On Holding (ONON) Q2 2026 (CHF): EPS 0.31 (exp. 0.42), Revenue 850.3mln (exp. 878mln)

Net sales +13.5% Y/Y, or +21.6% at constant currency DTC sales +26.0% Y/Y to CHF 388.4mln and +34.3% at constant currency, reaching a record 45.7% of sales Asia-Pacific sales +43.1% Y/Y, apparel +47.7% and accessories +88.3% Gross margin expanded 390bps Y/Y to 65.4%, despite absorbing higher US tariffs and excluding tariff refunds Adj. EBITDA +23.5% Y/Y to CHF 168.1mln and margin rose to 19.8% from 18.2%. COMMENTARY: Management said premium positioning, full-price discipline and a rising DTC mix are supporting profitable growth. GUIDANCE: FY Rev. 3.47-3.56bln (exp. 3.56bln) Raises gross margin guidance to at least 65.0% Maintains adj. EBITDA margin guidance between 19.5-20.0%