On’s Revenue Climbs While Profits Nosedive 87% in First Half

On sells more, but reduces its result. The Swiss company specializing in sports equipment products reported sales of 1,475.8 million Swiss francs ($1,821.6 million) in the first half of the year, 37% more than in the same period last year, when it sold 1,075.9 million Swiss francs ($1,328,9 million).

On’s net result, however, plunged 87% from 122.2 million francs ($150.8 million) during the first six months of last year to 15.8 million francs ($19.5 million) in the first half of 2025. Despite the net result, gross operating profit (ebitda) increased by 52% from 168.2 million francs ($207.6 million) to 256.1 million francs ($316.1 million) in 2025.

On, said in a statement to Modaes that “the losses are due to exchange rates, specifically the weakness of the dollar against the Swiss franc”. The company also argued that they have “significant investments in the United States,” which further exacerbates the situation.

By market, the Americas remain the main market. In fact, its market share has grown by 24.3%. It accounted for 869.7 million Swiss francs ($1,073.5 million ), 59% of the total. In second place was Europe, Middle East and Africa, with a turnover of 366.4 million Swiss francs ($452.2 million ). 

On expects year-on-year growth of 31% in sales at constant exchange rates

In third place is the Asia Pacific region, with sales of CHF 239.7 million ($295.8 million). The market share of this region has doubled compared with the first half of 2024.

In terms of channels, wholesale remains the largest, with sales of 890.6 million Swiss francs ($1,099.3 million), compared with retail, with sales of 585.2 million Swiss francs ($7,223 million). Footwear continues to be the company’s flagship product, accounting for more than 94% of total turnover.

On’s co-founder and co-chairman, David Allemann, said the second quarter results show “the resilience of the brand for the coming decades”. For his part, CEO and CFO Martin Hoffmann insists that the figures make it possible to imagine an “even more distinctive and attractive” future brand.

For the year as a whole, On forecasts a 31% year-on-year increase in sales at constant exchange rates, three percentage points higher than its previous forecast, to 2.91 billion Swiss francs ($3.52 million).