On Holding AG reported first-quarter 2026 results that exceeded expectations, with adjusted earnings of 47 cents per share on net sales of $1.06 billion, both above consensus. In Swiss francs, net sales rose 14.5% to CHF 831.9 million, while adjusted EBITDA margin expanded 450 basis points to 21%. Gross margin improved 430 basis points to 64.2% despite higher U.S. import duties, and management now expects full-year gross margin of at least 64.5%. The company maintained its at least 23% constant-currency net sales growth target for 2026, with direct-to-consumer sales rising 16.4% to CHF 322.3 million and Asia-Pacific sales surging 61.4% at constant currency.
On Holding LtdBeat Q1 estimates and raised full-year gross margin outlook.
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