On Holding Q1 Sales, Margin Beat Forecasts

On Holding reported Q1 net sales of CHF 831.9 million, up 14.5% YoY (26.4% constant‑currency), beating CHF 821.5 m consensus.
Adjusted EBITDA rose 45.4% to CHF 174.3 million, with margin expanding to 21.0% from 16.5% a year earlier.
Direct‑to‑consumer revenue grew 28.7% (constant‑currency) and wholesale 25.1%, with Asia‑Pacific sales up 44.4% YoY.
Full‑year guidance targets CHF 3.51 billion revenue (≥23% constant‑currency growth) and adjusted EBITDA margin 19.5‑20.0%, above consensus.