On Holding AG Earnings Call Transcripts
Fiscal Year 2026
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Premium positioning and innovation drive strong growth, with the brand exceeding 2026 targets and expanding globally. Focus remains on product quality, selective channel growth, and reinvestment, while automation and talent are seen as key future assets.
Fiscal Year 2025
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Achieved record CHF 3 billion in net sales and 62.8% gross margin in 2025, driven by innovation, premium positioning, and strong global demand. 2026 guidance calls for at least 23% constant currency sales growth and further margin expansion, with DTC and apparel outpacing overall growth.
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Q3 2025 saw net sales rise 24.9% year over year to CHF 794.4 million, with gross margin at 65.7% and adjusted EBITDA margin at 22.6%. Asia Pacific led growth, and apparel sales hit a record. 2025 guidance was raised, with strong momentum expected across all regions and channels.
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Q2 net sales surged 38% year-over-year at constant currency, with record D2C and APAC growth, gross margin expansion, and strong apparel momentum. 2025 guidance was raised for net sales, gross margin, and EBITDA margin, despite FX and tariff headwinds.
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Q1 2025 saw record net sales and robust growth across all regions and channels, with D2C and apparel leading gains. Raised 2025 outlook to at least 28% constant currency growth, while managing risks from tariffs and FX volatility.
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Celebrating its 15th anniversary, the brand achieved record growth in 2024, doubling U.S. awareness and expanding D2C sales. Strategic focus for 2025 includes innovation, retail expansion, and operational excellence, with strong momentum in China and a clear path to higher profitability.
Fiscal Year 2024
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Delivered 33% constant currency sales growth in 2024, surpassing targets with CHF 2.32B in net sales, 60.6% gross margin, and 16.7% adjusted EBITDA margin. 2025 guidance calls for at least 27% sales growth and further margin expansion, driven by strong D2C, retail, and global brand momentum.
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Sales have tripled since 2021, driven by innovation, expanded product lines, and a strong retail and D2C strategy. The company targets doubling 2023 sales by 2026, with key growth in China, Europe, and apparel, while maintaining premium positioning and strong margins.
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Record Q3 net sales and profitability driven by strong D2C growth, APAC expansion, and brand momentum. Raised 2024 outlook with higher sales and margin targets, supported by innovation, retail expansion, and operational improvements.
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Q2 net sales rose 27.8% year-over-year to CHF 567.7 million, with strong growth across all regions and channels, driven by innovation, athlete success, and global brand momentum. Guidance for 2024 is reaffirmed, with at least 30% constant currency sales growth and a 16%-16.5% Adjusted EBITDA margin.