Swiss shoe company On exceeds CHF3 billion in sales for the first time

Running shoe company On exceeds CHF 3 billion in sales for the first time Keystone-SDA

For the first time, the Zurich-based shoe and apparel manufacturer generated sales of more than CHF3 billion (about $3.81 billion). At the same time, it succeeded in improving profitability.

Sales rose by 30% to CHF 3.01 billion in its 15th anniversary year, On announced on Tuesday. The strong Swiss franc slowed development, resulting in growth of 36% at constant exchange rates.

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The main drivers were the dynamic development in Asia-Pacific and above-average growth in the clothing and accessories business. Sales in Asia almost doubled to CHF511 million.

In its largest market, the Americas (North and South America), the Zurich-based group, which is listed on the New York Stock Exchange, generated sales of CHF1.74 billion. This is 18% more than in the previous year. In the Europe, Middle East and Africa (EMEA) region, the figure was CHF763 million, an increase of 32%.

Footwear sales continued to account for the lion’s share of sales at CHF2.8 billion, which corresponds to growth of 28%. However, the clothing and accessories segments grew significantly faster, with growth rates of 68% and 124% respectively. However, their share of sales remained comparatively low at CHF170 million and CHF40 million respectively.

Profitability improved

On also made progress in terms of profitability last year. The adjusted operating result before depreciation and amortisation (EBITDA) rose disproportionately to sales by 46% to CHF567 million. The corresponding margin increased from 16.7% to 18.8%.

On attributes the higher profitability to its premium strategy, among other things. According to the press release, fewer discounts were granted last year. The expansion of direct sales also supported the margin, as a larger proportion of the sales price remains within the company when selling via its own online shop or the On stores.

Adjusted net profit totalled CHF266 million. This is 16% less than in the previous year. Negative currency effects had a negative impact and more than cancelled out the operational improvement. Shareholders will still have to do without a dividend.

The On Group, in which Roger Federer also holds a stake, is confident about 2026 results. The firm expects currency-adjusted sales growth of at least 23%, which would correspond to sales of at least CHF3.44 billion at current exchange rates. The adjusted EBITDA margin is expected to be between 18.5% and 19% in 2026.

Adapted from German by AI/ac

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