On Enters Next Chapter: Unveils Strategy to Redefine What a Sportswear Brand Can Be Alongside 2029 Financial Targets
On Holding hosted its 2026 Investor Day in Zurich, unveiling a 'Premium Playbook' strategy and 2029 financial ambitions: high-teens constant currency net sales CAGR, net sales of at least CHF 5.6 billion (approaching USD 7 billion), 65.0%+ gross margin, and a 22%+ adjusted EBITDA margin by 2029. The plan includes entry into new sports categories, Football and Golf, alongside core growth pillars in Run, Sneaker, and Apparel. The board authorized an inaugural share repurchase of up to USD 1 billion of Class A shares through the end of 2029, and Laura Miele was appointed Lead Independent Director effective September 21, 2026.
Key figures
- Guidance
- 2026-2029 ambitions: high-teens constant currency net sales CAGR reaching at least CHF 5.6 billion net sales in 2029 (approaching USD 7 billion at current FX), gross profit margin of 65.0%+ throughout the period, adjusted EBITDA margin of 22%+ by 2029, adjusted EBITDA CAGR above 20%. FY2026 reiterated: low-20% constant currency net sales growth, gross margin at least 65.0%, adjusted EBITDA margin 19.5%-20.0%. Q3 2026: constant currency net sales growth around 17%.
- Buyback window
- through end of December 2029 (Class A Ordinary Shares)
- Gross margin target
- 65.0%+
- Net sales 2029 target
- at least CHF 5.6 billion (approaching USD 7 billion at current FX)
- Net sales cagr target
- high-teens constant currency through 2029
- New sports categories
- ["Football","Golf"]
- Q3 2026 cc sales growth
- around 17%
- Buyback authorization usd
- 1000000000
- Tariff refunds expected chf
- up to CHF 53 million
- Tariff refunds expected usd
- 65000000
- Adjusted ebitda margin target 2029
- 22%+
- Adjusted ebitda cagr target 2026 2029
- above 20%
AI analysis
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