1. Letter from the Chair of the Nomination and Compensation Committee

Dear Shareholders,

I am pleased to share Sonovaʼs Compensation Report for the 2025/26 financial year. As the leading provider of innovative hearing care solutions, we continually strive to be an employer of choice. Our compensation framework plays a vital role in this effort – it is designed to attract, motivate, and retain the talent we need to continuously improve and grow Sonova. This directly serves your interests as shareholders.

The Compensation Report outlines the principles, system, and governance framework behind the compensation of the Board of Directors and Group Executives. It provides a detailed overview of amounts awarded to both the Board and Group Executives during the reporting year and shows exactly how business performance drove variable compensation outcomes for Group Executives.

The 2025/26 financial year brought significant leadership changes: at the 2025 Annual General Meeting (AGM), Gilbert Achermann was elected as Chair of the Board and Laura Stoltenberg joined as a new Board member. Additionally, Roland Diggelmann was re-elected as Nomination and Compensation Committee (NCC) Chair and Gregory Behar was elected as a new NCC member.

On the Group Executive side, we welcomed several key appointments: Eric Bernard joined Sonova on 1 July 2025 and was appointed Chief Executive Officer (CEO) on 15 September 2025, succeeding Arnd Kaldowski. Elodie Carr-Cingari joined Sonova in May 2025 and was appointed Chief Financial Officer (CFO) as of 1 July 2025, succeeding Birgit Conix. We also strengthened our operational leadership with key appointments. Anders Rosengren was appointed Chief Research & Development Officer effective 1 October 2025, and Roberto di Fiore who joined Sonova in November 2025, was appointed as Chief Operations Officer (COO) as of 4 December 2025, succeeding Ludger Althoff, who retired from the company.

At the 2025 AGM, binding votes on maximum aggregate compensation for the Board of Directors and the Group Executives were held alongside an advisory vote on the 2024/2025 Compensation Report, giving you as shareholders the opportunity to express your views on our compensation policies and principles. The results were clear: shareholders approved the Boardʼs compensation (by 94.41%), the Group Executivesʼ compensation (by 89.97%), and the Compensation Report (by 92.20%). These strong outcomes reflect the value of our active shareholder engagement and the stronger transparency we introduced in last yearʼs Compensation Report. We thank you for your continued trust and support.

Throughout the reporting year, the NCC fulfilled its core responsibilities: performance target-setting and appraisal of Group Executives, determining compensation for the Board of Directors and the Group Executives, and preparing the Compensation Report and “say-on-pay” votes for the AGM. Most notably, it also conducted a thorough review of the compensation framework and held a series of discussions in March 2026 to engage with and listen to comments from investors on a range of strategic business matters including critical compensation topics. As an outcome of this review and with the feedback given by shareholders, the NCC has identified several opportunities to simplify and further align our Variable Cash Compensation (VCC) and Executive Equity Award Plan (EEAP) with market practice, your expectations as shareholders, and our current business objectives.

You will find more details on these changes, effective from the 2026/27 financial year, in the Outlook section of the Compensation Report. In summary, the Board of Directors has decided that for the Group Executivesʼ VCC (to be re-named the Short-term Incentive Plan – STIP – going forward), financial and non-financial performance will be measured based on Group and business performance and complemented with role-specific strategic scorecards. Financial performance will be linked to Sales Growth and Core EBIT, and the total STI payout will continue to range between 0% and 200% of target, with a payout cap at 200%.

For the Group Executivesʼ EEAP (to be re-named the Long-term Incentive Plan – LTIP – going forward), performance options will be discontinued and fully replaced by Performance Share Units (PSUs). Performance in the new LTIP will be measured on three elements: Sonovaʼs Total Shareholder Return (TSR) assessed against a tailored Swiss and international peer group (30% weighting). Cumulative EBIT will be a second key performance indicator (KPI), with a weighting of 40%, to ensure an effective focus on sustained profitability over time. The third KPI will be Return on Capital Employed (ROCE) which will explicitly reflect capital efficiency (30% weighting). The overall payout range will be between 0% and 200%, and the PSUs will be subject to a three-year vesting period with a two-year sales restriction period. The grant date will also be changed from 1 February to 1 June, to better align with the annual strategy review and target-setting methodology. As a consequence of this, and to demonstrate the importance of these new changes, most Group Executives have had their LTIP grant award for 2026 deferred from 1 February to 1 June 2026.

Finally, members of the Board of Directors and Group Executives will see an increase in the value of shares they need to hold under the new Sonova Share Ownership Guidelines. Board members and Group Executives will have five years to meet the increased shareholding requirements, with the Board Chair holding a minimum of 300% of his base fee in Sonova shares, and other Board members holding a minimum of 200% of their base fee. The CEO will also be asked to hold 300% of his annual base salary in Sonova shares, with other Group Executives having to hold 200%. The sales restriction period for the Board of Directors has been reduced to three years, and will remain at two years for Group Executives (as previously mentioned).

At the 2026 AGM, you will cast a binding vote on the maximum aggregate amount of compensation for the Board of Directors from the date of the 2026 AGM to that of the 2027 AGM, and the Group Executives for the 2027/28 financial year, and provide an advisory vote on the Compensation Report. Looking ahead, we will continue to regularly review our compensation framework and governance to ensure they stay aligned with shareholder interests and responsive to the environment in which Sonova operates. Open and constructive dialogue with shareholders and their representatives remains an important part of this process. We trust you will find the Compensation Report informative and believe that our compensation framework is designed to reward performance in a balanced, sustainable, and transparent manner, with a clear focus on long-term shareholder value.