Financial Data and Key Metrics Changes - The company reported net sales of CHF 794.4 million, representing a year-over-year growth of 24.9% 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][31] - 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, growing 21.1% year-over-year on a reported basis and 30.4% at constant currency [22] - Apparel category net sales surged to 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, up 27.6% year-over-year on a reported basis and 37.5% at constant currency [17][30] Market Data and Key Metrics Changes - Asia Pacific region net sales grew to CHF 144.9 million, a remarkable increase of 94.2% year-over-year on a reported basis and 109.2% at constant currency [21] - The Americas reported net sales of 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) saw net sales of 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 maintain its position as the most premium global sportswear brand, focusing on brand awareness and premium positioning [12][30] - The strategy includes expanding the apparel business as a standalone growth pillar, with a focus on D2C sales and enhancing the customer experience [15][44] - The company plans to continue investing in innovation and technology, with a strong product pipeline set to launch in 2026 [9][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's momentum and the effectiveness of its premium strategy, particularly in the face of price increases and tariff impacts [19][66] - The company anticipates strong growth across all regions, with a focus on maintaining full-price sales and avoiding discounting strategies [67][74] - The outlook for 2026 includes a constant currency growth expectation of at least 23%, supported by a robust product pipeline and strategic investments [33][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 successful launch of collaborations with cultural icons like Zendaya and Burna Boy is enhancing brand appeal among younger consumers [10][84] - The company is leveraging operational efficiencies to improve its cash conversion cycle and maintain a strong cash balance of CHF 961.8 million [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 does the company balance top-line growth with margin protection? - Management emphasized the importance of disciplined inventory management and maintaining a premium business model to protect margins while driving growth [47][49] Question: What is the outlook for U.S. growth compared to other regions? - Management indicated that U.S. growth remains strong, supported by effective price increases and brand awareness, while also noting significant growth opportunities in Asia and EMEA [66][70] Question: Can you elaborate on the younger consumer segment? - Management noted that the younger consumer segment is becoming increasingly important, with successful collaborations and a growing kids line contributing to this trend [84][86]

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][31] - Adjusted EBITDA grew nearly 50% year over year, amounting to CHF 179.9 million [17][25] Business Line Data and Key Metrics Changes - Direct-to-Consumer (D2C) channel net sales reached CHF 314.7 million, increasing by 27.6% year over year on a reported basis and 37.5% at constant currency [17] - Wholesale channel net sales were CHF 479.6 million, increasing by 23.3% year over year on a reported basis and 32.5% at constant currency [18] - 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 [23] 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 [20] - 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 saw net sales of CHF 213.3 million, up 28.6% year over year on a reported basis and 33% at constant currency [19] Company Strategy and Development Direction - The company aims to be the most premium global sportswear brand, focusing on brand awareness and premium positioning [11][30] - The strategy includes expanding the apparel business as a standalone growth pillar, with a focus on D2C channels and retail presence [15][47] - The company plans to continue investing in innovation and technology to drive long-term growth and maintain premium pricing [31][56] 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 market challenges [19][70] - The company raised its 2025 guidance, expecting constant currency net sales to grow by 34% year over year, up from a previous estimate of at least 31% [30][31] - Management highlighted the importance of maintaining a full-price strategy during the holiday season to build long-term brand value [80] Other Important Information - The company opened new flagship stores in key markets, including Tokyo and Zurich, which contributed to record sales [12][18] - The successful launch of new products, including the Cloud Surfer Max and collaborations with celebrities, has enhanced brand visibility and appeal [8][9] Q&A Session Summary Question: Can you discuss the traction in apparel and its performance in different channels? - Management reported strong traction in apparel, accounting for about 8% of total business, with a goal to reach double digits [40][43] - The apparel business is performing well in both D2C and wholesale channels, with a focus on showcasing products in flagship stores [43][47] Question: How does the company balance top-line growth with margin protection? - Management emphasized the importance of maintaining a premium business model, which requires disciplined inventory management to protect full-price sales [49][50] - The company has achieved a sustainable gross profit margin through pricing power and operational improvements [51][52] Question: What is the outlook for growth in the U.S. market? - Management indicated that the U.S. market is expected to continue strong growth, supported by brand awareness and premium positioning [67][70] - The company is committed to a full-price strategy and is not chasing growth through discounts [70] Question: Can you elaborate on the growth opportunities in Asia Pacific? - Management noted that Asia Pacific is experiencing significant same-store sales growth, with a disciplined approach to opening new stores [78][79] - The company is focused on building brand awareness and credibility in the region, which has high demand for premium sportswear [79]