Above-market Sales Growth and Confirmed Guidance
Group delivered above-market sales growth across all regions, exited the year with sequential Q4 momentum and provided FY26/27 guidance of consolidated sales rising 5% to 8% and core EBIT growth of 7% to 10% at constant exchange rates.
Hearing Instruments Segment: Strong Revenue and Margin Expansion
Hearing Instruments sales rose 7.5% to CHF 3.4 billion; normalized EBITDA increased 17.3% to CHF 794 million, delivering a 23.7% margin and a margin improvement of ~280 basis points in local currencies.
Wholesale: Double-digit Second-half Growth and Market-share Gains
Wholesale revenues increased 9.5% (CHF 1.9 billion) with H2 growth of 10.9%; management reported the largest year‑on‑year market share gain since the Marvel platform launch and highlighted Virto R (now ~CHF 120 million p.a. run‑rate from zero) and Infinio Ultra as major contributors.
Retail: Steady Organic Growth and Strategic Expansion
Retail revenues reached CHF 1.5 billion, up 5.1%; bolt-on acquisitions contributed ~1.3 percentage points to growth, with store expansions in Germany, Austria and Canada and sequential acceleration in Q4.
Strong Profitability, Operating Leverage and Capital Metrics
Normalized EBITA rose 17.3% (almost 3x faster than top line) with a margin improvement of ~240 basis points in local currencies; EPS grew ~16%; return on capital employed remained strong at 19%; net debt/EBITDA improved to 1.1x.
Product Innovation and Pipeline Momentum
Launched AI-driven products (Sphere, Sphere Ultra), Virto R rechargeable ITE and EasyGuard wax management; management plans a new AI-enabled hearing aid platform in FY26/27 and a new cochlear-implant sound processor to drive future growth.
Healthy Cash Generation and Disciplined Capital Allocation
Operating free cash flow and cash conversion remained strong (consistently above 90%); disciplined capex (lower than prior year); cash spent on bolt-on retail acquisitions CHF 46 million; stable working capital trends.
Recognized Sustainability Progress
Sonova continued to be recognized by leading ESG rating agencies and included in important sustainability indices, underlining progress on its sustainability agenda.