Swiss athletic footwear and apparel company On Holding AG reported strong financial results for the first quarter of 2025, with revenue reaching CHF 726.6 million, a 43% increase year-over-year, surpassing estimates of CHF 680.5 million. Adjusted earnings per share rose to CHF 0.21, beating expectations of CHF 0.15. The company’s gross margin slightly improved to 59.9% from 59.7% in the previous year, while adjusted EBITDA increased by 54.8% to CHF 119.9 million. Net profit was approximately USD 63.1 million. Growth was driven by robust direct-to-consumer (DTC) sales totaling CHF 276.9 million, successful new product launches including the Cloudsurfer 2 and Cloud 6 models, and strong brand momentum in the Asia-Pacific region, where sales grew 130%. Wholesale sales in the region increased by 41%, with shoes growing over 40% and apparel nearly doubling. On Holding’s shares rose by up to 13% following the earnings release, lifting the stock into positive territory for the year. Analysts responded positively, with UBS raising the price target to $75. Over the past five years, the company has achieved a 46% compound annual growth rate in footwear revenue, underscoring its position as one of the fastest-growing shoe brands globally.