A：The first quarter of 2026 saw net sales exceed 830 million Swiss francs for the first time, marking a 26.4% growth at constant currency. The company delivered strong gross profit and adjusted EBITDA margins, reaffirming its premium strategy. Growth was observed across regions, with double-digit growth in the Americas, EMEA, and APAC, and over 50% growth in apparel globally.

A：The company's strategy is resonating broadly, evidenced by strong constant currency double-digit growth across the Americas, EMEA, and APAC regions, and well over 50% growth in apparel globally. The strategy's reach is reflected in initiatives like the successful launch of new products and the opening of new stores, as well as the brand's growing presence and energy across various markets and channels.

A：Yasmine Cautin won the Paris marathon in the prototype of the next generation of the claborn strike, and Helen Obiri posted her most recent personal best time, the second-fastest ever recorded in a female-only marathon. These achievements demonstrate the brand's success in building technology into a commercial engine and its reach in competitive stages, supporting the brand's vision and strategic initiatives.

A：The new light spray factory increased production capacity thirty-fold, and the technology was showcased to a larger community across various cities. The quarter saw the introduction of the robot to a broader audience, with significant demand for light spray car loads, particularly in Asia Pacific and the US. The technology played a significant role in product launches, such as the Cloud Monster 3, which was well-received by consumers.

A：The brand's innovation pipeline includes Superfoam technology for everyday running, which is roughly half as much as the industry standard but provides more energy return. This technology is expected to roll out rapidly across key running franchises in 2027, starting with the debut at the inaugural On Global Run Summit in Paris. The brand aims to continue innovating at the intersection of performance, design, and sustainability to create a high-quality customer experience.

A：Q1 brand tracking showed a sharp increase in brand awareness, especially in the US, with nearly 30% growth in own specialty accounts in Europe. The brand is attracting new customers through closer relationships with leading sports retailers in markets including the US, Japan, and Europe. This momentum supports the brand's position as a leading player in performance and lifestyle within the sports industry.

A：In Q1, Cloud 2 and Cloud Remix experienced growth across all regions, with Cloud sales becoming the number one sneaker standard for total Europe by a wide margin in March. The Cloud Swift reloads with kit and the left he to launched with C helped build credibility with new communities through design, culture, and pre the product. 18 to 24-year-olds significantly increased their share of our D2C cost base, marking the largest increase seen since data collection began and this trend has accelerated into early Q2.

A：The Cloud Solar trail running franchise has been a platform for product-led expansion, providing another avenue for growth as part of the brand's ambition to become the most premium global sportswear brand.

A：The company is committed to its full price strategy, which is enabling it to reach new consumers while maintaining quality and discipline, leading to sustainable premium growth and client satisfaction.

A：The company plans to host an investor day in Zuri on September 21 and 22, 2026.

A：The company is expressing gratitude to Martin, a key partner over the last 13 years, for his leadership, friendship, and commitment, and he will continue as an advisor.

A：David and Casper will continue to lead the global team at On as Co-CEOs. They will further help forge On's path in their new roles.

A：The company expects to deliver a cross profit margin approaching 40% through a focus on delivering high-quality products at full price with the best consumer experience, and by investing in new pillars for future durable growth, expanding the addressable market, and reinforcing the brand while achieving economies of scale and higher profitability and cash flows.

A：The adjusted EBITDA margin was 13.3% in 2021, 18.8% in 2025, and the speaker indicates an expectation for further increase in 2026.

A：The company's mission and strategy are clear, focusing on the premium sportswear market segment where they aim to be amongst the top brands and have room to grow in other market segments.

A：Net sales for the first quarter reached a record 831.9 million Swiss francs, growing very strongly year on year at constant currency.

A：The new geographic segments in Latin America and Asia Pacific, including China, are gaining significant share with constant currency growth exceeding 50%, contributing to a balanced, resilient global footprint.

A：The company has plans to open new stores in Stockholm and Sydney in the coming months, and is continuing to scale retail, having already seen stores in Miami, Milan, and Tokyo perform well.

A：The wholesale channel delivered strong growth, outperforming expectations with quarterly net sales of 509.6 million Swiss francs, corresponding to a growth of 25.1% at constant currency and 13% on a reported basis.

A：The company has reached a new quarterly record in the Americas of 450.7 million Swiss francs at constant currency with net sales growing strongly by 17.1%.

A：Europe, Middle East, and Africa has seen net sales of 207.1 million Swiss francs, growing 25.6% at constant currency and 22.8% reported, marking six consecutive quarters of more than 25% constant currency growth.

A：Asia Pacific has experienced rapid, controlled expansion with net sales reaching 174 million Swiss francs, growing 61.4% at constant currency and 44.4% reported, highlighting strong performance in Greater China and South Korea.

A：Net sales from footwear reached 700 million Swiss francs, increasing 24% at constant currency and 12.2% reported. The Cloud Zone grew by over 350%, and the Cloud Monster franchise maintained excellent momentum. Apparel has become a significant driver of growth, with customers contributing more than half of DTC sales for the first time.

A：The premium market position drove record gross profit and adjusted EBITDA margin in the first quarter. Gross profit margin reached 64.2%, an increase from 69.9% in the prior year period, despite the headwind from higher US tariffs. Adjusted EBITDA margin was 21%, up 450 basis points year on year, the second highest adjusted EBITDA margin in the company's history.

A：Operational excellence and cost management have contributed to the company's performance by declining distribution expenses by 1 percentage point year on year to 10% of net sales, mainly due to the automation of global warehouses. G&A reached 16% of net sales, the lowest in two years, more than offsetting the material foreign exchange headwinds from a stronger Swiss franc.

A：The company's investments in stores and store expansion have led to a stable cash position and have contributed to exceeding a prior year's cash position despite the year-end comparison. These investments have also helped to improve planning efficiency and reduce development time, contributing to higher inventory turns and improved stock health.

A：The new CFO's appointment signifies the company's ongoing success and its strategy for global scale. The CFO is joining the company at a significant point in its journey, with a focus on building on the current momentum and leading the company into its next era of global scale.

A：The new CFO expects to build on the exceptional financial foundation laid by the current team, focusing on supporting the company's long-term growth, preserving the premium economics of the brand, and achieving the company's scale with agility and entrepreneurial energy. He looks forward to being a close business partner and engaging with the financial community.

A：Upcoming innovations and collaborations include the launch of the new Super-Form innovation with Cloud Surge 3, strong demand for the new car on the Macs in all regions, and the partnership with Louis Vuitton for the Cloud Monster 3. The company will also bring life to its ongoing collaboration with Louis Vuitton and expand its apparel range. The pace of innovation in apparel is accelerating with new fabric innovations like Foam Tech.

A：The company reiterates its constant currency net sales growth guidance for the year of at least 23% and expects to see premium and apparel performance. The company's financial philosophy remains unchanged, focusing on building premium, high-quality growth with brand desirability, quality, channel discipline, and long-term value creation.

A：The adjusted EBITDA margins are in the range of 19.5% to 20%, which is meaningfully above the prior guidance.

A：Casper and David have worked closely for 13 years and have been active throughout On's journey. They have been involved in developing the strategy shared with the audience and will continue their division of labor while operating together with the team. Frank, the new CFO, will report to both Casper and David, and they will assist SoHos in executing the strategy with their teams.

A：The U.S. business is seeing a strong quarter with growing awareness across demographics, indicating both current success and room for future growth. The company is particularly excited about reaching new audiences, with an uptick in younger and more female consumers. The company is experiencing growth in channels like cloud tilt, cloud remix, and foot locker, which confirms the presence of growth pillars. The company plans to maintain its focus on premium execution in wholesale and is optimistic about the expansion of their training business and apparel category. The company's strategy for the Americas remains consistent, with plans to expand DTC share and maintain a healthy growth rate in e-commerce and retail channels.

A：The D2C expansion is performing strongly with a growth rate of 27%, faster than the wholesale expansion. The company aims to increase DTC share by 100 to 200 basis points per year, and this remains the expectation for the full year 2026. Currently, DTC share is at 38.7%. The company is excited about the global expansion and the recent channel shifts, with e-commerce showing very healthy growth and new consumers contributing to this momentum. The retail channel also sees a lot of energy, particularly in apparel and the D2C channel, which now accounts for over 10% of share. The company is very excited about how the brand is building out with apparel becoming a new entry point for younger consumers.

A：The company managed global growth in Q1, driven by established and new markets, categories, and communities. They anticipate newer market segments to grow and drive an increasing share of the growth going forward. The company brings an exciting and innovative product pipeline to the market, which is expected to drive strong growth worldwide. In terms of opportunities, the company will look for ways to drive more sales and growth in line with their premium strategy and insights from David on DTC, while also considering areas not yet present in their current portfolio.

A：The company's approach to growth is guided by the philosophy of building something unique and different from anything that exists. The company's ambition is to create the most desirable, beautiful, sustainable, performant, innovative, and profitable company. The focus is on long-term growth and brand equity rather than追求短期的规模扩大。

A：The future growth pillars mentioned by the company include expanding the global footprint, enhancing performance and innovation, and expanding into lifestyle areas while maintaining a premium brand image across footwear, apparel, and store openings.

A：The 2030 vision and plan presentation is expected to include new growth strategies and potential surprises that demonstrate the company's growth story and long-term profitability potential.

A：The recent increase in marketing expenses is attributed to a deliberate investment in the brand to enhance awareness and bring more customers into the premium segment. This investment is based on the company's strong gross profit margin and the belief that the awareness generated will lead to better conversion rates into product sales.

A：The company is driving speed in innovation and improving gross margin by utilizing AI tools to allow smaller teams to come up with more design options for testing, leading to better results and innovations like the 'surreal' platform.

A：The guidance anticipates continued strong DTC channel growth and a cautious approach to wholesale growth due to a new inventory strategy for early 2027. This is expected to lead to a slowdown in wholesale compared to DTC growth and maintain share gain for the DTC business.

A：The company outperformed on gross margin expectations due to the strength in the DTC channel, full price discipline, and the impact of measures taken on the supply side a year ago, which have started to take effect, contributing to a 250 basis point improvement in gross margin.

A：The company believes the 23% growth rate is the right aspiration for the year and will consider opportunities to go faster if they arise. However, they are cautious due to leadership changes and a macroeconomic environment with many moving pieces. Despite this, the company remains optimistic about the exciting product launches early in the year.