Dear Shareholders,

With new leadership, a renewed strategy, an updated organizational structure, and newly defined management roles, we have laid the foundation for the companyʼs next phase. In this letter, we want to share where Sonova is heading, what we aim to achieve, and the steps we are taking to get there.

In the 2025/26 financial year, Sonova delivered sustained market share gains and meaningful operating leverage, reaffirming the strength of our business and illustrating that value-creating transformation and execution can go hand in hand. We achieved robust sales growth of 5.9% and a 17.3% increase in normalized EBITA, in local currencies and from continued operations. Please refer to the Financial Report for details.

Hearing care at an inflection point

The global hearing care market offers significant untapped potential. Populations are aging; people live longer with hearing loss, and adoption remains low, even in mature markets. In emerging markets, the opportunities from improving access are even greater. At the same time, technology is advancing quickly and consumer expectations are rising. This creates a dynamic environment that rewards companies that stay close to customers, innovate with purpose, and respond quickly to market needs. To capture this potential, Sonova must both perform and transform: strengthening our core while evolving how we work and what we offer. This is reflected in this yearʼs report theme, “Opening New Worlds”. It speaks to both the life-changing impact of restored hearing and our ambition to expand what is possible in hearing care – reaching new markets, serving new customer groups, improving the user experience, and finding new ways to deliver our solutions.

Importantly, we come from a position of strength: innovation and technology leadership, an integrated Wholesale and Retail business, strong financials and over 18,000 committed employees, whose work has shaped this company for decades. And we have an Executive Committee that is aligned on the path ahead, backed by an experienced and engaged Board of Directors.

Shaping Sonovaʼs next chapter

Our ambition is clear: to reach CHF 6 billion in revenue by 2030/2031, improve the lives of 30 million people, and strengthen our position at the intersection of medtech, technology, and lifestyle. We want to remain the innovation leader, stay close to customers, and offer personalized, well-designed solutions supported by an efficient, agile, and integrated global business. To deliver on this ambition, we are focusing on four elements: a strategy designed to drive value creation, a new organizational structure, an updated compensation framework, and a strengthened culture.

A strategy built for profitable growth

Launched in March 2026, our refreshed strategy sets out the changes needed to unlock the full value of our strengths in a market whose potential is still far from realized — with a clear focus on disciplined and effective execution. It is built around three strategic priorities:

• Innovate for adoption. We will expand into new segments by launching more lifestyle-aligned designs, strengthening connected solutions, and further integrating AI and digital capabilities. Bringing together R&D for hearing aids and cochlear implants deepens synergies across the portfolio. And we are developing solutions tailored to Asian market needs and growth potential.
• Succeed locally with multi-channel, multi-brand play. We will grow by winning country by country: the right brand, in the right channel, at the right price. To achieve this, we are aligning Wholesale and Retail more closely, using customer insight to guide R&D, sharing marketing assets, and scaling our lead generation engine. And we will continue targeted retail expansion to reach an optimal scale in selected strategic markets.
• Excel in operations for growth. By elevating service into a core competitive advantage, we will drive loyalty, deepen partnerships and grow market share. In parallel, we will improve efficiency and generate meaningful savings through footprint optimization, greater automation, simplified processes, and disciplined value engineering.

A full overview can be found in the Strategy chapter.

Following a strategic portfolio review, we are concentrating our investment and execution on Hearing Instruments and Cochlear Implants – the core of Sonovaʼs innovation engine and audiological expertise. Consequently, Sonova intends to divest the Consumer Hearing business to fully align the portfolio with our priorities in hearing care.

Shaping the organization to execute effectively

This year, we also announced a new organizational structure that became effective on 1 April 2026, moving from function-specific businesses to a regional model. Each regional leader now oversees both Wholesale and Retail, and reports directly to the CEO. This brings decision-making closer to customers and ensures that every region can use the full strength of our global capabilities to meet local market needs. We strengthened central functions with a Chief Marketing Officer and Chief Digital Officer to support brand direction and digital customer experience. With a very international Executive Committee in place that combines deep industry experience with fresh perspectives, we now have a team ready to execute our plans. The Board has created a Technology and Innovation Committee to ensure we remain ahead of key technological developments, and proposed the election of three new Board members, further strengthening the depth and breadth of expertise on the Board.

We have also redesigned our variable compensation program to set clear targets, rewarding leadership that supports our growth ambitions. The new compensation framework will apply from 2026/27 onwards. Please see the Compensation Report for details.

We are confident in Sonovaʼs ability to evolve and execute because we believe in our people. We are striving for an entrepreneurial culture that values transparency, collaboration and accountability – empowering everyone to make a meaningful impact for customers and for the company.

Our thanks

With a clear strategic direction, strong technology leadership, the talent of our people across Sonova, solid financial strength, and the right structure to unlock the potential of our integrated Wholesale-Retail business, we are well positioned to execute and to shape Sonovaʼs next chapter. We thank our employees, customers, consumers, and shareholders for their continued trust and support.