The Swiss sporting goods provider on Holding AG set up further sales record in the second quarter of the 2025 financial year. However, negative currency effects ensured a high loss. Nevertheless, the sneaker specialist on Tuesday, due to the unexpectedly strong growth in the operational business, raised his annual forecasts.
In the Asian-Pacific area, sales are more than doubled
In the period from April to June, sales were CHF 749.2 billion (CHF 796.3 billion). In this way, he rose by 32.0 percent compared to the previous year and exceeded the market expectations. Adjusted to change course changes, the proceeds grew by 38.2 percent.
The growth driver was our own retail with an increase of 47.2 percent (currency -adjusted +54.3 percent) to CHF 308.3 million. In the wholesale business, sales increased by 23.1 percent (currency -adjusted +28.8 percent) to CHF 441.0 billion.
The revenues developed the most dynamic again in the Asian-Pacific area. There they were more than twice as high with CHF 119.2 million as in the previous year’s quarter (+101.3 percent, disabilities +110.9 percent).
In America, sales grew by 16.8 percent (currency -adjusted +23.6 percent) to CHF 432.3 million. In the EMEA region, which includes Europe, the Middle East and Africa, the proceeds were 197.8 million Swiss francs. Compared to the same period last year, they rose by 42.9 percent (disabilities +46.1 percent).
Adjusted EBITDA increases by 50 percent
Thanks to the higher sales share of your own retail and further efficiency increases, the gross margin increased from 59.9 to 61.5 percent. The result adjusted for special effects before interest, taxes and depreciation (EBITDA) therefore rose by 50.0 percent to CHF 136.1 million.
Due to negative currency effects, the company had to show a net loss of CHF 40.9 million (CHF 43.5 million). In the previous year, ON had achieved a surplus of CHF 30.8 million.
In the entire first half of the year, sales reached a height of almost 1.48 billion Swiss francs, which corresponded to an increase of 37.2 percent (disabilities +39.1 percent). The net profit shrank by 87.1 percent to CHF 15.8 million.
Management raises annual forecasts
In view of the strong sales growth and surgical increase in profitability, management raised its annual forecasts. For 2025 it now expects a currency -adjusted sales increase from at least 31 percent to at least 2.91 billion Swiss francs. Previously, a growth -adjusted growth of at least 28 percent had been forecast to over 2.86 billion Swiss francs.
The gross margin is expected to reach an amount of 60.5 to 61.0 percent in the current year after 60.0 to 60.5 percent had been expected so far. The goal for the EBITDA margin, which was previously 16.5 to 17.5 percent, was specified at 17.0 to 17.5 percent.