Strong, Quality Growth. Guidance Conservative. Reit Buy/$70 PT.

Research evidence excerpt

Strong, Quality Growth. Guidance Conservative. Reit Buy/$70 PT.

Investment Thesis

On has established itself as a premium brand with global appeal, yet still has significant untapped opportunity ahead. On's growth

is appearing increasingly balanced among running, lifestyle, training, and other sports, with many styles now reaching a critical

mass. This is supported by our proprietary survey work showing significant traction in running, driving the intent to purchase more

frequently. Wholesale sell-through remains strong, and our checks at run specialty suggest continued share gains, which we seeCONSUMER ultimately flowing back to DTC. While the company is moving methodically, plenty of door count expansion also still remains. The

product pipeline remains robust, supported by rapidly growing brand awareness. While valuation is at the top of the peer group,

growth far outstrips even the closest peer, suggesting a premium multiple is warranted.

RETAIL Upcoming Catalysts Price Performance

■ Q2 earnings (est. August) $70AND ■ Investor day in September '26 $65

■ Global Run Summit in Paris (June '26) debuting new innovation $60

■ Rollout of additional wholesale distribution/growth within existing doors $55

■ New store openings $50

■ Growth in brand awareness as marketing spend is increased $45

■ Expansion of apparel and training category $40LIFESTYLE ■ Transition of m major running franchises to Surreal foam in '27, continued $35

commercialization of LightSpray $30

■ Potential return of cash to shareholders Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

ONON

S&P 500 (rebased)BRANDS Base Case Assumptions: $70 Price Target Source: FactSet

■ Revenue grows ~18% in '26, including +14% for wholesale and +22% for DTC,