ONON Schedule 13G/A: Founders' Voting Agreement and Conversion Details

Rhea-AI Filing Summary

On Holding AG insiders filed a joint Schedule 13G/A reporting significant beneficial ownership and coordinated voting arrangements. Four founders—David Allemann, Olivier Bernhard, Caspar Coppetti and Martin Hoffmann—report beneficial ownership that the filing presents on the basis of conversion of Class B voting rights shares into Class A ordinary shares for reporting purposes.

The filing shows aggregate beneficial holdings reported per person of 45,057,673 Class A-equivalent shares for Mr. Allemann, Mr. Bernhard and Mr. Coppetti, and 45,329,781 for Mr. Hoffmann, representing about 13.8% (13.9% for Mr. Hoffmann) of the class under the denominators disclosed. The Schedule describes a Shareholders' Agreement that allocates shared voting and dispositive power over the Class B voting rights shares and a March 31, 2025 Exchange Agreement that converted 5,729,180 Class B voting rights shares into specific small allocations of Class A shares among certain founders. The filing also explains that ten Class B voting rights shares convert into one Class A ordinary share upon shareholder approval, and that conversion is treated as converted solely for reporting beneficial ownership.

Positive

• Clear joint disclosure: The Reporting Persons filed a Joint Filing Agreement and consolidated Schedule 13G/A, providing transparent reporting of founder holdings and arrangements.
• Explicit voting arrangements: The Shareholders' Agreement and the filing disclose coordinated voting and shared dispositive power among the founders.
• Conversion mechanics disclosed: The filing states the conversion ratio of Class B voting rights shares into Class A ordinary shares (10:1) and how conversions are treated for reporting.

Negative

• Concentrated founder ownership: Each Reporting Person reports beneficial ownership of ~45 million Class A-equivalent shares (about 13.8% each), indicating concentrated insider stakes.
• Reported ownership is conditional: The filing treats Class B voting rights shares as converted "solely for the purpose of reporting" and also states conversion requires shareholder approval, so reported percentages do not reflect automatic share conversion.
• Different denominators used: Percentage calculations reference two different totals for outstanding shares (326,855,633 and 327,127,741), which could affect direct comparability of the stated percentages.

Insights

Securities Analyst

TL;DR: Founders report double‑digit Class A-equivalent stakes and coordinated voting under a shareholders' agreement; conversion mechanics affect reported percentages.

The Schedule 13G/A is a detailed, routine disclosure of founder ownership and voting coordination. Each of the four Reporting Persons is shown as beneficially owning roughly 45 million Class A-equivalent shares, calculated by treating their Class B voting rights shares as converted for reporting purposes. The filing discloses the conversion ratio (10 Class B voting rights shares = 1 Class A ordinary share) and that conversion requires shareholder approval, which means the reported ownership is a reporting convention rather than an automatic change in economic interest or share count. Percentages are calculated using issuer-provided outstanding share figures and include Class B shares only for reporting. This is material information on ownership concentration but reflects an expected governance arrangement among founders rather than an operational or financial event.

Corporate Governance Expert

TL;DR: The filing documents a formal shareholders' agreement and joint filing, confirming coordinated voting and shared dispositive power among founders.

The Schedule identifies a Shareholders' Agreement that commits the Reporting Persons to vote together and restrict certain transfers of Class B voting rights shares, and it attaches a Joint Filing Agreement. The disclosure of shared voting and dispositive powers over the Class B voting rights shares is explicit and shows how the founders align governance actions. The Exchange Agreement cited (March 31, 2025) reflects a specific reallocation of a block of Class B shares into Class A shares among three founders. For investors, these are clear governance-level facts about who controls voting rights and how conversion rights are treated for reporting; they are procedural and informational rather than indicating an operational change to the business.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

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)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 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 45,057,673.00
7	Sole Dispositive Power 2,737,219.00
8	Shared Dispositive Power 33,807,918.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

45,057,673.00

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)

13.8 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Note to Rows 6 and 9: Consists of: (i)(a) 2,737,219 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) 4,860,086 Class A ordinary shares owned by Mr. Bernhard and (b) 11,245,834 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Bernhard, (iii)(a) 2,307,958 Class A ordinary shares owned by Mr. Coppetti and (b) 10,620,834 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti and (iv)(a) 1,344,492 Class A ordinary shares owned by Mr. Hoffmann and (b) 1,625,000 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Hoffmann 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 7: Consists of 2,737,219 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) 11,245,834 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Bernhard, (iii) 10,620,834 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti and (iv) 1,625,000 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Hoffmann. 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 326,855,633 Class A ordinary shares outstanding, consisting of (i) 293,047,715 Class A ordinary shares outstanding as of June 30, 2025, as reported by the Issuer to the Reporting Persons, and (ii) 33,807,918 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, 2025.

SCHEDULE 13G

CUSIP No. 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 45,057,673.00
7	Sole Dispositive Power 4,860,086.00
8	Shared Dispositive Power 33,807,918.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

45,057,673.00

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)

13.8 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Note to Rows 6 and 9: Consists of: (i)(a) 2,737,219 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) 4,860,086 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 (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), (iii)(a) 2,307,958 Class A ordinary shares owned by Mr. Coppetti and (b) 10,620,834 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti and (iv)(a) 1,344,492 Class A ordinary shares owned by Mr. Hoffmann and (b) 1,625,000 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Hoffmann. 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 7: Consists of 4,860,086 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 (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), (iii) 10,620,834 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti and (iv) 1,625,000 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Hoffmann. 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 326,855,633 Class A ordinary shares outstanding, consisting of (i) 293,047,715 Class A ordinary shares outstanding as of June 30, 2025, as reported by the Issuer to the Reporting Persons, and (ii) 33,807,918 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. Bernhard 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, 2025.

SCHEDULE 13G

CUSIP No. 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 45,057,673.00
7	Sole Dispositive Power 2,307,958.00
8	Shared Dispositive Power 33,807,918.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

45,057,673.00

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)

13.8 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Note to Rows 6 and 9: Consists of: (i)(a) 2,737,219 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) 4,860,086 Class A ordinary shares owned by Mr. Bernhard and (b) 11,245,834 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Bernhard, (iii)(a) 2,307,958 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 (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) and (iv)(a) 1,344,492 Class A ordinary shares owned by Mr. Hoffmann and (b) 1,625,000 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Hoffmann. 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 7: Consists of 2,307,958 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) 11,245,834 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Bernhard, (iii) 10,937,084 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti (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) and (iv) 1,625,000 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Hoffmann. 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 326,855,633 Class A ordinary shares outstanding, consisting of (i) 293,047,715 Class A ordinary shares outstanding as of June 30, 2025, as reported by the Issuer to the Reporting Persons, and (ii) 33,807,918 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. Coppetti 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, 2025.

SCHEDULE 13G

CUSIP No. H5919C104

1

Names of Reporting Persons

Martin Hoffmann

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

GERMANY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 45,329,781.00
7	Sole Dispositive Power 1,616,600.00
8	Shared Dispositive Power 33,807,918.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

45,329,781.00

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)

13.9 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Note to Rows 6 and 9: Consists of: (i)(a) 2,737,219 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) 4,860,086 Class A ordinary shares owned by Mr. Bernhard and (b) 11,245,834 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Bernhard, (iii)(a) 2,307,958 Class A ordinary shares owned by Mr. Coppetti and (b) 10,620,834 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti and (iv)(a) 1,616,600 Class A ordinary shares owned by Mr. Hoffmann (including 272,108 Class A ordinary shares underlying options and option awards that have vested) and (b) 1,941,250 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Hoffmann (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). 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. Hoffmann 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 1,616,600 Class A ordinary shares held of record by Mr. Hoffmann (including 272,108 Class A ordinary shares underlying options and option awards that have vested). 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) 11,245,834 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Bernhard, (iii) 10,620,834 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Coppetti and (iv) 1,941,250 Class A ordinary shares issuable upon conversion of the Class B voting rights shares owned by Mr. Hoffmann (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). 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. Hoffmann 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. Hoffmann as set forth in Row 9 by (b) an aggregate of 327,127,741 Class A ordinary shares outstanding, consisting of (i) 293,319,823 Class A ordinary shares outstanding as of June 30, 2025, as reported by the Issuer to the Reporting Persons (including 272,108 Class A ordinary shares underlying options and option awards held by Mr. Hoffmann that have vested), and (ii) 33,807,918 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. Hoffmann 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, 2025.

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, Caspar Coppetti and Martin Hoffmann (each a "Reporting Person" and, collectively, the "Reporting Persons"). Pursuant to a Shareholders' Agreement, dated as of September 6, 2021 (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.
(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. On March 31, 2025, David Allemann, Olivier Bernhard, Caspar Coppetti and Marc Maurer entered into an Exchange Agreement pursuant to which they agreed that Marc Maurer would exchange 5,729,180 Class B voting rights shares for 193,750 Class A ordinary shares beneficially owned by David Allemann, 189,584 Class A ordinary shares beneficially owned by Olivier Bernhard, and 189,584 Class A ordinary shares beneficially owned by Caspar Coppetti.
(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.
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:	08/12/2025

Olivier Bernhard

Signature:	/s/ Olivier Bernhard
Name/Title:	Olivier Bernhard
Date:	08/12/2025

Caspar Coppetti

Signature:	/s/ Caspar Coppetti
Name/Title:	Caspar Coppetti
Date:	08/12/2025

Martin Hoffmann

Signature:	/s/ Martin Hoffmann
Name/Title:	Martin Hoffmann
Date:	08/12/2025

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).

FAQ

Who filed the Schedule 13G/A for On Holding (ONON)?

The filing was made jointly by founders David Allemann, Olivier Bernhard, Caspar Coppetti, and Martin Hoffmann under a Joint Filing Agreement.

How many Class A-equivalent shares does each Reporting Person report owning?

Mr. Allemann, Mr. Bernhard, and Mr. Coppetti each report 45,057,673 Class A-equivalent shares; Mr. Hoffmann reports 45,329,781 Class A-equivalent shares.

What percentage of the class do those holdings represent for ONON?

The filing reports about 13.8% for Mr. Allemann, Mr. Bernhard, and Mr. Coppetti, and 13.9% for Mr. Hoffmann, based on the denominators disclosed in the filing.

How are Class B voting rights shares treated in this filing?

The filing treats Class B voting rights shares as convertible into Class A ordinary shares at a 10-to-1 ratio and reports ownership on the basis of those shares being converted solely for reporting purposes.

Did the filing reference any specific transaction reallocating shares?

Yes. The filing discloses an Exchange Agreement dated March 31, 2025 that exchanged 5,729,180 Class B voting rights shares for specific small allocations of Class A shares to certain founders.

What governance arrangements among the founders are disclosed?

The filing states a Shareholders' Agreement under which the Reporting Persons agreed to vote together, restrict transfers of Class B voting rights shares, and vote to elect certain directors as specified.