On Holding 2025 Net Sales Hit CHF 3.01B, Margins Reach Record Levels
On Holding’s 2025 net sales reached CHF 3,014 million, up 30% year-over-year (35.6% on constant currency), with gross profit margin expanding to 62.8% and adjusted EBITDA margin rising to 18.8%. Asia-Pacific sales jumped 96.4% beyond CHF 500 million, while own retail locations grew to about 70, boosting brand awareness to ~30%.
1. 2025 Financial Results
On Holding reported full-year net sales of CHF 3,014.0 million in 2025, marking a 30.0% increase year-over-year and 35.6% growth on a constant currency basis. The company achieved record profitability, with gross profit margin expanding to 62.8% and adjusted EBITDA margin climbing to 18.8%.
2. Regional Performance
The Asia-Pacific region delivered standout results, with annual net sales soaring 96.4% to exceed CHF 500 million. Disciplined full-price execution during the holiday season and favorable currency dynamics supported a Q4 gross profit margin of 63.9%.
3. Retail Footprint Expansion
On Holding expanded its global retail network to approximately 70 own-brand stores, fueling brand awareness to around 30%. The company’s shift toward a toe-to-head brand also drove apparel and accessories to 7% of total net sales.
4. 2026 Outlook
Entering the final year of its three-year strategy, On Holding expects at least 23% constant currency net sales growth, implying reported net sales of CHF 3.44 billion or more. Management targets a full-year gross profit margin of at least 63.0% and an adjusted EBITDA margin between 18.5% and 19.0%.