Updates

** U.S.-listed shares of sportswear maker On Holding ONON.N 49G.BN fall as much as 12.8% to a more than three-month low of $40.76

** Co sees at least 23% sales growth in 2026 on a constant-currency basis, compared with a 30% rise in 2025

** Sees annual profit margin increasing to at least 63%, from 62.8% in 2025, though the outlook does not yet factor in a lower U.S. tariff rate following the Supreme Court strikedown of IEEPA-based duties

** Q4 adjusted EBITDA rises 31.8%, sales up 22.6% to 743.8 million Swiss francs ($949.69 million), above estimates of 724.3 million francs - data compiled by LSEG

** We can acknowledge a guidance miss versus expectations, meaning less-good guidance, but we must also acknowledge industry-leading performance - Guggenheim Securities analyst Simeon Siegel

** Shares fell 15% in 2025

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))