Document

The following discussion of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated interim financial statements and the notes thereto, as of and for the three and six months ended June 30, 2025 included as Exhibit 99.2 to the Report on Form 6-K to which this discussion and analysis is included as Exhibit 99.1, together with our audited financial statements and the notes thereto, and the section titled “Item 3. Key Information—D. Risk Factors,” each of which appear in our annual report on Form 20-F for the year ended December 31, 2024 filed with the SEC on March 7, 2025 (“Annual Report”) and available at www.sec.gov. As discussed in the section titled “Special Note Regarding Forward Looking Statements,” the following discussion and analysis includes forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below in such section and “Item 3. Key Information—D. Risk Factors” in our Annual Report.

Unless otherwise indicated or the context otherwise requires, all references herein to “Amer Sports, Inc.,” the “Company,” “we,” “our,” “ours,” “us” or similar terms refer to Amer Sports, Inc., together with its subsidiaries. All references to “U.S. dollars,” “dollars” or “$” are to the U.S. dollar, all references to “EUR” or “€” are to the euro and all references to “CNY” are to the Chinese yuan. Unless otherwise indicated or the context otherwise requires, all references to “Americas” refers to the United States, Canada, and certain countries in Latin America, “EMEA” refers to Europe, the Middle East and Africa, “Greater China” refers to Mainland China, Hong Kong, Macau and Taiwan and “Asia Pacific” excludes Greater China. The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals.

Amer Sports is a global group of iconic sports and outdoor brands, including Arc’teryx, Salomon, Wilson, Peak Performance, and Atomic. Our brands are known for their detailed craftsmanship, unwavering authenticity, and premium market positioning. As creators of exceptional apparel, footwear, and equipment, we pride ourselves on cutting-edge innovation, performance, and designs that allow elite athletes and everyday consumers to perform their best.

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 experience some seasonal fluctuations in our revenue and operating results. Historically, we have realized a slightly 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. 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.

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 Renminbi (“RMB”), and generally the applicable local currency is our functional currency in that locality. As a result, we face foreign currency exposure that impacts our profitability due to the translation of net income, assets and liabilities of our operations in numerous jurisdictions into U.S. dollars, including on our outstanding indebtedness and available credit facilities denominated in currencies other than U.S. dollars.

Where possible, we manage foreign currency exposure through a variety of methods, including by financing each business unit 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.

Since the completion of our IPO, we have begun, and will continue, to incur additional costs associated with operating as a public company. In particular, our accounting, legal and personnel-related expenses and insurance costs have begun, and 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 to date.

The following table summarizes certain key financial measures for the three and six months ended June 30, 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 three and six months ended June 30, 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.

In the third quarter of 2024, the Company changed its presentation of credit card processing fees in the consolidated statement of income and loss and other comprehensive income and loss, which were previously recorded as contra-revenue and have been reclassified as selling, general and administrative expenses. We believe this presentation better reflects the nature of the costs incurred by the Company. Prior period amounts have been reclassified to conform with current period presentation. The amounts reclassified were immaterial and had no impact on previously reported operating profit or net income. See Note 2. “Summary of Material Accounting Policies,” to our unaudited condensed consolidated interim financial statements included as Exhibit 99.2 to the Report on Form 6-K, for additional information.

In the third quarter of 2024, the Company changed its presentation in the consolidated statement of cash flows to present net cash flows from revolving credit facilities with repayment terms less than three months separately from other short-term borrowings from financial institutions. The Company elected to make this reclassification as they believe it more appropriately reflects the nature of the source and use of the cash flows, and improves comparability to peers. Prior period amounts have been reclassified to conform with current period presentation. The change had no impact on net cash flow from financing activities or any other financial statement information.

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 losses, net & other finance costs. We believe this presentation better reflects the operating performance of the Company and improves comparability to peers. The impact on prior period financial statements is immaterial.


	For the three months ended June 30,						For the six months ended June 30,
In millions	2025			2024			2025			2024
Revenue	$	1,236.3		$	1,001.4		$	2,708.8		$	2,194.0
Constant Currency Revenue (1)	$	1,221.8		$	1,001.4		$	2,730.0		$	2,194.0
Net income/(loss) attributable to equity holders of the Company	$	18.2		$	(3.7)		$	152.8		$	1.4
Net income/(loss) margin	1.5		%	(0.4)		%	5.6		%	0.1		%
Adjusted EBITDA (2)	$	137.8		$	81.4		$	437.1		$	262.9
Adjusted EBITDA Margin (2)	11.1		%	8.1		%	16.1		%	12.0		%
Adjusted net income attributable to equity holders of the Company (2)	$	36.0		$	24.7		$	184.0		$	74.9
Segment Revenue
Technical Apparel	$	508.9		$	412.1		$	1,172.7		$	929.3
Outdoor Performance	$	413.7		$	305.8		$	916.1		$	707.6
Ball & Racquet Sports	$	313.7		$	283.5		$	620.0		$	557.1
Segment Adjusted Operating Profit
Technical Apparel	$	70.7		$	57.8		$	228.6		$	175.1
Outdoor Performance	$	21.3		$	(6.5)		$	95.1		$	12.8
Ball & Racquet Sports	$	9.7		$	3.2		$	29.9		$	14.0

____________________________________________

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.”

We define Adjusted EBITDA as net income/(loss) 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 non-recurring items such as 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/(loss) attributable to equity holders of the Company and a reconciliation of Adjusted EBITDA Margin to net income(loss) margin and for a further discussion of how we utilize, and limitations of, these non-IFRS measures see “Non-IFRS Financial Measures.”

We define Adjusted Net Income attributable to equity holders of the Company as net income/(loss) attributable to equity holders of the Company with adjustments to exclude non-recurring items such as depreciation and amortization on the purchase price allocation (“PPA”) fair value step up resulting from the acquisition and delisting of Amer Sports in 2019 (“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 related income tax expense.

Adjusted net income attributable to equity holders of the Company 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/(loss) attributable to equity holders of the Company and for a further discussion of how we utilize, and limitations of, this non-IFRS measure see “Non-IFRS Financial Measures.”

We define Segment Adjusted Operating Profit as income before tax for the segment with adjustments to exclude non-recurring items such as 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 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 unaudited condensed consolidated interim financial statements included elsewhere in Exhibit 99.2 to the Report on Form 6-K to which this discussion and analysis is included as Exhibit 99.1.


	For the three months ended June 30,				For the six months ended June 30,
In millions	2025		2024		2025		2024
Revenue	$	1,236.3	$	1,001.4	$	2,708.8	$	2,194.0
Cost of goods sold	(513.4)		(442.5)		(1,134.8)		(986.9)
Gross profit	722.9		558.9		1,574.0		1,207.1
Selling, general and administrative expenses	(697.8)		(567.8)		(1,339.7)		(1,111.7)
Impairment losses	(2.6)		(1.2)		(2.9)		(2.5)
Other operating income	21.2		1.6		26.5		7.6
Operating profit/(loss)	43.7		(8.5)		257.9		100.5
Interest expense	(30.0)		(42.6)		(52.0)		(110.9)
Foreign currency exchange gains/(losses), net & other finance costs	6.7		(5.1)		10.6		(19.1)
Loss on debt extinguishment	—		—		—		(14.3)
Interest income	1.4		2.5		2.9		5.2
Net finance cost	(21.9)		(45.2)		(38.5)		(139.1)
Income/(loss) before tax	21.8		(53.7)		219.4		(38.6)
Income tax benefit/(expense)	0.6		51.9		(58.9)		43.7
Net income/(loss)	$	22.4	$	(1.8)	$	160.5	$	5.1
Net income/(loss) attributable to:
Equity holders of the Company	$	18.2	$	(3.7)	$	152.8	$	1.4
Non-controlling interests	$	4.2	$	1.9	$	7.7	$	3.7


	For the three months ended June 30,				Change				For the six months ended June 30,				Change
In millions	2025		2024		$		%		2025		2024		$		%
Revenue	$	1,236.3	$	1,001.4	$	234.9	23.5	%	$	2,708.8	$	2,194.0	$	514.8	23.5	%

Channel Revenues
Wholesale	$	595.4	$	544.8	$	50.6	9.3	%	$	1,375.3	$	1,239.6	$	135.7	10.9	%
DTC	640.9		456.6		184.3		40.4	%	1,333.5		954.4		379.1		39.7	%
Total	$	1,236.3	$	1,001.4	$	234.9	23.5	%	$	2,708.8	$	2,194.0	$	514.8	23.5	%

Geographic Revenues
Americas	$	395.4	$	371.9	$	23.5	6.3	%	$	860.1	$	786.8	$	73.3	9.3%
Greater China (1)	410.2		289.6		120.6		41.6	%	856.2		601.2		255.0		42.4	%
EMEA	276.2		233.1		43.1		18.5	%	681.1		593.8		87.3		14.7	%
Asia Pacific (2)	154.5		106.8		47.7		44.7	%	311.4		212.2		99.2		46.7	%
Total	$	1,236.3	$	1,001.4	$	234.9	23.5	%	$	2,708.8	$	2,194.0	$	514.8	23.5	%

Revenue increased by $234.9 million, or 23.5%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Revenue increased by $514.8 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase for both periods was primarily driven by an increase in sales volume from the Outdoor Performance and Technical Apparel segments. Channel revenues were driven by DTC, which increased 40.4% and 39.7% for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024. Regional growth was led by Greater China and Asia Pacific, which increased 41.6% and 44.7%, respectively, for the three months ended June 30, 2025, and 42.4% and 46.7%, respectively, for the six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. EMEA increased by 18.5% and 14.7% for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024. The Americas increased by 6.3% and 9.3% for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024.

Gross profit increased by $164.0 million, or 29.3%, for three months ended June 30, 2025 compared to the three months ended June 30, 2024. Gross profit increased by $366.9 million, or 30.4%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Gross margin was 58.5% and 55.8% for the three months ended June 30, 2025, and 2024, respectively and 58.1% and 55.0% for the six months ended June 30, 2025, and 2024, respectively. These increases were primarily driven by favorable channel, geographic, product and segment mix, and lower discounts compared to the prior year, which were partially offset by higher transportation, logistics and materials costs.

Selling, general and administrative expenses increased by $130.0 million, or 22.9%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Selling, general and administrative expenses increased by $228.0 million, or 20.5%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. As a percentage of revenues, selling, general and administrative expenses decreased to 56.4% and 49.5% for the three and six months ended June 30, 2025, respectively, compared to 56.7% and 50.7% for the three and six months ended June 30, 2024, respectively.

This increase was due to higher selling and marketing costs of $105.0 million and $191.2 million, for the three and six months ended June 30, 2025, respectively, as well as higher administrative and other expenses of $24.9 million and $36.8 million for the three and six months ended June 30, 2025, respectively. The increase in selling and marketing expenses was primarily due to DTC investments in Greater China and Asia Pacific, including higher store rent expense and retail personnel costs related to new store openings, and advertising and promotion expenses. In e-commerce, there was an increase in online and offline marketing expenses and operating costs of e-commerce systems. Administrative expenses increased for the three and six months ended June 30, 2025, primarily due to higher personnel costs as a result of increased headcount.

Other operating income increased $19.6 million and $18.9 million for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively. The increase for both periods is driven by an increase in government grants of $18.5 million, which were received in the second quarter of 2025, as compared to the second half of 2024.

Foreign currency exchange gains/(losses), net & other finance costs increased by $11.8 million, or 231.4%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Foreign currency exchange gains/(losses), net & other finance costs increased $29.7 million, or 155.7% for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase was due to fluctuations in foreign exchange rates, specifically weakening of the U.S. dollar in relation to our most commonly used foreign currencies.

Income tax benefit decreased by $51.3 million, or 98.8%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The effective tax rate was (3)% and 97% for the three months ended June 30, 2025, and 2024, respectively. Income tax expense increased by $102.6 million, or 234.6%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The effective tax rate was 27% and 113% for the six months ended June 30, 2025, and 2024, respectively.

The decrease in the effective tax rate for both the three and six months ended June 30, 2025 is due to higher forecasted pre-tax income, jurisdictional mix of earnings, lower non-deductible interest expenses and the utilization of deferred income tax benefits related to tax loss carryforwards compared to the same periods in 2024.

The three and six months ended June 30, 2025, included a discrete tax benefit of $5.0 million due to a favorable return to provision adjustment. The three and six months ended June 30, 2024, included a discrete tax benefit of $19.9 million due to the reversal of uncertain tax positions as a result of the closure of tax audits and expiration of statute of limitations, which was partially offset by an unfavorable return to provision adjustment of $11.8 million.

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.


	For the three months ended June 30,				Change				For the six months ended June 30,				Change
In millions	2025		2024		$		%		2025		2024		$		%
Technical Apparel	$	508.9	412.1		$	96.8	23.5	%	$	1,172.7	929.3		$	243.4	26.2	%
Outdoor Performance	413.7		305.8		107.9		35.3	%	916.1		707.6		208.5		29.5	%
Ball & Racquet Sports	313.7		283.5		30.2		10.7	%	620.0		557.1		62.9		11.3	%
Total	$	1,236.3	$	1,001.4	$	234.9	23.5	%	$	2,708.8	$	2,194.0	$	514.8	23.5	%


	For the three months ended June 30,				Change				For the six months ended June 30,				Change
In millions	2025		2024		$		%		2025		2024		$		%
Technical Apparel	$	70.7	$	57.8	$	12.9	22.3	%	$	228.6	$	175.1	$	53.5	30.6	%
Outdoor Performance	21.3		(6.5)		27.8		(427.7)	%	95.1		12.8		82.3		643.0	%
Ball & Racquet Sports	9.7		3.2		6.5		203.1	%	29.9		14.0		15.9		113.6	%


	For the three months ended June 30,				Change				For the six months ended June 30,				Change
In millions	2025		2024		$		%		2025		2024		$		%
Technical Apparel	$	38.9	$	27.6	$	11.3	40.9	%	$	74.6	$	55.6	$	19.0	34.2	%
Outdoor Performance	28.8		25.2		3.6		14.3	%	59.7		50.5		9.2		18.2	%
Ball & Racquet Sports	10.4		8.1		2.3		28.4	%	20.1		15.7		4.4		28.0	%
Total	$	78.1	$	60.9	$	17.2	28.2	%	$	154.4	$	121.8	$	32.6	26.8	%


	For the three months ended June 30,				Change				For the six months ended June 30,				Change
In millions	2025		2024		$		%		2025		2024		$		%
Technical Apparel	$	2.3	$	2.4	$	(0.1)	(4.2)	%	$	4.7	$	4.6	$	0.1	2.2	%
Outdoor Performance	8.4		8.0		0.4		5.0	%	16.2		16.0		0.2		1.3	%
Ball & Racquet Sports	0.3		0.3		—		—	%	0.6		0.6		—		—	%
Total	$	11.0	$	10.7	$	0.3	2.8	%	$	21.5	$	21.2	$	0.3	1.4	%


	For the three months ended June 30,				Change				For the six months ended June 30,				Change
In millions	2025		2024		$		%		2025		2024		$		%
Channel Revenues
Wholesale	$	121.6	$	117.1	$	4.5	3.8	%	324.9		283.9		$	41.0	14.4	%
DTC	387.3		295.0		92.3		31.3	%	847.8		645.4		202.4		31.4	%
Total	$	508.9	$	412.1	$	96.8	23.5	%	$	1,172.7	$	929.3	$	243.4	26.2	%

(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 23.5% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Technical Apparel revenue increased by 26.2% for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase for both periods was primarily driven by Arc'teryx volume growth within the DTC channel. DTC revenues increased by 31.3% and 31.4%, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively. The increase was driven by volume growth in our existing retail stores and e-commerce platforms, and an expanded retail store network with a net increase of 23 owned retail stores. Wholesale revenues increased 3.8% and 14.4%, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively, 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 three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.

Segment Adjusted Operating Profit in our Technical Apparel segment increased by 22.3% and 30.6% for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively. This was primarily driven by higher gross profit and other operating income, partially offset by an increase in selling, general and administrative expenses. Segment adjusted operating profit margin was 13.9% and 19.5% for the three and six months ended June 30, 2025, compared to 14.0% and 18.8% for the three and six months ended June 30, 2024, respectively. The decrease in adjusted operating profit margin for the three months ended June 30, 2025 was driven by higher selling, general and administrative expenses as a percentage of revenue due to increased personnel costs and lease and facility expenses due to DTC investments, partially offset by higher other operating income from government grants, which were received in the second half of the prior year.


	For the three months ended June 30,				Change				For the six months ended June 30,				Change
In millions	2025		2024		$		%		2025		2024		$		%
Channel Revenues
Wholesale	$	221.4	$	187.9	$	33.5	17.8	%	$	541.7	$	481.2	$	60.5	12.6	%
DTC	192.3		117.9		74.4		63.1	%	374.4		226.4		148.0		65.4	%
Total	$	413.7	$	305.8	$	107.9	35.3	%	$	916.1	$	707.6	$	208.5	29.5	%

Outdoor Performance revenue increased by 35.3% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Outdoor Performance revenue increased by 29.5% for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increases in both periods were primarily driven by growth in Salomon softgoods revenues. DTC revenues increased by 63.1% and 65.4% for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively, due to an expanded owned retail store network with a net increase of 94 owned retail stores and an increase in online traffic to our owned e-commerce websites. Wholesale revenues increased 17.8% and 12.6% for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, driven by higher unit sales for Salomon softgoods. By geography, Outdoor Performance revenue increased across all regions, primarily in Greater China, EMEA, and Asia Pacific for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.

Segment Adjusted Operating Profit/(Loss) in our Outdoor Performance segment increased from a loss of $6.5 million for the three months ended June 30, 2024 to a profit of $21.3 million for the three months ended June 30, 2025. Segment Adjusted Operating Profit in our Outdoor Performance segment increased from $12.8 million for the six months ended June 30, 2024 to $95.1 million for the six months ended June 30, 2025. This was primarily driven by higher gross profit and partially offset by an increase in selling, general and administrative expenses.

Segment adjusted operating profit margin was 5.1% and 10.4% for the three and six months ended June 30, 2025, respectively, compared to (2.1)% and 1.8% for the three and six months ended June 30, 2024, respectively. This increase for the three and six months ended June 30, 2025 was primarily driven by higher gross margins from favorable channel, region, and product mix due to a higher proportion of DTC revenues, lower materials cost, and lower selling, general and administrative expenses as a percentage of revenue, primarily related to personnel expenses and partially offset by lease and facility expenses.

Ball & Racquet segment revenue increased by 10.7% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This growth was driven by Wilson softgoods and racquet product categories, which was partially offset by declines in inflatables, baseball and golf. Ball & Racquet segment revenue increased by 11.3% for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. This growth was driven by Wilson softgoods, racquet and golf product categories, which was partially offset by declines in baseball and inflatables. DTC revenues increased by 40.3% and 34.7% for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, due to an expanded retail store network with a net increase of 37 owned retail stores. Wholesale revenues increased 5.3% and 7.2% for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively, driven by an increase in volumes. By geography, Ball & Racquet revenue for the three months ended June 30, 2025, compared to the three months ended June 30, 2024 increased in Greater China, EMEA and Asia Pacific. Revenue in the Americas was consistent with the prior year. Revenue increased across all regions, primarily in Greater China, EMEA, and Asia Pacific for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.

Segment Adjusted Operating Profit in our Ball & Racquet segment increased by 203% and 114% for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively. This was primarily driven by higher gross profit partially offset by an increase in selling, general and administrative expenses. Segment adjusted operating profit margin was 3.1% and 4.8% for the three and six months ended June 30, 2025, respectively, compared to 1.1% and 2.5% for the three and six months ended June 30, 2024, respectively. This increase was primarily driven by higher gross margins as a result of favorable product, channel, and region mix, which was partially offset by higher duties costs, and discounts. This was partially offset by increased selling, general and administrative expenses as a percentage of revenue due to DTC investments, primarily related to personnel, lease and facility expenses for the three months ended June 30, 2025 and advertising, promotion and sales expenses for the six months ended June 30, 2025.

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, such as depreciation and amortization 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 items such as depreciation and amortization on PPA fair value step up, restructuring expenses, expenses related to transaction activities, and expenses related to certain legal proceedings.


	For the three months ended June 30,						For the six months ended June 30,
In millions	2025			2024			2024			2023
Revenue	$	1,236.3		$	1,001.4		$	2,708.8		$	2,194.0
Net income/(loss) attributable to equity holders of the Company	18.2			(3.7)			$	152.8		$	1.4
Net income attributable to non-controlling interests	4.2			1.9			7.7			3.7
Depreciation and amortization (1)	81.4			62.8			159.1			125.3
Interest expense (2)	30.0			42.6			52.0			110.9
Foreign currency exchange (gains)/losses, net & other finance costs	(6.7)			5.1			(10.6)			19.1
Loss on debt extinguishment	—			—			—			14.3
Interest income	(1.4)			(2.5)			(2.9)			(5.2)
Income tax (benefit)/expense	(0.6)			(51.9)			58.9			(43.7)
Restructuring expenses (3)	6.0			8.8			8.9			9.7

Expenses related to transaction activities (4)	2.0			12.2			2.3			18.0

Expenses related to certain legal proceedings (5)	(1.2)			—			(2.0)			—
Share-based payments (6)	5.9			6.1			10.9			9.4
Adjusted EBITDA	$	137.8		$	81.4		$	437.1		$	262.9
Net income/(loss) margin	1.5		%	(0.4)		%	5.6		%	0.1		%
Adjusted EBITDA Margin	11.1		%	8.1		%	16.1		%	12.0		%

(5)Includes inventory write-offs, legal fees and judgements 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.

(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.


	For the three months ended June 30,				For the six months ended June 30,
In millions	2025		2024		2025		2024
Net income/(loss) attributable to equity holders of the Company	$	18.2	$	(3.7)	$	152.8	$	1.4
Depreciation and amortization on PPA fair value step up (1)	11.0		10.7		21.5		21.4
Restructuring expenses (2)	6.0		8.8		8.9		9.7

Expenses related to transaction activities (3)	2.0		12.2		2.3		36.0

Expenses related to certain legal proceedings (4)	(1.2)		—		(2.0)		—
Share-based payments (5)	5.9		6.1		10.9		9.4
Loss on debt extinguishment	—		—		—		14.3
Income tax expense on adjustments (6)	(5.9)		(9.4)		(10.4)		(17.3)
Adjusted net income attributable to equity holders of the Company	$	36.0	$	24.7	$	184.0	$	74.9

(4)Includes inventory write-offs, legal fees and judgements 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.

(5)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.


	For the three months ended June 30,				For the six months ended June 30,
In millions	2025		2024		2025		2024
Depreciation and amortization on PPA fair value step up	$	(2.8)	$	(2.7)	$	(5.4)	$	(5.3)
Restructuring expenses	(1.5)		(2.2)		(2.2)		(2.4)
Expenses related to transaction activities	(0.5)		(3.1)		(0.6)		(5.9)
Expenses related to certain legal proceedings	0.3		—		0.5		—
Share-based payments	(1.4)		(1.4)		(2.7)		(2.3)
Loss on debt extinguishment	—		—		—		(1.4)
Total tax expense on adjustments	$	(5.9)	$	(9.4)	$	(10.4)	$	(17.3)

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.

The Company had $303.4 million and $255.9 million of cash and cash equivalents as of June 30, 2025, and 2024, respectively. The $47.5 million increase in cash and cash equivalents as of June 30, 2025, as compared to June 30, 2024, was primarily due to lower net cash flows used in financing activities and higher net cash flows generated from operating activities, which was partially offset by an increase in net cash flows used in investing activities.

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. Management also expects increased capital expenditures related to the upgrade of our global SAP enterprise resource planning system over the next several years, which the Company is in the process of implementing across each of our brands, and the expansion of our warehousing facilities. Our capital expenditures for 2024 were approximately $275.4 million, and our capital expenditures for 2025 are expected to be approximately $300.0 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.

Total net cash flows from operating activities was $107.5 million for the six months ended June 30, 2025, compared to $66.8 million for the six months ended June 30, 2024. The increase of $40.7 million was primarily driven by an increase in net income of $155.4 million, an increase in cash flows from changes in prepaid expenses and other assets of $54.5 million, a decrease in interest paid of $40.4 million due to lower debt outstanding, an increase in adjustments for non-cash and other items of $32.6 million, and an increase in cash flows from changes in accounts receivable of $13.5 million due to the timing of collections. These amounts were partially offset by a decrease in cash flows from changes in inventories of $141.3 million, a decrease in cash flows from changes in accounts payable of $82.7 million due to the timing of payments year-over-year, a decrease in cash flows from changes in other liabilities of $25.9 million, and an increase in income taxes paid of $7.3 million.

Net cash flows used in investing activities were $135.2 million for the six months ended June 30, 2025 compared to $114.4 million for the six months ended June 30, 2024. The increase of $20.8 million was primarily due to the acquisition of intangible assets related to the implementation of a new SAP ERP system and proceeds from the sale of a subsidiary in the prior year, which was partially offset by a decrease in cash paid for the acquisition of property, plant and equipment due to the timing of payments.

Net cash flows used in financing activities were $38.3 million for the six months ended June 30, 2025, compared to $165.8 million for the six months ended June 30, 2024. The decrease of $127.5 million was primarily driven by a $100.9 million decrease in net cash outflows related to proceeds from share issuance, debt repayments, and debt issuances, a $21.1 million increase in proceeds from the exercise of share options, a $11.7 million decrease in cash outflows from the settlement of forward contracts and balance sheet hedges, and a $7.6 million decrease in payments of debt issuance costs. This was partially offset by a $14.9 million decrease in cash inflows from the release of derivative contract collateral.

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 New 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 New Senior Secured Credit Facilities.

In addition, prior to February 16, 2027, the Issuer may, at its option and on one or more occasions, redeem up to 10% of the aggregate principal amount of the Notes under the Indenture (including any additional Notes) during any 12-month period at a redemption price equal to 103% of the principal amount of the Notes being redeemed. Prior to February 16, 2027, the Issuer may on any one or more occasions redeem up to 40% of the aggregate principal amount of Notes issued under the indenture at a redemption price of 106.750% of the principal amount thereof, subject to the limitations set forth in the Indenture.

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.

On February 16, 2024, the Company entered into a Credit Agreement (the “Credit Agreement”) with the Company, 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 of $710 million (the “New Revolving Credit Facility” and together with the New Term Loan Facilities, which were fully repaid in December 2024, the “New Senior Secured Credit Facilities”). Borrowings under the New Revolving Credit Facility are available in U.S. dollars or Euros. As of June 30, 2025, borrowings of $710 million were available under the New Revolving Credit Facility.

Borrowings under the New Revolving Credit Facility in: (i) U.S. dollars will bear interest at a rate per annum equal to, at the option of the Company, either (a) a term SOFR-based rate or (b) a U.S. dollar base rate and (ii) Euros will bear interest at a rate per annum equal to EURIBOR (provided, however, that the term SOFR-based rate and EURIBOR shall be no less than 0.00% per annum at any time and the U.S. dollar base rate shall be no less than 1.00% per annum at any time), in each case, plus an applicable margin.

In addition, the Company is required to pay quarterly commitment fees equal to 30% of the Applicable Rate then in effect for SOFR borrowings under the New Revolving Credit Facility, on a per annum basis in respect of the unutilized commitments under the New Revolving Credit Facility, payable quarterly in arrears. The Company will also be required to pay letter of credit fees on the maximum amount available to be drawn under all outstanding letters of credit in an amount equal to the Applicable Rate on SOFR borrowings under the New Revolving Credit Facility on a per annum basis, payable quarterly in arrears, as well as customary fronting fees for the issuance of letters of credit and agency fees.

The New Senior Secured Credit Facilities is secured by substantially all of the assets of the Company and certain wholly-owned subsidiaries of the Company that are organized in the United States, Austria, Canada, Switzerland, Cayman Islands, Finland, France, Hong Kong and Sweden, subject to certain exceptions and subject to the agreed security principles with respect to any such subsidiaries that are not organized in the United States or Canada.

The obligations of the Company and the obligations of the guarantors under the New Senior Secured Credit Facilities and certain hedging arrangements and cash management arrangements entered into with lenders under the New Senior Secured Credit Facilities (or affiliates thereof) are secured by first-priority security interests in the collateral securing such facilities subject to certain exclusions set forth in the credit documentation governing the New 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 New Revolving Credit Facility contains financial covenants that: (1) require the Company to maintain a maximum first lien net leverage ratio of not greater than 5.00:1.00 and (2) require the Company to maintain an interest coverage ratio of not less than 2.00:1.00, which shall increase to 2.25:1.00 as of the fiscal quarter ending December 31, 2025 and shall further increase to 2.50:1.00 as of the fiscal quarter ending December 31, 2026. The financial covenants contain a customary term loan facility standstill and customary cure rights.

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 China Facility”), which bears interest at 3.0%. The line of credit expires in September 2025. As of June 30, 2025, $69.8 million, the full amount of the line of credit under the September China Facility was outstanding and included in Other Borrowings on the consolidated statement of financial position.

On November 19, 2024, Amer Sports Shanghai Trading Ltd., our wholly owned subsidiary, entered into an additional CNY 500 million unsecured working capital line of credit with Bank of China Limited (the “November China Facility,” and together with the September China Facility, the “China Facilities”), which bears interest at the one-year China Loan Prime Rate less 50 basis points, equivalent to 2.6% at the time of withdrawal on November 22, 2024. The line of credit expires in November 2025. As of June 30, 2025, $69.8 million, the full amount of the line of credit under the November China Facility was outstanding and included in Other Borrowings on the consolidated statement of financial position.

See Note 14. “Commitments,” to our unaudited condensed consolidated interim financial statements included as Exhibit 99.2 to the Report on Form 6-K, for details regarding 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 financial statements, we did not have any material off-balance sheet arrangements or commitments as of June 30, 2025.

This discussion contains statements that constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Many of the forward-looking statements contained herein can be identified by the use of forward-looking words such as “anticipate,” “believe,” “may,” “will,” “expect,” “could,” “target,” “predict,” “potential,” “should,” “plan,” “intend,” “estimate” and “potential,” and similar expressions.

Forward-looking statements appear in a number of places herein and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section titled “Item 3. Key Information—D. Risk Factors” in our Annual Report on Form 20-F. These risks and uncertainties include factors relating to:

•current and further changes 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;

Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of an unanticipated event.


	As of June 30,				Change
	2025		2024		%
Store Count (1)
Arc'teryx	183		160		14.4	%
Peak Performance	44		43		2.3	%
Total	227		203		11.8	%
Omni-comp (2)	15.1	%	26.0	%