear Implants segment Highlights Segment sales Sales EBITA (adj.) Cochlear implant systems CHF 303.9m CHF 42.8m − Sustain momentum over the course of the year +9.5% vs. PY in LC +25.1% vs. PY in LC with double-digit growth and solid market share (2HY: +6.8% in LC) (2HY: +23.2% in LC) gains in bo
Slide 15: Direct-to-consumer lead generation
Direct-to-consumer lead generation Transitioning from a hearing aid to a cochlear implant United States − D2C revenue now contributes over 38% of total system revenue in North America − Consumer lead generation efforts have led to 27% growth over prior year in D2C revenue − Phonak + AB Cochlear Impl
Slide 16: ESG highlights
ESG highlights Sonova is consistently recognized as a sustainability leader Notable achievements financial year 2024/25 − Climate mitigation: 25% combined scope 1-3 GHG B Prime (C+ or better) Industry position: Top 2% emission reduction vs. 2019/20 baseline. On track with SBTi target − Access to hea
Slide 17: Financial information
Financial information 17
Slide 18: Financial highlights
Financial highlights Sonova Group − Sales of CHF 3,865.4 million +7.6% in LC and +6.6% in CHF Sales − FX headwinds reducing sales by CHF –37.7 million (-1.0%) − Organic sales growth of +6.4% in LC for the Group − Gross profit margin (adj.) of 72.4%, +30bps in LC, driven by higher volume in HI and AC
Slide 19: Sonova Group results: Sales components
Sonova Group results Sales components in CHF million OPERATIONAL FX +7.6% 3,903.1 44.1 -37.7 3,865.4 232.1 3,626.9 FY 23/24 Organic M&A FY 24/25 FX FY 24/25 Reported net of divestments LC impact Reported YOY growth components +6.4% +1.2% +7.6% -1.0% +6.6% 1HY 2024/25 growth components +4.5% +1.4% +5
Slide 20: Gross margin development
Gross margin development Sonova Group OPERATIONAL FX +30bps − Gross margin increased by +30bps in LC 72.6% − Margin development mainly driven by: 0.0% -0.2% 72.4% − Higher volume in HI and AC, lower costs of components and +0.3% productivity gains 72.3% − ASP lift from new products in 2HY offset by
Slide 21: Development of operating expenses
Development of operating expenses Sonova Group OPERATIONAL FX − OPEX: Growth slightly outpaced sales development, with +8.4% +10.6% LC growth in 1HY, partly driven by launch costs, in CHF million +1.6% 2’004.6 1’991.9 offset by a slowdown to +6.2% LC growth in 2HY -0.7% in LC − R&D: stable in LC for
Slide 22: EBITA Components
EBITA Components Sonova Group in CHF million OPERATIONAL ADJUSTMENTS FX +7.4% 828.2 2.3 54.6 -58.6 771.4 769.7 -19.9 749.8 FY 23/24 Organic M&A FY 24/25 Adjustments FY 24/25 FX FY 24/25 adjusted net of divestments adj. in LC in LC reported in LC reported Margin 21.3% +0.1% -0.2% 21.2% -1.5% 19.7% -0
Slide 23: Non-GAAP financial measures
Non-GAAP financial measures Key financials – FY 2024/25 FY 2024/25 Adjustments FY 2024/25 Transaction & 2 Litigation 3 Restructuring 4 Tax reform in CHF million Reported 1 Total Adjusted integration Gross profit 2,784.5 +15.2 +15.2 2,799.7 Gross profit margin 72.0% 72.4% Research & Development -233.
Slide 24: Cash flow development
Cash flow development Sonova Group – Operating Free Cash Flow FX impact: CHF -20m − OpCF before changes in NWC: Affected by adverse FX 859 839 809 development and higher tax payments 578 539 − Change in NWC: Impact from higher receivables and inventories more than compensated by the higher payables,
Slide 25: Balance sheet
Balance sheet Key metrics CHF m 31 Mar 2025 31 Mar 2024 Comments Days sales outstanding (DSO) 56 56 − Continued improvement in receivables collection, notably on overdues, offset by impact from 2HY sales acceleration Days payable outstanding (DPO) 90 72 − Improvement from payment term initiatives Da
Slide 26: Total shareholder return & cash deployment strategy
Total shareholder return & cash deployment strategy Sonova Group Sonova TSR strategy FY 2024/25 − Bolt-ons: CHF 70-100 million p.a. − Total M&A cash-out: approximately CHF 77 million 1. Acquisitions investment into further AC network expansion − Strategic and technology acquisitions 2. Attractive di
Slide 27: Strategy & Outlook
sonova HEAR THE WORLD trategy & Outlook
Slide 28: Sonova's strategy
Sonova’s strategy Strategic pillars Lead innovation in audiological performance & consumer experience Leverage M&A Expand consumer access to accelerate growth through omni-channel strategically audiological care network and consumer device business Continuous process Extend reach through improvement
Slide 29: New guidance metric on profitability
New guidance metric on profitability Profit guidance includes restructuring costs going forward in CHF m 2024/25 2025/26 EBITA (reported) 749.8 XXX − Sonova will continue to drive structural optimization - EBITA margin (reported) 19.4% X% initiatives to drive operational efficiency, drive profitabil
Slide 30: Outlook
Outlook Guidance and mid-term target FY 2025/26 market and business assumptions FY 2025/26 expected currency impact (based on early May 2025 FX) − Global hearing care market expected to increase by 1-3%, lagging − Sales growth in CHF to be reduced by ~4%-pts long-term growth of 4-6% – held back by w
Slide 31: sonova
sonova HEAR THE Wi ORD 31
Slide 32: Thank you!
sonova HEAR THE WORLD Thank you!
Slide 33: Appendix
sonova HEAR THE WORLD
Slide 34: Sales by regions and key markets
Appendix Sales by regions and key markets FY 2024/25 2HY 2024/25 1HY 2024/25 CHF m Δ % in LC CHF m Δ % in LC CHF m Δ % in LC EMEA 1,973.2 +7.0% 1,059.7 +9.2% 913.5 +4.5% USA 1,156.8 +7.7% 594.0 +8.4% 562.8 +7.1% Americas (excl. USA) 278.9 +10.8% 143.2 +10.1% 135.7 +11.5% Asia / Pacific 456.4 +8.1% 2
Slide 35: Sales by segment and sales components – Half-year view
Appendix Sales by segment and sales components – Half-year view FY 2024/25 2HY 2024/25 1HY 2024/25 CHF m Δ % in CHF Δ % in LC CHF m Δ % in CHF Δ % in LC CHF m Δ % in CHF Δ % in LC HI business 1,821.4 +7.3% +8.5% 953.2 +9.2% +9.8% 868.2 +5.3% +7.0% AC business 1,487.5 +5.5% +6.4% 786.7 +7.0% +8.1% 70
Slide 36: Business performance – Hearing Instruments and Audiological Care
Appendix Business performance – Hearing Instruments and Audiological Care businesses Hearing Instruments business FY 2024/25 2HY 2024/25 1HY 2024/25 CHF m Δ % in CHF Δ % in LC CHF m Δ % in CHF Δ % in LC CHF m Δ % in CHF Δ % in LC Sales 1,821.4 +7.3% +8.5% 953.2 +9.2% +9.8% 868.2 +5.3% +7.0% ∆ organi
Slide 37: Business performance – Consumer Hearing and Cochlear Implants
Appendix Business performance – Consumer Hearing and Cochlear Implants businesses Consumer Hearing business FY 2024/25 2HY 2024/25 1HY 2024/25 CHF m Δ % in CHF Δ % in LC CHF m Δ % in CHF Δ % in LC CHF m Δ % in CHF Δ % in LC Sales 252.5 +5.3% +6.4% 135.8 +13.8% +14.5% 116.7 -3.1% -1.7% ∆ organic +15.
Slide 38: Key financials – Half-year view
Appendix Key financials – Half-year view FY Δ% Δ% 2HY Δ% 1HY Δ% Δ% CHF m 2024/25 in LC in CHF 2024/25 Δ % in LC in CHF 2024/25 in LC in CHF Sales 3,865.4 +7.6% +6.6% 2,032.1 +9.2% +8.4% 1,833.2 +5.9% +4.6% Gross profit (adj.) 2,799.7 +8.1% +6.8% 1,481.2 +9.4% +8.4% 1,318.5 +6.6% +5.0% - Gross profit
Slide 39: Expense by category excluding acquisition-related amortization
Appendix Sonova Group – Expense by category excluding acquisition-related amortization FY 2024/25 FY 2023/24 CHF m ∆ % in LC CHF m Comments Research & development (adj.) -232.0 -1.4% -236.0 − Maintained high level of R&D investment at 6.0% of sales in % of sales 6.0% 6.5% Sales & marketing (adj.) -1
Slide 40: Non-GAAP adjustments
Appendix Non-GAAP adjustments 2024/25 2023/24 in CHF m FY 2HY 1HY FY 2HY 1HY Restructuring +44.2 +30.0 +14.2 +23.7 +13.5 +10.2 thereof HI segment +36.0 +25.9 +10.1 +17.1 +9.9 +7.2 thereof CI segment +8.2 +4.1 +4.1 +6.6 +3.6 +3.0 Transaction and integration costs +7.5 +4.4 +3.1 +10.5 +4.0 +6.5 Litiga
Slide 41: Non-GAAP financial measures – Half-year view
Appendix Non-GAAP financial measures – Half-year view 2024/25 2023/24 in CHF m FY 2HY 1HY FY 2HY 1HY Gross profit (reported) 2,784.5 1,472.8 1,311.7 2,610.4 1,358.8 1,251.6 Normalizations - - - - - - Gross profit (normalized) 2,784.5 1,472.8 1311.7 2610.4 1358.8 1251.6 Restructuring costs +15.2 +8.4
Slide 42: Non-GAAP financial measures – Half-year view
Appendix Non-GAAP financial measures – Half-year view 2024/25 2023/24 in CHF m FY 2HY 1HY FY 2HY 1HY EBITA (reported) 749.8 441.9 307.9 727.0 393.7 333.3 - EBITA margin (reported) 19.4% 21.7% 16.8% 20.0% 21.0% 19.0% Transaction and integration costs +7.5 +4.4 +3.1 +10.5 +4.0 +6.5 Litigation costs +6
Slide 43: Cash flow statement
Appendix Cash flow statement FY 2024/25 FY 2023/24 CHF m ∆ % in CHF CHF m Income before taxes 652.0 +0.7% 647.3 Depreciation & amortization 248.5 +0.9% 246.2 Working capital -45.4 -19.1% -56.1 Other cash effects +14.7 n/m -26.9 Tax paid -99.0 +32.8% -74.6 Financial result 23.0 +32.8% 17.3 Operating
Slide 44: FX impact on sales and margins
Appendix Sonova Group – FX impact on sales and margins USD/CHF EUR/CHF Rate Sales EBITA USD/CHF +/- 5% +/- CHF 62 million +/- CHF 11 million EUR/CHF +/- 5% +/- CHF 67 million +/- CHF 25 million 44
Slide 45: Sales by currency and FX rates
Appendix Sonova Group – Sales by currency and FX rates Spot Other FY-23/24 ıHY-24/25 2HY-24/25 FY-24/25 ∆ YOY in % May 25 USD USD 0.89 0.88 0.89 0.89 +0.0% 0.83 GBP, CAD, EUR 0.96 0.96 0.94 0.95 -1.0% 0.94 BRL, AUD GBP 1.11 1.13 1.13 1.13 1.10 +1.6% and JPY CAD 0.66 0.65 0.63 0.64 -3.0% 0.60 AUD 0.5
Slide 46: Upcoming events
Upcoming events Date Event June 10, 2025 AGM 2025 October 1 – November 13, 2025 Quiet period October 22, 2025 Presentation at EUHA congress in Nuremberg November 14, 2025 Publication of Half-Year Results 2025/26 Sonova Financial Calendar Please find the full financial calendar here: https://www.sono
Slide 47: Investor relations contacts
Investor relations contacts Thomas Bernhardsgruetter Jessica Grassi Senior Director Investor Relations Director Investor Relations +41 58 928 33 44 +41 58 928 33 22 Sonova Group Headquarters +41 79 618 28 07 +41 79 416 28 76 Laubisrütistrasse 28 Thomas.Bernhardsgruetter@sonova.com Jessica.Grassi@son