On Holding's stock declined modestly by 0.6% following Q1 results as investors digested strong top-line growth offset by limited commentary on margin sustainability and no clear guidance updates, leaving uncertainty around near-term outlook and margin trajectory.

• Net sales surpassed CHF 830 million, marking a 26.4% increase at constant currency and crossing the CHF 800 million threshold for the first time.
• Growth was broad-based with double-digit constant currency increases in the Americas, EMEA, and APAC, and over 50% growth in apparel globally.
• The company highlighted early commercial traction for LightSpray technology, contributing close to 20% of footwear net sales at the Boston store launch.
• Adjusted EBITDA and gross profit margins were described as strong, but no quantitative updates were provided on margin trends or guidance.
• The call focused heavily on innovation and brand momentum without providing new forward-looking financial targets, which may have fed investor caution.