Switzerland's On Holding Q2 sales miss estimates

On Holding AG

11/08/2026 10:11

Overview
Switzerland sportswear maker's Q2 net sales grew 13.5% yr/yr but missed analyst expectations
Adjusted EPS for Q2 rose to CHF 0.31, with no analyst estimate for comparison

Outlook
Company expects 2026 net sales to grow in low-20% range on constant currency basis
Company sees 2026 net sales of CHF 3.47 bln to CHF 3.56 bln at current spot rates
Company raises 2026 gross profit margin outlook to at least 65.0%
Company maintains 2026 adjusted EBITDA margin guidance of 19.5% to 20.0%

Result Drivers
DTC CHANNEL GROWTH - Direct-to-consumer sales rose 26%, or 34.3% on a constant currency basis, leading growth in all regions
ASIA-PACIFIC MOMENTUM - Asia-Pacific net sales grew 43.1%, or 54.7% on a constant currency basis, with strong performance in Japan, South Korea and Greater China
GROSS MARGIN EXPANSION - Gross profit margin rose to 65.4%, up 3.9 percentage points, driven by higher DTC share, operational efficiencies and full-price discipline

Company press release: ID:nBw91K6Nga

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Sales
Miss
CHF 850.30 mln
CHF 878.16 mln (21 Analysts)
Q2 EPS
 
CHF 0.31
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 25 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the footwear peer group is "buy"
Wall Street's median 12-month price target for On Holding AG is $51.00, about 31.5% above its August 10 closing price of $38.78
The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 20 three months ago

Reuters Recommended Reads
Aug 11 - Sportswear brand On misses quarterly sales view as consumers cut back 
Aug 11 - Sweden's RVRC Q4 sales rise, gross margin improves
Aug 10 - Switzerland's MoonLake Q2 net loss narrows as expenses fall

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)