
(CHF in millions)	Patents, licenses and other rights	Software	Goodwill	Total


Cost as of January 1, 2024	70.4	29.0	1.8	101.2
Accumulated Amortization as of January 1, 2024	(19.6)	(17.1)	—	(36.6)
Net book value as of January 1, 2024	50.9	11.9	1.8	64.6

Twelve-month period ended December 31, 2024
Opening net book value	50.9	11.9	1.8	64.6
Additions	1.4	3.0	—	4.5



Amortization	(4.7)	(6.0)	—	(10.8)



Net book value as of December 31, 2024	47.5	9.0	1.8	58.3

Cost as of December 31, 2024	71.8	32.1	1.8	105.7
Accumulated Amortization as of December 31, 2024	(24.3)	(23.1)	—	(47.4)
Net book value as of December 31, 2024	47.5	9.0	1.8	58.3





Twelve-month period ended December 31, 2025
Opening net book value	47.5	9.0	1.8	58.3
Additions	2.7	3.1	—	5.7



Amortization	(5.1)	(4.7)	—	(9.8)



Net book value as of December 31, 2025	45.1	7.3	1.8	54.2

Cost as of December 31, 2025	74.5	35.0	1.8	111.3
Accumulated Amortization as of December 31, 2025	(29.4)	(27.7)	—	(57.1)
Net book value as of December 31, 2025	45.1	7.3	1.8	54.2

As of December 31, 2025, software includes capitalized development costs not yet in use in the amount of CHF 0.3 million (December 31, 2024: CHF 0.4 million). In 2025, costs recognized in the selling, general and administrative expenses line item within the consolidated statements of income for research and development amounts to CHF 10.6 million (2024: CHF 9.6 million).


Accounting policies			Intangible assets acquired are valued at purchase cost less accumulated amortization and any impairment in value. On capitalizes software development costs when the identifiable asset is cumulatively commercially and technically feasible, can and will be completed, its costs can be measured reliably, and will generate probable future economic benefits. All other research and development costs are expensed as incurred within the selling, general, and administrative expense line item within the consolidated statements of income. Goodwill is measured at cost less any impairment in value. Goodwill is not amortized but is assessed for impairment annually using values at the reporting date, or whenever events or changes in circumstances indicate that its value might be impaired. Except for goodwill, On has no intangible assets with an indefinite useful life. Amortization is calculated on a straight-line basis over the expected useful life of the individual assets or asset categories: •Patents, licenses and other rights: Determined separately for each asset, varies from 4 to 20 years •Software acquired or developed in-house : 4 years •Other development costs capitalized: 4 years For capitalized development costs, amortization starts when the asset is ready for use. Capitalized development costs not yet in use are tested annually for impairment or whenever events or changes in circumstances indicate that its value might be impaired. Intangible assets are derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition is included in the income statement.


Significant judgments and accounting estimates			On uses judgment to determine commercial and technical feasibility when capitalizing software development costs. In calculating the respective costs, both planning and actual data are taken into consideration. The judgments related to commercial and technical feasibility are reviewed annually or when changes in circumstances arise. The intangible asset corresponding to license rights was initially determined using the relief from royalty method, based on royalty data for comparable license agreements and businesses in the sporting goods and sports apparel sector. At each reporting date, the residual values, useful lives and method of amortization are reviewed and adjusted prospectively, if applicable. Furthermore, On assesses whether there is any indication, that an asset may be impaired. If any such indication exists, the recoverable amount (the higher of fair value less cost of disposal or value in use) of the asset is estimated. The recoverable amounts are measured based on value-in-use calculations which are impacted by projected cash flows, discount rates and other parameters. These estimates, subject to management judgment, could vary significantly from future actuals. If the recoverable amount is lower than carrying amount, an impairment loss is recognized.