𝐎𝐧: 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐆𝐫𝐨𝐰𝐭𝐡 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐓𝐚𝐫𝐠𝐞𝐭𝐬 𝐂𝐇𝐅 𝟓.𝟔𝐁+ 𝐒𝐚𝐥𝐞𝐬 𝐚𝐧𝐝 𝟐𝟐%+ 𝐌𝐚𝐫𝐠𝐢𝐧 𝐛𝐲 𝟐𝟎𝟐𝟗; $𝟏𝐁

$ONON (+8%)

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• 2026–2029 Net Sales CAGR: High-Teens at Constant Currency

• 2029 Net Sales: ≥CHF 5.6B

• Gross Profit Margin: ≥65% throughout 2026–2029

• 2029 Adj. EBITDA Margin: ≥22%

• 2026–2029 Adj. EBITDA CAGR: >20%

• FY26 Net Sales Growth: Low-20% at Constant Currency, reaffirmed

• FY26 Gross Profit Margin: ≥65%, reaffirmed

• FY26 Adj. EBITDA Margin: 19.5%–20.0%, reaffirmed

• Q3 Net Sales Growth: ~17% at Constant Currency

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• On expects Run, Sneaker and Apparel to remain key growth pillars through 2029, complemented by expansion into Football and Golf

• The company targets CHF 5.6B+ in 2029 sales while expanding Adj. EBITDA margin to 22%+ through sustained premium pricing, scale and SG&A leverage

• On authorized its first share repurchase program of up to $1B through the end of 2029

• FY26 guidance was reaffirmed and excludes up to $65M of expected tariff refunds, which are anticipated to benefit reported Q3 gross profit

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“Top-line expansion and margin expansion are not in conflict at On; they are complementary outputs of our Premium Playbook.”