On (ONON) Investor Day 2026 summary

Strategic vision and growth pillars

• Premium Playbook centers on disruptive innovation, athlete validation, premium experiences, high-quality earnings and a culture of excellence.

• Strategy shifts from durable growth in 2023–2026 to premium growth, targeting a high-quality earnings compounder through disciplined execution.

• Growth targets the Movement Class, for whom sportswear is identity and health, quality and premium experiences matter.

• Core growth pillars are Run, Sneaker and Apparel, alongside lifestyle and other performance footwear.

Financial targets and capital allocation

• 2029 net sales ambition is CHF 5.6bn+ at current FX, adding >CHF 2bn from FY26; equivalent to $7bn at current rates.

• Targets high-teens net sales growth and 20%+ adjusted EBITDA CAGR for 2026–2029, with gross margin of 65%+ and adjusted EBITDA margin of 22%+ by 2029.

• Capital priorities include organic investment in retail, technology and infrastructure, maintaining net cash, and up to $1bn in share repurchases through 2029.

• Regional constant-currency growth outlook for 2026–2029: Americas low- to mid-teens, EMEA high-teens to low-20s, and APAC mid- to high-20s.

• Plans to transition to USD reporting as early as 2027 to better align with business economics.

Category expansion and brand

• Expanded beyond running into tennis, training, trail, outdoor and kids; strategic growth also spans football and golf.

• Football entry targets a global footwear market projected at $38bn by 2030; golf gear relevant to the business represents a $5bn+ market, with entry planned for 2027.

• Apparel is the fastest-growing category, with a focus on female consumers and plans to triple the business over three years.

• Global aided brand awareness reached 30% in 2026, up 2.5x from 2023; 2029 target is >50%.

• Tennis net sales CAGR has been 61% since 2021; 2023 ambitions for apparel, own retail and China shares are on track, with own retail share above target.