Q1 2026 On Holding AG Earnings Call Transcript
Key Points
- On Holding AG (ONON) reported a record net sales of CHF831.9 million for Q1 2026, marking a 26.4% growth at constant currency.
- The company achieved a gross profit margin of 64.2%, up from 59.9% in the prior year period, indicating strong profitability.
- The LightSpray technology is gaining traction, with significant production capacity expansion and strong demand in Asia Pacific and the US.
- Apparel sales grew by 57.5% at constant currency, contributing more than 10% to the D2C sales for the first time.
- The company is expanding its retail presence with new store openings in key cities like Seoul, Shenzhen, and London, enhancing brand visibility and consumer engagement.
- The company faces significant foreign exchange headwinds, impacting reported growth figures.
- There is an increasing promotional market environment, which could pressure the company's full price strategy.
- The geopolitical situation in the Middle East poses challenges for regional performance.
- Higher US tariffs are creating additional cost pressures, impacting profitability.
- Despite strong growth, the company remains cautious about macroeconomic uncertainties and leadership transitions, which could affect future performance.
Hello, my name is Ellie and I will be your operator for today. Welcome to the On Holding AG first-quarter 2026 results call. (Operator Instructions)
Iâd now like to hand the call over to Liv Radlinger, Head of Investor Relations. Please go ahead.
Good afternoon and good morning to our investor community. Thank you for joining Onâs first quarter earnings conference call and webcast. With me today on the call are Caspar Coppetti, Founder and co-CEO; Martin Hoffmann, outgoing CEO and CFO; and Frank Sluis, our new CFO as of May 1. David Allemann, Founder and Co-CEO, will also join us for the Q&A session.
Before we begin, I will briefly remind everyone that todayâs call will contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations and beliefs only and are subject to certain risks and uncertainties that could cause actual results to differ materially. Please refer to our annual report on Form
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