The Swiss group’s constant currency growth forecast for this fiscal year would push its reported net sales to at least CHF2.8 billion, or approximately €3 billion.
Without detailing financial specifics for the remaining nine months of 2025, On’s senior management told analysts that its objective through 2026 is to double its business over two years.
In reporting strong Q1 results, the company stated that it has not yet seen any slowdown in consumer demand for its products, despite current global uncertainties. April was the strongest month globally in On’s 15-year history. Going forward, On intends to drive demand through innovation and by further elevating its status as the premium performance sportswear brand.
Starting in July with fall/winter products, there will be price increases on select styles in the US to help the brand mitigate some tariff impacts, further differentiate its premium position from that of rivals, and maintain its gross margin guidance.
Operating income increased by 100 percent to CHF77.0 million (€82.1m) for the period ended March 31 as all revenues grew by 43 percent to CHF726.6 million (€774.9m). Year-over-year net income fell by 38 percent to CHF56.7 million (€60.5m), and gross margin increased by 20 basis points to 59.9 percent. Wholesale revenues rose by 42 percent to CHF449.7 million (€479.6m) and DTC channel sales were 45 percent higher at CHF276.9 million (€295.3m).
| On - Income | |||
|---|---|---|---|
| Q1, ended March 31 (CHF million) | |||
| 2025 | 2024 | Change | |
| Net sales | 726.6 | 508.2 | 43.0% |
| Cost of sales | 291.3 | 204.9 | 42.2% |
| Gross profit | 435.3 | 303.3 | 43.5% |
| SG&A expenses | 358.2 | 264.8 | 35.3% |
| Operating result | 77.0 | 38.5 | 100.0% |
| Financial income | 7.3 | 5.4 | 35.2% |
| Financial expenses | 5.9 | 4.9 | 20.4% |
| Foreign exchange gain | -14.5 | 76.8 | – |
| Pre-tax | 63.9 | 115.8 | -44.8% |
| Tax | 7.2 | 24.4 | -70.5% |
| Net income | 56.7 | 91.4 | -38.0% |
| Diluted EPS Class A | 0.17 | 0.28 | -39.3% |
| Diluted EPS Class B | 0.02 | 0.03 | -33.3% |
| Source: Amer Sports | |||
All categories boosted during Q1
By product category, footwear sales stepped up 41 percent year-over-year to CHF680.9 million (€726.2m); apparel sales expanded by 93 percent to CHF38.1 million (€40.6m); and accessories sales grew by 99 percent to CHF7.6 million (€8.1m).
Regionally, in the EMEA, where the group generated strong growth rates across all channels, Q1 sales rose 34 percent on a reported basis to CHF168.6 million (€179.8m). Less established markets such as Spain, Belgium, The Netherlands, and the Scandinavian region had higher sales contributions.
Elsewhere, Americas’ sales improved by 33 percent year-over-year on a reported basis to CHF437.4 million (€466.5m) as On opened its second California store in Newport Beach. In Asia-Pacific, Q1 reported sales were up by 130 percent to CHF120.6 million (€128.6m). The brand’s first flagship store in China opened in Chengdu last month.
| On - Revenues | |||
|---|---|---|---|
| Q1, ended March 31 ($ million) | |||
| 2025 | 2024 | Change | |
| Regions | |||
| EMEA | 168.6 | 126.2 | 33.6% |
| Americas | 437.4 | 329.6 | 32.7% |
| Asia-Pacific | 120.6 | 52.4 | 130.2% |
| Net sales | 726.6 | 508.2 | 43.0% |
| Channels | |||
| Wholesale | 449.7 | 317.7 | 41.5% |
| DTC | 276.9 | 190.5 | 45.4% |
| Total | 726.6 | 508.2 | 43.0% |
| Segments | |||
| Shoes | 680.9 | 484.7 | 40.5% |
| Apparel | 38.1 | 19.7 | 93.4% |
| Accessories | 7.6 | 3.8 | 100.0% |
| Net sales | 726.6 | 508.2 | 43.0% |
| Source: Amer Sports | |||
Store openings and new products
On currently has 53 stores opened globally that include 30 smaller stores in China. Of the 20 retail doors outside of China, 18 exceeded sales expectations in Q1, the company reported. There are currently plans to open 20 to 25 new stores annually, including in the new test markets of France and Italy.
Meanwhile, planned H2 product introductions include the Cloudsurfer Max and the CloudBoom Max, On’s first super shoe for everyday runners, and new tennis and training items. Senior management insists the brand’s LightSpray innovation represents “a radical shift in materials, automation, supply chain” and leans into circularity while it takes production closer to consumers. The initial CloudBoom LightSprays were produced in Zurich and more LightSpray product launches have been planned for the months ahead.
