On Holding AG raised its 2026 gross-margin target excluding U.S. tariff refunds after quarterly sales reached CHF 931.4 million, while maintaining its full-year sales-growth outlook.
The quarter marked the first time the company’s sales exceeded CHF 900 million. Revenue increased 17.2%, with growth measuring 17.8% after currency adjustments.
The quarter's 72.6% gross margin would have been 66.9% without CHF 52.6 million in U.S. tariff refunds. On Holding’s 2026 gross-margin goal is now about 66% before refunds, above its earlier minimum of 65%; the goal is about 67.5% with refunds.
The company retained its low-20% sales-growth outlook in constant-currency terms. At prevailing exchange rates, that outlook implies full-year revenue of CHF 3.47 billion to CHF 3.56 billion.
