On Holding AG announced a $1 billion equity buyback authorization on September 22, 2026. This is an authorization to repurchase shares — not a confirmation that any shares have yet been bought back.
For holders, a buyback program reduces the total share count over time as repurchases occur, increasing each remaining share's proportional ownership of the company. For short sellers, the picture is more complex. With 9.3% of the free float currently sold short — roughly 23.3 million shares — a sustained buyback reduces the pool of shares in circulation, which can tighten borrow availability over time. Cost to borrow currently sits at 0.53%, and availability remains relatively comfortable at present, though a prolonged repurchase program could shift that balance.
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