On Holding AG (ONON.US) Q3 2025 Earnings Conference Call
Live time: Nov 12, 2025 13:00 UTC
On Holding AG (ONON.US) Q3 2025 Earnings Conference Call
Live time: 11/12/2025 13:00:00 UTC
昂跑 (ONON.US) 2025 年三季度业绩电话会
Summary
00:03
Opening Remarks by Investor Relations
The Investor Relations representative welcomes participants to On's Q3 2025 earnings call, highlighting the presence of Co-Executive Chairman and Co-Founder Casper Capetti and CEO/CFO Martin Hoffman. The call will include forward-looking statements and references to non-IFRS financial measures.
01:38
Casper Capetti Q3 Business Overview
Casper Capetti reports On's Q3 net sales nearing CHF 800 million, a 24.9% year-over-year increase, driven by high-end strategy and strong global momentum. The brand's success is attributed to product innovation and community engagement.
07:06
Casper Capetti on Innovation and Market Expansion
Casper Capetti discusses On's innovation strategy, highlighting the success of new products like Cloud Surfer MAX and Cloud Boom MAX. The brand's collaboration with Zendaya and Burna Boy enhances its cultural relevance and market reach.
08:57
Martin Hoffman on Strategic and Financial Highlights
Martin Hoffman emphasizes On's high-end positioning and operational excellence, reporting a record Q3 net sales of CHF 774.4 million and an adjusted EBITDA margin of 22.6%. The brand's D2C channel shows strong growth and profitability.
15:00
Martin Hoffman on Regional Performance
Martin Hoffman details regional growth, with APAC showing a 94.2% increase in net sales. The brand's high-end strategy is validated by strong demand across all regions, particularly in the Americas and EMEA.
19:16
Martin Hoffman on Product Performance
Martin Hoffman highlights the success of On's footwear and apparel categories, with significant growth in net sales. The brand's innovation in products like Cloud Surfer MAX drives strong performance in key markets.
25:56
Martin Hoffman on Future Outlook
Martin Hoffman raises On's 2025 guidance, expecting net sales growth of 34% at constant currency and an adjusted EBITDA margin exceeding 18%. The brand's strategic focus and innovation pipeline support long-term growth.
32:31
Apparel Performance — Analyst: Paul Lejuez (Citi)
Martin Hoffman expresses excitement about On's apparel performance, with over 1 million units sold in Q3. Apparel and accessories account for 8% of total business, with plans to increase this share.
36:58
Balancing Growth and Profitability — Analyst: Jay Sole (UBS)
Martin Hoffman discusses On's strategy to balance revenue growth with profitability, emphasizing high-end positioning and disciplined inventory management to maintain full-price sales.
40:07
2026 Guidance and Regional Confidence — Analyst: Alex Straton (Morgan Stanley)
Martin Hoffman confirms a 23% growth rate for 2026 at constant currency, driven by strategic market expansion and increased brand awareness, particularly in underpenetrated regions.
44:33
Q4 Margin Outlook — Analyst: Krista Zuber (TD Cowen)
Martin Hoffman outlines Q4 margin expectations, highlighting favorable product cost efficiencies and the impact of current FX and freight environments on profitability.
46:37
US Market Strategy — Analyst: Sam Poser (William Trading)
Martin Hoffman discusses On's disciplined approach to growth in the US, focusing on high-end strategy and full-price sales, with strong demand despite price increases.
51:08
APAC Growth and Q4 Expectations — Analyst: Wendy Liu (J.P. Morgan)
Martin Hoffman explains APAC's triple-digit growth, driven by both new store openings and same-store sales. Q4 is expected to maintain strong momentum, with a focus on full-price sales.
55:41
Long-term EBITDA Margin Progression — Analyst: Audrey Chaniot (BNP Paribas)
Martin Hoffman emphasizes On's commitment to investing in long-term growth while achieving additional profitability, with a focus on brand building and operational improvements.
58:16
Engaging Young Consumers — Analyst: Rick Patel (Raymond James)
Martin Hoffman highlights On's success in attracting young consumers through collaborations with talents like Zendaya and Burna Boy, enhancing brand appeal and customer lifetime value.
Related Notices
On Holding AG | (6-K) Report by foreign issuer of material events
Nov 12, 2025 06:05
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