<SEC-DOCUMENT>0001859912-26-000002.txt : 20260318
<SEC-HEADER>0001859912-26-000002.hdr.sgml : 20260318
<ACCEPTANCE-DATETIME>20260318115554
ACCESSION NUMBER:		0001859912-26-000002
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20260318
FILED AS OF DATE:		20260318
DATE AS OF CHANGE:		20260318

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Coppetti Caspar Felix
		CENTRAL INDEX KEY:			0001859912
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40795
		FILM NUMBER:		26767125

	MAIL ADDRESS:	
		STREET 1:		ON AG
		STREET 2:		PFINGSTWEIDSTRASSE 106
		CITY:			ZURICH
		STATE:			V8
		ZIP:			8005

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			On Holding AG
		CENTRAL INDEX KEY:			0001858985
		STANDARD INDUSTRIAL CLASSIFICATION:	RUBBER & PLASTICS FOOTWEAR [3021]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		FORRLIBUCKSTRASSE 190
		CITY:			8005 ZURICH
		STATE:			V8
		ZIP:			00000
		BUSINESS PHONE:		41 44 225 15 55

	MAIL ADDRESS:	
		STREET 1:		FORRLIBUCKSTRASSE 190
		CITY:			8005 ZURICH
		STATE:			V8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form3-03182026_030348.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0607</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2026-03-18</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001858985</issuerCik>
        <issuerName>On Holding AG</issuerName>
        <issuerTradingSymbol>ONON</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001859912</rptOwnerCik>
            <rptOwnerName>Coppetti Caspar Felix</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ON HOLDING AG</rptOwnerStreet1>
            <rptOwnerStreet2>FORRLIBUCKSTRASSE 190</rptOwnerStreet2>
            <rptOwnerCity>ZURICH</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode>8005</rptOwnerZipCode>
            <rptOwnerStateDescription>SWITZERLAND</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2315855</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Class B Shares</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10937084</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The Class B Shares are subject to transfer restrictions and rights of first refusal in favor of the other members of the Issuer's extended founder team pursuant to a shareholders' agreement. Upon the occurrence of certain individual or general sunset events specified in the shareholders' agreement, the Class B Shares are subject to mandatory conversion into Class A Shares within a specified timeframe. Conversion of Class B Shares into Class A Shares results in ten (10) Class B Shares being converted into one (1) Class A Share.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Zlatina Iliev, Attorney-in-Fact</signatureName>
        <signatureDate>2026-03-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ex24-03182026_030350.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//IETF//DTD HTML//EN">
<html><head><title>ex24-03182026_030350.htm</title></head><body style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<p style="margin:0px"><br></p>
<p style="margin-top:0px; margin-bottom:14.667px; font-size:11pt" align="center"><b><u>POWER OF ATTORNEY</u></b></p>
<p style="margin-top:7.333px; margin-bottom:7.333px; text-indent:48px; font-size:11pt" align="justify">KNOW ALL BY THESE PRESENTS, that the undersigned hereby constitutes and appoints Steven Mendez, Antonios Pothoulakis, Matthew Rosi and Zlatina Iliev, and each of them, the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s true and lawful attorney-in-fact to:</p>
<p style="margin-top:7.333px;margin-bottom:-1pt;font-size:1pt"></p><p style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">(1)</p>
<p style="margin-top:0px; margin-bottom:7.333px; text-indent:-2px; font-size:11pt" align="justify">execute for and on behalf of the undersigned, in the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s capacity as a representative of On Holding AG (the <font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font><b><i>Company</i></b><font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>), any and all Form 3, 4 or 5 reports required to be filed by the undersigned in accordance with Section 16(a) of the Securities Exchange Act of 1934, as amended (<font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font><b><i>Exchange Act</i></b><font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>), and the rules thereunder with respect to transactions in securities of the Company;</p>
<p style="margin-top:7.333px;margin-bottom:-1pt;font-size:1pt"></p><p style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; clear:left; float:left">(2)</p>
<p style="margin-top:0px; margin-bottom:7.333px; text-indent:-2px; font-size:11pt" align="justify">do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form 3, 4 or 5 report and timely file such report with the U.S. Securities and Exchange Commission and any stock exchange or similar authority; and</p>
<p style="margin-top:7.333px;margin-bottom:-1pt;font-size:1pt"></p><p style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; clear:left; float:left">(3)</p>
<p style="margin-top:0px; margin-bottom:7.333px; text-indent:-2px; font-size:11pt" align="justify">take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned, pursuant to this Power of Attorney, shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in his or her discretion.</p>
<p style="margin-top:7.333px; margin-bottom:7.333px; font-size:11pt; clear:left" align="justify">The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform each and every act and thing whatsoever requisite, necessary and proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or his or her substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. &nbsp;The undersigned acknowledges that no such attorney-in-fact, in serving in such capacity at the request of the undersigned, is hereby assuming, nor is the Company hereby assuming, any of the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s responsibilities to comply with Section 16 of the Exchange Act.</p>
<p style="margin-top:7.333px; margin-bottom:7.333px; font-size:11pt" align="justify">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Form 3, 4 or 5 reports with respect to the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.</p>
<p style="margin-top:7.333px; margin-bottom:7.333px; font-size:11pt" align="justify">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of the 23rd day of January, 2026.</p>
<p style="margin:8px" align="justify"><br></p>
<p style="margin-top:8px; margin-bottom:8px; font-size:11pt" align="justify">Signature: <b style="font-size:12pt;font-weight:normal;">/s/ Caspar Coppetti</b></p>
<p style="margin-top:7.333px; margin-bottom:7.333px; font-size:11pt" align="justify">Print Name: Caspar Coppetti</p>
<p style="margin:7.333px" align="justify"><br><br></p>
</body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99-03182026_030351.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//IETF//DTD HTML//EN">
<html><head><title>Toppan Merrill SEC Connect</title></head><body style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<p style="margin:0px" align="center"><br></p>
<p style="margin:0px; font-size:12pt" align="center"><b>FORM OF INITIAL ATTESTATION FOR ELECTRONIC SIGNATURES</b></p>
<p style="margin:0px" align="center"><br></p>
<p style="margin:0px; font-size:12pt" align="center"><b>(To Be Completed Before Use of Electronic Signatures to Authenticate SEC Filings Pursuant to Rule 302(b)(2) of Regulation S-T)</b></p>
<p style="margin:0px" align="center"><br></p>
<p style="margin:0px; text-indent:48px; font-size:12pt">This attestation is provided to On Holding AG in connection with its use of my electronic signature to authenticate and adopt my typed signature appearing on filings with the U.S. Securities and Exchange Commission.</p>
<p style="margin:0px"><br></p>
<p style="margin:0px; text-indent:48px; font-size:12pt">I, Zlatina Iliev, certify that: when using my electronic signature for purposes of signing a signature page or other document authenticating, acknowledging, or otherwise adopting my signature that appears in typed form within an electronic filing pursuant to Rule 302(b)(1) of Regulation S-T under the Securities Act, I agree that the use of my electronic signature constitutes the legal equivalent of my manual signature for purposes of authenticating the signature to any filing for which it is provided.</p>
<p style="margin:0px"><br></p>
<p style="margin:0px"><br></p>
<p style="margin:0px; padding-left:336px; text-indent:48px; font-size:12pt">/s/ Zlatina Iliev</p>
<p style="margin:0px"><br></p>
<p style="margin:0px; font-size:12pt">*************</p>
<p style="margin:0px"><br></p>
<p style="margin:0px; font-size:12pt">Note to electronic filer: &nbsp;This attestation must be manually signed before the signatory uses an electronic signature to authenticate an SEC filing. &nbsp;Retain this manually signed initial attestation for a minimum period of seven years after the date of the most recent electronically signed authentication document. &nbsp;</p>
<p style="margin:0px"><br><br></p>
</body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
