On (ONON) Morgan Stanley Global Consumer & Retail Conference summary

Business evolution and growth

• Sales have tripled since 2021, reaching $2.3 billion, with significant increases in team capabilities and complexity management.

• Product portfolio expanded beyond the Cloud line, with innovation and excellence as core cultural drivers.

• Internal processes and automation have improved, supporting scalable growth and operational efficiency.

• Discussions and ambitions within the team have grown, reflecting increased confidence and vision.

Competitive landscape and innovation

• Focus remains on innovation, sustainability, and unique collaborations to differentiate from larger brands entering the running space.

• LightSpray technology offers a new silhouette, manufacturing process, and sustainability benefits, with long-term transformative potential.

• Innovation pipeline includes new product launches and collaborations, ensuring continued growth.

Product and pipeline priorities

• Launching Cloud 6 and relaunching Cloudrunner in early 2024, with additional iterations like Cloudsurfer Max.

• 2025 will see the first full apparel collection led by Creative Director Tim Coppens.