On Holding reported sales growth in the third quarter (Q3) of 2025, supported by growth across all geographies and product categories.
The Swiss sportswear brand’s net sales rose 24.9% year-on-year to 794.4 million francs (£998 million) and 34.5% in constant currency.
Growth was across the board in the direct-to-consumer and wholesale sectors and across all regions.
Gross margin increased to 65.7%, supported by operational efficiencies and lower freight and related costs.
Net profit increased to 118.9 million francs during the quarter ended September 30, 2025, compared to 30.5 million francs in the same period in 2024.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased to 179.9 million francs, representing a margin of 22.6%.
By category, footwear increased by 21.1% to 731.3 million francs, clothing by 86.9% to 50.1 million francs and accessories by 145.3% to 13 million francs.
Direct-to-consumer sales grew by 27.6% to 314.7 million francs and wholesale sales by 23.3% to 479.6 million francs.
By region, EMEA (Europe, Middle East and Africa) increased by 28.6%, the Americas by 10.3% and Asia-Pacific by 94.2%.
Cash and cash equivalents amounted to 961.8 million francs as of September 30, 2025.
For the nine months of the year to date, net sales increased 32.6% to 2.27 billion francs, adjusted EBITDA soared 51.2% to 436 million francs and net profit was 134.6 million francs.
On Holding has raised its 2025 outlook to 34% net sales growth in constant currency, implying reported net sales of 2.98 billion francs at current exchange rates, a gross margin of 62.5% and an adjusted EBITDA margin of over 18%.
The company also cited brand momentum, recent sporting victories, collaborations and new stores in Palo Alto, Zurich and Tokyo.
On Co-Founder and Co-CEO Caspar Coppetti said: “This quarter was another for the record books – a true showcase of our premium strategy in action. It reflects the best of what On stands for: innovation, purpose and performance united to inspire movement.
“Our focus on excellence continues to drive powerful global momentum, earning deep trust among consumers and strengthening the core of our business. With an outstanding product portfolio and fueled by the remarkable achievements of On athletes who embody our spirit of performance, we carry this momentum forward with confidence and energy.”
“On Holding Improves FY25 Outlook as Sales Increase in Q3 2025” was created and originally published by Retail Insight Network, a brand owned by GlobalData.
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