EarningsQ4 2026 Earnings Report
DE:PHBA Q4 2026 EPS Results
Actual EPS€1.28
Consensus EPS€1.28
Beat/MissBeat by +<€0.01
One Year Ago EPS€1.52
DE:PHBA Q4 2026 Revenue Results
Actual Revenue€2.01B
Expected Revenue€2.21B
Beat/MissMissed by -€194.49M
YoY Revenue Growth-1.16%
Earnings Announcement Details
QuarterQ4 2026
Date05/18/2026
TimeBefore Open
Conference CallMonday, May 18, 2026
DE:PHBA Upcoming Earnings
Sonova Holding AG's next earnings date is estimated for November 12, 2026, based on past reporting schedules.
Q4 2026 Earnings Call Audio
DE:PHBA Q4 2026 Earnings Call
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Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights strong product-led sales momentum (notably in wholesale and select APAC markets), meaningful operating leverage, high cash conversion and disciplined capital allocation. Key short-term challenges are concentrated in the Cochlear Implants business (notably China) and several non‑core one-off charges plus FX headwinds. Management provided a confident but execution‑sensitive midterm roadmap (innovation, multi-channel expansion, operational savings) and reiterated growth and margin guidance for FY26/27.Company Guidance
Strong Hearing Instruments Growth and Margin Expansion
Hearing Instruments segment sales rose 7.5% to CHF 3.4bn with growth accelerating to 7.9% in H2. Normalized EBITDA for the segment increased 17.3% to CHF 794m, delivering a 23.7% margin (up ~280 basis points in local currencies).
Wholesale Momentum and Product-led Share Gains
Wholesale revenue increased 9.5% to CHF 1.9bn (H2 growth 10.9%). Successful launches (Infinio Ultra, Virto R) drove the highest year-on-year market share gain since the Marvel platform; Virto R reached a recurring revenue run-rate of ~CHF 120m p.a. from zero.
Retail Expansion and Stable Organic Growth
Retail revenues grew 5.1% to CHF 1.5bn (bolt-on acquisitions contributed ~1.3 percentage points). Store network expansion (Germany, Austria, Canada) and retail lead-generation investments supported sequential Q4 momentum.
Innovation and Operational Differentiators
New AI-enabled products (Sphere, Ultra) and innovations like Virto R (first rechargeable in-ear device for Phonak) and EasyGuard (wax-management reducing service time ~38%) reinforce product leadership and addressability.
Profitability, Cash Generation and Capital Efficiency
Group operating leverage led to normalized EBITA/EBIT improvements (normalized EBITA rose ~17.3%). EPS grew 16%. Cash conversion remained strong (>90%), ROCE at 19%, and leverage improved with net debt/EBITDA at ~1.1x (down from 1.2x).
Disciplined Capital Allocation and Shareholder Returns
Board proposed a 7% dividend increase to CHF 4.70 per share (~45% payout ratio). M&A bolt-ons were small (CHF 46m) and management expects M&A to contribute ~1–2% to group growth depending on timing.
Clear and Credible Outlook
Management guided FY26/27 consolidated sales growth of 5–8% and core EBIT growth of 7–10% at constant exchange rates, with market growth assumption of 2–4% for the year (gradually moving toward 3–5% midterm).
APAC Opportunity and Early Traction
APAC (excluding Cochlear Implants) delivered >8% growth; Japan showed very strong recent momentum (management cited 30–45% growth in recent months in that market), supporting the multi-year Asia expansion plan.
DE:PHBA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed