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 and 14.5% reported, surpassing CHF 800 million for the first time.

• Broad-based demand and premium execution drove record gross profit and adjusted EBITDA margins, reaffirming the premium strategy.

• Innovation highlights include the commercial launch of LightSpray technology and strong performance of new franchises like Cloudmonster 3 and Cloudtilt.

• Leadership transition: Martin Hoffmann steps down as CEO/CFO, succeeded by Frank Sluis as CFO, with co-founders continuing as co-CEOs.

• Asia-Pacific net sales grew 61.4% at constant currency, now over 20% of global sales, driven by China and South Korea.

Financial highlights

• Net sales: CHF 831.9 million (+14.5% y/y; +26.4% constant currency).

• Gross profit margin rose to 64.2% from 59.9% in the prior year, driven by premium pricing and operational excellence.

• Adjusted EBITDA margin was 21%, up 450 basis points year-over-year, the second highest in company history.

• Net income margin reached 12.4%, up from 7.8% year-over-year.

• Cash and cash equivalents exceeded CHF 1 billion.

Outlook and guidance

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

• Full-year gross margin expected at a minimum of 64.5%, despite incremental tariffs.

• Adjusted EBITDA margin guidance raised to 19.5%-20%.

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