v3.25.4
Oniverse
 12 Months Ended
Dec. 31, 2025
Disclosure of subsidiaries [abstract]  
Oniverse
1.3 Oniverse
Equity interest
EntityDomicile12/31/202512/31/2024
On Holding AGZurich, CH
On AGZurich, CH100%100%
On Brazil Ltda.Sao Paulo, BR100%100%
On Cloud Service GmbHBerlin, DE100%100%
On Clouds GmbHZurich, CH100%100%
On Clouds Inc. Delaware, USA100%100%
On Europe AGZurich, CH100%100%
On Experience 1-22, LLC(1)
Delaware, USA(1)
100%100%
On Hong Kong Ltd.Hong Kong, SAR of CN100%100%
On Inc.Oregon, USA100%100%
On Italy S.r.l.Milan, IT100%100%
On Japan K.K.Yokohama, JP100%100%
On Korea Ltd.Seoul, Korea100%100%
On Oceania Pty Ltd.Melbourne, AU100%100%
On Running Canada Inc.Vancouver, CA100%100%
On Running Kenya LimitedNairobi, KE100%—%
On Running Sports Products (Shanghai) Company Ltd.Shanghai, CN100%100%
On Running UK Ltd.London, UK100%100%
On Services UK Ltd.
London, UK100%100%
On Vietnam Co. Ltd.Ho Chi Minh City, VN100%100%
PT OnRunning Services IndonesiaJakarta, ID100%—%
Brunner Mettler GmbHZurich, CH100%100%
(1) On Experience 1-22, LLC consists of twenty-two entities (retail stores). They are all 100% owned as of December 31, 2025 and are all 100%
owned as of December 31, 2024, excluding On Experience 13-22, LLC entities, which were established during fiscal year 2025 and therefore did
not exist as of December 31, 2024.

Accounting policies
“Oniverse” represents the legal group structure of On. Entities are fully consolidated from the date in which control is transferred to On Holding AG, the parent company of the group. Control is achieved when On is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

For the consolidated entities, all assets, liabilities, income, and expenses are included in the financial statements. All intercompany balances and transactions (including unrealized profits on inventories) are fully eliminated in the process of consolidation.