On (ONON) 27th Annual ICR Conference 2025 summary

Key milestones and growth drivers

• Celebrated 15th anniversary, emphasizing consistent brand mission rooted in performance, design, and sustainability.

• Achieved significant growth in 2024, including doubling brand awareness in the U.S. and launching innovative products like LightSpray.

• Expanded into new consumer segments through partnerships, notably with Zendaya, and increased presence in streetwear and training.

• Strong Q3 and Q4 performance, with over 50% D2C growth in Q3 and robust holiday demand.

• Strategic focus on building retail, apparel, and expanding in China, tennis, and training to support long-term growth targets.

Strategic priorities for 2025 and beyond

• Aims to become the most premium sportswear brand, focusing on performance, design, and sustainability.

• Plans to continue building run culture, aiming to become the number one run specialty brand in the U.S.

• Accelerating innovation with new product launches, including Cloudsurfer 2, Cloud 6, Cloudboom Next, and expanded apparel.

• Expanding into training, tennis, and trail running, while enhancing operational capabilities for scalability.

• Ongoing investment in retail, targeting 20-25 new stores annually and expanding monobranded stores via partners globally.

Operational execution and market expansion

• Resolved warehouse automation issues in Atlanta, with automation set to go live in H1 2025, supporting D2C and e-commerce growth.

• Retail footprint in China expanding with two flagship stores, strong growth at full price despite broader market challenges.

• European wholesale right-sized by closing 200 underperforming doors, increasing share of performance products.

• U.S. wholesale footprint stable, with assortment optimized for performance channels.

• Retail now a major contributor, driving higher apparel sales and profitability, with global expansion planned.