On increases annual revenue by 30 percent and forecasts further growth

Swiss sportswear provider On Holding has concluded the 2025 financial year with a new revenue record, although net profit fell short of the previous year's level. The results, published by the company on Tuesday, surpassed recent forecasts.

Last year, revenue amounted to 3.01 billion Swiss francs (3.83 billion dollars). This represents an increase of 30 percent compared to the previous year. Adjusted for currency fluctuations, revenue grew by 35.6 percent.

Above-average increase in apparel and accessories sales

In its direct-to-consumer (D2C) channel, revenue increased by 33.7 percent (up 39.9 percent on a constant currency basis) to 1.26 billion Swiss francs. In the wholesale business, On achieved an increase of 27.5 percent (up 32.6 percent on a constant currency basis) to 1.75 billion Swiss francs.

Revenue in the core footwear business grew by 27.5 percent (up 32.9 percent on a constant currency basis) to 2.80 billion Swiss francs. The other categories grew even more strongly. Apparel sales increased by 68.2 percent (up 75.5 percent on a constant currency basis) to 169.9 million Swiss francs. Revenue from accessories more than doubled compared to the previous year, growing by 124.1 percent (up 135.1 percent on a constant currency basis) to 39.6 million Swiss francs.

Asia-Pacific region remains growth engine

The strongest growth driver was the Asia-Pacific region, with a revenue increase of 96.4 percent (up 106.7 percent on a constant currency basis) to 511.1 million Swiss francs. In the Americas, revenue rose by 17.6 percent (up 23.4 percent on a constant currency basis) to 1.74 billion Swiss francs. In the EMEA region, which includes Europe, the Middle East and Africa, annual revenue increased by 32.0 percent (up 34.7 percent on a constant currency basis) to 762.7 million Swiss francs.

Thanks to strong revenue growth and a higher gross margin, adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 46.3 percent to 567.0 million Swiss francs. Reported net profit, however, decreased by 15.9 percent to 203.7 million Swiss francs, largely due to negative currency effects.

Management forecasts further growth for 2026

Management forecasted further growth for 2026. This will be supported by the continued scaling of its innovative LightSpray technology, with a second production facility recently opened in the South Korean city of Busan. The company also announced plans to expand its apparel range.

Revenue for the current year is expected to increase by at least 23 percent on a constant currency basis. Based on current exchange rates, this would amount to at least 3.44 billion Swiss francs. The target range for the adjusted EBITDA margin, which was 18.8 percent last year, is between 18.5 and 19 percent.

Executive co-chairman David Allemann was confident about the recent developments. “Exceeding the three billion Swiss franc mark in annual revenue while achieving record profitability is a powerful confirmation of our vision to build the world's leading premium sportswear brand,” he stated in a release.

Allemann also highlighted that the brand is poised to benefit from current trends. “We are currently experiencing a fundamental societal shift, as people worldwide are replacing traditional status symbols with a commitment to health, longevity and performance. On is uniquely positioned to meet the demands of these discerning consumers, from scaling groundbreaking innovations like LightSpray to deepening our cultural resonance and fully realising our head-to-toe brand vision.”

This article was translated to English using an AI tool.

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