Full Year 2026 Sonova Holding AG Earnings Call Transcript
Key Points
- Sonova Holding AG (SONVF) delivered strong results for the fiscal year 2025-26, outperforming the hearing care market and fully meeting its guidance.
- The hearing instruments segment saw accelerated growth in the second half, driven by strong development in wholesale and successful product launches.
- The company achieved a 17.3% year-on-year increase in normalized EBITDA, with a margin improvement of 240 basis points.
- Sonova's renewed strategy aims to grow revenue to CHF6 billion by FY 2030-31 through innovation, local market success, and operational excellence.
- The retail business experienced robust growth, supported by consistent execution and successful growth initiatives, with a positive outlook for the new fiscal year.
- The cochlear implant segment faced headwinds due to the introduction of VDP in China, softer upgrade sales, and heightened competitive pressure.
- Sales in the cochlear implant segment declined by 11%, with system sales affected by competitive product launches and market conditions in China.
- Normalized operating expenses rose modestly by 1.1%, despite strong sales growth, indicating potential cost management challenges.
- The company anticipates headwinds in the cochlear implant segment in the first half of FY 2026-27, with improvement expected only in the second half.
- Exchange rate developments negatively impacted normalized EBITDA by CHF130 million, reducing the margin by 1.5 percentage points.
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Ladies and gentlemen, welcome to the SANOVA AGE full-year results 2025-2026 conference call and live webcast. I am Valentina, the Corus Call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Thomas Bernard Cutter, Senior Director, Investor Relations. Please go ahead.
Thank you, Valentina, and welcome everyone to the presentation of our full year results 2025-26.
The slides of the call are available on our website.
With me in the room are Erik Bernard, CEO and Edel Di Card, CFO of Sanova.
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