Columbia Sportswear Company · NASDAQ:COLM
Columbia Sportswear — Q4 2025 Earnings Presentation
22 slides from Columbia Sportswear's earnings presentation, Feb 3, 2026
Slide 1: CFO Commentary and Financial Review: Fourth Quarter and Full Year 2025
AGENDA CFO COMMENTARY AND FINANCIAL REVIEW FOURTH QUARTER AND FULL YEAR 2025 FEBRUARY 3, 2026 CSC Confidential – Sensitive Information
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation does not constitute an offer or invitation for the sale or purchase of securities and has been prepared solely for informational purposes. This presentation contains forward-looking statements within the meaning of the federal securities laws regarding Co
Slide 3: References to Non-GAAP Financial Information
REFERENCES TO NON-GAAP FINANCIAL INFORMATION Since Columbia Sportswear Company is a global company, the comparability of its operating results reported in U.S. dollars is affected by foreign currency exchange rate fluctuations because the underlying currencies in which it transacts change in value o
Slide 4: Accelerate Profitable Growth
: (& 2 1 1 (& 7$ & 7,9 (3(2 3/(: ,7+ 7+ (,5 3$ 66,2 1 6 ACCELERATE PROFITABLE GROWTH CREATE DRIVE ENHANCE AMPLIFY ICONIC PRODUCTS BRAND ENGAGEMENT CONSUMER EXPERIENCES MARKETPLACE EXCELLENCE Differentiated, Functional, Innovative Increased, Focused Demand Creation Invest in Capabilities to Delight D
Slide 5: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES OUR GOAL IS TO MAINTAIN OUR STRONG BALANCE SHEET AND DISCIPLINED APPROACH TO CAPITAL ALLOCATION. DEPENDENT UPON OUR FINANCIAL POSITION, MARKET CONDITIONS AND OUR STRATEGIC PRIORITIES, OUR CAPITAL ALLOCATION APPROACH INCLUDES: INVEST IN ORGANIC GROWTH OPPORTUNITIES TO DR
Slide 6: Q4'25 Financial Overview
Q4’25 FINANCIAL OVERVIEW Q4’25 FINANCIAL RESULTS COMPARED TO Q4’24 Q4’25 Highlights: • Net sales decrease reflected underlying weakness in the U.S., partially offset by growth in most of our international markets. • Compared to guidance, net sales upside was driven by better-than-expected conversion
Slide 7: Q4'25 Actual vs Last Year
Q4’25 ACTUAL VS LAST YEAR Commentary on Q4’25 financial results vs last year: • Net sales decrease primarily reflected earlier shipment of Fall ‘25 wholesale orders, partially offset by a modest increase in DTC net sales. • Gross margin expansion driven by healthier inventory composition resulting i
Slide 8: Q4'25 Regional Net Sales Performance
Q4’25 REGIONAL NET SALES PERFORMANCE Commentary below is based on constant currency performance. Q4’25 NET SALES VS. Q4’24 U.S. • Wholesale: down high-teens%, earlier wholesale shipment timing, coupled with lower Fall ’25 orders CANADA • DTC: down LSD% (DTC B&M down LSD%, DTC.com down LSD%) • The Co
Slide 9: Q4'25 Net Sales Overview
Q4’25 NET SALES OVERVIEW Q4’25 NET SALES VS. Q4’24 CATEGORY BRAND CHANNEL PERFORMANCE PERFORMANCE PERFORMANCE APPAREL, ACCESSORIES WHOLESALE: & EQUIPMENT: 2% (-2% c.c.) -1% (-1% c.c.) -18% (-19% c.c.) -7% (-7% c.c.) $855M $937M $80M $429M FOOTWEAR: DTC: -5% (-6% c.c.) +6% (+6% c.c.) -5% (-4% c.c.) +
Slide 10: Q4'25 Gross Margin Bridge
Q4’25 GROSS MARGIN BRIDGE Q4’25 GROSS MARGIN EXPANDED 50 BPS Y/Y TO 51.6% TAILWINDS • Channel Profitability: lower clearance and promotional activity on healthier inventory • Other: lower inventory loss provisions on healthier inventory HEADWINDS • Channel Profitability: incurred ~$20M in incrementa
Slide 11: Q4'25 SG&A Bridge vs Last Year
Q4’25 SG&A BRIDGE VS LAST YEAR Q4’25 SG&A INCREASED $10.9 MILLION, OR 3% Q4’25 SG&A WAS 41.3% OF NET SALES COMPARED TO 39.3% IN Q4’24 PRIMARY SG&A EXPENSE INCREASES • Omni-Channel: higher DTC B&M expenses related to U.S. store impairment charges, partially offset by temporary clearance location clos
Slide 12: 2025 Highlights
2025 HIGHLIGHTS 2025 FINANCIAL RESULTS COMPARED TO 2024 2025 Highlights: • Net sales increase reflected strength in most of our international markets, partially offset by underlying weakness in the U.S. Global wholesale sales were up, partially offset by decreased global DTC sales. • Gross margin ex
Slide 13: Balance Sheet Overview
BALANCE SHEET OVERVIEW BALANCE SHEET AS OF DECEMBER 31, 2025 CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS Cash, cash equivalents and short-term investments $791M totaled $790.8M, compared to $815.5M as of December 31, 2024. INVENTORY Inventories were essentially flat y/y at $689.5M. While inve
Slide 14: Capital Overview
CAPITAL OVERVIEW FY’25 NET CASH FLOW PROVIDED BY OPERATIONS Net cash flow provided by operating activities was $282.9M, $283M compared to $491.0M in 2024. FY’25 CAPITAL EXPENDITURES Capital expenditures totaled $66.2M, compared to $59.8M in $66M 2024. FY’25 SHARE REPURCHASES The Company repurchased
Slide 15: 2026 Financial Outlook
2026 FINANCIAL OUTLOOK The Company's 2026 Financial Outlook is forward-looking in nature, and the following forward-looking statements reflect our expectations as of February 3, 2026 and are subject to significant risks and business uncertainties, including those factors described under “Forward-Loo
Slide 16: 2026 Financial Outlook Assumptions
2026 FINANCIAL OUTLOOK ASSUMPTIONS Anticipated net sales growth primarily reflects: • Growth from all brands - emerging brands growing faster than Columbia • International growth led by Europe Direct, China and International Distributors, partially offset by a modest decline in the U.S. Net sales •
Slide 17: ACCELERATE Growth Strategy
ACCELERATE GROWTH STRATEGY ACCELERATE is a consumer-centric growth strategy intended to elevate the Columbia brand to attract younger and more active consumers. It is a multi-year initiative centered around several consumer-centric shifts to our brand, product and marketplace strategies, as well as
Slide 18: Profit Improvement Plan Update
PROFIT IMPROVEMENT PLAN UPDATE Our profit improvement program has achieved/exceeded targeted savings which has enabled the Company to slow the rate of SG&A growth while investing in the Columbia ACCELERATE strategy Profit Improvement Plan Annualized Cost Savings Executed to Date Objective ~$90M in 2
Slide 19: Appendix
A P P E N D I X
Slide 20: Q4'25 Constant-Currency Reconciliation
Q4’25 CONSTANT-CURRENCY RECONCILIATION CSC Confidential – Sensitive Information
Slide 21: Twelve Months Free Cash Flow Reconciliation
TWELVE MONTHS FREE CASH FLOW RECONCILIATION CSC Confidential – Sensitive Information
Slide 22: I a bi m o> C M2
I a bi m o> C M2
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