On Targets CHF 5.6 Billion by 2029 as It Moves Into Football and Golf
At its 2026 Investor Day in Zurich, On set new growth and margin targets through 2029 while naming football and golf as its next sports categories.
Updated September 22, 2026
On is setting its sights on at least CHF 5.6 billion in net sales by 2029, alongside an expansion into football and golf. The Swiss sportswear company laid out the targets at its 2026 Investor Day in Zurich, framing them as the next phase of its push to become a more premium global brand.
The company is targeting high-teens constant-currency net-sales growth through 2029, a gross profit margin of at least 65%, and an adjusted EBITDA margin of at least 22%. Those are ambitions rather than reported results, and On notes that they are forward-looking statements. Still, the scale of the plan makes the update a consequential one for the performance-footwear market.
Photo: Fabio Zingg
A wider sportswear proposition
On describes running, sneakers and apparel as its immediate growth pillars. Football and golf are the next categories it plans to develop, extending a brand best known for running footwear into two of the largest global sports markets.
For footwear, football is the more immediate competitive test. On says its product pipeline includes LightSpray™ and its entry into the sport, while its official football information says the first products are planned for 2027. The brand is developing the range with Kylian Mbappé, Sydney Schertenleib and Thierry Henry.
Golf is less defined in the announcement, but On positions the category as an opportunity to bring performance innovation and premium design to a new generation of players. Together, the two launches would give the company new reasons to compete beyond its core road-running base.
Growth targets meet capital returns
On’s strategy, which it calls the Premium Playbook, connects product innovation, athlete validation, direct-to-consumer experiences and full-price selling to its financial targets. The company is also authorized to repurchase up to USD 1 billion of Class A ordinary shares through the end of 2029.
The 2029 plan arrives as On reiterates its 2026 outlook: low-20% constant-currency net-sales growth, gross margin of at least 65%, and adjusted EBITDA margin of 19.5% to 20%. The bigger question for footwear is whether the brand can broaden into football and golf without weakening the premium, performance-led identity that built its running business.
On’s Investor Day announcement positions that balance as central to its next three years.
