ONON On Holding AG

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1.1 Corporate information

On Holding AG and its subsidiaries (together "On" or "the Company") is engaged in developing and distributing innovative premium performance sports products, sold worldwide through independent retailers and global distributors, an own online presence, and its own high-end stores.

On is a publicly traded company on the New York Stock Exchange, trading under the ticker symbol "NYSE: ONON".

These unaudited interim condensed consolidated financial statements (“the financial statements”) present the financial position and the results of operations of On Holding AG, as ultimate parent company, and its subsidiaries. On Holding AG is a limited company incorporated in accordance with Swiss law and its principal offices are located at Förrlibuckstrasse 190, Zurich, Switzerland.

These unaudited interim condensed consolidated financial statements for the period ended June 30, 2023 were authorized for issue by the board of directors of the Company on August 15, 2023.

1.2 About the financials

The financial statements as of June 30, 2023 and for the three months and six months ended June 30, 2023 have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board ("IASB").

The financial statements comprise the financial statements of On Holding AG and its subsidiaries at June 30, 2023 and are presented in Swiss Francs (CHF), the legal currency of Switzerland.

The financial statements are not necessarily indicative of the results for a full year and does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the our Annual Report on Form 20-F for the year ended December 31, 2022 filed with the SEC on March 21, 2023 (the “Annual Report”).

The significant accounting policies and methods of computation applied in the preparation of the financial statements are consistent with those applied in the Company’s Annual Report for the year ended December 31, 2022 except where specifically described.

Rounding adjustments were made to some of the figures included in this document. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them. With respect to financial information set out in this document, a dash (“—”) signifies that the relevant figure is not available or not applicable, while a zero (“0.0”) signifies that the relevant figure is available but is or has been rounded to zero.

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1.3 Oniverse

												Equity interest
Entity						Jurisdiction of incorporation						6/30/2023						12/31/2022
On Holding AG						Switzerland
On AG						Switzerland						100%						100%
On Brazil Ltda.						Brazil						100%						100%
On Cloud Service GmbH						Germany						100%						100%
On Clouds GmbH						Switzerland						100%						100%
On Clouds Inc.						Delaware, USA						100%						100%
On Europe AG						Switzerland						100%						100%
On Experience 1 LLC						Delaware, USA						100%						100%
On Experience 2 LLC						Delaware, USA						100%						100%
On Experience 3 LLC						Delaware, USA						100%						100%
On Experience 4 LLC						Delaware, USA						100%						100%
On Experience 5 LLC						Delaware, USA						100%						100%
On Experience 6 LLC						Delaware, USA						100%						—
On Hong Kong Ltd.						Hong Kong, SAR of China						100%						100%
On Inc.						Delaware, USA						100%						100%
On Italy S.r.l.						Italy						100%						100%
On Japan K.K.						Japan						100%						100%
On Oceania Pty Ltd.						Australia						100%						100%
On Running Canada Inc.						Canada						100%						100%
On Running Sports Products (Shanghai) Company Ltd.						China						100%						100%
On Running UK Ltd.						United Kingdom						100%						100%
On Vietnam Co. Ltd.						Vietnam						100%						100%
Brunner Mettler GmbH						Switzerland						100%						100%
On Korea Ltd.						South Korea						100%						—

1.4 New and amended standards and interpretations

A number of amended standards became applicable for the current period, none of which have had a material impact on the financial statements for the three months and six months ended June 30, 2023.

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 applied this exception.

Further, at the date of authorization of these financial statements, On has not applied the following new and revised IFRS Standards that have been issued by the IASB but are not yet effective:

Description

Standard Reference

IASB Effective Date

Classification of liabilities as current or non-current

Amendments to IAS 1

January 1, 2024

Lease liability in a sale and leaseback

Amendment to IFRS 16

January 1, 2024

Supplier Finance Arrangements

Amendment to IAS 7 and IFRS 7

January 1, 2024

On does not expect that the adoption of the standards listed above will have a material impact on the financials of On in the current or future reporting periods.

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2.1 Net sales

Net sales by sales channels:

						Three-month period ended June 30,												Six-month period ended June 30,
(CHF in millions)						2023						2022						2023						2022
Wholesale						280.8						186.0						564.0						338.3
Direct-to-Consumer						163.5						105.6						300.5						189.1
Net sales						444.3						291.7						864.5						527.3

Net sales by product groups:

						Three-month period ended June 30,												Six-month period ended June 30,
(CHF in millions)						2023						2022						2023						2022
Shoes						428.2						280.6						828.7						503.1
Apparel						13.4						9.2						30.3						20.6
Accessories						2.7						1.8						5.4						3.7
Net sales						444.3						291.7						864.5						527.3

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

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

						Three-month period ended June 30,												Six-month period ended June 30,
(CHF in millions)						2023						2022						2023						2022
Europe, Middle East and Africa						113.6						88.1						232.2						166.6
Americas						296.6						185.6						566.8						326.4
Asia-Pacific						34.1						17.9						65.5						34.4
Net sales						444.3						291.7						864.5						527.3

As announced through Current Report on Form 6-k filed with the U.S. Securities and Exchange Commission 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 8.8 million and CHF 14.7 million from Rest of World, for the three-month period and six-month period ended June 30, 2022, respectively, to EMEA in the amount of CHF 4.9 million and CHF 8.3 million, and to Americas in the amount of CHF 3.9 million and CHF 6.4 million, for three-month period and six-month period ended June 30, 2022, respectively. The below table includes Net Sales by geography previously reported for the three-month period and six-month period ended June 30, 2022.

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Net sales by geographic regions as previously reported:

												Three-month period ended June 30,												Six-month period ended June 30,
(CHF in millions)												2022												2022
Europe												83.3												158.2
North America												181.7												320.1
Asia-Pacific												17.9												34.4
Rest of world												8.8												14.6
Net Sales												291.7												527.3

Due to its fragmented customer base, 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 3.1 Trade receivables and 3.6 Other current operating assets and liabilities, respectively. Trade receivables as shown in the balance sheet relate to the sale of products and other revenue.

2.2 Segment information

Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment.

On’s CODM is the On Executive Team which consists of the three Co-Founders and the two Co-CEOs. The CODM does not regularly review financial information for any individual component, such as sales channels, geographic regions or product groups that would allow decisions to be made about allocation of resources or performance.

On operates as single-brand consumer products business and therefore has a single reportable segment. 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.

As discussed above in 2.1 Net sales, during the first quarter of 2023, the Company updated its reporting of geographic areas. As such, the non-current assets by geography as at June 30, 2023 and December 31, 2022 reflects this new reporting structure. The new reporting of geography areas has no impact on previously reported consolidated historical non-current assets. The new reporting of non-current assets by geographic area includes a reallocation of CHF 1.3 million from Rest of World to Americas, for the twelve-month period ended December 31, 2022.

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

(CHF in millions)						6/30/2023						12/31/2022
Europe, Middle East and Africa						286.1						246.8
thereof Switzerland						259.6						222.0
Americas						74.0						59.9
thereof the United States						72.6						58.5
Asia-Pacific						21.4						24.1
Non-current assets						381.5						330.9

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2.3 Selling, general and administrative expenses

						Three-month period ended June 30,												Six-month period ended June 30,
(CHF in millions)						2023						2022						2023						2022
Distribution expenses						(61.5)						(36.1)						(120.7)						(67.0)
Selling expenses						(31.8)						(20.1)						(59.5)						(36.0)
Marketing expenses						(51.5)						(34.6)						(96.0)						(62.9)
Share-based compensation						(9.1)						5.6						(14.0)						2.5
General and administrative expenses						(71.2)						(49.3)						(137.5)						(89.8)
Selling, general and administrative expenses						(225.1)						(134.5)						(427.7)						(253.2)

In the six-month period ended June 30, 2023, selling, general and administrative expenses include depreciation and amortization of non-current assets in the amount of CHF 24.4 million (six-month period ended June 30, 2022: CHF 17.8 million). In addition, depreciation charges for production tools in the amount of CHF 3.5 million (six-month period ended June 30, 2022: CHF 2.1 million) are reported in cost of sales.

Total personnel expenses, excluding any costs related to share-based compensation, amount to CHF 100.0 million in the six-month period ended June 30, 2023 and CHF 64.3 million in the six-month period ended June 30, 2022, respectively.

3.1 Trade receivables

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

(CHF in millions)						6/30/2023						12/31/2022
Gross Carrying Amount						264.3						183.7
Individual loss allowance						(10.9)						(8.2)
Expected credit loss						(0.8)						(0.9)
Loss allowance						(11.6)						(9.1)
Trade receivables						252.7						174.6

3.2 Inventories

(CHF in millions)						6/30/2023						12/31/2022
Shoes						386.8						344.7
Apparel						41.9						43.5
Accessories						9.7						8.3
Other						0.2						0.2
Allowances						(2.8)						(1.1)
Inventories						435.9						395.6

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3.3 Property, plant and equipment

(CHF in millions)						Leasehold improvements						Trade tools						Production tools						Other						Total
Cost at January 1, 2022						20.9						7.3						11.9						7.8						47.9
Accumulated Depreciation at January 1, 2022						(1.9)						(3.5)						(5.6)						(2.5)						(13.5)
Net book amount at January 1, 2022						19.0						3.8						6.3						5.3						34.4
Six month period ended June 30, 2022
Opening net book amounts						19.0						3.8						6.3						5.3						34.4
Additions						12.8						1.0						3.3						6.5						23.7
Disposals						(0.2)						—						(1.3)						—						(1.5)
Depreciation						(1.1)						(1.3)						(1.6)						(0.9)						(5.0)
Currency Translation						0.2						0.1						—						0.1						0.4
Net book value at June 30, 2022						30.7						3.6						6.7						11.0						52.0
Cost at June 30, 2022						33.3						8.1						8.3						14.2						63.9
Accumulated Depreciation at June 30, 2022						(2.6)						(4.4)						(1.6)						(3.2)						(11.9)
Net book amount at June 30, 2022						30.7						3.6						6.7						11.0						52.0
Cost at January 1, 2023						49.7						10.7						12.9						24.5						97.8
Accumulated Depreciation at January 1, 2023						(5.0)						(5.4)						(5.3)						(4.9)						(20.6)
Net book amount at January 1, 2023						44.7						5.3						7.5						19.7						77.2
Six month period ended June 30, 2023
Opening net book amounts						44.7						5.3						7.5						19.7						77.2
Additions						8.4						0.5						4.1						5.9						19.0
Disposals						(0.2)						—						—						(0.1)						(0.3)
Depreciation						(3.4)						(1.2)						(3.2)						(2.3)						(10.1)
Currency Translation						(1.0)						(0.1)						—						(0.4)						(1.5)
Net book value at June 30, 2023						48.6						4.5						8.5						22.8						84.3
Cost at June 30, 2023						56.6						10.9						17.0						29.9						114.3
Accumulated Depreciation at June 30, 2023						(8.0)						(6.4)						(8.5)						(7.1)						(30.0)
Net book amount at June 30, 2023						48.6						4.5						8.5						22.8						84.3

Other property, plant and equipment comprises of IT and office equipment as well as owned vehicles. As at June 30, 2023, leasehold improvements in the amount of CHF 5.0 million (December 31, 2022: CHF 6.4 million) are not yet in use.

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3.4 Right-of-use assets

(CHF in millions)						Storage						Stores & showrooms						Offices						Cars						Total
Cost at January 1, 2022						77.9						14.8						102.9						4.5						200.2
Accumulated Depreciation at January 1, 2022						(5.0)						(3.0)						(11.0)						(3.3)						(22.3)
Net book amount at January 1, 2022						72.9						11.9						91.9						1.2						177.9
Six month period ended June 30, 2022
Opening net book amounts						72.9						11.9						91.9						1.2						177.9
Additions						—						5.1						6.8						2.3						14.2
Disposals						—						—						—						(0.2)						(0.2)
Depreciation						(3.8)						(1.9)						(4.4)						(0.7)						(10.9)
Currency Translation						4.8						0.1						0.5						0.1						5.6
Net book value at June 30, 2022						73.9						15.3						94.8						2.6						186.6
Cost at June 30, 2022						83.1						20.2						109.1						6.7						219.1
Accumulated Depreciation at June 30, 2022						(9.2)						(5.0)						(14.2)						(4.0)						(32.5)
Net book amount at June 30, 2022						73.9						15.3						94.8						2.6						186.6
Cost at January 1, 2023						28.7						45.6						111.0						7.4						192.7
Accumulated Depreciation at January 1, 2023						(11.9)						(7.7)						(16.8)						(4.6)						(41.1)
Net book amount at January 1, 2023						16.8						37.9						94.2						2.8						151.6
Six month period ended June 30, 2023
Opening net book amounts						16.8						37.9						94.2						2.8						151.6
Lease modification						(4.1)						0.1						0.7						—						(3.3)
Additions						—						12.3						6.6						1.3						20.2
Disposals						(0.1)						—						—						(0.2)						(0.2)
Depreciation						(2.8)						(4.2)						(5.0)						(1.0)						(13.0)
Currency Translation						(0.2)						(1.5)						(0.7)						(0.1)						(2.5)
Net book value at June 30, 2023						9.6						44.6						95.8						2.9						152.9
Cost at June 30, 2023						23.9						55.9						117.4						7.9						205.0
Accumulated Depreciation at June 30, 2023						(14.3)						(11.2)						(21.6)						(4.9)						(52.1)
Net book amount at June 30, 2023						9.6						44.6						95.8						2.9						152.9

The additions of CHF 20.2 million in the six-month period ended June 30, 2023 mainly relate to the development of new stores in the United States and Europe and office expansions in the United States. The additions of CHF 14.2 million in the six-month period ended June 30, 2022 mainly relate to new store openings and office expansion in China and the expansion of the studio space in Zurich, Switzerland.

Additionally, in the second quarter of 2023 we entered into a lease modification of CHF 4.1 million related to an existing warehouse lease in Luxembourg as a result of a lease commitment entered into for a new, highly-automated warehouse in Belgium.

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3.5 Intangible assets

(CHF in millions)						Patents, licenses and other rights						Software						Goodwill						Total
Cost at January 1, 2022						52.8						21.4						1.8						76.0
Accumulated Depreciation at January 1, 2022						(10.9)						(7.6)						—						(18.5)
Net book amount at January 1, 2022						41.9						13.8						1.8						57.5
Six month period ended June 30, 2022
Opening net book amounts						41.9						13.8						1.8						57.5
Additions						0.2						3.4						—						3.6
Depreciation						(2.0)						(2.1)						—						(4.1)
Net book value at June 30, 2022						40.0						15.1						1.8						57.0
Cost at June 30, 2022						53.0						24.9						1.8						79.7
Accumulated Depreciation at June 30, 2022						(12.9)						(9.7)						—						(22.7)
Net book amount at June 30, 2022						40.0						15.1						1.8						57.0
Cost at January 1, 2023						69.2						25.9						1.8						96.9
Accumulated Depreciation at January 1, 2023						(15.0)						(11.6)						—						(26.6)
Net book amount at January 1, 2023						54.2						14.4						1.8						70.3
Six month period ended June 30, 2023
Opening net book amounts						54.2						14.4						1.8						70.3
Additions						0.1						1.9						—						2.0
Depreciation						(2.2)						(2.7)						—						(4.9)
Net book value at June 30, 2023						52.1						13.5						1.8						67.4
Cost at June 30, 2023						69.3						27.8						1.8						98.9
Accumulated Depreciation at June 30, 2023						(17.2)						(14.2)						—						(31.5)
Net book amount at June 30, 2023						52.1						13.5						1.8						67.4

As of June 30, 2023, patents, licenses and other rights include patents, domain names and license rights for trademarks.

As of June 30, 2023, software includes capitalized IT development costs not yet in use in the amount of CHF 0.4 million (December 31, 2022: CHF 0.3 million). In the six-month period ended June 30, 2023, costs recognized in general and administrative expenses within the income statement for innovation and development amount to CHF 4.8 million compared to CHF 3.6 million in the six-month period ended June 30, 2022.

Goodwill is allocated and monitored on segment level. Based on the annual impairment assessments performed, there was no need to recognize any impairment of goodwill in 2023 or 2022. None of the goodwill is expected to be deductible for tax purposes.

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3.6 Other current operating assets and liabilities

(CHF in millions)						6/30/2023						12/31/2022
Prepaid expenses						15.5						21.0
Indirect taxes (VAT/GST) receivables						35.1						39.7
Social security receivables						12.9						9.3
Other current assets						23.2						7.0
Other current operating assets						86.8						77.0

(CHF in millions)						6/30/2023						12/31/2022
Accrued expenses						85.3						25.0
Accrued personnel expenses						18.7						13.3
Indirect taxes (VAT/GST) payables						25.4						26.9
Interim operational account						20.6						13.2
Other current liabilities						9.7						3.3
Other current operating liabilities						159.8						81.7

Accrued expenses mainly comprise accruals for outstanding vendor invoices mainly related to marketing, freight, customs, selling and distribution. Accrued personnel expenses mainly comprise accruals for costs related to bonus, vacation and participation plans. Anticipated sales returns and the corresponding liabilities are reported in other current assets and liabilities, respectively.

4.1 Cash and cash equivalents

(CHF in millions)						6/30/2023						12/31/2022
Current bank accounts						255.0						309.8
Digital wallets						16.5						12.5
Fixed deposit						65.6						48.8
Cash and cash equivalents1						337.1						371.0

1 Net cash and cash equivalents as at June 30, 2023 includes restricted cash in the amount of CHF 158.0 million (December 31, 2022: CHF 129.5 million) provided for a bank guarantee associated with lease commitments. See to 4.8 Commitments and contingencies.

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4.2 Other current financial assets

(CHF in millions)						6/30/2023						12/31/2022
Credit cards						8.6						6.9
Deposits						23.1						22.5
Other current financial assets						11.4						3.8
Other current financial assets at amortized cost						43.1						33.2
Other current financial assets at fair value through profit and loss						—						—
Other current financial assets						43.1						33.2

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

4.3 Financial liabilities

(CHF in millions)						6/30/2023						12/31/2022
Current lease liabilities						23.4						21.6
Other financial liabilities						10.3						9.5
Total other current financial liabilities at amortized cost						33.7						31.2
Non-current lease liabilities						140.9						138.8
Total other non-current financial liabilities at amortized cost						140.9						138.8
Total current and non-current financial liabilities						174.7						170.0

Due to their short-term nature, the carrying amount of other current financial liabilities at amortized cost correspond to their fair value. As of June 30, 2023, other current financial liabilities include customer return refunds in the amount of CHF 9.1 million (December 31, 2022: CHF 9.5 million).

Contractual maturities of On’s financial liabilities:

(CHF in millions)						Due < 3 months						Due 4 to 12 months						Due 1 to 5 years						Due > 5 years						6/30/2023
Trade payables						90.0						—						—						—						90.0
Current lease liabilities						6.4						20.1						—						—						26.5
Other financial liabilities						10.3						—						—						—						10.3
Other current financial liabilities						16.7						20.1						—						—						36.8
Non-current lease liabilities						—						—						74.2						83.5						157.7
Other non-current financial liabilities						—						—						74.2						83.5						157.7

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(CHF in millions)						Due < 3 months						Due 4 to 12 months						Due 1 to 5 years						Due > 5 years						12/31/2022
Trade payables						111.0						—						—						—						111.0
Current lease liabilities						5.8						18.5						—						—						24.4
Other financial liabilities						9.5						—						—						—						9.5
Other current financial liabilities						15.4						18.5						—						—						33.9
Non-current lease liabilities						—						—						73.6			#SHEET!			79.7						153.3
Other non-current financial liabilities						—						—						73.6			#SHEET!			79.7						153.3

As of June 30, 2023, we had three bank overdraft facilities with different lenders with credit limits of up to CHF 100.0 million, CHF 25.0 million and USD 35.0 million, respectively, which were replaced by the new credit facility in July 2023 as described in 5.3 Events after the balance sheet date . All facilities are fully committed. The maximum amounts that can be drawn under the respective facilities are determined quarterly based on our net working capital. Any amounts drawn in excess of the committed amounts are repayable on demand.

The following assets have been pledged in relation to the financial liabilities resulting from the three facilities:

(CHF in millions)						6/30/2023						12/31/2022
Trade receivables						45.4						43.4
Inventory						137.4						234.9
Assets pledged						182.9						278.3

As at June 30, 2023 and December 31, 2022, no amounts had been drawn under the overdraft facilities and as of the date hereof, no cash amounts have been drawn under the new credit facility.

4.4 Financial result

						Three-month period ended June 30,												Six-month period ended June 30,
(CHF in millions)						2023						2022						2023						2022
Interest income						4.1						1.1						6.1						1.4
Interest income on employee benefits						0.1						0.0						0.2						0.0
Financial income						4.3						1.1						6.4						1.4
Bank charges						(0.5)						(0.2)						(1.0)						(0.4)
Interest expenses leases						(1.3)						(1.3)						(2.3)						(2.6)
Interest expenses on employee benefits						(0.1)						—						(0.3)						0.0
Financial expenses						(1.9)						(1.5)						(3.6)						(3.0)
Foreign exchange gain/(losses)						(48.5)						32.2						(39.7)						49.3
Change in fair value of foreign exchange derivatives						—						0.1						—						0.1
Foreign exchange result						(48.5)						32.3						(39.7)						49.5
Financial result						(46.1)						31.8						(36.9)						47.9

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4.5 Share capital

The share capital amounts to CHF 33.5 million and is divided into 299,998,125 registered shares with a nominal value of CHF 0.10 each (the "Class A Shares") and in 345,437,500 registered voting rights shares with a nominal value of CHF 0.01 each (the "Class B Shares"). The share capital is paid in at 100%.

																		Class A Shares						Class B Shares
Shares issued and outstanding as of January 1, 2023																		281,976,387						345,437,500
Sale of treasury shares related to share-based compensation																		1,476,316						—
Purchase of treasury shares																		(17,951)						—
Shares issued and outstanding as of June 30, 2022(1)																		283,434,752						345,437,500
Awards granted under various incentive plans not yet exercised or distributed at June 30, 2022(2)																		1,019,799						—
Awards granted under various incentive plans with dilutive effects at June 30, 2023																		3,356,768						11,792,673

(1)    As of June 30, 2023 there were 16,563,373 treasury shares held by On (December 31, 2022: 18,021,738).

(2)    These awards require little or no further consideration to be exercised, and as such, have been included in the weighted average number of ordinary shares outstanding used to calculate basic EPS at June 30, 2023.

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 be issued at conversion of all the dilutive potential ordinary shares into ordinary shares. Dilutive effects arise from equity settled shares from the Company's share-based plans. These shares are included even if the service conditions are not met, or respective performance conditions were fulfilled at the end of the reporting period.

Three-month period ended June 30,						2023						2023						2022						2022
						Class A						Class B						Class A						Class B
Weighted number of outstanding shares						284,127,877						345,437,500						282,182,571						345,437,500
Number of shares with dilutive effects						3,464,956						11,792,673						2,241,734						6,782,573
Weighted number of outstanding shares (diluted and undiluted)						287,592,833						357,230,173						284,424,305						352,220,073
Net profit (mCHF)						2.9						0.4						43.8						5.4
Basic EPS (CHF)						0.01						0.00			#DIV/0!			0.16			#DIV/0!			0.02
Diluted EPS (CHF)						0.01						0.00			#DIV/0!			0.15			#DIV/0!			0.02

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4.7 Capital and other reserves

(CHF in millions)						6/30/2023						12/31/2022
Share premium						756.9						756.9
Legal reserves						38.8						33.8
Equity transaction costs						(8.7)						(8.7)
Tax impact on equity transaction costs						1.3						1.3
Share-based compensation						330.3						321.8
Capital reserves						1,118.6						1,105.1
Exchange differences						(3.8)						(1.0)
Actuarial gains and losses						0.2						1.3
Taxes on actuarial gains and losses						—						(0.2)
Other reserves						(3.7)						—

4.8 Commitments and contingencies

As at June 30, 2023, guarantees in the amount of CHF 152.2 million (December 31, 2022: CHF 126.1 million) were provided in favor of third parties.

The Swiss On entities form a VAT group and, hence, every entity participating in the group is jointly and severally liable for VAT debt other group participants. Further On group 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 317.2 million have been offset as at June 30, 2023 (December 31, 2022: CHF 202.4 million).

On has signed several new lease contracts, which have not yet commenced as at June 30, 2023, and are therefore not yet recognized on the balance sheet. The total committed future outflow resulting of these lease contracts amounts to:

(CHF in millions)						6/30/2023						12/31/2022
Due < 1 year						14.8						6.6
Due 1 - 5 years						138.1						92.1
Due > 5 years						200.9						184.2
Commitments for future lease obligations						353.8						282.9

The majority of the future lease commitments relate to contracts entered into for new stores and offices in the United States, and new highly-automated warehouses in the U.S. (Atlanta) and Belgium (Beringen). The new warehouse in Atlanta will partially operate starting in 2024 and is expected to be fully operational by 2025, and amounts to CHF 249.0 million

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5.1 Provisions

(CHF in millions)						Social charges						Long-service leave						Asset retirement obligation						Total
Balance at January 1, 2022						14.0						1.7						3.6						19.3
thereof current						14.0						0.7						0.1						14.9
thereof non-current						—						0.9						3.5						4.4
Additions						0.0						1.1						0.3						1.4
Release						(6.1)						—						—						(6.1)
Utilization						(3.8)						—						—						(3.8)
Unwinding of discount						—						—						0.1						0.1
Balance at June 30, 2022						4.2						2.8						4.0						11.0
thereof current						4.2						0.7						0.1						5.1
thereof non-current						—						2.0						3.8						5.9
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						4.2						1.8						—						6.0
Release						—						(0.7)						—						(0.8)
Utilization						(0.6)						—						—						(0.6)
Exchange differences						—						(0.1)						(0.1)						(0.1)
Balance at June 30, 2023						7.9						4.8						4.0						16.7
thereof current						7.9						0.5						0.1						8.6
thereof non-current						—						4.3						3.8						8.1

Provisions for social charges consider any costs related to local legal requirements related to share-based compensation. The provision for asset retirement obligations mainly relates to the dismantling costs for the new headquarter in Zurich and the flagship store in New York.

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5.2 Income taxes

						Three-month period ended June 30,												Six-month period ended June 30,
(CHF in millions)						2023						2022						2023						2022
Current income taxes						18.0						13.2						33.6						18.3
Deferred income taxes						(28.0)						(4.1)						(36.5)						(4.2)
Income tax expense (benefit)						(10.0)						9.0						(2.9)						14.1

Income taxes during the three-month and six-month period ended June 30, 2023 resulted in an income tax benefit of CHF 10.0 and CHF 2.9 million, respectively, compared to CHF 9.0 million and CHF 14.1 million income tax expense for the same period in 2022. Income tax benefit is mainly due to deferred income taxes as a result of tax rate differences in local jurisdictions and Swiss tax incentives related to R&D.

5.3 Events after the balance sheet date

On July 7, 2023, On entered into a CHF 700 million multicurrency credit facility agreement. 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. As of the date hereof, we have not drawn cash under this credit facility and we do not currently expect to draw cash from the facility agreement in the near term. We entered into the facility agreement as part of our prudent financial planning strategy to create future financial flexibility to better align with the size and maturity of the Company. The proceeds of any borrowings under the facility agreement may be used towards the financing of working capital requirements and for general corporate purposes of the Group, including the roll-in of certain existing bank guarantees and the issuance of new bank guarantees. The facility agreement has an initial term of three years and may be extended twice for a period of one year each.

As of July 7, 2023, the bank guarantees mentioned in 4.8 Commitments and contingencies have been rolled into this new facilities agreement and we no longer have any restricted cash as mentioned in 4.1 Cash and cash equivalents.

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v3.23.2

Cover	6 Months Ended
	Jun. 30, 2023
Document Information [Line Items]
Document type	6-K
Document fiscal year focus	2023
Entity file number	001-40795
Entity registrant name	On Holding AG
Amendment flag	false
Document fiscal period focus	Q2
Entity central index key	0001858985
Current fiscal year end date	--12-31
Document period end date	Jun. 30, 2023

v3.23.2

Unaudited interim condensed consolidated statements of income - CHF (SFr) SFr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Consolidated Statements Of Income (Loss) [Line Items]
Net sales	SFr 444.3	SFr 291.7	SFr 864.5	SFr 527.3
Cost of sales	(179.8)	(130.8)	(355.1)	(244.4)
Gross profit	264.5	160.8	509.4	282.9
Selling, general and administrative expenses	(225.1)	(134.5)	(427.7)	(253.2)
Operating result	39.4	26.3	81.7	29.7
Financial income	4.3	1.1	6.4	1.4
Financial expenses	(1.9)	(1.5)	(3.6)	(3.0)
Foreign exchange result	(48.5)	32.3	(39.7)	49.5
Income / (loss) before taxes	(6.7)	58.2	44.8	77.6
Income tax benefit / (expense)	10.0	(9.0)	2.9	(14.1)
Net income	SFr 3.3	SFr 49.1	SFr 47.7	SFr 63.5
Class A
Earnings per share
Basic EPS (CHF) (in CHF per share)	SFr 0.01	SFr 0.16	SFr 0.15	SFr 0.20
Diluted EPS (CHF) (in CHF per share)	0.01	0.15	0.15	0.20
Class B
Earnings per share
Basic EPS (CHF) (in CHF per share)	0.00	0.02	0.01	0.02
Diluted EPS (CHF) (in CHF per share)	SFr 0.00	SFr 0.02	SFr 0.01	SFr 0.02

v3.23.2

Unaudited interim condensed consolidated statements of comprehensive income / (loss) - CHF (SFr) SFr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of comprehensive income [abstract]
Net income	SFr 3.3	SFr 49.1	SFr 47.7	SFr 63.5
Net actuarial result from defined benefit plans	(1.1)	5.0	(1.1)	5.0
Taxes on net actuarial result from defined benefit plans	0.2	(1.0)	0.2	(1.0)
Items that will not be reclassified to income statement	(0.9)	4.0	(0.9)	4.0
Exchange differences	(3.2)	1.1	(2.8)	1.3
Items that will be reclassified to income statement when specific conditions are met	(3.2)	1.1	(2.8)	1.3
Other comprehensive income / (loss), net of tax	(4.0)	5.1	(3.6)	5.3
Total comprehensive income / (loss)	SFr (0.7)	SFr 54.2	SFr 44.0	SFr 68.8

v3.23.2

Unaudited interim condensed consolidated balance sheets - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of financial position [abstract]
Cash and cash equivalents	SFr 337.1	SFr 371.0
Trade receivables	252.7	174.6
Inventories	435.9	395.6
Other current financial assets	43.1	33.2
Other current operating assets	86.8	77.0
Current assets	1,155.6	1,051.5
Property, plant and equipment	84.3	77.2
Right-of-use assets	152.9	151.6
Intangible assets	67.4	70.3
Deferred tax assets	76.9	31.7
Non-current assets	381.5	330.9
Assets	1,537.1	1,382.4
Trade payables	90.0	111.0
Other current financial liabilities	33.7	31.2
Other current operating liabilities	159.8	81.7
Current provisions	8.6	5.0
Income tax liabilities	37.0	13.9
Current liabilities	329.1	242.7
Employee benefit obligations	5.8	6.3
Non-current provisions	8.1	7.2
Other non-current financial liabilities	140.9	138.8
Deferred tax liabilities	26.6	17.9
Non-current liabilities	181.4	170.2
Share capital	33.5	33.5
Treasury shares	(26.4)	(26.1)
Capital reserves	1,118.6	1,105.1
Other reserves	(3.7)	(0.0)
Accumulated losses	(95.2)	(142.9)
Equity	1,026.7	969.5
Equity and liabilities	SFr 1,537.1	SFr 1,382.4

v3.23.2

Unaudited interim condensed consolidated statements of cash flows - CHF (SFr) SFr in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of cash flows [abstract]
Net income	SFr 47.7	SFr 63.5
Share-based compensation	8.5	1.8
Employee benefit expenses	(1.7)	0.8
Depreciation and amortization	28.0	20.0
Loss / (gain) on disposal of assets	0.4	1.5
Interest income and expenses	(3.8)	1.2
Net exchange differences	35.3	(60.5)
Income taxes	(2.9)	14.1
Change in provisions	4.7	(8.8)
Change in working capital	(164.6)	(129.8)
Trade receivables	(84.3)	(53.4)
Inventories	(60.0)	(74.6)
Trade payables	(20.3)	(1.8)
Change in other current assets / liabilities	57.2	(24.0)
Interest received	6.1	1.4
Income taxes paid	(11.6)	(6.1)
Cash inflow / (outflow) from operating activities	3.3	(124.9)
Purchase of tangible assets	(19.0)	(23.7)
Purchase of intangible assets	(2.0)	(3.6)
Cash (outflow) from investing activities	(21.0)	(27.3)
Payments of lease liabilities	(10.2)	(6.8)
Proceeds on sale of treasury shares related to share-based compensation	5.7	20.5
Interest paid	(2.3)	(2.5)
Cash inflow / (outflow) from financing activities	(6.7)	11.2
Change in net cash and cash equivalents	(24.3)	(141.0)
Net cash and cash equivalents at January 1	371.0	653.1
Net impact of foreign exchange rate differences	(9.6)	45.6
Net cash and cash equivalents at June 30	SFr 337.1	SFr 557.7

v3.23.2

Unaudited interim condensed consolidated statements of changes in equity - CHF (SFr) SFr in Millions	Total	Share capital	Treasury shares	Capital reserves	Other reserves	Accumulated income / (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	63.5					63.5
Other comprehensive (loss) income	5.3				5.3
Total comprehensive income / (loss)	68.8				5.3	63.5
Share-based compensation	1.8			1.8
Sale of treasury shares	22.4		0.4	22.0
Tax impact on transactions with treasury shares	(4.0)			(4.0)
Purchase of treasury shares	(1.5)		(1.5)
Equity at end of period at Jun. 30, 2022	935.9	33.5	(26.1)	1,063.8	1.8	(137.1)
Equity at beginning of period at Mar. 31, 2022	878.3	33.5	(25.8)	1,060.2	(3.2)	(186.3)
Net income	49.1					49.1
Other comprehensive (loss) income	5.1				5.1
Total comprehensive income / (loss)	54.2				5.1	49.1
Share-based compensation	0.8			0.8
Sale of treasury shares	3.7		0.1	3.6
Tax impact on transactions with treasury shares	(0.7)			(0.7)
Purchase of treasury shares	(0.4)		(0.4)
Equity at end of period at Jun. 30, 2022	935.9	33.5	(26.1)	1,063.8	1.8	(137.1)
Equity at beginning of period at Dec. 31, 2022	969.5	33.5	(26.1)	1,105.1	0.0	(142.9)
Net income	47.7					47.7
Other comprehensive (loss) income	(3.6)				(3.6)
Total comprehensive income / (loss)	44.0				(3.6)	47.7
Share-based compensation	8.5			8.5
Sale of treasury shares	6.3		0.1	6.1
Tax impact on transactions with treasury shares	(1.1)			(1.1)
Purchase of treasury shares	(0.5)		(0.5)
Equity at end of period at Jun. 30, 2023	1,026.7	33.5	(26.4)	1,118.6	(3.7)	(95.2)
Equity at beginning of period at Mar. 31, 2023	1,018.7	33.5	(26.1)	1,109.6	0.4	(98.5)
Net income	3.3					3.3
Other comprehensive (loss) income	(4.0)				(4.0)
Total comprehensive income / (loss)	(0.7)				(4.0)	3.3
Share-based compensation	6.2			6.2
Sale of treasury shares	3.5		0.1	3.5
Tax impact on transactions with treasury shares	(0.7)			(0.7)
Purchase of treasury shares	(0.4)		(0.4)
Equity at end of period at Jun. 30, 2023	SFr 1,026.7	SFr 33.5	SFr (26.4)	SFr 1,118.6	SFr (3.7)	SFr (95.2)

v3.23.2

Corporate information	6 Months Ended
	Jun. 30, 2023
Disclosure Of Basis Of Preparation [Abstract]
Corporate information	1.1 Corporate information On Holding AG and its subsidiaries (together "On" or "the Company") is engaged in developing and distributing innovative premium performance sports products, sold worldwide through independent retailers and global distributors, an own online presence, and its own high-end stores. On is a publicly traded company on the New York Stock Exchange, trading under the ticker symbol "NYSE: ONON". These unaudited interim condensed consolidated financial statements (“the financial statements”) present the financial position and the results of operations of On Holding AG, as ultimate parent company, and its subsidiaries. On Holding AG is a limited company incorporated in accordance with Swiss law and its principal offices are located at Förrlibuckstrasse 190, Zurich, Switzerland. These unaudited interim condensed consolidated financial statements for the period ended June 30, 2023 were authorized for issue by the board of directors of the Company on August 15, 2023. 1.2 About the financials The financial statements as of June 30, 2023 and for the three months and six months ended June 30, 2023 have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board ("IASB"). The financial statements comprise the financial statements of On Holding AG and its subsidiaries at June 30, 2023 and are presented in Swiss Francs (CHF), the legal currency of Switzerland. The financial statements are not necessarily indicative of the results for a full year and does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the our Annual Report on Form 20-F for the year ended December 31, 2022 filed with the SEC on March 21, 2023 (the “Annual Report”). The significant accounting policies and methods of computation applied in the preparation of the financial statements are consistent with those applied in the Company’s Annual Report for the year ended December 31, 2022 except where specifically described. Rounding adjustments were made to some of the figures included in this document. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them. With respect to financial information set out in this document, a dash (“—”) signifies that the relevant figure is not available or not applicable, while a zero (“0.0”) signifies that the relevant figure is available but is or has been rounded to zero.

v3.23.2

About the financials	6 Months Ended
	Jun. 30, 2023
Disclosure Of Basis Of Preparation [Abstract]
About the financials	1.1 Corporate information On Holding AG and its subsidiaries (together "On" or "the Company") is engaged in developing and distributing innovative premium performance sports products, sold worldwide through independent retailers and global distributors, an own online presence, and its own high-end stores. On is a publicly traded company on the New York Stock Exchange, trading under the ticker symbol "NYSE: ONON". These unaudited interim condensed consolidated financial statements (“the financial statements”) present the financial position and the results of operations of On Holding AG, as ultimate parent company, and its subsidiaries. On Holding AG is a limited company incorporated in accordance with Swiss law and its principal offices are located at Förrlibuckstrasse 190, Zurich, Switzerland. These unaudited interim condensed consolidated financial statements for the period ended June 30, 2023 were authorized for issue by the board of directors of the Company on August 15, 2023. 1.2 About the financials The financial statements as of June 30, 2023 and for the three months and six months ended June 30, 2023 have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board ("IASB"). The financial statements comprise the financial statements of On Holding AG and its subsidiaries at June 30, 2023 and are presented in Swiss Francs (CHF), the legal currency of Switzerland. The financial statements are not necessarily indicative of the results for a full year and does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the our Annual Report on Form 20-F for the year ended December 31, 2022 filed with the SEC on March 21, 2023 (the “Annual Report”). The significant accounting policies and methods of computation applied in the preparation of the financial statements are consistent with those applied in the Company’s Annual Report for the year ended December 31, 2022 except where specifically described. Rounding adjustments were made to some of the figures included in this document. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them. With respect to financial information set out in this document, a dash (“—”) signifies that the relevant figure is not available or not applicable, while a zero (“0.0”) signifies that the relevant figure is available but is or has been rounded to zero.

v3.23.2

Oniverse	6 Months Ended
	Jun. 30, 2023
Disclosure of subsidiaries [abstract]
Oniverse	1.3 Oniverse Equity interest Entity Jurisdiction of incorporation 6/30/2023 12/31/2022 On Holding AG Switzerland On AG Switzerland 100% 100% On Brazil Ltda. Brazil 100% 100% On Cloud Service GmbH Germany 100% 100% On Clouds GmbH Switzerland 100% 100% On Clouds Inc. Delaware, USA 100% 100% On Europe AG Switzerland 100% 100% On Experience 1 LLC Delaware, USA 100% 100% On Experience 2 LLC Delaware, USA 100% 100% On Experience 3 LLC Delaware, USA 100% 100% On Experience 4 LLC Delaware, USA 100% 100% On Experience 5 LLC Delaware, USA 100% 100% On Experience 6 LLC Delaware, USA 100% — On Hong Kong Ltd. Hong Kong, SAR of China 100% 100% On Inc. Delaware, USA 100% 100% On Italy S.r.l. Italy 100% 100% On Japan K.K. Japan 100% 100% On Oceania Pty Ltd. Australia 100% 100% On Running Canada Inc. Canada 100% 100% On Running Sports Products (Shanghai) Company Ltd. China 100% 100% On Running UK Ltd. United Kingdom 100% 100% On Vietnam Co. Ltd. Vietnam 100% 100% Brunner Mettler GmbH Switzerland 100% 100% On Korea Ltd. South Korea 100% —

v3.23.2

New and amended standards and interpretations	6 Months Ended
	Jun. 30, 2023
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 A number of amended standards became applicable for the current period, none of which have had a material impact on the financial statements for the three months and six months ended June 30, 2023. 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 applied this exception. Further, at the date of authorization of these financial statements, On has not applied the following new and revised IFRS Standards that have been issued by the IASB but are not yet effective: Description Standard Reference IASB Effective Date Classification of liabilities as current or non-current Amendments to IAS 1 January 1, 2024 Lease liability in a sale and leaseback Amendment to IFRS 16 January 1, 2024 Supplier Finance Arrangements Amendment to IAS 7 and IFRS 7 January 1, 2024 On does not expect that the adoption of the standards listed above will have a material impact on the financials of On in the current or future reporting periods.

v3.23.2

Net sales	6 Months Ended
	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Net sales	2.1 Net sales Net sales by sales channels: Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2023 2022 2023 2022 Wholesale 280.8  186.0  564.0  338.3  Direct-to-Consumer 163.5  105.6  300.5  189.1  Net sales 444.3  291.7  864.5  527.3  Net sales by product groups: Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2023 2022 2023 2022 Shoes 428.2  280.6  828.7  503.1  Apparel 13.4  9.2  30.3  20.6  Accessories 2.7  1.8  5.4  3.7  Net sales 444.3  291.7  864.5  527.3  On generates net sales primarily from the sale of premium performance shoes, apparel, and accessories. On has two sales channels being Wholesale and Direct-to-Consumer (DTC). The wholesale sales channel involves sales to wholesale customers (e.g. large retailers or retail associations) and international distributors (in markets where On does not have local sales teams) and which have the intention of re-selling the goods. The DTC sales channel includes sales to end customers directly through On’s e-commerce platform as well as through its own retail stores. Net sales by geographic regions (based on the location of the counterparty): Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2023 2022 2023 2022 Europe, Middle East and Africa 113.6  88.1  232.2  166.6  Americas 296.6  185.6  566.8  326.4  Asia-Pacific 34.1  17.9  65.5  34.4  Net sales 444.3  291.7  864.5  527.3  As announced through Current Report on Form 6-k filed with the U.S. Securities and Exchange Commission 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 8.8 million and CHF 14.7 million from Rest of World, for the three-month period and six-month period ended June 30, 2022, respectively, to EMEA in the amount of CHF 4.9 million and CHF 8.3 million, and to Americas in the amount of CHF 3.9 million and CHF 6.4 million, for three-month period and six-month period ended June 30, 2022, respectively. The below table includes Net Sales by geography previously reported for the three-month period and six-month period ended June 30, 2022. Net sales by geographic regions as previously reported: Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2022 2022 Europe 83.3  158.2  North America 181.7  320.1  Asia-Pacific 17.9  34.4  Rest of world 8.8  14.6  Net Sales 291.7  527.3  Due to its fragmented customer base, 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 3.1 Trade receivables and 3.6 Other current operating assets and liabilities, respectively. Trade receivables as shown in the balance sheet relate to the sale of products and other revenue.

v3.23.2

Segment information	6 Months Ended
	Jun. 30, 2023
Disclosure of operating segments [abstract]
Segment information	2.2 Segment information Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. On’s CODM is the On Executive Team which consists of the three Co-Founders and the two Co-CEOs. The CODM does not regularly review financial information for any individual component, such as sales channels, geographic regions or product groups that would allow decisions to be made about allocation of resources or performance. On operates as single-brand consumer products business and therefore has a single reportable segment. 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. As discussed above in 2.1 Net sales, during the first quarter of 2023, the Company updated its reporting of geographic areas. As such, the non-current assets by geography as at June 30, 2023 and December 31, 2022 reflects this new reporting structure. The new reporting of geography areas has no impact on previously reported consolidated historical non-current assets. The new reporting of non-current assets by geographic area includes a reallocation of CHF 1.3 million from Rest of World to Americas, for the twelve-month period ended December 31, 2022. The following table reports the carrying amount of On’s non-current assets by geographic area: (CHF in millions) 6/30/2023 12/31/2022   Europe, Middle East and Africa 286.1  246.8  thereof Switzerland 259.6  222.0  Americas 74.0  59.9  thereof the United States 72.6  58.5  Asia-Pacific 21.4  24.1  Non-current assets 381.5  330.9

v3.23.2

Selling, general and administrative expenses	6 Months Ended
	Jun. 30, 2023
Analysis of income and expense [abstract]
Selling, general and administrative expenses	2.3 Selling, general and administrative expenses Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2023 2022 2023 2022 Distribution expenses (61.5) (36.1) (120.7) (67.0) Selling expenses (31.8) (20.1) (59.5) (36.0) Marketing expenses (51.5) (34.6) (96.0) (62.9) Share-based compensation (9.1) 5.6  (14.0) 2.5  General and administrative expenses (71.2) (49.3) (137.5) (89.8) Selling, general and administrative expenses (225.1) (134.5) (427.7) (253.2) In the six-month period ended June 30, 2023, selling, general and administrative expenses include depreciation and amortization of non-current assets in the amount of CHF 24.4 million (six-month period ended June 30, 2022: CHF 17.8 million). In addition, depreciation charges for production tools in the amount of CHF 3.5 million (six-month period ended June 30, 2022: CHF 2.1 million) are reported in cost of sales. Total personnel expenses, excluding any costs related to share-based compensation, amount to CHF 100.0 million in the six-month period ended June 30, 2023 and CHF 64.3 million in the six-month period ended June 30, 2022, respectively.

v3.23.2

Trade receivables	6 Months Ended
	Jun. 30, 2023
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 the short-term nature, their carrying amount is considered to be the same as their fair value. (CHF in millions) 6/30/2023 12/31/2022 Gross Carrying Amount 264.3  183.7  Individual loss allowance (10.9) (8.2) Expected credit loss (0.8) (0.9) Loss allowance (11.6) (9.1) Trade receivables 252.7  174.6

v3.23.2

Inventories	6 Months Ended
	Jun. 30, 2023
Inventories [Abstract]
Inventories	3.2 Inventories (CHF in millions) 6/30/2023 12/31/2022 Shoes 386.8  344.7  Apparel 41.9  43.5  Accessories 9.7  8.3  Other 0.2  0.2  Allowances (2.8) (1.1) Inventories 435.9  395.6

v3.23.2

Property, plant and equipment	6 Months Ended
	Jun. 30, 2023
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 tools Other Total Cost at January 1, 2022 20.9  7.3  11.9  7.8  47.9  Accumulated Depreciation at January 1, 2022 (1.9) (3.5) (5.6) (2.5) (13.5) Net book amount at January 1, 2022 19.0  3.8  6.3  5.3  34.4  Six month period ended June 30, 2022 Opening net book amounts 19.0  3.8  6.3  5.3  34.4  Additions 12.8  1.0  3.3  6.5  23.7  Disposals (0.2) —  (1.3) —  (1.5) Depreciation (1.1) (1.3) (1.6) (0.9) (5.0) Currency Translation 0.2  0.1  —  0.1  0.4  Net book value at June 30, 2022 30.7  3.6  6.7  11.0  52.0  Cost at June 30, 2022 33.3  8.1  8.3  14.2  63.9  Accumulated Depreciation at June 30, 2022 (2.6) (4.4) (1.6) (3.2) (11.9) Net book amount at June 30, 2022 30.7  3.6  6.7  11.0  52.0  Cost at January 1, 2023 49.7  10.7  12.9  24.5  97.8  Accumulated Depreciation at January 1, 2023 (5.0) (5.4) (5.3) (4.9) (20.6) Net book amount at January 1, 2023 44.7  5.3  7.5  19.7  77.2  Six month period ended June 30, 2023 Opening net book amounts 44.7  5.3  7.5  19.7  77.2  Additions 8.4  0.5  4.1  5.9  19.0  Disposals (0.2) —  —  (0.1) (0.3) Depreciation (3.4) (1.2) (3.2) (2.3) (10.1) Currency Translation (1.0) (0.1) —  (0.4) (1.5) Net book value at June 30, 2023 48.6  4.5  8.5  22.8  84.3  Cost at June 30, 2023 56.6  10.9  17.0  29.9  114.3  Accumulated Depreciation at June 30, 2023 (8.0) (6.4) (8.5) (7.1) (30.0) Net book amount at June 30, 2023 48.6  4.5  8.5  22.8  84.3  Other property, plant and equipment comprises of IT and office equipment as well as owned vehicles. As at June 30, 2023, leasehold improvements in the amount of CHF 5.0 million (December 31, 2022: CHF 6.4 million) are not yet in use.

v3.23.2

Right-of-use assets	6 Months Ended
	Jun. 30, 2023
Disclosure of quantitative information about right-of-use assets [abstract]
Right-of-use assets	3.4 Right-of-use assets (CHF in millions) Storage Stores & showrooms Offices Cars Total Cost at January 1, 2022 77.9  14.8  102.9  4.5  200.2  Accumulated Depreciation at January 1, 2022 (5.0) (3.0) (11.0) (3.3) (22.3) Net book amount at January 1, 2022 72.9  11.9  91.9  1.2  177.9  Six month period ended June 30, 2022 Opening net book amounts 72.9  11.9  91.9  1.2  177.9  Additions —  5.1  6.8  2.3  14.2  Disposals —  —  —  (0.2) (0.2) Depreciation (3.8) (1.9) (4.4) (0.7) (10.9) Currency Translation 4.8  0.1  0.5  0.1  5.6  Net book value at June 30, 2022 73.9  15.3  94.8  2.6  186.6  Cost at June 30, 2022 83.1  20.2  109.1  6.7  219.1  Accumulated Depreciation at June 30, 2022 (9.2) (5.0) (14.2) (4.0) (32.5) Net book amount at June 30, 2022 73.9  15.3  94.8  2.6  186.6  Cost at January 1, 2023 28.7  45.6  111.0  7.4  192.7  Accumulated Depreciation at January 1, 2023 (11.9) (7.7) (16.8) (4.6) (41.1) Net book amount at January 1, 2023 16.8  37.9  94.2  2.8  151.6  Six month period ended June 30, 2023 Opening net book amounts 16.8  37.9  94.2  2.8  151.6  Lease modification (4.1) 0.1  0.7  —  (3.3) Additions —  12.3  6.6  1.3  20.2  Disposals (0.1) —  —  (0.2) (0.2) Depreciation (2.8) (4.2) (5.0) (1.0) (13.0) Currency Translation (0.2) (1.5) (0.7) (0.1) (2.5) Net book value at June 30, 2023 9.6  44.6  95.8  2.9  152.9  Cost at June 30, 2023 23.9  55.9  117.4  7.9  205.0  Accumulated Depreciation at June 30, 2023 (14.3) (11.2) (21.6) (4.9) (52.1) Net book amount at June 30, 2023 9.6  44.6  95.8  2.9  152.9  The additions of CHF 20.2 million in the six-month period ended June 30, 2023 mainly relate to the development of new stores in the United States and Europe and office expansions in the United States. The additions of CHF 14.2 million in the six-month period ended June 30, 2022 mainly relate to new store openings and office expansion in China and the expansion of the studio space in Zurich, Switzerland. Additionally, in the second quarter of 2023 we entered into a lease modification of CHF 4.1 million related to an existing warehouse lease in Luxembourg as a result of a lease commitment entered into for a new, highly-automated warehouse in Belgium. The corresponding lease liabilities are reported in other current financial liabilities and other non-current financial liabilities, respectively. Refer to 4.3 Financial liabilities for additional information.

v3.23.2

Intangible assets	6 Months Ended
	Jun. 30, 2023
Intangible assets and goodwill [abstract]
Intangible assets	3.5 Intangible assets (CHF in millions) Patents, licenses and other rights Software Goodwill Total Cost at January 1, 2022 52.8  21.4  1.8  76.0  Accumulated Depreciation at January 1, 2022 (10.9) (7.6) —  (18.5) Net book amount at January 1, 2022 41.9  13.8  1.8  57.5  Six month period ended June 30, 2022 Opening net book amounts 41.9  13.8  1.8  57.5  Additions 0.2  3.4  —  3.6  Depreciation (2.0) (2.1) —  (4.1) Net book value at June 30, 2022 40.0  15.1  1.8  57.0  Cost at June 30, 2022 53.0  24.9  1.8  79.7  Accumulated Depreciation at June 30, 2022 (12.9) (9.7) —  (22.7) Net book amount at June 30, 2022 40.0  15.1  1.8  57.0  Cost at January 1, 2023 69.2  25.9  1.8  96.9  Accumulated Depreciation at January 1, 2023 (15.0) (11.6) —  (26.6) Net book amount at January 1, 2023 54.2  14.4  1.8  70.3  Six month period ended June 30, 2023 Opening net book amounts 54.2  14.4  1.8  70.3  Additions 0.1  1.9  —  2.0  Depreciation (2.2) (2.7) —  (4.9) Net book value at June 30, 2023 52.1  13.5  1.8  67.4  Cost at June 30, 2023 69.3  27.8  1.8  98.9  Accumulated Depreciation at June 30, 2023 (17.2) (14.2) —  (31.5) Net book amount at June 30, 2023 52.1  13.5  1.8  67.4  As of June 30, 2023, patents, licenses and other rights include patents, domain names and license rights for trademarks. As of June 30, 2023, software includes capitalized IT development costs not yet in use in the amount of CHF 0.4 million (December 31, 2022: CHF 0.3 million). In the six-month period ended June 30, 2023, costs recognized in general and administrative expenses within the income statement for innovation and development amount to CHF 4.8 million compared to CHF 3.6 million in the six-month period ended June 30, 2022. Goodwill is allocated and monitored on segment level. Based on the annual impairment assessments performed, there was no need to recognize any impairment of goodwill in 2023 or 2022. None of the goodwill is expected to be deductible for tax purposes.

v3.23.2

Other current operating assets and liabilities	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Other current operating assets	3.6 Other current operating assets and liabilities (CHF in millions) 6/30/2023 12/31/2022 Prepaid expenses 15.5  21.0  Indirect taxes (VAT/GST) receivables 35.1  39.7  Social security receivables 12.9  9.3  Other current assets 23.2  7.0  Other current operating assets 86.8  77.0  (CHF in millions) 6/30/2023 12/31/2022 Accrued expenses 85.3  25.0  Accrued personnel expenses 18.7  13.3  Indirect taxes (VAT/GST) payables 25.4  26.9  Interim operational account 20.6  13.2  Other current liabilities 9.7  3.3  Other current operating liabilities 159.8  81.7  Accrued expenses mainly comprise accruals for outstanding vendor invoices mainly related to marketing, freight, customs, selling and distribution. Accrued personnel expenses mainly comprise accruals for costs related to bonus, vacation and participation plans. Anticipated sales returns and the corresponding liabilities are reported in other current assets and liabilities, respectively.
Other current operating liabilities	3.6 Other current operating assets and liabilities (CHF in millions) 6/30/2023 12/31/2022 Prepaid expenses 15.5  21.0  Indirect taxes (VAT/GST) receivables 35.1  39.7  Social security receivables 12.9  9.3  Other current assets 23.2  7.0  Other current operating assets 86.8  77.0  (CHF in millions) 6/30/2023 12/31/2022 Accrued expenses 85.3  25.0  Accrued personnel expenses 18.7  13.3  Indirect taxes (VAT/GST) payables 25.4  26.9  Interim operational account 20.6  13.2  Other current liabilities 9.7  3.3  Other current operating liabilities 159.8  81.7  Accrued expenses mainly comprise accruals for outstanding vendor invoices mainly related to marketing, freight, customs, selling and distribution. Accrued personnel expenses mainly comprise accruals for costs related to bonus, vacation and participation plans. Anticipated sales returns and the corresponding liabilities are reported in other current assets and liabilities, respectively.

v3.23.2

Cash and cash equivalents	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	4.1 Cash and cash equivalents (CHF in millions) 6/30/2023 12/31/2022 Current bank accounts 255.0  309.8  Digital wallets 16.5  12.5  Fixed deposit 65.6  48.8  Cash and cash equivalents1 337.1  371.0  1 Net cash and cash equivalents as at June 30, 2023 includes restricted cash in the amount of CHF 158.0 million (December 31, 2022: CHF 129.5 million) provided for a bank guarantee associated with lease commitments. See to 4.8 Commitments and contingencies. Digital wallets mainly include deposit account balances at online payment platforms such as PayPal.

v3.23.2

Other current financial assets	6 Months Ended
	Jun. 30, 2023
Disclosure of financial assets [abstract]
Other current financial assets	4.2 Other current financial assets (CHF in millions) 6/30/2023 12/31/2022 Credit cards 8.6  6.9  Deposits 23.1  22.5  Other current financial assets 11.4  3.8  Other current financial assets at amortized cost 43.1  33.2  Other current financial assets at fair value through profit and loss —  —  Other current financial assets 43.1  33.2  Due to their short-term nature, the carrying amount of other current financial assets at amortized cost correspond to their fair value. 4.3 Financial liabilities (CHF in millions) 6/30/2023 12/31/2022 Current lease liabilities 23.4  21.6  Other financial liabilities 10.3  9.5  Total other current financial liabilities at amortized cost 33.7  31.2  Non-current lease liabilities 140.9  138.8  Total other non-current financial liabilities at amortized cost 140.9  138.8  Total current and non-current financial liabilities 174.7  170.0  Due to their short-term nature, the carrying amount of other current financial liabilities at amortized cost correspond to their fair value. As of June 30, 2023, other current financial liabilities include customer return refunds in the amount of CHF 9.1 million (December 31, 2022: CHF 9.5 million). Contractual maturities of On’s financial liabilities: (CHF in millions) Due < 3 months Due 4 to 12 months Due 1 to 5 years Due > 5 years 6/30/2023 Trade payables 90.0  —  —  —  90.0  Current lease liabilities 6.4  20.1  —  —  26.5  Other financial liabilities 10.3  —  —  —  10.3  Other current financial liabilities 16.7  20.1  —  —  36.8  Non-current lease liabilities —  —  74.2  83.5  157.7  Other non-current financial liabilities —  —  74.2  83.5  157.7  (CHF in millions) Due < 3 months Due 4 to 12 months Due 1 to 5 years Due > 5 years 12/31/2022 Trade payables 111.0  —  —  —  111.0  Current lease liabilities 5.8  18.5  —  —  24.4  Other financial liabilities 9.5  —  —  —  9.5  Other current financial liabilities 15.4  18.5  —  —  33.9  Non-current lease liabilities —  —  73.6  #SHEET! 79.7  153.3  Other non-current financial liabilities —  —  73.6  #SHEET! 79.7  153.3  As of June 30, 2023, we had three bank overdraft facilities with different lenders with credit limits of up to CHF 100.0 million, CHF 25.0 million and USD 35.0 million, respectively, which were replaced by the new credit facility in July 2023 as described in 5.3 Events after the balance sheet date . All facilities are fully committed. The maximum amounts that can be drawn under the respective facilities are determined quarterly based on our net working capital. Any amounts drawn in excess of the committed amounts are repayable on demand. The following assets have been pledged in relation to the financial liabilities resulting from the three facilities: (CHF in millions) 6/30/2023 12/31/2022 Trade receivables 45.4  43.4  Inventory 137.4  234.9  Assets pledged 182.9  278.3  As at June 30, 2023 and December 31, 2022, no amounts had been drawn under the overdraft facilities and as of the date hereof, no cash amounts have been drawn under the new credit facility.

v3.23.2

Financial liabilities	6 Months Ended
	Jun. 30, 2023
Disclosure of financial liabilities [abstract]
Financial liabilities	4.2 Other current financial assets (CHF in millions) 6/30/2023 12/31/2022 Credit cards 8.6  6.9  Deposits 23.1  22.5  Other current financial assets 11.4  3.8  Other current financial assets at amortized cost 43.1  33.2  Other current financial assets at fair value through profit and loss —  —  Other current financial assets 43.1  33.2  Due to their short-term nature, the carrying amount of other current financial assets at amortized cost correspond to their fair value. 4.3 Financial liabilities (CHF in millions) 6/30/2023 12/31/2022 Current lease liabilities 23.4  21.6  Other financial liabilities 10.3  9.5  Total other current financial liabilities at amortized cost 33.7  31.2  Non-current lease liabilities 140.9  138.8  Total other non-current financial liabilities at amortized cost 140.9  138.8  Total current and non-current financial liabilities 174.7  170.0  Due to their short-term nature, the carrying amount of other current financial liabilities at amortized cost correspond to their fair value. As of June 30, 2023, other current financial liabilities include customer return refunds in the amount of CHF 9.1 million (December 31, 2022: CHF 9.5 million). Contractual maturities of On’s financial liabilities: (CHF in millions) Due < 3 months Due 4 to 12 months Due 1 to 5 years Due > 5 years 6/30/2023 Trade payables 90.0  —  —  —  90.0  Current lease liabilities 6.4  20.1  —  —  26.5  Other financial liabilities 10.3  —  —  —  10.3  Other current financial liabilities 16.7  20.1  —  —  36.8  Non-current lease liabilities —  —  74.2  83.5  157.7  Other non-current financial liabilities —  —  74.2  83.5  157.7  (CHF in millions) Due < 3 months Due 4 to 12 months Due 1 to 5 years Due > 5 years 12/31/2022 Trade payables 111.0  —  —  —  111.0  Current lease liabilities 5.8  18.5  —  —  24.4  Other financial liabilities 9.5  —  —  —  9.5  Other current financial liabilities 15.4  18.5  —  —  33.9  Non-current lease liabilities —  —  73.6  #SHEET! 79.7  153.3  Other non-current financial liabilities —  —  73.6  #SHEET! 79.7  153.3  As of June 30, 2023, we had three bank overdraft facilities with different lenders with credit limits of up to CHF 100.0 million, CHF 25.0 million and USD 35.0 million, respectively, which were replaced by the new credit facility in July 2023 as described in 5.3 Events after the balance sheet date . All facilities are fully committed. The maximum amounts that can be drawn under the respective facilities are determined quarterly based on our net working capital. Any amounts drawn in excess of the committed amounts are repayable on demand. The following assets have been pledged in relation to the financial liabilities resulting from the three facilities: (CHF in millions) 6/30/2023 12/31/2022 Trade receivables 45.4  43.4  Inventory 137.4  234.9  Assets pledged 182.9  278.3  As at June 30, 2023 and December 31, 2022, no amounts had been drawn under the overdraft facilities and as of the date hereof, no cash amounts have been drawn under the new credit facility.

v3.23.2

Financial result	6 Months Ended
	Jun. 30, 2023
Analysis of income and expense [abstract]
Financial result	4.4 Financial result Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2023 2022 2023 2022 Interest income 4.1  1.1  6.1  1.4  Interest income on employee benefits 0.1  0.0  0.2  0.0  Financial income 4.3  1.1  6.4  1.4  Bank charges (0.5) (0.2) (1.0) (0.4) Interest expenses leases (1.3) (1.3) (2.3) (2.6) Interest expenses on employee benefits (0.1) —  (0.3) 0.0  Financial expenses (1.9) (1.5) (3.6) (3.0) Foreign exchange gain/(losses) (48.5) 32.2  (39.7) 49.3  Change in fair value of foreign exchange derivatives —  0.1  —  0.1  Foreign exchange result (48.5) 32.3  (39.7) 49.5  Financial result (46.1) 31.8  (36.9) 47.9  The increase in foreign exchange gain/(losses) during the three and six months period ended June 30, 2023 was primarily due to the negative effect to our monetary assets from the fluctuation in the exchange rates, in particular the CHF/USD exchange rate.

v3.23.2

Share capital	6 Months Ended
	Jun. 30, 2023
Disclosure of classes of share capital [abstract]
Share capital	4.5 Share capital The share capital amounts to CHF 33.5 million and is divided into 299,998,125 registered shares with a nominal value of CHF 0.10 each (the "Class A Shares") and in 345,437,500 registered voting rights shares with a nominal value of CHF 0.01 each (the "Class B Shares"). The share capital is paid in at 100%. Class A Shares Class B Shares Shares issued and outstanding as of January 1, 2023 281,976,387  345,437,500  Sale of treasury shares related to share-based compensation 1,476,316  —  Purchase of treasury shares (17,951) —  Shares issued and outstanding as of June 30, 2022(1) 283,434,752  345,437,500  Awards granted under various incentive plans not yet exercised or distributed at June 30, 2022(2) 1,019,799  —  Awards granted under various incentive plans with dilutive effects at June 30, 2023 3,356,768  11,792,673  (1)    As of June 30, 2023 there were 16,563,373 treasury shares held by On (December 31, 2022: 18,021,738). (2)    These awards require little or no further consideration to be exercised, and as such, have been included in the weighted average number of ordinary shares outstanding used to calculate basic EPS at June 30, 2023.

v3.23.2

Earnings per share	6 Months Ended
	Jun. 30, 2023
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 be issued at conversion of all the dilutive potential ordinary shares into ordinary shares. Dilutive effects arise from equity settled shares from the Company's share-based plans. These shares are included even if the service conditions are not met, or respective performance conditions were fulfilled at the end of the reporting period. Three-month period ended June 30, 2023 2023 2022 2022 Class A Class B Class A Class B Weighted number of outstanding shares 284,127,877  345,437,500  282,182,571  345,437,500  Number of shares with dilutive effects 3,464,956  11,792,673  2,241,734  6,782,573  Weighted number of outstanding shares (diluted and undiluted) 287,592,833  357,230,173  284,424,305  352,220,073  Net profit (mCHF) 2.9  0.4  43.8  5.4  Basic EPS (CHF) 0.01 0.00 #DIV/0! 0.16 #DIV/0! 0.02 Diluted EPS (CHF) 0.01 0.00 #DIV/0! 0.15 #DIV/0! 0.02 Six-month period ended June 30, 2023 2023 2022 2022 Class A Class B Class A Class B Weighted number of outstanding shares 283,859,171  345,437,500  281,519,631  345,437,500  Number of shares with dilutive effects 3,335,726  11,203,866  2,868,566  7,135,495  Weighted number of outstanding shares (diluted and undiluted) 287,194,897  356,641,366  284,388,196  352,572,995  Net profit (mCHF) 42.5  5.2  56.6  6.9  Basic EPS (CHF) 0.15 0.01 0.20 0.02 Diluted EPS (CHF) 0.15 0.01 0.20 0.02

v3.23.2

Capital and other reserves	6 Months Ended
	Jun. 30, 2023
Disclosure of reserves within equity [abstract]
Capital and other reserves	4.7 Capital and other reserves (CHF in millions) 6/30/2023 12/31/2022 Share premium 756.9  756.9  Legal reserves 38.8  33.8  Equity transaction costs (8.7) (8.7) Tax impact on equity transaction costs 1.3  1.3  Share-based compensation 330.3  321.8  Capital reserves 1,118.6  1,105.1  Exchange differences (3.8) (1.0) Actuarial gains and losses 0.2  1.3  Taxes on actuarial gains and losses —  (0.2) Other reserves (3.7) —

v3.23.2

Commitments and contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies [Abstract]
Commitments and contingencies	4.8 Commitments and contingencies As at June 30, 2023, guarantees in the amount of CHF 152.2 million (December 31, 2022: CHF 126.1 million) were provided in favor of third parties. The Swiss On entities form a VAT group and, hence, every entity participating in the group is jointly and severally liable for VAT debt other group participants. Further On group 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 317.2 million have been offset as at June 30, 2023 (December 31, 2022: CHF 202.4 million). On has signed several new lease contracts, which have not yet commenced as at June 30, 2023, and are therefore not yet recognized on the balance sheet. The total committed future outflow resulting of these lease contracts amounts to: (CHF in millions) 6/30/2023 12/31/2022 Due < 1 year 14.8  6.6  Due 1 - 5 years 138.1  92.1  Due > 5 years 200.9  184.2  Commitments for future lease obligations 353.8  282.9  The majority of the future lease commitments relate to contracts entered into for new stores and offices in the United States, and new highly-automated warehouses in the U.S. (Atlanta) and Belgium (Beringen). The new warehouse in Atlanta will partially operate starting in 2024 and is expected to be fully operational by 2025, and amounts to CHF 249.0 million (December 31, 2022: CHF 254.9 million) lease commitment. The associated contractual commitments and investments made by the lessor on the new, highly-automated warehouse in Atlanta, U.S. is secured by a bank guarantee in the amount of USD 133 million and collateralized by an uncommitted credit facility for USD 133 million that is secured by CHF 125.4 million cash and cash equivalents, refer to 4.1 Net cash and cash equivalents. The new warehouse in Belgium will partially operate starting in 2024 and is expected to be fully operational by 2026, and amounts to CHF 99.5 million lease commitment. The Company also has a CHF 2.3 million future obligation to purchase equipment as a result of this contract. The associated contractual commitments and investments made by the lessor on the new, highly-automated warehouse in Belgium is secured by a bank guarantee in the amount of EUR 30.0 million and collateralized by an uncommitted credit facility for EUR 30.0 million that is secured by CHF 32.6 million cash and cash equivalents, refer to 4.1 Net cash and cash equivalents.

v3.23.2

Provisions	6 Months Ended
	Jun. 30, 2023
Provisions [abstract]
Provisions	5.1 Provisions (CHF in millions) Social charges Long-service leave Asset retirement obligation Total Balance at January 1, 2022 14.0  1.7  3.6  19.3  thereof current 14.0  0.7  0.1  14.9  thereof non-current —  0.9  3.5  4.4  Additions 0.0  1.1  0.3  1.4  Release (6.1) —  —  (6.1) Utilization (3.8) —  —  (3.8) Unwinding of discount —  —  0.1  0.1  Balance at June 30, 2022 4.2  2.8  4.0  11.0  thereof current 4.2  0.7  0.1  5.1  thereof non-current —  2.0  3.8  5.9  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 4.2  1.8  —  6.0  Release —  (0.7) —  (0.8) Utilization (0.6) —  —  (0.6) Exchange differences —  (0.1) (0.1) (0.1) Balance at June 30, 2023 7.9  4.8  4.0  16.7  thereof current 7.9  0.5  0.1  8.6  thereof non-current —  4.3  3.8  8.1  Provisions for social charges consider any costs related to local legal requirements related to share-based compensation. The provision for asset retirement obligations mainly relates to the dismantling costs for the new headquarter in Zurich and the flagship store in New York.

v3.23.2

Income taxes	6 Months Ended
	Jun. 30, 2023
Income Taxes [Abstract]
Income taxes	5.2 Income taxes Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2023 2022 2023 2022 Current income taxes 18.0  13.2  33.6  18.3  Deferred income taxes (28.0) (4.1) (36.5) (4.2) Income tax expense (benefit) (10.0) 9.0  (2.9) 14.1  Income taxes during the three-month and six-month period ended June 30, 2023 resulted in an income tax benefit of CHF 10.0 and CHF 2.9 million, respectively, compared to CHF 9.0 million and CHF 14.1 million income tax expense for the same period in 2022. Income tax benefit is mainly due to deferred income taxes as a result of tax rate differences in local jurisdictions and Swiss tax incentives related to R&D.

v3.23.2

Events after the balance sheet date	6 Months Ended
	Jun. 30, 2023
Disclosure of non-adjusting events after reporting period [abstract]
Events after the balance sheet date	5.3 Events after the balance sheet date On July 7, 2023, On entered into a CHF 700 million multicurrency credit facility agreement. 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. As of the date hereof, we have not drawn cash under this credit facility and we do not currently expect to draw cash from the facility agreement in the near term. We entered into the facility agreement as part of our prudent financial planning strategy to create future financial flexibility to better align with the size and maturity of the Company. The proceeds of any borrowings under the facility agreement may be used towards the financing of working capital requirements and for general corporate purposes of the Group, including the roll-in of certain existing bank guarantees and the issuance of new bank guarantees. The facility agreement has an initial term of three years and may be extended twice for a period of one year each. As of July 7, 2023, the bank guarantees mentioned in 4.8 Commitments and contingencies have been rolled into this new facilities agreement and we no longer have any restricted cash as mentioned in 4.1 Cash and cash equivalents.

v3.23.2

Oinverse (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of subsidiaries [abstract]
Disclosure of Subsidiaries	Equity interest Entity Jurisdiction of incorporation 6/30/2023 12/31/2022 On Holding AG Switzerland On AG Switzerland 100% 100% On Brazil Ltda. Brazil 100% 100% On Cloud Service GmbH Germany 100% 100% On Clouds GmbH Switzerland 100% 100% On Clouds Inc. Delaware, USA 100% 100% On Europe AG Switzerland 100% 100% On Experience 1 LLC Delaware, USA 100% 100% On Experience 2 LLC Delaware, USA 100% 100% On Experience 3 LLC Delaware, USA 100% 100% On Experience 4 LLC Delaware, USA 100% 100% On Experience 5 LLC Delaware, USA 100% 100% On Experience 6 LLC Delaware, USA 100% — On Hong Kong Ltd. Hong Kong, SAR of China 100% 100% On Inc. Delaware, USA 100% 100% On Italy S.r.l. Italy 100% 100% On Japan K.K. Japan 100% 100% On Oceania Pty Ltd. Australia 100% 100% On Running Canada Inc. Canada 100% 100% On Running Sports Products (Shanghai) Company Ltd. China 100% 100% On Running UK Ltd. United Kingdom 100% 100% On Vietnam Co. Ltd. Vietnam 100% 100% Brunner Mettler GmbH Switzerland 100% 100% On Korea Ltd. South Korea 100% —

v3.23.2

New and amended standards and interpretations (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of expected impact of initial application of new standards or interpretations [abstract]
New and amended standards and interpretations	Further, at the date of authorization of these financial statements, On has not applied the following new and revised IFRS Standards that have been issued by the IASB but are not yet effective: Description Standard Reference IASB Effective Date Classification of liabilities as current or non-current Amendments to IAS 1 January 1, 2024 Lease liability in a sale and leaseback Amendment to IFRS 16 January 1, 2024 Supplier Finance Arrangements Amendment to IAS 7 and IFRS 7 January 1, 2024

v3.23.2

Net sales (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Disclosure of Net Sales	Net sales by sales channels: Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2023 2022 2023 2022 Wholesale 280.8  186.0  564.0  338.3  Direct-to-Consumer 163.5  105.6  300.5  189.1  Net sales 444.3  291.7  864.5  527.3  Net sales by product groups: Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2023 2022 2023 2022 Shoes 428.2  280.6  828.7  503.1  Apparel 13.4  9.2  30.3  20.6  Accessories 2.7  1.8  5.4  3.7  Net sales 444.3  291.7  864.5  527.3  Net sales by geographic regions (based on the location of the counterparty): Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2023 2022 2023 2022 Europe, Middle East and Africa 113.6  88.1  232.2  166.6  Americas 296.6  185.6  566.8  326.4  Asia-Pacific 34.1  17.9  65.5  34.4  Net sales 444.3  291.7  864.5  527.3  Net sales by geographic regions as previously reported: Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2022 2022 Europe 83.3  158.2  North America 181.7  320.1  Asia-Pacific 17.9  34.4  Rest of world 8.8  14.6  Net Sales 291.7  527.3

v3.23.2

Segment information (Tables)	6 Months Ended
	Jun. 30, 2023
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) 6/30/2023 12/31/2022   Europe, Middle East and Africa 286.1  246.8  thereof Switzerland 259.6  222.0  Americas 74.0  59.9  thereof the United States 72.6  58.5  Asia-Pacific 21.4  24.1  Non-current assets 381.5  330.9

v3.23.2

Selling, general and administrative expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Analysis of income and expense [abstract]
Schedule of Selling, General and Administrative Expenses	Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2023 2022 2023 2022 Distribution expenses (61.5) (36.1) (120.7) (67.0) Selling expenses (31.8) (20.1) (59.5) (36.0) Marketing expenses (51.5) (34.6) (96.0) (62.9) Share-based compensation (9.1) 5.6  (14.0) 2.5  General and administrative expenses (71.2) (49.3) (137.5) (89.8) Selling, general and administrative expenses (225.1) (134.5) (427.7) (253.2)

v3.23.2

Trade receivables (Tables)	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Trade Receivables	Trade receivables are generally due within a payment period of between 30 to 90 days. Due to the short-term nature, their carrying amount is considered to be the same as their fair value. (CHF in millions) 6/30/2023 12/31/2022 Gross Carrying Amount 264.3  183.7  Individual loss allowance (10.9) (8.2) Expected credit loss (0.8) (0.9) Loss allowance (11.6) (9.1) Trade receivables 252.7  174.6

v3.23.2

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventories [Abstract]
Schedule of Inventories	(CHF in millions) 6/30/2023 12/31/2022 Shoes 386.8  344.7  Apparel 41.9  43.5  Accessories 9.7  8.3  Other 0.2  0.2  Allowances (2.8) (1.1) Inventories 435.9  395.6

v3.23.2

Property, plant and equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of detailed information about property, plant and equipment [abstract]
Schedule of Property, Plant and Equipment	(CHF in millions) Leasehold improvements Trade tools Production tools Other Total Cost at January 1, 2022 20.9  7.3  11.9  7.8  47.9  Accumulated Depreciation at January 1, 2022 (1.9) (3.5) (5.6) (2.5) (13.5) Net book amount at January 1, 2022 19.0  3.8  6.3  5.3  34.4  Six month period ended June 30, 2022 Opening net book amounts 19.0  3.8  6.3  5.3  34.4  Additions 12.8  1.0  3.3  6.5  23.7  Disposals (0.2) —  (1.3) —  (1.5) Depreciation (1.1) (1.3) (1.6) (0.9) (5.0) Currency Translation 0.2  0.1  —  0.1  0.4  Net book value at June 30, 2022 30.7  3.6  6.7  11.0  52.0  Cost at June 30, 2022 33.3  8.1  8.3  14.2  63.9  Accumulated Depreciation at June 30, 2022 (2.6) (4.4) (1.6) (3.2) (11.9) Net book amount at June 30, 2022 30.7  3.6  6.7  11.0  52.0  Cost at January 1, 2023 49.7  10.7  12.9  24.5  97.8  Accumulated Depreciation at January 1, 2023 (5.0) (5.4) (5.3) (4.9) (20.6) Net book amount at January 1, 2023 44.7  5.3  7.5  19.7  77.2  Six month period ended June 30, 2023 Opening net book amounts 44.7  5.3  7.5  19.7  77.2  Additions 8.4  0.5  4.1  5.9  19.0  Disposals (0.2) —  —  (0.1) (0.3) Depreciation (3.4) (1.2) (3.2) (2.3) (10.1) Currency Translation (1.0) (0.1) —  (0.4) (1.5) Net book value at June 30, 2023 48.6  4.5  8.5  22.8  84.3  Cost at June 30, 2023 56.6  10.9  17.0  29.9  114.3  Accumulated Depreciation at June 30, 2023 (8.0) (6.4) (8.5) (7.1) (30.0) Net book amount at June 30, 2023 48.6  4.5  8.5  22.8  84.3

v3.23.2

Right-of-use assets (Tables)	6 Months Ended
	Jun. 30, 2023
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 at January 1, 2022 77.9  14.8  102.9  4.5  200.2  Accumulated Depreciation at January 1, 2022 (5.0) (3.0) (11.0) (3.3) (22.3) Net book amount at January 1, 2022 72.9  11.9  91.9  1.2  177.9  Six month period ended June 30, 2022 Opening net book amounts 72.9  11.9  91.9  1.2  177.9  Additions —  5.1  6.8  2.3  14.2  Disposals —  —  —  (0.2) (0.2) Depreciation (3.8) (1.9) (4.4) (0.7) (10.9) Currency Translation 4.8  0.1  0.5  0.1  5.6  Net book value at June 30, 2022 73.9  15.3  94.8  2.6  186.6  Cost at June 30, 2022 83.1  20.2  109.1  6.7  219.1  Accumulated Depreciation at June 30, 2022 (9.2) (5.0) (14.2) (4.0) (32.5) Net book amount at June 30, 2022 73.9  15.3  94.8  2.6  186.6  Cost at January 1, 2023 28.7  45.6  111.0  7.4  192.7  Accumulated Depreciation at January 1, 2023 (11.9) (7.7) (16.8) (4.6) (41.1) Net book amount at January 1, 2023 16.8  37.9  94.2  2.8  151.6  Six month period ended June 30, 2023 Opening net book amounts 16.8  37.9  94.2  2.8  151.6  Lease modification (4.1) 0.1  0.7  —  (3.3) Additions —  12.3  6.6  1.3  20.2  Disposals (0.1) —  —  (0.2) (0.2) Depreciation (2.8) (4.2) (5.0) (1.0) (13.0) Currency Translation (0.2) (1.5) (0.7) (0.1) (2.5) Net book value at June 30, 2023 9.6  44.6  95.8  2.9  152.9  Cost at June 30, 2023 23.9  55.9  117.4  7.9  205.0  Accumulated Depreciation at June 30, 2023 (14.3) (11.2) (21.6) (4.9) (52.1) Net book amount at June 30, 2023 9.6  44.6  95.8  2.9  152.9

v3.23.2

Intangible assets (Tables)	6 Months Ended
	Jun. 30, 2023
Intangible assets and goodwill [abstract]
Schedule of Intangible Assets	(CHF in millions) Patents, licenses and other rights Software Goodwill Total Cost at January 1, 2022 52.8  21.4  1.8  76.0  Accumulated Depreciation at January 1, 2022 (10.9) (7.6) —  (18.5) Net book amount at January 1, 2022 41.9  13.8  1.8  57.5  Six month period ended June 30, 2022 Opening net book amounts 41.9  13.8  1.8  57.5  Additions 0.2  3.4  —  3.6  Depreciation (2.0) (2.1) —  (4.1) Net book value at June 30, 2022 40.0  15.1  1.8  57.0  Cost at June 30, 2022 53.0  24.9  1.8  79.7  Accumulated Depreciation at June 30, 2022 (12.9) (9.7) —  (22.7) Net book amount at June 30, 2022 40.0  15.1  1.8  57.0  Cost at January 1, 2023 69.2  25.9  1.8  96.9  Accumulated Depreciation at January 1, 2023 (15.0) (11.6) —  (26.6) Net book amount at January 1, 2023 54.2  14.4  1.8  70.3  Six month period ended June 30, 2023 Opening net book amounts 54.2  14.4  1.8  70.3  Additions 0.1  1.9  —  2.0  Depreciation (2.2) (2.7) —  (4.9) Net book value at June 30, 2023 52.1  13.5  1.8  67.4  Cost at June 30, 2023 69.3  27.8  1.8  98.9  Accumulated Depreciation at June 30, 2023 (17.2) (14.2) —  (31.5) Net book amount at June 30, 2023 52.1  13.5  1.8  67.4

v3.23.2

Other current operating assets and liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Other Current Operating Assets and Liabilities	(CHF in millions) 6/30/2023 12/31/2022 Prepaid expenses 15.5  21.0  Indirect taxes (VAT/GST) receivables 35.1  39.7  Social security receivables 12.9  9.3  Other current assets 23.2  7.0  Other current operating assets 86.8  77.0  (CHF in millions) 6/30/2023 12/31/2022 Accrued expenses 85.3  25.0  Accrued personnel expenses 18.7  13.3  Indirect taxes (VAT/GST) payables 25.4  26.9  Interim operational account 20.6  13.2  Other current liabilities 9.7  3.3  Other current operating liabilities 159.8  81.7

v3.23.2

Net cash and cash equivalents (Tables)	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Cash and Cash Equivalents	(CHF in millions) 6/30/2023 12/31/2022 Current bank accounts 255.0  309.8  Digital wallets 16.5  12.5  Fixed deposit 65.6  48.8  Cash and cash equivalents1 337.1  371.0  1 Net cash and cash equivalents as at June 30, 2023 includes restricted cash in the amount of CHF 158.0 million (December 31, 2022: CHF 129.5 million) provided for a bank guarantee associated with lease commitments. See to 4.8 Commitments and contingencies

v3.23.2

Other current financial assets (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of financial assets [abstract]
Schedule of Other Current Financial Assets	(CHF in millions) 6/30/2023 12/31/2022 Credit cards 8.6  6.9  Deposits 23.1  22.5  Other current financial assets 11.4  3.8  Other current financial assets at amortized cost 43.1  33.2  Other current financial assets at fair value through profit and loss —  —  Other current financial assets 43.1  33.2

v3.23.2

Financial liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of financial liabilities [abstract]
Schedule of Financial Liabilities	(CHF in millions) 6/30/2023 12/31/2022 Current lease liabilities 23.4  21.6  Other financial liabilities 10.3  9.5  Total other current financial liabilities at amortized cost 33.7  31.2  Non-current lease liabilities 140.9  138.8  Total other non-current financial liabilities at amortized cost 140.9  138.8  Total current and non-current financial liabilities 174.7  170.0
Schedule of Contractual Obligation of Leases	Contractual maturities of On’s financial liabilities: (CHF in millions) Due < 3 months Due 4 to 12 months Due 1 to 5 years Due > 5 years 6/30/2023 Trade payables 90.0  —  —  —  90.0  Current lease liabilities 6.4  20.1  —  —  26.5  Other financial liabilities 10.3  —  —  —  10.3  Other current financial liabilities 16.7  20.1  —  —  36.8  Non-current lease liabilities —  —  74.2  83.5  157.7  Other non-current financial liabilities —  —  74.2  83.5  157.7  (CHF in millions) Due < 3 months Due 4 to 12 months Due 1 to 5 years Due > 5 years 12/31/2022 Trade payables 111.0  —  —  —  111.0  Current lease liabilities 5.8  18.5  —  —  24.4  Other financial liabilities 9.5  —  —  —  9.5  Other current financial liabilities 15.4  18.5  —  —  33.9  Non-current lease liabilities —  —  73.6  #SHEET! 79.7  153.3  Other non-current financial liabilities —  —  73.6  #SHEET! 79.7  153.3
Assets, collateralized security	The following assets have been pledged in relation to the financial liabilities resulting from the three facilities: (CHF in millions) 6/30/2023 12/31/2022 Trade receivables 45.4  43.4  Inventory 137.4  234.9  Assets pledged 182.9  278.3

v3.23.2

Financial result (Tables)	6 Months Ended
	Jun. 30, 2023
Analysis of income and expense [abstract]
Schedule of financial result	Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2023 2022 2023 2022 Interest income 4.1  1.1  6.1  1.4  Interest income on employee benefits 0.1  0.0  0.2  0.0  Financial income 4.3  1.1  6.4  1.4  Bank charges (0.5) (0.2) (1.0) (0.4) Interest expenses leases (1.3) (1.3) (2.3) (2.6) Interest expenses on employee benefits (0.1) —  (0.3) 0.0  Financial expenses (1.9) (1.5) (3.6) (3.0) Foreign exchange gain/(losses) (48.5) 32.2  (39.7) 49.3  Change in fair value of foreign exchange derivatives —  0.1  —  0.1  Foreign exchange result (48.5) 32.3  (39.7) 49.5  Financial result (46.1) 31.8  (36.9) 47.9

v3.23.2

Share capital (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of classes of share capital [abstract]
Schedule of Share Capital Outstanding	Class A Shares Class B Shares Shares issued and outstanding as of January 1, 2023 281,976,387  345,437,500  Sale of treasury shares related to share-based compensation 1,476,316  —  Purchase of treasury shares (17,951) —  Shares issued and outstanding as of June 30, 2022(1) 283,434,752  345,437,500  Awards granted under various incentive plans not yet exercised or distributed at June 30, 2022(2) 1,019,799  —  Awards granted under various incentive plans with dilutive effects at June 30, 2023 3,356,768  11,792,673  (1)    As of June 30, 2023 there were 16,563,373 treasury shares held by On (December 31, 2022: 18,021,738). (2)    These awards require little or no further consideration to be exercised, and as such, have been included in the weighted average number of ordinary shares outstanding used to calculate basic EPS at June 30, 2023.

v3.23.2

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings per share [abstract]
Schedule of Earnings per share	Three-month period ended June 30, 2023 2023 2022 2022 Class A Class B Class A Class B Weighted number of outstanding shares 284,127,877  345,437,500  282,182,571  345,437,500  Number of shares with dilutive effects 3,464,956  11,792,673  2,241,734  6,782,573  Weighted number of outstanding shares (diluted and undiluted) 287,592,833  357,230,173  284,424,305  352,220,073  Net profit (mCHF) 2.9  0.4  43.8  5.4  Basic EPS (CHF) 0.01 0.00 #DIV/0! 0.16 #DIV/0! 0.02 Diluted EPS (CHF) 0.01 0.00 #DIV/0! 0.15 #DIV/0! 0.02 Six-month period ended June 30, 2023 2023 2022 2022 Class A Class B Class A Class B Weighted number of outstanding shares 283,859,171  345,437,500  281,519,631  345,437,500  Number of shares with dilutive effects 3,335,726  11,203,866  2,868,566  7,135,495  Weighted number of outstanding shares (diluted and undiluted) 287,194,897  356,641,366  284,388,196  352,572,995  Net profit (mCHF) 42.5  5.2  56.6  6.9  Basic EPS (CHF) 0.15 0.01 0.20 0.02 Diluted EPS (CHF) 0.15 0.01 0.20 0.02

v3.23.2

Capital and other reserves (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of reserves within equity [abstract]
Schedule of Reserves Within Equity	(CHF in millions) 6/30/2023 12/31/2022 Share premium 756.9  756.9  Legal reserves 38.8  33.8  Equity transaction costs (8.7) (8.7) Tax impact on equity transaction costs 1.3  1.3  Share-based compensation 330.3  321.8  Capital reserves 1,118.6  1,105.1  Exchange differences (3.8) (1.0) Actuarial gains and losses 0.2  1.3  Taxes on actuarial gains and losses —  (0.2) Other reserves (3.7) —

v3.23.2

Commitments and contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
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) 6/30/2023 12/31/2022 Due < 1 year 14.8  6.6  Due 1 - 5 years 138.1  92.1  Due > 5 years 200.9  184.2  Commitments for future lease obligations 353.8  282.9

v3.23.2

Provisions (Tables)	6 Months Ended
	Jun. 30, 2023
Provisions [abstract]
Schedule of Provisions	(CHF in millions) Social charges Long-service leave Asset retirement obligation Total Balance at January 1, 2022 14.0  1.7  3.6  19.3  thereof current 14.0  0.7  0.1  14.9  thereof non-current —  0.9  3.5  4.4  Additions 0.0  1.1  0.3  1.4  Release (6.1) —  —  (6.1) Utilization (3.8) —  —  (3.8) Unwinding of discount —  —  0.1  0.1  Balance at June 30, 2022 4.2  2.8  4.0  11.0  thereof current 4.2  0.7  0.1  5.1  thereof non-current —  2.0  3.8  5.9  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 4.2  1.8  —  6.0  Release —  (0.7) —  (0.8) Utilization (0.6) —  —  (0.6) Exchange differences —  (0.1) (0.1) (0.1) Balance at June 30, 2023 7.9  4.8  4.0  16.7  thereof current 7.9  0.5  0.1  8.6  thereof non-current —  4.3  3.8  8.1

v3.23.2

Income taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Taxes [Abstract]
Schedule of Income Tax Expense	Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2023 2022 2023 2022 Current income taxes 18.0  13.2  33.6  18.3  Deferred income taxes (28.0) (4.1) (36.5) (4.2) Income tax expense (benefit) (10.0) 9.0  (2.9) 14.1

v3.23.2

Oniverse (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
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 LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Experience 2 LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Experience 3 LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Experience 4 LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Experience 5 LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
On Experience 6 LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	0.00%
On Hong Kong Ltd.
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 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 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 Korea Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	0.00%

v3.23.2

Net sales - Disaggregation of Revenue (Details) SFr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 CHF (SFr)	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2023 CHF (SFr) salesChannel	Jun. 30, 2022 CHF (SFr)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	SFr 444.3	SFr 291.7	SFr 864.5	SFr 527.3
Number of sales channels | salesChannel			2
Originally presented
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales		291.7		527.3
Europe, Middle East and Africa
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	113.6	88.1	SFr 232.2	166.6
Revenue from contracts with customers, increase (decrease) through reallocation		4.9		8.3
Americas
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	296.6	185.6	566.8	326.4
Revenue from contracts with customers, increase (decrease) through reallocation		3.9		6.4
Asia-Pacific
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	34.1	17.9	65.5	34.4
Asia-Pacific | Originally presented
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales		17.9		34.4
Europe | Originally presented
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales		83.3		158.2
North America | Originally presented
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales		181.7		320.1
Rest of World
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers, increase (decrease) through reallocation		8.8		14.7
Rest of World | Originally presented
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales		8.8		14.6
Shoes
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	428.2	280.6	828.7	503.1
Apparel
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	13.4	9.2	30.3	20.6
Accessories
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	2.7	1.8	5.4	3.7
Wholesale
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	280.8	186.0	564.0	338.3
Direct-to-Consumer
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	SFr 163.5	SFr 105.6	SFr 300.5	SFr 189.1

v3.23.2

Segment information (Details) SFr in Millions	6 Months Ended
	Jun. 30, 2023 CHF (SFr) Reporting_Segment numberOfCo-ceo co-founder	Dec. 31, 2022 CHF (SFr)
Disclosure of operating segments [line items]
Number of Co-Founders | co-founder	3
Number of Co-CEOs | numberOfCo-ceo	2
Number of reporting segments | Reporting_Segment	1
Non-current assets	SFr 381.5	SFr 330.9
Europe, Middle East and Africa
Disclosure of operating segments [line items]
Non-current assets	286.1	246.8
Switzerland
Disclosure of operating segments [line items]
Non-current assets	259.6	222.0
Americas
Disclosure of operating segments [line items]
Non-current assets	74.0	59.9
United States
Disclosure of operating segments [line items]
Non-current assets	72.6	58.5
Asia-Pacific
Disclosure of operating segments [line items]
Non-current assets	SFr 21.4	24.1
Rest of World | Originally presented
Disclosure of operating segments [line items]
Non-current assets		SFr 1.3

v3.23.2

Selling, general and administrative expenses - Schedule of expenses (Details) - CHF (SFr) SFr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Analysis of income and expense [abstract]
Distribution expenses	SFr (61.5)	SFr (36.1)	SFr (120.7)	SFr (67.0)
Selling expenses	(31.8)	(20.1)	(59.5)	(36.0)
Marketing expenses	(51.5)	(34.6)	(96.0)	(62.9)
Share-based compensation	(9.1)	5.6	(14.0)	2.5
General and administrative expenses	(71.2)	(49.3)	(137.5)	(89.8)
Selling, general and administrative expenses	SFr (225.1)	SFr (134.5)	SFr (427.7)	SFr (253.2)

v3.23.2

Selling, general and administrative expenses - Narrative (Details) - CHF (SFr) SFr in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of attribution of expenses by nature to their function [line items]
Other long-term employee benefits	SFr 100.0	SFr 64.3
Selling, general and administrative expense
Disclosure of attribution of expenses by nature to their function [line items]
Depreciation and amortisation expense	24.4	17.8
Cost of sales
Disclosure of attribution of expenses by nature to their function [line items]
Depreciation expense	SFr 3.5	SFr 2.1

v3.23.2

Trade receivables - Schedule of Allowance for Credit Losses (Details) - Trade receivables - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Financial assets	SFr (252.7)	SFr (174.6)
Gross Carrying Amount
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Financial assets	(264.3)	(183.7)
Individual loss allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Financial assets	(10.9)	(8.2)
Expected credit loss
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Financial assets	(0.8)	(0.9)
Loss allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Financial assets	SFr 11.6	SFr 9.1

v3.23.2

Inventories - Schedule of Inventory (Details) - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure Of Inventory [Line Items]
Inventories	SFr 435.9	SFr 395.6
Gross Carrying Amount | Shoes
Disclosure Of Inventory [Line Items]
Inventories	386.8	344.7
Gross Carrying Amount | Apparel
Disclosure Of Inventory [Line Items]
Inventories	41.9	43.5
Gross Carrying Amount | Accessories
Disclosure Of Inventory [Line Items]
Inventories	9.7	8.3
Gross Carrying Amount | Other
Disclosure Of Inventory [Line Items]
Inventories	0.2	0.2
Allowances
Disclosure Of Inventory [Line Items]
Inventories	SFr 2.8	SFr 1.1

v3.23.2

Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - CHF (SFr) SFr in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	SFr 77.2	SFr 34.4
Additions	19.0	23.7
Disposals	(0.3)	(1.5)
Depreciation	(10.1)	(5.0)
Currency Translation	(1.5)	0.4
Property, plant and equipment at the end of period	84.3	52.0
Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	44.7	19.0
Additions	8.4	12.8
Disposals	(0.2)	(0.2)
Depreciation	(3.4)	(1.1)
Currency Translation	(1.0)	0.2
Property, plant and equipment at the end of period	48.6	30.7
Trade tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	5.3	3.8
Additions	0.5	1.0
Disposals	0.0	0.0
Depreciation	(1.2)	(1.3)
Currency Translation	(0.1)	0.1
Property, plant and equipment at the end of period	4.5	3.6
Production tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	7.5	6.3
Additions	4.1	3.3
Disposals	0.0	(1.3)
Depreciation	(3.2)	(1.6)
Currency Translation	0.0	0.0
Property, plant and equipment at the end of period	8.5	6.7
Other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	19.7	5.3
Additions	5.9	6.5
Disposals	(0.1)	0.0
Depreciation	(2.3)	(0.9)
Currency Translation	(0.4)	0.1
Property, plant and equipment at the end of period	22.8	11.0
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	97.8	47.9
Property, plant and equipment at the end of period	114.3	63.9
Cost | Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	49.7	20.9
Property, plant and equipment at the end of period	56.6	33.3
Cost | Trade tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	10.7	7.3
Property, plant and equipment at the end of period	10.9	8.1
Cost | Production tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	12.9	11.9
Property, plant and equipment at the end of period	17.0	8.3
Cost | Other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	24.5	7.8
Property, plant and equipment at the end of period	29.9	14.2
Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(20.6)	(13.5)
Property, plant and equipment at the end of period	(30.0)	(11.9)
Accumulated depreciation | Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(5.0)	(1.9)
Property, plant and equipment at the end of period	(8.0)	(2.6)
Accumulated depreciation | Trade tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(5.4)	(3.5)
Property, plant and equipment at the end of period	(6.4)	(4.4)
Accumulated depreciation | Production tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(5.3)	(5.6)
Property, plant and equipment at the end of period	(8.5)	(1.6)
Accumulated depreciation | Other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(4.9)	(2.5)
Property, plant and equipment at the end of period	SFr (7.1)	SFr (3.2)

v3.23.2

Property, plant and equipment - Narrative (Details) - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	SFr 84.3	SFr 77.2	SFr 52.0	SFr 34.4
Construction in progress
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	SFr 5.0	SFr 6.4

v3.23.2

Right-of-use assets - Schedule of Right-of-Use Assets (Details) - CHF (SFr) SFr in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	SFr 151.6	SFr 177.9
Lease modification	(3.3)
Additions	20.2	14.2
Disposals	(0.2)	(0.2)
Depreciation	(13.0)	(10.9)
Currency Translation	(2.5)	5.6
Right-of-use assets ending balance	152.9	186.6
Gross Carrying Amount
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	192.7	200.2
Right-of-use assets ending balance	205.0	219.1
Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	(41.1)	(22.3)
Right-of-use assets ending balance	(52.1)	(32.5)
Storage
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	16.8	72.9
Lease modification	(4.1)
Additions	0.0	0.0
Disposals	(0.1)	0.0
Depreciation	(2.8)	(3.8)
Currency Translation	(0.2)	4.8
Right-of-use assets ending balance	9.6	73.9
Storage | Gross Carrying Amount
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	28.7	77.9
Right-of-use assets ending balance	23.9	83.1
Storage | Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	(11.9)	(5.0)
Right-of-use assets ending balance	(14.3)	(9.2)
Stores & showrooms
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	37.9	11.9
Lease modification	0.1
Additions	12.3	5.1
Disposals	0.0	0.0
Depreciation	(4.2)	(1.9)
Currency Translation	(1.5)	0.1
Right-of-use assets ending balance	44.6	15.3
Stores & showrooms | Gross Carrying Amount
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	45.6	14.8
Right-of-use assets ending balance	55.9	20.2
Stores & showrooms | Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	(7.7)	(3.0)
Right-of-use assets ending balance	(11.2)	(5.0)
Offices
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	94.2	91.9
Lease modification	0.7
Additions	6.6	6.8
Disposals	0.0	0.0
Depreciation	(5.0)	(4.4)
Currency Translation	(0.7)	0.5
Right-of-use assets ending balance	95.8	94.8
Offices | Gross Carrying Amount
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	111.0	102.9
Right-of-use assets ending balance	117.4	109.1
Offices | Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	(16.8)	(11.0)
Right-of-use assets ending balance	(21.6)	(14.2)
Cars
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	2.8	1.2
Lease modification	0.0
Additions	1.3	2.3
Disposals	(0.2)	(0.2)
Depreciation	(1.0)	(0.7)
Currency Translation	(0.1)	0.1
Right-of-use assets ending balance	2.9	2.6
Cars | Gross Carrying Amount
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	7.4	4.5
Right-of-use assets ending balance	7.9	6.7
Cars | Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	(4.6)	(3.3)
Right-of-use assets ending balance	SFr (4.9)	SFr (4.0)

v3.23.2

Right-of-use assets - Narrative (Details) - CHF (SFr) SFr in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of quantitative information about right-of-use assets [line items]
Additions	SFr 20.2	SFr 14.2
Lease modification	(3.3)
Storage
Disclosure of quantitative information about right-of-use assets [line items]
Additions	0.0	SFr 0.0
Lease modification	SFr (4.1)

v3.23.2

Intangible assets -Schedule of Intangible Assets (Details) - CHF (SFr) SFr in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	SFr 70.3	SFr 57.5
Additions	2.0	3.6
Depreciation	(4.9)	(4.1)
Intangible assets and goodwill at end of the period	67.4	57.0
Gross Carrying Amount
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	96.9	76.0
Intangible assets and goodwill at end of the period	98.9	79.7
Accumulated depreciation
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	(26.6)	(18.5)
Intangible assets and goodwill at end of the period	(31.5)	(22.7)
Patents, licenses and other rights
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	54.2	41.9
Additions	0.1	0.2
Depreciation	(2.2)	(2.0)
Intangible assets and goodwill at end of the period	52.1	40.0
Patents, licenses and other rights | Gross Carrying Amount
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	69.2	52.8
Intangible assets and goodwill at end of the period	69.3	53.0
Patents, licenses and other rights | Accumulated depreciation
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	(15.0)	(10.9)
Intangible assets and goodwill at end of the period	(17.2)	(12.9)
Software
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	14.4	13.8
Additions	1.9	3.4
Depreciation	(2.7)	(2.1)
Intangible assets and goodwill at end of the period	13.5	15.1
Software | Gross Carrying Amount
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	25.9	21.4
Intangible assets and goodwill at end of the period	27.8	24.9
Software | Accumulated depreciation
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	(11.6)	(7.6)
Intangible assets and goodwill at end of the period	(14.2)	(9.7)
Goodwill
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	1.8	1.8
Additions	0.0	0.0
Depreciation	0.0	0.0
Intangible assets and goodwill at end of the period	1.8	1.8
Goodwill | Gross Carrying Amount
Disclosure of detailed information about intangible assets [line items]
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
Disclosure of detailed information about intangible assets [line items]
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

v3.23.2

Intangible assets - Narrative (Details) - CHF (SFr) SFr in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Intangible assets	SFr 67.4	SFr 57.0	SFr 70.3	SFr 57.5
Research and development expense	4.8	SFr 3.6
Intangible assets under development
Disclosure of detailed information about intangible assets [line items]
Intangible assets	SFr 0.4		SFr 0.3

v3.23.2

Other current operating assets (Details) - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Prepaid expenses	SFr 15.5	SFr 21.0
Indirect taxes (VAT/GST) receivables	35.1	39.7
Social security receivables	12.9	9.3
Other current assets	23.2	7.0
Other current operating assets	SFr 86.8	SFr 77.0

v3.23.2

Other current operating liabilities (Details) - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Accrued expenses	SFr 85.3	SFr 25.0
Accrued personnel expenses	18.7	13.3
Indirect taxes (VAT/GST) payables	25.4	26.9
Interim operational account	20.6	13.2
Other current liabilities	9.7	3.3
Other current operating liabilities	SFr 159.8	SFr 81.7

v3.23.2

Net cash and cash equivalents (Details) - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Current bank accounts	SFr 255.0	SFr 309.8
Digital wallets	16.5	12.5
Fixed deposit	65.6	48.8
Cash and cash equivalents	337.1	371.0
Restricted cash and cash equivalents	SFr 158.0	SFr 129.5

v3.23.2

Other current financial assets - Schedule of Other Current Financial Assets (Details) - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Other current financial assets	SFr 43.1	SFr 33.2
Other current financial assets at amortized cost
Disclosure of financial assets [line items]
Other current financial assets	43.1	33.2
Other current financial assets at amortized cost | Credit cards
Disclosure of financial assets [line items]
Other current financial assets	8.6	6.9
Other current financial assets at amortized cost | Deposits
Disclosure of financial assets [line items]
Other current financial assets	23.1	22.5
Other current financial assets at amortized cost | Other current financial assets
Disclosure of financial assets [line items]
Other current financial assets	11.4	3.8
Other current financial assets at fair value through profit and loss
Disclosure of financial assets [line items]
Other current financial assets	SFr 0.0	SFr 0.0

v3.23.2

Financial liabilities - Schedule of Financial Liabilities (Details) - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of financial liabilities [line items]
Other current financial liabilities	SFr 33.7	SFr 31.2
Total other non-current financial liabilities at amortized cost	140.9	138.8
Total current and non-current financial liabilities	174.7	170.0
Financial liabilities at amortized cost
Disclosure of financial liabilities [line items]
Other current financial liabilities	33.7	31.2
Total other non-current financial liabilities at amortized cost	140.9	138.8
Financial liabilities at amortized cost | Current lease liabilities
Disclosure of financial liabilities [line items]
Other current financial liabilities	23.4	21.6
Total other non-current financial liabilities at amortized cost	140.9	138.8
Financial liabilities at amortized cost | Other financial liabilities
Disclosure of financial liabilities [line items]
Other current financial liabilities	10.3	9.5
Current refunds provision	SFr 9.1	SFr 9.5

v3.23.2

Financial liabilities - Narrative (Details) SFr in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 CHF (SFr) creditFacility	Jun. 30, 2023 USD ($)	Dec. 31, 2022 CHF (SFr)
Disclosure of financial liabilities [line items]
Other current financial liabilities	SFr 33.7		SFr 31.2
Number of overdraft facilities | creditFacility	3
Bank overdraft facility one, CHF
Disclosure of financial liabilities [line items]
Credit facility, maximum borrowing capacity	SFr 100.0
Bank overdraft facility two, CHF
Disclosure of financial liabilities [line items]
Credit facility, maximum borrowing capacity	25.0
Bank overdraft facility three, USD
Disclosure of financial liabilities [line items]
Credit facility, maximum borrowing capacity | $		$ 35.0
Financial liabilities at amortized cost
Disclosure of financial liabilities [line items]
Other current financial liabilities	33.7		31.2
Financial liabilities at amortized cost | Other financial liabilities
Disclosure of financial liabilities [line items]
Current refunds provision	9.1		9.5
Other current financial liabilities	SFr 10.3		SFr 9.5

v3.23.2

Financial liabilities - Contractual maturities (Details) - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of financial liabilities [line items]
Trade payables	SFr 90.0	SFr 111.0
Current lease liabilities	26.5	24.4
Other financial liabilities	10.3	9.5
Other current financial liabilities	36.8	33.9
Non-current lease liabilities	157.7	153.3
Other non-current financial liabilities	157.7	153.3
Due within 3 months
Disclosure of financial liabilities [line items]
Trade payables	90.0	111.0
Current lease liabilities	6.4	5.8
Other financial liabilities	10.3	9.5
Other current financial liabilities	16.7	15.4
Non-current lease liabilities	0.0	0.0
Other non-current financial liabilities	0.0	0.0
Due 4 to 12 months
Disclosure of financial liabilities [line items]
Trade payables	0.0	0.0
Current lease liabilities	20.1	18.5
Other financial liabilities	0.0	0.0
Other current financial liabilities	20.1	18.5
Non-current lease liabilities	0.0	0.0
Other non-current financial liabilities	0.0	0.0
Due 1 to 5 years
Disclosure of 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	74.2	73.6
Other non-current financial liabilities	74.2	73.6
Due > 5 years
Disclosure of 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	83.5	79.7
Other non-current financial liabilities	SFr 83.5	SFr 79.7

v3.23.2

Financial liabilities - Assets pledged as security (Details) - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of financial liabilities [line items]
Trade receivables	SFr 45.4	SFr 43.4
Inventory	137.4	234.9
Assets pledged	SFr 182.9	SFr 278.3

v3.23.2

Financial result (Details) - CHF (SFr) SFr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Analysis of income and expense [abstract]
Interest income	SFr 4.1	SFr 1.1	SFr 6.1	SFr 1.4
Interest income on employee benefits	0.1	0.0	0.2	0.0
Financial income	4.3	1.1	6.4	1.4
Bank charges	(0.5)	(0.2)	(1.0)	(0.4)
Interest expenses leases	(1.3)	(1.3)	(2.3)	(2.6)
Interest expenses on employee benefits	(0.1)	0.0	(0.3)	(0.0)
Financial expenses	(1.9)	(1.5)	(3.6)	(3.0)
Foreign exchange gain/(losses)	(48.5)	32.2	(39.7)	49.3
Change in fair value of foreign exchange derivatives	0.0	0.1	0.0	0.1
Foreign exchange result	(48.5)	32.3	(39.7)	49.5
Financial result	SFr (46.1)	SFr 31.8	SFr (36.9)	SFr 47.9

v3.23.2

Share capital - Narrative (Details) - CHF (SFr) SFr / shares in Units, SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Share capital	SFr 33.5	SFr 33.5
Share capital, paid-in percentage	100.00%
Class A
Disclosure of classes of share capital [line items]
Number of shares registered (in shares)	299,998,125
Par value per share (in CHF per share)	SFr 0.10
Class B
Disclosure of classes of share capital [line items]
Number of shares registered (in shares)	345,437,500
Par value per share (in CHF per share)	SFr 0.01

v3.23.2

Share capital - Schedule of Shares Outstanding (Details)	6 Months Ended
	Jun. 30, 2023 shares shares	Dec. 31, 2022 shares
Disclosure of classes of share capital [line items]
Treasury shares held (in shares)	(16,563,373)	(18,021,738)
Class A
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares)	283,434,752	281,976,387
Sale of treasury shares related to share-based compensation (in shares)	1,476,316
Purchase of treasury shares (in shares)	(17,951)
Share options granted (in shares)	1,019,799
Awards granted under various incentive plans with dilutive effects at June 30, 2023 (in shares)	3,356,768
Class B
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares)	345,437,500	345,437,500
Sale of treasury shares related to share-based compensation (in shares)	0
Purchase of treasury shares (in shares)	0
Share options granted (in shares)	0
Awards granted under various incentive plans with dilutive effects at June 30, 2023 (in shares)	11,792,673

v3.23.2

Earnings per share - Schedule of Earnings per Share (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings per share [line items]
Net income	SFr 3,300	SFr 49,100	SFr 47,700	SFr 63,500
Class A
Earnings per share [line items]
Weighted number of outstanding shares (in shares)	284,127,877	282,182,571	283,859,171	281,519,631
Number of shares with dilutive effects (in shares)	3,464,956	2,241,734	3,335,726	2,868,566
Weighted number of outstanding shares (diluted and undiluted) (in shares)	287,592,833	284,424,305	287,194,897	284,388,196
Net income	SFr 2,900	SFr 43,800	SFr 42,500	SFr 56,600
Basic EPS (CHF) (in CHF per share)	SFr 0.01	SFr 0.16	SFr 0.15	SFr 0.20
Diluted EPS (CHF) (in CHF per share)	SFr 0.01	SFr 0.15	SFr 0.15	SFr 0.20
Class B
Earnings per share [line items]
Weighted number of outstanding shares (in shares)	345,437,500	345,437,500	345,437,500	345,437,500
Number of shares with dilutive effects (in shares)	11,792,673	6,782,573	11,203,866	7,135,495
Weighted number of outstanding shares (diluted and undiluted) (in shares)	357,230,173	352,220,073	356,641,366	352,572,995
Net income	SFr 400	SFr 5,400	SFr 5,200	SFr 6,900
Basic EPS (CHF) (in CHF per share)	SFr 0.00	SFr 0.02	SFr 0.01	SFr 0.02
Diluted EPS (CHF) (in CHF per share)	SFr 0.00	SFr 0.02	SFr 0.01	SFr 0.02

v3.23.2

Capital and other reserves - Schedule of Capital and Other Reserves (Details) - CHF (SFr) SFr in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Disclosure of reserves within equity [line items]
Equity	SFr 1,026.7	SFr 1,018.7	SFr 969.5	SFr 935.9	SFr 878.3	SFr 848.4
Capital reserves
Disclosure of reserves within equity [line items]
Equity	1,118.6	1,109.6	1,105.1	1,063.8	1,060.2	1,044.0
Share premium
Disclosure of reserves within equity [line items]
Equity	756.9		756.9
Legal reserves
Disclosure of reserves within equity [line items]
Equity	38.8		33.8
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	330.3		321.8
Other reserves
Disclosure of reserves within equity [line items]
Equity	(3.7)	SFr 0.4	0.0	SFr 1.8	SFr (3.2)	SFr (3.4)
Exchange differences
Disclosure of reserves within equity [line items]
Equity	(3.8)		(1.0)
Actuarial gains and losses
Disclosure of reserves within equity [line items]
Equity	0.2		1.3
Taxes on actuarial gains and losses
Disclosure of reserves within equity [line items]
Equity	SFr 0.0		SFr (0.2)

v3.23.2

Commitments and contingencies - Narrative (Details) € in Millions, SFr in Millions, $ in Millions	Jun. 30, 2023 CHF (SFr)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 CHF (SFr)
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 353.8			SFr 282.9
Restricted cash and cash equivalents	158.0			129.5
New York and Atlanta, USA
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	249.0			254.9
Bank guarantee | $		$ 133.0
Restricted cash and cash equivalents	125.4
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 | $		30.0
Restricted cash and cash equivalents	32.6
Belgium | Forecast
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	99.5
Contractual capital commitments	2.3
Uncommitted Credit Facility | New York and Atlanta, USA
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]
Borrowing facilities, maximum borrowing capacity | $		$ 133.0
Uncommitted Credit Facility | 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]
Borrowing facilities, maximum borrowing capacity | €			€ 30
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	317.2			202.4
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	SFr 152.2			SFr 126.1

v3.23.2

Commitments and contingencies - Schedule of Future Lease Commitments (Details) - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Gross lease liabilities	SFr 353.8	SFr 282.9
Due within 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Gross lease liabilities	14.8	6.6
Due 1 to 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Gross lease liabilities	138.1	92.1
Due > 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Gross lease liabilities	SFr 200.9	SFr 184.2

v3.23.2

Provisions (Details) - CHF (SFr) SFr in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Provisions [Line Items]
Beginning balance	SFr 12.1	SFr 19.3
Additions	6.0	1.4
Release	(0.8)	(6.1)
Utilization	(0.6)	(3.8)
Unwinding of discount		0.1
Exchange differences	(0.1)
Ending balance	16.7	11.0
thereof current	8.6	5.1	SFr 5.0	SFr 14.9
thereof non-current	8.1	5.9	7.2	4.4
Social charges
Disclosure of Provisions [Line Items]
Beginning balance	4.3	14.0
Additions	4.2	0.0
Release	0.0	(6.1)
Utilization	(0.6)	(3.8)
Unwinding of discount		0.0
Exchange differences	0.0
Ending balance	7.9	4.2
thereof current	7.9	4.2	4.3	14.0
thereof non-current	0.0	0.0	0.0	0.0
Long-service leave
Disclosure of Provisions [Line Items]
Beginning balance	3.8	1.7
Additions	1.8	1.1
Release	(0.7)	0.0
Utilization	0.0	0.0
Unwinding of discount		0.0
Exchange differences	(0.1)
Ending balance	4.8	2.8
thereof current	0.5	0.7	0.5	0.7
thereof non-current	4.3	2.0	3.3	0.9
Asset retirement obligation
Disclosure of Provisions [Line Items]
Beginning balance	4.0	3.6
Additions	0.0	0.3
Release	0.0	0.0
Utilization	0.0	0.0
Unwinding of discount		0.1
Exchange differences	(0.1)
Ending balance	4.0	4.0
thereof current	0.1	0.1	0.2	0.1
thereof non-current	SFr 3.8	SFr 3.8	SFr 3.8	SFr 3.5

v3.23.2

Income taxes - Major Components of Income Tax (Details) - CHF (SFr) SFr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Abstract]
Current income taxes	SFr 18.0	SFr 13.2	SFr 33.6	SFr 18.3
Deferred income taxes	(28.0)	(4.1)	(36.5)	(4.2)
Income tax expense (benefit)	SFr (10.0)	SFr 9.0	SFr (2.9)	SFr 14.1

v3.23.2

Income taxes - Narrative (Details) - CHF (SFr) SFr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Abstract]
Income tax expense (benefit)	SFr (10.0)	SFr 9.0	SFr (2.9)	SFr 14.1

v3.23.2

Events after the balance sheet date (Details) - Multicurrency credit facility agreement - Entering into significant commitments or contingent liabilities SFr in Millions	Jul. 07, 2023 CHF (SFr) extension
Disclosure of non-adjusting events after reporting period [line items]
Notional amount	SFr 700.0
Borrowing facilities, higher borrowing capacity option	SFr 200.0
Borrowings, maturity	three years
Number of loan term extensions | extension	2
Borrowings maturity extension	1 year

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