Hearing Aids: Bernstein Quarterly Hearing Check - Our thoughts into Q2 reporting: European Consumer Medical Technologies

研报英文原文证据摘录

Hearing Aids: Bernstein Quarterly Hearing Check - Our thoughts into Q2 reporting: European Consumer Medical Technologies

22 July 2026

European Consumer Medical Technologies

Hearing Aids: Bernstein Quarterly Hearing Check - Our thoughts

into Q2 reporting

Susannah Ludwig Hearing aid reporting season kicks off on July 30th with Amplifon releasing Q2

+41 582 723 127 results. Demant and GN follow on August 11th and August 20th. Private player WSA,

susannah.ludwig@bernsteinsg.com

who reports some financial information, will release their Q3 results on August 25th. In this

Richard Hombach note, ahead of Q2 results, we compare our latest estimates vs. consensus, discuss our

+44 20 7762 1858 take on underlying hearing aid market performance, and highlight key themes we will be

richard.hombach@bernsteinsg.com

watching in Q2.

Estelle Pang, CFA Q2 2026E Bernstein estimates vs. consensus by company: While Sonova does not +44 20 7676 7646

estelle.pang@bernsteinsg.com report at Q2 (the company only reports H1 2026/27 numbers in November), we see

Sonova as best positioned into the second half of the year. We are ahead of FY 2026/27

Delphine Le Louet consensus on constant currency growth for the wholesale (+9.6% vs. +6.3%) and core

+33 1 42 13 92 93 EBIT growth (+9.4% vs. +8.2%). The strong performance of the wholesale business is

delphine.le-louet@bernsteinsg.com

driven by further share gains in Costco, another 7 months of a Virto R VA sales tailwind (and

Specialist Sales 5 months in the broader market), and the launch of a smaller Sphere hearing aid expected

in H2. For Amplifon, we are largely in line with consensus estimates. While the underlying

Christian Moore setup for Q2 appears supportive given the easy comps base, we remain somewhat cautious

+1 917 344 8555