The Swiss sporting goods provider On Holding AG achieved new record results in the third quarter of the 2025 financial year and exceeded market expectations. In view of the strong momentum, management raised its annual forecasts again on Wednesday.
In the period from July to September, sales amounted to 794.4 million Swiss francs (858.9 million euros). This means that it rose by 24.9 percent compared to the same quarter of the previous year. Adjusted for exchange rate changes, revenue grew by 34.5 percent.
Sales of clothing and accessories are increasing at an above-average rate
In its own retail sector, sales rose by 27.6 percent (currency-adjusted +37.5 percent) to 314.7 million Swiss francs. In the wholesale business, On achieved an increase of 23.3 percent (currency-adjusted +32.5 percent) to 479.6 million Swiss francs.
Revenues in the core shoe business grew by 21.1 percent (currency-adjusted +30.4 percent) to 731.3 million Swiss francs. The other categories grew even more strongly. Sales of clothing rose by 86.9 percent (currency-adjusted +100.2 percent) to 50.1 million Swiss francs and of accessories by 145.3 percent (currency-adjusted +160.8 percent) to 13.0 million Swiss francs.
The Asia-Pacific region remains a growth engine
Revenues once again developed most dynamically in the Asia-Pacific region. At 144.9 million Swiss francs, they were almost twice as high as in the same quarter of the previous year (+94.2 percent, currency-adjusted +109.2 percent).
In America, sales grew by 10.3 percent (21.0 percent adjusted for currency effects) to 436.2 million Swiss francs. In the EMEA region, which includes Europe, the Middle East and Africa, revenue increased by 28.6 percent (currency-adjusted +33.0 percent) to 213.3 million Swiss francs.
On can more than triple its net profit
Thanks to lower freight costs, favorable currency effects and efficiency improvements, the gross margin, which was 60.6 percent in the same quarter of the previous year, increased to 65.7 percent. Earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for special effects, rose by 49.8 percent to 179.9 million Swiss francs.
The reported net profit amounted to 118.9 million Swiss francs (128.6 million euros). This means that it was more than three times as high as in the same period last year, when it was only 30.5 million Swiss francs. Adjusted for special effects, the quarterly profit grew by 182.9 percent to 142.0 million Swiss francs.
Management is raising its annual forecasts again
In the first nine months of the current financial year, sales reached 2.27 billion Swiss francs, which corresponded to an increase of 32.6 percent (currency-adjusted +37.3 percent) compared to the same period last year. However, net profit shrank by 11.9 percent to 134.6 million Swiss francs.
In light of the “outstanding” business performance in the most recent quarter and the “continued momentum,” the company once again raised its annual forecasts. Currency-adjusted sales growth of 34 percent to 2.98 billion Swiss francs is now expected for 2025. In addition, management now expects an EBITDA margin adjusted for special effects of over 18.0 percent. Previously, 17.0 to 17.5 percent had been forecast.