Gross Profit Margin

FY 2025

around 60.5% "

60% to 60.5% "

lowered

Adjusted EBITDA Margin

FY 2025

17% to 17.5% "

16.5% to 17.5% "

lowered

Net Sales Growth

FY 2025

at least 27% / CHF 2.94B "

no current guidance

no current guidance

Regional Growth

FY 2025

Slightly higher growth expected in H1 vs H2 " "

no current guidance

no current guidance

FX Impact

FY 2025

No sizable FX impact expected "

no current guidance

no current guidance

Revenue Share from Stores

FY 2025

no prior guidance

10% "

no prior guidance

Wholesale Door Growth

FY 2025

no prior guidance

mid-single digits "

no prior guidance

Brand Momentum and Celebrity Endorsements

Emphasized in Q4 2024 with global awareness, celebrity partnerships (Zendaya, Roger Federer, Elmo) and in Q3 " " " " " " " " " " and Q2. " " " " "

Maintains exceptional momentum and innovative celebrity campaigns (Zendaya, Elmo, Federer) driving strong consumer demand. " " "

Consistent emphasis with positive sentiment across periods; the focus remains on driving global brand awareness and leveraging high-profile endorsements to sustain growth. " "

Product Innovation and Premium Pricing

Highlighted in Q4 2024 with launches of Cloudsurfer 2 and upcoming Cloudboom Max " " " , in Q3 with breakthroughs like Cloudsurfer Next and LightSpray related innovation " " " " " , and in Q2 with strong innovation in performance products and strategic pricing. " " " "

Continued rollout of new products (Cloudsurfer 2, Cloud 6, future Cloudsurfer Max) and price increases to reinforce premium positioning. " " " " " "

Persistent focus on new product launches and premium pricing with a proactive approach that strengthens brand differentiation and future growth prospects. " "

Supply Chain, Inventory, and Operational Execution Challenges

Addressed across Q4 with discussions on operational disruptions and inventory management " " " " " , Q3 with improvements via warehouse automation and inventory shifts " " " " , and Q2 with challenges around the Atlanta warehouse transition. " "

Continued focus on scalability (LightSpray, Atlanta automation), strategic inventory management and mitigation of global trade uncertainties. " " " "

While challenges persist, improvements in automation and inventory management indicate a shift toward more resilient operations; sentiment moves from reactive to proactive. " "

Omnichannel and DTC/Wholesale Channel Performance

Discussed robustly in Q4 with record DTC shares " , in Q3 with multichannel growth and expanding retail presence " " " " , and in Q2 showing strong DTC and wholesale performance with high growth rates. " " " " "

Emphasizes an integrated strategy with significant year-over-year growth in DTC and wholesale channels, supported by investments in technology and retail relationships. " " " "

Consistent and optimistic outlook with steady channel performance; continuous investments in omnichannel capabilities underpin a balanced growth strategy. " "

Tariff, FX, and Macroeconomic Uncertainty

Q4 noted FX gains and caution due to macroeconomic conditions " " " " , Q3 discussed tariff adjustments and FX losses " " , and Q2 focused on stable FX impacts. "

Highlights continued impact of a 10% tariff, volatility from FX depreciation and proactive pricing to counter uncertainties, alongside cautious consumer outlooks. " " " "

Increasing focus on external economic risks with proactive measures (e.g., price increases) emerging to mitigate effects; sentiment shifts toward cautious optimism. " "

Retail Expansion and Apparel Sales Growth

Q4 reported major retail store openings and strong apparel sales growth " " " , Q3 detailed aggressive expansion and record apparel share in own stores " " " , and Q2 showed robust store network growth and double-digit apparel sales increases. " "

Continues aggressive retail expansion globally with new flagship openings and record apparel sales (notably a 93% year-over-year growth in apparel) driving premium brand experience. " " " "

A consistently positive trend with accelerated store expansion and record apparel performance that reinforces brand equity and future revenue potential. " "

Innovative Manufacturing Technologies (LightSpray) and Sustainability

Q4 emphasized ramp-up plans and integration in sustainability efforts " " , Q3 detailed breakthrough potential and public recognition (Time’s 200 Best Inventions) " " " , and Q2 focused on efficiency gains and CO2 reduction benefits. " "

Focused on scaling LightSpray technology globally; enhancing capital-intensive, automated, and sustainable manufacturing while underpinning product innovation. " "

Strong and consistent focus as a transformative driver; enhanced scalability and sustainability benefits position it as a key pillar for competitive future advantage. " "

Risk of Overdependence on One-off Brand Events

Q2 highlighted that major brand initiatives were designed for long-term growth rather than one-off boosts " " " " ; Q3 and Q4 did not explicitly address this risk.

Not mentioned explicitly in Q1 2025; previous emphasis on integrated, sustainable brand campaigns reduces focus on isolated events.

Decreasing focus on one-off events as the company builds a diversified, long-term brand strategy; the risk is implicitly mitigated by a broader marketing approach. " "