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On Holding (ONON +19%) is jumping sharply after delivering an impressive Q3 earnings beat and raising guidance. Revenue climbed 24.9% yr/yr to CHF 794.4 mln, well above expectations, as the Swiss athletic footwear maker continued to outpace the broader sportswear market. The company lifted its FY25 revenue outlook to +34% CC from +31% CC prior.

• DTC revenue surged 37.5% CC to CHF 314.7 mln, highlighting the strength of On's full-price strategy. Wholesale sales rose 32.5% CC to CHF 479.6 mln, reflecting sustained demand from key partners.
• Asia Pacific delivered its fourth straight quarter of triple-digit CC growth, led by China, Korea, and Southeast Asia.
• US demand remained robust, fueling optimism for the holiday season.
• Store openings in Tokyo, Palo Alto, and Zurich drew large crowds, underscoring brand momentum.
• The innovation pipeline remains strong, with upcoming launches of Cloudrunner 3, Cloudmonster 3, and LightSpray technology products, including the LightSpray Cloudmonster Hyper in spring/summer 2026.
• Apparel continues to scale rapidly, serving as an entry point for younger customers and driving incremental growth across channels.

Shares are rebounding after a 40% slide from late May to early November, aided by renewed confidence in execution under new sole CEO Martin Hoffmann.

Briefing.com Analyst Insight:

On Holding is proving to be the rare premium athletic brand still running at full speed while others stumble. Its Q3 strength in both DTC and wholesale channels demonstrates that consumer appetite for On's innovation-led, design-driven products remains red hot. The brand's disciplined full-price approach, expanding global footprint, and rapidly scaling apparel business differentiate it sharply from peers like Nike (NKE) and Adidas (ADDYY), which continue to navigate inventory and pricing headwinds. That said, ONON's valuation remains demanding relative to its larger peers, and the 40% pre-earnings selloff this summer shows just how fickle sentiment can be in growth retail. Still, this quarter reaffirms that On is executing well, and with strong product innovation and regional momentum — especially in Asia — we view the risk/reward as turning more favorable.