Key points for investors:
- Strong Q1 performance: Net sales CHF 831.9m (first time >CHF 800m), +26.4% constant-currency (14.5% reported).
- High-margin, premium execution: Q1 gross profit margin 64.2% (up >4pp YoY) and adjusted EBITDA margin 21% (up 450bps YoY); company now views ~64.5%+ gross margin as the new baseline for 2026.
- Guidance reiterated and raised on profitability: Constant-currency net sales growth guidance of at least 23% for FY26 (reported ~CHF 3.5bn at current spot rates); full-year gross margin expected at least 64.5% (guidance assumes higher Vietnam tariffs); adjusted EBITDA margin guidance raised to 19.5%–20%.
- Channels and geographies: D2C remains a growth leader (Q1 D2C net sales CHF 322.3m, +28.7% CC); D2C share around 38.7% and targeted to increase ~100–200bps/year. Wholesale exceeded CHF 0.5bn in a quarter for the first time. APAC grew very strongly (61.4% CC), with China and South Korea notable outperformance.
- Product and innovation momentum: LightSpray manufacturing scale-up (new factory in Busan) and strong early commercial demand (LightSpray Cloudmonster Hyper sold out in many channels; several hundred DTC pairs/day). New material/foam (SuperFoam / SURREAL) and Cloud Surface 3 pipeline expected to drive further product differentiation and expansion into everyday running and lifestyle.
- Apparel and lifestyle traction: Apparel +57.5% CC and now >10% of D2C sales; young consumer cohorts (18–24) and sneaker communities are growing share of customers via strategic collaborations (e.g., Zendaya, LOEWE) and product launches (Cloudtilt, Cloudtilt Remix).
- Operational discipline and investments: Continued focus on full-price strategy, inventory health, automation (warehouse efficiencies), selective reinvestment into brand/upper-funnel, retail expansion (selective store openings) and capital discipline (Q1 capex CHF 23.6m; cash >CHF 1bn).
- Leadership update and continuity: Martin Hoffmann stepping down as CEO/CFO and will advise into next year; Caspar Coppetti and David Allemann to serve as co-CEOs; Frank Sluis joined as CFO May 1. Investor Day scheduled for Sept 21–22, 2026.
- Risks and assumptions: Guidance assumes 20% incremental tariff rates from Vietnam (excludes potential refunds) and acknowledges FX and macro uncertainties; management emphasizes premium, full-price growth over growth at any cost.
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