On Holding AG Reports Strong Q2 2024 Financial Results

Record-Breaking Q2 Performance

On Holding AG, the Swiss running shoe and apparel company, has reported exceptional financial results for the second quarter and first half of 2024. The company's net sales soared to CHF 444.3 million in Q2, marking a substantial 52.3% increase compared to the same period in 2023 1

1

. This growth was driven by strong performance across all channels and regions, with particular strength in wholesale and Asia-Pacific markets.

Profitability Surge

The company's profitability showed remarkable improvement, with the gross profit margin reaching 59.7% in Q2 2024, up from 55.1% in Q2 2023 2

2

. This increase was attributed to reduced airfreight usage, favorable product mix, and selective price increases. The net income for Q2 2024 reached CHF 49.1 million, with a net income margin of 11.1%, showcasing the company's ability to translate sales growth into bottom-line results.

First Half 2024 Highlights

For the first six months of 2024, On Holding AG reported net sales of CHF 902.0 million, representing a year-over-year growth of 56.9% 1

1

. The company's adjusted EBITDA for this period reached CHF 138.6 million, with an adjusted EBITDA margin of 15.4%, demonstrating strong operational efficiency and scale benefits.

Regional Performance

On Holding AG experienced growth across all regions, with Europe showing a 39.9% increase in net sales, North America growing by 56.6%, and Asia-Pacific leading with an impressive 102.6% growth in Q2 2024 compared to the previous year 2

2

. This global expansion underscores the brand's increasing popularity and market penetration worldwide.

Product Innovation and Sustainability

The company continued its focus on product innovation, launching new products such as the Cloudboom Echo 3 and the Cloudrunner. On Holding AG also emphasized its commitment to sustainability, with initiatives like the Circulon 0.1 running shoe made from recycled carbon emissions 1

1

.

Future Outlook

Based on the strong performance in the first half of 2024, On Holding AG has raised its outlook for the full year. The company now expects net sales to exceed CHF 1.76 billion, representing a growth of over 44% compared to 2023 2

2

. The adjusted EBITDA margin is anticipated to be around 15.0% for the full year 2024, reflecting the company's continued focus on profitability and operational efficiency.