On Holding AG

- There is no mention of any current or future fundraising through debt or equity in the provided transcript. - The focus is on strong financial performance, cash flow, and profitability, with increasing adjusted EBITDA margins and investment funded from internal resources. - The company emphasizes operational leverage, reinvestment in growth, and maintaining premium brand positioning without indicating plans for external capital raising. - Leadership transitions and strategic growth plans were discussed, but no reference to planned debt or equity issuance was made.

- Capital expenditures were CHF 23.6 million in the quarter, representing 2.8% of net sales, up from 1.7% the prior year. - Investments focus on expanding stores and store expansion globally. - Significant investment in innovation and product development, including LightSpray factory expansion in Busan, South Korea (30-fold capacity increase). - Continued spending on brand-building investments such as Zendaya collaboration, LightSpray innovation activations, and media targeting new communities. - Investment in accelerating retail expansion with new store openings in key cities like San Francisco, Stockholm, Sao Paulo, Miami, Milan, and Tokyo. - Ongoing initiatives to improve operational efficiency, shorten development time, and enhance planning efficiency to support premium growth. - Focus on reinvesting efficiency gains selectively for long-term returns in product innovation, brand awareness, and retail.

- The company maintains a constant currency net sales growth guidance of at least 23% for 2026, reflecting confidence despite macroeconomic uncertainties. - Growth will be driven by continued very strong expansion in the direct-to-consumer (D2C) channel, with expectations of slower wholesale growth to maintain clean inventory levels. - Innovation and new product launches, including Superfoam, LightSpray, and collaborations like Zendaya collections, are expected to fuel demand and cultural relevance. - Apparel is becoming a significant growth driver, contributing over 10% of D2C sales and attracting younger, lifestyle-oriented consumers. - Geographic growth is balanced, with strong momentum in established markets (North America, Central Europe) and rapid expansion in newer markets (Asia Pacific, Latin America). - Wholesale expansion has room to grow, currently in about 50% of retail doors, offering multiyear expansion opportunities. - Overall, the company aims for premium, high-quality growth while preserving brand equity and profitability.

- The company maintains a constant currency net sales growth guidance of at least 23% for 2026, reflecting strong confidence despite macroeconomic uncertainties. - Adjusted EBITDA margin is expected to increase to a range of 19.5% to 20%, up from 18.8% in 2025, indicating improved operating profitability. - Gross profit margin guidance is set at a new baseline of at least 64.5% for the full year, a material improvement supported by premium pricing, operational efficiencies, and positive FX and tariff effects. - Marketing expenses are forecasted between 13% and 13.5% of sales, supporting brand investment while preserving profitability. - Emphasis on high-quality, premium growth with disciplined channel management aims to sustain profitability and long-term value creation, avoiding growth at any cost. - Strong innovation pipeline and D2C channel momentum underpin optimistic future earnings growth and margin expansion.

- The company maintains a constant currency sales guidance of 23% growth for the year, based on current visibility and order books for fall/winter. - Confidence is high in this guidance given the quality of growth and strong order books across regions and channels. - Wholesale partners have clean inventory levels, indicating a cautious but optimistic approach for upcoming innovation launches in early 2027. - Order books for the specialty running segment are up over 25% year-over-year, signaling strong partner conviction. - Management is ready to accelerate growth if opportunities arise but remains committed to premium strategy and margin discipline. - Early demand indicators, including sell-outs of new products like the LightSpray Cloudmonster and successes with collaborations (Zendaya collection), support the growth outlook. - No explicit upside to guidance is confirmed, influenced by factors such as an increasing promotional landscape and macroeconomic uncertainties.