Cover	12 Months Ended
Cover	Dec. 31, 2024 shares
Document Information [Line Items]
Document type	20-F
Document registration statement	false
Document annual report	true
Document transition report	false
Document shell company report	false
Current fiscal year end date	--12-31
Document period end date	Dec. 31, 2024
Entity file number	001-40795
Entity registrant name	On Holding AG
Entity incorporation, state or country code	V8
Entity address, address line one	Förrlibuckstrasse 190
Entity address, postal zip code	8005
Entity address, city or town	Zurich
Entity address, country	CH
Title of 12(b) security	Class A ordinary shares, par value CHF 0.10 per share
Trading symbol	ONON
Security exchange name	NYSE
Entity common stock, shares outstanding (in shares)	289,296,343
Entity well-known seasoned issuer	Yes
Entity voluntary filers	No
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity emerging growth company	false
ICFR auditor attestation flag	true
Document Financial Statement Error Correction [Flag]	false
Document accounting standard	International Financial Reporting Standards
Entity shell company	false
Amendment flag	false
Entity central index key	0001858985
Document fiscal year focus	2024
Document fiscal period focus	FY
Business contact
Document Information [Line Items]
Entity address, address line one	Förrlibuckstrasse 190
Entity address, postal zip code	8005
Entity address, city or town	Zurich
Entity address, country	CH
Contact personnel name	Martin Hoffmann
City area code	+41
Local phone number	44 225 1555

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	1358
Auditor Name	PricewaterhouseCoopers AG
Auditor Location	Zurich, Switzerland

Consolidated statements of income - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements Of Income (Loss) [Line Items]
Net sales	SFr 2,318.3	SFr 1,792.1	SFr 1,222.1
Cost of sales	(912.6)	(724.8)	(537.2)
Gross profit	1,405.7	1,067.2	684.9
Selling, general and administrative expenses	(1,194.2)	(887.0)	(599.8)
Operating result	211.6	180.2	85.1
Financial income	23.5	11.5	5.7
Financial expenses	(23.1)	(11.3)	(6.4)
Foreign exchange gain / (loss)	67.7	(111.4)	(6.5)
Income before taxes	279.6	69.1	77.9
Income tax expense (benefit)	(37.4)	10.5	(20.2)
Net income	242.3	79.6	57.7
Class A
Consolidated Statements Of Income (Loss) [Line Items]
Net income	SFr 216.3	SFr 70.9	SFr 51.4
Earnings per share
Basic EPS (CHF) (in CHF per share)	SFr 0.75	SFr 0.25	SFr 0.18
Diluted EPS (CHF) (in CHF per share)	SFr 0.74	SFr 0.25	SFr 0.18
Class B
Consolidated Statements Of Income (Loss) [Line Items]
Net income	SFr 25.9	SFr 8.6	SFr 6.3
Earnings per share
Basic EPS (CHF) (in CHF per share)	SFr 0.07	SFr 0.02	SFr 0.02
Diluted EPS (CHF) (in CHF per share)	SFr 0.07	SFr 0.02	SFr 0.02

Consolidated statements of comprehensive income - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of comprehensive income [abstract]
Net income	SFr 242.3	SFr 79.6	SFr 57.7
Net actuarial result from defined benefit plans	(1.2)	(3.4)	4.4
Taxes on net actuarial result from defined benefit plans	0.2	0.7	(0.9)
Items that will not be reclassified to income statement	(1.0)	(2.7)	3.5
Foreign currency translation effect	6.9	(7.0)	(0.1)
Taxes on foreign currency translation effect	(0.1)	0.0	0.0
Items that will be reclassified to income statement when specific conditions are met	6.8	(7.0)	(0.1)
Other comprehensive income / (loss), net of tax	5.8	(9.7)	3.4
Total comprehensive income	SFr 248.0	SFr 69.8	SFr 61.1

Consolidated balance sheets € in Millions, SFr in Millions, $ in Millions	Dec. 31, 2024 CHF (SFr)	Dec. 31, 2023 CHF (SFr)
Statement of financial position [abstract]
Cash and cash equivalents	SFr 924.3	SFr 494.6
Trade receivables	246.1	204.8
Inventories	419.2	356.5
Total other current financial assets	56.4	34.2
Other current operating assets	113.7	61.2
Current assets	1,759.7	1,151.3
Property, plant and equipment	127.2	93.6
Right-of-use assets	323.6	214.0
Intangible assets	58.3	64.6
Deferred tax assets	107.8	69.5
Non-current assets	617.0	441.7
Assets	2,376.7	1,593.0
Trade payables	166.5	65.1
Current lease liabilities	59.1	38.7
Other current financial liabilities	51.3	14.8
Other current operating liabilities	299.3	156.4
Current provisions	21.7	7.1
Income tax liabilities	62.5	23.5
Current liabilities	660.4	305.6
Employee benefit obligations	8.6	2.2
Non-current provisions	14.9	10.0
Non-current lease liabilities	288.5	190.3
Other non-current financial liabilities	1.7	0.0
Deferred tax liabilities	10.8	10.5
Non-current liabilities	324.5	212.9
Share capital	33.7	33.5
Treasury shares	(26.8)	(26.7)
Capital reserves	1,210.0	1,140.8
Other reserves	(4.0)	(9.8)
Retained earnings / (losses)	178.9	(63.3)
Equity	1,391.8	1,074.5
Equity and liabilities	SFr 2,376.7	SFr 1,593.0

Consolidated statements of cash flows - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of cash flows [abstract]
Net income	SFr 242.3	SFr 79.6	SFr 57.7
Adjustments for:
Share-based compensation	57.5	27.3	38.3
Employee benefit expenses	5.2	(7.5)	4.8
Depreciation and amortization	104.6	64.9	46.4
Loss on disposal of assets	0.7	0.6	0.9
Interest income and expenses	(7.2)	(4.5)	(0.8)
Net exchange differences	(70.9)	102.9	(8.3)
Income taxes	37.4	(10.5)	20.2
Change in working capital	46.1	(101.2)	(285.8)
Trade receivables	(30.1)	(46.9)	(78.6)
Inventories	(27.8)	(10.0)	(273.0)
Trade payables	104.0	(44.3)	65.8
Change in other current assets / liabilities	95.7	93.4	(67.6)
Change in provisions	18.0	4.8	(7.4)
Interest received	22.5	11.0	5.6
Income taxes paid	(41.2)	(28.6)	(31.0)
Cash inflow / (outflow) from operating activities	510.6	232.1	(227.0)
Purchase of property, plant and equipment	(60.5)	(42.8)	(60.3)
Proceeds from disposal of tangible assets	0.1	0.0	0.0
Purchase of intangible assets	(4.5)	(4.4)	(22.7)
Cash (outflow) from investing activities	(64.9)	(47.1)	(82.9)
Payments of lease liabilities	(51.3)	(25.5)	(15.4)
Proceeds from issuance of shares	0.2	0.0	0.0
Proceeds on sale of treasury shares related to share-based compensation	10.9	10.1	26.4
Interest paid	(15.3)	(6.5)	(4.7)
Cash inflow / (outflow) from financing activities	(55.4)	(21.8)	6.3
Change in net cash and cash equivalents	390.4	163.2	(303.6)
Net cash and cash equivalents as of January 1	494.6	371.0	653.1
Net impact of foreign exchange rate differences	39.4	(39.6)	21.5
Net cash and cash equivalents at December 31	SFr 924.3	SFr 494.6	SFr 371.0

Consolidated statements of changes in equity - CHF (SFr) SFr in Millions	Total	Share capital	Treasury shares	Capital reserves	Other reserves	Retained earnings / (losses)
Equity at beginning of period at Dec. 31, 2021	SFr 848.4	SFr 33.5	SFr (25.0)	SFr 1,044.0	SFr (3.4)	SFr (200.6)
Net income	57.7					57.7
Other comprehensive income	3.4				3.4
Total comprehensive income	61.1				3.4	57.7
Tax impact on equity transaction costs	(5.1)			(5.1)
Share-based compensation	38.3			38.3
Purchase of treasury shares	(1.6)		(1.6)
Sale of treasury shares	28.4		0.5	27.9
Equity at end of period at Dec. 31, 2022	969.5	33.5	(26.1)	1,105.1	0.0	(142.9)
Net income	79.6					79.6
Other comprehensive income	(9.7)				(9.7)
Total comprehensive income	69.8				(9.7)	79.6
Tax impact on equity transaction costs	(1.9)			(1.9)
Share-based compensation	27.3			27.3
Purchase of treasury shares	(0.8)		(0.8)
Sale of treasury shares	10.7		0.2	10.4
Equity at end of period at Dec. 31, 2023	1,074.5	33.5	(26.7)	1,140.8	(9.8)	(63.3)
Net income	242.3					242.3
Other comprehensive income	5.8				5.8
Total comprehensive income	248.0				5.8	242.3
Capital increase	0.2	0.2
Share-based compensation	57.5			57.5
Purchase of treasury shares	(0.4)		(0.4)
Sale of treasury shares	11.9		0.3	11.7
Equity at end of period at Dec. 31, 2024	SFr 1,391.8	SFr 33.7	SFr (26.8)	SFr 1,210.0	SFr (4.0)	SFr 178.9

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Corporate information	12 Months Ended
Corporate information	Dec. 31, 2024
Disclosure Of Basis Of Preparation [Abstract]
Corporate information	1.1 Corporate information On Holding AG and its consolidated subsidiaries (together "On" or the "Company") is engaged in developing and distributing innovative premium performance sports products, sold worldwide through our Wholesale sales channel, and through our Direct-to-Consumer sales channel (i.e., through On's e-commerce website and On's owned and operated retail stores). On is a publicly traded company on the New York Stock Exchange, trading under the ticker symbol "NYSE: ONON". These annual consolidated financial statements (the "financial statements”) have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") (the “IFRS Accounting Standards”) and present the financial position and the results of operations of On. On Holding AG is a limited company incorporated in accordance with Swiss law under a private statute and is domiciled at Förrlibuckstrasse 190, Zurich, Switzerland. The financial statements for the year ended December 31, 2024 were authorized for issuance by the board of directors of the Company on March 4, 2025. 1.2 About the financials The financial statements of On •have been prepared in accordance with IFRS Accounting Standards, •include the values of On Holding AG and its domestic and foreign subsidiaries as of December 31, 2024 over which On Holding AG exercised direct or indirect control, •present fiscal years which correspond to the calendar year, •present note disclosures related to the consolidated balance sheets as of December 31 and consolidated statements of income, comprehensive income, cash flows, and changes in equity for the respective year, •are published in Swiss Francs (CHF), the presentation currency of On Holding AG, rounded to millions, unless otherwise stated, •contain certain numerical figures shown as totals in some tables that may not be an arithmetic aggregation of the figures that preceded them due to rounding, •with respect to financial information, a dash (“—”) signifies that the relevant figure is available but is or has been rounded to zero, •include prior year comparative amounts that have been reclassified to conform with current year presentation, none of which had any impact on the Company's results of operations, financial condition, or any other financial statement, •use the historical cost convention except for items that are required to be accounted for at fair value, and •present the applicable accounting policy within the respective note disclosures.

About the financials	12 Months Ended
About the financials	Dec. 31, 2024
Disclosure Of Basis Of Preparation [Abstract]
About the financials	1.1 Corporate information On Holding AG and its consolidated subsidiaries (together "On" or the "Company") is engaged in developing and distributing innovative premium performance sports products, sold worldwide through our Wholesale sales channel, and through our Direct-to-Consumer sales channel (i.e., through On's e-commerce website and On's owned and operated retail stores). On is a publicly traded company on the New York Stock Exchange, trading under the ticker symbol "NYSE: ONON". These annual consolidated financial statements (the "financial statements”) have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") (the “IFRS Accounting Standards”) and present the financial position and the results of operations of On. On Holding AG is a limited company incorporated in accordance with Swiss law under a private statute and is domiciled at Förrlibuckstrasse 190, Zurich, Switzerland. The financial statements for the year ended December 31, 2024 were authorized for issuance by the board of directors of the Company on March 4, 2025. 1.2 About the financials The financial statements of On •have been prepared in accordance with IFRS Accounting Standards, •include the values of On Holding AG and its domestic and foreign subsidiaries as of December 31, 2024 over which On Holding AG exercised direct or indirect control, •present fiscal years which correspond to the calendar year, •present note disclosures related to the consolidated balance sheets as of December 31 and consolidated statements of income, comprehensive income, cash flows, and changes in equity for the respective year, •are published in Swiss Francs (CHF), the presentation currency of On Holding AG, rounded to millions, unless otherwise stated, •contain certain numerical figures shown as totals in some tables that may not be an arithmetic aggregation of the figures that preceded them due to rounding, •with respect to financial information, a dash (“—”) signifies that the relevant figure is available but is or has been rounded to zero, •include prior year comparative amounts that have been reclassified to conform with current year presentation, none of which had any impact on the Company's results of operations, financial condition, or any other financial statement, •use the historical cost convention except for items that are required to be accounted for at fair value, and •present the applicable accounting policy within the respective note disclosures.

Oniverse

12 Months Ended

Dec. 31, 2024

Disclosure of subsidiaries [abstract]

Oniverse

1.3 Oniverse


		Equity interest
Entity	Domicile	12/31/2024	12/31/2023
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.	Dover, DE, USA	100%	100%
On Europe AG	Zurich, CH	100%	100%











On Experience 1-12, LLC(1)	Delaware, USA(1)	100%	100%
On Hong Kong Limited	Hong Kong, SAR of CN	100%	100%
On Inc.	Portland, OR, 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 Sports Products (Shanghai) Company Ltd.	Shanghai, CN	100%	100%
On Running UK Ltd.	London, UK	100%	100%
On Services UK Ltd.	London, UK	100%	0%
On Vietnam Co. Ltd.	Ho Chi Minh City, VN	100%	100%
Brunner Mettler GmbH	Zurich, CH	100%	100%

(1) On Experience 1-12, LLC consists of twelve entities (retail stores). They are all 100% owned as of December 31, 2024 and are all 100%

owned as of December 31, 2023, excluding On Experience 9-12, LLC entities, which were —% owned as of December 31, 2024 (entities did

not exist as of December 31, 2023).


Accounting policies			“Oniverse” represents the legal group structure of the On. Entities are fully consolidated from the date on 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.

New and amended standards and interpretations

12 Months Ended

Dec. 31, 2024

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

New and amended standards and interpretations

1.4 New and amended standards and interpretations

On has adopted the following amendments for fiscal year 2024. The amendments did not have a material impact on the consolidated financial statements.

On May 2023, the IASB issued amendments to IAS 12 Income taxes, International Tax Reform - Pillar Two Model Rules. The amendments include a temporary and mandatory exception to the requirements to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The Company has relied on this exception. Refer to note 6.4 Income taxes for the Pillar Two income tax disclosure.

Description

Standard Reference

IASB Effective Date

Classification of Liabilities as Current or Non-current

Amendments to IAS 1

January 1, 2024

Non-current Liabilities with Covenants

Amendments to IAS 1

January 1, 2024

Supplier Finance Arrangements

Amendments to IAS 7 and IFRS 7

January 1, 2024

Sale and Leaseback Transactions

Amendment to IFRS 16

January 1, 2024

On is currently assessing the adoption of the standards listed below (excluding "Amendments to IAS 21") and has not applied any of the following new and revised IFRS Accounting Standards that have been issued by the IASB but are not yet effective. On does not expect Amendments to IAS 21 to have a material impact on the Company`s consolidated financial statements and disclosures.

Description

Standard Reference

IASB Effective Date

The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability

Amendments to IAS 21

January 1, 2025

Amendments to the Classification and Measurement of Financial Instruments

Amendments to IFRS 9 and IFRS 7

January 1, 2026

Presentation and Disclosure in Financial Statements

IFRS 18

January 1, 2027

IFRS 18 – Presentation and Disclosures in Financial Statements that will replace International Accounting Standards ("IAS") 1 – Presentation of Financial Statements from its effective date, was issued on April 9, 2024 by the IASB. IFRS 18 introduces new requirements for information presented in the primary financial statements and disclosed in the notes. The accounting standard introduces three new defined categories for income and expenses - operating, investing and financing, and requires all companies to provide certain new defined subtotals. IFRS 18 also requires companies to disclose explanations of company-specific measures that are related to the income statement, referred to as management-defined performance measures. Moreover, the accounting standard sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes and requires companies to provide more transparency about operating expenses. IFRS 18 will be retroactively effective for annual reporting periods beginning on or after January 1, 2027, but early adoption is permitted. On is evaluating the impact of IFRS 18 on the Company's financial statements and disclosures.

Significant accounting judgments, estimates, and assumptions	12 Months Ended
	Dec. 31, 2024
Disclosure of changes in accounting estimates [abstract]
Significant accounting judgments, estimates, and assumptions	1.5 Significant accounting judgments, estimates, and assumptions The preparation of financials in conformity with IFRS Accounting Standards requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. This includes judgments, estimates, and assumptions in the ordinary course of business as well as non-operating events. Uncertainty about these judgments, assumptions, and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The judgments, estimates, and assumptions are continuously evaluated and are based on experience and other factors, including expectations of future events that are believed to be reasonable. Actual results may differ from these judgments, estimates, and assumptions. The main significant judgments, estimates, and assumptions are described in the following notes: •3.4 Right-of-use assets and lease liabilities •3.5 Intangible assets •6.1 Share-based compensation •6.2 Employee benefit obligations •6.3 Provisions •6.4 Income taxes

Net sales

12 Months Ended

Dec. 31, 2024

Disclosure of disaggregation of revenue from contracts with customers [abstract]

Net sales

2.1 Net sales

Net sales by sales channels:


	Year ended December 31,
(CHF in millions)	2024	2023	2022


Wholesale	1,375.5	1,120.3	777.0
Direct-to-Consumer	942.8	671.8	445.1
Net sales	2,318.3	1,792.1	1,222.1

Net sales by product groups:


	Year ended December 31,
(CHF in millions)	2024	2023	2022


Shoes	2,199.6	1,711.4	1,167.5
Apparel	101.0	68.9	47.3
Accessories	17.7	11.8	7.4

Net sales	2,318.3	1,792.1	1,222.1

On generates net sales primarily from the sale of premium performance shoes, apparel, and accessories through its Wholesale ("WHS") and Direct-to-Consumer ("DTC") sales channels. The WHS sales channel involves larger volumetric sales to wholesale partners (e.g., large retailers or retail associations) and international distributors (i.e. in markets where On does not have local sales teams) with the intention of re-selling the goods. The DTC sales channel includes sales to end customers directly through On’s e-commerce platform and retail stores.

Net sales by geographic regions (based on location of customers):


	Year ended December 31,
(CHF in millions)	2024	2023	2022


Americas	1,480.3	1,162.2	763.8
thereof the United States	1,367.7	1,082.1	718.5
Europe, Middle East and Africa	577.8	488.7	378.1
thereof Switzerland	38.7	46.0	51.5
Asia-Pacific	260.2	141.1	80.2

Net sales	2,318.3	1,792.1	1,222.1

There is no single customer who accounts for more than 10% of total net sales. For details on assets and liabilities related to contracts with customers, refer to note 3.1 Trade receivables and note 3.6 Other current operating assets and liabilities, respectively. Trade receivables as shown in the consolidated balance sheets relate to the sale of the Company`s products.

As announced on Form 6-K filed with the SEC on May 2, 2023, effective in the first quarter of 2023, the Company updated its reporting of Net Sales by geography. Specifically, “Rest of World”, which represented Middle East, Africa and Latin America, is no longer being reported as a geographic location. Instead, Middle East and Africa is now combined with Europe and called Europe, Middle East & Africa (“EMEA”), and Latin America is now part of the new geographic location called Americas (replacing North America as a geographic location).

The new reporting of net sales by geography has no impact on previously reported consolidated historical total net sales or financial results. The new reporting of net sales by geography includes a reallocation of CHF 49.1 million from Rest of World, for the year ended December 31, 2022, to EMEA in the amount of CHF 23.8 million, and to Americas in the amount of CHF 25.3 million, for the year ended December 31, 2022. The below table includes Net Sales by geography previously reported for the year ended December 31, 2022.

Net sales by geographic regions as previously reported:


						Year ended December 31,
(CHF in millions)						2022


Europe						354.3
thereof Switzerland						51.5
North America						738.5
Asia-Pacific						80.2
Rest of world						49.1
Net Sales						1,222.1


Accounting policies			Revenue is measured based on the consideration to which On expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. On recognizes revenue when it transfers control of a product to a customer. Consideration promised in On’s contracts with customers is variable due to anticipated reductions from sales returns, discounts and volume rebates. Refer below for relevant judgments and accounting estimates related to sales returns. Limited judgments and estimates are not required when recognizing revenue on contracts containing discounts and volume rebates as the reduction in revenue is largely known by year end. On sells innovative premium performance sports products through its Wholesales (WHS) and Direct-to-Consumer (DTC) sales channels. Sales within the WHS sales channel For sales of goods to the wholesale channel, revenue is recognized when On transfers control of the product to the wholesale partner. A receivable is recognized by On when the goods are delivered to the wholesale partner as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. Payment terms for wholesale transactions depend on the country of sale or agreement with the customer and payment is generally required within 30 to 90 days or less of shipment to, or receipt by the wholesale partner. An estimated refund liability (other current financial liabilities) and a corresponding adjustment to revenue is recognized for the products expected to be returned. At the same time, On has a right to recover the product so consequently recognizes a right to returned goods (other current operating assets) and a corresponding adjustment to cost of sales. On has several consignment arrangements with wholesale partners whereby control of the goods is retained by On. For such arrangements, revenue is recognized when the goods have been sold by the wholesale partner to the final consumer. Sales within the DTC sales channel For sales of goods to end consumers and retail customers, revenue is recognized when control of the goods has transferred, which is typically upon shipment for e-commerce customers or at the point the customer purchases the goods at the retail store. Payment of the transaction price is due immediately at the point the customer purchases the goods. At the point when the control of goods has transferred, a refund liability (other current financial liabilities) and a corresponding adjustment to revenue is recognized for those products expected to be returned. At the same time, On has a right to recover the product when customers exercise their right of return so consequently recognizes a right to returned goods (other current operating assets) and a corresponding adjustment to cost of sales.


Relevant judgments and accounting estimates			Estimation is required to determine the expected amount On will be entitled to receive in connection with anticipated sales returns. Estimates of sales returns are based on (1) accumulated historical experience within the respective geographical markets, and (2) specific identification of estimated sales returns not yet finalized with customers. Actual returns in any future period are inherently uncertain and thus may differ from estimates recorded. If actual or expected future returns were significantly greater or lower than the refund liability established, a reduction or increase to net sales would be recorded in the period in which such determination was made.

Segment information

12 Months Ended

Dec. 31, 2024

Disclosure of operating segments [abstract]

Segment information

2.2 Segment information

Operating segments are defined as components of an entity that engage in business activities from which they may earn revenues and incur expenses, whose operating results are reviewed regularly by the entity's chief operating decision maker ("CODM") to assess performance and make resource allocation decisions, and for which discrete financial information is available.

The Company operates a single operating segment. On’s CODM are the Executive Officers, which consist of the three Co-Founders and the two Co-CEOs. The financial information regularly reviewed by the CODM to assess performance, make resource allocation decisions, and set compensation targets, is based on financial information presented on a group consolidated basis, accompanied by disaggregated revenue.

On operates as single-brand consumer products business. This is primarily due to On’s business activities which focus on driving sales growth by increasing overall brand awareness and market share. The key operating expenditures related to cost of sales, distribution, selling, marketing and general and administrative expenses, are either not differentiated across individual components, or are managed to benefit the entire On brand irrespective of the impact on the potential profitability of a particular component. These key operating expenditures are regularly reviewed by the CODM at the group consolidated level. Accordingly, On has determined that it has a single operating and reportable segment.

The following table reports the carrying amount of On’s non-current assets by geographic area:


(CHF in millions)	12/31/2024	12/31/2023


Europe, Middle East and Africa	273.7	270.4
thereof Switzerland	194.1	242.6
Americas	196.6	144.3
thereof the United States	195.1	142.2
Asia-Pacific	38.9	27.1

Non-current assets	509.2	441.7

Selling, general and administrative expenses

12 Months Ended

Dec. 31, 2024

Analysis of income and expense [abstract]

Selling, general and administrative expenses

2.3 Selling, general and administrative expenses


	Year ended December 31,
(CHF in millions)	2024	2023	2022


Distribution expenses	(288.3)	(239.5)	(151.0)
Selling expenses	(168.2)	(133.3)	(85.5)
Marketing expenses	(276.6)	(195.8)	(130.2)
Share-based compensation	(71.5)	(31.8)	(33.8)
General and administrative expenses	(389.5)	(286.6)	(199.3)
Selling, general and administrative expenses	(1,194.2)	(887.0)	(599.8)

The increase in marketing expenses is in line with the higher net sales, with additional increases primarily due to higher marketing spend on upper funnel brand building initiatives and brand partnerships. The overall increase in general and administrative expenses are in line with the higher net sales, with additional increases primarily due to higher expenses for software related projects and higher personnel related expenses. The overall increase in share-based compensation was driven by grants issued during fiscal years 2024 and 2023 as well as increased provisions for equity related social charges.

In 2024, selling, general and administrative expenses include depreciation and amortization of non-current assets in the amount of CHF 95.1 million (2023: CHF 57.1 million, 2022: CHF 40.0 million). Depreciation charges for production tools in the amount of CHF 9.4 million (2023: CHF 7.7 million, 2022: CHF 6.4 million) are reported in cost of sales within the consolidated statements of income.

Total personnel expenses, excluding any costs related to share-based compensation, amount to CHF 285.7 million in 2024, CHF 206.6 million in 2023 and CHF 142.1 million in 2022, respectively.

Trade receivables

12 Months Ended

Dec. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Trade receivables

3.1 Trade receivables

Trade receivables are generally due within a payment period of between 30 to 90 days. Due to their short-term nature, the carrying amount is considered to be the same as their fair value.


(CHF in millions)	12/31/2024	12/31/2023


Not yet due	182.2	158.8
Past due 1 - 90 days	58.5	42.2
Past due 91 - 180 days	5.4	8.0
Past due > 181 days	10.8	9.1
Gross Carrying Amount	257.0	218.1



Expected credit loss	(10.7)	(13.3)
Trade receivables	246.2	204.8

Certain trade receivables have been pledged as collateral in relation to the credit facility, refer to note 5.4 Liquidity risk.

The expected credit loss allowance for trade receivables reconciles as follows:


(CHF in millions)	2024	2023


Expected credit loss at January 1	13.3	9.1
Income statement (release) / addition for the year	(2.7)	4.6
Exchange Difference	0.1	(0.4)
Expected credit loss at December 31(1)	10.7	13.3

(1) As of December 31, 2024, the individual loss allowance amounted to CHF 9.6 million (December 31, 2023: CHF 12.6 million).

Refer to note 5.3 Credit risk for additional information.


Accounting policies			Trade receivables are amounts due from customers for products sold during the ordinary course of business. Trade receivables represent On’s right to an amount of consideration that is unconditional and only a passage of time is required before payment of the consideration is due. Trade receivables are initially recorded at original invoice amount and subsequently measured at amortized cost less the credit loss allowance. The credit loss allowance represents our estimate of individually impaired trade receivables as well as expected credit losses on trade receivables that are not individually impaired. Trade receivables are written off when there is no reasonable expectation of recovery, and the charges to the income statement are included in the selling, general and administrative expenses line item within the consolidated statements of income.


Relevant judgments and accounting estimates			The Company makes ongoing estimates regarding the collectability of trade receivables. The expected credit loss allowance considers historical loss rates per region and forward-looking quantitative and qualitative information, such as the global economy outlook (real GDP growth). Appraisals and data used by the internal planning department are also taken into consideration. Individual write-offs (partially or fully) on trade receivables are considered within the expected credit loss allowance when there are objective indications for missing collectability such as legal procedures, insolvency or bankruptcy.

Inventories

12 Months Ended

Dec. 31, 2024

Inventories [Abstract]

Inventories

3.2 Inventories


(CHF in millions)	12/31/2024	12/31/2023


Shoes	371.7	321.4
Apparel	65.8	34.5
Accessories	12.5	8.0

Allowances	(30.8)	(7.4)

Inventories(1)	419.2	356.5

(1) Inventories are comprised of finished goods.

In 2024, inventories of CHF 719.7 million (2023: CHF 549.6 million) and valuation allowances of CHF 23.0 million (2023: CHF 6.3 million) were recognized in cost of sales. As of December 31, 2024, inventories held on consignment amounted to CHF 7.8 million (December 31, 2023: CHF 4.0 million). The increase to inventory allowances in 2024 is primarily driven by a one-off write down of certain apparel products, following the strategic decision to remove some products from On's stores after resizing On's apparel offerings, as well as other write-downs in the ordinary course of business.

Certain inventories have been pledged as collateral in relation to the credit facility, refer to note 5.4 Liquidity risk.


Accounting policies			Inventories include finished goods purchased from third parties. Cost of inventories include expenditures incurred in acquiring the products and bringing them to their current location and condition.
Relevant judgments and accounting estimates			Subsequent measurement of the inventory items is made at the lower of cost or net realizable value. Net realizable value is the estimated selling price of each specific item in the ordinary course of business less freight and selling expenses. If the net realizable value is below the cost, an allowance is recognized for the remaining items on stock. On regularly assesses its inventory for excess, obsolescence, and impairment to determine write-downs to the lower of cost or net realizable value.

Property, plant and equipment

12 Months Ended

Dec. 31, 2024

Disclosure of detailed information about property, plant and equipment [abstract]

Property, plant and equipment

3.3 Property, plant and equipment


(CHF in millions)	Leasehold improvements	Trade tools	Production equipment	Furniture and fixtures	Other	Total


Cost as of January 1, 2023	49.7	10.7	12.9	13.5	11.0	97.8
Accumulated Depreciation as of January 1, 2023	(5.0)	(5.4)	(5.3)	(1.4)	(3.4)	(20.6)
Net book value as of January 1, 2023	44.7	5.3	7.5	12.1	7.6	77.2

Twelve month period ended December 31, 2023
Opening net book value	44.7	5.3	7.5	12.1	7.6	77.2
Additions	15.1	3.8	8.8	7.4	7.7	42.8


Disposals	(0.3)	—	—	(0.1)	(0.1)	(0.5)
Depreciation	(7.4)	(2.5)	(7.0)	(2.1)	(2.9)	(21.9)


Exchange difference	(2.5)	(0.4)	—	(0.8)	(0.3)	(4.0)
Net book value as of December 31, 2023	49.6	6.1	9.4	16.5	11.9	93.6

Cost as of December 31, 2023	61.2	13.6	21.7	19.9	18.1	134.5
Accumulated Depreciation as of December 31, 2023	(11.6)	(7.5)	(12.3)	(3.4)	(6.2)	(41.0)
Net book value as of December 31, 2023	49.6	6.1	9.4	16.5	11.9	93.6





Twelve month period ended December 31, 2024
Opening net book value	49.6	6.1	9.4	16.5	11.9	93.6
Additions	35.1	0.9	10.7	11.2	7.2	65.1


Disposals	(0.5)	—	—	(0.2)	(0.1)	(0.7)

Depreciation	(14.1)	(2.9)	(8.4)	(4.0)	(3.6)	(33.1)


Exchange difference	1.5	0.2	—	0.6	—	2.3
Net book value as of December 31, 2024	71.7	4.3	11.8	24.1	15.4	127.2

Cost as of December 31, 2024	97.3	14.9	32.4	31.5	25.0	201.2
Accumulated Depreciation as of December 31, 2024	(25.7)	(10.6)	(20.7)	(7.4)	(9.6)	(74.0)
Net book value as of December 31, 2024	71.7	4.3	11.8	24.1	15.4	127.2

Additions of CHF 65.1 million for the year ended December 31, 2024 primarily comprise leasehold improvements and furniture and fixtures for new retail stores and our warehouse in Belgium and Luxembourg, as well as various other additions related to production equipment.

During the years ended December 31, 2024 and December 31, 2023, non-cash additions of property, plant and equipment amounted to CHF 4.6 million and CHF 0.0 million respectively.

Other is comprised of IT equipment and fixed assets that are not yet in use. As of December 31, 2024, fixed assets that are not yet in use amounted to CHF 7.3 million (December 31, 2023: CHF 2.4 million).


Accounting policies			Property, plant and equipment ("PPE") is stated at purchase cost less accumulated depreciation and any impairment losses. Leasehold improvements include costs incurred to enhance and expand offices, own retail stores and showrooms within the feasibility of the respective lease agreement. Depreciation is calculated on a straight-line basis over the expected useful life of the individual assets or asset categories: •Leasehold improvements: 3 to 8 years •Trade tools (e.g. point-of-sale and exhibition installations): 3 years •Production tools (e.g. molds at the factory sites): 2 years •Furniture and fixtures: 5 to 8 years •Other: 3 to 8 years At each reporting date, the residual values, useful lives and method of depreciation 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 (being the higher of fair value less cost of disposal or value in use) of the individual asset is determined. If the recoverable amount is lower than the carrying amount, an impairment loss is recognized. PPE is 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.

Right-of-use assets and lease liabilities

12 Months Ended

Dec. 31, 2024

Disclosure of quantitative information about right-of-use assets [abstract]

Right-of-use assets and lease liabilities

3.4 Right-of-use assets and lease liabilities

Right-of-use assets


(CHF in millions)	Storage	Stores & showrooms	Offices	Cars	Total


Cost as of January 1, 2023	28.7	45.6	111.0	7.4	192.7
Accumulated Depreciation as of January 1, 2023	(11.9)	(7.7)	(16.8)	(4.6)	(41.1)
Net book value as of January 1, 2023	16.8	37.9	94.2	2.8	151.6

Twelve month period ended December 31, 2023
Opening net book value	16.8	37.9	94.2	2.8	151.6
Lease modification	(2.1)	3.3	0.7	—	2.0
Additions	66.0	27.1	8.0	2.3	103.4


Disposals	(0.1)	—	—	(0.3)	(0.4)
Depreciation	(11.8)	(9.2)	(10.0)	(1.9)	(32.9)


Exchange Difference	(3.3)	(4.1)	(2.1)	(0.2)	(9.8)
Net book value as of December 31, 2023	65.3	55.1	90.8	2.8	214.0

Cost as of December 31, 2023	87.5	70.5	116.9	8.1	283.1
Accumulated Depreciation as of December 31, 2023	(22.1)	(15.4)	(26.1)	(5.4)	(69.1)
Net book value as of December 31, 2023	65.3	55.1	90.8	2.8	214.0





Twelve month period ended December 31, 2024
Opening net book value	65.3	55.1	90.8	2.8	214.0
Lease modification	0.1	4.4	1.9	—	6.4
Additions	57.4	76.2	18.7	1.4	153.8


Disposals	—	(0.2)	—	(0.1)	(0.2)
Depreciation	(28.0)	(19.3)	(11.6)	(1.8)	(60.8)


Exchange Difference	5.8	3.1	1.3	—	10.3
Net book value as of December 31, 2024	100.7	119.4	101.1	2.5	323.6

Cost as of December 31, 2024	152.8	154.4	139.1	9.6	455.9
Accumulated Depreciation as of December 31, 2024	(52.1)	(35.0)	(38.0)	(7.1)	(132.3)
Net book value as of December 31, 2024	100.7	119.4	101.1	2.5	323.6

During 2024, right-of-use assets additions increased to CHF 153.8 million, compared to CHF 103.4 million in 2023. The additions in 2024 relate to the highly-automated warehouse in the United States ("Atlanta Warehouse"), which became partially operational in 2024, as well as other additional warehouses, retail stores, and office leases.

For the year ended December 31, 2024 we had lease modifications of CHF 4.4 million related to retail store extensions. For the year ended December 31, 2023 we had a lease modification of CHF 2.1 million related to an existing warehouse lease in Luxembourg as a result of a future lease commitment entered into for a highly-automated warehouse in Belgium.

Lease Liabilities

Reconciliation of lease liabilities:



(CHF in millions)	2024	2023


Lease liability balance at January 1,	228.9	160.5
thereof current	38.7	21.6
thereof non-current	190.3	138.8

Payments	(51.3)	(25.4)
Interest expenses paid	(15.2)	(6.4)
Disposals	(0.2)	(0.3)
Additions	153.7	103.0
Lease modification	5.4	1.7
Accrued interest	15.2	6.4

Exchange differences	10.9	(10.6)
Lease liability balance at December 31,	347.5	228.9
thereof current	59.1	38.7
thereof non-current	288.5	190.3


Accounting policies			On leases storage space, various offices, retail stores (including pop-ups), showrooms and cars. At inception of a contract, On assesses whether it is a lease or contains a lease component. A right-of-use asset and a lease liability is recognized at the lease commencement date considering any relevant contractual condition. Short-term leases with a lease term of 12 months or less and low-value leases are recognized as an expense in the income statement on a straight-line basis over the lease term. The right-of-use asset is initially measured at cost and, subsequently, at cost less accumulated depreciation and impairment losses as well as certain lease liability remeasurements. These costs comprise discounted and unpaid lease payments adjusted by initial direct cost, prepaid expenses, dismantling cost, and lease incentives received. Depreciation is calculated on a straight-line basis over the shorter of the assets or asset categories’ useful life and the respective lease term: •Storage: 2 to 11 years •Offices: 2 to 14 years •Stores and showrooms: 1 to 10 years •Cars: 1 to 4 years The lease liability is initially measured at the present value of any lease payments that are not paid at the commencement date and are discounted using the interest rate implicit in the lease, if that rate can be readily determined, otherwise On’s incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by the lease payments made. It is remeasured when there is a change in an input parameter or in the underlying estimates and assessments.


Significant judgments and accounting estimates			On uses judgment to determine the lease term for some lease contracts which include extension and or termination options. The assessment of whether On is reasonably certain to exercise such options impacts the lease term which significantly affects the amount of right-of-use assets and lease liabilities recognized. A reassessment only happens when a significant event or change in circumstance occurs that is within the control of On and affects whether it is reasonably certain to exercise an option. Furthermore, lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If the rate implicit in the leases is not readily determinable, On uses the company's incremental borrowing rate, adjusted to reflect the contract currency-specific risk, and the lease term.

Intangible assets

12 Months Ended

Dec. 31, 2024

Intangible assets and goodwill [abstract]

Intangible assets

3.5 Intangible assets


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


Cost as of January 1, 2023	69.2	25.9	1.8	96.9
Accumulated Amortization as of January 1, 2023	(15.0)	(11.6)	—	(26.6)
Net book value as of January 1, 2023	54.2	14.4	1.8	70.3

Twelve month period ended December 31, 2023
Opening net book value	54.2	14.4	1.8	70.3
Additions	1.2	3.1	—	4.4



Amortization	(4.5)	(5.5)	—	(10.1)


Exchange Difference	—	(0.1)	—	(0.1)
Net book value as of December 31, 2023	50.9	11.9	1.8	64.6

Cost as of December 31, 2023	70.4	29.0	1.8	101.2
Accumulated Amortization as of December 31, 2023	(19.6)	(17.1)	—	(36.6)
Net book value as of December 31, 2023	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

As of December 31, 2024, patents, licenses and other rights include patents, domain names, and license rights for trademarks.

As of December 31, 2024, software includes capitalized IT development costs not yet in use in the amount of CHF 0.4 million (December 31, 2023: CHF 0.3 million). In 2024, costs recognized in the selling, general and administrative expenses line item within the consolidated statements of income for research and development amounts to CHF 9.6 million (2023: CHF 8.9 million).

Goodwill is allocated and monitored at the reportable segment level. Based on the annual impairment assessments performed as of December 31, 2024 and 2023, there was no need to recognize any impairment of goodwill in 2024 nor 2023. None of the goodwill is expected to be deductible for tax purposes.


Accounting policies			Intangible assets acquired are valued at purchase cost less accumulated amortization and any impairment in value. Within software, On capitalizes certain IT development costs, if 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: 4 years •IT development costs capitalized: 4 years For capitalized IT development costs, amortization starts when the asset is ready for use. Capitalized IT 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 certain IT 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 calculated using the relief from royalty method, based on royalty data for comparable license agreements and businesses in the sporting goods and sports apparel sector. When determining the fair value, a discount rate of 9.3% was used. The entity approach in terms of the weighted average cost of capital was applied. The saved license expenses (after tax) where calculated based on the estimated revenue multiplied with the relevant royalty rate. 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 significantly impacted by the 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.

Other current operating assets and liabilities

12 Months Ended

Dec. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Other current operating assets and liabilities

3.6 Other current operating assets and liabilities


(CHF in millions)	12/31/2024	12/31/2023


Prepaid expenses	29.0	20.8
Indirect taxes (VAT/GST) receivables	45.4	26.6
Prepaid gift cards	13.0	6.2
Other current operating assets	26.3	7.5
Other current operating assets	113.7	61.2


(CHF in millions)	12/31/2024	12/31/2023


Accrued expenses	184.4	81.2
Accrued personnel expenses	17.1	20.0
Indirect taxes (VAT/GST) payables	42.5	24.0
Social security payables	17.1	6.7


Other payables	25.4	16.5
Other current operating liabilities	12.8	8.0
Other current operating liabilities	299.3	156.4

Accrued expenses mainly comprise accruals for outstanding vendor invoices related to marketing, freight, customs, selling and distribution. Increase in accrued expenses is in line with higher cost of sales and selling, general and administrative expenses. Accrued personnel expenses mainly comprise accruals for costs related to bonus, vacation and participation plans.

Net cash and cash equivalents

12 Months Ended

Dec. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Net cash and cash equivalents

4.1 Net cash and cash equivalents


(CHF in millions)	12/31/2024	12/31/2023



Current bank accounts	500.9	210.3
Digital wallets	10.9	11.4
Fixed deposit	412.5	272.9
Cash and cash equivalents	924.3	494.6
Current bank overdrafts	—	—
Net cash and cash equivalents(1)	924.3	494.6

(1) Net cash and cash equivalents included restricted cash in the amount of CHF 0.6 million as of December 31, 2024 and CHF 0.2 million as of December 31, 2023.

Digital wallets mainly include deposit account balances at online payment platforms, primarily PayPal. Fixed deposits are comprised of short-term highly liquid investments which are readily convertible into cash with maturity of three months or less and are subject to an insignificant risk of change in value.


Accounting policies			Cash and cash equivalents include short-term highly liquid assets with a maturity of three months or less. On measures cash and cash equivalents at amortized costs. On does not recognize any credit impairment losses on these assets as the related credit risk is considered to be insignificant due to their short-term maturity and the external counterparties’ credit ratings.

Other current financial assets

12 Months Ended

Dec. 31, 2024

Disclosure of financial assets [abstract]

Other current financial assets

4.2 Other current financial assets


(CHF in millions)	12/31/2024	12/31/2023


Credit cards	12.7	16.4
Deposits	18.1	14.6

Other current financial assets	25.5	3.2
Other current financial assets at amortized cost	56.4	34.2

Other current financial assets at fair value through profit and loss	—	—
Total other current financial assets	56.4	34.2

Due to their short-term nature, the carrying amount of other current financial assets at amortized cost corresponds to their fair value.

Refer to 5.2 Foreign currency risk for additional information on derivatives.


Accounting policies			On’s financial assets include cash and cash equivalents, trade receivables, and other current financial assets, which initially are recognized at fair value. Depending on the business model for managing these assets and the contractual terms of the resulting cash flows, On classifies financial assets as follows: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in financial result. Any gain or loss arising on derecognition is recognized directly in the income statement. Assets that do not meet the criteria above for amortized cost are measured at fair value through profit and loss. Any gain or loss on these assets is recognized immediately in the income statement.

4.3 Financial liabilities


(CHF in millions)	12/31/2024	12/31/2023





Customer refund liability returns	40.9	12.4
Other financial liabilities	10.4	2.4
Total other current financial liabilities at amortized cost	51.3	14.8




Other non-current financial liabilities	1.7	—

Total other non-current financial liabilities at amortized cost	1.7	—
Total current and non-current financial liabilities	53.1	14.8

The carrying amount of other current and non-current financial liabilities at amortized cost correspond to their fair value. All non-current financial liabilities are all due within the next eighteen months.


Accounting policies			On’s financial liabilities include trade payables, current and non-current lease liabilities, other current and non-current financial liabilities, which are initially recognized at fair value. Subsequently, financial liabilities are measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in the income statement. A financial liability is only classified at fair value through profit or loss if it is a derivative. Financial liabilities are derecognized when the contractual obligations are discharged, cancelled, or expired.

Financial liabilities

12 Months Ended

Dec. 31, 2024

Disclosure of financial liabilities [abstract]

Financial liabilities

4.2 Other current financial assets


(CHF in millions)	12/31/2024	12/31/2023


Credit cards	12.7	16.4
Deposits	18.1	14.6

Other current financial assets	25.5	3.2
Other current financial assets at amortized cost	56.4	34.2

Other current financial assets at fair value through profit and loss	—	—
Total other current financial assets	56.4	34.2

Due to their short-term nature, the carrying amount of other current financial assets at amortized cost corresponds to their fair value.

Refer to 5.2 Foreign currency risk for additional information on derivatives.


Accounting policies			On’s financial assets include cash and cash equivalents, trade receivables, and other current financial assets, which initially are recognized at fair value. Depending on the business model for managing these assets and the contractual terms of the resulting cash flows, On classifies financial assets as follows: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in financial result. Any gain or loss arising on derecognition is recognized directly in the income statement. Assets that do not meet the criteria above for amortized cost are measured at fair value through profit and loss. Any gain or loss on these assets is recognized immediately in the income statement.

4.3 Financial liabilities


(CHF in millions)	12/31/2024	12/31/2023





Customer refund liability returns	40.9	12.4
Other financial liabilities	10.4	2.4
Total other current financial liabilities at amortized cost	51.3	14.8




Other non-current financial liabilities	1.7	—

Total other non-current financial liabilities at amortized cost	1.7	—
Total current and non-current financial liabilities	53.1	14.8

The carrying amount of other current and non-current financial liabilities at amortized cost correspond to their fair value. All non-current financial liabilities are all due within the next eighteen months.


Accounting policies			On’s financial liabilities include trade payables, current and non-current lease liabilities, other current and non-current financial liabilities, which are initially recognized at fair value. Subsequently, financial liabilities are measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in the income statement. A financial liability is only classified at fair value through profit or loss if it is a derivative. Financial liabilities are derecognized when the contractual obligations are discharged, cancelled, or expired.

Financial result

12 Months Ended

Dec. 31, 2024

Analysis of income and expense [abstract]

Financial result

4.4 Financial result


	Year ended December 31,
(CHF in millions)	2024	2023	2022





Interest income	23.5	11.5	5.7
Financial income	23.5	11.5	5.7
Bank charges	(7.3)	(4.3)	(2.1)
Interest expenses leases	(15.3)	(6.5)	(4.2)
Interest expenses on employee benefits	(0.5)	(0.5)	(0.1)
Financial expenses	(23.1)	(11.3)	(6.4)
Foreign exchange gain / (losses)	67.7	(111.4)	(6.5)

Foreign exchange gain / (loss)	67.7	(111.4)	(6.5)
Financial result	68.1	(111.1)	(7.2)

As of December 31, 2024 and December 31, 2023, bank charges and interest expenses mainly included fees paid for the credit facility entered into on July 7, 2023. Refer to 5.4 Liquidity risk for additional information. Interest income primarily relates to interest earned on our short-term cash investments.

The foreign exchange gain / (loss) during the period ended December 31, 2024 are primarily due to foreign exchange rate revaluation effects (i.e., unrealized foreign exchange impacts), in particular the CHF/USD exchange rate.

Share capital

12 Months Ended

Dec. 31, 2024

Disclosure of classes of share capital [abstract]

Share capital

4.5 Share capital

The share capital amounts to CHF 33.7 million and is divided into 302,455,664 registered shares with a nominal value of CHF 0.10 each (the "Class A Shares") and 345,437,500 registered shares with a nominal value of CHF 0.01 each (voting right shares) (the "Class B Shares"). No preference shares and no restrictions with Class A ordinary shares exist. The share capital is paid in at 100%.


	Class A	Class A	Class A	Class B
	Authorized registered shares	Shares held by On in treasury	Outstanding shares	Authorized and outstanding registered shares


Shares issued and outstanding as of January 1, 2023	299,998,125	(18,021,738)	281,976,387	345,437,500






Sale of treasury shares related to share-based compensation	—	2,273,239	2,273,239	—
Purchase of treasury shares	—	(34,349)	(34,349)	—
Shares issued and outstanding as of December 31, 2023	299,998,125	(15,782,848)	284,215,277	345,437,500

Shares issued and outstanding as of January 1, 2024	299,998,125	(15,782,848)	284,215,277	345,437,500

Capital increase from conditional capital(1)	2,457,539		2,457,539




Sale of treasury shares related to share-based compensation		2,633,847	2,633,847	—
Purchase of treasury shares	—	(10,320)	(10,320)	—
Shares issued and outstanding as of December 31, 2024	302,455,664	(13,159,321)	289,296,343	345,437,500

(1) On November 12, 2024, we amended and restated our memorandum and articles of association to increase the number of authorized Class A ordinary shares.

In 2024, 2,633,847 Class A shares held in treasury have been issued to employees and members of the Board of Directors. This transaction resulted in a cash inflow of CHF 10.9 million. To cover the cost for the resulting individual social security and personal tax obligations, respective employees and members of the Board of Directors were offered the option to either pay cash or sell-back shares for the same value at market price ("sell-to-cover"). As part of this transaction, On re-purchased 10,320 Class A shares, held in treasury, in the amount of CHF 0.4 million.

Earnings per share

12 Months Ended

Dec. 31, 2024

Earnings per share [abstract]

Earnings per share

4.6 Earnings per share

Basic earnings per share ("EPS") is calculated by dividing On’s net income for the period by the weighted average number of ordinary shares outstanding during the year.

Diluted EPS is calculated by dividing On’s net income for the period by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would have been outstanding when assuming the conversion of all potentially dilutive share-based awards. Dilutive effects arise from equity settled shares associated with share-based compensation.


	2024	2024	2023	2023	2022	2022
	Class A	Class B	Class A	Class B	Class A	Class B




Weighted number of outstanding shares	288,465,380	345,437,500	284,262,802	345,437,500	282,195,495	345,437,500
Weighted number of shares with dilutive effects	3,787,481	12,822,456	3,306,122	11,446,403	2,354,500	6,891,423
Weighted number of outstanding shares (diluted and undiluted)	292,252,861	358,259,956	287,568,924	356,883,903	284,549,995	352,328,923

Net income (CHF in millions)	216.3	25.9	70.9	8.6	51.4	6.3
Basic EPS (CHF)	0.75	0.07	0.25	0.02	0.18	0.02
Diluted EPS (CHF)	0.74	0.07	0.25	0.02	0.18	0.02

Capital and other reserves

12 Months Ended

Dec. 31, 2024

Disclosure of reserves within equity [abstract]

Capital and other reserves

4.7 Capital and other reserves


(CHF in millions)	12/31/2024	12/31/2023


Share premium	756.9	756.9
Statutory reserves	53.9	42.3
Equity transaction costs	(8.7)	(8.7)
Tax impact on equity transaction costs	1.3	1.3
Share-based compensation	406.7	349.1
Capital reserves	1,210.0	1,140.8
Foreign currency translation effect	(1.1)	(8.1)
Taxes on foreign currency translation effect	(0.1)	—
Actuarial gains and losses	(3.4)	(2.1)
Taxes on actuarial gains and losses	0.7	0.4


Other reserves	(4.0)	(9.8)

Commitments and contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies [Abstract]

Commitments and contingencies

4.8 Commitments and contingencies

As of December 31, 2024 and December 31, 2023, bank guarantees and letters of credit in the amount of CHF 168.3 million and CHF 155.6 million, respectively, were provided in favor of third parties. Thereof, as of December 31, 2024, CHF 120.7 million and CHF 28.2 million related to contracts entered into for highly-automated warehouses in the United States (Atlanta) and Belgium (Beringen), respectively.

The Swiss On entities form a VAT group and, hence, every entity participating in the group is jointly and severally liable for VAT debt of other group participants. Further, On entities participating in central cash pooling are jointly and severally liable for any debit position or outstanding overdraft in connection with them. In that context, gross balances in the amount of CHF 64.9 million and CHF 112.6 million have been offset as of December 31, 2024 and December 31, 2023, respectively.

On has committed itself to several new lease contracts, which have not yet commenced as of December 31, 2024, and are therefore not yet recognized on balance sheet. The total committed future outflow resulting of these lease contracts amounts to:


(CHF in millions)	12/31/2024	12/31/2023


Due < 1 year	16.9	15.8
Due 1 - 5 years	135.8	145.4
Due > 5 years	178.5	224.5
Commitments for future lease obligations	331.1	385.7

The majority of the future lease commitments relate to contracts entered into for new highly-automated warehouses in the United States (Atlanta) and Belgium (Beringen), respectively. Lease commitments for the new warehouse in the United States where operations began in 2024 and are expected to be fully operational by 2025 amount to CHF 197.2 million (December 31, 2023: CHF 245.8 million). The new warehouse in Belgium partially began operations in 2024 and is expected to be fully operational by 2026, and amounts to CHF 106.7 million (December 31, 2023: CHF 122.5 million) lease commitment. The remaining lease commitments relate to various new stores, offices and warehouses.

Risk management

12 Months Ended

Dec. 31, 2024

Disclosure of Financial Risk Management [Abstract]

Risk management

5 Risk management

On is exposed to market risk, foreign currency risk, credit risk and liquidity risk. On’s senior management oversees and monitors these risks supported by the Audit Committee that assures proper identification, measurement and management of these financial risks by implementing and maintaining a financial governance framework. The Audit Committee reviews and agrees policies for managing each of these risks at least once a year.

5.2 Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. On’s exposure to the risk of changes in foreign currency rates is a direct result of multi-currency cash flows within the company. The majority of our transactional foreign exchange risk arises from products sourced in USD and sales denominated in the currencies of the respective destination markets. The currencies in which these transactions are mainly denominated are USD, EUR, CAD, CHF, GBP, JPY, CNY, BRL, AUD and HKD.

On regularly assesses its exposure to foreign currency risks and manages these risks centrally by reviewing foreign exchange exposures and future commitments, and selectively holding foreign currency in our cash to offset future foreign currency exposures (e.g., lease obligations). Additionally, to the extent practicable, we centralize foreign currency risk in our main Group entities, and incur operating and financing expenses in the local currencies of the countries in which we operate. Additionally, we have in the past, and may again in the future, enter into derivative financial instruments, such as forward exchange contracts, to further manage our foreign currency risk.

The following table sets forth the foreign exchange rate against the Swiss Franc at the closing dates:


Currency	12/31/2024	12/31/2023


AUD 1	0.56	0.57
BRL 100	14.64	17.32
CAD 1	0.63	0.63
CNY 100	12.44	11.85
EUR 1	0.94	0.93
GBP 1	1.14	1.07
JPY 100	0.58	0.60

HKD 1	0.12	0.11
USD 1	0.91	0.84

The following table sets forth the average annual foreign exchange rate against the Swiss Franc:


Currency	12/31/2024	12/31/2023	12/31/2022


AUD 1	0.58	0.61	0.67
BRL 100	15.36	18.16	18.49
CAD 1	0.63	0.68	0.74
CNY 100	12.33	13.03	14.46
EUR 1	0.95	0.99	1.02
GBP 1	1.14	1.13	1.20
JPY 100	0.58	0.66	0.75

HKD 1	0.11	0.12	0.13
USD 1	0.88	0.92	0.96


Accounting policies			On’s consolidated financial statements are presented in CHF, which is On’s presentation currency. On determines the functional currency of each individual entity based on the primary economic environment in which the entity operates (normally the local currency). The financial statements of each individual entity are measured using that functional currency. Foreign currency transactions are translated into the respective functional currency using the average monthly exchange rate of the month in which the transaction occurred. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate at the reporting date. The resulting exchange differences are recorded in the local income statements of the group entity and included in the financial result. Foreign currency exchange differences arising from intercompany receivables or payables relating to foreign operations, the settlement of which is neither planned nor likely to occur in the foreseeable future, are considered to form part of net investment in foreign operations and are recognized in the foreign currency translation effect reserve. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the historical exchange rate. The group entities’ foreign currency financial statements are translated into On’s presentation currency CHF as follows: •Assets and liabilities for each balance sheet presented are translated at the closing exchange rates at the reporting date. •Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates. •All resulting foreign currency translation effect are recognized in other comprehensive income in equity. •On disposal of a group entity, the related cumulative translation adjustment is transferred from equity to the income statement.

Financial assets and liabilities held in foreign currencies as of December 31, 2024 and 2023, were as follows:


(CHF in millions)	12/31/2024		12/31/2023
	USD	EUR	USD	EUR

Cash and cash equivalents	629.3	24.1	248.7	69.8
Trade receivables and other financial assets(1)	229.6	34.5	640.0	102.1

Trade payables and other financial liabilities(1)	(145.3)	(21.4)	(257.6)	(84.5)



Total assets and liabilities	713.6	37.2	631.2	87.4

(1) The majority of these balances are comprised of intercompany positions.

As a result of our multinational sales and operations, On is exposed to fluctuation in foreign exchange at a transactional level, primarily in the U.S. Dollar and the Euro. A change in the foreign exchange rate of the Swiss Franc against the U.S Dollar or the Euro, as of December 31, 2024, 2023 and 2022, would have affected the valuation of assets and liabilities denominated in these foreign currencies. This analysis assumes that all other variables remain constant. The exposure is disclosed net of income tax and excludes the impact of derivative financial instruments. A 10% increase or decrease in the USD or EUR foreign currency exchange rates against the Swiss Franc would have impacted On's consolidated profit/(loss) for the period as presented below.


(CHF in millions)	12/31/2024	12/31/2023	12/31/2022


Change in USD/CHF +10%	57.4	71.2	32.1
Change in USD/CHF -10%	(57.4)	(71.2)	(32.1)
Change in EUR/CHF +10%	3.0	7.3	1.1
Change in EUR/CHF -10%	(3.0)	(7.3)	(1.1)

5.5 Capital risk management

To uphold investor, creditor, and market confidence and to sustain future development of the business, On focuses on maintaining a strong capital base. On manages its capital structure and makes adjustments in line with changes in general economic conditions and according to its strategic objectives.

Market risk	12 Months Ended
Market risk	Dec. 31, 2024
Disclosure of Financial Risk Management [Abstract]
Market risk	5.1 Market risk On is exposed to certain market risks in the ordinary course of business. Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk comprises of three types of risk: interest risk, currency risk and other price risk. Financial instruments affected by market risk include cash and cash equivalents. The market risk that On is principally exposed to is fluctuations in foreign currency exchange rates (see note 5.2 Foreign currency risk). In order to minimize the risks related to a potential unavailability of products, production capacity, and raw materials in the time required by production, On adopts a multi-sourcing strategy of diversifying suppliers and purchase plans with a medium-term time horizon. The price for raw materials, products and the corresponding fixed price period are generally agreed with business partners prior to the purchase order issuance and remains firm and unchanged for a six-month period, in the absence of significant exchange rate and commodity price fluctuation. There were no material changes in the On’s market risk exposures or changes in the way risk is managed and valued during the period.

Foreign currency risk

12 Months Ended

Dec. 31, 2024

Disclosure of Financial Risk Management [Abstract]

Foreign currency risk

5 Risk management

On is exposed to market risk, foreign currency risk, credit risk and liquidity risk. On’s senior management oversees and monitors these risks supported by the Audit Committee that assures proper identification, measurement and management of these financial risks by implementing and maintaining a financial governance framework. The Audit Committee reviews and agrees policies for managing each of these risks at least once a year.

5.2 Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. On’s exposure to the risk of changes in foreign currency rates is a direct result of multi-currency cash flows within the company. The majority of our transactional foreign exchange risk arises from products sourced in USD and sales denominated in the currencies of the respective destination markets. The currencies in which these transactions are mainly denominated are USD, EUR, CAD, CHF, GBP, JPY, CNY, BRL, AUD and HKD.

On regularly assesses its exposure to foreign currency risks and manages these risks centrally by reviewing foreign exchange exposures and future commitments, and selectively holding foreign currency in our cash to offset future foreign currency exposures (e.g., lease obligations). Additionally, to the extent practicable, we centralize foreign currency risk in our main Group entities, and incur operating and financing expenses in the local currencies of the countries in which we operate. Additionally, we have in the past, and may again in the future, enter into derivative financial instruments, such as forward exchange contracts, to further manage our foreign currency risk.

The following table sets forth the foreign exchange rate against the Swiss Franc at the closing dates:


Currency	12/31/2024	12/31/2023


AUD 1	0.56	0.57
BRL 100	14.64	17.32
CAD 1	0.63	0.63
CNY 100	12.44	11.85
EUR 1	0.94	0.93
GBP 1	1.14	1.07
JPY 100	0.58	0.60

HKD 1	0.12	0.11
USD 1	0.91	0.84

The following table sets forth the average annual foreign exchange rate against the Swiss Franc:


Currency	12/31/2024	12/31/2023	12/31/2022


AUD 1	0.58	0.61	0.67
BRL 100	15.36	18.16	18.49
CAD 1	0.63	0.68	0.74
CNY 100	12.33	13.03	14.46
EUR 1	0.95	0.99	1.02
GBP 1	1.14	1.13	1.20
JPY 100	0.58	0.66	0.75

HKD 1	0.11	0.12	0.13
USD 1	0.88	0.92	0.96


Accounting policies			On’s consolidated financial statements are presented in CHF, which is On’s presentation currency. On determines the functional currency of each individual entity based on the primary economic environment in which the entity operates (normally the local currency). The financial statements of each individual entity are measured using that functional currency. Foreign currency transactions are translated into the respective functional currency using the average monthly exchange rate of the month in which the transaction occurred. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate at the reporting date. The resulting exchange differences are recorded in the local income statements of the group entity and included in the financial result. Foreign currency exchange differences arising from intercompany receivables or payables relating to foreign operations, the settlement of which is neither planned nor likely to occur in the foreseeable future, are considered to form part of net investment in foreign operations and are recognized in the foreign currency translation effect reserve. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the historical exchange rate. The group entities’ foreign currency financial statements are translated into On’s presentation currency CHF as follows: •Assets and liabilities for each balance sheet presented are translated at the closing exchange rates at the reporting date. •Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates. •All resulting foreign currency translation effect are recognized in other comprehensive income in equity. •On disposal of a group entity, the related cumulative translation adjustment is transferred from equity to the income statement.

Financial assets and liabilities held in foreign currencies as of December 31, 2024 and 2023, were as follows:


(CHF in millions)	12/31/2024		12/31/2023
	USD	EUR	USD	EUR

Cash and cash equivalents	629.3	24.1	248.7	69.8
Trade receivables and other financial assets(1)	229.6	34.5	640.0	102.1

Trade payables and other financial liabilities(1)	(145.3)	(21.4)	(257.6)	(84.5)



Total assets and liabilities	713.6	37.2	631.2	87.4

(1) The majority of these balances are comprised of intercompany positions.

As a result of our multinational sales and operations, On is exposed to fluctuation in foreign exchange at a transactional level, primarily in the U.S. Dollar and the Euro. A change in the foreign exchange rate of the Swiss Franc against the U.S Dollar or the Euro, as of December 31, 2024, 2023 and 2022, would have affected the valuation of assets and liabilities denominated in these foreign currencies. This analysis assumes that all other variables remain constant. The exposure is disclosed net of income tax and excludes the impact of derivative financial instruments. A 10% increase or decrease in the USD or EUR foreign currency exchange rates against the Swiss Franc would have impacted On's consolidated profit/(loss) for the period as presented below.


(CHF in millions)	12/31/2024	12/31/2023	12/31/2022


Change in USD/CHF +10%	57.4	71.2	32.1
Change in USD/CHF -10%	(57.4)	(71.2)	(32.1)
Change in EUR/CHF +10%	3.0	7.3	1.1
Change in EUR/CHF -10%	(3.0)	(7.3)	(1.1)

5.5 Capital risk management

To uphold investor, creditor, and market confidence and to sustain future development of the business, On focuses on maintaining a strong capital base. On manages its capital structure and makes adjustments in line with changes in general economic conditions and according to its strategic objectives.

Credit risk	12 Months Ended
Credit risk	Dec. 31, 2024
Disclosure of Financial Risk Management [Abstract]
Credit risk	5.3 Credit risk Credit risk is the possibility of a loss resulting from a counterparty’s failure to meet its contractual obligation. On is exposed to credit risks from its operating activities and from certain financing activities. A potential concentration in credit risk mainly arise from trade receivables and other financial assets, such as credit cards and deposits. The maximum exposure is limited to the respective carrying amounts. The Company's credit risk is primarily driven by individual customer characteristics, with one customer representing over 10% of trade receivables at December 31, 2024. The majority of the trade receivable balance as of December 31, 2024 has since been paid. New customers are assessed for creditworthiness before standard payment and delivery terms and conditions are offered, and individual tolerance limits are established. Creditworthiness as well as customers receivable limits are monitored on an ongoing basis. Customers that fail to meet On’s minimum creditworthiness may, in general, order only on a prepayment basis. Core banking relationships are maintained with investment grade rated financial institutions only.

Liquidity risk

12 Months Ended

Dec. 31, 2024

Disclosure of Financial Risk Management [Abstract]

Liquidity risk

5.4 Liquidity risk

Liquidity risks arise from not having the necessary resources available to meet maturing liabilities with regard to timing, volume and currency structure. On’s finance department is centrally managing the net cash and cash equivalent position to mitigate liquidity risk and to ensure On’s obligations can be settled on time.

Main procedures in place to mitigate liquidity risks comprise:

•Centralized control system to manage the net financial position of On and its subsidiaries;

•Obtaining and maintaining forward-looking credit lines to create an adequate debt structure optimizing the liquidity provided by the credit system;

•Continuous monitoring of future cash flows based on rolling forecast and budget data.

Contractual maturities of On’s undiscounted financial liabilities:


(CHF in millions)	Due < 3 months	Due 4 to 12 months	Due 1 to 5 years	Due > 5 years	12/31/2024


Trade payables	166.5	—	—	—	166.5

Current lease liabilities	19.1	25.1	—	—	44.2

Other financial liabilities	36.5	14.8	—	—	51.3
Other current financial liabilities	55.7	39.8	—	—	95.5
Non-current lease liabilities	—	—	211.4	123.7	335.1
Other non-current financial liabilities	—	—	1.7	—	1.7

Other non-current financial liabilities	—	—	213.1	123.7	336.8


(CHF in millions)	Due < 3 months	Due 4 to 12 months	Due 1 to 5 years	Due > 5 years	12/31/2023


Trade payables	65.1	—	—	—	65.1

Current lease liabilities	11.7	35.2	—	—	46.9

Other financial liabilities	14.8	—	—	—	14.8
Other current financial liabilities	26.5	35.2	—	—	61.7
Non-current lease liabilities	—	—	135.1	81.3	216.4

Other non-current financial liabilities	—	—	135.1	81.3	216.4

The above table does not include accrued expenses as of December 31, 2024 and 2023, in the amount of CHF 184.4 million and CHF 81.2 million, respectively, which are expected to be due within the next twelve months (refer to note 3.6 Other current operating assets and liabilities for additional information on accrued expenses).

On July 7, 2023, On entered into the CHF 700 million multicurrency credit facility. On has an option to increase the total availability of borrowings under the facility in an aggregate amount of up to CHF 200 million, subject to the satisfaction of certain customary conditions. The credit facility had an initial term of three years, which has been

extended for a period of one year already, and may be extended again for a period of one year. As of December 31, 2024 and 2023, no amounts had been drawn under the credit facility.

Of the total guarantees and letters of credit outstanding as of December 31, 2024 and 2023, which are discussed in note 4.8 Commitments and contingencies, CHF 168.3 million and CHF 155.3 million, respectively, relate to the credit facility.

The credit facility also contains financial covenants that depend on our consolidated equity as well as our net debt to adjusted EBITDA ratio. As of and during the twelve-month period ended December 31, 2024, we were in compliance with all covenants under the credit facility.

The following assets have been pledged in relation to the credit facility:


(CHF in millions)	12/31/2024	12/31/2023


Trade receivables	280.8	145.8
Inventory	211.7	285.2
Assets pledged	492.5	431.0

Capital risk management

12 Months Ended

Dec. 31, 2024

Disclosure of Financial Risk Management [Abstract]

Capital risk management

5 Risk management

On is exposed to market risk, foreign currency risk, credit risk and liquidity risk. On’s senior management oversees and monitors these risks supported by the Audit Committee that assures proper identification, measurement and management of these financial risks by implementing and maintaining a financial governance framework. The Audit Committee reviews and agrees policies for managing each of these risks at least once a year.

5.2 Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. On’s exposure to the risk of changes in foreign currency rates is a direct result of multi-currency cash flows within the company. The majority of our transactional foreign exchange risk arises from products sourced in USD and sales denominated in the currencies of the respective destination markets. The currencies in which these transactions are mainly denominated are USD, EUR, CAD, CHF, GBP, JPY, CNY, BRL, AUD and HKD.

On regularly assesses its exposure to foreign currency risks and manages these risks centrally by reviewing foreign exchange exposures and future commitments, and selectively holding foreign currency in our cash to offset future foreign currency exposures (e.g., lease obligations). Additionally, to the extent practicable, we centralize foreign currency risk in our main Group entities, and incur operating and financing expenses in the local currencies of the countries in which we operate. Additionally, we have in the past, and may again in the future, enter into derivative financial instruments, such as forward exchange contracts, to further manage our foreign currency risk.

The following table sets forth the foreign exchange rate against the Swiss Franc at the closing dates:


Currency	12/31/2024	12/31/2023


AUD 1	0.56	0.57
BRL 100	14.64	17.32
CAD 1	0.63	0.63
CNY 100	12.44	11.85
EUR 1	0.94	0.93
GBP 1	1.14	1.07
JPY 100	0.58	0.60

HKD 1	0.12	0.11
USD 1	0.91	0.84

The following table sets forth the average annual foreign exchange rate against the Swiss Franc:


Currency	12/31/2024	12/31/2023	12/31/2022


AUD 1	0.58	0.61	0.67
BRL 100	15.36	18.16	18.49
CAD 1	0.63	0.68	0.74
CNY 100	12.33	13.03	14.46
EUR 1	0.95	0.99	1.02
GBP 1	1.14	1.13	1.20
JPY 100	0.58	0.66	0.75

HKD 1	0.11	0.12	0.13
USD 1	0.88	0.92	0.96


Accounting policies			On’s consolidated financial statements are presented in CHF, which is On’s presentation currency. On determines the functional currency of each individual entity based on the primary economic environment in which the entity operates (normally the local currency). The financial statements of each individual entity are measured using that functional currency. Foreign currency transactions are translated into the respective functional currency using the average monthly exchange rate of the month in which the transaction occurred. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate at the reporting date. The resulting exchange differences are recorded in the local income statements of the group entity and included in the financial result. Foreign currency exchange differences arising from intercompany receivables or payables relating to foreign operations, the settlement of which is neither planned nor likely to occur in the foreseeable future, are considered to form part of net investment in foreign operations and are recognized in the foreign currency translation effect reserve. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the historical exchange rate. The group entities’ foreign currency financial statements are translated into On’s presentation currency CHF as follows: •Assets and liabilities for each balance sheet presented are translated at the closing exchange rates at the reporting date. •Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates. •All resulting foreign currency translation effect are recognized in other comprehensive income in equity. •On disposal of a group entity, the related cumulative translation adjustment is transferred from equity to the income statement.

Financial assets and liabilities held in foreign currencies as of December 31, 2024 and 2023, were as follows:


(CHF in millions)	12/31/2024		12/31/2023
	USD	EUR	USD	EUR

Cash and cash equivalents	629.3	24.1	248.7	69.8
Trade receivables and other financial assets(1)	229.6	34.5	640.0	102.1

Trade payables and other financial liabilities(1)	(145.3)	(21.4)	(257.6)	(84.5)



Total assets and liabilities	713.6	37.2	631.2	87.4

(1) The majority of these balances are comprised of intercompany positions.

As a result of our multinational sales and operations, On is exposed to fluctuation in foreign exchange at a transactional level, primarily in the U.S. Dollar and the Euro. A change in the foreign exchange rate of the Swiss Franc against the U.S Dollar or the Euro, as of December 31, 2024, 2023 and 2022, would have affected the valuation of assets and liabilities denominated in these foreign currencies. This analysis assumes that all other variables remain constant. The exposure is disclosed net of income tax and excludes the impact of derivative financial instruments. A 10% increase or decrease in the USD or EUR foreign currency exchange rates against the Swiss Franc would have impacted On's consolidated profit/(loss) for the period as presented below.


(CHF in millions)	12/31/2024	12/31/2023	12/31/2022


Change in USD/CHF +10%	57.4	71.2	32.1
Change in USD/CHF -10%	(57.4)	(71.2)	(32.1)
Change in EUR/CHF +10%	3.0	7.3	1.1
Change in EUR/CHF -10%	(3.0)	(7.3)	(1.1)

5.5 Capital risk management

To uphold investor, creditor, and market confidence and to sustain future development of the business, On focuses on maintaining a strong capital base. On manages its capital structure and makes adjustments in line with changes in general economic conditions and according to its strategic objectives.

Share-based compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangements [Abstract]

Share-based compensation

6.1 Share-based compensation

Over the current and previous years, On has granted share-based awards to selected employees. These grants have come out of various equity plans, designed to reward long-term and valued employees for their individual performance by giving them the opportunity to participate in any growth in the value of On by receiving a bonus in the form of share-based awards.

All share-based awards granted under the different share-based compensation plans were classified as equity-settled share-based payments. In addition to the share-based compensation plans for selected employees, On granted share-based compensation in connection with a service, license, and investment agreement. As of December 31, 2024, the following two share-based incentive plans remain active with additional grants expected in future periods: the Long Term Incentive Plan 2021 ("LTIP 2021") and the Board of Directors of On 2019 ("BoD 2019"). These plans provide for grants either in the form of performance stock units ("PSU's"), tied to certain performance criteria and service requirements or restricted stock units ("RSU's"), that are only conditional on the provision of services by the plan participant during the vesting period.

As of December 31, 2024, the Long Term Incentive Plan 2020 ("LTIP 2020"), Service, License, and Investment Agreement 2019 ("SLIA"), and Tax Recognition Plan 2022 ("TRP 2022") are no longer active, and no further grants are expected. Share-based compensation expenses for these plans, in addition to LTIP 2021 and BoD 2019, were recognized in the consolidated statements of income during the periods presented. Awards under LTIP 2020 and SLIA remain outstanding as of December 31, 2024.

Overview of the different programs:


Long Term Incentive Plan 2021 ("LTIP 2021")			In 2021, the LTIP 2021 was implemented to replace the existing share-based compensation plans in place at the time and is the currently active share-based compensation plan for equity compensation to On's team members. In March 2023, the LTIP 2021 was amended with the revised vesting parameters described below. Awards under the LTIP 2021 are granted as RSU's or PSU's and are subject to time-based and in the case of PSU's additional performance-based vesting conditions. Subject to a participant's continuous employment and unless otherwise agreed in a participant's award agreement, 34% of RSU's granted vest on the first anniversary of the granting date; thereafter, 8.25% of the RSU's vest at the end of each quarter following the first anniversary of the granting date. Any grant of PSU's is split equally between a two year performance cycle and a three year performance cycle. Subject to a participant's continuous employment, the achievement of the performance conditions as well as the resulting vesting factor and unless otherwise agreed in a participant's award agreement, the PSU's vest in full 24 months following the grant date (for a two year performance cycle) and 36 months following the granting date (for a three year performance cycle). PSU's granted to members of On's Executive Board are subject to a market-based award multiplier, based on the achievement of On's total shareholder return relative to a broad market index measured over the same two year and three year performance cycle. Prior to the amendment in March 2023, grants were subject to time-based and in the case of PSU's additional performance-based vesting conditions. Subject to the participant's continuous employment and unless otherwise agreed in a participant's award agreement, 33.3% of the RSU's granted were scheduled to vest on the grant date and on the first anniversary of the granting date, respectively, so that the remaining 33.3%% vest on the second anniversary of the grant. The PSU's granted were scheduled to vest on the third anniversary of the grant date, subject to the achievement of the performance conditions, measured over the performance cycle, and the resulting vesting factor. In December 2022, to account for local laws in the U.S. that did not allow for grants to U.S. participants under the LTIP 2020, replacement grants were provided to U.S. participants that would have qualified for a grant under the LTIP 2020. These replacement grants were granted as RSU's under the LTIP 2021, and were agreed to vest immediately upon grant, to allow for the same economic benefit to the U.S. participants, that they would have otherwise received as a part of their qualification for a grant under the LTIP 2020 (further details on the LTIP 2020 can be found below). Upon vesting, the awards are distributed to participants in the form of shares as soon as operationally feasible.
Compensation of non-executive members of the Board of Directors of On 2019 ("BOD 2019")			Awards under the share-based compensation program for non-executive members of the Board of Directors are granted as RSU's. These awards are granted to On's non-executive board members that receive equity compensation for their services as members of On's Board of Directors on a quarterly basis. The RSU's are not subject to vesting requirements and immediately vest upon grant, subject to an administrative period to allow for the acceptance of awards by participants.
Long Term Incentive Plan 2020 ("LTIP 2020")			Awards under the LTIP 2020 were granted as options, with the final grant issued in 2022. All options granted under the LTIP 2020 met their full vesting requirements in connection with our IPO in September 2021, which constituted an exit event. The remaining outstanding awards under the LTIP 2020 are fully vested and exercisable. Vested options may be exercised until the seventh anniversary of the contractual granting date.


Tax Recognition Plan 2022 ("TRP 2022")			In 2022 and 2023, RSU's were granted to certain employees of On who were subject to elevated tax obligations in connection with prior grants of equity incentive awards or RSU's vesting in connection with the Company's IPO. In 2024, no RSU's were granted pursuant to this plan. The RSU's immediately vested upon grant, subject to an administrative period to allow for the acceptance of awards by participants.


Service, License, and Investment Agreement 2019 ("SLIA")			In 2019, a “service, license and investment agreement” was negotiated between On and third parties, including the payment of share-based compensation in exchange for the services provided by the third parties. Awards under the SLIA 2019 were granted as options. The milestone-based vesting criteria include the achievement of certain Net Sales thresholds for the fiscal year ended December 31, 2023 as well as the fiscal year ended December 31, 2024. If the respective milestones are reached, the formal vesting of the options occurs upon publication of the annual report for the fiscal year ended December 31, 2023 as well as the fiscal year ended December 31, 2024, respectively. Vested options may be exercised until the six month anniversary of the applicable vesting date.

The fair value of all equity compensation awards granted to employees is estimated at grant date and recorded as an expense over the vesting period. Total expenses arising from share-based payment transactions during the period were as follows:


	Year ended December 31,
(CHF in millions)	2024	2023	2022


LTIP 2021	51.9	24.4	—
LTIP 2020	—	—	32.7
Other(1)	19.6	7.4	1.1
Total share-based compensation expense(2)	71.5	31.8	33.8

(1) Other includes social charges attributable to the respective plans, and share-based compensation expense associated with BOD 2019 and other plans. Social charges are settled in cash and consider any costs related to local legal requirements related to share-based compensation. Refer to note 6.3 Provisions for additional information on social charges.

(2) Share-based compensation is recording within line item selling, general and administrative expenses in the consolidated statements of income. As of December 31, 2024, On has recognized an increase in shareholders' equity in the balance sheet of CHF 57.5 million and CHF 27.3 million for share-based compensation incurred during the twelve-month periods ended December 31, 2024 and December 31, 2023.

A summary of activity under the plan types as of December 31, 2024, December 31, 2023, and changes during the years ending on those dates, is presented below:


Plan type	Stock options (Class A Shares)(1)(2)		Stock options (Class B Shares)(1)(3)		RSU's(1)(4)	PSU's(1)(5)
	Number of options	Weighted average exercise price US$	Number of options	Weighted average exercise price US$	Number of shares	Number of shares


Awards outstanding at January 1, 2023	11,248,314	3.83	15,812,500	0.77	75,496	37,808
Awards granted	—	n/a	—	n/a	966,480	1,034,815
Awards forfeited / expired	(7,500)	0.11	—	n/a	(57,724)	(5,408)
Awards exercised / vested	(2,138,491)	5.42	—	n/a	(134,748)	—
Awards outstanding at December 31, 2023	9,102,323	3.46	15,812,500	0.77	849,504	1,067,215
weighted average contractual life remaining (years)	0.6	n/a	0	n/a	1.0	1.7
maximum term (years)	1.5	n/a	—	n/a	2.2	2.2
exercisable	9,102,323	3.46	15,812,500	0.77	39,705	—

Awards outstanding at January 1, 2024	9,102,323	3.46	15,812,500	0.77	849,504	1,067,215
Awards granted	—	n/a	—	n/a	629,831	834,743
Awards forfeited / expired	(3,940)	11.69	—	n/a	(71,220)	(21,962)
Awards exercised / vested	(4,588,738)	5.92	—	n/a	(519,510)	—
Awards outstanding at December 31, 2024	4,509,645	4.13	15,812,500	0.77	888,605	1,879,996
weighted average contractual life remaining (years)	0.4	n/a	—	n/a	0.9	1.1
maximum term (years)	0.8	n/a	—	n/a	3.0	2.2
exercisable	4,509,645	4.13	15,812,500	0.77	2,000	—

(1) The Company reclassified prior year comparative amounts to conform with current year presentation in the table above. This change in presentation did not have any impact on the Company's results of operations, financial condition, or any other financial statements.

(2) The following plans are included within Stock options (Class A shares): LTPP 2018, LTIP 2018, LTIP 2020 (Class A Shares), and SLIA 2019.

(3) The following plan is included within Stock options (Class B shares): LTIP 2020 (Class B Shares).

(4) The following plans are included within RSU's: OEPP 2018, BoD 2019, LTIP 2021 RSUs, Founders' Plan 2021, Tax Recognition 2022.

(5) The following plan is included within PSU's: LTIP 2021 PSU.

Inputs used in the measurement of the fair values at grant date of the equity compensation plans were as follows:

For the year ended December 31, 2024

Plan

Grant Date

Share price on measurement date (CHF)

LTIP 2021 (PSU's and RSU's) & BOD 2019

March 25, 2024

31.07

LTIP 2021 (PSU's and RSU's) & BOD 2019

June 24, 2024

34.88

BOD 2019

July 10, 2024

32.94

LTIP 2021 (PSU's and RSU's) & BOD 2019

September 23, 2024

42.74

LTIP 2021 (PSU's and RSU's) & BOD 2019

December 16, 2024

51.65

For the year ended December 31, 2023

Plan

Grant Date

Share price on measurement date (CHF)

Tax Recognition Plan 2022 & Founders Plan 2021

January 3, 2023

20.84

LTIP 2021 (PSU's and RSU's) & BOD 2019

March 9, 2023

19.87

LTIP 2021 (PSU's and RSU's) & BOD 2019

March 28, 2023

27.34

LTIP 2021 (PSU's and RSU's) & BOD 2019

April 1, 2023

28.34

LTIP 2021 (PSU's and RSU's) & BOD 2019

June 23, 2023

26.72

LTIP 2021 (PSU's and RSU's) & BOD 2019

September 26, 2023

23.81

LTIP 2021 (PSU's and RSU's) & BOD 2019

December 18, 2023

26.52

BOD 2019

March 27, 2023

27.71


Accounting policies			Employees and others providing similar services to On receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). All share-based plans of On have been identified to be equity-settled. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized as personnel expenses, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expenses recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the On’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.


Significant judgments and accounting estimates			PSU's and RSU's granted during the twelve month period ended December 31, 2024 were valued on the basis of the observable share price on grant date. When determining the expense recognition, the expected fluctuation has been set to 10% per annum. The expected fluctuation level was determined by On based on historical fluctuation and management estimates.

Employee benefit obligations

12 Months Ended

Dec. 31, 2024

Disclosure of defined benefit plans [abstract]

Employee benefit obligations

6.2 Employee benefit obligations

On globally maintains different pension plans based on the respective legislation in each country. Current pension arrangements for On employees in Switzerland are made through plans governed by the Swiss Federal Occupational Old Age, Survivors and Disability Pension Act (BVG). These plans are funded by regular employee and employer contributions and are administered by an independent third party. On's estimated contributions for the next reporting period is CHF 4.7 million.

Final benefits are contribution-based with certain minimum guarantees. Due to these minimum guarantees, On’s Swiss plan (excluding the 1e pension plan) is treated as a defined benefit plan for the purpose of these financial statements. The plan is invested in a diversified range of assets in accordance with law, the investment strategy, and the common criteria of an asset and liability management.

All other plans are treated as defined contribution plans. The contributions of those plans are recognized as personnel expenses in the period during which the related services are rendered by employees. Expenses during the year ended December 31, 2024 amounted to CHF 4.5 million (December 31, 2023: CHF 4.1 million).

The result of the Swiss defined benefit plans is summarized in the tables below:

Employee benefit obligations (amount recognized in the consolidated balance sheets)


(CHF in millions)	December 31, 2024	December 31, 2023


Present value of defined benefit obligation	(52.9)	(35.3)
Fair value of plan assets	44.3	33.1
Employee benefit obligations	(8.6)	(2.2)

As of December 31, 2024, the defined benefit obligation has a weighted average duration of 15.7 years (December 31, 2023: 14.7 years). Employee benefit obligations reconcile as follows:


(CHF in millions)	2024	2023


Employee benefit obligations at January 1	(2.2)	(6.3)
Amounts recognized in income statement	(5.3)	(3.8)
Amounts recognized in other comprehensive income	(1.2)	(3.4)
Contributions by the employer	0.2	11.3
Employee benefit obligations at December 31	(8.6)	(2.2)

Amounts recognized in the consolidated statements of income


(CHF in millions)	2024	2023	2022


Current service cost	(5.3)	(3.8)	(3.4)
Past service cost	—	—	0.3

Employee benefit expenses	(5.3)	(3.8)	(3.1)

Remeasurements recognized in equity (other comprehensive income)


(CHF in millions)	2024	2023	2022


Actuarial (losses)/gains from

changes in financial assumptions	(2.5)	(3.6)	6.8
changes in experience adjustments	(2.1)	0.2	(1.3)
Return on plan assets excluding interest income	3.4	—	(1.1)
Net actuarial result from defined benefit plans	(1.2)	(3.4)	4.4

Defined benefit obligation


(CHF in millions)	2024	2023


Present value of defined benefit obligation at January 1	35.3	23.7
Current service cost	5.3	3.8
Contributions by the employees	4.3	3.1
Interest expenses	0.5	0.5

Benefits paid	2.8	0.8
Actuarial losses/(gains) from

changes in financial assumptions	2.5	3.6
changes in experience adjustments	2.1	(0.2)
Present value of defined benefit obligation at December 31	52.9	35.3

Plan assets


(CHF in millions)	2024	2023


Fair value of plan assets at January 1	33.1	17.4
Contributions by the employer	0.2	11.3
Contributions by the employees	4.3	3.1
Interest income	0.5	0.5
Benefits paid	2.8	0.8
Return on plan assets (excluding interest income)	3.4	—
Fair value of plan assets at December 31	44.3	33.1

The plan assets consist of (all with quoted market prices):


	12/31/2024		12/31/2023


Cash and cash equivalents	5.9	%	0.6	%
Debt instruments	21.9	%	28.4	%
Equity instruments	33.5	%	31.5	%
Real estate	21.3	%	23.0	%
Mortgages	3.6	%	—	%
Alternative assets	13.8	%	16.5	%
Total	100.0	%	100.0	%

Principal actuarial assumptions


	12/31/2024		12/31/2023


Discount rate	1.0	%	1.4	%
Expected rate of salary increase	1.0	%	1.5	%
Expected rate of pension increase	0.0	%	0.0	%
Demographic assumptions	BVG 2020 generation table		BVG 2020 generation table

Sensitivity analysis: Impact on defined benefit obligation


(CHF in millions)	12/31/2024	12/31/2023


Discount rate
-0.5%	4.5	2.8
+0.5%	(3.8)	(2.3)
Expected rate of salary increase
-0.5%	(1.2)	(0.6)
+0.5%	0.9	0.7
Life expectancy
-1 year	(0.5)	(0.3)
+1 year	0.5	0.3


Accounting policies			Accounting and reporting of the Swiss defined benefit plans are based on annual actuarial valuations. Defined benefit obligations and service costs are assessed using the projected unit credit method, with the cost of providing pensions charged to the income statement so as to spread the regular cost over the service lives of employees participating in these plans. The pension obligation is measured as the present value of the estimated future outflows using interest rates of government securities, which have terms to maturity approximating the terms of the related liability. Service cost from defined benefit plans are charged to the consolidated statements of income within the selling, general and administrative expenses line item. If the fair value of the plan assets exceeds the present value of the defined benefit obligation, only a net pension asset is recorded, taking account of the asset ceiling. If the present value of the defined benefit obligation exceeds the fair value of the plan assets, only a defined benefit obligation is recorded. The net interest component is calculated by applying the discount rate to the employee benefit obligations (net defined benefit asset or liability) and is recognized in the income statement in the selling, general and administrative expenses line item within the consolidated statements of income. Actuarial gains and losses, resulting from changes in actuarial assumptions and differences between assumptions and actual experiences, are recognized the equity (other comprehensive income) in the period in which they occur.


Significant judgments and accounting estimates			The carrying amounts of defined benefit pension plans are based on actuarial valuations. These valuations are calculated based on statistical data and assumptions about discount rates, expected rates of return on plan assets, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty.

Provisions

12 Months Ended

Dec. 31, 2024

Provisions [abstract]

Provisions

6.3 Provisions


(CHF in millions)	Social charges	Long-service leave	Other	Total










Balance at January 1, 2023	4.3	3.8	4.0	12.1
thereof current	4.3	0.5	0.2	5.0
thereof non-current	—	3.3	3.8	7.2
Additions	5.7	3.2	0.6	9.5
Release	(1.9)	(1.0)	—	(2.9)
Utilization	(1.4)	—	—	(1.4)
Unwinding of discount	—	—	0.1	0.1

Exchange differences	—	(0.2)	(0.1)	(0.3)
Balance at December 31, 2023	6.8	5.8	4.5	17.1
thereof current	6.3	0.7	0.1	7.1
thereof non-current	0.5	5.1	4.3	10.0
Additions	22.9	2.6	3.8	29.3
Release	(1.0)	(0.5)	—	(1.6)
Utilization	(8.2)	—	—	(8.2)
Unwinding of discount	—	—	0.1	0.1

Exchange differences	(0.1)	0.1	0.1	—
Balance at December 31, 2024	20.3	8.0	8.4	36.6
thereof current	20.3	1.0	0.4	21.7
thereof non-current	—	7.0	8.0	14.9

Provisions include social charges, which consider any costs related to local legal requirements related to share-based compensation. Provisions also include the long-service leave provision, which relates to a jubilee bonus to reward long-serving employees. Other primarily relates to provisions for asset retirement obligations, which mainly relates to the dismantling costs for the Zurich headquarters and other retail stores in different locations, and amounts to CHF 5.9 million as of December 31, 2024 (CHF 4.5 million as of December 31, 2023). Other further includes provisions for legal matters, which represent the current best estimate of a probable economic outflow.


Accounting policies			Provisions are recognized when On has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resource will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows. From time to time, we are subject to potential litigation. Provisions for legal matters are recorded when an economic outflow for the legal matter or other dispute is probable and when a reliable estimate of the economic outflow can be made. Provisions for legal matters where an economic outflow is less than probable, or when it is considered probable but cannot be reliably estimated, would be disclosed unless the possibility of an economic outflow is remote.


Significant judgments and accounting estimates			Provisions are based upon best estimates, taking into consideration past experience and currently available information. Given that judgment has to be applied, the actual costs and results may differ from these estimates.

Income taxes

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Income taxes

6.4 Income taxes


(CHF in millions)	2024	2023	2022


Current income taxes	74.0	35.7	38.7
Deferred income taxes	(36.6)	(46.2)	(18.6)
Income tax expense (benefit)	37.4	(10.5)	20.2

The income taxes reflected in the financial statements and the amount calculated at the expected tax rate (starting with On Holding AG's statutory corporate income tax rate in Switzerland) reconcile as follows:


(CHF in millions)	2024			2023			2022


Income before taxes			279.6			69.1			77.9
Expected tax rate / tax expense	19.6	%	54.8	19.7	%	13.6	19.7	%	15.3
Income taxed at different tax rate(1)(2)	0.5	%	1.4	(1.8)	%	(1.3)	2.0	%	1.5
Non-deductible expenses	3.1	%	8.8	10.3	%	7.1	9.2	%	7.2
Non-taxable income and tax incentives	(4.0)	%	(11.1)	(22.4)	%	(15.5)	(9.5)	%	(7.4)
Effects of (de-)recognition of tax losses	(0.2)	%	(0.6)	(2.4)	%	(1.7)	2.9	%	2.2
Effects of tax rate changes (1)(2)	(0.1)	%	(0.2)	0.7	%	0.5	—	%	—
Prior year adjustments (1)(3)	(0.9)	%	(2.6)	(20.5)	%	(14.2)	1.9	%	1.5

Other effects(1)(3)	(4.7)	%	(13.3)	1.3	%	0.9	(0.3)	%	(0.2)
Effective tax rate / income tax expense (benefit)	13.4	%	37.4	(15.1)	%	(10.5)	25.9	%	20.2

(1) The Company reclassified prior year comparative amounts to conform with current year presentation in the table above. This change in presentation did not have any impact on the Company's results of operations, financial condition, or any other financial statements.

(2) Prior year line item "local actual tax rate different to On's" has been broken out into the two line items ”Income taxed at different tax rate” and “Effects of tax rate changes.”

(3) Prior year line item "Prior year adjustments and other items, net" has been broken out into the two line items "Prior year adjustments” and “Other effects.” Other effects impact in 2024 is due to deferred income tax impacts on elimination of intercompany profits in inventory.

In 2024, the effective tax rate was 13.4%, the effective tax rate in 2023 was (15.1)%. The increase is due to a lower effectiveness of the Swiss tax incentives in fiscal year 2024 compared to fiscal year 2023, certain prior-year tax deductions in the fiscal year 2023 (one-time impact), and deferred income tax impacts on elimination of intercompany profits in inventory.

Change of net deferred tax assets and liabilities:


(CHF in millions)	2024	2023


Net amount at January 1	59.1	13.9
thereof deferred tax assets	69.5	31.7
thereof deferred tax liabilities	(10.5)	(17.9)
Taxes charged
to income statement	36.6	46.2
to other comprehensive income	0.1	0.7
Exchange differences	1.3	(1.6)
Net amount at December 31	97.1	59.1
thereof deferred tax assets	107.8	69.5
thereof deferred tax liabilities	(10.8)	(10.5)

Deferred tax assets and liabilities relate to the following items:


	12/31/24					12/31/23
(CHF in millions)	Assets	Liabilities	Net amount	Assets	Liabilities	Net amount



Inventories	81.5	(9.9)	71.6	50.1	(8.0)	42.0

Property, plant and equipment	0.3	(6.2)	(5.9)	0.1	(0.1)	0.1
Right-of-use assets	—	(50.6)	(50.6)	—	(6.2)	(6.2)
Intangible assets	—	(2.9)	(2.9)	—	(3.0)	(3.0)
Other current financial liabilities	46.7	—	46.7	1.1	(0.1)	1.0
Other current operating liabilities	17.2	(0.7)	16.5	17.2	(2.6)	14.6



Other non-current financial liabilities	12.8	—	12.8	6.2	—	6.2
Tax loss and tax credit carryforwards	4.6	—	4.6	3.6	—	3.6
Other assets and liabilities(1)(2)	5.3	(1.2)	4.1	1.7	(1.0)	0.7
Deferred tax assets (liabilities)	168.5	(71.4)	97.1	80.0	(21.0)	59.1
Offsetting	(60.6)	60.6	—	(10.5)	10.5	—
Deferred tax assets (liabilities) on balance sheet	107.8	(10.8)	97.1	69.5	(10.5)	59.1

(1) The Company reclassified prior year comparative amounts to conform with current year presentation in the table above. This change in presentation did not have an impact on the Company’s results of operations, financial condition, or any of the other financial statements.

(2) Prior year line items "Trade receivables," "Other current assets," "Current provisions," "Employee benefit obligations" and "Non-current provisions" were condensed into new line item "Other assets and liabilities."

Pillar Two income tax disclosure

In December 2021, the OECD published key parameters and model rules on a global minimum tax rate of 15% (Pillar Two) for multinational enterprises with revenue of more than EUR 750 million. Many jurisdictions in which we are subject to income taxes, global minimum tax rules have been enacted, or substantively enacted, which can impose detailed reporting obligations and increase compliance and systems-related costs on our businesses. In Switzerland, where the company is headquartered, the enacted legislation includes the introduction of a Qualified Domestic Top-up Tax effective January 1, 2024, as well as the income inclusion rule effective January 1, 2025.

We have applied the temporary exception issued by the IASB in May 2023 from the accounting requirements for deferred taxes in IAS 12. Accordingly, we neither recognize nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.

As an integral part of the rule set, the OECD has published transitional Country-by-Country Report ("CbCR") Safe Harbor rules, with the purpose to remove the obligation of calculating the Pillar Two effective tax rate for operations in lower-risk jurisdictions during the initial years when the rules take effect. In applying the transitional CbCR Safe Harbor rules on the 2024 consolidated financial statements, all jurisdictions in which we operate, to the extent such jurisdictions have implemented the OECD rules, qualify for the transitional CbCR Safe Harbor rules.

We are continuing to assess the impact of the Pillar Two income taxes legislation on our financial performance.


Accounting policies			Income taxes include all current and deferred taxes which are based on income. Taxes which are not based on income, such as taxes on wealth and capital, are recorded as other operating expenses. Where the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Deferred tax is recorded on the valuation differences (temporary differences) between the tax bases of assets and liabilities and their carrying values in the consolidated balance sheet. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the temporary differences and tax losses can be offset. Deferred income tax liabilities are provided for on taxable temporary differences arising from investments in subsidiaries, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by On and it is probable that the temporary difference will not reverse in the foreseeable future. Current and deferred tax assets and liabilities are offset whenever they relate to the same taxing authority and taxable entity.


Significant judgments and accounting estimates			On is subject to income taxes in numerous jurisdictions and significant judgment is required in determining the worldwide provision for income taxes. The multitude of transactions and calculations implies estimates and assumptions. On recognizes liabilities on the basis of amounts expected to be paid to the tax authorities. Deferred tax assets relate to deductible differences and, in certain cases, tax loss carry forwards, provided that their utilization appears probable. The recoverable value is based on forecasts of the corresponding taxable On entity over a period of several years. The capitalized tax loss carryforwards are essentially related to companies with transfer price arrangements in place, which will lead to a profit before tax. Therefore, the assumption is that the entities can use the tax losses. As actual results may differ from these forecasts, the deferred tax assets may need to be adjusted accordingly.

Related parties

12 Months Ended

Dec. 31, 2024

Related parties

6.5 Related parties

A legal or natural person is related to an On entity if the party directly or indirectly controls, is controlled by, or is under common control with the entity, has an interest in the entity that gives it significant influence over the entity, has joint control over the entity or is an associate or a joint venture of the entity.

On has identified the following related parties:

•Executive officers

•Members of the Board of Directors of On

•Shareholders that have significant influence by delegating a member into the Board of Directors of On

In 2024, total share-based compensation of the non-executive members of the Board of Directors of On amounts to CHF 1.2 million (2023: CHF 1.1 million, 2022: CHF 0.5 million).

There were no further transactions with related parties for the relevant financial years except for the following transactions with the five members of On’s executive team:


(CHF in millions)	2024	2023	2022


Short-term employee benefits	3.4	4.2	2.1
Post-employment benefits	1.1	0.3	1.8
Share-based compensation	13.8	13.8	15.1
On Executive Team	18.2	18.3	19.0

Events after the balance sheet date	12 Months Ended
Events after the balance sheet date	Dec. 31, 2024
Disclosure of non-adjusting events after reporting period [abstract]
Events after the balance sheet date	6.6 Events after the balance sheet date There were no material events after the balance sheet date

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company has cybersecurity risk management processes in place to identify, assess, and manage material risks from cybersecurity threats to protect the confidentiality, integrity, and availability of our IT systems and information. The Company’s risk assessment process also includes an established process of due diligence for third-party suppliers, assessing potential privacy and security risks occurring both before and after integration. Our cybersecurity risk management process is part of the Company’s overall enterprise risk management ("ERM") process. We engaged an independent IT auditor to perform a cybersecurity assessment based on the National Institute of Standards and Technology cybersecurity framework. We continue to engage IT consultants to perform independent IT security assessments of our key IT assets inclusive of web application and network infrastructure. The Company also performs continuous bug bounty programs focused on identifying and rectifying vulnerabilities on our key applications and has a centralized identity and provisioning management system and employees are assessed and trained on a monthly basis via the performance of phishing simulations to provide “experiential learning” on how to recognize phishing attempt. We also manage employee devices through a centralized Mobile Device Management ("MDM"), allowing us to secure and enforce policies within our network. MDM solutions also allow the Company to remotely configure settings, deploy apps, enforce security protocols, and monitor device usage. Employee devices are also protected against malicious activities and threats. Additionally, our engineering teams leverage advanced security tools to identify and address potential security issues during the build and deployment process. While On maintains cybersecurity insurance, coverage may not fully mitigate all financial impacts associated with cybersecurity threats or disruptions. While prior incidents have not materially affected our business strategy, results of operations or financial condition, and although our processes are designed to help prevent, detect, respond to, and mitigate the impact of such incidents, there is no guarantee that a future cybersecurity incident would not materially affect our business strategy, results of operations or financial conditions For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our Company, including our business strategy, results of operations, or financial condition, refer to Item 3.D, "Risk Factors," in this Annual Report, including the risk factor titled “A security breach, including a cybersecurity incident or other disruption to our IT systems could result in adverse effects on the confidentiality, integrity, or availability of our IT systems or any information residing therein, including the loss, theft, misuse, unauthorized disclosure, or unauthorized access of customer, supplier, or sensitive company information or could disrupt our operations. Such cybersecurity threats could damage our relationships with customers, suppliers or employees, expose us to litigation or regulatory proceedings, or harm our reputation, any of which could materially adversely affect our business strategy, financial condition or results of operations.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company has cybersecurity risk management processes in place to identify, assess, and manage material risks from cybersecurity threats to protect the confidentiality, integrity, and availability of our IT systems and information. The Company’s risk assessment process also includes an established process of due diligence for third-party suppliers, assessing potential privacy and security risks occurring both before and after integration. Our cybersecurity risk management process is part of the Company’s overall enterprise risk management ("ERM") process.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	While every individual at the Company contributes to managing cybersecurity risks, our board of directors is responsible for overseeing our ERM activities, including material risks related to cybersecurity threats. The board of directors receives an update on the Company’s ERM process and the risk trends related to cybersecurity at least annually. To help ensure effective oversight, the board of directors also receives reports on information security and cybersecurity from the Chief Technology Officer ("CTO") periodically throughout the year. On's CTO is responsible for the assessment and management of material risks from cybersecurity threats, sits on the Company's senior leadership board and reports directly to our Co-CEO, CFO. The Company's information security function, which reports directly to our CTO, performs ongoing assessments to identify and mitigate cybersecurity threats. Our information security function has the required expertise with cybersecurity, as demonstrated by prior work experience, possession of a cybersecurity certification or degree, or other cybersecurity experience. The CTO and information security function also monitor the prevention, detection, and remediation of cybersecurity incidents and work closely with the Company's ERM team to ensure a consistent risk management process. This includes periodic reporting to the extended founder team, board of directors, and to the Company's group reporting team when any cybersecurity incidents identified are deemed material.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	While every individual at the Company contributes to managing cybersecurity risks, our board of directors is responsible for overseeing our ERM activities, including material risks related to cybersecurity threats. The board of directors receives an update on the Company’s ERM process and the risk trends related to cybersecurity at least annually.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	To help ensure effective oversight, the board of directors also receives reports on information security and cybersecurity from the Chief Technology Officer ("CTO") periodically throughout the year.
Cybersecurity Risk Role of Management [Text Block]	On's CTO is responsible for the assessment and management of material risks from cybersecurity threats, sits on the Company's senior leadership board and reports directly to our Co-CEO, CFO. The Company's information security function, which reports directly to our CTO, performs ongoing assessments to identify and mitigate cybersecurity threats. Our information security function has the required expertise with cybersecurity, as demonstrated by prior work experience, possession of a cybersecurity certification or degree, or other cybersecurity experience. The CTO and information security function also monitor the prevention, detection, and remediation of cybersecurity incidents and work closely with the Company's ERM team to ensure a consistent risk management process. This includes periodic reporting to the extended founder team, board of directors, and to the Company's group reporting team when any cybersecurity incidents identified are deemed material.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	CTO
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our information security function has the required expertise with cybersecurity, as demonstrated by prior work experience, possession of a cybersecurity certification or degree, or other cybersecurity experience
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CTO and information security function also monitor the prevention, detection, and remediation of cybersecurity incidents and work closely with the Company's ERM team to ensure a consistent risk management process. This includes periodic reporting to the extended founder team, board of directors, and to the Company's group reporting team when any cybersecurity incidents identified are deemed material.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

New and amended standards and interpretations (Policies)	12 Months Ended
	Dec. 31, 2024
Disclosure of expected impact of initial application of new standards or interpretations [abstract]
Basis of consolidation	These annual consolidated financial statements (the "financial statements”) have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") (the “IFRS Accounting Standards”) and present the financial position and the results of operations of On.
Statement of IFRS compliance	The financial statements of On •have been prepared in accordance with IFRS Accounting Standards,
Oniverse	“Oniverse” represents the legal group structure of the On. Entities are fully consolidated from the date on 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.
Net sales	Revenue is measured based on the consideration to which On expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. On recognizes revenue when it transfers control of a product to a customer. Consideration promised in On’s contracts with customers is variable due to anticipated reductions from sales returns, discounts and volume rebates. Refer below for relevant judgments and accounting estimates related to sales returns. Limited judgments and estimates are not required when recognizing revenue on contracts containing discounts and volume rebates as the reduction in revenue is largely known by year end. On sells innovative premium performance sports products through its Wholesales (WHS) and Direct-to-Consumer (DTC) sales channels. Sales within the WHS sales channel For sales of goods to the wholesale channel, revenue is recognized when On transfers control of the product to the wholesale partner. A receivable is recognized by On when the goods are delivered to the wholesale partner as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. Payment terms for wholesale transactions depend on the country of sale or agreement with the customer and payment is generally required within 30 to 90 days or less of shipment to, or receipt by the wholesale partner. An estimated refund liability (other current financial liabilities) and a corresponding adjustment to revenue is recognized for the products expected to be returned. At the same time, On has a right to recover the product so consequently recognizes a right to returned goods (other current operating assets) and a corresponding adjustment to cost of sales. On has several consignment arrangements with wholesale partners whereby control of the goods is retained by On. For such arrangements, revenue is recognized when the goods have been sold by the wholesale partner to the final consumer. Sales within the DTC sales channel For sales of goods to end consumers and retail customers, revenue is recognized when control of the goods has transferred, which is typically upon shipment for e-commerce customers or at the point the customer purchases the goods at the retail store. Payment of the transaction price is due immediately at the point the customer purchases the goods. At the point when the control of goods has transferred, a refund liability (other current financial liabilities) and a corresponding adjustment to revenue is recognized for those products expected to be returned. At the same time, On has a right to recover the product when customers exercise their right of return so consequently recognizes a right to returned goods (other current operating assets) and a corresponding adjustment to cost of sales. Estimation is required to determine the expected amount On will be entitled to receive in connection with anticipated sales returns. Estimates of sales returns are based on (1) accumulated historical experience within the respective geographical markets, and (2) specific identification of estimated sales returns not yet finalized with customers. Actual returns in any future period are inherently uncertain and thus may differ from estimates recorded. If actual or expected future returns were significantly greater or lower than the refund liability established, a reduction or increase to net sales would be recorded in the period in which such determination was made.
Trade receivables	Trade receivables are amounts due from customers for products sold during the ordinary course of business. Trade receivables represent On’s right to an amount of consideration that is unconditional and only a passage of time is required before payment of the consideration is due. Trade receivables are initially recorded at original invoice amount and subsequently measured at amortized cost less the credit loss allowance. The credit loss allowance represents our estimate of individually impaired trade receivables as well as expected credit losses on trade receivables that are not individually impaired. Trade receivables are written off when there is no reasonable expectation of recovery, and the charges to the income statement are included in the selling, general and administrative expenses line item within the consolidated statements of income. The Company makes ongoing estimates regarding the collectability of trade receivables. The expected credit loss allowance considers historical loss rates per region and forward-looking quantitative and qualitative information, such as the global economy outlook (real GDP growth). Appraisals and data used by the internal planning department are also taken into consideration. Individual write-offs (partially or fully) on trade receivables are considered within the expected credit loss allowance when there are objective indications for missing collectability such as legal procedures, insolvency or bankruptcy.
Inventories	Inventories include finished goods purchased from third parties. Cost of inventories include expenditures incurred in acquiring the products and bringing them to their current location and condition. Subsequent measurement of the inventory items is made at the lower of cost or net realizable value. Net realizable value is the estimated selling price of each specific item in the ordinary course of business less freight and selling expenses. If the net realizable value is below the cost, an allowance is recognized for the remaining items on stock. On regularly assesses its inventory for excess, obsolescence, and impairment to determine write-downs to the lower of cost or net realizable value.
Property, plant and equipment	Property, plant and equipment ("PPE") is stated at purchase cost less accumulated depreciation and any impairment losses. Leasehold improvements include costs incurred to enhance and expand offices, own retail stores and showrooms within the feasibility of the respective lease agreement. Depreciation is calculated on a straight-line basis over the expected useful life of the individual assets or asset categories: •Leasehold improvements: 3 to 8 years •Trade tools (e.g. point-of-sale and exhibition installations): 3 years •Production tools (e.g. molds at the factory sites): 2 years •Furniture and fixtures: 5 to 8 years •Other: 3 to 8 years At each reporting date, the residual values, useful lives and method of depreciation 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 (being the higher of fair value less cost of disposal or value in use) of the individual asset is determined. If the recoverable amount is lower than the carrying amount, an impairment loss is recognized. PPE is 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.
Right-of-use assets	On leases storage space, various offices, retail stores (including pop-ups), showrooms and cars. At inception of a contract, On assesses whether it is a lease or contains a lease component. A right-of-use asset and a lease liability is recognized at the lease commencement date considering any relevant contractual condition. Short-term leases with a lease term of 12 months or less and low-value leases are recognized as an expense in the income statement on a straight-line basis over the lease term. The right-of-use asset is initially measured at cost and, subsequently, at cost less accumulated depreciation and impairment losses as well as certain lease liability remeasurements. These costs comprise discounted and unpaid lease payments adjusted by initial direct cost, prepaid expenses, dismantling cost, and lease incentives received. Depreciation is calculated on a straight-line basis over the shorter of the assets or asset categories’ useful life and the respective lease term: •Storage: 2 to 11 years •Offices: 2 to 14 years •Stores and showrooms: 1 to 10 years •Cars: 1 to 4 years The lease liability is initially measured at the present value of any lease payments that are not paid at the commencement date and are discounted using the interest rate implicit in the lease, if that rate can be readily determined, otherwise On’s incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by the lease payments made. It is remeasured when there is a change in an input parameter or in the underlying estimates and assessments. On uses judgment to determine the lease term for some lease contracts which include extension and or termination options. The assessment of whether On is reasonably certain to exercise such options impacts the lease term which significantly affects the amount of right-of-use assets and lease liabilities recognized. A reassessment only happens when a significant event or change in circumstance occurs that is within the control of On and affects whether it is reasonably certain to exercise an option. Furthermore, lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If the rate implicit in the leases is not readily determinable, On uses the company's incremental borrowing rate, adjusted to reflect the contract currency-specific risk, and the lease term.
Intangible assets	Intangible assets acquired are valued at purchase cost less accumulated amortization and any impairment in value. Within software, On capitalizes certain IT development costs, if 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: 4 years •IT development costs capitalized: 4 years For capitalized IT development costs, amortization starts when the asset is ready for use. Capitalized IT 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. On uses judgment to determine commercial and technical feasibility when capitalizing certain IT 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 calculated using the relief from royalty method, based on royalty data for comparable license agreements and businesses in the sporting goods and sports apparel sector. When determining the fair value, a discount rate of 9.3% was used. The entity approach in terms of the weighted average cost of capital was applied. The saved license expenses (after tax) where calculated based on the estimated revenue multiplied with the relevant royalty rate. 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 significantly impacted by the 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.
Cash and cash equivalents	Cash and cash equivalents include short-term highly liquid assets with a maturity of three months or less. On measures cash and cash equivalents at amortized costs. On does not recognize any credit impairment losses on these assets as the related credit risk is considered to be insignificant due to their short-term maturity and the external counterparties’ credit ratings.
Other current financial assets	On’s financial assets include cash and cash equivalents, trade receivables, and other current financial assets, which initially are recognized at fair value. Depending on the business model for managing these assets and the contractual terms of the resulting cash flows, On classifies financial assets as follows: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in financial result. Any gain or loss arising on derecognition is recognized directly in the income statement. Assets that do not meet the criteria above for amortized cost are measured at fair value through profit and loss. Any gain or loss on these assets is recognized immediately in the income statement.
Financial liabilities	On’s financial liabilities include trade payables, current and non-current lease liabilities, other current and non-current financial liabilities, which are initially recognized at fair value. Subsequently, financial liabilities are measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in the income statement. A financial liability is only classified at fair value through profit or loss if it is a derivative. Financial liabilities are derecognized when the contractual obligations are discharged, cancelled, or expired.
Foreign exchange translation	On’s consolidated financial statements are presented in CHF, which is On’s presentation currency. On determines the functional currency of each individual entity based on the primary economic environment in which the entity operates (normally the local currency). The financial statements of each individual entity are measured using that functional currency. Foreign currency transactions are translated into the respective functional currency using the average monthly exchange rate of the month in which the transaction occurred. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate at the reporting date. The resulting exchange differences are recorded in the local income statements of the group entity and included in the financial result. Foreign currency exchange differences arising from intercompany receivables or payables relating to foreign operations, the settlement of which is neither planned nor likely to occur in the foreseeable future, are considered to form part of net investment in foreign operations and are recognized in the foreign currency translation effect reserve. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the historical exchange rate. The group entities’ foreign currency financial statements are translated into On’s presentation currency CHF as follows: •Assets and liabilities for each balance sheet presented are translated at the closing exchange rates at the reporting date. •Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates. •All resulting foreign currency translation effect are recognized in other comprehensive income in equity. •On disposal of a group entity, the related cumulative translation adjustment is transferred from equity to the income statement.
Share-based compensation	Employees and others providing similar services to On receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). All share-based plans of On have been identified to be equity-settled. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized as personnel expenses, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expenses recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the On’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. PSU's and RSU's granted during the twelve month period ended December 31, 2024 were valued on the basis of the observable share price on grant date. When determining the expense recognition, the expected fluctuation has been set to 10% per annum. The expected fluctuation level was determined by On based on historical fluctuation and management estimates.
Employee benefit obligations	Accounting and reporting of the Swiss defined benefit plans are based on annual actuarial valuations. Defined benefit obligations and service costs are assessed using the projected unit credit method, with the cost of providing pensions charged to the income statement so as to spread the regular cost over the service lives of employees participating in these plans. The pension obligation is measured as the present value of the estimated future outflows using interest rates of government securities, which have terms to maturity approximating the terms of the related liability. Service cost from defined benefit plans are charged to the consolidated statements of income within the selling, general and administrative expenses line item. If the fair value of the plan assets exceeds the present value of the defined benefit obligation, only a net pension asset is recorded, taking account of the asset ceiling. If the present value of the defined benefit obligation exceeds the fair value of the plan assets, only a defined benefit obligation is recorded. The net interest component is calculated by applying the discount rate to the employee benefit obligations (net defined benefit asset or liability) and is recognized in the income statement in the selling, general and administrative expenses line item within the consolidated statements of income. Actuarial gains and losses, resulting from changes in actuarial assumptions and differences between assumptions and actual experiences, are recognized the equity (other comprehensive income) in the period in which they occur. The carrying amounts of defined benefit pension plans are based on actuarial valuations. These valuations are calculated based on statistical data and assumptions about discount rates, expected rates of return on plan assets, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty.
Provisions	Provisions are recognized when On has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resource will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows. From time to time, we are subject to potential litigation. Provisions for legal matters are recorded when an economic outflow for the legal matter or other dispute is probable and when a reliable estimate of the economic outflow can be made. Provisions for legal matters where an economic outflow is less than probable, or when it is considered probable but cannot be reliably estimated, would be disclosed unless the possibility of an economic outflow is remote. Provisions are based upon best estimates, taking into consideration past experience and currently available information. Given that judgment has to be applied, the actual costs and results may differ from these estimates.
Income taxes	Income taxes include all current and deferred taxes which are based on income. Taxes which are not based on income, such as taxes on wealth and capital, are recorded as other operating expenses. Where the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Deferred tax is recorded on the valuation differences (temporary differences) between the tax bases of assets and liabilities and their carrying values in the consolidated balance sheet. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the temporary differences and tax losses can be offset. Deferred income tax liabilities are provided for on taxable temporary differences arising from investments in subsidiaries, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by On and it is probable that the temporary difference will not reverse in the foreseeable future. Current and deferred tax assets and liabilities are offset whenever they relate to the same taxing authority and taxable entity.On is subject to income taxes in numerous jurisdictions and significant judgment is required in determining the worldwide provision for income taxes. The multitude of transactions and calculations implies estimates and assumptions. On recognizes liabilities on the basis of amounts expected to be paid to the tax authorities. Deferred tax assets relate to deductible differences and, in certain cases, tax loss carry forwards, provided that their utilization appears probable. The recoverable value is based on forecasts of the corresponding taxable On entity over a period of several years. The capitalized tax loss carryforwards are essentially related to companies with transfer price arrangements in place, which will lead to a profit before tax. Therefore, the assumption is that the entities can use the tax losses. As actual results may differ from these forecasts, the deferred tax assets may need to be adjusted accordingly.

Oinverse (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of subsidiaries [abstract]

Disclosure of Subsidiaries


		Equity interest
Entity	Domicile	12/31/2024	12/31/2023
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.	Dover, DE, USA	100%	100%
On Europe AG	Zurich, CH	100%	100%











On Experience 1-12, LLC(1)	Delaware, USA(1)	100%	100%
On Hong Kong Limited	Hong Kong, SAR of CN	100%	100%
On Inc.	Portland, OR, 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 Sports Products (Shanghai) Company Ltd.	Shanghai, CN	100%	100%
On Running UK Ltd.	London, UK	100%	100%
On Services UK Ltd.	London, UK	100%	0%
On Vietnam Co. Ltd.	Ho Chi Minh City, VN	100%	100%
Brunner Mettler GmbH	Zurich, CH	100%	100%

(1) On Experience 1-12, LLC consists of twelve entities (retail stores). They are all 100% owned as of December 31, 2024 and are all 100%

owned as of December 31, 2023, excluding On Experience 9-12, LLC entities, which were —% owned as of December 31, 2024 (entities did

not exist as of December 31, 2023).

New and amended standards and interpretations (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

Disclosure of Initial application of Standards or Interpretations

Description

Standard Reference

IASB Effective Date

Classification of Liabilities as Current or Non-current

Amendments to IAS 1

January 1, 2024

Non-current Liabilities with Covenants

Amendments to IAS 1

January 1, 2024

Supplier Finance Arrangements

Amendments to IAS 7 and IFRS 7

January 1, 2024

Sale and Leaseback Transactions

Amendment to IFRS 16

January 1, 2024

New and amended standards and interpretations

On is currently assessing the adoption of the standards listed below (excluding "Amendments to IAS 21") and has not applied any of the following new and revised IFRS Accounting Standards that have been issued by the IASB but are not yet effective. On does not expect Amendments to IAS 21 to have a material impact on the Company`s consolidated financial statements and disclosures.

Description

Standard Reference

IASB Effective Date

The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability

Amendments to IAS 21

January 1, 2025

Amendments to the Classification and Measurement of Financial Instruments

Amendments to IFRS 9 and IFRS 7

January 1, 2026

Presentation and Disclosure in Financial Statements

IFRS 18

January 1, 2027

IFRS 18 – Presentation and Disclosures in Financial Statements that will replace International Accounting Standards ("IAS") 1 – Presentation of Financial Statements from its effective date, was issued on April 9, 2024 by the IASB. IFRS 18 introduces new requirements for information presented in the primary financial statements and disclosed in the notes. The accounting standard introduces three new defined categories for income and expenses - operating, investing and financing, and requires all companies to provide certain new defined subtotals. IFRS 18 also requires companies to disclose explanations of company-specific measures that are related to the income statement, referred to as management-defined performance measures. Moreover, the accounting standard sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes and requires companies to provide more transparency about operating expenses. IFRS 18 will be retroactively effective for annual reporting periods beginning on or after January 1, 2027, but early adoption is permitted. On is evaluating the impact of IFRS 18 on the Company's financial statements and disclosures.

Net sales (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of disaggregation of revenue from contracts with customers [abstract]

Disclosure of Net Sales

Net sales by sales channels:


	Year ended December 31,
(CHF in millions)	2024	2023	2022


Wholesale	1,375.5	1,120.3	777.0
Direct-to-Consumer	942.8	671.8	445.1
Net sales	2,318.3	1,792.1	1,222.1

Net sales by product groups:


	Year ended December 31,
(CHF in millions)	2024	2023	2022


Shoes	2,199.6	1,711.4	1,167.5
Apparel	101.0	68.9	47.3
Accessories	17.7	11.8	7.4

Net sales	2,318.3	1,792.1	1,222.1

Net sales by geographic regions (based on location of customers):


	Year ended December 31,
(CHF in millions)	2024	2023	2022


Americas	1,480.3	1,162.2	763.8
thereof the United States	1,367.7	1,082.1	718.5
Europe, Middle East and Africa	577.8	488.7	378.1
thereof Switzerland	38.7	46.0	51.5
Asia-Pacific	260.2	141.1	80.2

Net sales	2,318.3	1,792.1	1,222.1

Net sales by geographic regions as previously reported:


						Year ended December 31,
(CHF in millions)						2022


Europe						354.3
thereof Switzerland						51.5
North America						738.5
Asia-Pacific						80.2
Rest of world						49.1
Net Sales						1,222.1

Segment information (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of operating segments [abstract]

Disclosure of Operating Segments

The following table reports the carrying amount of On’s non-current assets by geographic area:


(CHF in millions)	12/31/2024	12/31/2023


Europe, Middle East and Africa	273.7	270.4
thereof Switzerland	194.1	242.6
Americas	196.6	144.3
thereof the United States	195.1	142.2
Asia-Pacific	38.9	27.1

Non-current assets	509.2	441.7

Selling, general and administrative expenses (Tables)

12 Months Ended

Dec. 31, 2024

Analysis of income and expense [abstract]

Schedule of Selling, General and Administrative Expenses


	Year ended December 31,
(CHF in millions)	2024	2023	2022


Distribution expenses	(288.3)	(239.5)	(151.0)
Selling expenses	(168.2)	(133.3)	(85.5)
Marketing expenses	(276.6)	(195.8)	(130.2)
Share-based compensation	(71.5)	(31.8)	(33.8)
General and administrative expenses	(389.5)	(286.6)	(199.3)
Selling, general and administrative expenses	(1,194.2)	(887.0)	(599.8)

The increase in marketing expenses is in line with the higher net sales, with additional increases primarily due to higher marketing spend on upper funnel brand building initiatives and brand partnerships. The overall increase in general and administrative expenses are in line with the higher net sales, with additional increases primarily due to higher expenses for software related projects and higher personnel related expenses. The overall increase in share-based compensation was driven by grants issued during fiscal years 2024 and 2023 as well as increased provisions for equity related social charges.

Trade receivables (Tables)

12 Months Ended

Dec. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Schedule of Trade Receivables


(CHF in millions)	12/31/2024	12/31/2023


Not yet due	182.2	158.8
Past due 1 - 90 days	58.5	42.2
Past due 91 - 180 days	5.4	8.0
Past due > 181 days	10.8	9.1
Gross Carrying Amount	257.0	218.1



Expected credit loss	(10.7)	(13.3)
Trade receivables	246.2	204.8


(CHF in millions)	12/31/2024	12/31/2023


Credit cards	12.7	16.4
Deposits	18.1	14.6

Other current financial assets	25.5	3.2
Other current financial assets at amortized cost	56.4	34.2

Other current financial assets at fair value through profit and loss	—	—
Total other current financial assets	56.4	34.2

Schedule of Allowance for Credit Loss

The expected credit loss allowance for trade receivables reconciles as follows:


(CHF in millions)	2024	2023


Expected credit loss at January 1	13.3	9.1
Income statement (release) / addition for the year	(2.7)	4.6
Exchange Difference	0.1	(0.4)
Expected credit loss at December 31(1)	10.7	13.3

(1) As of December 31, 2024, the individual loss allowance amounted to CHF 9.6 million (December 31, 2023: CHF 12.6 million).

Inventories (Tables)

12 Months Ended

Dec. 31, 2024

Inventories [Abstract]

Schedule of Inventories


(CHF in millions)	12/31/2024	12/31/2023


Shoes	371.7	321.4
Apparel	65.8	34.5
Accessories	12.5	8.0

Allowances	(30.8)	(7.4)

Inventories(1)	419.2	356.5

(1) Inventories are comprised of finished goods.

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of detailed information about property, plant and equipment [abstract]

Schedule of Property, Plant and Equipment


(CHF in millions)	Leasehold improvements	Trade tools	Production equipment	Furniture and fixtures	Other	Total


Cost as of January 1, 2023	49.7	10.7	12.9	13.5	11.0	97.8
Accumulated Depreciation as of January 1, 2023	(5.0)	(5.4)	(5.3)	(1.4)	(3.4)	(20.6)
Net book value as of January 1, 2023	44.7	5.3	7.5	12.1	7.6	77.2

Twelve month period ended December 31, 2023
Opening net book value	44.7	5.3	7.5	12.1	7.6	77.2
Additions	15.1	3.8	8.8	7.4	7.7	42.8


Disposals	(0.3)	—	—	(0.1)	(0.1)	(0.5)
Depreciation	(7.4)	(2.5)	(7.0)	(2.1)	(2.9)	(21.9)


Exchange difference	(2.5)	(0.4)	—	(0.8)	(0.3)	(4.0)
Net book value as of December 31, 2023	49.6	6.1	9.4	16.5	11.9	93.6

Cost as of December 31, 2023	61.2	13.6	21.7	19.9	18.1	134.5
Accumulated Depreciation as of December 31, 2023	(11.6)	(7.5)	(12.3)	(3.4)	(6.2)	(41.0)
Net book value as of December 31, 2023	49.6	6.1	9.4	16.5	11.9	93.6





Twelve month period ended December 31, 2024
Opening net book value	49.6	6.1	9.4	16.5	11.9	93.6
Additions	35.1	0.9	10.7	11.2	7.2	65.1


Disposals	(0.5)	—	—	(0.2)	(0.1)	(0.7)

Depreciation	(14.1)	(2.9)	(8.4)	(4.0)	(3.6)	(33.1)


Exchange difference	1.5	0.2	—	0.6	—	2.3
Net book value as of December 31, 2024	71.7	4.3	11.8	24.1	15.4	127.2

Cost as of December 31, 2024	97.3	14.9	32.4	31.5	25.0	201.2
Accumulated Depreciation as of December 31, 2024	(25.7)	(10.6)	(20.7)	(7.4)	(9.6)	(74.0)
Net book value as of December 31, 2024	71.7	4.3	11.8	24.1	15.4	127.2

Right-of-use assets and lease liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of quantitative information about right-of-use assets [abstract]

Schedule of Right-of-use Assets


(CHF in millions)	Storage	Stores & showrooms	Offices	Cars	Total


Cost as of January 1, 2023	28.7	45.6	111.0	7.4	192.7
Accumulated Depreciation as of January 1, 2023	(11.9)	(7.7)	(16.8)	(4.6)	(41.1)
Net book value as of January 1, 2023	16.8	37.9	94.2	2.8	151.6

Twelve month period ended December 31, 2023
Opening net book value	16.8	37.9	94.2	2.8	151.6
Lease modification	(2.1)	3.3	0.7	—	2.0
Additions	66.0	27.1	8.0	2.3	103.4


Disposals	(0.1)	—	—	(0.3)	(0.4)
Depreciation	(11.8)	(9.2)	(10.0)	(1.9)	(32.9)


Exchange Difference	(3.3)	(4.1)	(2.1)	(0.2)	(9.8)
Net book value as of December 31, 2023	65.3	55.1	90.8	2.8	214.0

Cost as of December 31, 2023	87.5	70.5	116.9	8.1	283.1
Accumulated Depreciation as of December 31, 2023	(22.1)	(15.4)	(26.1)	(5.4)	(69.1)
Net book value as of December 31, 2023	65.3	55.1	90.8	2.8	214.0





Twelve month period ended December 31, 2024
Opening net book value	65.3	55.1	90.8	2.8	214.0
Lease modification	0.1	4.4	1.9	—	6.4
Additions	57.4	76.2	18.7	1.4	153.8


Disposals	—	(0.2)	—	(0.1)	(0.2)
Depreciation	(28.0)	(19.3)	(11.6)	(1.8)	(60.8)


Exchange Difference	5.8	3.1	1.3	—	10.3
Net book value as of December 31, 2024	100.7	119.4	101.1	2.5	323.6

Cost as of December 31, 2024	152.8	154.4	139.1	9.6	455.9
Accumulated Depreciation as of December 31, 2024	(52.1)	(35.0)	(38.0)	(7.1)	(132.3)
Net book value as of December 31, 2024	100.7	119.4	101.1	2.5	323.6

Reconciliation of lease liabilities:



(CHF in millions)	2024	2023


Lease liability balance at January 1,	228.9	160.5
thereof current	38.7	21.6
thereof non-current	190.3	138.8

Payments	(51.3)	(25.4)
Interest expenses paid	(15.2)	(6.4)
Disposals	(0.2)	(0.3)
Additions	153.7	103.0
Lease modification	5.4	1.7
Accrued interest	15.2	6.4

Exchange differences	10.9	(10.6)
Lease liability balance at December 31,	347.5	228.9
thereof current	59.1	38.7
thereof non-current	288.5	190.3

Schedule of Lease Liabilities

Reconciliation of lease liabilities:



(CHF in millions)	2024	2023


Lease liability balance at January 1,	228.9	160.5
thereof current	38.7	21.6
thereof non-current	190.3	138.8

Payments	(51.3)	(25.4)
Interest expenses paid	(15.2)	(6.4)
Disposals	(0.2)	(0.3)
Additions	153.7	103.0
Lease modification	5.4	1.7
Accrued interest	15.2	6.4

Exchange differences	10.9	(10.6)
Lease liability balance at December 31,	347.5	228.9
thereof current	59.1	38.7
thereof non-current	288.5	190.3

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2024

Intangible assets and goodwill [abstract]

Schedule of Intangible Assets


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


Cost as of January 1, 2023	69.2	25.9	1.8	96.9
Accumulated Amortization as of January 1, 2023	(15.0)	(11.6)	—	(26.6)
Net book value as of January 1, 2023	54.2	14.4	1.8	70.3

Twelve month period ended December 31, 2023
Opening net book value	54.2	14.4	1.8	70.3
Additions	1.2	3.1	—	4.4



Amortization	(4.5)	(5.5)	—	(10.1)


Exchange Difference	—	(0.1)	—	(0.1)
Net book value as of December 31, 2023	50.9	11.9	1.8	64.6

Cost as of December 31, 2023	70.4	29.0	1.8	101.2
Accumulated Amortization as of December 31, 2023	(19.6)	(17.1)	—	(36.6)
Net book value as of December 31, 2023	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

Other current operating assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Schedule of Other Current Operating Assets and Liabilities


(CHF in millions)	12/31/2024	12/31/2023


Prepaid expenses	29.0	20.8
Indirect taxes (VAT/GST) receivables	45.4	26.6
Prepaid gift cards	13.0	6.2
Other current operating assets	26.3	7.5
Other current operating assets	113.7	61.2


(CHF in millions)	12/31/2024	12/31/2023


Accrued expenses	184.4	81.2
Accrued personnel expenses	17.1	20.0
Indirect taxes (VAT/GST) payables	42.5	24.0
Social security payables	17.1	6.7


Other payables	25.4	16.5
Other current operating liabilities	12.8	8.0
Other current operating liabilities	299.3	156.4

Net cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Schedule of Cash and Cash Equivalents


(CHF in millions)	12/31/2024	12/31/2023



Current bank accounts	500.9	210.3
Digital wallets	10.9	11.4
Fixed deposit	412.5	272.9
Cash and cash equivalents	924.3	494.6
Current bank overdrafts	—	—
Net cash and cash equivalents(1)	924.3	494.6

(1) Net cash and cash equivalents included restricted cash in the amount of CHF 0.6 million as of December 31, 2024 and CHF 0.2 million as of December 31, 2023.

Other current financial assets (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of financial assets [abstract]

Schedule of Other current financial assets


(CHF in millions)	12/31/2024	12/31/2023


Not yet due	182.2	158.8
Past due 1 - 90 days	58.5	42.2
Past due 91 - 180 days	5.4	8.0
Past due > 181 days	10.8	9.1
Gross Carrying Amount	257.0	218.1



Expected credit loss	(10.7)	(13.3)
Trade receivables	246.2	204.8


(CHF in millions)	12/31/2024	12/31/2023


Credit cards	12.7	16.4
Deposits	18.1	14.6

Other current financial assets	25.5	3.2
Other current financial assets at amortized cost	56.4	34.2

Other current financial assets at fair value through profit and loss	—	—
Total other current financial assets	56.4	34.2

Financial liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of financial liabilities [abstract]

Schedule of Financial Liabilities


(CHF in millions)	12/31/2024	12/31/2023





Customer refund liability returns	40.9	12.4
Other financial liabilities	10.4	2.4
Total other current financial liabilities at amortized cost	51.3	14.8




Other non-current financial liabilities	1.7	—

Total other non-current financial liabilities at amortized cost	1.7	—
Total current and non-current financial liabilities	53.1	14.8

Financial result (Tables)

12 Months Ended

Dec. 31, 2024

Analysis of income and expense [abstract]

Schedule of Financial Result


	Year ended December 31,
(CHF in millions)	2024	2023	2022





Interest income	23.5	11.5	5.7
Financial income	23.5	11.5	5.7
Bank charges	(7.3)	(4.3)	(2.1)
Interest expenses leases	(15.3)	(6.5)	(4.2)
Interest expenses on employee benefits	(0.5)	(0.5)	(0.1)
Financial expenses	(23.1)	(11.3)	(6.4)
Foreign exchange gain / (losses)	67.7	(111.4)	(6.5)

Foreign exchange gain / (loss)	67.7	(111.4)	(6.5)
Financial result	68.1	(111.1)	(7.2)

Share capital (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of classes of share capital [abstract]

Schedule of Share Capital Outstanding


	Class A	Class A	Class A	Class B
	Authorized registered shares	Shares held by On in treasury	Outstanding shares	Authorized and outstanding registered shares


Shares issued and outstanding as of January 1, 2023	299,998,125	(18,021,738)	281,976,387	345,437,500






Sale of treasury shares related to share-based compensation	—	2,273,239	2,273,239	—
Purchase of treasury shares	—	(34,349)	(34,349)	—
Shares issued and outstanding as of December 31, 2023	299,998,125	(15,782,848)	284,215,277	345,437,500

Shares issued and outstanding as of January 1, 2024	299,998,125	(15,782,848)	284,215,277	345,437,500

Capital increase from conditional capital(1)	2,457,539		2,457,539




Sale of treasury shares related to share-based compensation		2,633,847	2,633,847	—
Purchase of treasury shares	—	(10,320)	(10,320)	—
Shares issued and outstanding as of December 31, 2024	302,455,664	(13,159,321)	289,296,343	345,437,500

(1) On November 12, 2024, we amended and restated our memorandum and articles of association to increase the number of authorized Class A ordinary shares.

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings per share [abstract]

Schedule of Earnings per share


	2024	2024	2023	2023	2022	2022
	Class A	Class B	Class A	Class B	Class A	Class B




Weighted number of outstanding shares	288,465,380	345,437,500	284,262,802	345,437,500	282,195,495	345,437,500
Weighted number of shares with dilutive effects	3,787,481	12,822,456	3,306,122	11,446,403	2,354,500	6,891,423
Weighted number of outstanding shares (diluted and undiluted)	292,252,861	358,259,956	287,568,924	356,883,903	284,549,995	352,328,923

Net income (CHF in millions)	216.3	25.9	70.9	8.6	51.4	6.3
Basic EPS (CHF)	0.75	0.07	0.25	0.02	0.18	0.02
Diluted EPS (CHF)	0.74	0.07	0.25	0.02	0.18	0.02

Capital and other reserves (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of reserves within equity [abstract]

Schedule of Reserves Within Equity


(CHF in millions)	12/31/2024	12/31/2023


Share premium	756.9	756.9
Statutory reserves	53.9	42.3
Equity transaction costs	(8.7)	(8.7)
Tax impact on equity transaction costs	1.3	1.3
Share-based compensation	406.7	349.1
Capital reserves	1,210.0	1,140.8
Foreign currency translation effect	(1.1)	(8.1)
Taxes on foreign currency translation effect	(0.1)	—
Actuarial gains and losses	(3.4)	(2.1)
Taxes on actuarial gains and losses	0.7	0.4


Other reserves	(4.0)	(9.8)

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies [Abstract]

Schedule of Contractual Obligation of Leases

The total committed future outflow resulting of these lease contracts amounts to:


(CHF in millions)	12/31/2024	12/31/2023


Due < 1 year	16.9	15.8
Due 1 - 5 years	135.8	145.4
Due > 5 years	178.5	224.5
Commitments for future lease obligations	331.1	385.7

Contractual maturities of On’s undiscounted financial liabilities:


(CHF in millions)	Due < 3 months	Due 4 to 12 months	Due 1 to 5 years	Due > 5 years	12/31/2024


Trade payables	166.5	—	—	—	166.5

Current lease liabilities	19.1	25.1	—	—	44.2

Other financial liabilities	36.5	14.8	—	—	51.3
Other current financial liabilities	55.7	39.8	—	—	95.5
Non-current lease liabilities	—	—	211.4	123.7	335.1
Other non-current financial liabilities	—	—	1.7	—	1.7

Other non-current financial liabilities	—	—	213.1	123.7	336.8


(CHF in millions)	Due < 3 months	Due 4 to 12 months	Due 1 to 5 years	Due > 5 years	12/31/2023


Trade payables	65.1	—	—	—	65.1

Current lease liabilities	11.7	35.2	—	—	46.9

Other financial liabilities	14.8	—	—	—	14.8
Other current financial liabilities	26.5	35.2	—	—	61.7
Non-current lease liabilities	—	—	135.1	81.3	216.4

Other non-current financial liabilities	—	—	135.1	81.3	216.4

Foreign currency risk (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of Financial Risk Management [Abstract]

Disclosure of Exchange Rates

The following table sets forth the foreign exchange rate against the Swiss Franc at the closing dates:


Currency	12/31/2024	12/31/2023


AUD 1	0.56	0.57
BRL 100	14.64	17.32
CAD 1	0.63	0.63
CNY 100	12.44	11.85
EUR 1	0.94	0.93
GBP 1	1.14	1.07
JPY 100	0.58	0.60

HKD 1	0.12	0.11
USD 1	0.91	0.84

The following table sets forth the average annual foreign exchange rate against the Swiss Franc:


Currency	12/31/2024	12/31/2023	12/31/2022


AUD 1	0.58	0.61	0.67
BRL 100	15.36	18.16	18.49
CAD 1	0.63	0.68	0.74
CNY 100	12.33	13.03	14.46
EUR 1	0.95	0.99	1.02
GBP 1	1.14	1.13	1.20
JPY 100	0.58	0.66	0.75

HKD 1	0.11	0.12	0.13
USD 1	0.88	0.92	0.96

Financial assets and liabilities held in foreign currency

Financial assets and liabilities held in foreign currencies as of December 31, 2024 and 2023, were as follows:


(CHF in millions)	12/31/2024		12/31/2023
	USD	EUR	USD	EUR

Cash and cash equivalents	629.3	24.1	248.7	69.8
Trade receivables and other financial assets(1)	229.6	34.5	640.0	102.1

Trade payables and other financial liabilities(1)	(145.3)	(21.4)	(257.6)	(84.5)



Total assets and liabilities	713.6	37.2	631.2	87.4

(1) The majority of these balances are comprised of intercompany positions.

Disclosure of Effect of Changes in Foreign Exchange Rates

A 10% increase or decrease in the USD or EUR foreign currency exchange rates against the Swiss Franc would have impacted On's consolidated profit/(loss) for the period as presented below.


(CHF in millions)	12/31/2024	12/31/2023	12/31/2022


Change in USD/CHF +10%	57.4	71.2	32.1
Change in USD/CHF -10%	(57.4)	(71.2)	(32.1)
Change in EUR/CHF +10%	3.0	7.3	1.1
Change in EUR/CHF -10%	(3.0)	(7.3)	(1.1)

Liquidity risk (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of Financial Risk Management [Abstract]

Maturity Analysis for Non-Derivative Financial Liabilities

The total committed future outflow resulting of these lease contracts amounts to:


(CHF in millions)	12/31/2024	12/31/2023


Due < 1 year	16.9	15.8
Due 1 - 5 years	135.8	145.4
Due > 5 years	178.5	224.5
Commitments for future lease obligations	331.1	385.7

Contractual maturities of On’s undiscounted financial liabilities:


(CHF in millions)	Due < 3 months	Due 4 to 12 months	Due 1 to 5 years	Due > 5 years	12/31/2024


Trade payables	166.5	—	—	—	166.5

Current lease liabilities	19.1	25.1	—	—	44.2

Other financial liabilities	36.5	14.8	—	—	51.3
Other current financial liabilities	55.7	39.8	—	—	95.5
Non-current lease liabilities	—	—	211.4	123.7	335.1
Other non-current financial liabilities	—	—	1.7	—	1.7

Other non-current financial liabilities	—	—	213.1	123.7	336.8


(CHF in millions)	Due < 3 months	Due 4 to 12 months	Due 1 to 5 years	Due > 5 years	12/31/2023


Trade payables	65.1	—	—	—	65.1

Current lease liabilities	11.7	35.2	—	—	46.9

Other financial liabilities	14.8	—	—	—	14.8
Other current financial liabilities	26.5	35.2	—	—	61.7
Non-current lease liabilities	—	—	135.1	81.3	216.4

Other non-current financial liabilities	—	—	135.1	81.3	216.4

Disclosure of Assets Pledged as Collateral

The following assets have been pledged in relation to the credit facility:


(CHF in millions)	12/31/2024	12/31/2023


Trade receivables	280.8	145.8
Inventory	211.7	285.2
Assets pledged	492.5	431.0

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangements [Abstract]

Terms and Conditions of Share-based Payment Arrangement

Overview of the different programs:


Long Term Incentive Plan 2021 ("LTIP 2021")			In 2021, the LTIP 2021 was implemented to replace the existing share-based compensation plans in place at the time and is the currently active share-based compensation plan for equity compensation to On's team members. In March 2023, the LTIP 2021 was amended with the revised vesting parameters described below. Awards under the LTIP 2021 are granted as RSU's or PSU's and are subject to time-based and in the case of PSU's additional performance-based vesting conditions. Subject to a participant's continuous employment and unless otherwise agreed in a participant's award agreement, 34% of RSU's granted vest on the first anniversary of the granting date; thereafter, 8.25% of the RSU's vest at the end of each quarter following the first anniversary of the granting date. Any grant of PSU's is split equally between a two year performance cycle and a three year performance cycle. Subject to a participant's continuous employment, the achievement of the performance conditions as well as the resulting vesting factor and unless otherwise agreed in a participant's award agreement, the PSU's vest in full 24 months following the grant date (for a two year performance cycle) and 36 months following the granting date (for a three year performance cycle). PSU's granted to members of On's Executive Board are subject to a market-based award multiplier, based on the achievement of On's total shareholder return relative to a broad market index measured over the same two year and three year performance cycle. Prior to the amendment in March 2023, grants were subject to time-based and in the case of PSU's additional performance-based vesting conditions. Subject to the participant's continuous employment and unless otherwise agreed in a participant's award agreement, 33.3% of the RSU's granted were scheduled to vest on the grant date and on the first anniversary of the granting date, respectively, so that the remaining 33.3%% vest on the second anniversary of the grant. The PSU's granted were scheduled to vest on the third anniversary of the grant date, subject to the achievement of the performance conditions, measured over the performance cycle, and the resulting vesting factor. In December 2022, to account for local laws in the U.S. that did not allow for grants to U.S. participants under the LTIP 2020, replacement grants were provided to U.S. participants that would have qualified for a grant under the LTIP 2020. These replacement grants were granted as RSU's under the LTIP 2021, and were agreed to vest immediately upon grant, to allow for the same economic benefit to the U.S. participants, that they would have otherwise received as a part of their qualification for a grant under the LTIP 2020 (further details on the LTIP 2020 can be found below). Upon vesting, the awards are distributed to participants in the form of shares as soon as operationally feasible.
Compensation of non-executive members of the Board of Directors of On 2019 ("BOD 2019")			Awards under the share-based compensation program for non-executive members of the Board of Directors are granted as RSU's. These awards are granted to On's non-executive board members that receive equity compensation for their services as members of On's Board of Directors on a quarterly basis. The RSU's are not subject to vesting requirements and immediately vest upon grant, subject to an administrative period to allow for the acceptance of awards by participants.
Long Term Incentive Plan 2020 ("LTIP 2020")			Awards under the LTIP 2020 were granted as options, with the final grant issued in 2022. All options granted under the LTIP 2020 met their full vesting requirements in connection with our IPO in September 2021, which constituted an exit event. The remaining outstanding awards under the LTIP 2020 are fully vested and exercisable. Vested options may be exercised until the seventh anniversary of the contractual granting date.


Tax Recognition Plan 2022 ("TRP 2022")			In 2022 and 2023, RSU's were granted to certain employees of On who were subject to elevated tax obligations in connection with prior grants of equity incentive awards or RSU's vesting in connection with the Company's IPO. In 2024, no RSU's were granted pursuant to this plan. The RSU's immediately vested upon grant, subject to an administrative period to allow for the acceptance of awards by participants.


Service, License, and Investment Agreement 2019 ("SLIA")			In 2019, a “service, license and investment agreement” was negotiated between On and third parties, including the payment of share-based compensation in exchange for the services provided by the third parties. Awards under the SLIA 2019 were granted as options. The milestone-based vesting criteria include the achievement of certain Net Sales thresholds for the fiscal year ended December 31, 2023 as well as the fiscal year ended December 31, 2024. If the respective milestones are reached, the formal vesting of the options occurs upon publication of the annual report for the fiscal year ended December 31, 2023 as well as the fiscal year ended December 31, 2024, respectively. Vested options may be exercised until the six month anniversary of the applicable vesting date.

Schedule of Expenses Arising from Share-based Payment Transactions

Total expenses arising from share-based payment transactions during the period were as follows:


	Year ended December 31,
(CHF in millions)	2024	2023	2022


LTIP 2021	51.9	24.4	—
LTIP 2020	—	—	32.7
Other(1)	19.6	7.4	1.1
Total share-based compensation expense(2)	71.5	31.8	33.8

(1) Other includes social charges attributable to the respective plans, and share-based compensation expense associated with BOD 2019 and other plans. Social charges are settled in cash and consider any costs related to local legal requirements related to share-based compensation. Refer to note 6.3 Provisions for additional information on social charges.

(2) Share-based compensation is recording within line item selling, general and administrative expenses in the consolidated statements of income. As of December 31, 2024, On has recognized an increase in shareholders' equity in the balance sheet of CHF 57.5 million and CHF 27.3 million for share-based compensation incurred during the twelve-month periods ended December 31, 2024 and December 31, 2023.

Schedule of Other Equity Instruments

A summary of activity under the plan types as of December 31, 2024, December 31, 2023, and changes during the years ending on those dates, is presented below:


Plan type	Stock options (Class A Shares)(1)(2)		Stock options (Class B Shares)(1)(3)		RSU's(1)(4)	PSU's(1)(5)
	Number of options	Weighted average exercise price US$	Number of options	Weighted average exercise price US$	Number of shares	Number of shares


Awards outstanding at January 1, 2023	11,248,314	3.83	15,812,500	0.77	75,496	37,808
Awards granted	—	n/a	—	n/a	966,480	1,034,815
Awards forfeited / expired	(7,500)	0.11	—	n/a	(57,724)	(5,408)
Awards exercised / vested	(2,138,491)	5.42	—	n/a	(134,748)	—
Awards outstanding at December 31, 2023	9,102,323	3.46	15,812,500	0.77	849,504	1,067,215
weighted average contractual life remaining (years)	0.6	n/a	0	n/a	1.0	1.7
maximum term (years)	1.5	n/a	—	n/a	2.2	2.2
exercisable	9,102,323	3.46	15,812,500	0.77	39,705	—

Awards outstanding at January 1, 2024	9,102,323	3.46	15,812,500	0.77	849,504	1,067,215
Awards granted	—	n/a	—	n/a	629,831	834,743
Awards forfeited / expired	(3,940)	11.69	—	n/a	(71,220)	(21,962)
Awards exercised / vested	(4,588,738)	5.92	—	n/a	(519,510)	—
Awards outstanding at December 31, 2024	4,509,645	4.13	15,812,500	0.77	888,605	1,879,996
weighted average contractual life remaining (years)	0.4	n/a	—	n/a	0.9	1.1
maximum term (years)	0.8	n/a	—	n/a	3.0	2.2
exercisable	4,509,645	4.13	15,812,500	0.77	2,000	—

(1) The Company reclassified prior year comparative amounts to conform with current year presentation in the table above. This change in presentation did not have any impact on the Company's results of operations, financial condition, or any other financial statements.

(2) The following plans are included within Stock options (Class A shares): LTPP 2018, LTIP 2018, LTIP 2020 (Class A Shares), and SLIA 2019.

(3) The following plan is included within Stock options (Class B shares): LTIP 2020 (Class B Shares).

(4) The following plans are included within RSU's: OEPP 2018, BoD 2019, LTIP 2021 RSUs, Founders' Plan 2021, Tax Recognition 2022.

(5) The following plan is included within PSU's: LTIP 2021 PSU.

Schedule of Share Options

A summary of activity under the plan types as of December 31, 2024, December 31, 2023, and changes during the years ending on those dates, is presented below:


Plan type	Stock options (Class A Shares)(1)(2)		Stock options (Class B Shares)(1)(3)		RSU's(1)(4)	PSU's(1)(5)
	Number of options	Weighted average exercise price US$	Number of options	Weighted average exercise price US$	Number of shares	Number of shares


Awards outstanding at January 1, 2023	11,248,314	3.83	15,812,500	0.77	75,496	37,808
Awards granted	—	n/a	—	n/a	966,480	1,034,815
Awards forfeited / expired	(7,500)	0.11	—	n/a	(57,724)	(5,408)
Awards exercised / vested	(2,138,491)	5.42	—	n/a	(134,748)	—
Awards outstanding at December 31, 2023	9,102,323	3.46	15,812,500	0.77	849,504	1,067,215
weighted average contractual life remaining (years)	0.6	n/a	0	n/a	1.0	1.7
maximum term (years)	1.5	n/a	—	n/a	2.2	2.2
exercisable	9,102,323	3.46	15,812,500	0.77	39,705	—

Awards outstanding at January 1, 2024	9,102,323	3.46	15,812,500	0.77	849,504	1,067,215
Awards granted	—	n/a	—	n/a	629,831	834,743
Awards forfeited / expired	(3,940)	11.69	—	n/a	(71,220)	(21,962)
Awards exercised / vested	(4,588,738)	5.92	—	n/a	(519,510)	—
Awards outstanding at December 31, 2024	4,509,645	4.13	15,812,500	0.77	888,605	1,879,996
weighted average contractual life remaining (years)	0.4	n/a	—	n/a	0.9	1.1
maximum term (years)	0.8	n/a	—	n/a	3.0	2.2
exercisable	4,509,645	4.13	15,812,500	0.77	2,000	—

(1) The Company reclassified prior year comparative amounts to conform with current year presentation in the table above. This change in presentation did not have any impact on the Company's results of operations, financial condition, or any other financial statements.

(2) The following plans are included within Stock options (Class A shares): LTPP 2018, LTIP 2018, LTIP 2020 (Class A Shares), and SLIA 2019.

(3) The following plan is included within Stock options (Class B shares): LTIP 2020 (Class B Shares).

(4) The following plans are included within RSU's: OEPP 2018, BoD 2019, LTIP 2021 RSUs, Founders' Plan 2021, Tax Recognition 2022.

(5) The following plan is included within PSU's: LTIP 2021 PSU.

Valuation Inputs, Other Equity Instruments

Inputs used in the measurement of the fair values at grant date of the equity compensation plans were as follows:

For the year ended December 31, 2024

Plan

Grant Date

Share price on measurement date (CHF)

LTIP 2021 (PSU's and RSU's) & BOD 2019

March 25, 2024

31.07

LTIP 2021 (PSU's and RSU's) & BOD 2019

June 24, 2024

34.88

BOD 2019

July 10, 2024

32.94

LTIP 2021 (PSU's and RSU's) & BOD 2019

September 23, 2024

42.74

LTIP 2021 (PSU's and RSU's) & BOD 2019

December 16, 2024

51.65

For the year ended December 31, 2023

Plan

Grant Date

Share price on measurement date (CHF)

Tax Recognition Plan 2022 & Founders Plan 2021

January 3, 2023

20.84

LTIP 2021 (PSU's and RSU's) & BOD 2019

March 9, 2023

19.87

LTIP 2021 (PSU's and RSU's) & BOD 2019

March 28, 2023

27.34

LTIP 2021 (PSU's and RSU's) & BOD 2019

April 1, 2023

28.34

LTIP 2021 (PSU's and RSU's) & BOD 2019

June 23, 2023

26.72

LTIP 2021 (PSU's and RSU's) & BOD 2019

September 26, 2023

23.81

LTIP 2021 (PSU's and RSU's) & BOD 2019

December 18, 2023

26.52

BOD 2019

March 27, 2023

27.71

Valuation Inputs, Share Options

Inputs used in the measurement of the fair values at grant date of the equity compensation plans were as follows:

For the year ended December 31, 2024

Plan

Grant Date

Share price on measurement date (CHF)

LTIP 2021 (PSU's and RSU's) & BOD 2019

March 25, 2024

31.07

LTIP 2021 (PSU's and RSU's) & BOD 2019

June 24, 2024

34.88

BOD 2019

July 10, 2024

32.94

LTIP 2021 (PSU's and RSU's) & BOD 2019

September 23, 2024

42.74

LTIP 2021 (PSU's and RSU's) & BOD 2019

December 16, 2024

51.65

For the year ended December 31, 2023

Plan

Grant Date

Share price on measurement date (CHF)

Tax Recognition Plan 2022 & Founders Plan 2021

January 3, 2023

20.84

LTIP 2021 (PSU's and RSU's) & BOD 2019

March 9, 2023

19.87

LTIP 2021 (PSU's and RSU's) & BOD 2019

March 28, 2023

27.34

LTIP 2021 (PSU's and RSU's) & BOD 2019

April 1, 2023

28.34

LTIP 2021 (PSU's and RSU's) & BOD 2019

June 23, 2023

26.72

LTIP 2021 (PSU's and RSU's) & BOD 2019

September 26, 2023

23.81

LTIP 2021 (PSU's and RSU's) & BOD 2019

December 18, 2023

26.52

BOD 2019

March 27, 2023

27.71

Employee benefit obligations (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of defined benefit plans [abstract]

Defined Benefit Plans

The result of the Swiss defined benefit plans is summarized in the tables below:

Employee benefit obligations (amount recognized in the consolidated balance sheets)


(CHF in millions)	December 31, 2024	December 31, 2023


Present value of defined benefit obligation	(52.9)	(35.3)
Fair value of plan assets	44.3	33.1
Employee benefit obligations	(8.6)	(2.2)


(CHF in millions)	2024	2023


Present value of defined benefit obligation at January 1	35.3	23.7
Current service cost	5.3	3.8
Contributions by the employees	4.3	3.1
Interest expenses	0.5	0.5

Benefits paid	2.8	0.8
Actuarial losses/(gains) from

changes in financial assumptions	2.5	3.6
changes in experience adjustments	2.1	(0.2)
Present value of defined benefit obligation at December 31	52.9	35.3


	12/31/2024		12/31/2023


Discount rate	1.0	%	1.4	%
Expected rate of salary increase	1.0	%	1.5	%
Expected rate of pension increase	0.0	%	0.0	%
Demographic assumptions	BVG 2020 generation table		BVG 2020 generation table

Net Defined Benefit Obligation

Employee benefit obligations reconcile as follows:


(CHF in millions)	2024	2023


Employee benefit obligations at January 1	(2.2)	(6.3)
Amounts recognized in income statement	(5.3)	(3.8)
Amounts recognized in other comprehensive income	(1.2)	(3.4)
Contributions by the employer	0.2	11.3
Employee benefit obligations at December 31	(8.6)	(2.2)

Defined Benefit Plan Expense Recognized in Profit or Loss

Amounts recognized in the consolidated statements of income


(CHF in millions)	2024	2023	2022


Current service cost	(5.3)	(3.8)	(3.4)
Past service cost	—	—	0.3

Employee benefit expenses	(5.3)	(3.8)	(3.1)

Defined Benefit Plan Expense Recognized in Other Comprehensive Income

Remeasurements recognized in equity (other comprehensive income)


(CHF in millions)	2024	2023	2022


Actuarial (losses)/gains from

changes in financial assumptions	(2.5)	(3.6)	6.8
changes in experience adjustments	(2.1)	0.2	(1.3)
Return on plan assets excluding interest income	3.4	—	(1.1)
Net actuarial result from defined benefit plans	(1.2)	(3.4)	4.4

Fair Value of Plan Assets

Plan assets


(CHF in millions)	2024	2023


Fair value of plan assets at January 1	33.1	17.4
Contributions by the employer	0.2	11.3
Contributions by the employees	4.3	3.1
Interest income	0.5	0.5
Benefits paid	2.8	0.8
Return on plan assets (excluding interest income)	3.4	—
Fair value of plan assets at December 31	44.3	33.1

The plan assets consist of (all with quoted market prices):


	12/31/2024		12/31/2023


Cash and cash equivalents	5.9	%	0.6	%
Debt instruments	21.9	%	28.4	%
Equity instruments	33.5	%	31.5	%
Real estate	21.3	%	23.0	%
Mortgages	3.6	%	—	%
Alternative assets	13.8	%	16.5	%
Total	100.0	%	100.0	%

Sensitivity Analysis for Actuarial Assumptions


(CHF in millions)	12/31/2024	12/31/2023


Discount rate
-0.5%	4.5	2.8
+0.5%	(3.8)	(2.3)
Expected rate of salary increase
-0.5%	(1.2)	(0.6)
+0.5%	0.9	0.7
Life expectancy
-1 year	(0.5)	(0.3)
+1 year	0.5	0.3

Provisions (Tables)

12 Months Ended

Dec. 31, 2024

Provisions [abstract]

Schedule of Provisions


(CHF in millions)	Social charges	Long-service leave	Other	Total










Balance at January 1, 2023	4.3	3.8	4.0	12.1
thereof current	4.3	0.5	0.2	5.0
thereof non-current	—	3.3	3.8	7.2
Additions	5.7	3.2	0.6	9.5
Release	(1.9)	(1.0)	—	(2.9)
Utilization	(1.4)	—	—	(1.4)
Unwinding of discount	—	—	0.1	0.1

Exchange differences	—	(0.2)	(0.1)	(0.3)
Balance at December 31, 2023	6.8	5.8	4.5	17.1
thereof current	6.3	0.7	0.1	7.1
thereof non-current	0.5	5.1	4.3	10.0
Additions	22.9	2.6	3.8	29.3
Release	(1.0)	(0.5)	—	(1.6)
Utilization	(8.2)	—	—	(8.2)
Unwinding of discount	—	—	0.1	0.1

Exchange differences	(0.1)	0.1	0.1	—
Balance at December 31, 2024	20.3	8.0	8.4	36.6
thereof current	20.3	1.0	0.4	21.7
thereof non-current	—	7.0	8.0	14.9

Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Disclosure of Major Components of Income Tax Expense


(CHF in millions)	2024	2023	2022


Current income taxes	74.0	35.7	38.7
Deferred income taxes	(36.6)	(46.2)	(18.6)
Income tax expense (benefit)	37.4	(10.5)	20.2

Disclosure of Tax Rate Reconciliation

The income taxes reflected in the financial statements and the amount calculated at the expected tax rate (starting with On Holding AG's statutory corporate income tax rate in Switzerland) reconcile as follows:


(CHF in millions)	2024			2023			2022


Income before taxes			279.6			69.1			77.9
Expected tax rate / tax expense	19.6	%	54.8	19.7	%	13.6	19.7	%	15.3
Income taxed at different tax rate(1)(2)	0.5	%	1.4	(1.8)	%	(1.3)	2.0	%	1.5
Non-deductible expenses	3.1	%	8.8	10.3	%	7.1	9.2	%	7.2
Non-taxable income and tax incentives	(4.0)	%	(11.1)	(22.4)	%	(15.5)	(9.5)	%	(7.4)
Effects of (de-)recognition of tax losses	(0.2)	%	(0.6)	(2.4)	%	(1.7)	2.9	%	2.2
Effects of tax rate changes (1)(2)	(0.1)	%	(0.2)	0.7	%	0.5	—	%	—
Prior year adjustments (1)(3)	(0.9)	%	(2.6)	(20.5)	%	(14.2)	1.9	%	1.5

Other effects(1)(3)	(4.7)	%	(13.3)	1.3	%	0.9	(0.3)	%	(0.2)
Effective tax rate / income tax expense (benefit)	13.4	%	37.4	(15.1)	%	(10.5)	25.9	%	20.2

(1) The Company reclassified prior year comparative amounts to conform with current year presentation in the table above. This change in presentation did not have any impact on the Company's results of operations, financial condition, or any other financial statements.

(2) Prior year line item "local actual tax rate different to On's" has been broken out into the two line items ”Income taxed at different tax rate” and “Effects of tax rate changes.”

(3) Prior year line item "Prior year adjustments and other items, net" has been broken out into the two line items "Prior year adjustments” and “Other effects.” Other effects impact in 2024 is due to deferred income tax impacts on elimination of intercompany profits in inventory.

Disclosure of Deferred Tax Assets and Liabilities

Change of net deferred tax assets and liabilities:


(CHF in millions)	2024	2023


Net amount at January 1	59.1	13.9
thereof deferred tax assets	69.5	31.7
thereof deferred tax liabilities	(10.5)	(17.9)
Taxes charged
to income statement	36.6	46.2
to other comprehensive income	0.1	0.7
Exchange differences	1.3	(1.6)
Net amount at December 31	97.1	59.1
thereof deferred tax assets	107.8	69.5
thereof deferred tax liabilities	(10.8)	(10.5)

Deferred tax assets and liabilities relate to the following items:


	12/31/24					12/31/23
(CHF in millions)	Assets	Liabilities	Net amount	Assets	Liabilities	Net amount



Inventories	81.5	(9.9)	71.6	50.1	(8.0)	42.0

Property, plant and equipment	0.3	(6.2)	(5.9)	0.1	(0.1)	0.1
Right-of-use assets	—	(50.6)	(50.6)	—	(6.2)	(6.2)
Intangible assets	—	(2.9)	(2.9)	—	(3.0)	(3.0)
Other current financial liabilities	46.7	—	46.7	1.1	(0.1)	1.0
Other current operating liabilities	17.2	(0.7)	16.5	17.2	(2.6)	14.6



Other non-current financial liabilities	12.8	—	12.8	6.2	—	6.2
Tax loss and tax credit carryforwards	4.6	—	4.6	3.6	—	3.6
Other assets and liabilities(1)(2)	5.3	(1.2)	4.1	1.7	(1.0)	0.7
Deferred tax assets (liabilities)	168.5	(71.4)	97.1	80.0	(21.0)	59.1
Offsetting	(60.6)	60.6	—	(10.5)	10.5	—
Deferred tax assets (liabilities) on balance sheet	107.8	(10.8)	97.1	69.5	(10.5)	59.1

(1) The Company reclassified prior year comparative amounts to conform with current year presentation in the table above. This change in presentation did not have an impact on the Company’s results of operations, financial condition, or any of the other financial statements.

(2) Prior year line items "Trade receivables," "Other current assets," "Current provisions," "Employee benefit obligations" and "Non-current provisions" were condensed into new line item "Other assets and liabilities."

Related parties (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of Related Party Transactions

There were no further transactions with related parties for the relevant financial years except for the following transactions with the five members of On’s executive team:


(CHF in millions)	2024	2023	2022


Short-term employee benefits	3.4	4.2	2.1
Post-employment benefits	1.1	0.3	1.8
Share-based compensation	13.8	13.8	15.1
On Executive Team	18.2	18.3	19.0

Oniverse (Details) - Entity	12 Months Ended
Oniverse (Details) - Entity	Dec. 31, 2024	Dec. 31, 2023
On AG
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Brazil Ltda.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Cloud Service GmbH
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Clouds GmbH
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Clouds Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Europe AG
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Experience 1 - 12 LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Number of entities	12
On Hong Kong Limited
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Italy S.r.l.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Japan K.K.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Korea Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Oceania Pty Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Running Canada Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Running Sports Products (Shanghai) Company Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Running UK Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Services UK Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	0.00%
On Vietnam Co. Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Brunner Mettler GmbH
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Experience 9-12
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	0.00%

Net sales - Disaggregation of Revenue (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	SFr 2,318.3	SFr 1,792.1	SFr 1,222.1
Americas
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	1,480.3	1,162.2	763.8
thereof the United States
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	1,367.7	1,082.1	718.5
Europe, Middle East and Africa
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	577.8	488.7	378.1
thereof Switzerland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	38.7	46.0	51.5
Asia-Pacific
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	260.2	141.1	80.2
Shoes
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	2,199.6	1,711.4	1,167.5
Apparel
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	101.0	68.9	47.3
Accessories
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	17.7	11.8	7.4
Wholesale
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	1,375.5	1,120.3	777.0
Direct-to-Consumer
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	SFr 942.8	SFr 671.8	SFr 445.1

Net sales - Additional Information (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	SFr 2,318.3	SFr 1,792.1	SFr 1,222.1
Rest of World \| Revision of prior period, reclassification, adjustment
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales		49.1
Europe, Middle East and Africa
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	577.8	488.7	378.1
Europe, Middle East and Africa \| Revision of prior period, reclassification, adjustment
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales		23.8
Americas
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	SFr 1,480.3	1,162.2	SFr 763.8
Americas \| Revision of prior period, reclassification, adjustment
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales		SFr 25.3

Net sales - Net Sales by geographic regions as previously reported (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	SFr 2,318.3	SFr 1,792.1	SFr 1,222.1
Previously reported
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales			1,222.1
Europe \| Previously reported
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales			354.3
thereof Switzerland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	38.7	46.0	51.5
thereof Switzerland \| Previously reported
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales			51.5
North America \| Previously reported
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales			738.5
Asia-Pacific
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	SFr 260.2	SFr 141.1	80.2
Asia-Pacific \| Previously reported
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales			80.2
Rest of World \| Previously reported
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales			SFr 49.1

Segment information - Narrative (Details)	12 Months Ended
Segment information - Narrative (Details)	Dec. 31, 2024 Reporting_Segment numberOfCo-founder numberOfCo-ceo
Disclosure of operating segments [line items]
Number of reporting segments \| Reporting_Segment	1
Number of co-founders \| numberOfCo-founder	3
Number of co-CEOs \| numberOfCo-ceo	2

Segment information (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of operating segments [line items]
Non-current assets	SFr 509.2	SFr 441.7
Europe, Middle East and Africa
Disclosure of operating segments [line items]
Non-current assets	273.7	270.4
thereof Switzerland
Disclosure of operating segments [line items]
Non-current assets	194.1	242.6
Americas
Disclosure of operating segments [line items]
Non-current assets	196.6	144.3
thereof the United States
Disclosure of operating segments [line items]
Non-current assets	195.1	142.2
Asia-Pacific
Disclosure of operating segments [line items]
Non-current assets	SFr 38.9	SFr 27.1

Selling, general and administrative expenses (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Analysis of income and expense [abstract]
Distribution expenses	SFr (288.3)	SFr (239.5)	SFr (151.0)
Selling expenses	(168.2)	(133.3)	(85.5)
Marketing expenses	(276.6)	(195.8)	(130.2)
Share-based compensation	(71.5)	(31.8)	(33.8)
General and administrative expenses	(389.5)	(286.6)	(199.3)
Selling, general and administrative expenses	SFr (1,194.2)	SFr (887.0)	SFr (599.8)

Selling, general and administrative expenses - Narrative (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of attribution of expenses by nature to their function [line items]
Other long-term employee benefits	SFr 285.7	SFr 206.6	SFr 142.1
Selling, general and administrative expense
Disclosure of attribution of expenses by nature to their function [line items]
Depreciation and amortisation expense	95.1	57.1	40.0
Cost of sales
Disclosure of attribution of expenses by nature to their function [line items]
Depreciation expense	SFr 9.4	SFr 7.7	SFr 6.4

Trade receivables - Schedule of Trade Receivables (Details) - Trade receivables - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	SFr 246.2	SFr 204.8
Gross Carrying Amount
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	257.0	218.1
Gross Carrying Amount \| Not yet due
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	182.2	158.8
Gross Carrying Amount \| Past due 1 - 90 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	58.5	42.2
Gross Carrying Amount \| Past due 91 - 180 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	5.4	8.0
Gross Carrying Amount \| Past due > 181 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	10.8	9.1
Expected credit loss
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	SFr (10.7)	SFr (13.3)	SFr (9.1)

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Classes of financial instruments [domain]; Financial liabilities]

+ References + Details

Trade receivables - Schedule of Allowance for Credit Losses (Details) - Trade receivables - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Expected credit loss at January 1	SFr (204.8)
Expected credit loss at December 31	(246.2)	SFr (204.8)
Expected credit loss
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Expected credit loss at January 1	13.3	9.1
Income statement (release) / addition for the year	(2.7)	4.6
Exchange Difference	0.1	(0.4)
Expected credit loss at December 31	SFr 10.7	SFr 13.3

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Classes of financial instruments [domain]; Financial liabilities]

+ References + Details

Trade receivables - Additional Information (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Expected credit loss \| Trade receivables
Disclosure of operating segments [line items]
Income statement (release) / addition for the year	SFr 9.6	SFr 12.6

Inventories - Schedule of Inventory (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Inventory [Line Items]
Inventories	SFr 419.2	SFr 356.5
Gross Carrying Amount \| Shoes
Disclosure Of Inventory [Line Items]
Inventories	371.7	321.4
Gross Carrying Amount \| Apparel
Disclosure Of Inventory [Line Items]
Inventories	65.8	34.5
Gross Carrying Amount \| Accessories
Disclosure Of Inventory [Line Items]
Inventories	12.5	8.0
Expected credit loss
Disclosure Of Inventory [Line Items]
Inventories	SFr (30.8)	SFr (7.4)

Inventories - Narrative (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Inventory [Line Items]
Consignment inventory	SFr 7.8	SFr 4.0
Cost of sales
Disclosure Of Inventory [Line Items]
Cost of inventories recognised as expense during period	719.7	549.6
Write-downs (reversals of write-downs) of inventories	SFr 23.0	SFr 6.3

Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	SFr 93.6	SFr 77.2
Additions	65.1	42.8
Disposals	(0.7)	(0.5)
Depreciation	(33.1)	(21.9)
Exchange difference	2.3	(4.0)
Property, plant and equipment at the end of period	127.2	93.6
Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	49.6	44.7
Additions	35.1	15.1
Disposals	(0.5)	(0.3)
Depreciation	(14.1)	(7.4)
Exchange difference	1.5	(2.5)
Property, plant and equipment at the end of period	71.7	49.6
Trade tools
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	6.1	5.3
Additions	0.9	3.8
Disposals	0.0	0.0
Depreciation	(2.9)	(2.5)
Exchange difference	0.2	(0.4)
Property, plant and equipment at the end of period	4.3	6.1
Production equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	9.4	7.5
Additions	10.7	8.8
Disposals	0.0	0.0
Depreciation	(8.4)	(7.0)
Exchange difference	0.0	0.0
Property, plant and equipment at the end of period	11.8	9.4
Furniture and fixtures
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	16.5	12.1
Additions	11.2	7.4
Disposals	(0.2)	(0.1)
Depreciation	(4.0)	(2.1)
Exchange difference	0.6	(0.8)
Property, plant and equipment at the end of period	24.1	16.5
Other
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	11.9	7.6
Additions	7.2	7.7
Disposals	(0.1)	(0.1)
Depreciation	(3.6)	(2.9)
Exchange difference	0.0	(0.3)
Property, plant and equipment at the end of period	15.4	11.9
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	134.5	97.8
Property, plant and equipment at the end of period	201.2	134.5
Cost \| Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	61.2	49.7
Property, plant and equipment at the end of period	97.3	61.2
Cost \| Trade tools
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	13.6	10.7
Property, plant and equipment at the end of period	14.9	13.6
Cost \| Production equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	21.7	12.9
Property, plant and equipment at the end of period	32.4	21.7
Cost \| Furniture and fixtures
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	19.9	13.5
Property, plant and equipment at the end of period	31.5	19.9
Cost \| Other
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	18.1	11.0
Property, plant and equipment at the end of period	25.0	18.1
Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(41.0)	(20.6)
Property, plant and equipment at the end of period	(74.0)	(41.0)
Accumulated depreciation \| Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(11.6)	(5.0)
Property, plant and equipment at the end of period	(25.7)	(11.6)
Accumulated depreciation \| Trade tools
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(7.5)	(5.4)
Property, plant and equipment at the end of period	(10.6)	(7.5)
Accumulated depreciation \| Production equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(12.3)	(5.3)
Property, plant and equipment at the end of period	(20.7)	(12.3)
Accumulated depreciation \| Furniture and fixtures
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(3.4)	(1.4)
Property, plant and equipment at the end of period	(7.4)	(3.4)
Accumulated depreciation \| Other
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(6.2)	(3.4)
Property, plant and equipment at the end of period	SFr (9.6)	SFr (6.2)

Property, plant and equipment - Narrative (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]
Additions	SFr 65.1	SFr 42.8
Noncash additions of property, plant and equipment	4.6	0.0
Property, plant and equipment	127.2	93.6	SFr 77.2
Construction in progress
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	7.3	2.4
Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Additions	35.1	15.1
Property, plant and equipment	SFr 71.7	49.6	44.7
Leasehold improvements \| Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	3 years
Leasehold improvements \| Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	8 years
Trade tools
Disclosure of detailed information about property, plant and equipment [line items]
Additions	SFr 0.9	3.8
Property, plant and equipment	SFr 4.3	6.1	5.3
Useful life measured as period of time, property, plant and equipment	3 years
Production equipment
Disclosure of detailed information about property, plant and equipment [line items]
Additions	SFr 10.7	8.8
Property, plant and equipment	SFr 11.8	9.4	7.5
Useful life measured as period of time, property, plant and equipment	2 years
Furniture and fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Additions	SFr 11.2	7.4
Property, plant and equipment	SFr 24.1	16.5	12.1
Furniture and fixtures \| Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	5 years
Furniture and fixtures \| Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	8 years
Other
Disclosure of detailed information about property, plant and equipment [line items]
Additions	SFr 7.2	7.7
Property, plant and equipment	SFr 15.4	SFr 11.9	SFr 7.6
Other \| Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	3 years
Other \| Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	8 years

Right-of-use assets - Schedule of Right-of-Use Assets (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	SFr 214.0	SFr 151.6
Lease modification	6.4	2.0
Additions	153.8	103.4
Disposals	(0.2)	(0.4)
Depreciation	(60.8)	(32.9)
Exchange Difference	10.3	(9.8)
Right-of-use assets ending balance	323.6	214.0
Gross Carrying Amount
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	283.1	192.7
Right-of-use assets ending balance	455.9	283.1
Accumulated depreciation
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	(69.1)	(41.1)
Right-of-use assets ending balance	(132.3)	(69.1)
Storage
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	65.3	16.8
Lease modification	0.1	(2.1)
Additions	57.4	66.0
Disposals	0.0	(0.1)
Depreciation	(28.0)	(11.8)
Exchange Difference	5.8	(3.3)
Right-of-use assets ending balance	100.7	65.3
Storage \| Gross Carrying Amount
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	87.5	28.7
Right-of-use assets ending balance	152.8	87.5
Storage \| Accumulated depreciation
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	(22.1)	(11.9)
Right-of-use assets ending balance	(52.1)	(22.1)
Stores & showrooms
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	55.1	37.9
Lease modification	4.4	3.3
Additions	76.2	27.1
Disposals	(0.2)	0.0
Depreciation	(19.3)	(9.2)
Exchange Difference	3.1	(4.1)
Right-of-use assets ending balance	119.4	55.1
Stores & showrooms \| Gross Carrying Amount
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	70.5	45.6
Right-of-use assets ending balance	154.4	70.5
Stores & showrooms \| Accumulated depreciation
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	(15.4)	(7.7)
Right-of-use assets ending balance	(35.0)	(15.4)
Offices
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	90.8	94.2
Lease modification	1.9	0.7
Additions	18.7	8.0
Disposals	0.0	0.0
Depreciation	(11.6)	(10.0)
Exchange Difference	1.3	(2.1)
Right-of-use assets ending balance	101.1	90.8
Offices \| Gross Carrying Amount
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	116.9	111.0
Right-of-use assets ending balance	139.1	116.9
Offices \| Accumulated depreciation
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	(26.1)	(16.8)
Right-of-use assets ending balance	(38.0)	(26.1)
Cars
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	2.8	2.8
Lease modification	0.0	0.0
Additions	1.4	2.3
Disposals	(0.1)	(0.3)
Depreciation	(1.8)	(1.9)
Exchange Difference	0.0	(0.2)
Right-of-use assets ending balance	2.5	2.8
Cars \| Gross Carrying Amount
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	8.1	7.4
Right-of-use assets ending balance	9.6	8.1
Cars \| Accumulated depreciation
Reconciliation of changes in right-of-use assets [abstract]
Right-of-use assets beginning balance	(5.4)	(4.6)
Right-of-use assets ending balance	SFr (7.1)	SFr (5.4)

Right-of-use assets and lease liabilities - Narrative (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of quantitative information about right-of-use assets [line items]
Additions	SFr 153.8	SFr 103.4
Lease modification	6.4	2.0
Storage
Disclosure of quantitative information about right-of-use assets [line items]
Additions	57.4	66.0
Lease modification	0.1	(2.1)
Stores & showrooms
Disclosure of quantitative information about right-of-use assets [line items]
Additions	76.2	27.1
Lease modification	SFr 4.4	SFr 3.3

Right-of-use assets and lease liabilities - Accounting Policy (Details)	12 Months Ended
	Dec. 31, 2024
Storage \| Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	2 years
Storage \| Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	11 years
Offices \| Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	2 years
Offices \| Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	14 years
Stores & showrooms \| Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	1 year
Stores & showrooms \| Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	10 years
Cars \| Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	1 year
Cars \| Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	4 years

Right-of-use assets and lease liabilities - Schedule of Lease Liabilities (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of quantitative information about right-of-use assets [line items]
Lease liability balance at January 1,	SFr 228.9	SFr 160.5
thereof current	38.7	21.6
thereof non-current	190.3	138.8
Payments	(51.3)	(25.5)	SFr (15.4)
Interest expenses paid	(15.2)	(6.4)
Disposals	(0.2)	(0.3)
Additions	153.7	103.0
Lease modification	5.4	1.7
Accrued interest	15.2	6.4
Exchange differences	10.9	(10.6)
Lease liability balance at December 31,	347.5	228.9	SFr 160.5
thereof current	38.7	21.6
thereof non-current	SFr 190.3	138.8
Amount including rounding difference
Disclosure of quantitative information about right-of-use assets [line items]
Payments		SFr (25.4)

Intangible assets -Schedule of Intangible Assets (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets and goodwill at beginning of period	SFr 64.6	SFr 70.3
Additions	4.5	4.4
Amortization	(10.8)	(10.1)
Exchange Difference		(0.1)
Intangible assets and goodwill at end of the period	58.3	64.6
Gross Carrying Amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets and goodwill at beginning of period	101.2	96.9
Intangible assets and goodwill at end of the period	105.7	101.2
Accumulated depreciation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets and goodwill at beginning of period	(36.6)	(26.6)
Intangible assets and goodwill at end of the period	(47.4)	(36.6)
Patents, licenses and other rights
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets and goodwill at beginning of period	50.9	54.2
Additions	1.4	1.2
Amortization	(4.7)	(4.5)
Exchange Difference		0.0
Intangible assets and goodwill at end of the period	47.5	50.9
Patents, licenses and other rights \| Gross Carrying Amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets and goodwill at beginning of period	70.4	69.2
Intangible assets and goodwill at end of the period	71.8	70.4
Patents, licenses and other rights \| Accumulated depreciation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets and goodwill at beginning of period	(19.6)	(15.0)
Intangible assets and goodwill at end of the period	(24.3)	(19.6)
Software
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets and goodwill at beginning of period	11.9	14.4
Additions	3.0	3.1
Amortization	(6.0)	(5.5)
Exchange Difference		(0.1)
Intangible assets and goodwill at end of the period	9.0	11.9
Software \| Gross Carrying Amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets and goodwill at beginning of period	29.0	25.9
Intangible assets and goodwill at end of the period	32.1	29.0
Software \| Accumulated depreciation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets and goodwill at beginning of period	(17.1)	(11.6)
Intangible assets and goodwill at end of the period	(23.1)	(17.1)
Goodwill
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets and goodwill at beginning of period	1.8	1.8
Additions	0.0	0.0
Amortization	0.0	0.0
Exchange Difference		0.0
Intangible assets and goodwill at end of the period	1.8	1.8
Goodwill \| Gross Carrying Amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets and goodwill at beginning of period	1.8	1.8
Intangible assets and goodwill at end of the period	1.8	1.8
Goodwill \| Accumulated depreciation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets and goodwill at beginning of period	0.0	0.0
Intangible assets and goodwill at end of the period	SFr 0.0	SFr 0.0

Intangible assets - Narrative (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about intangible assets [line items]
Intangible assets	SFr 58.3	SFr 64.6	SFr 70.3
Research and development expense	9.6	8.9
Impairment loss recognised in profit or loss, goodwill	0.0	0.0
Goodwill expected to be deductible for tax purposes	0.0
Intangible assets under development
Disclosure of detailed information about intangible assets [line items]
Intangible assets	0.4	0.3
Patents, licenses and other rights
Disclosure of detailed information about intangible assets [line items]
Intangible assets	SFr 47.5	50.9	54.2
Patents, licenses and other rights \| Minimum
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	4 years
Patents, licenses and other rights \| Maximum
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	20 years
Software
Disclosure of detailed information about intangible assets [line items]
Intangible assets	SFr 9.0	SFr 11.9	SFr 14.4
Useful life measured as period of time, intangible assets other than goodwill	4 years
IT development cost capitalized
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	4 years
Service, license, and investment agreement (SLIA) 2019
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	9.30%

Other current operating assets (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Prepaid expenses	SFr 29.0	SFr 20.8
Indirect taxes (VAT/GST) receivables	45.4	26.6
Prepaid gift cards	13.0	6.2
Other current operating assets	26.3	7.5
Other current operating assets	SFr 113.7	SFr 61.2

Other current operating liabilities (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Accrued expenses	SFr 184.4	SFr 81.2
Accrued personnel expenses	17.1	20.0
Indirect taxes (VAT/GST) payables	42.5	24.0
Social security payables	17.1	6.7
Other payables	25.4	16.5
Other current operating liabilities	12.8	8.0
Other current operating liabilities	SFr 299.3	SFr 156.4

Net cash and cash equivalents (Details) € in Millions, SFr in Millions, $ in Millions	Dec. 31, 2024 CHF (SFr)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 CHF (SFr)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2021 CHF (SFr)
Disclosure of detailed information about borrowings [line items]
Current bank accounts	SFr 500.9			SFr 210.3
Digital wallets	10.9			11.4
Fixed deposit	412.5			272.9
Cash and cash equivalents	924.3	$ 629.3	€ 24.1	494.6	$ 248.7	€ 69.8
Current bank overdrafts	0.0			0.0
Net cash and cash equivalents	924.3			494.6			SFr 371.0	SFr 653.1
Restricted cash and cash equivalents	SFr 0.6			SFr 0.2

Other current financial assets - Schedule of Other Current Financial Assets (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of financial assets [line items]
Total other current financial assets	SFr 56.4	SFr 34.2
Other current financial assets at amortized cost
Disclosure of financial assets [line items]
Total other current financial assets	56.4	34.2
Other current financial assets at amortized cost \| Credit cards
Disclosure of financial assets [line items]
Total other current financial assets	12.7	16.4
Other current financial assets at amortized cost \| Deposits
Disclosure of financial assets [line items]
Total other current financial assets	18.1	14.6
Other current financial assets at amortized cost \| Other current financial assets
Disclosure of financial assets [line items]
Total other current financial assets	25.5	3.2
Other current financial assets at fair value through profit and loss
Disclosure of financial assets [line items]
Total other current financial assets	SFr 0.0	SFr 0.0

Financial liabilities - Schedule of Financial Liabilities (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of financial liabilities [line items]
Total other current financial liabilities at amortized cost	SFr 51.3	SFr 14.8
Total other non-current financial liabilities at amortized cost	1.7	0.0
Total current and non-current financial liabilities	53.1	14.8
Financial liabilities at amortized cost
Disclosure of financial liabilities [line items]
Total other current financial liabilities at amortized cost	51.3	14.8
Total other non-current financial liabilities at amortized cost	1.7	0.0
Financial liabilities at amortized cost \| Customer refund liability returns
Disclosure of financial liabilities [line items]
Total other current financial liabilities at amortized cost	40.9	12.4
Financial liabilities at amortized cost \| Other financial liabilities
Disclosure of financial liabilities [line items]
Total other current financial liabilities at amortized cost	10.4	2.4
Total other non-current financial liabilities at amortized cost	SFr 1.7	SFr 0.0

- Definition

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Classes of financial instruments [domain]; Financial assets; Derivatives [member]]

+ References + Details

Financial result (Details) - CHF (SFr) SFr in Millions	12 Months Ended
Financial result (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Analysis of income and expense [abstract]
Interest income	SFr 23.5	SFr 11.5	SFr 5.7
Financial income	23.5	11.5	5.7
Bank charges	(7.3)	(4.3)	(2.1)
Interest expenses leases	(15.3)	(6.5)	(4.2)
Interest expenses on employee benefits	(0.5)	(0.5)	(0.1)
Financial expenses	(23.1)	(11.3)	(6.4)
Foreign exchange gain / (losses)	67.7	(111.4)	(6.5)
Foreign exchange gain / (loss)	67.7	(111.4)	(6.5)
Financial result	SFr 68.1	SFr (111.1)	SFr (7.2)

Share capital - Narrative (Details) - CHF (SFr) SFr / shares in Units, SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Share capital	SFr 33.7	SFr 33.5
Share capital, paid-in percentage	100.00%
Proceeds on sale of treasury shares related to share-based compensation	SFr 10.9	10.1	SFr 26.4
Sale of treasury shares	0.4	0.8	1.6
Treasury shares
Disclosure of classes of share capital [line items]
Sale of treasury shares	SFr 0.4	SFr 0.8	SFr 1.6
Class A
Disclosure of classes of share capital [line items]
Number of shares registered (in shares)	302,455,664	299,998,125	299,998,125
Par value per share (in CHF per share)	SFr 0.10
Class A \| Treasury shares
Disclosure of classes of share capital [line items]
Sale of shares held by On in treasury (in shares)	2,633,847	2,273,239
Purchase of On shares from employees (sell-to-cover) at current market price (in shares)	10,320	34,349
Class B
Disclosure of classes of share capital [line items]
Number of shares registered (in shares)	345,437,500	345,437,500	345,437,500
Par value per share (in CHF per share)	SFr 0.01

Share capital - Schedule of Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Class A
Increase (decrease) in number of shares [Roll forward]
Number of shares authorized at beginning of period (in shares)	299,998,125	299,998,125
Number of shares held in treasury at start of period (in shares)	(15,782,848)	(18,021,738)
Number of shares outstanding at beginning of period (in shares)	284,215,277	281,976,387
Number of shares authorized at end of period (in shares)	302,455,664	299,998,125
Number of shares held in treasury at end of period (in shares)	(13,159,321)	(15,782,848)
Number of shares outstanding at end of period (in shares)	289,296,343	284,215,277
Class B
Increase (decrease) in number of shares [Roll forward]
Number of shares authorized at beginning of period (in shares)	345,437,500	345,437,500
Number of shares outstanding at beginning of period (in shares)	345,437,500	345,437,500
Number of shares authorized at end of period (in shares)	345,437,500	345,437,500
Number of shares outstanding at end of period (in shares)	345,437,500	345,437,500
Authorized registered shares \| Class A
Increase (decrease) in number of shares [Roll forward]
Capital increase from conditional capital (in shares)	2,457,539
Sale of shares held by On in treasury (in shares)		0
Purchase of On shares from employees (sell-to-cover) at current market price (in shares)	0	0
Authorized registered shares \| Class B
Increase (decrease) in number of shares [Roll forward]
Capital increase from conditional capital (in shares)
Sale of shares held by On in treasury (in shares)	0	0
Purchase of On shares from employees (sell-to-cover) at current market price (in shares)	0	0
Shares held by On in treasury \| Class A
Increase (decrease) in number of shares [Roll forward]
Capital increase from conditional capital (in shares)
Sale of shares held by On in treasury (in shares)	2,633,847	2,273,239
Purchase of On shares from employees (sell-to-cover) at current market price (in shares)	(10,320)	(34,349)
Outstanding shares \| Class A
Increase (decrease) in number of shares [Roll forward]
Capital increase from conditional capital (in shares)	2,457,539
Sale of shares held by On in treasury (in shares)	2,633,847	2,273,239
Purchase of On shares from employees (sell-to-cover) at current market price (in shares)	(10,320)	(34,349)
Outstanding shares \| Class B
Increase (decrease) in number of shares [Roll forward]
Capital increase from conditional capital (in shares)
Sale of shares held by On in treasury (in shares)	0	0
Purchase of On shares from employees (sell-to-cover) at current market price (in shares)	0	0

Earnings per share - Schedule of Earnings per Share (Details) - CHF (SFr) SFr / shares in Units, SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings per share [line items]
Net income	SFr 242.3	SFr 79.6	SFr 57.7
Class A
Earnings per share [line items]
Weighted number of outstanding shares (in shares)	288,465,380	284,262,802	282,195,495
Number of shares with dilutive effects (in shares)	3,787,481	3,306,122	2,354,500
Weighted number of outstanding shares (diluted and undiluted) (in shares)	292,252,861	287,568,924	284,549,995
Net income	SFr 216.3	SFr 70.9	SFr 51.4
Basic EPS (CHF) (in CHF per share)	SFr 0.75	SFr 0.25	SFr 0.18
Diluted EPS (CHF) (in CHF per share)	SFr 0.74	SFr 0.25	SFr 0.18
Class B
Earnings per share [line items]
Weighted number of outstanding shares (in shares)	345,437,500	345,437,500	345,437,500
Number of shares with dilutive effects (in shares)	12,822,456	11,446,403	6,891,423
Weighted number of outstanding shares (diluted and undiluted) (in shares)	358,259,956	356,883,903	352,328,923
Net income	SFr 25.9	SFr 8.6	SFr 6.3
Basic EPS (CHF) (in CHF per share)	SFr 0.07	SFr 0.02	SFr 0.02
Diluted EPS (CHF) (in CHF per share)	SFr 0.07	SFr 0.02	SFr 0.02

Capital and other reserves - Schedule of Capital and Other Reserves (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reserves within equity [line items]
Equity	SFr 1,391.8	SFr 1,074.5	SFr 969.5	SFr 848.4
Capital reserves
Disclosure of reserves within equity [line items]
Equity	1,210.0	1,140.8	1,105.1	1,044.0
Share premium
Disclosure of reserves within equity [line items]
Equity	756.9	756.9
Statutory reserves
Disclosure of reserves within equity [line items]
Equity	53.9	42.3
Equity transaction costs
Disclosure of reserves within equity [line items]
Equity	(8.7)	(8.7)
Tax impact on equity transaction costs
Disclosure of reserves within equity [line items]
Equity	1.3	1.3
Share-based compensation
Disclosure of reserves within equity [line items]
Equity	406.7	349.1
Other reserves
Disclosure of reserves within equity [line items]
Equity	(4.0)	(9.8)	SFr 0.0	SFr (3.4)
Foreign currency translation effect
Disclosure of reserves within equity [line items]
Equity	(1.1)	(8.1)
Taxes on foreign currency translation effect
Disclosure of reserves within equity [line items]
Equity	(0.1)	0.0
Actuarial gains and losses
Disclosure of reserves within equity [line items]
Equity	(3.4)	(2.1)
Taxes on actuarial gains and losses
Disclosure of reserves within equity [line items]
Equity	SFr 0.7	SFr 0.4

Commitments and contingencies - Narrative (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Gross lease liabilities	SFr 331.1	SFr 385.7
Atlanta
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Bank guarantee	120.7
Belgium
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Bank guarantee	28.2
Gross lease liabilities	106.7	122.5
Group cash pool participants
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Gross bank balances before cash pooling offset	64.9	112.6
Contingent liability for guarantees
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Estimated financial effect of contingent liabilities	168.3	155.6
Leased locations
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Gross lease liabilities	SFr 197.2	SFr 245.8

Commitments and contingencies - Schedule of Future Lease Commitments (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Gross lease liabilities	SFr 331.1	SFr 385.7
Due in less than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Gross lease liabilities	16.9	15.8
Due 1 - 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Gross lease liabilities	135.8	145.4
Due > 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Gross lease liabilities	SFr 178.5	SFr 224.5

Foreign currency risk - Schedule of Foreign Exchange Rates (Details)	12 Months Ended
	Dec. 31, 2024 $ / SFr	Dec. 31, 2023 $ / SFr	Dec. 31, 2022
AUD 1
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	0.56	0.57
Average foreign exchange rate	0.58	0.61	0.67
BRL 100
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	14.64	17.32
Average foreign exchange rate	15.36	18.16	18.49
CAD 1
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	0.63	0.63
Average foreign exchange rate	0.63	0.68	0.74
CNY 100
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	12.44	11.85
Average foreign exchange rate	12.33	13.03	14.46
EUR 1
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	0.94	0.93
Average foreign exchange rate	0.95	0.99	1.02
GBP 1
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	1.14	1.07
Average foreign exchange rate	1.14	1.13	1.20
JPY 100
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	0.58	0.60
Average foreign exchange rate	0.58	0.66	0.75
HKD 1
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	0.12	0.11
Average foreign exchange rate	0.11	0.12	0.13
USD 1
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	0.91	0.84
Average foreign exchange rate	0.88	0.92	0.96

Foreign currency risk - Financial assets and liabilities held in foreign currency (Details) € in Millions, SFr in Millions, $ in Millions	Dec. 31, 2024 CHF (SFr)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 CHF (SFr)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Disclosure of financial assets [line items]
Cash and cash equivalents	SFr 924.3	$ 629.3	€ 24.1	SFr 494.6	$ 248.7	€ 69.8
Trade Receivables And Other Financial Assets		229.6	34.5		640.0	102.1
Trade Payables And Other Financial Liabilities		(145.3)	(21.4)		(257.6)	(84.5)
Total assets and liabilities		$ 713.6	€ 37.2		$ 631.2	€ 87.4

Foreign currency risk - Schedule of Sensitivity of Foreign Exchange Rates (Details) - Currency risk - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
United States of America, Dollars
Disclosure of nature and extent of risks arising from financial instruments [line items]
Change in USD/CHF and EUR CHF +10%	SFr 57.4	SFr 71.2	SFr 32.1
Change in USD/CHF and EUR CHF -10%	(57.4)	(71.2)	(32.1)
Euro Member Countries, Euro
Disclosure of nature and extent of risks arising from financial instruments [line items]
Change in USD/CHF and EUR CHF +10%	3.0	7.3	1.1
Change in USD/CHF and EUR CHF -10%	SFr (3.0)	SFr (7.3)	SFr (1.1)

Liquidity risk - Contractual Maturities of Financial Liabilities (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade payables	SFr 166.5	SFr 65.1
Current lease liabilities	44.2	46.9
Other financial liabilities	51.3	14.8
Other current financial liabilities	95.5	61.7
Non-current lease liabilities	335.1	216.4
Other non-current financial liabilities	1.7
Total other non-current financial liabilities at amortized cost	336.8	216.4
Due in less than 3 months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade payables	166.5	65.1
Current lease liabilities	19.1	11.7
Other financial liabilities	36.5	14.8
Other current financial liabilities	55.7	26.5
Non-current lease liabilities	0.0	0.0
Other non-current financial liabilities	0.0
Total other non-current financial liabilities at amortized cost	0.0	0.0
Due 4 to 12 months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade payables	0.0	0.0
Current lease liabilities	25.1	35.2
Other financial liabilities	14.8	0.0
Other current financial liabilities	39.8	35.2
Non-current lease liabilities	0.0	0.0
Other non-current financial liabilities	0.0
Total other non-current financial liabilities at amortized cost	0.0	0.0
Due 1 - 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade payables	0.0	0.0
Current lease liabilities	0.0	0.0
Other financial liabilities	0.0	0.0
Other current financial liabilities	0.0	0.0
Non-current lease liabilities	211.4	135.1
Other non-current financial liabilities	1.7
Total other non-current financial liabilities at amortized cost	213.1	135.1
Due > 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade payables	0.0	0.0
Current lease liabilities	0.0	0.0
Other financial liabilities	0.0	0.0
Other current financial liabilities	0.0	0.0
Non-current lease liabilities	123.7	81.3
Other non-current financial liabilities	0.0
Total other non-current financial liabilities at amortized cost	SFr 123.7	SFr 81.3

Liquidity risk - Narrative (Details) - Bank overdraft facility four, CHF - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023	Jul. 07, 2023
Disclosure of detailed information about borrowings [line items]
Credit facility, maximum borrowing capacity			SFr 700.0
Line of credit facility option to increase amount			SFr 200.0
Initial term of facility agreement			3 years
Credit facility extension period	1 year		1 year
Bank guarantee	SFr 168.3	SFr 155.3

Liquidity risk - Assets Pledged as Security (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of Financial Risk Management [Abstract]
Trade receivables	SFr 280.8	SFr 145.8
Inventory	211.7	285.2
Assets pledged	SFr 492.5	SFr 431.0

Share-based compensation - Narrative (Details) - yr	3 Months Ended	12 Months Ended
Share-based compensation - Narrative (Details) - yr	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average expected fluctuation in expense recognition	10.00%
LTIP 2021 \| RSUs \| First anniversary of granting date
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		34.00%
LTIP 2021 \| RSUs \| First anniversary of granting date \| Executive board
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		33.30%
LTIP 2021 \| RSUs \| Each quarter following the 1st anniversary of granting date
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		8.25%
LTIP 2021 \| RSUs \| Granting date \| Executive board
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		33.30%
LTIP 2021 \| RSUs \| Second anniversary of granting date \| Executive board
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage		33.30%
LTIP 2021 \| PSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting requirements anniversary of grant date options may be exercised		3
LTIP 2021 \| PSUs \| Performance cycle 1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		24 months
Vesting requirements for share-based payment arrangement, performance cycle		2 years
LTIP 2021 \| PSUs \| Performance cycle 1 \| Executive board
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting requirements for share-based payment arrangement, performance cycle		2 years
LTIP 2021 \| PSUs \| Performance cycle 2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		36 months
Vesting requirements for share-based payment arrangement, performance cycle		3 years
LTIP 2021 \| PSUs \| Performance cycle 2 \| Executive board
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting requirements for share-based payment arrangement, performance cycle		3 years
Service, license, and investment agreement (SLIA) 2019 \| RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			6 months
LTIP 2020 \| RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting requirements anniversary of grant date options may be exercised		7

Share-based compensation - Schedule of Expenses Arising from Share-based Payment Transactions (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from equity-settled share-based payment transactions	SFr 71.5	SFr 31.8	SFr 33.8
Share-based compensation	57.5	27.3	38.3
LTIP 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from equity-settled share-based payment transactions	51.9	24.4	0.0
LTIP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from equity-settled share-based payment transactions	0.0	0.0	32.7
Other
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from equity-settled share-based payment transactions	SFr 19.6	SFr 7.4	SFr 1.1

Share-based compensation - Schedule of Share Options and Other Equity Instruments (Details)	12 Months Ended
	Dec. 31, 2024 shares year share yr $ / shares	Dec. 31, 2024 shares year share yr $ / shares SFr / shares	Dec. 31, 2023 year shares share $ / shares	Dec. 31, 2023 year shares share SFr / shares $ / shares	Dec. 31, 2022 $ / shares
Class A
Share Options [Abstract]
Share options outstanding at beginning of period (in shares)	9,102,323	9,102,323	11,248,314	11,248,314
Weighted average exercise price of share options outstanding in share-based payment arrangement (in USD per share) \| $ / shares	$ 4.13	$ 4.13	$ 3.46	$ 3.46	$ 3.83
Share options granted (in shares) \| share	0	0	0	0
Share options forfeited (in shares)	(3,940)	(3,940)	(7,500)	(7,500)
Weighted average exercise price of share options forfeited in share-based payment arrangement (USD per share) \| SFr / shares		$ 11.69		$ 0.11
Share options exercised (in shares)	(4,588,738)	(4,588,738)	(2,138,491)	(2,138,491)
Weighted average exercise price of share options exercised in share-based payment arrangement (USD per share) \| $ / shares	$ 5.92		$ 5.42
Share options outstanding at end of period (in shares)	4,509,645	4,509,645	9,102,323	9,102,323
Weighted average remaining contractual life of outstanding share options	4 months 24 days	4 months 24 days	7 months 6 days	7 months 6 days
Maximum term of awards granted \| year	0.8	0.8	1.5	1.5
Share options exercisable (in shares)	4,509,645	4,509,645	9,102,323	9,102,323
Weighted average exercise price of share options exercisable in share-based payment arrangement (USD per share) \| $ / shares	$ 4.13	$ 4.13	$ 3.46	$ 3.46
Class B
Share Options [Abstract]
Share options outstanding at beginning of period (in shares) \| share	15,812,500	15,812,500	15,812,500	15,812,500
Weighted average exercise price of share options outstanding in share-based payment arrangement (in USD per share) \| $ / shares	$ 0.77	$ 0.77	$ 0.77	$ 0.77	$ 0.77
Share options granted (in shares) \| share	0	0	0	0
Share options forfeited (in shares) \| share	0	0	0	0
Share options exercised (in shares) \| share	0	0	0	0
Share options outstanding at end of period (in shares) \| share	15,812,500	15,812,500	15,812,500	15,812,500
Weighted average remaining contractual life of outstanding share options	0 years	0 years	0 years	0 years
Share options exercisable (in shares) \| share	15,812,500	15,812,500	15,812,500	15,812,500
Weighted average exercise price of share options exercisable in share-based payment arrangement (USD per share) \| $ / shares	$ 0.77	$ 0.77	$ 0.77	$ 0.77
Restricted share units (RSU)
Share Options [Abstract]
Maximum term of awards granted	3.0	3.0	2.2	2.2
Other Equity Instruments [Abstract]
Other equity instruments outstanding at beginning of period (in shares)	849,504	849,504	75,496	75,496
Instruments granted (in shares)	629,831	629,831	966,480	966,480
Other equity instruments forfeited (in shares)	(71,220)	(71,220)	(57,724)	(57,724)
Other equity instruments exercised (in shares)	(519,510)	(519,510)	(134,748)	(134,748)
Other equity instruments outstanding at end of period (in shares)	888,605	888,605	849,504	849,504
Weighted average contractual life remaining \| year	0.9	0.9	1.0	1.0
Other equity instruments exercisable (in shares)	2,000	2,000	39,705	39,705
Performance share units (PSU)
Share Options [Abstract]
Maximum term of awards granted	2.2	2.2	2.2	2.2
Other Equity Instruments [Abstract]
Other equity instruments outstanding at beginning of period (in shares)	1,067,215	1,067,215	37,808	37,808
Instruments granted (in shares)	834,743	834,743	1,034,815	1,034,815
Other equity instruments forfeited (in shares)	(21,962)	(21,962)	(5,408)	(5,408)
Other equity instruments exercised (in shares)	0	0	0	0
Other equity instruments outstanding at end of period (in shares)	1,879,996	1,879,996	1,067,215	1,067,215
Weighted average contractual life remaining \| year	1.1	1.1	1.7	1.7
Other equity instruments exercisable (in shares)	0	0	0	0

Share-based compensation - Schedule of Valuation Inputs (Details) - SFr / shares	Dec. 16, 2024	Sep. 23, 2024	Jul. 10, 2024	Jun. 24, 2024	Mar. 25, 2024	Dec. 18, 2023	Sep. 26, 2023	Jun. 23, 2023	Apr. 01, 2023	Mar. 28, 2023	Mar. 27, 2023	Mar. 09, 2023	Jan. 03, 2023
Class A \| Tax Recognition
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on measurement date (CHF per share)													SFr 20.84
RSU and PSU \| LTIP 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on measurement date (CHF per share)	SFr 51.65	SFr 42.74		SFr 34.88	SFr 31.07	SFr 26.52	SFr 23.81	SFr 26.72	SFr 28.34	SFr 27.34		SFr 19.87
RSU and PSU \| The Board of Directors of On (BoD) 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on measurement date (CHF per share)	SFr 51.65	SFr 42.74		SFr 34.88	SFr 31.07
Restricted share units (RSU) \| The Board of Directors of On (BoD) 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on measurement date (CHF per share)			SFr 32.94								SFr 27.71

Employee benefit obligations - Narrative (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [abstract]
Estimate of contributions expected to be paid to plan for next annual reporting period	SFr 4.7
Employee benefit expenses	SFr 4.5	SFr 4.1
Weighted average duration of defined benefit obligation	15 years 8 months 12 days	14 years 8 months 12 days

Employee benefit obligations - Net Employee Benefit Obligation (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of defined benefit plans [abstract]
Present value of defined benefit obligation	SFr (52.9)	SFr (35.3)
Fair value of plan assets	44.3	33.1
Employee benefit obligations	SFr (8.6)	SFr (2.2)	SFr (6.3)

Employee benefit obligations - Reconciliation of Employee Benefit Obligation (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [abstract]
Employee benefit obligations at January 1	SFr (2.2)	SFr (6.3)
Amounts recognized in income statement	(5.3)	(3.8)
Amounts recognized in other comprehensive income	(1.2)	(3.4)
Contributions by the employer	0.2	11.3
Employee benefit obligations at December 31	SFr (8.6)	SFr (2.2)

Employee benefit obligations - Employee Benefit Expense (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of defined benefit plans [abstract]
Current service cost	SFr (5.3)	SFr (3.8)	SFr (3.4)
Past service cost	0.0	0.0	0.3
Employee benefit expenses	SFr (5.3)	SFr (3.8)	SFr (3.1)

Employee benefit obligations - Net Actuarial Results From Defined Benefit Plans (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Actuarial (losses)/gains from
changes in financial assumptions	SFr (2.5)	SFr (3.6)	SFr 6.8
changes in experience adjustments	(2.1)	0.2	(1.3)
Return on plan assets excluding interest income	3.4	0.0	(1.1)
Amounts recognized in other comprehensive income	SFr (1.2)	SFr (3.4)	SFr 4.4

Employee benefit obligations - Present Value Defined Benefit Obligation (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [line items]
Employee benefit obligations at January 1	SFr 2.2	SFr 6.3
Actuarial (losses)/gains from
Employee benefit obligations at December 31	8.6	2.2
Present value of defined benefit obligation
Disclosure of defined benefit plans [line items]
Employee benefit obligations at January 1	35.3	23.7
Current service cost	5.3	3.8
Contributions by the employees	4.3	3.1
Interest expenses	0.5	0.5
Benefits paid	2.8	0.8
Actuarial (losses)/gains from
changes in financial assumptions	2.5	3.6
changes in experience adjustments	2.1	(0.2)
Employee benefit obligations at December 31	SFr 52.9	SFr 35.3

Employee benefit obligations - Plan Assets (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [line items]
Employee benefit obligations at January 1	SFr (2.2)	SFr (6.3)
Employee benefit obligations at December 31	(8.6)	(2.2)
Plan assets
Disclosure of defined benefit plans [line items]
Employee benefit obligations at January 1	33.1	17.4
Contributions by the employer	0.2	11.3
Contributions by the employees	4.3	3.1
Interest income	0.5	0.5
Benefits paid	2.8	0.8
Return on plan assets excluding interest income	3.4	0.0
Employee benefit obligations at December 31	SFr 44.3	SFr 33.1

Employee benefit obligations - Plan Asset Composition (Details)	Dec. 31, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [abstract]
Cash and cash equivalents	5.90%	0.60%
Debt instruments	21.90%	28.40%
Equity instruments	33.50%	31.50%
Real estate	21.30%	23.00%
Mortgages	3.60%	0.00%
Alternative assets	13.80%	16.50%
Total	100.00%	100.00%

Employee benefit obligations - Actuarial Assumptions (Details)	Dec. 31, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [abstract]
Discount rate	1.00%	1.40%
Expected rate of salary increase	1.00%	1.50%
Expected rate of pension increase	0.00%	0.00%

Employee benefit obligations - Sensitivity Analysis for Actuarial Assumptions (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023
Discount rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible decrease in actuarial assumption	0.50%
Percentage of reasonably possible increase in actuarial assumption	0.50%
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	SFr 4.5	SFr 2.8
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	SFr (3.8)	(2.3)
Expected rate of salary increase
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible decrease in actuarial assumption	0.50%
Percentage of reasonably possible increase in actuarial assumption	0.50%
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	SFr (1.2)	(0.6)
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	SFr 0.9	0.7
Life expectancy
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Period of reasonably possible decrease in actuarial assumption	1 year
Period of reasonably possible increase in actuarial assumption	1 year
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	SFr (0.5)	(0.3)
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	SFr 0.5	SFr 0.3

Provisions (Details) - CHF (SFr) SFr in Millions	12 Months Ended
Provisions (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Provisions [Line Items]
Beginning balance	SFr 17.1	SFr 12.1
Additions	29.3	9.5
Release	(1.6)	(2.9)
Utilization	(8.2)	(1.4)
Unwinding of discount	0.1	0.1
Exchange differences	0.0	(0.3)
Ending balance	36.6	17.1
thereof current	21.7	7.1	SFr 5.0
thereof non-current	14.9	10.0	7.2
Social charges
Disclosure of Provisions [Line Items]
Beginning balance	6.8	4.3
Additions	22.9	5.7
Release	(1.0)	(1.9)
Utilization	(8.2)	(1.4)
Unwinding of discount	0.0	0.0
Exchange differences	(0.1)	0.0
Ending balance	20.3	6.8
thereof current	20.3	6.3	4.3
thereof non-current	0.0	0.5	0.0
Long-service leave
Disclosure of Provisions [Line Items]
Beginning balance	5.8	3.8
Additions	2.6	3.2
Release	(0.5)	(1.0)
Utilization	0.0	0.0
Unwinding of discount	0.0	0.0
Exchange differences	0.1	(0.2)
Ending balance	8.0	5.8
thereof current	1.0	0.7	0.5
thereof non-current	7.0	5.1	3.3
Other
Disclosure of Provisions [Line Items]
Beginning balance	4.5	4.0
Additions	3.8	0.6
Release	0.0	0.0
Utilization	0.0	0.0
Unwinding of discount	0.1	0.1
Exchange differences	0.1	(0.1)
Ending balance	8.4	4.5
thereof current	0.4	0.1	0.2
thereof non-current	SFr 8.0	SFr 4.3	SFr 3.8

Provisions - Narrative (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Provisions [Line Items]
Other provisions	SFr 36.6	SFr 17.1	SFr 12.1
Asset retirement obligation
Disclosure of Provisions [Line Items]
Other provisions	SFr 5.9	SFr 4.5

Income taxes - Major Components of Income Tax (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Current income taxes	SFr 74.0	SFr 35.7	SFr 38.7
Deferred income taxes	(36.6)	(46.2)	(18.6)
Income tax expense (benefit)	SFr 37.4	SFr (10.5)	SFr 20.2

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Income taxes - Tax Rate Reconciliation (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Accounting profit	SFr 279.6	SFr 69.1	SFr 77.9
Expected tax rate (in percentage)	19.60%	19.70%	19.70%
Expected tax expense	SFr 54.8	SFr 13.6	SFr 15.3
Tax rate effect of income taxed at different tax rate (in percentage)	0.005	(0.018)	0.020
Tax effect of income taxed at different tax rate	SFr 1.4	SFr (1.3)	SFr 1.5
Tax rate effect of not deductible expense (in percentage)	3.10%	10.30%	9.20%
Tax effect of not deductible expenses	SFr 8.8	SFr 7.1	SFr 7.2
Tax rate effect of non-taxable income and tax incentives (in percentage)	(4.00%)	(22.40%)	(9.50%)
Tax effect of non-taxable income and tax incentives	SFr (11.1)	SFr (15.5)
Tax rate effect of (de)recognition of tax losses (in percentage)	(0.20%)	(2.40%)	2.90%
Tax effect of (de)recognition of tax losses	SFr (0.6)	SFr (1.7)	SFr 2.2
Tax rate effect from tax rate changes (in percentage)	(0.10%)	0.70%	0.00%
Tax effect from tax rate changes	SFr (0.2)	SFr 0.5	SFr 0.0
Tax rate effect of prior year adjustments (in percentage)	(0.90%)	(20.50%)	1.90%
Tax effect prior year adjustments	SFr (2.6)	SFr (14.2)	SFr 1.5
Other tax rate effects (in percentage)	(4.70%)	1.30%	(0.30%)
Other tax effects	SFr (13.3)	SFr 0.9	SFr (0.2)
Effective tax rate (in percentage)	13.40%	(15.10%)	25.90%
Income tax expense (benefit)	SFr 37.4	SFr (10.5)	SFr 20.2
Income not subject to tax, netting
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax effect of non-taxable income and tax incentives			SFr (7.4)

Income taxes - Net Deferred Tax Assets and Liabilities (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Net amount at January 1	SFr 97.1	SFr 59.1	SFr 13.9
thereof deferred tax assets	107.8	69.5	31.7
thereof deferred tax liabilities	(10.8)	(10.5)	(17.9)
Taxes charged
to income statement	36.6	46.2	SFr 18.6
to other comprehensive income	0.1	0.7
Exchange differences	1.3	(1.6)
Net amount at December 31	SFr 59.1	SFr 13.9

Income taxes - Components of Deferred Tax Assets and Liabilities (Details) - CHF (SFr) SFr in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	SFr 107.8	SFr 69.5	SFr 31.7
Liabilities	(10.8)	(10.5)	(17.9)
Net amount	97.1	59.1	SFr 13.9
Before offset amount
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	168.5	80.0
Liabilities	(71.4)	(21.0)
Net amount	97.1	59.1
Offset amount
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	60.6	10.5
Liabilities	(60.6)	(10.5)
Net amount	0.0	0.0
Inventories
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	81.5	50.1
Liabilities	(9.9)	(8.0)
Net amount	71.6	42.0
Property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	0.3	0.1
Liabilities	(6.2)	(0.1)
Net amount	(5.9)	0.1
Right-of-use assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	0.0	0.0
Liabilities	(50.6)	(6.2)
Net amount	(50.6)	(6.2)
Intangible assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	0.0	0.0
Liabilities	(2.9)	(3.0)
Net amount	(2.9)	(3.0)
Other current financial liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	46.7	1.1
Liabilities	0.0	(0.1)
Net amount	46.7	1.0
Other current operating liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	17.2	17.2
Liabilities	(0.7)	(2.6)
Net amount	16.5	14.6
Other non-current financial liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	12.8	6.2
Liabilities	0.0	0.0
Net amount	12.8	6.2
Tax loss and tax credit carryforwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	4.6	3.6
Liabilities	0.0	0.0
Net amount	4.6	3.6
Other assets and liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	5.3	1.7
Liabilities	(1.2)	(1.0)
Net amount	SFr 4.1	SFr 0.7

Related parties - Narrative (Details) - CHF (SFr) SFr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of transactions between related parties [line items]
Share-based compensation	SFr 13.8	SFr 13.8	SFr 15.1
Non-executive directors
Disclosure of transactions between related parties [line items]
Share-based compensation	SFr 1.2	SFr 1.1	SFr 0.5

Related parties - Schedule of Transactions (Details) SFr in Millions	12 Months Ended
	Dec. 31, 2024 CHF (SFr) executiveMember	Dec. 31, 2023 CHF (SFr)	Dec. 31, 2022 CHF (SFr)
Related party transactions [abstract]
Number of executive members \| executiveMember	5
Short-term employee benefits	SFr 3.4	SFr 4.2	SFr 2.1
Post-employment benefits	1.1	0.3	1.8
Share-based compensation	13.8	13.8	15.1
On Executive Team	SFr 18.2	SFr 18.3	SFr 19.0