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On (ONON) investor relations material
On Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary12 Aug, 2025
Executive summary
Net sales reached a record CHF 749.2 million in Q2, up 32% reported and 38.2% constant currency, driven by strong D2C growth and global brand momentum.
D2C net sales grew 54.3% constant currency, now 41.1% of total sales.
Apparel business expanded rapidly, with first-half apparel sales exceeding a top footwear franchise.
Brand awareness and engagement surged, especially among Gen Z and in key global markets.
Strategic investments in innovation, retail expansion, and talent continue to drive long-term growth.
Financial highlights
Q2 net sales: CHF 749.2 million (+32% y/y); D2C: CHF 308.3 million (+47.2% y/y); Wholesale: CHF 441.0 million (+23.1% y/y).
Gross profit margin increased to 61.5% year-over-year.
Adjusted EBITDA was CHF 136.1 million, with an 18.2% margin, up 220 bps year-over-year.
Net loss of CHF 40.9 million due to significant unrealized FX impact.
Six-month net sales increased 37.2% to CHF 1,475.8 million, with gross profit margin at 60.7%.
Outlook and guidance
Raised 2025 guidance: net sales at constant currency to grow at least 31% year-over-year (previously 28%).
Reported net sales expected to reach at least CHF 2.91 billion.
Gross profit margin outlook increased to 60.5%-61% (was 60%-60.5%).
Adjusted EBITDA margin now expected at 17%-17.5% (was 16.5%-17.5%).
Guidance incorporates 20% incremental US tariffs on Vietnam imports and ongoing FX headwinds.
Assess impact of tariffs on 2025 guidance.
Explain drivers behind APAC's sales growth.
Why did net income decrease so drastically?
How does LightSpray impact manufacturing?
Assess the impact of tariffs on profitability.
Elaborate on the apparel growth strategy.
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Frequently asked questions
On Holding AG designs and markets performance sportswear, with a primary focus on footwear for running and athletic activities. The company offers shoes, apparel, and accessories through direct-to-consumer channels and retail partners globally. The company is headquartered in Zurich, Switzerland, and its shares are listed on the NYSE.
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