Swiss sportswear company On Holding reported second-quarter revenue of CHF 749 million (US$922 million), up 32% from a year earlier and ahead of the CHF 705 million expected by analysts. The company posted a net loss of CHF 40.9 million, or an adjusted loss of CHF 0.09 per share, largely reflecting foreign-exchange movements. Buoyed by the stronger-than-expected quarter, the Zurich-based group raised its 2025 net-sales outlook to at least CHF 2.91 billion from CHF 2.86 billion and lifted its gross-margin target to 60.5–61% from 60–60.5%. It also now sees an adjusted EBITDA margin of 17–17.5%, versus 16.5–17.5% previously. On, which sources roughly 90% of its products from Vietnam, said the U.S. tariff on Vietnamese imports has doubled to 40%. The company offset the higher costs with a roughly US$10 price increase on lifestyle shoes effective 1 July and, according to Chief Executive Officer Martin Hoffmann, has not seen any slowdown in demand in key markets. Wholesale and direct-to-consumer sales both beat internal expectations, with China growing about 50% in the quarter. Investors welcomed the guidance increase; On shares rose as much as 11% in Zurich trading. Brokerages including Truist reiterated bullish ratings, citing the brand's ability to command premium pricing and continue taking market share from larger rivals such as Nike.