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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: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>211054</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>12716003.5</ns2:aggregateMarketValue>
            <ns2:noOfUnitsOutstanding>289296343</ns2:noOfUnitsOutstanding>
            <ns2:approxSaleDate>05/16/2025</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>211054</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>05/12/2025</ns2:saleDate>
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                <ns2:name>David Allemann</ns2:name>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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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:stateOrCountry>V8</com:stateOrCountry>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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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
211054
12716003.5
289296343
05/16/2025
NYSE
Class A Ordinary Shares
01/12/2010
Acquired from issuer in private transaction
Issuer
N
211054
01/12/2010
N/A
N
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/12/2025
8076
411908
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/12/2025
5384
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David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/12/2025
5384
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David Allemann
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Class A Ordinary Shares
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8005
Class A Ordinary Shares
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David Allemann
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Zurich
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Class A Ordinary Shares
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David Allemann
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Class A Ordinary Shares
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David Allemann
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Class A Ordinary Shares
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David Allemann
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V8
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Class A Ordinary Shares
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David Allemann
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Zurich
V8
8005
Class A Ordinary Shares
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David Allemann
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David Allemann
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David Allemann
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V8
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Class A Ordinary Shares
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David Allemann
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Zurich
V8
8005
Class A Ordinary Shares
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1778
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David Allemann
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Zurich
V8
8005
Class A Ordinary Shares
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David Allemann
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David Allemann
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V8
8005
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8076
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David Allemann
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V8
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5384
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David Allemann
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Zurich
V8
8005
Class A Ordinary Shares
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8076
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David Allemann
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Zurich
V8
8005
Class A Ordinary Shares
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5384
232689
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
5384
258999
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
8076
388665
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
8076
390303
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
5384
259171
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
16152
777794
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
5384
256622
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
5384
256649
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
8076
385097
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
5384
240660
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
5384
240704
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
8076
360903
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
05/16/2025
Goldman Sachs & Co. LLC on behalf of David Allemann