$ONON (+8%)

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• 2026–2029 Net Sales CAGR: High-Teens at Constant Currency

• 2029 Net Sales: ≥CHF 5.6B

• Gross Profit Margin: ≥65% throughout 2026–2029

• 2029 Adj. EBITDA Margin: ≥22%

• 2026–2029 Adj. EBITDA CAGR: >20%

• FY26 Net Sales Growth: Low-20% at Constant Currency, reaffirmed

• FY26 Gross Profit Margin: ≥65%, reaffirmed

• FY26 Adj. EBITDA Margin: 19.5%–20.0%, reaffirmed

• Q3 Net Sales Growth: ~17% at Constant Currency

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• On expects Run, Sneaker and Apparel to remain key growth pillars through 2029, complemented by expansion into Football and Golf

• The company targets CHF 5.6B+ in 2029 sales while expanding Adj. EBITDA margin to 22%+ through sustained premium pricing, scale and SG&A leverage

• On authorized its first share repurchase program of up to $1B through the end of 2029

• FY26 guidance was reaffirmed and excludes up to $65M of expected tariff refunds, which are anticipated to benefit reported Q3 gross profit

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“Top-line expansion and margin expansion are not in conflict at On; they are complementary outputs of our Premium Playbook.”

$ONON (+8%)

📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Net sales: CHF 831.9M (+14.5% YoY / +26.4% CC) ✅

• Gross margin: 64.2% vs. 59.9% ✅

• Adj. EBITDA: CHF 174.3M vs. CHF 119.9M ✅

• Adj. EBITDA margin: 21.0% vs. 16.5% ✅

• Net income: CHF 103.3M (+82.2%) ✅

• Net income margin: 12.4% vs. 7.8%

• DTC sales: CHF 322.3M (+16.4%)

• Wholesale sales: CHF 509.6M (+13.3%)

• APAC sales: CHF 174.0M (+44.4%) ✅

• Apparel sales: CHF 55.3M (+45.1%) ✅

• Cash & equivalents: CHF 1.02B

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• FY2026 net sales growth: at least +23% CC reaffirmed

• FY2026 gross margin: at least 64.5% (raised)

• FY2026 Adj. EBITDA margin: 19.5%–20.0% (raised)

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• First quarter above CHF 800M revenue marks another major milestone for On

• APAC momentum remains exceptional, led by China and South Korea

• Apparel and lifestyle categories continue gaining importance beyond running

• Margin expansion remained strong despite higher U.S. tariff headwinds

• LightSpray platform and premium retail expansion continue strengthening brand positioning

• Management raised profitability outlook while maintaining strong growth guidance

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“These results show the quality of On’s growth and the strength of the financial foundation we have built.”

$ONON (+8%)

🔹 Revenue: CHF 794.4M (Est. CHF 764M) 🟢; +24.9% YoY

🔹 EPS: CHF 0.36 (Est. CHF 0.27) 🟢

🔹 Adj EBITDA: CHF 179.9M; +49.8% YoY

🔹 Gross Margin: 65.7%; +510 bps YoY

FY25 Guide:

🔹 Revenue: CHF 2.98B (Est. CHF 2.97B) 🟢

🔹 Adj EBITDA Margin: > 18.0% (Prior 17-18%) 🟢

🔹 Gross Margin: around 62.5%

Q3 Segment Sales

🔹 DTC: CHF 314.7M; UP +27.6% YoY

🔹 Wholesale: CHF 479.6M; UP +23.3% YoY

🔹 EMEA: CHF 213.3M; UP +28.6% YoY

🔹 Americas: CHF 436.2M; UP +10.3% YoY

🔹 APAC: CHF 144.9M; UP +94.2% YoY

🔹 Shoes: CHF 731.3M; UP +21.1% YoY

🔹 Apparel: CHF 50.1M; UP +86.9% YoY

🔹 Accessories: CHF 13.0M; UP +145.3% YoY

Other Metrics:

🔹 Net Income: CHF 118.9M; UP +289.8% YoY

🔹 Net Income Margin: 15.0%; UP from 4.8% YoY

🔹 Adjusted EBITDA Margin: 22.6%

🔹 Cash and Cash Equivalents: CHF 961.8M; UP +4.1% vs. Dec 31, 2024

🔹 Net Working Capital: CHF 565.8M; UP +13.4% vs. Dec 31, 2024

Commentary:

🔸 “This quarter was another one for the record books, a true showcase of our premium strategy in action.”

🔸 “Our focus on operational excellence and technology is making us faster, smarter, and more agile.”

$ONON (+8%)

🔹 EPS: (CHF0.09) 🔴 (Est. CHF0.14)

🔹 Revenue: CHF749.2M 🟢 (Est. CHF703.8M); +32% YoY (+38.2% CC)

FY25 Guidance (Raised)

🔹 Revenue: CHF2.91B 🟡 (Est. CHF2.93B); ≥+31% CC (prev. ≥+28%)

🔹 Gross Margin: 60.5–61.0% (prev. 60.0–60.5%)

🔹 Adj. EBITDA Margin: 17.0–17.5% (prev. 16.5–17.5%)

Regional Sales (YoY)

🔹 EMEA: CHF197.8M; +42.9% (+46.1% CC)

🔹 Americas: CHF432.3M; +16.8% (+23.6% CC)

🔹 Asia-Pacific: CHF119.2M; +101.3% (+110.9% CC)

Product Sales (YoY)

🔹 DTC: CHF308.3M; +47.2% (+54.3% CC) – 41.1% of total sales

🔹 Wholesale: CHF441.0M; +23.1% (+28.8% CC)

🔹 Shoes: CHF704.9M; +29.9% (+36.0% CC)

🔹 Apparel: CHF36.7M; +67.5% (+75.5% CC)

🔹 Accessories: CHF7.7M; +133.3% (+143.2% CC)

Other Metrics:

🔹 Net Income: CHF(40.9)M vs CHF30.8M last year

🔹 Gross Profit: CHF460.8M; +35.4% YoY

🔹 Gross Margin: 61.5% (+160 bps YoY)

🔹 Adjusted EBITDA: CHF136.1M; +50% YoY

🔹 Adjusted EBITDA Margin: 18.2% (+220 bps YoY)

Management Commentary

🔸 “Our Q2 results leave no doubt: On is playing the long game... building a resilient brand for decades ahead.” – Co-Founder David Allemann

🔸 “Premium positioning is coming to life across every consumer touchpoint… strong conviction in our strategy.” – CEO & CFO Martin Hoffmann