On Holding Targets Near-Doubling of Sales by 2029, Unveils $1 Billion Buyback

On Holding (ONON) announced a $1 billion share buyback and projected net sales will nearly double to 5.6 billion Swiss francs ($6.8 billion) by 2029, despite what analysts called a "far more challenging" market. The Swiss activewear brand expects high-teens constant-currency sales growth annually, with 2026 growth in the low-20% range. Gross margin is forecast to hold at 65% or higher, with an adjusted EBITDA margin above 22% by 2029. Growth will be driven by running, sneakers and apparel, plus new categories including soccer and golf. The targets drew analyst skepticism. Jefferies noted growth has decelerated from 36% to 13% over six quarters and expects On to grow just 3% from 2026 to 2027, with a 2027 EBITDA margin of 14.8% — 700 basis points below the 2029 goal. Needham predicted a low-teens CAGR and warned of investor skepticism toward bullish targets.