Amer Sports (AS) investor relations material

Executive summary

• First quarter 2026 revenue rose 32% year-over-year to $1,945 million, with all four regions posting double-digit growth.

• Technical Apparel grew 33%, Outdoor Performance 42%, and Ball & Racquet 13%, driven by strong brand and channel performance.

• Adjusted margins and EPS exceeded guidance, prompting an increase in full-year revenue, margin, and EPS outlook.

Financial highlights

• Gross margin increased 210 bps to 59.9%; adjusted gross margin up 200 bps to 60.0%.

• Operating profit rose 50% to $321 million; adjusted operating profit up 46% to $339 million.

• Net income attributable to equity holders increased 22% to $165 million ($0.29 diluted EPS); adjusted net income up 47% to $218 million ($0.38 adjusted diluted EPS).

• Adjusted EBITDA reached $432 million, up from $299 million a year ago; adjusted EBITDA margin improved to 22.2%.

• Inventories increased 33% year-over-year to $1,688 million; net cash at $539 million.

Outlook and guidance

• Full-year 2026 adjusted revenue growth expected at 20–22%, with a 200–250 bps FX benefit.

• Gross margin guided at 59.0–59.5%; operating margin at 13.4–13.7%; adjusted EPS $1.18–1.23.

• Segment guidance: Technical Apparel and Outdoor Performance revenue growth 22–24%, Ball & Racquet 10–12%.

• Q2 2026 guidance: revenue growth 22–24%, gross margin ~59.5%, operating margin 6.0–7.0%, adjusted EPS $0.08–0.10.