First half results 2020/21: Strong performance in light of market headwinds

Stäfa (Switzerland), November 16, 2020 –Sonova Holding AG, a leading provider of hearing solutions, today announces its results for the first half of fiscal year 2020/21. Consolidated sales reached CHF 1,069.6 million, down 20.9% in local currencies or 25.0% in Swiss francs. While the development was adversely impacted by the COVID-19 pandemic, business activities picked up strongly over the course of the period with sales approaching prior year levels during the second quarter of the financial year. The development was supported by the successful launch of the Phonak Paradise platform and the Group’s growth initiatives. Adjusted for restructuring costs and damages awarded in a patent infringement lawsuit, operating profit before acquisition-related amortization (EBITA) reached CHF 174.3 million. This represents a margin of 16.3%, a good result and strong evidence of the Group’s ability to actively manage its cost base. The Group expects to return to growth in the second half of the business year and to achieve a significant improvement in profitability. The outlook considers a limited temporary impact from the recent rise in infection rates and re-tightening of lockdown restrictions in several markets.