On reported FY 2025 net sales of CHF 3.0 billion, up 30.0%, with gross profit of CHF 1.9 billion (gross margin 62.8%) and net income of CHF 203.7 million, down 15.9%. FY 2025 adjusted EBITDA was CHF 567.0 million, up 46.3% (adjusted EBITDA margin 18.8%). Cash and cash equivalents were CHF 1.0 billion at year-end. In Q4 2025, On posted net sales of CHF 743.8 million, up 22.6%, with gross profit of CHF 475.3 million (gross margin 63.9%) and net income of CHF 69.1 million, down 22.9%. Q4 adjusted EBITDA was CHF 131.0 million, up 31.8% (adjusted EBITDA margin 17.6%). By channel in FY 2025, Direct-to-Consumer net sales were CHF 1.3 billion (up 33.7%) and wholesale net sales were CHF 1.8 billion (up 27.5%). By product in FY 2025, shoes net sales were CHF 2.8 billion (up 27.5%), apparel CHF 169.9 million (up 68.2%), and accessories CHF 39.6 million (up 124.1%). On said it expanded to nearly 70 own retail locations in 2025 and that apparel and accessories reached a combined 7.0% of net sales; Asia-Pacific annual net sales surpassed CHF 500 million. For FY 2026, On expects net sales growth of at least 23% on a constant currency basis, implying reported net sales of at least CHF 3.44 billion at current spot rates, with a gross profit margin of at least 63.0% and an adjusted EBITDA margin of 18.5% to 19.0%.

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