Amer Sports, Inc. · NYSE:AS
Amer Sports — Q2 2025 Earnings Presentation
35 slides from Amer Sports's earnings presentation, Aug 19, 2025
Slide 1: Amer Sports Second Quarter 2025
Amer Sports Second 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 Second Quarter 2025
Strong Second Quarter 2025 • Strong 2Q25 results with revenues, adjusted margins and EPS above guidance • Raises full year revenue, adjusted margin, and EPS guidance • Revenue increased 23% to $1,236 million, and strong momentum continues into 3Q25 • Arc’teryx delivered strong results across regions
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 story with leading growth and profitability for the outdoor industry driven by its disruptive DTC model. • Salomon sneakers have unique performance and design positi
Slide 5: Technical Apparel Q2 Highlights
Technical Apparel Q2 Highlights Omni-comp 29% 26% 20% 19% 15% 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 New Vancouver flagship Footwear momentum continues Note: see appendix for omni-comp definition 14th annual Chamonix Alpine Academy 5 Women’s continues to be one of the Climbing community Newevent shopin insid
Slide 6: Outdoor Performance Q2 Highlights
Outdoor Performance Q2 Highlights Shift from Equipment to Sneakers 2Q’25 Outdoor Winter sports 28% 46% Performance +35% equipment driven by very strong growth in Salomon Footwear & 72% softgoods apparel 54% Hydration packs continue to New Shanghai flagship – the largest Aeroglide 3 GRVL be in high d
Slide 7: Ball & Racquet Q2 Highlights
Strongest US Open ever, with record sales Ball & Racquet Q2 Highlights Revenue growth 22% 11% 12% 11% 1% Off-white x Wilson 3D basketball collab Intrigue women’s tennis shoe 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 Wilson Tennis 360 athlete Victoria Mboko won the Canadian Open Sportswear continues strong growt
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% 34% 33% 28% 25% 22% 23% 23% 23% 23% 17% 13% 12% 11% 11% 8% 3Q24 4Q24 1Q25 2Q25 (1) 3Q24 4Q24 1Q25 2Q25 3Q24 4Q24 1Q25 2Q25 3Q24 4Q24 1Q25 2Q25 (1) The 2Q25 Group revenue growth rate inc
Slide 10: Last Four Quarters Revenue Growth Trends by Channel
Last Four Quarters Revenue Growth Trends by Channel DTC Wholesale 46% 41% 40% 39% 12% 9% 8% 6% 3Q24 4Q24 1Q25 2Q25 3Q24 4Q24 1Q25 2Q25
Slide 11: Last Four Quarters Revenue Growth Trends by Region
Last Four Quarters Revenue Growth Trends by Region APAC Greater China EMEA Americas 56% 54% 52% 47% 49% 45% 43% 42% 18% 12% 15% 12% 8% 7% 6% 4% 3Q24 4Q24 1Q25 2Q25 3Q24 4Q24 1Q25 2Q25 3Q24 4Q24 1Q25 2Q25 3Q24 4Q24 1Q25 2Q25
Slide 12: Adjusted Gross Profit Margin Bridge
Adjusted Gross Profit Margin 1 Bridge 58.7% 56.2% 2Q24 Pricing, Product Mix, Channel, Region, Transportation, 2Q25 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 54.7% of revenue $677M 53.3% of revenue $534M 2Q24 Technical Apparel Outdoor Ball & Racquet HQ 2Q25 Performance 13 (1) Adj. SG&A is a non-IFRS financial measure. See Appendix for reconciliation to nearest comparable IFRS financial measure.
Slide 14: Other Financial Items
Other Financial Items 2Q24 2Q25 Adj. Operating margin 2.9 % 5.5 % Adj. Net finance cost ($M) 45 22 Adj. Effective tax rate 267% 12% Adj. Net income to equity 25 36 holders ($M) Adj. Diluted EPS ($) 0.05 0.06 14 Note: Please refer to appendix for appendix for reconciliation of the non-IFRS measures p
Slide 15: Technical Apparel
Technical Apparel • Revenues increased 23% in Q2 to $509 million led by Arc'teryx. • Q2 growth fueled by 31% DTC expansion, while wholesale grew Revenue ($B) and Adjusted Operating Margin 4%, negatively impacted by a shift in shipments from Q3 into Q2 last year. ~32% CAGR • 15% omni-comp facing the
Slide 16: Outdoor Performance
Outdoor Performance • Revenue increased 35% in Q2 to $414 million, driven by strong growth from Salomon Softgoods. Revenue ($B) and Adjusted Operating Margin • DTC grew 63% led by Greater China and APAC, and wholesale growth accelerated to +18%. ~16% CAGR • Regionally, sales growth rate was led by G
Slide 17: Ball & Racquet
Ball & Racquet • Revenue increased 11% in Q2 to $314 million driven by strong growth in Softgoods and Racquet Sports. Revenue ($B) and Adjusted Operating Margin • Tennis 360 continued to experience very strong momentum across markets. ~7% CAGR • Strength in baseball bats was offset by weakness in gl
Slide 18: Balance Sheet Update
Balance Sheet Update 3/31/2025 ($M) 6/30/2025 ($M) Secured notes 800 800 ST bank financing 137 143 Revolver 0 0 Total debt 937 943 Cash 422 303 Net Debt(1) 515 640 2025E adjusted EBITDA(2) 1,100 1,100 Leverage ratio 0.5x 0.6x 18 (1) Net debt is defined as loans from financial institutions less cash
Slide 19: Inventory
Inventory Yearly and quarterly revenue and inventory change (in %) Inventory and Sales growth 29% 23% 23% 23% 21% 18% 15% 11% 2023 2024 1Q 2025 2Q 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: Amer Sports Well Positioned to Manage Higher Tariffs
Amer Sports Well Positioned to Manage Higher Tariffs • Our continued business momentum, diverse global footprint, clean balance sheet, and strong pricing power positions us well to navigate rising tariffs and associated macro uncertainties. • Our updated guidance assumes incremental U.S. tariffs on
Slide 23: Outlook: Full Year 2025
Updated July 31 Outlook: Full Year 2025 Other than revenue, all guidance figures reference adjusted amounts. Guidance assumes incremental U.S. tariffs on imports from China remain at 30%, and the current tariff rates on all other countries: • Reported revenue growth: 20 – 21%, including an approxima
Slide 24: Outlook: 3Q 2025
Updated July 31 Outlook: 3Q 2025 Other than revenue, all guidance figures reference adjusted amounts. Guidance assumes incremental U.S. tariffs on imports from China remain at 30%, and the current tariff rates on all other countries: • Reported revenue growth: ~20%, which assumes an approximate 150
Slide 25: Q&A
Q&A 25
Slide 26: arcterrx Ssacomon Wilson. PeakPerformance J ATOMIC
ne arcterrx Ssacomon Wilson. PeakPerformance J ATOMIC evosHieLo Af 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. EBITDA, adjusted EBITDA and adjusted EBITDA
Slide 28: Adjusted Gross Profit Reconciliation
ADJUSTED GROSS PROFIT RECONCILIATION For the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) For the three months For the six months ended June 30, ended June 30, In millions 2025 2024 2025 2024 Gross Profit $ 722.9 $ 558.9 $ 1,574.0 $ 1,207.1 Depreciation and amortization on PPA fair
Slide 29: Adjusted Net Finance Cost Reconciliation
ADJUSTED NET FINANCE COST RECONCILIATION For the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) For the three months For the six months ended June 30, ended June 30, In millions 2025 2024 2025 2024 Net Finance Costs $ (21.9) $ (45.2) $ (38.5) $ (139.1) Expenses related to transaction
Slide 30: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION (1) For the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) For the three months For the six months ended June 30, ended June 30, In millions (except for share and earnings per share information) 2025 2024 2025 2024 Net income/(loss) attributable to e
Slide 31: Adjusted Operating Profit Reconciliation
ADJUSTED OPERATING PROFIT RECONCILIATION (1) For the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) For the three months For the six months ended June 30, ended June 30, In millions 2025 2024 2025 2024 Income/(loss) before tax $ 21.8 $ (53.7) $ 219.4 $ (38.6) Depreciation and amortiza
Slide 32: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN RECONCILIATION (1) For the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) For the three months For the six months ended June 30, ended June 30, In millions 2025 2024 2025 2024 Revenue $ 1,236.3 $ 1,001.4 $ 2,708.8 $ 2,194.0 Net income/(loss)
Slide 33: P&L Excluding Non-IFRS Adjustments
P&L excluding non-IFRS adjustments (1) 2Q'25 2Q'24 Total Sales (M$) 1,236.3 1,001.4 Growth% 23.5% 16.1% Adj. Gross Profit 725.4 562.6 Adj. Gross Margin% 58.7% 56.2% Adj. SG&A 676.6 533.8 Adj. SG&A% 54.7% 53.3% Other operating income 21.2 1.6 Adj. Operating Profit 67.4 29.3 Adj. OP Margin% 5.5% 2.9%
Slide 34: 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 35: 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