SCHEDULE: FMR LLC and Abigail P. Johnson Disclose 10% Stake in On Holding AG

FMR LLC and its Chairman and CEO, Abigail P. Johnson, have jointly disclosed a beneficial ownership of 10.0% of On Holding AG's Class A Common Stock, totaling 28,935,843 shares, as of June 30, 2025.

Summary

• FMR LLC and Abigail P. Johnson jointly reported beneficial ownership of 28,935,843 shares of On Holding AG's Class A Common Stock.
• This beneficial ownership represents 10.0% of the total outstanding Class A Common Stock.
• The filing is an Amendment No. 3 to a Schedule 13G, indicating a passive investment intent.
• FMR LLC, a Delaware entity, holds sole voting power and sole dispositive power over all 28,935,843 shares.
• Abigail P. Johnson, a U.S. citizen, holds sole dispositive power over the same 28,935,843 shares, with no sole or shared voting power.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of On Holding AG.
• Several FMR LLC subsidiaries and affiliates, including Fidelity Management & Research Company LLC, are identified as entities that beneficially own shares, with Fidelity Management & Research Company LLC owning 5% or greater of the outstanding shares.
• The Johnson family, including Abigail P. Johnson, are the predominant owners of FMR LLC's Series B voting common shares, representing 49% of the voting power of FMR LLC, and may be deemed a controlling group for FMR LLC under the Investment Company Act of 1940.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership, which is neutral in sentiment. It does not contain positive or negative operational or financial news about the issuer.

Positives

• NA A Schedule 13G filing primarily discloses beneficial ownership and does not typically contain information that can be categorized as positive financial performance or operational achievements for the issuer.

Negatives

• NA A Schedule 13G filing primarily discloses beneficial ownership and does not typically contain information that can be categorized as negative financial performance or operational challenges for the issuer.

Risks

• NA This Schedule 13G filing focuses on beneficial ownership disclosure and does not detail specific risks related to On Holding AG's operations or financial health.

Future Outlook

NA This document does not provide any forward-looking statements or guidance for On Holding AG.

Management Comments

• The securities referred to were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

NA This filing is a disclosure of beneficial ownership and does not provide analysis of broader industry trends or the competitive landscape for On Holding AG.

Related Party Transactions

• Abigail P. Johnson, who is a Director, Chairman, and Chief Executive Officer of FMR LLC, is part of the Johnson family, which are the predominant owners of FMR LLC's Series B voting common shares (representing 49% of voting power).
• The Johnson family group and other Series B shareholders have a voting agreement to vote Series B shares in accordance with the majority vote, potentially forming a controlling group for FMR LLC under the Investment Company Act of 1940.

Stakeholder Impact

• Shareholders of On Holding AG gain transparency regarding a significant 10.0% beneficial ownership stake held by FMR LLC and Abigail P. Johnson, a major institutional investor.

Key Dates

Keywords

ON HOLDING AG, Class A Common Stock, Schedule 13G, FMR LLC, Abigail P. Johnson, Beneficial Ownership, SEC Filing, Investment, Passive Investment, Institutional Investor, Fidelity