On Holding AG (ONON) Form 6-K — Sep 22, 2026
On Holding AG (NYSE: ONON) hosted its 2026 Investor Day, setting 2026-2029 ambitions including high-teens constant currency net sales CAGR, at least CHF 5.6 billion in net sales by 2029, a 65.0%+ gross margin, and a 22%+ adjusted EBITDA margin by 2029. The plan includes growth in Run, Sneaker, and Apparel plus entry into Football and Golf. The Board authorized On's inaugural share repurchase of up to USD 1 billion of Class A Ordinary Shares through the end of December 2029, reflecting strong cash generation and a disciplined capital allocation policy.
Key figures
- Guidance
- FY2026: 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%
- Net sales cagr
- high-teens constant currency
- Tariff refunds
- up to USD 65 million (up to CHF 53 million) expected in Q3 2026
- Gross margin target
- 65.0%+
- Net sales 2029 target
- at least CHF 5.6 billion (approaching USD 7 billion)
- Adjusted ebitda cagr 2026 2029
- >20%
- Adjusted ebitda margin target 2029
- 22%+
AI analysis
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