ONON – While CEO change has pushed sentiment much lower, underlying brand momentum looks robust

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ONON – While CEO change has pushed sentiment much lower, underlying brand momentum looks robust

Truist Securities

Equity Research Report May 11, 2026

CONSUMER: Softlines On Holding AG (ONON)

ONON – While CEO change has pushed sentiment much lower, Joseph Civello

212-590-0968 underlying brand momentum looks robust

Joseph.Civello@truist.com

Scot Ciccarelli, CFA Based on our analysis of 1) TikTok trends, 2) best-selling footwear in the wholesale channel,

212-319-3920 and 3) Truist Card Data, ONON’s brand heat continues to look robust as its product pipeline

Scot.Ciccarelli@truist.com drives strong demand & leading full-priced sales momentum. We believe a beat & raise is the

“bar” for the event (FY26 guide is for 23% CC growth - from our conversations we think bulls

Craig Larsen want that raised to at least 24%). That said, sentiment has leaned bearish YTD, especially

212-319-2120 since the surprise CEO change announced on 3/25 (current FY2 EV/EBITDA is ~11x vs 21x

Craig.Larsen@truist.com 3-year avg) & we believe a positive report showing continued momentum can help fuel a

meaningful improvement on this front.

Stock Rating BUY Data suggests recent trends remain solid despite the choppy macro – While oil prices

Unchanged have been volatile and the broader macro environment remains choppy, we believe ONON

is advantageously positioned due to its higher-income consumer base and elevated brand

Price Target $55.00 heat with a robust product pipeline. Below we're highlighting strong momentum we have

Unchanged seen across various channels.

TR to Target 54.3%

Price (May 7, 2026) $35.65

52-Wk Range $60.68-$31.88

Market Cap ($M) $10,681

ADTV 4,336,571

Shares Out (M) 300

Short Interest Ratio/% Of Float 5.0%

Enterprise Value ($M) $9,661

Cash & Equivalents ($M) $1,020

Total Debt ($M) $0