Amer Sports, Inc. · NYSE:AS
Amer Sports — Q2 2026 Earnings Presentation
33 slides from Amer Sports's earnings presentation, Aug 18, 2026
Slide 1: Second Quarter 2026
Af AMER SPORTS SECOND QUARTER 2026
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 gross profit, adjusted SG&A expenses, adjusted net finance tax expense on these adjustments and deferred tax expense or benefit arising from tax rate changes on costs, adjusted income tax expense, adjusted operating profit margin, adjusted E
Slide 4: Second Quarter 2026 Results
SECOND QUARTER 2026 RESULTS • Strong 2Q26 results with revenues, adjusted margins and EPS above guidance, excluding the benefit from net tariff refunds • Revenue increased 32% to $1,633 million, or +30% ex-currency, and strong momentum continues into 3Q26 • Group operating margin, excluding the bene
Slide 5: Technical Apparel Q2 Highlights
TECHNICAL APPAREL Q2 HIGHLIGHTS Omni-comp Norvan LD4 continues to lead Veilance SS26 women’s New Arc’teryx store opening in Peak Performance solid footwear growth collection best received so far Copenhagen performance continues 27% 19% 16% 17% 3Q25 4Q25 1Q26 2Q26 Note: see Appendix for omni-comp def
Slide 6: Outdoor Performance Q2 Highlights
OUTDOOR PERFORMANCE Q2 HIGHLIGHTS Shift from Equipment to Sneakers JISOO joins Salomon as Global Sportstyle momentum Salomon trail athletes global brand ambassador continues winning races in Q2 Salomon new NYC UWS store 25% 2Q26 Outdoor Winter sports equipment 46% Performance +37% driven by strong g
Slide 7: Ball & Racquet Q2 Highlights
BALL & RACQUET Q2 HIGHLIGHTS Revenue growth New Defyer power-spin racquet Softgoods continue strong growth 24% 16% 14% 13% 3Q25 4Q25 1Q26 2Q26 Marta Kostyuk in the Marta Moise Kouame with Defyer dress in Wimbledon racquet Tennis 360 athlete Victoria Mboko with Blade v10 racquet
Slide 8: Financial Review
FINANCIAL REVIEW Af AMER SPORTS
Slide 9: Last Four Quarters Revenue Growth by Segment
LAST FOUR QUARTERS REVENUE GROWTH BY SEGMENT Group(1) Technical Apparel Outdoor Performance Ball & Racquet 42% 34% 33% 37% 31% 32% 36% 32% 32% 30% 28% 29% 24% 16% 14% 13% 3Q25 4Q25 1Q26 2Q26 3Q25 4Q25 1Q26 2Q26 3Q25 4Q25 1Q26 2Q26 3Q25 4Q25 1Q26 2Q26 (1) The 2Q26 Group revenue growth rate includes a
Slide 10: Last Four Quarters Revenue Growth by Channel
LAST FOUR QUARTERS REVENUE GROWTH BY CHANNEL DTC Wholesale 51% 45% 40% 38% 24% 21% 18% 18% 3Q25 4Q25 1Q26 2Q26 3Q25 4Q25 1Q26 2Q26
Slide 11: Last Four Quarters Revenue Growth by Region
LAST FOUR QUARTERS REVENUE GROWTH BY REGION APAC Greater China Americas EMEA 60% 54% 53% 53% 47% 45% 42% 36% 26% 18% 18% 18% 27% 23% 21% 20% 3Q25 4Q25 1Q26 2Q26 3Q25 4Q25 1Q26 2Q26 3Q25 4Q25 1Q26 2Q26 3Q25 4Q25 1Q26 2Q26
Slide 12: Adjusted Gross Profit Margin Bridge
ADJUSTED GROSS PROFIT MARGIN1 BRIDGE 65.8% 58.7% 2Q25 Pricing, Product Channel, Region, Transportation, Net tariff refund 2Q26 Mix, Discounts, and Segment Mix Logistics and FX & Other Materials (1) Adj. gross margin is a non-IFRS financial measure. See Appendix for reconciliation to nearest comparab
Slide 13: Adjusted SG&A Bridge
ADJUSTED SG&A1 BRIDGE 54.9% of revenue $897M 54.7% of revenue $677M 2Q25 Technical Apparel Outdoor Ball & Racquet HQ 2Q26 Performance (1) Adj. SG&A is a non-IFRS financial measure. See Appendix for reconciliation to nearest comparable IFRS financial measure.
Slide 14: Other Financial Items
OTHER FINANCIAL ITEMS 2Q25 2Q26 Adj. Operating margin(1) 5.5 % 12.8 % Adj. Net finance cost ($M) 22 21 Adj. Effective tax rate 12% 27% Adj. Net income to equity 36 127 holders ($M) Adj. Diluted EPS ($)(2) 0.06 0.22 (1) Incl. 390 bps benefit from net tariff refunds in 2Q26 (2) Net tariff refunds bene
Slide 15: Technical Apparel 2Q26 Results
TECHNICAL APPAREL 2Q26 RESULTS • Q2 revenues increased 32% to $674 million led by Arc'teryx. Revenue ($B) and Adjusted Operating Margin • Growth was fueled by 34% DTC expansion, including a 17% omni-comp. Wholesale revenues ~34% CAGR grew 27%. • Regionally, growth rate was led by APAC, followed by a
Slide 16: Outdoor Performance 2Q26 Results
OUTDOOR PERFORMANCE 2Q26 RESULTS • Q2 revenue increased 37% to $569 million, driven by very strong performance in Salomon Revenue ($B) and Adjusted Operating Margin Softgoods. • DTC grew 52% led by new doors and higher productivity across markets, and wholesale ~22% CAGR expanded 25%. • Regionally,
Slide 17: Ball & Racquet 2Q26 Results
BALL & RACQUET 2Q26 RESULTS • Q2 revenue increased 24% to $390 million driven by continued strength in Racquet Sports, both Revenue ($B) and Adjusted Operating Margin Softgoods and equipment. • We continue to see very strong momentum in ~10% CAGR Tennis 360 globally. • Baseball returned to growth, f
Slide 18: Balance Sheet Update
BALANCE SHEET UPDATE ($M) 3/31/26 6/30/26 ST bank financing 145 147 Total debt 145 147 Cash 684 720 Net Cash(1) 539 573 2026E adjusted EBITDA(2) 1,590 1,590 Leverage ratio (0.3)x (0.4)x (1) Net cash is defined as cash and cash equivalents, less the principal value of non-current borrowings, the revo
Slide 19: Inventory
INVENTORY REVENUE AND INVENTORY (% CHANGE) 33% 32% 33% 32% 27% 23% 21% 18% 19% 11% 2023 2024 2025 1Q26 2Q26 Sales growth Inventory growth
Slide 20: Cash Flow from Operating Activities
CASH FLOW FROM OPERATING ACTIVITIES $730 $425 $199 -$92 2022 2023 2024 2025 2026E In millions USD
Slide 21: Guidance
GUIDANCE Af AMER SPORTS
Slide 22: Outlook: Full Year 2026
OUTLOOK: FULL YEAR 2026 X OTHER THAN REVENUE, ALL GUIDANCE FIGURES REFERENCE ADJUSTED AMOUNTS GROUP SEGMENTS • Reported revenue growth: ~24%, including a 200 – 250 basis point • Technical Apparel: 25 – 26% revenue currency benefit at current exchange rates growth; segment operating margin ~22.5% • G
Slide 23: Outlook: 3Q 2026
OUTLOOK: 3Q 2026 X OTHER THAN REVENUE, ALL GUIDANCE FIGURES REFERENCE ADJUSTED AMOUNTS GROUP • Reported revenue growth: 18 – 20%, which assumes a ~50 basis point currency benefit at current exchange rates • Gross margin: ~59.0% • Operating margin: 13.5 – 14.0% • Net finance cost: $15 – 20 million •
Slide 24: Q&A
Q&A Af AMER SPORTS
Slide 25: Amer Sports brand portfolio
Bee ARCTERYX SALOMON Wikon PeakPerformance A ATOMIC mm « C yw & Al 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. Adjusted EBITDA and adjusted EBITDA margin r
Slide 27: Adjusted Gross Profit Reconciliation
ADJUSTED GROSS PROFIT RECONCILIATION (1) For the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited) For the three months For the six months ended June 30, ended June 30, In millions 2026 2025 2026 2025 Gross Profit $ 1,071.6 $ 722.9 $ 2,236.9 $ 1,574.0 Depreciation and amortization on PPA
Slide 28: Adjusted Net Finance Cost Reconciliation
ADJUSTED NET FINANCE COST RECONCILIATION For the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited) For the three months For the six months ended June 30, ended June 30, In millions 2026 2025 2026 2025 Net Finance Costs $ (30.9) $ (21.9) $ (111.4) $ (38.5) Loss on debt extinguishment — —
Slide 29: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION (1) For the Three and Six Months Ended June 30, 2026 and 2025 (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) 2026 2025 2026 2025 Net income attributable to equity h
Slide 30: Adjusted Operating Profit Reconciliation
ADJUSTED OPERATING PROFIT RECONCILIATION (1) For the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited) For the three months For the six months ended June 30, ended June 30, In millions 2026 2025 2026 2025 Income before tax $ 160.8 $ 21.8 $ 401.3 $ 219.4 Depreciation and amortization on P
Slide 31: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION (1) For the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited) For the three months For the six months ended June 30, ended June 30, In millions 2026 2025 2026 2025 Revenue $ 1,632.6 $ 1,236.3 $ 3,578.1 $ 2,708.8 Net income attribu
Slide 32: P&L Excluding Non-IFRS Adjustments
P&L EXCLUDING NON-IFRS ADJUSTMENTS (1) 2Q'26 2Q'25 Total Sales (M$) 1,632.6 1,236.3 Growth% 32.1% 23.5% Adj. Gross Profit 1,074.3 725.4 Adj. Gross Margin% 65.8% 58.7% Adj. SG&A 897.0 676.6 Adj. SG&A% 54.9% 54.7% Other operating income 31.6 21.2 Adj. Operating Profit 208.4 67.4 Adj. OP Margin% 12.8%
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