On Holding AG Targets Seven Billion Revenue by 2029 with Golf Expansion and Share Buyback

Swiss sportswear organisation On Holding AG has unveiled an mid-term financial strategy targeting at least CHF5.6 billion (AUD9.5 billion) in net sales by 2029, approaching AUD7 billion, during its recent Investor Day event.

Underpinned by its Premium Playbook, the organisation aims to maintain an industry-leading gross profit margin of over 65 percent and achieve an adjusted EBITDA margin of 22 percent by 2029. To support capital allocation discipline, the board of directors authorised a USD1 billion (AUD1.4 billion) share buyback program running through December 2029.

Beyond core running and lifestyle sectors, On announced an expansion into the golf category, capitalising on a global market featuring approximately 150 million players and over USD5 billion (AUD7 billion) in annual equipment spend.

Highlighting the rationale behind entering the market, Co-founder and co-CEO, Caspar Coppetti said: “Golf is the most premium sport in the world, roughly 150 million players, over USD5 billion (AUD7 billion) annual spend in golf gear, and a consumer who spends more per head than in any other sport that we play in.”

The golf expansion follows On’s high-profile entry into global football, headlined by the signing of Real Madrid star Kylian Mbappé as global ambassador and equity partner, alongside retired legend Thierry Henry as director of football.

Co-founder and co-CEO, David Allemann, detailed the immediate brand impact of the football strategy.

“This is what football does to a brand’s relevance, before we have sold a single boot.” Allemann emphasised.

Demonstrating strong operational momentum, On reiterated its full-year 2026 outlook, projecting constant-currency net sales growth in the low-20 percent range alongside a gross profit margin of at least 65.0 percent.

The brand anticipates a constant-currency sales growth rate of approximately 17 percent for the third quarter of 2026, bolstered by anticipated tariff refunds of up to USD65 million (AUD91 million).

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