Share capital (Tables)

6 Months Ended

Jun. 30, 2026

Disclosure of classes of share capital [abstract]


	Class A Shares	Class B Shares


Shares issued and outstanding as of January 1, 2026	296,873,353	341,241,680

Sale of treasury shares related to share-based compensation	3,219,674	—
Purchase of treasury shares	(2,492)	—
Conversion of Class B shares to Class A shares(2)	1,625,000	(16,250,000)



Shares issued and outstanding as of June 30, 2026(1)	301,715,535	324,991,680


Awards granted under various incentive plans with dilutive effects as of June 30, 2026	1,644,629	2,493,692

(1) As of June 30, 2026 there were 6,756,589 treasury shares held by On (December 31, 2025: 9,973,771).

(2) As previously disclosed on Form 6-K filed with the SEC on May 28, 2026, 16,250,000 of Class B Shares were converted into 1,625,000 Class A Ordinary Shares.