On Reports Strong Growth, Driven by Asia and Apparel Sales

Zurich-based sportswear manufacturer On Holding AG reported significant growth in 2025, exceeding CHF 3 billion in sales for the first time. The company, which counts Roger Federer as an investor, anticipates continued expansion in 2026, projecting at least 23% sales growth.

Financial Highlights for 2025

• Total Sales: CHF 3.01 billion, a 30% increase from the previous year. Growth at constant exchange rates reached 36%.
• Asia-Pacific Growth: Sales in Asia nearly doubled, reaching CHF 511 million.
• Americas Sales: CHF 1.74 billion, representing an 18% increase.
• Europe, Middle East, and Africa (EMEA) Sales: CHF 763 million, a 32% increase.
• Shoe Sales: CHF 2.80 billion, accounting for 28% growth.
• Apparel and Accessories Growth: Apparel sales grew by 68%, while accessories increased by 124%. Despite this rapid growth, they represent a comparatively small portion of total sales at CHF 170 million and CHF 40 million, respectively.
• Adjusted EBITDA: Increased by 46% to CHF 567 million, with a margin of 18.8% (up from 16.7% in the prior year).
• Adjusted Net Profit: CHF 266 million, a 16% decrease year-over-year, impacted by negative currency effects.

Profitability and Strategy

On attributes its improved profitability to a premium strategy, reducing discounts and expanding direct sales through its own online shop and retail stores. Direct sales allow the company to retain a larger portion of the sales price.

Outlook for 2026

On expects currency-adjusted sales growth of at least 23% in 2026, projecting sales of at least CHF 3.44 billion. The company anticipates an adjusted EBITDA margin between 18.5% and 19%.

Roger Federer’s Involvement

Roger Federer holds a stake in On and has been actively involved in promoting the brand, including appearances at events like the “On Thanks for Playing” event in Shanghai as reported by Sports Illustrated and promoting grassroots tennis at the Shanghai Masters according to Forbes.

Source: AWP