On (ONON) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 reached CHF 850.3 million, up 21.6% at constant currency and 13.5% year-over-year, driven by strong brand momentum, DTC growth, and disciplined wholesale management.

• DTC channel delivered 34.3% growth at constant currency (26.0% reported), now representing 45.7% of total sales, with e-commerce and retail both exceeding expectations.

• Gross margin reached a record 65.4%, up 3.9 percentage points year-over-year, with adjusted EBITDA margin at 19.8%, reflecting premium positioning and operational efficiencies.

• Apparel net sales grew 56.2% at constant currency (47.7% reported), and APAC delivered 54.7% growth at constant currency (43.1% reported), now exceeding 20% of global net sales.

• Cash and cash equivalents increased to CHF 1,205.6 million, with net working capital below 20% of sales.

Financial highlights

• Q2 net sales: CHF 850.3 million (+13.5% y/y; +21.6% constant currency).

• DTC sales: CHF 388.4 million (+26.0% y/y; +34.3% constant currency), 45.7% of total sales.

• Wholesale: CHF 461.9 million (+4.8% y/y; +12.7% constant currency), with deliberate sell-in management.

• Gross profit: CHF 555.7 million (+20.6% y/y); gross margin: 65.4%.

• Adjusted EBITDA: CHF 168.1 million (+23.5% y/y); margin: 19.8%, with over 30% year-over-year growth in adjusted EBITDA.

• Net income: CHF 105.0 million (up 356.5% y/y); net income margin: 12.3%.

• Net cash position: CHF 1.2 billion, with strong cash generation.

Outlook and guidance

• Full-year 2026 net sales expected to grow in the low 20s percentage at constant currency, with DTC channel to outperform wholesale.

• Gross margin outlook raised to at least 65%, with adjusted EBITDA margin maintained at 19.5%-20%.

• Guidance reflects continued strong DTC momentum and deliberate wholesale actions, especially in the Americas.

• No tariff refunds included in margin outlook; some expected in H2.