Latest news with #Cloudsurfer2
Tom's Guide
14-06-2025
- Tom's Guide
I ran 40 miles with the Cloudsurfer 2 vs. On Cloudmonster 2 — which shoe should you buy?
The On Cloudmonster 2 is a cushioned daily trainer that's a little firmer than most running shoes these days, including the Cloudsurfer 2. It's a good option for long runs, and despite being heavier than the Cloudsurfer 2, it's more responsive and similarly versatile. The On Cloudsurfer 2 is a comfortable daily trainer with a smooth, rockered ride. It's softer than the Cloudmonster 2, as well as being lighter and cheaper, but it's not the most durable shoe and also feels a bit flat on longer runs or when running at faster paces. The On Cloudsurfer 2 and On Cloudmonster 2 are both comfortable running shoes that are great for daily training, but they have different feels on the run that may make them suitable for different kinds of runners. I've done around 40 miles of running in each shoe, and below you'll find my direct comparison of their relative strengths and weaknesses. Check out our On Cloudmonster 2 review and On Cloudsurfer 2 review for a more detailed take on each shoe. The On Cloudmonster 2 is the more expensive of the two shoes, costing $180 / £170 compared to $160 / £150 for the On Cloudsurfer 2. However, the Cloudmonster 2 is also the older of the two shoes, so it's a little more likely to feature in sales — it's currently in the On last season sale for $140, so it's worth checking when comparing the two shoes. The On Cloudmonster 2 is currently available in 11 colors, while the Cloudsurfer 2 is currently available in five colors. At 10.7oz for a US men's size 9.5, the Cloudmonster 2 is the heavier shoe, with the Cloudsurfer 2 tipping the scales at 9.7oz in the same size. Part of that weight difference is down to the fact that the Cloudmonster 2 has a higher stack of foam in its midsole and a lower drop with a 6mm heel-to-toe offset — the Cloudsurfer 2 has a 9mm drop. I found that both shoes fit me well enough in my normal running shoe size, but as someone with a narrow foot, the Cloudmonster 2 did feel very wide and roomy in the toe-box — I preferred the snugger fit of the Cloudsurfer 2. The Cloudsurfer 2's upper is thicker and more padded around the tongue and collar, with the Cloudmonster 2 using a more breathable material and a thinner tongue. Both uppers flex well and support the foot securely around the midfoot and heel, but the Cloudmonster 2's upper might feel less oppressive if you're always running in hot conditions. By far the biggest difference in the design of the two shoes is how their midsoles are set up. The Cloudsurfer 2 uses On's soft Helion foam with a series of holes designed to collapse like dominoes and create a rockered feel to the ride. This CloudTecPhase design makes the ride smoother than that of the Cloudmonster 2, which has three layers of foam in its midsole. The Cloudmonster 2 uses Helion foam for its top layer, and then the bottom is On's distinctive CloudTec pods, which are made from a firmer and heavier material than Helion. There is also a nylon-blended plate, "Speedboard," in the midsole of the Cloudmonster 2, which helps stabilize the high stack of foam and speed up the transition from heel to toe. Both shoes have pods on the outsole of the shoe, with rubber covering the forefoot and heel, leaving some exposed foam in the midsole. I didn't notice a difference in the grip of the two shoes, which have both delivered reliable traction in the wet, and neither outsole is showing any undue signs of wear and tear after around 40 miles of running. I used both the On Cloudsurfer 2 and On Cloudmonster 2 for a variety of training runs, mostly at an easy pace, with some faster intervals thrown in. In my testing, I found that both shoes excelled in similar runs and had the same weaknesses — both are good for easy runs and neither feels that responsive at pace, but they have quite different ride feels. The On Cloudsurfer 2 is a lot softer than the Cloudmonster 2, and the rocker is very noticeable on the run. It has a smooth feel that feels great for ticking over at a relaxed pace. At faster paces, I found that the soft foam flattened out and the shoe didn't give a lot back in terms of energy return. It's quite a light shoe and you can run quickly in it, but it doesn't feel as good as it does for easy runs. In contrast, the Cloudmonster 2 has a firmer ride and doesn't roll through as smoothly, but the midsole setup is a bit more responsive and bouncy. I found the Cloudmonster 2 better for long runs than the Cloudsurfer 2, and although it's heavier, it was as good for faster runs as the Cloudsurfer 2 because the midsole foam provides more energy return. Overall, neither are shoes I'd describe as exceptionally versatile, but both are good daily trainers that work well for easy runs and can handle speedwork reasonably well. I'd pair either with a lighter shoe for fast runs myself, but if you want one shoe for everything, both can do the job. My preferences skew towards lighter and rockered running shoes, so I'd reach for the On Cloudsurfer 2 myself. I found it more fun to run in, and it was easy to get into a good rhythm on easy runs thanks to the rockered midsole. It's also cheaper and lighter, and the fit is a little better for me because I have a narrow foot. I love the look of the Cloudsurfer 2 as a casual shoe, too. The On Cloudmonster 2 has its strengths, though. I think it will be more durable thanks to its firmer midsole foam, and it holds up better on long runs when the Cloudsurfer 2 can start to feel a little flat. It also feels more natural when walking than the softer Cloudsurfer 2.
Miami Herald
21-05-2025
- Business
- Miami Herald
On sneakers is tapping into a market Nike missed
There's a new name showing up in high-end gyms, on run club routes, and across your Instagram feed - and it's not Nike. This brand doesn't rely on hype drops or retro reissues. Instead, it's leaning into sleek design, technical performance, and premium pricing. Related: Nike rival hits sneaker giant where it hurts It's become the go-to for a growing class of consumers who prioritize performance and style over flash. Don't miss the move: Subscribe to TheStreet's free daily newsletter And while On sneakers may cost more, fans say they're worth every cent. And now, the numbers back it up. This under-the-radar sneaker company just posted earnings that prove it's not just a trend. It's capturing a growing, premium market. Image source: On Swiss sneaker brand On Holding AG (ONON) reported a 40% constant-currency sales jump in Q1 2025, reaching CHF 726.6 million (about $870.8 million). That growth came from all fronts: Asia-Pacific sales exploded 128.9%, apparel sales nearly doubled, and direct-to-consumer (DTC) revenue jumped 42.4%. On's most recent launches, the Cloudsurfer 2 and Cloud 6, are winning over elite athletes and everyday fitness fans alike. Related: Popular sneaker company raising prices The minimalist, tech-forward aesthetic is clearly resonating: its gross margin held near 60%, with adjusted EBITDA up nearly 55%. Co-founder Caspar Coppetti said the brand is thriving by "combining performance and design with a constant thirst for innovations big and small." While Nike continues to dominate in volume, On is carving out space where it counts: high-income, high-loyalty shoppers. These are customers willing to pay more for gear that performs better and looks good doing it. On's shoes are increasingly seen on trainers, influencers, and fitness-forward professionals who shape what people buy. It's a segment Nike has historically served but maybe taken for granted. On's sharp DTC growth and rising global demand suggest the brand has hit a nerve. The company now expects full-year net sales to rise at least 28%, despite supply chain challenges and rising tariffs. With margins holding and momentum building, On is proving that premium isn't just a price point - it's a strategy. On isn't trying to be Nike. It's trying to be better. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
13-05-2025
- Business
- Yahoo
On Raises 2025 Guidance After Reporting Record Sales in Q1
Shares for On Holding AG were up nearly 8 percent on Tuesday morning after the Swiss athletic company said it reached record quarterly net sales in its most recent earnings report. The company also raised its guidance, which is in contrast to many footwear firms that have scrapped guidance altogether amid uncertainty over tariffs and the global economy. More from WWD Under Armour Continues to Struggle, But Makes Progress on Restructuring Plan Coty Reports $71.1M Loss on Skkn Divestiture Amid Q3 Revenue Decline The Estée Lauder Cos. Forecasts 9 Percent Drop in Sales in 2025, but Expects Return to Growth Next Year In the first quarter of fiscal 2025, On saw net sales increase 43 percent to 726.6 million Swiss francs, compared to 508.2 million Swiss francs in Q1 2024. Net income, however, decreased by 38.0 percent in Q1 to 56.7 million Swiss francs from 91.4 million Swiss francs the same time last year. The company said that the performance this quarter was ahead of expectations and was driven by On's multi-channel strategy, including continued momentum in the direct-to-consumer channel and strong demand from wholesale partners. On noted that DTC net sales increased by 45.3 percent to 276.9 million Swiss francs, while net sales through the wholesale sales channel increased by 41.5 percent to 449.7 million Swiss francs. By region, On said that net sales in Europe, Middle East and Africa grew 33.6 percent to 168.6 million Swiss francs, in the Americas increased 32.7 percent to 437.4 million Swiss francs, and in Asia-Pacific it jumped 130.1 percent to 120.6 million Swiss francs. And by category, net sales from shoes increased 40.5 percent to 680.9 million Swiss francs, apparel was up 93.1 percent to 38.1 million Swiss francs, and accessories jumped 99.2 percent to 7.6 million Swiss francs in the first quarter. Caspar Coppetti, co-founder and executive co-chairman of On, said in a statement that the company's Q1 results 'reflect the strong momentum of our brand across all channels, regions and product categories.' 'Looking into the second quarter and beyond, we are energized by the global traction and cultural resonance of On as a head-to-toe sportswear brand,' Coppetti said. 'As we solidify our premium positioning in the marketplace, we will continue to focus on what differentiates us — combining performance and design with a constant thirst for innovations big and small.' Martin Hoffmann, co-chief executive officer and chief financial officer of On, added that Q1 sales were 'further elevated' by product launches like the Cloud 6 and the Cloudsurfer 2. 'We are thrilled to see that the continued growing strength of our DTC channel as well as improved operational execution across our supply chain have further contributed to a significant profitability expansion,' Hoffmann said. Following a strong start to the year, the company is raising its full-year 2025 net sales guidance and now expects to reach at least 28 percent growth on a constant currency basis, equivalent to 2.86 billion Swiss francs at current spot rates. The company added that it now expects a gross profit margin in the range of 60.0 percent and 60.5 percent for the full year, and an adjusted EBITDA margin in the range of 16.5 percent and 17.5 percent. The company further noted that its guidance includes the additional U.S. tariffs in place during the current 90-day pause on the country-specific reciprocal tariffs. 'As we look ahead, we are confident that our commitment to bold innovation, operational excellence, and elevated consumer experiences will drive market share gains and further cement On's global premium position, allowing us to navigate the higher levels of planning uncertainty in today's market environment,' Hoffmann added. Best of WWD Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Crocs Collaborations From Celebrities & Big Brands You Should Know
Yahoo
13-05-2025
- Business
- Yahoo
ONON: Keeping Pace Despite Headwinds
On Holding posted solid 43% top-line growth, showing no signs that demand for its high-end running shoes and other athletic apparel is waning. The company saw growth in both its wholesale and direct-to-consumer operations, with direct-to-consumer representing about 38% of total sales in the quarter. On Holding raised its full-year sales growth guidance, believing that demand for its products is strong enough to overcome any higher prices due to tariffs. 10 stocks we like better than On Holding › Here's our initial take on On Holding's (NYSE: ONON) fiscal 2025 first-quarter financial report. Metric Q1 2024 Q1 2025 Change vs. Expectations Revenue (Swiss francs) 508.2 million 726.6 million 43% Beat Adjusted EPS (Swiss francs) 0.33 0.21 -36% Met Gross profit margin 59.7% 59.9% 20bp n/a Direct-to-consumer sales (Swiss francs) 190.5 million 276.9 million 45% n/a On Holding's impressive growth machine showed no sign of slowing in the quarter, with the company reporting 43% revenue growth and improvements to gross profit margin. The growth is coming from both wholesale sales and direct-to-consumer. At quarter's end, direct-to-consumer represented 38.1% of total sales, in line with the percentage from a year ago. With tariffs front of mind, investors are more focused on what is to come than on the recent results. On increased its full-year net sales outlook to "at least" 28% growth (on a constant-currency basis), up from at least 27% three months ago. But it won't come easy, given the environment. The company said that "recent global trade policy shifts have introduced higher levels of planning uncertainty, including the potential for increased customs and freight expenses, general volatility within the global supply chain, as well as the material depreciation of all key operating currencies against the Swiss Franc." The company said that as a result, it is "embedding this higher degree of uncertainty in its outlook." On continues to see strong demand across all channels and regions. On has positioned itself as a premium footwear and athletic apparel company, and management appears to be banking on that strong demand giving it pricing power to offset any higher costs due to tariffs. Investors appear to like what On had to say in its report. On Holding shares were up about 6% in premarket trading ahead of the New York market's open. The company's confidence about its ability to navigate through shifts in global trade was reassuring, but investors will likely be hanging on every word from management about the retail environment both in North America and around the globe. On said the launch of its new Cloudsurfer 2 and Cloud 6, with the help of celebrities including Zendaya, was a success. This is a company that has fueled its growth around buzz-worthy product introductions, and investors will likely want to hear what's next in the product pipeline. Finally, On's somewhat unusual use of co-CEOs will come to an end on July 1, when Marc Maurer steps down and leaves co-CEO and CFO Martin Hoffmann in charge. The transition is gradual, and shareholders were given plenty of notice, but it is something to watch as investors look for reassurance that this impressive growth story can continue. Full earnings report Investor relations page Additional coverage Before you buy stock in On Holding, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and On Holding wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $598,613!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $753,878!* Now, it's worth noting Stock Advisor's total average return is 922% — a market-crushing outperformance compared to 169% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 12, 2025 Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool recommends On Holding. The Motley Fool has a disclosure policy. ONON: Keeping Pace Despite Headwinds was originally published by The Motley Fool 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
Business Wire
13-05-2025
- Business
- Business Wire
On Reports First Quarter 2025 Results
ZURICH, Switzerland--(BUSINESS WIRE)--On Holding AG (NYSE: ONON) ('On,' 'On Holding AG,' the 'Company,' 'we,' 'our,' 'ours,' or 'us'), has announced its financial results for the first quarter ended March 31, 2025. Caspar Coppetti, Co-Founder and Executive Co-Chairman of On, said: 'Building on our vision to be the most premium global sportswear brand, our first quarter results have exceeded our expectations and reflect the strong momentum of our brand across all channels, regions and product categories. Looking into the second quarter and beyond, we are energized by the global traction and cultural resonance of On as a head-to-toe sportswear brand. As we solidify our premium positioning in the marketplace, we will continue to focus on what differentiates us — combining performance and design with a constant thirst for innovations big and small." Martin Hoffmann, Co-CEO and CFO of On, said: 'We saw On's exceptional momentum from 2024 continue into 2025, delivering strong top-line growth in the first quarter, elevated further by product launches like the Cloud 6 and the Cloudsurfer 2. We are thrilled to see that the continued growing strength of our DTC channel as well as improved operational execution across our supply chain have further contributed to a significant profitability expansion. As we look ahead, we are confident that our commitment to bold innovation, operational excellence, and elevated consumer experiences will drive market share gains and further cement On's global premium position, allowing us to navigate the higher levels of planning uncertainty in today's market environment.' Key Financial and Operating Metrics Key financial and operating metrics for the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024 include: net sales increased by 43.0% to CHF 726.6 million, or by 40.0% on a constant currency basis; net sales through the direct-to-consumer ('DTC') sales channel increased by 45.3% to CHF 276.9 million, or by 42.4% on a constant currency basis; net sales through the wholesale sales channel increased by 41.5% to CHF 449.7 million, or by 38.6% on a constant currency basis; net sales in Europe, Middle East and Africa ('EMEA'), Americas and Asia-Pacific increased by 33.6% to CHF 168.6 million, 32.7% to CHF 437.4 million and 130.1% to CHF 120.6 million, respectively; net sales in EMEA, Americas and Asia-Pacific increased by 33.0%, 28.6% and 128.9% on a constant currency basis, respectively; net sales from shoes, apparel and accessories increased by 40.5% to CHF 680.9 million, 93.1% to CHF 38.1 million and 99.2% to CHF 7.6 million, respectively; net sales from shoes, apparel and accessories increased by 37.5%, 91.0%, 97.0% on a constant currency basis, respectively; gross profit increased by 43.5% to CHF 435.3 million from CHF 303.3 million; gross profit margin increased to 59.9% from 59.7%; net income decreased by 38.0% to CHF 56.7 million from CHF 91.4 million; net income margin decreased to 7.8% from 18.0%; basic earnings per share ('EPS') Class A (CHF) decreased to 0.17 from 0.28; diluted EPS Class A (CHF) decreased to 0.17 from 0.28; adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") increased by 54.8% to CHF 119.9 million from CHF 77.4 million; adjusted EBITDA margin increased to 16.5% from 15.2%; adjusted net income decreased to CHF 70.5 million from CHF 106.5 million; adjusted basic EPS Class A (CHF) decreased to 0.22 from 0.33; and adjusted diluted EPS Class A (CHF) decreased to 0.21 from 0.33. Key financial and operating metrics as of March 31, 2025 compared to December 31, 2024 included: cash and cash equivalents decreased by 5.7% to CHF 871.8 million from CHF 924.3 million; and net working capital increased by 20.3% to CHF 600.1 million from CHF 498.9 million. 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 non-IFRS measures used by us to evaluate our performance. Furthermore, we believe these non-IFRS measures enhance investors' understanding of our financial and operating performance from period to period because they 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. 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. For a detailed description and a reconciliation to the nearest IFRS measure, see section titled 'Non-IFRS Measures.' Outlook On continues to experience strong demand across channels, regions and product categories. The company looks to further build on this global brand momentum with an exciting product pipeline for the rest of the year. Based on the ongoing brand strength as well as visibility on the order book for the remainder of the year, On increases its full-year net sales outlook, now expecting at least 28% net sales growth on a constant currency basis, corresponding to reported net sales of at least CHF 2.86 billion at current spot rates. On acknowledges that recent global trade policy shifts have introduced higher levels of planning uncertainty, including the potential for increased customs and freight expenses, general volatility within the global supply chain, as well as the material depreciation of all key operating currencies against the Swiss Franc. On is embedding this higher degree of uncertainty in its outlook and as a result, now expects its gross profit margin to be in the range of 60.0% - 60.5% and its adjusted EBITDA margin in the range of 16.5% - 17.5% for the full year. Supported by On's premium brand positioning, the company remains confident in its ability to navigate the current dynamic market environment. In line with its premium brand promise, On continuously assesses its global pricing strategy within the movements of the industry and takes action where appropriate to maintain its brand positioning. The above guidance includes the additional United States tariffs in place during the current 90-day pause on the country-specific reciprocal tariffs. Other than with respect to IFRS net sales and gross profit margin, On only provides guidance on a non-IFRS basis. The Company does 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. As a result, we are not able to forecast with reasonable certainty all deductions needed in order to provide a reconciliation to net income. The above outlook is based on current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below and in our filings with the U.S. Securities and Exchange Commission (the "SEC"). Conference Call Information A conference call to discuss first quarter results is scheduled for May 13, 2025 at 8 a.m. US Eastern time (2 p.m. Central European Time). Those interested in participating in the call are invited to dial the following numbers: United States: +1 646 307 19 63 United Kingdom: +44 203 481 42 47 Switzerland: +41 43 210 51 63 Conference ID: 9414365 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 release 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, including 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; 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: On Category: Earnings Net sales 726.6 508.2 Cost of sales (291.3 ) (204.9 ) Gross profit 435.3 303.3 Selling, general and administrative expenses (358.2 ) (264.8 ) Operating result 77.0 38.5 Financial income 7.3 5.4 Financial expenses (5.9 ) (4.9 ) Foreign exchange gain / (loss) (14.5 ) 76.8 Income before taxes 63.9 115.8 Income tax expense (7.2 ) (24.4 ) Net income 56.7 91.4 Earnings per share Basic EPS Class A (CHF) 0.17 0.28 Basic EPS Class B (CHF) 0.02 0.03 Diluted EPS Class A (CHF) 0.17 0.28 Diluted EPS Class B (CHF) 0.02 0.03 Expand Consolidated Interim Balance Sheets (unaudited) (CHF in millions) 3/31/2025 12/31/2024 Cash and cash equivalents 871.8 924.3 Trade receivables 362.7 246.1 Inventories 399.3 419.2 Other current financial assets 41.9 56.4 Other current operating assets 124.5 113.7 Current assets 1,800.3 1,759.7 Property, plant and equipment 127.4 127.2 Right-of-use assets 313.7 323.6 Intangible assets 56.4 58.3 Deferred tax assets 121.0 107.8 Non-current assets 618.5 617.0 Assets 2,418.8 2,376.7 Trade payables 162.0 166.5 Current lease liabilities 57.3 59.1 Other current financial liabilities 53.2 51.3 Other current operating liabilities 297.0 299.3 Current provisions 20.2 21.7 Income tax liabilities 53.8 62.5 Current liabilities 643.4 660.4 Employee benefit obligations 9.3 8.6 Non-current provisions 18.0 14.9 Non-current lease liabilities 280.7 288.5 Other non-current financial liabilities 0.8 1.7 Deferred tax liabilities 9.2 10.8 Non-current liabilities 318.0 324.5 Share capital 33.7 33.7 Treasury shares (26.6 ) (26.8 ) Capital reserves 1,227.6 1,210.0 Other reserves (12.9 ) (4.0 ) Retained earnings 235.6 178.9 Equity 1,457.4 1,391.8 Equity and liabilities 2,418.8 2,376.7 Expand Consolidated Interim Statements of Cash Flow (unaudited) Three-month period ended March 31, (CHF in millions) 2025 2024 Net income 56.7 91.4 Adjustments for: Share-based compensation 11.6 9.8 Employee benefit expenses 0.8 0.5 Depreciation and amortization 28.3 22.1 Interest income and expenses (3.3 ) (2.1 ) Net exchange differences 26.7 (72.5 ) Income taxes 7.2 24.4 Change in working capital (120.3 ) (24.4 ) Trade receivables (124.7 ) (71.9 ) Inventories 8.0 21.5 Trade payables (3.5 ) 26.0 Change in provisions — 7.8 Change in other current assets / liabilities (3.6 ) 33.5 Interest received 7.3 5.2 Income taxes paid (23.6 ) (14.7 ) Cash inflow / (outflow) from operating activities (12.1 ) 81.0 Purchase of property, plant and equipment (11.3 ) (8.0 ) Purchase of intangible assets (0.8 ) (1.1 ) Cash (outflow) from investing activities (12.1 ) (9.1 ) Payments of lease liabilities (14.0 ) (11.7 ) Proceeds on sale of treasury shares related to share-based compensation 6.1 1.7 Interest paid (4.0 ) (3.1 ) Cash (outflow) from financing activities (12.0 ) (13.1 ) Change in cash and cash equivalents (36.3 ) 58.8 Cash and cash equivalents balance at beginning of the year 924.3 494.6 Net impact of foreign exchange rate differences (16.1 ) 31.1 Cash and cash equivalents balance at end of the period 871.8 584.6 Expand Reconciliation of Non-IFRS measures Adjusted 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. (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. 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, which we believe increases comparability of the metric from period to period, and makes it useful for management, our audit committee and investors to assess our financial performance over time. Adjusted basic EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period. Adjusted diluted EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period on a fully diluted basis. The table below provides a reconciliation between net income and adjusted net income, adjusted basic EPS and adjusted diluted EPS for the periods presented: (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: Net sales by geography The following table presents net sales by geographic region (based on the location of the counterparty): Three-month period ended March 31, Europe, Middle East and Africa 168.6 126.2 33.6 % 33.0 % Americas 437.4 329.6 32.7 % 28.6 % Asia-Pacific 120.6 52.4 130.1 % 128.9 % Net Sales 726.6 508.2 43.0% 40.0% Expand Net sales by product The following table presents net sales by product group: (1) The constant currency percent change represents changes to net sales on a constant currency basis, which is a non-IFRS financial measure. For additional information, refer to "Non-IFRS Measures" for a description of this measure. Reconciliation to the nearest IFRS measure is shown in table above. 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.
