Schedule 13G: Marc Maurer reports 0.9% stake in On Holding

Rhea-AI Filing Summary

Marc Maurer reports beneficial ownership of 2,835,633 Class A ordinary shares of On Holding AG, representing 0.9% of the reported 327,157,741 Class A-equivalent shares. The total ownership figure includes 618,358 Class A ordinary shares underlying vested options and option awards. All ownership figures are presented as of June 30, 2025.

The filing shows Mr. Maurer holds sole voting power and sole dispositive power over the 2,835,633 shares with no shared voting or dispositive arrangements reported. The disclosed stake is below the 5% ownership threshold that would indicate a larger, potentially control-significant position.

Insights

Financial Analyst

TL;DR: Minor personal stake disclosed — 2.84M shares (0.9%), including 618k vested options; not a material ownership change.

The Schedule 13G reports that Marc Maurer beneficially owns 2,835,633 Class A ordinary shares of On Holding AG, equivalent to 0.9% of the 327,157,741 Class A-equivalent share base used in the filing. The filing specifies sole voting and dispositive power over these shares and notes that 618,358 shares are from vested options and awards. From an investor-impact perspective, this level of ownership is below common materiality thresholds and is unlikely to affect governance or drive strategic changes.

Corporate Governance Expert

TL;DR: Disclosure is routine; ownership is sub-5% with sole control of reported shares, so governance impact appears limited.

The statement identifies Mr. Maurer as the reporting person with citizenship in Switzerland and confirms sole voting and dispositive authority over the disclosed 2,835,633 shares. The inclusion of 618,358 vested-option shares is explicitly stated. Because the position represents 0.9% of the issuer's reported Class A-equivalent shares, the filing reads as a routine beneficial-ownership disclosure rather than a governance-changing stake.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

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

Maurer Marc

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 2,835,633.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,835,633.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,835,633.00

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)

0.9 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Note to Rows 5, 7 and 9: Consists of: (a) 2,835,633 Class A ordinary shares owned by Mr. Maurer (including 618,358 Class A ordinary shares underlying options and option awards that have vested). 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. Maurer as set forth in Row 9 by (b) an aggregate of 327,157,741 Class A ordinary shares outstanding, consisting of (i) 293,666,073 Class A ordinary shares outstanding as of June 30, 2025, as reported by the Issuer to the Reporting Person (including 618,358 Class A ordinary shares underlying options and option awards held by Mr. Maurer that have vested), and (ii) 33,491,668 Class A ordinary shares issuable upon conversion of the Class B voting rights shares outstanding as of June 30, 2025. 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 Marc Maurer (the "Reporting Person").
(b)	Address or principal business office or, if none, residence: The principal office and business address of the Reporting Person is c/o On Holding AG, Forrlibuckstrasse 190, 8005 Zurich, Switzerland.
(c)	Citizenship: See row 4 of the cover page 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.
(b)	Percent of class: See row 11 of the cover sheet. %
(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.
	(ii) Shared power to vote or to direct the vote: See row 6 of the cover sheet.
	(iii) Sole power to dispose or to direct the disposition of: See row 7 of the cover sheet.
	(iv) Shared power to dispose or to direct the disposition of: See row 8 of the cover sheet.
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)(K), so indicate under Item 3(k) 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. If a group has filed this schedule pursuant to ss.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 ss.240.13d-1(c) or ss.240.13d-1(d), attach an exhibit stating the identity of each member of the group.
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.

Maurer Marc

Signature:	/s/ Marc Maurer
Name/Title:	Marc Maurer
Date:	08/12/2025

FAQ

How many On Holding AG (ONON) Class A shares does Marc Maurer beneficially own?

The filing reports 2,835,633 Class A ordinary shares beneficially owned by Marc Maurer.

What percentage of On Holding AG does Marc Maurer's stake represent?

The reported holdings represent 0.9% of the 327,157,741 Class A-equivalent shares used in the filing calculations.

Does Marc Maurer have voting or dispositive power over the shares he reports for ONON?

Yes. The filing states Mr. Maurer has sole voting power and sole dispositive power over the 2,835,633 shares, with no shared powers reported.

Do the reported holdings include options or awards?

Yes. The aggregate includes 618,358 Class A shares underlying vested options and option awards.

Is Marc Maurer filing on behalf of a group or another person for ONON?

No. The filing does not indicate group ownership or ownership on behalf of another person; Item 6 and Item 8 are marked not applicable.