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Current outlook

Outlook 1H 2020/21 as of July 6, 2020

Sonova currently expects Group sales in the first half of FY 2020/21 to reach around 65-75% of prior year levels and to achieve a positive adjusted EBITA margin in the single-digits, both assuming constant exchange rates. The outlook assumes a continued gradual market recovery absent any significant re-tightening of lockdown restrictions for the remainder of the period. The speed of the recovery has been encouraging year-to-date; however, the current rise in infections in several markets illustrates the risk to the expected upward trend. Sonova thus remains cautious about the extent of the further recovery in the second half of FY 2020/21 and the potential impact on demand including from the general economic environment.