On September 22, On Holding AG rose 7.69% in regular trading, trading at $29.775/share, with turnover of $136 million. The rally was primarily driven by the company's investor day announcements, including a $1 billion share repurchase program and ambitious mid-term financial targets.

On Holding disclosed that its board has approved a share buyback of up to $1 billion of Class A ordinary shares through the end of December 2029. The company also set a mid-term net sales target of at least 5.6 billion Swiss francs by 2029, projecting high-teens constant currency growth. For fiscal 2026, management reaffirmed its outlook for net sales growth in the low 20% range, while guiding Q3 net sales growth at approximately 17%. This marked the company's first investor day since October 2023, providing new co-CEOs an opportunity to reset market expectations following a challenging Q2 that saw shares plunge over 20% on slowing revenue growth.

The announcements come days after On Holding signed football star Kylian Mbappe as a global partner, formally entering the football category with plans to deploy its proprietary LightSpray technology in football products launching next year.

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