On Holding AG (ONON) 2025 Q4 法說會逐字稿

Thank you for standing by and welcome to the On Holding AG fourth-quarter and full-year 2025 results conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 On Holding AG 2025 年第四季及全年業績電話會議。（操作說明）

I'd now like to turn the call over to Liv Radlinger, Head of Investor Relations. You may begin.

現在我將把電話交給投資者關係主管利夫·拉德林格。你可以開始了。

Good afternoon and good morning to our Investor Committee. Thank you for joining On 2025 fourth-quarter earnings conference call and webcast. With me today on the call are On's Executive Co-Chairman and Co-Founder, David Allemann; and CEO and CFO, Martin Hoffmann.

各位投資人委員會成員，下午好/早安。感謝您參加 On 2025 第四季財報電話會議和網路直播。今天和我一起參加電話會議的有 On 的執行聯席主席兼聯合創始人 David Allemann；以及首席執行官兼首席財務官 Martin Hoffmann。

Before we begin, I will briefly remind everyone that today's call will contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations and beliefs only and are subject to certain risks and uncertainties that could cause actual results to differ materially.

在開始之前，我先簡單提醒大家，今天的電話會議將包含聯邦證券法意義上的前瞻性陳述。這些前瞻性陳述僅反映我們目前的預期和信念，並受到某些風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果有重大差異。

Please refer to our 20-F filed with the SEC earlier this morning for a detailed discussion of such risks and uncertainties. We will further reference certain non-IFRS financial measures, such as adjusted EBITDA and adjusted EBITDA margin. These measures are not intended to be considered in isolation or as a substitute for the financial information presented in accordance with IFRS accounting standards. Please refer to today's release for a reconciliation to the most comparable IFRS measures.

有關這些風險和不確定性的詳細討論，請參閱我們今天早些時候向美國證券交易委員會提交的 20-F 表格。我們將進一步參考一些非國際財務報告準則財務指標，例如調整後的 EBITDA 和調整後的 EBITDA 利潤率。這些措施不應被孤立地看待，也不應被視為替代根據國際財務報告準則（IFRS）編制的財務資訊。請參閱今天發布的公告，以了解與最可比較的國際財務報告準則指標的調節情況。

We will begin with David followed by Martin leading through today's prepared remarks. After which, we are looking forward to opening the call for a Q&A session. With that, I'm very happy to turn the call over to David.

我們將首先由大衛發言，然後由馬丁帶領大家宣讀今天準備好的演講稿。之後，我們期待開啟問答環節。這樣，我很高興把電話交給大衛。

Good morning, everyone, and a very warm welcome from now this time [not] as itself but the New York Stock Exchange. Standing here always brings me back to day where we rang the bell for our IPO almost five years ago. That moment was never just about becoming a public company. It was about sharing a dream that the brands built on innovation and design and human energy could grow into the most premium global sportswear brands. Looking at where we are today, I feel both proud and deeply grateful to the global communities who choose to move with us every day.

各位早安，現在我謹代表紐約證券交易所，向大家致以最熱烈的歡迎。站在這裡，總是會讓我回想起將近五年前我們敲響IPO開市鐘的那一天。那一刻的意義遠不止於成為上市公司。它代表著一個共同的夢想：以創新、設計和人類能量為基礎建立的品牌能夠發展成為全球最優質的運動服裝品牌。回顧我們今天所取得的成就，我感到無比自豪，並由衷感謝每天選擇與我們攜手前行的全球社群。

At the beginning of 2025, we set ambitious expectations for strong profitable growth. What followed went well beyond them. Demand for our brand accelerated faster than we had planned. And for the first time, sports brand On cleared the CHF3 billion revenue hurdle in 2025. Sales grew 36% at constant currency, and we delivered our highest ever gross profit and adjusted EBITDA margins.

2025年初，我們為強勁的獲利成長設定了雄心勃勃的預期。接下來發生的事情遠遠超出了他們的預期。對我們品牌的需求成長速度超過了我們的預期。運動品牌 On 首次在 2025 年突破了 30 億瑞士法郎的營收大關。以固定匯率計算，銷售額成長了 36%，我們實現了有史以來最高的毛利和調整後 EBITDA 利潤率。

For me, this outperformance is deeply meaningful because it shows our premium strategy is working. And our elevated offer is resonating with consumers even stronger than anticipated. In fact, we see an acceleration in key areas.

對我而言，這種優異表現意義重大，因為它顯示我們的優質策略是有效的。我們升級後的優惠活動比預期更能引起消費者的共鳴。事實上，我們看到一些關鍵領域的發展速度加快了。

Let me zoom out as this acceleration happens on the backdrop of a profound societal shift. The traditional leisure class is giving way to the movement class. All signifier of wells, sedentary comfort and over consumption are being replaced by a desire for vitality. You see the shift in the declining sales of self-indulgent categories.

讓我把視角拉遠一些，看看這種加速發展是在一個深刻的社會變革背景下發生的。傳統休閒階級正被運動階級所取代。所有像徵井、久坐舒適和過度消費的事物，都被對活力的渴望所取代。你可以看到，自我放縱類產品的銷售量正在下降。

Today, status is an investment in the self. Health is the new wealth, longevity is the ultimate luxury. For this new ageless athlete, sportswear has shifted from utility to identity, capturing a massive share of their life and their spending power. The traditional volume-driven sportswear model is simply not built to capture this discerning consumer. This societal shift has blown the market wide open for new generational premium brands like On. So we have to ask, what does the movement as demand from us?

如今，地位是對自我的一種投資。健康是新的財富，長壽是終極的奢侈。對於這些新一代不老運動員來說，運動服裝已經從實用工具轉變為身份象徵，佔據了他們生活和消費能力的很大一部分。傳統的以銷售量為導向的運動服飾模式根本無法吸引這種眼光獨到的消費者。這種社會變革為像On這樣的新一代高端品牌打開了廣闊的市場。因此，我們必須捫心自問，這場變革對我們提出了怎樣的要求？

We see three defining answers driving our acceleration. First, relentless performance innovation. We don't just talk about innovation. We engineer it. In the past 5 years, we scaled our R&D team by 1,000%.

我們認為有三個關鍵因素推動了我們的加速發展。首先，持續不斷地進行性能創新。我們不僅僅談論創新。我們設計了它。過去 5 年，我們的研發團隊規模擴大了 1000%。

Today, over 400 experts, sports scientists, robotic specialists and AI engineers operate out of our [SREC] labs. It's all about performance and feel for the movement class. In 2025, our engineers have made several industry-changing innovation breakthroughs. On labs in Zurich is home to the only advanced home competence center outside of Asia and thanks to this competitive advantage, we are the first brand, which is able to combine structural engineering with SuperFoams. The immediate result is the upcoming Cloudsurfer 3, which is 15% lighter, 20% softer and provides 15% more energy push-offs.

目前，有 400 多名專家、運動科學家、機器人專家和人工智慧工程師在我們的 [SREC] 實驗室工作。動作課的關鍵在於表現和感覺。2025年，我們的工程師取得了多項改變產業的創新突破。位於蘇黎世的 On 實驗室擁有亞洲以外唯一的先進家居技術中心，憑藉這一競爭優勢，我們是第一個能夠將結構工程與 SuperFoams 結合的品牌。最直接的成果就是即將推出的 Cloudsurfer 3，它比之前的版本輕 15%，柔軟 20%，並且能提供多 15% 的能量蹬地。

Over the next couple of years, we will bring this technology to a wide range of On's everyday running shoes, making cutting-edge innovation accessible for many of our [fabs]. But our [crown] cool is light spread. We are completely rewriting the future of manufacturing by changing the very nature of how sure is constructed. We are no longer building upper. We are spraying the a robotic arm, spins a 1.5 kilometer continuous filament into a perfect fit upper in exactly 3 minutes. We took 200 assembly steps and reduced them to 1.

未來幾年，我們將把這項技術應用到On的各類日常跑鞋中，讓更多人能夠體驗這項尖端創新技術。[fabs]。但我們的[皇冠]涼爽是輕柔的傳播。我們正在透過改變產品的製造方式，徹底改寫製造業的未來。我們不再建造樓上建築了。我們正在用機械手臂噴塗，機械手臂會在短短 3 分鐘內將 1.5 公里長的連續絲線紡成完美貼合的鞋面。我們將 200 個組裝步驟簡化為 1 個步驟。

It generates 75% less CO2 and the entire shoe weighs just 170 grams, making one of the lightest elite super shoes ever to compete in Amerisol. The proof is on the podium, wearing the Cloudboom LightSpray. And Hellen Obiri didn't just win the marathon in New York in November. She shattered a 22-year-old course record.

它產生的二氧化碳減少了 75%，整雙鞋的重量僅為 170 克，是 Amerisol 比賽中最輕的精英超級跑鞋之一。最好的證明就在頒獎台上，他們戴著 Cloudboom LightSpray。海倫·奧比里不僅僅是在11月贏得了紐約馬拉鬆比賽。她打破了保持了22年的賽道紀錄。

And now, we scale. Last week, we opened our newest LightSpray facility in Busan, South Korea, increasing our production capacity 30-fold compared to 2025. And later this month, we will scale this elite record-breaking technology to everyday runners everywhere with the launch of the Lightspray Cloud Monster 3 Hyper.

現在，我們開始擴大規模。上週，我們在韓國釜山開設了最新的 LightSpray 工廠，與 2025 年相比，我們的產能提高了 30 倍。本月晚些時候，我們將推出 Lightspray Cloud Monster 3 Hyper，將這項精英級破紀錄技術推廣到世界各地的普通跑者。

Second, premium inspiration. For the movement class movement isn't just a work out. It's their identity. They are buying into a brand that intersects with fashion and the zeitgeist. We aren't following trends. We are co-creating culture. Take our collaboration with Loewe now in its fifth year. We just launched our eighth drop featuring the cloud solar at USD750.

其次，追求卓越靈感。對於運動課來說，運動不只是一種鍛鍊。這是他們的身分認同。他們購買的是一個與時尚和時代精神相契合的品牌。我們不追隨潮流。我們正在共同創造文化。以我們與 Loewe 的合作為例，現在已經是第五年了。我們剛剛推出了第八批產品，其中包括售價 750 美元的雲端太陽能產品。

The consistent and strong demand we see at this premium price point is a profound validation of our premium pricing power. The global energy is electric. At Paris Fashion Week, our high-fashion collaboration sorted with younger consumers from APAC to London. We are pushing the boundaries of what sportswear can be, like our highly sought after ballerina shoe with FKA Twigs. And the ultimate cultural catalyst is Zendaya. We are shifting from a partnership to true growth creation leading to our first fully co-created collection for Spring/Summer '26.

在這個高端價位上，我們看到了持續強勁的需求，這深刻地驗證了我們的高端定價能力。全球能源以電力為主。在巴黎時裝週上，我們的高級時裝合作吸引了來自亞太地區和倫敦的年輕消費者。我們正在突破運動服飾的界限，例如我們與 FKA Twigs 合作推出的備受追捧的芭蕾舞鞋。而最終的文化催化劑就是讚達亞。我們正在從合作關係轉向真正的成長創造，這將促成我們第一個完全合作創作的 2026 年春夏系列。

Expects an important moment from On's Zendaya and an Academy Award-winning director, very soon. Here is what matters to our long-term success. This culture heat translates into undeniable revenue. We opened 18 new stores this past year. You see it in the queues outside our doors.

期待 On 的 Zendaya 和一位奧斯卡獲獎導演很快會帶來一個重要時刻。以下幾點對我們的長期成功至關重要。這種文化熱潮轉化為實實在在的收益。去年我們新開了18家門市。你看我們店門口排的長隊就知道了。

The proof is in the hard numbers. Tokyo Giza became a top 10 global store despite only opening in September. Sale rocketed into the top 10 in just months. Our retail footprint will scale to close to 20 countries in the next few months. It proves that when you interact clinical innovation with cultural relevance, the commercial results are extraordinary.

事實勝於雄辯。Tokyo Giza 雖然 9 月才開業，但已躋身全球十大門市之列。短短幾個月內，銷售額就飆升至前十名。未來幾個月，我們的零售業務將擴展到近20個國家。這證明，當臨床創新與文化相關性結合時，商業成果將是非凡的。

A premium brand doesn't stop at the physical product. It defines the entire experience. That's why we are applying our Swiss engineering directly to our digital ecosystem. We recently deployed a conversational AI layer across our customer service platforms. This isn't about processing returns.

高端品牌不僅體現在實體產品上。它定義了整個體驗。這就是為什麼我們將瑞士的工程技術直接應用於我們的數位生態系統。我們最近在客戶服務平台中部署了對話式人工智慧層。這與處理退貨無關。

It's about having deep, personalized conversations with our community at a massive scale. But this is just step one. We are building the digital engine for our future. Over the next few years, you are going to see this AI blueprint transform how we operate. It will elevate our premium experience and drive efficiency from the moment we design a shoe to how we run our global supply chain.

它旨在與我們的社區進行大規模的深入、個人化的對話。但這只是第一步。我們正在建構面向未來的數位化引擎。在接下來的幾年裡，你會看到這個人工智慧藍圖改變我們的營運方式。它將提升我們的高端體驗，並從我們設計鞋子到營運全球供應鏈的整個過程中提高效率。

Third, a complete expression of the brand from toe to head. Performance footwear will always be our anchor. To truly serve this community, we are building a complete Sports Warehouse. And the breakthrough is happening right now.

第三，從頭到腳完整展現品牌形象。高性能鞋履始終是我們的核心。為了真正服務這個社區，我們正在建造一個完整的體育用品倉庫。而突破正在發生。

In 2025, our apparel business delivered an incredible 76% net sales growth at constant currency. Proving we can build a highly profitable multi-category business. We saw apparel share of sales clients across every single region and every single channel, driven primarily by our direct-to-consumer business.

2025年，我們的服裝業務以固定匯率計算實現了驚人的76%的淨銷售額成長。證明我們能夠打造高利潤的多品類企業。我們看到服裝銷售份額在每個地區和每個管道的客戶中都有所成長，這主要得益於我們的直接面向消費者的業務。

Our foundation is running, but the movement class lives in our gear long after their run is over. They demand our performance in the gym, on the streets, and across entirely new sports. We are capturing these everyday hours with female-focused innovations like our new SenseTec fabric. The ultimate proof for this multi-category power: tennis. Demand across all our apparel business was outstanding last year and tennis was our fastest-growing category.

我們的基金會一直在運轉，但即使運動課程結束後，學員們仍然會長期穿著我們的裝備。他們要求我們在健身房、街頭以及全新的運動中展現出優異的表現。我們正在使用以女性為中心的創新技術來記錄這些日常時光，例如我們全新的 SenseTec 布料。網球是這種跨領域力量的終極證明。去年我們所有服裝業務的需求都非常旺盛，其中網球服裝是我們成長最快的類別。

Thiswas fueled by extraordinary moments on the court, like Iga Świątek winning in Wimbledon and Ben Shelton taking the Masters 1000 in Toronto, but it's also combined with our off-court story telling. By bringing Burna Boy into our Tennis Lifestyle brand, we are successfully redefining the court-size space for a younger demographic.

這源自於球場上的非凡時刻，例如伊加·維泰克在溫布頓網球公開賽上奪冠，以及本·謝爾頓在多倫多大師賽上奪冠，但也與我們場外的故事敘述相結合。透過將 Burna Boy 引入我們的網球生活品牌，我們正在成功地為更年輕的群體重新定義球場大小的空間。

And we are taking the same useful energy rate into the global paddle boom. In January, we brought On the youngest number one in history, Arturo Coello. Arturo isn't just an athlete on our roster, he's a co-creator driving our pedal specific innovation, so what we have built courtside is a blueprint. Wherever sport and culture collide on a global stage, you can expect On to be there.

我們將同樣的有效能源利用率帶入了全球槳板運動熱潮。一月份，我們引進了史上最年輕的世界第一阿圖羅·科埃略。阿圖羅不僅僅是我們陣容中的一名運動員，他還是我們踏板專用創新領域的共同創造者，因此我們在場邊打造的東西是一個藍圖。無論體育與文化在全球舞台上碰撞的瞬間，你總能看到 On 的身影。

Let me be clear. We are not just building a better performance footwear company. We are building a lasting premium house for the movement class. Our premium growth strategy is working, and our global momentum is accelerating, and our foundation for the future is broader and stronger than ever.

讓我把話說清楚。我們不僅僅是在打造一家性能更卓越的鞋類公司。我們正在為運動階層打造一棟經久耐用的優質住宅。我們的高端成長策略正在奏效，我們的全球發展勢頭正在加速，我們面向未來的基礎比以往任何時候都更加廣泛和強大。

With that, it is my great pleasure to hand the baton to our CEO, Martin to walk you through the numbers and the details of historic foundational year. Martin, please?

接下來，我非常榮幸地將接力棒交給我們的執行長馬丁，由他來為大家介紹這段具有歷史意義的奠基之年的相關數據和細節。馬丁，拜託？

Thank you, David. I'm incredibly proud of what we achieved as a team in 2025. For the first time, uncrossed the CHF3 billion net sales mark, a milestone that, in a single year matches our total sales from our first two full years as a public company combined. Growth reaccelerated. A 30% year-on-year growth rate on a reported basis and the 35.6% at constant currency proves that today, On is the best version of itself it has ever been.

謝謝你，大衛。我為我們團隊在 2025 年所取得的成就感到無比自豪。公司淨銷售額首次突破 30 億瑞士法郎大關，這項里程碑式的成就相當於公司上市前兩年的總銷售額。成長再次加速。以報告數據計算，年增長率為 30%，按固定匯率計算為 35.6%，證明如今的 On 是它有史以來最好的版本。

Beyond the top line, our performance is anchored in operational health and power. We delivered a record gross profit margin of 62.8% and adjusted EBITDA margin of 18.8%, already exceeding our 2026 aspirations. Our cash flow generation strengthened further, lifting our cash position to more than CHF1 billion. These results are the fuel for us to dream on bigger and bolder than ever before. What stands out to me is the power of our vision to be the most premium global sportswear brand, riding our own playbook, growing the addressable market for premium performance.

除了營收之外，我們的業績還取決於營運的健康和實力。我們實現了創紀錄的毛利率 62.8% 和調整後 EBITDA 利潤率 18.8%，已經超過了我們 2026 年的預期目標。我們的現金流進一步增強，現金儲備超過 10 億瑞士法郎。這些成果激勵我們去建構比以往更大、更大膽的夢想。最讓我印象深刻的是我們成為全球最頂級運動服飾品牌的願景的力量，我們堅持自己的發展策略，並不斷擴大高端性能產品的目標市場。

At the same time, this has created a powerful financial engine. Our premium positioning generates high gross margins, which we partially reinvest into product innovation, brand experience, and our culture and our team. which in turn fuels future growth and even greater profitability. Strengthening this position while remaining the most authentic brand and maintaining our defining operational excellence remains our northstar.

同時，這也造就了一個強大的金融引擎。我們的高端定位帶來了高毛利率，我們將部分毛利率再投資於產品創新、品牌體驗、企業文化和團隊建設，這反過來又推動了未來的成長和更高的獲利能力。在維持品牌真實性和卓越營運的同時，鞏固這一地位仍然是我們的北極星。

Because we are so clear on who we are and where we are going, we are able to take a huge step forward as an organization. We expanded our reach meaningfully with global awareness now approaching 30%, still leaving 70% untapped growth opportunity. We saw our communities responding. New fans are building full looks, basket sizes are growing, and crucially, customers are choosing on at full price across every region. At the same time, we became a more integrated and focused operator, strengthening operational backbone and elevating the platforms that support our long-term growth.

因為我們非常清楚自己是誰以及要去哪裡，所以我們作為一個組織能夠向前邁出一大步。我們大幅擴大了業務範圍，全球知名度已接近 30%，但仍有 70% 的成長機會尚未開發。我們看到了社區的正面回應。新粉絲們正在打造完整的造型，購物籃的容量也在成長，而且至關重要的是，各個地區的顧客都在以全價購買商品。同時，我們成為了一家更一體化、更專注的營運商，加強了營運骨幹，提升了支持我們長期發展的平台。

This process is visible in the broad-based strength we see across all regions and channels. Our D2C share increased globally to 41.8%, a rise of 110 basis points, reflecting our deepening direct connection with our fans. While maintaining strong momentum in the Americas, we saw a strategic acceleration across EMEA and APAC. The result is a more balanced regional distribution, providing a significantly broader base for our future expansion.

這個過程體現在我們在所有地區和管道看到的廣泛實力上。我們的全球 D2C 份額增長至 41.8%，增長了 110 個基點，反映出我們與粉絲之間日益加深的直接聯繫。在美洲保持強勁成長勢頭的同時，我們看到了歐洲、中東和非洲以及亞太地區的戰略加速發展。這樣一來，區域分佈更加均衡，為我們未來的擴張提供了更廣泛的基礎。

We ended the year with a global footprint of 67 retail stores, representing a net addition of 18 locations since the end of 2024. These premium brand hubs showcased our fullest assortment through an elevated aesthetic. Our focus on larger high-impact spaces with 2025 store openings, nearly 40% bigger than our existing estate is yielding exceptional results. Despite the relatively early stage of our retail rollout, these more experiential formats are driving further gains in our market-leading sales productivity, which increased by around 20% during the year.

截至年底，我們在全球擁有 67 家零售店，比 2024 年底淨增 18 家。這些高端品牌中心透過高雅的美學設計，展現了我們最完整的產品系列。我們專注於打造規模更大、影響力更高的空間，並計劃在 2025 年開設新店，規模比我們現有的門市大近 40%，這項策略正在取得卓越的成果。儘管我們的零售推廣仍處於相對早期階段，但這些更具體驗性的形式正在推動我們市場領先的銷售效率進一步提高，年內成長了約 20%。

The resonance is evident across categories, with apparel and accessories now contributing 15% of our total retail net sales with many flagship stores achieving an even higher share. Complementing this direct footprint, our select franchise and distributor partners operate 45 monobrand stores within our wholesale business. With its superior margin profile and the highest average item value across all channels, our retail network has solidified its position as a strategic cornerstone of our premium growth strategy. Multi category expansion remains a standout driver of our performance, too.

這種共鳴在各個品類中都很明顯，服裝和配件目前占我們零售淨銷售額的 15%，許多旗艦店的份額甚至更高。除了直接銷售管道外，我們精選的特許經營和分銷合作夥伴還在我們的批發業務範圍內經營 45 家單品牌商店。憑藉卓越的利潤率和所有通路中最高的平均商品價值，我們的零售網路鞏固了其作為我們高端成長策略基石的地位。多品類擴張仍是我們業績成長的重要驅動因素。

On a constant currency basis, apparel grew by 75.5% and accessories by 135.1%. Today, they now represent 7% of our total net sales, a meaningful increase of 190 basis points year-over-year. With the majority of these sales, in excess of 60% flowing through our high-margin D2C channels, this category growth is structurally improving our premium mix and overall business profitability. [This] is only possible through the passion and dedication of our nearly 4,000 team members globally. Our [counters], partners, ambassadors athletes, and our fans. Thank you all so much.

以固定匯率計算，服裝成長了 75.5%，配件成長了 135.1%。目前，它們占我們淨銷售額的 7%，比去年同期成長了 190 個基點，這是一個顯著的成長。這些銷售額中超過60%來自我們高利潤的D2C管道，這一品類的成長從根本上改善了我們的高端產品組合和整體業務獲利能力。而這一切，都離不開我們全球近4000名團隊成員的熱情與奉獻。我們的顧客、合作夥伴、形像大使運動員和我們的粉絲。非常感謝大家。

On a personal note, this was my first year as sole CEO. Spending time with our teams and communities has only deepened my belief in our unique combination of ambition and humility. I'm deeply grateful to our finance team for their support during this transition, and I'm incredibly excited to welcome Frank Sluis as our new CFO in May. Frank's global experience and shared values, making the perfect partner to help elevate on to the next level as we continue to chart our own course.

就我個人而言，今年是我擔任唯一執行長的第一年。與我們的團隊和社區成員相處的時間，更加深了我對我們兼具雄心壯志和謙遜品質的獨特信念。我衷心感謝財務團隊在此過渡期間給予的支持，並非常高興地歡迎 Frank Sluis 於 5 月擔任我們的新任財務長。Frank 的全球經驗和共同價值觀，使我們成為完美的合作夥伴，能夠幫助我們提升到新的水平，繼續規劃我們自己的發展道路。

Our Q4 results are a direct reflection of the strong momentum of the On brand globally. The final month of the year [was] a true reflection of the work done in the preceding quarters. We held our discipline and our commitment to premium execution across all regions. Even during Black Friday and Cyber Monday, new customer acquisition was led by full price purchases. Despite being less promotional, we outperformed our growth expectations.

我們第四季的業績直接反映了On品牌在全球範圍內的強勁發展勢頭。年底最後一個月真實反映了前幾季的工作成果。我們始終堅持紀律，並致力於在所有地區提供優質的服務。即使在黑色星期五和網路星期一期間，新客戶的獲取主要也是透過全價購買實現的。儘管我們減少了宣傳推廣，但我們的成長表現仍超出了預期。

Net sales reached CHF743.8 million, increasing 22.6% year-on-year and 30.6% at constant currency, significantly ahead of our updated guidance in November. Our direct-to-consumer channel delivered another outstanding quarter. Net sales reached CHF360.6 million, growing 21.7% reported and 3% constant currency, an impressive result on top of a very demanding prior year comparison. Our globally coordinated holiday campaign amplified brand heat, attracted new customers and drove high repeat engagement, while disciplined full price execution was clearly visible across all regions. Our retail network continues to express the brand at its highest standards.

淨銷售額達到 7.438 億瑞士法郎，年增 22.6%，以固定匯率計算成長 30.6%，遠超我們 11 月更新的預期。我們的直銷管道又迎來了一個出色的季度。淨銷售額達到 3.606 億瑞士法郎，按報告匯率計算增長 21.7%，按固定匯率計算增長 3%，在去年同期業績非常強勁的情況下，這是一個令人印象深刻的成績。我們全球協調的假日行銷活動提升了品牌熱度，吸引了新客戶，並推動了高復購率，同時，嚴格的全價執行在所有地區都清晰可見。我們的零售網絡將持續以最高標準展現品牌形象。

During the quarter, recent openings, including Tokyo, Ginza, Madrid, Stanford and our two sole locations, performed strongly, with many exceeding expectations and ranking among the top-performing locations in our store network. Across the existing fleet, productivity rose further even as the network expanded with particularly strong performances from stores in Paris, Miami and Hong Kong. This sustained productivity growth reflects both the strength and the scalability of our retail strategy.

本季度，包括東京、銀座、馬德里、史丹佛以及我們僅有的兩家門市在內的新開幕門市表現強勁，其中許多門市的業績超出預期，並躋身我們門市網絡中業績最佳的門市之列。在現有車隊中，即使網路不斷擴張，生產力也進一步提高，其中巴黎、邁阿密和香港的門市表現特別強勁。這種持續的生產力成長反映了我們零售策略的實力和可擴展性。

Wholesale also delivered exceptional results, outperforming our expectations, driven by strong sell-through numbers and sustained demand from key accounts in the Americas and EMEA together with strong momentum across our distribution markets in Southeast Asia, net sales reached CHF383.2 million, increasing 23.4% year on year and 31.2% at a constant currency.

批發業務也取得了優異的成績，超出了我們的預期，這得益於美洲和歐洲、中東及非洲地區主要客戶的強勁銷售和持續需求，以及我們在東南亞分銷市場的強勁勢頭，淨銷售額達到 3.832 億瑞士法郎，同比增長 23.4%，按固定匯率計算增長 31.2%。

Looking across regions, the Americas delivered net sales of CHF434.3 million, growing 12.8% reported and 21.3% at constant currency. Close to 50% of net sales were driven by our D2C channels. Even during the most promotional period of the year, our full price execution held firm and demand remains strong.

從各地區來看，美洲地區的淨銷售額為 4.343 億瑞士法郎，按報告匯率計算增長了 12.8%，以固定匯率計算增長了 21.3%。近 50% 的淨銷售額來自我們的 D2C 通路。即使在一年中促銷力道最大的時期，我們的全價執行力道依然堅挺，市場需求依然強勁。

Within D2C, we saw particular strength in our core running franchises, which grew their share of sales by over 5 percentage points. Our performance in D2C was complemented by exceptional demand across wholesale, where our key account partners are leaning further into the brand. Expanding space, elevating presentation and driving strong sell-through. Europe, Middle East and Africa maintained excellent trajectory with net sales which [in] CHF183 million, increasing 24.2% year on year and 27.5% at constant currency. Growth was brought across markets and channels.

在 D2C 領域，我們看到核心連鎖加盟店表現特別強勁，其銷售份額成長超過 5 個百分點。我們在 D2C 領域的出色表現，也得益於批發領域的強勁需求，我們的主要客戶合作夥伴正在進一步加強對該品牌的投入。擴大空間，提升展示效果，並推動強勁的銷售。歐洲、中東和非洲保持了良好的發展勢頭，淨銷售額達 1.83 億瑞士法郎，年增 24.2%，以固定匯率計算成長 27.5%。成長遍及各個市場和通路。

Momentum in the German-speaking region built further into year-end, the UK remained very strong across all channels, and Southern Europe continued to scale rapidly. The opening of our first store with a distributor partner in Rehard in November marked an important milestone and is already driving incredible strong consumer response. Asia Pacific delivered another exceptional quarter.

德語區的成長勢頭在年底進一步增強，英國在所有渠道都保持強勁勢頭，南歐繼續快速擴張。11 月，我們在雷哈德與分銷合作夥伴開設了第一家門市，這標誌著一個重要的里程碑，並且已經獲得了消費者的強烈反響。亞太地區又迎來了一個表現卓越的季度。

First of solidifying its role as a key growth driver for the brand. Net sales reached CHF126.5 million increasing 70.8% reported and 85.1% at constant currency. We continue to see deep resonance and incredibly high demand across the entire region and in all channels. We saw outstanding results from our Double 11 execution in China. Ranking top 5 on Tmall for footwear over $140 in December.

首先要鞏固其作為品牌關鍵成長驅動力的地位。淨銷售額達 1.265 億瑞士法郎，按報告匯率計算成長 70.8%，以固定匯率計算成長 85.1%。我們持續看到整個地區和所有管道都產生了強烈的共鳴和極高的需求。我們在中國雙十一活動的執行取得了顯著成效。12 月在天貓 140 美元以上鞋類商品排行榜中位列前 5 名。

This momentum carried into a very strong Chinese New Year performance. with in-store traffic in China more than doubling relative to our baseline. During the holiday, we saw our highest productivity globally in two of our Hong Kong stores, and a stellar performance in our recently opened Shenzhen flagship, our largest retail store in China. This location is capturing a high share of GenZ consumers and delivering an over 20% apparel share.

這股動能延續到了非常強勁的春節期間，中國地區的門市客流量比基準水準增加了一倍以上。假期期間，我們在香港的兩家門市實現了全球最高的生產力，而我們最近開幕的深圳旗艦店（我們在中國最大的零售店）也取得了優異的業績。該地點吸引了大量 Z 世代消費者，服裝市場份額超過 20%。

With Asia Pacific now suppressing the CHF0.5 billion mark for the full-year 2025, we are proving that scale and premium can and do go hand-in-hand. Across product categories, it is inspiring to see how we are earning our place across the full spectrum of our fans stay. And that's happening not just on their feet, but on their bodies as well. Net sales from shoes reached CHF687.3 million. Increasing 20.8% reported and 28.8% at constant currency. Performance running maintains strong forward progress, supported by the Cloudsurfer franchise and the strong launch of the Cloudsurfer Max earlier in the year.

亞太地區目前已將 2025 年全年銷售額控制在 5 億瑞士法郎以內，證明規模和溢價可以而且確實可以齊頭並進。在各個產品類別中，我們努力贏得粉絲們的青睞，這令人振奮。這種情況不僅發生在他們的腳上，也發生在他們的身上。鞋類淨銷售額達6.873億瑞士法郎。據報告成長 20.8%，以固定匯率計算成長 28.8%。高性能跑步機業務保持強勁成長勢頭，這得益於 Cloudsurfer 系列產品以及今年稍早 Cloudsurfer Max 的強勢上市。

We continue to strengthen our connection with both dedicated [and] everyday runners in Q4. We across other verticals, franchises such as Cloud, Cloudtilt and the Roger also delivered excellent momentum. Apparel continues to become an increasingly important entry point into the brand. The share of new customers acquired through apparel grew from 6% to 10%. Net sales reached CHF45.1 million, growing 38.3% reported and 46% at constant currency against a tough prior year comparative.

第四季度，我們將繼續加強與專業跑者和一般跑者的聯繫。在其他垂直領域，像 Cloud、Cloudtilt 和 Roger 這樣的特許經營品牌也取得了良好的發展勢頭。服裝正日益成為品牌的重要切入點。透過服裝管道獲得的新客戶份額從 6% 增長到 10%。淨銷售額達 4,510 萬瑞士法郎，以報告匯率計算成長 38.3%，以固定匯率計算成長 46%，而去年同期基數較高。

Growth was particularly pronounced in D2C, where [par] forward store concepts are delivering measurable improvements in key retail KPIs, including conversion. Performance running and training lead growth, supported by strong reception of new Court and courtside collections in performance tennis.

D2C 領域的成長尤其顯著，其中 [par] 前置門市概念在關鍵零售 KPI（包括轉換率）方面帶來了可衡量的改進。競技跑步和訓練引領成長，而新款 Court 和 Courtside 系列在競技網球領域也廣受歡迎。

Turning to profitability, we delivered another outstanding gross margin, reaching a new Q4 high of 63.9%. That is up 180 basis points year on year. and materially ahead of our latest guidance. This result reflects our strategy at its best, an unwavering commitment to disciplined full price execution.

在獲利能力方面，我們再次取得了優異的毛利率，第四季毛利率達到 63.9%，創歷史新高。這比去年同期上升了180個基點，並且大幅高於我們最新的預期。這一結果充分體現了我們策略的最佳效果，即堅定不移地堅持以全價執行。

Supported and strengthened by sustainable operating efficiencies. It's a powerful combination, alongside favorable foreign exchange dynamics allowed us to fully absorb external pressures like higher US import tariffs and still expand our profitability, clear proof of the strength of our execution.

可持續的營運效率為其提供了支持和加強。強大的組合，加上有利的外匯市場環境，使我們能夠充分吸收美國提高進口關稅等外部壓力，並繼續擴大盈利能力，這清楚地證明了我們執行力的強大。

SG&A, excluding share-based compensation, was 50.9% of net sales, up 40 basis points year-on-year. This modest increase reflects the conscious and decisive choice. Our relentless focus on operational excellence is generating significant savings, particularly in distribution. We are strategically redeploying those savings to fuel our biggest growth drives. Our global retail expansion and brand building.

不包括股權激勵費用，銷售、一般及行政費用佔淨銷售額的 50.9%，較去年同期成長 40 個基點。這一小幅成長反映了深思熟慮且果斷的選擇。我們始終堅持追求卓越運營，從而節省了大量成本，尤其是在分銷方面。我們將策略性地重新部署這些節省下來的資金，以推動我們最大的成長項目。我們的全球零售擴張和品牌建立。

This is a key tenet of our philosophy. Our growth is self-funding. It demonstrates our commitment to scaling with discipline by delivering strong top line and bottom line growth.

這是我們理念的核心原則之一。我們的成長是自籌資金的。這體現了我們致力於以嚴謹的態度實現規模化發展，並取得強勁的營收和利潤成長。

Moving to our balance sheet, our commitment to disciplined, high-impact growth is clear. We continue to demonstrate remarkable capital efficiency. In Q4, capital expenditure was CHF28.6 million representing 3.8% of net sales, up 50 basis points year on year, representing significant targeted investments in our retail expansion, innovative infrastructure and supply chain capabilities. Our year-end inventory stood at CHF419.8 million.

從我們的資產負債表來看，我們對穩健、高影響力成長的承諾是明確的。我們持續展現出卓越的資本效率。第四季資本支出為 2,860 萬瑞士法郎，佔淨銷售額的 3.8%，年增 50 個基點，代表我們在零售擴張、創新基礎設施和供應鏈能力方面的大量有針對性投資。年末庫存為 4.198 億瑞士法郎。

Net working capital improving to 18.9% of net sales. As in prior quarters, the underlying volume of products grew faster than the reported value due to the negative currency translation.

淨營運資本佔淨銷售額的比例改善至 18.9%。與前幾季一樣，由於匯率波動，產品的實際銷售成長速度超過了報告的銷售量。

Volume growth is more in line with our sales expectations for 2026. We're also very pleased with the composition of our inventory across all channels putting us in a strong position ahead of our Q1 launches, Cloudrunners 3 and Cloudmonster 3. Driven by our strong profit and precise planning, we generated CHF359.5 million operating cash flow in 2025 and ended the year with a milestone moment. Crossing the CHF1 billion mark in cash. This is the strongest cash position in our history, providing us with the power and flexibility to continue investing into our future.

銷售成長更符合我們對 2026 年的銷售預期。我們對各通路的庫存組成也非常滿意，這使我們在第一季推出 Cloudrunners 3 和 Cloudmonster 3 之前處於有利地位。憑藉強勁的盈利能力和精準的計劃，我們在 2025 年實現了 3.595 億瑞士法郎的經營現金流，並以一個里程碑式的時刻結束了這一年。現金總額突破10億瑞士法郎大關。這是我們歷史上最強勁的現金儲備，使我們有能力和靈活性繼續投資未來。

Now, looking ahead, 2026 will be defined by our commitment to premium growth by exciting brand moments and a very strong pipeline rooted in innovation and performance. As I mentioned earlier, our vision is powered by a unique financial engine. Our strong brand momentum, combined with high gross profit margins, allow us to treat bigger, accelerate product innovations and reinvest into standout customer experiences and our culture while consistently delivering strong adjusted EBITDA growth.

展望未來，2026 年我們將致力於透過令人興奮的品牌時刻和以創新和業績為基礎的強大產品線，實現高端成長。正如我之前提到的，我們的願景是由獨特的金融引擎所驅動的。我們強大的品牌勢頭，加上高毛利率，使我們能夠進行更大規模的擴張，加速產品創新，並將資金再投資於卓越的客戶體驗和企業文化，同時持續實現強勁的調整後 EBITDA 成長。

David highlighted the [pick] projects that will reshape our industry. But I want to emphasize the operational groundwork behind them. Throughout 2025, our engineers and scientists laid the foundation for market first advances in technology. With the upcoming launch of the Cloudsurfer 3 in the second half of the year, we will introduce a world-first informed development. The combination of our unique CloudTec engineering with the new cereal phone delivers a step change in performance.

David重點介紹了將重塑我們行業的[精選]項目。但我想要強調的是它們背後的操作基礎工作。在 2025 年全年，我們的工程師和科學家為市場領先的技術進步奠定了基礎。隨著 Cloudsurfer 3 將於今年下半年發布，我們將推出全球首創的智慧開發技術。我們將獨特的 CloudTec 工程技術與新型穀物手機結合，實現了效能的飛躍式提升。

We are also innovating in how we manufacture at scale with the opening of our new LightSpray facility in South Korea last week. We increased our production capacity for this revolutionary technology. This moves LightSpray from a breakthrough concept to a meaningful commercial reality, starting with the Cloudmonster franchise. This trajectory of performance excellence is already visible in our recent launches and a strong start into 2026. The successful introduction of the Cloudrunners 3 in February reinforced our momentum.

我們也在大規模生產方式上進行創新，上週我們在韓國開設了新的 LightSpray 工廠。我們提高了這項革命性技術的產能。這使得 LightSpray 從突破性的概念轉變為有意義的商業現實，首先從 Cloudmonster 系列開始。這種卓越的業績軌跡已經體現在我們最近推出的產品中，並為 2026 年的強勁開局奠定了基礎。2 月份 Cloudrunners 3 的成功推出鞏固了我們的發展勢頭。

Furthermore, prelaunch activations for the Cloudmonster 3, one of our largest franchises generated exceptional consumer engagement. For example, at the marathon in Tokyo, the strength of our now complete Fall/Winter '26 order book, which exceeded our expectations, reflects high partner confidence in our product pipeline now our long-term trajectory. Apparel remains central to this evolution. In 2026, we will deepen its performance credibility, bringing proprietary and innovative materials to more consumers and unlocking the women's opportunity through refined studio and training collections.

此外，我們最大的系列產品之一 Cloudmonster 3 的預售活動也獲得了極佳的消費者參與度。例如，在東京馬拉鬆比賽中，我們已完成的 2026 年秋冬季訂單量超出預期，這反映出合作夥伴對我們產品線（即我們的長期發展方向）的高度信心。服裝在這演變過程中仍然佔據核心地位。2026年，我們將深化其性能信譽，為更多消費者帶來專有和創新材料，並透過改進工作室和訓練系列，釋放女性的潛力。

We will elevate our premium expression across all touch points. From higher productivity retail flagships to more immersive brand worlds within our key wholesale partnerships. This disciplined scaling ensures that our growth remains both brand accretive and highly profitable. All of this builds the foundation of our continued journey of sustainable growth as we enter the final year of our 3-year strategy. And it allows us to perform materially ahead of our 2026 growth and margin aspiration that we laid out almost 3 years ago at our Investor Day.

我們將提升所有接點的優質服務體驗。從生產力更高的零售旗艦店到我們主要批發合作夥伴中更具沉浸感的品牌世界。這種有條不紊的規模擴張確保了我們的成長既能提升品牌價值，又能帶來豐厚的利潤。這一切都為我們持續永續發展奠定了基礎，我們即將進入三年策略的最後一年。這使我們能夠大幅提前實現我們近 3 年前在投資者日上提出的 2026 年成長和利潤率目標。

In 2026, we expect net sales to grow at least 23% at constant currency. It is important to recognize that this now factors in a significantly higher base following our Q4 results and therefore, represents a further elevation of our ambition. Reflecting the compounding strength of the own brand as we continue to grow at an exceptional rate. Our continued outperformance has fundamentally shifted our trajectory. Now implying a 3-year constant currency CAGR from 2023 to 2026 of at least 30.5%.

預計到 2026 年，淨銷售額以固定匯率計算將至少成長 23%。值得注意的是，由於第四季業績公佈後基數大幅提高，因此，這代表著我們目標的進一步提升。隨著我們持續以驚人的速度成長，自有品牌的實力也日益增強。我們持續優異的表現從根本上改變了我們的發展軌跡。現在這意味著 2023 年至 2026 年的 3 年固定匯率複合年增長率至少為 30.5%。

The opportunities ahead are compelling. Underpinned by the continued strength of demand we see across the entire business. We anticipate robust, high-quality growth to persist across all regions. Furthermore, our relentless innovation in footwear and apparel is engineered to drive an even more premium mix, leading to D2C outperforming wholesale. As part of this category expansion, we expect apparel to meaningfully outpace overall growth.

未來的機會令人振奮。整個業務持續強勁的需求支撐著這一趨勢。我們預計所有地區都將持續保持強勁、高品質的成長。此外，我們在鞋類和服裝領域不斷創新，旨在打造更高端的產品組合，從而使 D2C 業務的表現優於批發業務。作為此次品類擴張的一部分，我們預期服飾品類的成長速度將顯著超過整體成長速度。

This further elevation of our D2C share is a strategic catalyst. It allows us to expand our member base. and engage more directly with our fans, leveraging the unique opportunities created by our ongoing investments in technology.

我們D2C業務份額的進一步提升是一個策略催化劑。它使我們能夠擴大會員基礎，並利用我們持續投資科技所創造的獨特機遇，更直接地與粉絲互動。

By fostering deeper connections, we are positioned to achieve increased engagement, significantly higher repurchase rates and ultimately, stronger customer lifetime values. As we grow, we remain intentional about every step forward, ensuring we build a lasting premium community. We are navigating an exceptional currency environment. At current spot rates, we anticipate of a reported net sales target of at least CHF3.44 billion. These foreign exchange fluctuations do not affect the underlying health or strength of our business.

透過建立更深層的聯繫，我們得以提高客戶參與度，大幅提高復購率，並最終提升客戶終身價值。隨著我們的發展，我們始終謹慎行事，確保每一步都走得穩妥，從而建立一個持久的優質社區。我們正處於一個特殊的貨幣環境。以目前現貨匯率計算，我們預期報告的淨銷售額目標至少為 34.4 億瑞士法郎。這些外匯波動不會影響我們業務的基本健康狀況或實力。

Alongside the raise of our '23 to '26 top line CAGR, we expect the full year gross margin of at least 63% above our 2025 results despite the additional impact from tariffs. The sustain desirability of our brand. The continued expansion of our premium full price offer, cumulative benefits of our operational efficiencies and an ongoing shift towards our D2C channel. Alongside some foreign exchange tailwinds are expected to drive new highs to our margin. As outlined in our last call, the combination of strong net sales growth and exceptional gross profit generation allows us to accomplish three strategic objectives simultaneously.

隨著 2023 年至 2026 年營收複合年增長率的提高，儘管受到關稅的額外影響，我們預計全年毛利率將比 2025 年的業績高出至少 63%。我們品牌的持續吸引力。我們不斷擴大高端全價產品供應，營運效率不斷提高，並持續向 D2C 通路轉型。一些外匯市場的利多因素預計將推動我們的利潤率創下新高。正如我們在上一次電話會議中所述，強勁的淨銷售額成長和卓越的毛利創造相結合，使我們能夠同時實現三個策略目標。

Offset material foreign exchange headwinds on our Swiss franc heavy cost base, accelerate targeted investments into our brand, technology and innovation pipeline, and elevate our profitability outlook for the year. We now expect an adjusted EBITDA margin in the range of 18.5% to 19%, significantly beyond the 18% target set at our Investor Day in 2023. We are confident that when we look back at 2026 in a year from now, we will be able to share that we have built the foundation for something much bigger through our relentless innovations, incredible products, unique brand moments, but most importantly, through an even larger and more powerful team.

抵銷瑞士法郎成本基礎面臨的重大外匯不利因素，加速對品牌、技術和創新管道的定向投資，提高我們今年的獲利預期。我們現在預計調整後的 EBITDA 利潤率將在 18.5% 至 19% 之間，遠高於我們在 2023 年投資者日設定的 18% 的目標。我們相信，一年後當我們回望 2026 年時，我們將能夠分享說，我們已經透過不懈的創新、卓越的產品、獨特的品牌時刻，但最重要的是，透過一支規模更大、實力更強的團隊，為更偉大的事業奠定了基礎。

With that, thank you to our investment community for your continued trust and partnership over the past year and as we look to the horizon. Operator, we are now ready to open the line for Q&A.

在此，感謝各位投資界人士在過去一年中對我們的持續信任與合作，展望未來，我們將繼續攜手前行。操作員，我們現在可以開通問答環節了。

(Operator Instructions) Jonathan Komp, Baird.

（操作說明）喬納森·康普，貝爾德。

Yes. Martin, could you talk a little bit more about your expectations for growth across regions at a high level for 2026? And maybe more specifically, when you look at North America, what are some of the key drivers that stand out to you? And how are your partners accepting some of the new innovation as they build out their assortments?

是的。Martin，您能否再詳細談談您對 2026 年各地區成長的整體預期？更具體地說，當您審視北美市場時，您認為有哪些關鍵驅動因素最為突出？您的合作夥伴在拓展產品組合的過程中，對這些新創新持何態度？

The on-prem is extremely hot in every part of the world. And I think if we look into 2026, our we have clearly the strongest product pipeline in terms of innovation and performance that we ever had. We will redefine how running shoe performs and fields, LightSpray is not just a manufacturing revolution. It's a revolution on really how upper materials allow us to provide a new sensation for runners in terms of lightness and feel.

全球各地的現場環境都非常炎熱。我認為，展望 2026 年，我們顯然擁有有史以來最強大的產品線，無論從創新還是性能方面來看都是如此。我們將重新定義跑鞋的性能和場地，LightSpray 不僅僅是一場製造革命。鞋面材質的革新真正改變了跑鞋的輕盈感和穿著感受，為跑者帶來全新的體驗。

With the Cloudmonster and the Cloudrunner, we are relaunching two of our three most important franchises in the category. You see the amazing success that we have with apparel as a growth engine on an ever-growing base. And then when it comes to our premium position, we are so clear that where we are and where we are going and how we are charting our own way. And this is a global story. This is the momentum that we have all around the world. And as a result, we are seeing a much broader demographic coming into the brand.

透過 Cloudmonster 和 Cloudrunner，我們將重新推出該類別中最重要的三個系列中的兩個。您可以看到，我們憑藉服裝這一成長引擎，在不斷增長的用戶群中取得了驚人的成功。至於我們的高端市場地位，我們非常清楚我們身處何地、我們將走向何方，以及我們如何規劃自己的道路。這是一個全球性的故事。這就是我們目前在全球範圍內所擁有的發展勢頭。因此，我們看到更廣泛的人群開始關注這個品牌。

The growth with the 15 to 35 is the strongest across all the demographics. And so we expect very strong growth rates in each of the regions. And as we said, we expect a stronger growth rate in our D2C channel, given the innovation investments that we also made in technology, our expansion of own retail. And we had a good start into the year across all the different regions. We expect that the first half of the year is growing slightly higher than the full year. We leave him some cautioning for the second half of the year.

在所有人口統計群體中，15至35歲族群的成長最為強勁。因此，我們預計各個地區的成長率都將非常強勁。正如我們所說，鑑於我們在技術創新方面的投資以及自有零售業務的擴張，我們預計 D2C 通路的成長率將更加強勁。今年年初，我們在各個地區都取得了良好的開局。我們預計上半年增速將略高於全年增速。我們對他下半年的表現留有一些提醒。

We indicated that we have a very strong order book, which puts us in a good position also for the second half to deliver additional growth. So I think the momentum that you have seen in our numbers in '25 and especially also in Q4, just reflects the momentum of the brand.

我們表示，我們擁有非常強勁的訂單儲備，這使我們處於有利地位，能夠在下半年實現進一步成長。所以我認為，你們從我們 2025 年的數據，特別是第四季的數據中看到的勢頭，正好反映了品牌的發展勢頭。

And Jon, this is David. I believe you have been at our CRE at the running event in San Antonio and have seen all the behind-the-scenes innovation that is coming, so we're really also extremely excited how the run specialty community is reacting to that. I think they voted us the most innovative memorable booth at CRE. And that probably speaks to the excitement and you already see how we're winning share in running, and this will continue with all the exciting innovation that comes from us in CloudTec also in SuperFoams and, of course, in [upper] and the whole manufacturing revolution in LightSpray.

喬恩，這位是大衛。我相信您已經參加了我們在聖安東尼奧舉辦的跑步活動，並看到了所有即將推出的幕後創新，因此我們也對跑步專業社群對此的反應感到非常興奮。我認為他們投票選我們為CRE展會上最具創新性和最令人難忘的展位。這或許說明了我們的興奮之情，你已經看到我們在跑步領域是如何贏得市場份額的，而隨著我們在 CloudTec、SuperFoams 以及 [upper] 和 LightSpray 的整個製造革命中所有令人興奮的創新，這種情況還將繼續下去。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Just on the wholesale distribution, I think you said that you're in 40% to 50% of your major wholesale doors with our US partners. Wondering how you're thinking about expanding that this year. Do you see the opportunity to add more doors, or is it more shelf spacing category driven? And then just broadly, if you could give us some insights as to how you're planning global door expansion this year.

就批發分銷而言，我想您說過，您與美國合作夥伴在主要批發管道的覆蓋率達到了 40% 到 50%。想知道您今年打算如何拓展這項業務。您認為有機會增加更多櫃門，還是說貨架間距的劃分更多取決於貨架類別？然後，能否請您大致介紹一下您今年的全球門市擴張計畫？

Yes. I think the important way to look at this is we still have 50% opportunity to expand in basically all of the key accounts all around the world. And we are so laser focused on growing our brand in a very premium in a very durable, long-standing way. And at the same time, the opportunity is right there. We could grow at a higher pace. But we are fully committed to that elevating that customer experience also driving a higher share of [parcels] in our key accounts.

是的。我認為看待這個問題的重要角度是，我們仍然有 50% 的機會在全球所有主要客戶中實現擴張。我們正全力以赴，以持久、長遠的方式，打造高端品牌。同時，機會就在眼前。我們可以以更快的速度成長。但我們完全致力於提升客戶體驗，同時也希望提高我們重點客戶的包裹量份額。

And if we look further out, there are many opportunities to expand our product portfolio to then drive additional growth even on a same-store base in the stores that we are in. And while wholesale remains an incredibly important partner, as I said, we expect that our D2C channel continues to outgrow our wholesale channel, allowing us to just deepen the direct relationship with our consumers, and at the same time, really showcasing the brand in a more premium way to elevate our premium assortment, reach new price points, like David alluded to the Cloud [solo] and the Loewe collection, so I think really, what we are what we are doing with the brand and direction where we are going, will allow us to grow comp stores, expand in new stores, and then drive incremental D2C share into the rent.

如果我們放眼未來，就會發現有很多機會可以擴展我們的產品組合，從而在現有門市的基礎上推動進一步成長。正如我所說，雖然批發管道仍然是極其重要的合作夥伴，但我們預計我們的 D2C 管道將繼續超越批發管道，這將使我們能夠加深與消費者的直接聯繫，同時以更高端的方式真正展示品牌，提升我們的高端產品系列，達到新的價格點，就像 David 提到的 Cloud（solo）和 Loewe 系列一樣。所以我認為，我們正在做的，我們正在做的，以及我們未來的發展方向，將使我們能夠發展同店，拓展新店，然後將 D2C 的份額逐步提高到租金水平。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃，派珀·桑德勒。

You mentioned coming into '26 in a position of strength and pipeline of innovation of the best you've ever seen. Should we think strong momentum from the holiday is continuing so far into '26? Just a little bit of color on that. And with the expectation for DTC to outperform wholesale again in '26, just curious, can you talk about what kind of growth did you see in your database in '25? And any color on the new customer adds, specifically with the younger consumer?

你提到，進入 2026 年，公司擁有強大的實力和前所未有的創新儲備。我們是否應該認為假期帶來的強勁勢頭會延續到 2026 年？稍微加點顏色。鑑於預計 DTC 在 2026 年將再次超越批發業務，我很好奇，您能否談談您在 2025 年的資料庫中看到了怎樣的成長？對於新增客戶，特別是年輕消費者群體，是否有任何顏色的色彩？

So probably just kind of talking to D2C and retail extension. It's fantastic to see how our brand becomes really super multidimensional across regions, across channels, across product. And retail is a super important factor in that because as the most premium global sports brand that we want to be, it's about really serving our consumer, this movement class that I have been speaking about in a very premium way.

所以可能主要就是跟D2C和零售通路拓展談談。看到我們的品牌在各個地區、各個管道、各個產品領域都變得如此多元化，真是太棒了。零售在其中扮演著極其重要的角色，因為作為我們想要成為的最高端的全球運動品牌，我們真正關注的是以非常高端的方式服務我們的消費者，服務我一直在談論的這種運動類型。

We can do that in our D2C channel. We can especially also do it in our retail channels that gives us the opportunity to present our product in the most exciting way. And so if you're seeing how we are presenting apparel in a very, very exciting way to consumers, you also understand why this becomes a very important entry point, especially also for our young consumer. Also when it comes to basket ads, [often], it's the fastest way how consumers add additional items in apparel in our D2C channel. And of course, the way how you can experience TriTech, SenseTec but then also all the new innovation in our product footwear is very, very exciting in retail.

我們可以在我們的D2C頻道中做到這一點。我們尤其可以在零售通路中做到這一點，這讓我們有機會以最令人興奮的方式展示我們的產品。因此，如果您看到我們是如何以非常、非常令人興奮的方式向消費者展示服裝的，您也會明白為什麼這會成為一個非常重要的切入點，尤其對於我們的年輕消費者而言。此外，就購物車廣告而言，[通常]這是消費者在我們 D2C 管道中添加更多服裝商品的最快方式。當然，在零售領域，您能夠體驗到 TriTech、SenseTec 以及我們產品鞋類的所有創新之處，這真的非常令人興奮。

And this development goes hand-in-hand with being more attractive to also a younger consumer group. And again, this is not a replacement, it's an additional consumer group that comes into the brand. And at the same time, we know there's still a huge untapped opportunity also with the younger male consumer that we are clearly going after in the near-term future.

這項發展也與吸引更多年輕消費族群密不可分。再次強調，這並不是替代品牌，而是為該品牌引入了一個額外的消費群體。同時，我們也知道，在年輕男性消費者群體中仍然存在著巨大的未開發機會，這顯然是我們近期要專注於爭取的目標群體。

But, I mean, we expect the next drop of our co-created power products with Zendaya in 2 months from now. Clearly, those are products that very strongly resonate with the younger [a] consumer Cloudsurfer server. Those are products that skewing much stronger to the younger consumer. So this is an important pillar of growth and at the same time, as I said, with all the innovation that comes in the running space. We clearly expect an acceleration of winning share on the key running rounds all around the world.

但我的意思是，我們預計與 Zendaya 共同打造的下一批能量產品將在兩個月後上市。顯然，這些產品與年輕的消費者 Cloudsurfer 伺服器產生了非常強烈的共鳴。這些產品更受年輕消費者的青睞。所以這是成長的重要支柱，同時，如我所說，跑步領域也充滿了創新。我們預計在全球各地的主要賽道上，市場份額將加速成長。

Thierry Cota, Bank of America.

Thierry Cota，美國銀行。

Three questions for me. First, do you confirm that you will organize a CMD in the second half? And if yes, what do you think are the key investor questions that you want to address in the CMD.

我有三個問題。首先，您能否確認下半年會舉辦CMD會議？如果答案是肯定的，您認為您希望在股東會上解答投資人最關心的問題是什麼？

Secondly, you expect a 10-point slowdown, if I'm not wrong, of the organic growth rate for the group this year, it's pretty large. Can you tell us what regions and what categories do you expect will drive this drop? And lastly, on the LightSpray product, you highlighted how much [sat] production capacity you're going to have this year with the South Korean opening. Can you give us an idea of the percentage of volume that will be under LightSpray in '26 and in '27, approximately, please.

其次，如果我沒記錯的話，預計今年該集團的有機成長率將放緩 10 個百分點，這幅度相當大。您能否告訴我們，您預計哪些地區和哪些類別會出現這種下降趨勢？最後，關於 LightSpray 產品，您重點介紹了隨著韓國工廠的投產，今年您將擁有多少 [sat] 產能。請問您能否大致估算 LightSpray 在 2026 年和 2027 年的銷售佔比？

Yes. So just on the Investor Day, we clearly will do an Investor Day to outline our big aspirations that we have for the years to come. We are currently looking into the dates. We are -- we're trending a bit more towards the first quarter of next year. Also given that Frank is just starting as the new CFO, and I think it would be important to develop that journey together. So at the moment, we expect it more to be in early next year. David, do you want to talk a bit about LightSpray?

是的。因此，在投資者日當天，我們顯然會舉辦投資者日活動，概述我們對未來幾年的宏偉願景。我們目前正在核實日期。我們目前的情況是——我們傾向於將時間推遲到明年第一季。鑑於弗蘭克剛上任財務官，我認為與他共同規劃這段發展歷程非常重要。所以目前來看，我們預計最快也要到明年初才能實現。大衛，你想聊聊 LightSpray 嗎？

I mean, LightSpray is fast developing. I mean, 2024 was when we had proof of concept, Hellen Obiri winning the Boston Marathon 2025 is when we really expanded with our athlete community. The Cloudboom Strike LS has been at the feed, winning gold metals, world champion titles, and Hellen Obiri winning the New York Marathon.

我的意思是，LightSpray發展迅速。我的意思是，2024 年我們得到了概念驗證，2025 年 Hellen Obiri 贏得波士頓馬拉松，我們才真正擴大了我們的運動員社群。Cloudboom Strike LS 一直表現出色，贏得了金牌、世界冠軍頭銜，並幫助 Hellen Obiri 贏得了紐約馬拉松。

Now, this is clearly the year very scaling. You've seen how we opened the Busan LightSpray Factory. That gives us a trifold increase in terms of capacity. So going from thousands of shoes to hundred thousands of shoes, and so it really leads to the democratization of this technology.

現在看來，今年顯然是規模非常龐大的一年。您已經看到了我們是如何開設釜山 LightSpray 工廠的。這樣一來，我們的產能就增加了兩倍。因此，從幾千雙鞋到幾十萬雙鞋，這確實促進了這項技術的普及。

Now, also with the Cloudmonster 3 LightSpray coming along, so it's really broadening out. So this is not just a product for athletes, this is really a product for the right market. And we've just seen how the Cloudboom Strike that we now made for the first time available to broader user base sold out in two weeks. So we're very, very positive about the momentum of this technology.

現在，隨著 Cloudmonster 3 LightSpray 的推出，產品線正在不斷擴展。所以這不僅僅是運動員的產品，這是一款真正面向合適市場的產品。我們剛剛看到，我們首次向更廣泛的用戶群推出的 Cloudboom Strike 在兩週內就售罄了。因此，我們對這項技術的發展動能非常非常樂觀。

When it comes to the growth rate by region. As I said before, we expect strong momentum across all the different regions. Very clearly, Americas is our strongest -- largest region, and we will not be able to put out such a strong growth outlook without full confidence in that region. Asia-Pacific had an amazing run more than doubling quarter over quarter.

就各地區的成長率而言。正如我之前所說，我們預計各個地區都將呈現強勁的成長動能。非常顯然，美洲是我們最強大、最大的地區，如果我們對該地區沒有十足的信心，我們就無法給出如此強勁的成長預期。亞太地區表現驚人，季度環比成長超過一倍。

I think given the fact that this is now a CHF500 million business, we also need to be realistic on the on the speed of growth and maintaining the premiumness of growth. So I think being more conscious on the growth rates here, it's just super important in the benefit of this multibillion opportunity that is there here for the years to come. And we are super excited about Europe because it's -- the momentum there from UK to Southern Europe, but also the accelerated momentum in Central Europe. I think is huge. So again, it's going to be a continuous story of strong growth across all the different regions and all product groups and channels.

我認為，鑑於這已經是一個價值 5 億瑞士法郎的業務，我們也需要對成長速度和保持成長的優質性保持務實的態度。所以我認為，更加關注這裡的成長率至關重要，因為這關係到未來幾年這裡蘊藏的數十億美元的機會。我們對歐洲市場感到非常興奮，因為從英國到南歐，以及中歐，市場的發展動能都在加速。我認為這非常重要。所以，所有不同地區、所有產品組和通路都將持續保持強勁成長。

I think probably a last point, Thierry, what's really important, we're building a brand not just for the next year but for the next decades. And so we see an incredible demand. You've just seen how our awareness just lifted from 20% to 30%. So really demand is incredible, but we're very, very disciplined in how we fill it in terms of which channels that we go, how we also pan [of] at stores, how we add to our digital community and how to also make sure that we build long-lasting franchises.

蒂埃里，我想最後一點，真正重要的是，我們打造的品牌不僅是為了明年，更是為了未來幾十年。因此，我們看到了巨大的需求。您剛才已經看到我們的認知度從 20% 提升到了 30%。所以，需求確實非常巨大，但我們在如何滿足這種需求方面非常有紀律，包括選擇哪些管道、如何在門市推廣、如何拓展我們的數位社區，以及如何確保我們建立長期的特許經營權。

Cristina Fernández, Telsey Advisory Group.

Cristina Fernández，特爾西諮詢小組。

I have two. I wanted to see if you could give more color on the 30% brand awareness, you mentioned the brand has gone to how it differs by region in customer demographic, if you can share those details. And two, on the gross margin, for the year, should we expect a higher gross margin in the first half of better strength, just given your comment on the sales growth being better earlier in the year?

我有兩個。我想請您更詳細地解釋一下30%的品牌認知度，您提到該品牌已經根據不同地區的客戶群特徵進行了調整，如果您能分享一下這些細節就太好了。第二，關於毛利率，鑑於您之前提到年初銷售成長較好，我們是否應該預期上半年毛利率會更高？

I mean, awareness is just through the roof. Good thing is there's also sell 70% of people that don't know us. So -- and there's a lot of potential as well. Of course, we are seeing in specific hubs, we see even higher awareness. So this is kind of the -- this is the overall awareness number.

我的意思是，人們的意識已經非常高了。好消息是，我們還有 70% 的客戶不認識我們。所以——而且也蘊藏著巨大的潛力。當然，在某些特定地區，我們看到人們的意識甚至更高。所以這算是——這是總體認知度數據。

But if you look at what we're going to build out this year with an incredible first co-created partnership with Zendaya and an academy winning director, doing that together with us with all the partnerships that continue with [Roche] with Loewe, so you can expect a lot of cultural relevance and heat that is continue to drive this awareness.

但如果你看看我們今年將要打造的東西，包括與 Zendaya 和一位奧斯卡獲獎導演的首次合作，以及我們與 [Roche] 和 Loewe 的所有持續合作，那麼你可以期待很多文化相關性和熱度，這將繼續推動這種意識。

And then on the gross margin. So really the strength in the gross margin is fundamental, and we expect this to be very strong throughout the whole year. Of course, Q4 with the highest D2C share usually will see -- is expected to see also the strongest gross margin what really is a strength that is deeply embedded in the business and will positively benefit each quarter, of course, compared to last year, the strongest upsides are then in the first two quarters. And very important, the guidance that we have given, a 63% and more is still based on the tariff regime that we have seen before the Supreme Court ruling. So it's embedded on the on the 20%.

然後是毛利率。因此，毛利率的強勁表現至關重要，我們預計全年毛利率都將保持強勁。當然，第四季D2C份額最高，預計毛利率也會最高，這確實是公司業務中根深蒂固的優勢，並將對每季產生正面影響。當然，與去年相比，最強勁的成長勢頭出現在前兩個季度。非常重要的一點是，我們給出的指導意見（63% 以上）仍然是基於最高法院裁決之前的關稅制度。所以它嵌入在20%之中。

Now, all our inventory, of course, is behind customs. So all customers change, it's always come in with a bit of a delay of two, three months. But if we are now seeing that the 15% or 10% incremental tariffs are becoming the new norm. There's even upside to the guidance that we have given. And then there are also no refunds embedded into our guidance at the moment, also this would come incremental and would just give us so many more opportunities to accelerate some of the strategic projects for the future.

當然，我們所有的庫存現在都在海關後面。所以所有客戶都會有所變動，總是會延遲兩到三個月才能到貨。但如果我們現在看到，15%或10%的增量關稅正在成為新的常態。我們提供的建議甚至還有正面的一面。此外，我們目前的指導方針中也沒有包含退款條款，而且退款將逐步進行，這將為我們帶來更多機會，加速推進未來的一些策略項目。

Aubrey Tianello, BNP Paribas.

奧布里·蒂亞內洛，法國巴黎銀行。

I'd love to hear more about EBITDA margin and specifically, how we should be thinking about the distribution and G&A line items in your guidance for 2026, but also how these shoe items should develop longer term beyond this year, especially after seeing some really nice leverage there in 4Q.

我很想了解更多關於 EBITDA 利潤率的信息，特別是關於您在 2026 年業績指引中對分銷和一般及行政費用項目的看法，以及這些鞋類項目在今年之後的長期發展趨勢，尤其是在第四季度看到一些非常不錯的槓桿效應之後。

I think we really see the incredible work that the operations and supply chain team is waiting there together with our partners, continue to automate our supply chain driving efficiencies. We have seen a huge improvement on the distribution line this year, and we expect that there's more upside in the future. And as we reiterated many times in the past, our focus is to drive incremental profitability in a very controlled way and to really reinvest into the brand, into building a much bigger business for the future while driving incremental profitability.

我認為我們確實看到了營運和供應鏈團隊與我們的合作夥伴一起所做的出色工作，他們一直在努力實現供應鏈自動化，從而提高效率。今年我們在分銷管道方面取得了巨大的進步，我們預計未來將有更大的發展空間。正如我們過去多次重申的那樣，我們的重點是以非常可控的方式提高獲利能力，並真正地將利潤再投資於品牌，為未來打造更大的業務，同時提高獲利能力。

And I think if you look into Q4, you see how we -- how this is working out and the ability that we had to reinvest into bigger brand stories into our holiday campaign clearly is driving the strong momentum and then so the positive outlook. And we'll continue to do this. So really combining the strong profitability and increasing profitability with those reinvestments.

我認為，如果你看看第四季度，你會發現我們——這一切進展順利，我們有能力將資金重新投入到更大的品牌故事中，用於我們的假日營銷活動，這顯然推動了強勁的發展勢頭，也帶來了積極的前景。我們將繼續這樣做。所以，真正將強勁的獲利能力和不斷增長的獲利能力與這些再投資結合起來。

Jay Sole, UBS Financial.

Jay Sole，瑞銀金融。

David, my question is for you. You talked a lot about building a community on a global basis in multi-categories as well. Can you just talk about how you think about the total size of the addressable market that you're going after, given the community that you see, and also maybe what market share you think of that total addressable market today and where you can go?

大衛，我的問題想問你。您也多次談到要在全球範圍內，在多個類別中建立一個社群。您能否談談您如何看待您所瞄準的目標市場總規模，考慮到您所看到的社區情況，以及您認為目前該目標市場的總市場份額是多少，還有您未來的發展方向？

And then maybe, Martin, just a follow-up on gross margin. You talked about some efficiencies that are going to be positive drivers of gross margin in fiscal '26. Can you outline what some of those efficiencies are? And that would be helpful.

然後，馬丁，或許可以再補充毛利率方面的問題。您談到了一些能夠提高效率的措施，這些措施將成為 2026 財年毛利率的積極驅動因素。能簡單介紹一下這些效率提升具體體現在哪些方面嗎？那會很有幫助。

Thank you for the question. Let me probably some out here a little bit. I spoke about the movement class and that this is not just a trend, but it's really a societal shift. And we believe that investing in one sales in -- is becoming much more important, and we've seen that over the last 10, 15 years, and we've been part of that story. Even if you look outside of our market, how you invest in yourself when it comes to travel, when it comes to food, just look at hotel prices or restaurant prices in the US and how this has been expanding 3x, 4x.

謝謝你的提問。讓我在這裡待一會兒。我談到了運動課程，並指出這不僅僅是一種潮流，而是一種真正的社會變革。我們相信，投資單一銷售管道正變得越來越重要，在過去 10 到 15 年裡，我們已經看到了這一點，而我們也參與了這個過程。即使放眼我們市場之外，看看你在旅行、美食等方面的投資，看看美國的酒店價格或餐廳價格，就會發現這些價格已經增長了 3 倍、4 倍。

So we feel there's a complete white space opening beyond how you traditionally think about the sportswear market. This is where we're tapping into. This is a huge growth opportunity, and we are best positioned to actually fill this demand because we're not just about utility, but we're very much about identity. You see that in the margins. You see it in the willingness of people to invest in our innovation, to invest into the cultural element of On and now increasingly also to invest into toe to head so -- which is an additional growth opportunity for us, and you see the growth rates behind it.

因此，我們認為，在運動服飾市場中，存在著一個完全空白的市場空間，這與你傳統上對運動服飾市場的認知截然不同。這就是我們著手的地方。這是一個巨大的成長機會，而我們最有能力滿足這項需求，因為我們不僅關注實用性，更關注身分認同。你可以在頁邊空白處看到這一點。這一點體現在人們願意投資我們的創新，投資 On 的文化元素，現在也越來越多地投資於正面交鋒——這對我們來說是一個額外的成長機會，你可以看到它背後的成長率。

And then to the gross profit margin. Really, fundamental driver here is our premium position and with that, the pricing power that we have. We were able to increase the average selling price of our products quite substantially. And this is not driven by price increases, but it's driven by the mix and the ability to basically bring the customer into higher price points.

然後是毛利率。實際上，根本驅動因素是我們高端的市場地位，以及由此而來的定價權。我們成功地大幅提高了產品的平均售價。這並非由價格上漲所驅動，而是由產品組合以及將顧客引導至更高價位的能力所驅動。

Well, which links to the opportunity that David just mentioned. Besides that, I mean, you see that our inventory position is very strong, so we can fully focus on full price sales. We made huge steps forward in planning our business, reducing the share of airfreight. And we are still scaling. We're scaling with our factories, which also gives us additional opportunities there to have a wider spread between purchase and selling price.

嗯，這和大衛剛才提到的機會有關。除此之外，我的意思是，你看，我們的庫存狀況非常強勁，所以我們可以全力以赴地進行全價銷售。我們在業務規劃方面取得了巨大進步，降低了空運份額。我們仍在擴大規模。我們的工廠正在擴大規模，這也為我們提供了更多機會，擴大採購價和銷售價格之間的差距。

And this concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。