Slide 1: Full Year Results 2025/26
18 May 2026 Full Year Results 2025/26 Eric Bernard, CEO Elodie Carr-Cingari, CFO
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 sonova
Slide 4: Strong results and continued outperformance – Fully delivering on guidance
Strong results and continued outperformance – Fully delivering on guidance Hearing Instruments segment – Strong growth and acceleration in 2HY Very strong development in Wholesale, led by Ultra and Virto R, driving double-digit growth in 2HY and highest YOY market share gain in six years Robust grow
Slide 5: A CHF 6 billion revenue ambition
A CHF 6 billion revenue ambition Powered by Innovate for Multi-channel, Excel in adoption multi-brand operations Strategic • Design beyond RIC • Country-by-country • Elevate service and customer priorities • AI & digitalization beyond • Unlocking Wholesale – Retail experience as a differentiator pro
Slide 6: HI segment – Substantial market share gains and uplift in LC profitability
HI segment – Substantial market share gains and uplift in LC profitability Sales EBITA (normalized) Segment sales CHF 3,353.8m CHF 793.7m Sales up +7.5% in LC, more than twice the estimated market growth +7.5% in LC +20.6% in LC Acceleration in 2HY against a strong YOY (2HY: +7.9% in LC) Margin: 23.
Slide 7: Wholesale business – Successful product launches driving acceleration
Wholesale business – Successful product launches driving acceleration Sales CHF 1,861.8m +9.5% in LC (2HY: +10.9% in LC) Substantial LC sales growth of +9.5% in LC, driven by higher volumes and ASP uplift, resulting in highest YOY market share gain in 6 years Growth in 2HY accelerating to +10.9% in
Slide 8: Very positive impact from recent innovations and exciting upcoming launches
Very positive impact from recent innovations and exciting upcoming launches Functionality Next wave Upcoming Sphere innovation launches Direct speech extraction with proprietary DNN chip through real-time AI. More compact form factors with real-time AI New hearing aid platform Design building on AI
Slide 9: Retail business – Robust organic growth & strong operating leverage
Retail business – Robust organic growth & strong operating leverage Sales CHF 1,491.9m +5.1% in LC (2HY: +4.4% in LC) +3.8% organic growth Exceeding market dynamics, largely driven by healthy organic growth – sequentially higher growth momentum in 4Q – with modest contribution from bolt-on acquisiti
Slide 10: CI segment – Continued headwinds in China
CI segment – Continued headwinds in China New processor in 2HY 26/27 Sales EBITA (normalized) Cochlear implant systems CHF 252.1m CHF 17.2m Flat sales outside China, despite competitive product launch -11.1% in LC -54.8% in LC Challenges from VBP introduction in China (-3.8% excl. China) Margin: 6.8
Slide 11: Our sustainability activities align with our vision
Our sustainability activities align Our ambition is to with our vision improve 30 million lives by FY 30/31 Recognitions Highlights FY 25/26 CSA Ranked 98th percentile in health care Of Sonova’s operations powered by equipment & supplies industry 100% renewable electricity Prime – B, Top 2% in healt
Slide 12: Financial information
Financial information sonova
Slide 13: Sales development – All regions contributing to growth
Sales development – All regions contributing to growth OPERATIONAL FX Growing in all key regions +5.9% EMEA (+4.8% in LC): Sustained market share gains along with Retail in CHF million 3,826.9 bolt-ons mainly DE, IT and FR 18.7 USA (+9.1% in LC): Share gains in Wholesale in the commercial market 195
Slide 14: Gross profit – 2HY improvement of 40bps resulting in stable margin for the year
Gross profit – 2HY improvement of 40bps resulting in stable margin for the year OPERATIONAL FX Margin development driven by: -10bps 74.3% Higher volume and positive ASP development in 74.2% -0.1% 0.0% both the Wholesale and Retail business -0.5% Temporary ramp-up and regionalization costs in 1HY fro
Slide 15: Disciplined OPEX management resulting in substantial operating leverage
Disciplined OPEX management resulting in substantial operating leverage OPERATIONAL FX OPEX up +1.1% vs. sales growth of +5.9% in LC in CHF +1.1% million R&D: +3.8% in LC, reflecting sustained high level of investments 1’922.5 +0.7% to drive innovation 1’902.2 +0.4% in LC in LC S&M: +1.5% in LC, wit
Slide 16: Strong EBITA margin improvement in LC partly offset by FX translation
Strong EBITA margin improvement in LC partly offset by FX translation in CHF million OPERATIONAL ADJUSTMENTS FX +17.3% 917.7 1.2 -90.3 134.4 827.4 782.1 -103.3 724.2 FY 24/25 Organic M&A FY 25/26 Normalizations FY 25/26 FX FY 25/26 normalized net of divestments normalized in LC reported reported (re
Slide 17: Key financials – Above-market sales growth and healthy earnings development
Key financials – Above-market sales growth and healthy earnings development FY 25/26 Strong sales growth for the Group, driven by substantial share gains in CHF m Margin Δ % in LC Δ margin in LC the Hearing Instruments segment Sales 3,605.9 +5.9% Gross profit margin stable in LC with 2HY improvement
Slide 18: Pro-forma results within guidance – Planned divestment lifting growth and margin
Pro-forma results within guidance – Planned divestment lifting growth and margin FY 25/26 FY 24/25 Pro-forma growth, including the Consumer Hearing business, well CHF m Δ % in LC CHF m within the guidance range provided for FY 25/26 with sales up +5.5% Sales from continued operations 3,605.9 +5.9% 3
Slide 19: Cash flow – Continued strong cash conversion of >90%
Cash flow – Continued strong cash conversion of >90% FY 25/26 FY 24/25 Operating free cash flow: Development largely driven by FX translation CHF m Δ % in CHF CHF m impact and phasing of tax payments Income before taxes 641.7 -6.2% 684.3 Cash conversion: Remains strong at >90% Depreciation & amortiz
Slide 20: Disciplined balance sheet and attractive returns
Disciplined balance sheet and attractive returns 31 Mar 2026 30 Sep 2025 31 Mar 2025 Balance sheet metrics: Improvements in DIO while DSO remain stable Days sales outstanding (DSO) 55 50 54 – DPO up slightly vs. 1HY 25/26 but down YOY, reflecting timing of Days payable outstanding (DPO) 60 55 94 pay
Slide 21: Outlook
Outlook sonova
Slide 22: Outlook FY 26/27
Outlook FY 26/27 Continued growth momentum and meaningful operating leverage SALES growth (LC) 5% to 8% EBIT growth (LC) (Core) 7% to 10% Mid-term target 5% to 10% Mid-term target 7% to 12% Market outlook Wholesale business Retail business Cochlear Implants business Global hearing care market Strong
Slide 23: Q&A
Q&A sonova
Slide 24: Appendix
Appendix sonova
Slide 25: Disciplined capital allocation supporting growth and shareholder returns
Disciplined capital allocation supporting growth and shareholder returns 1 Organic growth investments 2 Retail bolt-ons 3 Strategic M&A Step-up R&D to accelerate roadmap Scaling store footprint: CHF 80-100m p.a. Selective larger acquisitions in strategic countries Invest >1% of sales in digital & IT
Slide 26: Sales by regions and key markets
Sales by regions and key markets FY 25/26 2HY 25/26 1HY 25/26 CHF m Δ % in LC CHF m Δ % in LC CHF m Δ % in LC EMEA 1,904.2 +4.8% 1,016.3 +4.1% 887.9 +5.5% USA 1,093.7 +9.1% 554.0 +9.9% 539.7 +8.2% Americas (excl. USA) 263.9 +7.1% 139.9 +9.5% 124.0 +4.7% Asia / Pacific 344.1 +1.4% 177.0 +0.6% 167.1 +
Slide 27: Performance by business
Performance by business Wholesale business FY 25/26 2HY 25/26 1HY 25/26 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 1,861.8 +2.2% +9.5% 981.9 +3.0% +10.9% 879.9 +1.3% +7.9% Δ organic +172.3 - +9.5% +103.5 - +10.9% +68.7 - +7.9% Δ acquisitions - - - - - - -
Slide 28: Performance by business
Performance by business Cochlear Implants business FY 25/26 2HY 25/26 1HY 25/26 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 252.1 -17.1% -11.1% 119.8 -23.4% -17.1% 132.2 -10.4% -4.8% Δ organic -33.8 - -11.1% -26.7 - -17.1% -7.1 - -4.8% Δ acquisitions - - -
Slide 29: Key financials – Half-year view
Key financials – Half-year view CHF m FY 25/26 Δ % in LC Δ % in CHF 2HY 25/26 Δ % in LC Δ % in CHF 1HY 25/26 Δ % in LC Δ % in CHF Sales 3,605.9 +5.9% -0.2% 1,887.2 +5.9% -0.5% 1,718.7 +6.0% +0.1% Gross profit (norm.) 2,658.3 +5.8% -1.0% 1,418.0 +6.5% -0.4% 1,240.3 +5.0% -1.7% - Gross profit margin (
Slide 30: Expense by category excluding acquisition-related amortization
Expense by category excluding acquisition-related amortization FY 25/26 FY 24/25 CHF m Δ % in LC CHF m Research & development (norm.) -217.7 +3.8% -214.3 in % of sales 6.0% 5.9% Sales & marketing (norm.) -1,287.5 +1.5% -1,333.2 in % of sales 35.7% 36.9% General & administration (norm.) -343.6 +0.2%
Slide 31: New guidance metric on profitability – Moving to core EBIT
New guidance metric on profitability –Moving to core EBIT FY 25/26 FY 24/25 FY 2HY 1HY FY 2HY 1HY Sonova will continue to drive strategic initiatives to elevate operational Gross profit (reported) 2,658.3 1,418.0 1,240.3 2,684.4 1,423.2 1,261.2 efficiency, lift profitability and generate investment
Slide 32: Non-GAAP adjustments
Non-GAAP adjustments FY 25/26 FY 24/25 CHF m FY 2HY 1HY FY 2HY 1HY Transaction and integration costs (HI segment) +0.6 +0.3 +0.3 +7.5 +4.4 +3.1 Litigation costs (CI segment) +28.2 - +28.2 +6.3 +6.3 - Reassessment of legacy product liability (CI segment) +23.6 +23.6 - - - - Impairment of software (HI
Slide 33: FX information
FX information Historic FX rates Δ YOY Spot FY 24/25 1H-25/26 2H-25/26 FY-25/26 in % May-2026 Sales currency mix Cost currency mix USD 0.89 0.81 0.79 0.80 -9.4% 0.79 CHF CHF Other EUR 0.95 0.94 0.93 0.93 -2.3% 0.92 Other EUR GBP 1.13 1.09 1.06 1.08 -4.9% 1.06 EUR CAD 0.64 0.59 0.57 0.58 -8.9% 0.57 A
Slide 34: Key dates
Key dates Date Event June 16, 2026 AGM October 1 – November 16, 2026 Quiet period November 17, 2026 Publication of half-year results 2026/27 Sonova Financial Calendar Please find the full financial calendar here: https://www.sonova.com/en/financial-calendar
Slide 35: Investor relations contacts
Investor relations contacts Thomas Bernhardsgruetter Olivier Fergg Nicole Jenni Senior Director Investor Relations Investor Relations Analyst Investor Relations Associate +41 58 928 33 44 +41 58 928 33 45 +41 58 928 33 21 +41 79 618 28 07 Olivier.Fergg@sonova.com Nicole.Jenni@sonova.com Thomas.Bernh
Slide 36: Oe
Oe