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    <ns2:headerData>
        <ns2:submissionType>144</ns2:submissionType>
        <ns2:filerInfo>
            <ns2:filer>
                <ns2:filerCredentials>
                    <ns2:cik>0001859787</ns2:cik>
                    <ns2:ccc>XXXXXXXX</ns2:ccc>
                </ns2:filerCredentials>
            </ns2:filer>
            <ns2:liveTestFlag>LIVE</ns2:liveTestFlag>



        </ns2:filerInfo>
    </ns2:headerData>
    <ns2:formData>
        <ns2:issuerInfo>
            <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>Marc Maurer</ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <ns2:relationshipsToIssuer>
                <ns2:relationshipToIssuer>Other: Co-Founder</ns2:relationshipToIssuer>
            </ns2:relationshipsToIssuer>
        </ns2:issuerInfo>
        <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>
                </ns2:address>
            </ns2:brokerOrMarketmakerDetails>
            <ns2:noOfUnitsSold>175000</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>10078250</ns2:aggregateMarketValue>
            <ns2:noOfUnitsOutstanding>289296343</ns2:noOfUnitsOutstanding>
            <ns2:approxSaleDate>05/15/2025</ns2:approxSaleDate>
            <ns2:securitiesExchangeName>NYSE</ns2:securitiesExchangeName>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:acquiredDate>12/21/2017</ns2:acquiredDate>
            <ns2:natureOfAcquisitionTransaction>Acquired from issuer in private transaction</ns2:natureOfAcquisitionTransaction>
            <ns2:nameOfPersonfromWhomAcquired>Issuer</ns2:nameOfPersonfromWhomAcquired>
            <ns2:isGiftTransaction>N</ns2:isGiftTransaction>
            <ns2:amountOfSecuritiesAcquired>175000</ns2:amountOfSecuritiesAcquired>
            <ns2:paymentDate>12/21/2017</ns2:paymentDate>
            <ns2:natureOfPayment>None</ns2:natureOfPayment>
        </ns2:securitiesToBeSold>
        <ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>N</ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>
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            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>05/12/2025</ns2:saleDate>
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            <ns2:grossProceeds>96181</ns2:grossProceeds>
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                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
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                    <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>
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                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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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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                    <com:stateOrCountry>V8</com:stateOrCountry>
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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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144
0001859787
XXXXXXXX
LIVE
0001858985
On Holding AG
001-40795
Forrlibuckstrasse 190
Zurich
V8
8005
41-44-225-1555
Marc Maurer
Other: Co-Founder
Class A Ordinary Shares
Goldman Sachs & Co. LLC
200 West Street
New York
NY
10282
175000
10078250
289296343
05/15/2025
NYSE
Class A Ordinary Shares
12/21/2017
Acquired from issuer in private transaction
Issuer
N
175000
12/21/2017
None
N
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/12/2025
1886
96181
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/12/2025
1886
96106
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/12/2025
1509
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
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1886
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/05/2025
1509
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/05/2025
1886
92601
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
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1886
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Marc Maurer
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Zurich
V8
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Class A Ordinary Shares
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1886
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Marc Maurer
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Class A Ordinary Shares
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Marc Maurer
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1886
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Marc Maurer
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Class A Ordinary Shares
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Marc Maurer
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Zurich
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Class A Ordinary Shares
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Marc Maurer
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Zurich
V8
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Class A Ordinary Shares
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1509
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Marc Maurer
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Zurich
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Class A Ordinary Shares
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1886
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Class A Ordinary Shares
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1886
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Marc Maurer
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Class A Ordinary Shares
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Marc Maurer
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Zurich
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Class A Ordinary Shares
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1509
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Marc Maurer
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Zurich
V8
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Class A Ordinary Shares
04/07/2025
1886
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Marc Maurer
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Zurich
V8
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Class A Ordinary Shares
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Zurich
V8
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Class A Ordinary Shares
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1886
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Marc Maurer
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Class A Ordinary Shares
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1509
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Marc Maurer
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Class A Ordinary Shares
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1886
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1509
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Zurich
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1886
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Marc Maurer
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Zurich
V8
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1509
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
1886
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
1886
89838
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
1886
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
1886
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
1509
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
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1509
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
1886
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
1886
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
1886
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
1886
91967
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
1509
73453
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
1509
79799
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
1886
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Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
1886
99677
05/15/2025
Goldman Sachs & Co. LLC on behalf of Marc Maurer