1. Amer Sports is like an **LVMH, but for premium sports and outdoor brands** such as Arc'teryx, Salomon, and Wilson.

2. Think of Amer Sports as a **VF Corporation specializing in high-performance sports equipment and outdoor apparel and footwear.**

• Technical Apparel: High-performance clothing designed for outdoor activities and sports, including jackets, pants, and other specialized garments.
• Performance Footwear: Specialized shoes for trail running, hiking, and various athletic pursuits.
• Winter Sports Equipment: Gear for skiing, snowboarding, and other snow sports, such as skis, snowboards, boots, and bindings.
• Ball & Racquet Sports Equipment: Sporting goods for mainstream sports like tennis, baseball, and basketball, including rackets, bats, balls, and protective gear.
• Sports & Outdoor Accessories: A range of complementary items for sports and outdoor use, such as backpacks, goggles, helmets, and other small gear.
• Gear Repair & Circularity Services: Programs providing repair, care information, and opportunities for upcycling and resale of pre-owned sports and outdoor equipment.

• Outdoor Performance Enthusiasts: This category includes individuals who participate in a wide range of outdoor and mountain sports such as hiking, climbing, trail running, skiing, and snowboarding. These customers seek high-performance, durable, and innovative apparel, footwear, and equipment for their adventurous pursuits, as exemplified by brands like Arc'teryx, Salomon, Atomic, and Peak Performance.
• Athletes and Sports Participants: This category encompasses individuals engaged in various mainstream sports, particularly ball and racquet sports like tennis, baseball, basketball, and football. These customers, ranging from amateur players to elite athletes, look for high-performance sports equipment, apparel, and footwear to excel in their chosen activities, primarily served by brands under the Wilson Sporting Goods portfolio (including Wilson, Louisville Slugger, DeMarini, EvoShield, and ATEC).

James Zheng, Chief Executive Officer

James Zheng joined Amer Sports in 2020 as Chief Executive Officer. He has over two decades of experience in the sporting goods industry. Prior to his role at Amer Sports, Zheng served as Group President of ANTA Sports Products Ltd., a position he held since 2008. He also gained extensive experience through various senior executive and sales roles in large publicly listed companies such as Adidas, Reebok, and P&G. Zheng is also the Co-Chairman of the World Federation of the Sporting Goods Industry (WFSGI). He holds a B. Sc. in Management Science from Shanghai Fudan University, China. Amer Sports was acquired by an investor consortium that includes ANTA Sports, FountainVest Partners, Anamered Investments, and Tencent, demonstrating Zheng's leadership within a company backed by private equity firms through this acquisition.

Andrew Page, Chief Financial Officer

Andrew Page was appointed Group Chief Financial Officer of Amer Sports in April 2023. He brings three decades of finance and accounting leadership experience to the role. Before joining Amer Sports, Page served as CFO for Foot Locker, where he played a key role in redefining the enterprise strategy and enhancing business resilience. His previous experience also includes serving as Chief Accounting Officer at Advance Auto Parts and Senior Vice President and Chief Accounting Officer at Under Armour, Inc. Page began his career in the Audit group at PwC and later worked in Financial Controlling at GE. He earned his MBA from Georgetown University and a BBA in Accounting from Eastern Kentucky University.

Stuart Haselden, CEO Arc'teryx

Stuart Haselden became the CEO of Arc'teryx in February 2021. He possesses over 20 years of global experience in retail and premium brands across North America, Europe, Asia, and Australia. His prior senior leadership positions include CEO of Away Travel, Chief Operating Officer and Executive Vice President, Head of International, and Chief Financial Officer at Lululemon Athletica, Inc., where he was instrumental in restoring the brand's profitability and leading its international expansion. Haselden also held roles as Chief Financial Officer, Treasurer, and Senior Vice President of Finance for J. Crew Group, Inc., and spent six years at Saks Fifth Avenue, including as Vice President of Strategic Planning. He is a former U.S. Army cavalry officer.

Guillaume Meyzenq, President and CEO Salomon

Guillaume Meyzenq is appointed President and CEO for Salomon, effective January 1, 2025. He previously served as Chief Product Officer for Salomon. Meyzenq is recognized as a proven global executive within Salomon and Amer Sports, having led global product categories and regional commercial roles for the past decade. He successfully spearheaded the transformation and acceleration of Salomon Footwear. His extensive experience within Salomon includes roles such as Chief Product Officer Softgoods, Global Senior Vice President Footwear & Bags, Global Vice President Footwear, Global Vice President Commercial Footwear, Business Unit Director, Salomon Nordic Equipment, and EMEA Export Managing Director.

Joe Dudy, President and CEO Wilson

Joe Dudy serves as the President and CEO of Wilson Sporting Goods. He was appointed president of Wilson in July 2020, following an interim period as acting president since October 2019. Dudy's career with Wilson began in 1995, and he has worked his way up from an entry-level accounting role, accumulating over 25 years of experience with the company. His previous positions include Vice President of Finance for Wilson Sporting Goods, Finance Director for Wilson Team Sports, and Finance Manager for International Markets at Wilson. He holds a B.Sc. in Accounting and Finance from Purdue University, and an MBA and M.Sc. in Business Administration from Indiana University. Dudy is also a member of the Board of Directors for YMCA-USA.

Key Business Risks for Amer Sports (AS)

1. Complexity and Challenges in Global Supply Chains: Amer Sports' operations are inherently subject to "complex and challenging supply chains" within its industry. This necessitates careful management to ensure efficient operations, mitigate disruptions, and uphold human rights across its global supply chain.
2. Failure to Meet Sustainability Commitments and Address Environmental Impact: The company acknowledges that the sports and outdoor industry "can consume our planet's precious resources." Amer Sports has committed to significant sustainability initiatives, including participation in the UN Global Compact, aiming to incorporate its Ten Principles, and setting science-based emission reduction targets. A failure to meet these commitments or adequately manage its environmental footprint could pose reputational, regulatory, and financial risks.

Expected Drivers of Future Revenue Growth

• Direct-to-Consumer (DTC) Channel Expansion: Amer Sports is actively shifting its business model to prioritize direct-to-consumer channels, including owned retail stores and direct digital sales, to enhance profitability and customer engagement. The company plans to continue increasing its net store count, with specific brands like Arc'teryx expanding its retail footprint in key global cities and Salomon opening brand stores in metro markets. This strategic focus is evident in DTC's growing contribution to total revenue, reaching 44% in 2024, up from 36% in 2023.
• Accelerated Growth of Flagship Brands, particularly Arc'teryx and Salomon Footwear/Softgoods: Arc'teryx is identified as a breakout brand with leading growth and profitability, showing significant potential for expansion across major global markets, especially in footwear and women's categories. Salomon is highlighted as a "rising star" and "global growth engine," with Amer Sports accelerating investments into the "large Salomon sneaker opportunity" and its softgoods segment. Salomon surpassed $2 billion in sales in 2025 and is focused on connecting with younger consumers and women. Wilson Softgoods also demonstrated strong growth in 2025 and holds significant growth potential.
• Strategic Geographic Expansion, especially in Greater China and other key metro markets: Amer Sports is prioritizing significant expansion in Greater China, a region demonstrating substantial growth momentum. All four geographic regions—Asia Pacific, Greater China, EMEA, and the Americas—achieved solid double-digit revenue growth in Q4 2025, with Asia Pacific and Greater China showing particularly strong increases. The company plans further retail expansion for its brands in these high-growth areas, including new Arc'teryx stores in Asia Pacific and Europe, and Salomon shops in Greater China.
• Product Innovation and Expansion into Lifestyle Categories: Amer Sports consistently emphasizes market-leading product innovation as a core strategy. This includes successful product launches like the Norvan LD 4 running shoe and the Airless Gen1 basketball. The company is strategically expanding its brand portfolio into lifestyle categories, particularly with Salomon targeting the global sneaker market and Wilson developing its "Tennis 360" concept, which integrates both on-court and off-court elements.

Share Repurchases

• Amer Sports did not make any significant share repurchases over the last 3-5 years.
• The company's 3-Year Share Buyback Ratio was -4.20% as of September 2025, indicating net share issuance rather than repurchases.

Share Issuance

• Amer Sports completed its initial public offering (IPO) on January 31, 2024, by pricing 105,000,000 ordinary shares at $13.00 per share, raising approximately $1.37 billion.
• In March 2026, the company launched a public offering of 20,604,396 ordinary shares at $36.40 each, aiming to raise $750 million.
• The proceeds from the March 2026 offering were intended to redeem $720 million of senior secured notes due 2031.

Inbound Investments

• The company raised approximately $1.37 billion through its initial public offering (IPO) in January 2024, representing an investment by public shareholders.

Outbound Investments

• Amer Sports divested Precor in 2021, Suunto in 2022, and ENVE Composites in 2024.
• Since its acquisition by an investor consortium in 2019, the company has shifted away from acquisition-led growth.

Capital Expenditures

• Amer Sports' capital expenditures were $91.3 million in 2021, $77.7 million in 2022, $123.6 million in 2023, and $229.1 million in 2024.
• The company reported a last 12-month capital expenditure of ($219.5 million) as of December 30, 2025.
• Future capital expenditures are anticipated to support the ongoing global owned retail store rollout to enhance its direct-to-consumer (DTC) strategy.