The 2029 targets and $1B buyback signal management's confidence in sustained premium growth and margin expansion. Monitor Q3 2026 results for execution against the ~17% constant currency growth guide and the tariff refund impact. The entry into Football and Golf categories will be a key area to watch for brand extension success.
Price Chart
Executive Summary
On Holding AG held its 2026 Investor Day, unveiling a new strategy and 2029 financial targets. The company targets a high-teens constant currency net sales CAGR through 2029, an industry-leading gross profit margin of at least 65%, and an adjusted EBITDA margin of at least 22% by 2029. It also announced a $1 billion share repurchase authorization through 2029 and reiterated its 2026 outlook.
Key Facts
- Targets high-teens constant currency net sales CAGR through 2029, with net sales reaching at least CHF 5.6 billion (approaching USD 7 billion) in 2029.
- Targets an industry-leading gross profit margin of at least 65% throughout the 2026-2029 period.
- Targets an adjusted EBITDA margin of at least 22% by 2029, with a three-year adjusted EBITDA CAGR of more than 20%.
- Board authorized an inaugural share repurchase of up to USD 1 billion of Class A Ordinary Shares through the end of 2029.
- Reiterated full-year 2026 outlook: constant currency net sales growth in the low-20% range, gross profit margin of at least 65.0%, and adjusted EBITDA margin of 19.5% to 20.0%.
- Expects Q3 2026 constant currency net sales growth of around 17%.
- Expects up to USD 65 million in tariff refunds in Q3 2026, benefiting reported gross profit.
- Appointed Laura Miele as Lead Independent Director, effective September 21, 2026.
Financial Impact
Targets imply net sales of at least CHF 5.6 billion (~USD 7 billion) by 2029, up from an undisclosed 2025 base. The $1 billion buyback authorization represents a significant capital return program. The company also expects up to $65 million in tariff refunds in Q3 2026.
Risk Factors
- Execution risk in achieving high-teens CAGR through 2029, especially in new categories (Football, Golf).
- Macroeconomic headwinds, tariff uncertainty, and foreign exchange fluctuations could pressure margins and growth.
- Consumer discretionary spending slowdown could impact premium sportswear demand.
- The $1B buyback may signal limited higher-return investment opportunities.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001858985-26-000021 |
| Document: form6-kxinvestordaypressre.htm | 0001858985-26-000021 |
| Document: 0001858985-26-000021-index-headers.html | 0001858985-26-000021 |
| Document: 0001858985-26-000021-index.html | 0001858985-26-000021 |
| Document: 0001858985-26-000021.txt | 0001858985-26-000021 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 5w ago | 6-K | $29.39 $29.55 | ▲ +0.54% | ▲ +1.73% | $32.17 (+9.46%) |
Aug 17, 2026 10w ago | Insider Cluster | $31.31 $29.51 | ▼ −5.75% | ▼ −4.56% | $32.17 (+2.75%) |
Aug 11, 2026 11w ago | 6-K | $30.91 $31.03 | ▲ +0.39% | ▲ +0.79% | $32.17 (+4.08%) |
Jul 6, 2026 16w ago | 144 | $36.62 $37.74 | ▲ +3.06% | ▲ +2.51% | $32.17 (−12.15%) |
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May 15, 2026 23w ago | Insider Cluster | $37.26 $39.81 | ▲ +6.84% | ▲ +5.88% | $32.17 (−13.66%) |
May 13, 2026 23w ago | 144 | $36.84 $39.19 | ▲ +6.38% | ▲ +7.10% | $32.17 (−12.68%) |
May 12, 2026 24w ago | 6-K | $33.83 $38.10 | ▲ +12.62% | ▲ +12.54% | $32.17 (−4.91%) |
Apr 17, 2026 27w ago | 6-K | $37.25 $35.93 | ▼ −3.54% | ▼ −4.46% | $32.17 (−13.64%) |
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