Amer Sports, Inc. Q4 FY2025 earnings call

James Zheng mentioned Fourth quarter was a great finish with growth led by Arc’teryx and Salomon. 2025 had 27% revenue growth and adjusted operating margin expansion. Key operational highlights include Arc’teryx's strong performance, Salomon's breakout year with footwear and apparel growth, winter sports equipment's strong Q4 despite weather, and Wilson's growth. Andrew Page provided financial review at group and segment level, talking about sales growth, gross margin, SG&A, operating margin, etc.

Technical apparel revenues increased 34% to $1,000,000,000 led by Arc’teryx. Outdoor performance segment saw revenues increase 29% to $764,000,000 driven by Salomon. Ball and racket revenue increased 14% to $337,000,000 driven by softgoods, baseball, and golf.

Full year 2026 expected reported group revenue growth between 16 - 18%, adjusted gross margin ~59%, adjusted operating margin 13.1% - 13.3%. First quarter 2026 expected reported revenue growth range 22 - 24%, adjusted gross margin ~59%, adjusted operating profit margin 14% - 14.5%, adjusted diluted EPS $0.28 - $0.30. Segments: technical apparel 18 - 20% growth, adjusted operating margin ~22%; outdoor performance 18 - 20% growth, segment margin 14.5% - 14.8%; ball and racket 7 - 9% growth, margin 4.7% - 5%.

Forward looking statements subject to risks and uncertainties that could cause actual results to differ materially. Tariffs could impact, though Amer Sports confident in managing, with low US exposure, strong brand portfolio and pricing power, clean balance sheet.

Q: Questions on fourth quarter gross margin, Salomon investments, etc.

A: Andrew Page and others addressed, including fourth quarter gross margin factors, Salomon investment details and impact on margins; Q: Questions on Salomon momentum, Arc’teryx outlook, etc.

A: Guillaume Meyzenq, James Zheng, Stuart Haselden answered on Salomon region growth, Arc’teryx women's and footwear initiatives; Q: Questions on Salomon wholesale expansion, Arc’teryx wholesale, etc.

A: Guillaume Meyzenq and Stuart Haselden answered on Salomon wholesale and Arc’teryx wholesale strategies; Q: Questions on Salomon region growth and SG&A investment, etc.

A: Guillaume Meyzenq answered on Salomon region growth and distribution; Q: Questions on margin cadence and expense pacing, etc.

A: Andrew Page answered on margin cadence and expense pacing; Q: Questions on Arc’teryx women's, footwear initiatives and tariffs, etc.

A: Stuart Haselden answered on Arc’teryx women's, footwear and tariff impact; Q: Questions on capital structure and uses of cash, etc.

A: Andrew Page answered on capital structure and uses of cash