<SEC-DOCUMENT>0001861118-26-000004.txt : 20260326
<SEC-HEADER>0001861118-26-000004.hdr.sgml : 20260326
<ACCEPTANCE-DATETIME>20260326070651
ACCESSION NUMBER:		0001861118-26-000004
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260324
FILED AS OF DATE:		20260326
DATE AS OF CHANGE:		20260326

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Perez Alexandre
		CENTRAL INDEX KEY:			0001861118
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40795
		FILM NUMBER:		26794305

	MAIL ADDRESS:	
		STREET 1:		3550 BISCAYNE BLVD STE 600
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33137

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>4
<SEQUENCE>1
<FILENAME>form4-03262026_110347.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-03-24</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001861118</rptOwnerCik>
            <rptOwnerName>Perez Alexandre</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O ON HOLDING AG</rptOwnerStreet1>
            <rptOwnerStreet2>FORRLIBUCKSTRASSE 190</rptOwnerStreet2>
            <rptOwnerCity>ZURICH</rptOwnerCity>
            <rptOwnerNonUSStateTerritory></rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>V8</rptOwnerCountry>
            <rptOwnerZipCode>8005</rptOwnerZipCode>
            <rptOwnerStateDescription>SWITZERLAND</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2026-03-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2008</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9773118</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">On March 24, 2026, the Reporting Person was granted 2,008 restricted stock units, which vested into Class A Shares immediately after the grant.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Zlatina Iliev, Attorney-in-Fact</signatureName>
        <signatureDate>2026-03-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
