On Holding AG's earnings call discusses forward-looking statements, financial measures, and risks, followed by a Q&A session with investors.

The company highlights its premium growth strategy, focusing on innovation, direct-to-consumer sales, and disciplined wholesale practices, achieving 22% net sales growth and industry-leading profitability in Q2, while maintaining brand integrity and high margins.

EMEA's premium growth strategy, anchored by disciplined wholesale management, accelerates innovation with breakthroughs like Cloud Boom Strike II and Light Spray technology. Exclusive previews and industry-leading performance confirm the brand's commitment to redefine the market, impacting both elite and broader running communities.

On Atlantics Club's spring squad, led by coach John Bolton, captures indoor gold in the 60m sprint, setting the stage for 2028 LA Olympics. Roland Carlos Flavio Cabo's stunning victory and the training powerhouse Alex Roche's record-breaking Cloud X Tempo Pro sprint redefine sports, driving hypergrowth in apparel and premium sneaker channels, particularly among younger consumers, with cloud sales franchise experiencing 190% year-over-year growth.

Cloud Build models have dominated Footlock Europe's top selling positions, backed by impactful storytelling and strategic expansion. Zendaya's collection sold out ahead of expectations, targeting women under 35. The Shape of Streams campaign, directed by Spike Jonze, reinforces the brand's strategy to capture consumer attention through entertainment. Paris Fashion Week installations and archive action proofs validate the brand's premium design language, untouched by legacy sportswear, unlocking sequential growth in new product categories, channels, and geographies.

The company highlights record sales in women's running apparel, strong retail flagship performances, and leadership promotions. The CFO discusses financial discipline and premium growth outlook, inviting stakeholders to an upcoming investor day.

The dialogue highlights the company's commitment to disruptive innovation, the team's ambitious growth mindset, and a disciplined approach to long-term value creation, emphasizing the importance of these elements for the future of premium sports branding.

This quarter saw a historic high in net sales at 800 million Swiss francs, driven by a surge in direct-to-consumer (DTC) sales, which reached a record 40% of total sales. E-commerce and refill sales within DTC surpassed expectations, growing by 26% at constant currency, highlighting the strength of brand experience and consumer engagement.

The company successfully broadened its appeal to new communities, evidenced by increased engagement and full price share. Flagship stores, including those in Tokyo, performed exceptionally, showcasing the potential for expansion in existing markets. Retail KPIs strengthened, reflecting the value of deepening consumer connections and strategic retail formats.

Growth was tempered by strategic inventory management, prioritizing premium positioning and innovation launches over short-term volume increases, ensuring partners' inventory health and full-price integrity.

Net sales in the Americas rose 13.0% at constant currency, with momentum in BTC and strong e-commerce growth. EMEA saw a 20.5% increase, highlighted by over 20% DTC growth across sub-regions, exceptional performance in Southern Europe, and standout store results in Madrid and Milan.

APEC's net sales surged by 54.7% in constant currency and 43.1% reported, led by Japan, Korea, and Greater China. Notably, Tmall performed strongly without promotions, and the Macau store matched Hong Kong's momentum, validating larger format stores' potential.

The company experienced significant sales growth, driven by strong sell-through of Hyper and the scaling of Light Spray, with both products receiving praise from retailers and consumers, contributing to a successful quarter despite being in the early stages of development.

Global Run Summit attendees witnessed double Spring Summer 27 orders for Cloud Server, exceptional performance of Cloud Tilts, and strong growth in training categories. The company's disciplined approach led to outstanding gross margins, efficient operational execution, and robust cash generation, bolstering its premium operating model and financial position.

Highlights commitment to sustainability through innovative products, outlines premium growth strategy for disciplined expansion, forecasts strong DTC momentum, and projects robust profitability with a focus on premium execution.

Instructions are given for joining a question and answer session, including how to raise and withdraw questions, ensuring optimal sound quality, and the process for selecting participants.

A discussion on sustaining industry growth despite recent slowdowns, highlighting innovation and societal shifts as key drivers. The conversation also explores factors contributing to increased gross margin guidance, questioning the role of mix and markdowns in the projection.

The dialogue discusses Q1 margin improvements attributed to a full price strategy, increased DTC index share, and operational efficiencies, projecting a favorable trend for the remainder of the year, leading to an adjusted outlook of over 65% margin.

The dialogue explores the contrasting dynamics between direct-to-consumer and wholesale channels, highlighting strong consumer loyalty and growth in the former due to premium branding, innovation, and cultural relevance, versus the latter's exposure to promotional pricing, with insights on the duration of strategic sell-in limitations in wholesale markets.

The dialogue discusses ON's wholesale strategy, emphasizing innovation and growth in running franchises. With upcoming product rollouts and strong performance in training and apparel, ON anticipates sustained growth through 2026, leveraging global expansion and premium market opportunities.

The dialogue discusses the factors behind a revised revenue guidance, questioning if the change stems solely from a weaker wholesale forecast. It revisits previous expectations of DCC growth, noting a robust DTC performance in Q2, and inquires about any shifts in the annual DTC outlook.

The dialogue highlights the impact of actions taken in wholesale and e-commerce on achieving strong DTC growth and exceeding regional expectations, leading to a revised top line guidance for the year.

Discussed the phased sales growth strategy, focusing on lower Q3 and higher Q4 growth rates, and the primary drivers of inventory growth being volume-led sales and FX rate impacts. Also, addressed regional performance disparities, noting promotional environments in America versus solid EMEA results, suggesting potential self-help measures could bridge performance gaps across regions.

Discussion highlights significant growth in key markets, strategic store expansions, and a strong lifestyle product lineup, with emphasis on maintaining EBITDA margin while increasing gross margin due to higher DTC mix, reflecting a balanced approach to growth and profitability.

The dialogue highlights robust direct-to-consumer (D2C) growth across regions, driven by brand momentum and new consumer engagement, while acknowledging slower wholesale sales growth, questioning its sustainability post-second half.

Discussed strategies to maintain healthy inventory levels and protect full-price sales, emphasizing strong upcoming innovations and the importance of these measures for long-term wholesale trends. Confirmed satisfaction with sell-through rates in regions outside the Americas.

Discussed pricing strategy adjustments, including expanding price ranges for premium and everyday running shoes, and noted positive early signs of improved sell-through in the US market following implemented actions.