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        <ns2:filerInfo>
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                <ns2:filerCredentials>
                    <ns2:cik>0001859853</ns2:cik>
                    <ns2:ccc>XXXXXXXX</ns2:ccc>
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            </ns2:filer>
            <ns2:liveTestFlag>LIVE</ns2:liveTestFlag>



        </ns2:filerInfo>
    </ns2:headerData>
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            <ns2:issuerCik>0001858985</ns2:issuerCik>
            <ns2:issuerName>On Holding AG</ns2:issuerName>
            <ns2:secFileNumber>001-40795</ns2:secFileNumber>
            <ns2:issuerAddress>
                <com:street1>Forrlibuckstrasse 190</com:street1>
                <com:city>Zurich</com:city>
                <com:stateOrCountry>V8</com:stateOrCountry>
                <com:zipCode>8005</com:zipCode>
            </ns2:issuerAddress>
            <ns2:issuerContactPhone>41-44-225-1555</ns2:issuerContactPhone>
            <ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>David Allemann</ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <ns2:relationshipsToIssuer>
                <ns2:relationshipToIssuer>Other: Co-Founder</ns2:relationshipToIssuer>
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        <ns2:securitiesInformation>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:brokerOrMarketmakerDetails>
                <ns2:name>Goldman Sachs &amp; Co. LLC</ns2:name>
                <ns2:address>
                    <com:street1>200 West Street</com:street1>
                    <com:city>New York</com:city>
                    <com:stateOrCountry>NY</com:stateOrCountry>
                    <com:zipCode>10282</com:zipCode>
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            </ns2:brokerOrMarketmakerDetails>
            <ns2:noOfUnitsSold>376880</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>17585221</ns2:aggregateMarketValue>
            <ns2:noOfUnitsOutstanding>289296343</ns2:noOfUnitsOutstanding>
            <ns2:approxSaleDate>03/10/2025</ns2:approxSaleDate>
            <ns2:securitiesExchangeName>NYSE</ns2:securitiesExchangeName>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:acquiredDate>01/12/2010</ns2:acquiredDate>
            <ns2:natureOfAcquisitionTransaction>Acquired from Issuer in private transaction</ns2:natureOfAcquisitionTransaction>
            <ns2:nameOfPersonfromWhomAcquired>Issuer</ns2:nameOfPersonfromWhomAcquired>
            <ns2:isGiftTransaction>N</ns2:isGiftTransaction>
            <ns2:amountOfSecuritiesAcquired>376880</ns2:amountOfSecuritiesAcquired>
            <ns2:paymentDate>01/12/2010</ns2:paymentDate>
            <ns2:natureOfPayment>N/A</ns2:natureOfPayment>
        </ns2:securitiesToBeSold>
        <ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>N</ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>
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                <ns2:name>David Allemann</ns2:name>
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                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>03/04/2025</ns2:saleDate>
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                <ns2:name>David Allemann</ns2:name>
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                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                    <com:street1>Forrlibuckstrasse 190</com:street1>
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                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                    <com:street1>Forrlibuckstrasse 190</com:street1>
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                    <com:stateOrCountry>V8</com:stateOrCountry>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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        </ns2:securitiesSoldInPast3Months>
        <ns2:remarks>The sales of shares set forth herein are made in connection with a selling plan dated 6/5/2024 that is intended to comply with Rule 10b5-1(c). The representation below regarding the seller's knowledge of material information was true as of the date the selling plan was entered into.</ns2:remarks>
        <ns2:noticeSignature>
            <ns2:noticeDate>03/10/2025</ns2:noticeDate>
            <ns2:planAdoptionDates>
                <ns2:planAdoptionDate>06/05/2024</ns2:planAdoptionDate>
            </ns2:planAdoptionDates>
            <ns2:signature>Goldman Sachs &amp; Co. LLC on behalf of David Allemann</ns2:signature>
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144
0001859853
XXXXXXXX
LIVE
0001858985
On Holding AG
001-40795
Forrlibuckstrasse 190
Zurich
V8
8005
41-44-225-1555
David Allemann
Other: Co-Founder
Class A Ordinary Shares
Goldman Sachs & Co. LLC
200 West Street
New York
NY
10282
376880
17585221
289296343
03/10/2025
NYSE
Class A Ordinary Shares
01/12/2010
Acquired from Issuer in private transaction
Issuer
N
376880
01/12/2010
N/A
N
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/04/2025
2069
103878
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
8076
394661
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
5384
262950
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
5384
263039
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
6007
295535
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
8076
393878
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
5384
262601
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
5384
262423
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
8076
394522
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
8076
426624
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
5384
284492
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
8076
426570
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
5384
284525
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
5384
297792
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
5384
297743
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
8076
446502
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
8076
446681
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
8076
471049
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
8076
471140
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
5384
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David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
5384
314165
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
5384
320155
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
8076
480218
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
5384
320493
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
8076
480382
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
8076
481147
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
8076
481170
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
5384
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David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
5384
320467
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
5384
295478
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
8076
443017
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
5384
295254
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
8076
443111
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/06/2025
5384
296339
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/06/2025
5384
296130
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/06/2025
8076
444533
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/06/2025
8076
444380
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
12/30/2024
5384
296632
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
12/30/2024
8076
445084
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
12/30/2024
5384
296599
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
12/30/2024
8076
444869
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
12/23/2024
5384
304762
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
12/23/2024
8076
457458
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
12/23/2024
8076
457318
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
12/23/2024
5384
304935
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
12/16/2024
5384
312363
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
12/16/2024
5384
312293
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
12/16/2024
8076
468495
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
12/16/2024
8076
468631
The sales of shares set forth herein are made in connection with a selling plan dated 6/5/2024 that is intended to comply with Rule 10b5-1(c). The representation below regarding the seller's knowledge of material information was true as of the date the selling plan was entered into.
03/10/2025
06/05/2024
Goldman Sachs & Co. LLC on behalf of David Allemann