Swiss sneaker maker posts record sales, but guidance falls short of expectations

The Roger models, named after former tennis player and company investor Roger Federer, are displayed in a shop of Swiss shoemaker On in Zurich, Switzerland, Aug. 28, 2025. The fast-growing brand said it sees 2026 net sales growing by at least 23% in constant currencies. At current spot rates, it said, this implies sales of at least 3.44 billion francs, however, sell-side analyst consensus had expected this year's sales closer to 3.7 billion francs. The company sees an adjusted EBITDA margin of between 18.5% ...