Calls

Source: S&P Capital IQ transcripts via Xpressfeed · latest indexed call 2026-05-18 · generated 2026-07-23.

Latest call digest

Sonova Holding AG, 2026 Earnings Call, May 18, 2026 · 2026-05-18T11:00:00

FY2025-26 results call, May 18, 2026. New CEO Eric Bernard and CFO Elodie Carr-Cingari framed a year that "fully met our guidance," with wholesale (Hearing Instruments) the clear engine: segment sales up 7.5% to CHF 3.4bn, wholesale up 9.5% and accelerating to double digits in H2 on the Infinio Ultra launch and Virto R, the group's first rechargeable in-the-ear device. Retail grew 5.1% (1.3pp from bolt-ons). The soft spot stayed Cochlear Implants: sales down 11% (down 3.8% ex-China) on China VBP, weaker upgrades and a competitor launch, though a new Phonak-powered sound processor is planned to lift H2 FY2026-27 subject to regulatory approval. Prepared remarks leaned on the March strategy refresh (CHF 6bn revenue ambition by FY2030-31, three pillars, CHF 90m of savings over four years) and the pending Consumer Hearing divestment, now discontinued operations. The headline change was financial framing: guidance moves to a new "core EBIT" metric, with FY2026-27 set at 5%-8% sales and 7%-10% core EBIT growth at constant FX. In Q&A the reality was more granular and, in places, guarded: management repeatedly declined to quantify Costco/large-account share, EasyGuard channel placement and specific APAC KPIs, and offered no crystal ball on the rechargeable-ITE addressable market. The tone on the market itself was cautiously improving — April described as "very positive" and recent months "getting closer to 4%" versus the 2%-4% FY assumption.

Participant coverage from the latest call.

Group	Participants	Count
Management	Operator; Thomas Bernhardsgruetter — Former Senior Director of Investor Relations, Sonova Holding AG; Eric Bernard — Chief Executive Officer, Sonova Holding AG; Elodie Carr-Cingari — Chief Financial Officer, Sonova Holding AG	4
Analysts	Andjela Bozinovic — Research Analyst, BNP Paribas, Research Division; Veronika Dubajova — Head of EMEA MedTech & Healthcare Services, Citigroup Inc., Research Division; Marco Pires-Cox — Research Analyst, Barclays Bank PLC, Research Division; Aisyah Noor — Equity Analyst, Morgan Stanley, Research Division; Oliver Metzger — Research Analyst, ODDO BHF Corporate & Markets, Research Division; Susannah Ludwig — Research Analyst, Bernstein Institutional Services LLC, Research Division; Daniel Jelovcan — Research Analyst, Zürcher Kantonalbank, Research Division; David Adlington — Head of Medical Technology & Services Equity Research, JPMorgan Chase & Co, Research Division; Falko Friedrichs — Research Analyst, Deutsche Bank AG, Research Division; Martinien Rula — Equity Associate, Jefferies LLC, Research Division; Urs Kunz — Senior Analyst, Research Partners AG; Niels Granholm-Leth — Head of Equity Research, DNB Carnegie, Research Division; Richard Felton — Equity Analyst, Goldman Sachs Group, Inc., Research Division	13

Curated latest-call exchanges; one row per analyst topic.

Analyst	Firm	Topic	What changed in Q&A
Andjela Bozinovic	BNP Paribas	Guidance composition & Virto R/ITE share	Pressed on what sits at the top vs bottom of the sales guide and phasing; management pointed to Virto tailwind, US large-account share and the H2 platform launch, and said no competitor impact seen on Virto yet.
Veronika Dubajova	Citigroup	Market trajectory & H1/H2 EBIT phasing	Wanted evidence of the modest market acceleration and whether both halves sit in the 7%-10% core-EBIT range; CFO confirmed both halves in range, with CI weighting H2 stronger against a tough H2 comp.
Marco Pires-Cox	Barclays	Composition of share gains (Ultra vs Virto R) & cost inflation	Asked whether a structural shift to ITE is driving share and about cost assumptions; CEO said no real cannibalization of classic designs, CFO flagged operating leverage and no material supply-chain/EBIT impact.
Susannah Ludwig	Bernstein	Costco return & EasyGuard channel placement	Sought Costco H2 contribution and whether EasyGuard is in Costco/VA; management confirmed share was lifted in H2 to a "fair share" but declined to confirm channel-level details.
Oliver Metzger	ODDO BHF	Retail M&A multiples & rechargeable-ITE addressable market	Had to re-ask the ASP/ITE question; CEO said retail multiples are less stretched than a few years ago and Virto commands a good price, but gave no sizing — "I don't have a crystal ball."
David Adlington	JPMorgan	Path to top of 5%-8% & GN/Amplifon deal	Asked what gets them to 8% and the net effect of the GN Hearing/Amplifon transaction; management cited market, carryover momentum and H2 launches, and said exposure to that channel is limited with no significant near-term impact.
Niels Granholm-Leth	DNB Carnegie	Sam's Club channel conflict & Sennheiser brand rights	Probed whether expanding with Sam's Club conflicts with Costco and any risk to Sennheiser licensing; CEO reiterated the multi-channel/multi-brand line and said the Sennheiser license is a separate, secure agreement.

Theme tracker

Themes are curator-classified across supplied calls.

Theme	Status	Quarters mentioned	Read-through
AI hearing-aid platform (Sphere / Infinio / Ultra) driving share gains	persisted	May 2024, Nov 2024, May 2025, Nov 2025, May 2026	The purpose-built AI-chip platform has anchored the wholesale growth story since the Aug 2024 launch; by May 2026 management called the H2 result the biggest share gain since Marvel and pre-announced another platform for H2 FY2026-27.
Cochlear Implants weakness — China VBP & aging upgrade cycle	persisted	May 2025, Nov 2025, May 2026	Recurring drag: China volume-based procurement plus a stale processor (Marvel-era) depress upgrades; management ties the fix to a new sound processor now slated for H2 FY2026-27, subject to regulatory approval.
Virto R / rechargeable in-the-ear (ITE) category	emerged	Nov 2025, May 2026	New entry into a segment where Sonova previously did not play; framed as incremental (a ~CHF 400m segment) and by May 2026 described as at a ~CHF 120m cruising altitude, a genuine ASP and share driver.
APAC / Asia expansion strategy	emerged	Nov 2025, May 2026	A pillar of the refreshed strategy: dedicated regional leadership, a Singapore/EDB tie-up and a two-step plan to reach "natural" share; management flags Japan growth of 30%-45% but withholds specific KPIs.
Swiss franc / FX headwind	persisted	Nov 2022, May 2023, May 2025, Nov 2025, May 2026	A standing pressure on reported (CHF) results while local-currency growth stays strong; now elevated to a structural fix — cutting the CHF cost base from ~15% toward below 10% over the midterm.
Consumer Hearing / Sennheiser as a growth narrative	dropped	Nov 2022, May 2023, May 2024, May 2025, Nov 2025	A regular topic (MOMENTUM earbuds, HDB 630, market weakness) through Nov 2025; after the March 2026 divestment announcement it is discontinued operations and excluded from the FY2026 continuing-operations story.
Share buyback / capital return	dropped	Nov 2022, May 2023	Active buyback (~CHF 304m in H1 2023, ~CHF 420m in FY2023) gave way to a pause on leverage/M&A priorities; management explicitly ruled out a buyback again in Nov 2025, and the May 2026 TSR framing centered on a 7% dividend increase rather than repurchases.

Guidance ledger

Quotes, calls, and speakers are source-verified; outcomes are curator-classified.

Verbatim guidance	Call	Speaker	Curator outcome	Outcome note
“we reiterate our outlook and continue to guide for sales growth of 5% to 9% and normalized EBITA growth of 14% to 18%, both at constant exchange rates.”	Sonova Holding AG, H1 2026 Earnings Call, Nov 14, 2025 · 2025-11-14T12:00:00	Elodie Carr-Cingari	kept	On May 18, 2026 the CFO said pro-forma sales grew 5.5% and normalized EBITDA rose 14.5%, "well within the guidance," and management stated it fully met guidance.
“we expect consolidated sales to rise 5% to 8% and core EBIT to grow 7% to 10% at constant exchange rates.”	Sonova Holding AG, 2026 Earnings Call, May 18, 2026 · 2026-05-18T11:00:00	Elodie Carr-Cingari	pending	FY2026-27 guidance on the new core-EBIT metric; no later call in the supplied history reports the outcome.
“So we do expect in H1 to be within the 7% to 10% range in terms of core EBIT growth in the first half.”	Sonova Holding AG, 2026 Earnings Call, May 18, 2026 · 2026-05-18T11:00:00	Elodie Carr-Cingari	pending	Phasing commitment that both halves land in the 7%-10% core-EBIT range; not yet reportable.
“to excel in operations and driving CHF 90 million of savings in the next 4 years.”	Sonova Holding AG, 2026 Earnings Call, May 18, 2026 · 2026-05-18T11:00:00	Elodie Carr-Cingari	pending	Multi-year cost-savings target tied to the March strategy refresh; too early to assess.
“If we reach our natural share of 25% to do the math, it could be an additional CHF 100 million of revenue over time.”	Sonova Holding AG, H1 2026 Earnings Call, Nov 14, 2025 · 2025-11-14T12:00:00	Eric Bernard	pending	Virto R revenue ambition "over time"; the May 2026 call cited a ~CHF 120m cruising altitude, so tracking constructively but not confirmed against the 25%-share math.

Q&A pressure map

Question counts and firms are curator tallies; analyst coverage shown above.

Topic	Questions	Firms	Pressure / response
Guidance bridge & H1/H2 phasing (5%-8% sales, 7%-10% core EBIT)	5	BNP Paribas, Citigroup, Barclays, JPMorgan, Deutsche Bank	The single most-pressed area on the latest call — analysts repeatedly asked what drives the top vs bottom of the range and how growth phases across halves; management answered with drivers (carryover share, H2 launches, market) rather than hard splits.
Costco / VA and other large US accounts — share and channel placement	3	Bernstein, Zürcher Kantonalbank, DNB Carnegie	A recurring point of friction: management declined to confirm EasyGuard channel placement ("I will not share those details here") and would not quantify Costco's contribution, so several answers plainly did not address the specific channel questions asked.
Virto R / rechargeable-ITE addressable market & ASP durability	3	BNP Paribas, Barclays, ODDO BHF	Analysts sought a size and duration for the ITE opportunity; the CEO confirmed strong pricing and no meaningful cannibalization but gave no market-sizing answer — "I don't have a crystal ball."
APAC expansion KPIs and dilution risk	2	Morgan Stanley, Goldman Sachs	Pressed for benchmarks and current market share; management shared color (Japan 30%-45% growth, an index of 3-6 vs 10 in Europe/US) but explicitly withheld specific KPIs.

Language shifts

Only language evidence verified against the referenced component is shown.

Observation	Verbatim evidence	Call ID	Component
Guidance metric changed — management moved from "normalized EBITA" to a new "core EBIT" framework, a shift in how forward profitability is defined and compared.	“our move to core EBIT as the new guidance metric”	1995362320	3
Stepped-up confidence on wholesale share — the FY2025-26 result was framed as the strongest share gain in six years, a more emphatic claim than the earlier "about twice market growth" language.	“the highest year-on-year market share gain since the introduction of our Marvel platform 6 years ago”	1995362320	2
Unusually candid self-criticism on Cochlear Implants from the new CEO in Nov 2025, acknowledging an innovation gap rather than only citing external headwinds.	“So we are slow to innovate versus our competition.”	1966020454	20
New caution vocabulary around the CI recovery — the H2 processor-led rebound is repeatedly hedged on regulatory timing.	“the timing of the launch is subject to regulatory approvals”	1995362320	14

The recent history reads as a management transition that has coincided with real execution: FY2025-26 guidance was fully met, wholesale share gains accelerated on Sphere Ultra and Virto R, and the debate now turns on whether the new 5%-8% sales / 7%-10% core-EBIT framework holds as the US large-account tailwinds mature and Cochlear Implants waits on a regulator-gated H2 processor launch.