On delivers 'record' first quarter sales and profits

Following its leadership reshuffle, Swiss sportswear brand On has delivered a “record” first quarter that ended 31 March 2026, with sales increasing by 26.4% on a constant currency basis to CHF 831.9 million (£731 million).

This marks the first time that On has exceeded CHF 800 million (£704 million) in quarterly net sales.

Its EBITDA also rose by 45.4% to CHF 174.3 million (£153 million), from CHF 119.9 million (£106 million) the year before. On noted that it had expanded its gross profit margin and achieved efficiency gains, leading to higher profitability, while continuing to invest in long-term growth opportunities.

The brand noted that growth was especially strong across both its direct-to-consumer and wholesale channels, which increased by 28.7% and 25.1% respectively on a constant currency basis.

Its apparel sales also increased notably by 57.5% on a constant currency basis, showing that the category has become increasingly important for the brand.

On further reiterated its full-year 2026 sales growth guidance and expects net sales to grow by at least 23% year-over-year on a constant currency basis. It also raised its profitability outlook, even against an uncertain macroeconomic backdrop.

Caspar Coppetti, founder and Co-CEO of On, said: “Q1 was an outstanding start to the year and another strong proof point of our premium strategy in action. On is becoming more global, more multi-dimensional and more deeply rooted in different communities around the world.

"As David and I step into our new roles as Co-CEOs, we do so with strong commitment to the continuity of our strategy, values and entrepreneurial spirit that have defined On over the past 16 years."

Martin Hoffmann, outgoing CEO and CFO of On, added: "These results show the quality of On’s growth and the strength of the financial foundation we have built. Since our IPO nearly five years ago, we have more than quadrupled our net sales, strengthened our premium positioning and built a financial profile that reflects the incredible ambition of the brand."

In March, On announced a leadership reshuffle ahead of entering its next phase of global expansion. Effective 1 May 2026, co-founders David Allemann and Caspar Coppetti took over as Co-CEOs, succeeding Martin Hoffmann, who stepped down as Chief Executive after 13 years with the company.