昂跑 (ONON.US) 2026年第三季度业绩电话会
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会议摘要
On Holding AG reported Q3 net sales of 931.4 million CHF, up 17.8% at constant currency, with record gross margins of 66.9% and adjusted EBITDA margins of 21.9%. The company prioritized full-price sales and brand health over short-term volume, achieving strong cash generation despite rising selling expenses and production costs. Inventory increased 30.2% year-over-year to 495.7 million CHF, primarily due to currency translation effects, while volumes grew only in the low teens, indicating healthy sell-through. Key growth drivers include the Cloud Surfer 3 and Cloud Hoka Strike 2 in performance running, and the Cloud T Arc in lifestyle sneakers. Investments in Light Spray technology, AI integration, and DTC expansion are expected to drive future scale and efficiency.
会议速览
On Holding AG's Q3 2026 Results Call: Commitment to Innovation and GrowthOn Holding AG's Q3 2026 earnings call emphasized the company's dedication to innovation, highlighting a strategy to redefine sports branding through premium offerings, aiming for faster growth than the industry and increased earnings, with plans for new sports ventures and a focus on high-quality growth.
Record Sales and Innovation Drive Growth Amid Premium FocusThe company reported record net sales of 931 million Swiss francs, a 18% increase, driven by premium innovation and design. Key launches like the Cloud Surfer 3 showcased strong performance, with sales four times higher than previous models, reflecting the brand's commitment to premium offerings and strategic growth engines.
Revolutionizing Running: On's Pinnacle Technology and Future Franchise Updates Promise Market Dominance by 2027On's Cloud Home Strike 2 showcases the brand's renovation technology, achieving remarkable success in marathons and exceeding demand. With generational updates planned for core franchises through 2027, On is poised to capture a significant share of the premium running market, which is growing faster than the industry average.
Revolutionizing Sneaker Franchises and Apparel Growth: Cloud Tilt, Women's Training, and Cross-Category Brand HeatThe Cloud Tilt franchise continues its rapid growth, with new expressions attracting significant fanbase and driving cross-category brand heat. The apparel segment, particularly women's training, sees substantial growth, supported by innovative product designs and impactful campaigns. This strategic approach extends wallet share and positions the brand for future success.
Expanding Retail Ambitions: Driving Growth Through Premium Playbook and Strategic MarketsThe dialogue outlines strategies for enhancing retail productivity, leveraging premium markets, and utilizing innovative marketing to drive growth across various regions and channels. Early successes in sports campaigns, particularly football, demonstrate the effectiveness of these strategies. The focus on premium locations, engagement events, and technological investments underscores a comprehensive approach to market expansion and brand elevation.
Record Sales and Margins: A Strong Start to the PlanThe company has achieved a new sales record of 931.4 million Swiss francs, with a gross margin of 66.9%, the highest in history, and a significant cash increase, marking a successful first quarter aligned with the strategic plan.
Strong Net Sales Growth and Healthy Inventory LevelsNet sales saw a significant increase across all regions, channels, and categories. Wholesale sales also grew, supported by strong back-to-school campaigns and strategic holiday deliveries. Partners maintained selling discipline, ensuring healthy inventory levels heading into the holiday season, bolstered by a robust spring order book and confidence in the innovation pipeline.
Strong DTC Growth, Market Leadership in Full Price, and Innovative Retail ExpansionDirect-to-consumer sales surged, exceeding wholesale growth, with a notable increase in online customer base. Despite softer traffic, full-price discipline was maintained, reinforcing market leadership. New stores globally and enhanced productivity through apparel and initiatives boosted customer satisfaction.
Strong Growth in Americas and EMEA: A Testament to Effective Strategy and ExecutionThe Americas and EMEA regions experienced significant growth, attributed to strategic execution and market expansion. Key achievements include increased shelf space, attracting younger consumers, and successful store openings, particularly in Brazil and major European cities. This growth underscores the potential for continued expansion in both regions.
Asia Pacific's Strategic Growth: High-End Expansion, Record Sales, and Diversified Product OfferingsAsia Pacific achieved significant growth, with a 31.9% increase in sales. The region's strategy focuses on premium partnerships and selective market entry, evident in Japan's strong sales and reorders. New store openings, like the one in Sydney, and a diversified product range, including shoes and accessories, contributed to exceptional results, exceeding expectations by at least 30%.
On's Training Expansion, Record Margins, and Strategic InvestmentsThe brand has seen significant growth in its training segment, with the Cloud X becoming a top footwear franchise. Record-breaking gross margins highlight the effectiveness of the premium business model, while strategic investments in technology, marketing, and store expansion are aligned with a three-year growth plan.
Strong Cash Position, Healthy Inventory, and Appreciation for Team CollaborationHighlights an increase in inventory, positive cash position, and appreciation for team efforts, emphasizing readiness for upcoming sales seasons and successful investor day execution.
Company's Optimistic Q4 Outlook with Record Sales, High Margins, and Strategic InvestmentsThe company reiterates its Q4 growth forecast, highlights record sales, strong cash generation, and strategic investments in technology and marketing, aiming for high margins and EBITDA, despite a promotional market environment.
Asia Pacific's Robust Growth Driven by Aspirational Consumers and Untapped DemandAsia Pacific's strong growth, especially in South Korea and China, is attributed to aspirational and brand-savvy consumers. The region's untapped demand, particularly in tier 1 and 2 cities, and the brand's status as a premium footwear choice in China, suggest continued robust growth. However, the company is cautious about promotional periods, preferring full-price sales over promotional discounts.
APAC Growth & Premium Retail Expansion StrategyDiscussed quarter-on-quarter growth in APAC, aiming for mid-to-high growth rates as the base expands. Highlighted progress in wholesale sellouts, particularly in USWC, with a focus on premium retail environments through strategic partnerships, aiming for 75% target coverage over the next three years.
Light Spray Technology's Progress & Expansion StrategyDiscussed Light Spray's production growth, margin improvements, and future integration into lifestyle products, with plans to increase manufacturing sites and enhance technology versatility.
Philosophical Approach to AI Investments and Brand Disintermediation RisksDiscussion on mitigating risks of brand disintermediation through AI investments, focusing on strategic thinking and experiential enhancements.
AI-Driven Customer Service and Tech Migration: Scaling Efficiency and EngagementAI has transformed customer service, enabling rich, scalable interactions. The company is also streamlining operations by migrating from AWS to Google Cloud, enhancing consumer-facing technology efficiency.
Analysis of Americas' Promotional Environment and Channel Mix for Q4Discussion on the improvement of promotional environment in the Americas, expectations for its continuation, and the anticipated balance between wholesale and DTC channels in Q4.
Navigating Wholesale Challenges with Innovation and Market TrendsDespite a challenging promotional environment, the company leverages innovation and market trends to maintain strong sales and gain market share in performance running and lifestyle sneakers, anticipating continued success in 2027.
Acceleration in DTC Growth and Inventory ControlDiscussion highlights sell-out exceeding sell-in, positive inventory trends, DTC-led growth acceleration, and uncontrollable retailer pickups impacting sales.
Transitioning to Next Question in Conference CallAcknowledges previous contribution and smoothly moves to the next participant's query during a conference call, maintaining engagement and order in the discussion.
Revitalizing Specialty and Lifestyle Channels with Innovative Product StrategiesDiscusses the positive impact of the Cloud Surfer 3 on the run specialty channel, emphasizing exclusive access and strong market feedback. Highlights lifestyle channel gains through market share increases, innovative product introductions like the Cloud Tilt, and strategic partnerships, leading to enhanced shelf space and consumer appeal.
Anticipated Acceleration in Sales Growth Due to Cloud Server Three-I RolloutA query on potential sales growth acceleration in Q1 due to the cloud server Three-I rollout, reflecting on prior discussions about increased sales momentum and robust order rates in cloud services, with an expectation of further strengthening trends into the new quarter.
Strategies for Gross Margin Growth Amid Inflation and Investment in New SportsDiscussed favorable gross margin trends, strategic investments in new sports and technology, and maintaining earnings outlook despite inflationary pressures.
Direct-to-Consumer Growth Acceleration and New Production Capacity in VietnamThe dialogue highlights the accelerated growth in Direct-to-Consumer (DTC) sales, attributed to strategic focus on younger customers and expanding retail presence. It also discusses the upcoming Vietnamese factory's capacity increase, which is expected to significantly boost production, particularly for light spray products, by a factor of 30.
Expanding Retail Presence and Manufacturing Capacity for Enhanced Customer Preference and Product VarietyThe company highlights significant growth in young online customers, increased wallet share, and new store openings. It plans to scale operations to $180 million, emphasizing a premium playbook that boosts preference and economics. To meet high demand for live products, the company is expanding manufacturing capacity in Vietnam, aiming for more product variety and closer proximity to consumers, with lessons from Korea being applied to enhance global manufacturing strategies.
Analysis of DTC Performance and High Teens Revenue Growth ProjectionsThe dialogue discusses the fluctuations in DTC performance across geographies, attributing them to seasonal and promotional factors rather than trends. It outlines an expected acceleration in DTC growth, aiming for a high teens revenue growth rate that peaks at the start of the period and tapers off, driven by product launches, major events, and gradual market expansion.
要点回答
Q：What are the key components of the company's strategic plan for the next three years?
A：The company's strategic plan for the next three years aims to redefine what a sports brand can be by running the on premium playbook, with the goal of growing faster than the industry and earning even faster than sales, aspiring to become a high-quality earnings compounder in the industry.
Q：What were the company's net sales and adjusted EBITDA margin for the reported quarter?
A：For the reported quarter, the company's net sales grew close to 18% at constant currency to a record of 931 million Swiss francs, ahead of the latest expectations provided in September. The adjusted EBITDA margin reached the highest levels in the company's history.
Q：What is the company's commitment in the high discount environment and how is it maintaining its focus?
A：In the high discount environment, the company's commitment is to not focus on consumer choices based on price, which has never been its strategy. The company is as committed to premium as its highest principle, and it is proud of delivering new technologies and products that sell strongly at full price, allowing it to reach record profitability while investing meaningfully in technology for future launches.
Q：What is the Cloud Surfer 3 and how has it performed since its launch?
A：The Cloud Surfer 3 is the first masterpiece of the company's new sensation-based franchise architecture, introduced through surreal superfoam combined with a new cloud-type geometry. It has received exceptional early signals, with the model selling through more than four times the rate in its first week at Select Run specialty partners.
Q：What are the company's expectations for the new Cloud running franchises by the end of 2027?
A：By the end of 2027, the company expects almost all its performance running franchises to run on one of its new supercritical foam products. The Cloud Homer Strike 2 is showing the world what the company's renovation technology can do, with strong demand and sell-outs in the US.
Q：What is the significance of the Cloud T arc in the lifestyle segment and how is it performing?
A：The Cloud T arc is one of the fastest-growing sneaker franchises in the industry, continuing to show strong momentum, especially with the Icon franchise. The Cloud No Moon Mary Jane and the Cloud Muse have joined the line-up and are performing well above retail on resale platforms, contributing to significant cross-category brand heat and introducing the company's performance heritage to a new generation of lifestyle consumers.
Q：What were the significant outcomes from the latest collection with CDA, and what was its reach and sentiment?
A：The latest collection with CDA had a reach of 2.5 billion, close to 90% positive sentiment, and top sales with items selling out across markets within days.
Q：How is the new generation fleet contributing to the company's Appar ambitions?
A：The new generation fleet is driving the company's ambitions with a per share at least 50% higher than in existing stores and apparel productivity growing faster than footwear.
Q：What are the early signals from the new sports category, particularly football?
A：The early signals from football have been remarkable, with the announcement post becoming the most seen story in A's history and a significant increase in e-commerce sales for campaign products in France, Germany, and Spain.
Q：How is the all premium playbook being executed across channels and regions?
A：The all premium playbook ran through every channel and every region, resulting in improved sell-out, healthier partner inventory levels, and successful market entry for the cloud service in Asia Pacific.
Q：What is the demand situation for the latest drop with Kith, and how was it promoted?
A：The latest drop with Kith sold out almost immediately, and it was promoted with a community run in the streets of Shibuya reaching over a million people organically.
Q：What does the premium playbook entail, and how is it driving growth?
A：The premium playbook involves market-leading growth at strong margins, investment in technology, robots, stores, and athletes to create demand, and a marketing strategy that funds innovation.
Q：What are the highlights of the financial results for the first quarter?
A：The highlights include a new record for net sales at 931.4 million Swiss francs, a gross margin of 66.9% excluding tariff refunds, and an increase in cash of more than 200% since the start of the year.
Q：What were the performance and growth figures for wholesale and direct to consumer (DTC)?
A：Wholesale grew 13.2% at constant currency and 12.2% reported, while DTC grew 24.8% at constant currency and 25.0% reported, with a DTC share reaching 42.2%, up 2.6 percentage points year over year.
Q：What is the significance of the DTC share and the growth across the Americas and EMEA?
A：The DTC share is significant as it reached 42.2%, and the growth across the Americas was 12.4% at constant currency and reported rates, while EMEA grew 19.1% at constant currency and passed 250 million Swiss francs in a single quarter.
Q：What were the outcomes in retail, particularly in new store openings and customer satisfaction?
A：New spectacular stores were opened globally, and apparel productivity rose again, strongly leading to another increase in customer satisfaction.
Q：What was the regional growth in the Americas, and how did Brazil perform?
A：The Americas grew 12.4% at constant currency and reported rates to 490.1 million Swiss francs, with North America seeing accelerated growth from the second quarter, and Brazil becoming one of the most exciting stores with script stores trading at more than double forecast.
Q：What were the results in EMEA, and how did it contribute to the company's overall growth?
A：EMEA grew 19.1% at constant currency and 17.9% reported, passing 250 million Swiss francs in a single quarter, with every subregion exceeding expectations, particularly southern Europe and the Middle East.
Q：How is the brand building process in Japan going?
A：The brand is building in Japan with significant partner interest, as reflected by increased product orders and strong sell-outs with reorders. Both Tokyo stores delivered exceptional results, beating expectations by at least 30%, and the new Bondi Junction store in Sydney performed exceptionally well, with sales turning over almost 30% of the sales in its opening weeks.
Q：What is the performance of the training category within the brand?
A：Training is one of the brand's fastest-growing categories, with the Cloud X becoming the fourth-largest footwear franchise, driven by strong demand for the Cloud X 5, tempo, and related training apparel. The share of new apparel customers who found the brand through training nearly doubled quarter on quarter.
Q：What is the significance of the gross margin expansion?
A：Gross margin expansion of 320 basis points, excluding the impact of lower anticipated freight and other costs, is attributed to the underlying strength of the business model and a modest FX tailwind. It signifies the success of the brand's expansion strategy and premium business model.
Q：What investments is the brand making as per its three-year plan?
A：The brand is investing in technology and expertise to run on a large scale as per its 2029 plan. This includes a single customer view, omnichannel capabilities, and embedding AI deeply into operations. The brand is also investing in marketing and technology, including a new sports initiative and reinforcing its position as a high-quality earnings compounder.
Q：What is the impact of the latest collaborations and store openings on consumer response?
A：The latest collaborations with Louise and Sky High Farms, the first capsule with Beer Boy, and the athlete podium appearances at various events have been well received by consumers. The openings of the Miami and La stores have attracted large crowds and strong demand.
Q：How is the brand positioned in terms of gross margin and adjusted EBITDA margin for the upcoming period?
A：The brand is positioned to deliver a gross margin of around 67.5% and an adjusted EBITDA margin in the range of 21% to 21.5%, assuming no further changes in tariffs. The outlook reflects a full price commitment, a higher DTC share, and the efficiencies that come with scale.
Q：What is the projected growth for Asia Pacific and what does it imply for the fourth quarter and other regions?
A：The projected growth for Asia Pacific is in the mid to high twenty's core, driven by strong demand across Asia, including Japan, China, and South Korea. This implies potential acceleration in the fourth quarter for these regions.
Q：What trends are being observed across different regions in Asia, and how does this impact the company's strategy?
A：In South Korea, there is a booming economy with three stores that are well beyond potential, with an upcoming online presence. Japan has seen tremendous demand, especially for running products, making the company the number one running brand. In China, there's significant untapped demand, and the company has become the number two premium footwear brand. This consumer demand is driving the company's strategy to expand and fulfill more of the existing demand.
Q：How does the company plan to achieve its goals in the sporting goods sector of the U.S. and what is the impact of upgrades and new store openings?
A：The company is focusing on increasing its presence in the sporting goods sector of the U.S., with investments in upgrading and expanding key accounts like Footlocker and JD. The aim is to increase sales, with the company currently at 90% of the sporting goods doors in these accounts, with plans to reach 95% and expecting significant progress over the next three years.
Q：What progress has been made regarding the LightSpray technology, and how will it affect production and supply chain?
A：LightSpray technology is progressing well, with a big uplift in demand following the football announcement. Although production is still below demand, the company is ramping up production with new facilities in Switzerland, Korea, and Vietnam, with Portugal set to join by mid-year next year. Despite challenges, margins are becoming very attractive, and the company is planning to roll out LightSpray across performance and lifestyle franchises with more options and color.
Q：How is the company approaching AI investments and the potential disintermediation in the industry?
A：The company is taking a proactive approach to AI and changing consumer service, with a high percentage of customer service conversations already conducted with AI. This is providing valuable insights into customer interactions and is part of the strategy to mitigate the risk of disintermediation in the industry.
Q：What are the potential benefits of engaging with customers at scale through AI?
A：The potential benefits of engaging with customers at scale through AI include improved consumer experiences across various channels such as the website, retail, and the app.
Q：What was the outcome of the migration from AWS to Google Cloud, and how does it relate to consumer facing technology?
A：The migration from AWS to Google Cloud, which was originally planned to take one and a half years, was completed in a much shorter time through a genetic move using AI. This efficiency suggests that similar benefits could be attainable for consumer facing technology.
Q：What factors contribute to the improved promotional environment in the Americas, and what drives optimism about Q4?
A：The improved promotional environment in the Americas is attributed to the company's focus on innovation and stories, rather than being heavily affected by the promotional environment. Optimism in Q4 is driven by healthy inventory levels, a generational shift in running technologies taking place, and strong sales of new products which have been noticed by wholesale partners and increased their orders. The company also anticipates gaining market share in performance running and continuing to grow in the sneaker space.
Q：How is sell out performance in the US compared to sell in, and what measures are being taken to drive sellout?
A：In the US, sell out has exceeded sell in, which is a positive sign for inventory developments. The company is actively working with wholesale partners to drive sellout, and this effort has been effective, leading to tight control of sales and positive inventory levels.
Q：What is the expectation for the acceleration of quarterly growth and the channel mix in Q4?
A：The expectation is for an acceleration of quarterly growth in Q4, with the growth being predominantly DTC led. There was also an impact from extra pickups from retailers in the wholesale channel, which is expected to affect Q4 results.
Q：How has the run specialty channel been trending, and what are the plans for the future?
A：The run specialty channel has been closely managed with Cloud Surfer 3, developed with partner input and testing, and is showing positive responses in the market. The channel is now focusing on running technology and not on comfort, which has been a reset in distribution for lifestyle footwear. The company plans to continue this focus and improve products based on feedback from upcoming trade shows.
Q：What has been the impact of the market slowdown on the lifestyle footwear within the wholesale channel?
A：The market slowdown has led to conversations with retail partners about the future direction of the lifestyle footwear within the wholesale channel. The company has gained market share, resulting in increased shelf space and order book growth.
Q：What is the impact of the Cloud Tilt's re-popularity among the youth and new color demand?
A：The re-popularity of the Cloud Tilt among the youth has led to significant demand for the sneaker, particularly in lighter colors. Additionally, the speaker notes that the Cloud Nova and Cloud Muse styles have been gaining popularity with the female demographic and are achieving good pickup rates.
Q：How does the speaker expect the full rollout of the Cloud Server Three-i in January to affect sales?
A：The speaker indicates that while they will not provide specific guidance on quarterly sales for the coming year, they do not expect a strong acceleration in sales in Q1 due to the Cloud Server Three-i being just one part of their full portfolio.
Q：What are the planned investments mentioned, and how do they align with the company's strategy?
A：The company has decided to invest some of their recent gross margin improvements into the business. These investments are aligned with their strategy as they relate to new sports launches and technology advancements, and they are in line with the company's narrative from their investor day. They are also maintaining their earnings outlook despite these investments.
Q：What is the projected growth for DTC in the fourth quarter, and what is driving this growth?
A：DTC is expected to accelerate sequentially in the fourth quarter, having grown 25% and gained market share year over year. The growth is attributed to a focus on younger customers, an expanded presence through retail stores, and strategies to grow share of wallets. Younger customer segments have shown significant year-over-year increases in online sales, and there are plans to scale the DTC presence significantly over the next three years.
Q：What are the details surrounding the new factory in Vietnam and its impact on capacity and product variety?
A：The new factory in Vietnam will more than double the company's capacity once fully built. The decision to open the factory in Vietnam was made to increase product variety and expression of light spray products. It is part of the company's strategy to be closer to consumers with manufacturing and to pilot new product developments.
Q：How is the DTC revenue growth expected to shape over the three years, and what factors influence this outlook?
A：The DTC revenue growth is expected to start at the high end of the range and end at the lower end over the three years. This projection is influenced by the full renovation of the runner, the launch of super phones across the portfolio, positive impact from the Los Angeles event, and gradual new product launches throughout the period.
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