What Is Genuinely Working
Organic growth reached 5.4%, with the Hearing Instruments segment growing 6.9% organically. Official results pp. 1-9
Normalized EBITA rose 17.3% in local currencies and normalized margin expanded 240 basis points. Official results pp. 1-9
Net debt fell to CHF 994.3 million and net debt/EBITDA improved to 1.1x. Official results pp. 1-9
Retail organic growth reached 3.8%, exceeding market dynamics. Official results pp. 1-9
Track Record And Consistency
Medium-high: Sonova delivered within guidance and accelerated in the second half, though the planned Consumer Hearing divestment and switch from normalized EBITA to core EBIT complicate future comparisons. Official results pp. 1-9
What The Headline Obscures
Reported sales declined 0.2% and normalized EBITA grew only 3.7% in Swiss francs because of severe FX pressure. Official results pp. 1-9
Operating free cash flow fell 10.8% and free cash flow fell 7.1%. Official results pp. 1-9
Cochlear Implants system sales fell 10.3% in local currencies and normalized EBITA halved. Official results pp. 1-9
The Consumer Hearing business was classified as discontinued after continued weakness and a planned divestment. Official results pp. 1-9
Corporate Language, Decoded
What To Watch Next
Bull case: Product momentum and retail growth sustain share gains, FX pressure moderates, and the Consumer Hearing exit improves focus and profitability.
Bear case: FX remains adverse, Cochlear Implants weakness persists, and lower cash conversion limits balance-sheet flexibility.
Measurable watchlist: FY 2026/27 sales and core EBIT guidance; cash conversion; Cochlear Implants; Consumer Hearing divestment; FX impact.