“Our Q2 results leave no doubt: On is playing the long game. We achieved a remarkable 38.2% net sales growth on a constant currency basis, not by chasing trends, but by building a resilient brand for decades ahead. This quarter proves our strategy is working - from our diversified portfolio of iconic footwear franchises to our stellar growth in apparel and our global brand footprint. The future of On is taking shape right now, and the most exciting chapters are ahead of us”, commented David Allemann, Co-Founder and Executive Co-Chairman of On.

Second Quarter Results

In the second quarter of 2025, the company’s net sales reached 749.2 million Swiss Francs (801.8 million euros), reflecting an increase of 32.0% (or 38.2% on a constant currency basis), as compared to the same period of last year.

“This growth is led by continued strength in On’s Direct-to-Consumer (DTC) channel”, with net sales growing by 47.2% (or 54.3% on a constant currency basis) year-on-year to reach 308.3 million Swiss francs (329.9 million euros) in the second quarter. This brings the DTC share to a new high of 41.1% during the period. Meanwhile, wholesale net sales increased by 23.1% (or 28.8% on a constant currency basis) year-on-year to 441.0 million Swiss francs (471.9 million euros).

Geographically, net sales rose by 42.9% (or 46.1% on a constant currency basis) to 197.8 million Swiss francs (211.7 million euros) in the EMEA region, on a comparable basis to the same period in 2024. Net sales also rose in both the Americas and Asia-Pacific regions, by 16.8% (or 23.6% on a constant currency basis) and 101.3% (or 110.9% on a constant currency basis), reaching 432.3 (462.6 million euros) and 119.2 million Swiss francs (127.6 million euros) respectively.

During the period, net sales from shoes increased by 29.9% (or 36.0% on a constant currency basis) to 704.9 million Swiss francs (754.4 million euros), apparel sales by 67.5% (or 75.5% on a constant currency basis) to 36.7 million Swiss francs (39.3 million euros), and accessories sales by 133.3% (or 143.2% on a constant currency basis) to 7.7 million Swiss francs (8.2 million euros), as compared to the second quarter of the prior year.

In the second quarter of this year, On reported an improvement in its gross profit margin to 61.5%, up from 59.9% in the same quarter of 2023. The adjusted EBITDA margin also increased, rising from 16.0% to 18.2%.

First Half Highlights

In the six months to the end of June, On reported net sales of 1.48 billion Swiss francs (1.58 billion euros), representing growth of 37.2% (or 39.1% on a constant currency basis), as compared to the same period the previous year. This growth was reflected across channels, regions and products.

On a comparable basis the same period in 2024, the first half gross profit margin improved from 59.8% to 60.7%, and the first half adjusted EBITDA margin improved from 15.6% to 17.4%.

Full Year Outlook

For the full year of 2025, the company expects net sales to increase by at least 31% year-on-year on a constant currency basis (previously 28%). The company emphasised that this outlook continues to be prudent given the still uncertain macro-outlook. The gross profit margin is expected to range between 60.5% and 61.0% (previously 60.0 to 60.5%). The adjusted EBITDA margin is expected to be in the range of 17.0 to 17.5% (previously 16.5 to17.5%).

1CHF = 1,07 EUR

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