On Holding Sets 2029 Targets, Authorizes $1B Buyback
ONON is trading near its 52-week low of $26.365 (4.1% above the low) on elevated volume (2.0× avg).
Summary
On Holding unveiled mid-term 2026-2029 financial ambitions and authorized up to $1B in Class A share repurchases through Dec 2029. The company reaffirmed 2026 guidance, including gross margin of at least 65.0% and adjusted EBITDA margin of 19.5-20.0%, while guiding Q3 2026 constant-currency sales growth of approximately 17%. A one-time tariff refund of up to $65M is expected to boost Q3 gross profit. This follows the Q2 sales miss and guidance cut in August, and the recent Mbappé brand ambassador signing. The buyback signals management confidence and provides downside support, but the lack of quantified 2029 delivery milestones may limit near-term upside. On appointed Laura Miele as Lead Independent Director effective September 21, 2026. The company announced entry into new sports categories: Football and Golf. It set an ambition for high-teens constant currency net sales CAGR through 2029, with absolute net sales of at least CHF 5.6 billion (approaching USD 7 billion) in 2029. On Holding committed to at least 65.0%+ gross profit margin throughout the 2026-2029 period, an ambition for at least 22% adjusted EBITDA margin by 2029, and a target adjusted EBITDA CAGR above 20% for the 2026–2029 period. It reiterated full-year 2026 constant currency net sales growth outlook in the low-20% range, with key growth pillars for 2029 including Run, Sneaker, and Apparel. Full-year 2026 outlook figures exclude the benefit of tariff refunds.
Updated with an SEC 6-K filing · What changed
Updates
· SEC 6-K — On appointed Laura Miele as Lead Independent Director effective September 21, 2026.
- 2029 Financial Targets
- Ambition for high-teens constant currency net sales CAGR through 2029.
- Ambition for absolute net sales of at least CHF 5.6 billion (approaching USD 7 billion) in 2029.
- Commitment to at least 65.0%+ gross profit margin throughout the 2026-2029 period.
- Ambition for at least 22% adjusted EBITDA margin by 2029.
- Target adjusted EBITDA CAGR above 20% for the 2026–2029 period.
- 2026 Outlook — On reiterated full-year 2026 constant currency net sales growth outlook in the low-20% range; full-year 2026 outlook figures exclude the benefit of tariff refunds.
- Growth Pillars — Key growth pillars for 2029 include Run, Sneaker, and Apparel.
- New Sports Categories — On announced entry into new sports categories: Football and Golf.
All 9 details
- Entry into new sports categories: Football and Golf.
- Ambition for high-teens constant currency net sales CAGR through 2029.
- Ambition for absolute net sales of at least CHF 5.6 billion (approaching USD 7 billion) in 2029.
- Commitment to at least 65.0%+ gross profit margin throughout the 2026-2029 period.
- Ambition for at least 22% adjusted EBITDA margin by 2029.
- Target adjusted EBITDA CAGR above 20% for the 2026–2029 period.
- Reiterated full-year 2026 constant currency net sales growth outlook in the low-20% range.
- Key growth pillars for 2029 include Run, Sneaker, and Apparel.
- Full-year 2026 outlook figures exclude the benefit of tariff refunds.
- 2029 Financial Targets
At the time of this announcement, ONON was trading at $27.44 on NYSE in the Trade & Services sector, with a market capitalization of approximately $9B. The 52-week trading range was $26.37 to $51.08. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Wiseek News.