<\/p>\n
On Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2026<\/b><\/p>\n ZURICH, Switzerland–(BUSINESS WIRE<\/a>)– \nCaspar Coppetti, Founder and Co-CEO of On, said: “Seven weeks after our Investor Day, we are seeing the On Premium Playbook do exactly what it was built to do: create breakthrough products, validated by the world\u2019s best athletes and brought to life through premium experiences wherever our fans meet us. The Cloudsurfer 3 is the first proof point of our biggest innovation cycle – and it is just getting started. Each of our strategic growth engines made significant progress this quarter, drawing a new generation of fans to the brand. In a promotional market, we stayed true to who we are and held full price, delivering record sales and record underlying margins.”<\/p>\n \nFrank Sluis, CFO of On, said: “At our Investor Day, we said that premium is not the adjective in our financial model – it is the mechanism. This quarter showed what that means. Products that consumers choose at full price, a higher share of sales through our own channels and the efficiencies of scale delivered the highest gross profit margin in On\u2019s history, even before U.S. tariff refunds. That margin gives us the strength to invest in the innovation, technology, stores and new sports behind our next phase of growth, and every part of that investment maps back to our three-year plan. We are even more excited about that plan today than on the day we presented it.”<\/p>\n Key Financial and Operating Metrics<\/b><\/p>\n \nKey financial and operating metrics for the three-month period ended September 30, 2026 compared to the three-month period ended September 30, 2025 include:<\/p>\n \nKey financial and operating metrics for the nine-month period ended September 30, 2026 compared to the nine-month period ended September 30, 2025 include:<\/p>\n \nKey financial and operating metrics as of September 30, 2026 compared to December 31, 2025 include:<\/p>\n \nAdjusted EBITDA, adjusted EBITDA excluding U.S. tariff refunds, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, gross profit margin excluding U.S. tariff refunds, net working capital and net sales on a constant currency basis are non-IFRS measures used by us to evaluate our performance. Furthermore, we believe these non-IFRS measures enhance investors’ understanding of our financial and operating performance from period to period because they enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, gross profit margin excluding U.S. tariff refunds, net working capital and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS. For a detailed description and a reconciliation to the nearest IFRS measure, see section titled \u201cNon-IFRS Measures.\u201d<\/p>\n Outlook<\/b><\/p>\n \nWith its holiday campaign now live and its newest technologies and products landing with consumers, On plans for net sales growth to accelerate in the fourth quarter. On will run the holiday season the way it has run the whole year, remaining committed to its premium positioning and full price discipline in a promotional environment.<\/p>\n \nOn\u2019s outlook now includes U.S. tariff refunds, so margin guidance is shown both including and excluding them; previous guidance did not include U.S. tariff refunds. For full-year 2026, On now expects:<\/p>\n \nOther than with respect to IFRS net sales and gross profit margin, On only provides guidance on a non-IFRS basis. The Company does not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. As a result, we are not able to forecast with reasonable certainty all deductions needed in order to provide a reconciliation to net income. The above outlook is based on current market conditions and reflects the Company\u2019s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. The gross profit margin excluding U.S. tariff refunds excludes impacts from the CHF 52.6 million U.S. tariff refunds received during the three months ended September 30, 2026. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below and in our filings with the U.S. Securities and Exchange Commission (the “SEC”).<\/p>\n Conference Call Information<\/b><\/p>\n \nA conference call to discuss third quarter results is scheduled for November 10, 2026 at 8 a.m. U.S. Eastern time (2 p.m. Central European Time). Those interested in participating in the call are invited to dial the following numbers:<\/p>\n \nUnited States: +1 585 542 99 83 \nConference ID: 915968735<\/p>\n \nAdditionally, a live webcast of the conference call will be available on the Company’s investor relations website and under the following link: https:\/\/events.q4inc.com\/attendee\/915968735<\/a><\/span>. Following the conclusion of the call, a replay of the conference call will be available on the Company’s website.<\/p>\n About On<\/b><\/p>\n \nOn was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement \u2013 a mission that still guides the brand today. Sixteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On\u2019s award-winning CloudTec\u00ae and LightSpray\u2122 innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base \u2013 inspiring humans to explore, discover and Dream On.<\/p>\n \nOn is present in more than 90 countries globally and engages with a digital community on www.on.com<\/a>.<\/p>\n Non-IFRS Measures<\/b><\/p>\n \nAdjusted EBITDA, adjusted EBITDA excluding U.S. tariff refunds, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, gross profit margin excluding U.S. tariff refunds, net working capital, and net sales on a constant currency basis are financial measures that are not defined under IFRS. We use these non-IFRS measures when evaluating our performance, including when making financial and operating decisions, and as a key component in the determination of variable incentive compensation for employees. We believe that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS measures enhance investor understanding of our financial and operating performance from period to period, because they exclude share-based compensation which is not viewed by management as part of our ongoing operations and performance, enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. In particular, we believe adjusted EBITDA, adjusted EBITDA margin, adjusted net income gross profit margin excluding U.S. tariff refunds, and net working capital are measures commonly used by investors to evaluate companies in the sportswear industry.<\/p>\n \nHowever, adjusted EBITDA, adjusted EBITDA excluding U.S. tariff refunds, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, gross profit margin excluding U.S. tariff refunds, net working capital, and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS and may not be comparable to similarly titled non-IFRS measures used by other companies. The tables below reconcile each non-IFRS measure to its most directly comparable IFRS measure.<\/p>\n \nAs noted above, we do not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. The amount of these deductions may be material and, therefore, could result in projected net income being materially less than projected adjusted EBITDA. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-Looking Statements section of this press release.<\/p>\n \nNet sales on a constant currency basis is a non-IFRS financial measure and should be viewed as a supplement to our results under IFRS. Net sales on a constant currency basis represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We provide constant currency percent change in net sales within our results, to enhance the visibility of the underlying growth rate of net sales, excluding the impact of foreign currency exchange rate fluctuations.<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis press release contains statements that may constitute \u201cforward-looking\u201d statements pursuant to the \u201csafe harbor\u201d provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Many of the forward-looking statements contained in this management\u2019s discussion and analysis can be identified by the use of forward-looking words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201ctarget,\u201d \u201cwill,\u201d \u201cwould,\u201d and \u201cshould,\u201d among others.<\/p>\n \nAmong other things, On\u2019s quotations from management in the press releases and other written materials, as well as On\u2019s strategic and operational plans, contain forward-looking statements. On may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements appear in a number of places in this management\u2019s discussion and analysis and include, but are not limited to, statements regarding our intent, belief or current expectations, including our ability to achieve our medium- and long-term financial targets and other objectives. Forward-looking statements are based on our management\u2019s beliefs and assumptions and on information currently available to our management.<\/p>\n \nSuch statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section titled \u201cRisk Factors\u201d in our Annual Report. These risks and uncertainties include factors relating to: the strength of our brand and our ability to maintain our reputation and premium brand image; our ability and the ability of our independent manufacturers and other suppliers to follow responsible business practices; our ability to implement our growth strategy; the concentration of our business in a single, discretionary product category, namely footwear, apparel and accessories; our ability to successfully enter and compete in new sports categories, including football and golf, and to develop products for those categories; our dependence on relationships with elite athletes, ambassadors and other high-profile talent, and the potential impact on our brand of conduct by, or the loss of, any such individual; our ability to continue to innovate and meet consumer expectations; changes in consumer tastes and preferences including in products and sustainability, and our ability to connect with our consumer base; our ability to open new stores at locations that will attract customers to our premium products; our ability to compete and conduct our business in the future; health epidemics, pandemics and similar outbreaks; general economic, political, demographic and business conditions worldwide, including geopolitical uncertainty and instability, such as the on-going Russia-Ukraine or Israel-Hamas conflicts and on-going shipping disruptions in the Red Sea and surrounding waterways; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; our ability to successfully develop, implement, and scale our LightSpray\u2122 technology and products developed using this technology; our ability to strengthen and grow our DTC channel; our ability to address climate related risks; our ability to execute and manage our sustainability strategy and achieve our sustainability-related goals and targets, including sustainable product offerings and investor and customer scrutiny; our third-party suppliers, manufacturers and other partners, including their financial stability and our ability to find suitable partners to implement our growth strategy; supply chain disruptions, inflation and increased costs in supplies, goods and transportation, customs and duty expenses, and foreign exchange rates; the availability of qualified personnel and the ability to retain such personnel, including our Executive Officers; our ability to accurately forecast demand for our products and manage product manufacturing decisions; our ability to distribute products through our wholesale channel; changes in commodity, material, labor, distribution and other operating costs; our international operations; our ability to protect our intellectual property and defend against allegations of violations of third-party intellectual property by us; cybersecurity incidents and other disruptions to our information technology (“IT”) systems; increased hacking activity against the critical infrastructure of any nation or organization that retaliates against Russia for its invasion of Ukraine; our reliance on complex IT systems; our ability to adopt and monitor generative artificial intelligence (“AI”) technologies in our operations; changes and contemplation of changes to trade policies, tariffs and import\/export regulations in the United States and other jurisdictions; our ability to achieve our full year 2026 guidance, and the assumptions underlying that guidance, including with respect to consumer demand, foreign exchange rates, tariffs and input costs; our ability to achieve our medium- and long-term financial targets and other objectives; financial accounting and tax matters; our ability to maintain effective internal control over financial reporting; the potential impact of, and our compliance with, new and existing laws and regulations; other factors that may affect our financial condition, liquidity and results of operations; and other risks and uncertainties set out in filings made from time to time with the SEC and available at www.sec.gov<\/a>, including, without limitation, our most recent reports on Form 20-F and Form 6-K. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.<\/p>\n \nForward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.<\/p>\n \nSource: On<\/p>\n \nCategory: Earnings<\/p>\n Consolidated Financial Information \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three-month period ended September 30,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Nine-month period ended September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n(CHF in millions)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n931.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n794.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,613.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,270.2<\/p>\n<\/td>\n<\/tr>\n \nCost of sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(255.5)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(272.1)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(847.6)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(851.9)<\/p>\n<\/td>\n<\/tr>\n Gross profit<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 676.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 522.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,766.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,418.3<\/b><\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(481.0)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(397.5)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,334.1)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,123.8)<\/p>\n<\/td>\n<\/tr>\n Operating result<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 195.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 124.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 431.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 294.5<\/b><\/p>\n<\/td>\n<\/tr>\n \nFinancial income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22.9<\/p>\n<\/td>\n<\/tr>\n \nFinancial expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8.4)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8.1)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24.6)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(21.8)<\/p>\n<\/td>\n<\/tr>\n \nForeign exchange gain \/ (loss)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6.1)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(160.5)<\/p>\n<\/td>\n<\/tr>\n Income before taxes<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 211.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 118.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 453.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 135.2<\/b><\/p>\n<\/td>\n<\/tr>\n \nIncome tax benefit \/ (expense)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(48.9)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(82.4)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.6)<\/p>\n<\/td>\n<\/tr>\n Net income<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 162.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 118.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 371.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 134.6<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Earnings per share<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic EPS Class A (CHF)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.49<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.36<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.11<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.41<\/p>\n<\/td>\n<\/tr>\n \nBasic EPS Class B (CHF)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.05<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.04<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.11<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.04<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted EPS Class A (CHF)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.48<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.36<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.10<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.40<\/p>\n<\/td>\n<\/tr>\n \nDiluted EPS Class B (CHF)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.05<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.03<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.11<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.04<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Consolidated interim balance sheets \n(CHF in millions)<\/p>\n<\/td>\n 9\/30\/2026<\/b><\/p>\n<\/td>\n 12\/31\/2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents<\/p>\n<\/td>\n \n1,339.0<\/p>\n<\/td>\n \n1,019.9<\/p>\n<\/td>\n<\/tr>\n \nTrade receivables<\/p>\n<\/td>\n \n432.8<\/p>\n<\/td>\n \n305.4<\/p>\n<\/td>\n<\/tr>\n \nInventories<\/p>\n<\/td>\n \n495.7<\/p>\n<\/td>\n \n419.8<\/p>\n<\/td>\n<\/tr>\n \nOther current financial assets<\/p>\n<\/td>\n \n90.5<\/p>\n<\/td>\n \n59.2<\/p>\n<\/td>\n<\/tr>\n \nOther current operating assets<\/p>\n<\/td>\n \n173.5<\/p>\n<\/td>\n \n158.2<\/p>\n<\/td>\n<\/tr>\n Current assets<\/b><\/p>\n<\/td>\n 2,531.5<\/b><\/p>\n<\/td>\n 1,962.4<\/b><\/p>\n<\/td>\n<\/tr>\n \nProperty, plant and equipment<\/p>\n<\/td>\n \n196.6<\/p>\n<\/td>\n \n148.8<\/p>\n<\/td>\n<\/tr>\n \nRight-of-use assets<\/p>\n<\/td>\n \n701.0<\/p>\n<\/td>\n \n494.1<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets<\/p>\n<\/td>\n \n65.9<\/p>\n<\/td>\n \n54.2<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax assets<\/p>\n<\/td>\n \n166.1<\/p>\n<\/td>\n \n175.9<\/p>\n<\/td>\n<\/tr>\n Non-current assets<\/b><\/p>\n<\/td>\n 1,129.6<\/b><\/p>\n<\/td>\n 873.0<\/b><\/p>\n<\/td>\n<\/tr>\n Assets<\/b><\/p>\n<\/td>\n 3,661.1<\/b><\/p>\n<\/td>\n 2,835.4<\/b><\/p>\n<\/td>\n<\/tr>\n \nTrade payables<\/p>\n<\/td>\n \n187.7<\/p>\n<\/td>\n \n154.8<\/p>\n<\/td>\n<\/tr>\n \nCurrent lease liabilities<\/p>\n<\/td>\n \n119.5<\/p>\n<\/td>\n \n81.2<\/p>\n<\/td>\n<\/tr>\n \nOther current financial liabilities<\/p>\n<\/td>\n \n47.4<\/p>\n<\/td>\n \n56.7<\/p>\n<\/td>\n<\/tr>\n \nOther current operating liabilities<\/p>\n<\/td>\n \n379.4<\/p>\n<\/td>\n \n355.4<\/p>\n<\/td>\n<\/tr>\n \nCurrent provisions<\/p>\n<\/td>\n \n10.8<\/p>\n<\/td>\n \n13.0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax liabilities<\/p>\n<\/td>\n \n68.6<\/p>\n<\/td>\n \n63.2<\/p>\n<\/td>\n<\/tr>\n Current liabilities<\/b><\/p>\n<\/td>\n 813.4<\/b><\/p>\n<\/td>\n 724.4<\/b><\/p>\n<\/td>\n<\/tr>\n \nEmployee benefit obligations<\/p>\n<\/td>\n \n9.2<\/p>\n<\/td>\n \n5.5<\/p>\n<\/td>\n<\/tr>\n \nNon-current provisions<\/p>\n<\/td>\n \n27.6<\/p>\n<\/td>\n \n20.7<\/p>\n<\/td>\n<\/tr>\n \nNon-current lease liabilities<\/p>\n<\/td>\n \n613.1<\/p>\n<\/td>\n \n440.3<\/p>\n<\/td>\n<\/tr>\n \nOther non-current financial liabilities<\/p>\n<\/td>\n \n7.9<\/p>\n<\/td>\n \n2.8<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax liabilities<\/p>\n<\/td>\n \n13.9<\/p>\n<\/td>\n \n9.3<\/p>\n<\/td>\n<\/tr>\n Non-current liabilities<\/b><\/p>\n<\/td>\n 671.8<\/b><\/p>\n<\/td>\n 478.6<\/b><\/p>\n<\/td>\n<\/tr>\n \nShare capital<\/p>\n<\/td>\n \n34.1<\/p>\n<\/td>\n \n34.1<\/p>\n<\/td>\n<\/tr>\n \nTreasury shares<\/p>\n<\/td>\n \n(26.5)<\/p>\n<\/td>\n \n(26.7)<\/p>\n<\/td>\n<\/tr>\n \nCapital reserves<\/p>\n<\/td>\n \n1,345.3<\/p>\n<\/td>\n \n1,289.0<\/p>\n<\/td>\n<\/tr>\n \nOther reserves<\/p>\n<\/td>\n \n69.3<\/p>\n<\/td>\n \n(46.6)<\/p>\n<\/td>\n<\/tr>\n \nRetained earnings<\/p>\n<\/td>\n \n753.7<\/p>\n<\/td>\n \n382.6<\/p>\n<\/td>\n<\/tr>\n Equity<\/b><\/p>\n<\/td>\n 2,175.9<\/b><\/p>\n<\/td>\n 1,632.4<\/b><\/p>\n<\/td>\n<\/tr>\n Equity and liabilities<\/b><\/p>\n<\/td>\n 3,661.1<\/b><\/p>\n<\/td>\n 2,835.4<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Consolidated interim statements of cash flows \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Nine-month period ended September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n(CHF in millions)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net income<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 371.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 134.6<\/b><\/p>\n<\/td>\n<\/tr>\n \nAdjustments for:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n50.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n49.7<\/p>\n<\/td>\n<\/tr>\n \nEmployee benefit expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.8<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n116.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n92.9<\/p>\n<\/td>\n<\/tr>\n \nLoss on disposal of assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.7<\/p>\n<\/td>\n<\/tr>\n \nInterest income and expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7.4)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6.7)<\/p>\n<\/td>\n<\/tr>\n \nNet exchange differences<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(19.2)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n162.0<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n82.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6<\/p>\n<\/td>\n<\/tr>\n \nChange in working capital<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(110.8)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(178.3)<\/p>\n<\/td>\n<\/tr>\n \nTrade receivables<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(106.3)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(130.5)<\/p>\n<\/td>\n<\/tr>\n \nInventories<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24.3)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(39.1)<\/p>\n<\/td>\n<\/tr>\n \nTrade payables<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8.7)<\/p>\n<\/td>\n<\/tr>\n \nChange in other current assets \/ liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(29.4)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36.9<\/p>\n<\/td>\n<\/tr>\n \nChange in provisions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.1)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.1)<\/p>\n<\/td>\n<\/tr>\n \nInterest received<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22.4<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes paid<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(70.0)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(66.0)<\/p>\n<\/td>\n<\/tr>\n Cash inflow from operating activities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 413.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 246.4<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPurchase of tangible assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(68.5)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(46.2)<\/p>\n<\/td>\n<\/tr>\n \nPurchase of intangible assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(16.1)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.8)<\/p>\n<\/td>\n<\/tr>\n Cash (outflow) from investing activities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (84.6)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (50.0)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPayments of lease liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(61.3)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(51.3)<\/p>\n<\/td>\n<\/tr>\n \nProceeds from issuance of shares<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.3<\/p>\n<\/td>\n<\/tr>\n \nProceeds on sale of treasury shares related to share-based compensation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.3<\/p>\n<\/td>\n<\/tr>\n \nInterest paid<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(20.2)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(15.6)<\/p>\n<\/td>\n<\/tr>\n Cash (outflow) from financing activities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (75.5)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (58.3)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Change in net cash and cash equivalents<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 253.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 138.1<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet cash and cash equivalents at January 1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,019.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n924.3<\/p>\n<\/td>\n<\/tr>\n \nNet impact of foreign exchange rate differences<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(100.5)<\/p>\n<\/td>\n<\/tr>\n \nNet cash and cash equivalents at September 30<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,339.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n961.8<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Reconciliation of Non-IFRS measures<\/b><\/p>\n Adjusted EBITDA and Adjusted EBITDA Margin<\/i><\/b><\/p>\n \nThe table below reconciles net income to adjusted EBITDA for the periods presented. Adjusted EBITDA margin is equal to adjusted EBITDA for the period presented as a percentage of net sales for the same period.<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three-month period ended September<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Nine-month period ended September<\/b><\/p>\n<\/td>\n<\/tr>\n \n(CHF in millions)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net income<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 162.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 118.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 36.9 %<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 371.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 134.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 175.6 %<\/b><\/p>\n<\/td>\n<\/tr>\n Exclude the impact of:<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n48.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.3)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16400.0 %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n82.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13633.3 %<\/p>\n<\/td>\n<\/tr>\n \nFinancial income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10.8)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8.1)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33.3 %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(29.0)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(22.9)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.6 %<\/p>\n<\/td>\n<\/tr>\n \nFinancial expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.7 %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.8 %<\/p>\n<\/td>\n<\/tr>\n \nForeign exchange result(1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14.3)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(334.4) %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(17.2)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n160.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(110.7) %<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n44.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n38.8 %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n116.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n92.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.6 %<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation(2)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(25.7) %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n50.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n48.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.1 %<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 256.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 179.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 42.7 %<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 599.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 436.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 37.4 %<\/b><\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA Margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27.6 %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22.6 %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22.9 %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19.2 %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n (1) <\/sup>Represents the foreign exchange gain \/ (loss) line item within the consolidated statements of income.<\/p>\n (2) <\/sup>Management excludes share-based compensation expenses as these are non-cash and we do not consider these expenses reflective of our ongoing operations and performance.<\/p>\n Adjusted Net Income, Adjusted Basic EPS and Adjusted Diluted EPS<\/b><\/p>\n \nWe use adjusted net income, adjusted basic EPS and adjusted diluted EPS as measures of operating performance in conjunction with related IFRS measures.<\/p>\n \nFor the purpose of operational performance measurement, we calculate adjusted net income, adjusted basic EPS and adjusted diluted EPS in a manner that fully excludes the impact of any costs related to share-based compensation and includes the tax effect on the tax-deductible portion of the non-IFRS adjustments, which we believe increases comparability of the metric from period to period, and makes it useful for management, our audit committee and investors to assess our financial performance over time.<\/p>\n \nAdjusted basic EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period. Adjusted diluted EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period on a fully diluted basis.<\/p>\n \nThe table below provides a reconciliation between net income and adjusted net income, adjusted basic EPS and adjusted diluted EPS for the periods presented:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three-month period ended September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n(CHF in millions, except per share data)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Class A<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Class B<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Class A<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Class B<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net income<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 146.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 15.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 106.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 12.1<\/b><\/p>\n<\/td>\n<\/tr>\n Exclude the impact of:<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation(1)<\/sup><\/p>\n<\/td>\n\n
\nOn Holding AG (NYSE: ONON) (\u201cOn,\u201d \u201cOn Holding AG,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cours,\u201d or \u201cus\u201d), has announced its financial results for the third quarter and nine-month period ended September 30, 2026.<\/p>\n\n
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United Kingdom: +44 117 389 01 04
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Switzerland: +41 800 200 0 46<\/p>\n
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<\/b>Consolidated interim statements of income
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<\/i><\/b>(unaudited)<\/i><\/b><\/p>\n\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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<\/i><\/b>(unaudited)<\/i><\/b><\/p>\n\n
\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n
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<\/i><\/b>(unaudited)<\/i><\/b><\/p>\n\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n