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Swiss sneaker maker On Holding is down 11% in premarket trading, despite issuing guidance for another year of strong growth and reporting record sales and improved profitability in 2025.
The brand, which sells premium-priced athletic shoes and apparel, posted fourth-quarter net sales of 743.8 million Swiss francs ($946 million), up 30.6% in constant currencies, and above LSEG estimates of 723.5 million francs.
Over the full year, sales surpassed 3 billion francs for the first time, slightly ahead of estimates of 2.99 billion francs.
The fast-growing brand said it sees 2026 net sales growing by at least 23% in constant currencies. At current spot rates, it said, this implies sales of at least 3.44 billion francs, however, sell-side analyst consensus had expected this year’s sales closer to 3.7 billion francs. The company sees an adjusted EBITDA margin of between 18.5% and 19%.
