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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.
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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.

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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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