1) Strategy & Leadership
- On Holding AG is committed to a long-term premium brand strategy, emphasizing innovation and operational discipline.
- The leadership structure, now featuring Co-CEOs, aims to unify strategic intent with operational execution.
- The company focuses on building brand equity without compromising margins, emphasizing a premium growth model.

2) Financial & Segment Results
- Q2 2026 net sales reached CHF 850 million, reflecting a 22% growth at constant currency.
- Direct-to-consumer (DTC) sales grew 34%, reaching CHF 388 million and accounting for 45.7% of total sales.
- Gross profit margin was over 65%, with an adjusted EBITDA margin close to 20%.
- EMEA showed strong performance with 20.5% growth at constant currency, while the Americas grew 13%. APAC saw a remarkable 54.7% growth.

3) Problems / Headwinds
- The wholesale channel experienced slower sell-through, particularly in the Americas, attributed to a highly promotional environment.
- The company is intentionally managing sell-in to protect full-price integrity, which has impacted short-term wholesale growth.

4) Operational or Product Plans
- On is focusing on innovation, with new products like the Cloudboom Strike 2 and Cloudsurfer 3 set to launch, expected to drive future growth.
- The company is expanding its retail presence, with new flagship stores opened in key markets, including the UAE and Copenhagen.
- Apparel is becoming a significant growth driver, with a 56.2% increase in sales, supported by successful collaborations and innovative materials.

5) Guidance & Outlook / Investor Angle
- For the full year, On expects net sales growth in the low 20% range at constant currency, with a gross margin of at least 65% and an adjusted EBITDA margin of 19.5% to 20%.
- The company is optimistic about sustaining growth through innovation and expanding its DTC channel, despite challenges in wholesale.
- The upcoming Investor Day in September will provide further insights into long-term strategies and growth plans.

Bottom line: On Holding AG is positioned for sustained premium growth, leveraging innovation and a strong DTC channel, despite facing challenges in the wholesale segment. The company's disciplined approach to brand integrity and operational efficiency supports its long-term value creation strategy.