ON Analysis
Q1 2025 Results
Released: May 13, 2025For the quarter ended March 31, 2025
Net Sales
CHF 726.6M(ZAR 14,895.3M)
+43% YoY
Gross Margin
59.9%+0.2pp YoY
Net Income
CHF 56.7M(ZAR 1,162.4M)
7.8% margin
Quarterly Revenue Trend
Regional Growth (YoY)
Sales Channel Distribution
DTC growth: +45.3% YoY | Wholesale growth: +41.5% YoY
Additional Highlights
- Adjusted EBITDA margin rose to 16.5%
- Upgraded Guidance: Full-year 2025 sales growth raised to at least 28% (CHF 2.9B(ZAR 58.6B)B)
- Expected 2025 margins: Gross profit 60.0–60.5%, Adjusted EBITDA 16.5–17.5%
- Key product drivers: Successful launches of Cloudsurfer 2, Cloud 6, and strong apparel traction
Full Year 2024 Results
Released: March 27, 2025For the year ended December 31, 2024
Net Sales
CHF 2.3B(ZAR 47.6B)
+29.4% YoY
Gross Margin
60.6%
Premium positioning
Net Income
CHF 242.3M(ZAR 4,967.2M)
Strong profitability
Cash Position
~
CHF 1B(ZAR 20.5B)
Strong cash flow
Q4 2024 Highlights
Q4 Net Sales
CHF 606.6M(ZAR 12,435.3M)
+35.7% YoYDTC Share48.8%Record high
Gross Profit Margin62.1%Record high
Strategic Milestones
- Launch of innovative LightSpray™ technology
- Expansion to nearly 50 own retail stores
- Surpassed CHF 100M(ZAR 2,050M)in apparel sales
- Strong constant currency growth (33.2%)
2025 Outlook
- Sales growth: At least 27% (constant currency)
- Expected sales: CHF 2.9B(ZAR 60.3B)
- Gross profit margin: ~60.5%
- Adjusted EBITDA margin: 17.0–17.5%