What Is Genuinely Working
Hearing Instruments and Audiological Care combined grew 7.0% in local currencies, sustaining market-share gains. Official results pp. 1-8
Normalized EBITA rose 16.0% in local currencies and normalized margin expanded 180 basis points. Official results pp. 1-8
Hearing Instruments sales grew 7.9% and Audiological Care organic sales grew 4.8% in local currencies. Official results pp. 1-8
Track Record And Consistency
Medium: operating performance supported the full-year guidance, but the headline relied heavily on local-currency and normalized measures while reported and cash outcomes were weaker. Official results pp. 1-8
What The Headline Obscures
Reported sales declined 1.0% and reported EBITA fell 6.6% in Swiss francs despite strong local-currency framing. Official results pp. 1-8
Operating free cash flow fell 33.9% to CHF 68.9 million and free cash flow fell to CHF 37.5 million. Official results pp. 1-8
Net debt increased to CHF 1,353.9 million from CHF 1,139.5 million at the prior year-end. Official results pp. 1-8
Consumer Hearing sales fell 11.6% and Cochlear Implants system sales fell 6.2% in local currencies. Official results pp. 1-8
Corporate Language, Decoded
What To Watch Next
Bull case: Core hearing businesses continue gaining share and FX pressure eases, allowing local-currency growth to translate into reported earnings and cash.
Bear case: Consumer Hearing and Cochlear Implants remain weak while FX, manufacturing changes, and working capital keep suppressing reported results and cash.
Measurable watchlist: Reported versus local-currency growth; operating free cash flow; net debt; Consumer Hearing; Cochlear Implants system sales.