On Holding Surges 13% After Unveiling $1 Billion Buyback and 2029 Growth Targets at First Investor Day

On Holding launched its first-ever share repurchase program and a sweeping set of mid-term financial targets at its 2026 Investor Day in Zurich on September 22, sending shares up as much as 13% and rising more than 11% in pre-market trading. The Swiss sportswear company authorized up to $1 billion in buybacks through the end of 2029, marking its first capital return program since going public.

Alongside the buyback, On set 2029 targets of at least CHF 5.6 billion in net sales, a gross margin of at least 65%, and an adjusted EBITDA margin of at least 22%, implying a high-teens compound annual growth rate. The company also reiterated its nearer-term 2026 adjusted EBITDA margin guidance of 19.5% to 20%, signaling confidence in its current trajectory across footwear, apparel, and new sports categories.

The rally comes after a steep year-to-date slide that had pushed shares to the CHF 26 to 27 range. The combination of capital return and long-term targets helped the stock reclaim the CHF 29 to 30 level, which analysts flagged as the first meaningful higher-high since the summer selloff. Rival Nike ticked up roughly 2% on the news, reflecting broader sentiment around the athletic footwear sector.