On Holding targets at least 5,6 Milliarden CHF in net sales by 2029 and announced a share buyback program of up to one billion U.S. dollars during its Investor Day in Zurich. According to company management, the Swiss sportswear manufacturer plans to grow its currency-adjusted revenue in the high teens annually from 2026 through 2029 under a strategy titled the “On Premium Playbook.”
Financial Targets and Margin Projections Through 2029
The athletic apparel and footwear manufacturer expects its adjusted EBITDA to increase by more than 20 percent annually over the multi-year planning period. According to On Holding management, the adjusted EBITDA margin should climb past 22 percent by 2029. The company also intends to defend a gross margin of at least 65 percent throughout the strategy’s timeline.
For comparison, On Holding reported net sales of 3,01 Milliarden CHF in fiscal year 2025, alongside a gross margin of 62.8 percent and an adjusted EBITDA margin of 18.8 percent. Management stated that expected economies of scale will help translate future top-line revenue growth into disproportionate gains in operating profit.
Share Buyback Program and Stock Market Reaction
In conjunction with its long-term financial targets, the On Holding board of directors authorized a share buyback program totaling up to one billion U.S. dollars. The repurchase plan runs through the end of December 2029.
Equity markets responded positively to the strategic update. In German trading, On Holding shares climbed 11 percent to reach 26.59 euros. Despite the single-day rally, the stock remains down approximately 34 percent for the year to date.
Expansion Into New Sports Categories
Company leadership identified established core segments—including running shoes, sneakers, and apparel—as primary drivers of the upcoming expansion. At the same time, On Holding is pushing into new athletic categories to accelerate growth. The brand officially entered the football market, designating French forward Kylian Mbappé as a central endorser, alongside an ongoing expansion of its golf footprint.
The strategic push is also backed by continuity in near-term expectations and governance. Executive leadership reaffirmed its financial guidance for the 2026 fiscal year, projecting currency-adjusted net sales growth in the low 20-percent range. The company anticipates a gross margin of at least 65.0 percent and an adjusted EBITDA margin between 19.5 percent and 20.0 percent for 2026.
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