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On Holding rallies after unveiling a $1 billion buyback and ambitious 2029 targets
Investors rewarded a combination of capital return, higher long-term targets and confidence that On can expand beyond running shoes.
Swiss sportswear company On Holding rose roughly 13% after announcing its first major share-buyback program and setting aggressive long-term growth targets.
The company authorized up to $1 billion in buybacks through 2029 and said it expects high-teens annual constant-currency sales growth, gross margins above 65%, and an adjusted EBITDA margin above 22%.
Why it moved
The announcement signaled management confidence after a difficult year for the stock. Investors also focused on On's push into new sports, including soccer, following its partnership with Kylian Mbappé.