WSA's Organic Growth Rises 3%; Launches Signia MaX & Widex Allure AI
Revenue reached €624 million (US$729 million) as consumer-facing channels grew 8%, while improved margins and new Signia MaX and Widex Allure AI launches place WSA in position for a stronger future.)
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WS Audiology (WSA)—the Denmark-headquartered parent company of Widex, Signia, and Rexton—reported stronger revenue growth and improved profitability in its third quarter of fiscal year 2025/26, as continued gains in its consumer-facing businesses offset a decline in wholesale sales.
For the quarter ended June 30, WSA generated revenue of €624 million (about US$729 million), representing 3% organic growth compared with the same period last year. Reported revenue increased 1%, with results reduced by €12 million in negative currency effects, primarily from a weaker U.S. dollar and Japanese yen against the euro.
The results represent an acceleration from WSA’s second quarter, when the company posted 1% organic growth. For the first 9 months of WSA’s 2025/26 fiscal year, revenue totaled €1.881 billion (≈US$2.20 billion), up 1% organically, although reported revenue declined 4% due largely to currency effects.
WSA CEO Jan Mäkelä in a press statementOrganic revenue growth in the third quarter was in line with expectations, with momentum strengthening towards the end of the quarter. At the same time, profitability improved, reflecting continued execution of our strategic priorities. With the first nine months of the financial year complete, WSA confirms and narrows its guidance for FY 2025/26 to 1-2% organic growth. We are also excited to launch Signia MaX, the world’s first hearing aid platform with four deep neural networks that simultaneously understand speech, noise, the environment, and the wearer’s own voice. By moving beyond the limitations of one-dimensional AI, Signia MaX fundamentally redefines the possibilities of hearing care. It enables hearing care professionals to deliver even better outcomes, setting new standards for what wearers can expect from their hearing aids.
Consumer channels continue to drive growth
WSA’s consumer-facing businesses, which encompass its Online, Retail, and Managed Care operations, delivered 8% organic growth during the quarter. The company said Managed Care benefited from an increasing number of covered lives and improved hearing benefits, while Retail and Online also posted solid growth.
By contrast, WSA’s wholesale business declined 2% organically. The company attributed the result to softer-than-expected hearing aid growth in some key markets, particularly the United States, as well as the timing of its product launches relative to competitors. WSA said wholesale momentum improved toward the end of the quarter.
Geographically, the Americas grew 4% organically, supported largely by U.S. Managed Care, while EMEA was flat and APAC grew 3%. WSA estimates that the overall global hearing aid market grew approximately 3% by unit volume during the quarter, with the U.S. market remaining relatively soft.
Profitability continued to strengthen. EBITDA before special items increased 12% to €119 million (≈$139 million). The corresponding EBITDA margin rose 2 percentage points to 19.1%, reflecting improved gross margins, operational efficiencies, and cost reductions implemented during the previous fiscal year. Quarterly net profit increased to €24 million from €20 million (≈$28.0 million to $23.4 million).
WSA’s debt burden remains substantial but declining. The company reported net interest-bearing debt of €2.85 billion (≈$3.33 billion), while outgoing CFO Marianne Wiinholt told MedWatch that WSA’s gearing ratio (net debt relative to EBITDA) has edged down to about 6.1 times from 6.2 times. Nine-month net interest expense fell to €145 million from €210 million a year earlier, reflecting earlier debt repricing and restructuring. Reducing leverage and interest costs has also been viewed as an important step toward a potential WSA public offering.
Widex Allure AI and Signia MaX launches expected to boost future sales
WSA is looking to its recently introduced products to strengthen its wholesale performance. Widex Allure AI RIC, which began rolling out in June and will be available in the US in November, has seen what WSA says is a strong market debut. Meanwhile, Signia MaX, featuring the company’s new four-DNN Acoustic Intelligence platform, launched yesterday (August 24) in the United States, Germany, and Nordic countries, with additional countries scheduled later this year.
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Looking ahead, WSA faces a significant headwind in its U.S. Managed Care business, as a large customer has decided not to renew its contract when it expires January 1, 2027. WSA estimates the resulting net revenue impact at €60-80 million (≈US$70-93 million) in FY 2026/27. However, the contract loss does not affect its outlook for the current 2025/26 financial year.
With 9 months completed, WSA narrowed its FY 2025/26 guidance to 1-2% organic revenue growth, from its previous range of 0-4%. The company still expects its EBITDA margin before special items to improve by about one percentage point for the full year.
WSA may also be moving closer to a potential public offering. Bloomberg reported in May that EQT had selected three banks to explore strategic options for the company, including a possible Copenhagen IPO. WSA has not announced a listing or timetable. As one of only two major privately held global hearing aid manufacturers—the other being Starkey—WSA has long been viewed as a likely IPO candidate, with reducing its debt burden considered an important step toward a potential listing.
Karl Strom
Editor in ChiefKarl Strom is the editor-in-chief of HearingTracker. He was a founding editor of The Hearing Review and has covered the hearing aid industry for over 30 years.