# EDGAR Filing Document

**Accession Number:** 0001858985
**File Stem:** 0001858985-25-000015
**Filing Date:** 2025-11
**Character Count:** 213537
**Document Hash:** a8e847458df463eee2fb7502a9a3f5e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001858985-25-000015.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001858985-25-000015

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** On Holding AG
- **CENTRAL INDEX KEY:** 0001858985
- **STANDARD INDUSTRIAL CLASSIFICATION:** RUBBER & PLASTICS FOOTWEAR [3021]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40795
- **FILM NUMBER:** 251468202

**BUSINESS ADDRESS:**
- **STREET 1:** FORRLIBUCKSTRASSE 190
- **CITY:** 8005 ZURICH
- **STATE:** V8
- **ZIP:** 00000
- **BUSINESS PHONE:** 41 44 225 15 55

**MAIL ADDRESS:**
- **STREET 1:** FORRLIBUCKSTRASSE 190
- **CITY:** 8005 ZURICH
- **STATE:** V8
- **ZIP:** 00000

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of November 2025

**Commission File Number: 001-40795**

**On Holding AG**

**(Exact name of registrant as specified in its charter)**

---

| |
|:---|
| **Förrlibuckstrasse 190** |
| **8005 Zurich, Switzerland** |

---

**Tel:**+4144 225 1555

**Fax:** +4144 225 1556

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **On Holding AG** | **On Holding AG** | **On Holding AG** |
| By: | /s/ Martin Hoffmann | /s/ Martin Hoffmann |
|  | Name: | Martin Hoffmann |
|  | Title: | Chief Executive Officer and Chief Financial Officer |

---

Date: November 12, 2025

------

**INCORPORATION BY REFERENCE**

This Report on Form 6-K (other than Exhibit 99.1 hereto) shall be deemed to be incorporated by reference into the registration statements on Form F-3 (Registration No. 333-268852) and Form S-8 (Registration Nos. 333-259533 and 333-268853) of On Holding AG and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | <u>[Press Release dated November 12, 2025](a25q3-ex991xpressrelease.htm)</u> |
| 99.2 | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations for the Third Quarter Ended September 30, 2025](a25q3-exhibit992xmda.htm)</u> |
| 99.3 | <u>[Articles of Association of On Holding AG](a25q3-ex993xarticlesofas.htm)</u> |

---

## Exhibit 99.1

**Exhibit 99.1**

**On Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Driven by exceptional global momentum and consistent execution of its strategic priorities, On delivers record net sales and profitability in the third quarter. Net sales increase by 24.9% year-over-year, and by 34.5% on a constant currency basis, reaching CHF 794.4 million. This growth reflects broad-based demand, with a strong performance across both Direct-to-Consumer ("DTC") and Wholesale channels, underscoring the scalability and global appeal of On's premium business model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execution on strategic priorities continues to deliver strong, multi-dimensional growth. The apparel category achieves another quarter of exceptional growth, with a meaningful and balanced increase in share across all channels and regions. Net sales from apparel increase by 86.9%, or 100.2% on a constant currency basis. The Asia-Pacific region delivers a fourth consecutive quarter of triple-digit constant currency growth at 109.2%, while reported net sales increase 94.2%. Performance is complemented by the continued expansion of On's global network of premium brand hubs, with new retail store locations in Palo Alto, Zurich, and Tokyo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reflecting operational efficiencies, the strength of On's premium positioning, and favorable foreign exchange effects, gross profit margin reaches a new high of 65.7%, up 510 basis points year-over-year. This includes a one-off positive impact of approximately 200 basis points related to lower-than-anticipated freight and other costs. Disciplined cost control, coupled with focused investment in high-return areas, drives an adjusted EBITDA margin of 22.6%. This corresponds to CHF 179.9 million in absolute adjusted EBITDA, up 49.8% year-over-year. Net income margin increased to 15.0%, up from 4.8% in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On further deepens its performance credibility and cultural relevance. The Company celebrates its first-ever gold medals at the World Athletics Championships and, in recent weeks, Hellen Obiri's record-breaking victory at the marathon in New York, underscoring the success of its athlete-first innovation strategy. Collaborations with Zendaya and Burna Boy further reinforce On's influence at the intersection of sport, fashion, and design, strengthening its connection with younger consumers worldwide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following another outstanding quarter and continued strong momentum, On raises its full-year 2025 guidance across all key metrics. The Company now expects constant currency net sales growth of 34% year-over-year, implying reported net sales of CHF 2.98 billion at current spot rates. The gross profit margin outlook increases to around 62.5%, reflecting sustainable structural efficiencies, the brand's strengthening premium positioning, and a favorable cost environment. This enhanced profitability supports an adjusted EBITDA margin above 18.0%, even as On accelerates strategic investments and manages foreign exchange headwinds.

**ZURICH, Switzerland, November 12, 2025** - On Holding AG (NYSE: ONON) ("On," "On Holding AG," the "Company," "we," "our," "ours," or "us"), has announced its financial results for the third quarter and nine-month period ended September 30, 2025.

Caspar Coppetti, Co-Founder and Executive Co-Chairman of On, said: "This quarter was another one for the record books - a true showcase of our premium strategy in action. It reflects the best of what On stands for: innovation, purpose, and performance coming together to inspire movement. Our focus on excellence continues to drive powerful global momentum, earning deep trust with consumers and strengthening the core of our business. With an outstanding product pipeline and boosted by the remarkable achievements of On's athletes that embody our performance spirit, we carry this momentum forward with confidence and energy."

Martin Hoffmann, CEO and CFO of On, said: "Our consistent execution continues to bring our strategy to life - winning in performance, elevating our brand, and engaging our expanding global community in credible and consistent ways. We're strengthening our connection with customers through experiences that showcase our premium positioning - from our most elevated stores to the growing momentum of our apparel business. At the core, our focus on operational excellence and technology is making us faster, smarter, and more agile. These results give us strong confidence - both for a successful holiday season and for the long term, as we continue building the world's most premium global sportswear brand."

------

**Key Financial and Operating Metrics**

Key financial and operating metrics for the three-month period ended September 30, 2025 compared to the three-month period ended September 30, 2024 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales increased by 24.9% to CHF 794.4 million, or by 34.5% on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales through the direct-to-consumer ("DTC") sales channel increased by 27.6% to CHF 314.7 million, or by 37.5% on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales through the wholesale sales channel increased by 23.3% to CHF 479.6 million, or by 32.5% on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales in Europe, Middle East and Africa ("EMEA"), Americas and Asia-Pacific ("APAC") increased by 28.6% to CHF 213.3 million, 10.3% to CHF 436.2 million and 94.2% to CHF 144.9 million, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales in EMEA, Americas and Asia-Pacific increased by 33.0%, 21.0% and 109.2% on a constant currency basis, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales from shoes, apparel and accessories increased by 21.1% to CHF 731.3 million, 86.9% to CHF 50.1 million and 145.3% to CHF 13.0 million, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales from shoes, apparel and accessories increased by 30.4%, 100.2% and 160.8% on a constant currency basis, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross profit increased by 35.5% to CHF 522.2 million from CHF 385.3 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross profit margin increased to 65.7% from 60.6%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net income increased by 289.8% to CHF 118.9 million from CHF 30.5 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net income margin increased to 15.0% from 4.8%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• basic earnings per share ("EPS") Class A (CHF) increased to CHF 0.36 from CHF 0.09;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diluted EPS Class A (CHF) increased to CHF 0.36 from CHF 0.09;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") increased by 49.8% to CHF 179.9 million from CHF 120.1 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted EBITDA margin increased to 22.6% from 18.9%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted net income increased by 182.9% to CHF 142.0 million from CHF 50.2 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted basic EPS Class A (CHF) increased to CHF 0.43 from CHF 0.16; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted diluted EPS Class A (CHF) increased to CHF 0.43 from CHF 0.15.

Key financial and operating metrics for the nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales increased by 32.6% to CHF 2,270.2 million, or by 37.3% on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales through the DTC sales channel increased by 39.2% to CHF 899.9 million, or by 44.4% on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales through the wholesale sales channel increased by 28.7% to CHF 1,370.3 million, or by 33.1% on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales in EMEA, Americas and Asia-Pacific increased by 34.7% to CHF 579.7 million, 19.2% to CHF 1,305.9 million and 106.6% to CHF 384.6 million, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales in EMEA, Americas and Asia-Pacific increased by 37.2%, 24.1% and 115.3% on a constant currency basis, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales from shoes, apparel and accessories increased by 29.8% to CHF 2,117.1 million, 82.6% to CHF 124.9 million and 127.4% to CHF 28.2 million, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales from shoes, apparel and accessories increased by 34.4%, 89.5% and 136.7% on a constant currency basis, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross profit increased by 37.8% to CHF 1,418.3 million from CHF 1,028.9 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross profit margin increased to 62.5% from 60.1%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net income decreased by 11.9% to CHF 134.6 million from CHF 152.7 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net income margin decreased to 5.9% from 8.9%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• basic EPS Class A (CHF) decreased to CHF 0.41 from CHF 0.47;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diluted EPS Class A (CHF) decreased to CHF 0.40 from CHF 0.47;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted EBITDA increased by 51.2% to CHF 436.0 million from CHF 288.3 million;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted EBITDA margin increased to 19.2% from 16.8%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted net income decreased by 10.2% to CHF 182.9 million from CHF 203.6 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted basic EPS Class A (CHF) decreased to CHF 0.56 from CHF 0.63; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted diluted EPS Class A (CHF) decreased to CHF 0.55 from CHF 0.62.

Key financial and operating metrics as of September 30, 2025 compared to December 31, 2024 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash and cash equivalents increased by 4.1% to CHF 961.8 million from CHF 924.3 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net working capital increased by 13.4% to CHF 565.8 million from CHF 498.9 million.

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital and net sales on a constant currency basis are non-IFRS measures used by us to evaluate our performance. Furthermore, we believe these non-IFRS measures enhance investors' understanding of our financial and operating performance from period to period because they enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS. For a detailed description and a reconciliation to the nearest IFRS measure, see section titled "Non-IFRS Measures."

**Outlook**

Building on a year defined by strategic focus and outstanding execution, On looks ahead with strong confidence. Brand momentum remains exceptionally high, fueled in recent weeks by remarkable athlete achievements, cultural moments elevating On globally, and the launch of its inspiring holiday campaign. Reflecting the strength of its third-quarter performance and sustained momentum, On is raising its full-year 2025 guidance across all key metrics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales: Expected to grow by 34% year-over-year on a constant currency basis (previously at least 31%). At current spot rates, this corresponds to reported net sales of CHF 2.98 billion (previously CHF 2.91 billion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit margin: Expected to be around 62.5% (previously 60.5-61.0%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA margin: Expected to be above 18.0% (previously 17.0-17.5%).

Other than with respect to IFRS net sales and gross profit margin, On only provides guidance on a non-IFRS basis. The Company does not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. As a result, we are not able to forecast with reasonable certainty all deductions needed in order to provide a reconciliation to net income. The above outlook is based on current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below and in our filings with the U.S. Securities and Exchange Commission (the "SEC").

------

**Conference Call Information**

A conference call to discuss third quarter results is scheduled for November 12, 2025 at 8 a.m. U.S. Eastern time (2 p.m. Central European Time). Those interested in participating in the call are invited to dial the following numbers:

United States:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+1 646 307 19 63

United Kingdom:&nbsp;&nbsp;&nbsp;&nbsp;+44 203 481 42 47

Switzerland:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+41 43 210 51 63

Conference ID: 4406250

Additionally, a live webcast of the conference call will be available on the Company's investor relations website and under the following link: <u>https://events.q4inc.com/attendee/862859771</u>. Following the conclusion of the call, a replay of the conference call will be available on the Company's website.

------

**About On**

On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement – a mission that still guides the brand today. Fifteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On's award-winning CloudTec® and LightSpray™ innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base – inspiring humans to explore, discover and Dream On.

On is present in more than 80 countries globally and engages with a digital community on www.on.com.

**Non-IFRS Measures** 

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital, and net sales on a constant currency basis are financial measures that are not defined under IFRS. We use these non-IFRS measures when evaluating our performance, including when making financial and operating decisions, and as a key component in the determination of variable incentive compensation for employees. We believe that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS measures enhance investor understanding of our financial and operating performance from period to period, because they exclude share-based compensation which is not viewed by management as part of our ongoing operations and performance, enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. In particular, we believe adjusted EBITDA, adjusted EBITDA margin, adjusted net income and net working capital are measures commonly used by investors to evaluate companies in the sportswear industry.<br>

However, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital, and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS and may not be comparable to similarly titled non-IFRS measures used by other companies. The tables below reconcile each non-IFRS measure to its most directly comparable IFRS measure.

As noted above, we do not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. The amount of these deductions may be material and, therefore, could result in projected net income being materially less than projected adjusted EBITDA. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-Looking Statements section of this press release.

Net sales on a constant currency basis is a non-IFRS financial measure and should be viewed as a supplement to our results under IFRS. Net sales on a constant currency basis represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We provide constant currency percent change in net sales within our results, to enhance the visibility of the underlying growth rate of net sales, excluding the impact of foreign currency exchange rate fluctuations.

------

**Forward-Looking Statements**

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Many of the forward-looking statements contained in this management's discussion and analysis can be identified by the use of forward-looking words such as "anticipate," "believe," "continue," "could," "expect," "estimate," "forecast," "intend," "may," "plan," "potential," "predict," "project," "target," "will," "would," and "should," among others.

Among other things, On's quotations from management in the press releases and other written materials, as well as On's strategic and operational plans, contain forward-looking statements. On may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements appear in a number of places in this management's discussion and analysis and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management.

Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section titled "Risk Factors" in our Annual Report. These risks and uncertainties include factors relating to: the strength of our brand and our ability to maintain our reputation and brand image; our ability and the ability of our independent manufacturers and other suppliers to follow responsible business practices; our ability to implement our growth strategy; the concentration of our business in a single, discretionary product category, namely footwear, apparel and accessories; our ability to continue to innovate and meet consumer expectations; changes in consumer tastes and preferences including in products and sustainability, and our ability to connect with our consumer base; our ability to open new stores at locations that will attract customers to our premium products; our ability to compete and conduct our business in the future; health epidemics, pandemics and similar outbreaks; general economic, political, demographic and business conditions worldwide, including geopolitical uncertainty and instability, such as the on-going Russia-Ukraine or Israel-Hamas conflicts and on-going shipping disruptions in the Red Sea and surrounding waterways; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; our ability to successfully develop, implement, and scale our LightSpray™ technology and products developed using this technology; our ability to strengthen and grow our DTC channel; our ability to address climate related risks; our ability to execute and manage our sustainability strategy and achieve our sustainability-related goals and targets, including sustainable product offerings and investor and customer scrutiny; our third-party suppliers, manufacturers and other partners, including their financial stability and our ability to find suitable partners to implement our growth strategy; supply chain disruptions, inflation and increased costs in supplies, goods and transportation, customs and duty expenses, and foreign exchange rates; the availability of qualified personnel and the ability to retain such personnel, including our Executive Officers; our ability to accurately forecast demand for our products and manage product manufacturing decisions; our ability to distribute products through our wholesale channel; changes in commodity, material, labor, distribution and other operating costs; our international operations; our ability to protect our intellectual property and defend against allegations of violations of third-party intellectual property by us; cybersecurity incidents and other disruptions to our information technology ("IT") systems; increased hacking activity against the critical infrastructure of any nation or organization that retaliates against Russia for its invasion of Ukraine; our reliance on complex IT systems; our ability to adopt generative artificial intelligence ("AI") technologies in our operations; changes and contemplation of changes to trade policies, tariffs and import/export regulations in the United States and other jurisdictions; financial accounting and tax matters; our ability to maintain effective internal control over financial reporting; the

------

potential impact of, and our compliance with, new and existing laws and regulations; other factors that may affect our financial condition, liquidity and results of operations; and other risks and uncertainties set out in filings made from time to time with the SEC and available at www.sec.gov, including, without limitation, our most recent reports on Form 20-F and Form 6-K. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

**For investor and media inquiries**

**Investor Contact:** 

On Holding AG

Liv Radlinger

investorrelations@on.com

*or* 

ICR, Inc.

Brendon Frey

brendon.frey@icrinc.com

**Media Contact:** 

On Holding AG

Adib Sisani

press@on.com

Source: On

Category: Earnings

------

**Consolidated Financial Information** 

***Consolidated interim statements of income***

***(unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **2025** | **2024** |
| Net sales | 794.4 | 635.8 | 2270.2 | 1711.7 |
| Cost of sales | (272.1) | (250.5) | (851.9) | (682.8) |
| **Gross profit** | **522.2** | **385.3** | **1418.3** | **1028.9** |
| Selling, general and administrative expenses | (397.5) | (312.7) | (1123.8) | (870.4) |
| **Operating result** | **124.7** | **72.6** | **294.5** | **158.5** |
| Financial income | 8.1 | 6.0 | 22.9 | 17.1 |
| Financial expenses | (8.1) | (6.5) | (21.8) | (17.2) |
| Foreign exchange gain / (loss) | (6.1) | (42.6) | (160.5) | 29.7 |
| **Income before taxes** | **118.6** | **29.6** | **135.2** | **188.1** |
| Income tax benefit / (expense) | 0.3 | 0.9 | (0.6) | (35.4) |
| **Net income** | **118.9** | **30.5** | **134.6** | **152.7** |
| **Earnings per share** |  |  |  |  |
| Basic EPS Class A (CHF) | 0.36 | 0.09 | 0.41 | 0.47 |
| Basic EPS Class B (CHF) | 0.04 | 0.01 | 0.04 | 0.05 |
| Diluted EPS Class A (CHF) | 0.36 | 0.09 | 0.40 | 0.47 |
| Diluted EPS Class B (CHF) | 0.03 | 0.01 | 0.04 | 0.05 |

---

------

 ***Consolidated interim balance sheets***

***(unaudited)***

---

| | | |
|:---|:---|:---|
| (CHF in millions) | **9/30/2025** | **12/31/2024** |
| Cash and cash equivalents | 961.8 | 924.3 |
| Trade receivables | 340.9 | 246.1 |
| Inventories | 380.6 | 419.2 |
| Other current financial assets | 63.1 | 56.4 |
| Other current operating assets | 165.3 | 113.7 |
| **Current assets** | **1911.7** | **1759.7** |
| Property, plant and equipment | 135.2 | 127.2 |
| Right-of-use assets | 479.9 | 323.6 |
| Intangible assets | 54.6 | 58.3 |
| Deferred tax assets | 170.3 | 107.8 |
| **Non-current assets** | **839.9** | **617.0** |
| **Assets** | **2751.6** | **2376.7** |
| Trade payables | 155.6 | 166.5 |
| Current lease liabilities | 76.1 | 59.1 |
| Other current financial liabilities | 55.5 | 51.3 |
| Other current operating liabilities | 380.3 | 299.3 |
| Current provisions | 15.8 | 21.7 |
| Income tax liabilities | 65.2 | 62.5 |
| **Current liabilities** | **748.6** | **660.4** |
| Employee benefit obligations | 7.9 | 8.6 |
| Non-current provisions | 18.8 | 14.9 |
| Non-current lease liabilities | 427.8 | 288.5 |
| Other non-current financial liabilities | 0.7 | 1.7 |
| Deferred tax liabilities | 6.5 | 10.8 |
| **Non-current liabilities** | **461.8** | **324.5** |
| Share capital | 34.0 | 33.7 |
| Treasury shares | (26.7) | (26.8) |
| Capital reserves | 1267.9 | 1210.0 |
| Other reserves | (47.6) | (4.0) |
| Retained earnings | 313.6 | 178.9 |
| **Equity** | **1541.3** | **1391.8** |
| **Equity and liabilities** | **2751.6** | **2376.7** |

---

------

***Consolidated interim statements of cash flows***

***(unaudited)***

---

| | | |
|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** |
| **Net income** | **134.6** | **152.7** |
| Adjustments for: |  |  |
| &nbsp;&nbsp;Share-based compensation | 49.7 | 42.4 |
| &nbsp;&nbsp;Employee benefit expenses | 2.8 | 1.3 |
| &nbsp;&nbsp;Depreciation and amortization | 92.9 | 75.9 |
| &nbsp;&nbsp;Loss on disposal of assets | 0.7 | 0.2 |
| &nbsp;&nbsp;Interest income and expenses | (6.7) | (5.2) |
| &nbsp;&nbsp;Net exchange differences | 162.0 | (27.7) |
| &nbsp;&nbsp;Income taxes | 0.6 | 35.4 |
| Change in working capital | (178.3) | (35.0) |
| &nbsp;&nbsp;Trade receivables | (130.5) | (118.5) |
| &nbsp;&nbsp;Inventories | (39.1) | 15.6 |
| &nbsp;&nbsp;Trade payables | (8.7) | 67.9 |
| Change in other current assets / liabilities | 36.9 | 110.7 |
| Change in provisions | (5.1) | 11.5 |
| Interests received | 22.4 | 16.5 |
| Income taxes paid | (66.0) | (37.0) |
| **Cash inflow from operating activities** | **246.4** | **341.8** |
| Purchase of tangible assets | (46.2) | (41.5) |
| Purchase of intangible assets | (3.8) | (3.7) |
| **Cash (outflow) from investing activities** | **(50.0)** | **(45.2)** |
| Payments of lease liabilities | (51.3) | (37.4) |
| Proceeds from issuance of shares | 0.3 | 0.2 |
| Proceeds on sale of treasury shares related to share-based compensation | 8.3 | 8.6 |
| Interests paid | (15.6) | (11.3) |
| **Cash (outflow) from financing activities** | **(58.3)** | **(39.8)** |
| **Change in net cash and cash equivalents** | **138.1** | **256.8** |
| Net cash and cash equivalents at January 1 | 924.3 | 494.6 |
| Net impact of foreign exchange rate differences | (100.5) | (2.4) |
| Net cash and cash equivalents at September 30 | 961.8 | 749.0 |

---

------

**Reconciliation of Non-IFRS measures**

***Adjusted EBITDA and Adjusted EBITDA Margin***

The table below reconciles net income to adjusted EBITDA for the periods presented. Adjusted EBITDA margin is equal to adjusted EBITDA for the period presented as a percentage of net sales for the same period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| **Net income** | **118.9** | **30.5** | **289.8%** | **134.6** | **152.7** | **(11.9)%** |
| *Exclude the impact of:* |  |  |  |  |  |  |
| Income taxes | (0.3) | (0.9) | (66.7)% | 0.6 | 35.4 | (98.3)% |
| Financial income | (8.1) | (6.0) | 35.0% | (22.9) | (17.1) | 33.9% |
| Financial expenses | 8.1 | 6.5 | 24.6% | 21.8 | 17.2 | 26.7% |
| Foreign exchange result | 6.1 | 42.6 | (85.7)% | 160.5 | (29.7) | 640.4% |
| Depreciation and amortization | 32.2 | 27.5 | 17.1% | 92.9 | 75.9 | 22.4% |
| Share-based compensation<sup>(1)</sup> | 23.0 | 19.9 | 15.6% | 48.6 | 53.9 | (9.8)% |
| **Adjusted EBITDA** | **179.9** | **120.1** | **49.8%** | **436.0** | **288.3** | **51.2%** |
| Adjusted EBITDA Margin | 22.6% | 18.9% | 20.0% | 19.2% | 16.8% | 14.0% |

---

<sup>(1)</sup> Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance.

**Adjusted Net Income, Adjusted Basic EPS and Adjusted Diluted EPS**

We use adjusted net income, adjusted basic EPS and adjusted diluted EPS as measures of operating performance in conjunction with related IFRS measures.

For the purpose of operational performance measurement, we calculate adjusted net income, adjusted basic EPS and adjusted diluted EPS in a manner that fully excludes the impact of any costs related to share-based compensation and includes the tax effect on the tax-deductible portion of the non-IFRS adjustments, which we believe increases comparability of the metric from period to period, and makes it useful for management, our audit committee and investors to assess our financial performance over time.

Adjusted basic EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period. Adjusted diluted EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period on a fully diluted basis.

------

The table below provides a reconciliation between net income and adjusted net income, adjusted basic EPS and adjusted diluted EPS for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** |
| (CHF in millions, except per share data) | **2025** | **2025** | **2024** | **2024** |
|  | **Class A** | **Class B** | **Class A** | **Class B** |
| **Net income** | **106.8** | **12.1** | **27.2** | **3.3** |
| *Exclude the impact of:* |  |  |  |  |
| Share-based compensation<sup>(1)</sup> | 20.7 | 2.3 | 17.8 | 2.1 |
| Tax effect of adjustments<sup>(2)</sup> | 0.1 |  | (0.2) |  |
| **Adjusted net income** | **127.6** | **14.4** | **44.8** | **5.4** |
| **Weighted number of outstanding shares** | **296472498** | **334916680** | **288654081** | **345437500** |
| Weighted number of shares with dilutive effects | 2926575 | 10595360 | 3724345 | 12963353 |
| **Weighted number of outstanding shares (diluted and undiluted)**<sup>(3)</sup> | **299399073** | **345512040** | **292378426** | **358400853** |
| **Adjusted basic EPS (CHF)** | **0.43** | **0.04** | **0.16** | **0.02** |
| **Adjusted diluted EPS (CHF)** | **0.43** | **0.04** | **0.15** | **0.01** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions, except per share data) | **2025** | **2025** | **2024** | **2024** |
|  | **Class A** | **Class B** | **Class A** | **Class B** |
| **Net income** | **120.7** | **13.9** | **136.4** | **16.3** |
| *Exclude the impact of:* |  |  |  |  |
| Share-based compensation<sup>(1)</sup> | 43.5 | 5.0 | 48.1 | 5.8 |
| Tax effect of adjustments<sup>(2)</sup> | (0.3) |  | (2.7) | (0.3) |
| **Adjusted net income** | **164.0** | **18.9** | **181.8** | **21.8** |
| **Weighted number of outstanding shares** | **295155386** | **340427586** | **288232639** | **345437500** |
| Weighted number of shares with dilutive effects | 3648162 | 12108722 | 3515460 | 12487714 |
| **Weighted number of outstanding shares (diluted and undiluted)**<sup>(3)</sup> | **298803548** | **352536308** | **291748099** | **357925214** |
| **Adjusted basic EPS (CHF)** | **0.56** | **0.06** | **0.63** | **0.06** |
| **Adjusted diluted EPS (CHF)** | **0.55** | **0.05** | **0.62** | **0.06** |

---

<sup>(1)</sup> Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance.

<sup>(2)</sup> The tax effect has been calculated by applying the local tax rate on the tax-deductible portion of the respective adjustments.

<sup>(3)</sup> Weighted number of outstanding shares (diluted and undiluted) are presented herein in order to calculate Adjusted EPS as Adjusted net income for such periods.

------

**Net Sales on a Constant Currency Basis**

Net sales on a constant currency basis is a non-IFRS measure which represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We provide constant currency percent change in net sales in our results to enhance the visibility of the underlying growth rate of net sales, excluding the impact of foreign currency exchange rate fluctuations. Below, we show reported net sales split out by sales channel, geography, and product, and include the reported percent change and the constant currency percent change.

*<u>Net sales by sales channel</u>*

The following tables present net sales by sales channel:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **Constant Currency % Change (1)** |
| Wholesale | 479.6 | 389.1 | 23.3% | 32.5% |
| Direct-to-consumer | 314.7 | 246.7 | 27.6% | 37.5% |
| **Net sales** | **794.4** | **635.8** | **24.9%** | **34.5%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **Constant Currency % Change (1)** |
| Wholesale | 1370.3 | 1065.1 | 28.7% | 33.1% |
| Direct-to-consumer | 899.9 | 646.6 | 39.2% | 44.4% |
| **Net sales** | **2270.2** | **1711.7** | **32.6%** | **37.3%** |

---

*<u>Net sales by geography</u>*

The following tables present net sales by geographic region (based on the location of the counterparty):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **Constant Currency % Change (1)** |
| Americas | 436.2 | 395.5 | 10.3% | 21.0% |
| Europe, Middle East and Africa | 213.3 | 165.8 | 28.6% | 33.0% |
| Asia-Pacific | 144.9 | 74.6 | 94.2% | 109.2% |
| **Net sales** | **794.4** | **635.8** | **24.9%** | **34.5%** |

---

<sup>(1)</sup> The constant currency percent change represents changes to net sales on a constant currency basis, which is a non-IFRS financial measure. See section titled "Non-IFRS Measures" for a description of this measure. Reconciliation to the nearest IFRS measure is shown in the tables above.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **Constant Currency % Change (1)** |
| Americas | 1305.9 | 1095.1 | 19.2% | 24.1% |
| Europe, Middle East and Africa | 579.7 | 430.4 | 34.7% | 37.2% |
| Asia-Pacific | 384.6 | 186.2 | 106.6% | 115.3% |
| **Net Sales** | **2270.2** | **1711.7** | **32.6%** | **37.3%** |

---

*<u>Net sales by product</u>*

The following tables present net sales by product group:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **Constant Currency % Change (1)** |
| Shoes | 731.3 | 603.7 | 21.1% | 30.4% |
| Apparel | 50.1 | 26.8 | 86.9% | 100.2% |
| Accessories | 13.0 | 5.3 | 145.3% | 160.8% |
| **Net sales** | **794.4** | **635.8** | **24.9%** | **34.5%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **Constant Currency % Change (1)** |
| Shoes | 2117.1 | 1630.8 | 29.8% | 34.4% |
| Apparel | 124.9 | 68.4 | 82.6% | 89.5% |
| Accessories | 28.2 | 12.4 | 127.4% | 136.7% |
| **Net sales** | **2270.2** | **1711.7** | **32.6%** | **37.3%** |

---

<sup>(1)</sup> The constant currency percent change represents changes to net sales on a constant currency basis, which is a non-IFRS financial measure. See section titled "Non-IFRS Measures" for a description of this measure. Reconciliation to the nearest IFRS measure is shown in the tables above.

------

**Net Working Capital**

Net working capital is a financial measure that is not defined under IFRS. We use and believe that certain investors and analysts use this information to assess liquidity and management use of net working capital resources. We define net working capital as trade receivables, plus inventories, minus trade payables. This measure should not be considered in isolation or as a substitute for any standardized measure under IFRS.

Other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure.

---

| | | | |
|:---|:---|:---|:---|
| | **As of September 30,** | **As of December 31,** | |
| (CHF in millions) | **2025** | **2024** | **% Change** |
| Trade receivables | 340.9 | 246.1 | 38.5% |
| Inventories | 380.6 | 419.2 | (9.2)% |
| Trade payables | (155.6) | (166.5) | (6.5)% |
| **Net working capital** | **565.8** | **498.9** | **13.4%** |

---

## Exhibit 99.2

**Exhibit 99.2**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

Unless otherwise indicated or the context otherwise requires, all references in this document to "On," "On Holding AG," the "Company," "we," "our," "ours," "us," or similar terms refer to On Holding AG and its consolidated subsidiaries.

The following discussion of our financial condition and results of operations should be read in conjunction with the unaudited consolidated financial information included as an appendix to this management's discussion and analysis of financial condition and results of operations, as well as our audited financial statements and the notes thereto, and the section titled "Risk Factors", each of which appear in our annual report on Form 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission ("SEC") on March 4, 2025 ("Annual Report"). As discussed in the section titled "Special Note Regarding Forward-Looking Statements," the following management's discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below in such section. The unaudited consolidated financial information as of September 30, 2025, and for the three-month and nine-month periods ended September 30, 2025 and 2024 were prepared in accordance with International Accounting Standards ("IFRS"), as issued by the International Accounting Standards Board, and presented in Swiss Francs ("CHF"), the legal currency of Switzerland.

Certain numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them due to rounding. With respect to financial information set out in this document, a dash ("—") signifies that the relevant figure is available but is or has been rounded to zero.

**Overview** 

On is a premium performance sportswear brand rooted in innovation, design and sustainability that has built a passionate global community of fans across more than 80 countries. We focus on providing a premium product experience to customers wherever they are, and our brand resonates with our loyal customers around the world.

We believe our Swiss heritage and our focus on innovating at the cutting edge of performance, design and sustainability differentiates us from other sports brands. We are committed to creating premium products that deliver strong performance. Our relentless culture of innovation has driven us to repeatedly introduce numerous groundbreaking technologies that are designed to change the experience of running and create continuous excitement for our fans as we bring new products to market. Building off our heritage of supporting the runner, we have applied our expertise to creating performance products for a broader set of global consumers who use them in everyday life, expanding our product range beyond Performance Running to Performance Outdoor, Performance All Day, Performance Tennis and Performance Training.

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

**Key Financial and Operating Metrics**

Key financial and operating metrics for the three-month period ended September 30, 2025 compared to the three-month period ended September 30, 2024 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales increased by 24.9% to CHF 794.4 million, or by 34.5% on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales through the direct-to-consumer ("DTC") sales channel increased by 27.6% to CHF 314.7 million, or by 37.5% on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales through the wholesale sales channel increased by 23.3% to CHF 479.6 million, or by 32.5% on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales in Europe, Middle East and Africa ("EMEA"), Americas and Asia-Pacific ("APAC") increased by 28.6% to CHF 213.3 million, 10.3% to CHF 436.2 million and 94.2% to CHF 144.9 million, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales in EMEA, Americas and APAC increased by 33.0%, 21.0% and 109.2% on a constant currency basis, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales from shoes, apparel and accessories increased by 21.1% to CHF 731.3 million, 86.9% to CHF 50.1 million and 145.3% to CHF 13.0 million, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales from shoes, apparel and accessories increased by 30.4%, 100.2% and 160.8% on a constant currency basis, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross profit increased by 35.5% to CHF 522.2 million from CHF 385.3 million;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross profit margin increased to 65.7% from 60.6%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net income increased by 289.8% to CHF 118.9 million from CHF 30.5 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net income margin increased to 15.0% from 4.8%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• basic earnings per share ("EPS") Class A (CHF) increased to CHF 0.36 from CHF 0.09;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diluted EPS Class A (CHF) increased to CHF 0.36 from CHF 0.09;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") increased by 49.8% to CHF 179.9 million from CHF 120.1 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted EBITDA margin increased to 22.6% from 18.9%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted net income increased by 182.9% to CHF 142.0 million from CHF 50.2 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted basic EPS Class A (CHF) increased to CHF 0.43 from CHF 0.16; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted diluted EPS Class A (CHF) increased to CHF 0.43 from CHF 0.15.

Key financial and operating metrics for the nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales increased by 32.6% to CHF 2,270.2 million, or by 37.3% on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales through the DTC sales channel increased by 39.2% to CHF 899.9 million, or by 44.4% on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales through the wholesale sales channel increased by 28.7% to CHF 1,370.3 million, or by 33.1% on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales in EMEA, Americas and APAC increased by 34.7% to CHF 579.7 million, 19.2% to CHF 1,305.9 million and 106.6% to CHF 384.6 million, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales in EMEA, Americas and APAC increased by 37.2%, 24.1% and 115.3% on a constant currency basis, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales from shoes, apparel and accessories increased by 29.8% to CHF 2,117.1 million, 82.6% to CHF 124.9 million and 127.4% to CHF 28.2 million, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net sales from shoes, apparel and accessories increased by 34.4%, 89.5% and 136.7% on a constant currency basis, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross profit increased by 37.8% to CHF 1,418.3 million from CHF 1,028.9 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gross profit margin increased to 62.5% from 60.1%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net income decreased by 11.9% to CHF 134.6 million from CHF 152.7 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net income margin decreased to 5.9% from 8.9%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• basic EPS Class A (CHF) decreased to CHF 0.41 from CHF 0.47;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diluted EPS Class A (CHF) decreased to CHF 0.40 from CHF 0.47;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted EBITDA increased by 51.2% to CHF 436.0 million from CHF 288.3 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted EBITDA margin increased to 19.2% from 16.8%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted net income decreased by 10.2% to CHF 182.9 million from CHF 203.6 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted basic EPS Class A (CHF) decreased to CHF 0.56 from CHF 0.63; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted diluted EPS Class A (CHF) decreased to CHF 0.55 from CHF 0.62.

Key financial and operating metrics as of September 30, 2025 compared to December 31, 2024 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash and cash equivalents increased by 4.1% to CHF 961.8 million from CHF 924.3 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net working capital increased by 13.4% to CHF 565.8 million from CHF 498.9 million.

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital and net sales on a constant currency basis are non-IFRS measures used by us to evaluate our performance. Furthermore, we believe these non-IFRS measures enhance investors' understanding of our financial and operating performance from period to period because they enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS. For a detailed description and a reconciliation to the nearest IFRS measure, see section titled "Non-IFRS Measures."

------

**Operating Results**

The following table summarizes certain key operating measures for the three-month and nine-month periods ended September 30, 2025 and 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Net sales | 794.4 | 635.8 | 24.9% | 2270.2 | 1711.7 | 32.6% |
| Cost of sales | (272.1) | (250.5) | 8.6% | (851.9) | (682.8) | 24.8% |
| **Gross profit** | **522.2** | **385.3** | **35.5%** | **1418.3** | **1028.9** | **37.8%** |
| Gross profit margin | 65.7% | 60.6% |  | 62.5% | 60.1% |  |
| Selling, general and administrative expenses | (397.5) | (312.7) | 27.1% | (1123.8) | (870.4) | 29.1% |
| **Operating result** | **124.7** | **72.6** | **71.8%** | **294.5** | **158.5** | **85.8%** |
| Net financial result | (6.1) | (43.0) | (85.8)% | (159.3) | 29.6 | (638.2)% |
| **Income before taxes** | **118.6** | **29.6** | **300.7%** | **135.2** | **188.1** | **(28.1)%** |
| Income tax benefit / (expense) | 0.3 | 0.9 | (66.7)% | (0.6) | (35.4) | (98.3)% |
| **Net income** | **118.9** | **30.5** | **289.8%** | **134.6** | **152.7** | **(11.9)%** |
| Basic EPS Class A (CHF) | 0.36 | 0.09 | 300.0% | 0.41 | 0.47 | (12.8)% |
| Diluted EPS Class A (CHF) | 0.36 | 0.09 | 300.0% | 0.40 | 0.47 | (14.9)% |
| **Other data**<sup>(1)</sup> |  |  |  |  |  |  |
| Adjusted EBITDA | 179.9 | 120.1 | 49.8% | 436.0 | 288.3 | 51.2% |
| Adjusted EBITDA margin | 22.6% | 18.9% |  | 19.2% | 16.8% |  |
| Adjusted net income | 142.0 | 50.2 | 182.9% | 182.9 | 203.6 | (10.2)% |
| Adjusted basic EPS Class A (CHF) | 0.43 | 0.16 | 168.8% | 0.56 | 0.63 | (11.1)% |
| Adjusted diluted EPS Class A (CHF) | 0.43 | 0.15 | 186.7% | 0.55 | 0.62 | (11.3)% |

---

<sup>(1)</sup> Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, and adjusted diluted EPS are non-IFRS measures. See section titled "Non-IFRS Measures" for a description of these measures and a reconciliation to the nearest IFRS measure.

------

**Net Sales**

*<u>Net sales by sales channel</u>*

The following tables present net sales by sales channel:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **Constant Currency % Change (1)** |
| Wholesale | 479.6 | 389.1 | 23.3% | 32.5% |
| Direct-to-consumer | 314.7 | 246.7 | 27.6% | 37.5% |
| **Net sales** | **794.4** | **635.8** | **24.9%** | **34.5%** |
| Wholesale % of Net sales | 60.4% | 61.2% |  |  |
| Direct-to-consumer % of Net sales | 39.6% | 38.8% |  |  |
| **Net sales %** | **100.0%** | **100.0%** |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **Constant Currency % Change (1)** |
| Wholesale | 1370.3 | 1065.1 | 28.7% | 33.1% |
| Direct-to-consumer | 899.9 | 646.6 | 39.2% | 44.4% |
| **Net sales** | **2270.2** | **1711.7** | **32.6%** | **37.3%** |
| Wholesale % of Net sales | 60.4% | 62.2% |  |  |
| Direct-to-consumer % of Net sales | 39.6% | 37.8% |  |  |
| **Net sales %** | **100.0%** | **100.0%** |  |  |

---

<sup>(1)</sup> The constant currency percent change represents changes to net sales on a constant currency basis, which is a non-IFRS financial measure. See section titled "Non-IFRS Measures" for a description of this measure. Reconciliation to the nearest IFRS measure is shown in table above.

***Three-month period ended September 30, 2025 compared to the three-month period ended September 30, 2024***

Net sales for the three-month period ended September 30, 2025 increased by CHF 158.6 million, or 24.9%, compared to the three-month period ended September 30, 2024.

Net sales generated by the wholesale sales channel for the three-month period ended September 30, 2025 increased by CHF 90.5 million, or 23.3%, to CHF 479.6 million, compared to CHF 389.1 million for the three-month period ended September 30, 2024. The increase was attributable to sustained strong demand from our wholesale partners, and our continued selective door expansion, particularly with global key accounts.

Net sales generated by the DTC sales channel for the three-month period ended September 30, 2025 increased by CHF 68.1 million, or 27.6%, to CHF 314.7 million, compared to CHF 246.7 million for the three-month period ended September 30, 2024. The increase was primarily driven by the continued increase in popularity and awareness of the On brand, resulting in increased traffic and transactions, both on our e-commerce platform and in our existing retail stores. Additionally, the expansion of our own retail store network across all regions further contributed to the growth.

As a result of the strength of our DTC channel and in line with the strategic ambition for our DTC sales channel to outgrow our wholesale sales channel, net sales generated from the DTC sales channel as a percentage of net sales increased to 39.6% for the three-month period ended September 30, 2025, from 38.8% for the three-month period ended September 30, 2024.

------

***Nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024***

Net sales for the nine-month period ended September 30, 2025 increased by CHF 558.5 million or 32.6%, compared to the nine-month period ended September 30, 2024.

Net sales generated by the wholesale sales channel for the nine-month period ended September 30, 2025 increased by CHF 305.2 million, or 28.7%, to CHF 1,370.3 million, compared to CHF 1,065.1 million for the nine-month period ended September 30, 2024. The increase was attributable to sustained strong demand from our wholesale partners and our continued selective door expansion, particularly with global key accounts.

Net sales generated by the DTC sales channel for the nine-month period ended September 30, 2025 increased by CHF 253.3 million, or 39.2%, to CHF 899.9 million, compared to CHF 646.6 million for the nine-month period ended September 30, 2024. The increase was primarily driven by the continued increase in popularity and awareness of the On brand, resulting in increased traffic and transactions, both on our e-commerce platform and in our existing retail stores. Additionally, the expansion of our own retail store network across all regions further contributed to growth.

As a result of the strength of our DTC channel and in line with the strategic ambition for our DTC sales channel to outgrow our wholesale sales channel, net sales generated from the DTC sales channel as a percentage of net sales increased to 39.6% for the nine-month period ended September 30, 2025, compared to 37.8% for the nine-month period ended September 30, 2024.

------

*<u>Net sales by geography</u>*

The following tables present net sales by geographic region (based on the location of the customer):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **Constant Currency % Change (1)** |
| Americas | 436.2 | 395.5 | 10.3% | 21.0% |
| Europe, Middle East and Africa | 213.3 | 165.8 | 28.6% | 33.0% |
| Asia-Pacific | 144.9 | 74.6 | 94.2% | 109.2% |
| **Net sales** | **794.4** | **635.8** | **24.9%** | **34.5%** |
| Americas % of Net sales | 54.9% | 62.2% |  |  |
| Europe, Middle East and Africa % of Net sales | 26.8% | 26.1% |  |  |
| Asia-Pacific % of Net sales | 18.2% | 11.7% |  |  |
| **Net sales %** | **100.0%** | **100.0%** |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **Constant Currency % Change (1)** |
| Americas | 1305.9 | 1095.1 | 19.2% | 24.1% |
| Europe, Middle East and Africa | 579.7 | 430.4 | 34.7% | 37.2% |
| Asia-Pacific | 384.6 | 186.2 | 106.6% | 115.3% |
| **Net sales** | **2270.2** | **1711.7** | **32.6%** | **37.3%** |
| Americas % of Net sales | 57.5% | 64.0% |  |  |
| Europe, Middle East and Africa % of Net sales | 25.5% | 25.1% |  |  |
| Asia-Pacific % of Net sales | 16.9% | 10.9% |  |  |
| **Net sales %** | **100.0%** | **100.0%** |  |  |

---

<sup>(1)</sup> The constant currency percent change represents changes to net sales on a constant currency basis, which is a non-IFRS financial measure. See section titled "Non-IFRS Measures" for a description of this measure. Reconciliation to the nearest IFRS measure is shown in table above.

***Three-month period ended September 30, 2025 compared to the three-month period ended September 30, 2024***

Net sales increased across all geographic regions for the three-month period ended September 30, 2025 compared to the three-month period ended September 30, 2024, with APAC showing particularly strong growth. Americas net sales growth of 10.3% was driven by the ongoing rise in popularity and awareness of the On brand in the region and continued strength in both channels. Net sales in EMEA for the three-month period ended September 30, 2025 increased by 28.6%. The increase in EMEA was driven by continued strength in the United Kingdom, particularly in our DTC channel, along with notable acceleration from Germany, France and Italy. APAC net sales growth of 94.2% was primarily driven by strong sales growth in China and Japan across both channels.

------

***Nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024***

Net sales increased across all geographic regions for the nine-month period ended September 30, 2025 with APAC showing particularly strong growth. The 19.2% increase in net sales in Americas was driven by the ongoing rise in popularity and awareness of the On brand in the region and continued strength in both channels, particularly the collaboration with key account partners and the successful expansion of our retail stores. Net sales in EMEA for the nine-month period ended September 30, 2025 increased by 34.7%. The increase in EMEA was driven by the continued strength in the United Kingdom, particularly in our DTC channel, along with notable acceleration from France, Italy and Spain. APAC net sales growth of 106.6% was primarily driven by strong sales growth in China and Japan across both channels.

*<u>Net sales by product</u>*

The following tables present net sales by product group:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **Constant Currency % Change (1)** |
| Shoes | 731.3 | 603.7 | 21.1% | 30.4% |
| Apparel | 50.1 | 26.8 | 86.9% | 100.2% |
| Accessories | 13.0 | 5.3 | 145.3% | 160.8% |
| **Net sales** | **794.4** | **635.8** | **24.9%** | **34.5%** |
| Shoes % of Net sales | 92.1% | 94.9% |  |  |
| Apparel % of Net sales | 6.3% | 4.2% |  |  |
| Accessories % of Net sales | 1.6% | 0.8% |  |  |
| **Net sales %** | **100.0%** | **100.0%** |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **Constant Currency % Change (1)** |
| Shoes | 2117.1 | 1630.8 | 29.8% | 34.4% |
| Apparel | 124.9 | 68.4 | 82.6% | 89.5% |
| Accessories | 28.2 | 12.4 | 127.4% | 136.7% |
| **Net sales** | **2270.2** | **1711.7** | **32.6%** | **37.3%** |
| Shoes % of Net sales | 93.3% | 95.3% |  |  |
| Apparel % of Net sales | 5.5% | 4.0% |  |  |
| Accessories % of Net sales | 1.2% | 0.7% |  |  |
| **Net sales %** | **100.0%** | **100.0%** |  |  |

---

<sup>(1)</sup> The constant currency percent change represents changes to net sales on a constant currency basis, which is a non-IFRS financial measure. See section titled "Non-IFRS Measures" for a description of this measure. Reconciliation to the nearest IFRS measure is shown in table above.

------

***Three-month period ended September 30, 2025 compared to the three-month period ended September 30, 2024***

Net sales increased across all product groups during the three-month period ended September 30, 2025 compared to the three-month period ended September 30, 2024. The 21.1% increase in net sales for shoes was driven by new product launches, updates to existing models and the continuity of successful products carrying over from previous seasons. Growth was supported by the strong performance of the Cloud and Cloudtilt franchises, with additional contribution from the successful launch of the Cloudsurfer Max. The 86.9% increase in net sales for apparel for the three-month period ended September 30, 2025 was driven primarily by our Performance Running and Performance Training verticals. Net sales in accessories increased by 145.3% compared to the three-month period ended September 30, 2024.

***Nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024***

Net sales increased across all product groups during the nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024. The 29.8% increase in net sales for shoes was driven by new product launches, updates to existing models and the continuity of successful products carrying over from previous seasons. Growth was supported by the strong performance of the Cloud and Cloudtilt franchises, as well as contributions from the Cloudsurfer and Cloudmonster franchises. The 82.6% increase in net sales for apparel for the nine-month period ended September 30, 2025 was driven primarily by our Performance Running and Performance Training verticals with additional contribution from our Performance All Day vertical. Net sales in accessories increased by 127.4% compared to the first nine-month period ended September 30, 2024.

------

**Gross Profit**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Gross profit | 522.2 | 385.3 | 35.5% | 1418.3 | 1028.9 | 37.8% |
| Gross profit margin | 65.7% | 60.6% |  | 62.5% | 60.1% |  |

---

***Three-month period ended September 30, 2025 compared to the three-month period ended September 30, 2024***

Cost of sales during the three-month period ended September 30, 2025 increased by CHF 21.7 million, or 8.6%, to CHF 272.1 million, compared to CHF 250.5 million during the three-month period ended September 30, 2024. Gross profit was CHF 522.2 million for the three-month period ended September 30, 2025, representing a gross profit margin of 65.7%, compared to CHF 385.3 million for the three-month period ended September 30, 2024, representing a gross profit margin of 60.6%. The increase in gross profit margin was primarily attributable to a one-off favorable impact of approximately 2% from lower-than-anticipated freight and other costs, ongoing operational efficiencies and improvements (including reduced air freight costs), a favorable foreign exchange impact, and higher DTC sales as a percentage of net sales during the three-month period ended September 30, 2025, compared to the three-month period ended September 30, 2024.

***Nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024***

Cost of sales during the nine-month period ended September 30, 2025 increased by CHF 169.1 million, or 24.8%, to CHF 851.9 million, compared to CHF 682.8 million during the nine-month period ended September 30, 2024. Gross profit was CHF 1,418.3 million for the nine-month period ended September 30, 2025, representing a gross profit margin of 62.5%, compared to CHF 1,028.9 million for the nine-month period ended September 30, 2024, representing a gross profit margin of 60.1%. The increase in gross profit margin was primarily attributable to higher DTC sales as a percentage of net sales, operational efficiencies and improvements, particularly in freight, and a favorable foreign exchange impact during the nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024.

------

**Selling, General and Administrative ("SG&A") Expenses**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Net sales | 794.4 | 635.8 | 24.9% | 2270.2 | 1711.7 | 32.6% |
| Distribution expenses | (83.0) | (75.8) | 9.5% | (247.8) | (217.8) | 13.8% |
| Selling expenses | (65.2) | (44.7) | 45.9% | (186.7) | (120.3) | 55.2% |
| Marketing expenses | (97.9) | (65.7) | 49.0% | (268.4) | (197.5) | 35.9% |
| Share-based compensation | (23.0) | (19.9) | 15.6% | (48.6) | (53.9) | (9.8)% |
| General and administrative expenses | (128.4) | (106.5) | 20.6% | (372.3) | (281.0) | 32.5% |
| **SG&A expenses** | **(397.5)** | **(312.7)** | **27.1%** | **(1123.8)** | **(870.4)** | **29.1%** |
| *Less share-based compensation* | (23.0) | (19.9) | 15.6% | (48.6) | (53.9) | (9.8)% |
| **SG&A expenses (excluding share-based compensation)** | **(374.5)** | **(292.8)** | **27.9%** | **(1075.2)** | **(816.6)** | **31.7%** |
| Distribution expenses % of Net sales | 10.4% | 11.9% |  | 10.9% | 12.7% |  |
| Selling expenses % of Net sales | 8.2% | 7.0% |  | 8.2% | 7.0% |  |
| Marketing expenses % of Net sales | 12.3% | 10.3% |  | 11.8% | 11.5% |  |
| Share-based compensation % of Net sales | 2.9% | 3.1% |  | 2.1% | 3.1% |  |
| General and administrative expenses % of Net sales | 16.2% | 16.8% |  | 16.4% | 16.4% |  |
| **SG&A expenses % of Net sales** | **50.0%** | **49.2%** |  | **49.5%** | **50.9%** |  |
| **SG&A expenses (excluding share-based compensation) % of Net sales** | **47.1%** | **46.0%** |  | **47.4%** | **47.7%** |  |

---

***Three-month period ended September 30, 2025 compared to the three-month period ended September 30, 2024***

SG&A expenses for the three-month period ended September 30, 2025 increased by CHF 84.8 million, or 27.1%, to CHF 397.5 million, compared to CHF 312.7 million for the three-month period ended September 30, 2024. Excluding share-based compensation, SG&A expenses as a percentage of net sales increased to 47.1% in the three-month period ended September 30, 2025, compared to 46.0% for the three-month period ended September 30, 2024.

The drivers for the fluctuations in SG&A expenses, mostly denominated as a percentage of net sales, can be summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribution expenses as a percentage of net sales decreased to 10.4% during the three-month period ended September 30, 2025 compared to 11.9% during the three-month period ended September 30, 2024. This was primarily attributable to lower warehousing and delivery costs resulting from operational efficiency gains during the three-month period ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selling expenses as a percentage of net sales increased to 8.2% during the three-month period ended September 30, 2025 compared to 7.0% during the three-month period ended September 30, 2024. The increase was primarily driven by additional expenses incurred as a result of our expanding retail footprint, primarily due to retail store-related personnel costs and depreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing expenses as a percentage of net sales increased to 12.3% during the three-month period ended September 30, 2025 compared to 10.3% during the three-month period ended September 30, 2024. The increase was primarily driven by a strategic shift in the timing of our marketing campaigns partially offset by strong net sales growth.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based compensation expense as a percentage of net sales decreased to 2.9% during the three-month period ended September 30, 2025 compared to 3.1% during the three-month period ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative expenses as a percentage of net sales decreased to 16.2% during the three-month period ended September 30, 2025 compared to 16.8% during the three-month period ended September 30, 2024. This decrease is primarily driven by strong net sales growth and a one-time charge in relation to employee benefit contributions in three-month period ended September 30, 2024.

***Nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024***

SG&A expenses for the nine-month period ended September 30, 2025 increased by CHF 253.4 million, or 29.1%, to CHF 1,123.8 million, compared to CHF 870.4 million for the nine-month period ended September 30, 2024. Excluding share-based compensation, SG&A expenses as a percentage of net sales decreased to 47.4% in the nine-month period ended September 30, 2025 compared to 47.7% for the nine-month period ended September 30, 2024.

The drivers for the fluctuations in SG&A expenses, mostly denominated as a percentage of net sales, can be summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribution expenses as a percentage of net sales decreased to 10.9% during the nine-month period ended September 30, 2025 compared to 12.7% during the nine-month period ended September 30, 2024. This was primarily attributable to lower warehousing and delivery costs resulting from operational efficiency gains during the nine-month period ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selling expenses as a percentage of net sales increased to 8.2% during the nine-month period ended September 30, 2025 compared to 7.0% during the nine-month period ended September 30, 2024. The increase was primarily driven by additional expenses incurred as a result of our expanding retail footprint, primarily due to retail store-related personnel costs and depreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing expenses as a percentage of net sales slightly increased to 11.8% during the nine-month period ended September 30, 2025 compared to 11.5% during the nine-month period ended September 30, 2024. The slight increase was driven by higher marketing spend on upper funnel brand building initiatives and brand partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based compensation expenses as a percentage of net sales decreased to 2.1% during the nine-month period ended September 30, 2025 from 3.1% during the nine-month period ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative expenses as a percentage of net sales was equal to 16.4% during both the nine-month periods ended September 30, 2025 and 2024.

------

**Depreciation and Amortization**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Depreciation and amortization | (32.2) | (27.5) | 17.1% | (92.9) | (75.9) | 22.4% |
| Depreciation and amortization % of Net sales | 4.0% | 4.3% |  | 4.1% | 4.4% |  |

---

***Three-month period ended September 30, 2025 compared to the three-month period ended September 30, 2024***

Depreciation and amortization expenses during the three-month period ended September 30, 2025 increased by CHF 4.7 million, or 17.1%, to CHF 32.2 million, compared to CHF 27.5 million during the three-month period ended September 30, 2024. Thereof, depreciation and amortization expenses attributable to right of use assets increased by CHF 4.4 million primarily as a result of the expansion of our retail stores and our enhanced warehouse and distribution facilities. In addition, depreciation and amortization expenses attributable to owned assets increased by CHF 0.3 million.

***Nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024***

Depreciation and amortization expenses during the nine-month period ended September 30, 2025 increased by CHF 16.9 million, or 22.4%, to CHF 92.9 million, compared to CHF 75.9 million during the nine-month period ended September 30, 2024. Thereof, depreciation and amortization expenses attributable to right of use assets increased by CHF 12.5 million primarily as a result of the expansion of our retail stores and our enhanced warehouse and distribution facilities. In addition, depreciation and amortization expenses attributable to owned assets increased by CHF 4.4 million as a result of warehouse and retail expansion, mainly related to leasehold improvements.

**Net Financial Result**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Financial income | 8.1 | 6.0 | 35.0% | 22.9 | 17.1 | 33.9% |
| Financial expenses | (8.1) | (6.5) | 24.6% | (21.8) | (17.2) | 26.7% |
| Foreign exchange gain / (loss) | (6.1) | (42.6) | (85.7)% | (160.5) | 29.7 | (640.4)% |
| **Net financial result** | **(6.1)** | **(43.0)** | **(85.8)%** | **(159.3)** | **29.6** | **(638.2)%** |

---

***Three-month and nine-month periods ended September 30, 2025 compared to the three-month and nine-month periods ended September 30, 2024***

Financial income for the three-month period ended September 30, 2025 increased by CHF 2.1 million to CHF 8.1 million when compared to the three-month period ended September 30, 2024. Financial income for the nine-month period ended September 30, 2025 increased by CHF 5.8 million to CHF 22.9 million when compared to the nine-month period ended September 30, 2024. The increase in the three and nine-month periods ended September 30, 2025 was primarily driven by an increase in the underlying amount of short-term investments.

Financial expenses for the three-month period ended September 30, 2025 increased by CHF 1.7 million to CHF 8.1 million, compared to CHF 6.5 million for the three-month period ended September 30, 2024. Financial expenses for the nine-month period ended September 30, 2025 increased by CHF 4.5 million to CHF 21.8 million, compared to CHF 17.2 million for the nine-month period ended September 30, 2024. The increase in the three and nine-month periods ended September 30, 2025 was primarily driven by higher interest expenses on lease contracts, resulting from additional leases outstanding throughout the three and nine-month periods ended September 30, 2025, compared to the three and nine-month period ended September 30, 2024.&nbsp;&nbsp;&nbsp;&nbsp;

------

Foreign exchange gain / (loss) for the three-month period ended September 30, 2025 resulted in a foreign exchange loss of CHF 6.1 million, compared to a foreign exchange loss of CHF 42.6 million for the three-month period ended September 30, 2024. Foreign exchange gain / (loss) for the nine-month period ended September 30, 2025 resulted in a foreign exchange loss of CHF 160.5 million, compared to a foreign exchange gain of CHF 29.7 million for the nine-month period ended September 30, 2024. The changes to foreign exchange gain / (loss) were primarily due to foreign exchange rate revaluation effects, primarily driven by the CHF/USD exchange rate. The total unrealized foreign exchange loss for the nine-month period ended September 30, 2025 was CHF 109.4 million.

**Income Taxes** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Income tax benefit / (expense) | 0.3 | 0.9 | (66.7)% | (0.6) | (35.4) | (98.3)% |
| Effective income tax rate | (0.2)% | (3.0)% | (92.0)% | 0.4% | 18.8% | (97.8)% |

---

Income tax (expense) / benefit, based on an estimate of the annual effective income tax rate for the three and nine-month periods ended September 30, 2025, was CHF 0.3 million and CHF (0.6) million, respectively. This compares to income tax (expense) / benefit of CHF 0.9 million and CHF (35.4) million for the corresponding periods in 2024. The effective income tax rate was (0.2)% and 0.4% for the three and nine-month periods ended September 30, 2025, respectively, compared to (3.0)% and 18.8% for the three and nine-month periods ended September 30, 2024 respectively. The decreases to the effective income tax rates were mainly due to deferred income tax benefits during the three and nine-month periods ended September 30, 2025 related to the elimination of intercompany profits in inventory as well as higher effectiveness of certain tax incentives and prior year adjustments.

------

**Liquidity and Capital Resources** 

Our primary need for liquidity is to fund working capital requirements, capital expenditures, lease obligations and for general corporate purposes. We finance our liquidity needs using a combination of cash and cash equivalents balances and cash provided from operating activities.

**Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **Change** |
| Cash inflow from operating activities | 246.4 | 341.8 | (95.4) |
| Cash (outflow) from investing activities | (50.0) | (45.2) | (4.8) |
| Cash (outflow) from financing activities | (58.3) | (39.8) | (18.5) |
| **Change in cash and cash equivalents** | **138.1** | **256.8** | **(118.7)** |
| Cash and cash equivalents at the beginning of the period | 924.3 | 494.6 | 429.7 |
| Net impact of foreign exchange rate differences | (100.5) | (2.4) | (98.1) |
| **Cash and cash equivalents at the end of the period** <sup>(1)</sup> | **961.8** | **749.0** | **212.8** |

---

<sup>(1)</sup> As of September 30, 2025 and December 31, 2024, cash and cash equivalents includes restricted cash in the amount of CHF 0.9 million and CHF 0.6 million, respectively.

***Operating activities***

Cash inflow from operating activities for the nine-month period ended September 30, 2025 decreased by CHF 95.4 million to CHF 246.4 million compared to CHF 341.8 million for the nine-month period ended September 30, 2024. This decrease is mainly driven by a decrease in cash flows from changes in working capital of CHF 143.3 million, primarily due to changes in trade payables and inventories as well as a decrease in cash flows from changes in other current assets and liabilities of CHF 73.7 million, partially offset by higher net income after adjustments of CHF 161.4 million and various other offsetting decreases and increases.

***Investing activities***

Cash outflow from investing activities for the nine-month period ended September 30, 2025 increased by CHF 4.8 million to CHF 50.0 million, compared to CHF 45.2 million for the nine-month period ended September 30, 2024.

***Financing activities***

Cash outflow from financing activities for the nine-month period ended September 30, 2025 increased by CHF 18.5 million to CHF 58.3 million, compared to CHF 39.8 million for the nine-month period ended September 30, 2024. The increase is primarily driven by higher repayments of lease liabilities of CHF 14.0 million resulting from new retail stores, offices, and warehouses.

**Net Working Capital**

Net working capital is a financial measure that is not defined under IFRS. We use and believe that certain investors and analysts use this information to assess liquidity and management use of net working capital resources. We define net working capital as trade receivables, plus inventories, minus trade payables. This measure should not be considered in isolation or as a substitute for any standardized measure under IFRS.

Other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure.

------

---

| | | | |
|:---|:---|:---|:---|
| | **As of September 30,** | **As of December 31,** | |
| (CHF in millions) | **2025** | **2024** | **% Change** |
| Trade receivables | 340.9 | 246.1 | 38.5% |
| Inventories | 380.6 | 419.2 | (9.2)% |
| Trade payables | (155.6) | (166.5) | (6.5)% |
| **Net working capital** | **565.8** | **498.9** | **13.4%** |

---

------

**Capital Management**

---

| | | | |
|:---|:---|:---|:---|
| | **As of September 30,** | **As of December 31,** | |
| (CHF in millions) | **2025** | **2024** | **% Change** |
| **As of September 30, 2025:** CHF 0.10 nominal value, 306,847,124 Class A Ordinary Shares issued of which 296,675,361 were outstanding<br>**As of December 31, 2024:** CHF 0.10 nominal value, 302,455,664 Class A Ordinary Shares issued of which 289,296,343 were outstanding | 30.7 | 30.2 | 1.5% |
| **As of September 30, 2025:** CHF 0.01 nominal value, 334,916,680 Class B voting rights shares issued and outstanding<br>**December 31, 2024:** CHF 0.01 nominal value, 345,437,500 Class B voting rights shares issued and outstanding | 3.3 | 3.5 | (3.0)% |
| **Share capital** | **34.0** | **33.7** | **1.0%** |
| **Treasury shares** | **(26.7)** | **(26.8)** | **(0.7)%** |
| Share premium | 756.9 | 756.9 | —% |
| Statutory reserves | 62.1 | 53.9 | 15.3% |
| Equity transaction costs | (8.7) | (8.7) | —% |
| Tax impact on equity transaction costs | 1.3 | 1.3 | —% |
| Share-based compensation | 456.3 | 406.7 | 12.2% |
| **Capital reserves** | **1267.9** | **1210.0** | **4.8%** |
| **Other reserves** | **(47.6)** | **(4.0)** | **1094.8%** |
| **Retained earnings** | **313.6** | **178.9** | **75.3%** |
| **Equity** | **1541.3** | **1391.8** | **10.7%** |

---

---

| | | |
|:---|:---|:---|
| | **Class A Shares** | **Class B Shares** |
| **Shares issued and outstanding as of January 1, 2025** | **289296343** | **345437500** |
| Sale of treasury shares related to share-based compensation and capital increase from conditional capital | 6330053 |  |
| Purchase of treasury shares | (3117) |  |
| Conversion of Class B shares to Class A shares <sup>(3)</sup> | 1052082 | (10520820) |
| **Shares issued and outstanding as of September 30, 2025**<sup>(1)</sup> | **296675361** | **334916680** |
| **Awards granted under various incentive plans not yet exercised or distributed as of September 30, 2025** <sup>(2)</sup> | **32500** | **—** |
| **Awards granted under various incentive plans with dilutive effects as of September 30, 2025** | **2914909** | **10595360** |

---

<sup>(1)</sup> As of September 30, 2025 there were 10,171,763 treasury shares held by On (December 31, 2024: 13,159,321).

<sup>(2)</sup> These awards require little or no further consideration to be exercised, and as such, have been included in the weighted average number of ordinary shares outstanding used to calculate Basic EPS at September 30, 2025.

<sup>(3)</sup> As announced on Form 6-K filed with the SEC on May 23, 2025, 10,520,820 of Class B Shares were converted into 1,052,082 Class A Ordinary Shares.

------

*<u>Share-based compensation</u>*

As of September 30, 2025, On has recognized an increase in shareholders' equity in the balance sheet of CHF 49.7 million for share-based compensation incurred during the nine-month period ending September 30, 2025.

For the nine-month period ending September 30, 2025, we have recognized a share-based compensation expense of CHF 48.6 million pursuant to the following share-based compensation plans and programs for select employees including our group executive team and senior management team, which account for a part of the increase:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long Term Incentive Plan 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation of non-executive members of our board of directors

Share-based payments are valued based on the grant date fair value of these awards and recorded over the corresponding vesting period.

**Indebtedness**

On July 7, 2023, On entered into a CHF 700 million multicurrency credit facility agreement ("credit facility") which replaced our bank overdraft facilities previously reported. On has an option to increase the total availability of borrowings under the credit facility in an aggregate amount of up to CHF 200 million, subject to the satisfaction of certain customary conditions. We entered into the credit facility as part of our prudent financial planning strategy to create future financial flexibility to better align with the size and maturity of the Company. The proceeds of any borrowings under the credit facility may be used towards the financing of working capital requirements and for general corporate purposes, including the roll-in of certain existing bank guarantees and the issuance of new bank guarantees. The credit facility had an initial term of three years, which has been subsequently extended for a total period of two years. Subsequent to extensions, the credit facility will expire on July 7, 2028.

As of September 30, 2025 and December 31, 2024, no amounts had been drawn under the credit facility, and we do not currently expect to do so in the near term. As of September 30, 2025, we are using the credit facility to provide guarantees and letters of credit, as further discussed in the section titled "Off-Balance Sheet Arrangements."

The credit facility also contains financial covenants that depend on our consolidated equity as well as our net debt to adjusted EBITDA ratio. As of and during the nine-month period ended September 30, 2025, we were in compliance with all covenants under the credit facility.

Further, as of September 30, 2025, trade receivables and inventories with a carrying value of CHF 267.2 million and CHF 317.3 million, respectively, were pledged in relation to the credit facility.

**Material Cash Requirements**

There were no material changes outside of the ordinary course of business as of September 30, 2025 to the material cash requirements reported in our Annual Report, with the exception of the items discussed below.

Lease commitments: As of September 30, 2025, total lease commitments are CHF 172.5 million, with CHF 7.0 million, CHF 72.1 million, and CHF 93.4 million, due in less than one year, between one to five years, and more than five years, respectively. The decrease in total lease commitments as of September 30, 2025 compared to CHF 331.1 million as of December 31, 2024, relates to the automated warehouse in the United States ("Atlanta warehouse"), as a result of the commencement of the remaining warehouse lease space, during the nine-months ended September 30, 2025. As of December 31, 2024, the total commitments for the Atlanta Warehouse were equal to CHF 197.2 million

Lease liabilities: As of September 30, 2025, total undiscounted lease liabilities are CHF 596.4 million, with CHF 95.2 million, CHF 288.9 million, and CHF 212.3 million due in less than one year, between one to five years, and more than five years, respectively. The total increase as of September 30, 2025 compared to December 31, 2024, relates primarily to the Atlanta warehouse, and to various new retail store leases across APAC, EMEA, and Americas regions.

**Off-Balance Sheet Arrangements**

As of September 30, 2025 and December 31, 2024, we provided guarantees and letters of credit in the amount of CHF 154.2 million and CHF 168.3 million in favor of third parties, respectively. Of the total guarantees and letters of credit outstanding as of September 30, 2025 and December 31, 2024, CHF 154.2 million and CHF 168.3 million, respectively, relate to our credit facility, as discussed in the section titled "Indebtedness." Other than those items disclosed here and elsewhere in this document, we do not have any material off-balance sheet arrangements or commitments as of September 30, 2025.

------

**Factors Affecting Performance and Trend Information**

We expect our growth, financial condition, cash flows, and results of operations will continue to be affected by a number of factors and trends. Refer to "Item 5. Operating and Financial Review and Prospects" within our Annual Report for further information on these factors. Below, we have included recent updates.

***Customs and duty expenses, cost inflation, consumer spending, ability to manage inventory, and foreign exchange***

Beginning in April 2025, the United States ("US") implemented new tariffs as part of its trade policy, including both baseline tariffs and higher country-specific reciprocal tariffs on imports from all countries. Additionally, on July 31, 2025, an executive order ("Executive Order") was signed confirming the tariff rates on various trading partner countries, including a fixed reciprocal import tariff of 20% on Vietnam (applied in addition to the existing 20% import tariff in Vietnam). The confirmed tariff rates under the Executive Order became effective on August 8th, 2025, and have remained in effect as of the date of this report.

The tariffs in place as of the date of this report, increase the costs of products we source from outside the US and subsequently sell within the US. During the nine months ended September 30, 2025, approximately 90% and 10% of our footwear products were produced in Vietnam and Indonesia, respectively. Approximately 65% of our apparel and accessories products were produced in Vietnam, 25% in Turkey, 5% in China, and 5% in the rest of Europe. Additionally, during the nine months ended September 30, 2025 and the year ended December 31, 2024, the US market accounted for approximately 51% and 59%, respectively, of our total net sales.

The tariffs imposed since April 2025, including those in the Executive Order, have increased the costs of products we source from outside the US and subsequently sell within the US, which could adversely affect our gross margin and results of operations. While these new tariff actions did not have a significant impact on our results of operations during the nine months ended September 30, 2025, we have and expect to continue to experience increased foreign currency exchange rate volatility, which we attribute, in part, to the significant uncertainty surrounding the global trade environment.

In line with our ambition to be the most premium global sportswear brand, we continuously assess our global pricing strategy within the movements of the industry and take action where appropriate to maintain our premium brand positioning. However, pricing actions taken to maintain our brand positioning, including through raising prices, could result in reduced consumer demand and loss of market share, and could impact other factors discussed above.

These new US tariffs, retaliatory measures by other countries, and the broader uncertainty surrounding the global trade environment could also contribute to inflationary pressures, geopolitical tensions, supply chain disruptions, macroeconomic and market volatility, and uncertainty for our customers, which may increase the cost of our products and other operational costs, and negatively impact customer demand, consumer spending, and our ability to manage inventory. While the ultimate impact remains uncertain, the ongoing tariff situation could have a material adverse impact on our business, financial condition, results of operations and the price of our Class A ordinary shares.

Refer to "Item 5. Operating and Financial Review and Prospects" and "Item 3. Risk Factors" within our Annual Report for further information on these factors.

------

**Non-IFRS Measures**

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital, and net sales on a constant currency basis are financial measures that are not defined under IFRS.

We use these non-IFRS measures when evaluating our performance, including when making financial and operating decisions, and as a key component in the determination of variable incentive compensation for employees. We believe that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS measures enhance investor understanding of our financial and operating performance from period to period, because they enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. In particular, we believe adjusted EBITDA, adjusted EBITDA margin, adjusted net income and net working capital are measures commonly used by investors to evaluate companies in the sportswear industry.

However, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital, and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS and may not be comparable to similarly titled non-IFRS measures used by other companies. The tables below reconcile adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, and adjusted diluted EPS to their most directly comparable IFRS measure. See sections titled "Liquidity and Capital Resource" and "Operating Results" for reconciliations of net working capital and net sales on a constant currency basis, respectively, to their most directly comparable IFRS measure.

**Adjusted EBITDA and Adjusted EBITDA Margin**

The table below provides a reconciliation between net income and adjusted EBITDA for the periods presented. Adjusted EBITDA margin is equal to adjusted EBITDA for the period presented as a percentage of net sales for the same period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| **Net income** | **118.9** | **30.5** | **289.8%** | **134.6** | **152.7** | **(11.9)%** |
| *Exclude the impact of:* |  |  |  |  |  |  |
| Income taxes | (0.3) | (0.9) | (66.7)% | 0.6 | 35.4 | (98.3)% |
| Financial income | (8.1) | (6.0) | 35.0% | (22.9) | (17.1) | 33.9% |
| Financial expenses | 8.1 | 6.5 | 24.6% | 21.8 | 17.2 | 26.7% |
| Foreign exchange result | 6.1 | 42.6 | (85.7)% | 160.5 | (29.7) | 640.4% |
| Depreciation and amortization | 32.2 | 27.5 | 17.1% | 92.9 | 75.9 | 22.4% |
| Share-based compensation<sup>(1)</sup> | 23.0 | 19.9 | 15.6% | 48.6 | 53.9 | (9.8)% |
| **Adjusted EBITDA** | **179.9** | **120.1** | **49.8%** | **436.0** | **288.3** | **51.2%** |
| Adjusted EBITDA Margin | 22.6% | 18.9% | 20.0% | 19.2% | 16.8% | 14.0% |

---

<sup>(1)</sup> Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance.

**Adjusted Net Income, Adjusted Basic EPS and Adjusted Diluted EPS**

We use adjusted net income, adjusted basic EPS and adjusted diluted EPS as measures of operating performance in conjunction with related IFRS measures.

For the purpose of operational performance measurement, we calculate adjusted net income, adjusted basic EPS and adjusted diluted EPS in a manner that fully excludes the impact of any costs related to share-based compensation and includes the tax effect on the tax-deductible portion of the non-IFRS adjustments, which we believe increases comparability of the metric from period to period, and makes it useful for management, our audit committee and investors to assess our financial performance over time.

Adjusted basic EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period. Adjusted diluted EPS is calculated by dividing adjusted net income by the weighted average number of ordinary shares outstanding during the period on a fully diluted basis.

The table below provides a reconciliation between net income and adjusted net income, adjusted basic EPS and adjusted diluted EPS for the periods presented:

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Three-month period ended September 30,** |
| (CHF in millions, except per share data) | **2025** | **2025** | **2024** | **2024** |
|  | **Class A** | **Class B** | **Class A** | **Class B** |
| **Net income** | **106.8** | **12.1** | **27.2** | **3.3** |
| *Exclude the impact of:* |  |  |  |  |
| Share-based compensation<sup>(1)</sup> | 20.7 | 2.3 | 17.8 | 2.1 |
| Tax effect of adjustments<sup>(2)</sup> | 0.1 |  | (0.2) |  |
| **Adjusted net income** | **127.6** | **14.4** | **44.8** | **5.4** |
| **Weighted number of outstanding shares** | **296472498** | **334916680** | **288654081** | **345437500** |
| Weighted number of shares with dilutive effects | 2926575 | 10595360 | 3724345 | 12963353 |
| **Weighted number of outstanding shares (diluted and undiluted)**<sup>(3)</sup> | **299399073** | **345512040** | **292378426** | **358400853** |
| **Adjusted basic EPS (CHF)** | **0.43** | **0.04** | **0.16** | **0.02** |
| **Adjusted diluted EPS (CHF)** | **0.43** | **0.04** | **0.15** | **0.01** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions, except per share data) | **2025** | **2025** | **2024** | **2024** |
|  | **Class A** | **Class B** | **Class A** | **Class B** |
| **Net income** | **120.7** | **13.9** | **136.4** | **16.3** |
| *Exclude the impact of:* |  |  |  |  |
| Share-based compensation<sup>(1)</sup> | 43.5 | 5.0 | 48.1 | 5.8 |
| Tax effect of adjustments<sup>(2)</sup> | (0.3) |  | (2.7) | (0.3) |
| **Adjusted net income** | **164.0** | **18.9** | **181.8** | **21.8** |
| **Weighted number of outstanding shares** | **295155386** | **340427586** | **288232639** | **345437500** |
| Weighted number of shares with dilutive effects | 3648162 | 12108722 | 3515460 | 12487714 |
| **Weighted number of outstanding shares (diluted and undiluted)**<sup>(3)</sup> | **298803548** | **352536308** | **291748099** | **357925214** |
| **Adjusted basic EPS (CHF)** | **0.56** | **0.06** | **0.63** | **0.06** |
| **Adjusted diluted EPS (CHF)** | **0.55** | **0.05** | **0.62** | **0.06** |

---

<sup>(1)</sup> Management excludes share-based compensation expenses as we do not consider these expenses reflective of our ongoing operations and performance.

<sup>(2)</sup> The tax effect has been calculated by applying the local tax rate on the tax-deductible portion of the respective adjustments.

<sup>(3)</sup> Weighted number of outstanding shares (diluted and undiluted) are presented herein in order to calculate Adjusted EPS and Adjusted net income for such periods.

------

**Net Sales on a Constant Currency Basis** 

Net sales on a constant currency basis is a non-IFRS measure which represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We provide constant currency percent change in net sales within our "Key Financial and Operating Metrics" and "Operating Results" sections, to enhance the visibility of the underlying growth rate of net sales, excluding the impact of foreign currency exchange rate fluctuations.

**New Accounting Pronouncements**

There have been no material changes related to recently issued or adopted accounting standards from those disclosed in our consolidated financial statements for the year ended December 31, 2024, included in our Annual Report, available at www.sec.gov.

**Critical Accounting Policies**

There have been no material changes to the key estimates, assumptions and judgments from those disclosed in our consolidated financial statements for the year ended December 31, 2024, included in our Annual Report, available at www.sec.gov.

**Risk Factors**

There have been no material changes to the risk factors as set out in our Annual Report, available at www.sec.gov.

------

**Special Note Regarding Forward-Looking Statements**

This management's discussion and analysis contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Many of the forward-looking statements contained in this management's discussion and analysis can be identified by the use of forward-looking words such as "anticipate," "believe," "continue," "could," "expect," "estimate," "forecast," "intend," "may," "plan," "potential," "predict," "project," "target," "will," "would," and "should," among others.

Among other things, On's quotations from management in the press releases and other written materials, as well as On's strategic and operational plans, contain forward-looking statements. On may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements appear in a number of places in this management's discussion and analysis and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management.

Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section titled "Risk Factors" in our Annual Report. These risks and uncertainties include factors relating to: the strength of our brand and our ability to maintain our reputation and brand image; our ability and the ability of our independent manufacturers and other suppliers to follow responsible business practices; our ability to implement our growth strategy; the concentration of our business in a single, discretionary product category, namely footwear, apparel and accessories; our ability to continue to innovate and meet consumer expectations; changes in consumer tastes and preferences including in products and sustainability, and our ability to connect with our consumer base; our ability to open new stores at locations that will attract customers to our premium products; our ability to compete and conduct our business in the future; health epidemics, pandemics and similar outbreaks; general economic, political, demographic and business conditions worldwide, including geopolitical uncertainty and instability, such as the on-going Russia-Ukraine or Israel-Hamas conflicts and on-going shipping disruptions in the Red Sea and surrounding waterways; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; our ability to successfully develop, implement, and scale our LightSpray™ technology and products developed using this technology; our ability to strengthen and grow our DTC channel; our ability to address climate related risks; our ability to execute and manage our sustainability strategy and achieve our sustainability-related goals and targets, including sustainable product offerings and investor and customer scrutiny; our third-party suppliers, manufacturers and other partners, including their financial stability and our ability to find suitable partners to implement our growth strategy; supply chain disruptions, inflation and increased costs in supplies, goods and transportation, customs and duty expenses, and foreign exchange rates; the availability of qualified personnel and the ability to retain such personnel, including our Executive Officers; our ability to accurately forecast demand for our products and manage product manufacturing decisions; our ability to distribute products through our wholesale channel; changes in commodity, material, labor, distribution and other operating costs; our international operations; our ability to protect our intellectual property and defend against allegations of violations of third-party intellectual property by us; cybersecurity incidents and other disruptions to our information technology ("IT") systems; increased hacking activity against the critical infrastructure of any nation or organization that retaliates against Russia for its invasion of Ukraine; our reliance on complex IT systems; our ability to adopt generative artificial intelligence ("AI") technologies in our operations; changes and contemplation of changes to trade policies, tariffs and import/export regulations in the United States and other jurisdictions; financial accounting and tax matters; our ability to maintain effective internal control over financial reporting; the potential impact of, and our compliance with, new and existing laws and regulations; other factors that may affect our financial condition, liquidity and results of operations; and other risks and uncertainties set out in filings made from time to time with the SEC and available at www.sec.gov, including, without limitation, our most recent reports on Form 20-F and Form 6-K. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

------

**Appendix: Consolidated Financial Information**

**Consolidated interim statements of income** 

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **2025** | **2024** |
| Net sales | 794.4 | 635.8 | 2270.2 | 1711.7 |
| Cost of sales | (272.1) | (250.5) | (851.9) | (682.8) |
| **Gross profit** | **522.2** | **385.3** | **1418.3** | **1028.9** |
| Selling, general and administrative expenses | (397.5) | (312.7) | (1123.8) | (870.4) |
| **Operating result** | **124.7** | **72.6** | **294.5** | **158.5** |
| Financial income | 8.1 | 6.0 | 22.9 | 17.1 |
| Financial expenses | (8.1) | (6.5) | (21.8) | (17.2) |
| Foreign exchange gain / (loss) | (6.1) | (42.6) | (160.5) | 29.7 |
| **Income before taxes** | **118.6** | **29.6** | **135.2** | **188.1** |
| Income tax benefit / (expense) | 0.3 | 0.9 | (0.6) | (35.4) |
| **Net income** | **118.9** | **30.5** | **134.6** | **152.7** |
| **Earnings per share** |  |  |  |  |
| Basic EPS Class A (CHF) | 0.36 | 0.09 | 0.41 | 0.47 |
| Basic EPS Class B (CHF) | 0.04 | 0.01 | 0.04 | 0.05 |
| Diluted EPS Class A (CHF) | 0.36 | 0.09 | 0.40 | 0.47 |
| Diluted EPS Class B (CHF) | 0.03 | 0.01 | 0.04 | 0.05 |

---

------

**Consolidated interim statements of comprehensive income** 

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30,** | **Three-month period ended September 30,** | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** | **2025** | **2024** |
| **Net income** | 118.9 | 30.5 | 134.6 | 152.7 |
| Net actuarial result from defined benefit plans |  |  | 3.4 | 1.4 |
| Taxes on net actuarial result from defined benefit plans |  |  | (0.7) | (0.3) |
| **Items that will not be reclassified to income statement** | **—** | **—** | **2.8** | **1.1** |
| Foreign currency translation effect | 0.2 | (22.6) | (52.8) | (18.3) |
| Taxes on foreign currency translation effect | (0.2) | 3.4 | 6.4 | 3.4 |
| **Items that will be reclassified to income statement when specific conditions are met** | **—** | **(19.2)** | **(46.4)** | **(14.9)** |
| **Other comprehensive income / (loss), net of tax** | **—** | **(19.2)** | **(43.6)** | **(13.8)** |
| **Total comprehensive income** | **118.9** | **11.4** | **91.0** | **138.9** |

---

------

**Consolidated interim balance sheets** 

**(unaudited)**

---

| | | |
|:---|:---|:---|
| (CHF in millions) | **9/30/2025** | **12/31/2024** |
| Cash and cash equivalents | 961.8 | 924.3 |
| Trade receivables | 340.9 | 246.1 |
| Inventories | 380.6 | 419.2 |
| Other current financial assets | 63.1 | 56.4 |
| Other current operating assets | 165.3 | 113.7 |
| **Current assets** | **1911.7** | **1759.7** |
| Property, plant and equipment | 135.2 | 127.2 |
| Right-of-use assets | 479.9 | 323.6 |
| Intangible assets | 54.6 | 58.3 |
| Deferred tax assets | 170.3 | 107.8 |
| **Non-current assets** | **839.9** | **617.0** |
| **Assets** | **2751.6** | **2376.7** |
| Trade payables | 155.6 | 166.5 |
| Current lease liabilities | 76.1 | 59.1 |
| Other current financial liabilities | 55.5 | 51.3 |
| Other current operating liabilities | 380.3 | 299.3 |
| Current provisions | 15.8 | 21.7 |
| Income tax liabilities | 65.2 | 62.5 |
| **Current liabilities** | **748.6** | **660.4** |
| Employee benefit obligations | 7.9 | 8.6 |
| Non-current provisions | 18.8 | 14.9 |
| Non-current lease liabilities | 427.8 | 288.5 |
| Other non-current financial liabilities | 0.7 | 1.7 |
| Deferred tax liabilities | 6.5 | 10.8 |
| **Non-current liabilities** | **461.8** | **324.5** |
| Share capital | 34.0 | 33.7 |
| Treasury shares | (26.7) | (26.8) |
| Capital reserves | 1267.9 | 1210.0 |
| Other reserves | (47.6) | (4.0) |
| Retained earnings | 313.6 | 178.9 |
| **Equity** | **1541.3** | **1391.8** |
| **Equity and liabilities** | **2751.6** | **2376.7** |

---

------

**Consolidated interim statements of cash flows** 

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| (CHF in millions) | **2025** | **2024** |
| **Net income** | **134.6** | **152.7** |
| Adjustments for: |  |  |
| &nbsp;&nbsp;Share-based compensation | 49.7 | 42.4 |
| &nbsp;&nbsp;Employee benefit expenses | 2.8 | 1.3 |
| &nbsp;&nbsp;Depreciation and amortization | 92.9 | 75.9 |
| &nbsp;&nbsp;Loss on disposal of assets | 0.7 | 0.2 |
| &nbsp;&nbsp;Interest income and expenses | (6.7) | (5.2) |
| &nbsp;&nbsp;Net exchange differences | 162.0 | (27.7) |
| &nbsp;&nbsp;Income taxes | 0.6 | 35.4 |
| Change in working capital | (178.3) | (35.0) |
| &nbsp;&nbsp;Trade receivables | (130.5) | (118.5) |
| &nbsp;&nbsp;Inventories | (39.1) | 15.6 |
| &nbsp;&nbsp;Trade payables | (8.7) | 67.9 |
| Change in other current assets / liabilities | 36.9 | 110.7 |
| Change in provisions | (5.1) | 11.5 |
| Interests received | 22.4 | 16.5 |
| Income taxes paid | (66.0) | (37.0) |
| **Cash inflow from operating activities** | **246.4** | **341.8** |
| Purchase of tangible assets | (46.2) | (41.5) |
| Purchase of intangible assets | (3.8) | (3.7) |
| **Cash (outflow) from investing activities** | **(50.0)** | **(45.2)** |
| Payments of lease liabilities | (51.3) | (37.4) |
| Proceeds from issuance of shares | 0.3 | 0.2 |
| Proceeds on sale of treasury shares related to share-based compensation | 8.3 | 8.6 |
| Interests paid | (15.6) | (11.3) |
| **Cash (outflow) from financing activities** | **(58.3)** | **(39.8)** |
| **Change in net cash and cash equivalents** | **138.1** | **256.8** |
| Net cash and cash equivalents at January 1 | 924.3 | 494.6 |
| Net impact of foreign exchange rate differences | (100.5) | (2.4) |
| Net cash and cash equivalents at September 30 | 961.8 | 749.0 |

---

------

**Consolidated interim statements of changes in equity** 

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month period ended September 30, 2025 and 2024** | **Three-month period ended September 30, 2025 and 2024** | **Three-month period ended September 30, 2025 and 2024** | **Three-month period ended September 30, 2025 and 2024** | **Three-month period ended September 30, 2025 and 2024** | **Three-month period ended September 30, 2025 and 2024** |
| (CHF in millions) | **Share capital** | **Treasury shares** | **Capital reserves** | **Other reserves** | **Retained earnings / (losses)** | **Total equity** |
| **Balance at July 1, 2024** | **33.5** | **(26.7)** | **1169.7** | **(4.4)** | **58.9** | **1231.0** |
| Net income |  |  |  |  | 30.5 | 30.5 |
| Other comprehensive loss |  |  |  | (19.2) |  | (19.2) |
| **Comprehensive income / (loss)** | **—** | **—** | **—** | **(19.2)** | **30.5** | **11.4** |
| Capital increase | 0.2 |  |  |  |  | 0.2 |
| Share-based compensation |  |  | 19.6 |  |  | 19.6 |
| Sale of treasury shares |  | 0.1 | 3.3 |  |  | 3.4 |
| Purchase of treasury shares |  | (0.2) |  |  |  | (0.2) |
| **Balance at September 30, 2024** | **33.7** | **(26.8)** | **1192.6** | **(23.6)** | **89.4** | **1265.4** |
| **Balance at July 1, 2025** | **33.7** | **(26.6)** | **1242.8** | **(47.6)** | **194.7** | **1397.0** |
| Net income |  |  |  |  | 118.9 | 118.9 |
| Other comprehensive income |  |  |  |  |  |  |
| **Comprehensive income** | **—** | **—** | **—** | **—** | **118.9** | **118.9** |
| Capital increase | 0.3 |  |  |  |  | 0.3 |
| Share-based compensation |  |  | 24.4 |  |  | 24.4 |
| Sale of treasury shares |  |  | 0.6 |  |  | 0.7 |
| **Balance at September 30, 2025** | **34.0** | **(26.7)** | **1267.9** | **(47.6)** | **313.6** | **1541.3** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine-month period ended September 30, 2025 and 2024** | **Nine-month period ended September 30, 2025 and 2024** | **Nine-month period ended September 30, 2025 and 2024** | **Nine-month period ended September 30, 2025 and 2024** | **Nine-month period ended September 30, 2025 and 2024** | **Nine-month period ended September 30, 2025 and 2024** |
| (CHF in millions) | **Share capital** | **Treasury shares** | **Capital reserves** | **Other reserves** | **Retained earnings / (losses)** | **Total equity** |
| **Balance at January 1, 2024** | **33.5** | **(26.7)** | **1140.8** | **(9.8)** | **(63.3)** | **1074.5** |
| Net income |  |  |  |  | 152.7 | 152.7 |
| Other comprehensive loss |  |  |  | (13.8) |  | (13.8) |
| **Comprehensive income / (loss)** | **—** | **—** | **—** | **(13.8)** | **152.7** | **138.9** |
| Capital increase | 0.2 |  |  |  |  | 0.2 |
| Share-based compensation |  |  | 42.4 |  |  | 42.4 |
| Sale of treasury shares |  | 0.2 | 9.3 |  |  | 9.5 |
| Purchase of treasury shares |  | (0.3) |  |  |  | (0.3) |
| **Balance at September 30, 2024** | **33.7** | **(26.8)** | **1192.6** | **(23.6)** | **89.4** | **1265.4** |
| **Balance at January 1, 2025** | **33.7** | **(26.8)** | **1210.0** | **(4.0)** | **178.9** | **1391.8** |
| Net income |  |  |  |  | 134.6 | 134.6 |
| Other comprehensive loss |  |  |  | (43.6) |  | (43.6) |
| **Comprehensive income / (loss)** | **—** | **—** | **—** | **(43.6)** | **134.6** | **91.0** |
| Capital increase | 0.3 |  |  |  |  | 0.3 |
| Share-based compensation |  |  | 49.7 |  |  | 49.7 |
| Sale of treasury shares |  | 0.3 | 8.2 |  |  | 8.5 |
| Purchase of treasury shares |  | (0.1) |  |  |  | (0.1) |
| **Balance at September 30, 2025** | **34.0** | **(26.7)** | **1267.9** | **(47.6)** | **313.6** | **1541.3** |

---

## Exhibit 99.3

![](a25q3-ex993xarticlesofas001.jpg)

STATUTEN der On Holding AG mit Sitz in Zürich ARTICLES OF ASSOCIATION of On Holding AG with registered office in Zurich I. GRUNDLAGE I. INTRODUCTION Artikel 1 – Firma und Sitz Unter der Firma On Holding AG (On Holding SA) (On Holding Ltd) Article 1 – Company Name and Registered Office Under the company name of On Holding AG (On Holding SA) (On Holding Ltd) besteht mit Sitz in Zürich auf unbestimmte Dauer eine Aktiengesellschaft gemäss Art. 620 ff. des schweizerischen Obligationenrechts (OR) (die "Gesellschaft"). a stock corporation according to art. 620 et seqq. of the Swiss Code of Obligations (CO) with registered office in Zurich exists for an unlimited period of time (the "Company"). Artikel 2 – Zweck Article 2 – Purpose Die Gesellschaft bezweckt den Erwerb, das Halten,dieVerwaltungunddieVeräusserung vonBeteiligungenanGesellschaftenallerArt in der Schweiz und im Ausland. ThepurposeoftheCompanyistheacquisition, holding,managementandsaleofparticipations in companies of all kinds in Switzerland and abroad. Die Gesellschaft kann ausserdem alle Geschäfte abschliessenundVereinbarungen eingehen, die dem Gesellschaftszweck dienen oder in direktem Zusammenhang damit stehen. The Company may also carry out any and all transactions and enter into any and all agreementswhichdirectlyorindirectlyserveits corporate purpose or are directly related thereto. Die Gesellschaft kann ihren direkten oder indirekten Muttergesellschaften sowie deren oder ihren direkten oder indirekten Tochtergesellschaften Darlehen oder andere Finanzierungen gewähren und für Verbindlichkeiten von solchen anderen Gesellschaften Sicherheiten aller Art stellen, einschliesslich mittels Pfandrechten an oder TheCompanymaygrantloansorprovideother kind of financing to its direct orindirectparent companyanditsortheparentcompany'sdirect or indirect subsidiaries and may grantsecurity of all kind for obligations of those companies, includingbymeansofpledgesoverorfiduciary transfers of assets of the Company or by 1

------

![](a25q3-ex993xarticlesofas002.jpg)

fiduziarischen Übereignungen von Aktiven der Gesellschaft oder Garantien jedwelcher Art, ob gegen Entgelt oder nicht. means of guarantees of any kind, with or without compensation. DieGesellschaftkannZweigniederlassungen und Tochtergesellschaften in der Schweiz und im Ausland errichten und Grundstücke erwerben, halten, verwalten und veräussern. The Company may set up branch offices and subsidiaries in Switzerland and abroad and acquire, manage, hold and sell real estate. Die Gesellschaft kann Patente, Lizenzen, Marken und technische und industrielle Kenntnisse erwerben,verwalten,übertragen, veräussern und lizenzieren. The Company may acquire, manage, transfer, sell and license patents, licenses, trademarks and technical and industrial knowledge. II. KAPITAL II. SHARE CAPITAL Artikel 3 – Aktienkapital und Aktien Article 3 – Share Capital and Shares Das Aktienkapital beträgt CHF 34'033'879.20 und ist eingeteilt in 306'847'124 Namenaktien mit einem Nennwert von je CHF 0.10 (die "Klasse A Aktien")undin334'916'680Namenaktienmit einem Nennwert von je CHF 0.01 (Stimmrechtsaktien) (die "Klasse B Aktien"). The share capital amounts to CHF 34,033,879.20andisdividedinto306,847,124 registered shares with a nominal value of CHF 0.10 each (the "Class AShares")andin 334,916,680 registered shares with a nominal value of CHF 0.01 each (voting right shares) (the "Class B Shares"). Das Aktienkapital ist zu 100 % liberiert. The share capital is paid in at 100 %. Artikel 3a – Bedingtes Aktienkapital Article 3a – Conditional Share Capital Das Aktienkapital der Gesellschaft wird im Maximalbetrag von CHF 670'308.30 erhöht durch Ausgabe von höchstens 6'703'083 vollständigzuliberierendenNamenaktienmit einem Nennwert von je CHF 0.10 (Klasse A Aktien), durch Ausübung von Rechten, die denVerwaltungsrätenundexternenBeratern, Dienstleistern und Vertriebspartnern der Gesellschaft oderderKonzerngesellschaften gewährt werden. The share capital of the Company may be increased by the maximum amount of CHF 670,308.30 by issuing up to 6,703,083 fully paid-up registered shares with a nominal valueofCHF 0.10each(ClassAShares),upon exerciseofrightsthataregiventomembersof the board of directors or independent consultants,servicepartnersorsalesagentsof the Company or of affiliated companies. Das Bezugsrecht der Aktionäre ist ausgeschlossen. Der Erwerb der Klasse A AktiendurchdieAusübungvonRechtenund die weitereÜbertragungderKlasseAAktien unterliegen den Übertragungs-beschränkungen gemäss Art. 5 der Statuten. The shareholders' statutory subscription rights are excluded. The acquisition of Class A Shares through the exercise of rights and the further transfer of the Class A Shares are subject to the transfer restrictions pursuant to Art. 5 of the articles of association. Artikel 3b – Kapitalband für Klasse A Aktien Article 3b – Capital Band for Class A Shares 2

------

![](a25q3-ex993xarticlesofas003.jpg)

DieGesellschaftverfügtübereinKapitalband für Klasse A Aktien zwischen CHF 28'184'712.40 (untere Grenze) und CHF 33'184'712.40 (obere Grenze). Der Verwaltungsrat ist im Rahmen des Kapitalbands für KlasseAAktienermächtigt, bis zum 25. Mai 2028 oder bis zu einem früheren Dahinfallen des Kapitalbands für Klasse A Aktien das Aktienkapital einmal odermehrmalsundinbeliebigenBeträgenzu erhöhen oder herabzusetzen. Die Kapitalerhöhung oder -herabsetzung kann durchAusgabevonbiszu25'000'000vollzu liberierenden Namenaktien mit einem NennwertvonjeCHF0.10(KlasseAAktien) bzw. Vernichtung von bis zu 25'000'000 Namenaktien mit einem Nennwert von je CHF 0.10 (Klasse A Aktien)oderdurcheine Erhöhungbzw.HerabsetzungderNennwerte der bestehenden Namenaktien im Rahmen des Kapitalbands oder durch gleichzeitige Herabsetzung und Wiedererhöhung erfolgen. TheCompanyhasacapitalbandforClassA Shares between CHF 28,184,712.40 (lower limit) and CHF 33'184'712.40 (upper limit). Within the capital band for Class A Shares, the board of directors is authorized to increase or reduce thesharecapitalonceor several times and in any amounts until May 25, 2028 or until an earlier expiry of the capital band for Class AShares.Thecapital increase or reduction may be effected by issuingupto25,000,000fullypaidregistered shares with a par value of CHF 0.10 each (Class A Shares) or by cancelling up to 25,000,000 registered shares with a par value of CHF 0.10 each(ClassAShares)or byincreasingorreducingtheparvalueofthe existing registered shares within the capital band orbyacombinedcapitalreductionand capital increase. Im Falle einer Kapitalerhöhung legt der Verwaltungsrat die Anzahl Aktien, den Ausgabebetrag, die Art der Einlagen, den Zeitpunkt derAusgabe,dieBedingungender Bezugsrechtsausübung und den Beginn der Dividendenberechtigungfest.Dabeikannder Verwaltungsrat neue Aktien mittels Festübernahme durch eine Bank oder einen anderen Dritten und anschliessendem Angebot an die bisherigen Aktionäre ausgeben.DerVerwaltungsratistermächtigt, den Handel mit Bezugsrechten zu beschränken oder auszuschliessen. Nicht ausgeübte Bezugsrechte kann der Verwaltungsrat verfallen lassen oder diese bzw. die Aktien, für welche Bezugsrechte eingeräumt, aber nicht ausgeübt werden, zu Marktkonditionen platzieren oderanderweitig im Interesse der Gesellschaft verwenden. In the event of a capital increase, theboard of directors shall determine the number of shares, the issue price, the type of contributions,thetimeofissue,theconditions forexercisingsubscriptionrightsandthestart of dividend entitlement. The board of directorsmayissuenewsharesbymeansof afirmunderwritingbyabankoranotherthird party and a subsequent offer to the existing shareholders. The board of directors is authorized to restrict or exclude trading in subscription rights. The board of directors may allowsubscriptionrightswhichhavenot beenexercisedtolapseorplacethemorthe shares for which subscription rights have been granted but not exercised at market conditions or use them otherwise in the interest of the Company. Der Verwaltungsrat ist ermächtigt, die BezugsrechtederAktionäreinBezugaufdie unter diesem Art. 3b auszugebenden Aktien zu entziehen oder zu beschränken und einzelnen Aktionären, Dritten, der Gesellschaft oder Konzerngesellschaften zuzuweisen: The board of directors is authorized to withdraw or restrict subscription rights of existingshareholderswithregardtosharesto be issued according to this Art. 3b and to allocate such rights to single shareholders, thirdparties,theCompanyoranyofitsgroup companies: (a) wenn der Ausgabebetrag der neuen Aktien unter Berücksichtigung des Marktpreises festgesetzt wird; oder (a) iftheissuepriceofthenewsharesis determined by reference to the market price; or (b) fürdieÜbernahmevonUnternehmen, Unternehmensteilen oder (b) for the acquisition of companies, part(s)ofcompaniesorparticipations, 3

------

![](a25q3-ex993xarticlesofas004.jpg)

Beteiligungen oder für die Finanzierung oder Refinanzierung solcher Transaktionen oder die Finanzierung von neuen InvestitionsvorhabenderGesellschaft oder ihrer Konzerngesellschaften, einschliesslich dem Erwerb von Produkten, Immaterialgüterrechten, oder Lizenzen; oder or for the financing or refinancing of any of such transactions or the financing of new investment projects of the Company or any of its group companies, including the acquisition of products, intellectual properties or licenses; or (c) zum Zwecke der Erweiterung des Aktionärskreises in bestimmten geographischen, Finanz- oder Investoren-Märkten, zur Beteiligung von strategischen Partnern, oder im Zusammenhang mit der Kotierung von neuen Aktien an inländischen oder ausländischen Börsen; oder (c) for purposes of broadening the shareholder constituency of the Company in certain geographic, financial or investor markets, for purposes of the participation of strategic partners, or in connection with the listing of new shares on domesticorforeignstockexchanges; or (d) für die Einräumung einer Mehrzuteilungsoption (Greenshoe) oder einer Option zurZeichnungvon zusätzlichen Aktien an die betreffenden Erstkäufer oder Festübernehmer im Rahmen einer Aktienplatzierung oder eines Aktienverkaufs; oder (d) for purposes of granting an over-allotment option (Greenshoe) or an option to subscribe for additional shares in a placement or sale of shares to the respective initial purchaser(s) or underwriter(s); or (e) für die Beteiligung von Mitgliedern desVerwaltungsrates,Mitgliedernder Geschäftsleitung, Mitarbeitern, Beauftragten, Beratern oder anderen Personen, die für die Gesellschaft odereineihrerKonzerngesellschaften Leistungen erbringen; oder (e) fortheparticipationofmembersofthe board of directors, members of the executive committee, employees, contractors, consultants, or other persons performing services for the benefit of the Company or any of its group companies; or (f) für eine rasche und flexible Kapitalbeschaffung,welcheohneden Ausschluss der Bezugsrechte der bisherigen Aktionäre nicht, oder nur mit grossen Umständen oder Verspätung oder zu wesentlich schlechteren Bedingungen möglich wäre. (f) forraisingcapitalinafastandflexible manner,whichwouldnotbepossible, or might only be possible with great difficulty or delays or at significantly less favorable conditions, withoutthe exclusion of thepre-emptiverightsof existing shareholders. Die Zeichnung und derErwerbderKlasseA Aktien und die weitere Übertragung der Klasse A Aktien unterliegen den Übertragungs-beschränkungengemässArt. 5 der Statuten. Erhöht sich das Aktienkapital aufgrund einer bedingten Kapitalerhöhung aus dem bedingten Kapital für Klasse A Aktien, so erhöhen sich die obere und die untere GrenzedesKapitalbandsfürKlasse AAktien The subscription and acquisition of Class A SharesandthefurthertransferoftheClass A Sharesaresubjecttothetransferrestrictions pursuant to Art. 5 of the articles of association. If the share capital is increased out of the conditional capital for Class A Shares, the upper andlowerlimitsofthecapitalbandfor Class A Shares shall increase in an extent 4

------

![](a25q3-ex993xarticlesofas005.jpg)

entsprechend dem Umfang der Erhöhung des aus Klasse A Aktien bestehenden Aktienkapitals. BeieinerHerabsetzungdesAktienkapitalsim Rahmen des Kapitalbands für Klasse A Aktien legt der Verwaltungsrat, soweit erforderlich, die Verwendung des Herabsetzungsbetrages fest. Der Verwaltungsrat kann den Herabsetzungsbetrag auch zur teilweisen oder vollständigen Beseitigung einer Unterbilanz im Sinne von Art. 653p OR verwenden oder das Aktienkapital im Sinne von Art. 653q OR gleichzeitig herabsetzen und mindestens auf den bisherigen Betrag erhöhen. corresponding to the increase of the share capital consisting of Class A Shares. In the event of a reduction of the share capital within the capital band for Class A Shares, the board of directors shall, if necessary,determinetheuseofthereduction amount.Theboardofdirectorsmayalsouse the reduction amount for the partial or complete elimination of a negativenetworth withinthemeaningofart. 653pCOorreduce the share capital within the meaning of art. 653q CO and increase it simultaneously at least to the previous amount. Artikel 3c – Kapitalband für Klasse B Aktien Article 3c – Capital Band for Class B Shares DieGesellschaftverfügtübereinKapitalband für Klasse B Aktien zwischen CHF 3'349'166.80 (untere Grenze) und CHF 3'507'291.80 (obere Grenze). Der Verwaltungsrat ist im Rahmen des Kapitalbands für KlasseBAktienermächtigt, bis zum 25. Mai 2028 oder bis zu einem früheren Dahinfallen des Kapitalbands für Klasse B Aktien das Aktienkapital einmal odermehrmalsundinbeliebigenBeträgenzu erhöhen. Die Kapitalerhöhung kann durch Ausgabe von bis zu 15'812'500 voll zu liberierenden Namenaktien mit einem Nennwert von je CHF 0.01 (Stimmrechtsaktien) (Klasse B Aktien) oder durch eine Erhöhung der Nennwerte der bestehenden Namenaktien im Rahmen des Kapitalbands erfolgen. TheCompanyhasacapitalbandforClassB Shares between CHF 3,349,166.80 (lower limit) and CHF 3,507,291.80 (upper limit). Within the capital band for Class B Shares, the board of directors is authorized to increase the share capital once or several timesandinanyamountsuntilMay25, 2028 or until an earlier expiry of the capital band forClassBShares.Thecapitalincreasemay be effected by issuing upto15,812,500fully paid registered shares with a par value of CHF 0.01each(votingrightshares)(ClassB Shares)orbyincreasingtheparvalueofthe existing registered shares within the capital band. Der Verwaltungsrat legt die Anzahl Aktien, den Ausgabebetrag, die Art der Einlagen, den Zeitpunkt der Ausgabe, unddenBeginn derDividendenberechtigungfest.Dabeikann der Verwaltungsrat neue Aktien mittels Festübernahme durch eine Bank oder einen anderen Dritten und anschliessenden Angebots an die bisherigen Aktionäre ausgeben. The board of directors shall determine the numberofshares,theissueprice,thetypeof contributions,thetimeofissue,theconditions forexercisingsubscriptionrightsandthestart of dividend entitlement. The board of directorsmayissuenewsharesbymeansof afirmunderwritingbyabankoranotherthird party and a subsequent offer to the existing shareholders. Der Verwaltungsrat ist ermächtigt, die BezugsrechtederAktionäreinBezugaufdie unter diesem Art. 3c auszugebenden Aktien zu entziehen oder zu beschränken und einzelnen Aktionären, Dritten, der Gesellschaft oder Konzerngesellschaften zuzuweisen für die Beteiligung von The board of directors is authorized to withdraw or restrict subscription rights of existingshareholderswithregardtosharesto be issued according to this Art. 3c and to allocate such rights to single shareholders, thirdparties,theCompanyoranyofitsgroup companies for the participation of members 5

------

![](a25q3-ex993xarticlesofas006.jpg)

Mitgliedern des Verwaltungsrates und Mitgliedern der Geschäftsleitung der Gesellschaft oder einer ihrer Konzerngesellschaften. of the board of directors or members of the executive committee of the Companyorany of its group companies. Die Zeichnung und derErwerbderKlasseB Aktien und die weitere Übertragung der Klasse B Aktien unterliegen den Übertragungsbeschränkungen gemäss Art. 6 der Statuten. Erhöht sich das Aktienkapital aufgrund einer bedingten Kapitalerhöhung aus bedingtem KapitalfürKlasseBAktien,soerhöhtsichdie Obergrenze des Kapitalbands für Klasse B Aktien entsprechend dem Umfang der Erhöhung des aus Klasse B Aktien bestehenden Aktienkapitals. The subscription and acquisition of Class B SharesandthefurthertransferoftheClass B Sharesaresubjecttothetransferrestrictions pursuant to Art. 6 of the articles of association. If the share capital is increased out of any conditional capital for Class B Shares, the upper limit of the capital band for Class B Shares shall increase in an extent corresponding to the increase of the share capital consisting of Class B Shares. Artikel 4 – Form der Aktien Article 4 – Form of the Shares Die Gesellschaft kann ihre Namenaktien als Einzelurkunden, Globalurkunden, einfache Wertrechte im Sinne des OR (in der jeweils geltenden Fassung), oder als Bucheffekten ausgestalten. The Company may issue its registered shares in the form of single certificates, global certificates, simple uncertificated securities within the meaning of the CO (as amendedfromtimetotime),orintermediated securities. Bucheffekten und Sicherheiten an Bucheffekten können nicht mittels Abtretung übertragen oder begründet werden. Werden nicht verurkundete Aktien durch Abtretung übertragen, bedarf diese zur Gültigkeit der Anzeige an die Gesellschaft. Intermediated securities andsecurityinterest in any such intermediated securities, cannot be transferred or granted by way of assignment. If uncertificated securities are transferred by way of assignment, such assignmentmustbenotifiedtotheCompany to be valid. Nachdem er im Aktienbuch eingetragen worden ist, kann der Aktionär von der Gesellschaft jederzeit die Ausstellung einer Bescheinigung über die in seinem Eigentum stehendenAktienverlangen.DerAktionärhat jedoch keinen Anspruch auf Druck und Auslieferung von Aktienurkunden oder Aktienzertifikate oder auf die Umwandlung der Namenaktien von einer Form in eine andere. Die Gesellschaft kann demgegenüber jederzeit Urkunden für Namenaktien (Einzelurkunden oder Zertifikate über eine Mehrzahl von Aktien) ausstellen und ausliefern und mit der Zustimmung des Aktionärs ausgegebene Urkunden, die bei ihr eingeliefert werden, ersatzlos annullieren. Uponitsregistrationwiththeshareregister,a shareholdermayatanytimerequestfromthe Company to issue a written confirmation of the registered shares held by such shareholder. However, the shareholder has no right to request the issue and delivery of share certificates nor the conversion of the registered shares issued in one form into anotherform.TheCompanymay,however,at any time issue and deliver certificates for registered (single certificates or global certificates) and, with the consent of the shareholder, delete without replacement issued share certificates, which have been returned to it. VorbehältlichdesanwendbarenRechts,kann die Gesellschaft jederzeit ohne Zustimmung der Aktionäre ihre Namenaktien von einer Form in eine andere Form umwandeln. Die Subject to applicable law,theCompanymay convert its registered shares from one form intoanotherformatanytimeandwithoutthe approval of the shareholders. The Company 6

------

![](a25q3-ex993xarticlesofas007.jpg)

Gesellschaft trägt alle mit einer solchen Umwandlung verbundenen Kosten. shall bear the costassociatedwithanysuch conversion. Artikel 5 – AktienbuchundBeschränkung der Eintragung, Nominees Article 5–ShareRegisterandRestrictions on Registration, Nominees Die Gesellschaft führt ein Aktienbuch, in welches die Eigentümer, Nutzniesser und Nominees der Namenaktien mit Namen, Adresse und Staatsangehörigkeit (bei juristischen Personen der Sitz) eingetragen werden. TheCompanyshallmaintainashareregister thatliststheshareholders,usufructuariesand nomineesoftheregisteredshareswithname, address and citizenship (registered office in case of a legal entity). Im Verhältnis zur Gesellschaft wird als Aktionär, Nutzniesser oder Nominee nur anerkannt, wer im Aktienbuch eingetragen ist. Die Gesellschaft anerkennt nur einen Vertreter pro Namenaktie. In relation to the Company, only those shareholders, usufructuaries or nominees registered in the share register shall be recognized as shareholders, usufructuaries or nominiees.TheCompanyrecognizesonly one representative per registered share. Erwerber von Aktien werden aufGesuchhin gegen Nachweis des Erwerbes oder der Begründung einer NutzniessungalsAktionär mit Stimmrecht im Aktienbuch eingetragen, falls sie ausdrücklich erklären, dass sie die Aktien in eigenem Namen und für eigene Rechnung halten, dass keine Vereinbarung über die Rücknahme oder die Rückgabe entsprechender Aktien besteht und dass sie das mit den Aktien verbundene wirtschaftlicheRisikotragen.DasGesuchum Eintragung im Aktienbuch kann auf elektronischem Weg gestellt werden. Acquirersofsharesshallberegisteredinthe share register as shareholders with voting rights upon their request if they expressly declare to have ac-quired these shares in their own name and for their own account, thatthereisnoagreementontheredemption or the return of corresponding shares and that they bear the economic risk associated with the shares. The application for entry in the share register can be submitted electronically. Personen, die im Eintragungsgesuch nicht ausdrücklich erklären, die Aktien für eigene Rechnung zu halten (Nominees) werden ohne Weiteres bis maximal 3 % des im HandelsregistereingetragenenAktienkapitals als Aktionär mit Stimmrecht im Aktienbuch eingetragen. Über diese Eintragungsgrenze hinaus werden Nominees als Aktionäre mit StimmrechtimAktienbucheingetragen,wenn der betroffene Nominee die Namen, Adressen,NationalitätenundAktienbestände derjenigen wirtschaftlichen Berechtigten bekannt gibt, für deren Rechnung er 0.5 % oder mehr des ausstehenden Aktienkapitals hält. Persons,whodonotexpresslydeclareinthe registrationapplication,toholdtheshareson their own account (Nominees) shall be registered as shareholders with voting rights intheshareregisteruptoamaximumof3 % of the share capital set forth in the commercial register. For any shares in excess this registration threshold, Nominees shall be registered as shareholders with voting rights in the share register, if the concerned Nominee declares the names, addresses,nationalitiesandshareholdingsof such beneficial owners for whose account it holds 0.5 % or more of thesharecapitalset forth in the commercial register. Der Verwaltungsrat ist ermächtigt, mit Nominees Vereinbarungen über deren Meldepflichten abzuschliessen und im Einzelfall Ausnahmen von der Regelung im vorstehenden Abs. 4 dieses Artikels zu gewähren. The board of directors is authorizedtoenter into agreement with theNomineesregarding their notifications obligations and to grant exceptions fromtheprovisionofparagraph 4 of this article in singular cases. 7

------

![](a25q3-ex993xarticlesofas008.jpg)

Der Verwaltungsrat kann Eintragungen im Aktienbuch mit Rückwirkung auf das Datum der Eintragung streichen, wenn diese durch falsche oder irreführende Angabenzustande gekommen sind. Er kann den betroffenen Aktionär oder Nominee vorgängig anhören. Der betroffene Aktionär oder Nominee ist über die Streichung umgehend zu informieren. The board of directors may cancel registrations in the share register with retroactiveeffectasofthedateofregistration ifsuchregistrationwasmadebasedonfalse or misleading information. The board of directors may hear the concerned shareholder or Nominee. The relevant shareholder or Nominee shall be promptly informed of the cancellation. Der Verwaltungsrat trifft diezurFührungdes AktienbuchesnotwendigenAnordnungenund kann entsprechende Reglemente oder Richtlinienerlassen.ErkannseineAufgaben delegieren. Theboardofdirectorsshallregulateallissue the instructions necessary for the maintenance of the share register and may issue corresponding regulations or guidelines. The board of directors may delegate its duties. Der Verwaltungsrat gibt in derEinladungzur Generalversammlung das für die Teilnahme- und Stimmberechtigung massgebende Stichdatum der Eintragung im Aktienbuch bekannt. The boardofdirectorsstatesintheinvitation tothegeneralmeetingthecut-offdateofthe registration with the share register relevant for the participation and voting rights. Artikel 6 – Übertragung der Aktien Article 6 – Transfer of Shares Die ÜbertragungderNamenaktienmiteinem Nennwert von je CHF 0.01 (Stimmrechtsaktien) (Klasse B Aktien) oder die Begründung einer Nutzniessung daran bedarf der Genehmigung durch den Verwaltungsrat. The transfer of ownership in, or the establishment of a usufruct in, registered shares with a nominal value of CHF 0.01 (voting right shares) (Class B Shares) is subject to the approval by the board of directors. DerVerwaltungsratkanndieZustimmungaus wichtigen Gründen ablehnen. Als wichtiger GrundgiltdasFernhaltenvonErwerbern,die ein Unternehmen betreiben, das mit der GesellschaftinKonkurrenzsteht,oderdiean einem solchen Unternehmen beteiligt sind, von einem solchen angestelltodersonstwie dafür tätig sind. Theboardofdirectorsmayrefuseconsentfor goodcause.Goodcauseshallbedeemedto be the refraining of acquirers who operatea competing business with the Company or who have an interest in,areemployedbyor otherwise work for such a business. Der Verwaltungsrat kann die Zustimmung ohneAngabevonGründenverweigern,wenn er im Namen der Gesellschaft dem Veräusserer der Aktien anbietet, die Aktien für deren Rechnung, für Rechnung anderer Aktionäre oder für Rechnung Dritter zum wirklichen Wert im Zeitpunkt des Gesuches zu übernehmen. The board of directors may refuse its approval without indication of reasons if the boardofdirectorsresolvesinthenameofthe Company to acquire the shares for the account of the Company, certain shareholders or third parties at their real value at the time of the request for approval. Die Zustimmung kann überdies verweigert werden, wenn der Erwerber nicht ausdrücklich erklärt, dass er die Aktien im eigenen Namen und auf eigene Rechnung erworben hat, dass keineVereinbarungüber die Rücknahme oder Rückgabe der entsprechenden Aktien besteht, und dass er Moreover, consent may be refused if the acquirer does not expressly declare that it hasacquiredthesharesinhisownnameand for his own account, that there is no agreementontheredemptionorthereturnof corresponding shares and that he bears the economic risk associated with the shares. 8

------

![](a25q3-ex993xarticlesofas009.jpg)

das mit den Aktien verbundene wirtschaftliche Risiko trägt. Sind die Klasse B Aktien durch Erbgang, Erbteilung, eheliches Güterrecht oder Zwangsvollstreckung erworben worden, so kann der Verwaltungsrat das Gesuch um Zustimmung nur ablehnen, wenn er im Namen der Gesellschaft dem Erwerber die Übernahme der Klasse B Aktien zum wirklichen Wert anbietet. Der wirkliche Wert istimVerhältniszumMarktpreisderKlasseA Aktien zu bestimmen. IftheClassBShareshavebeenacquiredby inheritance,divisionofanestate,matrimonial property law or execution, the board of directors may only refuse the request for approval if it offers to take over the ClassB Shares at their real value on behalf of the Company.Therealvalueshallbedetermined inrelationtothemarketvalueoftheClassA Shares. III. ORGANISATION DER GESELLSCHAFT III. ORGANIZATION OF THE COMPANY A. Generalversammlung A. General Meeting Artikel 7 – Befugnisse Article 7 – Powers Oberstes Organ der Gesellschaft ist die Generalversammlung der Aktionäre. Ihr stehen folgende unübertragbare Befugnisse zu: The supreme body of the Company is the general meeting. It has the following non-transferable powers: 1. die Festsetzung und Änderung der Statuten; 1. the adoption and amendment of the articles of association; 2. die Wahl und Abberufung des Präsidentenbzw.derCo-Präsidentenund der übrigen Mitglieder des Verwaltungsrates sowie der Mitglieder des Nominierungs- und Vergütungsausschusses; 2. the election and de-selection of the Chairman or the Co-Chairmen, respectively, and the other members of theboardofdirectorsandthemembersof the nomination and compensation committee; 3. die Wahl und Abberufung des unabhängigen Stimmrechtsvertreters; 3. the election and de-selection of the independent voting rights representative; 4. die Wahl und Abberufung der Revisionsstelle; 4. the election and de-selection of the statutory auditors; 5. die Genehmigung des Geschäfts- bzw. Lageberichtes und der Konzernrechnung; 5. the approval of the annual and management report and theconsolidated accounts; 6. die Genehmigung der Jahresrechnung sowie die Beschlussfassung über die Verwendung des Bilanzgewinnes, insbesondere die Festsetzung der Dividende; 6. the approval of the annual accounts and the resolution on the allocation of the retained earnings, and in particular the determination of the dividend; 9

------

![](a25q3-ex993xarticlesofas010.jpg)

7. die Festsetzung der Zwischendividende und die Genehmigung des dafür erforderlichen Zwischenabschlusses; 7. the determination of the interim dividend and the approval of the interim financial statements required therefor; 8. die Beschlussfassung über die Rückzahlung der gesetzlichen Kapitalreserve; 8. the passing of resolutions on the repayment of the statutory capital reserve; 9. die Dekotierung der Beteiligungspapiere der Gesellschaft; 9. the delisting of the Company's equity securities; 10.die Entlastung der Mitglieder des Verwaltungsrates sowie der Geschäftsleitung; 10.the discharge of the members of the board of directors and the executive committee; 11. die Genehmigung der Vergütungen an den Verwaltungsrat und die Geschäftsleitung undgemässArt.21der Statuten; 11.the approval of the compensation of the board of directors and of the executive committee according to Art. 21 of the articles of association; and 12.die Beschlussfassung über die Gegenstände, die der Generalversammlung durch das Gesetz oder die Statuten vorbehalten sind. 12.the adaption of resolutions on matters reservedtothegeneralmeetingbylawor the articles of association. Artikel 8 – Einberufung und Traktandierung Article 8 – Convocation and Agenda DieordentlicheVersammlungfindetalljährlich innerhalb sechs Monaten nach Schluss des Geschäftsjahres statt, ausserordentliche Versammlungen werden je nach Bedürfnis einberufen. The annual general meeting takes place everyyearwithinsixmonthsoftheendofthe financial year, and extraordinary general meetings are convened as and when required. Die Einberufung zu einer Generalversammlung erfolgt spätestens 20 Tage vor dem Versammlungstag durch Brief oder elektronische Datenübertragung (inkl. E-Mail) an die im Aktienbuch eingetragenen Aktionäre, Nutzniesser und Nominees oder durch Publikation im Schweizerischen Handelsamtsblatt. Die Einberufung erfolgt durch den Verwaltungsrat, nötigenfallsdurch die Revisionsstelle. Das Einberufungsrecht steht auch den Liquidatoren und den Vertretern der Anleihensgläubiger zu. Theconvocationtothegeneralmeetingshall be made by letter or electronic data transmission(incl.email)totheshareholders, usufructuaries and nominees or by way of announcement in the Swiss Commercial Gazette at least 20 days prior tothedateof the meeting. The general meeting is convenedbytheboardofdirectorsor,where necessary, by the statutory auditors. The liquidators and the representatives of bond creditors also have the right to convene general meetings. Die Einberufung einer ausserordentlichen Generalversammlung kann auch von einem oder mehreren Aktionären, die zusammen mindestens 5 % des Aktienkapitals oder der Stimmen vertreten, schriftlich unter Angabe des Verhandlungsgegenstandes und des Antrages, bei Wahlen der Namen der vorgeschlagenen Kandidaten, verlangt werden. The convocation of an extraordinary general meeting may also be requested in writing, indicating the agenda items and the proposals and, in case of elections, the names of the nominated candidates, by one or more shareholders together representing atleast5 %ofthesharecapitalorthevoting rights. 10

------

![](a25q3-ex993xarticlesofas011.jpg)

Aktionäre, die zusammen mindestens über 0.5 % des Aktienkapitals oder der Stimmen vertreten, können die Traktandierung eines Verhandlungsgegenstandes verlangen. Dies hat mindestens 60 Tage vor der Versammlung schriftlich unter Angabe der Verhandlungsgegenstände und Anträge zu erfolgen. Shareholders, together representing more than 0.5 % of the share capitalorthevoting rights, may demand that an item be placed on the agenda. Such requestmustbemade inwritingatleast60dayspriortothemeeting by indicating the agenda items and the proposals. In der Einberufung sind bekanntzugeben: The notice convening the meeting shall state: 1. das Datum, der Beginn, die Artundder Ort der Generalversammlung; 1. thedate,thebeginning,thetypeandthe place of the general meeting; 2. die Verhandlungsgegenstände; 2. the agenda items; 3. die Anträge des Verwaltungsrates mit kurzer Begründung; 3. themotionsoftheboardofdirectorsand a brief statement of the reasons for these motions; 4. gegebenenfalls die Anträge der Aktionäre samt kurzer Begründung; und 4. if applicable, the motions of the shareholders together with a brief statement of the reasons therefor; and 5. der Name und die Adresse des unabhängigen Stimmrechtsvertreters. 5. the name and address of the independent proxy. Spätestens 20 Tage vor der ordentlichen Generalversammlung sind der Geschäftsbericht, der Vergütungsbericht und einallfälligerRevisionsberichtdenAktionären elektronisch zugänglich zu machen. Sofern die Unterlagen nicht elektronisch zugänglich sind,kannjederAktionärverlangen,dassihm rechtzeitig eine Ausfertigung dieser Unterlagen zugestellt wird. The annual report, the compensation report and any auditors' report shall be made available electronically for inspection by the shareholdersnolaterthan20daysbeforethe ordinary general meeting.Ifsuchdocuments are not available electronically, any shareholdermayrequestthatacopyofthese documents be sent to him in due time. ÜberAnträgezunichtgehörigangekündigten Verhandlungsgegenständen können keine Beschlüsse gefasst werden; ausgenommen sind Anträge auf Einberufung einer ausserordentlichenGeneralversammlung,auf DurchführungeinerSonderuntersuchungund auf Wahl einer Revisionsstelle infolge Begehrens eines Aktionärs. No resolutions may be made on motions relating to agenda items that were not duly notified; exceptions to this are motions to conveneanextraordinarygeneralmeetingor tocarryoutaspecialauditandtoappointan auditor at the request of a shareholder. Zur Stellung von Anträgen im Rahmen der Verhandlungsgegenstände und zu Verhandlungen ohne Beschlussfassung bedarf es keiner vorgängigen Ankündigung. No advance notice is required to propose motionsondulynotifiedagendaitemsandto debate items without passing resolutions. Artikel 9 – Universalversammlung Article 9 – Universal Meeting Die Eigentümer oder Vertreter sämtlicher Aktien können, falls kein Widerspruch erhoben wird, eine Generalversammlung ohne Einhaltung der für die Einberufung vorgeschriebenen Formvorschriften abhalten. The owners or representatives of all shares may hold a general meeting without observing the formalities applicable to the convocation of a general meeting, provided that no objection is raised. 11

------

![](a25q3-ex993xarticlesofas012.jpg)

IndieserVersammlungkannüberalleinden Geschäftskreis der Generalversammlung fallenden Gegenständegültigverhandeltund Beschluss gefasst werden, solange die Eigentümer oder Vertreter sämtlicher Aktien anwesend sind. As long as the owners or representatives of allsharesarepresentorrepresentedatsuch meeting, all items which fall within the competence of the general meeting may validly be discussed and resolved upon. Artikel 10 – Vorsitz und Protokoll Article 10 – Chair and Minutes DenVorsitzinderGeneralversammlungführt der Präsident oder der zuständige Co-Präsident des Verwaltungsrates, in dessenVerhinderungsfallederVize-Präsident bzw. der andere Co-Präsident. Ist auch dieser verhindert, so übernimmt ein anderes vom Verwaltungsrat bestimmtes Mitglied desselben den Vorsitz. Ist kein Mitglied des Verwaltungsrates anwesend, wählt die Generalversammlung einen Tagesvorsitzenden. The Chairman or the responsible Co-Chairman of the board of directorstakes the chair of the general meeting, if he is hindered the vice-Chairman or the other Co-Chairman,respectively.Ifalsothelatteris hindered, another member of the board of director appointed by the board of directors takes thechair.Ifnomemberoftheboardis present, the general meeting appoints the Chairman of the meeting. Der Vorsitzende bezeichnet den Protokollführer und die Stimmenzähler, die nicht Aktionäre zu sein brauchen. Das Protokoll ist vom Vorsitzenden und dem Protokollführer zu unterzeichnen. TheChairmanappointsthesecretaryandthe scrutineers, who do not need to be shareholders. The minutes are to be signed by the Chairman and the secretary. JederAktionärkannverlangen,dassihmdas Protokoll innerhalb von 30 Tagen nach der Generalversammlung zugänglich gemacht wird. The minutes must be made available at the requestofashareholderwithin30daysofthe general meeting. Der Vorsitzende hat sämtliche Leitungsbefugnisse, die für die ordnungsgemässe Durchführung der Generalversammlung nötig sind. The Chairman shall have all powers and authority necessary to ensure the orderly conduct of the general meeting. Artikel 11 – Stimmrecht und Vertretung; Unabhängiger Stimmrechtsvertreter Article 11 – Voting Rights and Representation; Independent Voting Rights Representative Jede im Aktienbuch der Gesellschaft mit Stimmrecht eingetragene Aktie berechtigt zu einer Stimme. Vorbehalten bleibt Art. 693 Abs. 3 OR. Eachshareregisteredintheshareregisterof the Company with voting rights entitles the holder to one vote. Art. 693 para. 3 CO remains reserved. Jeder Aktionär kann seine Aktien in der Generalversammlung selbst vertreten oder vertreten lassen durch (i) einen Dritten, der nicht Aktionär zu sein braucht, mittels schriftlicher Vollmacht, (ii) den gesetzlichen Vertreter, oder (iii) den unabhängigen Stimmrechtsvertreter. Each shareholder may represent his shares at the general meetinghimselforhavethem represented by (i) a third party who do not needtobeashareholder,basedonawritten powerofattorney,(ii) itslegalrepresentative, or (iii) the independent voting rights representative. Die Generalversammlung kann physisch, an einem oder an mehreren Tagungsorten The generalmeetingmaybeheldphysically, at oneorseverallocationsatthesametime, 12

------

![](a25q3-ex993xarticlesofas013.jpg)

gleichzeitig, virtuell, oder in einer Kombination davon stattfinden. Ausserdem kann die Generalversammlung auch an einem ausländischen Tagungsort stattfinden. virtually, or as a combination thereof. Additionally,thegeneralmeetingmayalsobe held abroad. Der Verwaltungsrat bestimmt die Anforderungen an Vollmachten und Weisungen und kann Vorschriften darüber erlassen. The board of directors determines the requirements as to power of attorney and instructions and may issue the respective rules. Die Generalversammlung wählt jedes Jahr einen unabhängigen Stimmrechtsvertreter. DieAmtsdauerendetmitdemAbschlussder nächsten ordentlichen Generalversammlung. Wiederwahl ist möglich.HatdieGesellschaft keinen von der Generalversammlung gewählten unabhängigen Stimmrechtsvertreter so ernennt der Verwaltungsrateinensolchenfürdienächste Generalversammlung. Thegeneralmeetingshallelecteachyearan independentvotingrightsrepresentative.The term of office shall end at the completion of the next ordinary general meeting. Re-electionispossible.IftheCompanydoes not have an independent voting rights representative, the board of directors shall appoint the independent voting rights representative for the next general meeting. Artikel 12 – Beschlussfassung Article 12 – Resolutions Die Generalversammlung fasst ihre BeschlüsseundvollziehtihreWahlen,soweit dasGesetzoderdieStatutenesnichtanders bestimmen, mit derMehrheitdervertretenen Aktienstimmen, unter Ausschluss der Stimmenthaltungen sowie der leeren und ungültigen Stimmen. Bei Stimmengleichheit hat der Vorsitzende einen Stichentscheid. Except where the law or the articles of association provide otherwise, the general meeting passes its resolutions andexecutes elections withthemajorityofthesharevotes represented, excluding the abstentions and the empty and void votes. In the event of a tie, the Chairman has a casting vote. Der Vorsitzende der Generalversammlung bestimmt das Verfahren der Stimmabgabe (inkl. offene oder geheime Stimmabgabe, schriftliche Stimmabgabe, elektronische Stimmabgabe). Er kann eine Abstimmung oder Wahl jederzeit wiederholen lassen, sofern nach seiner Meinung Zweifel am Abstimmungsergebnis bestehen. In diesem Fall gilt die vorausgegangene Abstimmung oder Wahl als nicht geschehen. The Chairman of the general meeting determines the voting procedure (incl. open ballot, secret ballot, in writing, by electronic means).TheChairmanmayatanytimeorder that a resolution or election be repeated, if he/sheconsidersthevotetobeindoubt.The resolution or election previously held shall then be deemed not to have taken place. Ein Beschluss derGeneralversammlung,der mindestens zwei Drittel der vertretenen Stimmen und die Mehrheit der vertretenen Aktiennennwerte auf sich vereinigt, ist erforderlich für: A resolution of the general meeting passed with a majority of at least two thirds of the votes represented and the majority of the nominal values of shares represented shall be required for: 1. die Änderung des Gesellschaftszweckes; 1. any amendment of the Company's corporate purpose; 2. die Einführung oder Aufhebung von Stimmrechtsaktien; 2. any creation or deletion of voting right shares; 3. die Zusammenlegung von Aktien; 3. the consolidation of shares; 13

------

![](a25q3-ex993xarticlesofas014.jpg)

4. die Beschränkung der Übertragbarkeit vonNamenaktienundjedeÄnderungund Aufhebung einer solchen Beschränkung; 4. anyrestrictionsofthetransferabilityof registered shares and each amendment or the cancelation of such restrictions; 5. die bedingte Kapitalerhöhung oder die Einführung eines Kapitalbands; 5. the introduction of conditional share capital or of a capital band; 6. die Kapitalerhöhung aus Eigenkapital, gegen Sacheinlage oder durch VerrechnungmiteinerForderungunddie Gewährung von besonderen Vorteilen; 6. any increase of capital against the Company's equity, against a contribution inkind,orbywayofset-offwithadebtof the Company as well as the granting of special benefits; 7. den Wechsel der Währung des Aktienkapitals; 7. the change of the currency of the share capital; 8. die Umwandlung von Partizipationsscheinen in Aktien; 8. theconversionofparticipationcertificates into shares; 9. dieEinführungeinerStatutenbestimmung zur Durchführung der Generalversammlung im Ausland; 9. the introduction of a provision in the articles of association regarding the holding of the general meeting abroad; 10.die Einführung des Stichentscheids des Vorsitzenden in der Generalversammlung; 10.theintroductionofthecastingvoteofthe chairperson of the general meeting; 11. dieEinschränkungoderAufhebungdes Bezugsrechtes; 11. any limitation or withdrawal of subscription rights; 12.die Verlegung des Sitzes der Gesellschaft; 12.anychangeoftheregisteredofficeofthe Company; 13.die Auflösung der Gesellschaft; 13.the dissolution of the Company; 14.die Dekotierung der Beteiligungspapiere; und 14.the delisting of the shares; and 15.die Einführung einer statutarischen Schiedsklausel. 15.the introduction of a statutory arbitration clause. Die Beschlussfassung über die Fusion, Spaltung und Umwandlung richtet sich nach den Bestimmungen des Fusionsgesetzes. The adaption of resolutions on mergers, demergers, and conversions is governed by the provisions of the Swiss Merger Act. Statutenbestimmungen, die für die Fassung bestimmter Beschlüsse grössere Mehrheiten als die vom Gesetz vorgeschriebenen festlegen,könnennurmitdemerhöhtenMehr eingeführt und aufgehoben werden. Provisions of the articles of association, which require larger majorities for passing certainresolutionsthanthoseprovidedforby the law, may only be adopted with the proposed majority. B. Verwaltungsrat B. Board of Directors Artikel 13 – Wahl und Zusammensetzung Article 13 – Appointment and Constitution 14

------

![](a25q3-ex993xarticlesofas015.jpg)

Der Verwaltungsrat der Gesellschaft besteht aus mindestens drei Mitgliedern. The board of directors is composed by at least three members. Die Mitglieder des Verwaltungsrates, der Präsident bzw. die Co-Präsidenten des Verwaltungsrates und die Mitglieder des Nominierungs- und Vergütungsausschusses werden je einzeln von der Generalversammlung für die Amtsdauer von einem Jahrgewählt,endendnachAbschluss der nächsten ordentlichen Generalversammlung. Wiederwahl ist möglich. The members of the board of directors, the Chairman or the Co-Chairmen, respectively, and the members of the nomination and compensation committee are appointed by the general meeting individually and for a term of office of one year, ending at the completion of the next ordinary general meeting. Re-election is possible. Wird das Amt des Präsidenten vakant, ernennt der Verwaltungsrat für die verbleibende Amtsdauer aus seiner Mitte einen neuen Präsidenten des Verwaltungsrates. Wird das Amt eines Co-Präsidenten des Verwaltungsrates vakant, handelt der andere Co-Präsident als alleiniger Präsident für die verbleibende Amtszeit. IftheofficeoftheChairmanbecomesvacant, the board of directors shall appoint a new Chairman, from among its members for the remaining term of office. If the office of a Co-Chairman becomes vacant, the other Co-Chairman shall act as sole Chairman for the remaining term of office. Mit Ausnahme der Wahl des Präsidenten bzw. der Co-Präsidenten und der Wahl der Mitglieder des Nominierungs- und Vergütungsausschusses durch die Generalversammlung, konstituiert sich der Verwaltungsrat selbst. ExceptfortheelectionoftheChairmanorthe Co-Chairmen,respectively,andthemembers of the nomination and compensation committeebythegeneralmeeting,theboard of directors constitutes itself on its own. Der Verwaltungsrat wählt nach Bedarf einen oder mehrere Vizepräsidenten, Delegierte sowie den Sekretär, der nicht Mitglied des Verwaltungsrates sein muss. The board of directors may elect one or several vice-chairmen, directors and a secretary, who neednotbeamemberofthe board of directors. Jeder Co-Präsident kann nach aussen einzeln alle Kompetenzen einesPräsidenten ausüben und die Gesellschaft wie ein Präsident unter der Bezeichnung Co-Präsident vertreten. Each Co-Chairman can exercise all competences of a Chairman against the outside and represent the Company like a Chairman under the title Co-Chairman. Die Aufgaben des Präsidenten bzw. der Co-Präsidenten sind im Organisationsreglement der Gesellschaft zu regeln. Im Übrigen verständigen sich die Co-Präsidenten über die Erfüllung ihrer Aufgaben. The duties of the Chairman or of the Co-Chairmen are to be regulated in the organizational regulations of the Company. Otherwise, the Co-Chairmen agree on the execution of their duties. Bestehen in Bezug auf dasStimmrechtoder die vermögensrechtlichen Ansprüche verschiedeneAktienkategorien,sohabendie AktionärejederAktienkategorieAnspruchauf Vertretung im Verwaltungstrat durch ein Mitglied. Der Verwaltungsrat trifft die notwendigen Anordnungen. If different sharecategoriesexistwithregard to voting rights or pecuniary rights, then the shareholders of each share category have the right to be represented on the board of directors by one member. The board of directors issues the instructions. 15

------

![](a25q3-ex993xarticlesofas016.jpg)

Artikel 14 – Erstattung von Spesen und Schadloshaltung Article 14 – Reimbursement of Expenses, Indemnification Die Mitglieder des Verwaltungsrates haben Anspruch auf Erstattung aller im Interesse der Gesellschaft entstandenen Spesen. The members of the board of directorsshall be entitled to the reimbursement of all expenses incurred in the interest of the Company. Soweit nicht durch Versicherungen gedeckt odervonDrittenbezahlt,hältdieGesellschaft soweitgesetzlichzulässig,diegegenwärtigen und bisherigen Mitglieder des Verwaltungsrates und der Geschäftsleitung sowie deren Erben, Testamentsvollstrecker und Verwalter aus dem Vermögen der Gesellschaft von allen angedrohten, hängigen, und abgeschlossenen Klagen, Prozessen oder Verfahren – ob zivil-, straf-, verwaltungs- oder untersuchungsrechtlich – schadlos,sowievonallenKosten,Gebühren, Verlusten,SchädenundAusgaben,dieihnen oder einem/einer von ihnen, ihren Erben, Testamentsvollstreckern oder Verwaltern durch oder aufgrund von tatsächlichen oder vermeintlichen Handlungen, Zustimmungen oder Unterlassungen im Zusammenhangmit der Ausübung ihrer Pflicht oder vermeintlichen Pflicht oder aufgrund der Tatsache, dass er/sie ein Mitglied des Verwaltungsrates oder der Geschäftsleitung der Gesellschaft oder des Verwaltungsrates (oder eines gleichwertigen Gesellschaftsorgans) oder der Geschäftsleitung einer ihrer Konzerngesellschaften ist oder war, oder dass er/siewährendseiner/ihrerTätigkeitals Mitglied des Verwaltungsrates oder der Geschäftsleitung der Gesellschaft, auf Ersuchen der Gesellschaft, als Mitglied des Verwaltungsrates oder der Geschäftsleitung, Angestellter oder Beauftragtereineranderen Kapitalgesellschaft, Personengesellschaft, einesJointVentures,einesTrustsodereines anderen Unternehmens tätig ist oder war, entstanden sind, entstehen oder entstehen könnten, jedoch unter der Voraussetzung, dass sich diese Schadloshaltung nicht auf eine Angelegenheit erstreckt, indereineder genannten Personen gemäss einem rechtskräftigen Urteil oder Beschluss eines Gerichts odereinerzuständigenRegierungs- oder Verwaltungsbehörde, gegen den kein Rechtsmittel eingelegt werden kann, eine vorsätzliche oder grobfahrlässige Verletzung ihrer gesetzlichen Pflichten als Mitglied des To the extent not included in insurance coverage or paid by third parties, the Companyshallindemnifyandholdharmless, to the extent permitted by law, the existing and former members of the board of directors, the executive committee, andtheir heirs, executors and administrators, out of the assets oftheCompanyfromandagainst allthreatened,pendingorcompletedactions, suitsorproceedings–whethercivil,criminal, administrativeorinvestigative–andallcosts, charges, losses, damages, and expenses which they or any of them, their heirs, executors or administrators, shall or may incurorsustainbyorbyreasonofanyactual or alleged actions, consents or omissions in orabouttheexecutionoftheirduty,oralleged duty,orbyreasonofthefactthathe/sheisor was a member of the board of directors or executive committee of the Company or the board of directors (or equivalent corporate body) or the management of one of its subsidiaries,or,whileservingasamemberof theboardofdirectorsorexecutivecommittee of the Company, is or was serving at the request of the Company as a director, member of the executive committee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise; provided, however, that this indemnity shall not extend to any matter in which anyofsaidpersonsisfound,inafinal judgment or decree of a court or governmental or administrative authority of competent jurisdiction not subject to appeal, to have committed an intentional or grossly negligent breach of his statutory duties asa memberoftheboardofdirectorsorexecutive committee. 16

------

![](a25q3-ex993xarticlesofas017.jpg)

Verwaltungsrates oder der Geschäftsleitung begangen hat. Ohne den vorstehenden Absatz 2 dieses Art 14 einzuschränken, hat die Gesellschaft den gegenwärtigen und ehemaligen Mitgliedern des Verwaltungsrates und der GeschäftsleitungdieKostenundAuslagenzu erstatten, die nach diesem Artikel erstattungsfähig sind, soweit sie nicht durch VersicherungengedecktsindodervonDritten voraberstattetwerden.DieGesellschaftkann jedoch diese vorausbezahlten Kosten zurückfordern, wenn eine der genannten PersonenineinemrechtskräftigenUrteiloder Beschluss eines Gerichts oder einer zuständigen Regierungs- oder Verwaltungsbehörde, gegen das kein Rechtsmittel eingelegt werden kann, wegen vorsätzlicher oder grobfahrlässiger Verletzung ihrer gesetzlichen Pflichten als Mitglied des Verwaltungsrates oder der Geschäftsleitung verurteilt wird. Without limiting theforegoingparagraph2of this Art. 14, the Company shall advance costsandexpensesindemnifiablethereunder to the existing and former members of the boardofdirectorsandexecutivecommitteeto theextentnotincludedininsurancecoverage or advanced by third parties. The Company mayhoweverrecoversuchadvancedcostsif any of said persons is found, in a final judgment or decree of a court or governmental or administrative authority of competent jurisdiction not subject to appeal, to have committed an intentional or grossly negligent breach of his statutory duties asa memberoftheboardofdirectorsorexecutive committee. Artikel 15 – Sitzungen und Beschlussfassung Article 15 – Meetings and Resolutions Sofern das Organisationsreglement nichts Anderes vorsieht, ist der Verwaltungsrat nur beschlussfähig, sofern die Mehrheit seiner Mitglieder anwesend ist oder sich an einer per Telefon, Videokonferenz oder mittels anderer Mittel der elektronischen DatenübertragungdurchgeführtenDiskussion und Beschlussfassung mit oder ohne Sitzungsortbeteiligt.DiesesQuorumistnicht notwendig für die Feststellung der Kapitalerhöhung und die zugehörige Statutenänderung sowie für diejenigen Beschlüsse des Verwaltungsrats, die der öffentlichen Beurkundung bedürfen. Unlesstheorganizationalregulationsprovide otherwise, the board of directors may only passresolutionsifthemajorityofitsmembers are present or attending the discussion and resolution withorwithoutameetingplaceby phone, videoconference or other means of electronicdatatransmission.Suchquorumis not necessary for the implementation of a capital increase and the related amendment tothearticlesofassociationorforresolutions of the board of directors that have to be officially authenticated. Verwaltungsratssitzungen werden vom Präsidenten bzw. vom zuständigen Co-Präsidenten einberufen und bei dessen Verhinderung durch den Vize-Präsidenten bzw. den anderen Co-Präsidenten. Jedes Mitglied des Verwaltungsrates kann unter Angabe der Gründe vom Präsidenten bzw. vom zuständigen Co-Präsidenten die unverzügliche Einberufung einer Sitzung verlangen. The meetings of the board of directors are convened by the Chairman or by the responsible Co-Chairman, respectively, and, ifhe/sheishindered,bythevice-Chairmanor the otherCo-Chairman.Eachmemberofthe board of directors may by indicating the reasons request that the Chairman or the responsible Co-Chairman immediately convenes a meeting without delay. Sofern das Organisationsreglement nichts Anderes vorsieht, fasst der Verwaltungsrat seine Beschlüsse mit der Mehrheit der abgegebenen Stimmen. Der Präsident bzw. Unlesstheorganizationalregulationsprovide otherwise, the board of directors passes its resolutions with the majority of the votes casted. The Chairman or the responsible 17

------

![](a25q3-ex993xarticlesofas018.jpg)

der zuständige Co-Präsident hat einen Stichentscheid. Co-Chairman, respectively, has a casting vote. Beschlüsse können auch schriftlich oder mittelselektronischerDatenübertragung(inkl. E-Mail) zu einem gestellten Antrag gefasst werden, sofern nicht ein Mitglied die mündliche Beratung verlangt. Im Falle der Beschlussfassung auf elektronischem Weg ist keine Unterschrift erforderlich. Resolutionsmayalsobepassedinwritingor by means of electronic data transmission (incl. email), if no member requests an oral discussion. In the event of resolutions being passed electronically, no signature shall be required. Über die Verhandlungen und Beschlüsse ist einProtokollzuführen,dasvomPräsidenten bzw. vom zuständigen Co-Präsidenten und einem Protokollführer unterzeichnet wird. The meetings and resolutions shall be recorded in minutes, which are to besigned by the Chairman or the responsible Co-Chairman, respectively, and the minute taker. Der Verwaltungsrat regelt im Organisationsreglement die Einzelheiten zur Beschlussfähigkeit, Beschlussfassung und Geschäftsführung The board of directors shall regulate the details of the attendance quorum, the adaption ofresolutionsandthemanagement in the organizational regulations. Artikel 16 – Recht auf Auskunft und Einsicht Article 16 – Information and Inspection Rights Jedes Mitglied des Verwaltungsrates kann Auskunft über alle Angelegenheiten der Gesellschaft verlangen. Each member of the board of directors may request information on all matters of the Company. In den Sitzungen sind alle Mitglieder des Verwaltungsrates und der Geschäftsleitung zur Auskunft verpflichtet. Atthemeetings,allmembersoftheboardof directors and executive committee are obliged to provide information. Ausserhalb der Sitzungen kann jedes Mitglied von den mit der Geschäftsführung betrauten Personen Auskunft über den Geschäftsgang und, mit Ermächtigung des Präsidenten bzw. des zuständigen Co-Präsidenten, auch über einzelne Geschäfte verlangen. Outside of the meetings, each member may request from the persons entrusted with the management information on the business, and,withtheauthorizationoftheChairmanor the responsible Co-Chairman, respectively, also on individual transactions. Soweit es für die Erfüllung einer Aufgabe erforderlich ist, kann jedes Mitglied beim Präsidenten bzw. beim zuständigen Co-Präsidenten beantragen, dass ihm Bücher und Akten vorgelegt werden. As far as necessary for the fulfilment of a duty, each member may request from the Chairman or the responsible Co-Chairman, respectively,thathe/sheisgrantedaccessto the books and records. Weist der Präsident bzw. der zuständige Co-Präsident ein Gesuch auf Auskunft, Anhörung oder Einsicht ab, so entscheidet der Verwaltungsrat. If the Chairman or the responsible Co-Chairman, respectively, rejects an information, hearing or inspection request, thentheentireboardofdirectorsresolveson it. Regelungen oder Beschlüsse des Verwaltungsrates,diedasRechtaufAuskunft und Einsichtnahme der Verwaltungsräte erweitern, bleiben vorbehalten. Regulations and resolutions of the board of directors, which broadentheinformationand inspectionrightsofthemembersoftheboard of directors, remain reserved. 18

------

![](a25q3-ex993xarticlesofas019.jpg)

Artikel 17 – Aufgaben Article 17 – Tasks Der Verwaltungsrat kann in allen Angelegenheiten Beschluss fassen,dienicht nach Gesetz, Statuten oder Organisations-reglement der Generalversammlung oder einem anderen Gesellschaftsorgan übertragen oder vorbehalten sind. The board of directors may passresolutions on all matters, which are not delegated or reserved to the general meeting or other corporate bodies of the Companybylaw,by the articles of association or the organizational regulations. Der Verwaltungsrat hat folgende unübertragbare und unentziehbare Aufgaben: The board of directors has the following non-transferable and inalienable duties: 1. die Oberleitung der Gesellschaft und die Erteilung der nötigen Weisungen; 1. the overall managementoftheCompany and the issuing of all necessary directives; 2. die Festlegung der Organisation; 2. determination of the Company's organisation; 3. Ausgestaltung des Rechnungswesens, der Finanzkontrolle sowie der Finanzplanung; 3. the organization of the Company's accounting,financialcontrolandfinancial planning systems; 4. die Ernennung und Abberufung der mit der GeschäftsführungundderVertretung betrauten Personen; 4. theappointmentanddismissalofpersons entrusted with managing and representing the Company; 5. die Oberaufsicht über die mit der Geschäftsführung betrauten Personen, namentlich im HinblickaufdieBefolgung der Gesetze, Statuten, Reglemente und Weisungen; 5. overall supervision of the persons entrusted with managing, in particular with regard to compliance with the law, the articles of association, operational regulations and directives; 6. die Erstellung des Geschäfts- bzw. Lageberichtes, des Vergütungsberichts sowie die Vorbereitung der GeneralversammlungunddieAusführung ihrer Beschlüsse; 6. compilation of the annual and managementreport,compensationreport and preparation for the general meeting and implementation of its resolutions; 7. die Einreichung eines Gesuches um Nachlassstundung und Benachrichtigung des Gerichts im Falle der Überschuldung. 7. filing of a moratorium request and notificationofthecourtintheeventofthe Company's over-indebtedness. Der Verwaltungsrat kann die Vorbereitung und die Ausführung seiner Beschlüsse oder die Überwachung von Geschäften Ausschüssen oder einzelnen Mitgliedern zuweisen. Er hat für eine angemessene Berichterstattung an seine Mitglieder zu sorgen. The board of directors may assign the preparationandexecutionofitsresolutionsor thesupervisionoftransactionstocommittees or individual members. It shall ensure appropriate reporting to its members. Artikel 18 – Übertragung der Geschäftsführung und der Vertretung Article 18 – Delegation of Management and Representation 19

------

![](a25q3-ex993xarticlesofas020.jpg)

Der Verwaltungsrat kann die Geschäftsführung nach Massgabe eines Organisationsreglements ganz oderzumTeil an einzelne Mitglieder oder an Dritte übertragen. The board of directors may delegate the management of the Company entirely or in part to individual membersortothirdparties in accordance with organizational regulations. Das Organisationsreglement ordnet die Geschäftsführung, bestimmt die hierfür erforderlichen Stellen, umschreibt deren Aufgaben und regelt insbesondere die Berichterstattung. The organizational regulations shall regulate the management oftheCompany,determine the offices required for this purpose, define their duties and, in particular, regulate the reporting. Soweit die Geschäftsführung nicht übertragen worden ist, steht sie allen Mitgliedern desVerwaltungsratesgesamthaft zu. Where the management of the Company's business has not been delegated, it is the responsibilityofallthemembersoftheboard of directors. Artikel 19 – Nominierungs- und Vergütungsausschuss Article 19 – Nomination and Compensation Committee Der Nominierungs- und Vergütungsausschuss besteht aus mindestens drei Mitgliedern des Verwaltungsrates. Thenominationandcompensationcommittee shallconsistofatleastthreemembersofthe board of directors. Die Mitglieder des Nominierungs- und Vergütungsausschusses werden je einzeln jährlich durch die Generalversammlung gewählt. Die Amtsdauer endet nach Abschluss der nächsten ordentlichen Generalversammlung. Wiederwahl ist möglich. The members of the nomination and compensation committee shall be elected individually and annually by the general meeting. The term of office ends at completion of the next ordinary general meeting. Re-election is possible. Bei Vakanzen kann der Verwaltungsrat aus seiner Mitte Ersatzmitglieder für eine Amtsdauer bis zum Abschluss der nächsten ordentlichen Generalversammlung ernennen. If there are vacancies,theboardofdirectors mayappointsubstitutemembersfromamong its members for a term of office extending until completion of thenextordinaryGeneral Meeting. Der Vorsitzende des Nominierungs- und Vergütungsausschusses wird vom Verwaltungsrat bestimmt. The Chairman of the nomination and compensation committee shall be appointed by the board of directors. Der Nominierungs- und VergütungsausschusshatfolgendeAufgaben und Zuständigkeiten: Thenominationandcompensationcommittee has the following duties and powers: 1. Vorbereitung und periodische Überarbeitung des Vergütungssystems und der Leistungskriterien im Bereich Vergütung; 1. Preparation and periodical review of the compensation system and performance criteria relating to compensation; 2. Periodische Überprüfung der Umsetzung derselben sowie diesbezügliche Antragsstellung und Abgabe von 2. Periodicreviewoftheirimplementationas well as submitting related motions and recommendations to the board of directors; and 20

------

![](a25q3-ex993xarticlesofas021.jpg)

Empfehlungen an den Verwaltungsrat; und 3. Vorbereitung aller relevanten Entscheide des Verwaltungsrates betreffend die Vergütung der Mitglieder des Verwaltungsrates und der Geschäftsleitung sowie diesbezügliche Antragsstellung und Abgabe von Empfehlungen an den Verwaltungsrat. 3. Preparation of all relevant resolutions of the board of directors on the compensation of the members of the board of directors and of the executive committee as well as submitting related motions and recommendations to the board of directors. Die Organisation, Arbeitsweise und Berichterstattung des Nominierungs- und Vergütungsausschusses werden vom VerwaltungsratineinemReglement,welches Teil des Organisationsreglements sein kann, geregelt. Theorganisation,functioningandreportingof the nominationandcompensationcommittee shallberegulatedbytheboardofdirectorsin regulations, which may be part of the organizational regulations. DerVerwaltungsratkanndemNominierungs- und Vergütungsausschuss weitere Aufgaben zuweisen. The board of directors may delegate further tasks to the nomination and compensation committee. Artikel 20 – Allgemeine Grundsätze der Vergütung des Verwaltungsrates und der Geschäftsleitung Article 20 – General Principles of the Compensation of the Board of Directors and the Executive Committee Die Vergütung der Mitglieder des Verwaltungsrates kann aus fixen und variablen Vergütungselementen bestehen. Bei der Gesamtvergütung wird die Position und die Verantwortung des Empfängers beachtet. The compensation of the members of the board of directors may consist of fixed and variable compensation elements. Total compensation shall take into account the position and level of responsibility of the recipient. Die Vergütung der Mitglieder der Geschäftsleitung kann aus fixen und variablen Vergütungselementen bestehen. Die fixe Vergütung besteht aus einem Basissalär und weiteren Vergütungselementen. Die variable Vergütung kann von der Erreichung von spezifischen Leistungszielen abhängig gemacht werden. Bei der Gesamtvergütung wird die Position und die Verantwortungdes Empfängers beachtet. The compensation of the members of the executivecommitteemayconsistoffixedand variable compensation elements. Fixed compensationcomprisesthebasesalaryand mayconsistofothercompensationelements. Variablecompensationmaytakeintoaccount the achievement of specific performance targets. Total compensation shall take into account the position and level of responsibility of the recipient. Bei den Leistungszielen kann es sich um individuelle Ziele, um Ziele der Gesellschaft, desKonzernsodervonTeilendavonoderum Ziele in Bezug auf den Markt, andere Unternehmen oder vergleichbare Vergleichswerte handeln, wobei die Position unddieVerantwortungsstufedesEmpfängers berücksichtigt werden. Der Verwaltungsrat oder, soweit an ihn delegiert, der Nominierungs- und Vergütungsausschuss legt das relative Gewicht der Leistungsziele und die jeweiligen Zielwerte fest. The performance targets may include individual targets, targets of the Company, grouporpartsthereofortargetsinrelationto the market, other companies or comparable benchmarks, taking intoaccounttheposition and level of responsibility of the recipient. The board of directors or, to the extent delegated to it, the nomination and compensation committee shalldeterminethe relative weight of the performance targets and the respective target values. 21

------

![](a25q3-ex993xarticlesofas022.jpg)

Die Vergütung kann in Form von Bargeld, Aktien, Optionen oder anderen aktienbasierten Instrumenten oder Einheiten oder in Form von anderen Arten von Leistungen ausgerichtet werden. Der Verwaltungsrat oder, soweit an diesen delegiert, der Nominierungs- und Vergütungsausschuss legt die Zuteilung-, Vesting-, Ausübungs-, Beschränkungs- und Verfallsbedingungen und -fristen fest. Diese können vorsehen, dass aufgrund im Voraus bestimmter Ereignisse, wie eines Kontrollwechsels oder derBeendigungeines Arbeits- oder Mandatsvertrages, Vesting- und/oder Ausübungsbedingungen und -fristen weitergelten, verkürzt oder aufgehoben werden, sowie Vergütungen unter Annahme derErreichungderZielwerte ausgerichtet werden oder Vergütungen verfallen. Die Gesellschaft kann die erforderlichen Aktien am Markt erwerben oder aus dem Bestand eigener Aktien oder unter Verwendung von bedingtem Kapital oder des Kapitalbands bereitstellen. Compensation may be paid in the form of cash, shares, options or other share-based instruments or units, or in the form of other typesofbenefits.Theboardofdirectorsor,to theextentdelegatedtoit,thenominationand compensation committee shall determine grant, vesting, exercise, restriction and forfeiture conditions and periods. They may provide for continuation, acceleration or removalofvestingand/orexerciseconditions and periods, for payment or grant of compensation based upon assumed target achievement,orforforfeiture,ineachcasein theeventofpre-determinedeventssuchasa change of control or termination of an employment or mandate agreement. The Company may procure the required shares through purchases in the market, from treasurysharesorbyusingconditionalshare capital or the capital band. DieEntschädigungkannvonderGesellschaft oder von ihr kontrollierten Unternehmen geleistet werden. Compensation maybepaidbytheCompany or companies controlled by it. Artikel 21 – Genehmigung der maximalen Gesamtbeträge der Vergütungen des Verwaltungsrates und der Geschäftsleitung Article 21 – Approval of the maximum Compensation of the Board of Directors and the Executive Committee Die Generalversammlung stimmt jährlichwie folgt gesondert über die Genehmigung der Anträge des Verwaltungsrates zum Gesamtbetrag der Vergütungen ab: The general meeting shall resolve annually and separately on the approval of the proposalsoftheboardofdirectorsinrelation to the aggregate compensation amounts as follows: 1. des Verwaltungsrates für die Dauer bis zumAbschlussdernächstenordentlichen Generalversammlung; und 1. of the board of directors for the period until the completion of the next annual general meeting; and 2. der Geschäftsleitung für das kommende Geschäftsjahr. 2. oftheexecutivecommitteeforthecoming business year. Der Verwaltungsrat kann den jeweiligen maximalen Gesamtbetrag in einen maximalen Gesamtbetrag für fixe und für variable Vergütungen unterteilen und die entsprechenden Anträge der Generalversammlung separat zur Genehmigung vorlegen. The board of directors may divide the respective maximum aggregate amount into a maximum aggregate amount for fixed and for variable compensation and submit the respective proposals to the general meeting separately for approval. 22

------

![](a25q3-ex993xarticlesofas023.jpg)

Verweigert die Generalversammlung die Genehmigung, kann der Verwaltungsrat einen neuen Antrag an derselben oder an einer nachfolgenden Generalversammlung stellen und die Gesellschaft oder ihre Konzerngesellschaften darf Vergütungen unter dem Vorbehalt der nachträglichen Genehmigung durch die Generalversammlung ausrichten. If the general meeting refuses the approval, the board of directors may submit a new proposal at the same or a subsequent general meeting and the Company or its group companies may pay out compensations subject to the subsequent approval by the general meeting. Artikel 22 – Zusatzbetrag für die Geschäftsleitung Article 22–SupplementaryAmountforthe Executive Committee Reicht der von der Generalversammlung bereits genehmigte maximale Gesamtbetrag der Vergütungen nicht aus, um auch die Vergütungen einer oder mehrerer Personen abzudecken, die nachderGenehmigungder Vergütungen der Geschäftsleitung durch die Generalversammlung für die betreffende Periode Mitglied der Geschäftsleitung werden, so ist die Gesellschaft oder von ihr kontrollierte Gesellschaften ermächtigt, diesen Mitgliedern während der bereits genehmigten Vergütungsperiode(n) einen Zusatzbetrag zu bezahlen. If the maximum aggregate amount of compensation already approved by the generalmeetingisnotsufficienttoalsocover the compensation of one or more persons who become members of the executive committee after the general meeting has approved the compensation of theexecutive committee for the relevant period, then the Company or companies controlledbyitshall be authorized to pay such member(s) a supplementary amount during the compensation period(s) already approved. Die Vergütung eines Mitglieds der Geschäftsleitung, welches nach dem ZeitpunktderGeneralversammlunginnerhalb der Geschäftsleitung befördert wird, wird an der nächsten Generalversammlung genehmigt, sofern und soweit der bereits genehmigte maximale Gesamtbetrag nicht ausreicht. If and to the extent that the approved maximumtotalamountisnotsufficientforthe remuneration of a member of the executive committee who is promoted within the executive committee after the date of the general meeting, the amount shall be approved at the next general meeting. Der Zusatzbetrag darf je Vergütungsperiode 40 % des Gesamtbetrages des zuletzt von der Generalversammlung genehmigten maximalen Gesamtbetrages der Vergütung der Geschäftsleitung nicht übersteigen. The supplementary amount per compensation period shall not exceed 40 % of the maximum aggregate amount of compensationoftheexecutivecommitteelast approved. Artikel 23 – Mandate ausserhalb der Gruppe Article 23 – Mandates outside of the Group Die Anzahl derMandatevonMitgliederndes Verwaltungsrates oder der Geschäftsleitung in vergleichbaren Funktionen bei anderen Unternehmen mit wirtschaftlichem Zweck ausserhalb des Konzerns, ist beschränkt: Thenumberofmandatesformembersofthe board of directors or of the executive committee in comparable functions at other companieswithaneconomicpurposeoutside the group is limited: 1. auf 15 Mandate, davon nicht mehr als 5 in börsenkotierten Unternehmen für Mitglieder des Verwaltungsrates; und 1. for members of theboardofdirectors,to 15mandates,ofwhichnomorethan5in listed companies; and 23

------

![](a25q3-ex993xarticlesofas024.jpg)

2. auf 10 Mandate, davon nicht mehr als 2 in einer börsenkotierten Gesellschaft für Mitglieder der Geschäftsleitung. 2. for members oftheexecutivecommittee, to10mandates,ofwhichnomorethan2 in a listed company. Mandate in verschiedenen juristischen Personen, die demselben Konzern angehören oder für denselben Konzern tätig sind, gelten als ein Mandat. Mandatesindifferentlegalentitiesbeingpart ofthesamegrouporforthesamegroupare deemed to be one mandate. Mandate, die ein Mitglied des Verwaltungsrates oder der Geschäftsleitung in Ausübung dieser Funktion auf Anordnung der Gesellschaft oder einer ihrer Konzerngesellschaften in vergleichbarer Funktion bei Unternehmen ausserhalb der On Gruppe wahrnimmt,unterliegennichtder obengenanntenBeschränkung.KeinMitglied des Verwaltungsrates oder der Geschäftsleitung darf mehr als 15 solche Mandate wahrnehmen. Mandates by members of the board of directors or of the executive committee in comparable functions at other companies with an economic purpose outside the On Group held byinstructionoftheCompanyor oneofitsgroupcompaniesarenotsubjectto the above restriction. No member of the boardofdirectorsortheexecutivecommittee shall hold more than 15 such mandates. Mandate, die ein Mitglied des Verwaltungsrates oder der Geschäftsleitung in vergleichbarer Funktion bei Vereinen, gemeinnützigen Organisationen, Familienstiftungen und Stiftungen, Trusts, sowie Personalfürsorgestiftungen ohne wirtschaftlichen Zweck ausübt, unterliegen nicht den oben genannten Beschränkungen. Kein Mitglied des Verwaltungsrates oder der Geschäftsleitung darf mehr als 15 solche Mandate wahrnehmen. Mandates by members of the board of directors or of the executive committee in comparable functions of associations, charitable organizations, family trusts and foundations, trust and employees' benefit foundationswithoutaneconomicpurposeare not subject to the above limitations. No member of the board of directors or the executivecommitteeshallholdmorethan15 such mandates. Die Annahme durch Mitglieder des Verwaltungsrates oder der Geschäftsleitung von Mandaten in vergleichbarer Funktion in Unternehmen mit wirtschaftlichem Zweck ausserhalb des Konzerns erfordert die vorgängige Genehmigung des Verwaltungsrates oder, sofern an diesen delegiert, des Nominierungs- und Vergütungsausschusses. Theacceptanceofmandatesbymembersof the board of directors or of the executive committee in comparable functions at other companieswithaneconomicpurposeoutside the On Group requires the prior approval of the boardofdirectorsor,ifdelegatedtoit,of the nomination and compensation committee. Mitglieder des Verwaltungsrates oder der Geschäftsleitung, welche im Zeitpunkt ihrer WahlbeiderGesellschaftoderwelchedurch die Annahme eines Mandates bei einer RechtseinheitausserhalbderOnGruppe,die Anforderung dieses Artikels nicht oder nicht mehr erfüllen, haben bis zum ordentlichen Rücktrittsdatum eines überzähligen Mandates, längstes aber innert zwölf Monaten seit dieser Wahl oder Annahme, ihre Anzahl Mandate auf das erlaubte Mass zu reduzieren. Während dieser Zeit sind sie Mitglied des Verwaltungsrates oder der Geschäftsleitung mit allen Rechten und Pflichten. Members of the board of directors or of the executivecommitteewho,atthetimeoftheir election by the Company or who, by accepting a mandate with a legal entity outside the On Group, do not or no longer fulfill the requirements of this article, shall reduce their number of mandates to the permitted level until the ordinary resignation date of a surplus mandate, but at the latest within twelve months of such election or acceptance, during which time they shall remainamemberoftheboardofdirectorsor oftheexecutivecommitteewithallrightsand duties. 24

------

![](a25q3-ex993xarticlesofas025.jpg)

Artikel 24 – Verträge über die Vergütung Article 24 – Agreement on the Compensation Die Gesellschaft oder von ihr kontrollierte Gesellschaften können mit Mitgliedern des Verwaltungsrates Verträge über deren Vergütung abschliessen. Die Dauer und Beendigung richtet sich nachderAmtsdauer und dem Gesetz. The Company or companies controlled by it may enter into agreements withmembersof the board of directors relating to their compensation. The duration and termination are subject to the term of office and the law. Die Gesellschaft oder von ihr kontrollierte Unternehmen können mit Mitgliedern der Geschäftsleitung befristete oder unbefristete Arbeitsverträge abschliessen. Befristete Verträge habeneineHöchstdauervoneinem Jahr. Eine Erneuerung ist möglich. Unbefristete Verträge haben eine Kündigungsfrist von maximal zwölf Monaten. The Company or companies controlled by it may enter into employmentagreementswith members of the executive committee for a fixedtermorforanindefiniteterm.Fixedterm agreements may have a maximum duration of one year. Renewal is possible. Agreements for an indefinite termshallhave a notice period of maximum twelve months. Vereinbaren die Gesellschaft oder von ihr kontrollierte Gesellschaften ein nachvertragliches Konkurrenzverbot mit Mitgliedern des Verwaltungsrates oder der Geschäftsleitung für die Zeit nach BeendigungdesArbeitsverhältnisses,sodarf die Entschädigung für ein solches Konkurrenzverbot den Durchschnitt der Vergütungen der letzten drei Geschäftsjahre nicht übersteigen. IftheCompanyorcompaniescontrolledbyit enter into non-compete agreements with members of the board of directors or the executive committee for the time after terminationofemployment,theconsideration paid for suchnon-competeagreementsshall pro rata not exceed the average of the remunerations of the last three business years. Artikel 25 – Darlehen und Kredite Article 25 – Loans and Credits Den Mitgliedern des Verwaltungsrates und der Geschäftsleitung können Darlehen und Kredite in der maximalen Höhe von CHF 1'000'000 und nur zur marktüblichen Bedingungen gewährleistet werden. The members of the board of directors and the executive committee may be granted loansandcreditsuptoamaximumamountof CHF 1,000,000 and only at arm's length conditions. Artikel 26 – Vorsorgeleistungen Article 26 – Post-Retirement Benefits Die Gesellschaft oder von ihr kontrollierte Gesellschaften können den Mitgliedern des Verwaltungsrates und der Geschäftsleitung über die berufliche Vorsorge hinausgehende Vorsorgeleistungen gewähren, welche die zuletzt ausbezahlte jährliche Vergütung des jeweiligen Mitglieds des Verwaltungsrates oder der Geschäftsleitung nicht übersteigen. The Company or companies controlled by it may grant to members of the board of directors and the executive committee post-retirement benefits beyond the occupational benefit schemes, which do not exceed the annual compensation of the respective member of the board of directors or the executive committee last paid. C. Revisionsstelle C. Statutory Auditors Artikel 27 – Revision Article 27 – Audit Die Generalversammlung wählt jährlich ein staatlich beaufsichtigtes Revisionsunternehmen im Sinne des The general meeting shall annually elect a state-supervisedauditingcompanywithinthe meaning of the Audit Supervision Act (as 25

------

![](a25q3-ex993xarticlesofas026.jpg)

Revisionsaufsichtsgesetzes (in der jeweils gültigenFassung)alsRevisionsstellefüreine Amtsdauer von einem Jahr bis zum Abschluss der nächsten ordentlichen Generalversammlung. Wiederwahl ist möglich. amended from time to time) as statutory auditors for a term of officeofoneyearuntil the completion of the next ordinary general meeting. Re-election is possible. Die Revisionsstelle hat die ihr gesetzlich zugewiesenen Befugnisse und Pflichten. The statutory auditors have the powers and duties assigned to them by law. IV. RECHNUNGSABSCHLUSS UND GEWINNVERTEILUNG IV. FINANCIAL REPORTING AND PROFITS DISTRIBUTION Artikel 28 – Geschäftsjahr und Buchführung Article 28 – Business Year and Financial Statements Das Geschäftsjahr wird vom Verwaltungsrat festgelegt. Thefiscalyearisdeterminedbytheboardof directors. DieRechnungslegungerfolgtnachMassgabe der anwendbaren gesetzlichen Vorschriften sowie des anwendbaren Standards zur Rechnungslegung. The financial statements are prepared in accordance with the applicable legal requirements and the applicable accounting standards. Artikel 29 – Reserven und Gewinnverwendung Article 29–ReservesandAppropriationof Profit Die Generalversammlung beschliesst im Rahmen der zwingenden gesetzlichen Bestimmungen über die Verwendung des Bilanzgewinns. The general meeting shall resolve on the allocation of the profit as shown on the balance sheet in accordance with applicable law. Neben den gesetzlichen Reservenkanndie Generalversammlung weitere Reserven bilden. In addition to the reserves required by law, the general meeting may create other reserves. Dividenden, die nicht innerhalb von fünf JahrennachihrerFälligkeitbezogenworden sind, verfallen zugunsten der Gesellschaft. Dividendsthathavenotbeencollectedwithin fiveyearsaftertheirpaymentdateshallinure to the Company. Artikel 30 – Auflösung und Liquidation Article 30 – Dissolution and Liquidation Die Auflösung der Gesellschaft kann durch einen Beschluss der Generalversammlung, über den eine öffentliche Urkunde zu errichten ist, erfolgen. The dissolution of the Company may be effected by a resolution of the general meeting, on which a public deed shall be drawn up. Die Liquidation wird durch den Verwaltungsrat besorgt, falls sienichtdurch einen Beschluss der Generalversammlung anderen Personen übertragen wird. Die Liquidation erfolgt gemäss Art. 742 ff. OR. Liquidation shall be carried out bytheboard of directors, unless it is assigned to other persons by a resolution of the general meeting. The liquidation shall be carried out in accordance with Art. 742 et seqq. CO. Das Vermögen der aufgelösten Gesellschaft wird nach Tilgung ihrer Schulden nach The assets of the dissolved Company shall be distributed among the shareholders after 26

------

![](a25q3-ex993xarticlesofas027.jpg)

MassgabedereinbezahltenBeträgeunterdie Aktionäre verteilt. repayment of its debts in proportion to the amounts paid in. V. BENACHRICHTIGUNG V. NOTIFICATION Artikel 31 – Mitteilungen und Bekanntmachungen Article 31 – Notices and Announcements Mitteilungen an die Aktionäre erfolgen per Brief oder E-Mail an die im Aktienbuch eingetragene Adresse bzw. an die letzteder Gesellschaft bekanntgegebene E-Mail-Adresse oder mittels Publikation im Schweizerischen Handelsamtsblatt. Notices to shareholders shall be made by letter or email to the addresses recorded in the share register or to the last address communicated to the Company or by publication in the Swiss Official Gazette of Commerce (SOGC). Publikationsorgan der Gesellschaft ist das Schweizerische Handelsamtsblatt. The official means of publication of the Company shall betheSwissOfficialGazette of Commerce. Artikel 32 – Sacheinlage und Sachübernahme Article 32 – Contribution in Kind and Acquisition in Kind Die Gesellschaft übernimmt bei der Kapitalerhöhung vom 20. Januar 2020 gemäss Sacheinlage- und Sachübernahmevertrag vom 20. Januar 2020 von Thilo Brunner, von Hemberg, in Zürich, und Jörg Mettler, von Hemberg, in Niederlenz, sämtliche Stammanteile mit einem Nennwert von je CHF 1'000 der Brunner Mettler GmbH, Zürich,imWertvon mindestens und zum Preis von CHF 929'660, wofür die Einleger insgesamt 366 neue Namenaktien der Gesellschaft mit einem Nennwert von je CHF 10 erhalten sowie CHF 926'000 in bar. In the course of the capital increase on January 20,2020andpursuanttoagreement related to the contribution in kind and acquisition in kind dated January 20, 2020, the Company acquires from Thilo Brunner, from Hemberg, in Zurich, and Jörg Mettler, from Hemberg, inNiederlenz,allquotaswith a nominal value of CHF 1,000.-- each in Brunner Mettler GmbH, Zurich, with a value of at least and at apriceofCHF929,660.--, for which the contributors receive a total of 366 new registered shares in the Company with a nominal value of CHF 10.-- each, as well as CHF 926,000.-- in cash. \* \* \* \* \* Die englische Fassung der Statuten ist eine Übersetzung des deutschen Originaltextes und ist rechtlich nicht verbindlich. The English version of the articles of association is a translation of the German original and shall not have legal binding effect. Zürich, den5. November 2025 Zurich, 5 November 2025 sig. sig. ______________________ ________________________ David Allemann Zlatina Iliev 27

------