Cochlear Ltd. | 亚太 FY26 业绩：初步看法

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M

Update

August 17, 2026 10:08 PM GMT

Morgan Stanley Australia Limited+

Cochlear Ltd. | Asia Pacific

David L Bailey

Equity Analyst

FY26 Result: First Take

Peter Niu

Research Associate

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Cochlear Ltd. (COH.AX, COH AU)

Key Takeaways

Australia Healthcare | Australia

FY27 outlook: Low single-digit sales growth (CC), in line with MS/VA. Underlying

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 17, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

NPAT A$330-350mn (mid-point in line with VA at A$340mn, -6% vs MS).

Fiscal Year Ending

06/25 06/26e 06/27e 06/28e

Relative to our forecasts, the key variation for FY27 guidance is a lower-than-

EPS (A$)**

Prior EPS (A$)**

EPS (A$)§

Revenue, net (A$ mn)

EBITDA (A$ mn)

ModelWare net inc (A$

mn)

P/E

ROE (%)

EV/EBITDA

Div yld (%)

FCF yld ratio (%)

Leverage (EOP) (%)

6.33

6.09

2,343

644

415

4.76

4.73

2,319

514

311

5.56

5.21

2,395

588

362

6.46

5.75

2,563

660

420

47.5

22.6

30.2

1.5

0.7

(14.1)

25.6

16.0

15.4

2.8

2.1

(3.7)

23.6

19.7

14.3

3.0

3.4

(4.5)

20.3

22.2

12.7

3.5

4.2

(4.6)

The beats: FY26 CI units +3%/+5% vs VA/MS, but with CI revenue less materially

ahead. Underlying FY26 EBIT ahead of VA/MS, with underlying NPAT +4% of VA/

MS.

The misses: Gross margin below expectations (-0.9%/-1.2% vs VA/MS), with

69.6% implied for 2H26.

expected gross margin (expected to be 70-71% vs MS at 72%).

Conference call focus: Details in relation to Nexa software updates, commentary

on operational trends in key regions, long-term margin targets.

Exhibit 1:

COH FY26 result

CI units

FY25

53,968

Actual

FY26

56,692

YoY

5%

VA

55,013

Variance

MS

54,022

VA

3%

MS

5%

Revenue

CI

Services

Acoustics

Total

1,470

609

276

2,356

1,435

635

273

2,343

-2%

4%

-1%

1,421

631

281

2,333

1,414

627

283

2,324

1%

-3%

0%

2%

1%

-3%

1%

Gross profit

…Gross margin

1,741

73.9%

1,655

70.6%

-5%

-3.2%

1,669

…