On Holding AG reported second-quarter 2026 net sales of CHF 850.3 million, a 21.6% increase at constant currency, driven by strong direct-to-consumer demand across all regions. Direct-to-consumer sales reached CHF 388.4 million, growing 34.3% at constant currency and representing a second-quarter record of 45.7% of total sales, while wholesale sales rose 12.7% at constant currency to CHF 461.9 million as the company deliberately moderated sell-in to protect full-price integrity in a promotional environment. Gross profit margin expanded to 65.4% from 61.5% a year earlier, and adjusted EBITDA was CHF 168.1 million, a 19.8% margin. By region, Asia-Pacific sales surged 54.7% at constant currency to CHF 170.5 million, EMEA grew 20.5% to CHF 228.2 million, and the Americas increased 13.0% to CHF 451.6 million. The company raised its full-year gross margin guidance to at least 65.0% and reiterated its adjusted EBITDA margin outlook of 19.5% to 20.0%, while forecasting constant-currency net sales growth in the low 20% range for fiscal 2026.
On Holding LtdStrong direct-to-consumer demand drove 21.6% constant-currency sales growth, with DTC up 34.3%.
