On Holding Q1 Sales +14.5%, Margin Beats

On Holding reported Q1 net sales of CHF 831.9 million, up 14.5% YoY and 26.4% in constant currency, beating consensus.
Adjusted EBITDA rose 45.4% to CHF 174.3 million, with margin expanding to 21.0% from 16.5% a year earlier.
Full‑year revenue guidance lifted to CHF 3.51 billion (≥23% constant‑currency growth) and EBITDA margin forecast 19.5‑20.0%, above estimates.
Founder and co‑CEO Caspar Coppetti highlighted the premium strategy and global expansion as drivers of the strong start.