On Holding (ONON) 20-F 18 Mar 22 2021 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document type	20-F
Document registration statement	false
Document annual report	true
Document transition report	false
Document shell company report	false
Current fiscal year end date	--12-31
Document period end date	Dec. 31, 2021
Entity file number	001-40795
Entity registrant name	On Holding AG
Entity incorporation, state or country code	V8
Entity address, address line one	Pfingstweidstrasse 106
Entity address, postal zip code	8005
Entity address, city or town	Zurich
Entity address, country	CH
Title of 12(b) security	Class A ordinary shares, par value CHF 0.10 per share
Trading symbol	ONON
Security exchange name	NYSE
Entity common stock, shares outstanding (in shares)	276,863,619
Entity well-known seasoned issuer	No
Entity voluntary filers	No
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Non-accelerated Filer
Entity emerging growth company	true
Entity ex transition period	false
ICFR auditor attestation flag	false
Document accounting standard	International Financial Reporting Standards
Entity shell company	false
Amendment flag	false
Entity central index key	0001858985
Document fiscal year focus	2021
Document fiscal period focus	FY
Business contact
Document Information [Line Items]
Entity address, address line one	Pfingstweidstrasse 106
Entity address, postal zip code	8005
Entity address, city or town	Zurich
Entity address, country	CH
Contact personnel name	Martin Hoffmann
City area code	+41
Local phone number	44 225 1555

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	1358
Auditor Name	PricewaterhouseCoopers AG
Auditor Location	Zurich, Switzerland

Consolidated statements of inco

Consolidated statements of income (loss) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements Of Income (Loss) [Line Items]
Net sales	SFr 724,591	SFr 425,295	SFr 267,120
Cost of sales	(294,305)	(194,190)	(124,003)
Gross profit	430,286	231,105	143,117
Selling, general and administrative expenses	(571,375)	(248,199)	(137,428)
Operating result	(141,089)	(17,094)	5,689
Financial income	25	27	47
Financial expenses	(3,574)	(940)	(697)
Foreign exchange result	(14,949)	(6,434)	(1,893)
Income / (loss) before taxes	(159,588)	(24,441)	3,147
Income taxes	(10,640)	(3,083)	(4,620)
Net loss	SFr (170,228)	SFr (27,524)	SFr (1,473)
Class A
Earnings per share
Basic EPS (CHF) (in CHF per share)	SFr (0.59)	SFr (0.10)	SFr (0.01)
Diluted EPS (CHF) (in CHF per share)	(0.59)	(0.10)	(0.01)
Class B
Earnings per share
Basic EPS (CHF) (in CHF per share)	(0.06)	0	0
Diluted EPS (CHF) (in CHF per share)	SFr (0.06)	SFr 0	SFr 0

Consolidated statements of comp

Consolidated statements of comprehensive income / (loss) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of comprehensive income [abstract]
Net loss	SFr (170,228)	SFr (27,524)	SFr (1,473)
Net actuarial result from defined benefit plans	907	(1,620)	(1,392)
Taxes on net actuarial result from defined benefit plans	(179)	319	269
Items that will not be reclassified to income statement	728	(1,301)	(1,123)
Exchange differences	(1,041)	37	38
Items that will be reclassified to income statement when specific conditions are met	(1,041)	37	38
Other comprehensive loss, net of tax	(312)	(1,264)	(1,085)
Total comprehensive loss	SFr (170,540)	SFr (28,788)	SFr (2,559)

Consolidated balance sheets

Consolidated balance sheets - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of financial position [abstract]
Cash and cash equivalents	SFr 653,081	SFr 90,642
Trade receivables	99,264	51,631
Inventories	134,178	102,878
Other current financial assets	30,054	17,135
Other current operating assets	48,024	19,979
Current assets	964,601	282,264
Property, plant and equipment	34,399	17,004
Right-of-use assets	177,890	22,719
Intangible assets	57,464	54,667
Deferred tax assets	2,171	5,915
Non-current assets	271,923	100,305
Assets	1,236,524	382,569
Trade payables	45,939	41,543
Other current financial liabilities	20,097	7,276
Other current operating liabilities	121,673	36,113
Current provisions	14,903	376
Income tax liabilities	2,400	1,054
Current liabilities	205,011	86,363
Employee benefit obligations	5,853	5,630
Non-current provisions	4,442	20,645
Other non-current financial liabilities	167,228	19,174
Deferred tax liabilities	5,611	5,664
Non-current liabilities	183,133	51,114
Share capital	33,454	2,172
Treasury shares	(25,035)	0
Capital reserves	1,043,987	276,408
Other reserves	(3,422)	(3,110)
Accumulated losses	(200,604)	(30,377)
Equity	848,379	245,093
Equity and liabilities	SFr 1,236,524	SFr 382,569

Consolidated statements of cash

Consolidated statements of cash flows - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of cash flows [abstract]
Net loss	SFr (170,228)	SFr (27,524)	SFr (1,473)
Share-based compensation	192,436	48,631	18,838
Employee benefit expenses	1,121	957	(143)
Depreciation and amortization	31,413	12,091	5,342
Interest income and expenses	2,777	602	502
Net exchange differences	15,183	6,666	1,518
Income taxes	10,625	3,083	4,620
Change in provisions	4,368	1,674	1,099
Change in working capital
Trade receivables	(46,993)	(13,482)	(21,481)
Inventories	(31,771)	(61,305)	(12,353)
Trade payables	4,327	25,564	3,154
Change in other current operating assets / liabilities	8,095	(6,511)	(2,677)
Income taxes paid	(4,407)	(5,174)	(2,163)
Cash inflow / (outflow) from operating activities	16,946	(14,728)	(5,218)
Purchase of tangible assets	(24,639)	(10,986)	(7,432)
Purchase of intangible assets	(11,604)	(7,612)	(1,785)
Investment in subsidiary, net of cash acquired	0	0	(321)
Payment of contingent considerations	(200)	(26)	0
Cash (outflow) from investing activities	(36,443)	(18,624)	(9,538)
Proceeds from financial liabilities	0	0	3,000
Repayments of financial liabilities	0	(3,000)	(1,200)
Payments of lease liabilities	(13,311)	(3,399)	(2,000)
Proceeds from issue of shares	71	133,266	0
Net proceeds from the IPO	618,191	0	0
Equity transaction costs	(6,836)	(1,476)	0
Sale of treasury shares related to share-based compensation	500	0	0
Interests paid	(2,764)	(595)	(491)
Cash inflow / (outflow) from financing activities	595,851	124,796	(690)
Change in net cash and cash equivalents	576,354	91,444	(15,447)
Net cash and cash equivalents at January 1	90,595	120	15,762
Net impact of foreign exchange rate differences	(13,868)	(969)	(195)
Net cash and cash equivalents at December 31	SFr 653,081	SFr 90,595	SFr 120

Consolidated statements of chan

Consolidated statements of changes in equity - CHF (SFr) SFr in Thousands	Total	Share capital	Treasury shares	Capital reserves	Other reserves	Accumulated losses
Equity at beginning of period at Dec. 31, 2018	SFr 49,712	SFr 1,870	SFr 0	SFr 49,982	SFr (760)	SFr (1,379)
Net loss	(1,473)					(1,473)
Other comprehensive (loss) income	(1,085)				(1,085)
Total comprehensive loss	(2,559)				(1,085)	(1,473)
Capital increase	1,344	4		1,341
Share-based compensation	15,917			15,917
Equity at end of period at Dec. 31, 2019	64,414	1,874	0	67,239	(1,846)	(2,853)
Net loss	(27,524)					(27,524)
Other comprehensive (loss) income	(1,264)				(1,264)
Total comprehensive loss	(28,788)				(1,264)	(27,524)
Capital increase	133,266	298		132,968
Equity transaction costs	(1,476)			(1,476)
Share-based compensation	77,676			77,676
Equity at end of period at Dec. 31, 2020	245,093	2,172	0	276,408	(3,110)	(30,377)
Net loss	(170,228)					(170,228)
Other comprehensive (loss) income	(312)				(312)
Total comprehensive loss	(170,540)				(312)	(170,228)
Capital increase	618,262	2,997		615,265
Equity transaction costs	(6,836)			(6,836)
Share capital reorganization	0	28,286	(2,500)	(25,786)
Current tax benefits on equity transaction costs	1,256			1,256
Share-based compensation	183,187			183,187
Sale of treasury shares related to share-based compensation	735		242	493
Purchase of treasury shares	(22,777)		(22,777)
Equity at end of period at Dec. 31, 2021	SFr 848,379	SFr 33,454	SFr (25,035)	SFr 1,043,987	SFr (3,422)	SFr (200,604)

Corporate information

Corporate information	12 Months Ended
	Dec. 31, 2021
Disclosure Of Basis Of Preparation [Abstract]
Corporate information	1.1 Corporate information On 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 September 15, 2021 On became a publicly traded company on the New York Stock Exchange, trading under the ticker symbol "NYSE: ONON". These IFRS consolidated financial statements (“the financials”) 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 under a private statue and is domiciled at Pfingstweidstrasse 106, Zurich, Switzerland. These annual consolidated financial statements for the year ended December 31, 2021 were authorized for issue by the board of directors of the Company on March 18, 2022. 1.2 About the financials The financials of On • Have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations (together “IFRS”) as issued by the International Accounting Standards Board (IASB). • Include the values of On Holding AG and its domestic and foreign subsidiaries as at December 31, 2021 over which On Holding AG exercised direct or indirect control. • The fiscal year corresponds to the calendar year. • Present note disclosures related to the consolidated balance sheets as at December 31 and consolidated statements of income / (loss), comprehensive income / (loss), cash flows, and changes in equity for the respective year. • Are published in Swiss Francs (CHF), the presentation currency of On Holding AG, rounded to thousands ("k"), unless otherwise stated. Due to rounding, figures in the financials may not add up exactly to the sum given. • Use the historical cost convention except for items that are required to be accounted for at fair value. • Classify assets as current if they are expected to be recovered within twelve months from the reporting date. • Classify liabilities as current if they are expected to be settled within twelve months from the reporting date. • Presents the applicable accounting policy within the respective note disclosures.

About the financials

About the financials	12 Months Ended
	Dec. 31, 2021
Disclosure Of Basis Of Preparation [Abstract]
About the financials	1.1 Corporate information On 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 September 15, 2021 On became a publicly traded company on the New York Stock Exchange, trading under the ticker symbol "NYSE: ONON". These IFRS consolidated financial statements (“the financials”) 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 under a private statue and is domiciled at Pfingstweidstrasse 106, Zurich, Switzerland. These annual consolidated financial statements for the year ended December 31, 2021 were authorized for issue by the board of directors of the Company on March 18, 2022. 1.2 About the financials The financials of On • Have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations (together “IFRS”) as issued by the International Accounting Standards Board (IASB). • Include the values of On Holding AG and its domestic and foreign subsidiaries as at December 31, 2021 over which On Holding AG exercised direct or indirect control. • The fiscal year corresponds to the calendar year. • Present note disclosures related to the consolidated balance sheets as at December 31 and consolidated statements of income / (loss), comprehensive income / (loss), cash flows, and changes in equity for the respective year. • Are published in Swiss Francs (CHF), the presentation currency of On Holding AG, rounded to thousands ("k"), unless otherwise stated. Due to rounding, figures in the financials may not add up exactly to the sum given. • Use the historical cost convention except for items that are required to be accounted for at fair value. • Classify assets as current if they are expected to be recovered within twelve months from the reporting date. • Classify liabilities as current if they are expected to be settled within twelve months from the reporting date. • Presents the applicable accounting policy within the respective note disclosures.

Oniverse

Oniverse	12 Months Ended
	Dec. 31, 2021
Disclosure of subsidiaries [abstract]
Oniverse	1.3 Oniverse Equity interest Entity Domicile 12/31/2021 12/31/2020 On Holding AG Zurich, CH On AG Zurich, CH 100% 100% On Brazil Ltda. Sao Paulo, BR 100% 100% On Cloud Service GmbH Berlin, DE 100% 100% On Clouds GmbH Zurich, CH 100% 100% On Europe AG Zurich, CH 100% 100% On Experience 1 LLC New York, USA 100% - On Experience 2 LLC New York, USA 100% - On Experience 3 LLC Miami, USA 100% - On Hong Kong Ltd. Hong Kong, HK 100% - On Inc. Portland, USA 100% 100% On Japan K.K. Yokohama, JP 100% 100% On Oceania Pty Ltd. Docklands, AU 100% 100% On Running Canada Inc. Vancouver, CA 100% 100% On Running UK Ltd. London, UK 100% - On Running Sports Products (Shanghai) Company Ltd. Shanghai, CN 100% 100% On Vietnam Co. Ltd. Ho Chi Minh City, VN 100% 100% Brunner Mettler GmbH Zurich, CH 100% 100% Accounting policies “Oniverse” represents the legal group structure of the On group. Entities are fully consolidated from the date on which control is transferred to On Holding AG, the parent company of the group. Control is achieved when On is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. For the consolidated entities, all assets, liabilities, income, and expenses are included in the financial statements. All intercompany balances and transactions (including unrealized profits on inventories) are fully eliminated in the process of consolidation.

New and amended standards and i

New and amended standards and interpretations	12 Months Ended
	Dec. 31, 2021
Disclosure of expected impact of initial application of new standards or interpretations [abstract]
New and amended standards and interpretations	1.4 New and amended standards and interpretations On has adopted the following amendments for fiscal year 2021. The amendments did not have a material impact on the consolidated financial statements. Description Standard Reference IASB Effective Date IFRS 16 - COVID-19 related rent concessions Amendments to IFRS 16 April 1, 2021 Interest rate benchmark reform Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 January 1, 2021 In April 2021, IFRS Interpretations Committee published the conclusion related to a request about how a customer accounts for costs of configuring or customizing a supplier’s application software in a Software as a Service (SaaS) arrangement. On has assessed the impact on the accounting policies and determined this to not have a material impact on the consolidated financial statements in the current or future reporting periods. Further, at the date of authorization of these consolidated 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 Property, plant and equipment – proceeds before intended use Amendments to IAS 16 January 1, 2022 Onerous contracts – cost of fulfilling a contract Amendments to IAS 37 January 1, 2022 Amendments to IFRS 1, IFRS 9, IFRS 16, and IAS 41 Annual improvements to IFRS standards 2018-2020 cycle January 1, 2022 Reference to the conceptual framework Amendments to IFRS 3 January 1, 2022 Insurance contracts IFRS 17 January 1, 2023 Classification of liabilities as current or non-current Amendments to IAS 1 January 1, 2023 Presentation of Financial Statements, Amendments to IAS 1 January 1, 2023 Income Taxes- Deferred tax related to assets and liabilities arising from a single transaction Amendments to IAS 12 January 1, 2023 Accounting Policies, Changes in Accounting Estimates and Errors Amendment to IAS 8 January 1, 2023 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.

Significant accounting judgment

Significant accounting judgments, estimates, and assumptions	12 Months Ended
	Dec. 31, 2021
Disclosure of changes in accounting estimates [abstract]
Significant accounting judgments, estimates, and assumptions	1.5 Significant accounting judgments, estimates, and assumptions The preparation of financials in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. This includes judgments, estimates, and assumptions in the ordinary course of business as well as non-operating events. Uncertainty about these judgments, assumptions, and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The judgments, estimates, and assumptions are continuously evaluated and are based on experience and other factors, including expectations of future events that are believed to be reasonable. Actual results may differ from these judgments, estimates, and assumptions. The main judgments, estimates, and assumptions with a significant risk of resulting in a material adjustment are described in the following notes: • 3.4 Right-of-use assets • 3.5 Intangible assets • 6.1 Share-based compensation • 6.2 Employee benefit obligations • 6.3 Provisions • 6.4 Income taxes The global spread of the coronavirus (COVID-19) since February 2020 and the resulting and recurring lockdown measures implemented by Governments across the world led to store closures and reduced economic activity within certain businesses such as retail. During the third quarter of 2021 the majority of our production partners in Vietnam were affected by government mandated closures to combat the spread of COVID-19. Since early November, all factories reopened and ramped up to full production capacity over the fourth quarter of 2021. In total, we had lost approximately twelve weeks of production as a result of the closures. To mitigate the impact of the lost production on our business, we took actions in the fourth quarter of 2021 which primarily involved: i) leveraging inventories on hand to fulfil net sales; ii) optimizing different product styles within inventories to match sales orders; and iii) increasing our use of airfreight to balance production against strong demand. This limited the impact of the supply constraints on our business and we were able to fulfil all sales orders during the fourth quarter of 2021 and achieve our net sales outlook for the fiscal year 2021. Our balanced sales mix across channels and geographies in 2021 and 2020 provided us with net sales resiliency, evidenced by our strong financial performance across the respective periods. However, the increased use of airfreight, coupled with the increase in sea and airfreight rates and labor rates, increas ed our cost of sales and our selling, general and administrative expenses. On had sufficient liquidity and access to overdraft facilities to meet all short-term financial obligations. Counterparty and foreign exchange risk continue to be actively managed, in line with On’s normal risk management approach as described in notes 5 Risk management. On has assessed the consequences of the COVID-19 pandemic on the financials, specifically considering the impacts on key judgments and significant estimates and assumptions as detailed above. Based on this assessment, COVID-19 did not have a significant impact on the key judgements and significant estimates and assumptions. In 2021, On did not receive any COVID-19 related government assistance. Although the future outlook remains uncertain, we continue to monitor the ongoing impacts of COVID-19 and proactively take actions as appropriate. Continued disruptions across international supply chains, including factory closures, port congestion, labor shortages and increased logistics costs, may materially impact our net sales, net income and Adjusted EBITDA outlook for 2022.

Net sales

Net sales	12 Months Ended
	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Net sales	2.1 Net sales Net sales by sales channels: Year ended December 31, (CHF in thousands) 2021 2020 2019 Wholesale 448,778 264,819 200,716 Direct-to-Customer 275,813 160,476 66,404 Net sales 724,591 425,295 267,120 Net sales by product groups: Year ended December 31, (CHF in thousands) 2021 2020 2019 Shoes 683,288 406,390 255,612 Apparel 36,343 15,750 9,570 Accessories 4,960 3,155 1,938 Net sales 724,591 425,295 267,120 On generates net sales primarily from the sale of premium performance shoes, apparel, and accessories. On has two sales channels being Wholesale (WHS) and Direct-to-Consumer (DTC). The WHS sales channel involves larger volumetric 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 own retail stores. Net sales by geographic regions (based on location of customers): Year ended December 31, (CHF in thousands) 2021 2020 2019 Europe 260,357 187,510 128,344 thereof Switzerland 55,105 51,837 31,348 North America 409,530 208,089 111,761 Asia-Pacific 42,730 22,999 17,867 Rest of World 11,973 6,697 9,148 Net sales 724,591 425,295 267,120 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 produ cts and other revenue. Accounting policies Revenue is measured based on the consideration to which On expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. On recognizes revenue when it transfers control of a product to a customer. All contracts with customers have an original expected duration of one year or less. Consideration promised in On’s contracts with customers is variable due to anticipated reductions from sales returns, discounts and volume rebates. Significant estimate is not required when recognizing revenue on contracts containing discounts and volume rebates as the reduction in revenue is largely known by year end. On sells innovative premium performance sports products through its Wholesales (WHS) and Direct-to-Consumer (DTC) sales channels. Sales within the WHS sales channel For sales of goods to the wholesale market, revenue is recognized at a point in time when control of the goods has transferred, being when the goods have been shipped to the customer’s specific location (delivery). Following delivery, the customer has full discretion over the manner of distribution and price to sell the goods, has the primary responsibility when onselling the goods and bears the risks of obsolescence and loss in relation to the goods. A receivable is recognized by On when the goods are delivered to the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. Payment terms for wholesale transactions depend on the country of sale or agreement with the customer and payment is generally required within 30 to 90 days or less of shipment to or receipt by the wholesale customer. On has several consignment arrangements with wholesale customers whereby control of the goods is retained by On. For such arrangements, revenue will only be recognized when the goods have been sold by the wholesale customer to the final consumer. Certain wholesale customers are part of wider associations which comprise of various independent retailing groups. These associations have a dedicated entity to provide an administrative service to the respective retailing groups within the association. The corresponding fee for this administrative service is passed to On and is expensed to selling expenses. Sales within the DTC sales channel For sales of goods to end consumers and retail customers, revenue is recognized when control of the goods has transferred, being upon shipment for e-commerce customers or at the point the customer purchases the goods at the retail store. Payment of the transaction price is due immediately at the point the customer purchases the goods. Under On’s standard contract terms, retail customers have a right of return within 30 days. At the point when the control of goods has transferred, a refund liability (other current financial liabilities) and a corresponding adjustment to revenue is recognized for those products expected to be returned. At the same time, On has a right to recover the product when customers exercise their right of return so consequently recognizes a right to returned goods asset (other current operating assets) and a corresponding adjustment to cost of sales. Relevant judgments Estimation is required to determine the expected amount On will be entitled to receive in connection with contracts containing a right of return. Estimates of sales returns are based on (1) accumulated historical experience within the respective geographical markets, and (2) specific identification of estimated sales returns not yet finalized with customers. Actual returns in any future period are inherently uncertain and thus may differ from On reviews and refines these estimates on an annual basis.

Segment information

Segment information	12 Months Ended
	Dec. 31, 2021
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. The following table reports the carrying amount of On’s non-current assets by geographic area: (CHF in thousands) 12/31/2021 12/31/2020 Europe 176,191 83,383 thereof Switzerland 168,864 82,288 North America 82,377 9,826 Asia-Pacific 12,326 6,067 Rest of World 1,030 1,030 Non-current assets 271,923 100,305

Selling, general and administra

Selling, general and administrative expenses	12 Months Ended
	Dec. 31, 2021
Analysis of income and expense [abstract]
Selling, general and administrative expenses	2.3 Selling, general and administrative expenses Year ended December 31, (CHF in thousands) 2021 2020 2019 Distribution expenses (96,429) (51,089) (28,564) Selling expenses (52,612) (35,614) (23,487) Marketing expenses (100,539) (45,626) (28,553) Share-based compensation (198,456) (54,765) (18,838) General and administrative expenses (123,338) (61,105) (37,987) Selling, general and administrative expenses (571,375) (248,199) (137,428) In 2021, selling, general and administrative expenses include depreciation and amortization of non-current assets in the amount of CHF 28,668k (2020: CHF 9,716k, 2019: CHF 3,744k). In addition, depreciation charges for production tools in the amount of CHF 2,747k (2020: CHF 2,377k, 2019: CHF 1,599k) are reported in cost of sales. Total personnel expenses, excluding any costs related to share-based compensation, amount to CHF 87,338k in 2021, CHF 57,643k in 2020 and CHF 35,998k in 2019, respectively.

Trade receivables

Trade receivables	12 Months Ended
	Dec. 31, 2021
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 thousands) 12/31/2021 12/31/2020 Not yet due 64,436 37,695 Past due 1 - 90 days 32,812 12,921 Past due 91 - 180 days 3,278 513 Past due 181 - 360 days 204 820 Past due > 361 days 1,087 1,490 Gross Carrying Amount 101,817 53,439 Individual loss allowance (1,998) (1,750) Expected credit loss (555) (58) Loss allowance (2,553) (1,807) Trade receivables 99,264 51,631 At the end of each reporting period, no single customer accounted for more than 10% of total trade receivables. Certain trade receivables have been pledged as collateral in relation to debt financing, refer to 5.4 Liquidity risk . The recorded loss allowance for trade receivables reconciles as follows: (CHF in thousands) 2021 2020 Individual loss allowance at January 1 1,750 547 Addition 1,492 1,405 Usage (23) (6) Release (1,263) (59) Exchange differences 42 (137) Individual loss allowance at December 31 1,998 1,750 (CHF in thousands) 2021 2020 Expected credit loss at January 1 58 194 Change 502 (129) Exchange Difference (5) (7) Expected credit loss at December 31 555 58 Refer to 5.3 Credit risk for additional information. Accounting policies Trade receivables represent On’s right to an amount of consideration that is unconditional and only a passage of time is required before payment of the consideration is due. Trade receivables are initially recorded at original invoice amount and subsequently measured at amortized cost less loss allowance calculated based on the expected credit loss (ECL) model. On applies the simplified approach to measure credit losses, which uses a lifetime expected loss allowance for trade receivables. This approach considers historical credit loss experience as well as future expectations. Trade receivables are written off when there is no reasonable expectation of recovery. The charges to the income statement are included in selling, general and administrative expenses. Relevant judgments and accounting estimates Expected credit losses (ECL’s) on trade receivables are calculated based on historical loss rates per region and adjusted by forward-looking quantitative and qualitative adjusted by forward-looking quantitative and qualitative information such as the global economy outlook (real GDP growth). In addition, appraisals and data used by the internal planning department are taken into consideration. Individual allowances and write-offs (partially or fully) on trade receivables are applied if there are objective indications for missing collectability such as legal procedures, insolvency or bankruptcy.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2021
Inventories [Abstract]
Inventories	3.2 Inventories (CHF in thousands) 12/31/2021 12/31/2020 Shoes 118,943 95,630 Apparel 14,359 6,700 Accessories 1,769 919 Allowances (894) (371) Inventories 134,178 102,878 In 2021, inventories of CHF 215,953k (2020: CHF 132,045k) and valuation allowances of CHF (473)k (2020: CHF 53k) were recognized in cost of sales. At reporting date, inventories held on consignment amounted to CHF 9,899 k (2020: CHF 4,112k). Certain inventories have been pledged as collateral in relation to debt financing, refer to 5.4 Liquidity risk . Accounting policies Inventories only include finished goods purchased from third parties. Cost of inventories include expenditures incurred in acquiring the products and bringing them to their current location and condition. Subsequent measurement of the inventory items is made at the lower of cost or net realizable value. Net realizable value is the estimated selling price of each specific item in the ordinary course of business less freight and selling expenses. If the net realizable value is below the cost, an allowance is recognized for the remaining items on stock.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [abstract]
Property, plant and equipment	3.3 Property, plant and equipment (CHF in thousands) Leasehold improvements Trade tools Production tools Other Total Cost at January 1, 2020 2,713 4,365 4,879 2,851 14,808 Additions 4,101 2,324 2,913 1,647 10,986 Currency Translation (161) (129) — (63) (354) Cost at December 31, 2020 6,652 6,561 7,792 4,435 25,440 Additions 14,296 2,785 4,104 3,455 24,639 Disposals 52 (1,946) — (89) (1,983) Currency Translation (123) (81) — (42) (246) Cost at December 31, 2021 20,877 7,319 11,896 7,758 47,850 Accumulated Depreciation at January 1, 2020 (440) (949) (2,033) (756) (4,177) Depreciation (311) (1,842) (1,453) (706) (4,312) Currency Translation 4 35 — 14 53 Accumulated Depreciation at December 31, 2020 (747) (2,755) (3,486) (1,448) (8,436) Depreciation (1,095) (2,721) (2,100) (1,147) (7,063) Disposals (52) 1,946 — 87 1,981 Currency Translation 15 43 — 9 67 Accumulated Depreciation at December 31, 2021 (1,879) (3,488) (5,586) (2,498) (13,451) Net Value at January 1, 2020 2,273 3,417 2,846 2,095 10,631 at December 31, 2020 5,905 3,806 4,306 2,987 17,004 at December 31, 2021 18,998 3,832 6,310 5,259 34,399 Other comprises IT and office equipment as well as vehicles. As at December 31, 2021, leasehold improvements in the amount of CHF 9,314k (December 31, 2020: CHF 1,409k) are not yet in use. Accounting policies Property, plant and equipment (PPE) is valued at purchase cost less accumulated depreciation and any impairment in value. Leasehold improvements include costs incurred to enhance and expand offices, own retail stores and showrooms within the feasibility of the respective lease agreement. Depreciation is calculated on a straight-line basis over the expected useful life of the individual assets or asset categories: • Leasehold improvements: In line with the term of the property lease • Trade tools (e.g. point-of-sale and exhibition installations): 3 years • Production tools (e.g. molds at the factory sites): 4 years • Other (e.g. IT and office equipment and vehicles): 3 to 4 years At each reporting date, the residual values, useful lives and method of depreciation are reviewed and adjusted prospectively, if applicable. Furthermore, On assesses whether there is any indication, that an asset may be impaired. If any such indication exists, the recoverable amount (being the higher of fair value less cost of disposal or value in use) of the individual asset is determined. If the recoverable amount is lower than carrying amount, an impairment loss is recognized. PPE is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition is included in the income statement.

Right-of-use assets

Right-of-use assets	12 Months Ended
	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [abstract]
Right-of-use assets	3.4 Right-of-use assets (CHF in thousands) Storage Stores & showrooms Offices Cars Total Cost at January 1, 2020 — 793 4,258 3,290 8,341 Additions 9,782 7,350 4,513 995 22,640 Disposals — (42) — — (42) Currency translation — (724) (160) (141) (1,025) Cost at December 31, 2020 9,782 7,377 8,611 4,144 29,914 Additions 68,397 7,587 95,039 818 171,842 Disposals — — (130) (326) (456) Currency translation (302) (128) (628) (90) (1,147) Cost at December 31, 2021 77,878 14,836 102,892 4,547 200,153 Accumulated Depreciation at January 1, 2020 — (53) (1,649) (1,559) (3,261) Depreciation (244) (1,107) (1,666) (1,113) (4,131) Disposals — — 8 69 77 Currency translation — 73 48 76 197 Accumulated Depreciation at December 31, 2020 (244) (1,088) (3,267) (2,596) (7,195) Depreciation (4,801) (1,859) (7,917) (968) (15,544) Disposals — — 87 189 276 Currency translation 57 (16) 133 27 200 Accumulated Depreciation at December 31, 2021 (4,988) (2,963) (10,964) (3,348) (22,263) Net Value at January 1, 2020 — 739 2,609 1,732 5,080 at December 31, 2020 9,538 6,289 5,344 1,548 22,719 at December 31, 2021 72,889 11,873 91,928 1,199 177,890 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. Accounting policies On leases storage space, various offices, retail stores (including pop-ups), showrooms and cars. Lease contracts typically run for up to ten years, some include extension options. At inception of a contract, On assesses whether it is a lease or contains a lease component. A right-of-use asset and a lease liability is recognized at the lease commencement date considering any relevant contractual condition. Short-term leases with a lease term of 12 months or less and low-value leases are recognized as an expense in the income statement on a straight-line basis over the lease term. The right-of-use asset is initially measured at cost and, subsequently, at cost less accumulated depreciation and impairment losses as well as certain lease liability remeasurements. These costs comprise discounted and unpaid lease payments adjusted by initial direct cost, prepaid expenses, dismantling cost, and lease incentives received. Depreciation is calculated on a straight-line basis over the shorter of the assets or asset categories’ useful life and the respective lease term: • Storage: 10 years • Offices: 2 to 15 years • Stores and showrooms: 3 to 10 years • Cars: 1 to 3 years • The lease liability is initially measured at the present value of any lease payments that are not paid at the commencement date and are discounted using On’s incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by the lease payments made. It is remeasured when there is a change in an input parameter or in the underlying estimates and assessments. On only acts as lessee, not as lessor. For future lease obligations refer to 4.3 Financial liabilities Significant judgments and accounting estimates On uses judgement to determine the lease term for some lease contracts which include extension and or termination options. The assessment of whether On is reasonably certain to exercise such options impacts the lease term which significantly affects the amount of right-of-use assets and lease liabilities recognized. A reassessment only happens when a significant event or change in circumstance occurs that is within the control of On and affects whether it is reasonably certain to exercise an option. Furthermore, judgement is required to determine an appropriate incremental borrowing rate.

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2021
Intangible assets and goodwill [abstract]
Intangible assets	3.5 Intangible assets (CHF in thousands) Patents and other rights Software Goodwill Total Cost at January 1, 2020 6,649 3,566 1,791 12,006 Additions 45,123 7,284 — 52,407 Currency translation (1) — — (2) Cost at December 31, 2020 51,771 10,850 1,791 64,411 Additions 1,015 10,589 — 11,604 Currency translation 1 (2) — (1) Cost at December 31, 2021 52,787 21,436 1,791 76,014 Accumulated Amortization at January 1, 2020 (4,383) (1,713) — (6,096) Amortization (2,666) (982) — (3,648) Accumulated Amortization at December 31, 2020 (7,049) (2,695) — (9,744) Amortization (3,876) (4,930) — (8,806) Accumulated Amortization at December 31, 2021 (10,924) (7,625) — (18,550) Net Value at January 1, 2020 2,266 1,853 1,791 5,911 at December 31, 2020 44,722 8,155 1,791 54,667 at December 31, 2021 41,862 13,811 1,791 57,464 As at December 31, 2021, software includes capitalized IT development costs not yet in use in the amount of CHF 604k (December 31, 2020: CHF 364k). In 2021, costs recognized in general and administrative expenses within the income statement for innovation and development amount to CHF (5,334)k (2020: CHF (1,852)k). In 2020, Patents and other rights include a non-cash addition related to license rights for trademarks in the amount of CHF 44,795k. As part of the SLIA transaction (refer to 6.1 Share-based compensation for additional information), an intangible asset related to the license rights and corresponding equity instruments were determined at fair value. The intangible asset and corresponding increase in capital reserves were recognized at the signing date of the agreement. The fair value of the intangible asset was determined by applying the relief from royalty methodology. The intangible asset is amortized over the useful life of 15 years. 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 2021 nor 2020. None of the goodwill is expected to be deductible for tax purposes. Accounting policies Intangible assets acquired are valued at purchase cost less accumulated amortization and any impairment in value. On only capitalizes certain IT development costs if the identifiable asset is cumulatively commercially and technically feasible, can and will be completed, its costs can be measured reliably, and will generate probable future economic benefits. All other research and development costs are expensed as incurred. Goodwill acquired in a business combination is measured at cost less any impairment in value. Goodwill is not amortized but is assessed for impairment annually or whenever events or changes in circumstances indicate that its value might be impaired. Except for goodwill, On has no intangible assets with an indefinite useful life. Amortization is calculated on a straight-line basis over the expected useful life of the individual assets or asset categories: • Patents and other rights: 4 years • License rights for trademarks: 15 years • Software acquired: 4 years • IT development costs capitalized: Determined separately for each asset, varies from 1.5 to 3 years For capitalized IT development costs, amortization starts when the asset is ready for use. Capitalized IT development costs not yet in use are tested annually for impairment or whenever events or changes in circumstances indicate that its value might be impaired. At each reporting date, the residual values, useful lives and method of amortization are reviewed and adjusted prospectively, if applicable. Furthermore, On assesses whether there is any indication, that an asset may be impaired. If any such indication exists, the recoverable amount (the higher of fair value less cost of disposal or value in use) of the asset is estimated. If the recoverable amount is lower than carrying amount, an impairment loss is recognized. Intangible assets are derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition is included in the income statement. Significant judgments and accounting estimates On uses judgement to determine commercial and technical feasibility when capitalizing certain IT development costs. In calculating the respective costs, both planning and actual data are taken into consideration. The determinants are reviewed on a regular basis. The intangible asset corresponding to the SLIA transaction was calculated using the relief from royalty method, based on royalty data for comparable license agreements and businesses in the sporting goods and sports apparel sector. To validate the appropriateness of the royalty rate, the Knoppe formula was applied. When determining the fair value, a discount rate of 9.3% was used. The entity approach in terms of the weighted average cost of capital was applied. The saved license expenses (after tax) where calculated based on the estimated revenue multiplied with the relevant royalty rate. For the purpose of impairment testing, the recoverable amount of the respective intangible asset is compared to its carrying amount. The recoverable amounts (the higher of fair value less cost of disposal or value in use) are measured on the basis of value-in-use calculations and as such are significantly impacted by the projected cash flows, the discount rates, and other parameters applied. These projections, estimates and input parameters subject to management judgment could vary significantly from future actuals.

Other current operating assets

Other current operating assets and liabilities	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Other current operating assets	3.6 Other current operating assets and liabilities (CHF in thousands) 12/31/2021 12/31/2020 Prepaid expenses 16,492 5,213 Indirect taxes (VAT/GST) receivables 26,934 12,442 Other current assets 4,598 2,324 Other current operating assets 48,024 19,979 (CHF in thousands) 12/31/2021 12/31/2020 Accrued expenses 54,921 24,284 Indirect taxes (VAT/GST) payables 19,233 6,115 Social security payables 40,837 3,097 Other current liabilities 6,682 2,617 Other current operating liabilities 121,673 36,113
Other current operating liabilities	3.6 Other current operating assets and liabilities (CHF in thousands) 12/31/2021 12/31/2020 Prepaid expenses 16,492 5,213 Indirect taxes (VAT/GST) receivables 26,934 12,442 Other current assets 4,598 2,324 Other current operating assets 48,024 19,979 (CHF in thousands) 12/31/2021 12/31/2020 Accrued expenses 54,921 24,284 Indirect taxes (VAT/GST) payables 19,233 6,115 Social security payables 40,837 3,097 Other current liabilities 6,682 2,617 Other current operating liabilities 121,673 36,113

Net cash and cash equivalents

Net cash and cash equivalents	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Net cash and cash equivalents	4.1 Net cash and cash equivalents (CHF in thousands) 12/31/2021 12/31/2020 Cash on hand 3 5 Current bank accounts 419,546 88,567 Digital wallets 5,761 2,070 Fixed deposit 227,771 — Cash and cash equivalents 653,081 90,642 Current bank overdrafts — (46) Net cash and cash equivalents 653,081 90,595 Digital wallets mainly include deposit account balances at online payment platforms such as PayPal. Current bank overdrafts are repayable on demand and are reported in other current financial liabilities on the balance sheet. Accounting policies Cash and cash equivalents include short-term highly liquid assets with a maturity of three months or less. On measures cash and cash equivalents at amortized costs. On does not recognize any credit impairment losses on these assets as the related credit risk is considered to be insignificant due to their short-term maturity and the external counterparties’ credit ratings.

Other current financial assets

Other current financial assets	12 Months Ended
	Dec. 31, 2021
Disclosure of financial assets [abstract]
Other current financial assets	4.2 Other current financial assets (CHF in thousands) 12/31/2021 12/31/2020 Credit cards 6,417 7,271 Deposits 14,814 4,864 Other current financial assets 8,823 5,000 Other current financial assets at amortized cost 30,054 17,135 Other current financial assets at fair value through profit and loss — — Other current financial assets 30,054 17,135 Due to their short-term nature, the carrying amount of other current financial assets at amortized cost correspond to their fair value . As of December 31, 2021, other current financial assets include prepayments made to customs authorities in the amount o f CHF 4,474k (December 31, 2020: CHF 3,467k). Refer to 5.2 Foreign currency risk for additional information on derivatives. 4.3 Financial liabilities (CHF in thousands) 12/31/2021 12/31/2020 Current bank overdrafts — 46 Current lease liabilities 13,631 4,308 Short-term debt — 200 Other financial liabilities 6,458 1,351 Other current financial liabilities at amortized cost 20,089 5,905 Negative fair value from derivatives 8 1,371 Other current financial liabilities at fair value through profit or loss 8 1,371 Other current financial liabilities 20,097 7,276 Non-current lease liabilities 167,228 19,174 Other non-current financial liabilities at amortized cost 167,228 19,174 Due to their short-term nature, the carrying amount of other current financial liabilities at amortized cost correspond to their fair value. The carrying amount of long-term debt is a reasonable approximation of fair value. Certain assets have been pledged in relation to current bank overdrafts, refer to 5.4 Liquidity risk for additional information. For additional information on derivatives refer to 5.2 Foreign currency risk . Accounting policies On’s financial liabilities include trade payables, current bank overdrafts repayable on demand, short-term debts incl. bank loans, and other financial liabilities, which initially are recognized at fair value. Subsequently, financial liabilities are measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in the income statement. A financial liability is only classified as at fair value through profit or loss if it is a derivative. Reconciliation of liabilities arising from financing activities: (CHF in thousands) Short-term debt Long-term debt Lease liabilities Total Balance at January 1, 2020 3,026 200 5,162 8,388 thereof current 3,026 — 2,049 5,075 thereof non-current — 200 3,113 3,313 Payments (3,026) — (3,399) (6,425) Interest expenses paid — — (281) (281) Additions to lease liabilities — — 22,598 22,598 Reclassifications 200 (200) — — Exchange differences — — (599) (599) Balance at December 31, 2020 200 — 23,482 23,682 thereof current 200 — 4,308 4,508 thereof non-current — — 19,174 19,174 Payments (200) — (13,311) (13,511) Interest expenses paid — — (2,428) (2,428) Additions to lease liabilities — — 174,089 174,089 Exchange differences — — (973) (973) Balance at December 31, 2021 — — 180,859 180,859 thereof current — — 13,631 13,631 thereof non-current — — 167,228 167,228

Financial liabilities

Financial liabilities	12 Months Ended
	Dec. 31, 2021
Disclosure of financial liabilities [abstract]
Financial liabilities	4.2 Other current financial assets (CHF in thousands) 12/31/2021 12/31/2020 Credit cards 6,417 7,271 Deposits 14,814 4,864 Other current financial assets 8,823 5,000 Other current financial assets at amortized cost 30,054 17,135 Other current financial assets at fair value through profit and loss — — Other current financial assets 30,054 17,135 Due to their short-term nature, the carrying amount of other current financial assets at amortized cost correspond to their fair value . As of December 31, 2021, other current financial assets include prepayments made to customs authorities in the amount o f CHF 4,474k (December 31, 2020: CHF 3,467k). Refer to 5.2 Foreign currency risk for additional information on derivatives. 4.3 Financial liabilities (CHF in thousands) 12/31/2021 12/31/2020 Current bank overdrafts — 46 Current lease liabilities 13,631 4,308 Short-term debt — 200 Other financial liabilities 6,458 1,351 Other current financial liabilities at amortized cost 20,089 5,905 Negative fair value from derivatives 8 1,371 Other current financial liabilities at fair value through profit or loss 8 1,371 Other current financial liabilities 20,097 7,276 Non-current lease liabilities 167,228 19,174 Other non-current financial liabilities at amortized cost 167,228 19,174 Due to their short-term nature, the carrying amount of other current financial liabilities at amortized cost correspond to their fair value. The carrying amount of long-term debt is a reasonable approximation of fair value. Certain assets have been pledged in relation to current bank overdrafts, refer to 5.4 Liquidity risk for additional information. For additional information on derivatives refer to 5.2 Foreign currency risk . Accounting policies On’s financial liabilities include trade payables, current bank overdrafts repayable on demand, short-term debts incl. bank loans, and other financial liabilities, which initially are recognized at fair value. Subsequently, financial liabilities are measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in the income statement. A financial liability is only classified as at fair value through profit or loss if it is a derivative. Reconciliation of liabilities arising from financing activities: (CHF in thousands) Short-term debt Long-term debt Lease liabilities Total Balance at January 1, 2020 3,026 200 5,162 8,388 thereof current 3,026 — 2,049 5,075 thereof non-current — 200 3,113 3,313 Payments (3,026) — (3,399) (6,425) Interest expenses paid — — (281) (281) Additions to lease liabilities — — 22,598 22,598 Reclassifications 200 (200) — — Exchange differences — — (599) (599) Balance at December 31, 2020 200 — 23,482 23,682 thereof current 200 — 4,308 4,508 thereof non-current — — 19,174 19,174 Payments (200) — (13,311) (13,511) Interest expenses paid — — (2,428) (2,428) Additions to lease liabilities — — 174,089 174,089 Exchange differences — — (973) (973) Balance at December 31, 2021 — — 180,859 180,859 thereof current — — 13,631 13,631 thereof non-current — — 167,228 167,228

Financial result

Financial result	12 Months Ended
	Dec. 31, 2021
Analysis of income and expense [abstract]
Financial result	4.4 Financial result Year ended December 31, (CHF in thousands) 2021 2020 2019 Interest income employee benefits 25 27 47 Financial income 25 27 47 Bank charges and interest expenses (1,113) (625) (577) Interest expenses leases (2,428) (281) (61) Interest expenses employee benefits (33) (33) (58) Financial expenses (3,574) (940) (697) Foreign exchange losses (16,312) (5,088) (1,738) Change in fair value of foreign exchange derivatives 1,363 (1,347) (155) Foreign exchange result (14,949) (6,434) (1,893) Financial result (18,499) (7,347) (2,542) Bank charges and interest expenses mainly include commitment fees paid for bank overdraft facilities, refer to 5.4 Liquidity risk for additional information.

Share capital

Share capital	12 Months Ended
	Dec. 31, 2021
Disclosure of classes of share capital [abstract]
Share capital	4.5 Share capital The share capital amounts to CHF 33,454k 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 shares with a nominal value of CHF 0.01 each (voting right shares) (the "Class B Shares"). No preference shares and no restrictions with Class A ordinary shares exist. The share capital is paid in at 100%. Class A Class A Class A Class B Authorized registered shares Shares held by On in treasury Outstanding shares Authorized and outstanding registered shares Balance at January 1, 2021 (1) 271,438,750 — 271,438,750 — Capital increase from conditional capital (1) 8,845,000 — 8,845,000 — Introduction of a new share class with a 1:10 share split of 27,635 Class A shares with a nominal value of CHF10 each converting into Class B voting rights shares with a nominal value of CHF1 each (1) (34,543,750) — (34,543,750) 345,437,500 Ordinary increase of share capital (1) 25,000,000 (25,000,000) — — Capital increase from authorized capital 29,258,125 — 29,258,125 — Sale of treasury shares related to share-based compensation — 2,419,985 2,419,985 — Purchase of On shares from employees (sell-to-cover) at market price and held in treasury — (554,491) (554,491) — Balance at December 31, 2021 299,998,125 (23,134,506) 276,863,619 345,437,500 (1) Original share numbers have been multiplied by 1,250 to give effect to the Share Capital Reorganization. On April 21, 2021, our shareholders approved the creation of a second share class (“Class B voting rights shares”). The Class B voting rights shares are held by the members of the extended founder team and cannot be sold in the market nor can they be transferred to others, including family members. The holders of the Class B voting rights shares commit themselves to several sunset rules in order to ensure that, if pre-defined sunset events are triggered, the Class B voting rights shares are converted back into Class A ordinary shares. During the extraordinary shareholder's meeting in August 2021 the Class B voting right shares were created and the members of the extended founder team exchanged 34,543,750 Class A ordinary shares into 345,437,500 Class B voting rights shares. Each Class B voting rights share carries one voting right; therefore, this transaction increased the holders of the Class B voting rights shares by a ratio of 10:1. The par value and dividend and distribution rights of a Class B voting rights share are each 1/10 that of a Class A ordinary share. This transaction did not result in any economic dilution of the Class A ordinary shares. Immediately prior to the completion of the IPO, On has given effect to i) an increase of the par value of each of our Class A ordinary shares and Class B voting rights shares from (x) CHF 10 par value per share to CHF 125 par value per share and (y) CHF 1 par value per share to CHF 12.50 par value per share, respectively, by converting capital reserves into share capital (the “Par Value Increase”) and (ii) a 1:1,250 share split of all issued shares (and outstanding awards under our equity incentive plans) resulting in a par value per share for our Class A ordinary shares and Class B voting rights shares of CHF 0.1 and 0.01, respectively (the “Share Split” and, together with the Par Value Increase, the “Share Capital Reorganization”). The Capital Reorganization was effected on August 19, 2021 and at that date increased Class A shares to 245,740,000 and Class B shares to 345,437,500. In addition to the Share Capital Reorganization, we issued 25,000,000 Class A ordinary shares that are held by the Company in treasury and therefore are not outstanding. On September 15, 2021, the Company completed an IPO on the New York Stock Exchange in which the Company issued an aggregate of 29,258,125 Class A ordinary shares at USD 24.00 per share, including the Class A ordinary shares issued and sold pursuant to the underwriters’ exercise in full of their option to purchase additional Class A ordinary shares. The gross proceeds from the IPO were CHF 652.5 million (USD 702.2 million) for us before deducting underwriting discounts and commissions, fees and expenses payable. The IPO resulted in a net increase of CHF 615.3 million (USD 662.2 million) to the share premium account prior to fees and expenses payable associated with the IPO share issuance of CHF 14.1 million (USD 15.2 million), of which CHF 7.2 million (USD 7.8 million) has been recorded as an expense for the period ended September 30, 2021 and the remainder recorded in equity. In 2021, 2,419,985 Class A shares held in treasury have been issued to employees and members of the Board of Directors. This transaction resulted in a cash inflow of CHF 500k. To cover the cost for the resulting individual social security and personal tax obligations, respective employees and members of the Board of Directors were offered the option to either pay cash or sell-back shares for the same value at market price ("sell-to-cover"). As part of this transaction, On re-purchased 554,491 Class A shares, held in treasury, in the amount of CHF 22,777k.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2021
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 or loss for the period by the weighted average number of ordinary shares outstanding during the year. Original share numbers have been multiplied by 1,250 to give effect to the Share Capital Reorganization. Diluted EPS is calculated by dividing On’s net income or loss 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. The Company excluded 4,982,486 and 9,586,250 shares from the Class A diluted EPS calculation, as the impact of the shares are considered anti-dilutive for the period ending December 31, 2021 and 2020, respectively. Similarly, the Company excluded 8,329,740 shares from the Class B diluted EPS calculation, as the impact of the shares are considered antidilutive for the period ending December 31, 2021. 2021 2021 2020 2019 Class A Class B Class A Class A Weighted number of outstanding shares 264,171,208 241,333,048 265,684,627 233,957,500 Number of shares with dilutive effects — — — — Weighted number of outstanding shares (diluted and undiluted) 264,171,208 241,333,048 265,684,627 233,957,500 Net loss (kCHF) (155,978) (14,249) (27,524) (1,473) Basic EPS (CHF) (0.59) (0.06) (0.10) (0.01) Diluted EPS (CHF) (0.59) (0.06) (0.10) (0.01)

Capital and other reserves

Capital and other reserves	12 Months Ended
	Dec. 31, 2021
Disclosure of reserves within equity [abstract]
Capital and other reserves	4.7 Capital and other reserves (CHF in thousands) 12/31/2021 12/31/2020 Share premium 756,883 175,224 Legal reserves 10,976 2,662 Equity transaction costs (8,712) (1,876) Current tax benefits on equity transaction costs 1,256 — Share-based compensation 283,584 100,397 Capital reserves 1,043,987 276,408 Exchange differences (922) 119 Actuarial gains and losses (3,123) (4,030) Taxes on actuarial gains and losses 623 802 Other reserves (3,422) (3,110)

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies [Abstract]
Commitments and contingencies	4.8 Commitments and contingencies As at December 31, 2021, guarantees in the amount of CHF 2,917k (December 31, 2020: CHF 497k) 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 87,592k have been offset as at December 31, 2021 ( December 31, 2020 : CHF 25,939k). On has committed itself to several new lease contracts, which have not yet commenced as at December 31, 2021, and are therefore not yet recognized on balance sheet. The total committed future outflow resulting of these lease contracts amounts to: (CHF in thousands) 12/31/2021 12/31/2020 Due < 1 year 644 3,640 Due 1 - 5 years 9,181 24,456 Due > 5 years 11,989 60,976 Commitments for future lease obligations 21,814 89,071 The majority of the future lease commitments relate to new retail stores and offices contracts amounting to CHF 18,188k

Risk management

Risk management	12 Months Ended
	Dec. 31, 2021
Disclosure of Financial Risk Management [Abstract]
Risk management	5 Risk management On is exposed to market risk, foreign currency risk, credit risk and liquidity risk. On’s senior management oversees and monitors these risks supported by the Audit Committee that assures proper identification, measurement and management of these financial risks by implementing and maintaining a financial governance framework. The Board of Directors reviews and agrees policies for managing each of these risks at least once a year. 5.2 Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. On’s exposure to the risk of changes in foreign currency rates is a direct result of multi-currency cash flows within the company. The vast majority of the transactional risk arises from product sourcing in USD, while sales are typically denominated in the local currency of the respective companies and sales markets. The currencies in which these transactions are mainly denominated are USD, EUR, CHF, GBP, JPY, CNY, BRL, and AUD. The main exchange rates at the closing dates were the following: Currency 12/31/2021 12/31/2020 AUD 1 0.66 0.68 BRL 100 16.36 17.02 CAD 1 0.72 0.69 CNY 100 14.33 13.51 EUR 1 1.04 1.08 GBP 1 1.23 1.21 JPY 100 0.79 0.86 USD 1 0.91 0.88 The main annual average exchange rates were the following: Currency 2021 2020 AUD 1 0.70 0.65 BRL 100 17.23 19.28 CAD 1 0.73 0.71 CNY 100 14.23 13.79 EUR 1 1.10 1.08 GBP 1 1.27 1.23 JPY 100 0.85 0.89 USD 1 0.92 0.96 Accounting policies On’s consolidated financial statements are presented in CHF, which is On’s functional and presentation currency. For each group entity, On determines its functional currency based on the primary economic environment in which the entity operates (normally the local currency). Items included in the financial statements of each group entity are measured using that functional currency. Foreign currency transactions are translated into the respective functional currency using the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate at the reporting date. The resulting exchange differences are recorded in the local income statements of the group entity and included in the financial result. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the historical exchange rate. When translating foreign currency financial statements into CHF, closing exchange rates are applied to asset and liabilities, while average exchange rates are applied to income and expenses. The group entities’ foreign currency financial statements are translated into On’s presentation currency CHF as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rates at the reporting date. • Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates. • All resulting exchange differences are recognized in other comprehensive income in equity. • On disposal of a group entity, the related cumulative translation adjustment is transferred from equity to the income statement. On regularly assesses its exposure to foreign currency risks and manages these risks by using a combination of different derivative financial instruments on a rolling basis up to twelve months. These instruments are exclusively used for managing the exposure to fluctuations in foreign exchange rates connected with future cash flows and not for speculative positions. No hedge accounting is applied. Derivative instruments are recorded as financial assets or liabilities at fair value through profit or loss. On offsets positive and negative fair values of derivative instruments and reports the net amount in either current financial assets or current financial liabilities. The respective gross amounts are as follows: (CHF in thousands) 12/31/2021 12/31/2020 Fair value of financial assets from derivative instruments (gross) — — Fair value of financial liabilities from derivative instruments (gross) (8) (1,371) Fair value of derivative instruments (net) (8) (1,371) In 2021, fair value profit / (loss) on derivatives at fair value through profit or loss in the amount of CHF 1,363k (2020: CHF (1,347)k) have been recognized in financial result. Accounting policies On’s derivative financial instruments only include foreign exchange forward contracts. Derivatives are initially recognized in the balance sheet at fair value and are remeasured as to their current fair value at the end of each subsequent reporting period. Derivatives are derecognized upon settlement. Positive and negative fair values of derivative instruments are offset if they are concluded with the same counterparty and are regularly settled simultaneously. Based on foreign currency sensitivity analysis of the consolidated balance sheets, financial result and net income are impacted as follows by a 10% fluctuation in On’s main currencies (excluding the impact of derivative financial instruments): (CHF in thousands) 12/31/2021 12/31/2020 12/31/2019 Change in USD/CHF +10% (65,564) (6,752) (2,162) Change in USD/CHF -10% 80,133 8,253 2,630 Change in EUR/CHF +10% (1,687) 221 (181) Change in EUR/CHF -10% 2,062 (270) 221 5.5 Capital risk management To uphold investor, creditor, and market confidence and to sustain future development of the business, On focuses on maintaining a strong capital base. On manages its capital structure and makes adjustments in line with changes in general economic conditions and according to its strategic objectives.

Market risk

Market risk	12 Months Ended
	Dec. 31, 2021
Disclosure of Financial Risk Management [Abstract]
Market risk	5.1 Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk comprises of three types of risk: interest risk, currency risk and other price risk. Financial instruments affected by market risk include cash and cash equivalents. On has no significant exposure to interest rate changes and other price risk. In order to minimize the risks related to a potential unavailability of products, production capacity, and raw materials in the time required by production, On adopts a multi-sourcing strategy of diversifying suppliers and purchase plans with a medium-term time horizon. The price for raw materials and products and the corresponding fixed price period are generally agreed with business partners prior to the purchase order issuance and remains firm and unchanged for a six-month period in the absence of significant exchange rate and commodity price fluctuation (resulting in excess of ±3% of originally confirmed fixed price). There were no material changes in the Group’s market risk exposures or changes in the way risk is managed and valued during the period.

Foreign currency risk

Foreign currency risk	12 Months Ended
	Dec. 31, 2021
Disclosure of Financial Risk Management [Abstract]
Foreign currency risk	5 Risk management On is exposed to market risk, foreign currency risk, credit risk and liquidity risk. On’s senior management oversees and monitors these risks supported by the Audit Committee that assures proper identification, measurement and management of these financial risks by implementing and maintaining a financial governance framework. The Board of Directors reviews and agrees policies for managing each of these risks at least once a year. 5.2 Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. On’s exposure to the risk of changes in foreign currency rates is a direct result of multi-currency cash flows within the company. The vast majority of the transactional risk arises from product sourcing in USD, while sales are typically denominated in the local currency of the respective companies and sales markets. The currencies in which these transactions are mainly denominated are USD, EUR, CHF, GBP, JPY, CNY, BRL, and AUD. The main exchange rates at the closing dates were the following: Currency 12/31/2021 12/31/2020 AUD 1 0.66 0.68 BRL 100 16.36 17.02 CAD 1 0.72 0.69 CNY 100 14.33 13.51 EUR 1 1.04 1.08 GBP 1 1.23 1.21 JPY 100 0.79 0.86 USD 1 0.91 0.88 The main annual average exchange rates were the following: Currency 2021 2020 AUD 1 0.70 0.65 BRL 100 17.23 19.28 CAD 1 0.73 0.71 CNY 100 14.23 13.79 EUR 1 1.10 1.08 GBP 1 1.27 1.23 JPY 100 0.85 0.89 USD 1 0.92 0.96 Accounting policies On’s consolidated financial statements are presented in CHF, which is On’s functional and presentation currency. For each group entity, On determines its functional currency based on the primary economic environment in which the entity operates (normally the local currency). Items included in the financial statements of each group entity are measured using that functional currency. Foreign currency transactions are translated into the respective functional currency using the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate at the reporting date. The resulting exchange differences are recorded in the local income statements of the group entity and included in the financial result. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the historical exchange rate. When translating foreign currency financial statements into CHF, closing exchange rates are applied to asset and liabilities, while average exchange rates are applied to income and expenses. The group entities’ foreign currency financial statements are translated into On’s presentation currency CHF as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rates at the reporting date. • Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates. • All resulting exchange differences are recognized in other comprehensive income in equity. • On disposal of a group entity, the related cumulative translation adjustment is transferred from equity to the income statement. On regularly assesses its exposure to foreign currency risks and manages these risks by using a combination of different derivative financial instruments on a rolling basis up to twelve months. These instruments are exclusively used for managing the exposure to fluctuations in foreign exchange rates connected with future cash flows and not for speculative positions. No hedge accounting is applied. Derivative instruments are recorded as financial assets or liabilities at fair value through profit or loss. On offsets positive and negative fair values of derivative instruments and reports the net amount in either current financial assets or current financial liabilities. The respective gross amounts are as follows: (CHF in thousands) 12/31/2021 12/31/2020 Fair value of financial assets from derivative instruments (gross) — — Fair value of financial liabilities from derivative instruments (gross) (8) (1,371) Fair value of derivative instruments (net) (8) (1,371) In 2021, fair value profit / (loss) on derivatives at fair value through profit or loss in the amount of CHF 1,363k (2020: CHF (1,347)k) have been recognized in financial result. Accounting policies On’s derivative financial instruments only include foreign exchange forward contracts. Derivatives are initially recognized in the balance sheet at fair value and are remeasured as to their current fair value at the end of each subsequent reporting period. Derivatives are derecognized upon settlement. Positive and negative fair values of derivative instruments are offset if they are concluded with the same counterparty and are regularly settled simultaneously. Based on foreign currency sensitivity analysis of the consolidated balance sheets, financial result and net income are impacted as follows by a 10% fluctuation in On’s main currencies (excluding the impact of derivative financial instruments): (CHF in thousands) 12/31/2021 12/31/2020 12/31/2019 Change in USD/CHF +10% (65,564) (6,752) (2,162) Change in USD/CHF -10% 80,133 8,253 2,630 Change in EUR/CHF +10% (1,687) 221 (181) Change in EUR/CHF -10% 2,062 (270) 221 5.5 Capital risk management To uphold investor, creditor, and market confidence and to sustain future development of the business, On focuses on maintaining a strong capital base. On manages its capital structure and makes adjustments in line with changes in general economic conditions and according to its strategic objectives.

Credit risk

Credit risk	12 Months Ended
	Dec. 31, 2021
Disclosure of Financial Risk Management [Abstract]
Credit risk	5.3 Credit risk Credit risk is the possibility of a loss resulting from a counterparty’s failure to meet its contractual obligation. On is exposed to credit risks from its operating activities and from certain financing activities. A potential concentration in credit risk mainly arise from trade receivables and other financial assets such as credit cards and deposits. The maximum exposure is limited to the respective carrying amounts. Due to its fragmented customer base (no relevant concentration of credit risk by type of customer or geography), On’s credit risk exposure is mainly influenced by individual customer characteristics. Core banking relationships are maintained with investment grade rated financial institutions only. New customers are assessed for creditworthiness before standard payment and delivery terms and conditions are offered, and individual tolerance limits are established. Creditworthiness as well as customers receivable limits are monitored on an ongoing basis. Customers that fail to meet On’s minimum creditworthiness may, in general, order only on a prepayment basis. Other activities to mitigate credit risks are risk-based credit insurances for the majority of On’s third-party distributors.

Liquidity risk

Liquidity risk	12 Months Ended
	Dec. 31, 2021
Disclosure of Financial Risk Management [Abstract]
Liquidity risk	5.4 Liquidity risk Liquidity risks arise from not having the necessary resources available to meet maturing liabilities with regard to timing, volume and currency structure. On’s finance department is centrally managing the net cash and cash equivalent position to mitigate liquidity risk and to ensure On’s obligations can be settled on time. Main procedures in place to mitigate liquidity risks comprise: • Centralized control system to manage the net financial position of On and its subsidiaries; • Obtaining and maintaining forward-looking credit lines to create an adequate debt structure optimizing the liquidity provided by the credit system; • Continuous monitoring of future cash flows based on rolling forecast and budget data. Contractual maturities of On’s financial liabilities: (CHF in thousands) Due Due Due Due 12/31/2021 Trade payables 45,939 — — — 45,939 Current lease liabilities 4,163 13,035 — — 17,198 Other financial liabilities 4,246 — — — 4,246 Other current financial liabilities 8,409 13,035 — — 21,444 Non-current lease liabilities — — 78,826 108,383 187,209 Other non-current financial liabilities — — 78,826 108,383 187,209 (CHF in thousands) Due Due Due Due 12/31/2020 Trade payables 41,543 — — — 41,543 Current bank overdrafts 46 — — — 46 Current lease liabilities 1,282 3,639 — — 4,921 Short-term debt 200 — — — 200 Other financial liabilities 2,722 — — — 2,722 Other current financial liabilities 4,250 3,639 — — 7,890 Non-current lease liabilities — — 10,672 9,062 19,734 Other non-current financial liabilities — — 10,672 9,062 19,734 As of December 31, 2021, 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 expire in 2024 and 2025. 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 thousands) 12/31/2021 12/31/2020 Trade receivables 23,335 12,400 Inventory 74,013 56,483 Assets pledged 97,348 68,882 As at December 31, 2021, no amounts had been drawn under the overdraft facilities (December 31, 2020: CHF 46k).

Capital risk management

Capital risk management	12 Months Ended
	Dec. 31, 2021
Disclosure of Financial Risk Management [Abstract]
Capital risk management	5 Risk management On is exposed to market risk, foreign currency risk, credit risk and liquidity risk. On’s senior management oversees and monitors these risks supported by the Audit Committee that assures proper identification, measurement and management of these financial risks by implementing and maintaining a financial governance framework. The Board of Directors reviews and agrees policies for managing each of these risks at least once a year. 5.2 Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. On’s exposure to the risk of changes in foreign currency rates is a direct result of multi-currency cash flows within the company. The vast majority of the transactional risk arises from product sourcing in USD, while sales are typically denominated in the local currency of the respective companies and sales markets. The currencies in which these transactions are mainly denominated are USD, EUR, CHF, GBP, JPY, CNY, BRL, and AUD. The main exchange rates at the closing dates were the following: Currency 12/31/2021 12/31/2020 AUD 1 0.66 0.68 BRL 100 16.36 17.02 CAD 1 0.72 0.69 CNY 100 14.33 13.51 EUR 1 1.04 1.08 GBP 1 1.23 1.21 JPY 100 0.79 0.86 USD 1 0.91 0.88 The main annual average exchange rates were the following: Currency 2021 2020 AUD 1 0.70 0.65 BRL 100 17.23 19.28 CAD 1 0.73 0.71 CNY 100 14.23 13.79 EUR 1 1.10 1.08 GBP 1 1.27 1.23 JPY 100 0.85 0.89 USD 1 0.92 0.96 Accounting policies On’s consolidated financial statements are presented in CHF, which is On’s functional and presentation currency. For each group entity, On determines its functional currency based on the primary economic environment in which the entity operates (normally the local currency). Items included in the financial statements of each group entity are measured using that functional currency. Foreign currency transactions are translated into the respective functional currency using the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate at the reporting date. The resulting exchange differences are recorded in the local income statements of the group entity and included in the financial result. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the historical exchange rate. When translating foreign currency financial statements into CHF, closing exchange rates are applied to asset and liabilities, while average exchange rates are applied to income and expenses. The group entities’ foreign currency financial statements are translated into On’s presentation currency CHF as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rates at the reporting date. • Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates. • All resulting exchange differences are recognized in other comprehensive income in equity. • On disposal of a group entity, the related cumulative translation adjustment is transferred from equity to the income statement. On regularly assesses its exposure to foreign currency risks and manages these risks by using a combination of different derivative financial instruments on a rolling basis up to twelve months. These instruments are exclusively used for managing the exposure to fluctuations in foreign exchange rates connected with future cash flows and not for speculative positions. No hedge accounting is applied. Derivative instruments are recorded as financial assets or liabilities at fair value through profit or loss. On offsets positive and negative fair values of derivative instruments and reports the net amount in either current financial assets or current financial liabilities. The respective gross amounts are as follows: (CHF in thousands) 12/31/2021 12/31/2020 Fair value of financial assets from derivative instruments (gross) — — Fair value of financial liabilities from derivative instruments (gross) (8) (1,371) Fair value of derivative instruments (net) (8) (1,371) In 2021, fair value profit / (loss) on derivatives at fair value through profit or loss in the amount of CHF 1,363k (2020: CHF (1,347)k) have been recognized in financial result. Accounting policies On’s derivative financial instruments only include foreign exchange forward contracts. Derivatives are initially recognized in the balance sheet at fair value and are remeasured as to their current fair value at the end of each subsequent reporting period. Derivatives are derecognized upon settlement. Positive and negative fair values of derivative instruments are offset if they are concluded with the same counterparty and are regularly settled simultaneously. Based on foreign currency sensitivity analysis of the consolidated balance sheets, financial result and net income are impacted as follows by a 10% fluctuation in On’s main currencies (excluding the impact of derivative financial instruments): (CHF in thousands) 12/31/2021 12/31/2020 12/31/2019 Change in USD/CHF +10% (65,564) (6,752) (2,162) Change in USD/CHF -10% 80,133 8,253 2,630 Change in EUR/CHF +10% (1,687) 221 (181) Change in EUR/CHF -10% 2,062 (270) 221 5.5 Capital risk management To uphold investor, creditor, and market confidence and to sustain future development of the business, On focuses on maintaining a strong capital base. On manages its capital structure and makes adjustments in line with changes in general economic conditions and according to its strategic objectives.

Share-based compensation

Share-based compensation	12 Months Ended
	Dec. 31, 2021
Share-Based Payment Arrangements [Abstract]
Share-based compensation	6.1 Share-based compensation Over the previous years, On granted various kinds of share-based compensation plans for selected employees including group executive team and senior management team. The purpose of the various plans is to reward long-term and valued employees for their individual performance by giving them the opportunity to benefit from the involvement of On by receiving a bonus in the form of share-based payment awards. All awards granted under the different share-based compensation plans were classified as equity-settled share-based payments. The grants under the different plans are valued using a Cox-Rubinstein binomial tree model in order to take into account the complexity of their structure. In addition to the share-based compensation plans for selected employees, On granted share-based compensation in connection with a service, license, and investment agreement. As at December 31, 2021, On has recognized an increase in equity in the balance sheet of CHF 183,187k (December 31, 2020: CHF 77,676k) for share-based compensation. The expense for 2021 amounts to CHF 198,456k (2020: CHF 54,765k). Overview of the different programs: On Employee Phantom shares under the OEPP 2018 may be granted on an annual basis based on a calculation amount of 0% – 30% of a participant’s annual compensation. Vesting of the phantom shares depends on the occurrence of an exit scenario. If the exit event is a listing (IPO), 100% of the phantom shares shall vest upon exit. In an exit event other than a listing (IPO), 1/3 of the phantom shares shall vest upon exit; 1/3 of the phantom shares shall vest at the first anniversary of the exit, and 1/3 of the phantom shares shall vest at the second anniversary of the exit. However, if the exit event occurs after the third anniversary of the granting date, 100% of the phantom shares shall vest upon exit. Vested phantom shares shall be settled in either cash or shares (decision right is with On). Two third of the shares acquired upon settlement of phantom shares shall be subject to lock-up periods. In 2021, due to the share capital reorganization, the program was amended as follows: • 1 phantom share (originally granted) = 1,250 phantom shares (adjusted) • Vesting due to exit: In case of a successful completion of the IPO, all phantom shares granted under the OEPP 2018 (including any rolled-over phantom shares 2013) shall vest no later than 75 days since the first trading day ("vesting date"). Such vesting shall, however, solely apply to participants whose employment with a subsidiary has not been terminated as of the first trading day ("IPO date"). Due to the IPO in 2021, grants under the OEPP 2018 vested fully and the Phantom Shares were largely settled in Class A ordinary shares of the Company, subject to lock-up period. Long Term Participation Plan (LTPP) 2018 LTPP 2018 awards may be granted on an annual basis based on a calculation amount of 0% – 30% of a participant’s annual compensation. Awards under the LTPP 2018 may be granted either as options or as phantom shares. Awards under the LTPP shall vest on the third anniversary of the contractual granting date. Vested awards may be exercised until the tenth anniversary of the contractual granting date. Two third of the shares acquired upon exercise of vested awards shall be subject to lock-up periods. In 2021, due to the share capital reorganization, the program was amended as follows: • 1 option (originally granted) = 1,250 options (adjusted) • 1 phantom share (originally granted) = 1,250 phantom shares (adjusted) • Original exercise price CHF 10 = adjusted exercise price USD 0.11 In 2021, all Phantom Shares were exchanged for RSUs. Long Term Incentive Plan (LTIP) 2018 Options under the LTIP 2018 shall vest on the earlier of the occurrence of an exit or, in case of business continuation, on 1 April 2021. If vesting occurs due to an exit, the compensation committee will determine the number of options vested based on the vesting scale depending on the level of achievement of IRR at exit. In case of business continuation, the compensation committee will determine the number of options vested based on the vesting scale depending on the level of achievement of net sales, gross profit and EBITDA, whereby net sales, gross profit and EBITDA shall be determined on the basis of the audited consolidated financial statements 2020 of On. Two third of the shares acquired upon exercise of vested options shall be subject to lock-up periods. In 2019, the terms and conditions of the LTIP 2018 were amended. The amendment allows for accelerated vesting of the options under the amendment in case of a successful capital increase specified in the terms and conditions of the amendment. In case of the accelerated vesting the vesting scale will be set to 100% for the corresponding options. In 2021, due to the share capital reorganization, the program was amended as follows: • 1 option (originally granted) = 1,250 options (adjusted) • Original exercise price CHF 10 = adjusted exercise price USD 0.11 • Original exercise price CHF 4,557 = adjusted exercise price USD 3.96 • Original exercise price CHF 9,125 = adjusted exercise price USD 7.93 The two initial grants in LTIP 2018 fully vested due to the exit valuation achieved as part of the private capital round in February 2020. The remaining LTIP 2018 grant fully vested by achieving the business continuation thresholds set out at the initiation of the plan. Long Term Incentive Plan (LTIP) 2020 Options or RSUs under the LTIP 2020 shall vest on the earlier of the occurrence of an exit or, in case of business continuation, on April 1, 2024. If vesting occurs due to an exit, the compensation committee shall determine the number of options vested based on the level of achievement of IRR at exit. In case of business continuation, the compensation committee shall determine the number of options vested based on the level of achievement of net sales, gross profit and EBITDA based on the audited consolidated financial statements 2023 of On. Vested options can be exercised until the seventh anniversary of the contractual granting date. Shares acquired upon exercise of vested options shall be subject to lock-up periods. In consideration of the IPO, the compensation committee decided in the following clarifications with respect to the LTIP 2020: • Such IPO will qualify as a listing in accordance with the rules of the LTIP 2020; • A listing constitutes an exit event and leads to a full vesting of the options granted under the LTIP 2020; • The number of options vested is determined based on the level of achievement of IRR at exit in accordance with Annex 1 of the LTIP 2020; • Upon occurrence of an exit event, option grants may be accelerated and the terms and conditions of the LTIP 2020 may be amended. In 2021, the program was furthermore amended as follows: • For the options already granted, the exercise price shall be switched from CHF into USD and fixed at the exchange rate of 1 USD = 0.92 CHF. • For the options already granted, number of options as well as exercise price will be changed as follows due to the share capital reorganization: ◦ 1 Option (originally granted) = 1,250 options (adjusted) ◦ Original exercise price CHF 8,884 = adjusted exercise price USD 7.73 ◦ Original exercise price CHF 9,125 = adjusted exercise price USD 7.93 • Acceleration of option Grant 2022/ 2023 and 2024: ◦ The option grant scheduled for 31 March 2022, 2023 and 2024 shall be accelerated to a date no later than 75 days since the IPO Date; ◦ Such options shall be vested options as of the granting date; ◦ The exercise price shall be set at USD 7.73 for previous participants, at USD 12.36 for participants who joined in 2021 (before July 1, 2021), and at the US Valuation Price for US Participants; ◦ Shares acquired upon exercise of vested options shall be subject to a lock-up period until the first anniversary of the IPO Date for the 2022 options, until the second anniversary of the IPO date for the 2023 options and until the third anniversary of the IPO date for the 2024 options. Long Term Incentive Plan (LTIP) 2021 In 2021, the LTIP 2021 was implemented. LTIP 2021 provides grants in either Restricted Stock Units (RSUs) or Performance Stock Units (PSUs). Subject to the participant's continuous employment and the non-occurrence of a bad leaver event in respect of such participant, 33 1/3% of the RSUs granted shall vest on the granting date and on the first anniversary of the granting date so that on the second anniversary of the granting date the last 33 1/3% RSUs shall vest. Subject to the participant's continuous employment and the non-occurrence of a bad leaver event in respect of such participant, the PSUs granted shall vest on the third anniversary of the Granting Date, subject to the achievement of the performance conditions, measured over the performance cycle, and the resulting vesting factor. Performance cycle shall mean a three years' time period, beginning at January 1 of the year (n) in which an award is granted and ending at December 31 of year (n+2). RSUs and PSUs will be settled in On shares. In 2021, no RSUs or PSUs were granted under the LTIP 2021. Service, License, and Investment Agreement (SLIA) 2019 At the end of 2019, a “service, license and investment agreement” was negotiated between On and third parties. The parties enter into an agreement under which On shall be granted the right to use trademarks and other intangible assets in connection with the development, advertisement, promotion, and sale of certain products (the license”) as well as promotional services (the “services”) by the third parties in return for shares at a preferential price and options to purchase On shares. The number of exercisable options depends on the revenues of the fiscal years 2024 and 2025. The increase in equity related to the SLIA transaction regarding the fair value of the license intangible asset was determined by the relief from royalty method (refer to 3.5 Intangible assets for additional information). The remaining share options for services received were measured indirectly as the difference between the fair value of the intangible asset and the fair value of the equity instruments granted. The fair value of the equity instruments is measured at the grant date in May 2020. However, as the rendering of service already began in November 2019, the related vesting period started in 2019. Subsequently, the performance condition and the number of shares to be issued at settlement date is assessed. The difference between the equity instruments recognized at grant date and the settlement date is recognized in the income statement over the vesting period (shared-based compensation). For award valuation, the contractual life of the options and the possibility of early exercise were considered in the binominal model. The valuation model uses time congruent risk-free interest rates. The expected volatility was determined based on the time congruent historical volatility of peer group companies. The expected volatility taken into account builds on the assumption that future trends can be inferred from historical volatility, which means that the volatility that actually occurs may differ from the assumptions made. Compensation of non-executive members of the Board of Directors of On (BoD) 2019 In 2019, a share-based compensation program for non-executive members of the Board of Directors of On was initiated. Within the compensation program the non-executive board members are granted a certain amount of RSUs for their services as board members. Since within the compensation for the non-executive board members RSUs were granted, no option pricing model was applied. Founders Plan 2021 In 2021, certain employees of On who were not eligible under one of the existing share-based compensation plans, were granted RSUs free of charge as a "thank you" for their contribution to a successful IPO. The value of the RSUs granted to individual employees under the Founders Plan equaled to USD 8k for each six months of continued employment during which the employee was not eligible to participate under one of On's employee participation and incentive plans. The RSUs under the Founders Plan were granted no later than 75 days after the date of the IPO with the number of RSUs delivered based on the IPO price of the corresponding shares. The distributed shares (after sell-to-cover the tax withholding) are subject to the lockup/market stand-off provisions as required by and agreed with the underwriter(s)/joint global coordinator(s). A summary of activity under the plans as of December 31, 2021 , December 31, 2020, and changes during the years ending on those dates is presented below: Program OEPP 2018 LTPP 2018 LTIP 2018 SLIA 2019 BoD 2019 Awards outstanding at January 1, 2020 1,298,750 3,785,000 17,160,000 4,700,000 — Awards granted 326,250 241,250 2,095,000 — 25,326 Awards forfeited — — (75,000) — — Awards exercised (400,000) — (13,608,750) — — Awards outstanding at December 31, 2020 1,225,000 4,026,250 5,571,250 4,700,000 25,326 with maximum term (years) — — — 5 — thereof exercisable — — 606,250 — — Awards outstanding at January 1, 2021 1,225,000 4,026,250 5,571,250 4,700,000 25,326 Awards granted — — 2,373,750 — 16,833 Awards forfeited (22,500) — — — — Awards exercised (1,072,500) (2,000,000) (7,080,000) — (25,326) Awards outstanding at December 31, 2021 130,000 2,026,250 865,000 4,700,000 16,833 with maximum term (years) — — — 5 — thereof exercisable 130,000 1,483,750 865,000 — — Program LTIP 2020 Class A shares LTIP 2020 Class B shares LTIP 2020 RSUs Founders' Plan 2021 Awards outstanding at January 1, 2020 — — — — Awards granted — — — — Awards forfeited — — — — Awards exercised — — — — Awards outstanding at December 31, 2020 — — — — with maximum term (years) — — — — thereof exercisable — — — — Awards outstanding at January 1, 2021 — — — — Awards granted 5,757,296 10,552,670 285,818 699,648 Awards forfeited (10,000) — — — Awards exercised (59,485) — (284,230) (576,320) Awards outstanding at December 31, 2021 5,687,811 10,552,670 1,588 123,328 with maximum term (years) — — — — thereof exercisable 5,687,811 10,552,670 712 123,328 Parameters taken into account in the valuation: OEPP 2018 Grant date 03/31/2020 Share price on the measurement date (CHF) 7.10 Expected life of the award on the grant date (years) 3.1 Contractual life remaining (years) 1.3 Exercise price (CHF) — Expected dividend yield (%) — Risk-free interest rate (%) (0.68) Expected volatility of the share price (%) 38.72 Option value (CHF) 7.09 LTPP 2018 Grant date 03/31/2020 Share price on the measurement date (CHF) 7.10 Expected life of the award on the grant date (years) 10.0 Contractual life remaining (years) 7.3 - 8.3 Exercise price (CHF) 0.10 Expected dividend yield (%) — Risk-free interest rate (%) (0.38) Expected volatility of the share price (%) 37.03 Option value (CHF) 7.09 LTIP 2018 2/28/2021 2/28/2021 3/1/2020 3/1/2020 Grant date (non-US) (US) (non-US) (US) Share price on the measurement date (CHF) 7.30 7.30 7.11 7.11 Expected life of the award on the grant date (years) 5.0 5.0 5.0 5.0 Contractual life remaining (years) 4.2 4.2 3.2 3.2 Exercise price (CHF) 0.10 7.30 — 3.65 Expected dividend yield (%) — — — — Risk-free interest rate (%) (0.60) (0.60) (0.80) (0.80) Expected volatility of the share price (%) 40.73 40.73 37.61 37.61 Option value (CHF) 7.29 2.49 7.10 3.47 LTIP 2020 2/28/2021 10/1/2021 10/1/2021 10/1/2021 Grant date Class A shares Class A shares Class B shares RSUs Share price on the measurement date (CHF) 7.30 28.33 2.83 28.33 Expected life of the award on the grant date (years) 7.0 0.2 0.2 0.2 Contractual life remaining (years) 6.2 — — — Exercise price (CHF) 7.11 - 7.30 7.18 - 1.48 0.71 — Expected dividend yield (%) — — — — Risk-free interest rate (%) (0.41) 0.04 0.04 0.04 Expected volatility of the share price (%) 40.51 31.00 31.00 31.00 Option value (CHF) 2.92 - 2.97 16.85 - 21.15 2.12 28.33 Founders' Plan 2021 10/1/2021 Grant date Class A shares Share price on the measurement date (CHF) 28.33 Expected life of the award on the grant date (years) 0.2 Contractual life remaining (years) — Exercise price (CHF) — Expected dividend yield (%) — Risk-free interest rate (%) 0.04 Expected volatility of the share price (%) 31.00 Option value (CHF) 28.33 SLIA 2019 Measurement date 4/28/2020 Share price on the measurement date (CHF) 7.11 Expected life of the award on the grant date (years) 4.7 - 5.7 Contractual life remaining (years) 3.0 - 4.0 Exercise price (CHF) 0.10 Expected dividend yield (%) — Risk-free interest rate (%) (0.67) - (0.65) Expected volatility of the share price (%) 34.0 - 34.6 Option value (CHF) 7.10 Accounting policies Employees and others providing similar services to On receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Furthermore, employees and others providing similar services to On are granted share appreciation rights, which are settled in cash (cash-settled transactions). All share-based plans of On have been identified to be equity-settled. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized as personnel expenses, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expenses recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the On’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Significant judgments and accounting estimates For award valuation the contractual life of the options and the possibility of early exercise are considered in the binomial model. The valuation model uses time congruent risk-free interest rates. For estimating the time congruent risk-free interest rates, yields of “Switzerland Sovereigns” were used. For the purposes of the valuation of the awards, the expected volatility of the On share was determined based on the time congruent historical volatility of peer group companies. The expected volatility taken into account builds on the assumption that future trends can be inferred from historical volatility, which means that the volatility that actually occurs may differ from the assumptions made. The expense resulting from the share-based payment transactions is recognized during the vesting period on a pro-rata-basis with a corresponding increase in equity. Furthermore, the amount recognized is based on the best available estimate of the number of equity instruments expected to vest and is revised, if subsequent information indicates that the number of equity instruments expected to vest differs from previous estimates. The expected dividend yield relies on management estimates. When determining the expense recognition as at December 31, 2021, an average expected fluctuation of 7.5% p.a. was determined by On based on historical fluctuation and management estimates. The expected fluctuation for the remaining part of the respective vesting period will be adjusted on future reporting dates based on current information.

Employee benefit obligations

Employee benefit obligations	12 Months Ended
	Dec. 31, 2021
Disclosure of defined benefit plans [abstract]
Employee benefit obligations	6.2 Employee benefit obligations On globally maintains different pension plans based on the respective legislation in each country. Current pension arrangements for On employees in Switzerland are made through plans governed by the Swiss Federal Occupational Old Age, Survivors and Disability Pension Act (BVG). These plans are funded by regular employee and employer contributions and are administered by an independent third party. Final benefits are contribution-based with certain minimum guarantees. Due to these minimum guarantees, On’s Swiss plans are treated as defined benefit plans for the purposes of these financial statements, although it has many of the characteristics of a defined contribution plan. The plans are invested in a diversified range of assets in accordance with law, the investment strategy, and the common criteria of an asset and liability management. All other plans outside of Switzerland are treated as defined contribution plans. The contributions of those plans are recognized as personnel expenses in the period during which the related services are rendered by employees. The result of the Swiss defined benefit plans is summarized in the tables below: Employee benefit obligations (CHF in thousands) 12/31/2021 12/31/2020 Present value of defined benefit obligation (22,842) (16,751) Fair value of plan assets 16,989 11,121 Employee benefit obligations (5,853) (5,630) As of December 31, 2021, the defined benefit obligation has a weighted average duration of 18.1 years (December 31, 2020: 20.5 years). There is no effect from asset ceiling in any reporting period. Employee benefit obligations reconciles as follows: (CHF in thousands) 2021 2020 Employee benefit obligations at January 1 (5,630) (3,045) Amounts recognized in income statement (2,601) (1,625) Amounts recognized in other comprehensive income 907 (1,620) Contributions by the employer 1,471 661 Employee benefit obligations at December 31 (5,853) (5,630) Amounts recognized in income statement (CHF in thousands) 2021 2020 2019 Current service cost (2,592) (1,619) (955) Past service cost — — 326 Net interest cost (9) (7) (11) Employee benefit expenses (2,601) (1,625) (640) Remeasurements recognized in equity (other comprehensive income) (CHF in thousands) 2021 2020 2019 Actuarial losses/(gains) from changes in demographic assumptions (1,831) — — changes in financial assumptions (641) (242) 1,229 changes in experience adjustments 2,336 1,797 697 Return on plan assets excl. interest income (771) 65 (534) Net actuarial result from defined benefit plans (907) 1,620 1,392 Defined benefit obligation (CHF in thousands) 2021 2020 Present value of defined benefit obligation at January 1 16,751 11,283 Current service cost 2,592 1,619 Contributions by the employees 1,474 983 Interest expenses 33 33 Past service cost — — Benefits paid 2,128 1,278 Actuarial losses/(gains) from changes in demographic assumptions (1,831) — changes in financial assumptions (641) (242) changes in experience adjustments 2,336 1,797 Present value of defined benefit obligation at December 31 22,842 16,751 Plan assets (CHF in thousands) 2021 2020 Fair value of plan assets at January 1 11,121 8,238 Contributions by the employer 1,471 661 Contributions by the employees 1,474 983 Interest income 24 27 Benefits paid 2,128 1,278 Return on plan assets excl. interest income 771 (65) Fair value of plan assets at December 31 16,989 11,121 The plan assets consist of (all with quoted market prices): 12/31/2021 12/31/2020 Cash and equivalent 2.5 % 2.9 % Debt instruments 24.9 % 24.5 % Equity instruments 32.9 % 33.7 % Real estate 19.6 % 18.5 % Mortgages 4.7 % 5.2 % Alternative assets 15.4 % 15.2 % Total 100.0 % 100.0 % Principal actuarial assumptions 12/31/2021 12/31/2020 Discount rate 0.4 % 0.2 % Expected rate of salary increase 1.5 % 1.5 % Expected rate of pension increase 0.0 % 0.0 % Demographic assumptions BVG 2020 generation table BVG 2015 generation table Sensitivity analysis: Impact on defined benefit obligation (CHF in thousands) 12/31/2021 12/31/2020 Discount rate - 0.5% 2,259 1,900 + 0.5% (1,879) (1,548) Expected rate of salary increase - 0.5% (451) (382) + 0.5% 462 392 Life expectancy - 1 year (304) (267) + 1 year 297 262 Accounting policies Accounting and reporting of the Swiss defined benefit plans are based on annual actuarial valuations. Defined benefit obligations and service costs are assessed using the projected unit credit method, with the cost of providing pensions charged to the income statement so as to spread the regular cost over the service lives of employees participating in these plans. The pension obligation is measured as the present value of the estimated future outflows using interest rates of government securities, which have terms to maturity approximating the terms of the related liability. Service cost from defined benefit plans are charged to the income statement within the operating result. If the fair value of the plan assets exceeds the present value of the defined benefit obligation, only a net pension asset is recorded, taking account of the asset ceiling. The net interest component is calculated by applying the discount rate to the employee benefit obligations (net defined benefit asset or liability) and is recognized in the income statement in the financial result. Actuarial gains and losses, resulting from changes in actuarial assumptions and differences between assumptions and actual experiences, are recognized the equity (other comprehensive income) in the period in which they occur. Significant judgments and accounting estimates The carrying amounts of defined benefit pension plans are based on actuarial valuations. These valuations are calculated based on statistical data and assumptions about discount rates, expected rates of return on plan assets, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty.

Provisions

Provisions	12 Months Ended
	Dec. 31, 2021
Provisions [abstract]
Provisions	6.3 Provisions (CHF in thousands) Social charges Long-service leave Asset retirement obligation Total Balance at January 1, 2020 4,357 590 — 4,947 thereof current — 246 — 246 thereof non-current 4,357 344 — 4,701 Additions 15,702 349 — 16,051 Exchange differences 16 9 — 24 Balance at December 31, 2020 20,074 947 — 21,022 thereof current — 376 — 376 thereof non-current 20,074 571 — 20,645 Additions 15,571 1,140 3,650 20,362 Release — (422) — (422) Utilization (21,570) — — (21,570) Exchange differences (28) (8) (10) (46) Balance at December 31, 2021 14,048 1,657 3,640 19,345 thereof current 14,048 721 135 14,903 thereof non-current — 936 3,506 4,442 Provisions for social charges consider any costs related to local legal requirements related to share-based compensation. In 2019, On introduced a jubilee bonus to reward long-serving employees. 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. Accounting policies Provisions are recognized when On has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resource will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows. Significant judgments and accounting estimates Provisions are based upon best estimates, taking into consideration past experience

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes [Abstract]
Income taxes	6.4 Income taxes (CHF in thousands) 2021 2020 2019 Current income taxes 7,051 4,107 4,200 Deferred income taxes 3,589 (1,024) 420 Income taxes 10,640 3,083 4,620 The income taxes reflected in the financial statements and the amount calculated at the expected tax rate reconcile as follows: (CHF in thousands) 2021 2020 2019 (Loss)/Income before taxes (159,588) (24,441) 3,147 Expected tax rate / tax expense 19.7 % (31,439) 19.7 % (4,815) 19.7 % 620 Income and expenses not subject to tax, net -0.2 % 280 0.7 % (167) 6.4 % 201 Effects of (de-)recognition of tax losses -0.4 % 565 — % — — % — Local actual tax rate different to On’s expected average tax rate -0.6 % 963 -3.1 % 759 (1.1) % (34) Non-deductible expenses -25.4 % 40,590 -30.5 % 7,444 117.9 % 3,711 Prior year adjustments and other items, net 0.2 % (318) 0.6 % (139) 6.9 % 218 Effective tax rate / tax benefit -6.7 % 10,640 -12.6 % 3,083 146.8 % 4,620 The effective tax rate in 2021, 2020 and 2019 is significantly impacted by non-deductible expenses mainly related to share-based compensation. On May 19, 2019, t he Swiss electorate passed the Federal Act on Tax Reform and AHV Financing (TRAF). The tax reform abolished the tax regimes for holding, domiciliary and mixed companies as of January 1, 2020 and introduced new tax measures. To the extent that the tax reform requires cantonal and communal tax law changes, these had to be implemented through modification of the cantonal tax law. On September 1, 2019, in a public vote, the electorate of the canton of Zurich accepted the respective revision of the cantonal tax law. The TRAF and tax practice also foresee measures to ease the transition between the old and new tax regime. The relevant changes to On include a decrease in the statutory income tax rate in the canton of Zurich, effective from January 1, 2021 and a corresponding decrease in the expected average tax rate. Change of net deferred tax assets and liabilities: (CHF in thousands) 2021 2020 Net amount at January 1 251 (1,001) thereof deferred tax assets 5,915 1,849 thereof deferred tax liabilities (5,664) (2,849) Taxes charged to income statement (3,589) 1,024 to other comprehensive income (179) 319 Exchange differences 77 (92) Net amount at December 31 (3,440) 251 thereof deferred tax assets 2,171 5,915 thereof deferred tax liabilities (5,611) (5,664) Deferred tax assets and liabilities relate to the following items: 12/31/21 12/31/20 (CHF in thousands) Assets Liabilities Net amount Assets Liabilities Net amount Trade receivables 80 (977) (896) — (817) (817) Inventories 619 (3,927) (3,308) 3,393 (3,777) (384) Other current assets 716 — 716 1,008 (4) 1,004 Property, plant and equipment — (120) (120) 4 (506) (502) Right-of-use assets — (3,771) (3,771) — (2,445) (2,445) Intangible assets — (3,073) (3,073) — (3,194) (3,194) Other current financial liabilities 837 — 837 566 (47) 519 Other current operating liabilities — (855) (855) — (83) (83) Current provisions 82 — 82 80 — 80 Employee benefit obligations 1,153 — 1,153 1,109 — 1,109 Non-current provisions 136 — 136 128 (2) 126 Other non-current financial liabilities 3,105 — 3,105 2,106 (2) 2,104 Tax loss carryforwards 2,555 — 2,555 2,732 — 2,732 Deferred tax assets (liabilities) 9,283 (12,723) (3,440) 11,127 (10,877) 250 Offsetting (7,113) 7,113 (5,212) 5,213 Deferred tax assets (liabilities) on balance sheet 2,171 (5,611) (3,440) 5,915 (5,664) 251 As of each reporting date, all tax loss carryforwards are capitalized as deferred tax assets. Accounting policies Income taxes include all current and deferred taxes which are based on income. Taxes which are not based on income, such as taxes on wealth and capital, are recorded as other operating expenses. Where the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Deferred tax is recorded on the valuation differences (temporary differences) between the tax bases of assets and liabilities and their carrying values in the consolidated balance sheet. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the temporary differences and tax losses can be offset. Deferred income tax liabilities are provided for on taxable temporary differences arising from investments in subsidiaries, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by On and it is probable that the temporary difference will not reverse in the foreseeable future. Significant judgments and accounting estimates On is subject to income taxes in numerous jurisdictions and significant judgment is required in determining the worldwide provision for income taxes. The multitude of transactions and calculations implies estimates and assumptions. On recognizes liabilities on the basis of amounts expected to be paid to the tax authorities.

Related parties

Related parties	12 Months Ended
	Dec. 31, 2021
Related party transactions [abstract]
Related parties	6.5 Related parties A legal or natural person is related to an On entity if the party directly or indirectly controls, is controlled by, or is under common control with the entity, has an interest in the entity that gives it significant influence over the entity, has joint control over the entity or is an associate or a joint venture of the entity. On has identified the following related parties: • Members of the On Executive Team • Members of the Board of Directors of On • Shareholders that have significant influence by delegating a member into the Board of Directors of On No related party exercise control ove r On. In 2021, total share-based compensation of the non-executive members of the Board of Directors of On amounts to CHF 295k (2020: CHF 95k, 2019: CHF 575k). In connection with our IPO, at our request, the underwriters reserved up to 5% of the Class A ordinary shares at the initial public offering price of $24.00 through a directed share program to certain individuals, including our directors, officers, employees and certain friends and family members of these persons. Pursuant to such directed share program, certain members and immediate family members of the Board of Directors of On purchased an aggregate of 56,667 Class A ordinary shares. In 2020, a related party participated at the ordinary capital increase and purchased 861 shares for the amount of CHF 7,649k. There were no further transactions with related parties for the relevant financial years except for the following transactions with the five members of On’s executive team: (CHF in thousands) 2021 2020 2019 Short-term employee benefits 1,922 1,825 2,556 Post-employment benefits 14,373 2,072 273 Share-based compensation 67,328 10,044 9,568 On Executive Team 83,623 13,940 12,397

Government grants

Government grants	12 Months Ended
	Dec. 31, 2021
Government Grants [Abstract]
Government grants	6.6 Government grants On is entitled to two investment grants within a framework of improving the regional economic structure by providing jobs in the Berlin region from Germany’s national government authorities. The entitlement depends on various conditions, including the number and types of jobs created and local investments spent within three years until 2021 for the first and within three years from 2021 until 2024 for the second grant, respectively. As at December 31, 2021 and 2020, these conditions were not yet entirely fulfilled. However, On assumes to meet the grant’s requirements by the end of the project. On did not benefit from any other form of government assistance. In 2021, the income accrued from government grants is reported as a deduction from the related expenses and amounts to CHF 640k (2020: CHF 464k, 2019: CHF 400k). Accounting policies On only recognizes government grants relating to income if it is reasonably certain that the conditions attached to the grants will be fulfilled. The grants actually awarded are recognized at their fair value. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset.

Events after the balance sheet

Events after the balance sheet date	12 Months Ended
	Dec. 31, 2021
Disclosure of non-adjusting events after reporting period [abstract]
Events after the balance sheet date	6.7 Events after the balance sheet dateThere were no material events after the balance sheet date

New and amended standards and_2

New and amended standards and interpretations (Policies)	12 Months Ended
	Dec. 31, 2021
Disclosure of expected impact of initial application of new standards or interpretations [abstract]
Basis of consolidation	These IFRS consolidated financial statements (“the financials”) present the financial position and the results of operations of On Holding AG, as ultimate parent company, and its subsidiaries.
Statement of IFRS compliance	The financials of On • Have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations (together “IFRS”) as issued by the International Accounting Standards Board (IASB).
Oniverse	“Oniverse” represents the legal group structure of the On group. Entities are fully consolidated from the date on which control is transferred to On Holding AG, the parent company of the group. Control is achieved when On is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. For the consolidated entities, all assets, liabilities, income, and expenses are included in the financial statements. All intercompany balances and transactions (including unrealized profits on inventories) are fully eliminated in the process of consolidation.
Net sales	Revenue is measured based on the consideration to which On expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. On recognizes revenue when it transfers control of a product to a customer. All contracts with customers have an original expected duration of one year or less. Consideration promised in On’s contracts with customers is variable due to anticipated reductions from sales returns, discounts and volume rebates. Significant estimate is not required when recognizing revenue on contracts containing discounts and volume rebates as the reduction in revenue is largely known by year end. On sells innovative premium performance sports products through its Wholesales (WHS) and Direct-to-Consumer (DTC) sales channels. Sales within the WHS sales channel For sales of goods to the wholesale market, revenue is recognized at a point in time when control of the goods has transferred, being when the goods have been shipped to the customer’s specific location (delivery). Following delivery, the customer has full discretion over the manner of distribution and price to sell the goods, has the primary responsibility when onselling the goods and bears the risks of obsolescence and loss in relation to the goods. A receivable is recognized by On when the goods are delivered to the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. Payment terms for wholesale transactions depend on the country of sale or agreement with the customer and payment is generally required within 30 to 90 days or less of shipment to or receipt by the wholesale customer. On has several consignment arrangements with wholesale customers whereby control of the goods is retained by On. For such arrangements, revenue will only be recognized when the goods have been sold by the wholesale customer to the final consumer. Certain wholesale customers are part of wider associations which comprise of various independent retailing groups. These associations have a dedicated entity to provide an administrative service to the respective retailing groups within the association. The corresponding fee for this administrative service is passed to On and is expensed to selling expenses. Sales within the DTC sales channel For sales of goods to end consumers and retail customers, revenue is recognized when control of the goods has transferred, being upon shipment for e-commerce customers or at the point the customer purchases the goods at the retail store. Payment of the transaction price is due immediately at the point the customer purchases the goods. Under On’s standard contract terms, retail customers have a right of return within 30 days. At the point when the control of goods has transferred, a refund liability (other current financial liabilities) and a corresponding adjustment to revenue is recognized for those products expected to be returned. At the same time, On has a right to recover the product when customers exercise their right of return so consequently recognizes a right to returned goods asset (other current operating assets) and a corresponding adjustment to cost of sales. Estimation is required to determine the expected amount On will be entitled to receive in connection with contracts containing a right of return. Estimates of sales returns are based on (1) accumulated historical experience within the respective geographical markets, and (2) specific identification of estimated sales returns not yet finalized with customers. Actual returns in any future period are inherently uncertain and thus may differ from On reviews and refines these estimates on an annual basis.
Trade receivables	Trade receivables represent On’s right to an amount of consideration that is unconditional and only a passage of time is required before payment of the consideration is due. Trade receivables are initially recorded at original invoice amount and subsequently measured at amortized cost less loss allowance calculated based on the expected credit loss (ECL) model. On applies the simplified approach to measure credit losses, which uses a lifetime expected loss allowance for trade receivables. This approach considers historical credit loss experience as well as future expectations. Trade receivables are written off when there is no reasonable expectation of recovery. The charges to the income statement are included in selling, general and administrative expenses. Expected credit losses (ECL’s) on trade receivables are calculated based on historical loss rates per region and adjusted by forward-looking quantitative and qualitative adjusted by forward-looking quantitative and qualitative information such as the global economy outlook (real GDP growth). In addition, appraisals and data used by the internal planning department are taken into consideration. Individual allowances and write-offs (partially or fully) on trade receivables are applied if there are objective indications for missing collectability such as legal procedures, insolvency or bankruptcy.
Inventories	Inventories only include finished goods purchased from third parties. Cost of inventories include expenditures incurred in acquiring the products and bringing them to their current location and condition. Subsequent measurement of the inventory items is made at the lower of cost or net realizable value. Net realizable value is the estimated selling price of each specific item in the ordinary course of business less freight and selling expenses. If the net realizable value is below the cost, an allowance is recognized for the remaining items on stock.
Property, plant and equipment	Property, plant and equipment (PPE) is valued at purchase cost less accumulated depreciation and any impairment in value. Leasehold improvements include costs incurred to enhance and expand offices, own retail stores and showrooms within the feasibility of the respective lease agreement. Depreciation is calculated on a straight-line basis over the expected useful life of the individual assets or asset categories: • Leasehold improvements: In line with the term of the property lease • Trade tools (e.g. point-of-sale and exhibition installations): 3 years • Production tools (e.g. molds at the factory sites): 4 years • Other (e.g. IT and office equipment and vehicles): 3 to 4 years At each reporting date, the residual values, useful lives and method of depreciation are reviewed and adjusted prospectively, if applicable. Furthermore, On assesses whether there is any indication, that an asset may be impaired. If any such indication exists, the recoverable amount (being the higher of fair value less cost of disposal or value in use) of the individual asset is determined. If the recoverable amount is lower than carrying amount, an impairment loss is recognized. PPE is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition is included in the income statement.
Right-of-use assets	On leases storage space, various offices, retail stores (including pop-ups), showrooms and cars. Lease contracts typically run for up to ten years, some include extension options. At inception of a contract, On assesses whether it is a lease or contains a lease component. A right-of-use asset and a lease liability is recognized at the lease commencement date considering any relevant contractual condition. Short-term leases with a lease term of 12 months or less and low-value leases are recognized as an expense in the income statement on a straight-line basis over the lease term. The right-of-use asset is initially measured at cost and, subsequently, at cost less accumulated depreciation and impairment losses as well as certain lease liability remeasurements. These costs comprise discounted and unpaid lease payments adjusted by initial direct cost, prepaid expenses, dismantling cost, and lease incentives received. Depreciation is calculated on a straight-line basis over the shorter of the assets or asset categories’ useful life and the respective lease term: • Storage: 10 years • Offices: 2 to 15 years • Stores and showrooms: 3 to 10 years • Cars: 1 to 3 years • The lease liability is initially measured at the present value of any lease payments that are not paid at the commencement date and are discounted using On’s incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by the lease payments made. It is remeasured when there is a change in an input parameter or in the underlying estimates and assessments. On only acts as lessee, not as lessor. For future lease obligations refer to 4.3 Financial liabilities On uses judgement to determine the lease term for some lease contracts which include extension and or termination options. The assessment of whether On is reasonably certain to exercise such options impacts the lease term which significantly affects the amount of right-of-use assets and lease liabilities recognized. A reassessment only happens when a significant event or change in circumstance occurs that is within the control of On and affects whether it is reasonably certain to exercise an option. Furthermore, judgement is required to determine an appropriate incremental borrowing rate.
Intangible assets	Intangible assets acquired are valued at purchase cost less accumulated amortization and any impairment in value. On only capitalizes certain IT development costs if the identifiable asset is cumulatively commercially and technically feasible, can and will be completed, its costs can be measured reliably, and will generate probable future economic benefits. All other research and development costs are expensed as incurred. Goodwill acquired in a business combination is measured at cost less any impairment in value. Goodwill is not amortized but is assessed for impairment annually or whenever events or changes in circumstances indicate that its value might be impaired. Except for goodwill, On has no intangible assets with an indefinite useful life. Amortization is calculated on a straight-line basis over the expected useful life of the individual assets or asset categories: • Patents and other rights: 4 years • License rights for trademarks: 15 years • Software acquired: 4 years • IT development costs capitalized: Determined separately for each asset, varies from 1.5 to 3 years For capitalized IT development costs, amortization starts when the asset is ready for use. Capitalized IT development costs not yet in use are tested annually for impairment or whenever events or changes in circumstances indicate that its value might be impaired. At each reporting date, the residual values, useful lives and method of amortization are reviewed and adjusted prospectively, if applicable. Furthermore, On assesses whether there is any indication, that an asset may be impaired. If any such indication exists, the recoverable amount (the higher of fair value less cost of disposal or value in use) of the asset is estimated. If the recoverable amount is lower than carrying amount, an impairment loss is recognized. Intangible assets are derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition is included in the income statement. On uses judgement to determine commercial and technical feasibility when capitalizing certain IT development costs. In calculating the respective costs, both planning and actual data are taken into consideration. The determinants are reviewed on a regular basis. The intangible asset corresponding to the SLIA transaction was calculated using the relief from royalty method, based on royalty data for comparable license agreements and businesses in the sporting goods and sports apparel sector. To validate the appropriateness of the royalty rate, the Knoppe formula was applied. When determining the fair value, a discount rate of 9.3% was used. The entity approach in terms of the weighted average cost of capital was applied. The saved license expenses (after tax) where calculated based on the estimated revenue multiplied with the relevant royalty rate. For the purpose of impairment testing, the recoverable amount of the respective intangible asset is compared to its carrying amount. The recoverable amounts (the higher of fair value less cost of disposal or value in use) are measured on the basis of value-in-use calculations and as such are significantly impacted by the projected cash flows, the discount rates, and other parameters applied. These projections, estimates and input parameters subject to management judgment could vary significantly from future actuals.
Cash and cash equivalents	Cash and cash equivalents include short-term highly liquid assets with a maturity of three months or less. On measures cash and cash equivalents at amortized costs. On does not recognize any credit impairment losses on these assets as the related credit risk is considered to be insignificant due to their short-term maturity and the external counterparties’ credit ratings.
Other current financial assets	On’s financial assets include cash and cash equivalents, trade receivables, and other current financial assets, which initially are recognized at fair value. Depending on the business model for managing these assets and the contractual terms of the resulting cash flows, On classifies financial assets as follows: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in financial result. Any gain or loss arising on derecognition is recognized directly in the income statement. Assets that do not meet the criteria above for amortized cost are measured at fair value through profit and loss. Any gain or loss on these assets is recognized immediately in the income statement.
Financial liabilities	On’s financial liabilities include trade payables, current bank overdrafts repayable on demand, short-term debts incl. bank loans, and other financial liabilities, which initially are recognized at fair value. Subsequently, financial liabilities are measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in the income statement. A financial liability is only classified as at fair value through profit or loss if it is a derivative.
Foreign exchange translation	On’s consolidated financial statements are presented in CHF, which is On’s functional and presentation currency. For each group entity, On determines its functional currency based on the primary economic environment in which the entity operates (normally the local currency). Items included in the financial statements of each group entity are measured using that functional currency. Foreign currency transactions are translated into the respective functional currency using the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate at the reporting date. The resulting exchange differences are recorded in the local income statements of the group entity and included in the financial result. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the historical exchange rate. When translating foreign currency financial statements into CHF, closing exchange rates are applied to asset and liabilities, while average exchange rates are applied to income and expenses. The group entities’ foreign currency financial statements are translated into On’s presentation currency CHF as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rates at the reporting date. • Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates. • All resulting exchange differences are recognized in other comprehensive income in equity. • On disposal of a group entity, the related cumulative translation adjustment is transferred from equity to the income statement.
Derivative financial instruments	On’s derivative financial instruments only include foreign exchange forward contracts. Derivatives are initially recognized in the balance sheet at fair value and are remeasured as to their current fair value at the end of each subsequent reporting period. Derivatives are derecognized upon settlement. Positive and negative fair values of derivative instruments are offset if they are concluded with the same counterparty and are regularly settled simultaneously.
Share-based compensation	Employees and others providing similar services to On receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Furthermore, employees and others providing similar services to On are granted share appreciation rights, which are settled in cash (cash-settled transactions). All share-based plans of On have been identified to be equity-settled. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized as personnel expenses, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expenses recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the On’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. For award valuation the contractual life of the options and the possibility of early exercise are considered in the binomial model. The valuation model uses time congruent risk-free interest rates. For estimating the time congruent risk-free interest rates, yields of “Switzerland Sovereigns” were used. For the purposes of the valuation of the awards, the expected volatility of the On share was determined based on the time congruent historical volatility of peer group companies. The expected volatility taken into account builds on the assumption that future trends can be inferred from historical volatility, which means that the volatility that actually occurs may differ from the assumptions made. The expense resulting from the share-based payment transactions is recognized during the vesting period on a pro-rata-basis with a corresponding increase in equity. Furthermore, the amount recognized is based on the best available estimate of the number of equity instruments expected to vest and is revised, if subsequent information indicates that the number of equity instruments expected to vest differs from previous estimates. The expected dividend yield relies on management estimates. When determining the expense recognition as at December 31, 2021, an average expected fluctuation of 7.5% p.a. was determined by On based on historical fluctuation and management estimates. The expected fluctuation for the remaining part of the respective vesting period will be adjusted on future reporting dates based on current information.
Employee benefit obligations	Accounting and reporting of the Swiss defined benefit plans are based on annual actuarial valuations. Defined benefit obligations and service costs are assessed using the projected unit credit method, with the cost of providing pensions charged to the income statement so as to spread the regular cost over the service lives of employees participating in these plans. The pension obligation is measured as the present value of the estimated future outflows using interest rates of government securities, which have terms to maturity approximating the terms of the related liability. Service cost from defined benefit plans are charged to the income statement within the operating result. If the fair value of the plan assets exceeds the present value of the defined benefit obligation, only a net pension asset is recorded, taking account of the asset ceiling. The net interest component is calculated by applying the discount rate to the employee benefit obligations (net defined benefit asset or liability) and is recognized in the income statement in the financial result. Actuarial gains and losses, resulting from changes in actuarial assumptions and differences between assumptions and actual experiences, are recognized the equity (other comprehensive income) in the period in which they occur.
Provisions	Provisions are recognized when On has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resource will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows. Provisions are based upon best estimates, taking into consideration past experience
Income taxes	Income taxes include all current and deferred taxes which are based on income. Taxes which are not based on income, such as taxes on wealth and capital, are recorded as other operating expenses. Where the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Deferred tax is recorded on the valuation differences (temporary differences) between the tax bases of assets and liabilities and their carrying values in the consolidated balance sheet. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the temporary differences and tax losses can be offset. Deferred income tax liabilities are provided for on taxable temporary differences arising from investments in subsidiaries, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by On and it is probable that the temporary difference will not reverse in the foreseeable future.
Government grants	On only recognizes government grants relating to income if it is reasonably certain that the conditions attached to the grants will be fulfilled. The grants actually awarded are recognized at their fair value. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset.

Oinverse (Tables)

Oinverse (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of subsidiaries [abstract]
Disclosure of Subsidiaries	Equity interest Entity Domicile 12/31/2021 12/31/2020 On Holding AG Zurich, CH On AG Zurich, CH 100% 100% On Brazil Ltda. Sao Paulo, BR 100% 100% On Cloud Service GmbH Berlin, DE 100% 100% On Clouds GmbH Zurich, CH 100% 100% On Europe AG Zurich, CH 100% 100% On Experience 1 LLC New York, USA 100% - On Experience 2 LLC New York, USA 100% - On Experience 3 LLC Miami, USA 100% - On Hong Kong Ltd. Hong Kong, HK 100% - On Inc. Portland, USA 100% 100% On Japan K.K. Yokohama, JP 100% 100% On Oceania Pty Ltd. Docklands, AU 100% 100% On Running Canada Inc. Vancouver, CA 100% 100% On Running UK Ltd. London, UK 100% - On Running Sports Products (Shanghai) Company Ltd. Shanghai, CN 100% 100% On Vietnam Co. Ltd. Ho Chi Minh City, VN 100% 100% Brunner Mettler GmbH Zurich, CH 100% 100%

New and amended standards and_3

New and amended standards and interpretations (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of expected impact of initial application of new standards or interpretations [abstract]
Disclosure of Initial application of Standards or Interpretations	Description Standard Reference IASB Effective Date IFRS 16 - COVID-19 related rent concessions Amendments to IFRS 16 April 1, 2021 Interest rate benchmark reform Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 January 1, 2021
New and amended standards and interpretations	In April 2021, IFRS Interpretations Committee published the conclusion related to a request about how a customer accounts for costs of configuring or customizing a supplier’s application software in a Software as a Service (SaaS) arrangement. On has assessed the impact on the accounting policies and determined this to not have a material impact on the consolidated financial statements in the current or future reporting periods. Further, at the date of authorization of these consolidated 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 Property, plant and equipment – proceeds before intended use Amendments to IAS 16 January 1, 2022 Onerous contracts – cost of fulfilling a contract Amendments to IAS 37 January 1, 2022 Amendments to IFRS 1, IFRS 9, IFRS 16, and IAS 41 Annual improvements to IFRS standards 2018-2020 cycle January 1, 2022 Reference to the conceptual framework Amendments to IFRS 3 January 1, 2022 Insurance contracts IFRS 17 January 1, 2023 Classification of liabilities as current or non-current Amendments to IAS 1 January 1, 2023 Presentation of Financial Statements, Amendments to IAS 1 January 1, 2023 Income Taxes- Deferred tax related to assets and liabilities arising from a single transaction Amendments to IAS 12 January 1, 2023 Accounting Policies, Changes in Accounting Estimates and Errors Amendment to IAS 8 January 1, 2023 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.

Net sales (Tables)

Net sales (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Disclosure of Net Sales	Net sales by sales channels: Year ended December 31, (CHF in thousands) 2021 2020 2019 Wholesale 448,778 264,819 200,716 Direct-to-Customer 275,813 160,476 66,404 Net sales 724,591 425,295 267,120 Net sales by product groups: Year ended December 31, (CHF in thousands) 2021 2020 2019 Shoes 683,288 406,390 255,612 Apparel 36,343 15,750 9,570 Accessories 4,960 3,155 1,938 Net sales 724,591 425,295 267,120 Net sales by geographic regions (based on location of customers): Year ended December 31, (CHF in thousands) 2021 2020 2019 Europe 260,357 187,510 128,344 thereof Switzerland 55,105 51,837 31,348 North America 409,530 208,089 111,761 Asia-Pacific 42,730 22,999 17,867 Rest of World 11,973 6,697 9,148 Net sales 724,591 425,295 267,120

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Dec. 31, 2021
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 thousands) 12/31/2021 12/31/2020 Europe 176,191 83,383 thereof Switzerland 168,864 82,288 North America 82,377 9,826 Asia-Pacific 12,326 6,067 Rest of World 1,030 1,030 Non-current assets 271,923 100,305

Selling, general and administ_2

Selling, general and administrative expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Analysis of income and expense [abstract]
Schedule of Selling, General and Administrative Expenses	Year ended December 31, (CHF in thousands) 2021 2020 2019 Distribution expenses (96,429) (51,089) (28,564) Selling expenses (52,612) (35,614) (23,487) Marketing expenses (100,539) (45,626) (28,553) Share-based compensation (198,456) (54,765) (18,838) General and administrative expenses (123,338) (61,105) (37,987) Selling, general and administrative expenses (571,375) (248,199) (137,428)

Trade receivables (Tables)

Trade receivables (Tables)	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Trade Receivables	(CHF in thousands) 12/31/2021 12/31/2020 Not yet due 64,436 37,695 Past due 1 - 90 days 32,812 12,921 Past due 91 - 180 days 3,278 513 Past due 181 - 360 days 204 820 Past due > 361 days 1,087 1,490 Gross Carrying Amount 101,817 53,439 Individual loss allowance (1,998) (1,750) Expected credit loss (555) (58) Loss allowance (2,553) (1,807) Trade receivables 99,264 51,631
Schedule of Allowance for Credit Loss	The recorded loss allowance for trade receivables reconciles as follows: (CHF in thousands) 2021 2020 Individual loss allowance at January 1 1,750 547 Addition 1,492 1,405 Usage (23) (6) Release (1,263) (59) Exchange differences 42 (137) Individual loss allowance at December 31 1,998 1,750 (CHF in thousands) 2021 2020 Expected credit loss at January 1 58 194 Change 502 (129) Exchange Difference (5) (7) Expected credit loss at December 31 555 58 (CHF in thousands) 12/31/2021 12/31/2020 Credit cards 6,417 7,271 Deposits 14,814 4,864 Other current financial assets 8,823 5,000 Other current financial assets at amortized cost 30,054 17,135 Other current financial assets at fair value through profit and loss — — Other current financial assets 30,054 17,135

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2021
Inventories [Abstract]
Schedule of Inventories	(CHF in thousands) 12/31/2021 12/31/2020 Shoes 118,943 95,630 Apparel 14,359 6,700 Accessories 1,769 919 Allowances (894) (371) Inventories 134,178 102,878

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [abstract]
Schedule of Property, Plant and Equipment	(CHF in thousands) Leasehold improvements Trade tools Production tools Other Total Cost at January 1, 2020 2,713 4,365 4,879 2,851 14,808 Additions 4,101 2,324 2,913 1,647 10,986 Currency Translation (161) (129) — (63) (354) Cost at December 31, 2020 6,652 6,561 7,792 4,435 25,440 Additions 14,296 2,785 4,104 3,455 24,639 Disposals 52 (1,946) — (89) (1,983) Currency Translation (123) (81) — (42) (246) Cost at December 31, 2021 20,877 7,319 11,896 7,758 47,850 Accumulated Depreciation at January 1, 2020 (440) (949) (2,033) (756) (4,177) Depreciation (311) (1,842) (1,453) (706) (4,312) Currency Translation 4 35 — 14 53 Accumulated Depreciation at December 31, 2020 (747) (2,755) (3,486) (1,448) (8,436) Depreciation (1,095) (2,721) (2,100) (1,147) (7,063) Disposals (52) 1,946 — 87 1,981 Currency Translation 15 43 — 9 67 Accumulated Depreciation at December 31, 2021 (1,879) (3,488) (5,586) (2,498) (13,451) Net Value at January 1, 2020 2,273 3,417 2,846 2,095 10,631 at December 31, 2020 5,905 3,806 4,306 2,987 17,004 at December 31, 2021 18,998 3,832 6,310 5,259 34,399

Right-of-use assets (Tables)

Right-of-use assets (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [abstract]
Schedule of Right-of-use assets	(CHF in thousands) Storage Stores & showrooms Offices Cars Total Cost at January 1, 2020 — 793 4,258 3,290 8,341 Additions 9,782 7,350 4,513 995 22,640 Disposals — (42) — — (42) Currency translation — (724) (160) (141) (1,025) Cost at December 31, 2020 9,782 7,377 8,611 4,144 29,914 Additions 68,397 7,587 95,039 818 171,842 Disposals — — (130) (326) (456) Currency translation (302) (128) (628) (90) (1,147) Cost at December 31, 2021 77,878 14,836 102,892 4,547 200,153 Accumulated Depreciation at January 1, 2020 — (53) (1,649) (1,559) (3,261) Depreciation (244) (1,107) (1,666) (1,113) (4,131) Disposals — — 8 69 77 Currency translation — 73 48 76 197 Accumulated Depreciation at December 31, 2020 (244) (1,088) (3,267) (2,596) (7,195) Depreciation (4,801) (1,859) (7,917) (968) (15,544) Disposals — — 87 189 276 Currency translation 57 (16) 133 27 200 Accumulated Depreciation at December 31, 2021 (4,988) (2,963) (10,964) (3,348) (22,263) Net Value at January 1, 2020 — 739 2,609 1,732 5,080 at December 31, 2020 9,538 6,289 5,344 1,548 22,719 at December 31, 2021 72,889 11,873 91,928 1,199 177,890

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2021
Intangible assets and goodwill [abstract]
Schedule of Intangible Assets	(CHF in thousands) Patents and other rights Software Goodwill Total Cost at January 1, 2020 6,649 3,566 1,791 12,006 Additions 45,123 7,284 — 52,407 Currency translation (1) — — (2) Cost at December 31, 2020 51,771 10,850 1,791 64,411 Additions 1,015 10,589 — 11,604 Currency translation 1 (2) — (1) Cost at December 31, 2021 52,787 21,436 1,791 76,014 Accumulated Amortization at January 1, 2020 (4,383) (1,713) — (6,096) Amortization (2,666) (982) — (3,648) Accumulated Amortization at December 31, 2020 (7,049) (2,695) — (9,744) Amortization (3,876) (4,930) — (8,806) Accumulated Amortization at December 31, 2021 (10,924) (7,625) — (18,550) Net Value at January 1, 2020 2,266 1,853 1,791 5,911 at December 31, 2020 44,722 8,155 1,791 54,667 at December 31, 2021 41,862 13,811 1,791 57,464

Other current operating asset_2

Other current operating assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Other Current Operating Assets and Liabilities	(CHF in thousands) 12/31/2021 12/31/2020 Prepaid expenses 16,492 5,213 Indirect taxes (VAT/GST) receivables 26,934 12,442 Other current assets 4,598 2,324 Other current operating assets 48,024 19,979 (CHF in thousands) 12/31/2021 12/31/2020 Accrued expenses 54,921 24,284 Indirect taxes (VAT/GST) payables 19,233 6,115 Social security payables 40,837 3,097 Other current liabilities 6,682 2,617 Other current operating liabilities 121,673 36,113

Net cash and cash equivalents (

Net cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Cash and Cash Equivalents	(CHF in thousands) 12/31/2021 12/31/2020 Cash on hand 3 5 Current bank accounts 419,546 88,567 Digital wallets 5,761 2,070 Fixed deposit 227,771 — Cash and cash equivalents 653,081 90,642 Current bank overdrafts — (46) Net cash and cash equivalents 653,081 90,595

Other current financial assets

Other current financial assets (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of financial assets [abstract]
Schedule of Other Current Financial Assets	The recorded loss allowance for trade receivables reconciles as follows: (CHF in thousands) 2021 2020 Individual loss allowance at January 1 1,750 547 Addition 1,492 1,405 Usage (23) (6) Release (1,263) (59) Exchange differences 42 (137) Individual loss allowance at December 31 1,998 1,750 (CHF in thousands) 2021 2020 Expected credit loss at January 1 58 194 Change 502 (129) Exchange Difference (5) (7) Expected credit loss at December 31 555 58 (CHF in thousands) 12/31/2021 12/31/2020 Credit cards 6,417 7,271 Deposits 14,814 4,864 Other current financial assets 8,823 5,000 Other current financial assets at amortized cost 30,054 17,135 Other current financial assets at fair value through profit and loss — — Other current financial assets 30,054 17,135

Financial liabilities (Tables)

Financial liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of financial liabilities [abstract]
Schedule of Financial Liabilities	(CHF in thousands) 12/31/2021 12/31/2020 Current bank overdrafts — 46 Current lease liabilities 13,631 4,308 Short-term debt — 200 Other financial liabilities 6,458 1,351 Other current financial liabilities at amortized cost 20,089 5,905 Negative fair value from derivatives 8 1,371 Other current financial liabilities at fair value through profit or loss 8 1,371 Other current financial liabilities 20,097 7,276 Non-current lease liabilities 167,228 19,174 Other non-current financial liabilities at amortized cost 167,228 19,174 Reconciliation of liabilities arising from financing activities: (CHF in thousands) Short-term debt Long-term debt Lease liabilities Total Balance at January 1, 2020 3,026 200 5,162 8,388 thereof current 3,026 — 2,049 5,075 thereof non-current — 200 3,113 3,313 Payments (3,026) — (3,399) (6,425) Interest expenses paid — — (281) (281) Additions to lease liabilities — — 22,598 22,598 Reclassifications 200 (200) — — Exchange differences — — (599) (599) Balance at December 31, 2020 200 — 23,482 23,682 thereof current 200 — 4,308 4,508 thereof non-current — — 19,174 19,174 Payments (200) — (13,311) (13,511) Interest expenses paid — — (2,428) (2,428) Additions to lease liabilities — — 174,089 174,089 Exchange differences — — (973) (973) Balance at December 31, 2021 — — 180,859 180,859 thereof current — — 13,631 13,631 thereof non-current — — 167,228 167,228

Financial result (Tables)

Financial result (Tables)	12 Months Ended
	Dec. 31, 2021
Analysis of income and expense [abstract]
Schedule of Financial Result	Year ended December 31, (CHF in thousands) 2021 2020 2019 Interest income employee benefits 25 27 47 Financial income 25 27 47 Bank charges and interest expenses (1,113) (625) (577) Interest expenses leases (2,428) (281) (61) Interest expenses employee benefits (33) (33) (58) Financial expenses (3,574) (940) (697) Foreign exchange losses (16,312) (5,088) (1,738) Change in fair value of foreign exchange derivatives 1,363 (1,347) (155) Foreign exchange result (14,949) (6,434) (1,893) Financial result (18,499) (7,347) (2,542)

Share capital (Tables)

Share capital (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of classes of share capital [abstract]
Schedule of Share Capital Outstanding	Class A Class A Class A Class B Authorized registered shares Shares held by On in treasury Outstanding shares Authorized and outstanding registered shares Balance at January 1, 2021 (1) 271,438,750 — 271,438,750 — Capital increase from conditional capital (1) 8,845,000 — 8,845,000 — Introduction of a new share class with a 1:10 share split of 27,635 Class A shares with a nominal value of CHF10 each converting into Class B voting rights shares with a nominal value of CHF1 each (1) (34,543,750) — (34,543,750) 345,437,500 Ordinary increase of share capital (1) 25,000,000 (25,000,000) — — Capital increase from authorized capital 29,258,125 — 29,258,125 — Sale of treasury shares related to share-based compensation — 2,419,985 2,419,985 — Purchase of On shares from employees (sell-to-cover) at market price and held in treasury — (554,491) (554,491) — Balance at December 31, 2021 299,998,125 (23,134,506) 276,863,619 345,437,500

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings per share [abstract]
Schedule of Earnings per share	2021 2021 2020 2019 Class A Class B Class A Class A Weighted number of outstanding shares 264,171,208 241,333,048 265,684,627 233,957,500 Number of shares with dilutive effects — — — — Weighted number of outstanding shares (diluted and undiluted) 264,171,208 241,333,048 265,684,627 233,957,500 Net loss (kCHF) (155,978) (14,249) (27,524) (1,473) Basic EPS (CHF) (0.59) (0.06) (0.10) (0.01) Diluted EPS (CHF) (0.59) (0.06) (0.10) (0.01)

Capital and other reserves (Tab

Capital and other reserves (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of reserves within equity [abstract]
Schedule of Reserves Within Equity	(CHF in thousands) 12/31/2021 12/31/2020 Share premium 756,883 175,224 Legal reserves 10,976 2,662 Equity transaction costs (8,712) (1,876) Current tax benefits on equity transaction costs 1,256 — Share-based compensation 283,584 100,397 Capital reserves 1,043,987 276,408 Exchange differences (922) 119 Actuarial gains and losses (3,123) (4,030) Taxes on actuarial gains and losses 623 802 Other reserves (3,422) (3,110)

Commitments and contingencies (

Commitments and contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies [Abstract]
Schedule of Contractual Obligation of Leases	The total committed future outflow resulting of these lease contracts amounts to: (CHF in thousands) 12/31/2021 12/31/2020 Due < 1 year 644 3,640 Due 1 - 5 years 9,181 24,456 Due > 5 years 11,989 60,976 Commitments for future lease obligations 21,814 89,071 Contractual maturities of On’s financial liabilities: (CHF in thousands) Due Due Due Due 12/31/2021 Trade payables 45,939 — — — 45,939 Current lease liabilities 4,163 13,035 — — 17,198 Other financial liabilities 4,246 — — — 4,246 Other current financial liabilities 8,409 13,035 — — 21,444 Non-current lease liabilities — — 78,826 108,383 187,209 Other non-current financial liabilities — — 78,826 108,383 187,209 (CHF in thousands) Due Due Due Due 12/31/2020 Trade payables 41,543 — — — 41,543 Current bank overdrafts 46 — — — 46 Current lease liabilities 1,282 3,639 — — 4,921 Short-term debt 200 — — — 200 Other financial liabilities 2,722 — — — 2,722 Other current financial liabilities 4,250 3,639 — — 7,890 Non-current lease liabilities — — 10,672 9,062 19,734 Other non-current financial liabilities — — 10,672 9,062 19,734

Foreign currency risk (Tables)

Foreign currency risk (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of Financial Risk Management [Abstract]
Disclosure of Exchange Rates	The main exchange rates at the closing dates were the following: Currency 12/31/2021 12/31/2020 AUD 1 0.66 0.68 BRL 100 16.36 17.02 CAD 1 0.72 0.69 CNY 100 14.33 13.51 EUR 1 1.04 1.08 GBP 1 1.23 1.21 JPY 100 0.79 0.86 USD 1 0.91 0.88 The main annual average exchange rates were the following: Currency 2021 2020 AUD 1 0.70 0.65 BRL 100 17.23 19.28 CAD 1 0.73 0.71 CNY 100 14.23 13.79 EUR 1 1.10 1.08 GBP 1 1.27 1.23 JPY 100 0.85 0.89 USD 1 0.92 0.96
Disclosure of Derivative Financial Instruments	The respective gross amounts are as follows: (CHF in thousands) 12/31/2021 12/31/2020 Fair value of financial assets from derivative instruments (gross) — — Fair value of financial liabilities from derivative instruments (gross) (8) (1,371) Fair value of derivative instruments (net) (8) (1,371)
Disclosure of Effect of Changes in Foreign Exchange Rates	Based on foreign currency sensitivity analysis of the consolidated balance sheets, financial result and net income are impacted as follows by a 10% fluctuation in On’s main currencies (excluding the impact of derivative financial instruments): (CHF in thousands) 12/31/2021 12/31/2020 12/31/2019 Change in USD/CHF +10% (65,564) (6,752) (2,162) Change in USD/CHF -10% 80,133 8,253 2,630 Change in EUR/CHF +10% (1,687) 221 (181) Change in EUR/CHF -10% 2,062 (270) 221

Liquidity risk (Tables)

Liquidity risk (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of Financial Risk Management [Abstract]
Maturity Analysis for Non-Derivative Financial Liabilities	The total committed future outflow resulting of these lease contracts amounts to: (CHF in thousands) 12/31/2021 12/31/2020 Due < 1 year 644 3,640 Due 1 - 5 years 9,181 24,456 Due > 5 years 11,989 60,976 Commitments for future lease obligations 21,814 89,071 Contractual maturities of On’s financial liabilities: (CHF in thousands) Due Due Due Due 12/31/2021 Trade payables 45,939 — — — 45,939 Current lease liabilities 4,163 13,035 — — 17,198 Other financial liabilities 4,246 — — — 4,246 Other current financial liabilities 8,409 13,035 — — 21,444 Non-current lease liabilities — — 78,826 108,383 187,209 Other non-current financial liabilities — — 78,826 108,383 187,209 (CHF in thousands) Due Due Due Due 12/31/2020 Trade payables 41,543 — — — 41,543 Current bank overdrafts 46 — — — 46 Current lease liabilities 1,282 3,639 — — 4,921 Short-term debt 200 — — — 200 Other financial liabilities 2,722 — — — 2,722 Other current financial liabilities 4,250 3,639 — — 7,890 Non-current lease liabilities — — 10,672 9,062 19,734 Other non-current financial liabilities — — 10,672 9,062 19,734
Disclosure of Assets Pledged as Collateral	The following assets have been pledged in relation to the financial liabilities resulting from the three facilities: (CHF in thousands) 12/31/2021 12/31/2020 Trade receivables 23,335 12,400 Inventory 74,013 56,483 Assets pledged 97,348 68,882

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-Based Payment Arrangements [Abstract]
Schedule of Other Equity Instruments	A summary of activity under the plans as of December 31, 2021 , December 31, 2020, and changes during the years ending on those dates is presented below: Program OEPP 2018 LTPP 2018 LTIP 2018 SLIA 2019 BoD 2019 Awards outstanding at January 1, 2020 1,298,750 3,785,000 17,160,000 4,700,000 — Awards granted 326,250 241,250 2,095,000 — 25,326 Awards forfeited — — (75,000) — — Awards exercised (400,000) — (13,608,750) — — Awards outstanding at December 31, 2020 1,225,000 4,026,250 5,571,250 4,700,000 25,326 with maximum term (years) — — — 5 — thereof exercisable — — 606,250 — — Awards outstanding at January 1, 2021 1,225,000 4,026,250 5,571,250 4,700,000 25,326 Awards granted — — 2,373,750 — 16,833 Awards forfeited (22,500) — — — — Awards exercised (1,072,500) (2,000,000) (7,080,000) — (25,326) Awards outstanding at December 31, 2021 130,000 2,026,250 865,000 4,700,000 16,833 with maximum term (years) — — — 5 — thereof exercisable 130,000 1,483,750 865,000 — —
Schedule of Share Options	A summary of activity under the plans as of December 31, 2021 , December 31, 2020, and changes during the years ending on those dates is presented below: Program OEPP 2018 LTPP 2018 LTIP 2018 SLIA 2019 BoD 2019 Awards outstanding at January 1, 2020 1,298,750 3,785,000 17,160,000 4,700,000 — Awards granted 326,250 241,250 2,095,000 — 25,326 Awards forfeited — — (75,000) — — Awards exercised (400,000) — (13,608,750) — — Awards outstanding at December 31, 2020 1,225,000 4,026,250 5,571,250 4,700,000 25,326 with maximum term (years) — — — 5 — thereof exercisable — — 606,250 — — Awards outstanding at January 1, 2021 1,225,000 4,026,250 5,571,250 4,700,000 25,326 Awards granted — — 2,373,750 — 16,833 Awards forfeited (22,500) — — — — Awards exercised (1,072,500) (2,000,000) (7,080,000) — (25,326) Awards outstanding at December 31, 2021 130,000 2,026,250 865,000 4,700,000 16,833 with maximum term (years) — — — 5 — thereof exercisable 130,000 1,483,750 865,000 — —
Valuation Inputs, Other Equity Instruments	Parameters taken into account in the valuation: OEPP 2018 Grant date 03/31/2020 Share price on the measurement date (CHF) 7.10 Expected life of the award on the grant date (years) 3.1 Contractual life remaining (years) 1.3 Exercise price (CHF) — Expected dividend yield (%) — Risk-free interest rate (%) (0.68) Expected volatility of the share price (%) 38.72 Option value (CHF) 7.09 LTPP 2018 Grant date 03/31/2020 Share price on the measurement date (CHF) 7.10 Expected life of the award on the grant date (years) 10.0 Contractual life remaining (years) 7.3 - 8.3 Exercise price (CHF) 0.10 Expected dividend yield (%) — Risk-free interest rate (%) (0.38) Expected volatility of the share price (%) 37.03 Option value (CHF) 7.09
Valuation Inputs, Share Options	LTPP 2018 Grant date 03/31/2020 Share price on the measurement date (CHF) 7.10 Expected life of the award on the grant date (years) 10.0 Contractual life remaining (years) 7.3 - 8.3 Exercise price (CHF) 0.10 Expected dividend yield (%) — Risk-free interest rate (%) (0.38) Expected volatility of the share price (%) 37.03 Option value (CHF) 7.09 LTIP 2018 2/28/2021 2/28/2021 3/1/2020 3/1/2020 Grant date (non-US) (US) (non-US) (US) Share price on the measurement date (CHF) 7.30 7.30 7.11 7.11 Expected life of the award on the grant date (years) 5.0 5.0 5.0 5.0 Contractual life remaining (years) 4.2 4.2 3.2 3.2 Exercise price (CHF) 0.10 7.30 — 3.65 Expected dividend yield (%) — — — — Risk-free interest rate (%) (0.60) (0.60) (0.80) (0.80) Expected volatility of the share price (%) 40.73 40.73 37.61 37.61 Option value (CHF) 7.29 2.49 7.10 3.47 SLIA 2019 Measurement date 4/28/2020 Share price on the measurement date (CHF) 7.11 Expected life of the award on the grant date (years) 4.7 - 5.7 Contractual life remaining (years) 3.0 - 4.0 Exercise price (CHF) 0.10 Expected dividend yield (%) — Risk-free interest rate (%) (0.67) - (0.65) Expected volatility of the share price (%) 34.0 - 34.6 Option value (CHF) 7.10

Employee benefit obligations (T

Employee benefit obligations (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of defined benefit plans [abstract]
Defined Benefit Plans	The result of the Swiss defined benefit plans is summarized in the tables below: Employee benefit obligations (CHF in thousands) 12/31/2021 12/31/2020 Present value of defined benefit obligation (22,842) (16,751) Fair value of plan assets 16,989 11,121 Employee benefit obligations (5,853) (5,630) (CHF in thousands) 2021 2020 Present value of defined benefit obligation at January 1 16,751 11,283 Current service cost 2,592 1,619 Contributions by the employees 1,474 983 Interest expenses 33 33 Past service cost — — Benefits paid 2,128 1,278 Actuarial losses/(gains) from changes in demographic assumptions (1,831) — changes in financial assumptions (641) (242) changes in experience adjustments 2,336 1,797 Present value of defined benefit obligation at December 31 22,842 16,751 12/31/2021 12/31/2020 Discount rate 0.4 % 0.2 % Expected rate of salary increase 1.5 % 1.5 % Expected rate of pension increase 0.0 % 0.0 % Demographic assumptions BVG 2020 generation table BVG 2015 generation table
Net Defined Benefit Obligation	Employee benefit obligations reconciles as follows: (CHF in thousands) 2021 2020 Employee benefit obligations at January 1 (5,630) (3,045) Amounts recognized in income statement (2,601) (1,625) Amounts recognized in other comprehensive income 907 (1,620) Contributions by the employer 1,471 661 Employee benefit obligations at December 31 (5,853) (5,630)
Defined Benefit Plan Expense Recognized in Profit or Loss	Amounts recognized in income statement (CHF in thousands) 2021 2020 2019 Current service cost (2,592) (1,619) (955) Past service cost — — 326 Net interest cost (9) (7) (11) Employee benefit expenses (2,601) (1,625) (640)
Defined Benefit Plan Expense Recognized in Other Comprehensive Income	Remeasurements recognized in equity (other comprehensive income) (CHF in thousands) 2021 2020 2019 Actuarial losses/(gains) from changes in demographic assumptions (1,831) — — changes in financial assumptions (641) (242) 1,229 changes in experience adjustments 2,336 1,797 697 Return on plan assets excl. interest income (771) 65 (534) Net actuarial result from defined benefit plans (907) 1,620 1,392
Fair Value of Plan Assets	Plan assets (CHF in thousands) 2021 2020 Fair value of plan assets at January 1 11,121 8,238 Contributions by the employer 1,471 661 Contributions by the employees 1,474 983 Interest income 24 27 Benefits paid 2,128 1,278 Return on plan assets excl. interest income 771 (65) Fair value of plan assets at December 31 16,989 11,121 The plan assets consist of (all with quoted market prices): 12/31/2021 12/31/2020 Cash and equivalent 2.5 % 2.9 % Debt instruments 24.9 % 24.5 % Equity instruments 32.9 % 33.7 % Real estate 19.6 % 18.5 % Mortgages 4.7 % 5.2 % Alternative assets 15.4 % 15.2 % Total 100.0 % 100.0 %
Sensitivity Analysis for Actuarial Assumptions	(CHF in thousands) 12/31/2021 12/31/2020 Discount rate - 0.5% 2,259 1,900 + 0.5% (1,879) (1,548) Expected rate of salary increase - 0.5% (451) (382) + 0.5% 462 392 Life expectancy - 1 year (304) (267) + 1 year 297 262

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2021
Provisions [abstract]
Schedule of Provisions	(CHF in thousands) Social charges Long-service leave Asset retirement obligation Total Balance at January 1, 2020 4,357 590 — 4,947 thereof current — 246 — 246 thereof non-current 4,357 344 — 4,701 Additions 15,702 349 — 16,051 Exchange differences 16 9 — 24 Balance at December 31, 2020 20,074 947 — 21,022 thereof current — 376 — 376 thereof non-current 20,074 571 — 20,645 Additions 15,571 1,140 3,650 20,362 Release — (422) — (422) Utilization (21,570) — — (21,570) Exchange differences (28) (8) (10) (46) Balance at December 31, 2021 14,048 1,657 3,640 19,345 thereof current 14,048 721 135 14,903 thereof non-current — 936 3,506 4,442

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes [Abstract]
Disclosure of Major Components of Income Tax Expense	(CHF in thousands) 2021 2020 2019 Current income taxes 7,051 4,107 4,200 Deferred income taxes 3,589 (1,024) 420 Income taxes 10,640 3,083 4,620
Disclosure of Tax Rate Reconciliation	The income taxes reflected in the financial statements and the amount calculated at the expected tax rate reconcile as follows: (CHF in thousands) 2021 2020 2019 (Loss)/Income before taxes (159,588) (24,441) 3,147 Expected tax rate / tax expense 19.7 % (31,439) 19.7 % (4,815) 19.7 % 620 Income and expenses not subject to tax, net -0.2 % 280 0.7 % (167) 6.4 % 201 Effects of (de-)recognition of tax losses -0.4 % 565 — % — — % — Local actual tax rate different to On’s expected average tax rate -0.6 % 963 -3.1 % 759 (1.1) % (34) Non-deductible expenses -25.4 % 40,590 -30.5 % 7,444 117.9 % 3,711 Prior year adjustments and other items, net 0.2 % (318) 0.6 % (139) 6.9 % 218 Effective tax rate / tax benefit -6.7 % 10,640 -12.6 % 3,083 146.8 % 4,620
Disclosure of Deferred Tax Assets and Liabilities	Change of net deferred tax assets and liabilities: (CHF in thousands) 2021 2020 Net amount at January 1 251 (1,001) thereof deferred tax assets 5,915 1,849 thereof deferred tax liabilities (5,664) (2,849) Taxes charged to income statement (3,589) 1,024 to other comprehensive income (179) 319 Exchange differences 77 (92) Net amount at December 31 (3,440) 251 thereof deferred tax assets 2,171 5,915 thereof deferred tax liabilities (5,611) (5,664) Deferred tax assets and liabilities relate to the following items: 12/31/21 12/31/20 (CHF in thousands) Assets Liabilities Net amount Assets Liabilities Net amount Trade receivables 80 (977) (896) — (817) (817) Inventories 619 (3,927) (3,308) 3,393 (3,777) (384) Other current assets 716 — 716 1,008 (4) 1,004 Property, plant and equipment — (120) (120) 4 (506) (502) Right-of-use assets — (3,771) (3,771) — (2,445) (2,445) Intangible assets — (3,073) (3,073) — (3,194) (3,194) Other current financial liabilities 837 — 837 566 (47) 519 Other current operating liabilities — (855) (855) — (83) (83) Current provisions 82 — 82 80 — 80 Employee benefit obligations 1,153 — 1,153 1,109 — 1,109 Non-current provisions 136 — 136 128 (2) 126 Other non-current financial liabilities 3,105 — 3,105 2,106 (2) 2,104 Tax loss carryforwards 2,555 — 2,555 2,732 — 2,732 Deferred tax assets (liabilities) 9,283 (12,723) (3,440) 11,127 (10,877) 250 Offsetting (7,113) 7,113 (5,212) 5,213 Deferred tax assets (liabilities) on balance sheet 2,171 (5,611) (3,440) 5,915 (5,664) 251

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2021
Related party transactions [abstract]
Disclosure of Related Party Transactions	There were no further transactions with related parties for the relevant financial years except for the following transactions with the five members of On’s executive team: (CHF in thousands) 2021 2020 2019 Short-term employee benefits 1,922 1,825 2,556 Post-employment benefits 14,373 2,072 273 Share-based compensation 67,328 10,044 9,568 On Executive Team 83,623 13,940 12,397

Oniverse (Details)

Oniverse (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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 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%	0.00%
On Experience 2 LLC
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	0.00%
On Experience 3 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%	0.00%
On Inc.
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 UK Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	0.00%
On Running Sports Products (Shanghai) Company 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%

Net sales - Disaggregation of R

Net sales - Disaggregation of Revenue (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2021CHF (SFr)salesChannel	Dec. 31, 2020CHF (SFr)	Dec. 31, 2019CHF (SFr)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	SFr 724,591	SFr 425,295	SFr 267,120
Number of sales channels | salesChannel	2
Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	SFr 260,357	187,510	128,344
thereof Switzerland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	55,105	51,837	31,348
North America
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	409,530	208,089	111,761
Asia-Pacific
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	42,730	22,999	17,867
Rest of World
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	11,973	6,697	9,148
Shoes
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	683,288	406,390	255,612
Apparel
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	36,343	15,750	9,570
Accessories
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	4,960	3,155	1,938
Wholesale
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	448,778	264,819	200,716
Direct-to-Customer
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net sales	SFr 275,813	SFr 160,476	SFr 66,404

Segment information (Details)

Segment information (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2021CHF (SFr)numberOfCo-ceoco-founderReporting_Segment	Dec. 31, 2020CHF (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 271,923	SFr 100,305
Europe
Disclosure of operating segments [line items]
Non-current assets	176,191	83,383
thereof Switzerland
Disclosure of operating segments [line items]
Non-current assets	168,864	82,288
North America
Disclosure of operating segments [line items]
Non-current assets	82,377	9,826
Asia-Pacific
Disclosure of operating segments [line items]
Non-current assets	12,326	6,067
Rest of World
Disclosure of operating segments [line items]
Non-current assets	SFr 1,030	SFr 1,030

Selling, general and administ_3

Selling, general and administrative expenses (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of attribution of expenses by nature to their function [line items]
Distribution expenses	SFr (96,429)	SFr (51,089)	SFr (28,564)
Selling expenses	(52,612)	(35,614)	(23,487)
Marketing expenses	(100,539)	(45,626)	(28,553)
Share-based compensation	(198,456)	(54,765)	(18,838)
General and administrative expenses	(123,338)	(61,105)	(37,987)
Selling, general and administrative expenses	(571,375)	(248,199)	(137,428)
Other long-term employee benefits	87,338	57,643	35,998
Selling, general and administrative expense
Disclosure of attribution of expenses by nature to their function [line items]
Depreciation and amortisation expense	28,668	9,716	3,744
Cost of sales
Disclosure of attribution of expenses by nature to their function [line items]
Depreciation expense	SFr 2,747	SFr 2,377	SFr 1,599

Trade receivables - Schedule of

Trade receivables - Schedule of Trade Receivables (Details) - Trade receivables - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	SFr 99,264	SFr 51,631
Gross carrying amount
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	101,817	53,439
Gross carrying amount | Not yet due
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	64,436	37,695
Gross carrying amount | Past due 1 - 90 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	32,812	12,921
Gross carrying amount | Past due 91 - 180 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	3,278	513
Gross carrying amount | Past due 181 - 360 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	204	820
Gross carrying amount | Past due > 361 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	1,087	1,490
Accumulated impairment
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	(2,553)	(1,807)
Individual loss allowance
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	1,998	1,750
Expected credit loss
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	SFr 555	SFr 58

Trade receivables - Schedule _2

Trade receivables - Schedule of Allowance for Credit Losses (Details) - Trade receivables - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Individual loss allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Beginning balance	SFr 1,750	SFr 547
Addition	1,492	1,405
Usage	(23)	(6)
Release	(1,263)	(59)
Exchange differences	42	(137)
Ending balance	1,998	1,750
Expected credit loss
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Beginning balance	58	194
Change	502	(129)
Exchange differences	(5)	(7)
Ending balance	SFr 555	SFr 58

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Inventory [Line Items]
Inventories	SFr 134,178	SFr 102,878
Gross carrying amount | Shoes
Disclosure Of Inventory [Line Items]
Inventories	118,943	95,630
Gross carrying amount | Apparel
Disclosure Of Inventory [Line Items]
Inventories	14,359	6,700
Gross carrying amount | Accessories
Disclosure Of Inventory [Line Items]
Inventories	1,769	919
Accumulated impairment
Disclosure Of Inventory [Line Items]
Inventories	SFr 894	SFr 371

Inventories - Narrative (Detail

Inventories - Narrative (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Inventory [Line Items]
Consignment inventory	SFr 9,899	SFr 4,112
Cost of sales
Disclosure Of Inventory [Line Items]
Cost of inventories recognised as expense during period	215,953	132,045
Write-downs (reversals of write-downs) of inventories	SFr (473)	SFr 53

Property, plant and equipment -

Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	SFr 17,004	SFr 10,631
Property, plant and equipment at the end of period	34,399	17,004
Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	5,905	2,273
Property, plant and equipment at the end of period	18,998	5,905
Trade tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	3,806	3,417
Property, plant and equipment at the end of period	3,832	3,806
Production tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	4,306	2,846
Property, plant and equipment at the end of period	6,310	4,306
Other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	2,987	2,095
Property, plant and equipment at the end of period	5,259	2,987
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	25,440	14,808
Additions	24,639	10,986
Disposals	(1,983)
Currency Translation	(246)	(354)
Property, plant and equipment at the end of period	47,850	25,440
Cost | Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	6,652	2,713
Additions	14,296	4,101
Disposals	52
Currency Translation	(123)	(161)
Property, plant and equipment at the end of period	20,877	6,652
Cost | Trade tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	6,561	4,365
Additions	2,785	2,324
Disposals	(1,946)
Currency Translation	(81)	(129)
Property, plant and equipment at the end of period	7,319	6,561
Cost | Production tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	7,792	4,879
Additions	4,104	2,913
Disposals	0
Currency Translation	0	0
Property, plant and equipment at the end of period	11,896	7,792
Cost | Other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	4,435	2,851
Additions	3,455	1,647
Disposals	(89)
Currency Translation	(42)	(63)
Property, plant and equipment at the end of period	7,758	4,435
Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(8,436)	(4,177)
Disposals	1,981
Depreciation	(7,063)	(4,312)
Currency Translation	67	53
Property, plant and equipment at the end of period	(13,451)	(8,436)
Accumulated depreciation | Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(747)	(440)
Disposals	(52)
Depreciation	(1,095)	(311)
Currency Translation	15	4
Property, plant and equipment at the end of period	(1,879)	(747)
Accumulated depreciation | Trade tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(2,755)	(949)
Disposals	1,946
Depreciation	(2,721)	(1,842)
Currency Translation	43	35
Property, plant and equipment at the end of period	(3,488)	(2,755)
Accumulated depreciation | Production tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(3,486)	(2,033)
Disposals	0
Depreciation	(2,100)	(1,453)
Currency Translation	0	0
Property, plant and equipment at the end of period	(5,586)	(3,486)
Accumulated depreciation | Other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(1,448)	(756)
Disposals	87
Depreciation	(1,147)	(706)
Currency Translation	9	14
Property, plant and equipment at the end of period	SFr (2,498)	SFr (1,448)

Property, plant and equipment_2

Property, plant and equipment - Narrative (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	SFr 34,399	SFr 17,004	SFr 10,631
Construction in progress
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	9,314	1,409
Trade tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	SFr 3,832	3,806	3,417
Useful life measured as period of time, property, plant and equipment	3 years
Production tools
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	SFr 6,310	4,306	2,846
Useful life measured as period of time, property, plant and equipment	4 years
Other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	SFr 5,259	SFr 2,987	SFr 2,095
Other | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	3 years
Other | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	4 years

Right-of-use assets - Schedule

Right-of-use assets - Schedule of Right-of-Use Assets (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	SFr 22,719	SFr 5,080
Right-of-use assets ending balance	177,890	22,719
Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	29,914	8,341
Additions	171,842	22,640
Disposals	(456)	(42)
Currency translation	(1,147)	(1,025)
Right-of-use assets ending balance	200,153	29,914
Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	(7,195)	(3,261)
Disposals	(276)	(77)
Depreciation	(15,544)	(4,131)
Currency translation	200	197
Right-of-use assets ending balance	(22,263)	(7,195)
Storage
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	9,538	0
Right-of-use assets ending balance	72,889	9,538
Storage | Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	9,782	0
Additions	68,397	9,782
Disposals	0	0
Currency translation	(302)	0
Right-of-use assets ending balance	77,878	9,782
Storage | Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	(244)	0
Disposals	0	0
Depreciation	(4,801)	(244)
Currency translation	57	0
Right-of-use assets ending balance	(4,988)	(244)
Stores & showrooms
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	6,289	739
Right-of-use assets ending balance	11,873	6,289
Stores & showrooms | Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	7,377	793
Additions	7,587	7,350
Disposals	0	(42)
Currency translation	(128)	(724)
Right-of-use assets ending balance	14,836	7,377
Stores & showrooms | Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	(1,088)	(53)
Disposals	0	0
Depreciation	(1,859)	(1,107)
Currency translation	(16)	73
Right-of-use assets ending balance	(2,963)	(1,088)
Offices
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	5,344	2,609
Right-of-use assets ending balance	91,928	5,344
Offices | Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	8,611	4,258
Additions	95,039	4,513
Disposals	(130)	0
Currency translation	(628)	(160)
Right-of-use assets ending balance	102,892	8,611
Offices | Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	(3,267)	(1,649)
Disposals	(87)	(8)
Depreciation	(7,917)	(1,666)
Currency translation	133	48
Right-of-use assets ending balance	(10,964)	(3,267)
Cars
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	1,548	1,732
Right-of-use assets ending balance	1,199	1,548
Cars | Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	4,144	3,290
Additions	818	995
Disposals	(326)	0
Currency translation	(90)	(141)
Right-of-use assets ending balance	4,547	4,144
Cars | Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets beginning balance	(2,596)	(1,559)
Disposals	(189)	(69)
Depreciation	(968)	(1,113)
Currency translation	27	76
Right-of-use assets ending balance	SFr (3,348)	SFr (2,596)

Right-of-use assets - Accountin

Right-of-use assets - Accounting Policy (Details)	12 Months Ended
	Dec. 31, 2021
Storage
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	10 years
Offices | Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	2 years
Offices | Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	15 years
Stores & showrooms | Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	3 years
Stores & showrooms | Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	10 years
Cars | Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	1 year
Cars | Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Useful life measured as period of time, right-of-use-assets	3 years

Intangible assets -Schedule of

Intangible assets -Schedule of Intangible Assets (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	SFr 54,667	SFr 5,911
Intangible assets and goodwill at end of the period	57,464	54,667
Gross carrying amount
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	64,411	12,006
Additions	11,604	52,407
Currency translation	(1)	(2)
Intangible assets and goodwill at end of the period	76,014	64,411
Accumulated depreciation
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	(9,744)	(6,096)
Amortization	(8,806)	(3,648)
Intangible assets and goodwill at end of the period	(18,550)	(9,744)
Patents and other rights
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	44,722	2,266
Intangible assets and goodwill at end of the period	41,862	44,722
Patents and other rights | Gross carrying amount
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	51,771	6,649
Additions	1,015	45,123
Currency translation	1	(1)
Intangible assets and goodwill at end of the period	52,787	51,771
Patents and other rights | Accumulated depreciation
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	(7,049)	(4,383)
Amortization	(3,876)	(2,666)
Intangible assets and goodwill at end of the period	(10,924)	(7,049)
Software
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	8,155	1,853
Intangible assets and goodwill at end of the period	13,811	8,155
Software | Gross carrying amount
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	10,850	3,566
Additions	10,589	7,284
Currency translation	(2)	0
Intangible assets and goodwill at end of the period	21,436	10,850
Software | Accumulated depreciation
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	(2,695)	(1,713)
Amortization	(4,930)	(982)
Intangible assets and goodwill at end of the period	(7,625)	(2,695)
Goodwill
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	1,791	1,791
Intangible assets and goodwill at end of the period	1,791	1,791
Goodwill | Gross carrying amount
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	1,791	1,791
Additions	0	0
Currency translation	0	0
Intangible assets and goodwill at end of the period	1,791	1,791
Goodwill | Accumulated depreciation
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill at beginning of period	0	0
Amortization	0	0
Intangible assets and goodwill at end of the period	SFr 0	SFr 0

Intangible assets - Narrative (

Intangible assets - Narrative (Details) - CHF (SFr)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Intangible assets	SFr 57,464,000	SFr 54,667,000	SFr 5,911,000
Research and development expense	(5,334,000)	(1,852,000)
Impairment loss recognised in profit or loss, goodwill	0	0
Goodwill expected to be deductible for tax purposes	SFr 0
SLIA 2019
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	9.30%
Intangible assets under development
Disclosure of detailed information about intangible assets [line items]
Intangible assets	SFr 604,000	364,000
Patents and other rights
Disclosure of detailed information about intangible assets [line items]
Intangible assets	SFr 41,862,000	44,722,000	2,266,000
Useful life measured as period of time, intangible assets other than goodwill	4 years
Patents and other rights | SLIA 2019
Disclosure of detailed information about intangible assets [line items]
Additions	SFr 44,795,000
Useful life measured as period of time, intangible assets other than goodwill	15 years
License rights for trade marks
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	15 years
Software
Disclosure of detailed information about intangible assets [line items]
Intangible assets	SFr 13,811,000	SFr 8,155,000	SFr 1,853,000
Useful life measured as period of time, intangible assets other than goodwill	4 years
IT development cost capitalized | Minimum
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	1 year 6 months
IT development cost capitalized | Maximum
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	3 years

Other current operating asset_3

Other current operating assets (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Prepaid expenses	SFr 16,492	SFr 5,213
Indirect taxes (VAT/GST) receivables	26,934	12,442
Other current assets	4,598	2,324
Other current operating assets	SFr 48,024	SFr 19,979

Other current operating liabili

Other current operating liabilities (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Accrued expenses	SFr 54,921	SFr 24,284
Indirect taxes (VAT/GST) payables	19,233	6,115
Social security payables	40,837	3,097
Other current liabilities	6,682	2,617
Other current operating liabilities	SFr 121,673	SFr 36,113

Net cash and cash equivalents_2

Net cash and cash equivalents (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Cash on hand	SFr 3	SFr 5
Current bank accounts	419,546	88,567
Digital wallets	5,761	2,070
Fixed deposit	227,771	0
Cash and cash equivalents	653,081	90,642
Current bank overdrafts	0	(46)
Net cash and cash equivalents	SFr 653,081	SFr 90,595	SFr 120	SFr 15,762

Other current financial asset_2

Other current financial assets - Schedule of Other Current Financial Assets (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets [line items]
Other current financial assets	SFr 30,054	SFr 17,135
Other current financial assets at amortized cost
Disclosure of financial assets [line items]
Other current financial assets	30,054	17,135
Other current financial assets at amortized cost | Credit cards
Disclosure of financial assets [line items]
Other current financial assets	6,417	7,271
Other current financial assets at amortized cost | Deposits
Disclosure of financial assets [line items]
Other current financial assets	14,814	4,864
Other current financial assets at amortized cost | Other current financial assets
Disclosure of financial assets [line items]
Other current financial assets	8,823	5,000
Other current financial assets at fair value through profit and loss
Disclosure of financial assets [line items]
Other current financial assets	SFr 0	SFr 0

Other current financial asset_3

Other current financial assets - Narrative (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets [line items]
Other current financial assets	SFr 30,054	SFr 17,135
Other current financial assets at amortized cost
Disclosure of financial assets [line items]
Other current financial assets	30,054	17,135
Other current financial assets at amortized cost | Prepaid expense
Disclosure of financial assets [line items]
Other current financial assets	SFr 4,474	SFr 3,467

Financial liabilities - Schedul

Financial liabilities - Schedule of Financial Liabilities (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial liabilities [line items]
Other current financial liabilities	SFr 20,097	SFr 7,276
Other non-current financial liabilities at amortized cost	167,228	19,174
Financial liabilities at amortized cost
Disclosure of financial liabilities [line items]
Other current financial liabilities	20,089	5,905
Other non-current financial liabilities at amortized cost	167,228	19,174
Financial liabilities at amortized cost | Bank overdrafts
Disclosure of financial liabilities [line items]
Other current financial liabilities	0	46
Financial liabilities at amortized cost | Lease liabilities
Disclosure of financial liabilities [line items]
Other current financial liabilities	13,631	4,308
Other non-current financial liabilities at amortized cost	167,228	19,174
Financial liabilities at amortized cost | Short-term debt
Disclosure of financial liabilities [line items]
Other current financial liabilities	0	200
Financial liabilities at amortized cost | Other financial liabilities
Disclosure of financial liabilities [line items]
Other current financial liabilities	6,458	1,351
Financial liabilities at fair value through profit or loss
Disclosure of financial liabilities [line items]
Other current financial liabilities	8	1,371
Financial liabilities at fair value through profit or loss | Derivatives
Disclosure of financial liabilities [line items]
Other current financial liabilities	SFr 8	SFr 1,371

Financial liabilities - Reconci

Financial liabilities - Reconciliation of Liabilities from Financing Activities (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Liabilities arising from financing activities at beginning of period	SFr 23,682	SFr 8,388
thereof current	13,631	4,508	SFr 5,075
thereof non-current	167,228	19,174	3,313
Payments	(13,511)	(6,425)
Interest expenses paid	(2,428)	(281)
Additions to lease liabilities	174,089	22,598
Reclassifications		0
Exchange differences	(973)	(599)
Liabilities arising from financing activities at end of period	180,859	23,682
Short-term debt
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Liabilities arising from financing activities at beginning of period	200	3,026
thereof current	0	200	3,026
thereof non-current	0	0	0
Payments	(200)	(3,026)
Interest expenses paid	0	0
Additions to lease liabilities	0	0
Reclassifications		200
Exchange differences	0	0
Liabilities arising from financing activities at end of period	0	200
Long-term debt
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Liabilities arising from financing activities at beginning of period	0	200
thereof current	0	0	0
thereof non-current	0	0	200
Payments	0	0
Interest expenses paid	0	0
Additions to lease liabilities	0	0
Reclassifications		(200)
Exchange differences	0	0
Liabilities arising from financing activities at end of period	0	0
Lease liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Liabilities arising from financing activities at beginning of period	23,482	5,162
thereof current	13,631	4,308	2,049
thereof non-current	167,228	19,174	SFr 3,113
Payments	(13,311)	(3,399)
Interest expenses paid	(2,428)	(281)
Additions to lease liabilities	174,089	22,598
Reclassifications		0
Exchange differences	(973)	(599)
Liabilities arising from financing activities at end of period	SFr 180,859	SFr 23,482

Financial result (Details)

Financial result (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Analysis of income and expense [abstract]
Interest income employee benefits	SFr 25	SFr 27	SFr 47
Financial income	25	27	47
Bank charges and interest expenses	(1,113)	(625)	(577)
Interest expenses leases	(2,428)	(281)	(61)
Interest expenses employee benefits	(33)	(33)	(58)
Financial expenses	(3,574)	(940)	(697)
Foreign exchange losses	(16,312)	(5,088)	(1,738)
Change in fair value of foreign exchange derivatives	1,363	(1,347)	(155)
Foreign exchange result	(14,949)	(6,434)	(1,893)
Financial result	SFr (18,499)	SFr (7,347)	SFr (2,542)

Share capital - Narrative (Deta

Share capital - Narrative (Details) SFr / shares in Units, $ / shares in Units, SFr in Thousands, $ in Millions	Sep. 15, 2021CHF (SFr)shares	Sep. 15, 2021USD ($)$ / sharesshares	Aug. 19, 2021SFr / sharesshares	Apr. 21, 2021SFr / shares	Sep. 30, 2021CHF (SFr)	Sep. 30, 2021USD ($)	Dec. 31, 2021CHF (SFr)SFr / sharesshares	Dec. 31, 2020CHF (SFr)shares	Dec. 31, 2019CHF (SFr)	Aug. 18, 2021SFr / shares
Disclosure of classes of share capital [line items]
Share capital | SFr							SFr 33,454	SFr 2,172
Share capital, paid-in percentage							100.00%
Share spilt, conversion ratio			0.80%	10.00%
Proceeds from issue of shares | SFr							SFr 71	133,266	SFr 0
Equity transaction costs | SFr							6,836	1,476
Sale of treasury shares related to share-based compensation | SFr							500	SFr 0	SFr 0
Purchase of treasury shares | SFr							22,777
Initial Public Offering
Disclosure of classes of share capital [line items]
Share price (in USD per share) | SFr / shares										SFr 24
Proceeds from issue of shares	SFr 652,500	$ 702.2
Equity transaction costs					SFr 14,100	$ 15.2
Expense related to the issue of shares					7,200	7.8
Share premium | Initial Public Offering
Disclosure of classes of share capital [line items]
Issue of equity					SFr 615,300	$ 662.2
Treasury shares
Disclosure of classes of share capital [line items]
Purchase of treasury shares | SFr							SFr 22,777
Class A
Disclosure of classes of share capital [line items]
Number of shares registered (in shares)			245,740,000				299,998,125	271,438,750
Par value per share (in CHF per share) | SFr / shares			SFr 0.1	SFr 10			SFr 0.10			125
Treasury shares issued (in shares)			25,000,000
Share price (in USD per share) | $ / shares		$ 24
Class A | Share capital
Disclosure of classes of share capital [line items]
Capital increase from authorized capital (in shares)	29,258,125	29,258,125
Class A | Treasury shares
Disclosure of classes of share capital [line items]
Share split (in shares)							0
Capital increase from authorized capital (in shares)							0
Sale of shares held by On in treasury (in shares)							2,419,985
Purchase of On shares from employees (sell-to-cover) at current market price (in shares)							554,491
Class B
Disclosure of classes of share capital [line items]
Number of shares registered (in shares)			345,437,500				345,437,500	0
Par value per share (in CHF per share) | SFr / shares			SFr 0.01	SFr 1			SFr 0.01			SFr 12.50
Number of votes per share				1
Percentage increase in voting rights				1000.00%
Par value, dividend and distribution rights as a percentage of ordinary share rights				10.00%

Share capital - Schedule of Sha

Share capital - Schedule of Shares Outstanding (Details) - SFr / shares	Apr. 21, 2021	Dec. 31, 2021	Aug. 19, 2021	Aug. 18, 2021
Increase (decrease) in number of shares [Roll forward]
Share spilt, conversion ratio	10.00%		0.80%
Class A
Increase (decrease) in number of shares [Roll forward]
Number of shares authorized at beginning of period (in shares)		271,438,750
Number of shares held in treasury at beginning of period (in shares)		0
Number of shares outstanding at beginning of period (in shares)		271,438,750
Number of shares authorized at end of period (in shares)		299,998,125
Number of shares held in treasury at end of period (in shares)		(23,134,506)
Number of shares outstanding at end of period (in shares)		276,863,619
Par value per share (in CHF per share)	SFr 10	SFr 0.10	SFr 0.1	SFr 125
Number of shares split in stock split (in shares)	1
Class B
Increase (decrease) in number of shares [Roll forward]
Number of shares authorized at beginning of period (in shares)		0
Number of shares outstanding at beginning of period (in shares)		0
Number of shares authorized at end of period (in shares)		345,437,500
Number of shares outstanding at end of period (in shares)		345,437,500
Par value per share (in CHF per share)	SFr 1	SFr 0.01	SFr 0.01	SFr 12.50
Authorized registered shares | Class A
Increase (decrease) in number of shares [Roll forward]
Capital increase from conditional capital (in shares)		8,845,000
Share split (in shares)	27,635	(34,543,750)
Ordinary increase of share capital (in shares)		25,000,000
Capital increase from authorized capital (in shares)		29,258,125
Sale of shares held by On in treasury (in shares)		0
Purchase of On shares from employees (sell-to-cover) at current market price (in shares)		0
Authorized registered shares | Class B
Increase (decrease) in number of shares [Roll forward]
Capital increase from conditional capital (in shares)		0
Share split (in shares)		345,437,500
Ordinary increase of share capital (in shares)		0
Capital increase from authorized capital (in shares)		0
Sale of shares held by On in treasury (in shares)		0
Purchase of On shares from employees (sell-to-cover) at current market price (in shares)		0
Shares held by On in treasury | Class A
Increase (decrease) in number of shares [Roll forward]
Capital increase from conditional capital (in shares)		0
Share split (in shares)		0
Ordinary increase of share capital (in shares)		(25,000,000)
Capital increase from authorized capital (in shares)		0
Sale of shares held by On in treasury (in shares)		2,419,985
Purchase of On shares from employees (sell-to-cover) at current market price (in shares)		554,491
Outstanding shares | Class A
Increase (decrease) in number of shares [Roll forward]
Capital increase from conditional capital (in shares)		8,845,000
Share split (in shares)		(34,543,750)
Ordinary increase of share capital (in shares)		0
Capital increase from authorized capital (in shares)		29,258,125
Sale of shares held by On in treasury (in shares)		2,419,985
Purchase of On shares from employees (sell-to-cover) at current market price (in shares)		(554,491)
Outstanding shares | Class B
Increase (decrease) in number of shares [Roll forward]
Capital increase from conditional capital (in shares)		0
Share split (in shares)		345,437,500
Ordinary increase of share capital (in shares)		0
Capital increase from authorized capital (in shares)		0
Sale of shares held by On in treasury (in shares)		0
Purchase of On shares from employees (sell-to-cover) at current market price (in shares)		0

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [line items]
Multifaction ratio applied to original share amounts	125000.00%
Class A
Earnings per share [line items]
Anti-dilutive share options excluded from calculation of diluted earnings per share (in shares)	4,982,486	9,586,250
Class B
Earnings per share [line items]
Anti-dilutive share options excluded from calculation of diluted earnings per share (in shares)	8,329,740

Earnings per share - Schedule o

Earnings per share - Schedule of Earnings per Share (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings per share [line items]
Net loss	SFr (170,228)	SFr (27,524)	SFr (1,473)
Class A
Earnings per share [line items]
Weighted number of outstanding shares (in shares)	264,171,208	265,684,627	233,957,500
Number of shares with dilutive effects (in shares)	0	0	0
Weighted number of outstanding shares (diluted and undiluted) (in shares)	264,171,208	265,684,627	233,957,500
Net loss	SFr (155,978)	SFr (27,524)	SFr (1,473)
Basic EPS (CHF) (in CHF per share)	SFr (0.59)	SFr (0.10)	SFr (0.01)
Diluted EPS (CHF) (in CHF per share)	SFr (0.59)	SFr (0.10)	SFr (0.01)
Class B
Earnings per share [line items]
Weighted number of outstanding shares (in shares)	241,333,048
Number of shares with dilutive effects (in shares)	0
Weighted number of outstanding shares (diluted and undiluted) (in shares)	241,333,048
Net loss	SFr (14,249)
Basic EPS (CHF) (in CHF per share)	SFr (0.06)
Diluted EPS (CHF) (in CHF per share)	SFr (0.06)

Capital and other reserves - Sc

Capital and other reserves - Schedule of Capital and Other Reserves (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of reserves within equity [line items]
Equity	SFr 848,379	SFr 245,093	SFr 64,414	SFr 49,712
Capital reserves
Disclosure of reserves within equity [line items]
Equity	1,043,987	276,408	67,239	49,982
Share premium
Disclosure of reserves within equity [line items]
Equity	756,883	175,224
Legal reserves
Disclosure of reserves within equity [line items]
Equity	10,976	2,662
Equity transaction costs
Disclosure of reserves within equity [line items]
Equity	(8,712)	(1,876)
Current tax benefits on equity transaction costs
Disclosure of reserves within equity [line items]
Equity	1,256	0
Share-based compensation
Disclosure of reserves within equity [line items]
Equity	283,584	100,397
Other reserves
Disclosure of reserves within equity [line items]
Equity	(3,422)	(3,110)	SFr (1,846)	SFr (760)
Exchange differences
Disclosure of reserves within equity [line items]
Equity	(922)	119
Actuarial gains and losses
Disclosure of reserves within equity [line items]
Equity	(3,123)	(4,030)
Taxes on actuarial gains and losses
Disclosure of reserves within equity [line items]
Equity	SFr 623	SFr 802

Commitments and contingencies -

Commitments and contingencies - Narrative (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020
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 21,814	SFr 89,071
Office leases
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	18,188	84,021
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	2,917	497
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	SFr 87,592	SFr 25,939

Commitments and contingencies_2

Commitments and contingencies - Schedule of Future Lease Commitments (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Gross lease liabilities	SFr 21,814	SFr 89,071
Due less than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Gross lease liabilities	644	3,640
Due 1 - 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Gross lease liabilities	9,181	24,456
Due > 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Gross lease liabilities	SFr 11,989	SFr 60,976

Market risk (Details)

Market risk (Details)	12 Months Ended
	Dec. 31, 2021
Disclosure of Financial Risk Management [Abstract]
Percentage increase (decrease) from originally confirmed fixed price, which triggers cost of materials and products to be revised	3.00%

Foreign currency risk - Schedul

Foreign currency risk - Schedule of Foreign Exchange Rates (Details)	12 Months Ended
	Dec. 31, 2021$ / SFr	Dec. 31, 2020$ / SFr
AUD 1
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	0.66	0.68
Average foreign exchange rate	0.70	0.65
BRL 100
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	16.36	17.02
Average foreign exchange rate	17.23	19.28
CAD 1
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	0.72	0.69
Average foreign exchange rate	0.73	0.71
CNY 100
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	14.33	13.51
Average foreign exchange rate	14.23	13.79
EUR 1
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	1.04	1.08
Average foreign exchange rate	1.10	1.08
GBP 1
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	1.23	1.21
Average foreign exchange rate	1.27	1.23
JPY 100
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	0.79	0.86
Average foreign exchange rate	0.85	0.89
USD 1
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate	0.91	0.88
Average foreign exchange rate	0.92	0.96

Foreign currency risk - Sched_2

Foreign currency risk - Schedule of Derivative Instruments (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Financial Risk Management [Abstract]
Fair value of financial assets from derivative instruments (gross)	SFr 0	SFr 0
Fair value of financial liabilities from derivative instruments (gross)	(8)	(1,371)
Fair value of derivative instruments (net)	(8)	(1,371)
Change in fair value of foreign exchange derivatives	SFr 1,363	SFr (1,347)	SFr (155)

Foreign currency risk - Sched_3

Foreign currency risk - Schedule of Sensitivity of Foreign Exchange Rates (Details) - Currency risk - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis for types of market risk, reasonably possible Change in risk variable, percent	10.00%
United States of America, Dollars
Disclosure of nature and extent of risks arising from financial instruments [line items]
Change in USD/CHF and EUR CHF +10%	SFr (65,564)	SFr (6,752)	SFr (2,162)
Change in USD/CHF and EUR CHF -10%	80,133	8,253	2,630
Euro Member Countries, Euro
Disclosure of nature and extent of risks arising from financial instruments [line items]
Change in USD/CHF and EUR CHF +10%	(1,687)	221	(181)
Change in USD/CHF and EUR CHF -10%	SFr 2,062	SFr (270)	SFr 221

Liquidity risk - Contractual Ma

Liquidity risk - Contractual Maturities of Financial Liabilities (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade payables	SFr 45,939	SFr 41,543
Current bank overdrafts		46
Current lease liabilities	17,198	4,921
Short-term debt		200
Other financial liabilities	4,246	2,722
Other current financial liabilities	21,444	7,890
Non-current lease liabilities	187,209	19,734
Other non-current financial liabilities at amortized cost	187,209	19,734
Due less than 3 months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade payables	45,939	41,543
Current bank overdrafts		46
Current lease liabilities	4,163	1,282
Short-term debt		200
Other financial liabilities	4,246	2,722
Other current financial liabilities	8,409	4,250
Non-current lease liabilities	0	0
Other non-current financial liabilities at amortized cost	0	0
Due 4 to 12 months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade payables	0	0
Current bank overdrafts		0
Current lease liabilities	13,035	3,639
Short-term debt		0
Other financial liabilities	0	0
Other current financial liabilities	13,035	3,639
Non-current lease liabilities	0	0
Other non-current financial liabilities at amortized cost	0	0
Due 1 - 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade payables	0	0
Current bank overdrafts		0
Current lease liabilities	0	0
Short-term debt		0
Other financial liabilities	0	0
Other current financial liabilities	0	0
Non-current lease liabilities	78,826	10,672
Other non-current financial liabilities at amortized cost	78,826	10,672
Due > 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade payables	0	0
Current bank overdrafts		0
Current lease liabilities	0	0
Short-term debt		0
Other financial liabilities	0	0
Other current financial liabilities	0	0
Non-current lease liabilities	108,383	9,062
Other non-current financial liabilities at amortized cost	SFr 108,383	SFr 9,062

Liquidity risk - Narrative (Det

Liquidity risk - Narrative (Details) SFr in Thousands, $ in Millions	Dec. 31, 2021CHF (SFr)	Dec. 31, 2021USD ($)	Dec. 31, 2020CHF (SFr)
Disclosure of detailed information about borrowings [line items]
Current bank overdrafts	SFr 0		SFr (46)
Bank overdraft facility one, CHF
Disclosure of detailed information about borrowings [line items]
Credit facility, maximum borrowing capacity	100,000
Bank overdraft facility two, CHF
Disclosure of detailed information about borrowings [line items]
Credit facility, maximum borrowing capacity	SFr 25,000
Bank overdraft facility three, USD
Disclosure of detailed information about borrowings [line items]
Credit facility, maximum borrowing capacity | $		$ 35

Liquidity risk - Assets Pledged

Liquidity risk - Assets Pledged as Security (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2021CHF (SFr)creditFacility	Dec. 31, 2020CHF (SFr)
Disclosure of Financial Risk Management [Abstract]
Number of credit facilities | creditFacility	3
Trade receivables	SFr 23,335	SFr 12,400
Inventory	74,013	56,483
Assets pledged	SFr 97,348	SFr 68,882

Share-based compensation - Narr

Share-based compensation - Narrative (Details) SFr / shares in Units, $ / shares in Units, SFr in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CHF (SFr)employeeyrSFr / sharesshares	Dec. 31, 2021USD ($)employeeyr$ / sharesshares	Dec. 31, 2020CHF (SFr)yr	Dec. 31, 2019CHF (SFr)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation | SFr	SFr 183,187		SFr 77,676	SFr 15,917
Expense from equity-settled share-based payment transactions | SFr	SFr 198,456		SFr 54,765
Average expected fluctuation in expense recognition	7.50%	7.50%
OEPP 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of shares subject to lock-up period	67.00%	67.00%
OEPP 2018 | Upon exit
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.00%	33.00%
OEPP 2018 | First anniversary of exit
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.00%	33.00%
OEPP 2018 | Second anniversary of exit
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.00%	33.00%
OEPP 2018 | Phantom shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	75 days	75 days
Maximum term of awards granted | yr			0
Number of phantom shares granted before capital reorganization (in shares)	1	1
Number of phantom shares, adjusted after capital reorganization (in shares)	1,250	1,250
OEPP 2018 | Phantom shares | Listing IPO, upon exit
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	100.00%	100.00%
OEPP 2018 | Phantom shares | Upon exit, exit event after third anniversary
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	100.00%	100.00%
OEPP 2018 | Phantom shares | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of annual compensation	0.00%	0.00%
OEPP 2018 | Phantom shares | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of annual compensation	30.00%	30.00%
LTPP 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of shares subject to lock-up period	67.00%	67.00%
Vesting period	3 years	3 years
Maximum term of awards granted | yr	10	10
Number of phantom shares granted before capital reorganization (in shares)	1	1
Number of phantom shares, adjusted after capital reorganization (in shares)	1,250	1,250
Number of share options granted before capital reorganization (in shares)	1,000	1,000
Number of share options, adjusted after capital reorganization (in shares)	1,250	1,250
Exercise price, share options granted before capital reorganization (in CHF per share) | SFr / shares	SFr 10
Exercise price, share options granted (in USD per share) | $ / shares		$ 0.11
LTPP 2018 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of annual compensation	0.00%	0.00%
LTPP 2018 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of annual compensation	30.00%	30.00%
LTIP 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of shares subject to lock-up period	67.00%	67.00%
Number of share options granted before capital reorganization (in shares)	1	1
Number of share options, adjusted after capital reorganization (in shares)	1,250	1,250
Accelerated vesting percentage	100.00%	100.00%
LTIP 2018 | Exercise price range 1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price, share options granted before capital reorganization (in CHF per share) | SFr / shares	SFr 10
Exercise price, share options granted (in USD per share) | $ / shares		$ 0.11
LTIP 2018 | Exercise price range 2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price, share options granted before capital reorganization (in CHF per share) | SFr / shares	4,557
Exercise price, share options granted (in USD per share) | $ / shares		3.96
LTIP 2018 | Exercise price range 3
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price, share options granted before capital reorganization (in CHF per share) | SFr / shares	SFr 9,125
Exercise price, share options granted (in USD per share) | $ / shares		$ 7.93
LTIP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	75 days	75 days
Number of share options granted before capital reorganization (in shares)	1	1
Number of share options, adjusted after capital reorganization (in shares)	1,250	1,250
LTIP 2020 | Acceleration of option grant 2022/2023 and 2024, previous participants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price, share options granted (in USD per share) | $ / shares		$ 7.73
LTIP 2020 | Acceleration of option grant 2022/2023 and 2024, participants who joined in 2021, before 1 July 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price, share options granted (in USD per share) | $ / shares		$ 12.36
LTIP 2020 | USD to CHF
Disclosure of terms and conditions of share-based payment arrangement [line items]
Closing foreign exchange rate | employee	0.92	0.92
LTIP 2020 | Exercise price range 1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price, share options granted before capital reorganization (in CHF per share) | SFr / shares	SFr 8,884
Exercise price, share options granted (in USD per share) | $ / shares		$ 7.73
LTIP 2020 | Exercise price range 2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price, share options granted before capital reorganization (in CHF per share) | SFr / shares	SFr 9,125
Exercise price, share options granted (in USD per share) | $ / shares		$ 7.93
LTIP 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting Requirements For Share-Based Payment Arrangement, Performance Cycle	3 years	3 years
LTIP 2021 | RSUs | Granting date
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.33%	33.33%
LTIP 2021 | RSUs | First anniversary of granting date
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.33%	33.33%
LTIP 2021 | RSUs | Second anniversary of granting date
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.33%	33.33%
LTIP 2021 | PSUs | Third anniversary of the granting date
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	100.00%	100.00%
Founders Plan 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Value of shares granted | $		$ 8

Share-based compensation - Sche

Share-based compensation - Schedule of Share Options and Other Equity Instruments (Details)	12 Months Ended
	Dec. 31, 2021sharesyr	Dec. 31, 2020sharesyr
LTPP 2018
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Maximum term of awards granted | yr	10
LTIP 2018
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Share options outstanding at beginning of period (in shares)	5,571,250	17,160,000
Share options granted (in shares)	2,373,750	2,095,000
Share options forfeited (in shares)	0	(75,000)
Share options exercised (in shares)	(7,080,000)	(13,608,750)
Share options outstanding at end of period (in shares)	865,000	5,571,250
Share options exercisable (in shares)	865,000	606,250
SLIA 2019
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Other equity instruments outstanding at beginning of period (in shares)	4,700,000	4,700,000
Instruments granted (in shares)	0	0
Other equity instruments forfeited (in shares)	0	0
Other equity instruments exercised (in shares)	0	0
Other equity instruments outstanding at end of period (in shares)	4,700,000	4,700,000
Maximum term of awards granted | yr	5	5
Other equity instruments exercisable (in shares)	0	0
BoD 2019
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Other equity instruments outstanding at beginning of period (in shares)	25,326	0
Instruments granted (in shares)	16,833	25,326
Other equity instruments forfeited (in shares)	0	0
Other equity instruments exercised (in shares)	(25,326)	0
Other equity instruments outstanding at end of period (in shares)	16,833	25,326
Other equity instruments exercisable (in shares)	0	0
LTIP 2020
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Other equity instruments outstanding at beginning of period (in shares)	0	0
Instruments granted (in shares)	285,818	0
Other equity instruments forfeited (in shares)	0	0
Other equity instruments exercised (in shares)	(284,230)	0
Other equity instruments outstanding at end of period (in shares)	1,588	0
Other equity instruments exercisable (in shares)	712	0
LTIP 2020 | Class A
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Share options outstanding at beginning of period (in shares)	0	0
Share options granted (in shares)	5,757,296	0
Share options forfeited (in shares)	(10,000)	0
Share options exercised (in shares)	(59,485)	0
Share options outstanding at end of period (in shares)	5,687,811	0
Share options exercisable (in shares)	5,687,811	0
LTIP 2020 | Class B
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Share options outstanding at beginning of period (in shares)	0	0
Share options granted (in shares)	10,552,670	0
Share options forfeited (in shares)	0	0
Share options exercised (in shares)	0	0
Share options outstanding at end of period (in shares)	10,552,670	0
Share options exercisable (in shares)	10,552,670	0
Founders Plan 2021
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Other equity instruments outstanding at beginning of period (in shares)	0	0
Instruments granted (in shares)	699,648	0
Other equity instruments forfeited (in shares)	0	0
Other equity instruments exercised (in shares)	(576,320)	0
Other equity instruments outstanding at end of period (in shares)	123,328	0
Other equity instruments exercisable (in shares)	123,328	0
Phantom shares | OEPP 2018
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Other equity instruments outstanding at beginning of period (in shares)	1,225,000	1,298,750
Instruments granted (in shares)	0	326,250
Other equity instruments forfeited (in shares)	(22,500)	0
Other equity instruments exercised (in shares)	(1,072,500)	(400,000)
Other equity instruments outstanding at end of period (in shares)	130,000	1,225,000
Maximum term of awards granted | yr		0
Other equity instruments exercisable (in shares)	130,000	0
Phantom shares and share options | LTPP 2018
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Share options and other equity instruments outstanding at beginning of period (in shares)	4,026,250	3,785,000
Instruments granted (in shares)	0	241,250
Share options and other equity instruments forfeited (in shares)	0	0
Share options and other equity instruments exercised (in shares)	(2,000,000)	0
Share options and other equity instruments outstanding at end of period (in shares)	2,026,250	4,026,250
Share options and other equity instruments exercisable (in shares)	1,483,750	0

Share-based compensation - Sc_2

Share-based compensation - Schedule of Valuation Inputs (Details)	Apr. 28, 2021employeeSFr / shares	Feb. 28, 2021yrSFr / shares	Jan. 10, 2021yrSFr / shares	Dec. 31, 2021	Mar. 31, 2021yrSFr / shares	Mar. 31, 2020yrSFr / shares
OEPP 2018 | Phantom shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on the measurement date (CHF) (in CHF per share)						SFr 7.10
Expected life of the award on the grant date (years) | yr						3.1
Contractual life remaining (years)						1 year 3 months 18 days
Exercise price (CHF) (in CHF per share)						SFr 0
Expected dividend yield (%)						0.00%
Risk-free interest rate (%)						(68.00%)
Expected volatility of the share price (%)						3872.00%
Option value (CHF) (in CHF per share)						SFr 7.09
LTPP 2018 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Contractual life remaining (years)						7 years 3 months 18 days
LTPP 2018 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Contractual life remaining (years)						8 years 3 months 18 days
LTPP 2018 | Phantom shares and share options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on the measurement date (CHF) (in CHF per share)						SFr 7.10
Expected life of the award on the grant date (years) | yr						10
Exercise price (CHF) (in CHF per share)						SFr 0.10
Expected dividend yield (%)						0.00%
Risk-free interest rate (%)						(38.00%)
Expected volatility of the share price (%)						3703.00%
Option value (CHF) (in CHF per share)						SFr 7.09
LTIP 2018 | Non-US
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on the measurement date (CHF) (in CHF per share)					SFr 7.30	SFr 7.11
Contractual life remaining (years)					4 years 2 months 12 days	3 years 2 months 12 days
Expected life of the award on the grant date (years) | yr					5	5
Exercise price (CHF) (in CHF per share)					SFr 0.10	SFr 0
Expected dividend yield (%)					0.00%	0.00%
Risk-free interest rate (%)					(60.00%)	(80.00%)
Expected volatility of the share price (%)					40.73%	37.61%
Weighted Average Fair Value Price At Measurement Date, Share Options Granted					SFr 7.29	SFr 7.10
LTIP 2018 | US
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on the measurement date (CHF) (in CHF per share)					SFr 7.30	SFr 7.11
Contractual life remaining (years)					4 years 2 months 12 days	3 years 2 months 12 days
Expected life of the award on the grant date (years) | yr					5	5
Exercise price (CHF) (in CHF per share)					SFr 7.30	SFr 3.65
Expected dividend yield (%)					0.00%	0.00%
Risk-free interest rate (%)					(60.00%)	(80.00%)
Expected volatility of the share price (%)					40.73%	37.61%
Weighted Average Fair Value Price At Measurement Date, Share Options Granted					SFr 2.49	SFr 3.47
SLIA 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on the measurement date (CHF) (in CHF per share)	SFr 7.11
Exercise price (CHF) (in CHF per share)	SFr 0.10
Expected dividend yield (%)	0.00%
Weighted Average Fair Value Price At Measurement Date, Share Options Granted					SFr 7.10
SLIA 2019 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life of the award on the grant date (years) | employee	4.7
Contractual life remaining (years)				3 years
Risk-free interest rate (%)	(0.67%)
Expected volatility of the share price (%)	34.00%
SLIA 2019 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life of the award on the grant date (years) | employee	5.7
Contractual life remaining (years)				4 years
Risk-free interest rate (%)	(0.65%)
Expected volatility of the share price (%)	34.60%
LTIP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on the measurement date (CHF) (in CHF per share)			SFr 28.33
Expected life of the award on the grant date (years) | yr			0.2
Contractual life remaining (years)			0 years
Exercise price (CHF) (in CHF per share)			SFr 0
Expected dividend yield (%)			0.00%
Risk-free interest rate (%)			4.00%
Expected volatility of the share price (%)			31.00%
Option value (CHF) (in CHF per share)			SFr 28.33
LTIP 2020 | Class A
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on the measurement date (CHF) (in CHF per share)		SFr 7.30	SFr 28.33
Contractual life remaining (years)		6 years 2 months 12 days	0 years
Expected life of the award on the grant date (years) | yr		7	0.2
Expected dividend yield (%)		0.00%	0.00%
Risk-free interest rate (%)		(41.00%)	4.00%
Expected volatility of the share price (%)		40.51%	31.00%
LTIP 2020 | Class A | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price (CHF) (in CHF per share)		SFr 7.11	SFr 7.18
Weighted Average Fair Value Price At Measurement Date, Share Options Granted		2.92	16.85
LTIP 2020 | Class A | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price (CHF) (in CHF per share)		7.30	1.48
Weighted Average Fair Value Price At Measurement Date, Share Options Granted		SFr 2.97	21.15
LTIP 2020 | Class B
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on the measurement date (CHF) (in CHF per share)			SFr 2.83
Contractual life remaining (years)			0 years
Expected life of the award on the grant date (years) | yr			0.2
Exercise price (CHF) (in CHF per share)			SFr 0.71
Expected dividend yield (%)			0.00%
Risk-free interest rate (%)			4.00%
Expected volatility of the share price (%)			31.00%
Weighted Average Fair Value Price At Measurement Date, Share Options Granted			SFr 2.12
Founders Plan 2021 | Class A
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price on the measurement date (CHF) (in CHF per share)			SFr 28.33
Expected life of the award on the grant date (years) | yr			0.2
Contractual life remaining (years)			0 years
Exercise price (CHF) (in CHF per share)			SFr 0
Expected dividend yield (%)			0.00%
Risk-free interest rate (%)			4.00%
Expected volatility of the share price (%)			3100.00%
Option value (CHF) (in CHF per share)			SFr 28.33

Employee benefit obligations -

Employee benefit obligations - Net Employee Benefit Obligation (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of defined benefit plans [abstract]
Present value of defined benefit obligation	SFr (22,842)	SFr (16,751)
Fair value of plan assets	16,989	11,121
Employee benefit obligations	SFr (5,853)	SFr (5,630)	SFr (3,045)
Weighted average duration of defined benefit obligation	18 years 1 month 6 days	20 years 6 months

Employee benefit obligations _2

Employee benefit obligations - Reconciliation of Employee Benefit Obligation (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [abstract]
Employee benefit obligations at January 1	SFr (5,630)	SFr (3,045)
Amounts recognized in income statement	(2,601)	(1,625)
Amounts recognized in other comprehensive income	907	(1,620)
Contributions by the employer	1,471	661
Employee benefit obligations at December 31	SFr (5,853)	SFr (5,630)

Employee benefit obligations _3

Employee benefit obligations - Employee Benefit Expense (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of defined benefit plans [abstract]
Current service cost	SFr (2,592)	SFr (1,619)	SFr (955)
Past service cost	0	0	326
Net interest cost	(9)	(7)	(11)
Employee benefit expenses	SFr (2,601)	SFr (1,625)	SFr (640)

Employee benefit obligations _4

Employee benefit obligations - Net Actuarial Results From Defined Benefit Plans (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Actuarial losses/(gains) from
changes in demographic assumptions	SFr (1,831)	SFr 0	SFr 0
changes in financial assumptions	(641)	(242)	1,229
changes in experience adjustments	2,336	1,797	697
Return on plan assets excl. interest income	(771)	65	(534)
Amounts recognized in other comprehensive income	SFr (907)	SFr 1,620	SFr 1,392

Employee benefit obligations _5

Employee benefit obligations - Present Value Defined Benefit Obligation (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of defined benefit plans [line items]
Employee benefit obligations at January 1	SFr 5,630	SFr 3,045
Actuarial losses/(gains) from
changes in demographic assumptions	(1,831)	0	SFr 0
Employee benefit obligations at December 31	5,853	5,630	3,045
Present value of defined benefit obligation
Disclosure of defined benefit plans [line items]
Employee benefit obligations at January 1	16,751	11,283
Current service cost	2,592	1,619
Contributions by the employees	1,474	983
Interest expenses	33	33
Past service cost	0	0
Benefits paid	2,128	1,278
Actuarial losses/(gains) from
changes in demographic assumptions	(1,831)	0
changes in financial assumptions	(641)	(242)
changes in experience adjustments	2,336	1,797
Employee benefit obligations at December 31	SFr 22,842	SFr 16,751	SFr 11,283

Employee benefit obligations _6

Employee benefit obligations - Plan Assets (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [line items]
Employee benefit obligations at January 1	SFr 5,630	SFr 3,045
Contributions by the employer	1,471	661
Employee benefit obligations at December 31	5,853	5,630
Plan assets
Disclosure of defined benefit plans [line items]
Employee benefit obligations at January 1	11,121	8,238
Contributions by the employer	1,471	661
Contributions by the employees	1,474	983
Interest income employee benefits	24	27
Benefits paid	2,128	1,278
Return on plan assets excl. interest income	771	(65)
Employee benefit obligations at December 31	SFr 16,989	SFr 11,121

Employee benefit obligations _7

Employee benefit obligations - Plan Asset Composition (Details)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [abstract]
Cash and equivalent	2.50%	2.90%
Debt instruments	24.90%	24.50%
Equity instruments	32.90%	33.70%
Real estate	19.60%	18.50%
Mortgages	4.70%	5.20%
Alternative assets	15.40%	15.20%
Total	100.00%	100.00%

Employee benefit obligations _8

Employee benefit obligations - Actuarial Assumptions (Details)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [abstract]
Discount rate	0.40%	0.20%
Expected rate of salary increase	1.50%	1.50%
Expected rate of pension increase	0.00%	0.00%

Employee benefit obligations _9

Employee benefit obligations - Sensitivity Analysis for Actuarial Assumptions (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Discount rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible decrease in actuarial assumption	0.50%
Percentage of reasonably possible increase in actuarial assumption	0.50%
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	SFr 2,259	SFr 1,900
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	SFr (1,879)	(1,548)
Expected rate of salary increase
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible decrease in actuarial assumption	0.50%
Percentage of reasonably possible increase in actuarial assumption	0.50%
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	SFr (451)	(382)
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	SFr 462	392
Life expectancy
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Period of reasonably possible decrease in actuarial assumption	1 year
Period of reasonably possible increase in actuarial assumption	1 year
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	SFr (304)	(267)
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	SFr 297	SFr 262

Provisions (Details)

Provisions (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Provisions [Line Items]
Beginning balance	SFr 21,022	SFr 4,947
Additions	20,362	16,051
Release	(422)
Utilization	(21,570)
Exchange differences	(46)	24
Ending balance	19,345	21,022
thereof current	14,903	376	SFr 246
thereof non-current	4,442	20,645	4,701
Social charges
Disclosure of Provisions [Line Items]
Beginning balance	20,074	4,357
Additions	15,571	15,702
Release	0
Utilization	(21,570)
Exchange differences	(28)	16
Ending balance	14,048	20,074
thereof current	14,048	0	0
thereof non-current	0	20,074	4,357
Long-service leave
Disclosure of Provisions [Line Items]
Beginning balance	947	590
Additions	1,140	349
Release	(422)
Utilization	0
Exchange differences	(8)	9
Ending balance	1,657	947
thereof current	721	376	246
thereof non-current	936	571	344
Asset retirement obligation
Disclosure of Provisions [Line Items]
Beginning balance	0	0
Additions	3,650	0
Release	0
Utilization	0
Exchange differences	(10)	0
Ending balance	3,640	0
thereof current	135	0	0
thereof non-current	SFr 3,506	SFr 0	SFr 0

Income taxes - Major Components

Income taxes - Major Components of Income Tax (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Abstract]
Current income taxes	SFr 7,051	SFr 4,107	SFr 4,200
Deferred income taxes	3,589	(1,024)	420
Income taxes	SFr 10,640	SFr 3,083	SFr 4,620

Income taxes - Tax Rate Reconci

Income taxes - Tax Rate Reconciliation (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Abstract]
(Loss)/Income before taxes	SFr (159,588)	SFr (24,441)	SFr 3,147
Expected tax rate	19.70%	19.70%	19.70%
Expected tax expense	SFr (31,439)	SFr (4,815)	SFr 620
Income and expenses not subject to tax, net	(0.20%)	0.70%	6.40%
Income and expenses not subject to tax, net	SFr 280	SFr (167)	SFr 201
Effects of (de-)recognition of tax losses	(0.40%)	0.00%	0.00%
Effects of (de-)recognition of tax losses	SFr (565)	SFr 0	SFr 0
Local actual tax rate different to On’s expected average tax rate	(0.60%)	(3.10%)	(1.10%)
Local actual tax rate different to On’s expected average tax rate	SFr 963	SFr 759	SFr (34)
Non-deductible expenses	(25.40%)	(30.50%)	117.90%
Non-deductible expenses	SFr (40,590)	SFr (7,444)	SFr (3,711)
Prior year adjustments and other items, net	0.20%	0.60%	6.90%
Prior year adjustments and other items, net	SFr (318)	SFr (139)	SFr 218
Effective tax rate	(6.70%)	(12.60%)	146.80%
Income taxes	SFr 10,640	SFr 3,083	SFr 4,620

Income taxes - Net Deferred Tax

Income taxes - Net Deferred Tax Assets and Liabilities (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Abstract]
Net amount at January 1	SFr (3,440)	SFr 251	SFr (1,001)
thereof deferred tax assets	2,171	5,915	1,849
thereof deferred tax liabilities	(5,611)	(5,664)	(2,849)
Taxes charged
to income statement	(3,589)	1,024	SFr (420)
to other comprehensive income	(179)	319
Exchange differences	77	(92)
Net amount at December 31	SFr 251	SFr (1,001)

Income taxes - Components of De

Income taxes - Components of Deferred Tax Assets and Liabilities (Details) - CHF (SFr) SFr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	SFr 2,171	SFr 5,915	SFr 1,849
Liabilities	(5,611)	(5,664)	(2,849)
Net amount	(3,440)	251	SFr (1,001)
Before offset amount
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	9,283	11,127
Liabilities	(12,723)	(10,877)
Net amount	(3,440)	250
Offset amount
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	7,113	5,212
Liabilities	(7,113)	(5,213)
Trade receivables
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	80	0
Liabilities	(977)	(817)
Net amount	(896)	(817)
Inventories
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	619	3,393
Liabilities	(3,927)	(3,777)
Net amount	(3,308)	(384)
Other current assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	716	1,008
Liabilities	0	(4)
Net amount	716	1,004
Property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	0	4
Liabilities	(120)	(506)
Net amount	(120)	(502)
Right-of-use assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	0	0
Liabilities	(3,771)	(2,445)
Net amount	(3,771)	(2,445)
Intangible assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	0	0
Liabilities	(3,073)	(3,194)
Net amount	(3,073)	(3,194)
Other current financial liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	837	566
Liabilities	0	(47)
Net amount	837	519
Other current operating liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	0	0
Liabilities	(855)	(83)
Net amount	(855)	(83)
Current provisions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	82	80
Liabilities	0	0
Net amount	82	80
Employee benefit obligations
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	1,153	1,109
Liabilities	0	0
Net amount	1,153	1,109
Non-current provisions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	136	128
Liabilities	0	(2)
Net amount	136	126
Other non-current financial liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	3,105	2,106
Liabilities	0	(2)
Net amount	3,105	2,104
Tax loss carryforwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	2,555	2,732
Liabilities	0	0
Net amount	SFr 2,555	SFr 2,732

Related parties - Narrative (De

Related parties - Narrative (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 18, 2021
Disclosure of transactions between related parties [line items]
Share-based compensation		SFr 67,328	SFr 10,044	SFr 9,568
Capital increase		618,262	133,266	1,344
Short-term employee benefits		1,922	1,825	2,556
Post-employment benefits		14,373	2,072	273
Key management personnel compensation		83,623	13,940	12,397
Capital reserves
Disclosure of transactions between related parties [line items]
Capital increase		SFr 615,265	132,968	1,341
Initial Public Offering
Disclosure of transactions between related parties [line items]
Percentage of shares reserved by underwriters		5.00%
Share price (in USD per share)					SFr 24
Non-executive directors
Disclosure of transactions between related parties [line items]
Share-based compensation		SFr 295	SFr 95	SFr 575
Board of directors and their immediate family members | Initial Public Offering
Disclosure of transactions between related parties [line items]
Number of shares issued in transaction (in shares)		56,667
Related parties
Disclosure of transactions between related parties [line items]
Ordinary capital increase (in shares)	861
Related parties | Capital reserves
Disclosure of transactions between related parties [line items]
Capital increase	SFr 7,649

Related parties - Schedule of T

Related parties - Schedule of Transactions (Details) - CHF (SFr) SFr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related party transactions [abstract]
Short-term employee benefits	SFr 1,922	SFr 1,825	SFr 2,556
Post-employment benefits	14,373	2,072	273
Share-based compensation	67,328	10,044	9,568
On Executive Team	SFr 83,623	SFr 13,940	SFr 12,397

Government grants (Details)

Government grants (Details) SFr in Thousands	12 Months Ended
	Dec. 31, 2021CHF (SFr)grant	Dec. 31, 2020CHF (SFr)	Dec. 31, 2019CHF (SFr)
Government Grants [Abstract]
Number of grants | grant	2
Investment term	3 years
Income from government grants | SFr	SFr 640	SFr 464	SFr 400