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Sonova Holding AG (OTC: SONVY) reported stronger-than-expected earnings for fiscal 2025-26, posting normalized EBITA of CHF 811.2 million, above analyst expectations of CHF 780.8 million. The Swiss hearing solutions company also achieved a normalized EBITA margin of 22.5%, outperforming the consensus estimate of 21.6%. Annual sales reached CHF 3.61 billion, matching market forecasts.
The company said foreign exchange headwinds weighed on reported figures, with reported EBITA declining 5.8% year-over-year to CHF 724.2 million. Currency fluctuations reduced normalized EBITA by CHF 106.5 million and cut margins by 1.5 percentage points.
CEO Eric Bernard stated that Sonova delivered results in line with company guidance while continuing to outperform the broader hearing care market. Group sales were nearly flat in Swiss francs but increased 5.9% in local currencies, supported by 5.4% organic growth and additional contributions from acquisitions.
Sonova’s Hearing Instruments division remained the key growth driver. Segment sales climbed 7.5% in local currencies to CHF 3.35 billion, while normalized EBITA rose 20.6% to CHF 793.7 million. The segment achieved a strong 23.7% EBITA margin, highlighting robust demand for hearing aid products.
However, the Cochlear Implants segment faced significant pressure. Sales dropped 11.1% in local currencies to CHF 252.1 million, missing analyst expectations. The company blamed weaker performance in China after the implementation of volume-based procurement measures. Segment EBITA fell sharply to CHF 17.2 million, with margins shrinking to 6.8%.
Sonova also announced that losses tied to its discontinued Consumer Hearing business reached CHF 106.5 million as the company moves forward with plans to divest the unit.
Looking ahead, Sonova forecasts 2026-27 sales growth of 5% to 8% and core EBIT growth of 7% to 10% at constant exchange rates. The board also proposed a record dividend of CHF 4.70 per share, up 7% from last year.
