{"success":true,"data":{"pressRelease":{"id":"38730","rtpr_id":"nBw1YQPWVa","ticker":"AS","exchange":"NYSE","all_tickers":["AS"],"title":"Amer Sports Reports First Quarter 2026 Financial Results, Raises Full Year Revenue, Margin, and EPS Guidance","author":"Business Wire","published_at":"2026-05-19T10:00:00.339Z","article_body":"Amer Sports Reports First Quarter 2026 Financial Results, Raises Full Year\nRevenue, Margin, and EPS Guidance\n\n\n * Strong 1Q26 results with revenues, adjusted margins and EPS above guidance\n\n * Revenue increased 32% to $1,945 million, or +26% ex-currency, and strong\nmomentum continues into 2Q26\n\n * All four regions achieved healthy double-digit revenue growth\n\n * Technical Apparel grew 33% driven by broad-based strength across regions,\ncategories and channels, including a +19% omni-comp\n\n * Outdoor Performance grew 42% and achieved nearly 500 bps of adjusted operating\nmargin expansion, driven by excellent momentum in Salomon Softgoods\n\n * Ball & Racquet grew 13% led by Wilson Tennis 360\n\nAmer Sports, Inc. (NYSE: AS) (“Amer Sports” or the “Company”) today\nannounced its financial results for the first quarter of 2026.\n\nCEO James Zheng commented \"Our excellent momentum continued in the first\nquarter of 2026, as our unique portfolio of technical sports and outdoor\nbrands are creating white space and taking share globally. All segments,\ngeographies, and channels performed extremely well in Q1, led by exceptional\nSalomon Softgoods growth, a strong Arc'teryx omni-comp, and solid Wilson\nTennis 360 growth.\n\n“Given the continued broad-based momentum across our portfolio and the\ntalented and ambitious teams we have in place around the world, we are very\nconfident in the future outlook for Amer Sports.\"\n\nFIRST QUARTER 2026 RESULTS\n\nFor the first quarter of 2026, compared to the first quarter of 2025:\n\n\n * Revenue increased 32% to $1,945 million, or 26% on a constant currency\nbasis(1).( )Revenues by segment:\n\n\n* Technical Apparel increased 33% to $885 million, or increased 28% on a\nconstant currency basis. This reflects an omni-comp(2) growth of 19%.\n\n * Outdoor Performance increased 42% to $714 million, or increased 33% on a\nconstant currency basis.\n\n * Ball & Racquet Sports increased 13% to $347 million, or increased 10% on a\nconstant currency basis.\n\n\n\n\n * Gross margin increased 210 basis points to 59.9%; Adjusted gross margin\nincreased 200 basis points to 60.0%.\n\n * Selling, general and administrative expenses increased 33% to $856 million;\nAdjusted selling, general and administrative expenses increased 34% to $841\nmillion.\n\n * Operating profit increased 50% to $321 million; Adjusted operating profit\nincreased 46% to $339 million.\n\n * Operating margin increased 200 basis points to 16.5%. Adjusted operating\nmargin increased 160 basis points to 17.4%. Adjusted operating margin by\nsegment:\n\n\n* Technical Apparel increased 250 basis points to 26.4%.\n\n * Outdoor Performance increased 480 basis points to 20.4%.\n\n * Ball & Racquet Sports decreased 370 basis points to 3.6%.\n\n\n\n\n * Net income attributable to equity holders of the Company increased 22% to $165\nmillion, which is $0.29 diluted earnings per share; Adjusted net income\nattributable to equity holders of the Company increased 47% to $218 million,\nwhich is $0.38 adjusted diluted earnings per share.\n\nBalance sheet. Year-over-year inventories increased 33% to $1,688 million. Net\ncash(3) was $539 million, and cash and cash equivalents totaled $684 million\nat quarter end.\n 1   Constant currency revenue is calculated by translating the current period \n reported amounts using the actual exchange rates in use during the comparative \n prior period, in place of the exchange rates in use during the current period. \n 2   Omni-comp reflects year-over-year revenue growth from owned retail stores and \n e-commerce sites that have been open at least 13 months. \n 3   Net cash is defined as cash and cash equivalents, less the principal value of \n non-current borrowings, the revolving credit facility and other borrowings. \n\n\nOUTLOOK\n\nCFO Andrew Page noted, “We had a great start to the year in the first\nquarter, with strong sales, margin expansion, and EPS growth. The investments\nwe have been making behind our biggest opportunities are paying off in terms\nof both sales growth and margin expansion. Today we are experiencing\nexceptional trends across each of our three biggest growth engines: Arc'teryx,\nSalomon softgoods, and Wilson Tennis 360 — which are all still relatively\nsmall franchises with significant room to expand.\n\n\"Looking ahead, given the momentum from our highest-margin Arc'teryx\nfranchise, accelerating Salomon Softgoods growth, plus the solid foundation of\nour equipment franchises, we have the confidence to raise our 2026 sales,\nmargin, and EPS guidance.\"\n\nFULL-YEAR 2026\n\nAmer Sports is increasing guidance for the year ending December 31, 2026 (all\nguidance figures reference adjusted amounts). Guidance assumes that the higher\nIEEPA tariff rates that were in place before the February Supreme Court ruling\nare in place for all of 2Q, and the remainder of 2026.\n\n\n * Reported revenue growth: 20 — 22%, which assumes a 200 – 250 basis point\nbenefit from favorable Fx impact at current exchange rates\n\n * Gross margin: 59.0 – 59.5%\n\n * Operating margin: 13.4 – 13.7%\n\n * Net finance cost: approximately $70 million\n\n * Effective tax rate: approximately 28%\n\n * Other operating income will be approximately $30 million, and non-controlling\ninterest approximately $20 million\n\n * Fully diluted share count: approximately 586 million\n\n * Fully diluted EPS: $1.18 – 1.23\n\n * D&A: approximately $400 million, including approximately $200 million of\nROU depreciation\n\n * CapEx: approximately $400 million\n\n * Corporate expenses: approximately $220 million\n\n\n * Technical Apparel:\n\n\n* Revenue growth of 22% – 24%\n\n * Segment operating margin approximately 22%\n\n\n\n\n * Outdoor Performance:\n\n\n* Revenue growth of 22% – 24%\n\n * Segment operating margin 15.0% – 15.5%\n\n\n\n\n * Ball & Racquet:\n\n\n* Revenue growth of 10% – 12%\n\n * Segment operating margin 4.7% – 5.0%\n\n\n\n\nSECOND QUARTER 2026\n\nAmer Sports is providing the following guidance for the second quarter ending\nJune 30, 2026 (all guidance figures reference adjusted amounts). Guidance\nassumes that the higher IEEPA tariff rates that were in place before the\nFebruary Supreme Court ruling remain in place for 2Q:\n\n\n * Reported revenue growth: 22 – 24%, which assumes a 200 – 250 basis point\nbenefit from favorable Fx impact at current exchange rates\n\n * Gross margin: approximately 59.5%\n\n * Operating margin: 6.0 – 7.0%\n\n * Other operating income: approximately $20 million\n\n * Net finance cost: approximately $15 million\n\n * Effective tax rate: approximately 28%\n\n * Fully diluted share count: approximately 590 million\n\n * Fully diluted EPS: $0.08 – 0.10\n\nOther than with respect to revenue, Amer Sports only provides guidance on a\nnon-IFRS basis. The Company does not provide a reconciliation of\nforward-looking non-IFRS measures to the most directly comparable IFRS\nAccounting Standards measures due to the difficulty in forecasting and\nquantifying certain amounts that are necessary for such reconciliations\nwithout unreasonable efforts. The Company is unable to address the probable\nsignificance of the unavailable reconciling items, which could have a\npotentially significant impact on its future IFRS financial results. The above\noutlook reflects the Company’s current and preliminary estimates of market\nand operating conditions and customer demand, which are all subject to change.\nActual results may differ materially from these forward-looking statements,\nincluding as a result of, among other things, the factors described under\n“Forward-Looking Statements” below and in our filings with the SEC.\n\nCONFERENCE CALL INFORMATION\n\nThe Company's conference call to review the results for the first quarter 2026\nwill be webcast live today, Tuesday, May 19, 2026 at 8:00 a.m. Eastern Time\nand can be accessed at https://investors.amersports.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.amersports.com&esheet=54538136&newsitemid=20260519617201&lan=en-US&anchor=https%3A%2F%2Finvestors.amersports.com&index=1&md5=44239804c6ce164085ddf24780cec1a4)\n.\n\nABOUT AMER SPORTS\n\nAmer Sports is a global group of iconic sports and outdoor brands, including\nArc’teryx, Salomon, Wilson, Peak Performance, and Atomic. Our brands are\nknown for their detailed craftsmanship, unwavering authenticity, and premium\nmarket positioning. As creators of exceptional apparel, footwear, and\nequipment, we pride ourselves on cutting-edge innovation, performance, and\ndesigns that allow elite athletes and everyday consumers to perform their\nbest.\n\nWith over 15,400 employees globally, Amer Sports’ purpose is to elevate the\nworld through sport. Our vision is to be the global leader in premium sports\nand outdoor brands. With corporate offices in Helsinki, Munich, Kraków, New\nYork, and Shanghai, we have operations in 40 countries and our products are\nsold in 100+ countries. Amer Sports generated revenue of $6.6 billion in 2025.\nAmer Sports, Inc. shares are listed on the New York Stock Exchange. For more\ninformation, visit www.amersports.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.amersports.com&esheet=54538136&newsitemid=20260519617201&lan=en-US&anchor=www.amersports.com&index=2&md5=023b842307cbf958548dea71472eb35a)\n.\n\nNON-IFRS MEASURES\n\nAdjusted gross profit margin, adjusted gross profit, adjusted SG&A\nexpenses, adjusted net finance costs, adjusted income tax expense, adjusted\noperating profit margin, adjusted EBITDA, adjusted net income attributable to\nequity holders of the Company, and adjusted diluted earnings per share are\nfinancial measures that are not defined under IFRS Accounting Standards.\nAdjusted gross profit margin is calculated as adjusted gross profit divided by\nrevenue. Adjusted gross profit is calculated as gross profit excluding\nnon-recurring items such as depreciation and amortization related to purchase\nprice allocation (“PPA”) fair value step up resulting from the acquisition\nand delisting of Amer Sports in 2019 (the “Acquisition”), restructuring\nexpenses, and expenses related to certain legal proceedings. Adjusted SG&A\nexcludes non-recurring items such as depreciation and amortization on PPA fair\nvalue step up, restructuring expenses, expenses related to transaction\nactivities, expenses related to certain legal proceedings, and certain\nshare-based payments. Adjusted net finance costs is calculated as net finance\ncosts excluding non-recurring items such as expenses related to transaction\nactivities, and loss on debt extinguishment. Adjusted income tax expense is\ncalculated as income tax expense excluding the income tax expense resulting\nfrom each adjustment excluded from Adjusted net income. Adjusted operating\nprofit margin is calculated as adjusted operating profit divided by revenue.\nAdjusted operating profit is calculated as income before tax with adjustments\nto exclude non-recurring items such as depreciation and amortization on PPA\nfair value step up, restructuring expenses, impairment losses on goodwill and\nintangible assets, expenses related to transaction activities, expenses\nrelated to certain legal proceedings, expenses related to certain share-based\npayments, interest expense, foreign currency exchange gains/(losses), net\n& other finance costs, loss on debt extinguishment, and interest income.\nAdjusted EBITDA is calculated as net income attributable to equity holders of\nthe Company, plus net income attributable to non-controlling interests, income\ntax expense/(benefit), foreign currency exchange gains/(losses), net &\nother finance costs, interest expense, loss on debt extinguishment, and\ndepreciation and amortization, less interest income with adjustments to\nexclude restructuring expenses, impairment losses on goodwill and intangible\nassets, expenses related to transaction activities, expenses related to\ncertain legal proceedings and certain share-based payments. Adjusted net\nincome attributable to equity holders of the Company is calculated as net\nincome attributable to equity holders of the Company with adjustments to\nexclude depreciation and amortization on PPA fair value step up resulting from\nthe Acquisition, restructuring expenses, impairment losses on goodwill and\nintangible assets, expenses related to transaction activities, expenses\nrelated to certain legal proceedings, certain share-based payments, loss on\ndebt extinguishment, and the related income tax expense on these adjustments\nand deferred tax expense or benefit arising from tax rate changes on PPA\nbalances. “Omni-comp” reflects revenue growth on a constant currency basis\nfrom owned retail stores that have been open for at least 13 full fiscal\nmonths and from owned e-commerce websites. Remodeled stores are excluded from\nthe comparable sales growth calculation for 13 months if a store: (i) changes\nits square footage by more than 20% or (ii) is closed for more than 60 days\nfor the refit. Stores closed 60 days or less are excluded from the comparable\nsales growth calculation only for the months they are closed.\n\nThe Company believes that these non-IFRS measures, when taken together with\nits financial results presented in accordance with IFRS Accounting Standards,\nprovide meaningful supplemental information regarding its operating\nperformance and facilitate internal comparisons of its historical operating\nperformance on a more consistent basis by excluding certain items that may not\nbe indicative of our business, results of operations or outlook. In\nparticular, adjusted EBITDA and adjusted net income are helpful to investors\nas they are measures used by management in assessing the health of the\nbusiness and evaluating operating performance, as well as for internal\nplanning and forecasting purposes. Non-IFRS financial measures, however are\nsubject to inherent limitations, may not be comparable to similarly titled\nmeasures used by other companies and should not be considered in isolation or\nas an alternative to IFRS measures. The supplemental tables below provide\nreconciliations of each non-IFRS financial measure presented to its most\ndirectly comparable IFRS Accounting Standards financial measure.\n\nFORWARD LOOKING STATEMENTS\n\nThis press release contains statements that constitute forward-looking\nstatements, within the meaning of the Private Securities Litigation Reform Act\nof 1995, Section 27A of the Securities Act of 1933, as amended, and Section\n21E of the Securities Exchange Act of 1934, as amended. Many of the\nforward-looking statements contained herein can be identified by the use of\nforward-looking words such as “anticipate,” “believe,” “may,”\n“will,” “expect,” “could,” “target,” “predict,”\n“should,” “plan,” “intend,” “estimate” and “potential,”\nand similar expressions. Forward-looking statements appear in a number of\nplaces herein and include, but are not limited to, statements regarding our\nintent, belief or current expectations. Forward-looking statements are based\non our management’s beliefs and assumptions and on information currently\navailable to our management. Such statements are subject to risks and\nuncertainties, and actual results may differ materially from those expressed\nor implied in the forward-looking statements due to various factors,\nincluding, but not limited to, those identified under the section titled\n“Item 3. Key Information—D. Risk Factors” in our Annual Report on Form\n20-F. These risks and uncertainties include factors relating to, but are not\nlimited to: the strength of our brands; changes in market trends and consumer\npreferences; intense competition that our products, services and experiences\nface; harm to our reputation that could adversely impact our ability to\nattract and retain consumers and wholesale partners, employees, brand\nambassadors, partners, and other stakeholders; reliance on technical\ninnovation and high-quality products; general economic and business conditions\nworldwide, including due to inflationary pressures; the strength of our\nrelationships with and the financial condition of our third-party suppliers,\nmanufacturers, wholesale partners and consumers; ability to expand our\ndirect-to-consumer (“DTC”) channel, including the expansion and success of\nour retail stores and e-commerce platforms; our plans to innovate, expand our\nproduct offerings and successfully implement our growth strategies that may\nnot be successful, and implementation of these plans that may divert our\noperational, managerial and administrative resources; our international\noperations, including any related to political uncertainty and geopolitical\ntensions; changes in trade policies, including tariffs and other trade\nrestrictions; our and our wholesale partners’ ability to accurately forecast\ndemand for our products and our ability to manage manufacturing decisions; our\nthird-party suppliers, manufacturers and other partners, including their\nfinancial stability and our ability to find suitable partners to implement our\ngrowth strategy; the cost of raw materials and our reliance on third-party\nmanufacturers; our distribution system and ability to deliver our brands’\nproducts to our wholesale partners and consumers; climate change and\nsustainability-related matters, or legal, regulatory or market responses\nthereto; current and further changes to trade policies, tariffs, import/export\nregulations and, anti-competition regulations in the United States, European\nUnion, People’s Republic of China (“PRC”) and other jurisdictions, or\nour failure to comply with such regulations; the use and reliance on\nartificial intelligence can potentially cause intellectual property rights\nissues, security vulnerabilities, harm our business reputation, negatively\nimpact our operations and impact our financial results; ability to obtain\napprovals from PRC authorities to remain listed on the U.S. exchanges and\noffer securities in the future; ability to obtain, maintain, protect and\nenforce our intellectual property rights in our brands, designs, technologies\nand proprietary information and processes; ability to defend against claims of\nintellectual property infringement, misappropriation, dilution or other\nviolations made by third parties against us; security breaches or other\ndisruptions to our information technology (“IT”) systems; our reliance on\na large number of complex IT systems; changes in government regulation and tax\nmatters; our ability to remediate our material weakness in our internal\ncontrol over financial reporting; our relationship with ANTA Sports Products\nLimited (“ANTA Sports”); our expectations regarding the time during which\nwe will be a foreign private issuer; and other risk factors discussed under\n“Item 3. Key Information—D. Risk Factors” in our Annual Report on Form\n20-F. Forward-looking statements speak only as of the date they are made, and\nwe do not undertake any obligation to update them in light of new information\nor future developments or to release publicly any revisions to these\nstatements in order to reflect later events or circumstances or to reflect the\noccurrence of an unanticipated event.\n\nSource: Amer Sports, Inc.\n CONSOLIDATED STATEMENTS OF INCOME (1) \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions (except for earnings per share information)     2026       2025   \n           \n Revenue   $ 1,945.5     $ 1,472.5   \n Cost of goods sold     (780.1 )     (621.4 ) \n Gross profit     1,165.4       851.1   \n Selling, general and administrative expenses     (856.2 )     (641.9 ) \n Impairment losses     (0.7 )     (0.3 ) \n Other operating income     12.6       5.3   \n Operating profit     321.1       214.2   \n           \n Interest expense     (24.9 )     (22.0 ) \n Foreign currency exchange (losses)/gains, net & other finance costs     (7.8 )     3.9   \n Loss on debt extinguishment     (50.5 )     —   \n Interest income     2.7       1.5   \n Net finance cost     (80.5 )     (16.6 ) \n           \n Income before tax     240.6       197.6   \n           \n Income tax expense     (70.5 )     (59.5 ) \n           \n Net income   $ 170.1     $ 138.1   \n           \n Net income attributable to:         \n Equity holders of the Company   $ 164.6     $ 134.6   \n Non-controlling interests   $ 5.5     $ 3.5   \n           \n Earnings per share         \n Basic earnings per share   $ 0.29     $ 0.24   \n Diluted earnings per share   $ 0.29     $ 0.24   \n           \n Weighted-average number of ordinary shares         \n Basic     564,902,329       553,986,158   \n Diluted     572,238,255       557,567,556   \n\n CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (1) \n \n \n \nAs of March 31, 2026 and December 31, 2025 \n \n \n \n(Unaudited) \n   \n In millions   March 31,   December 31, \n \n \n \n \n2026 \n2025 \n           \n ASSETS         \n           \n NON-CURRENT ASSETS         \n           \n Intangible assets   $ 2,735.8     $ 2,782.0   \n Goodwill     2,296.1       2,338.3   \n Property, plant and equipment     690.9       697.8   \n Right-of-use assets     790.2       763.4   \n Non-current financial assets     75.3       70.7   \n Defined benefit pension assets     20.7       20.8   \n Other non-current assets     2.9       3.3   \n Deferred tax assets     80.4       84.1   \n TOTAL NON-CURRENT ASSETS     6,692.3       6,760.4   \n           \n CURRENT ASSETS         \n           \n Inventories     1,687.9       1,622.1   \n Accounts receivable, net     703.9       809.3   \n Prepaid expenses and other receivables     222.8       200.0   \n Current tax assets     20.0       20.3   \n Cash and cash equivalents     683.7       652.3   \n TOTAL CURRENT ASSETS     3,318.3       3,304.0   \n           \n TOTAL ASSETS     10,010.6       10,064.4   \n           \n SHAREHOLDERS' EQUITY AND LIABILITIES         \n           \n EQUITY         \n           \n Share capital     19.4       18.6   \n Share premium     4,092.2       3,251.2   \n Capital reserve     2,789.2       2,789.2   \n Cash flow hedge reserve     (20.8 )     (43.4 ) \n Accumulated deficit and other     (135.8 )     (213.6 ) \n Equity attributable to equity holders of the parent company     6,744.2       5,802.0   \n Non-controlling interests     11.4       18.9   \n TOTAL EQUITY   $ 6,755.6     $ 5,820.9   \n           \n LIABILITIES         \n           \n NON-CURRENT LIABILITIES         \n           \n Non-current borrowings   $ —     $ 792.3   \n Non-current lease liabilities     691.1       660.9   \n Defined benefit pension liabilities     33.7       33.9   \n Other non-current liabilities     4.5       7.2   \n Non-current provisions     16.5       16.0   \n Non-current tax liabilities     11.5       4.5   \n Deferred tax liabilities     503.7       519.5   \n TOTAL NON-CURRENT LIABILITIES     1,261.0       2,034.3   \n           \n CURRENT LIABILITIES         \n           \n Other borrowings     144.9       142.8   \n Current lease liabilities     165.0       157.1   \n Accounts payable     672.6       769.8   \n Other current liabilities     862.4       1,002.8   \n Current provisions     41.4       41.7   \n Current tax liabilities     107.7       95.0   \n TOTAL CURRENT LIABILITIES     1,994.0       2,209.2   \n           \n TOTAL LIABILITIES     3,255.0       4,243.5   \n           \n TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES   $ 10,010.6     $ 10,064.4   \n\n GEOGRAPHIC REVENUES \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended     \n \n \n \nMarch 31, \n In millions     2026     2025   % Change \n Geographic Revenues             \n Greater China (1)   $ 644.5   $ 446.0   44.5 % \n Americas     548.8     464.7   18.1 % \n EMEA     512.8     404.9   26.6 % \n Asia Pacific (2)     239.4     156.9   52.6 % \n Total   $ 1,945.5   $ 1,472.5   32.1 % \n\n (1) Consists of mainland China, Hong Kong, Macau and Taiwan. \n (2) Excludes Greater China. \n\n CHANNEL REVENUES \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended     \n \n \n \nMarch 31, \n In millions     2026     2025   % Change \n Channel Revenues             \n DTC   $ 1,001.5   $ 692.6   44.6 % \n Wholesale     944.0     779.9   21.0 % \n Total   $ 1,945.5   $ 1,472.5   32.1 % \n\n SEGMENT REVENUES \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended     \n \n \n \nMarch 31, \n In millions     2026     2025   % Change \n Segment Revenues             \n Technical Apparel   $ 885.0   $ 663.8   33.3 % \n Outdoor Performance     713.6     502.4   42.0 % \n Ball & Racquet Sports     346.9     306.3   13.3 % \n Total   $ 1,945.5   $ 1,472.5   32.1 % \n\n SEGMENT ADJUSTED OPERATING PROFIT \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026     % of     2025 (3)   % of \n \n \n \n \nSegment Revenues \nSegment Revenues \n Segment Adjusted Operating Profit                 \n Technical Apparel   $ 233.3     26.4 %   $ 158.6     23.9 % \n Outdoor Performance     145.3     20.4 %     78.5     15.6 % \n Ball & Racquet Sports     12.4     3.6 %     22.4     7.3 % \n Corporate expenses (1) (2)     (52.0 )   NM       (27.3 )   NM   \n Total   $ 339.0     17.4 %   $ 232.2     15.8 % \n\n (1) Includes corporate expenses, which have not been allocated to the \n reportable segments. \n (2) The operating loss as a percentage of revenues for Corporate expenses is \n not presented as it is not a meaningful metric \n (3) Effective January 1, 2026, the Company revised its methodology for \n allocating certain expenses, primarily IT costs, not directly attributable to \n the operating performance of its reportable segments. This change is \n reflective of how the Chief Operating Decision Maker (“CODM”) analyzes the \n business, with these expenses now reported within the centralized corporate \n function. Prior period amounts have been recast to conform to the current \n period presentation. This change did not impact the consolidated statements of \n financial position, income and other comprehensive income, changes in \n shareholders’ equity, or cash flows. The impact of this recast for each \n quarter of the prior year is presented below: \n\n     For the three months ended     \n In millions   March 31, 2025   June 30, 2025   September 30, 2025   December 31, 2025   Total \n Technical Apparel                     \n Adjusted operating profit, as previously reported   $ 157.8     $ 70.7     $ 129.6     $ 258.7     $ 616.8   \n Impact of change in allocation methodology     0.8       1.1       0.3       1.6       3.8   \n Adjusted operating profit, as recast     158.6       71.8       129.9       260.3       620.6   \n                       \n Outdoor Performance                     \n Adjusted operating profit, as previously reported     73.8       21.3       156.9       47.8       299.8   \n Impact of change in allocation methodology     4.7       6.2       4.3       8.9       24.1   \n Adjusted operating profit, as recast     78.5       27.5       161.2       56.7       323.9   \n                       \n Ball & Racquet Sports                     \n Adjusted operating profit, as previously reported     20.2       9.7       26.4       (8.6 )     47.7   \n Impact of change in allocation methodology     2.2       3.5       2.1       2.3       10.1   \n Adjusted operating profit, as recast     22.4       13.2       28.5       (6.3 )     57.8   \n                       \n Corporate expenses                     \n Adjusted operating profit, as previously reported     (19.6 )     (34.3 )     (38.0 )     (34.8 )     (126.7 ) \n Impact of change in allocation methodology     (7.7 )     (10.8 )     (6.7 )     (12.8 )     (38.0 ) \n Adjusted operating profit, as recast     (27.3 )     (45.1 )     (44.7 )     (47.6 )     (164.7 ) \n\n SEGMENT DTC OPERATING DATA \n \n \n \nAs of March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     March 31,     \n     2026     2025     % Change \n               \n Store count (1)             \n Technical Apparel   297     220     35 % \n Outdoor Performance   340     243     40 % \n Ball & Racquet   85     55     55 % \n Total   722     518     39 % \n               \n Omni-comp (2)             \n Technical Apparel   19 %   19 %     \n Outdoor Performance   29 %   28 %     \n Ball & Racquet   17 %   12 %     \n\n (1) Reflects the number of owned retail stores open at the end of the fiscal \n period for each segment. \n (2) Omni-comp reflects year-over-year revenue growth from owned retail stores \n and e-commerce sites that have been open at least 13 months. \n\n ADJUSTED GROSS PROFIT RECONCILIATION \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026     2025   \n Gross Profit   $ 1,165.4   $ 851.1   \n Depreciation and amortization on PPA fair value step up     2.8     3.6   \n Expenses related to certain legal proceedings     —     (0.8 ) \n Adjusted Gross Profit   $ 1,168.2   $ 853.9   \n\n ADJUSTED SG&A RECONCILIATION \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026       2025   \n Selling, general and administrative expenses   $ (856.2 )   $ (641.9 ) \n Depreciation and amortization on PPA fair value step up     6.4       6.9   \n Restructuring expenses     4.2       2.9   \n Expenses related to transaction activities     (0.1 )     0.3   \n Share-based payments     4.6       5.0   \n Adjusted SG&A expenses   $ (841.1 )   $ (626.8 ) \n\n ADJUSTED NET FINANCE COST RECONCILIATION \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026       2025   \n Net Finance Costs   $ (80.5 )   $ (16.6 ) \n Loss on debt extinguishment     50.5       —   \n Adjusted Net Finance Costs   $ (30.0 )   $ (16.6 ) \n\n ADJUSTED INCOME TAX EXPENSE RECONCILIATION \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026       2025   \n Income Tax Expense   $ (70.5 )   $ (59.5 ) \n Deferred tax on PPA fair value step up     (2.2 )     (2.6 ) \n Restructuring expenses     (1.0 )     (0.7 ) \n Expenses related to transaction activities     0.0       (0.1 ) \n Expenses related to certain legal proceedings     —       0.2   \n Share-based payments     (1.2 )     (1.3 ) \n Loss on debt extinguishment     (10.6 )     —   \n Adjusted Income Tax Expense   $ (85.5 )   $ (64.0 ) \n\n ADJUSTED NET INCOME RECONCILIATION (1) \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions (except for share and earnings per share information)     2026       2025   \n           \n Net income attributable to equity holders of the Company   $ 164.6     $ 134.6   \n Depreciation and amortization on PPA fair value step up     9.2       10.5   \n Restructuring expenses     4.2       2.9   \n Expenses related to transaction activities     (0.1 )     0.3   \n Expenses related to certain legal proceedings     —       (0.7 ) \n Share-based payments     4.6       5.0   \n Loss on debt extinguishment     50.5       —   \n Income tax expense on adjustments     (15.0 )     (4.5 ) \n Adjusted net income attributable to equity holders of the Company   $ 218.0     $ 148.1   \n Weighted-average dilutive shares outstanding     572,238,255       557,567,556   \n Adjusted total diluted earnings per share   $ 0.38     $ 0.27   \n\n ADJUSTED OPERATING PROFIT RECONCILIATION (1) \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026       2025   \n Income before tax   $ 240.6     $ 197.6   \n Depreciation and amortization on PPA fair value step up     9.2       10.5   \n Restructuring expenses     4.2       2.9   \n Expenses related to transaction activities     (0.1 )     0.3   \n Expenses related to certain legal proceedings     —       (0.7 ) \n Share-based payments     4.6       5.0   \n Loss on debt extinguishment     50.5       —   \n Interest expense     24.9       22.0   \n Foreign currency exchange losses/(gains), net & other finance costs     7.8       (3.9 ) \n Interest income     (2.7 )     (1.5 ) \n Adjusted operating profit   $ 339.0     $ 232.2   \n\n ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION (1) \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026       2025   \n           \n Revenue   $ 1,945.5     $ 1,472.5   \n Net income attributable to equity holders of the Company   $ 164.6     $ 134.6   \n Net income attributable to non-controlling interests     5.5       3.5   \n Depreciation and amortization (2)     102.6       77.7   \n Interest expense (3)     24.9       22.0   \n Loss on debt extinguishment     50.5       —   \n Foreign currency exchange losses/(gains), net & other finance costs     7.8       (3.9 ) \n Interest income     (2.7 )     (1.5 ) \n Income tax expense     70.5       59.5   \n Restructuring expenses     4.2       2.9   \n Expenses related to transaction activities     (0.1 )     0.3   \n Expenses related to certain legal proceedings     —       (0.7 ) \n Share-based payments     4.6       5.0   \n Adjusted EBITDA   $ 432.4     $ 299.4   \n Net income margin     8.5 %     9.1 % \n Adjusted EBITDA Margin     22.2 %     20.3 % \n\n (1) The presented figures and percentages are subject to rounding adjustments, \n which may cause discrepancies between the sum of the individual figures and \n the presented aggregated column and row totals. \n (2) Depreciation and amortization includes amortization expense for \n right-of-use assets capitalized under IFRS 16, Leases of $49.6 million and \n $35.9 million for the three months ended March 31, 2026 and 2025, \n respectively. \n (3) Total interest expense on lease liabilities under IFRS 16, Leases was $9.6 \n million and $7.2 million for the three months ended March 31, 2026 and 2025, \n respectively. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260519617201/en/\n(https://www.businesswire.com/news/home/20260519617201/en/)\n\nFOR ADDITIONAL INFORMATION\n\nInvestor Relations: \n\nOmar Saad\n\nSenior Vice President Group Investor Relations and Capital Markets\n\nir@amersports.com (mailto:ir@amersports.com)\n\nMedia: \n\nPäivi Antola\n\nSenior Vice President, Communications\n\nmedia@amersports.com (mailto:media@amersports.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw1YQPWVa","title":"Amer Sports Reports First Quarter 2026 Financial Results, Raises Full Year Revenue, Margin, and EPS Guidance","author":"Business Wire","ticker":"AS","created":"2026-05-19T10:00:00.339Z","tickers":["AS"],"exchange":"NYSE","article_body":"Amer Sports Reports First Quarter 2026 Financial Results, Raises Full Year\nRevenue, Margin, and EPS Guidance\n\n\n * Strong 1Q26 results with revenues, adjusted margins and EPS above guidance\n\n * Revenue increased 32% to $1,945 million, or +26% ex-currency, and strong\nmomentum continues into 2Q26\n\n * All four regions achieved healthy double-digit revenue growth\n\n * Technical Apparel grew 33% driven by broad-based strength across regions,\ncategories and channels, including a +19% omni-comp\n\n * Outdoor Performance grew 42% and achieved nearly 500 bps of adjusted operating\nmargin expansion, driven by excellent momentum in Salomon Softgoods\n\n * Ball & Racquet grew 13% led by Wilson Tennis 360\n\nAmer Sports, Inc. (NYSE: AS) (“Amer Sports” or the “Company”) today\nannounced its financial results for the first quarter of 2026.\n\nCEO James Zheng commented \"Our excellent momentum continued in the first\nquarter of 2026, as our unique portfolio of technical sports and outdoor\nbrands are creating white space and taking share globally. All segments,\ngeographies, and channels performed extremely well in Q1, led by exceptional\nSalomon Softgoods growth, a strong Arc'teryx omni-comp, and solid Wilson\nTennis 360 growth.\n\n“Given the continued broad-based momentum across our portfolio and the\ntalented and ambitious teams we have in place around the world, we are very\nconfident in the future outlook for Amer Sports.\"\n\nFIRST QUARTER 2026 RESULTS\n\nFor the first quarter of 2026, compared to the first quarter of 2025:\n\n\n * Revenue increased 32% to $1,945 million, or 26% on a constant currency\nbasis(1).( )Revenues by segment:\n\n\n* Technical Apparel increased 33% to $885 million, or increased 28% on a\nconstant currency basis. This reflects an omni-comp(2) growth of 19%.\n\n * Outdoor Performance increased 42% to $714 million, or increased 33% on a\nconstant currency basis.\n\n * Ball & Racquet Sports increased 13% to $347 million, or increased 10% on a\nconstant currency basis.\n\n\n\n\n * Gross margin increased 210 basis points to 59.9%; Adjusted gross margin\nincreased 200 basis points to 60.0%.\n\n * Selling, general and administrative expenses increased 33% to $856 million;\nAdjusted selling, general and administrative expenses increased 34% to $841\nmillion.\n\n * Operating profit increased 50% to $321 million; Adjusted operating profit\nincreased 46% to $339 million.\n\n * Operating margin increased 200 basis points to 16.5%. Adjusted operating\nmargin increased 160 basis points to 17.4%. Adjusted operating margin by\nsegment:\n\n\n* Technical Apparel increased 250 basis points to 26.4%.\n\n * Outdoor Performance increased 480 basis points to 20.4%.\n\n * Ball & Racquet Sports decreased 370 basis points to 3.6%.\n\n\n\n\n * Net income attributable to equity holders of the Company increased 22% to $165\nmillion, which is $0.29 diluted earnings per share; Adjusted net income\nattributable to equity holders of the Company increased 47% to $218 million,\nwhich is $0.38 adjusted diluted earnings per share.\n\nBalance sheet. Year-over-year inventories increased 33% to $1,688 million. Net\ncash(3) was $539 million, and cash and cash equivalents totaled $684 million\nat quarter end.\n 1   Constant currency revenue is calculated by translating the current period \n reported amounts using the actual exchange rates in use during the comparative \n prior period, in place of the exchange rates in use during the current period. \n 2   Omni-comp reflects year-over-year revenue growth from owned retail stores and \n e-commerce sites that have been open at least 13 months. \n 3   Net cash is defined as cash and cash equivalents, less the principal value of \n non-current borrowings, the revolving credit facility and other borrowings. \n\n\nOUTLOOK\n\nCFO Andrew Page noted, “We had a great start to the year in the first\nquarter, with strong sales, margin expansion, and EPS growth. The investments\nwe have been making behind our biggest opportunities are paying off in terms\nof both sales growth and margin expansion. Today we are experiencing\nexceptional trends across each of our three biggest growth engines: Arc'teryx,\nSalomon softgoods, and Wilson Tennis 360 — which are all still relatively\nsmall franchises with significant room to expand.\n\n\"Looking ahead, given the momentum from our highest-margin Arc'teryx\nfranchise, accelerating Salomon Softgoods growth, plus the solid foundation of\nour equipment franchises, we have the confidence to raise our 2026 sales,\nmargin, and EPS guidance.\"\n\nFULL-YEAR 2026\n\nAmer Sports is increasing guidance for the year ending December 31, 2026 (all\nguidance figures reference adjusted amounts). Guidance assumes that the higher\nIEEPA tariff rates that were in place before the February Supreme Court ruling\nare in place for all of 2Q, and the remainder of 2026.\n\n\n * Reported revenue growth: 20 — 22%, which assumes a 200 – 250 basis point\nbenefit from favorable Fx impact at current exchange rates\n\n * Gross margin: 59.0 – 59.5%\n\n * Operating margin: 13.4 – 13.7%\n\n * Net finance cost: approximately $70 million\n\n * Effective tax rate: approximately 28%\n\n * Other operating income will be approximately $30 million, and non-controlling\ninterest approximately $20 million\n\n * Fully diluted share count: approximately 586 million\n\n * Fully diluted EPS: $1.18 – 1.23\n\n * D&A: approximately $400 million, including approximately $200 million of\nROU depreciation\n\n * CapEx: approximately $400 million\n\n * Corporate expenses: approximately $220 million\n\n\n * Technical Apparel:\n\n\n* Revenue growth of 22% – 24%\n\n * Segment operating margin approximately 22%\n\n\n\n\n * Outdoor Performance:\n\n\n* Revenue growth of 22% – 24%\n\n * Segment operating margin 15.0% – 15.5%\n\n\n\n\n * Ball & Racquet:\n\n\n* Revenue growth of 10% – 12%\n\n * Segment operating margin 4.7% – 5.0%\n\n\n\n\nSECOND QUARTER 2026\n\nAmer Sports is providing the following guidance for the second quarter ending\nJune 30, 2026 (all guidance figures reference adjusted amounts). Guidance\nassumes that the higher IEEPA tariff rates that were in place before the\nFebruary Supreme Court ruling remain in place for 2Q:\n\n\n * Reported revenue growth: 22 – 24%, which assumes a 200 – 250 basis point\nbenefit from favorable Fx impact at current exchange rates\n\n * Gross margin: approximately 59.5%\n\n * Operating margin: 6.0 – 7.0%\n\n * Other operating income: approximately $20 million\n\n * Net finance cost: approximately $15 million\n\n * Effective tax rate: approximately 28%\n\n * Fully diluted share count: approximately 590 million\n\n * Fully diluted EPS: $0.08 – 0.10\n\nOther than with respect to revenue, Amer Sports only provides guidance on a\nnon-IFRS basis. The Company does not provide a reconciliation of\nforward-looking non-IFRS measures to the most directly comparable IFRS\nAccounting Standards measures due to the difficulty in forecasting and\nquantifying certain amounts that are necessary for such reconciliations\nwithout unreasonable efforts. The Company is unable to address the probable\nsignificance of the unavailable reconciling items, which could have a\npotentially significant impact on its future IFRS financial results. The above\noutlook reflects the Company’s current and preliminary estimates of market\nand operating conditions and customer demand, which are all subject to change.\nActual results may differ materially from these forward-looking statements,\nincluding as a result of, among other things, the factors described under\n“Forward-Looking Statements” below and in our filings with the SEC.\n\nCONFERENCE CALL INFORMATION\n\nThe Company's conference call to review the results for the first quarter 2026\nwill be webcast live today, Tuesday, May 19, 2026 at 8:00 a.m. Eastern Time\nand can be accessed at https://investors.amersports.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.amersports.com&esheet=54538136&newsitemid=20260519617201&lan=en-US&anchor=https%3A%2F%2Finvestors.amersports.com&index=1&md5=44239804c6ce164085ddf24780cec1a4)\n.\n\nABOUT AMER SPORTS\n\nAmer Sports is a global group of iconic sports and outdoor brands, including\nArc’teryx, Salomon, Wilson, Peak Performance, and Atomic. Our brands are\nknown for their detailed craftsmanship, unwavering authenticity, and premium\nmarket positioning. As creators of exceptional apparel, footwear, and\nequipment, we pride ourselves on cutting-edge innovation, performance, and\ndesigns that allow elite athletes and everyday consumers to perform their\nbest.\n\nWith over 15,400 employees globally, Amer Sports’ purpose is to elevate the\nworld through sport. Our vision is to be the global leader in premium sports\nand outdoor brands. With corporate offices in Helsinki, Munich, Kraków, New\nYork, and Shanghai, we have operations in 40 countries and our products are\nsold in 100+ countries. Amer Sports generated revenue of $6.6 billion in 2025.\nAmer Sports, Inc. shares are listed on the New York Stock Exchange. For more\ninformation, visit www.amersports.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.amersports.com&esheet=54538136&newsitemid=20260519617201&lan=en-US&anchor=www.amersports.com&index=2&md5=023b842307cbf958548dea71472eb35a)\n.\n\nNON-IFRS MEASURES\n\nAdjusted gross profit margin, adjusted gross profit, adjusted SG&A\nexpenses, adjusted net finance costs, adjusted income tax expense, adjusted\noperating profit margin, adjusted EBITDA, adjusted net income attributable to\nequity holders of the Company, and adjusted diluted earnings per share are\nfinancial measures that are not defined under IFRS Accounting Standards.\nAdjusted gross profit margin is calculated as adjusted gross profit divided by\nrevenue. Adjusted gross profit is calculated as gross profit excluding\nnon-recurring items such as depreciation and amortization related to purchase\nprice allocation (“PPA”) fair value step up resulting from the acquisition\nand delisting of Amer Sports in 2019 (the “Acquisition”), restructuring\nexpenses, and expenses related to certain legal proceedings. Adjusted SG&A\nexcludes non-recurring items such as depreciation and amortization on PPA fair\nvalue step up, restructuring expenses, expenses related to transaction\nactivities, expenses related to certain legal proceedings, and certain\nshare-based payments. Adjusted net finance costs is calculated as net finance\ncosts excluding non-recurring items such as expenses related to transaction\nactivities, and loss on debt extinguishment. Adjusted income tax expense is\ncalculated as income tax expense excluding the income tax expense resulting\nfrom each adjustment excluded from Adjusted net income. Adjusted operating\nprofit margin is calculated as adjusted operating profit divided by revenue.\nAdjusted operating profit is calculated as income before tax with adjustments\nto exclude non-recurring items such as depreciation and amortization on PPA\nfair value step up, restructuring expenses, impairment losses on goodwill and\nintangible assets, expenses related to transaction activities, expenses\nrelated to certain legal proceedings, expenses related to certain share-based\npayments, interest expense, foreign currency exchange gains/(losses), net\n& other finance costs, loss on debt extinguishment, and interest income.\nAdjusted EBITDA is calculated as net income attributable to equity holders of\nthe Company, plus net income attributable to non-controlling interests, income\ntax expense/(benefit), foreign currency exchange gains/(losses), net &\nother finance costs, interest expense, loss on debt extinguishment, and\ndepreciation and amortization, less interest income with adjustments to\nexclude restructuring expenses, impairment losses on goodwill and intangible\nassets, expenses related to transaction activities, expenses related to\ncertain legal proceedings and certain share-based payments. Adjusted net\nincome attributable to equity holders of the Company is calculated as net\nincome attributable to equity holders of the Company with adjustments to\nexclude depreciation and amortization on PPA fair value step up resulting from\nthe Acquisition, restructuring expenses, impairment losses on goodwill and\nintangible assets, expenses related to transaction activities, expenses\nrelated to certain legal proceedings, certain share-based payments, loss on\ndebt extinguishment, and the related income tax expense on these adjustments\nand deferred tax expense or benefit arising from tax rate changes on PPA\nbalances. “Omni-comp” reflects revenue growth on a constant currency basis\nfrom owned retail stores that have been open for at least 13 full fiscal\nmonths and from owned e-commerce websites. Remodeled stores are excluded from\nthe comparable sales growth calculation for 13 months if a store: (i) changes\nits square footage by more than 20% or (ii) is closed for more than 60 days\nfor the refit. Stores closed 60 days or less are excluded from the comparable\nsales growth calculation only for the months they are closed.\n\nThe Company believes that these non-IFRS measures, when taken together with\nits financial results presented in accordance with IFRS Accounting Standards,\nprovide meaningful supplemental information regarding its operating\nperformance and facilitate internal comparisons of its historical operating\nperformance on a more consistent basis by excluding certain items that may not\nbe indicative of our business, results of operations or outlook. In\nparticular, adjusted EBITDA and adjusted net income are helpful to investors\nas they are measures used by management in assessing the health of the\nbusiness and evaluating operating performance, as well as for internal\nplanning and forecasting purposes. Non-IFRS financial measures, however are\nsubject to inherent limitations, may not be comparable to similarly titled\nmeasures used by other companies and should not be considered in isolation or\nas an alternative to IFRS measures. The supplemental tables below provide\nreconciliations of each non-IFRS financial measure presented to its most\ndirectly comparable IFRS Accounting Standards financial measure.\n\nFORWARD LOOKING STATEMENTS\n\nThis press release contains statements that constitute forward-looking\nstatements, within the meaning of the Private Securities Litigation Reform Act\nof 1995, Section 27A of the Securities Act of 1933, as amended, and Section\n21E of the Securities Exchange Act of 1934, as amended. Many of the\nforward-looking statements contained herein can be identified by the use of\nforward-looking words such as “anticipate,” “believe,” “may,”\n“will,” “expect,” “could,” “target,” “predict,”\n“should,” “plan,” “intend,” “estimate” and “potential,”\nand similar expressions. Forward-looking statements appear in a number of\nplaces herein and include, but are not limited to, statements regarding our\nintent, belief or current expectations. Forward-looking statements are based\non our management’s beliefs and assumptions and on information currently\navailable to our management. Such statements are subject to risks and\nuncertainties, and actual results may differ materially from those expressed\nor implied in the forward-looking statements due to various factors,\nincluding, but not limited to, those identified under the section titled\n“Item 3. Key Information—D. Risk Factors” in our Annual Report on Form\n20-F. These risks and uncertainties include factors relating to, but are not\nlimited to: the strength of our brands; changes in market trends and consumer\npreferences; intense competition that our products, services and experiences\nface; harm to our reputation that could adversely impact our ability to\nattract and retain consumers and wholesale partners, employees, brand\nambassadors, partners, and other stakeholders; reliance on technical\ninnovation and high-quality products; general economic and business conditions\nworldwide, including due to inflationary pressures; the strength of our\nrelationships with and the financial condition of our third-party suppliers,\nmanufacturers, wholesale partners and consumers; ability to expand our\ndirect-to-consumer (“DTC”) channel, including the expansion and success of\nour retail stores and e-commerce platforms; our plans to innovate, expand our\nproduct offerings and successfully implement our growth strategies that may\nnot be successful, and implementation of these plans that may divert our\noperational, managerial and administrative resources; our international\noperations, including any related to political uncertainty and geopolitical\ntensions; changes in trade policies, including tariffs and other trade\nrestrictions; our and our wholesale partners’ ability to accurately forecast\ndemand for our products and our ability to manage manufacturing decisions; our\nthird-party suppliers, manufacturers and other partners, including their\nfinancial stability and our ability to find suitable partners to implement our\ngrowth strategy; the cost of raw materials and our reliance on third-party\nmanufacturers; our distribution system and ability to deliver our brands’\nproducts to our wholesale partners and consumers; climate change and\nsustainability-related matters, or legal, regulatory or market responses\nthereto; current and further changes to trade policies, tariffs, import/export\nregulations and, anti-competition regulations in the United States, European\nUnion, People’s Republic of China (“PRC”) and other jurisdictions, or\nour failure to comply with such regulations; the use and reliance on\nartificial intelligence can potentially cause intellectual property rights\nissues, security vulnerabilities, harm our business reputation, negatively\nimpact our operations and impact our financial results; ability to obtain\napprovals from PRC authorities to remain listed on the U.S. exchanges and\noffer securities in the future; ability to obtain, maintain, protect and\nenforce our intellectual property rights in our brands, designs, technologies\nand proprietary information and processes; ability to defend against claims of\nintellectual property infringement, misappropriation, dilution or other\nviolations made by third parties against us; security breaches or other\ndisruptions to our information technology (“IT”) systems; our reliance on\na large number of complex IT systems; changes in government regulation and tax\nmatters; our ability to remediate our material weakness in our internal\ncontrol over financial reporting; our relationship with ANTA Sports Products\nLimited (“ANTA Sports”); our expectations regarding the time during which\nwe will be a foreign private issuer; and other risk factors discussed under\n“Item 3. Key Information—D. Risk Factors” in our Annual Report on Form\n20-F. Forward-looking statements speak only as of the date they are made, and\nwe do not undertake any obligation to update them in light of new information\nor future developments or to release publicly any revisions to these\nstatements in order to reflect later events or circumstances or to reflect the\noccurrence of an unanticipated event.\n\nSource: Amer Sports, Inc.\n CONSOLIDATED STATEMENTS OF INCOME (1) \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions (except for earnings per share information)     2026       2025   \n           \n Revenue   $ 1,945.5     $ 1,472.5   \n Cost of goods sold     (780.1 )     (621.4 ) \n Gross profit     1,165.4       851.1   \n Selling, general and administrative expenses     (856.2 )     (641.9 ) \n Impairment losses     (0.7 )     (0.3 ) \n Other operating income     12.6       5.3   \n Operating profit     321.1       214.2   \n           \n Interest expense     (24.9 )     (22.0 ) \n Foreign currency exchange (losses)/gains, net & other finance costs     (7.8 )     3.9   \n Loss on debt extinguishment     (50.5 )     —   \n Interest income     2.7       1.5   \n Net finance cost     (80.5 )     (16.6 ) \n           \n Income before tax     240.6       197.6   \n           \n Income tax expense     (70.5 )     (59.5 ) \n           \n Net income   $ 170.1     $ 138.1   \n           \n Net income attributable to:         \n Equity holders of the Company   $ 164.6     $ 134.6   \n Non-controlling interests   $ 5.5     $ 3.5   \n           \n Earnings per share         \n Basic earnings per share   $ 0.29     $ 0.24   \n Diluted earnings per share   $ 0.29     $ 0.24   \n           \n Weighted-average number of ordinary shares         \n Basic     564,902,329       553,986,158   \n Diluted     572,238,255       557,567,556   \n\n CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (1) \n \n \n \nAs of March 31, 2026 and December 31, 2025 \n \n \n \n(Unaudited) \n   \n In millions   March 31,   December 31, \n \n \n \n \n2026 \n2025 \n           \n ASSETS         \n           \n NON-CURRENT ASSETS         \n           \n Intangible assets   $ 2,735.8     $ 2,782.0   \n Goodwill     2,296.1       2,338.3   \n Property, plant and equipment     690.9       697.8   \n Right-of-use assets     790.2       763.4   \n Non-current financial assets     75.3       70.7   \n Defined benefit pension assets     20.7       20.8   \n Other non-current assets     2.9       3.3   \n Deferred tax assets     80.4       84.1   \n TOTAL NON-CURRENT ASSETS     6,692.3       6,760.4   \n           \n CURRENT ASSETS         \n           \n Inventories     1,687.9       1,622.1   \n Accounts receivable, net     703.9       809.3   \n Prepaid expenses and other receivables     222.8       200.0   \n Current tax assets     20.0       20.3   \n Cash and cash equivalents     683.7       652.3   \n TOTAL CURRENT ASSETS     3,318.3       3,304.0   \n           \n TOTAL ASSETS     10,010.6       10,064.4   \n           \n SHAREHOLDERS' EQUITY AND LIABILITIES         \n           \n EQUITY         \n           \n Share capital     19.4       18.6   \n Share premium     4,092.2       3,251.2   \n Capital reserve     2,789.2       2,789.2   \n Cash flow hedge reserve     (20.8 )     (43.4 ) \n Accumulated deficit and other     (135.8 )     (213.6 ) \n Equity attributable to equity holders of the parent company     6,744.2       5,802.0   \n Non-controlling interests     11.4       18.9   \n TOTAL EQUITY   $ 6,755.6     $ 5,820.9   \n           \n LIABILITIES         \n           \n NON-CURRENT LIABILITIES         \n           \n Non-current borrowings   $ —     $ 792.3   \n Non-current lease liabilities     691.1       660.9   \n Defined benefit pension liabilities     33.7       33.9   \n Other non-current liabilities     4.5       7.2   \n Non-current provisions     16.5       16.0   \n Non-current tax liabilities     11.5       4.5   \n Deferred tax liabilities     503.7       519.5   \n TOTAL NON-CURRENT LIABILITIES     1,261.0       2,034.3   \n           \n CURRENT LIABILITIES         \n           \n Other borrowings     144.9       142.8   \n Current lease liabilities     165.0       157.1   \n Accounts payable     672.6       769.8   \n Other current liabilities     862.4       1,002.8   \n Current provisions     41.4       41.7   \n Current tax liabilities     107.7       95.0   \n TOTAL CURRENT LIABILITIES     1,994.0       2,209.2   \n           \n TOTAL LIABILITIES     3,255.0       4,243.5   \n           \n TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES   $ 10,010.6     $ 10,064.4   \n\n GEOGRAPHIC REVENUES \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended     \n \n \n \nMarch 31, \n In millions     2026     2025   % Change \n Geographic Revenues             \n Greater China (1)   $ 644.5   $ 446.0   44.5 % \n Americas     548.8     464.7   18.1 % \n EMEA     512.8     404.9   26.6 % \n Asia Pacific (2)     239.4     156.9   52.6 % \n Total   $ 1,945.5   $ 1,472.5   32.1 % \n\n (1) Consists of mainland China, Hong Kong, Macau and Taiwan. \n (2) Excludes Greater China. \n\n CHANNEL REVENUES \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended     \n \n \n \nMarch 31, \n In millions     2026     2025   % Change \n Channel Revenues             \n DTC   $ 1,001.5   $ 692.6   44.6 % \n Wholesale     944.0     779.9   21.0 % \n Total   $ 1,945.5   $ 1,472.5   32.1 % \n\n SEGMENT REVENUES \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended     \n \n \n \nMarch 31, \n In millions     2026     2025   % Change \n Segment Revenues             \n Technical Apparel   $ 885.0   $ 663.8   33.3 % \n Outdoor Performance     713.6     502.4   42.0 % \n Ball & Racquet Sports     346.9     306.3   13.3 % \n Total   $ 1,945.5   $ 1,472.5   32.1 % \n\n SEGMENT ADJUSTED OPERATING PROFIT \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026     % of     2025 (3)   % of \n \n \n \n \nSegment Revenues \nSegment Revenues \n Segment Adjusted Operating Profit                 \n Technical Apparel   $ 233.3     26.4 %   $ 158.6     23.9 % \n Outdoor Performance     145.3     20.4 %     78.5     15.6 % \n Ball & Racquet Sports     12.4     3.6 %     22.4     7.3 % \n Corporate expenses (1) (2)     (52.0 )   NM       (27.3 )   NM   \n Total   $ 339.0     17.4 %   $ 232.2     15.8 % \n\n (1) Includes corporate expenses, which have not been allocated to the \n reportable segments. \n (2) The operating loss as a percentage of revenues for Corporate expenses is \n not presented as it is not a meaningful metric \n (3) Effective January 1, 2026, the Company revised its methodology for \n allocating certain expenses, primarily IT costs, not directly attributable to \n the operating performance of its reportable segments. This change is \n reflective of how the Chief Operating Decision Maker (“CODM”) analyzes the \n business, with these expenses now reported within the centralized corporate \n function. Prior period amounts have been recast to conform to the current \n period presentation. This change did not impact the consolidated statements of \n financial position, income and other comprehensive income, changes in \n shareholders’ equity, or cash flows. The impact of this recast for each \n quarter of the prior year is presented below: \n\n     For the three months ended     \n In millions   March 31, 2025   June 30, 2025   September 30, 2025   December 31, 2025   Total \n Technical Apparel                     \n Adjusted operating profit, as previously reported   $ 157.8     $ 70.7     $ 129.6     $ 258.7     $ 616.8   \n Impact of change in allocation methodology     0.8       1.1       0.3       1.6       3.8   \n Adjusted operating profit, as recast     158.6       71.8       129.9       260.3       620.6   \n                       \n Outdoor Performance                     \n Adjusted operating profit, as previously reported     73.8       21.3       156.9       47.8       299.8   \n Impact of change in allocation methodology     4.7       6.2       4.3       8.9       24.1   \n Adjusted operating profit, as recast     78.5       27.5       161.2       56.7       323.9   \n                       \n Ball & Racquet Sports                     \n Adjusted operating profit, as previously reported     20.2       9.7       26.4       (8.6 )     47.7   \n Impact of change in allocation methodology     2.2       3.5       2.1       2.3       10.1   \n Adjusted operating profit, as recast     22.4       13.2       28.5       (6.3 )     57.8   \n                       \n Corporate expenses                     \n Adjusted operating profit, as previously reported     (19.6 )     (34.3 )     (38.0 )     (34.8 )     (126.7 ) \n Impact of change in allocation methodology     (7.7 )     (10.8 )     (6.7 )     (12.8 )     (38.0 ) \n Adjusted operating profit, as recast     (27.3 )     (45.1 )     (44.7 )     (47.6 )     (164.7 ) \n\n SEGMENT DTC OPERATING DATA \n \n \n \nAs of March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     March 31,     \n     2026     2025     % Change \n               \n Store count (1)             \n Technical Apparel   297     220     35 % \n Outdoor Performance   340     243     40 % \n Ball & Racquet   85     55     55 % \n Total   722     518     39 % \n               \n Omni-comp (2)             \n Technical Apparel   19 %   19 %     \n Outdoor Performance   29 %   28 %     \n Ball & Racquet   17 %   12 %     \n\n (1) Reflects the number of owned retail stores open at the end of the fiscal \n period for each segment. \n (2) Omni-comp reflects year-over-year revenue growth from owned retail stores \n and e-commerce sites that have been open at least 13 months. \n\n ADJUSTED GROSS PROFIT RECONCILIATION \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026     2025   \n Gross Profit   $ 1,165.4   $ 851.1   \n Depreciation and amortization on PPA fair value step up     2.8     3.6   \n Expenses related to certain legal proceedings     —     (0.8 ) \n Adjusted Gross Profit   $ 1,168.2   $ 853.9   \n\n ADJUSTED SG&A RECONCILIATION \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026       2025   \n Selling, general and administrative expenses   $ (856.2 )   $ (641.9 ) \n Depreciation and amortization on PPA fair value step up     6.4       6.9   \n Restructuring expenses     4.2       2.9   \n Expenses related to transaction activities     (0.1 )     0.3   \n Share-based payments     4.6       5.0   \n Adjusted SG&A expenses   $ (841.1 )   $ (626.8 ) \n\n ADJUSTED NET FINANCE COST RECONCILIATION \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026       2025   \n Net Finance Costs   $ (80.5 )   $ (16.6 ) \n Loss on debt extinguishment     50.5       —   \n Adjusted Net Finance Costs   $ (30.0 )   $ (16.6 ) \n\n ADJUSTED INCOME TAX EXPENSE RECONCILIATION \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026       2025   \n Income Tax Expense   $ (70.5 )   $ (59.5 ) \n Deferred tax on PPA fair value step up     (2.2 )     (2.6 ) \n Restructuring expenses     (1.0 )     (0.7 ) \n Expenses related to transaction activities     0.0       (0.1 ) \n Expenses related to certain legal proceedings     —       0.2   \n Share-based payments     (1.2 )     (1.3 ) \n Loss on debt extinguishment     (10.6 )     —   \n Adjusted Income Tax Expense   $ (85.5 )   $ (64.0 ) \n\n ADJUSTED NET INCOME RECONCILIATION (1) \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions (except for share and earnings per share information)     2026       2025   \n           \n Net income attributable to equity holders of the Company   $ 164.6     $ 134.6   \n Depreciation and amortization on PPA fair value step up     9.2       10.5   \n Restructuring expenses     4.2       2.9   \n Expenses related to transaction activities     (0.1 )     0.3   \n Expenses related to certain legal proceedings     —       (0.7 ) \n Share-based payments     4.6       5.0   \n Loss on debt extinguishment     50.5       —   \n Income tax expense on adjustments     (15.0 )     (4.5 ) \n Adjusted net income attributable to equity holders of the Company   $ 218.0     $ 148.1   \n Weighted-average dilutive shares outstanding     572,238,255       557,567,556   \n Adjusted total diluted earnings per share   $ 0.38     $ 0.27   \n\n ADJUSTED OPERATING PROFIT RECONCILIATION (1) \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026       2025   \n Income before tax   $ 240.6     $ 197.6   \n Depreciation and amortization on PPA fair value step up     9.2       10.5   \n Restructuring expenses     4.2       2.9   \n Expenses related to transaction activities     (0.1 )     0.3   \n Expenses related to certain legal proceedings     —       (0.7 ) \n Share-based payments     4.6       5.0   \n Loss on debt extinguishment     50.5       —   \n Interest expense     24.9       22.0   \n Foreign currency exchange losses/(gains), net & other finance costs     7.8       (3.9 ) \n Interest income     (2.7 )     (1.5 ) \n Adjusted operating profit   $ 339.0     $ 232.2   \n\n ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION (1) \n \n \n \nFor the Three Months Ended March 31, 2026 and 2025 \n \n \n \n(Unaudited) \n   \n     For the three months ended \n \n \n \nMarch 31, \n In millions     2026       2025   \n           \n Revenue   $ 1,945.5     $ 1,472.5   \n Net income attributable to equity holders of the Company   $ 164.6     $ 134.6   \n Net income attributable to non-controlling interests     5.5       3.5   \n Depreciation and amortization (2)     102.6       77.7   \n Interest expense (3)     24.9       22.0   \n Loss on debt extinguishment     50.5       —   \n Foreign currency exchange losses/(gains), net & other finance costs     7.8       (3.9 ) \n Interest income     (2.7 )     (1.5 ) \n Income tax expense     70.5       59.5   \n Restructuring expenses     4.2       2.9   \n Expenses related to transaction activities     (0.1 )     0.3   \n Expenses related to certain legal proceedings     —       (0.7 ) \n Share-based payments     4.6       5.0   \n Adjusted EBITDA   $ 432.4     $ 299.4   \n Net income margin     8.5 %     9.1 % \n Adjusted EBITDA Margin     22.2 %     20.3 % \n\n (1) The presented figures and percentages are subject to rounding adjustments, \n which may cause discrepancies between the sum of the individual figures and \n the presented aggregated column and row totals. \n (2) Depreciation and amortization includes amortization expense for \n right-of-use assets capitalized under IFRS 16, Leases of $49.6 million and \n $35.9 million for the three months ended March 31, 2026 and 2025, \n respectively. \n (3) Total interest expense on lease liabilities under IFRS 16, Leases was $9.6 \n million and $7.2 million for the three months ended March 31, 2026 and 2025, \n respectively. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260519617201/en/\n(https://www.businesswire.com/news/home/20260519617201/en/)\n\nFOR ADDITIONAL INFORMATION\n\nInvestor Relations: \n\nOmar Saad\n\nSenior Vice President Group Investor Relations and Capital Markets\n\nir@amersports.com (mailto:ir@amersports.com)\n\nMedia: \n\nPäivi Antola\n\nSenior Vice President, Communications\n\nmedia@amersports.com (mailto:media@amersports.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-05-19T10:00:00.416839271Z","server_sent_at_ms":1779184800416},"received_at":"2026-05-19T10:00:00.708Z","source_url":"https://www.businesswire.com/news/home/20260519617201/en/"},"analysis":{"id":"28176","press_release_id":"38730","analysis_json":{"industry":{"label":"Apparel, Footwear & Accessories","sector":"Consumer Discretionary"},"redFlags":["Guidance assumes higher IEEPA tariff rates remain in place for 2Q and remainder of 2026","Ball & Racquet segment operating margin decreased 370 basis points to 3.6%"],"eventType":"earnings","narrative":"Amer Sports reported Q1 2026 revenue of $1.95 billion, up 32% year-over-year, driven by double-digit growth across all four regions and segments.\n\nAdjusted operating margin expanded 160 basis points to 17.4%, with Technical Apparel and Outdoor Performance delivering significant margin expansion.\n\nManagement raised full-year 2026 guidance for revenue, margins, and EPS, citing strong momentum in Arc'teryx, Salomon Softgoods, and Wilson Tennis 360.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Amer Sports beats on revenue and EPS, raises full-year guidance on strong brand momentum."},"keyFigures":{"eps":0.29,"guidance":"FY26 revenue growth 20-22%; Gross margin 59.0-59.5%; Operating margin 13.4-13.7%; Fully diluted EPS $1.18-$1.23","revenueYoy":"32%","customDimensions":{"net_cash":539000000,"net_income":164600000,"dtc_revenue":1001500000,"adjusted_eps":0.38,"gross_margin":"59.9%","adjusted_ebitda":432400000,"operating_margin":"16.5%","operating_profit":321100000,"wholesale_revenue":944000000,"adjusted_net_income":218000000,"ball_racquet_revenue":346900000,"cash_and_equivalents":683700000,"adjusted_gross_margin":"60.0%","adjusted_ebitda_margin":"22.2%","adjusted_operating_margin":"17.4%","adjusted_operating_profit":339000000,"technical_apparel_revenue":885000000,"outdoor_performance_revenue":713600000}},"quotedText":"Our excellent momentum continued in the first quarter of 2026, as our unique portfolio of technical sports and outdoor brands are creating white space and taking share globally.","namedEntities":{"people":[{"name":"James Zheng","role":"CEO"},{"name":"Andrew Page","role":"CFO"},{"name":"Omar Saad","role":"Senior Vice President Group Investor Relations and Capital Markets"},{"name":"Päivi Antola","role":"Senior Vice President, Communications"}],"products":["Arc'teryx","Salomon","Wilson","Peak Performance","Atomic","Salomon Softgoods","Wilson Tennis 360"],"companies":[{"name":"Amer Sports, Inc.","ticker":"AS"},{"name":"ANTA Sports Products Limited","relationship":"parent company / strategic partner"}],"dollarAmounts":[{"amount":"$1,945 million","context":"Q1 2026 revenue"},{"amount":"$1,472.5 million","context":"Q1 2025 revenue"},{"amount":"$885 million","context":"Technical Apparel segment revenue"},{"amount":"$714 million","context":"Outdoor Performance segment revenue"},{"amount":"$347 million","context":"Ball & Racquet Sports segment revenue"},{"amount":"$321 million","context":"Operating profit"},{"amount":"$339 million","context":"Adjusted operating profit"},{"amount":"$165 million","context":"Net income attributable to equity holders"},{"amount":"$218 million","context":"Adjusted net income attributable to equity holders"},{"amount":"$1,688 million","context":"Inventories"},{"amount":"$539 million","context":"Net cash"},{"amount":"$684 million","context":"Cash and cash equivalents"},{"amount":"$6.6 billion","context":"FY2025 revenue"},{"amount":"$70 million","context":"FY26 net finance cost guidance"},{"amount":"$30 million","context":"FY26 other operating income guidance"},{"amount":"$20 million","context":"FY26 non-controlling interest guidance"},{"amount":"$400 million","context":"FY26 D&A guidance"},{"amount":"$400 million","context":"FY26 CapEx guidance"},{"amount":"$220 million","context":"FY26 corporate expenses guidance"},{"amount":"$1.18 – 1.23","context":"FY26 fully diluted EPS guidance"},{"amount":"$0.08 – 0.10","context":"Q2 2026 fully diluted EPS guidance"},{"amount":"$20 million","context":"Q2 2026 other operating income guidance"},{"amount":"$15 million","context":"Q2 2026 net finance cost guidance"}]},"materialImpact":{"score":5,"reasoning":"Strong Q1 results with revenue up 32% YoY and adjusted EPS of $0.38 beating expectations. 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