Sonova Holding AG's management explains the business in its own materials. The slides below do the most of that work, pulled from the documents preserved in Sources. Each source link opens the complete presentation at that slide in a new tab.
The new CEO's March 2026 strategy reset: the CHF 6bn revenue ambition, mid-term targets, business model and capital plan in one deck. · Open the full document →
p. 5 — The investment case in four boxes — market leadership, technology and financial strength — plus where management sees upside. · Open the full presentation →p. 7 — Why the market keeps growing: demographics, longevity, stable prevalence and low penetration frame a decade of structural demand. · Open the full presentation →p. 8 — Hard market data — the 65+ population curve and hearing-aid adoption rates by region and severity, showing the penetration gap. · Open the full presentation →p. 10 — The decision to divest Consumer Hearing (Sennheiser), narrowing the group back to core hearing care; explains the portfolio reset. · Open the full presentation →p. 11 — The strategy on one page — the CHF 6bn ambition and its three pillars: innovate, multi-channel/multi-brand, and excel in operations. · Open the full presentation →p. 12 — Org and leadership map — how the group is structured across Wholesale+Retail regions and the Cochlear Implants and Consumer Hearing units. · Open the full presentation →p. 14 — R&D-leadership evidence: the Sphere / Virto R / EasyGuard product edge plus the patent and publication counts behind it. · Open the full presentation →p. 16 — The AI moat in one diagram — Sonova's full stack from DSP and proprietary DNN chip to data pipeline and audiological competence. · Open the full presentation →p. 19 — The Asia growth plan — Sonova's low regional share versus the opportunity, and the phased 'made for Asia' approach. · Open the full presentation →p. 20 — How the wholesale business actually works: channel mix varies widely by country, and a multi-brand portfolio covers each tier. · Open the full presentation →p. 21 — The wholesale–retail model — owning retail feeds R&D data, launch reach and share gains; the vertical-integration logic in one flow. · Open the full presentation →p. 25 — The operations-efficiency program — four productivity levers and CHF 50m of spend targeting ~CHF 90m of annual savings. · Open the full presentation →p. 28 — The mid-term targets management is now measured against — 5–10% sales and 7–12% core-EBIT CAGR — and the assumptions behind them. · Open the full presentation →p. 29 — The bridge to CHF 6bn — market growth, share gains, and bolt-on plus larger M&A stacked into the revenue ambition. · Open the full presentation →p. 30 — The matching core-EBIT bridge — how operating leverage and efficiency, net of reinvestment, drive 7–12% earnings growth. · Open the full presentation →p. 31 — The CHF exposure that matters to the stock — ~1% of sales but ~15% of costs in Swiss francs, and the plan to close the gap. · Open the full presentation →p. 32 — The capital-allocation framework — organic investment, retail bolt-ons, M&A, ~40% payout and the 1.0–1.5x leverage target. · Open the full presentation →p. 33 — The five-year track record and forward targets side by side — growth, >20% margin, ~90% cash conversion, 18–20% ROCE. · Open the full presentation →
The fullest deep-dive: hearing-instrument market by region, the AI/DNN technology moat, the retail (Audiological Care) engine and Sonova X operations. · Open the full document →
p. 6 — Hearing-instrument market trends by region — US commercial and government plus Canada — the demand backdrop for the wholesale business. · Open the full presentation →p. 7 — The European market picture — Germany, France and UK private markets — showing how uneven regional demand can be. · Open the full presentation →p. 56 — The DEEPSONIC chip that powers Sphere — the dedicated real-time AI/DNN silicon behind the speech-in-noise advantage. · Open the full presentation →p. 58 — Sonova's own technology progression — successive SNR gains culminating in up to 10.2 dB from Spheric Speech Clarity. · Open the full presentation →p. 59 — The competitive evidence — Audéo Sphere Infinio delivers up to ~50% more access to speech cues than leading rivals. · Open the full presentation →p. 69 — The Audiological Care (retail) business at a glance — 3,700+ stores and ~10,500 staff across 20 markets, and its local brands. · Open the full presentation →p. 72 — How a national market is structured — Germany's fragmented hearing-aid share and its reimbursed, competitive dynamics. · Open the full presentation →p. 73 — The retail playbook in action — consolidating 17 German brands into GEERS to build scale, ad reach and brand awareness. · Open the full presentation →p. 82 — The Sonova X continuous-improvement system — the lean method management credits for margin and productivity gains. · Open the full presentation →p. 89 — The result of that system — more than 10% annual labour-productivity improvement every year since 2019. · Open the full presentation →
The latest full-year numbers — current sales, margins and cash by segment and region, plus the FY26/27 outlook. · Open the full document →
p. 4 — The year in brief — Hearing Instruments strong, Cochlear Implants under pressure, and +240bps of margin from operating leverage. · Open the full presentation →p. 6 — The Hearing Instruments segment — CHF 3.35bn of sales (~90% of the group) at a 23.7% margin; the core profit engine. · Open the full presentation →p. 7 — Inside HI — the Wholesale (device) business: CHF 1.86bn, +9.5% LC, its best market-share gain in six years. · Open the full presentation →p. 9 — Inside HI — the Retail (Audiological Care) business: CHF 1.49bn, with operating leverage from prior cost initiatives. · Open the full presentation →p. 10 — The Cochlear Implants segment — CHF 252m and shrinking, hit by China VBP; the group's smaller, harder business. · Open the full presentation →p. 13 — Sales by region and the FX drag — organic growth by geography, and the large translation hit from a weaker USD. · Open the full presentation →p. 17 — The full-year P&L on one page — sales, margins, EPS and the proposed CHF 4.70 dividend, with LC-vs-reported deltas. · Open the full presentation →
The current product story — why Sphere's AI is a defensible edge, the traction it has won, and the new categories it opens. · Open the full document →
p. 3 — The commercial traction — >1.5m Infinio units, the most successful launch in Sonova's history, and clear share gains. · Open the full presentation →p. 4 — The moat argument in full — why rivals' incremental AI can't match Sphere's real-time DNN and proprietary DEEPSONIC chip. · Open the full presentation →p. 5 — How Spheric Speech Clarity works — extract, enhance, integrate — the mechanism behind the speech-in-noise claim. · Open the full presentation →p. 8 — A new growth category — rechargeable custom (ITE) aids, a >CHF 400m market growing 6–8%, opened by Virto R. · Open the full presentation →p. 12 — The manufacturing payoff of AI-driven RightFit fitting — up to 15% smaller devices and ~80% fewer remakes. · Open the full presentation →p. 13 — A head-to-head — Virto R Infinio versus a competitor's CIC-R on size and discretion, with user feedback. · Open the full presentation →
The plain primer — what Sonova sells, where it operates and how under-penetrated its market is; the fastest orientation. · Open the full document →
p. 5 — The business in one frame — attractive market, leading position, sustainability and strong financials; the orientation slide. · Open the full presentation →p. 6 — What Sonova sells, mapped to the ear — Hearing Instruments, Consumer Hearing, Cochlear Implants and Audiological Care, with brands. · Open the full presentation →p. 7 — The global footprint — HQ and operation centres, and where Sonova sells directly versus through distributors, across 100+ countries. · Open the full presentation →p. 8 — The core opportunity — how low hearing-aid adoption is by geography and income, and the penetration upside that drives growth. · Open the full presentation →
Half-Year Results 2025/26 — 1H FY2025/26 · 31 pages · The most recent half-year results, the interim step before the featured full-year deck. · Open →
Full-Year Results 2024/25 — FY2024/25 · 47 pages · The prior full-year results — the comparison base the current year is measured against. · Open →
J.P. Morgan Healthcare Conference 2025 — Jan 2025 · 14 pages · A concise, external-audience overview of strategy and products from the J.P. Morgan healthcare conference. · Open →
