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Sonova Reports Strong FY 2025/26 Growth, Led by Infinio Platform
Sonova reports strong hearing aid sales, higher profitability in FY 2025/26, and looks for continued gains in the coming year.)
Veröffentlicht am May 18, 2026
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Sonova—the world’s largest hearing aid manufacturer and parent group of Phonak, Unitron, Advanced Bionics, and AudioNova—reported solid results for its 2025/26 financial year, with growth in its hearing instruments businesses offsetting currency headwinds and continued weakness in cochlear implants.
For the year ended March 31, 2026, the Switzerland-based group generated sales of CHF 3.61 billion (about US$4.58 billion) from continuing operations, essentially flat in Swiss francs but up 5.9% in local currencies. Sonova said organic growth was 5.4%, while acquisitions contributed 0.5 percentage points. Reported results were significantly affected by exchange rates, which reduced sales by CHF 221 million (≈$281 million) and lowered Swiss-franc growth by 6.1 percentage points.
It’s important to note that the company’s results exclude its Consumer Hearing business, which includes its Sennheiser licensed brand. Sonova intends to divest its Consumer Hearing business (premium audio headsets, earbuds, and loudspeakers) and now classifies it as discontinued operations. Sonova also said it will now refer to its former Hearing Instruments business as Wholesale and its Audiological Care business as Retail.
Growth was strongest in the Hearing Instruments segment, which includes Wholesale and Retail. Segment sales reached CHF 3.35 billion (≈$4.26 billion), up 7.5% in local currencies and 1.4% in Swiss francs. Sonova said growth accelerated in the second half of the year, supported by the continued rollout of Phonak Infinio / Ultra and Infinio Ultra Sphere, and the rechargeable custom Virto R Infinio.
Within the segment, Wholesale sales rose 9.5% in local currencies to CHF 1.86 billion (≈$2.37 billion), with Sonova citing strong market reception for Infinio Ultra and Virto R Infinio. Retail sales increased 5.1% in local currencies to CHF 1.49 billion (≈$1.90 billion), helped by organic growth, targeted lead-generation efforts, and bolt-on acquisitions in markets including Germany, Australia, and Canada.
“Building on our strong performance in 2025/26, we outperformed the market and delivered results in line with our guidance,” said Sonova CEO Eric Bernard in a press statement. “Strong growth in our Wholesale business, accelerating to 10.9% in local currencies in the second half, reflects our technology and innovation leadership and consistent execution. Our Infinio platform, including Infinio Ultra, continues to strengthen our leadership in AI-enabled hearing aid performance while driving tangible market impact. Innovations such as Virto R, which combines advanced performance with a discreet, custom-designed form factor, and the EasyGuard™ wax management further translate our technological progress into measurable results.
“During the year, we made important strategic progress,” continued Bernard. “With the intended divestment of the Consumer Hearing business, the transition to a regionalized operating model, and a strong pipeline of upcoming product launches across hearing aids and cochlear implants, we are executing our strategy as planned. As we enter 2026/27, we remain confident in our strategy, our teams, and our ability to deliver profitable growth and sustainable value creation.”
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In the United States, sales rose 9.1% in local currency, driven by market share gains in the Wholesale business across the commercial market and in the VA, with the company citing its successful Virto R Infinio launch. However, sales in the Cochlear Implants segment were affected in the second half of the year by a competitor’s product launch.
Sales in the rest of the Americas (excluding the USA) rose 7.1% in local currency, led by substantial market share gains in the Wholesale business and the expansion of the Retail business store network in both Canada and Brazil.
Profitability also improved. Normalized EBITA rose 17.3% in local currencies to CHF 811.2 million (≈$1.03 billion), while the normalized EBITA margin increased to 22.5%, up 2.3 percentage points in local currencies and 0.8 percentage points in Swiss francs. Reported EBITA was CHF 724.2 million (≈$920 million), down 5.8% in Swiss francs but up 7.7% in local currencies. Net income from continuing operations was CHF 546 million (≈$694 million).
Sonova said currency movements reduced normalized EBITA by CHF 106.5 million (≈$135 million) and cut the margin by 1.5 percentage points. The company also reported several nonrecurring items, including legal and legacy costs, product-liability provisions in cochlear implants, and a non-cash software impairment tied to its strategic review.
The Cochlear Implants segment remained under pressure. Sales declined 11.1% in local currencies to CHF 252.1 million (≈$320 million), with Sonova citing volume-based procurement challenges in China and increased competition in developed markets. Excluding China, cochlear implant system sales were up 0.7% in local currencies. Segment normalized EBITA fell to CHF 17.2 million (≈$22 million), while reported EBITA showed a loss of CHF 34.6 million (≈$44 million).
Cash flow remained solid but declined from the prior year. Operating free cash flow was CHF 519.1 million (≈$660 million), compared with CHF 581.7 million a year earlier. Net debt fell to CHF 994.3 million (≈$1.26 billion), and the company’s net debt/EBITDA ratio improved to 1.1x from 1.2x.
Sonova’s board proposed a dividend of CHF 4.70 per share (≈$5.97)—a 7% increase and the highest dividend in the company’s history.
For FY 2026/27, Sonova expects consolidated sales growth of 5% to 8% and core EBIT growth of 7% to 10%, both at constant exchange rates. The company expects the overall hearing care market to grow 2% to 4% during the year, with improvement toward its medium-term assumption of 3% to 5%. Sonova also pointed to upcoming product launches, including a new AI-enabled platform expected in the second half of 2026, as it looks to continue outperforming the market.
SOURCE: Sonova
Karl Strom ist der Chefredakteur von HearingTracker. Er war Gründungsredakteur von The Hearing Review und berichtet seit über 30 Jahren über die Hörhilfenindustrie.
