On Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2026

• On delivers record net sales and the highest gross profit margin in its history as it pursues its ambition to redefine what a sportswear brand can be. Third quarter net sales increase by 17.2% year-over-year, or by 17.8% on a constant currency basis, to CHF 931.4 million, surpassing CHF 900 million in a quarter for the first time, with every channel, region and category contributing strongly. Direct-to-Consumer (“DTC”) net sales increase by 25.0%, or 24.8% on a constant currency basis, lifting DTC to 42.2% of net sales. Each region achieves its highest quarterly net sales to date, and EMEA reaches a new milestone, surpassing CHF 250 million for the first time.
  
  
• On continues to successfully execute on its strategic priorities, with strong momentum in each of the three growth engines set out at its 2026 Investor Day. In Performance, led by Run, the biggest innovation cycle in On’s history begins: the Cloudsurfer 3 drives immediate credibility and strong sell-out in its run specialty pre-launch. In Lifestyle, led by Sneaker, the Cloudtilt remains one of the industry’s fastest-growing sneaker franchises. In Apparel, led by Her, net sales increase by 38.7%, or 38.0% on a constant currency basis, with the latest Zendaya collection becoming On’s most visible apparel launch yet.
  
  
• On’s margin is the output of the On Premium Playbook: innovation that consumers choose at full price, athletes who prove it on the world’s biggest stages, and premium experiences in On’s own and partner channels. In a promotional environment, gross profit margin reaches 72.6%, or 66.9% excluding CHF 52.6 million of U.S. tariff refunds. Adjusting for U.S. tariff refunds and a one-time benefit from lower freight and other costs in the prior-year period, gross profit margin is up around 320 basis points year-over-year. Together with continued selective investment in innovation, technology, and On’s network of premium retail stores, this results in a net income margin of 17.5%, and adjusted EBITDA margin of 27.6%, or 21.9% excluding CHF 52.6 million of U.S. tariff refunds received.
  
  
• On further strengthens its position at the intersection of performance, design and culture, attracting a growing share of younger, culturally influential fans on its own terms. Since the quarter end, On’s athletes have continued to prove its breakthrough innovations on the world’s biggest stages, with a double victory at the Frankfurt Marathon and podium finishes in both the men’s and women’s races in New York - a first for On at a World Marathon Major. On successfully takes its first steps into new sports, its longer-term growth opportunity, with its football announcement becoming the most seen brand moment in its history.
  
  
• On reiterates its outlook for full-year 2026 net sales growth in the low-20% range on a constant currency basis. Including U.S. tariff refunds, On expects a gross profit margin of around 67.5% and an adjusted EBITDA margin in the range of 21.0% to 21.5%. On a basis comparable to its previous outlook, which did not include the CHF 52.6 million U.S. tariff refunds received in the current period, On raises its gross profit margin outlook to around 66%, from at least 65%, and continues to expect an adjusted EBITDA margin in the range of 19.5% to 20.0%.
  
  

On Holding AG (NYSE: ONON) (“On,” “On Holding AG,” the “Company,” “we,” “our,” “ours,” or “us”), has announced its financial results for the third quarter and nine-month period ended September 30, 2026.

Caspar Coppetti, Founder and Co-CEO of On, said: “Seven weeks after our Investor Day, we are seeing the On Premium Playbook do exactly what it was built to do: create breakthrough products, validated by the world’s best athletes and brought to life through premium experiences wherever our fans meet us. The Cloudsurfer 3 is the first proof point of our biggest innovation cycle - and it is just getting started. Each of our strategic growth engines made significant progress this quarter, drawing a new generation of fans to the brand. In a promotional market, we stayed true to who we are and held full price, delivering record sales and record underlying margins.”

Frank Sluis, CFO of On, said: “At our Investor Day, we said that premium is not the adjective in our financial model - it is the mechanism. This quarter showed what that means. Products that consumers choose at full price, a higher share of sales through our own channels and the efficiencies of scale delivered the highest gross profit margin in On’s history, even before U.S. tariff refunds. That margin gives us the strength to invest in the innovation, technology, stores and new sports behind our next phase of growth, and every part of that investment maps back to our three-year plan. We are even more excited about that plan today than on the day we presented it.”

Key financial and operating metrics for the three-month period ended September 30, 2026 compared to the three-month period ended September 30, 2025 include:

• net sales increased by 17.2% to CHF 931.4 million, or by 17.8% on a constant currency basis;
• net sales through the direct-to-consumer (“DTC”) sales channel increased by 25.0% to CHF 393.3 million, or by 24.8% on a constant currency basis;
• net sales through the wholesale sales channel increased by 12.2% to CHF 538.2 million, or by 13.2% on a constant currency basis;
• net sales in Europe, Middle East and Africa (“EMEA”), Americas and Asia-Pacific (“APAC”) increased by 17.9% to CHF 251.4 million, 12.4% to CHF 490.1 million and 31.1% to CHF 189.9 million, respectively;
• net sales in EMEA, Americas and APAC increased by 19.1%, 12.4% and 31.9% on a constant currency basis, respectively;
• net sales from shoes, apparel and accessories increased by 15.4% to CHF 843.7 million, 38.7% to CHF 69.5 million and 39.2% to CHF 18.1 million, respectively;
• net sales from shoes, apparel and accessories increased by 16.0%, 38.0% and 40.2% on a constant currency basis, respectively;
• gross profit increased by 29.5% to CHF 676.0 million from CHF 522.2 million;
• gross profit margin increased to 72.6% from 65.7%;
• net income increased by 36.9% to CHF 162.8 million from CHF 118.9 million;
• net income margin increased to 17.5% from 15.0%;
• basic earnings per share (“EPS”) Class A (CHF) increased to CHF 0.49 from CHF 0.36;
• diluted EPS Class A (CHF) increased to CHF 0.48 from CHF 0.36;
• adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) increased by 42.7% to CHF 256.8 million from CHF 179.9 million;
• adjusted EBITDA margin increased to 27.6% from 22.6%;
• adjusted net income increased by 26.7% to CHF 180.1 million from CHF 142.1 million;
• adjusted basic EPS Class A (CHF) increased to CHF 0.54 from CHF 0.43; and
• adjusted diluted EPS Class A (CHF) increased to CHF 0.54 from CHF 0.43.
  
  

Key financial and operating metrics for the nine-month period ended September 30, 2026 compared to the nine-month period ended September 30, 2025 include:

• net sales increased by 15.1% to CHF 2,613.6 million, or by 21.8% on a constant currency basis;
• net sales through the DTC sales channel increased by 22.7% to CHF 1,103.8 million, or by 29.2% on a constant currency basis;
• net sales through the wholesale sales channel increased by 10.2% to CHF 1,509.9 million, or by 16.9% on a constant currency basis;
• net sales in EMEA, Americas and APAC increased by 18.5% to CHF 686.8 million, 6.6% to CHF 1,392.3 million and 39.0% to CHF 534.5 million, respectively;
• net sales in EMEA, Americas and Asia-Pacific increased by 21.5%, 14.2% and 48.2% on a constant currency basis, respectively;
• net sales from shoes, apparel and accessories increased by 12.8% to CHF 2,389.1 million, 43.3% to CHF 179.0 million and 61.7% to CHF 45.6 million, respectively;
• net sales from shoes, apparel and accessories increased by 19.6%, 49.3% and 69.4% on a constant currency basis, respectively;
• gross profit increased by 24.5% to CHF 1,766.0 million from CHF 1,418.3 million;
• gross profit margin increased to 67.6% from 62.5%;
• net income increased by 175.6% to CHF 371.0 million from CHF 134.6 million;
• net income margin increased to 14.2% from 5.9%;
• basic EPS Class A (CHF) increased to CHF 1.11 from CHF 0.41;
• diluted EPS Class A (CHF) increased to CHF 1.10 from CHF 0.40;
• adjusted EBITDA increased by 37.4% to CHF 599.1 million from CHF 436.0 million;
• adjusted EBITDA margin increased to 22.9% from 19.2%;
• adjusted net income increased by 130.3% to CHF 421.2 million from CHF 182.9 million;
• adjusted basic EPS Class A (CHF) increased to CHF 1.26 from CHF 0.56; and
• adjusted diluted EPS Class A (CHF) increased to CHF 1.25 from CHF 0.55.
  
  

Key financial and operating metrics as of September 30, 2026 compared to December 31, 2025 include:

• cash and cash equivalents increased by 31.3% to CHF 1,339.0 million from CHF 1,019.9 million; and
• net working capital increased by 29.9% to CHF 740.7 million from CHF 570.3 million.
  
  

Adjusted EBITDA, adjusted EBITDA excluding U.S. tariff refunds, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, gross profit margin excluding U.S. tariff refunds, net working capital and net sales on a constant currency basis are non-IFRS measures used by us to evaluate our performance. Furthermore, we believe these non-IFRS measures enhance investors’ understanding of our financial and operating performance from period to period because they enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, gross profit margin excluding U.S. tariff refunds, net working capital and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS. For a detailed description and a reconciliation to the nearest IFRS measure, see section titled “Non-IFRS Measures.”

With its holiday campaign now live and its newest technologies and products landing with consumers, On plans for net sales growth to accelerate in the fourth quarter. On will run the holiday season the way it has run the whole year, remaining committed to its premium positioning and full price discipline in a promotional environment. ​ ​On’s outlook now includes U.S. tariff refunds, so margin guidance is shown both including and excluding them; previous guidance did not include U.S. tariff refunds. For full-year 2026, On now expects:

• Net sales: Expected to grow in the low-20% range on a constant currency basis (unchanged). At current spot rates, this implies absolute net sales of CHF 3.47 billion to CHF 3.56 billion.
  
  
• Gross profit margin: Expected to be around 67.5%, or around 66% excluding U.S. tariff refunds (previously at least 65%).
  
  
• Adjusted EBITDA margin: Expected to be in the range of 21.0% to 21.5%, or in the range of 19.5% to 20.0% excluding U.S. tariff refunds (unchanged).
  
  

Other than with respect to IFRS net sales and gross profit margin, On only provides guidance on a non-IFRS basis. The Company does not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. As a result, we are not able to forecast with reasonable certainty all deductions needed in order to provide a reconciliation to net income. The above outlook is based on current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. The gross profit margin excluding U.S. tariff refunds excludes impacts from the CHF 52.6 million U.S. tariff refunds received during the three months ended September 30, 2026. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below and in our filings with the U.S. Securities and Exchange Commission (the “SEC”).

A conference call to discuss third quarter results is scheduled for November 10, 2026 at 8 a.m. U.S. Eastern time (2 p.m. Central European Time). Those interested in participating in the call are invited to dial the following numbers:

United States: +1 585 542 99 83 ​United Kingdom: +44 117 389 01 04 ​Switzerland: ​ +41 800 200 0 46

Conference ID: 915968735

Additionally, a live webcast of the conference call will be available on the Company’s investor relations website and under the following link. Following the conclusion of the call, a replay of the conference call will be available on the Company’s website.

Investor Contact:

On Holding AG ​Liv Radlinger ​investorrelations@on.com

or

ICR, Inc.

​Brendon Frey ​brendon.frey@icrinc.com

Media Contact:

On Holding AG ​Adib Sisani ​press@on.com

About On

On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement – a mission that still guides the brand today. Sixteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On’s award-winning CloudTec® and LightSpray™ innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base – inspiring humans to explore, discover and Dream On.

On is present in more than 90 countries globally and engages with a digital community on www.on.com.