On Holding LtdONON
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On Holding unveiled its first-ever up to $1 billion share buyback through 2029
Impact on assets 3
Consumer Discretionary
On Holding unveiled a CHF 5.6 billion net sales ambition for 2029 and its first-ever share buyback of up to $1 billion at its 2026 Investor Day in Zurich, sending shares up 13% to $30.84 in Tuesday morning trading. The Swiss athletic footwear maker said it targets at least CHF 5.6 billion in net sales by 2029 on high-teens constant currency growth, alongside an adjusted EBITDA margin of at least 22% by 2029, and it entered two new sports categories, football and golf. The board authorized the repurchase of up to $1 billion of Class A ordinary shares through 2029, tying the capital-return window to the same period as the sales and margin ambition. Founder and Co-CEO Caspar Coppetti said top-line expansion and margin expansion are complementary outputs of the company's Premium Playbook, and told CNBC that On Holding carries the highest average selling price and lowest discount rates among its peers. Nike, the largest listed athletic footwear name, rose just 2% to $36.81, a muted move that marks the rerating as specific to On Holding rather than a broad athletic sector rally. On Holding shares remain down 36% year to date despite the bounce.
On Holding LtdOn Holding unveiled its first-ever up to $1 billion share buyback through 2029
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