On Holding Raises Profit Forecast after Record CHF 831.9 Million Q1 Sales
On Holding posted record Q1 net sales of CHF 831.9 million, up 14.5% year-on-year (26.4% on a constant currency basis), and net income jumped 82.2% to CHF 103.3 million. The company raised its 2026 gross profit margin target to at least 64.5% and adjusted EBITDA margin guidance to 19.5%–20%.
1. Record First-Quarter Performance
On Holding delivered net sales of CHF 831.9 million in Q1, a 14.5% increase year-on-year and 26.4% on a constant currency basis. Net income surged 82.2% to CHF 103.3 million, while adjusted EPS reached CHF 0.37, significantly outpacing prior-year levels.
2. Upgraded Full-Year Guidance
Following the strong quarter, the company lifted its full-year gross profit margin target to a minimum of 64.5% from 63% and raised adjusted EBITDA margin guidance to 19.5%–20% from 18.5%–19%. The net sales growth objective remains a constant-currency increase of at least 23%.
3. Segment and Regional Highlights
Apparel net sales jumped 45.1% to CHF 55.3 million (57.5% constant currency), driven by new collections and brand collaborations. The Asia-Pacific region posted 61.4% constant-currency growth to CHF 174 million, while the Americas grew 17.1% constant currency to CHF 450.7 million.
4. Tariff Assumptions and Leadership Changes
The updated forecast assumes a 20% U.S. tariff on products imported from Vietnam and excludes potential refunds. Effective May 1, co-founders David Allemann and Caspar Coppetti were named joint CEOs and Frank Sluis was appointed CFO.