𝐎𝐧 𝐇𝐨𝐥𝐝𝐢𝐧𝐠: 𝐑𝐞𝐜𝐨𝐫𝐝 𝐐𝟏 𝐀𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐆𝐫𝐨𝐰𝐭𝐡 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐞𝐬

$ONON (+3,28%)

📊 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.”