On Holding (ONON) Q2 2026 (CHF): EPS 0.31 (exp. 0.42), Revenue 850.3mln (exp. 878mln)

A miss on both lines with the full-year revenue range guided at or below the prior consensus top end is the combination that has historically been punished hardest in high-multiple consumer growth names, where the investment case rests on sustained above-market topline expansion and margin progression. The distinction that matters here is whether the shortfall is demand-led or supply and timing-led: the former tends to reset the entire forward narrative and compress the multiple, the latter has on previous occasions been forgiven within a quarter or two if sell-through data and wholesale order books held. The guidance structure is itself informative; a range whose midpoint sits below the street number signals management is either seeing genuine softness or re-basing expectations, and the conference call framing around direct-to-consumer versus wholesale mix will be the tell. For premium athletic footwear peers, the established pattern is that read-across to the segment is limited and name-specific rather than sector-wide, unless the commentary points to a broader consumer pullback in the category. Watch items are the gross margin line, inventory trajectory, and any commentary on pricing and promotional intensity, the channels through which prior disappointments of this kind have either contained or compounded.