On Holding AG’s three founders — David Allemann, Olivier Bernhard and Caspar Coppetti — report their beneficial ownership of Class A ordinary shares in an Amendment No. 6 to a Schedule 13G. Each founder is treated as owning both his Class A shares and the Class A shares issuable upon conversion of his Class B voting rights shares, which convert at ten Class B shares for one Class A share upon shareholder approval. Based on approximately 334 million Class A shares (actual and assumed upon conversion) outstanding as of June 30, 2026, Allemann reports beneficial ownership of 12.9%, while Bernhard and Coppetti each report 12.8%. Under a Shareholders' Agreement, they agree to transfer restrictions on Class B shares and to vote together on shareholder matters and board elections, and are treated as a group for Section 13(d) purposes.
Positive
None.
Negative
None.
Key Figures
David Allemann beneficial ownership:43,195,565 Class A sharesDavid Allemann percent of class:12.9%Olivier Bernhard beneficial ownership:42,879,315 Class A shares+5 more
8 metrics
David Allemann beneficial ownership43,195,565 Class A sharesBeneficially owned, including shares issuable from Class B voting rights shares, as of June 30, 2026
David Allemann percent of class12.9%Portion of Class A ordinary shares beneficially owned based on 334,530,953 shares
Olivier Bernhard beneficial ownership42,879,315 Class A sharesBeneficially owned, including shares issuable from Class B voting rights shares, as of June 30, 2026
Olivier Bernhard percent of class12.8%Portion of Class A ordinary shares beneficially owned based on 334,214,703 shares
Caspar Coppetti beneficial ownership42,879,315 Class A sharesBeneficially owned, including shares issuable from Class B voting rights shares, as of June 30, 2026
Caspar Coppetti percent of class12.8%Portion of Class A ordinary shares beneficially owned based on 334,214,703 shares
Class A shares outstanding baseline301,715,535 Class A sharesShares outstanding as of June 30, 2026, reported by the issuer
Class B to Class A conversion ratio10 Class B : 1 Class AEach ten Class B voting rights shares convertible into one Class A ordinary share upon shareholder approval
Key Terms
Class B voting rights shares, beneficially owned, Shareholders' Agreement, Section 13(d), +1 more
5 terms
Class B voting rights sharesfinancial
"Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned"
beneficially ownedfinancial
"The aggregate number of Class A ordinary shares beneficially owned by the Reporting Persons"
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.
Shareholders' Agreementfinancial
"Pursuant to a Shareholders' Agreement, dated as of September 6, 2021"
Section 13(d)regulatory
"constitute a "group" for purposes of Section 13(d) of the Securities Exchange Act"
shared voting and dispositive powerfinancial
"has shared voting and dispositive power with the other Reporting Persons"
FAQ
What does the ONON Schedule 13G/A Amendment No. 6 disclose?
It discloses that On Holding AG’s three founders jointly report beneficial ownership of Class A shares, including those issuable from Class B voting rights shares, and are treated as a Section 13(d) group under a Shareholders' Agreement.
How much of On Holding AG (ONON) does David Allemann report owning?
David Allemann reports beneficial ownership of 43,195,565 Class A shares, representing 12.9% of the class. This includes his directly held Class A shares and Class A shares issuable upon conversion of his Class B voting rights shares.
What ownership stakes do Olivier Bernhard and Caspar Coppetti report in ONON?
Olivier Bernhard and Caspar Coppetti each report beneficial ownership of 42,879,315 Class A shares, or 12.8% of the class. Their reported stakes include both direct Class A holdings and Class A shares issuable from their Class B voting rights shares.
How do Class B voting rights shares convert into On Holding (ONON) Class A shares?
Each ten Class B voting rights shares are convertible into one Class A ordinary share upon approval at a general meeting of shareholders. The founders’ beneficial ownership is calculated assuming such Class B shares are converted solely for reporting purposes.
What is the Shareholders' Agreement mentioned in the ONON filing?
The Shareholders' Agreement, dated September 6, 2021 and amended March 23, 2026, requires the founders to vote together on shareholder matters, imposes transfer restrictions on their Class B voting rights shares, and addresses the election of certain directors.
How many On Holding (ONON) shares are used to calculate the founders’ ownership percentages?
For Allemann, the calculation uses 334,530,953 Class A shares; for Bernhard and Coppetti, 334,214,703. These totals combine 301,715,535 Class A shares outstanding as of June 30, 2026 plus Class A shares issuable upon conversion of the founders’ Class B voting rights shares.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 6)
On Holding AG
(Name of Issuer)
Class A ordinary shares, par value CHF 0.10 per share
(Title of Class of Securities)
H5919C104
(CUSIP Number)
06/30/2026
(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
David Allemann
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
SWITZERLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
43,195,565.00
7
Sole Dispositive Power
2,841,108.00
8
Shared Dispositive Power
32,815,418.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
43,195,565.00
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)
12.9 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Note to Rows 6 and 9: Consists of: (i)(a) 2,841,108 Class A ordinary shares owned by Mr. Allemann and (b) 10,316,250 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Allemann (including 316,250 Class A ordinary shares issuable upon conversion of the Class B voting rights shares underlying options and option awards that have vested), (ii)(a) 5,163,184 Class A ordinary shares owned by Mr. Bernhard and (b) 11,562,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Bernhard and (iii)(a) 2,375,855 Class A ordinary shares owned by Mr. Coppetti and (b) 10,937,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti. The aggregate number of Class A ordinary shares beneficially owned by the Reporting Persons as set forth herein are reported on the basis that each Reporting Person beneficially owns the Class A ordinary shares into which his Class B voting rights shares are convertible, and treating such Class B voting rights shares as converted into Class A ordinary shares solely for the purpose of reporting the beneficial ownership of the Reporting Person. Pursuant to the Shareholders' Agreement, as defined in Item 2(a), Mr. Allemann has shared voting and dispositive power with the other Reporting Persons identified herein over the Class B voting rights shares held by each of the Reporting Persons.
Note to Row 7: Consists of 2,841,108 Class A ordinary shares held of record by Mr. Allemann.
Note to Row 8: Consists of: (i) 10,316,250 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Allemann (including 316,250 Class A ordinary shares issuable upon conversion of the Class B voting rights shares underlying options and option awards that have vested), (ii) 11,562,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Bernhard and (iii) 10,937,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti. Each ten Class B voting rights shares are convertible into one Class A ordinary share upon approval at a general meeting of shareholders. The aggregate number of Class A ordinary shares beneficially owned by the Reporting Persons as set forth herein are reported on the basis that each Reporting Person beneficially owns the Class A ordinary shares into which his Class B voting rights shares are convertible, and treating such Class B voting rights shares as converted into Class A ordinary shares solely for the purpose of reporting the beneficial ownership of the Reporting Person. Pursuant to the Shareholders' Agreement, as defined in Item 2(a), Mr. Allemann has shared voting and dispositive power with the other Reporting Persons identified herein over the Class B voting rights shares held by each of the Reporting Persons.
Note to Row 11: Represents the quotient obtained by dividing (a) the number of Class A ordinary shares and Class B voting rights shares beneficially owned by Mr. Allemann as set forth in Row 9 by (b) an aggregate of 334,530,953 Class A ordinary shares outstanding, consisting of (i) 301,715,535 Class A ordinary shares outstanding as of June 30, 2026, as reported by the Issuer to the Reporting Persons, and (ii) 32,815,418 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by the Reporting Persons (including 316,250 Class A ordinary shares issuable upon conversion of the Class B voting rights shares underlying options and option awards held by Mr. Allemann that have vested). The aggregate number of Class A ordinary shares beneficially owned by the Reporting Persons as set forth herein are reported on the basis that each Reporting Person beneficially owns the Class A ordinary shares into which his Class B voting rights shares are convertible, and treating such Class B voting rights shares as converted into Class A ordinary shares solely for the purpose of reporting the beneficial ownership of the Reporting Person.
Note to Rows 6, 7, 8, 9, and 11: Unless otherwise noted, information is presented as of June 30, 2026.
SCHEDULE 13G
CUSIP Number(s):
H5919C104
1
Names of Reporting Persons
Olivier Bernhard
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
SWITZERLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
42,879,315.00
7
Sole Dispositive Power
5,163,184.00
8
Shared Dispositive Power
32,499,168.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
42,879,315.00
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)
12.8 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Note to Rows 6 and 9: Consists of: (i)(a) 2,841,108 Class A ordinary shares owned by Mr. Allemann and (b) 10,000,000 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Allemann, (ii)(a) 5,163,184 Class A ordinary shares owned by Mr. Bernhard and (b) 11,562,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Bernhard and (iii)(a) 2,375,855 Class A ordinary shares owned by Mr. Coppetti and (b) 10,937,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti. The aggregate number of Class A ordinary shares beneficially owned by the Reporting Persons as set forth herein are reported on the basis that each Reporting Person beneficially owns the Class A ordinary shares into which his Class B voting rights shares are convertible, and treating such Class B voting rights shares as converted into Class A ordinary shares solely for the purpose of reporting the beneficial ownership of the Reporting Person. Pursuant to the Shareholders' Agreement, as defined in Item 2(a), Mr. Bernhard has shared voting and dispositive power with the other Reporting Persons identified herein over the Class B voting rights shares held by each of the Reporting Persons.
Note to Row 7: Consists of 5,163,184 Class A ordinary shares held of record by Mr. Bernhard.
Note to Row 8: Consists of: (i) 10,000,000 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Allemann, (ii) 11,562,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Bernhard and (iii) 10,937,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti. Each ten Class B voting rights shares are convertible into one Class A ordinary share upon approval at a general meeting of shareholders. The aggregate number of Class A ordinary shares beneficially owned by the Reporting Persons as set forth herein are reported on the basis that each Reporting Person beneficially owns the Class A ordinary shares into which his Class B voting rights shares are convertible, and treating such Class B voting rights shares as converted into Class A ordinary shares solely for the purpose of reporting the beneficial ownership of the Reporting Person. Pursuant to the Shareholders' Agreement, as defined in Item 2(a), Mr. Bernhard has shared voting and dispositive power with the other Reporting Persons identified herein over the Class B voting rights shares held by each of the Reporting Persons.
Note to Row 11: Represents the quotient obtained by dividing (a) the number of Class A ordinary shares and Class B voting rights shares beneficially owned by Mr. Bernhard as set forth in Row 9 by (b) an aggregate of 334,214,703 Class A ordinary shares outstanding, consisting of (i) 301,715,535 Class A ordinary shares outstanding as of June 30, 2026, as reported by the Issuer to the Reporting Persons, and (ii) 32,499,168 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by the Reporting Persons. The aggregate number of Class A ordinary shares beneficially owned by the Reporting Persons as set forth herein are reported on the basis that each Reporting Person beneficially owns the Class A ordinary shares into which his Class B voting rights shares are convertible, and treating such Class B voting rights shares as converted into Class A ordinary shares solely for the purpose of reporting the beneficial ownership of the Reporting Person.
Note to Rows 6, 7, 8, 9, and 11: Unless otherwise noted, information is presented as of June 30, 2026.
SCHEDULE 13G
CUSIP Number(s):
H5919C104
1
Names of Reporting Persons
Caspar Coppetti
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
SWITZERLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
42,879,315.00
7
Sole Dispositive Power
2,375,855.00
8
Shared Dispositive Power
32,499,168.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
42,879,315.00
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)
12.8 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Note to Rows 6 and 9: Consists of: (i)(a) 2,841,108 Class A ordinary shares owned by Mr. Allemann and (b) 10,000,000 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Allemann, (ii)(a) 5,163,184 Class A ordinary shares owned by Mr. Bernhard and (b) 11,562,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Bernhard and (iii)(a) 2,375,855 Class A ordinary shares owned by Mr. Coppetti and (b) 10,937,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti. The aggregate number of Class A ordinary shares beneficially owned by the Reporting Persons as set forth herein are reported on the basis that each Reporting Person beneficially owns the Class A ordinary shares into which his Class B voting rights shares are convertible, and treating such Class B voting rights shares as converted into Class A ordinary shares solely for the purpose of reporting the beneficial ownership of the Reporting Person. Pursuant to the Shareholders' Agreement, as defined in Item 2(a), Mr. Coppetti has shared voting and dispositive power with the other Reporting Persons identified herein over the Class B voting rights shares held by each of the Reporting Persons.
Note to Row 7: Consists of 2,375,855 Class A ordinary shares held of record by Mr. Coppetti.
Note to Row 8: Consists of: (i) 10,000,000 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Allemann, (ii) 11,562,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Bernhard and (iii) 10,937,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti. Each ten Class B voting rights shares are convertible into one Class A ordinary share upon approval at a general meeting of shareholders. The aggregate number of Class A ordinary shares beneficially owned by the Reporting Persons as set forth herein are reported on the basis that each Reporting Person beneficially owns the Class A ordinary shares into which his Class B voting rights shares are convertible, and treating such Class B voting rights shares as converted into Class A ordinary shares solely for the purpose of reporting the beneficial ownership of the Reporting Person. Pursuant to the Shareholders' Agreement, as defined in Item 2(a), Mr. Coppetti has shared voting and dispositive power with the other Reporting Persons identified herein over the Class B voting rights shares held by each of the Reporting Persons.
Note to Row 11: Represents the quotient obtained by dividing (a) the number of Class A ordinary shares and Class B voting rights shares beneficially owned by Mr. Coppetti as set forth in Row 9 by (b) an aggregate of 334,214,703 Class A ordinary shares outstanding, consisting of (i) 301,715,535 Class A ordinary shares outstanding as of June 30, 2026, as reported by the Issuer to the Reporting Persons, and (ii) 32,499,168 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by the Reporting Persons. The aggregate number of Class A ordinary shares beneficially owned by the Reporting Persons as set forth herein are reported on the basis that each Reporting Person beneficially owns the Class A ordinary shares into which his Class B voting rights shares are convertible, and treating such Class B voting rights shares as converted into Class A ordinary shares solely for the purpose of reporting the beneficial ownership of the Reporting Person.
Note to Rows 6, 7, 8, 9 and 11: Unless otherwise noted, information is presented as of June 30, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
On Holding AG
(b)
Address of issuer's principal executive offices:
Forrlibuckstrasse 190 8005 Zurich, Switzerland
Item 2.
(a)
Name of person filing:
This Schedule 13G/A is being filed by David Allemann, Olivier Bernhard and Caspar Coppetti (each a "Reporting Person" and, collectively, the "Reporting Persons"). Pursuant to a Shareholders' Agreement, dated as of September 6, 2021 and amended as of March 23, 2026 (the "Shareholders' Agreement"), among the Reporting Persons and the Issuer, the Reporting Persons have agreed to certain arrangements with respect to their shares, including certain restrictions relating to the transfer of their Class B voting rights shares, to vote together on matters that will be put for a vote in the Issuer's shareholders' meetings and to vote to elect certain individuals to the Issuer's board of directors in accordance with the terms of the Shareholders' Agreement. By virtue of the Shareholders' Agreement and the obligations and rights thereunder, the Reporting Persons in this Schedule 13G/A may be deemed to constitute a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G/A as Exhibit A, pursuant to which the Reporting Persons have agreed to file this Schedule 13G/A jointly in accordance with the provisions of Rule 13d-1(k) of the Act. The Amendment No. 1 to the Shareholders' Agreement is filed as Exhibit 99.2 to this Schedule 13G/A.
(b)
Address or principal business office or, if none, residence:
The principal office and business address of the Reporting Persons is c/o On Holding AG, Forrlibuckstrasse 190, 8005 Zurich, Switzerland.
(c)
Citizenship:
See row 4 of the cover pages to this Schedule 13G/A.
(d)
Title of class of securities:
Class A ordinary shares, par value CHF 0.10 per share
(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:
See row 9 of the cover sheet of each Reporting Person.
(b)
Percent of class:
See row 11 of the cover sheet of each Reporting Person. %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See row 5 of the cover sheet of each Reporting Person.
(ii) Shared power to vote or to direct the vote:
See row 6 of the cover sheet of each Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
See row 7 of the cover sheet of each Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
See row 8 of the cover sheet of each Reporting Person.
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.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit A, pursuant to which the Reporting Persons have agreed to file this Schedule 13G/A jointly in accordance with the provisions of Rule 13d-1(k) of the Act.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
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.
David Allemann
Signature:
/s/ David Allemann
Name/Title:
David Allemann
Date:
08/12/2026
Olivier Bernhard
Signature:
/s/ Olivier Bernhard
Name/Title:
Olivier Bernhard
Date:
08/12/2026
Caspar Coppetti
Signature:
/s/ Caspar Coppetti
Name/Title:
Caspar Coppetti
Date:
08/12/2026
Exhibit Information
99.1 Joint Filing Agreement, dated as of February 11, 2022, among the Reporting Persons (incorporated by reference to Exhibit A to the Schedule 13G filed by the Reporting Persons with the U.S. Securities and Exchange Commission on February 11, 2022).
99.2 Amendment No. 1 to the Shareholders' Agreement by and among On Holding AG and the extended founder team of On Holding AG.
