Half Year 2026 Sonova Holding AG Earnings Call Transcript
Key Points
- Sonova Holding AG (SONVF) reported a strong performance in its two larger businesses, Hearing Instruments and Audiological Care, with a combined sales growth of 7% in local currencies, significantly outpacing the estimated market growth.
- The company achieved substantial operating leverage and margin expansion in local currencies, with normalized EBITDA up 16% and a strong margin expansion of 180 basis points.
- Sonova Holding AG (SONVF) launched several innovative products, including the Phonak Infino and Infinino platforms, which have been well-received in the market, contributing to the company's growth.
- The company has made strategic organizational changes to enhance customer proximity and regional responsiveness, aiming to strengthen customer centricity.
- Sonova Holding AG (SONVF) maintains a positive outlook for the full year 2025-2026, targeting 5 to 9% growth in sales and 14 to 18% growth in normalized EBITDA at constant exchange rates.
- The Consumer Hearing and Cochlear Implants businesses faced challenges, with the former struggling due to weak markets and lack of significant product launches, and the latter impacted by volume-based procurement issues in China.
- The strength of the Swiss Franc (CHF) continues to be a major headwind, negatively affecting reported sales and margins.
- The company experienced a decline in sales in the Consumer Hearing segment by about 12% in local currencies, attributed to weak consumer demand and lack of new product launches.
- Cochlear Implants sales were down 5% in local currencies, with significant headwinds in China due to volume-based procurement and lower upgrade sales.
- Gross profit margin fell by 80 basis points in local currencies, impacted by temporary costs related to regionalizing manufacturing and logistic footprints, and lower operating leverage in the Consumer Hearing business.
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Ladies and gentlemen, welcome to the Sonova Half Year Results 2025, 2026 conference call and live webcast. I am Matilde, the Cos call operator.
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At this time it's my pleasure to hand over to Thomas Bern Hafrette, senior director Investor relations. Please go ahead, sir.
Yes, Welcome everyone to our half year 2025, 20,206 results presentation. The slides for this call are available on our website. With me in the room
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