Companies

On reports strong first quarter

May 19, 2026 Switzerland

The Switzerland-based sportswear company has reported a strong start to 2026, driven by improved profitability and growth across all regions and channels

“These results show the quality of On’s growth and the strength of the financial foundation we have built. Since our IPO nearly five years ago, we have more than quadrupled our net sales, strengthened our premium positioning and built a financial profile that reflects the incredible ambition of the brand. The results we present today - highlighted by record net sales and a gross profit margin of 64.2% - demonstrates our unique ability to scale rapidly while expanding our profitability”, said Martin Hoffmann, outgoing CEO and CFO of On.

First-Quarter Results

During the first quarter of the 2026 financial year, the company’s net sales increased by 14.5% (or by 26.4% on a constant currency basis) to reach 831.9 million Swiss francs (908.1 million euros), compared to the same period the previous year.

First-quarter net sales generated by the DTC channel increased by 16.4% (or by 28.7% on a constant currency basis) year-on-year to 322.3 million Swiss francs (351.8 million euros). Net sales generated by the wholesale channel increased by 13.3% (or by 25.1% on a constant currency basis) year-on-year to 509.6 million Swiss francs (556.2 million euros).

Compared to the first quarter of 2025, On’s net sales rose by 22.8% (or by 25.6% on a constant currency basis) year-on-year to 207.1 million Swiss francs (226.0 million euros) in the EMEA region, by 3.1% (or by 17.1% on a constant currency basis) to 450.7 million Swiss francs (492.0 million euros) in the Americas region, and by 44.4% (or by 61.4% on a constant currency basis) to 174 million Swiss francs (190.0 million euros) in the Asia Pacific region.

In the first quarter of this year, the sportswear company reported a significant year-on-year growth in profitability, with net income rising by 82.2% to 103.3 million Swiss francs (112.8 million euros) and the gross profit margin improving from 59.9% to 64.2%. Adjusted EBITDA rose by 45.4% to 174.3 million Swiss francs (190.3 million euros), with the adjusted EBITDA margin improving to 21.0% from 16.5%.

Outlook

For the full year, the company expects net sales to grow by at least 23% year-on-year on a constant currency basis, implying reported net sales of at least 3.51 billion Swiss francs (3.83 billion euros). Gross profit margin is expected to reach at least 64.5%, while adjusted EBITDA margin is projected in the range of 19.5% to 20.0%.

1 CHF = 1,09 EUR

Image Credits: press.on-running.com

Switzerland Companies On Quarter Results Results Sportswear