
Biver Releases Two New Automatique Watches
It's difficult for a new watch brand to make a splash and enter the top echelons of horology, but Biver is not just any independent watch brand. It was founded by the legendary watch executive Jean-Claude Biver — who brought his magic touch to Omega, Blancpain, TAG Heuer, and Hublot — and his son, Pierre Biver. The brand made an instant splash with the launch of its audacious first timepiece: the Carillon Tourbillon. The gem-set carillon tourbillon watch made a striking statement with superb gemsetting and attention to detail that only someone with decades of watch knowledge could achieve. It garnered instant praise for the elegant design, crystal-clear sound, and exceptional finishings, even if the price tag of $550,000 raised eyebrows as a launch piece.
Jean-Claude Biver
In September 2024, Biver released a model with a relatively more affordable price under $100,000. The Automatique is a time-only three-hand watch, but don't mistake its restrained elegance with being basic. 'Simplicity is the hardest form of design,' says Yoni Ben-Yehuda, Head of Watches at Material Good, the exclusive US retailer for Biver watches. It's a difficult task, 'to create something that is both incredibly simple and also new and nuanced and complicated in its design.'
The Automatique was introduced in two series. The first has a rose gold or platinum case with complementary-colored dials, and the second, the Atelier Series, offers limited-edition watches with fantastic stone dials.
The contrasting finishes gives the watch a vintage feel.
Today, Biver unveils two new watches in the Automatique collection, returning to one of the most classic looks in horology: yellow gold. The first has a yellow gold case with a matching solid 18K yellow gold dial. It combines two contrasting finishes — polished and brushed gold — on the case and lugs, which adds visual interest and prevents the watch from being too ostentatious, always a worry with a full-gold timepiece. The dial also plays with finishes, with a textured minute track and alternating vertical brushing and circular graining on the inner rings. The contrasting anthracite-coated gold applied hour markers add a vintage feel to the dial. It retails for CHF 75,000.
The use of carbon fiber on the dial is unusual and striking.
The second model is part of the Atelier Series, but uses carbon fiber instead of a stone dial. The use of carbon fiber is unique in watchmaking, since it's integrated into the dial instead of as a case material, as is common on many sports watches. CEO James Marks says, 'Our new carbon and gold dial offers a contemporary alternative to natural stone, and the Atelier Series Carbon Edition is a fascinating gateway to relating our creations to disciplines like art, automotive, and maybe even travel in the future.'
Ben-Yehuda is impressed with the way in which the carbon fiber lends a sporty edge to the classic dress watch. 'It's a really exciting exercise in design to try to marry the two ideas of the dress watch and the sports watch, because brands usually end up succeeding in one vertical or the other,' he says. 'It's very difficult to be able to create a piece that speaks to both of those clothing design languages and styles. And I think with this timepiece using the carbon and the dial and the very kind of classically beautiful 39 millimeter Biver automatic case, they are entering kind of uncharted territory and being able to marry the two ideas of a dress watch and a more sporty execution of that.' It's less expensive than some of the stone dials in the Atelier Series, priced at CHF 89,000.
Calibre JCB.003-C has exceptional finishings.
The 39mm watches are powered by the proprietary Calibre JCB.003-C, created by Dubois Dépraz with Biver. The manufacture built this movement from the ground up, creating a slim caliber measuring 4mm in height that has the potential to be the base calibre for future complications. The watch displays the hours, minutes, and seconds on three central hands, and is powered by a bi-directional micro-rotor that offers 65 hours of power reserve. It's water resistant to 80m.
The caliber boasts the superb finishings that Biver is known for, including guilloché, Clous de Paris, anglage, and mirror polishing. It's the level few independent brands, such as Greubel Forsey, can achieve. In person, the attention to detail and the high level of finishings is striking, even for a jaded watch journalist. Some components are so highly polished they almost appear to be covered in a holographic coating, thanks to the way in which they reflect the light.
The watches are available for purchase in the US at Material Good, and a limited number are being sold on the Biver website.
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Those interested in participating in the call are invited to dial the following numbers: United States: +1 646 307 19 63United Kingdom: +44 203 481 42 47Switzerland: +41 43 210 51 63 Conference ID: 4398682 Additionally, a live webcast of the conference call will be available on the Company's investor relations website and under the following link. Following the conclusion of the call, a replay of the conference call will be available on the Company's website. About On On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement – a mission that still guides the brand today. Fifteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On's award-winning CloudTec® and LightSpray™ innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base – inspiring humans to explore, discover and Dream On. On is present in more than 80 countries globally and engages with a digital community on Non-IFRS Measures Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital, and net sales on a constant currency basis are financial measures that are not defined under IFRS. We use these non-IFRS measures when evaluating our performance, including when making financial and operating decisions, and as a key component in the determination of variable incentive compensation for employees. We believe that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS measures enhance investor understanding of our financial and operating performance from period to period, because they exclude share-based compensation which is not viewed by management as part of our ongoing operations and performance, enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. In particular, we believe adjusted EBITDA, adjusted EBITDA margin, adjusted net income and net working capital are measures commonly used by investors to evaluate companies in the sportswear industry. However, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital, and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS and may not be comparable to similarly titled non-IFRS measures used by other companies. The tables below reconcile each non-IFRS measure to its most directly comparable IFRS measure. As noted above, we do not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. The amount of these deductions may be material and, therefore, could result in projected net income being materially less than projected adjusted EBITDA. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-Looking Statements section of this press release. Net sales on a constant currency basis is a non-IFRS financial measure and should be viewed as a supplement to our results under IFRS. Net sales on a constant currency basis represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We provide constant currency percent change in net sales within our results, to enhance the visibility of the underlying growth rate of net sales, excluding the impact of foreign currency exchange rate fluctuations. Forward-Looking Statements This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe," "continue," "could," "expect," "estimate," "forecast," "intend," "may," "plan," "potential," "predict," "project," "target," "will," "would," and "should," among others. Among other things, On's quotations from management in this press releases and other written materials, as well as On's strategic and operational plans, contain forward-looking statements. On may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section titled "Risk Factors" in our Annual Report. These risks and uncertainties include factors relating to: the strength of our brand and our ability to maintain our reputation and brand image; our ability and the ability of our independent manufacturers and other suppliers to follow responsible business practices; our ability to implement our growth strategy; the concentration of our business in a single, discretionary product category, namely footwear, apparel and accessories; our ability to continue to innovate and meet consumer expectations; changes in consumer tastes and preferences including in products and sustainability, and our ability to connect with our consumer base; our ability to open new stores at locations that will attract customers to our premium products; our ability to compete and conduct our business in the future; health epidemics, pandemics and similar outbreaks; general economic, political, demographic and business conditions worldwide, including geopolitical uncertainty and instability, such as the on-going Russia-Ukraine or Israel-Hamas conflicts and on-going shipping disruptions in the Red Sea and surrounding waterways; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; our ability to successfully develop, implement, and scale our LightSpray™ technology and products developed using this technology; our ability to strengthen and grow our DTC channel; our ability to address climate related risks; our ability to execute and manage our sustainability strategy and achieve our sustainability-related goals and targets, including sustainable product offerings and investor and customer scrutiny; our third-party suppliers, manufacturers and other partners, including their financial stability and our ability to find suitable partners to implement our growth strategy; supply chain disruptions, inflation and increased costs in supplies, goods and transportation, customs and duty expenses, and foreign exchange rates; the availability of qualified personnel and the ability to retain such personnel, including our Executive Officers; our ability to accurately forecast demand for our products and manage product manufacturing decisions; our ability to distribute products through our wholesale channel; changes in commodity, material, labor, distribution and other operating costs; our international operations; our ability to protect our intellectual property and defend against allegations of violations of third-party intellectual property by us; cybersecurity incidents and other disruptions to our information technology ("IT") systems; increased hacking activity against the critical infrastructure of any nation or organization that retaliates against Russia for its invasion of Ukraine; our reliance on complex IT systems; our ability to adopt generative artificial intelligence ("AI") technologies in our operations; changes and contemplation of changes to trade policies, tariffs and import/export regulations in the United States and other jurisdictions; financial accounting and tax matters; our ability to maintain effective internal control over financial reporting; the potential impact of, and our compliance with, new and existing laws and regulations; other factors that may affect our financial condition, liquidity and results of operations; and other risks and uncertainties set out in filings made from time to time with the SEC and available at including, without limitation, our most recent reports on Form 20-F and Form 6-K. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Source: OnCategory: Earnings Consolidated Financial InformationUnaudited interim condensed consolidated statements of income Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2025 2024 2025 2024 Net sales 749.2 567.7 1,475.8 1,075.9 Cost of sales (288.4 ) (227.4 ) (579.7 ) (432.3 ) Gross profit 460.8 340.2 896.1 643.6 Selling, general and administrative expenses (368.0 ) (292.9 ) (726.3 ) (557.7 ) Operating result 92.8 47.3 169.8 85.8 Financial income 7.5 5.8 14.8 11.2 Financial expenses (7.7 ) (5.9 ) (13.6 ) (10.8 ) Foreign exchange gain / (loss) (139.9 ) (4.5 ) (154.4 ) 72.3 Income / (loss) before taxes (47.3 ) 42.7 16.6 158.5 Income tax benefit / (expense) 6.4 (11.8 ) (0.8 ) (36.3 ) Net income / (loss) (40.9 ) 30.8 15.8 122.2 Earnings per share Basic EPS Class A (CHF) (0.12 ) 0.10 0.05 0.38 Basic EPS Class B (CHF) (0.01 ) 0.01 — 0.04 Diluted EPS Class A (CHF) (0.12 ) 0.09 0.05 0.37 Diluted EPS Class B (CHF) (0.01 ) 0.01 — 0.04 Unaudited interim condensed consolidated balance sheets (CHF in millions) 6/30/2025 12/31/2024 Cash and cash equivalents 846.6 924.3 Trade receivables 333.8 246.1 Inventories 360.4 419.2 Other current financial assets 51.8 56.4 Other current operating assets 139.3 113.7 Current assets 1,731.9 1,759.7 Property, plant and equipment 127.2 127.2 Right-of-use assets 476.6 323.6 Intangible assets 55.3 58.3 Deferred tax assets 152.5 107.8 Non-current assets 811.7 617.0 Assets 2,543.6 2,376.7 Trade payables 160.7 166.5 Current lease liabilities 70.9 59.1 Other current financial liabilities 52.8 51.3 Other current operating liabilities 320.9 299.3 Current provisions 16.9 21.7 Income tax liabilities 63.6 62.5 Current liabilities 685.9 660.4 Employee benefit obligations 7.0 8.6 Non-current provisions 17.4 14.9 Non-current lease liabilities 426.9 288.5 Other non-current financial liabilities 0.7 1.7 Deferred tax liabilities 8.8 10.8 Non-current liabilities 460.7 324.5 Share capital 33.7 33.7 Treasury shares (26.6 ) (26.8 ) Capital reserves 1,242.8 1,210.0 Other reserves (47.6 ) (4.0 ) Retained earnings 194.7 178.9 Equity 1,397.0 1,391.8 Equity and liabilities 2,543.6 2,376.7 Unaudited interim condensed consolidated statements of cash flows Six-month period ended June 30, (CHF in millions) 2025 2024 Net income 15.8 122.2 Adjustments for: Share-based compensation 25.2 22.9 Employee benefit expenses 1.8 0.9 Depreciation and amortization 60.7 48.5 Loss on disposal of assets 0.2 — Interest income and expenses (4.6 ) (3.6 ) Net exchange differences 159.2 (61.3 ) Income taxes 0.8 36.3 Change in working capital (144.1 ) (32.2 ) Trade receivables (122.7 ) (98.0 ) Inventories (17.8 ) (16.8 ) Trade payables (3.5 ) 82.7 Change in other current assets / liabilities 10.6 57.3 Change in provisions (4.6 ) 10.5 Interest received 14.5 10.9 Income taxes paid (46.5 ) (28.9 ) Cash inflow from operating activities 89.1 183.5 Purchase of property, plant and equipment (27.3 ) (23.7 ) Proceeds from disposal of tangible assets 0.1 — Purchase of intangible assets (2.2 ) (2.3 ) Cash (outflow) from investing activities (29.4 ) (26.0 ) Payments of lease liabilities (34.7 ) (23.7 ) Proceeds on sale of treasury shares related to share-based compensation 7.7 5.2 Interest paid (9.9 ) (7.3 ) Cash (outflow) from financing activities (37.0 ) (25.8 ) Change in net cash and cash equivalents 22.6 131.7 Net cash and cash equivalents at January 1 924.3 494.6 Net impact of foreign exchange rate differences (100.3 ) 26.2 Net cash and cash equivalents at June 30 846.6 652.4 Reconciliation of Non-IFRS measuresAdjusted EBITDA and Adjusted EBITDA Margin The table below reconciles net income to adjusted EBITDA for the periods presented. Adjusted EBITDA margin is equal to adjusted EBITDA for the period presented as a percentage of net sales for the same period. Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2025 2024 % Change 2025 2024 % Change Net income / (loss) (40.9 ) 30.8 (232.7 )% 15.8 122.2 (87.1 )% Exclude the impact of: Income taxes (6.4 ) 11.8 (154.1 )% 0.8 36.3 (97.7 )% Financial income (7.5 ) (5.8 ) 29.3 % (14.8 ) (11.2 ) 32.1 % Financial expenses 7.7 5.9 30.5 % 13.6 10.8 25.9 % Foreign exchange result 139.9 4.5 3008.9 % 154.4 (72.3 ) (313.6 )% Depreciation and amortization 32.4 26.3 23.1 % 60.7 48.5 25.3 % Share-based compensation(1) 10.9 17.1 (36.2 )% 25.5 33.9 (24.8 )% Adjusted EBITDA 136.1 90.8 50.0 % 256.1 168.2 52.2 % Adjusted EBITDA Margin 18.2 % 16.0 % 17.4 % 15.6 % (1) Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance. Adjusted Net Income, Adjusted Basic EPS and Adjusted Diluted EPS We use adjusted net income, adjusted basic EPS and adjusted diluted EPS as measures of operating performance in conjunction with related IFRS measures. Adjusted basic EPS is used in conjunction with other non-IFRS measures and excludes certain items (as listed below) in order to increase comparability of the metric from period to period, which we believe makes it useful for management, our audit committee and investors to assess our financial performance over time. Diluted EPS is calculated by dividing net income by the weighted average number of ordinary shares outstanding during the period on a fully diluted basis. For the purpose of operational performance measurement, we calculate adjusted net income, adjusted basic EPS and adjusted diluted EPS in a manner that fully excludes the impact of any costs related to share-based compensation and includes the tax effect on the tax deductible portion of the non-IFRS adjustments. The table below provides a reconciliation between net income to adjusted net income, adjusted basic EPS and adjusted diluted EPS for the periods presented: Three-month period ended June 30, (CHF in millions, except per share data) 2025 2025 2024 2024 Class A Class B Class A Class B Net income / (loss) (36.7 ) (4.2 ) 27.5 3.3 Exclude the impact of: Share-based compensation(1) 9.8 1.1 15.3 1.8 Tax effect of adjustments(2) 0.3 — (0.9 ) (0.1 ) Adjusted net income / (loss) (26.6 ) (3.1 ) 41.9 5.0 Weighted number of outstanding shares 295,531,210 341,044,191 288,082,955 345,437,500 Weighted number of shares with dilutive effects 3,300,452 12,293,550 3,430,738 12,467,091 Weighted number of outstanding shares (diluted and undiluted)(3) 298,831,662 353,337,741 291,513,693 357,904,591 Adjusted basic EPS (CHF) (0.09 ) (0.01 ) 0.15 0.01 Adjusted diluted EPS (CHF) (0.09 ) (0.01 ) 0.14 0.01 (1) Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance. (2) The tax effect has been calculated by applying the local tax rate on the tax deductible portion of the respective adjustments. (3) Weighted number of outstanding shares (diluted and undiluted) are presented herein in order to calculate Adjusted EPS as Adjusted net income for such periods. Six-month period ended June 30, (CHF in millions, except per share data) 2025 2025 2024 2024 Class A Class B Class A Class B Net income / (loss) 14.1 1.6 109.1 13.1 Exclude the impact of: Share-based compensation(1) 22.8 2.7 30.3 3.6 Tax effect of adjustments(2) (0.4 ) — (2.5 ) (0.3 ) Adjusted net income / (loss) 36.6 4.3 136.9 16.4 Weighted number of outstanding shares 294,458,484 343,228,709 287,985,587 345,437,500 Weighted number of shares with dilutive effects 4,005,446 12,885,677 3,366,410 12,174,230 Weighted number of outstanding shares (diluted and undiluted)(3) 298,463,930 356,114,386 291,351,998 357,611,730 Adjusted basic EPS (CHF) 0.12 0.01 0.48 0.05 Adjusted diluted EPS (CHF) 0.12 0.01 0.47 0.05 (1) Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance. (2) The tax effect has been calculated by applying the local tax rate on the tax deductible portion of the respective adjustments. (3) Weighted number of outstanding shares (diluted and undiluted) are presented herein in order to calculate Adjusted EPS as Adjusted net income for such periods. Net Sales on a Constant Currency Basis Net sales on a constant currency basis is a non-IFRS measure which represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We provide constant currency percent change in net sales in our results to enhance the visibility of the underlying growth rate of net sales, excluding the impact of foreign currency exchange rate fluctuations. Below, we show net sales split out by sales channel, geography, and product, and include the reported percent change and the constant currency percent change. Net sales by sales channel The following table presents net sales by sales channel: Three-month period ended June 30, (CHF in millions) 2025 2024 % Change Constant Currency % Change (1) Wholesale 441.0 358.2 23.1 % 28.8 % Direct-to-consumer 308.3 209.4 47.2 % 54.3 % Net sales 749.2 567.7 32.0 % 38.2 % Six-month period ended June 30, (CHF in millions) 2025 2024 % Change Constant Currency % Change (1) Wholesale 890.6 675.9 31.8 % 33.4 % Direct-to-consumer 585.2 399.9 46.3 % 48.6 % Net sales 1,475.8 1,075.9 37.2 % 39.1 % Net sales by geography The following table presents net sales by geographic region (based on the location of the counterparty): Three-month period ended June 30, (CHF in millions) 2025 2024 % Change Constant Currency % Change (1) Americas 432.3 370.0 16.8 % 23.6 % Europe, Middle East and Africa 197.8 138.4 42.9 % 46.1 % Asia-Pacific 119.2 59.2 101.3 % 110.9 % Net Sales 749.2 567.7 32.0 % 38.2 % (1) The constant currency percent change represents changes to net sales on a constant currency basis, which is a non- IFRS financial measure. See section titled "Non-IFRS Measures" for a description of this measure. Six-month period ended June 30, (CHF in millions) 2025 2024 % Change Constant Currency % Change (1) Americas 869.7 699.7 24.3 % 25.9 % Europe, Middle East and Africa 366.4 264.6 38.5 % 39.8 % Asia-Pacific 239.7 111.6 114.8 % 119.4 % Net Sales 1,475.8 1,075.9 37.2 % 39.1 % Net sales by product The following table presents net sales by product group: Three-month period ended June 30, (CHF in millions) 2025 2024 % Change Constant Currency % Change (1) Shoes 704.9 542.5 29.9 % 36.0 % Apparel 36.7 21.9 67.5 % 75.5 % Accessories 7.7 3.3 133.3 % 143.2 % Net Sales 749.2 567.7 32.0 % 38.2 % Six-month period ended June 30, (CHF in millions) 2025 2024 % Change Constant Currency % Change (1) Shoes 1,385.8 1,027.1 34.9 % 36.7 % Apparel 74.8 41.6 79.6 % 82.8 % Accessories 15.2 7.1 114.1 % 118.5 % Net Sales 1,475.8 1,075.9 37.2 % 39.1 % (1) The constant currency percent change represents changes to net sales on a constant currency basis, which is a non- IFRS financial measure. See section titled "Non-IFRS Measures" for a description of this measure. Net Working Capital Net working capital is a financial measure that is not defined under IFRS. We use, and believe that certain investors and analysts, use this information to assess liquidity and management use of net working capital resources. We define net working capital as trade receivables, plus inventories, minus trade payables. This measure should not be considered in isolation or as a substitute for any standardized measure under IFRS. Other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure. As of June 30, As of December 31, (CHF in millions) 2025 2024 % Change Trade receivables 333.8 246.1 35.6 % Inventories 360.4 419.2 (14.0 )% Trade payables (160.7 ) (166.5 ) (3.4 )% Net working capital 533.4 498.9 6.9 % View source version on Contacts For investor and media inquiries Investor Contact: On Holding AGLiv Radlingerinvestorrelations@ or ICR, Media Contact: On Holding AGAdib Sisanipress@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data