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PRESS RELEASE Tuesday , November 16 , 2021 DC ༢ On Reports Third Quarter 2021 Financial Results Consumer demand for global sports brand On continued to strongly accelerate in all channels , regions and product categories contributing significantly to On's hyper - growth . Net sales increased by 68 % in Q3 2021 and by 77 % in the first nine months of 2021 , with the direct - to- consumer business growing 93 % in the third quarter . Q3 2021 has been the strongest quarter in the history of On recording net sales of CHF 218.0 million , adjusted EBITDA of CHF 37.9 million and a gross margin of 60.2 % , up from 54.5 % . This is happening despite the supply chain challenges of the industry . On is expecting net sales of CHF 710.0 million and adjusted EBITDA of CHF 92.0 million for the full fiscal year 2021 . On is an innovation company at heart and explores ways to move away from petroleum - based resources . In the last weeks , On announced a new foam called CleanCloud ™ , made using carbon emissions as a raw material . On is leading a consortium of innovation companies to commercialize CleanCloud ™ On's initial public offering in September draws a new starting line to deliver on On's growth strategy and mission to serve a movement of millions and ignite their spirit through movement . Or as On calls it : Dream On . _ ZURICH , Switzerland , November 16 , 2021 Swiss performance sportswear brand On ( NYSE : ONON ) ( " On , " " On Holding AG , " the " Company , ” “ we , ” “ our , ” “ ours , ” or “ us ” ) , has announced its financial results for the third quarter ended September 30 , 2021 . Martin Hoffmann , Co - CEO and CFO of On , said : “ The third quarter of 2021 has been the strongest in the history of the Company in terms of net sales , gross profit , and adjusted EBITDA . We are thankful for the relentless work of our team during the pandemic to achieve this . Consumer demand for the On brand is accelerating across the globe , evident by the fact that our wholesale and direct - to - consumer sales channels , geographic regions , and product groups have all contributed significantly to our strong growth of 68 % for the quarter and 77 % for the first nine months . We expect the demand for the On brand to increase . Recent supply chain challenges will lead to a transitory supply shortage in the fourth quarter and the first half of 2022. But since early November , all our production factories are open , and our outlook on net sales and adjusted EBITDA exceeds our original assumptions . We believe we are well - positioned to leverage this market momentum and to capitalize on the powerful consumer trends that are enlarging the global sportswear industry , increasing our brand awareness , and expanding the size and breadth of our community . " 1