Sonova Holding AG: H2 review: A year of intense competition, market recovery?

Research evidence excerpt

Sonova Holding AG: H2 review: A year of intense competition, market recovery?

Equity Research

European Medical Technology & Services

21 May 2026

Sonova Holding AG

H2 review: A year of intense

competition, market recovery?

CEO confidence on market recovery and innovation clear SOON.S/SOON SE UNDERWEIGHT

from our London roadshow, though investors question the Unchanged

European Medical

durability of this improvement. We continue to see risk to Technology & Services POSITIVE

Unchanged

mid-term targets and a year of heightened competitive Price Target CHF 175.00

raised 9% from CHF 160.00launches. Hosting CEO at our EU Leadership conference

today. Price (20-May-26) CHF 203.00

Potential Upside/Downside -13.8%

Source: Bloomberg, Barclays Research

We update our numbers following the company's H2 25/26 print (see: H2 results first take:

In-line print with better HI & worse CI. Guide below MT targets, 18 May). The quarter came Market Cap (CHF mn) 12104

in line with expectations as a stronger print in hearing instruments (highest share gains in Shares Outstanding (mn) 59.63

six years) was offset by a worse performance in cochlear implants owing to competitive Free Float (%) 82.31

pressure ahead of Sonova's cochlear processor launch in H2 this year. FY26/27 guidance is 52 Wk Avg Daily Volume (mn) 0.2

not anticipated to be back-end loaded and this was welcomed by investors alongside Dividend Yield (%) 2.32

favourable commentary on exit rates. Management confidence on a market recovery and a Return on Equity TTM (%) 16.32

rich innovation pipeline was clear from our London roadshow (see Feedback from the CEO Current BVPS (CHF) 44.00

roadshow). That said, we continue to see risk from a year of heightened competitive Source: Bloomberg