Sonova Holdings FY26 Results Supported by Strong Momentum on Hearing Aids Wholesale Business

Sonova's FY26 results beat consensus on EBITA due to strong Hearing Instruments performance, although Cochlear Implants remained weak. Management guided for mid-to-high single-digit growth in FY27 while shifting to a 'core EBIT' reporting metric.

Key Takeaways

• 1.Sonova's FY26 results showed solid constant FX revenue growth of 5.9%, driven by a strong 9.5% growth in the Hearing Instruments division.
• 2.Management guidance for FY27 targets 5-8% constant FX revenue growth and 7-10% core EBIT growth, though a change in reporting metrics complicates comparisons.
• 3.Weakness in the Cochlear Implants division persisted, with an 11.1% local currency sales decline due to competition and soft demand in China.

Table of Contents

• By division...
• Valuation methodology
• Key risks
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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