Sonova: A Solid, In-Line End to the Year

Research evidence excerpt

Sonova: A Solid, In-Line End to the Year

Deutsche Bank

Research

Rating Company Date

Hold Sonova 18 May 2026

Results

Europe

Switzerland

Reuters Bloomberg Exchange Ticker Price at 15 May 2026 (CHF) 179.10

SOON.S SOON SW SWX SOON

Price Target (CHF) 188.00

Healthcare

Medical Technologies & ADR ISIN 52-week range (CHF) 282.70168.05-

SONVY US83569C1027

Services

A Solid, In-Line End to the Year

Valuation & Risks

Falko Friedrichs

Takeaway Summary Research Analyst

Sonova's results for the second half of its 2025/26 fiscal year (ending in March) were +49-69-910-36270

in line with consensus expectations for both sales and adjusted EBITA. The

Jan Koch, CFA

underlying performance showed solid constant-currency growth of 6% in sales and Research Analyst

16% in adjusted EBITA, driven primarily by the Hearing Instruments business. For +49-69-910-47428

the new 2026/27 fiscal year, management has issued guidance for 5-8% sales

Fynn Scherzler

growth and 7-10% adjusted EBIT growth, both in constant currencies. This outlook,

Research Analyst

which is largely in line with current consensus expectations, implies the company

+49-69-910-40764

expects to continue outperforming the broader market, for which it projects 2-4%

growth. Sachin Gadilingappa

Research Associate

More Color on the Results

n The underlying H2 results showed 6% sales growth in constant currency

Price/price relative

(CER) and 16% adjusted EBITA growth in constant currency (CER). The

results were driven by strong performance in the Wholesale business 400

(+11% CER), while adjusted EBITA was supported by accelerating sales and 300

restructuring actions. 200

n The Wholesale business posted 11% CER growth, driven by new products 100

2024 2025 2026

and market share gains.

Sonova – (Rebased)