| | | | | | | | | | | | | | | | | | | | | | | | | Equity interest | | Entity | | Domicile | | 12/31/2025 | | 12/31/2024 | | On Holding AG | | Zurich, CH | | | | | | On AG | | Zurich, CH | | 100% | | 100% | | On Brazil Ltda. | | Sao Paulo, BR | | 100% | | 100% | | On Cloud Service GmbH | | Berlin, DE | | 100% | | 100% | | On Clouds GmbH | | Zurich, CH | | 100% | | 100% | | On Clouds Inc. | | Delaware, USA | | 100% | | 100% | | On Europe AG | | Zurich, CH | | 100% | | 100% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | On Experience 1-22, LLC(1) | | Delaware, USA(1) | | 100% | | 100% | | On Hong Kong Ltd. | | Hong Kong, SAR of CN | | 100% | | 100% | | On Inc. | | Oregon, USA | | 100% | | 100% | | On Italy S.r.l. | | Milan, IT | | 100% | | 100% | | On Japan K.K. | | Yokohama, JP | | 100% | | 100% | | On Korea Ltd. | | Seoul, Korea | | 100% | | 100% | | On Oceania Pty Ltd. | | Melbourne, AU | | 100% | | 100% | | On Running Canada Inc. | | Vancouver, CA | | 100% | | 100% | | On Running Kenya Limited | | Nairobi, KE | | 100% | | —% | | On Running Sports Products (Shanghai) Company Ltd. | | Shanghai, CN | | 100% | | 100% | | On Running UK Ltd. | | London, UK | | 100% | | 100% | On Services UK Ltd. | | London, UK | | 100% | | 100% | | | | | | | | | On Vietnam Co. Ltd. | | Ho Chi Minh City, VN | | 100% | | 100% | | PT OnRunning Services Indonesia | | Jakarta, ID | | 100% | | —% | | Brunner Mettler GmbH | | Zurich, CH | | 100% | | 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.
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