On Holding AG (ONON) 2026 Q1 法說會逐字稿

Hello, my name is Ellie and I will be your operator for today. Welcome to the On Holding AG first-quarter 2026 results call. (Operator Instructions)

您好，我叫 Ellie，今天將由我擔任您的接線員。歡迎參加 On Holding AG 2026 年第一季業績電話會議。（接線員指示）

I’d now like to hand the call over to Liv Radlinger, Head of Investor Relations. Please go ahead.

接下來我想把電話交給投資人關係主管 Liv Radlinger。請開始。

Good afternoon and good morning to our investor community. Thank you for joining On’s first quarter earnings conference call and webcast. With me today on the call are Caspar Coppetti, Founder and co-CEO; Martin Hoffmann, outgoing CEO and CFO; and Frank Sluis, our new CFO as of May 1. David Allemann, Founder and Co-CEO, will also join us for the Q&A session.

各位投資人社群的朋友，午安與早安。感謝您參加 On 第一季財報電話會議與網路直播。今天與我一同出席的有：共同創辦人暨共同執行長 Caspar Coppetti、即將卸任的執行長兼財務長 Martin Hoffmann，以及自 5 月 1 日起上任的新任財務長 Frank Sluis。共同創辦人暨共同執行長 David Allemann 也將在問答環節加入我們。

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. Please refer to our annual report on Form 20-F for the 2025 fiscal year filed with the SEC on March 3, 2026 for a detailed discussion of such risks and uncertainties.

在開始之前，我先簡要提醒各位，今天的電話會議將包含符合聯邦證券法意義下的前瞻性陳述。這些前瞻性陳述僅反映我們目前的預期與信念，並受若干風險與不確定性影響，可能導致實際結果出現重大差異。關於此類風險與不確定性的詳細討論，請參閱我們於 2026 年 3 月 3 日向美國證券交易委員會（SEC）提交的 2025 會計年度 Form 20-F 年報。

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.

我們也將進一步引用若干非 IFRS 財務衡量指標，例如調整後 EBITDA 與調整後 EBITDA 利潤率。這些指標不應被單獨考量，亦不應作為依據 IFRS 會計準則呈列之財務資訊的替代。請參閱今日新聞稿，以取得與最可比 IFRS 指標之調節表。

Lastly, we present certain metrics in US dollars during this call using the exchange rate as set forth in the H.10 statistical release of the Federal Reserve Board as of March 31, 2026, solely for the convenience of our investors. We begin with Caspar, followed by Martin and Frank, leading through today’s prepared remarks, after which we are very much looking forward to opening the call for a Q&A session.

最後，為了投資人閱讀便利，我們在本次電話會議中以美元呈列部分指標，並採用美國聯邦準備理事會於 2026 年 3 月 31 日發布之 H.10 統計報告所列匯率。接下來將由 Caspar 開場，隨後由 Martin 與 Frank 進行今天的事先準備發言；之後我們非常期待開放問答環節。

With that, I’m very happy to turn the call over to Caspar.

那麼，我很高興把電話交給 Caspar。

Thank you and a very warm welcome, everyone, to our first quarter 2026 earnings call. It is a great pleasure to share more on an outstanding quarter. The year is off to an extremely strong start. Net sales exceeded CHF830 million, the first time we have crossed the CHF800 million mark, growing 26.4% at constant currency.

謝謝大家，並誠摯歡迎各位參加我們 2026 年第一季財報電話會議。很高興能分享這個表現出色的季度更多細節。今年開局極為強勁。淨銷售額超過 8.30 億瑞士法郎，這是我們首次突破 8.00 億瑞士法郎大關，按固定匯率計成長 26.4%。

At the same time, On’s disciplined focus on premium execution delivered exceptionally strong gross profit and adjusted EBITDA margins, a clear reaffirmation of our premium strategy. Demand is incredibly broad-based. Our strategy is resonating across regions, categories and channels, reaching more fans than ever before.

同時，On 對高端執行的紀律性聚焦，帶來了格外強勁的毛利率與調整後 EBITDA 利潤率，清楚再次印證我們的高端策略。需求面向極其廣泛。我們的策略在各地區、各品類與各通路皆引發共鳴，觸及的粉絲比以往更多。

You see it in our numbers, strong constant currency double-digit growth in the Americas, in EMEA and in APAC, and well over 50% constant currency growth in apparel globally as we continue our strategy of growing toe to head. These are numbers we are extremely proud of. As our business becomes more global and more multidimensional, our vision to be the most premium global sportswear brand is only becoming clearer, and we are even more committed to continuing to chart our own course. You see it in the products we create, the innovation we bring to market, and the communities we build.

從數據即可看出：美洲、EMEA 與 APAC 皆呈現按固定匯率計的強勁雙位數成長；而隨著我們持續推進「從腳到頭」的成長策略，全球服飾按固定匯率計成長更超過 50%。這些數字讓我們感到無比自豪。隨著業務更全球化、更多元立體，我們要成為全球最頂級運動服飾品牌的願景愈發清晰，我們也更加堅定要持續走出自己的道路。這體現在我們打造的產品、帶入市場的創新，以及我們建立的社群之中。

The energy around the brand was clear everywhere this quarter, whether it was the electric atmosphere when Flavio Cobolli won his first hardcore ATP 500 title, or the palpable excitement at the Tokyo On squad race, or the buzz at the openings of our new stores in Seoul, Shenzhen, and London. It was clear our vision and strategic execution is reaching far and wide.

本季品牌周遭的能量在各處都十分明顯：無論是 Flavio Cobolli 贏得他首座硬地 ATP 500 冠軍時的熱烈氛圍，或是東京 On squad race 現場可感受到的興奮感，亦或是我們在首爾、深圳與倫敦新店開幕所引發的熱潮。很清楚，我們的願景與策略執行正在廣泛觸及各地。

For me, nothing captures this better than LightSpray. What began as one of the boldest idea we’ve ever had is today proving itself on the world’s most competitive stages. This spring, Yeman Crippa won the Paris Marathon in a prototype of the next generation of Cloudboom Strike. At the London Marathon, Hellen Obiri posted her most recent personal best, the second fastest time ever recorded in a female-only marathon.

對我而言，最能體現這一點的莫過於 LightSpray。起初它是我們有史以來最大膽的構想之一，如今正於全球競爭最激烈的舞台上證明其價值。今年春天，Yeman Crippa 穿著下一代 Cloudboom Strike 的原型鞋款贏得巴黎馬拉松冠軍。在倫敦馬拉松，Hellen Obiri 跑出她最新的個人最佳成績，並創下女子專屬馬拉松史上第二快的完賽時間。

Importantly, we’re also making huge strides in building out the technology into a true commercial engine for On. In February, we increased our production capacity for LightSpray thirtyfold when we opened our LightSpray factory in Busan, South Korea. The quarter also saw us bringing LightSpray closer to a much larger community of runners.

更重要的是，我們也在將這項技術打造為 On 真正的商業引擎方面取得巨大進展。今年 2 月，我們在南韓釜山啟用 LightSpray 工廠，將 LightSpray 的產能提升至原先的 30 倍。本季也讓 LightSpray 更貼近更龐大的跑者社群。

From Los Angeles to Boston to London, thousands of fans saw the robot in action, watched the shoe move from filament to asphalt in just minutes, and then felt the product for themselves. The LightSpray Cloudmonster Hyper sold out quickly across many of our channels, with particular strong demand in Asia Pacific and in the US. In the opening week of our new Boston store, LightSpray represented close to 20% of footwear net sales. We are currently selling several hundred pairs a day in our D2C channels alone.

從洛杉磯到波士頓再到倫敦，數以千計的粉絲親眼看到機器人運作，見證鞋款在短短幾分鐘內從絲材成形到踏上柏油路面，並親自體驗產品。LightSpray Cloudmonster Hyper 在我們多個通路迅速售罄，亞太地區與美國的需求尤其強勁。在我們波士頓新店開幕首週，LightSpray 產品約占鞋類淨銷售額的 20%。僅在我們的 D2C 通路，我們目前每天就能售出數百雙。

For a technology still at the starting line of its commercial journey, this is an exceptional indicator of demand. During the quarter, LightSpray also played a significant role in one of our blockbuster franchise’s product launches, the Cloudmonster 3. The top-of-the-line LightSpray Cloudmonster Hyper, sprayed in Busan, brings our revolutionary technology to a broader consumer base for the first time. The entire franchise update resonated strongly with consumers and is outpacing its predecessor across all regions.

對於一項仍處於商業化旅程起跑線的技術而言，這是極為出色的需求指標。本季，LightSpray 也在我們其中一個重磅系列的新品上市中扮演重要角色——Cloudmonster 3。由釜山噴製的旗艦款 LightSpray Cloudmonster Hyper，首次將我們的革命性技術帶給更廣泛的消費者族群。整個系列的更新獲得消費者強烈共鳴，且在所有地區的表現都超越前一代。

At the same time, lifestyle is only one part of our innovation pipeline. SURREAL, On’s superfoam for everyday runner, is another major step forward. Compared with industry-standard EVA, it weighs roughly half as much, but provides 60% to 70% more energy return. Having achieved the combination of superfoams with the structural engineered cushioning of CloudTec represents a generational shift in running technology, not just for On, but for the industry.

同時，生活風格（lifestyle）只是我們創新管線的一部分。SURREAL——On 為日常跑者打造的超級泡棉——是另一個重大進展。與業界標準的 EVA 相比，它重量約為一半，但能提供高出 60% 至 70% 的能量回饋。成功將超級泡棉與 CloudTec 的結構工程緩震結合，代表跑步科技的世代躍遷，不僅對 On 如此，對整個產業亦然。

SURREAL will debut with Cloudsurfer 3 this October and roll out at a rapid pace across the key everyday running franchises in 2027. We will present these products at the inaugural On Global Summit in Paris, where we will host our top 100 global run accounts.

SURREAL 將於今年 10 月隨 Cloudsurfer 3 首次亮相，並在 2027 年快速擴展至多個關鍵的日常跑步系列。我們將在巴黎舉辦的首屆 On Global Summit 發表這些產品，並邀請我們全球前 100 大跑步通路客戶參與。

All of this matters because consumers are choosing to spend if our products are truly differentiated, exactly where we are built to win. On innovates at the intersection of performance, design, and sustainability. In that sweet spot, we create an unmistakable high-quality experience for our customers. An experience that we then build on and protect through every channel and every touch point as we grow for the long term. This is what we mean when we say that we aim to be the most premium brand in sports.

這一切之所以重要，是因為當產品真正具備差異化時，消費者就願意花錢，而這正是我們最擅長取勝的領域。On 在性能、設計與永續的交會點上持續創新。在這個甜蜜點上，我們為顧客打造清晰可辨的高品質體驗。而隨著我們著眼長期成長，我們會在每一個通路、每一個接觸點上持續建立並守護這份體驗。這就是我們所說的：我們的目標是成為運動領域中最頂級的品牌。

We see this play out in the commercial results and in consumer perception data. Our Q1 brand tracker showed a sharp increase in run awareness, especially in the US. In Q1, we grew nearly 30% with our Run Specialty accounts in Europe.

我們在商業成果以及消費者認知數據中都看到這一點的體現。我們第一季的品牌追蹤顯示跑步品類的認知度大幅提升，尤其是在美國。第一季，我們在歐洲的 Run Specialty 專業跑店客戶幾乎成長了 30%。

At the same time, we continued to win new customers in everyday running through our closer relationships with leading sports retailers in markets, including the US, Japan, and Europe. Running is where we continue to prove the power of our innovation and our great product with authentic communities. It continues to open doors far beyond running, creating deep engagement, growing our relationship with the movement class. As you heard from David last quarter, this new ageless consumer sees health as the new wealth and sportswear as identity, not utility.

同時，透過與各市場領先運動零售商（包括美國、日本與歐洲）更緊密的合作關係，我們也持續在日常跑步領域贏得新客戶。跑步是我們持續以真實社群證明創新實力與卓越產品力的領域。它也持續為我們打開遠超跑步之外的大門，帶來深度互動，並加深我們與運動生活族群的連結。正如你們上季聽 David 提到的，這位不分年齡的新世代消費者將健康視為新的財富，並把運動服飾視為身分認同，而非僅是功能性用品。

They want to buy into a brand that has strong cultural relevance and truly sits at the intersection of performance and lifestyle. Accordingly, we continued to see exceptional momentum in the quarter in lifestyle. We are being extreme intentional here. Products like Cloudtilt are designed for sneaker tastes with the comfort, design language, and premium feel that young consumers are looking for.

他們希望認同並購買一個具有強烈文化相關性、真正位於性能與生活風格交會點的品牌。因此，我們在本季於生活風格領域持續看到非凡的動能。我們在這方面的策略極為有意識且精準。像 Cloudtilt 這類產品，是為球鞋審美而設計，具備年輕消費者所追求的舒適度、設計語彙與高端質感。

The proof is in the numbers. In Q1, Cloudtilt and Cloudtilt Remix saw exceptional growth in all regions, with Cloudtilt becoming the number one seller at Foot Locker Europe by wide margin in March. Additionally, partnerships with leaders in the sneaker space are helping us acquire new young consumers at attractive margin profiles while continuing to enhance our premium positioning.

數字就是最好的證明。第一季，Cloudtilt 與 Cloudtilt Remix 在所有地區都呈現卓越成長，其中 Cloudtilt 在 3 月以明顯優勢成為 Foot Locker Europe 的第一大暢銷款。此外，與球鞋領域領導者的合作，正協助我們以具吸引力的毛利結構獲取新的年輕消費者，同時持續強化我們的高端定位。

The highly sought-after recent Cloudswift relaunch with Kith and the female-led head-to-toe silhouette launch with Zendaya show how we are building credibility with new communities through design, culture, and premium product. The broader impact is already visible in our data. In Q1, 18 to 24-year-olds significantly increased their share of our D2C customer base, the largest increase we have seen since our data began, and this trend has accelerated into early Q2.

近期備受追捧的 Cloudswift 與 Kith 聯名復刻上市，以及與 Zendaya 合作推出由女性主導、從頭到腳的整體輪廓系列，展現我們如何透過設計、文化與高端產品，在新社群中建立可信度。更廣泛的影響已在我們的數據中清晰可見。第一季，18 至 24 歲族群在我們 D2C 客戶基礎中的占比顯著提升，這是自我們開始追蹤數據以來最大的增幅，而且這一趨勢在第二季初仍在加速。

Our Q1 brand tracker also showed strong progress in both performance and style cues. We have engaged with and converted new communities successfully before. When we entered tennis, it was a new community for us. Today, it is one of our most engaged audiences, our highest growth apparel vertical, and continues to deliver outstanding results in footwear. Training is also bringing thousands of new customers to the brand every quarter.

我們第一季的品牌追蹤也顯示，在性能與風格兩大指標上都有強勁進展。我們過去也曾成功觸及並轉化新社群。當我們進入網球領域時，對我們而言是一個全新的社群。如今，它已成為我們互動度最高的受眾之一、成長最快的服飾垂直品類，並且在鞋類方面持續交出亮眼成績。訓練品類也在每一季為品牌帶來數以千計的新客戶。

In outdoor, the Cloudsole trail running franchise has had a very strong debut, giving us another platform for product-led expansion. For us, this is all part of the same one ambition: to build the most premium global sportswear brand with the breadth to resonate across communities, genders, categories, and generations. As our reach grows, we are protecting and strengthening our brand.

在戶外領域，Cloudsole 越野跑系列首發表現非常強勁，為我們提供了另一個以產品驅動擴張的平台。對我們而言，這一切都屬於同一個核心願景：打造全球最頂級的運動服飾品牌，並具備足夠的廣度，能跨越社群、性別、品類與世代產生共鳴。隨著觸及範圍擴大，我們也在保護並強化我們的品牌。

In an increasingly promotional market, we are even more committed to our full price strategy. We are reaching new consumers, but we are doing it with quality and discipline. Our results represent this strategy: Sustainable premium growth, the kind that builds the brand for years and decades to come.

在促銷愈發頻繁的市場中，我們對全價策略的承諾更加堅定。我們正在觸及新的消費者，但我們以品質與紀律來做到這一點。我們的成果正體現了這項策略：可持續的高端成長——那種能在未來數年乃至數十年持續打造品牌的成長。

When I look at Q1, I see much more than a strong quarter. I see a brand scaling with momentum, a team executing with clarity, and a strategy that gives us even greater conviction. We are charting our own course. We are as ambitious as ever, and we believe the next chapter of On can be even better.

當我回顧第一季，我看到的不僅是一個強勁的季度。我看到的是一個帶著動能擴張的品牌、一個以清晰度落實執行的團隊，以及一個讓我們更具信心的策略。我們正在走出自己的道路。我們一如既往地雄心勃勃，也相信 On 的下一個篇章可以更加精彩。

On that note, I’m very pleased to confirm that we will host an Investor Day in Zurich on September 21 and 22, 2026. It has been three years since our last Investor Day in 2023, and we have made tremendous progress since then. We look forward to sharing with you all the things we have dreamed about in this next phase of our journey and how we will continue to deliver on our vision to become the most premium global sportswear brand in years to come. This brings me to a moment of gratitude.

基於此，我非常高興確認，我們將於 2026 年 9 月 21 日與 22 日在蘇黎世舉辦投資人日（Investor Day）。距離我們上一次於 2023 年舉辦投資人日已經三年，而自那時以來我們取得了巨大的進展。我們期待與各位分享在旅程下一階段中我們所夢想的一切，以及我們將如何持續實現願景，在未來幾年成為全球最頂級的運動服飾品牌。這也讓我想表達一份感謝。

To you, Martin Hoffmann, I want to express our deep and heartfelt thank you for an incredible run together over the last 13 years. You have been one of our closest partners on this incredible journey. Together, we have built, challenged, debated, pushed, and celebrated. A true team. You have left an indelible mark as a strong leader the last five years as CEO and CFO, who ensured we had the financial strength, operational rigor, and clarity to make our dreams real. We are deeply grateful for your leadership, your friendship, and your commitment. We wish you the very best for all your future endeavors, and we are pleased you will continue to support us all as an advisor into next year.

Martin Hoffmann，我想對你表達我們深切且由衷的感謝，感謝過去 13 年我們一起走過這段非凡旅程。在這段精彩的旅程中，你一直是我們最親密的夥伴之一。我們一起建立、挑戰、辯論、推動並慶祝。這是一支真正的團隊。過去五年你以執行長與財務長的身分展現強而有力的領導，確保我們具備財務實力、營運紀律與清晰方向，讓夢想得以成真，並留下不可磨滅的印記。我們由衷感謝你的領導、你的友誼與你的投入。我們祝福你未來一切發展順利，也很高興你將以顧問身分持續支持我們直到明年。

David Allemann and I are thrilled to continue to lead our incredibly talented global team at On in this next chapter, serving as co-CEOs. The two of us built On together with our co-founder, Olivier, from an idea into a business 16 years ago, setting the foundation for what you see today.

David Allemann 和我非常期待在下一個篇章中，以共同執行長（co-CEOs）的身分，繼續帶領 On 這支極具才華的全球團隊。16 年前，我們兩人與共同創辦人 Olivier 一起，將 On 從一個想法打造為一門事業，奠定了你們今天所看到的一切基礎。

We led it through over a decade of hyperscaling and our IPO, after which we continued to work hands-on as executive chairman in partnership with our senior leadership team, shaping On’s premium vision and strategy, product and channel innovation, as well as defining and building our growth engines across the business. It is in this spirit of continuity that David and I see it as an immense privilege to further help forge On’s path in these new roles.

我們帶領公司走過十多年高速擴張以及 IPO；此後，我們仍以執行董事長的身分與資深領導團隊緊密合作、親力親為，塑造 On 的高端願景與策略、產品與通路創新，並定義與建立橫跨全公司的成長引擎。本著這種延續性的精神，David 和我認為能在這些新角色中進一步協助開創 On 的道路，是一項莫大的榮幸。

We’re also very pleased to have Scott Maguire step into an expanded role as President and COO, and to have welcomed our new CFO, Frank Sluis, at the beginning of this month. They both completed our broader leadership team of both long-serving executives and newer additions as we continue our growth at global scale. We’re not changing direction.

我們也非常高興 Scott Maguire 將擔任擴大職責的總裁兼營運長（President and COO），並在本月初迎來新任財務長 Frank Sluis。隨著我們在全球規模持續成長，他們與我們更廣泛的領導團隊（包含長期任職的高階主管與較新加入的成員）共同形成完整配置。我們不會改變方向。

We follow the same strategy, the same values, and the same conviction that have guided us over the past 16 years since we founded the business. Our strategic growth pillars, premium positioning, and innovation-led approach remain the path forward. As Co-CEOs, David and I will ensure our strategic intent is fully aligned with decisive execution as we continue to grow in size.

我們將遵循相同的策略、相同的價值觀，以及自 16 年前創立以來一路指引我們的相同信念。我們的策略性成長支柱、高端定位與以創新驅動的方法，仍將是前進的道路。作為共同執行長，David 和我將確保我們的策略意圖與果斷執行完全一致，並在規模持續擴大之際繼續成長。

With that, I’m honored for one final time on this call to hand over to my great friend and partner, Martin, for the financial review.

接下來，這將是我在本次電話會議上最後一次很榮幸地把時間交給我摯友兼夥伴 Martin，進行財務回顧。

Thank you so much, Caspar, and hello, everyone. Before I go into the financial review for the quarter, I want to take a moment to say how thankful I am for my time at On and for everything we have built together. I’m often asked, what is most underestimated about On? My answer is always the same: the team and our culture. The dedication, ambition, and humility of the whole On team is extraordinary, and for that, I will always be grateful.

非常感謝你，Caspar，大家好。在我進入本季的財務回顧之前，我想花一點時間談談我對在 On 的這段時光，以及我們共同打造的一切有多麼感恩。我經常被問到：On 最被低估的是什麼？我的答案始終如一：團隊與我們的文化。整個 On 團隊的投入、企圖心與謙遜都非常卓越，為此我將永遠心懷感激。

It is the reason we have been able to dream so big, move so fast, and keep raising the bar for what this brand and premium sportswear can become. I also want to thank David, Caspar, and Olivier for so many years of partnership, trust, and friendship. I’m deeply grateful for the shared belief and commitment that have shaped this journey.

這正是我們之所以能夠懷抱如此宏大的夢想、行動如此迅速，並不斷提高這個品牌以及高端運動服飾所能達到標準的原因。我也想感謝 David、Caspar 與 Olivier 多年來的合作、信任與友誼。我對於我們共同的信念與承諾深懷感激，正是它們塑造了這段旅程。

While the timing feels right for me to move on, I could not be more proud to do so at the moment when the company is stronger than ever. Close to five years after our IPO, seeing our mission and vision translate into such incredible global success is nothing short of a dream. Those who know me well know that I will not miss the opportunity to say this in numbers.

雖然此刻對我而言是適合向前邁進的時機，但能在公司比以往任何時候都更強大的時刻離開，我感到無比自豪。距離我們 IPO 近五年，看到我們的使命與願景轉化為如此驚人的全球成功，簡直就像夢想成真。熟悉我的人都知道，我不會錯過用數字來說明這一點的機會。

First, we have achieved significant top-line growth. Since our IPO, we have more than quadrupled the business from CHF725 million net sales in 2021 to more than CHF3 billion this past year, with 15 of the 19 quarterly results as a public company being record quarters.

首先，我們實現了顯著的營收成長。自 IPO 以來，我們的業務規模已超過四倍，從 2021 年淨銷售額 7.25 億瑞士法郎成長至去年超過 30 億瑞士法郎；作為上市公司 19 個季度中，有 15 個季度創下季度紀錄。

Second, our vision to be the most premium global sportswear brand has driven one of the highest gross profit margins in the industry, far surpassing even our own high expectations. We are building a company that sits on the apex of our industry when it comes to being premium.

第二，我們成為全球最頂級運動服飾品牌的願景，推動我們達成業界最高水準之一的毛利率，甚至遠遠超出我們自身的高期待。在「高端」這一點上，我們正在打造一家位於產業頂峰的公司。

At our Investor Day in 2023, we set out a plan to consistently exceed 60% gross profit margin. With the outlook we are providing today, we now expect to deliver a gross profit margin approaching 65%. We have achieved this by staying true to who we are, committed to delivering high-quality products rooted in performance and design at full price and with the best consumer experience. We have provided the consumer with a new level of premium performance products, and they are trading up.

在 2023 年投資人日上，我們提出一項計畫，目標是持續超過 60% 的毛利率。依據我們今天提供的展望，我們現在預期毛利率將接近 65%。我們之所以能做到，是因為始終忠於自我，堅持以性能與設計為根基、以正價提供高品質產品，並帶來最佳的消費者體驗。我們為消費者帶來全新層級的高端性能產品，而他們也正在「升級消費」。

During this time, our average selling price has increased from around $145 to over $170. In tandem with this, our own digital and physical stores offer the best brand experience, allowing us to grow our D2C share from 38% to 42% and further expand the realized gross profit margin.

在此期間，我們的平均售價已從約 145 美元提高到超過 170 美元。同時，我們自營的數位與實體門市提供最佳品牌體驗，使我們的 D2C 佔比從 38% 提升至 42%，並進一步擴大已實現的毛利率。

Third, we have reinvested into the future growth of the brand while driving higher profitability and cash flows. On is a growth company. Our priority is to consistently invest into new pillars for future durable growth. Into the expansion of our addressable market and into our brand, while at the same time driving efficiencies, economies of scale, and ultimately profitability and cash flow. In 2021, our adjusted EBITDA margin was 13.3%.

第三，我們在提升獲利能力與現金流的同時，也再投資於品牌的未來成長。On 是一家成長型公司。我們的優先事項，是持續投資於未來可持續成長的新支柱。投資於可觸及市場的擴張與品牌本身，同時推動效率提升與規模經濟，最終帶動獲利能力與現金流。2021 年，我們的調整後 EBITDA 利潤率為 13.3%。

In 2025, we achieved 18.8%. We expect a further increase in 2026. Our strong gross profit margin and our operational leverage today allow us to invest into more growth opportunities simultaneously than ever before. To summarize, our mission and our strategy are clear. In some segments of the premium sportswear market, we have already proven to be amongst the top three brands, but still have room to grow from a large base. In other market segments, we have just planted the seeds for massive growth in the near future.

2025 年，我們達到 18.8%。我們預期 2026 年將進一步提升。我們強勁的毛利率與當前的營運槓桿，使我們能同時投入比以往更多的成長機會。總結來說，我們的使命與策略都很清晰。在高端運動服飾市場的某些細分領域，我們已證明自己位居前三大品牌之列，但在龐大的基礎上仍有成長空間。在其他市場細分領域，我們才剛播下種子，近期將迎來巨大的成長。

We can do all of this relying on strong financials, and most importantly, on an incredible team. These core pillars of our growth strategy are directly reflected in our first quarter results. Net sales reached a record CHF831.9 million. Well above $1 billion if converted to USD.

我們能做到這一切，仰賴強健的財務表現，更重要的是，仰賴一支卓越的團隊。這些成長策略的核心支柱，直接反映在我們第一季的業績中。淨銷售額達到創紀錄的 8.319 億瑞士法郎。若換算為美元，遠超過 10 億美元。

Net sales grew a very strong 26.4% year on year at constant currency or 14.5% on a reported basis. More important than the total is the strength of each building block within our growth engine. We continue to deliver industry-leading performance in our established markets like North America and Central Europe. In these markets, we are seeing our toe to head strategy truly taking hold with apparel and sneakers acting as powerful new catalysts for growth.

在固定匯率下，淨銷售額年增強勁的 26.4%；按報告口徑則成長 14.5%。比總量更重要的是，我們成長引擎中每一個組成要素的強度。在北美與中歐等既有市場，我們持續交出領先業界的表現。在這些市場，我們看到「從腳到頭」策略真正開始發揮作用，服飾與運動鞋成為強而有力的新成長催化劑。

Simultaneously, our newer geographic segments in Latin America and Asia Pacific, including China, are gaining significant share with constant currency growth exceeding 50%. This ensures that every pillar of our business is contributing to a more balanced, resilient global footprint, one that is perfectly positioned to compound our success over the coming years. Growth was once again led by our D2C channel.

同時，我們在拉丁美洲與亞太（包括中國）等較新的地理區隔正快速提升市佔，固定匯率下的成長超過 50%。這確保我們業務的每一個支柱都在貢獻更均衡、更具韌性的全球版圖，並使我們處於完美位置，在未來幾年持續複利式累積成功。本季成長再次由我們的 D2C 通路帶動。

Net sales reached CHF322.3 million, growing 28.7% year over year at constant currency and 16.4% on a reported basis. What is most compelling is the brand momentum we see. Our digital and physical traffic is outstripping our revenue growth, meaning demand is ahead of our current conversion, a great sign of the potential we have for future quarters. This validates our investments to further broaden the conversation with newer communities to grow the premium market and ultimately to lay the foundation for long-term strong growth.

淨銷售額達到 3.223 億瑞士法郎，固定匯率下年增 28.7%，按報告口徑成長 16.4%。最引人注目的是我們所看到的品牌動能。我們的數位與實體流量增速超過營收增速，意味著需求領先於目前的轉換率，這是我們未來幾季潛力的絕佳訊號。這也驗證了我們的投資方向：進一步擴大與新社群的對話以擴大高端市場，並最終為長期強勁成長奠定基礎。

Within direct to consumer, our own stores continue to elevate the physical brand experience for our fans in key cities around the world. This allows us to deepen our brand presence in existing markets as well as to accelerate our growth in markets with fewer potential wholesale partners.

在直面消費者（D2C）方面，我們自營門市持續在全球關鍵城市為粉絲提升實體品牌體驗。這使我們能在既有市場深化品牌能見度，同時也能在潛在批發合作夥伴較少的市場加速成長。

We now have a growing number of stores in their second and third years of operations, including Miami, Milan, and our first store in Tokyo. We are thrilled to see continued meaningful same store growth and improvement of key retail metrics across this group and beyond. This is an important signal as we continue to scale retail, and we look forward to opening stores in new cities for us, including Stockholm and Sydney in the coming months.

我們目前有越來越多門市進入營運的第二年與第三年，包括邁阿密、米蘭，以及我們在東京的首家門市。我們很高興看到這一群門市及其他門市持續出現具意義的同店成長，並且關鍵零售指標持續改善。這是我們持續擴大零售規模的重要訊號；未來幾個月，我們也期待在對我們而言的新城市開店，包括斯德哥爾摩與雪梨。

Wholesale also delivered strong growth, again outperforming our expectations and validating our multi-channel distribution strategy. For the first time in our history, quarterly net sales in the channel exceeded CHF0.5 billion, reaching CHF509.6 million. This corresponds to growth of 25.1% at constant currency and 13.3% on a reported basis.

批發通路同樣交出強勁成長，再次超出我們的預期，並驗證我們的多通路分銷策略。在公司歷史上首次，該通路的季度淨銷售額超過 5 億瑞士法郎，達到 5.096 億瑞士法郎。這相當於固定匯率下成長 25.1%，按報告口徑成長 13.3%。

We continue to see great momentum with our global key accounts, including Dick’s Sporting Goods, Foot Locker, and JD Sports. Even with these major partners, we are only present in around 50% of stores, giving us a meaningful multi-year runway for further openings while preserving the controlled nature of our expansion and premium quality of our distribution.

我們在全球關鍵客戶方面持續看到強勁動能，包括 Dick’s Sporting Goods、Foot Locker 與 JD Sports。即使與這些大型合作夥伴合作，我們目前也僅進駐約 50% 的門市，這為我們在未來多年提供了可觀的拓店跑道，同時也能維持擴張的可控性與分銷的高端品質。

Looking across regions, the Americas reached CHF450.7 million, a new quarterly record. At constant currency, net sales grew a strong 17.1%. Reported growth was 3.1%, reflecting significant foreign exchange headwinds. We’re pleased with the continued increase in awareness and our maintained commitment to premium execution and full price sales. Overall awareness crossed the 30% mark for the first time, an important milestone.

從各地區來看，美洲地區達到 4.507 億瑞士法郎，創下新的季度紀錄。在固定匯率下，淨銷售額強勁成長 17.1%。按報告口徑成長為 3.1%，反映顯著的外匯逆風。我們對品牌知名度持續提升感到滿意，並維持對高端執行與正價銷售的承諾。整體知名度首次突破 30% 大關，這是一個重要的里程碑。

Our latest campaign with Zendaya, an outreach to a younger and more lifestyle-oriented consumer, has already generated over 20 million highly engaged views in the US alone. Together, these prove our continued diversification of our customer base, setting the brand up for long-term success. The strength of our strategy is also clear in Europe, Middle East, and Africa.

我們與 Zendaya 合作的最新行銷活動，旨在觸及更年輕、且更偏生活風格取向的消費者，僅在美國就已帶來超過 2,000 萬次高度互動的觀看。綜合而言，這些都證明我們持續推動客戶基礎多元化，為品牌的長期成功奠定基礎。我們策略的強勁成效在歐洲、中東與非洲地區同樣清晰可見。

Net sales reached CHF207.1 million, growing 25.6% at constant currency and 22.8% on a reported basis. This marks the sixth consecutive quarter of more than 25% constant currency growth in the region. The performance was again broad-based, with more countries contributing to the growth. The U.K., a market with a strong taste-making sneaker community, as well as engaged runner base, showed strong momentum. Germany continued to sustain very healthy growth.

淨銷售額達到 2.071 億瑞士法郎，按固定匯率計成長 25.6%，按報告口徑計成長 22.8%。這是該地區連續第六個季度按固定匯率計實現超過 25% 的成長。本期表現再次呈現廣泛性，更多國家對成長作出貢獻。英國作為一個擁有強大潮流引領球鞋社群以及高度投入跑者族群的市場，展現出強勁動能。德國則持續維持非常健康的成長。

The regional performance is even more impressive considering the current geopolitical situation in the Middle East. Further evidence of the broad-based success and resilience of the region. Asia-Pacific continued its rapid controlled expansion. Net sales reached CHF174 million, growing 61.4% at constant currency and 44.4% on a reported basis.

考量到目前中東的地緣政治局勢，該地區的表現更顯得令人印象深刻。這也進一步證明該地區成功的廣泛性與韌性。亞太地區持續快速且有節奏地擴張。淨銷售額達到 1.74 億瑞士法郎，按固定匯率計成長 61.4%，按報告口徑計成長 44.4%。

For the first time, the region exceeded 20% of our overall business. Growth remained balanced across subregions and channels. Greater China grew well above the regional average. In addition, I would particularly like to highlight South Korea, where net sales more than tripled year over year. We grow our markets with conviction. After opening two mall-based stores in Seoul in Q4 last year, we opened our first standalone location in Hanam, one of the city’s sought-after and affluent shopping districts for consumers in their twenties and thirties.

這是該地區首次占我們整體業務超過 20%。各子區域與各通路的成長仍維持均衡。大中華區的成長遠高於區域平均。此外，我特別想強調南韓，該市場淨銷售額年增超過三倍。我們以堅定信念拓展市場。在去年第四季於首爾開設兩家商場店後，我們在河南（Hanam）開設了第一家獨立門市；該地區是二、三十歲消費者嚮往且富裕的購物商圈之一。

The store is already driving strong results, performing significantly ahead of expectations. Across product categories, it’s inspiring to see how we further earn our place across more moments in our fans’ lives from toe to head. Net sales from shoes reached CHF763.7 million, increasing 24% at constant currency and 12.2% on a reported basis.

該門市已帶動強勁成果，表現顯著超出預期。在各產品類別中，看到我們從腳到頭在粉絲生活中的更多時刻持續贏得一席之地，令人振奮。鞋類淨銷售額達到 7.637 億瑞士法郎，按固定匯率計成長 24%，按報告口徑計成長 12.2%。

We are very happy to see the majority of growth continue to come from our blockbuster franchises while adding meaningful volumes from newer franchises. The Cloudzone, for example, which launched in early 2025, grew by over 350% in volume from a low base. Performance running maintained excellent momentum with a strong contribution from the Cloudmonster franchise.

我們非常高興看到，多數成長仍持續來自我們的旗艦爆款系列，同時也由較新的系列貢獻了具意義的銷量。例如於 2025 年初推出的 Cloudzone，從較低基期出發，銷量成長超過 350%。性能跑步品類維持極佳動能，其中 Cloudmonster 系列貢獻強勁。

The positive feedback on Cloudmonster 3 and Cloudmonster Hyper is evident in the financial performance, and we look forward to both gaining further momentum in Q2 and beyond. Outside of performance running, the Cloudtilt Remix further elevated the already exceptional performance of the Cloudtilt franchise, strengthening our position in a lifestyle context. Apparel continues to be an increasingly important entry point into the brand.

市場對 Cloudmonster 3 與 Cloudmonster Hyper 的正面回饋已反映在財務表現上，我們也期待兩者在第二季及之後持續增強動能。在性能跑步之外，Cloudtilt Remix 進一步推升了 Cloudtilt 系列原本就極為出色的表現，強化我們在生活風格情境中的定位。服飾持續成為進入品牌的愈發重要入口。

Net sales reached CHF55.3 million, growing 57.5% at constant currency and 45.1% on a reported basis. The value of customers acquired through apparel continues to strengthen with successive improvements in cross-category purchase rates and time to repeat purchase. Growth was particularly strong in direct-to-consumer, with apparel contributing more than 10% of our D2C sales for the first time. Proof that apparel is one great example for a new driver of growth. Turning to profitability.

淨銷售額達到 5,530 萬瑞士法郎，按固定匯率計成長 57.5%，按報告口徑計成長 45.1%。透過服飾獲取的客戶價值持續提升，跨品類購買率與再次購買所需時間均連續改善。直面消費者（D2C）通路成長尤其強勁，服飾對我們 D2C 銷售的貢獻首次超過 10%。這證明服飾是新的成長驅動因素之一的絕佳例子。接下來談獲利能力。

As mentioned before, our premium market position not only allows us to drive continued strong top-line growth, but to drive strong profitability as well. In Q1, this means a record gross profit and adjusted EBITDA margin. Despite significant investments into performance of our products, our ASP strength, combined with new levels of operational excellence, allowed us to deliver a further step change in gross profit margin despite the increasing headwind from higher US tariffs.

如先前所提，我們的高端市場定位不僅讓我們能持續推動強勁的營收成長，也能帶動強勁的獲利能力。在第一季，這體現在創紀錄的毛利與調整後 EBITDA 利潤率。儘管我們對產品性能進行了大量投資，我們的平均售價（ASP）優勢，加上營運卓越的新水平，使我們即便面臨美國關稅上調帶來的更大逆風，仍能讓毛利率再上台階。

In the first quarter, gross profit margin reached 64.2%, up from 59.9% in the prior year period, an increase of more than 4 percentage points. This increase isn’t a one-time peak. It is driven by the fundamentals of the brand and our business model. We consider this new level as our new baseline for the year, as you will hear later from Caspar.

第一季毛利率達到 64.2%，高於去年同期的 59.9%，提升超過 4 個百分點。這項提升並非一次性的高峰。其驅動因素來自品牌基本面與我們的商業模式。我們將此新水平視為本年度的新基準，稍後你們也會聽到 Caspar 的進一步說明。

Economies of scale and operational efficiency are also visible within SG&A. Distribution expenses declined by 1 percentage point year over year to 10% of net sales, mainly driven by the ongoing automation of our global warehouses. G&A reached 16% of net sales, the lowest level in two years. We saw meaningful scale gains, more than offsetting the material foreign exchange headwinds from our Swiss franc-heavy overhead cost base.

規模經濟與營運效率也反映在銷售、一般及行政費用（SG&A）中。配送費用年減 1 個百分點至淨銷售額的 10%，主要受惠於我們全球倉庫持續自動化。一般及行政費用（G&A）為淨銷售額的 16%，為兩年來最低水平。我們看到顯著的規模效益，足以抵消以瑞士法郎為主的間接成本基礎所帶來的實質匯率逆風。

As has always been our philosophy, we continue to reinvest efficiency gains selectively where we see the clearest long-term return. This quarter, that included incremental upper funnel, brand-building investments behind Zendaya, LightSpray innovation activations, and media to reach other newer communities, helping us speak to new audience while strengthening our credibility as a pinnacle premium performance brand. This will remain our focus going forward.

一如我們一貫的理念，我們會在看見最明確長期回報之處，有選擇地再投入效率提升所帶來的收益。本季包括在 Zendaya 相關的上層漏斗與品牌建設上追加投資、LightSpray 創新推廣活動，以及觸及其他新社群的媒體投放，協助我們與新受眾對話，同時強化我們作為頂級高端性能品牌的可信度。未來我們仍將聚焦於此。

The result was an adjusted EBITDA margin of 21%, up 450 basis points year on year, and the second highest adjusted EBITDA margin in our history. While our highest margin in Q3 2025 was supported by some one-off effects, this quarter is an exceptional reflection of the underlying strength of our premium strategy in action.

結果是調整後 EBITDA 利潤率達到 21%，年增 450 個基點，為我們歷史上第二高的調整後 EBITDA 利潤率。雖然 2025 年第三季的最高利潤率受到一些一次性因素支撐，但本季的表現極佳地反映了我們高端策略在實際運作中的內在實力。

Turning to the balance sheet, capital expenditures were CHF23.6 million, representing 2.8% of net sales, increasing from 1.7% recorded in prior year as we continue to invest in our stores and store expansion. Over the last years, we have invested a lot of time and resources to shorten our development time and to further improve our planning efficiency. Both important backbones for our premium strategy, driving the higher inventory turns and improved stock health we see today. Our cash position remains stable compared to year-end, continuing to exceed CHF1 billion.

接著看資產負債表，資本支出為 2,360 萬瑞士法郎，占淨銷售額的 2.8%；隨著我們持續投資門市與門市擴張，較去年同期記錄的 1.7% 提高。過去幾年，我們投入大量時間與資源以縮短開發時間，並進一步提升規劃效率。這兩者都是我們高端策略的重要支柱，推動如今更高的存貨周轉率與更佳的庫存健康度。我們的現金部位相較年末仍保持穩定，持續超過 10 億瑞士法郎。

Now, my final thanks are to you, our investors and analyst community. I am extremely grateful for the thoughtful conversations and perspectives you have shared with us over the years. The positive ones, but especially the challenging ones, have made us a better and stronger company.

最後，我要向各位投資人與分析師社群致上最誠摯的感謝。多年來，你們與我們分享的深思熟慮的對話與觀點，我深表感激。那些正面的回饋，尤其是具挑戰性的意見，都讓我們成為更好、更強的公司。

Thank you for your trust, your support, and your ongoing partnership. With that, I’m very happy to formally introduce our new CFO, Frank, who will share some initial reflections. Frank is joining a company that is operating from a position of great strength, and I have total confidence in his ability to help David and Caspar build upon this momentum and lead on into its next era of global scale.

感謝你們的信任、支持，以及持續的合作夥伴關係。接下來，我很高興正式介紹我們的新任 CFO Frank，他將分享一些初步觀察。Frank 加入的是一家正處於強勢地位運作的公司，我完全有信心他能協助 David 與 Caspar 在此動能之上再接再厲，並帶領公司邁向下一個全球規模化的新時代。

Thank you, Martin, and hello, everyone. It is a real privilege to join On at such an exciting moment in the company’s journey. Although this is only my second week officially in the role, I have already had the opportunity to spend a few weeks with teams across the business.

謝謝你，Martin，大家好。能在公司旅程如此令人振奮的時刻加入 On，真的是一種榮幸。雖然我正式上任才第二週，但我已經有機會花了幾週時間與公司各個業務團隊相處交流。

I wanted to listen, learn, and get close to the company quickly to understand the culture, strategy, and the opportunities ahead. One moment that really stayed with me was the recent On Global Summit. Seeing teams from around the world come together with such energy, ambition, and belief made very clear what makes On special and why I was so drawn to be part of it. This is a company with great culture, inspiring purpose, and clarity of vision.

我希望能快速貼近公司，傾聽、學習並深入了解文化、策略以及未來的機會。讓我印象特別深刻的一個時刻，是最近的 On 全球高峰會。看到來自世界各地的團隊以如此充沛的能量、企圖心與信念齊聚一堂，讓我非常清楚地感受到 On 的獨特之處，也理解為何我如此渴望成為其中一員。這是一家擁有卓越文化、鼓舞人心使命與清晰願景的公司。

Having seen the product pipeline, I’m struck by the level of innovation and ambition in this company and look forward with great confidence to the future. Martin Hoffmann and the team have built an exceptional financial foundation. My focus is to build on that foundation to support On’s long-term growth, preserve the premium economics of the brand, and help the company scale with the same agility and entrepreneurial energy that have made it so successful.

在看過產品研發管線後，我對這家公司在創新與企圖心上的水準深感震撼，並對未來充滿信心與期待。Martin Hoffmann 與團隊打造了卓越的財務基礎。我的重點是以此為基礎，支持 On 的長期成長、維持品牌的高端經濟性（premium economics），並協助公司在擴張規模的同時，仍保有讓我們如此成功的敏捷性與創業精神。

I’m especially looking forward to being a close business partner to David, Caspar, Olivier, Scott, and the wider leadership team as we capture the opportunity ahead with ambition, discipline, and a clear focus on long-term value creation. I also look forward to engaging with all of you in the financial community and continuing the strong dialogue that Martin Hoffmann and the team have built with such care over many, many years.

我尤其期待能與 David、Caspar、Olivier、Scott 以及更廣泛的領導團隊緊密合作，帶著企圖心、紀律與對長期價值創造的清晰聚焦，把握眼前的機會。我也期待與各位金融界夥伴交流互動，延續 Martin Hoffmann 與團隊多年來用心建立的良好對話。

With that, I will hand it to Caspar for the outlook.

接下來，我把時間交給 Caspar 來說明展望。

Thank you, Frank. We are so pleased to have you on board. As we looked for the right next financial leader for On, we were struck by your drive, your passion for the brand, your alignment with our values, and your experience in global consumer companies operating at a far greater scale than we are today. Of course, running sub three marathons also played a part.

謝謝你，Frank。我們非常高興你加入團隊。在為 On 尋找下一位合適的財務領導者時，你的驅動力、對品牌的熱情、與我們價值觀的一致性，以及你在全球消費品公司（其營運規模遠大於我們目前）累積的經驗，都讓我們印象深刻。當然，能跑進三小時內的馬拉松也加分不少。

I know you will be a strong strategic partner to me, David, our board, and our entire leadership team. Q1 was a clear proof point of our premium strategy in action. High-quality growth, record first quarter revenue and margins, continued investment into the areas that will define our next chapter: product innovation, brand awareness and relevance, retail, and our communities. As we look ahead, our confidence is extremely high.

我相信你會成為我、David、董事會以及整個領導團隊強而有力的策略夥伴。第一季清楚證明了我們高端策略的落地成效。高品質成長、創紀錄的第一季營收與毛利率，並持續投資於將定義我們下一篇章的領域：產品創新、品牌知名度與相關性、零售，以及我們的社群。展望未來，我們的信心極高。

In running, feedback on SURREAL, our upcoming superfoam innovation launching with Cloudsurfer 3, has been excellent, with exceptional demand also for the new Cloudrunner Max. In all regions, our partners are ordering with strong conviction. In Run Specialty in particular, order books are up over 25% year over year.

在跑步品類方面，即將隨 Cloudsurfer 3 推出的超級泡棉創新 SURREAL，市場回饋非常好；全新 Cloudrunner Max 的需求也同樣強勁。在所有地區，我們的合作夥伴都以高度信心下單。尤其在 Run Specialty（專業跑步通路）方面，訂單簿年增超過 25%。

LightSpray remains at the beginning of its commercial journey, but the early proof points with the LightSpray to Cloudmonster 3 Hyper give us strong conviction in its potential as a pinnacle innovation product for a broad consumer base. This month, we will also bring LightSpray into our ongoing collaboration with Louis V, a powerful expression of how our most advanced performance technology can live at the highest end of premium design.

LightSpray 仍處於商業化旅程的起步階段，但 LightSpray to Cloudmonster 3 Hyper 的早期驗證點，讓我們對其作為面向廣大消費者族群的旗艦創新產品之潛力充滿信心。本月，我們也將把 LightSpray 導入與 Louis V 的持續合作之中，強而有力地展現我們最先進的性能科技如何能在高端精品設計的最高層級中呈現。

The recent Zendaya co-created apparel range, launched alongside the Cloudnova Moon, is driving very high engagement and strong sell-through. The response to the Cloudtilt Remix and early feedback on upcoming launches later this year, including the Cloudflash S.O. 99.19, give us even greater confidence that sneak collisions will form an increasingly meaningful driver of reach, cultural relevance, and premium growth. In retail, we are scaling with discipline and increasing confidence.

近期由 Zendaya 共同創作的服飾系列，與 Cloudnova Moon 同步上市，帶動了非常高的互動度與強勁的銷售售罄表現（sell-through）。市場對 Cloudtilt Remix 的反應，以及對今年稍晚即將上市產品（包括 Cloudflash S.O. 99.19）的早期回饋，讓我們更有信心：sneak collisions 將日益成為觸及面、文化相關性與高端成長的重要驅動力。在零售方面，我們以紀律擴張，信心也持續提升。

Our stores are true brand worlds, bringing our product, communities, and premium positioning to life in a way no other channel can. Apparel-led merchandising is elevating the consumer experience and contributing to exceptional store KPIs. Upcoming openings in San Francisco, Stockholm, and São Paulo are strong examples of how we are bringing the brand closer to important communities in highly selective premium locations.

我們的門市是真正的品牌世界，以其他通路無法比擬的方式，讓產品、社群與高端定位具象化。以服飾為主導的商品陳列正在提升消費者體驗，並帶來卓越的門市 KPI 表現。即將在舊金山、斯德哥爾摩與聖保羅開幕的新店，是我們如何在高度精選的高端地段，把品牌帶到重要社群身邊的有力例證。

The pace of innovation in apparel is also accelerating. As part of our focus on building deeper relevance with her, we launched and are expanding SenseTec into our studio and training collections, bringing our feel nothing to feel everything experience to buttery soft, smooth materials designed for movement. We will build on this again for fall/winter with FormTech, a new fabric innovation that brings more sculpting and shaping into our tights lineup.

服飾領域的創新節奏也在加速。作為我們聚焦於與女性建立更深層相關性的其中一環，我們推出並擴展 SenseTec 至工作室與訓練系列，將「從無感到全感」的體驗帶到為動作而設計、觸感如奶油般柔軟且滑順的材質上。今年秋冬我們也將在此基礎上再進一步，推出 FormTech——一項全新的布料創新，為我們的緊身褲產品線帶來更強的塑形與修飾效果。

Together, these proof points give us confidence, even against an unpredictable macroeconomic backdrop, to reiterate our constant currency net sales growth guidance for the year of at least 23%. Within that, we continue to expect D2C, APAC, and apparel to outperform. True to our Swiss roots, we value continuity and reliability.

綜合這些驗證點，即使面對難以預測的總體經濟背景，我們仍有信心重申：今年以固定匯率計算的淨銷售成長指引至少為 23%。在此之中，我們仍預期 D2C、亞太（APAC）與服飾將表現優於整體。秉持瑞士根源，我們重視延續性與可靠性。

Part of that approach is that our guidance philosophy remains unchanged. We are not pursuing growth at any cost. We are building premium, high-quality growth rooted in brand desirability, product innovation, channel discipline, and a long-term value creation. Based on current spot rates, this growth translates to reported net sales of CHF3.51 billion. On gross margin, we now expect a full-year level of at least 64.5%, maturely ahead of 2025, despite the additional impact from tariffs.

這種做法的一部分，是我們的指引哲學維持不變。我們不追求不計代價的成長。我們打造的是高端、高品質的成長，根植於品牌吸引力、產品創新、通路紀律，以及長期價值創造。以目前即期匯率計算，這樣的成長對應到報表揭露的淨銷售額為 35.1 億瑞士法郎（CHF3.51 billion）。在毛利率方面，儘管關稅帶來額外影響，我們現在預期全年水準至少為 64.5%，成熟度上明顯領先 2025 年。

This is an exceptional level of profitability and one of the clearest proof points of the structural strength of our premium model and our excellence in operation. Importantly, this outlook assumes 20% incremental tariff rates from Vietnam and excludes any potential refunds. The strength of this gross profit allows us to invest into our biggest long-term opportunities, absorb external pressure, and still expand profitability. We now expect an adjusted EBITDA margin in the range of 19.5%-20%, meaningfully above our prior guidance. With that, we’re ready to take your questions.

這是極為出色的獲利水準，也是我們高端商業模式結構性強韌與卓越營運能力最清楚的證明之一。重要的是，此展望假設越南的增量關稅稅率為 20%，且不包含任何可能的退稅。強勁的毛利讓我們能投資於最重要的長期機會、吸收外部壓力，同時仍擴大利潤率。我們現在預期調整後 EBITDA 利潤率落在 19.5%–20% 的區間，顯著高於先前指引。接下來，我們準備回答各位的提問。

Operator, please open the line for Q&A.

接線員，請開放 Q&A。

(Operator Instructions) Aubrey Tianello, BNP Paribas.

(接線員指示) Aubrey Tianello，法國巴黎銀行（BNP Paribas）。

First, a thank you to Martin Hoffmann for all the help over the years. Question for Caspar and David. Can you share more about the division of responsibilities between the two of you going forward? I know you’ve both been active throughout the years through On’s journey. Could you maybe share more about some of the initiatives you’ve worked on over the years in your prior roles? Thanks.

首先，感謝 Martin Hoffmann 這些年來的所有協助。我有個問題想請教 Caspar 和 David。你們能否分享一下，未來兩位之間的職責分工會是如何？我知道在 On 的發展歷程中，你們多年來都一直很積極參與。是否也能分享一下，你們在先前職務中，這些年來各自推動過的一些計畫或倡議？謝謝。

Thank you, Aubrey. Good to hear your voice. Look, this management transition is really in the spirit of continuity. We’ve worked very closely for 13 years now. In the last year, we spent a lot of time together with Martin and the senior leadership team on developing the strategy that we’re going to share with you and the investors today.

謝謝你，Aubrey。很高興聽到你的聲音。你看，這次管理層交接確實是延續性的精神。我們已經非常緊密合作了13年。在過去一年裡，我們花了很多時間與Martin以及資深領導團隊一起制定我們今天要與你和投資人分享的策略。

Nothing changes in how we approach the business, and nothing changes in how we guide, and nothing changes about the confidence that we have in the outlook. Just wanted to get that make that very clear on the call. When it comes to how we divide and conquer, there are basically two levels.

我們在經營業務的方式上不會改變，我們在提供指引的方式上不會改變，我們對前景的信心也不會改變。只是想在這通電話上把這點講得非常清楚。至於我們如何分工合作，基本上有兩個層面。

On the strategic levels, we’ve been both driving some of the building blocks that we’re now really seeing come to fruition, be it the retail expansion, being apparel, being LightSpray. There we will continue the division of labor that we had before. When it comes to really operating together with the team, Frank, our new CFO, will report to the both of us, and so will Scott as President and COO. We’ll be helping them executing the strategy with their teams.

在策略層面，我們兩人一直在推動一些如今真正開始開花結果的基礎建設，不論是零售擴張、服飾，或是LightSpray。在那方面，我們會延續先前的分工方式。至於與團隊一起實際營運，Frank，我們的新任CFO，將同時向我們兩人彙報，Scott作為總裁兼COO也一樣。我們會協助他們與各自的團隊一起執行策略。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

Thank you, and congratulations, Martin, on all your success. Wishing you the best going forward here. I was hoping we can double-click on the trends in the US business, just given the geopolitical developments over the last since the last call. How should we think about demand quarter to date, and how have your expectations for this market changed for the rest of this year versus three months ago?

謝謝，並恭喜你，Martin，取得這麼多成功。祝你接下來一切順利。我想更深入了解一下美國業務的趨勢，特別是考量自上次電話會議以來的地緣政治發展。我們該如何看待本季迄今的需求？以及相較三個月前，你們對今年剩餘時間這個市場的預期有何改變？

Very happy to give you some color. I will say, start with the overall picture, and then David Allemann will double down a bit on the D2C part of the Americas. Overall, we’re extremely happy with what we’re seeing in the US. We feel this is a very strong quarter for us.

很樂意提供一些補充說明。我會先從整體情況談起，接著David Allemann會再更深入談一點美洲地區D2C的部分。整體而言，我們對在美國看到的表現非常滿意。我們認為這對我們來說是一個非常強勁的季度。

What’s making us very optimistic is that for the first time in the US, awareness crossed the 30% threshold. It also shows that we still have a long way to go in terms of growth. What we’re really seeing and what we’re particularly excited about is that we’re not just repeating our running customers, but we’re actually reaching new audiences. This quarter, we saw a really uptick in younger audiences, and we’re skewing more female. We spoke on the call to the Zendaya collection.

讓我們非常樂觀的是，在美國市場，品牌認知度首次跨越30%的門檻。這也顯示我們在成長方面仍有很長的路要走。我們真正看到、也特別興奮的是，我們不只是讓既有跑步客群重複購買，而是實際觸及新的受眾。本季我們看到年輕受眾明顯增加，而且女性占比更高。我們在電話會議中也提到了Zendaya系列。

We saw to the success that we’re seeing with Cloudtilt and Cloudtilt Remix in Foot Locker and JD and other channels like that. That we look at that as confirmation that we have growth pillars ahead there. There’s also no change in how we are gonna build the Americas, the business in the Americas, premium execution will always come first.

我們也看到Cloudtilt與Cloudtilt Remix在Foot Locker、JD以及其他類似通路的成功。我們將其視為確認未來仍有成長支柱的證據。此外，我們打造美洲業務的方式沒有改變；高端（premium）執行永遠是第一優先。

When we look at wholesale, an area where I’ve always been very hands-on involved, even with our largest partners, we still have a lot of room to expand. We’re only at about half of the doors, and we’re further penetrating those stores, and in the categories that we are, which is now a lot more than just running. We have a fantastic training business. We’re starting to see really good traction with apparel.

在批發（wholesale）方面，這一直是我親自深度參與的領域，即使是與我們最大的合作夥伴也是如此；我們仍有很大的擴張空間。我們目前大約只覆蓋了一半的門店（doors），我們也在進一步深化這些門店的滲透率，以及我們所涉足的品類——現在已遠不只是跑步。我們的訓練（training）業務表現非常出色。我們也開始看到服飾獲得非常好的動能。

Tennis is interesting and so, and then of course the lifestyle side of that. Maybe I wanna hand over to you, David, because you’ve been very closely involved with the D2C part of the Americas.

網球也很有意思，當然還有生活風格（lifestyle）那一塊。也許我想把話題交給你，David，因為你一直非常密切參與美洲地區D2C的部分。

We continue to be, on a global level, very, very excited about the D2C expansion. just the growth of 28.7% is even faster than our wholesale expansion. we’ve have been very consistent in saying that we want to increase D2C share by 100 to 200 basis points per year, and that also remains our expectation for the full year 2026. Currently, we are at 38.7% in D2C share, so it’s really exciting where we are. when it comes to the individual channels, I think in e-commerce, we really see a very, very healthy growth, so that it’s full price growth, that we have a very, very strong demand. We feel that in a very disciplined way.

在全球層面，我們仍然對D2C擴張感到非常、非常興奮。僅28.7%的成長甚至比我們的批發擴張更快。我們一直很一致地表示，我們希望每年將D2C占比提高100到200個基點，而這也仍是我們對2026整個年度的預期。目前我們的D2C占比為38.7%，所以我們所處的位置真的令人振奮。就各個通路而言，我認為在電商方面，我們看到非常、非常健康的成長，也就是全價（full price）成長，需求非常強勁。我們以非常自律的方式來推動。

You see that, of course, also reflected then in the margin profile that we communicated in the call. The new consumers, based on the whole energy that Caspar Coppetti mentioned, around Zendaya and sneaker, that coming into that channel with high demand. Of course, also then in our retail channel, we see a lot of energy, also behind apparel. The D2C channel as a whole crossed now over to over 10% when it comes to apparel share. You really see how the multidimensionality of the brand is building out and how apparel becomes a new entry point for the brand.

你當然也能從我們在電話會議中溝通的毛利結構（margin profile）反映出這點。新的消費者，基於Caspar Coppetti提到的那股圍繞Zendaya與球鞋的整體熱度，以很高的需求進入這個通路。當然，在我們的零售通路，我們也看到很多熱度，服飾同樣如此。就服飾占比而言，整體D2C通路目前已經突破10%。你可以清楚看到品牌的多維度正在建立，而服飾正成為品牌新的切入點。

A lot of these young consumers that are coming to our e-com, that are coming to our store are actually apparel-first consumers, which is amazing, and we’re sure, again, that they’re gonna expand to footwear as well. It builds that out. We’re truly very excited about how this expands.

許多來到我們電商、來到我們門店的年輕消費者，其實是以服飾為先（apparel-first）的消費者，這非常棒；而我們也再次確信，他們之後也會擴展到鞋類。這讓整體版圖更完整。我們對這樣的擴張真的非常興奮。

Maybe, adding a few more points from my side, and obviously all great, Rick, so thanks for your feedback. I think it’s always important to understand that we manage the growth on a global level, and I think we have demonstrated in Q1 the quality of the growth that we have achieved, that is driven by established and new markets, by established and new product categories, and then established and new communities.

也許我再從我的角度補充幾點；而且Rick，你的回饋都很棒，謝謝。我認為理解一點很重要：我們是在全球層面管理成長。我想我們在第一季已經展現了所達成成長的品質——這是由成熟與新興市場、成熟與新興產品品類，以及成熟與新興社群共同驅動的。

We will see those newer market segments grow in size and drive a bigger share of the growth going forward. At the same time, you heard it on the call. I mean, we bring our most exciting and innovative product pipeline to the market, and this is expected to drive strong growth in all parts of the world.

我們將看到這些較新的市場區隔在規模上成長，並在未來推動更高比例的成長貢獻。同時，你也在電話會議中聽到了。我的意思是，我們把最令人興奮、最具創新的產品研發管線帶到市場，而這預期將在全球各地帶動強勁成長。

Of course, we have a couple of areas where On is not present today, and we can dream about this. Of course, if we also look into the guidance, if we see an opportunity to drive more sales and more growth, then we will do this. Always, if it’s in line with our premium strategy and the premium delivery.

當然，目前On在一些領域還沒有布局，我們可以對此有所想像。當然，如果我們也回頭看指引（guidance），若看到有機會帶來更多銷售與更多成長，我們就會去做。但永遠以符合我們的高端策略與高端交付（premium delivery）為前提。

Adding to the D2C insights from David Allemann, what is embedded in our guidance is basically the same strong D2C growth rate that we have seen in the first quarter for the rest of the year. I think this underlines the momentum and the continued demand that we expect for the brand.

延續 David Allemann 對 D2C 洞察的補充，我們在指引中所隱含的，基本上就是今年剩餘期間將維持與第一季所見相同的強勁 D2C 成長率。我認為這凸顯了我們對品牌所預期的動能與持續需求。

Jay Sole, UBS.

Jay Sole，瑞銀（UBS）。

Great. Martin, let me also add my thanks as well. Caspar, my question’s for you. You mentioned that the company is not about pursuing growth at any cost, and you’ve said that for since even before the IPO. With the management change, I think people are wondering if you’re really truly still committed to being premium.

很好。Martin，我也想一併表達我的感謝。Caspar，我的問題是問你的。你提到公司不是不計代價追求成長，而且你從 IPO 之前就一直這麼說。隨著管理層變動，我想大家在想，你們是否真的仍然致力於維持高端定位。

The question is, what keeps the company able to resist the temptation to drive more sales growth by lowering prices or to do something that maybe would reduce brand equity and maybe impact the long term of the the long-term brand equity and ability of the company to grow strong over the long term? Thank you.

問題是，什麼讓公司能夠抗拒透過降價來推動更多銷售成長的誘惑，或做出一些可能會削弱品牌資產、並可能影響公司長期品牌資產與長期強勁成長能力的事情？謝謝。

Thank you, Jay, for giving me the opportunity to share our view on that. Hey, look, our dream is to build a co-company that’s completely different from anything that exists, so we’re charting our own course. From day one, we never dreamed of building the largest company. What we dreamed of building the most desirable, most beautiful, most sustainable, most performant, most innovative company. With that also, and I think the results this quarter show that, our ambition, also the most profitable. That will always come first.

謝謝你，Jay，給我機會分享我們對此的看法。你看，我們的夢想是打造一家與現有任何公司都完全不同的公司，所以我們正在走自己的路。從第一天起，我們從未夢想要打造最大的公司。我們夢想打造的是最令人嚮往、最美、最永續、性能最強、最具創新的公司。同時，我想本季的結果也顯示了，我們的企圖心還包括成為最具獲利能力的公司。這永遠會擺在第一位。

We’re truly inspired by the platform that we have to continue building something that hopefully when we look back in 10 years’ time, people say, they have changed the game of what a sportswear brand can be. That’s really what motivates us and not sheer size at any cost.

我們深受現有平台所啟發，會持續打造一些東西，希望當我們在 10 年後回頭看時，人們會說：他們改變了運動服飾品牌可以成為什麼的遊戲規則。真正驅動我們的是這件事，而不是不計代價追求規模。

If I can probably add to that, Jay. I think just if you see what we have built out as really future growth pillars for the brand from not just footwear, but now to apparel as well, the global footprint, how we’re building performance and innovation, but how we expand that to lifestyle as well. The channel mix and how we’re opening stores on a global level. There are so many growth trajectories that we have that we definitely can do that in a very, very premium way, and you see that from product to stores, to apparel. We feel there’s the defining decade actually ahead of us to build this very, very premium brand.

Jay，如果我可以再補充一下。我想，如果你看看我們為品牌建立的未來成長支柱，不僅是鞋類，現在也延伸到服飾；我們的全球版圖；我們如何打造性能與創新，同時也把它擴展到生活風格領域。還有通路組合，以及我們如何在全球開設門市。我們有非常多的成長軌跡，絕對可以用非常、非常高端的方式來實現；你從產品到門市、到服飾都看得到。我們覺得接下來其實是我們打造這個非常、非常高端品牌的關鍵十年。

Jonathan Komp, Baird.

Jonathan Komp，Baird。

Yeah. Hi, thank you. Caspar, David, I wanna follow up. Are you willing to share a little bit more about your vision as you think forward to the 2030 roadmap? I know it’s come up on the call. You’ve highlighted opportunity to really scale the brand with premium positioning here. Any further thoughts as you think about the roadmap that you see out in the future here?

是的。嗨，謝謝。Caspar、David，我想追問一下。你們是否願意再多分享一些，關於你們展望 2030 路線圖時的願景？我知道這在電話會議中有提到。你們強調了在高端定位下把品牌真正做大規模的機會。對於你們所看到的未來路線圖，還有什麼進一步的想法可以分享嗎？

Thank you, John. Look, it’s really about continuity. We have a business that works extremely well. We have the growth drivers. We have the profitability drivers. We have over time always seeded new stuff and new potential growth drivers. Many of them you’re very well aware of, like apparel, like retail, that we’ve spoken about.

謝謝你，John。你看，這真的關乎延續性。我們擁有一個運作得非常好的業務。我們有成長驅動因素。我們有獲利驅動因素。長期以來，我們也一直在播種新的事物與新的潛在成長驅動因素。其中很多你都很清楚，例如服飾、零售，這些我們都談過。

Now we see a very interesting emerging sneaker business. We invite you all to come to Zurich in the last week of September to join us, where we’re gonna present the new 2030 vision and plan. We have a couple of surprises in stock for you, that hopefully will convince you all that On is a growth story and a profitability story for the long run.

現在我們看到一個非常有趣、正在浮現的球鞋業務。我們邀請各位在九月底的最後一週來蘇黎世與我們相聚，屆時我們將發表新的 2030 願景與計畫。我們準備了一些驚喜，希望能說服各位：On 在長期而言既是一個成長故事，也是一個獲利故事。

Great. Certainly we’ll look forward to that. If I could ask one follow-up just specific to the quarter. The marketing expense looked like a pretty significant investment this quarter. You highlighted some of the reasons for that. Could you share a broader outlook how we should think about marketing? Then as you think about efficiencies across the business, both from expense standpoint but also from speed and innovation standpoint, what can you share on that front? Thanks again.

很好。我們當然很期待。如果我可以再追問一個、針對本季的具體問題。本季的行銷費用看起來是一筆相當顯著的投資。你們也提到了一些原因。你們能否分享更廣泛的展望，讓我們理解應該如何看待行銷？另外，當你們思考整體業務的效率提升時，無論是費用面，或是速度與創新面，你們在這方面可以分享些什麼？再次感謝。

John, Martin here. I think this is an important part of the story and correlated to the growth. In the end, what we have created is something like a loaded spring. We shared this on the call. We have significantly increased our brand awareness, and some of this awareness is still sitting outside of the premium market yet.

John，我是 Martin。我認為這是故事中很重要的一部分，並且與成長高度相關。最終，我們所打造的有點像一個上緊的彈簧。我們在電話會議中也分享過。我們大幅提升了品牌知名度，而其中一部分知名度仍然還停留在高端市場之外。

We see this in the fact that the traffic that comes to our direct channels and also to our wholesale partners is much stronger than the net sales growth. We have proven over and over again in the past that we can win those additional customers, that additional awareness into the premium segment and ultimately into our products by the innovation of our products, but also by the stories that we are telling.

我們從一個事實看得出來：流量進到我們的直營通路以及批發合作夥伴的力道，遠強於淨銷售成長。過去我們一再證明，我們能把這些新增客戶、把這些新增知名度，透過產品創新、以及我們所講述的故事，贏進高端區隔，最終導入到我們的產品上。

This is why we feel this is the right moment to invest into the brand. Our strong gross profit margin gives us all the reasons to invest into the brand and to spin that flywheel faster. Therefore, we expect that our marketing expenses for the full year will be rather somewhere between 13% and 13.5%. That is baked in into the guidance that you have seen.

這就是為什麼我們覺得現在是投資品牌的正確時點。我們強勁的毛利率給了我們充分理由去投資品牌，並讓這個飛輪轉得更快。因此，我們預期全年行銷費用率大致會落在 13% 到 13.5% 之間。這已經反映在你們看到的指引之中。

Yeah. I’m happy to speak to efficiencies. Of course, we’re athletes, so we reserve the right to get better every day. Part of what you see in the gross profit margin is that we’re starting to unlock efficiency of scale. At the same time, I think you asked how we’re driving speed in the innovation now. Innovation and design are actually two areas where we’re starting to really see the impact of AI, where our teams have started to work with very sophisticated tools that allow a smaller team to come up with more options.

是的。我很樂意談談效率提升。當然，我們是運動員，所以我們保留每天都變得更好的權利。你在毛利率中看到的一部分，就是我們開始釋放規模效率。同時，我想你也問到我們現在如何提升創新速度。創新與設計其實是兩個我們開始真正看到 AI 影響的領域；我們的團隊已開始使用非常先進的工具，讓較小的團隊也能提出更多選項。

We can test them virtually, and ultimately drive better results either for racing, like we’ve seen with Hellen Obiri and in London, or to just benefit the overall consumer, like with this, our SURREAL platform that we will be launching in the fall.

我們可以進行虛擬測試，並最終帶來更好的成果——無論是競速表現，例如我們在倫敦看到 Hellen Obiri 的表現，或是讓整體消費者受益，例如我們將在秋季推出的 SURREAL 平台。

Aneesha Sherman, Bernstein Research.

Aneesha Sherman，Bernstein Research。

Thank you so much. Let me add my best wishes to you, Martin. Looking at your 2026 guidance, it seems you’re modeling a slight slowdown from Q1 into the second half. Can you give us an update on how you see the cadence of growth shaping through the year? I know you have some pricing tailwinds in H1 that go away mid-year. Maybe you can remind us about what the other factors are shaping that cadence of growth.

非常感謝。Martin，也讓我向你致上最誠摯的祝福。看你們對 2026 年的指引，似乎是在模型中假設從第一季到下半年會有些微放緩。你能否更新一下你們如何看待今年各季度的成長節奏？我知道你們在上半年有一些定價順風因素，但到年中就會消退。也許你可以再提醒我們，還有哪些其他因素在塑造成長節奏。

Then a quick follow-up on gross margin. You talked about the ad performance this quarter. There were some factors that you knew about, the FX tailwind, lapping your freight accruals. What were the unanticipated? I mean, why did gross margin outperform even beyond your expectations this quarter? What was the surprise from? Thank you so much.

接著快速追問一下毛利率。你提到本季的廣告表現。有一些你們已知的因素，例如匯率順風，以及運費應計費用的比較基期效應。有哪些是未預期的？我的意思是，為什麼本季毛利率的表現甚至超出你們原先的預期？驚喜來自哪裡？非常感謝。

Thanks, Aneesha. As I shared before, what’s embedded in our guidance is a continued very strong growth of our D2C channel, similar to the strong growth rate that we have now seen in the first quarter. That implies a slower growth on wholesale compared to that strong growth in D2C, which basically ultimately leads to the continued share gain of our D2C business.

謝謝你，Aneesha。如我先前分享的，我們指引中所內含的是 D2C 通路持續非常強勁的成長，與我們在第一季所看到的強勁成長率相近。這意味著，相較於 D2C 的強勁成長，批發端的成長會較慢，而這基本上最終會帶來我們 D2C 業務持續提升市占。

We have a lot of innovation coming early 2027, we want to be cautious that we start into that firework of innovation with clean inventory levels in our wholesale partners. We put this into our guidance. As said, the conviction on the D2C side supports the strong momentum that we are seeing.

我們在 2027 年初會推出大量創新產品；我們希望謹慎行事，確保在進入那波「煙火般」的創新之前，我們的批發合作夥伴端能維持乾淨的庫存水位。我們已將這點納入指引之中。如前所述，D2C 端的信心支撐了我們目前看到的強勁動能。

Yeah. Let me walk you through the gross margin profile. Very happy to do so. Obviously on the top line, the innovation that we have, the premium strategy and the full price discipline ensures that we’re selling our shoes at high prices and at full price.

好的。我來帶大家看一下毛利率的輪廓。很樂意說明。顯然在營收端，我們的創新、精品化（premium）策略以及全價銷售紀律，確保我們的鞋款能以較高價格、並以全價售出。

If you then go at the cost, we’re really starting to see these measures that we’ve taken a year ago. We started taking a year ago on the supply side take effect. That’s about 250 basis points of effect right there. The the full price I spoke about, that’s about 150 basis points. The FX tailwind is only about 100 basis points.

再看成本端，我們確實開始看到我們一年前採取的措施開始發揮效果。我們在供應端於一年前開始推動的措施正在顯現成效。光是這部分就約有 250 個基點的影響。我剛提到的全價銷售，約有 150 個基點。匯率順風只有約 100 個基點。

It’s about 100 basis points from tariffs as well. That’s how the gross margin delta shapes up. What’s important to remember as we have guided for the year, we consider the sixty-four and a half as our new baseline, as we continue to unlock further efficiencies of scale. Second, we’re not just going to keep all that money to ourselves, but we’re already today reinvesting in making the product better, giving it more detail, making it more desirable, so we can continue to drive the innovation and desirability of the product.

關稅也大約是 100 個基點。這就是毛利率變動（delta）的構成。重要的是要記得，正如我們對全年所給的指引，我們把 64.5% 視為新的基準，因為我們會持續釋放更多規模效率。第二，我們不會把這些錢全部留給自己；我們今天就已經在再投資，讓產品更好、增加更多細節、讓它更具吸引力，如此我們才能持續推動產品的創新與吸引力。

Cristina Fernández, Telsey Advisory Group.

Cristina Fernández，Telsey Advisory Group。

I’ll add my congratulations to Martin and best wishes in the future. I wanted to follow up on Aneesha’s questions about the guidance. You maintain your constant currency sales guidance for the year at 23%. Based on what you see today, either the order books for the fall, winter or, I mean, do you see upside to their guidance or are there things like, for example, you mentioned an increasing promotional landscape that’s making you kind of cautious about the remainder of the year?

我也要向 Martin 表達祝賀，並祝福你未來一切順利。我想延續 Aneesha 關於指引的問題。你們維持全年以固定匯率計的銷售指引為 23%。根據你們目前看到的情況，不論是秋冬的訂單簿等，你們是否看到指引有上行空間？或者是否有一些因素——例如你提到促銷環境愈來愈激烈——讓你們對今年剩餘期間保持較為謹慎？

Yeah. Thank you. We feel that the 23% is the right aspiration for growth this year, given the quality of the growth that we are seeing. As I said, if we see an opportunity to go faster, we will go faster and we can go faster. We of course need to consider we have a change in leadership. We have a macroeconomic environment with a lot of moving pieces that’s also embedded in here.

是的。謝謝。以我們目前看到的成長品質來看，我們認為 23% 是今年成長的正確目標。如我所說，如果我們看到可以更快的機會，我們會更快，而且我們也有能力更快。當然，我們也需要考量領導階層的變動。此外，宏觀經濟環境有很多變動因素，這些也都已反映在其中。

As you heard, there’s a lot of exciting product coming. We’re in very early in the year, but 23% is a very strong growth rate if it comes at the quality and the full price discipline and the strong margin profile that we are currently delivering.

如你所聽到的，接下來會有很多令人興奮的產品推出。我們現在仍在年初很早的階段，但如果 23% 的成長能伴隨我們目前所展現的成長品質、全價銷售紀律以及強勁的毛利率輪廓，那就是非常強的成長率。

Thank you. That concludes our question and answer for today. Thank you so much everyone for attending today’s call. You may now disconnect. Goodbye.

謝謝。以上為今天的問答環節。非常感謝各位參加今天的電話會議。您現在可以掛線。再見。