For the three months ended June 30, 2026, net sales increased 13.5 per cent year on year (YoY) to CHF 850.3 million (~$1.05 billion, as per conversion rate of $1 = CHF0.8135 as on August 14, 2026), with constant currency growth of 21.6 per cent.
Net income surged to CHF 105.0 million (~$129.07 million), compared with a net loss of CHF 40.9 million (~$50.28 million) in the prior-year period. Gross profit rose 20.6 per cent to CHF 555.7 million (~$683.09 million), driving gross margin up to 65.4 per cent from 61.5 per cent.
On Holding AG has reported a sharp rise in net income to CHF 105.0 million (~$129.07 million, as per conversion rate of $1 = CHF0.8135 as on August 14, 2026) for Q2 2026, as net sales climbed 13.5 per cent to CHF 850.3 million (~$1.05 billion).
DTC sales surged 26 per cent, and Asia-Pacific revenue jumped 43.1 per cent, outpacing other regions.
The company raised its full 2026 outllok.
“We are proving that a brand can achieve global scale without compromising its premium brand positioning. Our Q2 results reflect this discipline—demonstrating strong net sales growth globally, significant expansion of our own channels, and an exceptional gross profit margin. This financial strength allows us to reinvest in what drives our long-term success: authentic brand connections, premium customer experiences, and, above all, continuous performance innovation,” said David Allemann, founder and co-CEO, On Holding AG.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew 23.5 per cent to CHF 168.1 million (~$206.63 million), representing an adjusted EBITDA margin of 19.8 per cent. Diluted earnings per share (EPS) improved to CHF 0.31 (~$0.38) from CHF (0.12), the company said in a press release.
“Delivering 21.6 per cent constant currency growth alongside an industry-leading 65.4 per cent gross margin shows the structural benefits of leading with innovation and brand heat. We expect constant currency growth in the low-20 per cent range for the full year while raising our gross profit margin expectation to at least 65.0 per cent and maintaining our adjusted EBITDA margin guidance at 19.5 to 20 per cent as we pursue high-quality growth,” said Frank Sluis, chief financial officer, On Holding AG.
Asia-Pacific and DTC lead regional and channel gains
By region, Asia-Pacific delivered standout growth, with net sales up 43.1 per cent to CHF 170.5 million (~$209.59 million), while Europe, Middle East and Africa (EMEA) rose 15.4 per cent to CHF 228.2 million (~$280.51 million), and the Americas increased 4.5 per cent to CHF 451.6 million (~$555.12 million). On a constant currency basis, Asia-Pacific grew 54.7 per cent, EMEA 20.5 per cent, and the Americas 13.0 per cent.
Channel-wise, DTC sales surged 26.0 per cent to CHF 388.4 million (~$477.44 million), accounting for 45.7 per cent of total Q2 net sales, while wholesale revenue increased 4.8 per cent to CHF 461.9 million (~$567.79 million). Apparel sales climbed 47.7 per cent to CHF 54.2 million (~$66.62 million), and accessories revenue soared 88.3 per cent to CHF 14.5 million (~$17.82 million).
Margins and profitability strengthen
Profitability improved across all major metrics. Gross profit margin expanded to 65.4 per cent, up from 61.5 per cent a year earlier, despite higher US import tariffs. Adjusted EBITDA margin increased to 19.8 per cent from 18.2 per cent, and net income margin reached 12.3 per cent compared with a negative margin in Q2 2025. For the six-month period, net sales rose 14 per cent to CHF 1,682.2 million (~$2.07 billion), and net income jumped to CHF 208.3 million (~$256.05 million).
Guidance raised on premium brand momentum
Reflecting strong first-half performance and continued DTC momentum, On raised its full-year 2026 gross profit margin guidance to at least 65.0 per cent and reiterated its adjusted EBITDA margin outlook of 19.5 to 20.0 per cent.
The company expects constant currency net sales growth in the low-20 per cent range, with DTC expected to strongly outperform wholesale in the second half.
At current exchange rates, this implies FY26 net sales of CHF 3.47 (~$4.27)–3.56 billion (~$4.27–$4.37 billion), added the release.
Fibre2Fashion News Desk
