Finance
Sonova's half-year core profit lags market view as exchange rates weigh
Published by Global Banking & Finance Review®
Posted on November 14, 2025
2 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on November 14, 2025
2 min readLast updated: January 21, 2026
Sonova's half-year core profit missed expectations due to unfavorable exchange rates, impacting financial performance and sales growth projections.
(Reuters) -Swiss hearing aid maker Sonova Holding reported a half-year core profit below market expectations on Friday, citing unfavourable currency exchange rates.
The world's largest maker of hearing aids posted earnings before interest, taxes and amortisation (EBITA), normalised for non-recurring items, of 316.1 million Swiss francs ($398.6 million), missing the average forecast of 332.1 million francs from analysts polled by Vara.
Converting local currency results, notably those in U.S. dollars, into Swiss francs cost Sonova 44.9 million francs in the first half of the financial year that began in April, it said.
The U.S. accounts for roughly a third of Sonova's group sales, exposing it to the weakened dollar.
Sonova confirmed its full-year outlook for 14–18% growth in normalised core earnings based on constant exchange rates. However, it now expects adverse currency exchange conditions to impact the result by 13–14%, rather than the previously guided 5–6% hit.
It expects reported sales growth to be reduced by around 6%, versus 4% seen in May, based on exchange rates at the end of October.
Sonova reported quarterly results for the first time under its new management team, which is hoping to steer the company through difficult conditions characterised by a slower hearing aid market, intensifying competition and tariff-related uncertainties.
($1 = 0.7931 Swiss francs)
(Reporting by Amir Orusov and Anastasiia Kozlova in Gdansk, editing by Milla Nissi-Prussak)
Core profit refers to the earnings of a company derived from its primary business operations, excluding any income from non-recurring items or investments.
A currency exchange rate is the value of one currency for the purpose of conversion to another. It indicates how much of one currency you need to spend to purchase another.
EBITA stands for Earnings Before Interest, Taxes, and Amortization. It is a measure of a company's operational performance and profitability.
Sales growth projection is an estimate of the future increase in sales revenue over a specific period, often based on historical data and market analysis.
Normalized earnings are adjusted earnings that exclude unusual or non-recurring items to provide a clearer picture of a company's financial performance.
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