On Holding AG · Q2 2025 earnings

Briefing

On Holding posts record Q2 sales up 38% constant currency and raises full-year 2025 guidance

On Holding AG delivered a record second quarter with net sales of CHF 749.2 million, up 32.0% reported and 38.2% on a constant-currency basis. Direct-to-consumer net sales grew 47.2% reported to CHF 308.3 million, lifting DTC mix to a second-quarter high of 41.1%. Gross profit margin expanded to 61.5% from 59.9%, and adjusted EBITDA rose 50.0% to CHF 136.1 million with an adjusted EBITDA margin of 18.2%. Net loss was CHF 40.9 million versus net income of CHF 30.8 million a year ago, reflecting non-operating items, while adjusted net income was a loss of CHF 29.7 million. Asia-Pacific net sales more than doubled on a reported basis. Following the strong quarter, On raised its full-year 2025 outlook to at least 31% constant-currency net sales growth, or about CHF 2.91 billion at current spot rates, with higher gross profit and adjusted EBITDA margin targets.

• Net sales reached CHF 749.2 million, up 32.0% reported and 38.2% constant currency, led by 47.2% DTC growth to CHF 308.3 million.
• Gross profit margin improved to 61.5% and adjusted EBITDA grew 50.0% to CHF 136.1 million, a margin of 18.2%.
• Asia-Pacific net sales surged 101.3% reported to CHF 119.2 million; apparel net sales rose 67.5% to CHF 36.7 million.
• Reported net loss was CHF 40.9 million with basic EPS of CHF (0.12); adjusted diluted EPS was CHF (0.09).
• On raised FY2025 guidance to at least 31% constant-currency sales growth, gross profit margin of 60.5-61.0%, and adjusted EBITDA margin of 17.0-17.5%.

Headline financials

Revenue & EPS history

On raised full-year 2025 guidance after a record Q2, now expecting net sales growth of at least 31% on a constant-currency basis, or about CHF 2.91 billion at current spot rates, with gross profit margin of 60.5-61.0% and adjusted EBITDA margin of 17.0-17.5%.