On Holding sets 2029 financial targets, authorizes $1B share buyback

On Holding AG (NYSE: ONON) held its Investor Day in Zurich, where the Swiss sportswear company outlined financial targets for the 2026–2029 period and announced a share repurchase program.

The company set a net sales target of at least CHF 5.6 billion by 2029, equivalent to approaching $7 billion at current exchange rates, representing a high-teens constant currency compound annual growth rate. On also set a gross profit margin target of at least 65% throughout the period and an adjusted EBITDA margin target of at least 22% by 2029, implying an adjusted EBITDA CAGR above 20% for the period.

On's board authorized a share repurchase program of up to $1 billion of Class A Ordinary Shares through the end of December 2029. The company said the authorization reflects its balance sheet position and cash generation.

For the full year 2026, On reiterated guidance for constant currency net sales growth in the low-20% range, a gross profit margin of at least 65%, and an adjusted EBITDA margin of 19.5% to 20.0%. These figures exclude the impact of up to $65 million in tariff refunds expected in the third quarter of 2026. For the third quarter of 2026, the company expects constant currency net sales growth of around 17%.

The company also announced plans to enter two new sports categories, football and golf, as part of its growth strategy alongside its existing run, sneaker, and apparel segments.

On appointed Laura Miele as Lead Independent Director, effective September 21, 2026. Miele has served on On's board and its Audit Committee since 2024. She is President of Enterprise Development at Electronic Arts, where she has held various leadership roles since joining in 1996.

Co-CEO Caspar Coppetti said in a statement that the company is "on track to significantly overachieve" the targets set at its 2023 Investor Day.

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