昂跑 (ONON.US) 2025年三季度业绩电话会

文章语言：

简

繁

Minutes

原文

会议摘要

Swiss sportswear company On reported record net sales of 794.4 million Swiss francs, a 24.9% year-over-year increase, driven by premium brand positioning, product innovation, and global expansion, particularly in Asia Pacific. The company raised 2025 guidance, expecting 34% net sales growth and a 62.5% gross profit margin, reflecting its strategic vision and strong execution.

会议速览

Investor Update: Q3 Earnings Call Highlights, Risks, and Non-IFRS Financial Measures

The dialogue outlines an upcoming earnings call, emphasizing the inclusion of forward-looking statements and risks, as well as the use of non-IFRS financial metrics like Adjusted EBITDA. It underscores the importance of reviewing the annual report for detailed risk explanations and reconciliations to comparable IFRS measures.

Record-Breaking Q3 2025 Earnings: On's Global Expansion and Innovation in Sportswear

The dialogue highlights On's third quarter 2025 earnings, showcasing significant growth driven by premium strategy, innovation, and global expansion, particularly in Asia Pacific. Key achievements include triple-digit growth, record profitability, and victories in major sports events, solidifying On's position in premium sportswear. Notable milestones involve winning gold medals and breaking records, underscoring the brand's advanced footwear technologies and commitment to operational excellence.

Innovative Growth and Cultural Connections Propel Brand to New Heights

The brand highlights its strategic success through innovative product launches, cultural partnerships, and expanding global presence, positioning itself as a leader in modern performance and style, resonating with aspirational consumers and driving premium growth.

Elevating Premium Brand Status: on's Global Expansion in Asia Pacific Markets

The company solidifies its premium brand identity by exceeding customer expectations, highlighted by record sales in Japan's Ginza flagship store and successful store openings in Bangkok, connecting with design-conscious consumers across Asia Pacific.

Revolutionizing Growth: Leveraging Loyalty, Apparel Expansion, and Operational Excellence

Emphasizing customer loyalty and engagement, the dialogue outlines a strategy for growth through apparel expansion as a distinct business unit, enhanced by operational efficiency and AI integration, driving incremental high-value growth across channels and strengthening partnerships with suppliers, retailers, and consumers.

Record Sales and Profitability: A Global Success Story of Premium Brand Momentum

The company achieved record net sales of 794.4 million Swiss francs, with a 24.9% year-over-year growth, driven by strong DTC and wholesale channel performances. Regional highlights include the Americas' premium strategy validation, Europe's exceptional demand, and Asia Pacific's phenomenal growth, marking the brand's global success and premium positioning.

Performance by Product Group Drives On's Growth with Elite Innovations and Lifestyle Demand

On reports robust sales growth in performance and lifestyle segments, attributed to innovations like Cloud Surfer Max and sustained demand for lifestyle products, solidifying its role in consumers' daily lives.

Record Apparel Sales & Enhanced Profit Margin Highlight Q3 Performance

Net sales soared with a significant boost in apparel units sold, driving an exceptional 65.7% gross profit margin. Temporary factors, including cost adjustments and currency devaluation, contributed to margin gains, yet underlying structural strengths confirm the company's premium positioning and operational efficiency.

Strong Q3 Financials: Margin Growth, Strategic Investments, and Capital Efficiency

The company reported a significant Q3 adjusted EBITDA margin increase to 22.6%, funded strategic growth through operational efficiencies, maintained capital efficiency, and ended the quarter with a strong cash position, setting a confident tone for the remainder of the year.

Record-Breaking Brand Momentum and Strategic Gains Elevate 2025 Financial Projections

The company announces record-breaking achievements, including athlete victories and market expansions, leading to increased 2025 sales and profitability forecasts, exceeding previous targets, and outlining ambitious long-term growth strategies.

Strong Traction in Apparel Sales: DTC Model, Regional Acceptance, and Performance Categories Highlighted

Discussed the success of apparel sales, with over a million items sold in Q3, constituting 8% of total business. Emphasized DTC model, regional acceptance, and strong performance in running, training, and tennis categories. Highlighted innovative materials and aesthetic designs. Outlined future plans to expand into movement categories and jackets, aiming for superior margins and profitability.

Balancing Growth, Premium Positioning, and Inventory Management for Sustainable Profit Margins

Discusses strategies for achieving top-line growth while maintaining high gross profit margins through disciplined inventory management, premium positioning, and operational efficiencies, ensuring sustainable profitability amidst tariffs and market challenges.

2026 Growth Strategy: Premium Sportswear Brand Expansion and Regional Confidence

Discusses 2026 growth guidance, emphasizing constant currency numbers, brand expansion through innovation and design, and strong regional growth confidence, particularly in America, driven by product, channel, and regional strategies.

Analysis of Gross Margin Expectations and Cost Benefits in Q3 and Q4

The dialogue discusses the company's raised fiscal Q3 gross margin expectations, attributing the improvement to the business model's strength. It outlines Q4 margin upside, considering tariff impacts, and highlights benefits from favorable FX and freight environments. The conversation also touches on the long-term outlook for product cost benefits.

Balancing Growth and Premium Strategy Amid Tariffs and Demand

A discussion on maintaining disciplined premium strategy despite tariffs, highlighting successful price increases, strong demand from affluent consumers, and reduced discounting, particularly in the U.S. market, as part of a global brand strategy.

Global Expansion Strategy with Focus on Brand Growth and Market Penetration

The dialogue outlines a strategic plan for achieving ongoing double-digit growth in the US, with significantly higher growth targeted in Asia and EMEA. The strategy involves expanding retail and wholesale operations globally, particularly in underpenetrated markets like apparel, while maintaining a focus on building the brand meaningfully and controlled across all regions.

Analysis of Sales Growth and Market Expansion Strategy in Asia Pacific

Discusses the contribution of sales versus same-store sales growth in Greater China and South Korea, emphasizing disciplined expansion and strong demand for premium sportswear. Also clarifies the considerations behind the conservative guidance for E4, highlighting cautious store openings and brand awareness building in regions like Japan and China.

Holiday Season Strategy: Brand Connection over Discounts

Emphasizing brand connection and full-price sales during the holiday season, the focus is on promoting the right gear for the season and shopping for gifts, while avoiding discount-driven sales to ensure long-term brand building.

Strong Q4 Momentum Driven by Tmall's 1111 Success and Americas' Holiday Season

Tmall's traffic surged over 250% during 1111, achieving pilot targets early. Americas' holiday season is expected to match or surpass Q3 growth, indicating global momentum.

Long-term EBITDA Margin Progression and Profitability Philosophy

The dialogue discusses the company's philosophy on profitability and long-term growth, emphasizing investment in the business for sustainable expansion. It highlights the impact of stronger-than-expected sales on profitability and outlines a strategy to drive growth beyond initial targets, focusing on improved distribution and cross-profit margins, with a future outlook to be detailed in March.

Expanding Young Consumer Base: Go-to-Market Strategies in Sports and Apparel

The company has successfully connected with a younger demographic over the past 6-7 years, leveraging collaborations and innovative product lines. The appeal extends to both male and female consumers, with strong performance in categories like running and kidswear. The strategy involves targeting affluent neighborhoods and utilizing generational talent to attract young teams, resulting in high lifetime value (LTV) customers. Efforts to maintain stock for popular items, particularly in kids' lines, highlight the demand driven by parents purchasing for their children.

要点回答

Q：What are the key factors contributing to On's global success and market position?

A：On's global success is driven by the exceptional heat around the On brand, product innovation pipeline, and accelerating profitability.

Q：Where was the momentum of On's brand particularly strong?

A：The momentum of On's brand was particularly strong in Asia Pacific, where it experienced a fourth consecutive quarter of triple-digit constant currency growth in September.

Q：What was the outcome of the World Athletics Championships in terms of On's brand visibility and athlete performance?

A：The World Athletics Championships in Tokyo showcased On's brand innovation and ambition, with athletes winning major titles and setting records, such as the New York City Marathon course record by a beer wearing On's light spray products.

Q：How is On's Cloud Surfer franchise performing?

A：The Cloud Surfer franchise is a key success story for On, with the Cloud Surfer 2 and the new Cloud Surfer Max achieving top rankings among models with Key Run specialty partners in its very first month.

Q：What is On's next step in the running category and how will it be communicated to consumers?

A：On is set to bring the latest technology to everyday runners with the launch of the Light Spray Cloud Monster Hyper in spring 2026, showcasing a significant leap in engineering and form innovations.

Q：How is On leveraging performance and innovation in its apparel and lifestyle offerings?

A：On is using performance and innovation as key drivers for fashion, with cultural moments such as collaborations with tennis icons and music artists, cementing On's position as a global symbol of modern performance and style.

Q：What is the status of On's previous strategy and how is it contributing to its future growth?

A：On's previous strategy is working, and the company is executing with precision and discipline, focusing on innovation to build a durable, multi-dimensional growth engine that is fueling its accelerated global brand heat and awareness.

Q：How does On plan to use its brand to connect with consumers and the broader culture?

A：On is executing its strategy by staying true to its ambition and maintaining discipline, which is resulting in remarkable and consistent success, making On a true toehold partner in customers' lives.

Q：What is On's vision for the future and how does it differentiate the brand?

A：On's vision is to remain the most premium global sportswear brand, which differentiates it in the market and guides its future strategic direction.

Q：What were the highlights of the company's expansion in the Asia Pacific region?

A：The highlights of the company's expansion in the Asia Pacific region include the opening of a new flagship store in Ginza, Japan, which set record sales and delivered the highest monthly sales across the entire retail fleet in October. The company also experienced success in China, Korea, and Southeast Asia, with the first store in Bangkok achieving the highest daily sales in the company's history.

Q：What impact is the premium strategy having on customer behavior?

A：The premium strategy is significantly reshaping how people view and enter the brand, becoming a key acquisition channel that attracts a growing share of first-time customers and builds lasting value. It is also driving a clear shift towards younger customers and higher rates of engagement and loyalty, with fans returning and buying across more categories.

Q：How is the company's operational excellence and technology contributing to its success?

A：Operational excellence and technology are contributing to the company's success by transforming the way the business operates, structurally reducing lead times, and enhancing planning and business operations. AI has become a core component in all areas of the business, leading to a faster and more agile company that is a stronger partner for suppliers, retailers, and consumers.

Q：What were the financial results of the company's DTC and wholesale channels?

A：The DTC channel delivered exceptional growth with net sales reaching 314.7 million Swiss francs, an increase of 27.6% year over year. The wholesale channel net sales reached 479.6 million Swiss francs, an increase of 24.9% year over year. These results reflect the company's ability to drive superior profitability across both channels.

Q：What is the significance of the brand's presence in the Americas and EMEA regions?

A：The brand's presence in the Americas and EMEA regions is significant as both regions delivered strong net sales growth. In the Americas, net sales reached 436.2 million Swiss francs, while EMEA net sales reached 213.3 million Swiss francs. These regions have shown clear momentum and sustained growth, validating the brand's international reach and pricing power.

Q：How has the Asia Pacific region contributed to the company's overall growth?

A：The Asia Pacific region has been a major driver of the company's growth, contributing net sales of 144.9 million Swiss francs, an increase of 94.2% year over year. The region is now接近20% of the company's total sales, with continued triple-digit growth in Greater China, South Korea, Southeast Asia, and an established presence in Japan.

Q：What is the importance of the performance and lifestyle product groups to the company's growth?

A：The performance and lifestyle product groups are crucial to the company's growth, with net sales from these categories reaching 1.25 billion Swiss francs, an increase of 24.9% year over year. The company's core engine of growth is driven by these product groups, with strong demand across all parts of the day in performance and distinctive offerings in the lifestyle segment.

Q：What operational achievements are highlighted in the company's latest quarter?

A：The company's operational achievements in the latest quarter include selling over 120 million apparel units for the first time, a major operational milestone. Additionally, the gross profit margin of 65.7% was reported, up 510 basis points year over year, driven by the momentum of the premium brand position.

Q：What are the main factors contributing to the positive cost adjustments and efficiency gains in the first half of the year?

A：The positive cost adjustments and efficiency gains in the first half of the year were primarily attributed to successful negotiations and scale benefits, which led to lower than anticipated freight and other costs. The company had been accruing at higher prior levels, but as these efficiencies were confirmed to be sustainable, the cost assumptions were updated, resulting in the release of dose accruals related to the first half of the year.

Q：What factors have contributed to the company's underlying gross profit margin being significantly above the long-term target?

A：The underlying gross profit margin being significantly above the long-term target is attributed to the structural strength of the business and the great work of the team. This includes increasing direct-to-consumer (DTC) share, premium positioning, durable operational efficiencies, and economies of scale.

Q：What is the adjusted EBITDA margin for Q3 and how does it compare to the previous year?

A：The adjusted EBITDA margin for Q3 was 22.6%, an improvement of 370 basis points year over year, with an absolute adjusted EBITDA of 1799 million Swiss francs, excluding share-based compensation.

Q：What strategic investments is the company focusing on in Q3, and how are they being funded?

A：In Q3, the company focused on marketing investments and global retail expansion, which were funded largely through operational efficiencies. This strategic investment aligns with the company's focus on excellence, which has structurally improved the distribution cost baseline.

Q：What does the company's balance sheet indicate about its capital efficiency and inventory management?

A：The company's balance sheet demonstrates exceptional capital efficiency with capital expenditures at 20.5 million Swiss francs, or 2.6% of net sales. Inventory was managed effectively, growing faster in volume than in value, indicating readiness for the upcoming season. This, coupled with disciplined inventory management and strong operational performance, resulted in substantial operating cash flow of 157.3 million Swiss francs.

Q：How is the company's brand momentum evident in the early weeks of Q4?

A：The company's brand momentum in the early weeks of Q4 is evident through strategic gains and major athlete victories, such as the performance of Sova lobez at the Ironman World Championship and Chihuahuan Seca becoming the youngest tennis champion at the Swiss Indoors since 1989. These achievements, along with product launches and store openings, signal the brand's global elevation.

Q：What is the new currency net sales growth guidance for 2025 and how does it compare to the previous guidance?

A：The new currency net sales growth guidance for 2025 is expected to grow by 34% year over year, which is ahead of the previous guidance of at least 31% at current spot rates. The updated guidance reflects a commitment to full price sales during the holiday season.

Q：What are the adjusted EBITDA margin expectations for the year and the long-term outlook beyond 2025?

A：The adjusted EBITDA margin for the year is now expected to be above script, a clear improvement from previous guidance. Looking beyond 2025, the company expects continued exceptional momentum based on the impact of strategic building blocks and clarity of the long-term strategy. The long-term outlook anticipates a 30% constant currency growth from 2023 to 2026.

Q：What were the initial expectations and achievements regarding top net sales growth by 2026, and how have they been exceeded?

A：The initial expectations were to grow top net sales by 2026 at a constant currency growth rate of 26%. However, the company has completed the first three full years of its script year plan with constant currency growth over 30% each year, leading to an update in the long-term outlook to a minimum of 30% constant currency growth from 2023 to 2026.

Q：What is the company's approach to providing formal guidance updates?

A：The company will provide a formal guidance update in March, when they share their Q1 and full-year results. This practice aligns with their established guidance cadence.

Q：What are the driving factors behind the strong apparel performance?

A：The strong apparel performance is driven by executing on all fronts, with a significant role played by the company's own stores to showcase the breadth and beauty of the product. This strategy includes both distribution through newly opened flat stores and shop-in-shops at department stores.

Q：Which segments within apparel are experiencing the most traction?

A：The most traction within apparel is seen in running and tennis. The running business is strong with performance-driven products, while the tennis segment benefits from both performance looks for athletes and lifestyle looks that resonate with a broader audience, including collaborations with notable figures like Burna Boy.

Q：How is the company planning to expand its apparel business model?

A：The company is taking a D2C-heavy approach for its apparel business model, which means although they continue working with great wholesale partners, retail will play a stronger role in the physical presence of apparel, leading to an expected superior margin profile for the apparel business and additional profitability.

Q：What factors contributed to the expansion of gross profit margin?

A：The expansion of gross profit margin is attributed to the building of a premium business that requires discipline in inventory management to protect high sales at original prices. This has been demonstrated through constant expansion of cross profit margin in the last two years, reflecting full price discipline, more D2C focused channel, and operational improvements resulting in economies of scale.

Q：How does the company plan to manage the impact of tariffs?

A：The company is fully in control of managing tariffs and is confident in its ability to digest the impact while staying above its long-term targets, allowing for reinvestment into the business, brand, technology, and product, maintaining its premium positioning.

Q：What is the strategic aspiration and approach for the apparel business?

A：The strategic aspiration is to become the most premium global sportswear brand. The approach involves increasing brand awareness without shortcuts, focusing on specific customer groups, and expanding the market of sportswear by providing products that offer an identity to consumers through innovation and design.

Q：What is the projected impact of the Cloud Monster on the running industry?

A：The Cloud Monster is expected to become big and revolutionize running.

Q：How many new stores are being added annually, and what is the strategy for retail expansion?

A：The company is continuing to add about 20 to 25 stores on an annual basis and heavily investing in its wholesale partners.

Q：What is the long-term outlook for product costs in the ESG segment?

A：The company has seen favorable product costs in the ESG segment, and while the long-term outlook is not specified, the focus is on sustaining the current uplift in margins.

Q：What is the company's approach to growth in the U.S. and how does it reflect in the gross margin?

A：The company is not chasing growth by adding unsuitable wholesale partners or discounting. Instead, they are executing a premium strategy, which has been well received, and they are seeing continued demand growth. The company is also focusing on gaining awareness and relevance, particularly among affluent demographics and high-income teams. As a result, the company is confident in its ability to maintain a full price strategy and discipline, which is expected to positively affect gross margins.

Q：How should the U.S. growth be considered in light of strong growth in APAC and MEA?

A：The U.S. growth is expected to be more controlled, and the company is focused on executing a premium strategy without chasing growth through discounting or adding unsuitable wholesale partners. The strong growth in APAC and MEA is part of the overall growth strategy.

Q：What is the outlook for growth in the U.S., APAC, and EMEA according to the new three-year plan?

A：The outlook for the new three-year plan includes strong growth across all regions. The U.S. is expected to continue strong growth, while APAC and EMEA are anticipated to show significantly higher growth. The growth is expected to be fueled by apparel expansion, retail development, and strategic wholesale expansion.

Q：How significant is the impact of the apparel expansion in the U.S. and APAC on overall growth?

A：The apparel expansion is significant, with growth opportunities in both the U.S. and APAC being substantial. The company plans to expand retail in all regions and maintain its philosophy of expanding wholesale, targeting key accounts not yet present in its portfolio. The strategy is focused on building the brand in a meaningful and controlled way.

Q：What are the components of the recent trip-digit growth in Greater China and South Korea?

A：The recent trip-digit growth in Greater China and South Korea includes sales and same store sales growth. However, the specific components (sales versus same store sales growth) are not provided in the transcript.

Q：What approach is the company taking to expand its brand in China and other regions?

A：The company is carefully expanding its brand by moving from one city to another, ensuring strong performance credibility in each new location, and taking the same approach as in other regions to building the brand.

Q：How does the company view the holiday season, especially Q4, in terms of sales and brand focus?

A：The holiday season is not seen as a time to drive sales through discounts but is viewed as an opportunity to connect with customers about the right gear for the season and to continue with the commitment to full price sales as a means to build the brand long-term.

Q：What were the sales achievements in China during the Singles' Day event and what does it indicate?

A：During the Singles' Day event in China, the company achieved its pilot target much earlier than expected, indicating strong momentum and a successful full price environment on Tmall with more than a 250% increase in traffic.

Q：How does the company plan to continue profitable growth beyond the previously set targets?

A：The company's approach to continue profitable growth involves investing in the business, such as in rent, building capabilities, technology, and driving additional profitability year by year. This philosophy has not changed and will be maintained as they approach next year.

Q：What is the strategy for investing in the brand and accelerating growth beyond 2026 targets?

A：Given stronger cross profit, a solid sales outlook, and an improved distribution line, the company is looking to invest in the brand and potentially accelerate some of its goals to drive growth well beyond 2026. They intend to give a precise outlook in March.

Q：How does the company define a 'young consumer' and what is the current state of the business targeting this demographic?

A：A 'young consumer' for the company is not specifically defined but refers to an audience that has been gaining traction over the past 6-7 years, especially through collaborations with influential figures like Snoop Dogg and Burna Boy. The company has made strong inroads into this demographic, which has a high LTV and has successfully entered the children's market through the Pits line.

有用

Feedback

免责声明：本内容基于第三方人工智能AI算法生成，内容仅供参考。本平台不对其真实性、合法性、准确性负责，不构成任何投资建议，对以上内容不做任何担保与承诺。若有异议请与本平台反馈。