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Mar 31, 2025
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On Q1 2025 Earnings Report
Reported record net sales and expanded margins in the first quarter of 2025.
Key Takeaways
On Holding AG reported strong first-quarter 2025 results, with record net sales of CHF 726.6 million, a 43.0% increase year-over-year. Growth was driven by exceptional momentum in both the direct-to-consumer (DTC) and wholesale channels. The company also saw significant expansion in adjusted EBITDA margin and an increase in gross profit margin, exceeding expectations and leading to a raised full-year net sales outlook.
Net sales reached a record CHF 726.6 million in Q1 2025, growing 43.0% year-over-year.
Both Direct-to-Consumer (DTC) and wholesale channels demonstrated strong growth, increasing by 45.3% and 41.5% respectively.
Gross profit margin expanded to 59.9%, and adjusted EBITDA margin increased significantly to 16.5%.
Based on strong performance and demand, On raised its full-year 2025 net sales guidance to at least 28% growth on a constant currency basis.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
On increased its full-year 2025 net sales outlook, now expecting at least 28% net sales growth on a constant currency basis, corresponding to reported net sales of at least CHF 2.86 billion. The company expects a full-year gross profit margin in the range of 60.0% - 60.5% and an adjusted EBITDA margin in the range of 16.5% - 17.5%.
Positive Outlook
- Strong demand across channels, regions, and product categories continues.
- Exciting product pipeline for the remainder of the year.
- Increased full-year net sales outlook to at least 28% growth.
- Confidence in navigating the current dynamic market environment.
- Commitment to bold innovation, operational excellence, and elevated consumer experiences.
Challenges Ahead
- Recent global trade policy shifts have introduced higher levels of planning uncertainty.
- Potential for increased customs and freight expenses.
- General volatility within the global supply chain.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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