On (ONON) Q1 2026 earnings summary

Executive summary

• Net sales reached a record CHF 831.9 million in Q1 2026, up 26.4% at constant currency, surpassing CHF 800 million for the first time.

• Growth was broad-based across regions and categories, with apparel sales up 57.5% at constant currency and Asia-Pacific net sales up 61.4% at constant currency, now over 20% of global sales.

• Premium strategy, innovation (LightSpray, SURREAL), and D2C expansion drove strong consumer demand and brand momentum.

• Leadership transition: Martin Hoffmann steps down as CEO/CFO, succeeded by Frank Sluis as CFO, with co-CEOs Caspar Coppetti and David Allemann continuing.

• Record profitability with gross profit margin at 64.2% and adjusted EBITDA margin at 21%.

Financial highlights

• Q1 2026 net sales: CHF 831.9 million, up 26.4% year-over-year at constant currency (14.5% reported).

• Gross profit: CHF 534.3 million, gross margin: 64.2% (up from 59.9%).

• Adjusted EBITDA: CHF 174.3 million, margin 21% (up from 16.5%).

• Net income: CHF 103.3 million, net income margin: 12.4%.

• Cash position stable, exceeding CHF 1 billion.

Outlook and guidance

• Reiterated constant currency net sales growth guidance for 2026 of at least 23%.

• Full-year reported net sales expected at CHF 3.51 billion.

• Gross margin guidance raised to at least 64.5% for the year, despite 20% incremental Vietnam tariffs and U.S. tariff headwinds.

• Adjusted EBITDA margin expected in the range of 19.5%-20%, above prior guidance.

• D2C, APAC, and apparel expected to outperform within overall growth.