Core Viewpoint - Saab is set to parallelize production across multiple manufacturing plants for its new A-26 submarines to meet delivery targets for three vessels ordered by Poland [1] Group 1: Company Strategy - The decision to parallelize production aims to enhance efficiency and ensure timely delivery of the submarines [1] - The CEO of Saab emphasized the importance of meeting the delivery schedule to fulfill Poland's defense needs [1] Group 2: Industry Context - The move reflects a broader trend in the defense industry where companies are optimizing production processes to meet increasing demand from various countries [1] - Saab's strategy may influence competitors to adopt similar approaches to remain competitive in the submarine manufacturing sector [1]

Financial Data and Key Metrics Changes - The company has raised its sales targets multiple times and is tracking ahead of its 2026 margin targets, indicating strong performance relative to competitors who have cut guidance [7][9] - The gross profit margin reached 65% in Q3, showcasing a strong margin profile despite tariff impacts [31] Business Line Data and Key Metrics Changes - The running category remains crucial, with successful franchises like Cloudrunner, Cloudsurfer, and Cloudmonster driving growth [17][18] - The apparel segment, particularly in tennis, is the fastest-growing part of the business, indicating successful expansion into new categories [20] Market Data and Key Metrics Changes - China has become the second-largest market for the company, with Asia Pacific outgrowing expectations [9] - Brand awareness is between 25%-30%, suggesting significant room for growth as 75% of potential customers are not yet familiar with the brand [25] Company Strategy and Development Direction - The company aims to be the most premium global sportswear brand, focusing on innovation, quality, and sustainability [4][5] - There is a clear strategy to expand the addressable market by tapping into new demographics and sports categories [20][21] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the brand's growth trajectory, with plans already in place for product development through 2028 [34] - The importance of team culture and talent acquisition was highlighted as a key factor in maintaining brand momentum [35] Other Important Information - The company emphasizes the significance of maintaining a premium brand image, avoiding discounting, and focusing on full-price sales [11][12] - Automation in manufacturing is seen as a future necessity, with the introduction of innovative products like Lightspray [32] Q&A Session Summary Question: How does the company manage the balance between growth and margins? - The management stated that high margins should not come at the expense of innovation and investment in the business, emphasizing a balance between growth and maintaining a healthy margin environment [27][28] Question: What are the expectations regarding U.S. tariffs and their impact? - The company has implemented pricing and supply chain efficiencies as mitigation strategies, which are expected to remain even if tariffs are rolled back [31] Question: What is the company's outlook on the running category amidst competition? - The management reaffirmed the commitment to remain a leader in running, with significant innovations planned for existing product lines [17][18]

Financial Data and Key Metrics Changes - The company has raised its sales targets multiple times and is tracking ahead of its 2026 margin targets, indicating strong performance relative to competitors who have cut guidance [7][9] - The gross profit margin reached 65% in Q3, showcasing a strong margin profile despite tariff impacts [31] Business Line Data and Key Metrics Changes - The running category remains crucial, with significant innovations planned for products like the Cloudmonster and Cloudsurfer, which are expected to enhance market relevance [17][18] - The apparel segment, particularly in tennis, is the fastest-growing part of the business, driven by collaborations that appeal to younger demographics [20] Market Data and Key Metrics Changes - China has become the second-largest market for the company, with the Asia Pacific region outpacing expectations [9] - Brand awareness is between 25%-30%, indicating a significant opportunity for growth as 75% of potential customers are not yet familiar with the brand [25] Company Strategy and Development Direction - The company aims to maintain its premium positioning while expanding its addressable market through innovation and brand awareness [5][10] - There is a focus on balancing growth and margins, with a commitment to reinvest in product development and marketing to sustain brand momentum [28][29] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the brand's growth trajectory, with guidance to achieve 30% growth over the next three years while maintaining a 23% growth rate next year [34] - The importance of team culture and talent acquisition was highlighted as a key factor in sustaining brand strength and innovation [35] Other Important Information - The company is focused on avoiding discounting practices to maintain its premium brand image, especially during the holiday season [11][12] - Automation in manufacturing is seen as a critical future direction, with the introduction of products like LightSpray aimed at enhancing production efficiency [32] Q&A Session Summary Question: How does the company view the balance of wholesale growth? - The company sees wholesale growth coming from new partners, new doors, and same-store sales, emphasizing the need to start with customer awareness [25] Question: What is the company's approach to managing growth and margins? - The management stated that high margins should not come at the expense of innovation and investment, aiming for a balance that supports growth while maintaining healthy margins [27][28] Question: How does the company plan to address potential tariff impacts? - The company has implemented pricing and supply chain efficiencies as mitigation strategies, which are expected to remain even if tariffs are rolled back [31]

Financial Data and Key Metrics Changes - The company is tracking ahead of its 2026 margin targets and is on track to exceed sales targets, indicating strong performance relative to competitors who have cut guidance [7][9] - The gross profit margin reached 65% in Q3, showcasing a strong margin profile despite tariff impacts [31] Business Line Data and Key Metrics Changes - The running category remains crucial, with significant innovations planned for the Cloudmonster, Cloudsurfer, and Cloudrunner lines in 2026 [16][18] - The apparel business, particularly in tennis, is the fastest-growing segment, driven by collaborations that appeal to younger demographics [20] Market Data and Key Metrics Changes - China has become the second-largest market for the company, with Asia Pacific outpacing expectations [9] - Brand awareness is between 25%-30%, indicating significant growth potential as 75% of potential customers are still unaware of the brand [25] Company Strategy and Development Direction - The company aims to be the most premium global sportswear brand, focusing on innovation, quality, and sustainability to expand its addressable market [4][5] - The strategy includes maintaining a premium positioning while expanding into new sports categories, balancing performance and lifestyle [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's growth trajectory, with plans already in place for product development through 2028 [34] - The importance of team culture and talent acquisition was emphasized as a key driver of brand success [35] Other Important Information - The company is focused on full-price sales and avoiding discounting, which aligns with its premium brand strategy [11][12] - There is a strong emphasis on automation in manufacturing to enhance efficiency and reduce reliance on manual labor [32] Q&A Session Summary Question: What has driven the outsized growth of the brand? - Management noted that the brand's DNA and premium positioning have been key to its success, with all initiatives aligning with growth targets [8] Question: How important is the running category to On's business? - The running category is foundational, with aspirations to lead in this space through innovation and product updates [16] Question: What are the characteristics for entering new categories? - The focus is on expanding the addressable market and relevance to a broader customer base, particularly in performance and lifestyle sports [20] Question: How does the company balance growth and margins? - Management aims to steadily increase margins while investing in growth initiatives, emphasizing the need for innovation and product development [27][29] Question: What are the implications of U.S. tariffs on the business? - The company has implemented structural changes to maintain margins and continue investing in growth, regardless of tariff fluctuations [30][31]

Core Insights - ClearBridge Investments reported a strong but volatile performance in US equities for Q4 2025, with the S&P 500 Index returning 2.7% and the Russell Midcap Growth Index declining 3.7% [1] - The ClearBridge Growth Strategy achieved its third consecutive quarter of outperformance through a balanced and highly active share approach, maintaining disciplined portfolio management and opportunistic capital allocation [1] Company Highlights - On Holding AG (NYSE:ONON) is a Swiss athletic company that develops and distributes sports products, with a one-month return of 2.78% and a 52-week loss of 11.30% [2] - As of January 9, 2026, On Holding AG's stock closed at $49.12 per share, with a market capitalization of $16.218 billion [2] - The ClearBridge Growth Strategy noted that On Holding AG contributed positively to consumer performance, benefiting from strong growth in international markets, particularly in China, and accelerating growth in apparel [3] Hedge Fund Activity - On Holding AG was held by 52 hedge fund portfolios at the end of Q3 2025, an increase from 42 in the previous quarter, indicating growing interest among institutional investors [4] - Despite the potential of On Holding AG, some analysts believe that certain AI stocks may offer greater upside potential and carry less downside risk [4] Investment Position - ClearBridge Growth Strategy initiated a position in On Holding AG in the previous quarter, reflecting confidence in the company's growth prospects [5]

Core Insights - The ICR conference will take place from January 12 to 14 in Orlando, Florida, and is considered one of the most important annual events for the retail industry due to the release of significant holiday sales data and performance guidance from over 250 public and private growth companies [1] - Historically, the U.S. retail sector tends to outperform the market during the ICR conference [1] - Key topics at the conference will include shareholder activism, mergers and acquisitions, the impact of artificial intelligence on consumers and the retail industry, sports-related investment themes, and IPO preparations [1] Company Highlights - Five Below is a value retailer targeting teenagers and young adults [2] - On Running is a premium sports brand focused on technology, design, and influence [2] - Planet Fitness operates as a franchisor and operator of fitness centers in the U.S. [2] - Abercrombie & Fitch is involved in the retail of clothing, personal care products, and accessories [2] - SharkNinja is a product design and technology company with categories including cleaning, cooking, food preparation, home environment, and beauty products [2] - Notable companies such as Walmart, Nike, and Lululemon will also participate in the ICR conference for important presentations and discussions [2] Market Expectations - Analysts are particularly focused on five companies: Five Below, On Running, Planet Fitness, Abercrombie & Fitch, and SharkNinja, which are expected to see stock price increases if they release positive signals regarding their fourth-quarter performance at the conference [1]

Core Insights - On, a Swiss performance sportswear brand, will participate in the 2026 ICR Conference with CEO and CFO Martin Hoffmann scheduled for a fireside chat on January 12, 2026 [1] - A live webcast of the fireside chat will be available on the Company's investor relations website, and a replay will be accessible afterward [2] Company Overview - On was founded in 2010 in the Swiss Alps with a mission to ignite the human spirit through movement, which continues to guide the brand [3] - Sixteen years post-launch, On offers innovative premium footwear, apparel, and accessories for various activities including high-performance running and outdoor training [3] - The brand's CloudTec® and LightSpray™ innovations, along with its commitment to purposeful design and the circular economy, have garnered a rapidly growing global fan base [3] - On operates in over 80 countries and maintains a digital community through its website [4]

If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’veAnalyst’s Disclosure:I/we have a beneficial long position in the shares of ONON either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relations ...

If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’veAnalyst’s Disclosure:I/we have a beneficial long position in the shares of ONON either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relations ...

Core Viewpoint - UBS maintains a "Buy" rating on On Running (ONON.US) with a target price of $85, citing the company's focus on innovation, performance, athlete engagement, direct sales model, and maintaining a premium brand image as key drivers for leading sales and profit growth in the industry [1] Group 1: Financial Projections - UBS forecasts that On Running's sales, adjusted EBITDA, and earnings per share will achieve compound annual growth rates of 20%, 24%, and 20% respectively over the next five years [1] - The strong growth momentum is expected to position On Running as one of the fastest-growing athletic apparel brands globally [1] Group 2: Brand Recognition and Market Potential - The UBS Evidence Lab's 11th annual global sports apparel survey indicates that On Running has significant growth potential, with brand awareness currently at 15%, which is substantially lower than competitors like Nike (91%), Under Armour (53%), and Lululemon (36%) [1] - Brand awareness for On Running increased from 13% last year to 15% this year, suggesting a positive trend that could lead to increased market share by 2026 [1] Group 3: Consumer Intent and Recommendations - On Running's global purchase intent for athletic shoes grew by 34% year-over-year, while purchase intent for athletic apparel surged by 122% [2] - The company's global net promoter score rose from 25% last year to 39% this year, ranking sixth globally, indicating a strong ability to convert brand awareness into actual customers [2] Group 4: Brand Recognition Success Factors - Four key areas where On Running has succeeded in becoming a top global athletic apparel brand include: 1. Recognition of high-quality products increased from 31% to 47% among global consumers [2] 2. Brand recognition as a well-known brand rose from 31% to 40% [2] 3. Recognition of On Running as a suitable athletic brand increased from 42% to 46% [2] 4. Perception of On Running as an innovative brand remains strong at 44%, despite a slight decline [2] Group 5: Opportunities for Improvement - A potential area for growth is the accessibility of On Running products, as only 25% of global consumers find the products easy to locate, down from 27% last year, which is among the lowest scores across brands [3] - This presents an attractive opportunity for On Running to expand its direct sales channel network [3]