On Holding AG (ONON)

On Reports First Quarter 2026 ResultsMay 12, 2026 5:00 AM
Business Wire On delivers record first-quarter net sales and profitability, driven by the strength of its premium strategy, disciplined execution and broad-based demand. Net sales increase by 14.5% year-over-year, or by 26.4% on a constant currency basis, reaching CHF 831.9 million. This marks the first time On has exceeded CHF 800 million in quarterly net sales. Growth is strong across both Direct-to-Consumer ("DTC") and Wholesale channels, reflecting On's ability to deepen engagement with existing consumers, while continuing to build new fans across the globe. On continues to successfully execute on its strategic priorities. The Asia-Pacific region grows 44.4%, or 61.4% on a constant currency basis, representing more than 20% of global net sales, supported by standout momentum in China and South Korea. Apparel increases 45.1%, or 57.5% on a constant currency basis, becoming an even more important entry point into the brand. On's own retail stores show further positive development in key metrics, reinforcing confidence in the expansion of the global network of premium brand hubs, with upcoming store openings in new cities including Stockholm, São Paulo, and Sydney. Reflecting the desirability of On's products, full-price discipline and strong operational execution, On delivers record first-quarter profitability. Gross profit margin reaches 64.2%, up 430 basis points year-over-year, despite meaningful headwinds from higher U.S. tariffs. Adjusted EBITDA margin reaches 21.0%, up from 16.5% in the prior year, as On again translates gross profit margin expansion and efficiency gains into higher profitability, while continuing to invest behind its largest long-term growth opportunities. Net income margin reaches 12.4%. On further strengthens its position at the intersection of performance, design and culture through a strong innovation pipeline and impactful brand moments. LightSpray moves from elite athlete validation towards a broader commercial platform, supported by the successful launch of the LightSpray Cloudmonster 3 Hyper. At the same time, momentum in lifestyle, including the strong launch of the Cloudtilt Remix, demonstrates On’s growing connection with incremental, sneaker-informed audiences. Following a strong start to the year and continued momentum across its growth pillars, On reiterates its full-year 2026 constant currency net sales growth guidance and raises its profitability outlook, even against an uncertain macroeconomic backdrop. The Company continues to expect constant currency net sales growth of at least 23%, with DTC, APAC and apparel expected to outperform. Reflecting the continued strength of On's full-price offer and further efficiencies from its focus on operational excellence, On now expects a full-year gross profit margin of at least 64.5%, materially ahead of 2025 despite additional headwinds from tariffs, and an adjusted EBITDA margin in the range of 19.5% to 20.0%. On Holding AG (NYSE: ONON) (“On,” “On Holding AG,” the “Company,” “we,” “our,” “ours,” or “us”), has announced its financial results for the first quarter ended March 31, 2026. Caspar Coppetti, Founder and Co-CEO of On, said: "Q1 was an outstanding start to the year and another strong proof point of our premium strategy in action. On is becoming more global, more multi-dimensional and more deeply rooted in different communities around the world. As David and I step into our new roles as Co-CEOs, we do so with strong commitment to the continuity of our strategy, values and entrepreneurial spirit that have defined On over the past 16 years. I also want to express our heartfelt gratitude to our dear friend and partner Martin. His leadership helped build the financial strength, operational rigor and clarity that have brought us to this moment. As we continue to scale from this very strong foundation, we believe the next chapter of On can be even stronger as we continue to Dream On." Martin Hoffmann, outgoing CEO and CFO of On, said: "These results show the quality of On’s growth and the strength of the financial foundation we have built. Since our IPO nearly five years ago, we have more than quadrupled our net sales, strengthened our premium positioning and built a financial profile that reflects the incredible ambition of the brand. The results we present today - highlighted by record net sales and a gross profit margin of 64.2% - demonstrates our unique ability to scale rapidly while expanding our profitability. I am incredibly proud to hand over at a time when On is stronger than ever, with clear momentum, an extraordinary team and an exciting future ahead. My deepest thanks go to our Founders, the whole On team, and to the investor and analyst community for their trust and partnership over the years." Frank Sluis, CFO of On, said: "In my first weeks with On, I have been struck by the strength of the culture, the clarity of  vision and purpose, and the high ambition across the company. I look forward to building on the momentum - supporting long-term growth, preserving the premium economics of the brand, and helping On continue to scale with agility, discipline and entrepreneurial energy." Key Financial and Operating Metrics Key financial and operating metrics for the three-month period ended March 31, 2026 compared to the three-month period ended March 31, 2025 include: net sales increased by 14.5% to CHF 831.9 million, or by 26.4% on a constant currency basis; net sales through the direct-to-consumer (“DTC”) sales channel increased by 16.4% to CHF 322.3 million, or by 28.7% on a constant currency basis; net sales through the wholesale sales channel increased by 13.3% to CHF 509.6 million, or by 25.1% on a constant currency basis; net sales in Europe, Middle East and Africa (“EMEA”), Americas and Asia-Pacific increased by 22.8% to CHF 207.1 million, 3.1% to CHF 450.7 million and 44.4% to CHF 174.0 million, respectively; net sales in EMEA, Americas and Asia-Pacific increased by 25.6%, 17.1% and 61.4% on a constant currency basis, respectively; net sales from shoes, apparel and accessories increased by 12.2% to CHF 763.7 million, 45.1% to CHF 55.3 million and 70.7% to CHF 12.9 million, respectively; net sales from shoes, apparel and accessories increased by 24.0%, 57.5% and 86.6% on a constant currency basis, respectively; gross profit increased by 22.8% to CHF 534.3 million from CHF 435.3 million; gross profit margin increased to 64.2% from 59.9%; net income increased by 82.2% to CHF 103.3 million from CHF 56.7 million; net income margin increased to 12.4% from 7.8%; basic earnings per share (“EPS”) Class A (CHF) increased to 0.31 from 0.17; diluted EPS Class A (CHF) increased to 0.31 from 0.17; adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") increased by 45.4% to CHF 174.3 million from CHF 119.9 million; adjusted EBITDA margin increased to 21.0% from 16.5%; adjusted net income increased to CHF 123.6 million from CHF 70.5 million; adjusted basic EPS Class A (CHF) increased to 0.37 from 0.22; and adjusted diluted EPS Class A (CHF) increased to 0.37 from 0.21. Key financial and operating metrics as of March 31, 2026 compared to December 31, 2025 included: cash and cash equivalents increased by 0.1% to CHF 1,020.4 million from CHF 1,019.9 million; and net working capital increased by 14.1% to CHF 650.8 million from CHF 570.3 million. Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital and net sales on a constant currency basis are non-IFRS measures used by us to evaluate our performance. Furthermore, we believe these non-IFRS measures enhance investors' understanding of our financial and operating performance from period to period because they enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS. For a detailed description and a reconciliation to the nearest IFRS measure, see section titled “Non-IFRS Measures.” Outlook Following a strong start to 2026, On looks to the remainder of the year with high confidence. Brand momentum continues to build across markets, channels and communities, while the Company's premium positioning, disciplined execution and strong innovation pipeline support high-quality, margin-accretive growth. Despite ongoing macroeconomic uncertainty, On's first quarter performance provides a strong foundation for the year. Net sales: Expected to grow by at least 23% year-over-year on a constant currency basis. At current spot rates, this implies reported net sales of at least CHF 3.51 billion. Gross profit margin: Expected to reach at least 64.5%. This raised guidance reflects On's operational strength and its ongoing premium execution, and continues to embed a 20% incremental tariff rate on products imported to the U.S. from Vietnam. It excludes any potential tariff refunds. Adjusted EBITDA margin: Expected to be in the range of 19.5% to 20.0%. This reflects On's continued commitment to invest behind the highest-return areas for long-term growth while delivering profitability expansion. Other than with respect to IFRS net sales and gross profit margin, On only provides guidance on a non-IFRS basis. The Company does not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. As a result, we are not able to forecast with reasonable certainty all deductions needed in order to provide a reconciliation to net income. The above outlook is based on current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below and in our filings with the U.S. Securities and Exchange Commission (the "SEC"). Conference Call Information A conference call to discuss first quarter results is scheduled for May 12, 2026 at 8 a.m. US Eastern time (2 p.m. Central European Time). Those interested in participating in the call are invited to dial the following numbers: United States: +1 646 307 1963
United Kingdom: +44 203 481 42 47
Switzerland: +41 43 210 51 63 Conference ID: 3329054 Additionally, a live webcast of the conference call will be available on the Company's investor relations website and under the following link. Following the conclusion of the call, a replay of the conference call will be available on the Company's website. About On On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement – a mission that still guides the brand today. Sixteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On’s award-winning CloudTec® and LightSpray™ innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base – inspiring humans to explore, discover and Dream On. On is present in more than 90 countries globally and engages with a digital community on www.on.com. Non-IFRS Measures Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital, and net sales on a constant currency basis are financial measures that are not defined under IFRS. We use these non-IFRS measures when evaluating our performance, including when making financial and operating decisions, and as a key component in the determination of variable incentive compensation for employees. We believe that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS measures enhance investor understanding of our financial and operating performance from period to period, because they exclude share-based compensation which is not viewed by management as part of our ongoing operations and performance, enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. In particular, we believe adjusted EBITDA, adjusted EBITDA margin, adjusted net income and net working capital are measures commonly used by investors to evaluate companies in the sportswear industry. However, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital, and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS and may not be comparable to similarly titled non-IFRS measures used by other companies. The tables below reconcile each non-IFRS measure to its most directly comparable IFRS measure. As noted above, we do not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. The amount of these deductions may be material and, therefore, could result in projected net income being materially less than projected adjusted EBITDA. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-Looking Statements section of this press release. Net sales on a constant currency basis is a non-IFRS financial measure and should be viewed as a supplement to our results under IFRS. Net sales on a constant currency basis represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We provide constant currency percent change in net sales within our results, to enhance the visibility of the underlying growth rate of net sales, excluding the impact of foreign currency exchange rate fluctuations. Forward-Looking Statements This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “continue,” “could,” “expect,” “estimate,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “target,” “will,” “would,” and “should,” among others. Among other things, On’s quotations from management in this press release and other written materials, as well as On’s strategic and operational plans, contain forward-looking statements. On may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section titled “Risk Factors” in our Annual Report. These risks and uncertainties include factors relating to: the strength of our brand and our ability to maintain our reputation and premium brand image; our ability and the ability of our independent manufacturers and other suppliers to follow responsible business practices; our ability to implement our growth strategy; the concentration of our business in a single, discretionary product category, namely footwear, apparel and accessories; our ability to continue to innovate and meet consumer expectations; changes in consumer tastes and preferences including in products and sustainability, and our ability to connect with our consumer base; our ability to open new stores at locations that will attract customers to our premium products; our ability to compete and conduct our business in the future; health epidemics, pandemics and similar outbreaks; general economic, political, demographic and business conditions worldwide, including geopolitical uncertainty and instability, such as the on-going Russia-Ukraine or Israel-Hamas conflicts and on-going shipping disruptions in the Red Sea and surrounding waterways; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; our ability to successfully develop, implement, and scale our LightSpray™ technology and products developed using this technology; our ability to strengthen and grow our DTC channel; our ability to address climate related risks; our ability to execute and manage our sustainability strategy and achieve our sustainability-related goals and targets, including sustainable product offerings and investor and customer scrutiny; our third-party suppliers, manufacturers and other partners, including their financial stability and our ability to find suitable partners to implement our growth strategy; supply chain disruptions, inflation and increased costs in supplies, goods and transportation, customs and duty expenses, and foreign exchange rates; the availability of qualified personnel and the ability to retain such personnel, including our Extended Founder Team; our ability to accurately forecast demand for our products and manage product manufacturing decisions; our ability to distribute products through our wholesale channel; changes in commodity, material, labor, distribution and other operating costs; our international operations; our ability to protect our intellectual property and defend against allegations of violations of third-party intellectual property by us; cybersecurity incidents and other disruptions to our information technology ("IT") systems; increased hacking activity against the critical infrastructure of any nation or organization that retaliates against Russia for its invasion of Ukraine; our reliance on complex IT systems; our ability to adopt and monitor generative artificial intelligence ("AI") technologies in our operations; changes and contemplation of changes to trade policies, tariffs and import/export regulations in the United States and other jurisdictions; financial accounting and tax matters; our ability to maintain effective internal control over financial reporting; the potential impact of, and our compliance with, new and existing laws and regulations; other factors that may affect our financial condition, liquidity and results of operations; and other risks and uncertainties set out in filings made from time to time with the SEC and available at www.sec.gov, including, without limitation, our most recent reports on Form 20-F and Form 6-K. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Consolidated Financial Information Consolidated Interim Statements of Income (unaudited)       Three-month period ended March 31, (CHF in millions)   2026   2025                     Net sales   831.9   726.6 Cost of sales   (297.6)   (291.3) Gross profit   534.3   435.3 Selling, general and administrative expenses   (416.9)   (358.2) Operating result   117.4   77.0 Financial income   7.0   7.3 Financial expenses   (8.0)   (5.9) Foreign exchange gain / (loss)   (0.3)   (14.5) Income before taxes   116.1   63.9 Income tax expense   (12.8)   (7.2) Net income   103.3   56.7 Earnings per share                   Basic EPS Class A (CHF)   0.31   0.17 Basic EPS Class B (CHF)   0.03   0.02           Diluted EPS Class A (CHF)   0.31   0.17 Diluted EPS Class B (CHF)   0.03   0.02 Consolidated Interim Balance Sheets (unaudited)   (CHF in millions)   3/31/2026   12/31/2025                     Cash and cash equivalents   1,020.4   1,019.9 Trade receivables   402.6   305.4 Inventories   406.0   419.8 Other current financial assets   71.5   59.2 Other current operating assets   152.8   158.2 Current assets   2,053.3   1,962.4 Property, plant and equipment   161.1   148.8 Right-of-use assets   511.1   494.1 Intangible assets   54.1   54.2 Deferred tax assets   184.1   175.9 Non-current assets   910.4   873.0 Assets   2,963.7   2,835.4 Trade payables   157.8   154.8 Current lease liabilities   84.8   81.2 Other current financial liabilities   52.2   56.7 Other current operating liabilities   323.8   355.4 Current provisions   14.4   13.0 Income tax liabilities   55.7   63.2 Current liabilities   688.6   724.4 Employee benefit obligations   6.4   5.5 Non-current provisions   25.2   20.7 Non-current lease liabilities   457.1   440.3 Other non-current financial liabilities   5.8   2.8 Deferred tax liabilities   8.8   9.3 Non-current liabilities   503.3   478.6 Share capital   34.1   34.1 Treasury shares   (26.5)   (26.7) Capital reserves   1,306.0   1,289.0 Other reserves   (27.7)   (46.6) Retained earnings   485.9   382.6 Equity   1,771.8   1,632.4 Equity and liabilities   2,963.7   2,835.4 Consolidated Interim Statements of Cash Flow (unaudited)       Three-month period ended March 31, (CHF in millions)   2026   2025                     Net income   103.3   56.7 Adjustments for:         Share-based compensation   16.2   11.6 Employee benefit expenses   0.8   0.8 Depreciation and amortization   35.6   28.3 Interest income and expenses   (2.3)   (3.3) Net exchange differences   (2.5)   26.7 Income taxes   12.8   7.2 Change in working capital   (73.4)   (120.3) Trade receivables   (92.5)   (124.7) Inventories   21.2   8.0 Trade payables   (2.0)   (3.5) Change in provisions   3.6   — Change in other current assets / liabilities   (46.1)   (3.6) Interest received   8.4   7.3 Income taxes paid   (27.3)   (23.6) Cash inflow / (outflow) from operating activities   29.1   (12.1)           Purchase of property, plant and equipment   (16.7)   (11.3) Purchase of intangible assets   (2.0)   (0.8) Cash (outflow) from investing activities   (18.7)   (12.1)           Payments of lease liabilities   (15.7)   (14.0) Proceeds on sale of treasury shares related to share-based compensation   0.8   6.1 Interest paid   (6.0)   (4.0) Cash (outflow) from financing activities   (20.9)   (12.0)           Change in cash and cash equivalents   (10.3)   (36.3) Cash and cash equivalents balance at beginning of the year   1,019.9   924.3 Net impact of foreign exchange rate differences   10.8   (16.1) Cash and cash equivalents balance at end of the period   1,020.4   871.8 Reconciliation of Non-IFRS measures Adjusted EBITDA and Adjusted EBITDA Margin The table below reconciles net income to adjusted EBITDA for the periods presented. Adjusted EBITDA margin is equal to adjusted EBITDA for the period presented as a percentage of net sales for the same period.     Three-month period ended March 31, (CHF in millions)   2026   2025   % Change                             Net income   103.3   56.7   82.2 % Exclude the impact of:             Income taxes   12.8   7.2   76.7 % Financial income   (7.0)   (7.3)   (4.1) % Financial expenses   8.0   5.9   35.6 % Foreign exchange result (1)   0.3   14.5   (97.9) % Depreciation and amortization   35.6   28.3   25.6 % Share-based compensation (2)   21.3   14.6   46.2 % Adjusted EBITDA   174.3   119.9   45.4 % Adjusted EBITDA margin   21.0 %   16.5 %   27.0 %   (1) Represents the foreign exchange gain / (loss) line item within the consolidated statements of income / (loss).
(2) Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance. Adjusted Net Income, Adjusted Basic EPS and Adjusted Diluted EPS We use adjusted net income, adjusted basic EPS and adjusted diluted EPS as measures of operating performance in conjunction with related IFRS measures. For the purpose of operational performance measurement, we calculate adjusted net income, adjusted basic EPS and adjusted diluted EPS in a manner that fully excludes the impact of any costs related to share-based compensation and includes the tax effect on the tax-deductible portion of the non-IFRS adjustments, which we believe increases comparability of the metric from period to period, and makes it useful for management, our audit committee and investors to assess our financial performance over time. Adjusted basic EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period. Adjusted diluted EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period on a fully diluted basis. The table below provides a reconciliation between net income and adjusted net income, adjusted basic EPS and adjusted diluted EPS for the periods presented:     Three-month period ended March 31, (CHF in millions, except per share data)   2026   2026   2025   2025     Class A   Class B   Class A   Class B                                     Net income   92.7   10.6   50.7   6.0 Exclude the impact of:                 Share-based compensation (1)   19.1   2.2   13.0   1.5 Tax effect of adjustments(2)   (0.9)   (0.1)   (0.7)   (0.1) Adjusted net income   110.8   12.7   63.1   7.4                   Weighted number of outstanding shares   297,510,233   341,241,680   293,337,960   345,437,500 Weighted number of shares with dilutive effects(3)   3,471,278   5,002,619   4,460,419   13,487,132 Weighted number of outstanding shares (diluted and undiluted)(3)   300,981,511   346,244,299   297,798,379   358,924,632                   Adjusted basic EPS (CHF)   0.37   0.04   0.22   0.02 Adjusted diluted EPS (CHF)   0.37   0.04   0.21   0.02   (1) Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance. (2) The tax effect has been calculated by applying the local tax rate on the tax deductible portion of the respective adjustments. (3) Weighted number of outstanding shares (diluted and undiluted) are presented herein in order to calculate Adjusted EPS as Adjusted net income for such periods. Net Sales on a Constant Currency Basis Net sales on a constant currency basis is a non-IFRS measure which represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We provide constant currency percent change in net sales in our results to enhance the visibility of the underlying growth rate of net sales, excluding the impact of foreign currency exchange rate fluctuations. Below, we show net sales split out by sales channel, geography, and product, and include the reported percent change and the constant currency percent change. Net sales by sales channel The following table presents net sales by sales channel:     Three-month period ended March 31, (CHF in millions)   2026   2025   % Change   Constant Currency % Change (1)                                     Wholesale   509.6   449.7   13.3 %   25.1 % Direct-to-consumer   322.3   276.9   16.4 %   28.7 % Net sales   831.9   726.6   14.5 %   26.4% Net sales by geography The following table presents net sales by geographic region (based on the location of the counterparty):     Three-month period ended March 31, (CHF in millions)   2026   2025   % Change   Constant Currency % Change (1)                                     Europe, Middle East and Africa   207.1   168.6   22.8 %   25.6 % Americas   450.7   437.4   3.1 %   17.1 % Asia-Pacific   174.0   120.6   44.4 %   61.4 % Net Sales   831.9   726.6   14.5%   26.4% Net sales by product The following table presents net sales by product group:     Three-month period ended March 31, (CHF in millions)   2026   2025   % Change   Constant Currency % Change (1)                                     Shoes   763.7   680.9   12.2 %   24.0 % Apparel   55.3   38.1   45.1 %   57.5 % Accessories   12.9   7.6   70.7 %   86.6 % Net Sales   831.9   726.6   14.5 %   26.4%   (1) The constant currency percent change represents changes to net sales on a constant currency basis, which is a non-IFRS financial measure. For additional information, refer to "Non-IFRS Measures" for a description of this measure. Reconciliation to the nearest IFRS measure is shown in table above. Net Working Capital Net working capital is a financial measure that is not defined under IFRS. We use, and believe that certain investors and analysts, use this information to assess liquidity and management use of net working capital resources. We define net working capital as trade receivables, plus inventories, minus trade payables. This measure should not be considered in isolation or as a substitute for any standardized measure under IFRS. Other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure.     As of March 31,   As of December 31,     (CHF in millions)   2026   2025   % Change                             Accounts receivables   402.6   305.4   31.8 % Inventories   406.0   419.8   (3.3) % Trade payables   (157.8)   (154.8)   1.9 % Net working capital   650.8   570.3   14.1 %   View source version on businesswire.com: https://www.businesswire.com/news/home/20260512372858/en/ For investor and media inquiries

Investor Contact:
On Holding AG
Liv Radlinger
investorrelations@on.com
or
ICR, Inc.
Brendon Frey
brendon.frey@icrinc.com Media Contact:
On Holding AG
Adib Sisani
press@on.com Original: On Reports First Quarter 2026 Results

On to Release First Quarter 2026 Results on Tuesday, May 12, 2026April 28, 2026 4:30 PM
Business Wire
Swiss performance sportswear brand On (NYSE: ONON) announced today that the Company will release its first quarter 2026 financial results on Tuesday, May 12, 2026 before U.S. financial markets open.


The Company’s management will host an earnings conference call and webcast at 8 a.m. U.S. Eastern Time on May 12, 2026 (2 p.m. Central European Time). To access the live conference call by telephone, please dial the following numbers:


United States: +1 646 307 19 63

United Kingdom: +44 203 481 42 47

Switzerland: +41 43 210 51 63


Conference ID: 3329054


Additionally, a live webcast of the conference call will be available on the Company's investor relations website and via the following link. Following the call, a recording will be available on the Company's website.


About On


On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement – a mission that still guides the brand today. Sixteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On’s award-winning CloudTec® and LightSpray™ innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base – inspiring humans to explore, discover and Dream On.


On is present in more than 90 countries globally and engages with a digital community on www.on.com.


Source: On

Category: Earnings

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428927034/en/
Investor Contact:

On Holding AG

Liv Radlinger

investorrelations@on.com

or

ICR, Inc.

Brendon Frey

brendon.frey@icrinc.com


Media Contact:

On Holding AG

Adib Sisani

press@on.com


Original: On to Release First Quarter 2026 Results on Tuesday, May 12, 2026

On Holding shares drop 5% as CEO Martin Hoffmann announces departureMarch 25, 2026 8:51 AM
IH Market News
On Holding AG (NYSE:ONON) shares declined about 5% on Wednesday after the company revealed that Chief Executive Officer Martin Hoffmann will step down after 13 years with the Swiss sportswear company.Starting May 1, company co-founders David Allemann and Caspar Coppetti will take on the roles of Co-CEOs while continuing to serve as Executive Co-Chairmen of the Board. The leadership change comes as On enters a new phase of expansion following annual net sales exceeding CHF 3 billion in 2025.Hoffmann, who previously served as chief financial officer before becoming CEO five years ago, will leave the role on May 1 and remain with the company in an advisory capacity through March 2027. Frank Sluis will assume the position of CFO beginning May 1.As part of the organizational reshuffle, Scott Maguire has been promoted to President and Chief Operating Officer, where he will oversee the entire value chain—from research and development and production to marketing and global commercial activities. Maguire previously led the scaling of On’s LightSpray technology and helped develop the Superfoam innovation used in the Cloudsurfer 3.The company said the management changes aim to better align founder-driven strategy with operational execution as it continues expanding globally. Co-founder Olivier Bernhard will remain responsible for performance product development and athlete engagement as an Executive Member of the Board.After Hoffmann’s departure, the company plans to propose converting his 16,250,000 Class B voting shares into 1,625,000 Class A ordinary shares at the Annual General Shareholders’ Meeting scheduled for May 28.On Holding stock price

Original: On Holding shares drop 5% as CEO Martin Hoffmann announces departure

On Co-Founders to Lead Next Chapter of Growth as Co-CEOsMarch 25, 2026 5:00 AM
Business Wire
On Holding AG (NYSE: ONON) (“On”), the premium global sportswear brand, today announced an update to its organizational structure as the company prepares to enter its next growth phase. Designed to even more closely connect founder-led strategic intent with execution, the updated model ensures On remains agile and decisive while continuing to scale. To drive the next phase of global expansion, co-founders David Allemann and Caspar Coppetti will serve as Co-CEOs. Scott Maguire is promoted to President & COO. Following a successful 13-year tenure at On, Martin Hoffmann has chosen to step down as CEO.

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On was founded on the principle of relentless innovation. Following a record-breaking 2025 – where annual net sales surpassed CHF 3 billion and gross profit margins reached new heights – the company is leaning forward from its strongest-ever position.


Looking ahead, the co-founders, Olivier Bernhard, David Allemann and Caspar Coppetti, have jointly with CEO and CFO Martin Hoffmann and the Board of Directors developed a strategic roadmap to take the brand to its next level of global scale. To stay ahead of the complexity that accompanies such growth – ensuring agile decision making and protecting the entrepreneurial speed that has defined On since inception – the company will implement a leadership structure that sustains close connectedness across the organization, unifying strategic intent, innovation, product, brand, and commercial execution.


Unifying Founders’ Strategic Intent With Operational Core


Effective May 1, 2026, David Allemann and Caspar Coppetti will assume the roles of Co-CEOs, while continuing as Executive Co-Chairmen of the Board. This facilitates their operational roles and brings the founders’ long-term stewardship into direct alignment with execution responsibility. Co-founder Olivier Bernhard will continue spearheading key performance product initiatives and athlete engagement as an Executive Member of the Board.


"The best time to elevate your game is when you are already breaking your own records," said David Allemann. "By unifying founder-led strategic intent with our operational core, we aim to move faster, stay relentlessly focused on product heat, and continue pushing the boundaries of what a sportswear brand can be."


Martin Hoffmann to Step Down


With the strategic roadmap for continued growth in place, the four partners collectively recognize that this is the right moment for Martin Hoffmann to step down. Following a transformative 13-year tenure as CFO and five years as CEO, during which On evolved from a Swiss startup into a multi-billion dollar global leader, Martin has decided to take a planned hiatus and pursue philanthropic interests. In seamless partnership with the co-founders, Martin engineered the financial framework and strategic discipline and served as the essential link between On’s founder-led vision and the operational scale that transformed the company to the force it is today. He will step down from his roles effective May 1, 2026, will then ensure a smooth onboarding and transition to Frank Sluis, who joins as new CFO on May 1, 2026. Martin will then remain an advisor through March 2027.


"It is difficult to put into words how impactful Martin has been," said Caspar Coppetti. "From our early days through a landmark IPO, his commitment to our culture and financial discipline has been instrumental. It has been a privilege to work alongside him and we are deeply grateful for his partnership, his outstanding contribution and the legacy he has built."


“It has been an absolute privilege to shape On and this amazing team alongside the Founders for over a decade,” said Martin Hoffmann. “The timing to move on feels right. Over the past 12 months we have been highly engaged in defining the next growth horizon and leadership structure for On. This next chapter will be driven by the talented and experienced leaders who I’ve worked closely with over many years. I’m deeply confident they’ll continue to do incredible work in this new, unified structure, and I will continue to be a massive supporter and a shareholder of the brand going forward.”


Scott Maguire Promoted to President & COO


As part of these changes to the leadership structure, On is promoting Scott Maguire to President & COO, a role in which he will oversee the full value chain – from R&D and manufacturing to marketing, global commercial operations, and technology. Scott, who brings a deep expertise in engineering and design, alongside over 20 years of global leadership experience at premium brands, has been the architect of On’s innovation and operational backbone. Since joining the company, he led the scale-up of the revolutionary LightSpray™ technology and the accelerated development of market-first Superfoam innovations for the Cloudsurfer 3.


"Scott is a rare find, he truly gets what makes On special," said Olivier Bernhard. "As someone who has spent my life obsessing over product performance, I love how naturally he connects engineering and design with execution. He is the perfect product-led operator to supercharge our engine as we scale globally."


“I am honored to work even more closely with our co-founders to execute On’s strategy as one connected flywheel,” said Scott Maguire. “By aligning the organization tightly around the product and consumer journey, we are creating the space to keep pushing boundaries and build a seamless global brand experience for our growing community of fans. And, of course, to keep Dreaming On.”


Following his departure from an active role at On, Martin Hoffmann’s Class B voting shares will initiate a sunset process and he will cease to be a party to the shareholders’ agreement between the Company and the Partners following the Company’s 2026 Annual General Shareholders’ Meeting (AGM), scheduled for 28 May 2026. 100% of his Class B Shares (16,250,000) will be proposed for conversion into 1,625,000 Class A Ordinary Shares at the next AGM on 28 May 2026.


About On


On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement – a mission that still guides the brand today. Sixteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On’s award-winning CloudTec® and LightSpray™ innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base – inspiring humans to explore, discover and Dream On.


On is present in more than 90 countries globally and engages with a digital community on www.on.com.


Forward-Looking Statements


This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “continue,” “could,” “expect,” “estimate,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “target,” “will,” “would,” and “should,” among others. Among other things, On’s quotations from management in this press releases and other written materials, as well as On’s strategic and operational plans and outlook on future financial performance during 2026 and future periods, contain forward-looking statements. On may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management.


Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section titled “Risk Factors” in our Annual Report. These risks and uncertainties include factors relating to: the strength of our brand and our ability to maintain our reputation and premium brand image; our ability and the ability of our independent manufacturers and other suppliers to follow responsible business practices; our ability to implement our growth strategy; the concentration of our business in a single, discretionary product category, namely footwear, apparel and accessories; our ability to continue to innovate and meet consumer expectations; changes in consumer tastes and preferences including in products and sustainability, and our ability to connect with our consumer base; our ability to open new stores at locations that will attract customers to our premium products; our ability to compete and conduct our business in the future; health epidemics, pandemics and similar outbreaks; general economic, political, demographic and business conditions worldwide, including geopolitical uncertainty and instability, such as the on-going Russia-Ukraine or Israel-Hamas conflicts and on-going shipping disruptions in the Red Sea and surrounding waterways; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; our ability to successfully develop, implement, and scale our LightSpray™ technology and products developed using this technology; our ability to strengthen and grow our DTC channel; our ability to address climate related risks; our ability to execute and manage our sustainability strategy and achieve our sustainability-related goals and targets, including sustainable product offerings and investor and customer scrutiny; our thirdparty suppliers, manufacturers and other partners, including their financial stability and our ability to find suitable partners to implement our growth strategy; supply chain disruptions, inflation and increased costs in supplies, goods and transportation, customs and duty expenses, and foreign exchange rates; the availability of qualified personnel and the ability to retain such personnel, including our Extended Founder Team; our ability to accurately forecast demand for our products and manage product manufacturing decisions; our ability to distribute products through our wholesale channel; changes in commodity, material, labor, distribution and other operating costs; our international operations; our ability to protect our intellectual property and defend against allegations of violations of third-party intellectual property by us; cybersecurity incidents and other disruptions to our information technology ("IT") systems; increased hacking activity against the critical infrastructure of any nation or organization that retaliates in conflicts, including against Russia for its invasion of Ukraine; our reliance on complex IT systems; our ability to adopt and monitor generative artificial intelligence ("AI") technologies in our operations; changes and contemplation of changes to trade policies, tariffs and import/export regulations in the United States and other jurisdictions; financial accounting and tax matters; our ability to maintain effective internal control over financial reporting; the potential impact of, and our compliance with, new and existing laws and regulations; other factors that may affect our financial condition, liquidity and results of operations; and other risks and uncertainties set out in filings made from time to time with the SEC and available at www.sec.gov, including, without limitation, our most recent reports on Form 20-F and Form 6-K. You are urged to consider these factors carefully in evaluating the forward looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.


Source: On

Category: Corporate

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For investor and media inquiries
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Original: On Co-Founders to Lead Next Chapter of Growth as Co-CEOs

On Announces Fourth Quarter and Full Year Results, and the Filing of its Annual Report on Form 20-F for 2025March 3, 2026 5:00 AM
Business Wire

Guided by a clear vision to build the most premium global sportswear brand, On reaches a new level of scale and profitability in 2025, exceeding its latest outlook across all metrics. Annual net sales surpass CHF 3.0 billion for the first time, while cash exceeds CHF 1.0 billion at year-end. Full-year net sales increase by 30.0% year-over-year, and by 35.6% on a constant currency basis, reaching CHF 3,014.0 million. Full-year profitability reaches new highs, with gross profit margin expanding to 62.8% and adjusted EBITDA margin to 18.8%, reflecting structural operational efficiencies and the strength of On’s premium positioning.



Fourth quarter net sales reach CHF 743.8 million, growing 22.6% year-over-year on a reported basis and 30.6% on a constant currency basis. Increasing global brand awareness, now approaching 30%, together with disciplined premium execution during the holiday season, drives strong performance across both Direct-to-Consumer (“DTC”) and Wholesale channels.



Execution against On’s strategic priorities continues to deliver strong, broad-based growth. In 2025, On expands its network of premium brand hubs to nearly 70 own retail locations, with high-impact retail formats deepening consumer engagement. Apparel and accessories reach a combined 7.0% of net sales, up 190 basis points year-over-year, reinforcing On’s evolution into a true toe-to-head brand. The Asia-Pacific region surpasses CHF 500 million in annual net sales, demonstrating exceptional demand across markets and channels.



Fourth quarter gross profit margin reaches 63.9%, a new Q4 record, up 180 basis points year-over-year, driven by structural operational efficiencies, strong full-price execution and favorable foreign exchange dynamics. Adjusted EBITDA margin reaches 17.6%, up 120 basis points year-over-year, as On continues disciplined reinvestment into brand building, innovation, technology and retail expansion.



Entering the final year of its three-year strategy from a position of significant strength, On will further scale its LightSpray™ technology, advance innovation across its core running franchises and continue expanding its apparel offering. Together with the ongoing elevation of premium brand expression across channels, these pillars are expected to further deepen consumer engagement and drive long-term customer value.



On looks into 2026 with high confidence in its growth trajectory, expecting net sales to grow by at least 23% on a constant currency basis. At current spot rates, this implies reported net sales of at least CHF 3.44 billion. The company anticipates continued elevated profitability, with a full-year gross profit margin of at least 63.0% and an adjusted EBITDA margin between 18.5% and 19.0%.



On Holding AG (NYSE: ONON) (“On,” “On Holding AG,” the “Company,” “we,” “our,” “ours,” or “us”) today announced its financial results for the fourth quarter and full year, and that it has filed its annual report on Form 20-F (the "Form 20-F") for the year ended December 31, 2025, with the U.S. Securities and Exchange Commission (the "SEC").


David Allemann, Co-Founder and Executive Co-Chairman of On, said: "Surpassing the CHF 3 billion annual revenue milestone with record profitability is a profound validation of our vision to build the world’s most premium global sportswear brand. We are witnessing a fundamental societal shift, as people globally replace traditional markers of status with a commitment to health, longevity, and performance. On is uniquely positioned to deliver what this discerning consumer demands - from scaling breakthrough innovations like LightSpray™ to deepening our cultural resonance and delivering our fullest brand expression from toe-to-head. We are building a brand designed for the future of movement."


Martin Hoffmann, CEO and CFO of On, said: "By charting our own course and executing with discipline against our strategic priorities, we have built a powerful financial engine that is driving record results. The strength of our premium strategy allows us to exceed our high aspirations while providing the flexibility to reinvest in the high-return areas that we expect will fuel our growth for years to come. Our vision is proving itself at a new scale - from the exceptional productivity of our growing retail footprint to the compounding value of our multi-category expansion. This success is a testament to our nearly 4,000 team members who execute with focus and passion every day. We enter 2026 with confidence and conviction, ready to ‘Dream On’ bigger and bolder than ever before."


Key Financial Metrics


Key financial metrics for fiscal year 2025 compared to fiscal year 2024 included:



net sales increased by 30.0% to CHF 3,014.0 million, or by 35.6% on a constant currency basis;



net sales through the DTC sales channel increased by 33.7% to CHF 1,260.5 million, or by 39.9% on a constant currency basis;



net sales through the wholesale sales channel increased by 27.5% to CHF 1,753.4 million, or by 32.6% on a constant currency basis;



net sales in Europe, Middle East and Africa (“EMEA”), Americas and Asia-Pacific ("APAC") increased by 32.0% to CHF 762.7 million, 17.6% to CHF 1,740.1 million and 96.4% to CHF 511.1 million, respectively;



net sales in EMEA, Americas and APAC increased by 34.7%, 23.4% and 106.7% on a constant currency basis, respectively;



net sales from shoes, apparel and accessories increased by 27.5% to CHF 2,804.4 million, 68.2% to CHF 169.9 million and 124.1% to CHF 39.6 million, respectively;



net sales from shoes, apparel and accessories increased by 32.9%, 75.5% and 135.1% on a constant currency basis, respectively;



gross profit increased by 34.7% to CHF 1,893.6 million from CHF 1,405.7 million;



gross profit margin increased to 62.8% from 60.6%;



net income decreased by 15.9% to CHF 203.7 million from CHF 242.3 million;



net income margin decreased to 6.8% from 10.4%;



basic earnings per share (“EPS”) Class A (CHF) decreased to 0.62 from 0.75;



diluted EPS Class A (CHF) decreased to 0.61 from 0.74;



adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") increased by 46.3% to CHF 567.0 million from CHF 387.6 million;



adjusted EBITDA margin increased to 18.8% from 16.7%;



adjusted net income decreased to CHF 266.4 million from CHF 317.4 million;



adjusted basic EPS Class A (CHF) decreased to 0.81 from 0.98; and



adjusted diluted EPS Class A (CHF) decreased to 0.80 from 0.97.



Key financial metrics for the three-month period ended December 31, 2025 compared to the three-month period ended December 31, 2024, included:



net sales increased by 22.6% to CHF 743.8 million, or by 30.6% on a constant currency basis;



net sales through the DTC sales channel increased by 21.7% to CHF 360.6 million, or by 30.0% on a constant currency basis;



net sales through the wholesale sales channel increased by 23.4% to CHF 383.2 million, or by 31.2% on a constant currency basis;



net sales in EMEA, Americas and APAC increased by 24.2% to CHF 183.0 million, 12.8% to CHF 434.3 million, 70.8% to CHF 126.5 million, respectively;



net sales in EMEA, Americas and APAC increased by 27.5%, 21.3%, and 85.1% on a constant currency basis, respectively;



net sales from shoes, apparel and accessories increased by 20.8% to CHF 687.3 million, 38.3% to CHF 45.1 million and 117.7% to CHF 11.4 million, respectively;



net sales from shoes, apparel and accessories increased by 28.8%, 46.0% and 131.3% on a constant currency basis, respectively;



gross profit increased by 26.1% to CHF 475.3 million from CHF 376.8 million;



gross profit margin increased to 63.9% from 62.1%;



net income decreased 22.9% to CHF 69.1 million from CHF 89.5 million;



net income margin decreased to 9.3% from 14.8%;



basic EPS Class A (CHF) decreased to CHF 0.21 from CHF 0.28;



diluted EPS Class A (CHF) decreased to CHF 0.21 from CHF 0.27;



adjusted EBITDA increased by 31.8% to CHF 131.0 million from CHF 99.4 million;



adjusted EBITDA margin increased to 17.6% from 16.4%;



adjusted net income/(loss) decreased to CHF 83.5 million from CHF 107.7 million;



adjusted basic EPS Class A (CHF) decreased to CHF 0.25 from CHF 0.33; and



adjusted diluted EPS Class A (CHF) decreased to CHF 0.25 from CHF 0.33.



Key highlights as of December 31, 2025 compared to December 31, 2024 included:



cash and cash equivalents increased by 10.3% to CHF 1,019.9 million from CHF 924.3 million; and



net working capital increased by 14.3% to CHF 570.3 million from CHF 498.9 million.



Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital and net sales on a constant currency basis are non-IFRS measures used by us to evaluate our performance. Furthermore, we believe these non-IFRS measures enhance investors' understanding of our financial and operating performance from period to period because they enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS. For a detailed description and a reconciliation to the nearest IFRS measure, see section titled “Non-IFRS Measures.”


Outlook


Propelled by the record-breaking performance of 2025, On moves into the final year of its three-year strategy from a position of significant strength, accelerating toward its vision of being the most premium global sportswear brand. The Company is performing materially ahead of the mid-term targets established at its 2023 Investor Day, driven by a breakthrough innovation pipeline and the global scaling of its premium brand expression. Capitalizing on its powerful financial engine and sustained brand desirability, On is positioned to deliver premium growth in 2026:



Net sales: Expected to grow by at least 23% year-over-year on a constant currency basis. At current spot rates, this implies reported net sales of at least CHF 3.44 billion. This factors in a higher base following On's strong fourth quarter results, therefore representing a further elevation of the Company's ambition.



Gross profit margin: Expected to reach at least 63.0%.



Adjusted EBITDA margin: Expected to be in the range of 18.5% to 19.0%.



Other than with respect to IFRS net-sales and gross profit margin, On only provides guidance on a non-IFRS basis. The Company does not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. As a result, we are not able to forecast with reasonable certainty all deductions needed in order to provide a reconciliation to net income. The above outlook is based on current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below and in our filings with the U.S. Securities and Exchange Commission (the "SEC").


Conference Call Information


A conference call to discuss fourth quarter results is scheduled for March 3, 2026 at 8 a.m. US Eastern time (2 p.m. Central European Time). Those interested in participating in the call are invited to dial the following numbers:


United States: +1 646 307 19 63

United Kingdom: +44 203 481 42 47

Switzerland: +41 43 210 51 63


Conference ID: 5251715


Additionally, a live webcast of the conference call will be available on the Company's investor relations website and via the following link. Following the conclusion of the call, a replay of the conference call will be available on the Company's website.


Annual Report


The Form 20-F can be accessed by visiting either the SEC's website at www.sec.gov or the Company's website at investors.on.com/. In addition, the Company's shareholders may receive a hard copy of the Form 20-F, which includes the Company's complete audited financial statements, free of charge by requesting a copy from the Company contact below.


About On


On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement – a mission that still guides the brand today. Sixteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On’s award-winning CloudTec® and LightSpray™ innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base – inspiring humans to explore, discover and Dream On.


On is present in more than 90 countries globally and engages with a digital community on www.on.com.


Non-IFRS Measures


Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital, and net sales on a constant currency basis are financial measures that are not defined under IFRS. We use these non-IFRS measures when evaluating our performance, including when making financial and operating decisions, and as a key component in the determination of variable incentive compensation for employees. We believe that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS measures enhance investor understanding of our financial and operating performance from period to period, because they exclude share-based compensation which is not viewed by management as part of our ongoing operations and performance, enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. In particular, we believe adjusted EBITDA, adjusted EBITDA margin, adjusted net income and net working capital are measures commonly used by investors to evaluate companies in the sportswear industry.


However, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital, and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS and may not be comparable to similarly titled non-IFRS measures used by other companies. The tables below reconcile each non-IFRS measure to its most directly comparable IFRS measure.


As noted above, we do not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. The amount of these deductions may be material and, therefore, could result in projected net income being materially less than projected adjusted EBITDA. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-Looking Statements section of this press release.


Net sales on a constant currency basis is a non-IFRS financial measure and should be viewed as a supplement to our results under IFRS. Net sales on a constant currency basis represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We provide constant currency percent change in net sales within our results, to enhance the visibility of the underlying growth rate of net sales, excluding the impact of foreign currency exchange rate fluctuations.


Forward-Looking Statements


This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “continue,” “could,” “expect,” “estimate,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “target,” “will,” “would,” and “should,” among others.


Among other things, On’s quotations from management in this press releases and other written materials, as well as On’s strategic and operational plans and outlook on future financial performance during 2026, contain forward-looking statements. On may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management.


Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section titled “Risk Factors” in our Annual Report. These risks and uncertainties include factors relating to: the strength of our brand and our ability to maintain our reputation and premium brand image; our ability and the ability of our independent manufacturers and other suppliers to follow responsible business practices; our ability to implement our growth strategy; the concentration of our business in a single, discretionary product category, namely footwear, apparel and accessories; our ability to continue to innovate and meet consumer expectations; changes in consumer tastes and preferences including in products and sustainability, and our ability to connect with our consumer base; our ability to open new stores at locations that will attract customers to our premium products; our ability to compete and conduct our business in the future; health epidemics, pandemics and similar outbreaks; general economic, political, demographic and business conditions worldwide, including geopolitical uncertainty and instability, such as the on-going Russia-Ukraine or Israel-Hamas conflicts and on-going shipping disruptions in the Red Sea and surrounding waterways; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; our ability to successfully develop, implement, and scale our LightSpray™ technology and products developed using this technology; our ability to strengthen and grow our DTC channel; our ability to address climate related risks; our ability to execute and manage our sustainability strategy and achieve our sustainability-related goals and targets, including sustainable product offerings and investor and customer scrutiny; our thirdparty suppliers, manufacturers and other partners, including their financial stability and our ability to find suitable partners to implement our growth strategy; supply chain disruptions, inflation and increased costs in supplies, goods and transportation, customs and duty expenses, and foreign exchange rates; the availability of qualified personnel and the ability to retain such personnel, including our Extended Founder Team; our ability to accurately forecast demand for our products and manage product manufacturing decisions; our ability to distribute products through our wholesale channel; changes in commodity, material, labor, distribution and other operating costs; our international operations; our ability to protect our intellectual property and defend against allegations of violations of third-party intellectual property by us; cybersecurity incidents and other disruptions to our information technology ("IT") systems; increased hacking activity against the critical infrastructure of any nation or organization that retaliates against Russia for its invasion of Ukraine; our reliance on complex IT systems; our ability to adopt and monitor generative artificial intelligence ("AI") technologies in our operations; changes and contemplation of changes to trade policies, tariffs and import/export regulations in the United States and other jurisdictions; financial accounting and tax matters; our ability to maintain effective internal control over financial reporting; the potential impact of, and our compliance with, new and existing laws and regulations; other factors that may affect our financial condition, liquidity and results of operations; and other risks and uncertainties set out in filings made from time to time with the SEC and available at www.sec.gov, including, without limitation, our most recent reports on Form 20-F and Form 6-K. You are urged to consider these factors carefully in evaluating the forward looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.


The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.


Source: On

Category: Earnings


Consolidated Financial Information


Consolidated statements of income / (loss)




 






 






Year ended December 31,






 






Three-month period ended December 31,








(CHF in millions)






 






2025






 






2024






 






% Change






 






2025






 






2024






 






% Change








 






 






(Audited)






 






(Audited)






 






 






 






(Unaudited)






 






(Unaudited)






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Net sales






 






3,014.0






 






2,318.3






 






30.0%






 






743.8






 






606.6






 






22.6%








Cost of sales






 






(1,120.3)






 






(912.6)






 






22.8%






 






(268.5)






 






(229.8)






 






16.8%








Gross profit






 






1,893.6






 






1,405.7






 






34.7%






 






475.3






 






376.8






 






26.1%








Selling, general and administrative expenses






 






(1,516.6)






 






(1,194.2)






 






27.0%






 






(392.8)






 






(323.7)






 






21.3%








Operating result






 






377.0






 






211.6






 






78.2%






 






82.5






 






53.1






 






55.4%








Financial income






 






30.9






 






23.5






 






31.8%






 






8.0






 






6.3






 






26.6%








Financial expenses






 






(29.6)






 






(23.1)






 






27.8%






 






(7.8)






 






(5.9)






 






32.3%








Foreign exchange gain / (loss)






 






(173.2)






 






67.7






 






(355.7)%






 






(12.7)






 






38.0






 






(133.4)%








Income before taxes






 






205.2






 






279.6






 






(26.6)%






 






70.0






 






91.5






 






(23.5)%








Income tax benefit / (expense)






 






(1.5)






 






(37.4)






 






(95.9)%






 






(1.0)






 






(2.0)






 






(51.8)%








Net income






 






203.7






 






242.3






 






(15.9)%






 






69.1






 






89.5






 






(22.9)%








Earnings per share






 






 






 






 






 






 






 






 






 






 






 






 








Basic EPS Class A (CHF)






 






0.62






 






0.75






 






(17.3)%






 






0.21






 






0.28






 






(25.0)%








Basic EPS Class B (CHF)






 






0.06






 






0.07






 






(14.3)%






 






0.02






 






0.03






 






(33.3)%








 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted EPS Class A (CHF)






 






0.61






 






0.74






 






(17.6)%






 






0.21






 






0.27






 






(22.2)%








Diluted EPS Class B (CHF)






 






0.06






 






0.07






 






(14.3)%






 






0.02






 






0.03






 






(33.3)%



















 


Consolidated balance sheets




(CHF in millions)







12/31/2025







12/31/2024








 







(Audited)







(Audited)








 







 







 








Cash and cash equivalents







1,019.9







924.3








Trade receivables







305.4







246.1








Inventories







419.8







419.2








Other current financial assets







59.2







56.4








Other current operating assets







158.2







113.7








 







 







 








Current assets







1,962.4







1,759.7








 







 







 








Property, plant and equipment







148.8







127.2








Right-of-use assets







494.1







323.6








Intangible assets







54.2







58.3








Deferred tax assets







175.9







107.8








 







 







 








Non-current assets







873.0







617.0








 







 







 








Assets







2,835.4







2,376.7








 







 







 








Trade payables







154.8







166.5








Current lease liabilities







81.2







59.1








Other current financial liabilities







56.7







51.3








Other current operating liabilities







355.4







299.3








Current provisions







13.0







21.7








Income tax liabilities







63.2







62.5








 







 







 








Current liabilities







724.4







660.4








 







 







 








Employee benefit obligations







5.5







8.6








Non-current provisions







20.7







14.9








Non-current lease liabilities







440.3







288.5








Other non-current financial liabilities







2.8







1.7








Deferred tax liabilities







9.3







10.8








 







 







 








Non-current liabilities







478.6







324.5








 







 







 








Share capital







34.1







33.7








Treasury shares







(26.7)







(26.8)








Capital reserves







1,289.0







1,210.0








Other reserves







(46.6)







(4.0)








Retained earnings







382.6







178.9








 







 







 








Equity







1,632.4







1,391.8








 







 







 








Equity and liabilities







2,835.4







2,376.7











 


Consolidated statements of cash flows




(CHF in millions)






 






2025






 






2024








 






 






(Audited)






 






(Audited)








 






 






 






 






 








Net income






 






203.7






 






242.3








Share-based compensation






 






66.6






 






57.5








Employee benefit expenses






 






4.0






 






5.2








Depreciation and amortization






 






127.4






 






104.6








Loss on disposal of assets and impairment






 






3.7






 






0.7








Interest income and expenses






 






(8.5)






 






(7.2)








Net exchange differences






 






165.6






 






(70.9)








Income taxes






 






1.5






 






37.4








Change in working capital






 






(187.7)






 






46.1








Trade receivables






 






(96.1)






 






(30.1)








Inventories






 






(82.4)






 






(27.8)








Trade payables






 






(9.2)






 






104.0








Change in other current assets / liabilities






 






25.0






 






95.7








Change in provisions






 






(7.8)






 






18.0








Interest received






 






30.1






 






22.5








Income taxes paid






 






(64.0)






 






(41.2)








Cash inflow from operating activities






 






359.5






 






510.6








 






 






 






 






 








Purchase of property, plant and equipment






 






(72.9)






 






(60.5)








Proceeds from disposal of tangible assets






 






—






 






0.1








Purchase of intangible assets






 






(5.7)






 






(4.5)








Cash (outflow) from investing activities






 






(78.6)






 






(64.9)








 






 






 






 






 








Payments of lease liabilities






 






(69.9)






 






(51.3)








Proceeds from issuance of shares






 






4.3






 






0.2








Proceeds on sale of treasury shares related to share-based compensation






 






8.6






 






10.9








Interest paid






 






(21.5)






 






(15.3)








Cash (outflow) from financing activities






 






(78.5)






 






(55.4)








 






 






 






 






 








Change in net cash and cash equivalents






 






202.2






 






390.4








Net cash and cash equivalents as of January 1






 






924.3






 






494.6








Net impact of foreign exchange rate differences






 






(106.7)






 






39.4








Net cash and cash equivalents as of December 31






 






1,019.9






 






924.3











 


Reconciliation of non-IFRS measures


Adjusted EBITDA and adjusted EBITDA margin


The table below provides a reconciliation between net income / (loss) and adjusted EBITDA for the periods presented. Adjusted EBITDA margin is equal to adjusted EBITDA for the period presented as a percentage of net sales for the same period.




 






 






Fiscal year ended December 31,






 






Three-month period ended December 31,








(CHF in millions)






 






2025






 






2024






 






% Change






 






2025






 






2024






 






% Change








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Net income






 






203.7






 






242.3






 






(15.9)%






 






69.1






 






89.5






 






(22.9)%








Exclude the impact of:






 






 






 






 






 






 






 






 






 






 






 






 








Income taxes






 






1.5






 






37.4






 






(95.9)%






 






1.0






 






2.0






 






(51.8)%








Financial income






 






(30.9)






 






(23.5)






 






31.8%






 






(8.0)






 






(6.3)






 






26.6%








Financial expenses






 






29.6






 






23.1






 






27.8%






 






7.8






 






5.9






 






32.3%








Foreign exchange result (1)






 






173.2






 






(67.7)






 






(355.7)%






 






12.7






 






(38.0)






 






(133.4)%








Depreciation and amortization






 






127.4






 






104.6






 






21.8%






 






34.5






 






28.7






 






20.3%








Share-based compensation(2)






 






62.6






 






71.5






 






(12.5)%






 






14.0






 






17.6






 






(20.4)%








Adjusted EBITDA






 






567.0






 






387.6






 






46.3%






 






131.0






 






99.4






 






31.8%








Adjusted EBITDA margin






 






18.8%






 






16.7%






 






 






 






17.6%






 






16.4%






 






 








(1)


Represents the foreign exchange gain / (loss) line item within the consolidated statements of income / (loss) above







(2)


Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance.









 


Adjusted Net Income, Adjusted Basic EPS and Adjusted Diluted EPS


We use adjusted net income, adjusted basic EPS and adjusted diluted EPS as measures of operating performance in conjunction with related IFRS measures.


For the purpose of operational performance measurement, we calculate adjusted net income, adjusted basic EPS and adjusted diluted EPS in a manner that fully excludes the impact of any costs related to share-based compensation and includes the tax effect on the tax-deductible portion of the non-IFRS adjustments, which we believe increases comparability of the metric from period to period, and makes it useful for management, our audit committee and investors to assess our financial performance over time.


Adjusted basic EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period. Adjusted diluted EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period on a fully diluted basis.


The table below provides a reconciliation between net income and adjusted net income, adjusted basic EPS and adjusted diluted EPS for the periods presented:




 






 






Fiscal year ended December 31,








(CHF in millions, except per share data)






 






2025






 






2025






 






2024






 






2024








 






 






Class A






 






Class B






 






Class A






 






Class B








 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Net income






 






182.7






 






21.0






 






216.3






 






25.9








Exclude the impact of:






 






 






 






 






 






 






 






 








Share-based compensation(1)






 






56.1






 






6.4






 






63.9






 






7.6








Tax effect of adjustments(2)






 






0.1






 






—






 






3.2






 






0.4








Adjusted net income






 






239.0






 






27.5






 






283.4






 






33.9








 






 






 






 






 






 






 






 






 








Weighted number of outstanding shares(3)






 






295,550,380






 






339,541,070






 






288,465,380






 






345,437,500








Weighted number of shares with dilutive effects(3)






 






3,228,817






 






11,251,482






 






3,787,481






 






12,822,456








Weighted number of outstanding shares (diluted and undiluted)(3)






 






298,779,197






 






350,792,552






 






292,252,861






 






358,259,956








 






 






 






 






 






 






 






 






 








Adjusted basic EPS (CHF)






 






0.81






 






0.08






 






0.98






 






0.10








Adjusted diluted EPS (CHF)






 






0.80






 






0.08






 






0.97






 






0.09










 



 






 






Three-month period ended December 31,








(CHF in millions, except per share data)






 






2025






 






2025






 






2024






 






2024








 






 






Class A






 






Class B






 






Class A






 






Class B








 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Net income






 






62.0






 






7.0






 






80.0






 






9.6








Exclude the impact of:






 






 






 






 






 






 






 






 








Share-based compensation(1)






 






12.6






 






1.4






 






15.7






 






1.9








Tax effect of adjustments(2)






 






0.4






 






—






 






0.5






 






0.1








Adjusted net income






 






75.0






 






8.5






 






96.2






 






11.5








 






 






 






 






 






 






 






 






 








Weighted number of outstanding shares(3)






 






296,739,035






 






336,932,339






 






289,063,973






 






345,437,500








Weighted number of shares with dilutive effects(3)






 






2,885,416






 






8,726,618






 






4,135,300






 






13,504,922








Weighted number of outstanding shares (diluted and undiluted)(3)






 






299,624,451






 






345,658,957






 






293,199,273






 






358,942,422








 






 






 






 






 






 






 






 






 








Adjusted basic EPS (CHF)






 






0.25






 






0.03






 






0.33






 






0.03








Adjusted diluted EPS (CHF)






 






0.25






 






0.02






 






0.33






 






0.03








(1)


Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance.







(2)


The tax effect has been calculated by applying the local tax rate on the tax deductible portion of the respective adjustments.







(3)


Weighted numbers of outstanding shares (diluted and undiluted) are presented herein in order to calculate adjusted EPS as adjusted net income for such periods.









 


Net Sales on a Constant Currency Basis


Net sales on a constant currency basis is a non-IFRS measure which represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We provide constant currency percent change in net sales in our results to enhance the visibility of the underlying growth rate of net sales, excluding the impact of foreign currency exchange rate fluctuations. Below, we show reported net sales split out by sales channel, geography, and product, and include the reported percent change and the constant currency percent change.


Net sales by sales channel


The following tables present net sales by sales channel:




 






 






Fiscal year ended December 31,








(CHF in millions)






 






2025






 






2024






 






% Change






 






Constant

Currency %

Change (1)








 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Wholesale






 






1,753.4






 






1,375.5






 






27.5%






 






32.6%








Direct-to-Consumer






 






1,260.5






 






942.8






 






33.7%






 






39.9%








Net sales






 






3,014.0






 






2,318.3






 






30.0%






 






35.6%















 




 






 






Three-month period ended December 31,








(CHF in millions)






 






2025






 






2024






 






% Change






 






Constant

Currency %

Change (1)








 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Wholesale






 






383.2






 






310.4






 






23.4%






 






31.2%








Direct-to-Consumer






 






360.6






 






296.2






 






21.7%






 






30.0%








Net sales






 






743.8






 






606.6






 






22.6%






 






30.6%















 


Net sales by geography


The following tables present net sales by geographic region (based on the location of the counterparty):




 






 






Fiscal year ended December 31,








(CHF in millions)






 






2025






 






2024






 






% Change






 






Constant

Currency %

Change (1)








 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Americas






 






1,740.1






 






1,480.3






 






17.6%






 






23.4%








EMEA






 






762.7






 






577.8






 






32.0%






 






34.7%








Asia-Pacific






 






511.1






 






260.2






 






96.4%






 






106.7%








Net Sales






 






3,014.0






 






2,318.3






 






30.0%






 






35.6%








(1)


The constant currency percent change represents changes to net sales on a constant currency basis, which is a non-IFRS financial measure. See section titled "Non-IFRS Measures" for a description of this measure. Reconciliation to the nearest IFRS measure is shown in tables above.









 




 






 






Three-month period ended December 31,








(CHF in millions)






 






2025






 






2024






 






% Change






 






Constant

Currency %

Change (1)








 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Americas






 






434.3






 






385.1






 






12.8%






 






21.3%








EMEA






 






183.0






 






147.4






 






24.2%






 






27.5%








Asia-Pacific






 






126.5






 






74.1






 






70.8%






 






85.1%








Net Sales






 






743.8






 






606.6






 






22.6%






 






30.6%















 


Net sales by product


The following tables present net sales by product group:




 






 






Fiscal year ended December 31,








(CHF in millions)






 






2025






 






2024






 






% Change






 






Constant

Currency %

Change (1)








 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Shoes






 






2,804.4






 






2,199.6






 






27.5%






 






32.9%








Apparel






 






169.9






 






101.0






 






68.2%






 






75.5%








Accessories






 






39.6






 






17.7






 






124.1%






 






135.1%








Net Sales






 






3,014.0






 






2,318.3






 






30.0%






 






35.6%















 




 






 






Three-month period ended December 31,








(CHF in millions)






 






2025






 






2024






 






% Change






 






Constant

Currency %

Change (1)








 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Shoes






 






687.3






 






568.8






 






20.8%






 






28.8%








Apparel






 






45.1






 






32.6






 






38.3%






 






46.0%








Accessories






 






11.4






 






5.2






 






117.7%






 






131.3%








Net Sales






 






743.8






 






606.6






 






22.6%






 






30.6%








(1)


The constant currency percent change represents changes to net sales on a constant currency basis, which is a non-IFRS financial measure. See section titled "Non-IFRS Measures" for a description of this measure. Reconciliation to the nearest IFRS measure is shown in tables above.









 


Net Working Capital


Net working capital is a financial measure that is not defined under IFRS. We use, and believe that certain investors and analysts, use this information to assess liquidity and management use of net working capital resources. We define net working capital as trade receivables, plus inventories, minus trade payables. This measure should not be considered in isolation or as a substitute for any standardized measure under IFRS.


Other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure.




 






 






Fiscal year ended December 31,








(CHF in millions)






 






2025






 






2024






 






% Change








 






 






 






 






 






 






 








 






 






 






 






 






 






 








Accounts receivables






 






305.4






 






246.1






 






24.1%








Inventories






 






419.8






 






419.2






 






0.1%








Trade payables






 






(154.8)






 






(166.5)






 






(7.0)%








Net working capital






 






570.3






 






498.9






 






14.3%







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260303925083/en/
For investor and media inquiries
Investor Contact:

On Holding AG

Liv Radlinger

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or
ICR, Inc.

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brendon.frey@icrinc.com
Media Contact:

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Adib Sisani

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Original: On Announces Fourth Quarter and Full Year Results, and the Filing of its Annual Report on Form 20-F for 2025