ONON · PEAD ↓ 80

On Holding reported Q2 2026 EPS of CHF 0.39 on 2026-08-11, beating the CHF 0.38 consensus by CHF 0.01 (+2.6%).

Print-day reaction was -20.3% versus the prior close, a sharp gap-down open followed by continued selling through the session. The overnight gap to T+1 open was a partial recovery of +3.1%, suggesting some stabilisation after the initial shock. Over the following two trading days the stock drifted a further +3.9%, a modest bounce that still left the cumulative position deeply negative. Cumulative abnormal return of -17.3% versus SPY.US firmly places this in PEAD short territory; per the documented drift pattern, the read is held through 2026-11-06.