Key Highlights

  • Shares are trading at $29.03 in pre-market activity, up 6.26% from Monday's close of $27.32.
  • On unveiled 2029 targets at its Investor Day, including at least CHF 5.6 billion in net sales and a high-teens constant-currency sales growth rate.
  • The company authorized its first-ever share buyback of up to $1 billion through 2029.
  • On reaffirmed its 2026 guidance for low-20% net sales growth and announced expansion into football and golf categories.

Ambitious 2029 Targets Drive Shares Higher

On Holding (NYSE:ONON) shares jumped in pre-market trading Tuesday after the company's Investor Day, where it unveiled ambitious targets for 2026 through 2029, including net sales of at least CHF 5.6 billion by 2029, a high-teens constant-currency sales growth rate, an industry-leading Gross Profit Margin of at least 65%, and an adjusted EBITDA margin of at least 22%. On is a Swiss premium sportswear Brand headquartered in Zurich, known for its proprietary CloudTec cushioning technology, designing footwear, apparel, and accessories for running, outdoor, training, and lifestyle segments.

First-Ever Buyback and Category Expansion Reinforce the Bullish Case

The company also authorized its first-ever share repurchase of up to $1 billion through the end of 2029, reaffirmed its 2026 guidance for low-20% net sales growth, and announced expansion into new football and golf categories, following its recent Partnership with soccer star Kylian Mbappé.

Moves Seen as a Bullish Reset After a Sharp Decline

The announcements are seen as a bullish reset for the stock, which had declined roughly 42% year to date and was trading near 52-week lows heading into the Investor Day.

Execution on New Targets and Categories Is the Next Test

On shares are climbing as ambitious long-term targets and a new Capital return program help reset investor sentiment after a difficult year. Execution on the new football and golf categories, along with progress toward the 2029 financial targets, will likely shape the stock's next move.