On Holding AG · Q4 2024 earnings

Briefing

On Holding hits record Q1 net sales of CHF 726.6M (+43%) and raises full-year outlook

On Holding AG reported first-quarter 2025 results for the period ended March 31, 2025, with net sales of CHF 726.6 million, up 43.0% reported and 40.0% at constant currency. Direct-to-consumer net sales rose 45.3% to CHF 276.9 million, lifting DTC share to 38.1%, while wholesale grew 41.5% to CHF 449.7 million. Gross profit increased 43.5% to CHF 435.3 million with gross margin of 59.9%. Net income fell 38% to CHF 56.7 million (7.8% margin), reflecting unrealized FX losses, while adjusted EBITDA grew 54.8% to CHF 119.9 million with margin expanding to 16.5%. Adjusted diluted EPS Class A was CHF 0.21 versus CHF 0.33 a year ago. Asia-Pacific net sales surged 130.1% to CHF 120.6 million. On raised full-year 2025 constant-currency net sales growth guidance to at least 28%, equivalent to reported sales of at least CHF 2.86 billion, and expects full-year gross margin of 60.0–60.5% and adjusted EBITDA margin of 16.5–17.5%.

• Record net sales of CHF 726.6 million grew 43% reported and 40% at constant currency, ahead of expectations.
• DTC net sales rose 45.3% to CHF 276.9 million; wholesale grew 41.5% to CHF 449.7 million.
• Adjusted EBITDA of CHF 119.9 million (+54.8%) drove margin expansion to 16.5% from 15.2%.
• Net income of CHF 56.7 million declined on unrealized FX losses; adjusted diluted EPS was CHF 0.21.
• Full-year 2025 net sales guidance raised to at least 28% constant-currency growth (≥ CHF 2.86B reported).

Headline financials

Revenue & EPS history

On now expects at least 28% constant-currency net sales growth in 2025 (≥ CHF 2.86B at current rates), gross margin of 60.0–60.5%, and adjusted EBITDA margin of 16.5–17.5%.