The Swiss sporting goods provider On Holding AG closed the 2025 financial year with a new sales record. However, net profit fell short of the previous year’s level. Overall, the results the company reported Tuesday beat recent forecasts.
Last year, sales amounted to 3.01 billion Swiss francs (3.30 billion euros). This means it increased by 30.0 percent compared to the previous year. Adjusted for exchange rate changes, revenue even grew by 35.6 percent.
Sales of clothing and accessories are increasing at an above-average rate
In its own retail sector, sales rose by 33.7 percent (currency-adjusted +39.9 percent) to 1.26 billion Swiss francs. In the wholesale business, On achieved an increase of 27.5 percent (currency-adjusted +32.6 percent) to 1.75 billion Swiss francs.
Revenues in the core shoe business grew by 27.5 percent (currency-adjusted +32.9 percent) to 2.80 billion Swiss francs. The other categories grew even more strongly. Sales of clothing rose by 68.2 percent (currency-adjusted +75.5 percent) to 169.9 million Swiss francs. Sales from accessories were more than twice as high as the previous year. They grew by 124.1 percent (currency-adjusted +135.1 percent) to 39.6 million Swiss francs.
The Asia-Pacific region remains a growth engine
The strongest growth driver was the Asia-Pacific region with a sales increase of 96.4 percent (currency-adjusted +106.7 percent) to 511.1 million Swiss francs. In America, revenue rose by 17.6 percent (23.4 percent adjusted for currency effects) to 1.74 billion Swiss francs. In the EMEA region, which includes Europe, the Middle East and Africa, annual sales increased by 32.0 percent (currency-adjusted +34.7 percent) to 762.7 million Swiss francs.
Thanks to strong sales growth and a higher gross margin, earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for special items rose by 46.3 percent to 567.0 million Swiss francs. However, the reported net profit fell by 15.9 percent to 203.7 million Swiss francs (223.2 million euros), not least due to negative currency effects.
Management forecasts further growth for 2026
Management forecast further growth for 2026. The further scaling of the innovative LightSpray technology, whose second production facility was recently put into operation in the South Korean metropolis of Busan, will contribute to this. The company also announced that it would expand its clothing range.
Sales in the current year are expected to increase by at least 23 percent after adjusting for currency effects. Based on current exchange rates, it would reach at least 3.44 billion Swiss francs. The target corridor for the EBITDA margin adjusted for special effects, which reached 18.8 percent last year, is between 18.5 and 19.0 percent.
Executive Co-Chairman David Allemann was confident in view of the latest developments. “Exceeding the three billion Swiss franc mark in annual sales while achieving record-breaking profitability is an impressive confirmation of our vision to build the world’s leading premium sportswear brand,” he said in a statement.
Allemann also emphasized that the brand is predestined to benefit from current trends. “We are experiencing a fundamental societal shift as people worldwide replace traditional status symbols with a commitment to health, longevity and performance. On is uniquely positioned to meet the needs of these demanding consumers – from scaling breakthrough innovations like LightSpray to deepening our cultural resonance and fully implementing our brand vision from head to toe.”
