Amer Sports, Inc. · NYSE:AS
Amer Sports — Q3 2025 Earnings Presentation
34 slides from Amer Sports's earnings presentation, Nov 18, 2025
Slide 1: Amer Sports Third Quarter 2025
Amer Sports Third 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: Strong Third Quarter 2025
Strong Third Quarter 2025 • Strong 3Q25 results with revenues, adjusted margins and EPS above guidance • Revenue increased 30% to $1,756 million, and strong momentum continues into 4Q25 • All four regions accelerated in Q3 and achieved double-digit revenue growth • Greater China grew 47%, and strong
Slide 4: 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 story, with leading growth and profitability for the outdoor industry driven by its disruptive DTC model. • Salomon footwear has unique products and brand posi
Slide 5: Technical Apparel Q3 Highlights
Technical Apparel Q3 Highlights Omni-comp 29% 27% 20% 19% 15% 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 Note: see appendix for omni-comp definition Women’s is one of the fastest growing categories Footwear momentum continues A 5 m Peak Performance starting to see green New top seller Leutia pant Veilance expand
Slide 6: Outdoor Performance Q3 Highlights
Outdoor Performance Strong GRVL activations in 3Q across the globe Q3 Highlights Shift from Equipment to Sneakers 3Q’25 Outdoor Winter sports 28% 46% Performance +36% equipment driven by very strong growth in Salomon Footwear & 72% softgoods apparel 54% Salomon Softgoods continues very strong growth
Slide 7: Ball & Racquet Q3 Highlights
Strongest US Open ever, with record sales Ball & Racquet Q3 Highlights Revenue growth 22% 16% 11% 12% 11% Off-white x Wilson 3D basketball collab The US Open Wilson store achieved record sales 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 Aryna Sabalenka won the US Open women’s singles playing with Blade v9 Wilson
Slide 8: Financial Review
Financial Review
Slide 9: Last Four Quarters Revenue Growth Trends by Segment
Last Four Quarters Revenue Growth Trends by Segment Group Technical Apparel Outdoor Performance Ball & Racquet 35% 36% 33% 31% 28% 25% 23% 22% 30% 23% 23% 23% 16% 13% 12% 11% 4Q24 1Q25 2Q25 3Q25 (1) 4Q24 1Q25 2Q25 3Q25 4Q24 1Q25 2Q25 3Q25 4Q24 1Q25 2Q25 3Q25 (1) The 3Q25 Group revenue growth rate in
Slide 10: Last Four Quarters Revenue Growth Trends by Channel
Last Four Quarters Revenue Growth Trends by Channel DTC Wholesale 51% 46% 39% 40% 18% 12% 9% 6% 4Q24 1Q25 2Q25 3Q25 4Q24 1Q25 2Q25 3Q25
Slide 11: Last Four Quarters Revenue Growth Trends by Region
Last Four Quarters Revenue Growth Trends by Region APAC Greater China EMEA Americas 54% 52% 54% 47% 49% 43% 45% 42% 23% 18% 18% 15% 12% 12% 8% 6% 4Q24 1Q25 2Q25 3Q25 4Q24 1Q25 2Q25 3Q25 4Q24 1Q25 2Q25 3Q25 4Q24 1Q25 2Q25 3Q25
Slide 12: Adjusted Gross Profit Margin Bridge
Adjusted Gross Profit Margin 1 Bridge 57.9% 55.5% 3Q24 Pricing, Product Mix, Channel, Region, Transportation, 3Q25 Discounts, FX & Other and Segment Mix Logistics and Materials 12 (1) Adj. gross margin is a non-IFRS financial measure. See Appendix for reconciliation to nearest comparable IFRS financ
Slide 13: Adjusted SG&A Bridge
Adjusted SG&A Bridge 1 42.3% of revenue $743M 42.3% of revenue $572M 3Q24 Technical Apparel Outdoor Ball & Racquet HQ 3Q25 Performance 13 (1) Adj. SG&A is a non-IFRS financial measure. See Appendix for reconciliation to nearest comparable IFRS financial measure.
Slide 14: Other Financial Items
Other Financial Items Q3’24 Q3’25 Adj. Operating margin 14.4 % 15.7 % Adj. Net finance cost ($M) 46 18 Adj. Effective tax rate 53% 26% Adj. Net income to equity 71 185 holders ($M) Adj. Diluted EPS ($) 0.14 0.33 14 Note: Please refer to appendix for reconciliation of non-IFRS financial measures pres
Slide 15: Technical Apparel
Technical Apparel • Revenues increased 31% in Q3 to $683 million led by Arc'teryx. • Q3 growth fueled by 46% DTC expansion, while wholesale grew Revenue ($B) and Adjusted Operating Margin 11%. ~33% CAGR • Q3 omni-comp reaccelerated to 27% from 15% in Q2. • Strong growth rate across all geographies l
Slide 16: Outdoor Performance
Outdoor Performance • Revenue increased 36% in Q3 to $724 million, driven by strong growth in Salomon Softgoods. Revenue ($B) and Adjusted Operating Margin • DTC grew 67% led by APAC and Greater China, and wholesale growth accelerated to 26%. ~18% CAGR • Regionally, sales growth rate was led by Grea
Slide 17: Ball & Racquet
Ball & Racquet • Revenue increased 16% in Q3 to $350 million driven by strong growth in Softgoods and Racquet Sports. Revenue ($B) and Adjusted Operating Margin • Tennis 360 continued to experience very strong momentum across markets. ~8% CAGR • The Dicks Sporting Goods Tennis 360 test has continued
Slide 18: Balance Sheet Update
Balance Sheet Update 6/30/2025 ($M) 9/30/2025 ($M) Secured notes 800 800 ST bank financing 143 259 Revolver 0 94 Total debt 943 1153 Cash 303 353 Net Debt(1) 640 800 2025E adjusted EBITDA(2) 1,157 1,157 Leverage ratio 0.6x 0.7x 18 (1) Net debt is defined as loans from financial institutions less cas
Slide 19: Inventory
Inventory Yearly and quarterly revenue and inventory change (in %) Inventory and Sales growth 30% 28% 28% 23% 23% 23% 21% 18% 15% 11% 2023 2024 1Q 2025 2Q 2025 3Q 2025 Sales growth Inventory growth 19
Slide 20: Cash Flows from Operating Activities
Cash Flows from Operating Activities $422 $199 -$92 2022 2023 2024 2025E In millions USD 20
Slide 21: Guidance
Guidance
Slide 22: Outlook: Full Year 2025
Updated July 31 Outlook: Full Year 2025 Other than revenue, all guidance figures reference adjusted amounts. Guidance assumes the latest tariff rates on all countries will stay in place for the remainder of 2025 and beyond: • Reported revenue growth: 23 – 24%, including an approximate 100 basis poin
Slide 23: Long-term Financial Algorithm
Long-term1 Financial Algorithm GROUP • Annual revenue CAGR: low-double-digit to mid-teens • Annual adjusted operating margin expansion: 30–70+ basis points Technical Apparel • Annual revenue CAGR: mid-teens • Annual adjusted operating margin expansion: 20–60 basis points Outdoor Performance • Annual
Slide 24: Q&A
Q&A 24
Slide 25: Amer Sports brand logos
ne arcterrx Ssacomon Wilson. PeakPerformance J ATOMIC evosHieLo Af AMER SPORTS
Slide 26: 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. EBITDA, adjusted EBITDA and adjusted EBITDA
Slide 27: Adjusted Gross Profit Reconciliation
ADJUSTED GROSS PROFIT RECONCILIATION For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited) For the three months For the nine months ended September 30, ended September 30, In millions 2025 2024 2025 2024 Gross Profit $ 998.2 $ 747.3 $ 2,572.2 $ 1,954.3 Depreciation and amortiza
Slide 28: Adjusted Net Finance Cost Reconciliation
ADJUSTED NET FINANCE COST RECONCILIATION For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited) For the three months For the nine months ended September 30, ended September 30, In millions 2025 2024 2025 2024 Net Finance Costs $ (18.2) $ (47.8) $ (56.7) $ (186.9) Expenses relate
Slide 29: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION (1) For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited) For the three months For the nine months ended September 30, ended September 30, In millions (except for share and earnings per share information) 2025 2024 2025 2024 Net income attribu
Slide 30: Adjusted Operating Profit Reconciliation
30 ADJUSTED OPERATING PROFIT RECONCILIATION (1) For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited) For the three months For the nine months ended September 30, ended September 30, In millions 2025 2024 2025 2024 Income before tax $ 197.7 $ 1289 $ 4171 $ 90.3 Depreciation and
Slide 31: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
31 ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION (1) For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited) in milli Revenue Net income attributable to equity holders of the Company Net income attributable to non-controlling interests Depreciation and amortization (2
Slide 32: P&L excluding non-IFRS adjustments
P&L excluding non-IFRS adjustments (1) 3Q'25 3Q'24 Total Sales (M$) 1,756.3 1,353.8 Growth% 29.7% 17.4% Adj. Gross Profit 1,016.4 751.0 Adj. Gross Margin% 57.9% 55.5% Adj. SG&A 742.5 572.0 Adj. SG&A% 42.3% 42.3% Other operating income 4.4 15.9 Adj. Operating Profit 274.9 195.0 Adj. OP Margin% 15.7%
Slide 33: 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
Slide 34: Non-IFRS Disclaimer
NON-IFRS DISCLAIMER Adjusted gross profit margin, adjusted SG&A expenses, adjusted net finance costs, adjusted income tax expense, adjusted operating profit margin, adjusted EBITDA, adjusted net income attributable to equity holders of the Company, and adjusted diluted earnings per share are financi