Amer Sports, Inc. · NYSE:AS
Amer Sports — Q4 2025 Earnings Presentation
39 slides from Amer Sports's earnings presentation, Feb 24, 2026
Slide 1: Amer Sports Fourth Quarter 2025
Amer Sports Fourth Quarter 2025
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation contains statements that constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as a
Slide 3: Non-IFRS Disclaimer
NON-IFRS DISCLAIMER Adjusted gross profit margin, adjusted SG&A expenses, adjusted net finance costs, adjusted income tax expense, adjusted opera ting profit margin, adjusted EBITDA, adjusted net income attributable to equity holders of the Company, and adjusted diluted earnings per share are financ
Slide 4: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results • Strong full year 2025 performance with 27% revenue growth and more than 150 bps of operating margin expansion • Strong Q4 results with Group revenues, adjusted margins and EPS above guidance • Revenue increased 28% to $2,101 million, and strong momentum continues into 1
Slide 5: Confident in Our Future
Confident in Our Future • We own a unique portfolio of premium, innovation-driven sports and outdoor brands. • Arc’teryx is a breakout brand, with leading growth and profitability for the outdoor industry driven by its disruptive DTC model. • Salomon footwear has a compelling and unique brand positi
Slide 6: Technical Apparel Q4 Highlights
Technical Apparel Q4 Highlights Omni-comp 27% 19% 15% 16% 1Q25 2Q25 3Q25 4Q25 Note: see Appen dix for omni-comp definitio n Best-selling Norvan LD 4 shoe Great momentum in snow collection Women’s Andessa jacket A 6 m eri Climbing community Peak Performance returned to growth Arc’teryxevent in Seoul
Slide 7: Outdoor Performance Q4 Highlights
Outdoor Performance Q4 Highlights Shift from Equipment to Sneakers 25% 4Q25 Outdoor Winter sports 46% Performance +29% equipment driven by strong growth in Salomon Footwear & 75% softgoods apparel 54% Salomon footwear momentum Salomon Softgoods continues continues globally very strong growth New Sal
Slide 8: Ball & Racquet Q4 Highlights
Strongest US Open ever, with record sales Ball & Racquet Q4 Highlights Revenue growth 16% 14% 12% 11% Off-white x Wilson 3D basketball collab 1Q25 2Q25 3Q25 4Q25 World no 6. Alex Deminaur signed as Karen Kokonow signed as Wilson Tennis 360 athlete Victoria Wilson Tennis 360 athlete Tennis 360 athlet
Slide 9: Financial Review
Financial Review
Slide 10: Last Four Quarters Revenue Growth by Segment
Last Four Quarters Revenue Growth by Segment Group(1) Technical Apparel Outdoor Performance Ball & Racquet 35% 36% 34% 30% 31% 29% 28% 28% 25% 23% 23% 23% 16% 14% 12% 11% 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25 (1) The 4Q25 Group revenue growth rate includes a
Slide 11: Last Four Quarters Revenue Growth by Channel
Last Four Quarters Revenue Growth by Channel DTC Wholesale 51% 39% 40% 38% 18% 18% 12% 9% 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25
Slide 12: Last Four Quarters Revenue Growth by Region
Last Four Quarters Revenue Growth by Region APAC Greater China EMEA Americas 54% 53% 49% 47% 45% 43% 42% 42% 23% 21% 18% 18% 18% 12% 12% 6% 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25
Slide 13: Adjusted Gross Profit Margin Bridge
Adjusted Gross Profit Margin 1 Bridge 57.8% 56.4% 4Q24 Pricing, Product Mix, Channel, Region, Transportation, 4Q25 Discounts, FX & Other and Segment Mix Logistics and Materials (1) Adj. gross margin is a non-IFRS financial measure. See Appendix for reconciliation to nearest comparable IFRS financial
Slide 14: Adjusted SG&A Bridge
Adjusted SG&A Bridge 1 45.5% of revenue $956M 43.3% of revenue $708M 4Q24 Technical Apparel Outdoor Ball & Racquet HQ 4Q25 Performance (1) Adj. SG&A is a non-IFRS financial measure. See Appendix for reconciliation to nearest comparable IFRS financial measure.
Slide 15: Other Financial Items
Other Financial Items 4Q24 4Q25 Adj. Operating margin 13.6 % 12.5 % Adj. Net finance cost ($M) 64 21 Adj. Effective tax rate 42% 27% Adj. Net income to equity 90 176 holders ($M) Adj. Diluted EPS ($) 0.17 0.31 Note: Please refer to Appendix for reconciliation of non-IFRS financial measures presented
Slide 16: Technical Apparel 4Q25 Results
Technical Apparel 4Q25 Results • Q4 revenues increased 34% to $1 billion led by Arc'teryx. • Growth fueled by 37% wholesale growth and 34% DTC Revenue ($B) and Adjusted Operating Margin expansion. • +16% omni-comp, with a higher concentration of full-price sales. ~33% CAGR • Very strong growth rates
Slide 17: Outdoor Performance 4Q25 Results
Outdoor Performance 4Q25 Results • Q4 revenue increased 29% to $764 million, driven by continued strong growth in Salomon Softgoods, supported by solid double- digit growth in Winter Sports Equipment. Revenue ($B) and Adjusted Operating Margin • DTC grew 55% led by China and APAC, and wholesale ~19%
Slide 18: Ball & Racquet 4Q25 Results
Ball & Racquet 4Q25 Results • Q4 revenue increased 14% to $337 million driven by strong growth in Softgoods, baseball and golf. Revenue ($B) and Adjusted Operating Margin • Tennis 360 momentum remains strong despite slower Racquet sales growth, which was due to timing of product launches and ~9% CAG
Slide 19: Balance Sheet Update
Balance Sheet Update 9/30/2025 ($M) 12/31/2025 ($M) Secured notes 800 800 ST bank financing 259 143 Revolver 94 0 Total debt 1,153 943 Cash 353 652 Net Debt(1) 800 291 2025 adjusted EBITDA 1,151 1,151 Leverage ratio 0.7x 0.3x (1) Net debt is defined as loans from financial institutions less cash and
Slide 20: Cash Flows from Operating Activities
Cash Flows from Operating Activities $730 $425 $199 -$92 2022 2023 2024 2025 In millions USD
Slide 21: Inventory
Inventory Yearly revenue and inventory change (in %) Inventory and Sales growth 33% 27% 23% 21% 18% 11% 2023 2024 2025 Sales growth Inventory growth
Slide 22: Guidance
Guidance
Slide 23: Outlook: Full Year 2026
Updated July 31 Outlook: Full Year 2026 Other than revenue, all guidance figures reference adjusted amounts • Reported revenue growth: 16 – 18%, including an approximate 200 basis point benefit from favorable Fx impact at current exchange rates • Gross margin: ~59.0% • Operating margin: 13.1 – 13.3%
Slide 24: Outlook: 1Q 2026
Updated July 31 Outlook: 1Q 2026 Other than revenue, all guidance figures reference adjusted amounts • Reported revenue growth: 22 – 24%, which assumes an approximate 500 basis point benefit from favorable Fx impact at current exchange rates • Gross margin: ~59.0% • Operating margin: 14.0 – 14.5% •
Slide 25: Q&A
Q&A 25
Slide 26: Amer Sports brands
ae arcterrx saLcomon Wilson PeakPerformance A ATOMIC evosHieLo ZA AMER SPORTS
Slide 27: Appendix
Appendix 1. Adjusted gross profit reconciliation 2. Adjusted SG&A reconciliation 3. Adjusted net finance cost reconciliation 4. Adjusted income tax expense reconciliation 5. Adjusted net income reconciliation 6. Adjusted operating profit reconciliation 7. Adjusted EBITDA and adjusted EBITDA margin r
Slide 28: Adjusted Gross Profit Reconciliation
ADJUSTED GROSS PROFIT RECONCILIATION For the Three and Twelve Months Ended December 31, 2025 and 2024 (Unaudited) For the three months For the twelve months ended December 31, ended December 31, In millions 2025 2024 2025 2024 Gross Profit $ 1,212.1 $ 917.5 $ 3,784.3 $ 2,871.8 Depreciation and amort
Slide 29: Adjusted Net Finance Cost Reconciliation
ADJUSTED NET FINANCE COST RECONCILIATION For the Three and Twelve Months Ended December 31, 2025 and 2024 (Unaudited) For the three months For the twelve months ended December 31, ended December 31, In millions 2025 2024 2025 2024 Net Finance Costs $ (20.6) $ (122.7) $ (77.3) $ (309.6) Expenses rela
Slide 30: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION (1) For the Three and Twelve Months Ended December 31, 2025 and 2024 (Unaudited) For the three months For the twelve months ended December 31, ended December 31, In millions (except for share and earnings per share information) 2025 2024 2025 2024 Net income attrib
Slide 31: Adjusted Operating Profit Reconciliation
ADJUSTED OPERATING PROFIT RECONCILIATION (1) For the Three and Twelve Months Ended December 31, 2025 and 2024 (Unaudited) For the three months For the twelve months ended December 31, ended December 31, In millions 2025 2024 2025 2024 Income Before Tax $ 207.4 $ 70.9 $ 624.5 $ 161.2 Depreciation and
Slide 32: Adjusted EBITDA and Adjusted EBITDA Margin
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION (1) For the Three and Twelve Months Ended December 31, 2025 and 2024 (Unaudited) For the three months For the twelve months ended December 31, ended December 31, In millions 2025 2024 2025 2024 Revenue $ 2,101.1 $ 1,635.5 $ 6,566.2 $ 5,183.3
Slide 33: P&L Excluding Non-IFRS Adjustments
P&L excluding non-IFRS adjustments (1) 1Q25 2Q25 3Q25 4Q25 FY 2025 Total Sales (M$) 1,472.5 1,236.3 1,756.3 2,101.1 6,566.2 Growth% 23.5% 23.5% 29.7% 28.5% 26.7% Adj. Gross Profit 853.9 722.9 1,016.4 1,214.9 3,810.7 Adj. Gross Margin% 58.0% 58.7% 57.9% 57.8% 58.0% Adj. SG&A 626.8 676.6 742.5 956.0 3
Slide 34: Adjusted Gross Profit Reconciliation
Adjusted Gross Profit Reconciliation (1) In Millions Q1’25 Q2’25 Q3’25 Q4’25 FY 2025 Gross Profit $851.1 $722.9 $998.2 $1,212.1 $3,784.3 Depreciation and amortization on PPA fair 3.6 3.8 17.5 2.8 27.8 value step up Expenses/(income) related to certain legal (0.8) (1.3) 0.7 - (1.4) proceedings Adjust
Slide 35: Adjusted SG&A Reconciliation
Adjusted SG&A Reconciliation (1) In Millions Q1’25 Q2’25 Q3’25 Q4’25 FY 2025 Selling, general and administrative ($641.9) ($697.8) ($776.6) ($988.3) ($3,104.6) Depreciation and amortization on PPA fair value step up 6.9 7.2 23.0 6.3 43.4 Restructuring expenses 2.9 6.0 5.4 9.3 23.8 Expenses related t
Slide 36: Adjusted Income Tax Expense Reconciliation
Adjusted Income Tax Expense Reconciliation (1) In Millions Q1’25 Q2’25 Q3’25 Q4’25 FY 2025 Income Tax Expense ($59.5) $0.6 ($51.3) ($73.9) ($184.1) Deferred tax on PPA (2.6) (2.8) (12.0) 15.4 (2.0) Restructuring expenses (0.7) (1.5) (1.4) (2.3) (5.9) Expenses related to transaction activities (0.1)
Slide 37: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation (1) In Millions Q1’25 Q2’25 Q3’25 Q4’25 FY 2025 Net income attributable to equity holders of the $134.6 $18.2 $143.1 $131.5 $427.4 company Depreciation and amortization on PPA fair value step up 10.5 11.0 40.5 9.2 71.2 Restructuring expenses 2.9 6.0 5.4 9.3 23.7 Im
Slide 38: Adjusted Operating Profit Reconciliation
Adjusted Operating Profit Reconciliation (1) In Millions Q1’25 Q2’25 Q3’25 Q4’25 FY 2025 Income before tax $197.6 $21.8 $197.7 $207.4 $624.5 Depreciation and amortization on PPA fair value step up 10.5 11.0 40.5 9.2 71.2 Restructuring expenses 2.9 6.0 5.4 9.3 23.7 Impairment of goodwill and intangib
Slide 39: Omni-comp Definition
Omni-comp Definition Amer Sports defines Omni-comp as: reflects revenue growth on a constant currency basis from retail stores that have been open for at least 13 full fiscal months and from owned e-commerce websites. Remodeled stores are excluded from the comparable sales growth calculation for 13