Amer Sports, Inc. · NYSE:AS
Amer Sports — Q1 2026 Earnings Presentation
35 slides from Amer Sports's earnings presentation, May 19, 2026
Slide 1: First Quarter 2026
Af AMER SPORTS FIRST 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 SG&A expenses, adjusted net finance costs, adjusted income adjustments and deferred tax expense or benefit arising from tax rate changes on PPA balances. tax expense, adjusted operating profit margin, adjusted EBITDA, adjusted net income att
Slide 4: First Quarter 2026 Results
FIRST QUARTER 2026 RESULTS • Strong 1Q26 results with revenues, adjusted margins and EPS above guidance • Revenue increased 32% to $1,945 million, or +26% ex- currency, and strong momentum continues into 2Q26 • All four regions achieved healthy double-digit revenue growth • Technical Apparel grew 33
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 Q1 Highlights
TECHNICAL APPAREL Q1 HIGHLIGHTS Omni-comp Veilance grew strong double- New store opening in Peak Performance solid New footwear launch Sylan 2 digits in Q1 Burlingame, California performance continues 27% 19% 15% 16% 2Q25 3Q25 4Q25 1Q26 Note: see Appendix for omni-comp definition The second Mammoth
Slide 7: Outdoor Performance Q1 Highlights
OUTDOOR PERFORMANCE Q1 HIGHLIGHTS Shift from Equipment to Sneakers XT-Whisper continued to have WSE had a solid quarter despite New Salomon store in Shenzhen great momentum in Q1 Salomon store opening in Tokyo challenging market conditions 25% 1Q26 Outdoor Winter sports equipment 46% Performance +42
Slide 8: Ball & Racquet Q1 Highlights
BALL & RACQUET Q1 HIGHLIGHTS Revenue growth World No. 1 Aryna Sabalenka winning major tournaments with Blade v10 Tennis 360 sales continue strong 16% 14% 13% 11% 2Q25 3Q25 4Q25 1Q26 Tennis 360 athlete Marta Tennis 360 athlete Victoria Kostyuk in head-to-toe Wilson Mboko in head-to-toe Wilson Tennis
Slide 9: Financial Review
FINANCIAL REVIEW A] AMER SPORTS
Slide 10: 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% 32% 31% 35% 36% 30% 28% 29% 23% 23% 16% 14% 13% 11% 2Q25 3Q25 4Q25 1Q26 2Q25 3Q25 4Q25 1Q26 2Q25 3Q25 4Q25 1Q26 2Q25 3Q25 4Q25 1Q26 (1) The 1Q26 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% 45% 40% 38% 21% 18% 18% 9% 2Q25 3Q25 4Q25 1Q26 2Q25 3Q25 4Q25 1Q26
Slide 12: Last Four Quarters Revenue Growth by Region
LAST FOUR QUARTERS REVENUE GROWTH BY REGION APAC Greater China EMEA Americas 54% 53% 53% 47% 45% 45% 42% 42% 27% 23% 21% 18% 18% 18% 18% 6% 2Q25 3Q25 4Q25 1Q26 2Q25 3Q25 4Q25 1Q26 2Q25 3Q25 4Q25 1Q26 2Q25 3Q25 4Q25 1Q26
Slide 13: Adjusted Gross Profit Margin Bridge
ADJUSTED GROSS PROFIT MARGIN1 BRIDGE 60.0% 58.0% 1Q25 Pricing, Product Mix, Channel, Region, Transportation, 1Q26 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&A1 BRIDGE 43.2% of revenue $841M 42.6% of revenue $627M 1Q25 Technical Apparel Outdoor Ball & Racquet HQ 1Q26 Performance (1) Adj. SG&A is a non-IFRS financial measure. See Appendix for reconciliation to nearest comparable IFRS financial measure.
Slide 15: Other Financial Items
OTHER FINANCIAL ITEMS 1Q25 1Q26 Adj. Operating margin 15.8 % 17.4 % Adj. Net finance cost ($M) 17 30 Adj. Effective tax rate 30% 28% Adj. Net income to equity 148 218 holders ($M) Adj. Diluted EPS ($) 0.27 0.38 Note: Please refer to Appendix for reconciliation of non-IFRS financial measures presente
Slide 16: Technical Apparel 1Q26 Results
TECHNICAL APPAREL 1Q26 RESULTS • Q1 revenues increased 33% to $885 million led by Arc'teryx. Revenue ($B) and Adjusted Operating Margin • Growth was fueled by 41% DTC expansion, including a 19% omni-comp. Wholesale revenues ~34% CAGR grew 16%. • Regionally, growth rate was led by Asia Pacific and Gr
Slide 17: Outdoor Performance 1Q26 Results
OUTDOOR PERFORMANCE 1Q26 RESULTS • Q1 revenue increased 42% to $714 million, driven by very strong performance in Salomon Revenue ($B) and Adjusted Operating Margin Softgoods. • DTC grew 57% driven by very strong retail growth, ~20% CAGR and wholesale expanded 34%. • Regionally, the growth rate acce
Slide 18: Ball & Racquet 1Q26 Results
BALL & RACQUET 1Q26 RESULTS • Q1 revenue increased 13% to $347 million driven by Softgoods and Racquet Sports. Revenue ($B) and Adjusted Operating Margin • We continue to see very strong momentum in Tennis 360 globally. ~10% CAGR • Golf had solid growth, while inflatables and baseball were slightly
Slide 19: Balance Sheet Update
BALANCE SHEET UPDATE ($M) 12/31/25 3/31/26 Secured notes 800 0 ST bank financing 143 145 Revolver 0 0 Total debt 1,153 145 Cash 652 684 Net debt (cash)(1) 291 (539) 2025 adjusted EBITDA 1,151 1,151 Leverage ratio 0.3x (0.5)x (1) Net debt (cash) is defined as the principal value of borrowings from fi
Slide 20: Inventory
INVENTORY REVENUE AND INVENTORY (% CHANGE) 33% 32% 33% 27% 23% 21% 18% 11% 2023 2024 2025 1Q26 Sales growth Inventory growth
Slide 21: Cash Flow from Operating Activities
CASH FLOW FROM OPERATING ACTIVITIES $730 $425 $199 -$92 2022 2023 2024 2025 2026E In millions USD
Slide 22: Guidance
GUIDANCE
Slide 23: Segment Expense Reallocation
SEGMENT EXPENSE REALLOCATION X CERTAIN CORPORATE EXPENSES MOVED FROM REPORTABLE SEGMENTS TO CORPORATE EXPENSE: 2025 RECAST BY QUARTER For the three months ended March 31, June 30, September December In millions 2025 2025 30, 2025 31, 2025 Total Technical Apparel Adjusted operating profit, as previou
Slide 24: Outlook: Full Year 2026
OUTLOOK: FULL YEAR 2026 X OTHER THAN REVENUE, ALL GUIDANCE FIGURES REFERENCE ADJUSTED AMOUNTS GROUP SEGMENTS • Reported revenue growth: 20 – 22%, including a 200 – 250 basis • Technical Apparel: 22 – 24% revenue point benefit from favorable Fx impact at current exchange rates growth; segment operati
Slide 25: Outlook: 2Q 2026
OUTLOOK: 2Q 2026 X OTHER THAN REVENUE, ALL GUIDANCE FIGURES REFERENCE ADJUSTED AMOUNTS GROUP • Reported revenue growth: 22 – 24%, which assumes a 200 – 250 basis point benefit from favorable Fx impact at current exchange rates • Gross margin: ~59.5% • Operating margin: 6.0 – 7.0% • Other operating i
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Slide 28: 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 29: Adjusted Gross Profit and Adjusted SG&A Reconciliation
ADJUSTED GROSS PROFIT RECONCILIATION For the Three Months Ended March 31, 2026 and 2025 (Unaudited) For the three months ended March 31, In millions 2026 2025 Gross Profit $ 1,165.4 $ 851.1 Depreciation and amortization on PPA fair value step up 2.8 3.6 Income related to certain legal proceedings —
Slide 30: Adjusted Net Finance Cost and Income Tax Expense Reconciliation
ADJUSTED NET FINANCE COST RECONCILIATION For the Three Months Ended March 31, 2026 and 2025 (Unaudited) For the three months ended March 31, In millions 2026 2025 Net Finance Costs $ (80.5) $ (16.6) Loss on debt extinguishment 50.5 — Adjusted Net Finance Costs $ (30.0) $ (16.6) ADJUSTED INCOME TAX E
Slide 31: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION (1) For the Three Months Ended March 31, 2026 and 2025 (Unaudited) For the three months ended March 31, In millions (except for share and earnings per share information) 2026 2025 Net income attributable to equity holders of the Company $ 164.6 $ 134.6 Depreciation
Slide 32: Adjusted Operating Profit Reconciliation
ADJUSTED OPERATING PROFIT RECONCILIATION (1) For the Three Months Ended March 31, 2026 and 2025 (Unaudited) For the three months ended March 31, In millions 2026 2025 Income before tax $ 240.6 $ 197.6 Depreciation and amortization on PPA fair value step up 9.2 10.5 Restructuring expenses 4.2 2.9 (In
Slide 33: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION (1) For the Three Months Ended March 31, 2026 and 2025 (Unaudited) For the three months ended March 31, In millions 2026 2025 Revenue $ 1,945.5 $ 1,472.5 Net income attributable to equity holders of the Company $ 164.6 $ 134.6 Net income attr
Slide 34: P&L Excluding Non-IFRS Adjustments
P&L EXCLUDING NON-IFRS ADJUSTMENTS (1) 1Q26 1Q25 Total Sales (M$) 1,945.5 1,472.5 Growth% 32.1% 23.5% Adj. Gross Profit 1,168.2 853.9 Adj. Gross Margin% 60.0% 58.0% Adj. SG&A 841.0 626.8 Adj. SG&A% 43.2% 42.6% Other operating income 12.6 5.3 Adj. Operating Profit 339.0 232.2 Adj. OP Margin% 17.4% 15
Slide 35: 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