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On Holding authorizes up to $1 billion buyback after setting 2029 goals
The sportswear maker also set a 2029 adjusted EBITDA margin target of at least 22%, while noting its guidance excludes up to $65 million in expected tariff refunds.
On Holding AG (NYSE: ONON) set new long-term targets at an investor day in Zurich on September 22, including net sales of at least CHF 5.6 billion by 2029, with high-teens annual growth in constant currency.
The companys board authorized its first share buyback, worth up to $1 billion, and said this years outlook was unchanged. On still expects constant-currency sales growth in the low 20s, with an adjusted EBITDA margin near 20%.
On said it plans to expand margins while continuing to grow, targeting at least a 22% adjusted EBITDA margin by 2029. The company also described the plan as balancing repurchases with spending tied to new sports categories.
On identified running and sneakers as growth pillars, with apparel as another key area, and it named football and golf as new entries. The plan depends on staying premium amid competitive shifts at rivals, and On said its guidance excludes up to $65 million of tariff refunds it expects but has not yet received.