ONON ~+11–13% Investor Day — CHF 5.6B 2029 sales target + inaugural $1B buyback

[LondonNewsTrader]

On Holding (ONON) jumped ~+11–13% after Investor Day in Zurich: company laid out ≥CHF 5.6B net sales by 2029 and adj. EBITDA margin ≥22%, plus a first-ever Class A buyback of up to $1B through 2029. NKE only muted ~+2% on the same tape — so this looks more ONON-guide / capital-return specific than a broad athletic-apparel re-rate.

Scalper read: ambitious multi-year sales + inaugural buyback is a classic gap-and-go setup into Europe open / US cash. Watch whether the bid fades once the CHF 5.6B / 22% margin math gets stress-tested vs execution risk, and whether NKE/peers confirm or stay muted.

Sources (paraphrase): 24/7 Wall St Investor Day wrap https://247wallst.com/investing/2026/09 ... icks-up-2/
Is the $1B buyback enough to keep ONON elevated into Wed, or do you fade the multi-year guide as priced?