On Holding AG reported key financial and operating metrics for the three-month period ended March 31, 2025, compared to the three-month period ended March 31, 2024, including:

  • Net sales increased by 43.0 percent to CHF 726.6 million, or by 40.0 percent on a constant-currency basis.
  • Net sales through the direct-to-consumer (DTC) sales channel increased by 45.3 percent to CHF 276.9 million, or by 42.4 percent on a constant-currency basis.
  • Net sales through the wholesale sales channel increased by 41.5 percent to CHF 449.7 million, or by 38.6 percent on a constant-currency basis.
  • Net sales in Europe, Middle East and Africa (EMEA), Americas and Asia-Pacific increased by 33.6 percent to CHF 168.6 million, 32.7 percent to CHF 437.4 million and 130.1 percent to CHF 120.6 million, respectively.
  • Net sales in EMEA, Americas and Asia-Pacific increased by 33.0 percent, 28.6 percent and 128.9 percent on a constant currency basis, respectively.
  • Net sales from shoes, apparel and accessories increased by 40.5 percent to CHF 680.9 million, 93.1 percent to CHF 38.1 million and 99.2 percent to CHF 7.6 million, respectively
  • Net sales from shoes, apparel and accessories increased by 37.5 percent, 91.0 percent and 97.0 percent on a constant-currency basis, respectively.
  • Gross profit increased by 43.5 percent to CHF 435.3 million from CHF 303.3 million;
  • Gross profit margin increased to 59.9 percent from 59.7 percent.
  • Net income decreased by 38.0 percent to CHF 56.7 million from CHF 91.4 million.
  • Net income margin decreased to 7.8 percent from 18.0 percent.
  • Basic earnings per share (EPS) Class A (CHF) decreased to 17 cents from 28 cents; diluted EPS Class A (CHF) decreased to 17 cents from 28 cents.
  • Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) increased by 54.8 percent to CHF 119.9 million from CHF 77.4 million.
  • Adjusted EBITDA margin increased to 16.5 percent from 15.2 percent.
  • Adjusted net income decreased to CHF 70.5 million from CHF 106.5 million.
  • Adjusted basic EPS Class A (CHF) decreased to 0.22 from 0.33.
  • Adjusted diluted EPS Class A (CHF) decreased to 21 cents from 0.33 cents.

Key financial and operating metrics as of March 31, 2025, compared to December 31, 2024, include:

  • Cash and cash equivalents decreased by 5.7 percent to CHF 871.8 million from CHF 924.3 million, and
  • Net working capital increased by 20.3 percent to CHF 600.1 million from CHF 498.9 million.

Outlook
Based on the brand’s continued strength and visibility on its order book for the remainder of 2025, On increased its full-year net sales outlook, now expecting at least 28 percent net sales growth on a constant-currency basis, corresponding to reported net sales of at least CHF 2.86 billion at current spot rates.

Image courtesy On Holding AG

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See below for additional SGB Media coverage of On’s first quarter results, including top executive commentary.

EXEC: On Holding Beats Q1 Expectations as DTC Rocks; Raises FY Guide