On Holding is scaling Swiss innovation into a global premium sportswear platform, pairing elite growth with best-in-class margins despite tariffs, FX pressure, and short-term technical weakness.
Overview
On Holding is a Swiss-engineered premium sportswear disruptor scaling from niche running brand into a global athletic platform. Its differentiated CloudTec footwear, disciplined full-price positioning, growing DTC channel, and fast APAC expansion support exceptional growth and margins. Q1 2026 sales reached CHF 831.9 million, up 26.4% constant currency, with 64.2% gross margin and 21.0% adjusted EBITDA margin. The company’s innovation pipeline, especially LightSpray, reinforces its premium identity and long-term manufacturing advantage.