Sonova Holding Ag · SIX:SOON
Sonova — H1 2025/26 Earnings Presentation
31 slides from Sonova's earnings presentation, Nov 14, 2025
Slide 1: Half Year Results 2025/26
tGlHalf Year Results 2025/26 Stäfa, November 14, 2025 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
Ol sonova HEAR THE WORLD. Business Review
Slide 4: Key takeaways for first half 2025/26
Key takeaways for first half 2025/26 − HI and AC combined sales growing at +7% in LC – 2x the market − Sustained market share gains in HI, supported by success of the Infinio and Infinio Sphere platforms − AC outpacing the market, driven by strong organic growth, benefiting from recent growth initia
Slide 5: Sonova Group key highlights
Sonova Group key highlights HY 2025/26 Sales Outlook for sales Innovation & AI leadership CHF 1,815.4 m +5 - 9% Staying ahead of +4.9% in LC growth in LC competition with in FY 2025/26 Infinio Ultra & -1.0% in CHF Infinio Ultra Sphere Organic growth +4.5% in LC EBITA (norm.) Outlook for EBITA Enteri
Slide 6: Hearing Instruments segment
Hearing Instruments segment Sustained market share gains in HI and AC – Major uplift in LC profitability Sales EBITA (norm.) Segment sales − Combined HI and AC sales up +7.0% in LC, double CHF 1,683.2m CHF 305.1m the estimated market growth +5.7% vs. PY in LC +16.9% vs. PY in LC − HI and AC business
Slide 7: Hearing Instruments business
Hearing Instruments business Outperformance from new products and expanded customer relationships – Momentum to continue with new launches HI business sales: CHF 879.9m +7.9% vs. PY in LC − Strong sales growth of +7.9% in LC, driven by higher volumes and ASP lift − Continued market share gains from
Slide 8: Expanding innovation and AI leadership
Expanding innovation and AI leadership Launching comprehensive portfolio to address both customer and consumer needs Audéo Infinio Ultra Sphere Audéo Infinio Ultra R − With powerful proprietary − Outperforms competitors for AI chip to instantly detect speech in loud noise extract and enhance speech
Slide 9: Audiological Care business
Audiological Care business Exceeding market dynamics – Growth and efficiency initiatives delivering results AC business sales: CHF 706.5m +5.8% vs. PY in LC +4.8% organic growth − Outpacing the market, driven by strong organic growth − Limited contribution from bolt-on acquisitions, mainly in DE, FR
Slide 10: Consumer Hearing business
Consumer Hearing business Soft markets and launch timing holding back sales development CH business sales: CHF 96.8m -11.6% vs. PY in LC − Continued weak demand in the consumer electronics market, partly attributable to tariff-related effects − Challenging comparison – no significant product launche
Slide 11: Cochlear Implants segment
Cochlear Implants segment Robust systems momentum in developed markets offset by headwinds from China and fewer upgrades Sales EBITA (norm.) Cochlear implant systems − Sales outside China up +6.7% in LC, supported CHF 132.2m CHF 10.9m by solid commercial execution and improved -4.8% vs. PY in LC -11
Slide 12: Financial Information
O2 sonova HEAR THE WORLD. Financial Information
Slide 13: Sales development
Sales development All regions contributing to solid sales growth OPERATIONAL FX − Growing in all key regions in CHF +4.9% − EMEA (+4.5% in LC): New products and bolt-on acquisitions million 1,922.3 mainly in DE and FR 7.5 − USA (+7.4% in LC): Share gains in the HI business in the 81.6 -106.8 commerc
Slide 14: Gross profit margin development
Gross profit margin development Margin pressure from ramp-up and regionalization of manufacturing and logistics and lower CH sales OPERATIONAL FX − Gross profit margin -80bps in LC, driven by: -0.8% − Positive volume and ASP development in HI and AC 71.5% − Temporary costs from ramp-up and regionali
Slide 15: Development of operating expenses
Development of operating expenses Stable OPEX level in LC leading to strong operating leverage OPERATIONAL FX − OPEX down -0.2% vs. sales growth of +5.9% in LC in CHF -0.2% − R&D: +2.4% in LC, driven by continued investments million 1’000.6 998.5 in innovation -0.8% +0.6% − Sales & marketing: +0.5%
Slide 16: EBITA components
EBITA components Strong margin improvement in LC – Significant FX translation impact in CHF million OPERATIONAL NORMALIZATIONS FX +16.0% 360.9 -0.1 -29.2 49.9 331.7 311.1 -44.2 287.5 1H 24/25 Organic M&A 1H 25/26 Normalizations 1H 25/26 FX 1H 25/26 norm. net of divestments norm. in LC in LC reported
Slide 17: Half-year key financials at a glance
Half-year key financials at a glance Solid progress across all regions –Strong LC growth across all profitability metrics ıH 2025/26 − Solid progress across all regions CHF m Margin ∆ % in LC ∆ margin in LC − Gross profit margin down -80bps in LC due to temporary pressure from ramp-up and regionaliz
Slide 18: Cash flow
Cash flow Double-digit growth in operating cash flow 1H 25/26 1H 24/25 − Operating cash flow +12.1%: Driven by reduced CHF m ∆ % in CHF CHF m cash outflow from NWC Income before taxes 234.3 -9.3% 258.3 − M&A: Continued bolt-on acquisitions in AC, mainly in DE, Depreciation & amortization 116.6 -3.2%
Slide 19: Balance sheet
Balance sheet Solid balance sheet – Improvement in ROCE CHF m 30 Sep 2025 30 Sep 2024 − Cash conversion metrics: Improvements in DSO and Days sales outstanding (DSO) 52 55 DIO, partly reflecting reversal of elevated launch-related levels – DPO largely stable Days payable outstanding (DPO) 58 62 − RO
Slide 20: Outlook
O Outlook sonova HEAR THE WORLD.
Slide 21: Outlook 2025/26
Outlook 2025/26 Guidance re-iterated – Growth expected to benefit from recent launches and ongoing momentum in AC Assumptions for 2H 2025/26 FY 2025/26 expected currency impact (based on end October 2025 FX) − Global hearing care market expected to increase by 1-3%, in line with − Sales growth in CH
Slide 22: Questions & Answers
sonova HEAR THE WORLD. Questions & Answers
Slide 23: Appendix
sonova HEAR THE WORLD. Appendix
Slide 24: Sales performance by business
Appendix Sales performance by business Hearing Instruments business Audiological Care business ıH 2025/26 ıH 2024/25 ıH 2025/26 ıH 2024/25 Δ% Δ% Δ% Δ% Δ% Δ% Δ% Δ% CHF m in CHF in LC CHF m in CHF in LC CHF m in CHF in LC CHF m in CHF in LC Sales 879.9 +1.3% +7.9% 868.2 +5.3% +7.0% Sales 706.5 +0.8% +
Slide 25: Expense by category excluding acquisition-related amortization
Appendix Expense by category excluding acquisition-related amortization 1H 2025/26 1H 2024/25 CHF m ∆ % in LC CHF m Research & development (norm.) -113.7 +2.4% -113.4 in % of sales 6.3% 6.2% Sales & marketing (norm.) -667.5 +0.5% -697.8 in % of sales 36.8% 38.1% General & administration (norm.) -178
Slide 26: Non-GAAP financial measures
Appendix Non-GAAP financial measures 1H 2025/26 Normalizations 1H 2025/26 in CHF million Reported 1 Transaction & 2 Litigation Total Normalized integration Gross profit 1,276.1 - - - 1,276.1 Gross profit margin 70.3% - - - 70.3% Research & Development -113.7 - - - -113.7 Sales & Marketing -667.6 +0.
Slide 27: Non-GAAP financial measures – Half-year view
Appendix Non-GAAP financial measures – Half-year view 2025/26 2024/25 in CHF m 1HY FY 2HY 1HY Gross profit (reported) 1,276.1 2,784.5 1,472.8 1,311.7 Normalizations - - - - Gross profit (normalized) 1,276.1 2,784.5 1,472.8 1311.7 Restructuring costs +3.2 +15.2 +8.4 +6.8 Gross profit (adjusted) 1,279
Slide 28: Non-GAAP financial measures – Half-year view
Appendix Non-GAAP financial measures – Half-year view 2025/26 2024/25 in CHF m 1HY FY 2HY 1HY EBITA (reported) 287.5 749.8 441.9 307.9 - EBITA margin (reported) 15.8% 19.4% 21.7% 16.8% Transaction and integration costs +0.3 +7.5 +4.4 +3.1 Litigation costs +28.2 +6.3 +6.3 - EBITA (normalized) 316.1 7
Slide 29: FX information
Appendix FX information Sales by currency Historic FX rates Spot Other ıHY- 1HY- Δ YOY 2HY- FY- Oct- GBP, USD 24/25 25/26 in % 24/25 24/25 2025 CAD, BRL, USD 0.88 0.81 -7.9% 0.89 0.89 0.80 AUD and EUR 0.96 0.94 -2.7% 0.94 0.95 0.93 JPY GBP 1.13 1.09 -3.7% 1.13 1.13 1.05 CAD 0.65 0.59 -9.1% 0.63 0.64
Slide 30: Key dates
Key dates Date Event April 1 – May 17, 2026 Quiet period May 18, 2026 Publication of Full-Year Results 2025/26 June 16, 2026 AGM Sonova Financial Calendar Please find the full financial calendar here: https://www.sonova.com/en/financial-calendar 30
Slide 31: 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