On Holding Ag · NYSE:ONON
On — Investor Day (September 2026)
152 slides from On's investor day presentation, Sep 22, 2026
Slide 1: Investor Day
Investor Day
Slide 2: Disclaimer
Disclaimer FORWARD–LOOKING STATEMENTS foreign exchange rates, tariffs and input costs; our ability to achieve the medium and long-term financial targets and other objectives presented at this Investor Day within the timeframes indicated or at all; financial accounting and tax matters; our This presenta
Slide 3: The On Premium Playbook
The On Premium Playbook David Allemann Caspar Coppetti Founder & Co-CEO Founder & Co-CEO INVESTOR DAY 2026 SEPTEMBER 22
Slide 4: Welcome
Welcome INVESTOR DAY 2026 ZURICH, SWITZERLAND SEPTEMBER 22
Slide 5: Redefining what a Sportswear brand can be
Redefining what a Sportswear brand can be 01 02 03 The On Premium Playbook New Sports, Athlete Roadmap to 2029 Sponsorships Capital Allocation THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 6: The On Premium Playbook
THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 7: Nicola Spirig
Nicola Spirig 2016 Olympic medalist
Slide 8: The On Premium Playbook
THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 9: 2023 Investor Day targets vs FY2026
2023 Investor Day FY2026 targets at current guidance Net Sales >26% ≥30% Constant Currency CAGR ‘23 - ‘26 Gross Profit >60% ≥65% Gross Profit Margin ‘26 Adj. EBITDA Adj. EBITDA Margin ‘26 >18% 19.5-20% THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 10: The On Premium Playbook
1 5 2 4 3 THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 11: Create innovative products
INNOVATION & DESIGN Create innovative products Run Sneaker Apparel 1 THE ON PREMIUM PLAYBOOK SEPTEMBER 22
Slide 12: Validate through athletes & talents
COMMUNITY & BRAND Validate through athletes & talents Run >30% Sneaker Global awareness, 2026 Apparel 2 THE ON PREMIUM PLAYBOOK SEPTEMBER 22
Slide 13: Deliver premium experiences
GTM & CHANNELS Deliver premium experiences +100 Additional stores by 2029 3 THE ON PREMIUM PLAYBOOK SEPTEMBER 22
Slide 14: Capture high quality earnings
FINANCIAL AMBITIONS Capture high quality earnings 4 THE ON PREMIUM PLAYBOOK SEPTEMBER 22
Slide 15: Invest in a culture of innovation & excellence
PEOPLE & CULTURE Invest in a culture of innovation & excellence 5 THE ON PREMIUM PLAYBOOK SEPTEMBER 22
Slide 16: Durable Growth to Premium Growth
2023 - 2026 DURABLE GROWTH 2026 + PREMIUM GROWTH THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 17: From Utility to Identity
From Utility to Identity THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 18: Market size 2026
Market size 2026 3% 350Bn CHF Global Sportswear* CAGR ‘22-25 7% 125Bn CHF Premium Sportswear* CAGR ‘22-25 * Only On-relevant sports THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22 Sources: Circana, Euromonitor, FX 0.8 USD/CHF
Slide 19: Core growth drivers
Core growth drivers Footwear Performance Lifestyle Run Sneaker Apparel THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 20: On timeline 2010-2024
2010 2014 2016 2020 2023 2024 THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 21: Tennis net sales CAGR since 2021
Tennis 61% Net Sales CAGR since 2021 2010 2014 2016 2020 2023 2024 THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 22: Biggest Launch Ever
Biggest Launch Ever 8bn 50.5% 72% Earned Media Reach Share of Voice New followers under 35 Sources: Meltwater, as of September 22, 2026, Euromonitor, FIFA THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 23: World Cup viewers and football footwear market
1.5bn World Cup viewers, Biggest Launch Ever 2026 8bn 50.5% 72% Earned Media Reach Share of Voice New followers under 35 $38bn Global football footwear market, 2030 Sources: Meltwater, as of September 22, 2026, Euromonitor, FIFA THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 24: World Cup viewers and football footwear market
1.5bn World Cup viewers, Biggest Launch Ever 2026 8bn 50.5% 72% Earned Media Reach Share of Voice New followers under 35 $38bn Global football footwear market, 2030 THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 25: Golf: highest spend per consumer
Highest 150 Players on- and mn USD 5+ bn Market size of golf spend Per consumer of off-course gear relevant to On any sport we play in Sources: Euromonitor, National Golf Foundation, R&A THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 26: The On Premium Playbook
The On Premium Playbook Scott Maguire David Allemann Caspar Coppetti President, Founder & Co-CEO Founder & Co-CEO Chief Operating Officer INVESTOR DAY 2026 SEPTEMBER 22
Slide 27: Media quotes on Cloudsurfer and SURREAL foam
“The way On solved the supercritical puzzle genuinely blew my mind.” — Believe in the Run “The Cloudsurfer 3 with this new foam isn't just a seasonal update; it's a proof of concept for a new way of building footwear. They aren't just selling a shoe; they are selling a piece of optimized hardware.”
Slide 28: Approaching USD 7bn net sales in 2029
7 Approaching n7 bn USD Net sales in 2029 20%+ Constant currency Adj. EBITDA CAGR ‘26-’29 THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 29: SBB Program
SBB Program Authorization to return cash Up to to shareholders USD 1bn THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 30: The On Premium Playbook
THE ON PREMIUM PLAYBOOK INVESTOR DAY 2026 SEPTEMBER 22
Slide 31: Leadership team group picture
Leadership team Group Picture (shot Sep 9)
Slide 32: The On Premium Playbook
The On Premium Playbook People & Culture Innovation & Design Community & Brand GTM & Channels Financial Ambitions INVESTOR DAY 2026 ZURICH, SWITZERLAND SEPTEMBER 22
Slide 33: People & Culture
People & Culture Katarina Berg Chief Human Resources Officer INVESTOR DAY 2026 SEPTEMBER 22
Slide 34: Invest in a culture of innovation & excellence
Invest in a culture of innovation & excellence PEOPLE & CULTURE SEPTEMBER 22
Slide 35: To ignite the human spirit through movement
How does a single mission guide our team and mobilize our culture? To ignite the human spirit through movement. PEOPLE & CULTURE INVESTOR DAY 2026 SEPTEMBER 22
Slide 36: Our four P's
Our four P’s PEOPLE & CULTURE INVESTOR DAY 2026 SEPTEMBER 22
Slide 37: Bold cultures don't happen by accident
Bold cultures don’t happen by accident. They’re designed, and defended. PEOPLE & CULTURE INVESTOR DAY 2026 SEPTEMBER 22
Slide 38: A culture of innovation. Unmistakably us.
A culture of innovation. Unmistakably us. Culture is the one competitive advantage no one can replicate. PEOPLE & CULTURE INVESTOR DAY 2026 SEPTEMBER 22
Slide 39: What the hard facts say
What the hard facts say 87% of leaders feel encouraged to continuously be innovative. 86% of leaders have enough autonomy to try new approaches in their day‑to‑day work. PEOPLE & CULTURE INVESTOR DAY 2026 SEPTEMBER 22
Slide 40: When we grow, On grows
When we grow. On grows. PEOPLE & CULTURE INVESTOR DAY 2026 SEPTEMBER 22
Slide 41: Lead on trust. Let values do the heavy lifting.
Lead on trust. Let values do the heavy lifting. Explorer Spirit Athlete Spirit Team Spirit Positive Spirit Survivor Spirit As explorers, we are As athletes, we strive As teams, we win As positive spirits, As survivors, we are curious and embrace for excellence and together and value we are highly mo
Slide 42: Culture is our original innovation lab
Culture is our original innovation lab. When we dream together, we evolve together. PEOPLE & CULTURE INVESTOR DAY 2026 SEPTEMBER 22
Slide 43: The On Premium Playbook
The On Premium Playbook People & Culture Innovation & Design Community & Brand GTM & Channels Financial Ambitions INVESTOR DAY 2026 ZURICH, SWITZERLAND SEPTEMBER 22
Slide 44: Innovation & Design
Innovation & Design Olivier Bernhard Scott Maguire Thilo Brunner Founder President, Chief Design Officer Chief Operating Officer INVESTOR DAY 2026 SEPTEMBER 22
Slide 45: Create innovative products
Create innovative products Run Sneaker Apparel INNOVATION & DESIGN SEPTEMBER 22
Slide 46: Innovation & Design
INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 47: Makerspace: On Labs Zurich
Makerspace On Labs Zurich 400+ R&D FTEs 5 Specialized research centers INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 48: Innovation & Design
INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 49: Origins
Origins Header Header Header Header Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do consectetur adipiscing elit, sed do consectetur adipiscing elit, sed do consectetur adipiscing elit, sed do eiusmod
Slide 50: Makerspace
Makerspace INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 51: Makerspace
Makerspace INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 52: Innovation engine
Innovation engine Science to technology CloudTec®, Superfoams, and Swiss Lightspray™ Engineering INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 53: Science to technology: Own Human Movement
Science to technology Own Human Movement INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 54: CloudTec®
CloudTec® The DNA of On. Our pinnacle innovation technology. CloudTec® MATERIAL + ENGINEERING is foam engineering A structural cushioning system: By engineering foam into a variety of specialized geometries, we create a spectrum of sensations. One for every run and runner. INNOVATION & DESIGN INVEST
Slide 55: CloudTec® patents and ranking
CloudTec® 280+ Ranked highest ranked branded midsole technology as the primary driver for purchase. Patents across 52 Innovations Source: On Brand Survey,Q2 2026 n=1000 INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 56: CleanCloud®
CleanCloud ® 92% YoY sell-out growth for Cloud X5 since July launch 80%* Reduction in CO2 emissions No margin dilution * CO2 delta on raw EVA material INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 57: Swiss Engineering
Swiss Engineering INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 58: LightSpray™ elite athlete personal bests
LightSpray™ 5 Elite athlete personal bests 5 Of Men’s Top 10 wore LightSpray™ in 2026 Ironman 70.3 World Championship INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 59: LightSpray™ production in Busan
LightSpray™ Busan, Korea 250+ Patents across 30x LightSpray™ production capacity – 2026 102 Innovations 3m Production capacity by 2028 INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 60: LightSpray™ ambition
LightSpray™ ambition 10% of FTW volume INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 61: The task of design is to show how innovation feels
“ The task of design is to show how innovation feels.” INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 62: Engineering Design
Engineering Design INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 63: Innovation & Design
INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 64: Innovation & Design
INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 65: Design philosophy | GenAI design
Design philosophy | GenAI design 2-3 concepts by designer per season 30 concepts by designer per season INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 66: The toolkit
The toolkit 01. 02. 03. Unified design Horizontal tech Cross-category grid transfer expansion INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 67: Design philosophy | Unified design grid
Design philosophy | Unified design grid INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 68: Design philosophy | Horizontal tech transfer
Design philosophy | Horizontal tech transfer INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 69: Design philosophy | Cross-category expansion
Design philosophy | Cross-category expansion RUNNING OUTDOOR TRAINING TENNIS LIFESTYLE FOOTBALL GOLF INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 70: Performance running
Performance running Running is the reason we exist 1.3m London Marathon 36% TAM (>$160) applicants, 2026 within CHF22bn total running footwear market Source: London Marathon Group, Euromonitor, Circana INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 71: Performance running
Performance running SUPPORT SOFT ENERGY FAST Cloudrunner Cloudsurfer Cloudmonster Cloudboom INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 72: Four sensations in practice
Four sensations in practice INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 73: Cloudsurfer x SURREAL™
Cloudsurfer 3 x SURREAL™ SURREAL™ is… 15% Lighter 20% Softer 15% More explosive than HELION™ INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 74: CloudBoom Strike
CloudBoom Strike 2 15% lighter than prior gen weighs only 158g 1.6% increase in running economy vs. market leaders 95% Sell-through in first 48 hours 6x Demand vs. availability Source: University of Cape Town INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 75: Precision is the authority of premiumness
“ Precision is the authority of premiumness.” INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 76: Verticals
Verticals RUNNING OUTDOOR TRAINING TENNIS LIFESTYLE FOOTBALL GOLF INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 77: Apparel philosophy
Apparel philosophy Apparel design Material Product philosophy technology strategy Athlete as a single, integrated Refuse to play into the industry’s Fascination by AND instead of OR. performance system. sea of sameness. INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 78: Innovation & Design
INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 79: Apparel
Apparel Material performance Material sensation ™ Functional Technologies ™ Materials On GuardTec™ On DryTec™ On ThermaTec™ On SenseTec™ On FormTec™ DWR finishing, and Breathable, Lightweight thermal Soft to the touch, and Sculpting, shaping, taped waterproof moisture-wicking, insulation technology.
Slide 80: SenseTec™
SenseTec™ INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 81: Innovation & Design
INNOVATION & DESIGN INVESTOR DAY 2026 SEPTEMBER 22
Slide 82: The On Premium Playbook
The On Premium Playbook People & Culture Innovation & Design Community & Brand GTM & Channels Financial Ambitions INVESTOR DAY 2026 ZURICH, SWITZERLAND SEPTEMBER 22
Slide 83: Community & Brand
Community & Brand Alex Griffin Gerald Marolf Chief Marketing Officer Chief Product Officer INVESTOR DAY 2026 SEPTEMBER 22
Slide 84: Validate through athletes & talents
Validate through athletes & talents Run >30% Sneaker Global awareness, 2026 Apparel COMMUNITY & BRAND SEPTEMBER 22
Slide 85: The attention reset
The attention reset COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 86: Building a premium brand around our core communities
Building a premium brand around our core communities SPORTS INSPIRED CORE SPORTS 2.5x Global aided brand awareness increase RUN 2023 - 2026 Footwear 30% Apparel & Accessories Global aided brand awareness Source: On Brand Survey, Q2 2026, Awareness in Key Markets Illustrative 2023 Portfolio COMMUNITY
Slide 87: Emphasized our focus in running
Emphasized our focus in running 3.4%* of athletes in On 10.7%* of medals to On * 2026 European Championships COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 88: Selectively bolder and louder, while authentically On
Selectively bolder and louder, while authentically On 87s Average view time on YouTube 730% Brand search lift COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 89: From performance through to lifestyle
From performance through to lifestyle Credibility Relevance Expression COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 90: Awareness development 2023-2026
Awareness development 2023-2026 MULTI-SPORT PEERS 2.5 x 95% 91% 90% 95% 62% 61% RUN PEERS 30% 30% 23% 25% 15% 12% Q2 2023 Q2 2026 Source: On Brand Survey, Q2 2026, Awareness in Key Markets COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 91: Redefining what a sportswear brand can be
Redefining what a sportswear LIFESTYLE & brand can be CULTURE SPORTS INSPIRED NEW SPORTS CORE SPORTS 2029 target RUN >50% Global aided brand awareness Cre dib ility COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 92: The runway for the next horizon
The runway for the next horizon Aided brand awareness by cohort 40% 29% 26% 24% Runners Global brand Female Non-runners 16-25 age awareness 30% Source: On Brand Survey, Q2 2026, Awareness in Key Markets COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 93: How is brand confidence established?
How is brand confidence established? Product experience Digital experience Athlete and cultural and CX relationships CONSUMER Content, media, and Own retail, wholesale, demand generation and community Peer and social proof COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 94: Our four brand engines
Our four brand engines Run Sneaker Apparel Football Continue to fuel run culture. Build authentic relationships Seizing the opportunity Disrupt the largest sport on with the sneaker community. at the intersection of the planet with authenticity. sportswear and style. COMMUNITY & BRAND INVESTOR DAY 2
Slide 95: Our four brand engines
Our four brand engines Run Sneaker Apparel Football Continue to fuel run culture. Build authentic relationships Seizing the opportunity Disrupt the largest sport on with the sneaker community. at the intersection of the planet with authenticity. sportswear and style. COMMUNITY & BRAND INVESTOR DAY 2
Slide 96: Run
Run SUPPORT SOFT ENERGY FAST Cloudmonster Cloudboom Cloudsurfer Cloudmonster Hyper Cloudboom Strike Cloudrunner Cloudsurfer Max LS Cloudmonster Hyper LS Cloudboom Strike Cloudrunner Max LS Cloudsurfer Hyper Cloudmonster Trail LS Cloudboom Volt COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 97: Our four brand engines
Our four brand engines Run Sneaker Apparel Football Continue to fuel run culture. Build authentic relationships Seizing the opportunity Disrupt the largest sport on with the sneaker community. at the intersection of the planet with authenticity. sportswear and style. COMMUNITY & BRAND INVESTOR DAY 2
Slide 98: Sneaker
Sneaker Born in Run Born in Tennis Born in Football COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 99: Sneaker
Sneaker COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 100: Young movers
Young movers COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 101: Our four brand engines
Our four brand engines Run Sneaker Apparel Football Continue to fuel run culture. Build authentic relationships Seizing the opportunity Disrupt the largest sport on with the sneaker community. at the intersection of the planet with authenticity. sportswear and style. COMMUNITY & BRAND INVESTOR DAY 2
Slide 102: Apparel framework
Apparel framework Dedicated Essentials Premium active COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 103: Our four brand engines
Our four brand engines Run Sneaker Apparel Football Continue to fuel run culture. Build authentic relationships Seizing the opportunity Disrupt the largest sport on with the sneaker community. at the intersection of the planet with authenticity. sportswear and style. COMMUNITY & BRAND INVESTOR DAY 2
Slide 104: Football
Football COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 105: Football
Football COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 106: Our four brand engines
Our four brand engines Run Sneaker Apparel Football Continue to fuel run culture. Build authentic relationships Seizing the opportunity Disrupt the largest sport on with the sneaker community. at the intersection of the planet with authenticity. sportswear and style. COMMUNITY & BRAND INVESTOR DAY 2
Slide 107: The runway for the next horizon
The runway for the next horizon Aided brand awareness by cohort 40% 29% 26% 24% Runners Global brand Female Non-runners 16-25 age awareness 30% Source: On Brand Survey, Q2 2026, Awareness in Key Markets COMMUNITY & BRAND INVESTOR DAY 2026 SEPTEMBER 22
Slide 108: The On Premium Playbook
The On Premium Playbook People & Culture Innovation & Design Community & Brand GTM & Channels Financial Ambitions INVESTOR DAY 2026 ZURICH, SWITZERLAND SEPTEMBER 22
Slide 109: GTM & Channels
GTM & Channels Alice Delahunt Rebecca Cai Chief Customer Officer Chief Global Markets Officer INVESTOR DAY 2026 SEPTEMBER 22
Slide 110: Deliver premium experiences
Deliver premium experiences +100 Additional stores by 2029 GTM & CHANNELS SEPTEMBER 22
Slide 111: Significant progress since 2023
Significant progress since 2023 >10% >3x >2x >2x The percentage of Retail net sales share Our global retail store Our active online key wholesale partner (H1 2026) footprint members doors we are present in GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 112: A balanced channel mix built on wholesale and DTC
Channel net sales outlook 2026-2029 CHF c. 50% Wholesale 5.6+ CHF 3.5 c. 50% DTC A balanced channel mix built on wholesale penetration and DTC expansion. FY26 Wholesale DTC FY29 GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 113: Blueprint for premium channel execution
Blueprint for premium channel execution WHOLESALE RETAIL eCOM Authenticating with core & winning Expressing our premium brand – Building direct, personalized with new communities. fastest growing channel to 2029. relationships & loyalty. SHARED PRINCIPLES Elevated premium brand expression Unified com
Slide 114: Four differentiated store formats
Four differentiated store formats, scaling the fleet while delivering unified experiences FLAGSHIP CHAPTER STANDALONE CHAPTER COMPLEMENT FOOTPRINT ROLE: ROLE: ROLE: ROLE: Highest physical expression Generate momentum & deep Strengthening brand Expanding footprint, loyalty of the brand. engagement. enga
Slide 115: Flagship: most complete expression in global cities
Flagship: most complete expression in global cities FLAGSHIP ROLE: Highest physical expression of the brand. SIZE: ~500sqm On Tokyo Flagship Store, Ginza GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 116: Chapter standalone: statement of intent in focus cities
Chapter standalone: statement of intent in focus cities CHAPTER STANDALONE ROLE: Generate momentum & deep engagement. SIZE: ~250sqm On Stockholm, Biblioteksgatan GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 117: Chapter complement: deepening relationships
Chapter complement: deepening relationships where we are already present CHAPTER COMPLEMENT ROLE: Strengthening brand engagement within a city. SIZE: ~200sqm On LA, Abbot Kinney GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 118: Footprint: building local loyalty
Footprint: building local loyalty FOOTPRINT ROLE: Expanding footprint, loyalty & brand dimensions. SIZE: ~100sqm On Shenzhen MixC (Luohu) GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 119: Next horizon of retail store expansion
Next horizon of retail store expansion Number of global stores 180 > 25% CAGR > 50% CAGR 83 We have built an exceptionally 22 strong foundation and still have significant room to grow. 2023 Today 2029 Target GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 120: Current retail store network
Current retail store network EMEA 16 stores AMERICAS 20 stores APAC 47* stores Opening c.100 new stores with significant space opportunities across all regions. * APAC Incl. 40 stores in Greater China * One store icon per city in Greater China GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 121: Larger stores drive higher productivity
Larger stores drive higher productivity Chapter Store - Seoul, Hannam – South Korea GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 122: Unlocking potential in Apparel retail productivity
Unlocking potential in Apparel Retail productivity Footwear productivity well ahead of benchmarks, with clear apparel upside H1 2026 2029 >+100% Premium & Luxury Footwear Apparel Benchmark GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 123: Focus on continuing to elevate
Focus on continuing to elevate STORE EXPERIENCE CUSTOMER EXCELLENCE OPERATIONAL EXCELLENCE INITIAL INITIATIVES Inspiring environments in High-end memorable Fast & consistent Launching a new prime locations. customer journeys. back-end execution. service standard. NPS +5ppts LETDDDDD GTM & CHANNELS I
Slide 124: Building a premium, lasting brand in China
Building a premium, lasting brand in China SH Grand Gateway 66 On Run Club - Switch On Summer GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 125: From customer…
From customer… TikTok on.com Lafayette Street Marathon Apparel Discover Explore Connect Gearing up Re-engage GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 126: …to Chief Customer Officer
…to Chief Customer Officer GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 127: Core beliefs
Core beliefs Customer Personalised, Creating Connected Centricity Relevant Belonging Retail GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 128: Significant opportunities ahead
Significant opportunities ahead Knowing our customer Building loyalty Connecting DTC channels
Slide 129: Omnichannel customers have higher LTV
Up to Omnichannel customers have higher LTV 4.5x Higher LTV omnichannel than those in a single channel. customer than single channel GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 130: Key account door penetration remains low
Key account door penetration has increased, but remains low On’s presence as % of total key account doors ~60% 2026 ~50% ~50% We have a significant runway ~20% ~20% ~20% with key wholesale partners. 2023 Source: Company information GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 131: Growth drivers in wholesale
Growth drivers in wholesale Diversifying product Strengthening key Elevating premium verticals partnerships positioning Expanding our offer across & beyond Deepen strategic partner collaboration to build Reinforce premium positioning with tailored sports to unlock more from every door. credibility an
Slide 132: Scaling our wholesale strategy in the Americas
Scaling our wholesale strategy in the Americas GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 133: Compounding value of channels in action
Compounding value of channels in action RAPID STORE RAMP-UP c.50% revenue growth in first nine months SUSTAINED GROWTH Double-digit yoy growth sustained DIGITAL CO-EXPANSION >2x Italy eCom vs. pre-opening OMNICHANNEL VALUE Milan Flagship - Vittorio Emanuele Opened August 2024 Up to 4.5× higher LTV fr
Slide 134: Regional momentum underpinned by shared drivers
Regional momentum underpinned by shared drivers APAC — Expand our retail footprint — Drive personalization and loyalty EMEA — Accelerate penetration in scaling markets — Fuel growth in new sports and existing verticals AMER GTM & CHANNELS INVESTOR DAY 2026 SEPTEMBER 22
Slide 135: The On Premium Playbook
The On Premium Playbook People & Culture Innovation & Design Community & Brand GTM & Channels Financial Ambitions INVESTOR DAY 2026 ZURICH, SWITZERLAND SEPTEMBER 22
Slide 136: Financial Ambitions
Financial Ambitions Frank Sluis Chief Financial Officer INVESTOR DAY 2026 SEPTEMBER 22
Slide 137: Capture high quality earnings
Capture high quality earnings >1.4x US wholesale average selling price vs. peer average FINANCIAL AMBITIONS SEPTEMBER 22
Slide 138: Exceptional track record since the IPO
Exceptional track record since the IPO DURABLE GROWTH HYPER GROWTH 3.5bn Investor Day 2023 1.8bn IPO 0.7bn 2021 2022 2023 2024 2025 2026 FINANCIAL AMBITIONS INVESTOR DAY 2026 SEPTEMBER 22
Slide 139: 2023 Investor Day targets vs FY2026
2023 Investor Day FY2026 Targets at current guidance Net Sales >26% ≥30% Constant currency CAGR ‘23 - ‘26 Gross Profit >60% ≥65% Gross Profit margin ‘26 Adj. EBITDA Adj. EBITDA margin ‘26 >18% 19.5-20% FINANCIAL AMBITIONS INVESTOR DAY 2026 SEPTEMBER 22
Slide 140: Update on long-term ambitions from 2023
Update on long-term ambitions presented at the 2023 Investor Day >10% Apparel Share >10% >10% Own Retail Share China Share On track Exceeded On track FINANCIAL AMBITIONS INVESTOR DAY 2026 SEPTEMBER 22
Slide 141: Moving from durable growth to premium growth
Moving from durable growth to premium growth PREMIUM GROWTH DURABLE GROWTH HYPER GROWTH 3.5bn 1.8bn 0.7bn 2021 2022 2023 2024 2025 2026 2027 2028 2029 FINANCIAL AMBITIONS INVESTOR DAY 2026 SEPTEMBER 22
Slide 142: Premium growth framework
Premium growth framework Premium growth Strong, multi-dimensional Industry leading Significant operating cost top-line growth gross profit margin productivity gains and leverage Compounding adj EBITDA Strong FCF generation A proven, high quality earnings compounder at scale, driving attractive shareho
Slide 143: 2026-2029 financial ambitions
2026-2029 financial ambitions Premium >2bn Net sales added FY26-29 growth +>2bn CHF 5.6+ (CHF) Resulting Durable growth +1.7bn 20%+ adj. EBITDA CAGR CHF 3.5 Hyper growth +1.1 CHF 1.8 High-teens% 65%+ 22%+ 2026 - 2029 2029 2029 Net sales growth Gross profit margin Adjusted EBITDA margin CHF 0.7 CHF 5.6
Slide 144: Approaching USD 7bn in 2029
Approaching USD 7 bn in 2029 FINANCIAL AMBITIONS INVESTOR DAY 2026 SEPTEMBER 22
Slide 145: Strategic priorities drive majority of net sales increase
Strategic priorities drive majority of net sales increase ●1 RUN CHF 5 5.6+ Innovation-led market share capture 1 4 ●2 LIFESTYLE 2 Cultural relevance with Sneaker 3 ●3 APPAREL CHF Building credibility with Her 3.5 ●4 OTHER PERFORMANCE FOOTWEAR Capture potential in Tennis, Outdoor & Training Illustra
Slide 146: Regional net sales outlook
Regional net sales outlook Americas EMEA Low to High-teens to mid-teens% low-20s% APAC Mid to high- 20s% DTC Share C. 50% in 2029 . Constant currency growth rates FINANCIAL AMBITIONS INVESTOR DAY 2026 SEPTEMBER 22
Slide 147: Gross profit margin drivers
Gross profit margin drivers 65%+ 65%+ ASSUMPTIONS — FX unchanged/stable — Tariffs at current rates Illustrative chart, not to scale FY26 Channel Operating Product Category FY29 mix efficiencies investment mix FINANCIAL AMBITIONS INVESTOR DAY 2026 SEPTEMBER 22
Slide 148: Adjusted EBITDA margin drivers
Adjusted EBITDA margin drivers 22%+ 19.5-20% Expected evolution of SG&A excl. SBC (% of sales) Distribution Selling Marketing Illustrative chart, not to scale FY26 Gross profit SG&A FY29 G&A contribution contribution FINANCIAL AMBITIONS INVESTOR DAY 2026 SEPTEMBER 22
Slide 149: Disciplined capital allocation policy
Disciplined capital allocation policy 01. ORGANIC REINVESTMENT Core investment areas — Continued retail rollout CASH AND CASH EQUIVALENTS — Technology & infrastructure Illustrative chart, not to scale 1.2bn 1.0bn 02. MAINTAIN A STRONG — Net cash position 0.9bn BALANCE SHEET — Conservative cash inves
Slide 150: Cash returns
Cash returns SBB Program Authorization to return cash Up to to shareholders USD 1bn
Slide 151: The financial output of the Premium Playbook
The financial output of the Premium Playbook Premium growth Strong, multi-dimensional Industry leading Significant operating cost top-line growth gross profit margin productivity gains and leverage Compounding adj EBITDA Strong FCF generation A proven, high quality earnings compounder at scale, driving
Slide 152: Investor Day 2026 Zurich, Switzerland
INVESTOR DAY 2026 ZURICH, SWITZERLAND SEPTEMBER 22