Financial Data and Key Metrics Changes - The company achieved record net sales of CHF 794.4 million, growing 24.9% year over year on a reported basis and 34.5% at constant currency [17][30] - Gross profit margin reached 65.7%, an increase of 510 basis points year over year, while adjusted EBITDA margin was 22.6%, up 370 basis points year over year [25][26] - Adjusted EBITDA grew nearly 50% year over year, amounting to CHF 179.9 million [17][25] Business Line Data and Key Metrics Changes - Performance footwear net sales reached CHF 731.3 million, increasing by 21.1% year over year on a reported basis and 30.4% at constant currency [22] - Apparel category net sales reached CHF 50.1 million, an increase of 86.9% year over year on a reported basis and 100.2% at constant currency, with over 1 million apparel units sold in a single quarter for the first time [23][30] - Direct-to-consumer (D2C) channel net sales reached CHF 314.7 million, an increase of 27.6% year over year on a reported basis and 37.5% at constant currency [17] Market Data and Key Metrics Changes - Asia Pacific region delivered net sales of CHF 144.9 million, up 94.2% year over year on a reported basis and 109.2% at constant currency, now approaching 20% of total sales [21] - Americas net sales reached CHF 436.2 million, growing 10.3% year over year on a reported basis and 21% at constant currency [19] - Europe, Middle East, and Africa (EMEA) net sales reached CHF 213.3 million, up 28.6% year over year on a reported basis and 33% at constant currency [20] Company Strategy and Development Direction - The company aims to be the most premium global sportswear brand, focusing on brand awareness and premium positioning [12][52] - The strategy includes expanding the apparel business as a standalone growth pillar, with a focus on D2C channels and retail presence [15][42] - The company plans to double net sales by 2026, implying a 26% net sales constant currency CAGR over three years [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's momentum and the ability to maintain premium pricing despite external challenges [30][66] - The company anticipates strong growth across all regions, with a focus on maintaining a full-price sales strategy during the holiday season [77][78] - The outlook for 2026 includes a constant currency growth expectation of at least 23%, supported by a robust product pipeline and strategic investments [31][56] Other Important Information - The company opened new flagship stores in key markets, including Tokyo and Zurich, which contributed to record sales [13][18] - The company is leveraging collaborations with cultural icons to enhance brand appeal among younger consumers [10][87] - The cash balance at the end of Q3 stood at CHF 961.8 million, reflecting strong operational cash flow management [28] Q&A Session Summary Question: Can you discuss the traction in apparel and its regional performance? - Management highlighted strong traction in apparel, accounting for about 8% of total business, with significant growth in running, training, and tennis categories [38][39] Question: How do you balance top-line growth with margin protection? - Management emphasized the importance of discipline in inventory management and maintaining a premium business model to protect margins while driving growth [45][46] Question: Can you elaborate on the 2026 guidance and growth expectations? - Management confirmed that the 2026 guidance is based on constant currency and reflects strong growth across all regions, with a focus on brand awareness and premium positioning [51][56] Question: What is the outlook for gross margin in Q4? - Management indicated that there is potential for margin upside in Q4, supported by operational improvements and favorable market conditions [60][61] Question: How is the company connecting with younger consumers? - Management noted successful collaborations with cultural figures and the launch of a kids line, which has resonated well with younger demographics [87]