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.
Management's fullest current statement of strategy: where growth comes from, the CHF 6bn revenue ambition, and the mid-term financial targets it is now measured against. · Open the full document →
p. 5 — The investment case in four boxes — market and technology leadership, financial strength, and where management sees further upside. · Open the full presentation →p. 7 — Why demand keeps growing: aging populations, longer treatment horizons, stable prevalence and still-low global adoption. · Open the full presentation →p. 8 — Market sizing — the 65+ population roughly triples from 2015 to 2035, while adoption sits at 2–10% outside North America and Western Europe. · Open the full presentation →p. 10 — The decision to divest Consumer Hearing (the ex-Sennheiser business) — why management is narrowing focus back to core hearing care. · Open the full presentation →p. 11 — The CHF 6bn revenue ambition and the three priorities beneath it: innovate for adoption, multi-channel/multi-brand, excel in operations. · Open the full presentation →p. 14 — R&D at a glance — 1,800+ active patents, the recent flagship features, and the next wave of innovation on the roadmap. · Open the full presentation →p. 15 — The clinical case for hearing care — study results linking treatment to cognition, listening effort and social participation. · Open the full presentation →p. 16 — The technology moat: owning the full stack from a proprietary DNN chip to the data pipeline underpins Sonova's AI-leadership claim. · Open the full presentation →p. 19 — The Asia opportunity — low adoption and rising incomes, and a two-phase plan to close the share gap versus Europe and the US. · Open the full presentation →p. 20 — How Sonova sells: channel mix varies by country, and a tiered multi-brand pyramid targets each channel's priorities. · Open the full presentation →p. 21 — Where wholesale and retail reinforce each other — faster product feedback, coordinated launches and a shared lead-generation engine. · Open the full presentation →p. 22 — The retail playbook in Germany — high brand awareness, 190k qualified leads, and expansion through larger acquisitions. · Open the full presentation →p. 25 — Four productivity levers and the math: CHF 50m invested over three years targeting CHF 90m of annual savings by year four. · Open the full presentation →p. 28 — Mid-term targets — 5–10% sales CAGR and 7–12% Core EBIT CAGR (excluding Consumer Hearing), with 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 to FY2030/31. · Open the full presentation →p. 30 — How Core EBIT expands — sales growth and operating leverage set against footprint costs and strategic investment. · Open the full presentation →p. 31 — The currency picture — roughly 15% of costs in CHF against ~1% of sales, and the plan to cut the CHF cost base below 10%. · Open the full presentation →p. 32 — Capital allocation in six buckets — organic R&D, retail bolt-ons, strategic M&A, a 40% dividend payout and a 1.0–1.5x leverage target. · Open the full presentation →p. 33 — The financial profile in one slide — the 2021–25 track record (>20% growth, ~90% cash conversion, 18–20% ROCE) against the new targets. · Open the full presentation →
The most recent results — a current snapshot of the two segments, the wholesale/retail split, regional growth, margins and guidance. · Open the full document →
p. 6 — The Hearing Instruments segment — CHF 3.35bn sales (+7.5% LC) and a 20% jump in normalized EBITA on market-share gains. · Open the full presentation →p. 7 — Inside Hearing Instruments: the Wholesale business, where new launches (Infinio Ultra, Virto R) drove +9.5% growth. · Open the full presentation →p. 9 — Inside Hearing Instruments: the Retail (audiological care) business — +5.1% organic growth and strong operating leverage. · Open the full presentation →p. 10 — The Cochlear Implants segment — sales down 11% on China VBP pricing, with a new processor due in 2H FY26/27. · Open the full presentation →p. 13 — Where growth came from by region — all regions contributing, with the US up 9% and APAC lagging. · Open the full presentation →p. 16 — The margin walk — a 17% operational EBITA gain partly given back to FX translation. · Open the full presentation →p. 17 — The headline numbers — +5.9% sales, a 22.5% normalized EBITA margin, +16% EPS and a CHF 4.70 dividend. · Open the full presentation →p. 19 — Cash generation — over 90% conversion and CHF 519m of operating free cash flow. · Open the full presentation →p. 22 — Guidance for FY26/27 — 5–8% sales and 7–10% Core EBIT growth in local currency, against a 2–4% market. · Open the full presentation →
The deepest single explainer of the business — market structure, the AI speech-in-noise technology moat, the retail (audiological care) segment and the operational-excellence system. · Open the full document →
p. 5 — The thesis in four quadrants — an attractive, under-penetrated market where Sonova leads on innovation, margins and cash. · Open the full presentation →p. 6 — Hearing-instrument demand in the Americas — tracking the US commercial, US government and Canadian markets. · Open the full presentation →p. 7 — Hearing-instrument demand in Europe — Germany, France and the UK private market. · Open the full presentation →p. 9 — The strategy on one page — five pillars from leading innovation to high-growth-market expansion. · Open the full presentation →p. 11 — The growth-driver matrix — the specific moves that sit behind each strategic pillar. · Open the full presentation →p. 13 — The ESG scorecard — concrete environmental, social and governance metrics and targets. · Open the full presentation →p. 19 — What 'innovation' means to Sonova — the seven consumer needs its products are built to serve. · Open the full presentation →p. 20 — Thirty years of firsts (1994–2024) — the technology milestones behind Sonova's leadership. · Open the full presentation →p. 22 — The hardest problem in hearing aids — understanding speech in noise, and the decibels of improvement over time. · Open the full presentation →p. 23 — Why speech-in-noise is hard — the four barriers to running a deep neural network on a hearing aid. · Open the full presentation →p. 25 — The breakthrough — moving the DNN from classifying sound to actually processing it for a step-change in clarity. · Open the full presentation →p. 27 — The four enablers that made it possible — training methods, DNN architecture, the DEEPSONIC chip and new teams. · Open the full presentation →p. 33 — How R&D is organized — an open-innovation network from a Berlin startup to chip partners and audiology labs. · Open the full presentation →p. 56 — The DEEPSONIC chip up close — 4.5m neural connections, 53x the processing power, trained on 22m sound samples. · Open the full presentation →p. 59 — The competitive test — speech understanding versus the three main rivals' flagship devices. · Open the full presentation →p. 66 — The product range at launch — the Infinio portfolio across Phonak's brands and form factors. · Open the full presentation →p. 69 — The Audiological Care (retail) segment — 3,700+ stores, ~10,500 staff and the local brands across 20 markets. · Open the full presentation →p. 71 — The retail strategy — pinnacle audiology, SonovaX efficiency and easy consumer access. · Open the full presentation →p. 72 — How fragmented retail is — Germany's market-share split, where Sonova holds about 14% against a long tail. · Open the full presentation →p. 73 — Building a retail brand — consolidating 17 chains into GEERS and the resulting rise in brand awareness. · Open the full presentation →p. 82 — The Sonova eXcellence operating system — the continuous-improvement toolbox applied across the group. · Open the full presentation →p. 84 — What operational excellence delivered — the talent, growth and productivity gains in numbers. · Open the full presentation →
Half-Year Results 2025/26 — 1H FY2025/26 · 31 pages · The latest interim results and trading momentum in the window between the strategy update and the full-year print. · Open →
EUHA 2025 — Phonak Infinio Product Presentation — 2025 · 28 pages · A product-level deep dive on the Infinio / Sphere hearing-aid family and the Sphere AI technology, for readers who want the device detail. · Open →
Full Year Results 2024/25 — FY2024/25 · 47 pages · The prior-year results — the year-on-year base behind the FY2025/26 numbers. · Open →
J.P. Morgan Healthcare Conference 2025 — 2025 · 14 pages · A concise 14-slide company overview pitched at a generalist healthcare audience. · Open →
