On Pang's net sales in 2025 are expected to increase by 30.0% year-over-year to 3.014 billion Swiss francs

According to the financial results of Swiss sportswear brand On Holding AG (On), for Q4 and the full year of 2025, On achieved a full-year net sales of CHF 3.014 billion, a 30.0% increase year-over-year, and a 35.6% growth at constant exchange rates. The gross profit margin expanded to 62.8%, and adjusted EBITDA reached 18.8%, demonstrating structural improvements in operational efficiency and the core advantages of its premium positioning.

By channel and region, the Direct-to-Consumer (DTC) channel generated net sales of CHF 1.2605 billion, up 33.7% year-over-year, and 39.9% at constant exchange rates. Wholesale channel net sales reached CHF 1.7534 billion, up 27.5% year-over-year, and 32.6% at constant exchange rates, with both channels working together to drive overall growth. In regional markets, Asia-Pacific achieved full-year net sales of CHF 511.1 million, up 96.4%, and 106.7% at constant exchange rates. The EMEA region’s net sales were CHF 762.7 million, up 32.0%, and the Americas reached CHF 1.7401 billion, up 17.6%. The product mix continued to optimize, with apparel and accessories accounting for 7.0% of net sales, an increase of 190 basis points from the previous year, marking significant progress in the company’s transformation into a full-category brand from head to toe.

The report shows that Q4 2025 net sales reached CHF 743.8 million, up 22.6% year-over-year, and 30.6% at constant exchange rates. Gross profit margin was 63.9%, an increase of 180 basis points year-over-year, mainly driven by improved operational efficiency, strong full-price sales, and favorable foreign exchange trends. Adjusted EBITDA was CHF 131.0 million, up 31.8%, with an adjusted EBITDA margin of 17.6%, an increase of 120 basis points.

Strategic Progress: On is in the final year of its three-year strategy, aiming to further expand the application of LightSpray™ technology, promote innovation in core running product lines, and continue expanding apparel categories. The company also plans to enhance its high-end brand presence across all channels to deepen consumer engagement and increase long-term customer value. Co-founder and Co-CEO David Allemann stated that surpassing CHF 3 billion in annual revenue and achieving record profitability confirms their vision to build the world’s highest-quality sportswear brand. The company is aligning with global consumer trends toward health, longevity, and athletic performance, shaping a future-oriented sports brand.

Looking ahead to 2026, the company expects at least 23% year-over-year growth in net sales at constant exchange rates, with a reported net sales of at least CHF 3.44 billion at current spot rates. It projects a gross profit margin of at least 63.0%, and an adjusted EBITDA margin between 18.5% and 19.0%. Additionally, on March 3, 2026, the day of the earnings release, On’s stock closed at $43.91, down 6.09% from the previous trading day, with nearly a 5.59% decline over the past three months.