Amer Sports (AS) investor relations material

Strategic Vision and Growth Roadmap

• Targeting $3 billion in revenue and 30 million pairs of shoes sold by 2028, driven by five strategic pillars: amplifying Sportstyle, winning in Europe, accelerating in Greater China and APAC, breaking through in North America, and elevating organizational capabilities.

• Sportstyle, especially the XT-6 franchise, is positioned as a unique entry into the $200 billion sneaker market, with significant traction among younger and female consumers.

• Expansion in China has been rapid, with store count growing from under 100 to 350 in two years, all profitable and highly productive, and North America is in early stages but showing strong performance in new stores and partnerships.

• The brand is leveraging its technical heritage and innovation to expand from core outdoor and winter sports into all-terrain running and urban Sportstyle, aiming to capture a much larger addressable market.

• A disciplined omnichannel approach is being implemented, focusing on premium retail locations, e-commerce, and strategic B2B partnerships, tailored by region.

Financial Performance and Guidance

• Achieved a 23% CAGR over the past five years, doubling operating margin and surpassing $2.5 billion in revenue by 2026, with 85% of growth from softgoods.

• D2C share is expected to reach 45% of revenue by year-end, with approximately 540 owned and partner stores globally.

• All regions are outpacing their respective markets, with EMEA growing at low double digits, China and APAC at high teens, and North America accelerating to low 20s CAGR.

• Softgoods, especially footwear, will grow at mid to high teens CAGR, while apparel, accessories, and bags are projected to grow at low 20s CAGR.

• Operating margin is expected to expand by 20–70+ basis points annually, driven by gross margin improvements, category, channel, and regional mix, and disciplined SG&A leverage.

Updated Long-term Financial Algorithm

• Annual revenue CAGR projected at low-double digits to mid-teens over the next 5+ years, using 2026 as the base year.

• Effective tax rate anticipated to approach 25%.

• Guidance and performance metrics are provided on a non-IFRS basis, with detailed definitions for adjusted measures.

• Non-IFRS measures used to facilitate internal comparisons and investor understanding of operating performance.

• Adjusted operating margin for Q3 2026 projected to be slightly above the prior high-end guidance of 13.5–14%.