On Holding Approves $1 Billion Share Buyback and Sets Ambitious Growth Targets for 2029
On Holding AG (NYSE:ONON) announced a $1 billion share buyback program alongside new long-term financial targets during its investor day in Zurich on September 22, 2026. The Swiss sportswear company aims to achieve net sales of at least CHF 5.6 billion by 2029 with an annual growth rate in the high teens and a target adjusted EBITDA margin of at least 22%. Its shares rose nearly 9% following the announcement. The plan is notable for its ambition, as it seeks to simultaneously maintain strong top-line growth while improving margins—a rare feat among fast-growing brands. On plans to expand into two new sports categories—football and golf—and increase apparel sales, which currently lag behind those of larger competitors like Nike and Adidas. The company also aims to fund the buyback alongside these expansions using operating cash flow. However, challenges remain including slowing growth in Q3 with a 17% constant currency guidance below its annual target, exposure to tariffs, and competition from rivals discounting lifestyle products while On maintains premium pricing. Investors will be watching third-quarter results on November 17 for signs of structural slowdown or resilience.
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