Press Release: On Announces Fourth Quarter and Full Year Results, and the Filing of its Annual Report on Form 20-F for 2025

   --  Guided by a clear vision to build the most premium global sportswear 
      brand, On reaches a new level of scale and profitability in 2025, 
      exceeding its latest outlook across all metrics. Annual net sales surpass 
      CHF 3.0 billion for the first time, while cash exceeds CHF 1.0 billion at 
      year-end. Full-year net sales increase by 30.0% year-over-year, and by 
      35.6% on a constant currency basis, reaching CHF 3,014.0 million. 
      Full-year profitability reaches new highs, with gross profit margin 
      expanding to 62.8% and adjusted EBITDA margin to 18.8%, reflecting 
      structural operational efficiencies and the strength of On's premium 
      positioning. 
 
   --  Fourth quarter net sales reach CHF 743.8 million, growing 22.6% 
      year-over-year on a reported basis and 30.6% on a constant currency 
      basis. Increasing global brand awareness, now approaching 30%, together 
      with disciplined premium execution during the holiday season, drives 
      strong performance across both Direct-to-Consumer ("DTC") and Wholesale 
      channels. 
 
   --  Execution against On's strategic priorities continues to deliver strong, 
      broad-based growth. In 2025, On expands its network of premium brand hubs 
      to nearly 70 own retail locations, with high-impact retail formats 
      deepening consumer engagement. Apparel and accessories reach a combined 
      7.0% of net sales, up 190 basis points year-over-year, reinforcing On's 
      evolution into a true toe-to-head brand. The Asia-Pacific region 
      surpasses CHF 500 million in annual net sales, demonstrating exceptional 
      demand across markets and channels. 
 
   --  Fourth quarter gross profit margin reaches 63.9%, a new Q4 record, up 
      180 basis points year-over-year, driven by structural operational 
      efficiencies, strong full-price execution and favorable foreign exchange 
      dynamics. Adjusted EBITDA margin reaches 17.6%, up 120 basis points 
      year-over-year, as On continues disciplined reinvestment into brand 
      building, innovation, technology and retail expansion. 
 
   --  Entering the final year of its three-year strategy from a position of 
      significant strength, On will further scale its LightSpray$(TM)$ technology, 
      advance innovation across its core running franchises and continue 
      expanding its apparel offering. Together with the ongoing elevation of 
      premium brand expression across channels, these pillars are expected to 
      further deepen consumer engagement and drive long-term customer value. 
 
   --  On looks into 2026 with high confidence in its growth trajectory, 
      expecting net sales to grow by at least 23% on a constant currency basis. 
      At current spot rates, this implies reported net sales of at least CHF 
      3.44 billion. The company anticipates continued elevated profitability, 
      with a full-year gross profit margin of at least 63.0% and an adjusted 
      EBITDA margin between 18.5% and 19.0%. 
ZURICH, Switzerland--(BUSINESS WIRE)--March 03, 2026-- 

On Holding AG (NYSE: ONON) ("On," "On Holding AG," the "Company," "we," "our," "ours," or "us") today announced its financial results for the fourth quarter and full year, and that it has filed its annual report on Form 20-F (the "Form 20-F") for the year ended December 31, 2025, with the U.S. Securities and Exchange Commission (the "SEC").

David Allemann, Co-Founder and Executive Co-Chairman of On, said: "Surpassing the CHF 3 billion annual revenue milestone with record profitability is a profound validation of our vision to build the world's most premium global sportswear brand. We are witnessing a fundamental societal shift, as people globally replace traditional markers of status with a commitment to health, longevity, and performance. On is uniquely positioned to deliver what this discerning consumer demands - from scaling breakthrough innovations like LightSpray(TM) to deepening our cultural resonance and delivering our fullest brand expression from toe-to-head. We are building a brand designed for the future of movement."

Martin Hoffmann, CEO and CFO of On, said: "By charting our own course and executing with discipline against our strategic priorities, we have built a powerful financial engine that is driving record results. The strength of our premium strategy allows us to exceed our high aspirations while providing the flexibility to reinvest in the high-return areas that we expect will fuel our growth for years to come. Our vision is proving itself at a new scale - from the exceptional productivity of our growing retail footprint to the compounding value of our multi-category expansion. This success is a testament to our nearly 4,000 team members who execute with focus and passion every day. We enter 2026 with confidence and conviction, ready to 'Dream On' bigger and bolder than ever before."

Key Financial Metrics

Key financial metrics for fiscal year 2025 compared to fiscal year 2024 included:

   --  net sales increased by 30.0% to CHF 3,014.0 million, or by 35.6% on a 
      constant currency basis; 
 
   --  net sales through the DTC sales channel increased by 33.7% to CHF 
      1,260.5 million, or by 39.9% on a constant currency basis; 
 
   --  net sales through the wholesale sales channel increased by 27.5% to CHF 
      1,753.4 million, or by 32.6% on a constant currency basis; 
 
   --  net sales in Europe, Middle East and Africa ("EMEA"), Americas and 
      Asia-Pacific ("APAC") increased by 32.0% to CHF 762.7 million, 17.6% to 
      CHF 1,740.1 million and 96.4% to CHF 511.1 million, respectively; 
 
   --  net sales in EMEA, Americas and APAC increased by 34.7%, 23.4% and 
      106.7% on a constant currency basis, respectively; 
 
   --  net sales from shoes, apparel and accessories increased by 27.5% to CHF 
      2,804.4 million, 68.2% to CHF 169.9 million and 124.1% to CHF 39.6 
      million, respectively; 
 
   --  net sales from shoes, apparel and accessories increased by 32.9%, 75.5% 
      and 135.1% on a constant currency basis, respectively; 
 
   --  gross profit increased by 34.7% to CHF 1,893.6 million from CHF 1,405.7 
      million; 
 
   --  gross profit margin increased to 62.8% from 60.6%; 
 
   --  net income decreased by 15.9% to CHF 203.7 million from CHF 242.3 
      million; 
 
   --  net income margin decreased to 6.8% from 10.4%; 
 
   --  basic earnings per share ("EPS") Class A (CHF) decreased to 0.62 from 
      0.75; 
 
   --  diluted EPS Class A (CHF) decreased to 0.61 from 0.74; 
 
   --  adjusted earnings before interest, taxes, depreciation and amortization 
      ("Adjusted EBITDA") increased by 46.3% to CHF 567.0 million from CHF 
      387.6 million; 
 
   --  adjusted EBITDA margin increased to 18.8% from 16.7%; 
 
   --  adjusted net income decreased to CHF 266.4 million from CHF 317.4 
      million; 
 
   --  adjusted basic EPS Class A (CHF) decreased to 0.81 from 0.98; and 
 
   --  adjusted diluted EPS Class A (CHF) decreased to 0.80 from 0.97. 

Key financial metrics for the three-month period ended December 31, 2025 compared to the three-month period ended December 31, 2024, included:

   --  net sales increased by 22.6% to CHF 743.8 million, or by 30.6% on a 
      constant currency basis; 
 
   --  net sales through the DTC sales channel increased by 21.7% to CHF 360.6 
      million, or by 30.0% on a constant currency basis; 
 
   --  net sales through the wholesale sales channel increased by 23.4% to CHF 
      383.2 million, or by 31.2% on a constant currency basis; 
 
   --  net sales in EMEA, Americas and APAC increased by 24.2% to CHF 183.0 
      million, 12.8% to CHF 434.3 million, 70.8% to CHF 126.5 million, 
      respectively; 
 
   --  net sales in EMEA, Americas and APAC increased by 27.5%, 21.3%, and 
      85.1% on a constant currency basis, respectively; 
 
   --  net sales from shoes, apparel and accessories increased by 20.8% to CHF 
      687.3 million, 38.3% to CHF 45.1 million and 117.7% to CHF 11.4 million, 
      respectively; 
 
   --  net sales from shoes, apparel and accessories increased by 28.8%, 46.0% 
      and 131.3% on a constant currency basis, respectively; 
 
   --  gross profit increased by 26.1% to CHF 475.3 million from CHF 376.8 
      million; 
 
   --  gross profit margin increased to 63.9% from 62.1%; 
 
   --  net income decreased 22.9% to CHF 69.1 million from CHF 89.5 million; 
 
 
   --  net income margin decreased to 9.3% from 14.8%; 
 
   --  basic EPS Class A (CHF) decreased to CHF 0.21 from CHF 0.28; 
 
   --  diluted EPS Class A (CHF) decreased to CHF 0.21 from CHF 0.27; 
 
   --  adjusted EBITDA increased by 31.8% to CHF 131.0 million from CHF 99.4 
      million; 
 
   --  adjusted EBITDA margin increased to 17.6% from 16.4%; 
 
   --  adjusted net income/(loss) decreased to CHF 83.5 million from CHF 107.7 
      million; 
 
   --  adjusted basic EPS Class A (CHF) decreased to CHF 0.25 from CHF 0.33; 
      and 
 
   --  adjusted diluted EPS Class A (CHF) decreased to CHF 0.25 from CHF 
      0.33. 

Key highlights as of December 31, 2025 compared to December 31, 2024 included:

   --  cash and cash equivalents increased by 10.3% to CHF 1,019.9 million 
      from CHF 924.3 million; and 
 
   --  net working capital increased by 14.3% to CHF 570.3 million from CHF 
      498.9 million. 

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