Sonova Holding AG: Feedback from the European Leadership conference

Research evidence excerpt

Sonova Holding AG: Feedback from the European Leadership conference

Equity Research

European Medical Technology & Services

22 May 2026

Sonova Holding AG

Feedback from the European

Leadership conference

Management constructive on market improvements. Global SOON.S/SOON SE UNDERWEIGHT

POSITIVEmarket share the highest in four years & Costco share >20%. EuropeanTechnologyMedical& Services

AMP acquisition of GN presents opp in US independents Price Target CHF 175.00

where Sonova has below fair share. AI may pave the way for a Price (20-May-26) CHF 203.00 Potential Upside/Downside -13.8%

Source: Bloomberg, Barclays Researchfaster cadence of product innovation over time.

Following FY 25/26 results and hosting the CEO roadshow (see H2 review: A year of intense European Medical Technology &

competition, market recovery? , Feedback from the CEO roadshow, 21 May), we were pleased to Services

Hassan Al-Wakeel, CFAhost the CEO at our Leadership conference yesterday, highlighting our three key takeaways

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below. 1) US independents: Do not have “fair share” among independents which presents an

hassan.al-wakeel@barclays.com

opportunity. Improving service levels is key, with management noting EasyGuard reduces Barclays, UK

service time by 38%. Although GN’s wholesale business is less than half the size of Sonova’s,

Jonathon Unwindisruption in the channel from Amplifon acquiring GN presents some short-term opportunities

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to gain share. 2) Market share: Highest share gain since Marvel launch six years ago and highest

jonathon.unwin@barclays.com

absolute share level since initial removal from Costco four years ago. Costco share now greater Barclays, UK

than 20%. 3) AI: Typically takes three to four visits for a customer to become satisfied, looking at