On Holding reported record Q1 2026 sales of CHF 831.9M, up 26.4% constant currency, and raised its gross margin outlook. The stock is down 15.2% YTD but up 6.8% in the past week. A collaboration with LOEWE launched the LightSpray Cloudmonster shoe. Insiders, including co-CEOs, purchased shares, signaling confidence. Analysts rate it a Buy, though some caution on valuation.