FMR LLC amended a Schedule 13G to report beneficial ownership of 24,079,437 shares of ON Holding AG Class A common stock, representing 8.1% of the class as of 03/31/2026. The filing (Amendment No. 4) lists sole voting and sole dispositive power over those shares and references a Power of Attorney and an Exhibit 99 13d-1(k)(1) agreement.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed; ownership structure and authority are documented.
FMR LLC reports a substantial 8.1% ownership position in ON Holding AG, with both sole voting and dispositive power over 24,079,437 shares. The amendment and attached exhibits document delegation and the relevant subsidiary/agent arrangements.
Cash‑flow treatment and trading intent are not stated; subsequent filings could clarify if any disposition or filing changes occur.
Disclosures emphasize voting/dispositive authority and use of powers of attorney.
The filing attributes voting and dispositive authority to FMR LLC and cites a Power of Attorney effective April 13, 2026, incorporated by reference. Abigail P. Johnson is named with dispositive power in the cover responses.
Monitor any future amendments or Schedule 13D activity for changes in control intent or holder composition.
Key Figures
Beneficial ownership:24,079,437 sharesPercent of class:8.1%CUSIP:H5919C104+3 more
6 metrics
Beneficial ownership24,079,437 sharesClass A common stock, as of 03/31/2026
Percent of class8.1%Class A common stock, as of 03/31/2026
CUSIPH5919C104ON Holding AG Class A common stock
Sole voting power24,079,437.00Shares with sole voting power reported on cover responses
Sole dispositive power24,079,437.00Shares with sole dispositive power reported on cover responses
Signatures dated05/05/2026FMR LLC and Abigail P. Johnson authorized signatures
Key Terms
Schedule 13G/A, beneficially owned, Power of Attorney, 13d-1(k)(1) agreement
4 terms
Schedule 13G/Aregulatory
"Amendment No. 4 to report beneficial ownership of Class A common stock"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
beneficially ownedfinancial
"Amount beneficially owned: 24079437.00 (b) Percent of class: 8.1 %"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Power of Attorneylegal
"Power of Attorney effective as of April 13, 2026, incorporated herein by reference"
A power of attorney is a legal document that allows one person to make decisions and act on behalf of another person, often in financial or legal matters. It’s like giving someone a trusted helper or agent the authority to handle important tasks if you are unable to do so yourself. This matters to investors because it can impact how their assets are managed or transferred if they become unable to oversee their affairs.
13d-1(k)(1) agreementregulatory
"Please see Exhibit 99 for 13d-1(k) (1) agreement"
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
ON HOLDING AG
(Name of Issuer)
CLASS A COMMON STOCK
(Title of Class of Securities)
H5919C104
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
H5919C104
1
Names of Reporting Persons
FMR LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
24,079,437.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
24,079,437.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,079,437.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.1 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
H5919C104
1
Names of Reporting Persons
Abigail P. Johnson
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
24,079,437.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,079,437.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.1 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
ON HOLDING AG
(b)
Address of issuer's principal executive offices:
FORRLIBUCKSTRASSE 190, 8005,ZURICH,V8,00000
Item 2.
(a)
Name of person filing:
FMR LLC
(b)
Address or principal business office or, if none, residence:
245 Summer Street, Boston, Massachusetts 02210
(c)
Citizenship:
Not applicable
(d)
Title of class of securities:
CLASS A COMMON STOCK
(e)
CUSIP No.:
H5919C104
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
24079437.00
(b)
Percent of class:
8.1 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Please see the responses to Items 5 and 6 on the cover page.
(ii) Shared power to vote or to direct the vote:
0.00
(iii) Sole power to dispose or to direct the disposition of:
24079437.00
(iv) Shared power to dispose or to direct the disposition of:
0.00
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
One or more other persons are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the CLASS A COMMON STOCK of ON HOLDING AG. No one other person's interest in the CLASS A COMMON STOCK of ON HOLDING AG is more than five percent of the total outstanding CLASS A COMMON STOCK.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See attached Exhibit 99.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
FMR LLC
Signature:
Richard Bourgelas
Name/Title:
Duly authorized under Power of Attorney effective as of April 13, 2026, by and on behalf of FMR LLC and its direct and indirect subsidiaries*
Date:
05/05/2026
Abigail P. Johnson
Signature:
Richard Bourgelas
Name/Title:
Duly authorized under Power of Attorney effective as of April 13, 2026, by and on behalf of Abigail P. Johnson*
Date:
05/05/2026
Comments accompanying signature: *This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FMR LLC on April 29,2026, accession number: 0000315066-26-000738.
What stake did FMR LLC disclose in ON Holding AG (ONON)?
FMR LLC reported beneficial ownership of 24,079,437 shares, equal to 8.1% of Class A common stock. The filing is an Amendment No. 4 to a Schedule 13G and cites voting and dispositive authority details.
Who holds voting and dispositive authority over the reported ON Holding shares?
The filing reports sole voting and sole dispositive power held by FMR LLC over the 24,079,437 shares. It also references Abigail P. Johnson in the cover responses with dispositive authority recorded.
What documents accompany the Schedule 13G/A amendment for ON Holding?
The amendment references a Power of Attorney effective April 13, 2026, and an Exhibit 99 13d-1(k)(1) agreement. Signatures are dated May 5, 2026, and exhibits are attached per the cover page.
As of which date is the 8.1% ownership stake reported in the filing?
The filing ties the ownership disclosure to 03/31/2026, stating the 24,079,437 share position equals 8.1% of Class A common stock as of that date in the amendment cover information.
Does the Schedule 13G/A indicate intent to acquire control of ON Holding (ONON)?
The amendment reports beneficial ownership and power details but does not state any acquisition intent or plan to control. It documents authority arrangements and references supporting exhibits without asserting control intent.
