On exceeds its own expectations

On Holding AG generated total sales of 1.79 billion Swiss francs on a global basis in 2023. In comparison with the previous year, this equates to growth of 46.6 percent, according to a press release issued by the Zurich-based manufacturer of running shoes and clothing. “On our journey towards building the most premium global sportswear brand, 2023 was another exceptional year”, comments Martin Hoffmann, co-CEO and CFO of On, in the press release.

On posted adjusted EBITDA of 276.9 million Swiss francs in the reporting year, which corresponds to growth of 67.6 percent in comparison with 2022. Adjusted net income increased from 90.6 million to 112.4 million Swiss francs across the same timeframe. With these strong financial results, the Group comfortably exceeded its expectations originally outlined at the start of the reporting year, On writes.

For the current year, the company is striving to achieve net sales growth of at least 30 percent after adjusting for exchange rate effects. The EBITDA margin is anticipated to rise from a current level of 15.5 percent to somewhere in the region of between 16.0 and 16.5 percent. In the medium term, the company is targeting an EBITDA margin of 18 percent.

“While our portfolio is deeply rooted in our commitment to innovation, catering first to athletes and runners, we recognize the wider opportunities for On in the evolving sports and fashion landscape”, explains David Allemann, co-founder and Executive Co-Chairman of On, in the press release. Allemann sees potential to secure new market shares in relation to the company’s line of apparel in particular, with On keen to increase awareness of its offering in this area. ce/hs