# Amer Sports, Inc. (AS)

Informational only - not investment advice.

CIK: 0001988894
SIC: 2300 Apparel & Other Finishd Prods of  Fabrics & Similar Matl
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 23](/major-group/23/) > [SIC 2300 Apparel & Other Finishd Prods of  Fabrics & Similar Matl](/industry/2300/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1988894
Filing source: https://www.sec.gov/Archives/edgar/data/1988894/000198889426000004/as-20251231.htm

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |


## Financials

No standardized annual SEC companyfacts metrics were extracted for this company.

## Quarterly

No clean discrete quarterly SEC companyfacts metrics were extracted for this company.

## Macro Cross-References
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit
- [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
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- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
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- [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy
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- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index
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- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
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- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
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- [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States
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- [GDP](/indicator/GDP/): Gross Domestic Product
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- [USGOVT](/indicator/USGOVT/): All Employees, Government
- [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private
- [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods
- [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- [BUSINV](/indicator/BUSINV/): Total Business Inventories
- [EXPGS](/indicator/EXPGS/): Exports of Goods and Services
- [IMPGS](/indicator/IMPGS/): Imports of Goods and Services
- [IR](/indicator/IR/): Import Price Index (End Use): All Commodities
- [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand

## Latest quarter (10-Q)

No recent 10-Q filing was found in the SEC submissions feed for this filer.

## Latest 10-K MD&A

Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub.
Confidence: high

Overview

Amer Sports is a global group of iconic sports and outdoor brands, including Arc’teryx, Salomon, Wilson, Atomic and Peak Performance. Our brands are known for their detailed craftsmanship, unwavering authenticity, premium market positioning and compelling market shares in their categories. We pride ourselves on cutting-edge innovation, technical performance and ground-breaking designs that allow athletes and everyday consumers to perform better every day. Through partnerships with industry influencers and elite athletes, and in collaboration with the various communities we serve, we develop next-generation products that define winning moments in sports. Our brands are creators of exceptional apparel, footwear, equipment, protective gear and accessories that we believe give our consumers the confidence and comfort to excel.

Our brands are our stars, constantly elevating the consumer experience and creating thriving communities. We empower our brands to pursue market-shaping leadership and set the standard for quality, performance and brand experience globally. While our brands have established heritage and market leadership today, significant runway remains ahead. We are excited about our future and the opportunity to drive growth in each of our three reportable segments: Technical Apparel, Outdoor Performance and Ball & Racquet Sports. Our segments comprise our “brand clusters,” which reflect both how our consumers engage with our products and how we manage our business. Each segment is led by one of our core brands: Arc’teryx, Salomon and Wilson.

Arc’teryx is a technical outdoor apparel brand inspired by the Canadian Coast Mountains and built on the principle of obsessive, precise design and production. Arc’teryx gear pushes the boundaries of performance and enables adventurers to excel in their outdoor pursuits in the mountains, in the backcountry and on some of the world’s most technical climbs. The products are known for their minimalist design, and sleek and streamlined aesthetic, along with new, innovative features that continually advance outdoor activities. Product quality, from the materials to the design, allows Arc’teryx to command premium pricing as evidenced by its best-selling “hardshell” jacket in North America, the Alpha SV. Overall, Arc’teryx combines beautiful, innovative products and an authentic brand experience that extends beyond apparel, fostering communities and bringing people together across all regions of the world who share a passion for the outdoors.

Born in the French Alps in 1947, Salomon creates premium innovative footwear, apparel, winter sports equipment and accessories. Since its founding, Salomon has been fueled by a culture of design, craftsmanship, continuous innovation, and performance inspired by progress, the outdoors and athletes. The brand first produced metal ski edges and expanded into releasable ski bindings before launching industry changing rear-entry ski boots and monocoque skis. The brand’s leadership in winter sports helped to propel it into a diverse portfolio of sports and products including footwear and apparel. Today, Salomon is a market leader in global trail running footwear and premium hiking footwear, with products recognized for their performance, style, durability and sustainability. Nearly 70% of Salomon’s revenue in 2025 came from footwear, while also having leading market positions in its legacy winter sports equipment categories (skis, snowboards, boots, bindings, goggles, helmets, etc.), creating a 365-day, year-round brand serving all seasons for mountain sport consumers.

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Founded in 1914 in Chicago, Illinois, Wilson Sporting Goods is a leading manufacturer of high-performance sports equipment, apparel, footwear and accessories. The Wilson Sporting Goods portfolio is made up of the iconic Wilson brand, as well as Louisville Slugger, DeMarini, EvoShield and ATEC. Collectively, these brands bring more than three centuries of innovation, history and heritage to a variety of mainstream sports. As a multi-sports platform, Wilson drives innovation and product excellence by leveraging learnings across the brands’ various disciplines, including tennis, baseball and basketball, among other sports. The Wilson brand has a legacy as the top-of-the-line sports equipment and is associated with legendary athletes, including Roger Federer and Caitlin Clark. In addition, Wilson is the official partner of professional sports leagues, including the NBA, WNBA, NFL, the US Open, Roland Garros, and more. These athletes and leagues are a testament to the credibility and reputation of Wilson’s track record of innovation and superior products.

While Arc’teryx, Salomon and Wilson stand tall and lead our three segments, our other brands appropriately fit our sports-oriented portfolio. Peak Performance enhances our scale, competitive positioning and diversification across sports categories. Atomic and Armada give us a leading position in winter sports equipment, globally. Our baseball brands, which include Louisville Slugger, DeMarini, EvoShield, and ATEC, are market leaders in their respective category. Together, our brands enable us to lead and compete in various sports segments and drive the continued success of our portfolio.

We excel at identifying, developing and defining brands that meet our corporate vision. We empower these brands to autonomously connect with consumers and develop products to drive growth. Our platform supports the brands via scaled infrastructure and financial controls to accelerate performance. We believe that the size and diversification of our platform mitigates risks and provides financial flexibility to invest prudently to meet the continuously evolving needs of consumers, to develop competitive advantages and to drive growth across the brands through a relentless focus on innovation. We also believe that our platform enables efficient integration, scaling and optimization of target opportunities that fit within our portfolio, as well as critical insight to inform divestiture decisions.

We govern our brands through management across the finance, supply chain, sustainability, communication, legal and compliance functions, among other areas. At the same time, we enable our brands through our group’s incubator model that provides shared learnings from data analytics across the platform as well as from the economies of scale and synergies of shared resources, including supplier services, distribution and logistics, human resources and enterprise IT infrastructure. We further serve our brands through access to shared, centralized business services, including customer service and treasury management functions. All together, these resources empower our brand leadership teams to focus on serving consumers through brand, product and go-to-market strategies that drive performance, and our global and scaled operating model enables larger, robust brand organizations to independently flourish.

Our Business Model

All around the globe, our brands are united in putting consumers first, meeting them exactly where they shop, across digital and physical spaces. We generate revenue from the sale of our products through direct-to-consumer and wholesale channels:

•Direct-to-Consumer includes sales of our brands’ products through (i) owned e-commerce websites and (ii) owned retail stores, which include elevated brand stores that drive consumer engagement and factory outlet stores which serve as a liquidation channel. The DTC channel accounted for 48.9% of our revenue in 2025 and 43.7% of our revenue in 2024.

•Wholesale includes sales of our brands’ products through general sporting goods retailers, specialty stores, independently-operated partner stores, distributors, retailer-owned and third-party e-commerce websites as well as revenue from certain licensing arrangements. The wholesale channel accounted for 51.1% of our revenue in 2025 and 56.3% of our revenue in 2024.

Our Segments

We operate our business through the following three reportable business segments, which reflect how we cluster our brands on the basis of similar consumer, product, marketing and operating factors:

•Technical Apparel. Technical Apparel includes outdoor apparel, footwear and accessories and consists of our Arc’teryx and Peak Performance brands.

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•Outdoor Performance. Outdoor Performance includes outdoor apparel, footwear, accessories and winter sports equipment and consists of our Salomon, Atomic and Armada brands.

•Ball & Racquet Sports. Ball & Racquet Sports includes sports equipment, apparel, footwear and accessories and consists of our Wilson, Louisville Slugger, DeMarini, EvoShield and ATEC brands, all of which we refer to as the Wilson Sporting Goods portfolio.

For additional information on our three reportable business segments, see Note 3. Segment Reporting to our consolidated financial statements included elsewhere in this Annual Report.

Key Factors Affecting Our Results of Operations

We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in “Item 3. Key Information—D. Risk Factors.”

Ability to Innovate and Develop Products

We believe that product innovation lives at the center of who we are as a company and our brands are relentlessly focused on designing innovative and high-quality products that our consumers demand. Our innovation process leverages our brand specific innovation centers and our dedicated research and design employees, many of whom use our products to participate in sports and outdoor activities. We also collaborate closely with our professional athlete brand ambassadors, who provide valuable insights into product design and performance that is used to inform and improve our innovation process. Further, our global DTC platform allows us to leverage data-driven insights from consumers across our brands to improve product development and innovation. This process and feedback loop allows us to drive innovation across our brands’ existing product categories to deliver cutting-edge performance for consumers globally.

We believe our brands’ core product portfolios provide a base for growth and we are continuously evaluating opportunities to improve those products through innovation. Historically, we have successfully expanded our brands’ product categories by leveraging our innovation capabilities along with our strong brand equity and we intend to continue developing and introducing new products into underpenetrated and growing categories, particularly softgoods, across our brands. Nonetheless, developing new products is a complex, time-consuming process and may require significant capital investment. A new product may not achieve a successful launch or may not generate sufficient consumer interest and market acceptance to become a profitable product in the expected time frame, for the expected cost, or at all. In order to remain competitive within the product markets, distribution channels and geographies we currently compete in, we must continue to invest in innovation and develop, promote and bring to market new high-quality products.

Ability to Execute Our Multi-Channel Strategy

Our brand-direct operating model allows our brands to execute their own curated go-to-market strategy to best align with their consumers’ shopping behavior. Since the acquisition and delisting of Amer Sports in 2019 (the “Acquisition”), we have evolved our go-to-market strategy to emphasize a closer connection with our consumers through various distribution channels. We have experienced growth in the DTC channel across both owned retail and e-commerce, driven primarily by our Technical Apparel segment, led by the Arc’teryx brand, as well as our Outdoor Performance segment, led by the Salomon brand. In 2025, we have increased our net store count by approximately 35% to over 700 owned retail stores as of December 31, 2025.

We believe we have the opportunity to significantly increase the number of new stores globally across our brands. Our owned retail stores, particularly Arc’teryx and Salomon stores, have demonstrated strong productivity levels and our owned retail store rollout strategy looks to repeat and improve store productivity in the future. In addition, e-commerce has grown from 16.7% of our revenue in 2023 to 17.7% in 2025, and we believe we have significant runway to expand our digital penetration as we grow our brands’ awareness across geographies. We believe our DTC strategy provides significant benefits including the ability to personalize and control the consumer experience, generate impactful consumer data insights, capture a larger share of the value chain and improve gross margins in certain geographies, and certain brands and channels, highlighted to date by our Arc’teryx and Salomon retail store rollout. We generally experience higher gross margins in our DTC channel. Effective implementation of our DTC strategy is integral to the continued growth of our business but it also involves continued investment. As we further penetrate the DTC channel, we expect additional capital expenditures to support our ongoing global owned retail store rollout.

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Our Outdoor Performance and Ball & Racquet Sports segments primarily operate through the wholesale channel. The brands within these segments partner with strategic, premium wholesale partners such as well-known sporting goods retailers and specialty retailers dedicated to outdoor activities such as running. These wholesale partners provide access to our target consumers and drive brand awareness. While we expect to further penetrate the DTC channel across all our brands, including those within the Outdoor Performance and Ball & Racquet Sports segments, the wholesale channel will remain an integral part of our go-to-market strategy and overall growth opportunity, and we intend to maintain our relationships with our wholesale partners and continue to provide new and innovative products as well as brand marketing within the channel.

Ability to Grow into New Geographies

Our market expansion strategy has been a key driver of our recent revenue growth and we have identified additional sizable, growing and underpenetrated geographic markets where we plan to continue to execute our expansion strategy, most notably in Asia Pacific, Greater China, and the Americas. Across all of our brands’ markets, we plan to focus on increasing brand awareness, deepening DTC penetration, and optimizing our relationships with key wholesale partners as market conditions permit. We have demonstrated that we have the capabilities to drive growth in various geographic markets; however, our ability to successfully expand our business will depend on a number of factors, including our innovation, marketing efforts and consumer acceptance of our products. We expect that selling and marketing expenses to support these initiatives will continue to grow with anticipated revenue growth as we scale.

Ability to Manage a Global Supply Chain

Due to the multi-brand and global nature of Amer Sports, we operate with a complex global supply chain. While each brand manages its individual supply chain, they leverage the global scale and capabilities of the Amer Sports platform to drive efficiency. Our platform allows us to establish strategic partnerships with key suppliers and retail partners across multiple markets and channels, where we further leverage our scale to drive flexible manufacturing capacity and supply chain optimization. We are focused on the continued growth of our brands’ apparel and footwear products, and as a result we expect the portion of our brands’ products being manufactured by third parties will continue to increase. We are focused on diversifying our supplier network, maintaining multiple manufacturing sources and expanding our distribution footprint.

However, as we continue to scale our own manufacturing facilities, third-party sourcing and logistics footprint and distribution centers, we may be impacted by increased costs relating to our expansion efforts, including with respect to raw materials, labor, transportation and sustainability initiatives in an evolving regulatory and public opinion environment. Disruptions in our supply chain operations due to these or other factors could result in product shortages, declining sales, reputational damage or significant costs. Additionally, increasing geopolitical tensions could result in difficulty utilizing our global supply chain, whether due to sanctions, tariffs, or public perceptions of our operations in certain countries. See “Item 3. Key Information—D. Risk Factors—Risks Related to Litigation and Regulation—Current and further changes to trade relationships and to trade policies, tariffs, import/export regulations and anti-competition regulations in the United States, EU, PRC and other jurisdictions, or our failure to comply with such regulations, may have a material adverse effect on our reputation, business, financial condition and results of operations.”

Ability to Manage Inventory

Our ability to grow has been, and will continue to be, dependent on the availability of the right inventory at the right time, at the right place. Our global, data-driven approach to demand planning together with an integrative approach between sales, demand, and supply planning has enabled rapid growth while maintaining premium brand positioning. Incorrect inventory levels could result in missed sales opportunities, higher expenses, including higher freight costs due to a higher share of air-freighted product and increased distribution costs, and higher discounts towards wholesale partners and consumers, as well as higher or lower levels of working capital.

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Seasonality

We experience some seasonal fluctuations in our revenue and operating results. Historically, we have realized a higher portion of our revenue and earnings in the fourth quarter of the fiscal year, primarily due to higher sales through our DTC channel compared to the rest of the year and a higher share of fall and winter collections in our Technical Apparel and Outdoor Performance segments. For example, we generated 32%, 32%, and 30% of our total revenue in the fourth quarter of the fiscal years 2025, 2024 and 2023, respectively. Our Ball & Racquet Sports segment is generally more consistent across fiscal quarters. Working capital requirements typically increase throughout our second and third fiscal quarters as inventory builds to support our peak shipping and selling period which typically occurs from August to December. Cash provided by operating activities is typically highest in our first fiscal quarter due to the significant inflows associated with our peak selling season. We believe our strategy to broaden our assortment within the softgoods categories across all our brands could lead to increasingly balanced revenue and results of operations throughout the fiscal year.

Foreign Currency Exposure

We report our consolidated financial results in U.S. dollars but have significant non-U.S. operations. A large portion of our business is conducted in currencies other than U.S. dollars, in particular the euro, the Canadian dollar and RMB, and generally the applicable local currency is our functional currency in that locality. As a result, we face foreign currency exposure on the translation of net income/(loss), assets and liabilities of our operations in numerous jurisdictions into U.S. dollars, including on our outstanding indebtedness denominated in currencies other than U.S. dollars. In fiscal year 2025 and 2024, we generated 76.3% and 72.8%, respectively, of our revenue in currencies other than U.S. dollars, which in fiscal year 2025 included 27.0% in RMB, 17.1% in euros, and 12.3% in Canadian dollars. In the same respective fiscal years, our total purchased and manufactured goods in currencies other than U.S. dollars were 17.1% and 16.2%, which in fiscal year 2025 included 11.7% in euros and 4.1% in RMB. Given the weakening of the U.S. dollar during 2025 against our key foreign currencies, including the euro, the Canadian dollar and RMB, translation into U.S. dollars results in higher profitability due to foreign currency exposure. This was a reversal of trend from earlier periods presented, where the U.S. dollar strengthened against our key foreign currencies, resulting in lower profitability due to foreign currency exposure. In the future, if the U.S. dollar continues to weaken against our local currencies, we will continue to see higher profitability due to foreign currency exposure; however, if the U.S. dollar were to strengthen against the euro or RMB, it could result in decreased profitability.

Where possible, we manage foreign currency exposure through a variety of methods, including by financing each business units in its functional currency and concentrating cash flows through centralized entities to limit the number of foreign currencies being utilized for purchases. Additionally, we enter into hedging arrangements to limit our exposure to foreign currency fluctuations for a significant portion of our cash flows, in particular with our most commonly used foreign currencies, including euros, Canadian dollars and RMB. Such hedging arrangements may include foreign exchange forward contracts and options as well as cross-currency swaps. The majority of our hedging arrangements are short-term and are usually rolled forward within the standard business cycle. Nonetheless, it is not practical for us to mitigate all of our foreign currency exposure, nor are we able to accurately predict the possible impact of future foreign currency exchange rate fluctuations on our results of operations, due to our constantly changing exposure to various foreign currencies, difficulty in predicting fluctuations in foreign currency exchange rates relative to the U.S. dollar and the significant number of foreign currencies involved. As we continue to expand our global operations, our exposure to foreign currency risk could become more significant.

Macroeconomic Trends

Macroeconomic factors affect consumer spending patterns and thereby our results of operations. These factors include general economic conditions, inflation, consumer confidence, employment rates, business conditions, the availability of credit, interest rates, tax rates, fuel, energy and freight costs. Factors that impact consumer discretionary spending, which remains volatile globally, continue to create a complex and challenging retail environment for us and our retail partners worldwide. By diversifying our supply chain and consumer geographical concentration, we seek to reduce our exposure to impacts on our business from macroeconomic volatility, including as a result of economic downturns in a single region. We intend to continue to evaluate and adjust our operating strategies to help further mitigate any impacts on our results of operations resulting from broader macroeconomic conditions, while remaining focused on the long-term growth of our business.

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In addition, changes, potential changes or uncertainties in regulatory and economic conditions or laws and policies governing foreign trade, manufacturing, and development and investment in the territories and countries where we operate, or sell our products could adversely affect our business, results of operations, and financial condition. Trade tensions have continued to escalate in recent years between the United States and the PRC, with each country imposing significant, additional tariffs on a wide range of goods imported from the other country. Trade actions, including the imposition of new or increased tariffs on various products as well as import/export licensing requirements and restrictions have subjected, and may continue to subject, us to additional costs and expenditure of resources, which has a negative impact on gross margin. We are continuing to significantly mitigate the impacts of tariffs, including through supply chain actions and selected price increases. However, it may be time-consuming and expensive for us to alter our business operations in order to adapt to or comply with any such changes, and we expect such volatility and uncertainty to continue which poses further challenges to our operations and financial planning. See “Item 3. Key Information—D. Risk Factors—Risks Related to Litigation and Regulation—Current and further changes to trade relationships and to trade policies, tariffs, import/export regulations and anti-competition regulations in the United States, EU, PRC and other jurisdictions, or our failure to comply with such regulations, may have a material adverse effect on our reputation, business, financial condition and results of operations.”

As a result of the conflict between Russia and Ukraine and the sanctions imposed against Russia, the Company put all shipments to Russia on hold on February 26, 2022 and indefinitely suspended all significant commercial activities in Russia by the end of fiscal year 2022, including store, e-commerce channels, and shipments to the Company’s wholesale partners. The Company’s sales in Russia were nil, nil, and $6.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. The total assets of our Russian subsidiary were $14.0 million and $11.8 million as at December 31, 2025 and December 31, 2024, respectively. The Company maintains a leased office space in Russia and a limited number of employees to safeguard the operations of the entity, file statutory financial statements and monitor the local market to secure the Company’s global brand assets.

Comparability of Our Results of Operations

Public Company Costs

Since the completion of our IPO, we continue to incur additional costs associated with operating as a public company. In particular, our accounting, legal and personnel-related expenses and insurance costs will continue to increase as we establish more comprehensive compliance and governance functions, establish, maintain and review internal controls over financial reporting, and prepare and distribute periodic reports in accordance with SEC rules. Our financial statements reflect the impact of these expenses.

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Key Financial Metrics

The following table summarizes certain key financial measures for the years ended December 31, 2025 and 2024. Management regularly reviews a number of metrics, including the following key financial metrics, to evaluate our business, measure our performance, identify trends in our business, prepare financial projections and make strategic decisions. Management believes the non-IFRS financial measures presented below are useful in evaluating our performance, in addition to our financial results prepared in accordance with IFRS. See “—Results of Operations” for additional information and for the comparison discussion between the years ended December 31, 2025 and 2024, and “—Non-IFRS Financial Measures” for additional information on the non-IFRS financial measures and a reconciliation to the most comparable IFRS financial measures.

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,"],["In millions","","2025","","2024"],["Revenue","","$","6,566.2","","","$","5,183.3"],["Constant Currency Revenue (1)","","6,541.2","","","5,183.3"],["Net income attributable to equity holders of the Company","","427.4","","","72.6"],["Net income margin","","6.5","%","","1.4","%"],["Adjusted EBITDA (2)","","$","1,150.6","","","$","808.0"],["Adjusted EBITDA Margin (2)","","17.5","%","","15.6","%"],["Adjusted Net income attributable to equity holders (2)","","$","545.0","","","$","236.3"],["Segment Revenue"],["Technical Apparel","","$","2,855.8","","","$","2,194.3"],["Outdoor Performance","","2,403.7","","","1,835.5"],["Ball & Racquet Sports","","1,306.7","","","1,153.5"],["Segment Adjusted Operating Profit"],["Technical Apparel","","616.8","","","460.4"],["Outdoor Performance","","299.8","","","172.3"],["Ball & Racquet Sports","","47.7","","","23.7"],["Revenues by Geography"],["Americas","","2,125.6","","","1,859.0"],["Greater China (3)","","1,861.9","","","1,298.1"],["EMEA","","1,805.8","","","1,513.4"],["Asia Pacific (4)","","772.9","","","512.8"]]
[[/GREPCENT_TABLE]]

__________________________________________________

(1)This is a non-IFRS financial measure. For more information regarding our use of this measure and its usefulness to investors, see “—Non-IFRS Financial Measures” below.

(2)This is a non-IFRS financial measure. For more information regarding our use of this measure and its usefulness to investors, as well as a reconciliation to the most comparable IFRS financial measure, see “—Non-IFRS Financial Measures” below.

(3)Consists of mainland China, Hong Kong, Macau and Taiwan.

(4)Excludes Greater China.

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Constant Currency Revenue

As we are a global company, the comparability of our revenue reported in U.S. dollars is also affected by foreign-currency exchange rate fluctuations because the underlying currencies in which we transact change in value over time compared to the U.S. dollar. These rate fluctuations can have a significant effect on our reported results. As a result, in addition to financial measures prepared in accordance with IFRS, our revenue discussions often contain references to constant currency measures, which are calculated by translating the current period reported amounts using the actual exchange rates in use during the comparative prior period, in place of the exchange rates in use during the current period. For a further discussion of how we utilize, and limitations of, this non-IFRS financial measure, see “—Non-IFRS Financial Measures.”

Adjusted EBITDA and Adjusted EBITDA Margin

We define Adjusted EBITDA as net income attributable to equity holders of the Company, plus net income attributable to non-controlling interests, income tax (expense)/benefit, foreign currency exchange gains/(losses), net & other finance costs, interest expense, loss on debt extinguishment, and depreciation and amortization, less interest income with adjustments to exclude restructuring expenses, impairment losses on goodwill and intangible assets, expenses related to transaction activities, expenses related to certain legal proceedings and certain share-based payments. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.

Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similarly titled metrics of other companies due to differences in methods of calculation. For a reconciliation of Adjusted EBITDA to net income attributable to equity holders of the Company and a reconciliation of Adjusted EBITDA Margin to net income margin and for a further discussion of how we utilize, and limitations of, these non-IFRS measures see “—Non-IFRS Financial Measures.”

Adjusted Net Income attributable to equity holders of the Company

We define Adjusted Net Income attributable to equity holders as net income attributable to equity holders of the Company with adjustments to exclude depreciation and amortization on the purchase price allocation (“PPA”) fair value step up resulting from the Acquisition, restructuring expenses, impairment losses on goodwill and intangible assets, expenses related to transaction activities, expenses related to certain legal proceedings, certain share-based payments, loss on debt extinguishment, other adjustments, and the related income tax expense on these adjustments and deferred tax expense or benefit arising from tax rate changes on PPA balances.

Adjusted net income attributable to equity holders may not be comparable to similarly titled metrics of other companies due to differences in methods of calculation. For a reconciliation of Adjusted net income attributable to equity holders of the Company to net income attributable to equity holders of the Company and for a further discussion of how we utilize, and the limitations of, this non-IFRS measure see “—Non-IFRS Financial Measures.”

Segment Adjusted Operating Profit and Segment Adjusted Operating Profit Margin

We define Segment Adjusted Operating Profit as income before tax for the segment with adjustments to exclude depreciation and amortization on PPA fair value step up, restructuring expenses, impairment losses on goodwill and intangible assets, expenses related to transaction activities, expenses related to certain legal proceedings, expenses related to certain share-based payments, interest expense, foreign currency exchange gains/(losses), net & other finance costs, loss on debt extinguishment, and interest income. Segment Adjusted Operating Profit is a measure of operating performance of our reportable segments and may not be comparable to similar measures reported by other companies. We define Segment Adjusted Operating Profit Margin as Segment Adjusted Operating Profit divided by segment revenue.

Segment Adjusted Operating Profit is a performance metric utilized by the Company’s Chief Operating Decision Maker to allocate resources to and assess performance of the Company’s segments. See Note 3. Segment Reporting, to our consolidated financial statements included elsewhere in this Annual Report.

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Components of Our Results of Operations

Revenue

Revenue primarily consists of sales of our products, but also includes limited services and license fees. Revenue can fluctuate as a result of changes in volume, price, product, channel mix, segment mix, geographic mix, and foreign currency exchange rates. Revenue is recognized at the point in time when control of the products or services are transferred to the customer in accordance with the terms of delivery. Revenue from the sale of products within the DTC channel is generally recognized upon delivery for e-commerce customers or at the point the customer purchases the goods at our owned retail stores. Revenue within the DTC channel is revenue net of any value added tax, discounts, incentives, rebates or estimated returns. Revenue from the sales of products within the wholesale channel is generally recognized when the goods have been delivered to the wholesale partner’s specified location, when we deliver the goods to the carrier or when the wholesale partner obtains the goods from our warehouses. Following delivery, the wholesale partner has the primary responsibility for onward sales and bears the risks of obsolescence and loss. Revenue within the wholesale channel is revenue net of any discounts, incentives, returns, or rebates. Revenue from services, which primarily comprise freight services to customers of our goods, is recognized at the point in time upon the delivery of the goods when the control has been transferred to the customer. Revenue from license fees is recognized as a component of our wholesale revenue when the applicable counterparty manufactures or sells products bearing our trademarks. License income based on fixed license agreements is recognized evenly throughout the financial year, while license income determined by sales volumes is recognized during the financial year as the licensee generates sales revenue.

We generally offer DTC customers of our products the right to return or exchange merchandise purchased within 14–30 days of receipt, while certain of our contracts provide wholesale partners a right to return goods within a specified period. A refund liability is recognized as a reduction of sales and a right of return asset is recognized as a reduction of cost of goods sold, based on both historical experience and anticipated future returns.

Gross Profit

Gross profit consists of revenue less cost of goods sold. Cost of goods sold for our owned manufactured goods includes all raw materials, labor and related overhead. Cost of goods sold for sourced goods includes the purchase costs and related overhead. Overhead includes all costs related to manufacturing or sourcing goods, including costs of planning, purchasing, quality control, depreciation and amortization of owned manufacturing facilities and equipment, amortization of intangible assets, employee compensation, inbound and outbound freight, duties, non-refundable taxes and shrink and valuation reserves.

Gross margin measures our gross profit as a percentage of revenue.

Selling, General and Administrative Expenses

Selling expenses include expenses to support our wholesale partner relationships and consumer support teams and enable the delivery of products to wholesale partners and consumers through our e-commerce platform and owned retail stores. These expenses include: personnel expenses for sales and technical representatives, warehouses, our owned websites, processing fees in the DTC channel and depreciation expenses.

Furthermore, selling expenses include advertising and marketing promotions, both offline and digital campaigns as well as trade marketing and consumer marketing, including sponsorships and endorsements of our products, as well as related overhead costs. We intend to continue to invest in our marketing capabilities in the future and expect this expense to increase in absolute dollars in future periods as we release new products and expand into new geographies. Marketing expense as a percentage of total revenue may fluctuate from period to period based on total revenue and the timing of our investments in marketing functions as these investments may vary in scope and scale over future periods.

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General and administrative expenses include research and development expenses, costs incurred in our corporate offices, primarily related to personnel costs, including salaries, variable incentive compensation, benefits, other professional service costs, corporate facilities costs, costs related to accounting and professional fees as well as IT, depreciation, amortization related to software and patents and other rights. We have invested considerably in this area to support the growing volume and complexity of the business and anticipate continuing to do so in the future. In addition, we incurred certain transaction-related costs in connection with our IPO. Additionally, beginning in the fourth quarter of 2024, the Company changed its presentation of foreign exchange gains and losses related to operational transactions in the consolidated statement of income and loss and other comprehensive income and loss, which were previously recorded as selling, general and administrative expenses, and are now recorded as foreign currency exchange gains/(losses), net & other finance costs. The impact on prior period financial statements was immaterial.

Impairment Losses

Impairment losses consist of impairments on goodwill and certain trademarks as well as losses on trade receivables.

Other Operating Income

Other operating income consists of government subsidies, insurance compensation for general business losses, gains on the sale of non-current assets as well as other non-recurring income, such as patent settlements.

Interest Income

Interest income consists of interest earned on cash and equivalent balances and other financial income.

Interest Expense

Interest expense consists of interest cost on loans, lease obligations, pensions and derivatives.

Foreign Currency Exchange Gains/(Losses), Net & Other Finance Costs

Foreign currency exchange gains/(losses), net & other finance costs consist of foreign exchange gains and losses and other finance costs.

Loss on Debt Extinguishment

Loss on debt extinguishment consists of losses recognized upon the repayment of debt, specifically the Senior Facilities Agreement and New Term Loan Facilities in 2024.

Income Tax Expense

We are subject to income taxes in the jurisdictions in which we operate and, consequently, income tax expense is a function of the allocation of taxable income by jurisdiction and the various activities that impact the timing of taxable events.

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Results of Operations

The following table sets forth our results of operations for the periods presented.

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,"],["In millions","","2025","","2024"],["Revenue","","$","6,566.2","","","$","5,183.3"],["Cost of goods sold","","(2,781.9)","","","(2,311.5)"],["Gross profit","","3,784.3","","","2,871.8"],["Selling, general and administrative expenses","","(3,104.6)","","","(2,430.4)"],["Impairment losses","","(14.0)","","","(1.9)"],["Other operating income","","36.1","","","31.3"],["Operating profit","","701.8","","","470.8"],["Interest income","","6.4","","","8.8"],["Interest expense","","(97.7)","","","(219.0)"],["Foreign currency exchange gains/(losses), net & other finance costs","","14.0","","","(67.6)"],["Loss on debt extinguishment","","\u2014","","","(31.8)"],["Net finance cost","","(77.3)","","","(309.6)"],["Income before tax","","624.5","","","161.2"],["Income tax expense","","(184.1)","","","(82.8)"],["Net income","","440.4","","","78.4"],["Net income attributable to:"],["Equity holders of the Company","","427.4","","","72.6"],["Non-controlling interests","","13.0","","","5.8"]]
[[/GREPCENT_TABLE]]

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Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024

Revenue

The following table sets forth our revenue disaggregated by channel and geography.

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Revenue","","$","6,566.2","","","$","5,183.3","","","$","1,382.9","","","26.7","%"],["Channel Revenues"],["Wholesale","","$","3,357.5","","","$","2,916.3","","","$","441.2","","","15.1","%"],["DTC","","3,208.7","","","2,267.0","","","941.7","","","41.5","%"],["Total","","$","6,566.2","","","$","5,183.3","","","$","1,382.9","","","26.7","%"],["Geographic Revenues"],["Americas","","$","2,125.6","","","$","1,859.0","","","$","266.6","","","14.3","%"],["Greater China (1)","","1,861.9","","","1,298.1","","","563.8","","","43.4","%"],["EMEA","","1,805.8","","","1,513.4","","","292.4","","","19.3","%"],["Asia Pacific (2)","","772.9","","","512.8","","","260.1","","","50.7","%"],["Total","","$","6,566.2","","","$","5,183.3","","","$","1,382.9","","","26.7","%"]]
[[/GREPCENT_TABLE]]

__________________________________________________

(1)Consists of mainland China, Hong Kong, Macau and Taiwan.

(2)Excludes Greater China.

Revenue increased by $1,382.9 million, or 26.7%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. Revenue increased across all segments, primarily driven by an increase in sales volume from the Technical Apparel and Outdoor Performance segments. Channel revenues were driven by DTC, which increased by 41.5% for the year ended December 31, 2025, compared to the year ended December 31, 2024. Regional growth was led by Greater China, which increased 43.4% for the year ended December 31, 2025, compared to the year ended December 31, 2024, followed by EMEA, the Americas, and Asia Pacific, which increased 19.3%, 14.3% and 50.7%, respectively.

Revenue on a constant currency basis for the year ended December 31, 2025 increased 26.2%, compared to the year ended December 31, 2024.

Gross Profit

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Gross profit","","$","3,784.3","","","$","2,871.8","","","$","912.5","","","31.8","%"]]
[[/GREPCENT_TABLE]]

Gross profit increased by $912.5 million, or 31.8%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. Gross margin was 57.6% for the year ended December 31, 2025, compared to 55.4% for the year ended December 31, 2024. The increase was primarily driven by favorable regional mix, due to a higher proportion of revenues in Greater China and Asia Pacific which have higher gross margins, and a favorable channel and segment mix.

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Selling, General and Administrative Expenses

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Selling, general and administrative expenses","","$","(3,104.6)","","","$","(2,430.4)","","","$","(674.2)","","","27.7","%"]]
[[/GREPCENT_TABLE]]

Selling, general and administrative expenses increased $674.2 million, or 27.7%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. As a percentage of revenues, selling, general, and administrative expenses increased to 47.3%, for the year ended December 31, 2025, compared to 46.9% in the year ended December 31, 2024.

These increases were due to higher selling and marketing costs of $484.6 million and higher administrative and other expenses of $189.6 million for the year ended December 31, 2025. The increase in selling and marketing expenses was primarily due to DTC investments and investments in Greater China and Asia Pacific, including higher retail personnel costs, advertising and promotion expenses, and store rent expense related to new store openings. The increase in administrative and other expenses was primarily due to higher personnel costs as a result of increased headcount.

Impairment Losses

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Impairment losses","","$","(14.0)","","","$","(1.9)","","","$","(12.1)","","","636.8","%"]]
[[/GREPCENT_TABLE]]

Impairment losses increased by $12.1 million, or 636.8% for the year ended December 31, 2025, compared to the year ended December 31, 2024, which included the impairment of finite-lived intangible assets of $6.7 million and bad debt expense of $6.3 million for the year ended December 31, 2025.

Other Operating Income

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Other operating income","","$","36.1","","","$","31.3","","","$","4.8","","","15.3","%"]]
[[/GREPCENT_TABLE]]

Other operating income increased by $4.8 million, or 15.3%, for the year ended December 31, 2025, compared to the year ended December 31, 2024, which was primarily driven by an increase in government subsidies received.

Interest Expense

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Interest expense","","$","(97.7)","","","$","(219.0)","","","$","121.3","","","(55.4)","%"]]
[[/GREPCENT_TABLE]]

Interest expense decreased by $121.3, or 55.4%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. This was primarily driven by lower outstanding debt during the year ended December 31, 2025, compared to the year ended December 31, 2024, partially offset by an increase in interest expense on lease liabilities due to an increase in owned retail store leases.

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Foreign Currency Exchange Gains/(Losses), Net & Other Finance Costs

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Foreign currency exchange gains/(losses), net & other finance costs","","$","14.0","","","$","(67.6)","","","$","81.6","","","(120.7)","%"]]
[[/GREPCENT_TABLE]]

Foreign currency exchange gains/(losses), net & other finance costs increased by $81.6 million, or 120.7%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. This was primarily driven by increases in exchange rate gains of $73.5 million, due to fluctuations in foreign exchange rates, specifically weakening of the U.S. dollar in relation to our most commonly used foreign currencies.

Loss on Debt Extinguishment

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Loss on debt extinguishment","","$","\u2014","","","$","(31.8)","","","$","31.8","","","NM"]]
[[/GREPCENT_TABLE]]

Loss on debt extinguishment was nil for 2025, compared to $31.8 million for the year ended December 31, 2024. This decrease was due to the repayment of the Senior Facilities Agreement on February 16, 2024, and the repayment of the New Term Loan Facilities on December 19, 2024, which resulted in losses of $14.3 million and $17.5 million, respectively, for the year ended December 31, 2024.

Income Tax Expense

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Income tax expense","","$","(184.1)","","","$","(82.8)","","","$","(101.3)","","","122.3","%"]]
[[/GREPCENT_TABLE]]

Income tax expense was $184.1 million and $82.8 million for the years ended December 31, 2025 and 2024, respectively. The effective tax rate was 29.5% and 51.4% for the years ended December 31, 2025 and 2024, respectively. The decrease in the effective tax rate was primarily driven by the recognition of deferred tax assets related to net operating losses in specific jurisdictions that were previously not recognized due to insufficient probability of utilization, withholding taxes, geographic mix of earnings subject to varying local statutory income tax rates, unrecognized deferred tax assets related to unused interest expense and tax loss carryforwards, partially offset by the absence of the reversal of uncertain tax positions as a result of the closure of tax audits and expiration of statute of limitations recorded in the year ended December 31, 2024.

Segment Results of Operations

Our management evaluates operating performance and makes investment and other decisions based on segment revenue and Segment Adjusted Operating Profit. Costs allocated to the segments include certain centralized functions provided and administered by the Amer Sports group, such as costs related to sourcing, warehousing, distribution and transportation, our global business services center and information technology, based on appropriate metrics such as headcount, activity, usage or proportion of revenue.

Unallocated costs include costs related to supply chain management, general executive management, cybersecurity and other group functions such as finance, internal audit, tax, legal and human resources.

The following tables set forth certain financial information for our reportable segments for the periods presented.

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Segment Revenue

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Technical Apparel","","$","2,855.8","","","$","2,194.3","","","$","661.5","","","30.1","%"],["Outdoor Performance","","2,403.7","","","1,835.5","","","568.2","","","31.0","%"],["Ball & Racquet Sports","","1,306.7","","","1,153.5","","","153.2","","","13.3","%"],["Total","","$","6,566.2","","","$","5,183.3","","","$","1,382.9","","","26.7","%"]]
[[/GREPCENT_TABLE]]

Segment Adjusted Operating Profit (1)

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Technical Apparel","","$","616.8","","","$","460.4","","","$","156.4","","","34.0","%"],["Outdoor Performance","","299.8","","","172.3","","","127.5","","","74.0","%"],["Ball & Racquet Sports","","47.7","","","23.7","","","24.0","","","101.3","%"]]
[[/GREPCENT_TABLE]]

__________________________________________________

(1)Segment Adjusted Operating Profit for all periods presented excludes depreciation and amortization expense associated with PPA in connection with the Acquisition.

The following table summarizes depreciation and amortization expense for the years ended December 31, 2025 and 2024.

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Technical Apparel","","$","164.4","","","$","126.0","","","$","38.4","","","30.5","%"],["Outdoor Performance","","163.8","","","107.5","","","56.3","","","52.4","%"],["Ball & Racquet Sports","","39.7","","","34.1","","","5.6","","","16.4","%"],["Total","","$","367.9","","","$","267.6","","","$","100.3","","","37.5","%"]]
[[/GREPCENT_TABLE]]

The following table summarizes PPA related depreciation and amortization expense for the years ended December 31, 2025 and 2024.

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Technical Apparel","","$","9.1","","","$","9.5","","","$","(0.4)","","","(4.2)","%"],["Outdoor Performance","","60.8","","","32.0","","","28.8","","","90.0","%"],["Ball & Racquet Sports","","1.3","","","1.3","","","\u2014","","","\u2014","%"],["Total","","$","71.2","","","$","42.8","","","$","28.4","","","66.3","%"]]
[[/GREPCENT_TABLE]]

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Technical Apparel

The following table sets forth our channel revenue for our Technical Apparel segment.

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Wholesale","","$","761.1","","","$","643.1","","","$","118.0","","","18.3","%"],["DTC","","2,094.7","","","1,551.2","","","543.5","","","35.0","%"],["Total","","$","2,855.8","","","$","2,194.3","","","$","661.5","","","30.1","%"]]
[[/GREPCENT_TABLE]]

The following table sets forth certain operating data for our Technical Apparel segment.

[[GREPCENT_TABLE]]
[["","","As of December 31,","","Change"],["","","2025","","2024","","%"],["Store count (1)"],["Arc\u2019teryx","","246","","176","","39.8%"],["Peak Performance","","42","","47","","(10.6)%"],["Total","","288","","223","","29.1%"],["Omni-comp (2)","","18.8%","","28.3%"]]
[[/GREPCENT_TABLE]]

__________________________________________________

(1)Reflects the number of Technical Apparel owned retail stores open at the end of the fiscal year. Management reviews the number of new and closed stores to assess revenue growth and drivers of trends in revenue.

(2)Omni-comp reflects revenue growth on a constant currency basis from owned 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 months if a store: (i) changes its square footage by more than 20% or (ii) is closed for more than 60 days for the refit. Stores closed 60 days or less are excluded from the comparable sales growth calculation only for the months they are closed.

Technical Apparel revenue increased by 30.1% for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase was primarily driven by Arc’teryx growth within the DTC channel. DTC revenues increased by 35.0% for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase was driven by volume growth in our existing owned retail stores and e-commerce platforms, and an expanded owned retail store network with a net increase of 65 owned retail stores during the year, comprised of a net increase of 70 stores within the Arc’teryx brand, and a reduction of 5 stores within the Peak Performance brand from store fleet optimization. The increase in Arc’teryx stores includes 46 owned retail stores in Korea which were acquired during the year as part of an asset purchase agreement. Wholesale revenues increased 18.3% for the year ended December 31, 2025, compared to the year ended December 31, 2024, driven by an increase in volumes. By geography, Technical Apparel revenue increased across all regions, primarily in Greater China, Americas, and Asia Pacific for the year ended December 31, 2025, compared to the year ended December 31, 2024.

Technical Apparel revenue on a constant currency basis increased 31.1% for the year ended December 31, 2025, compared to the year ended December 31, 2024.

Segment Adjusted Operating Profit in our Technical Apparel segment increased by 34.0% for the year ended December 31, 2025, compared to the year ended December 31, 2024. This increase was primarily driven by higher gross profit, partially offset by an increase in selling, general and administrative expenses. Segment adjusted operating profit margin was 21.6% for the year ended December 31, 2025, compared to 21.0% for the year ended December 31, 2024. This increase was driven by lower selling, general, and administrative expenses as a percentage of revenue, primarily reflecting leverage on certain fixed operating and administrative costs, partially offset by lower gross margins, primarily due to product and pricing mix and higher U.S. tariff costs.

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Outdoor Performance

The following table sets forth our channel revenue four our Outdoor Performance segment.

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Wholesale","","$","1,551.1","","","$","1,309.8","","","$","241.3","","","18.4","%"],["DTC","","852.6","","","525.7","","","326.9","","","62.2","%"],["Total","","$","2,403.7","","","$","1,835.5","","","$","568.2","","","31.0","%"]]
[[/GREPCENT_TABLE]]

The following table sets forth certain operating data for our Outdoor Performance segment.

[[GREPCENT_TABLE]]
[["","","As of December 31,","","Change"],["","","2025","","2024","","%"],["Store count (1)"],["Salomon","","329","","227","","44.9%"],["Atomic","","2","","2","","\u2014%"],["Total","","331","","229","","44.5%"],["Omni-comp (2)","","29.0%","","28.3%"]]
[[/GREPCENT_TABLE]]

__________________________________________________

(1)Reflects the number of Outdoor Performance owned retail stores open at the end of the fiscal year. Management reviews the number of new and closed stores to assess revenue growth and drivers of trends in revenue.

(2)Omni-comp reflects revenue growth on a constant currency basis from owned 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 months if a store: (i) changes its square footage by more than 20% or (ii) is closed for more than 60 days for the refit. Stores closed 60 days or less are excluded from the comparable sales growth calculation only for the months they are closed.

Outdoor Performance revenue increased by 31.0% for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase was primarily driven by 40.3% growth in Salomon softgoods revenues. DTC revenues increased by 62.2% for the year ended December 31, 2025, compared to the year ended December 31, 2024, due to an expanded owned retail store network with a net increase of 102 owned retail stores during the year and an increase in online traffic to our owned e-commerce websites. Wholesale revenues increased 18.4% for the year ended December 31, 2025, compared to the year ended December 31, 2024, driven by higher volumes for Salomon softgoods due to positive reorder trends across categories. By geography, Outdoor Performance revenue increased across all regions, primarily in Greater China, EMEA, and Asia Pacific for the year ended December 31, 2025, compared to the year ended December 31, 2024.

Outdoor Performance revenue on a constant currency basis increased 28.7% for the year ended December 31, 2025, compared to the year ended December 31, 2024.

Segment Adjusted Operating Profit in our Outdoor Performance segment increased by 74.0% for the year ended December 31, 2025, compared to the year ended December 31, 2024. This increase was primarily driven by higher gross profit, partially offset by an increase in selling, general and administrative expenses. Segment adjusted operating profit margin was 12.5% for the year ended December 31, 2025, compared to 9.4% for the year ended December 31, 2024. This increase was driven by higher gross margins from favorable channel, region and brand mix, and lower materials costs, partially offset by higher selling, general and administrative expenses as a percentage of revenue, primarily related to advertising, promotion, sales and personnel expenses as a result of an increase in the mix of DTC revenues.

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Ball & Racquet Sports

The following table sets forth our channel revenue four our Ball & Racquet Sports segment.

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,","","Change"],["In millions","","2025","","2024","","$","","%"],["Wholesale","","$","1,045.3","","","$","963.4","","","$","81.9","","","8.5","%"],["DTC","","261.4","","","190.1","","","71.3","","","37.5","%"],["Total","","$","1,306.7","","","$","1,153.5","","","$","153.2","","","13.3","%"]]
[[/GREPCENT_TABLE]]

The following table sets forth certain operating data for our Ball & Racquet Sports segment.

[[GREPCENT_TABLE]]
[["","","As of December 31,","","Change"],["","","2025","","2024","","%"],["Store count (1)"],["Wilson","","84","","53","","58.5%"],["Total","","84","","53","","58.5%"],["Omni-comp (2)","","19.4%","","4.7%"]]
[[/GREPCENT_TABLE]]

__________________________________________________

(1)Reflects the number of Ball & Racquet owned retail stores open at the end of the fiscal year. Management reviews the number of new and closed stores to assess revenue growth and drivers of trends in revenue.

(2)Omni-comp reflects revenue growth on a constant currency basis from owned 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 months if a store: (i) changes its square footage by more than 20% or (ii) is closed for more than 60 days for the refit. Stores closed 60 days or less are excluded from the comparable sales growth calculation only for the months they are closed.

Ball & Racquet revenue increased by 13.3% for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase was primarily driven by Wilson softgoods, racquet, baseball, and golf product categories, which was partially offset by a decline in inflatables. DTC revenues increased by 37.5% for the year ended December 31, 2025, compared to the year ended December 31, 2024, due to an expanded owned retail store network with a net increase of 31 owned retail stores during the year. Wholesale revenues increased 8.5% for the year ended December 31, 2025, compared to the year ended December 31, 2024, driven by an increase in volumes globally. By geography, Ball & Racquet revenue increased across all regions, primarily in Greater China, Americas, and EMEA for the year ended December 31, 2025, compared to the year ended December 31, 2024.

Ball & Racquet revenue on a constant currency basis increased 12.8% for the year ended December 31, 2025, compared to the year ended December 31, 2024.

Segment Adjusted Operating Profit in our Ball & Racquet segment increased by 101.3% for the year ended December 31, 2025, compared to the year ended December 31, 2024. This increase was primarily driven by higher gross profit, partially offset by an increase in selling, general and administrative expenses. Segment adjusted operating profit margin was 3.6% for the year ended December 31, 2025, compared to 2.1% for the year ended December 31, 2024. This increase was driven by higher gross margins from favorable region, channel, and product mix, partially offset by higher U.S. tariff costs, and was further offset by higher selling, general and administrative expenses as a percentage of revenue, driven by DTC investments primarily related to advertising, promotion, sales, and personnel expenses.

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Non-IFRS Financial Measures

Management uses certain non-IFRS financial measures to supplement the financial measures prepared in accordance with IFRS, which include constant currency revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income attributable to equity holders of the Company. We use constant currency revenue information to provide a framework to assess how our business segments performed excluding the effects of foreign currency exchange rate fluctuations. Management believes that Adjusted EBITDA and Adjusted EBITDA Margin are helpful to investors as they provide useful information to understand our core financial and operating performance from period to period because they exclude certain material items relating to income tax expense, finance cost and depreciation and amortization which are not reflective of our ongoing operations and performance. Management believes Adjusted Net Income attributable to equity holders of the Company enhances an investor’s understanding of our financial and operating performance because it excludes certain material items relating to expenses or income on PPA fair value step up and impairment losses on goodwill and intangible assets which are not reflective of our ongoing operations and underlying performance. In addition, management believes constant currency revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income attributable to equity holders of the Company are measures commonly used by investors to evaluate companies in the apparel, footwear, sports equipment, protective gear and accessories industries, which commonly disclose similar metrics.

However, there are limitations to the use of these non-IFRS financial measures as analytical tools and they should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS and may not be comparable to similarly titled non-IFRS measures used by other companies. Constant currency revenue is limited as a metric to review the Company’s financial results as it does not reflect impacts of foreign currency on revenue. Some of the limitations of Adjusted EBITDA and Adjusted EBITDA Margin include: excluding certain tax payments that may reduce cash available to us; not reflecting any cash capital expenditure requirements for the assets being depreciated and amortized that may have to be replaced in the future; not reflecting changes in, or cash requirements for, our working capital needs; and not reflecting the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. Some of the limitations of Adjusted Net Income include: excluding the impact of non-recurring or non-operational items such as expenses or income on PPA fair value step up, restructuring expenses, expenses related to transaction activities, and expenses related to certain legal proceedings.

In the year ended December 31, 2024, the Company updated its definition of Adjusted Net Income to exclude depreciation and amortization related to certain PPA in connection with the Acquisition, and to exclude other adjustments related to non-cash foreign exchange losses on intercompany transactions and non-operational losses related to hedging arrangements. In the year ended December 31, 2025, the definition was further updated to exclude deferred tax expense or benefit arising from tax rate changes on PPA balances. These expenses are not indicative of our underlying performance. Where applicable, prior period amounts have been recast to conform with current period presentation.

The tables below reconcile each of the following non-IFRS financial measures to their respective most directly comparable IFRS measure for the periods presented.

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Adjusted EBITDA and Adjusted EBITDA Margin

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,"],["In millions","","2025","","2024"],["Revenue","","$","6,566.2","","$","5,183.3"],["Net income attributable to equity holders of the Company","","$","427.4","","$","72.6"],["Net income attributable to non-controlling interests","","13.0","","5.8"],["Depreciation and amortization (1)","","384.2","","273.8"],["Interest expense (2)","","97.7","","219.0"],["Foreign currency exchange (gains)/losses, net & other finance costs","","(14.0)","","67.6"],["Loss on debt extinguishment","","\u2014","","31.8"],["Interest income","","(6.4)","","(8.8)"],["Income tax expense","","184.1","","82.8"],["Restructuring expenses (3)","","23.7","","22.4"],["Impairment of goodwill and intangible assets (4)","","6.7","","\u2014"],["Expenses related to transaction activities (5)","","15.9","","22.1"],["Expenses related to certain legal proceedings (6)","","3.4","","3.6"],["Share-based payments (7)","","14.9","","15.3"],["Adjusted EBITDA","","$","1,150.6","","$","808.0"],["Net income margin","","6.5","%","","1.4","%"],["Adjusted EBITDA Margin","","17.5","%","","15.6","%"]]
[[/GREPCENT_TABLE]]

__________________________________________________

(1)Total amortization expense for right-of-use assets capitalized under IFRS 16, Leases was $166.0 million and $124.7 million for the years ended December 31, 2025 and 2024, respectively.

(2)Total interest expense on lease liabilities under IFRS 16, Leases was $33.1 million and $22.4 million for the years ended December 31, 2025 and 2024, respectively.

(3)Includes restructuring expenses from severance, exit and termination events.

(4)Includes impairment losses on goodwill and intangible assets, primarily due to the impairment of finite-lived intangible assets.

(5)Includes advisory fees in connection with M&A activities and non-recurring costs associated with our IPO and disposal of businesses.

(6)Includes inventory write-offs, legal fees and judgments in connection with non-recurring legal actions, including a certain patent infringement litigation and certain litigation in connection with the divestiture of a business unit. While we face such patent litigation from time to time, the magnitude of costs is rarely significant and the litigation expenses related to a certain recent patent litigation are substantially higher than the expenses related to any other patent litigation in the last 10 years. We view expenses related to these matters as outside our normal course of operations and not representative of our expected and recurring expenses. Legal expenses for other normal, recurring legal proceedings and other legal matters are not included in this adjustment.

(7)Includes expenses for share-based payments and for fixed cash compensation that is contingent upon the vesting of stock options under the 2019 and 2023 ESOP plans. We granted share-based compensation to employees under these equity compensation plans beginning in 2019, but did not incur any expenses related to share-based payments in periods prior to the fourth quarter of fiscal year 2023. No further awards will be granted under the 2019 and 2023 ESOP plans, and thus, the related expenses are not considered indicative of our ongoing performance.

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Adjusted Net Income

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,"],["In millions","","2025","","2024"],["Net income attributable to equity holders of the Company","","$","427.4","","","$","72.6"],["Depreciation and amortization on PPA fair value step up (1)","","71.2","","","42.8"],["Restructuring expenses (2)","","23.7","","","22.4"],["Impairment of goodwill and intangible assets (3)","","6.7","","","\u2014"],["Expenses related to transaction activities (4)","","15.9","","","53.8"],["Expenses related to certain legal proceedings (5)","","3.4","","","3.6"],["Share-based payments (6)","","14.9","","","15.3"],["Loss on debt extinguishment","","\u2014","","","31.8"],["Other adjustments (7)","","\u2014","","","29.6"],["Income tax expense (8)","","(18.2)","","","(35.6)"],["Adjusted net income attributable to equity holders of the Company","","$","545.0","","","$","236.3"]]
[[/GREPCENT_TABLE]]

__________________________________________________

(1)Consists of depreciation and amortization on PPA fair value step up of intangible and tangible assets in connection with the acquisition and delisting of Amer Sports in 2019.

(2)Includes restructuring expenses from severance, exit and termination events.

(3)Includes impairment losses on goodwill and intangible assets, primarily due to the impairment of finite-lived intangible assets.

(4)Includes advisory fees in connection with M&A activities and non-recurring costs associated with our IPO and disposal of businesses.

(5)Includes inventory write-offs, legal fees, and judgments related to non-recurring legal matters, including a certain patent infringement litigation and certain litigation associated with the divestiture of a business unit. While the Company is subject to patent litigation from time to time, the costs associated with these matters are not typical of our ongoing operations, and the expenses related to a particular patent litigation were elevated relative to our usual patent-related legal costs. We consider expenses related to these matters to be outside the normal course of business and not indicative of our expected, recurring expenses. Legal expenses related to routine, recurring legal proceedings and other ordinary legal matters are not included in this adjustment.

(6)Includes expenses for share-based payments and for fixed cash compensation that is contingent upon the vesting of stock options under the 2019 and 2023 ESOP plans. We granted share-based compensation to employees under these equity compensation plans beginning in 2019, but did not incur any expenses related to share-based payments in periods prior to the fourth quarter of fiscal year 2023. No further awards will be granted under the 2019 and 2023 ESOP plans, and thus, the related expenses are not considered indicative of our ongoing performance.

(7)Includes non-cash foreign exchange losses on intercompany transactions and non-operational losses related to hedging arrangements, which are non-recurring and are not indicative of our ongoing performance.

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(8)Includes income tax expense as follows:

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,"],["In millions","","2025","","2024"],["Deferred tax on PPA","","$","(2.0)","","","$","(10.7)"],["Restructuring expenses","","(5.9)","","","(5.7)"],["Impairment of goodwill and intangible assets","","(1.7)","","","\u2014"],["Expenses related to transaction activities","","(4.0)","","","(8.3)"],["Expenses related to certain legal proceedings","","(0.9)","","","(0.9)"],["Share-based payments","","(3.7)","","","(3.8)"],["Loss on debt extinguishment","","\u2014","","","(2.9)"],["Other adjustments","","\u2014","","","(3.3)"],["Total tax expense on adjustments","","$","(18.2)","","","$","(35.6)"]]
[[/GREPCENT_TABLE]]

B. Liquidity and Capital Resources

Our primary need for liquidity is to fund working capital requirements, capital expenditures, debt service, lease obligations and for general corporate purposes. Typically, the highest level of working capital has been reached in the third quarter when inventory and accounts receivable are at a peak during the fall and winter shopping season.

Our future contractual obligations are further discussed in “—Contractual Obligations and Commitments” below. Historically, our main sources of liquidity have been cash flows from operating activities, shareholder loans, share issuances and borrowings under our existing credit facilities. See “—Indebtedness.”

The Company had $652.3 million and $345.4 million of cash and cash equivalents as of December 31, 2025 and 2024, respectively. This $306.9 million increase in cash and cash equivalents was primarily driven by positive net cash flows from operating activities during the year ended December 31, 2025.

Management believes the existing cash and cash equivalent balances, cash flow from operations and credit facilities will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months. Our long-term capital requirements may vary materially from those currently planned and will depend on many factors, including the rate of revenue growth, the timing and extent of spending on research and development efforts, new owned retail store openings and other growth initiatives, the expansion of sales and marketing activities, the timing of new products, and overall economic conditions. We are also expecting increased capital expenditures related to the upgrade of our global SAP enterprise resource planning system over the next several years, which we are in the process of implementing across each of our brands, and the expansion of our warehousing facilities. Our capital expenditures for 2025 were approximately $283.7 million, and our capital expenditure budget for 2026 is approximately $400.0 million.

To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity would result in additional dilution to shareholders. The incurrence of debt financing would result in debt service obligations, and the instruments governing such debt could provide for operating and financing covenants that may restrict our operations. We also regularly evaluate market conditions, our liquidity profile, and various financing alternatives for opportunities to enhance our capital structure. If market conditions are favorable, we may refinance our existing debt or issue additional securities. There can be no assurances that we will be able to raise additional capital on terms that are attractive to us or at all. The inability to raise capital may adversely affect our ability to achieve our business objectives.

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Cash Flow Information

The following table sets forth our consolidated cash flow information for the periods presented:

[[GREPCENT_TABLE]]
[["","","For the year ended December 31,"],["In millions","","2025","","2024"],["Net cash flows from operating activities","","$","729.8","","","$","424.7"],["Net cash flows used in investing activities","","(338.1)","","","(268.3)"],["Net cash flows used in financing activities","","(124.0)","","","(266.0)"]]
[[/GREPCENT_TABLE]]

Operating Activities

Net cash flows from operating activities were $729.8 million for the year ended December 31, 2025, compared to $424.7 million for the year ended December 31, 2024. The increase of $305.1 million was primarily driven by an increase in net income of $362.0 million, a decrease in interest paid of $101.3 million due to lower debt outstanding, and an increase in cash flows from changes in accounts payable and other liabilities of $85.6 million. The amounts were partially offset by a decrease in cash flows from changes in inventories of $145.9 million due to growth in the business, a decrease in cash flows from changes in accounts receivable of $78.7 million due to the timing of collections and a decrease in proceeds from receivable sales. In addition, income taxes paid increased by $42.3 million.

Investing Activities

Net cash flows used in investing activities were $338.1 million for the year ended December 31, 2025, compared to $268.3 million for the year ended December 31, 2024. The increase of $69.8 million in cash flows used in investing activities was primarily due to cash paid of $45.4 million for the acquisition of a business, and $20.9 million for the acquisition of intangible assets, largely related to the implementation of a new SAP ERP system.

Our capital expenditures (which we define herein to refer to the acquisition of property, plant and equipment and the acquisition of intangible assets, as presented in our consolidated statement of cash flows) for the years ended December 31, 2025 and 2024, totaled $283.7 million and $275.4 million, respectively.

Financing Activities

Net cash flows used in financing activities were $124.0 million for the year ended December 31, 2025, compared to $266.0 million for the year ended December 31, 2024. The $142.0 million decrease was primarily driven by $160.4 million decrease in net cash outflows related to proceeds from share issuances and debt repayments and issuances which occurred in the year ended December 31, 2024, a $24.7 million increase in proceeds from the exercise of share options, and a $9.7 million decrease in payments of debt issuance costs. This was partially offset by a $43.3 million increase in payments of lease liabilities primarily due to an increase in owned retail stores and a $13.8 million decrease in cash inflows from the release of derivative contract collateral.

Indebtedness

6.750% Senior Secured Notes

On February 16, 2024, Amer Sports Company (the “Issuer”), our wholly owned subsidiary, entered into an indenture (the “Indenture”) with The Bank of New York Mellon, as trustee, Wilmington Trust (London) Limited, as notes collateral agent, and the guarantors party thereto, pursuant to which the Issuer issued $800 million principal amount of 6.750% senior secured notes (the “Notes”). Pursuant to the Indenture, the Notes will mature on February 16, 2031. Interest on the Notes are payable semi-annually in arrears on each March 1 and September 1, beginning on September 1, 2024.

The Notes are jointly and severally guaranteed by the Company and each of the Company’s subsidiaries (other than the Issuer) that is a borrower or a guarantor under the Senior Secured Credit Facilities (the “Note Guarantors”). The Notes and the guarantees related thereto are senior obligations and are secured, subject to permitted liens and certain other exceptions, by the same first priority liens that secure the obligations of the Issuer and the Note Guarantors under the Senior Secured Credit Facilities.

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The Notes will be redeemable at the option of the Issuer, in whole or in part, on or after February 16, 2027, at the redemption prices set forth in the Indenture. Prior to February 16, 2027, the Issuer may redeem the Notes issued under the Indenture, in whole or in part, at a redemption price of the principal amount thereof plus the applicable premium (as set forth in the Indenture) and accrued and unpaid interest, subject to the limitations set forth in the Indenture.

In addition, on February 6, 2026, the Company voluntarily redeemed $80.0 million aggregate principal amount of the Notes at a redemption price equal to 103.00% of the principal amount, plus accrued interest. The repayment was financed from existing cash resources of the Company.

Upon the occurrence of a Change of Control (as defined in the Indenture), unless the Issuer has exercised its right to redeem all of the Notes, as described above, each holder of the Notes will have a right to repurchase all or any part of that holder’s Notes at a purchase price equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest on the Notes repurchased to, but excluding, the date of purchase.

The Indenture contains covenants that limit the ability of the Company and any of its Restricted Subsidiaries (as such term is defined in the Indenture), to, among other things: incur or guarantee additional indebtedness, make certain investments and other restricted payments; create liens, enter into transactions with affiliates, engage in mergers, consolidations or amalgamations; and transfer and sell assets. The Indenture also provides for customary events of default.

Senior Facilities Agreement

On March 20, 2019, our wholly owned subsidiary, Amer Sports Holding Oy (f/k/a Mascot Midco 1 Oy) (the “Parent Guarantor”), and certain of its subsidiaries, including Amer Sports Holding 1 Oy (f/k/a Mascot Bidco Oy) (“Bidco”) and Mascot Bidco Canada Inc. (“Canada Bidco” and, together with Bidco, the “Borrowers”), entered into a senior facilities agreement with, among others, J.P. Morgan SE (f/k/a J.P. Morgan Europe Limited) as agent and Wilmington Trust (London) Limited as security agent and, on July 17, 2023, such agreement was amended and restated in its entirety (the “Senior Facilities Agreement”). The Senior Facilities Agreement provided for (i) a EUR 315 million senior secured revolving facility (the “Revolving Facility”) and (ii) a EUR 1.7 billion senior secured term loan facility (the “Term Loan Facility” and, together with the Revolving Facility, the “Senior Credit Facilities”). On February 16, 2024, we repaid all outstanding borrowings and terminated the Senior Facilities Agreement.

Senior Secured Credit Facilities

On February 16, 2024, the Company entered into a Credit Agreement (the “Credit Agreement”) with certain subsidiaries of the Company as borrowers, the financial institutions party thereto as lenders and issuing banks, JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan SE as swingline lender, and Wilmington Trust (London) Limited as collateral agent.

The Credit Agreement provides for a five-year revolving credit facility in an aggregate principal amount of $710 million (the “Revolving Credit Facility”), a seven-year $500 million U.S. dollar denominated term loan facility (the “USD Term Loan Facility”) and a seven-year €700 million Euro denominated term loan facility (the “EUR Term Loan Facility,” and together with the USD Term Loan Facility, the “Term Loan Facilities,” and collectively with the Revolving Credit Facility, the “Senior Secured Credit Facilities”).

Revolving Credit Facility

Borrowings under the Revolving Credit Facility are available in U.S. dollars or Euros and bear interest, at the Company’s option, (i) in the case of U.S. dollar borrowings, at either a term SOFR-based rate or a U.S. dollar base rate, and (ii) in the case of Euro borrowings, at EURIBOR, in each case plus an applicable margin. The term SOFR-based rate and EURIBOR are subject to a floor of 0.00% per annum and the U.S. dollar base rate is subject to a floor of 1.00% per annum.

The Company is required to pay quarterly commitment fees on unutilized commitments of between 25 to 40 basis points, payable quarterly in arrears, and letter of credit fees equal to the applicable margin for SOFR borrowings on the maximum amount available to be drawn under outstanding letters of credit, as well as customary fronting and agency fees. The Company may voluntarily reduce unutilized commitments and repay outstanding borrowings at any time without premium or penalty, other than customary breakage costs with respect to SOFR and EURIBOR loans.

As of December 31, 2025, no amounts were outstanding under the Revolving Credit Facility and $710 million was available.

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Term Loan Facilities

Borrowings under the USD Term Loan Facility bore interest, at the Company’s option, at either a term SOFR-based rate or a U.S. dollar base rate, and borrowings under the EUR Term Loan Facility bore interest at EURIBOR, in each case plus an applicable margin. The term SOFR-based rate and EURIBOR were subject to a floor of 0.00% per annum and the U.S. dollar base rate was subject to a floor of 1.00% per annum.

On September 30, 2024, the Company amended the Credit Agreement to reduce the applicable margin for SOFR-based borrowings under the USD Term Loan Facility from 3.00%–3.25% to 2.50%–2.75%, for U.S. dollar base rate borrowings under the USD Term Loan Facility from 2.00%–2.25% to 1.50%–1.75%, and for borrowings under the EUR Term Loan Facility from 3.25%–3.50% to 2.75%–3.00%.

The USD Term Loan Facility required mandatory annual principal amortization of 1.00% per annum, payable in quarterly installments commencing June 30, 2024. The EUR Term Loan Facility was not subject to scheduled amortization. On September 30, 2024 and November 19, 2024, the Company prepaid $65.0 million and $84.6 million, respectively, under the USD Term Loan Facility, and on December 19, 2024 repaid all remaining outstanding borrowings under the Term Loan Facilities. As of December 31, 2025, no amounts were outstanding under the Term Loan Facilities.

Collateral, Guarantees and Other Terms

The Senior Secured Credit Facilities are secured by substantially all of the assets of the Company and certain wholly-owned subsidiaries organized in the United States, Austria, Canada, Switzerland, Cayman Islands, Finland, France, Hong Kong and Sweden, subject to customary exceptions and agreed security principles for subsidiaries not organized in the United States or Canada, and are guaranteed by certain of the Company’s subsidiaries. The obligations under the Senior Secured Credit Facilities and certain hedging and cash management arrangements with lenders (or their affiliates) are secured by first-priority security interests in the collateral, subject to certain exclusions set forth in the credit documentation governing the Senior Secured Credit Facilities.

The Credit Agreement contains a number of covenants that, among other things and subject to certain exceptions, restrict the Company’s and its subsidiaries’ ability to incur additional indebtedness; create liens; enter into agreements and other arrangements that include negative pledge clauses; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; make investments, loans, advances and acquisitions; merge, amalgamate or sell assets, including equity interests of subsidiaries; enter into sale and leaseback transactions; engage in transactions with affiliates; and enter into amendments of or waivers under subordinated indebtedness. The Credit Agreement contains certain customary affirmative covenants.

The Revolving Credit Facility includes financial covenants requiring the Company to maintain a maximum first lien net leverage ratio of 5.00:1.00 and a minimum interest coverage ratio of 2.00:1.00, increasing to 2.25:1.00 for the fiscal quarter ending December 31, 2025 and to 2.50:1.00 for the fiscal quarter ending December 31, 2026, in each case subject to customary standstill and cure rights. The Credit Agreement contains certain customary events of default. If an event of default, as specified in the Credit Agreement, shall occur and be continuing, the borrowers thereunder may be required to repay all amounts outstanding under the Credit Facilities.

China Facilities

On September 2, 2024, Amer Sports (Shanghai) Trading Ltd., our wholly owned subsidiary, entered into a CNY 500 million unsecured working capital line of credit with China Merchants Bank Co., Ltd (the “September 2024 China Facility”), which bore interest at 3.00%. Borrowings on the September 2024 China Facility were $68.5 million as of December 31, 2024. The line of credit was fully repaid and expired in September 2025.

On November 19, 2024, Amer Sports (Shanghai) Trading Ltd., our wholly owned subsidiary, entered into a CNY 500 million unsecured working capital line of credit with Bank of China Limited (the “November 2024 China Facility”), which bore interest at the one-year China Loan Prime Rate less 50 basis points, equivalent to 2.40% at the time of withdrawal on November 22, 2024. Borrowings on the November 2024 China Facility were $68.5 million as of December 31, 2024. The line of credit was fully repaid and expired in November 2025.

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On August 4, 2025, Amer Sports (Shanghai) Trading Ltd., our wholly owned subsidiary, entered into a CNY 540 million facility with Standard Chartered Bank (China) Limited, (the “August 2025 China Facility”), which includes bonds and guarantees of up to CNY 540 million and, at the option of the Company, either a CNY 500 million unsecured working capital line of credit or CNY 500 million synthetic loan. Borrowings under the working capital line of credit bear interest at a rate per annum equal to the one-year China Loan Prime Rate adjusted by an agreed upon spread equivalent to 2.15% at the date of withdrawal on August 21, 2025. The line of credit expires in August 2026. As of December 31, 2025, $71.4 million (based on the CNY/USD exchange rate on December 31, 2025), the full amount of the line of credit under the August 2025 China Facility was outstanding and included in Other Borrowings on the consolidated statement of financial position.

On October 20, 2025, Amer Sports (Shanghai) Trading Ltd., our wholly owned subsidiary, entered into a CNY 500 million facility with Bank of China Limited (the “November 2025 China Facility”), which bears interest at the one-year China Loan Prime Rate less 80 basis points, equivalent to 2.20% at the time of withdrawal on November 24, 2025. The line of credit expires in November 2026. As of December 31, 2025, $71.4 million (based on the CNY/USD exchange rate on December 31, 2025), the full amount of the line of credit under the November 2025 China Facility was outstanding and included in Other Borrowings on the consolidated statement of financial position.

Contractual Obligations and Commitments

The following table summarizes our contractual obligations and commitments, excluding interest, as of December 31, 2025.

[[GREPCENT_TABLE]]
[["","","Payments due by period"],["In millions","","Total","","Less than 1 year","","1-3 years","","3-5 years","","More than 5 years"],["Lease liabilities","","$","977.6","","","$","198.8","","","$","304.6","","","$","193.8","","","$","280.4"],["Borrowings","","942.8","","","142.8","","","\u2014","","","\u2014","","","800.0"],["Accounts payable","","769.8","","","769.8","","","\u2014","","","\u2014","","","\u2014"],["Other commitments (1)","","377.1","","","93.2","","","131.4","","","83.0","","","69.5"],["Total","","$","3,067.3","","","$","1,204.6","","","$","436.0","","","$","276.8","","","$","1,149.9"]]
[[/GREPCENT_TABLE]]

__________________________________________________

(1)Other commitments primarily consist of lease contracts for short-term and low-value leased assets, commitments related to long-term endorsement contracts with professional and non-professional sports leagues, as well as certain short-term contracts, and contracts with brand ambassadors.

Off-Balance Sheet Arrangements

The Company uses off-balance sheet arrangements including letters of credit and guarantees in connection with certain obligations, including leases. Other than those items disclosed here and elsewhere in this MD&A and our consolidated financial statements, we did not have any material off-balance sheet arrangements or commitments as of December 31, 2025.