Amer Sports (AS) Company Report

Amer Sports reported a 29.7% increase in revenue for the three months ended September 30, 2025, reaching $1,756.3 million, and a 25.9% increase for the nine months ended September 30, 2025, totaling $4,465.1 million.
This revenue growth was primarily driven by the Direct-to-Consumer (DTC) channel, which saw increases of 50.6% for the three months and 43.4% for the nine months ended September 30, 2025, alongside strong performance in the Technical Apparel and Outdoor Performance segments.
Net income for the three months ended September 30, 2025, was $146.4 million (basic EPS of $0.26), and for the nine months ended September 30, 2025, it was $306.9 million (basic EPS of $0.53).
Net cash flows from operating activities significantly improved to $104.4 million for the nine months ended September 30, 2025, compared to $17.9 million in the prior year period.
On September 1, 2025, the company completed the acquisition of Nelson Sports Inc., a Korean distributor, for a total purchase consideration of $65.4 million, aiming to advance vertical integration in the Korean market.

Nov 18, 2025, 9:17 PM

6-K

Amer Sports Reports Strong Q3 2025 Results and Raises Full-Year Guidance

Earnings

Guidance Update

Revenue Acceleration/Inflection

Amer Sports reported strong third-quarter fiscal year 2025 results, with 30% reported sales growth and 130 basis points of adjusted operating margin expansion, leading to a more than doubling of adjusted diluted earnings per share to $0.33.
All three segments performed well, with Technical Apparel revenue increasing 31% to $683 million and Outdoor Performance revenue increasing 36% to $724 million. Direct-to-consumer sales were a significant driver, growing 51%.
The company raised its full-year 2025 guidance, now expecting revenue growth of 23-24% (up from 20-21%), an adjusted gross margin of approximately 58% (up from ~57.5%), and an adjusted operating margin of 12.5-12.7% (up from 11.8-12.2%).
Key operational highlights include Arc'teryx's direct-to-consumer omnichannel re-accelerating to 27% and strong growth in women's (40%) and footwear (35%). Salomon footwear continues its global momentum, with significant store expansion in Greater China and Asia-Pacific.

Nov 18, 2025, 1:00 PM

Transcript

AS Announces Strong Q3 2025 Results Exceeding Guidance

Earnings

Guidance Update

Revenue Acceleration/Inflection

AS reported strong Q3 2025 results, with revenues, adjusted margins, and EPS above guidance.
Revenue increased 30% to $1,756 million in Q3 2025.
The company achieved an adjusted gross margin of 57.9% and an adjusted operating margin of 15.7% in Q3 2025.
Adjusted diluted EPS was $0.33 for Q3 2025.
For the full year 2025, AS expects reported revenue growth of 23-24% and fully diluted EPS of $0.88-$0.92.

Nov 18, 2025, 1:00 PM

Presentation

Amer Sports Reports Strong Q3 2025 Results and Raises Full-Year Guidance

Earnings

Guidance Update

Revenue Acceleration/Inflection

Amer Sports reported strong financial results for Q3 2025, with 30% reported sales growth (or 28% ex-currency) and an adjusted operating margin of 15.7%, representing a 130 basis point increase year-over-year. Adjusted diluted earnings per share more than doubled to $0.33.
The company raised its full-year 2025 guidance, now expecting revenue growth of 23-24% (up from 20-21%), adjusted gross margin of approximately 58% (up from 57.5%), and adjusted operating margin of 12.5-12.7% (up from 11.8-12.2%).
All three segments performed well in Q3 2025, with technical apparel revenues increasing 31% to $683 million, led by Arc'teryx, and outdoor performance leading group sales. Direct-to-consumer (DTC) sales grew 51%, and all four regions achieved double-digit revenue growth, with Asia-Pacific up 54% and China up 47%.
Arc'teryx's omni-comp reaccelerated to 27% in Q3 2025 from 15% in Q2, and Salomon footwear continues to be a strong driver of profitable growth. The company expressed confidence in delivering mid-teens revenue growth for 2026.
Regarding the September fireworks incident, Arc'teryx China's sales trends were softer at the beginning of Q4 but have since rebounded, and the incident did not impact Q4 guidance.

Nov 18, 2025, 1:00 PM

Transcript

Amer Sports Reports Strong Q3 2025 Results and Raises Full-Year Guidance

Earnings

Guidance Update

Revenue Acceleration/Inflection

Amer Sports reported strong Q3 2025 results, with 30% reported sales growth and adjusted diluted EPS more than doubling to $0.33.
Performance was driven by the Outdoor Performance and Technical Apparel segments, with direct-to-consumer (DTC) sales growing 51% and significant regional growth in Asia-Pacific (54%) and China (47%).
The company raised its full-year 2025 guidance, now expecting revenue growth of 23-24%, an adjusted operating margin of 12.5-12.7%, and adjusted diluted EPS of $0.88-$0.92.
Key brand highlights include Arc'teryx's continued strong growth and planned 25 net new stores for the full year, along with the acquisition of its Korea distributor, expected to add $25 million in Q4 sales.

Nov 18, 2025, 1:00 PM

Transcript

Amer Sports Reports Strong Q3 2025 Financial Results and Raises Full-Year Guidance

Earnings

Guidance Update

Revenue Acceleration/Inflection

Amer Sports reported Q3 2025 revenue of $1,756 million, representing a 30% increase compared to the third quarter of 2024.
Diluted earnings per share (EPS) for Q3 2025 was $0.25, with adjusted diluted EPS at $0.33.
The company raised its full-year 2025 guidance, now expecting reported revenue growth of 23% – 24%, an operating margin of 12.5% – 12.7%, and fully diluted EPS of $0.88 – $0.92.
All four regions accelerated in Q3 and achieved double-digit revenue growth, with Greater China growing 47%.

Nov 17, 2025, 11:50 PM

6-K

Amer Sports Highlights Strong Growth and Sets Ambitious Long-Term Financial Goals

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Amer Sports expects to deliver strong third-quarter results and has more than doubled its business size to over US$5 billion in 2024, with group revenues projected to exceed US$6 billion in 2025.
The company's direct-to-consumer (DTC) channels now represent approximately 50% of the business, a significant increase from 15% in 2020.
Arcterix, a flagship brand, grew its revenue from $500 million in 2019 to $2.5 billion in 2025, with its DTC mix more than doubling from 30% to 75% in the same period.
Arcterix aims to reach $5 billion in top-line sales by FY2030, driven by a mid-teens CAGR in revenue and annual operating margin expansion of 20 to 60 basis points.
The company projects an EPS of $2.5+ by FY2030 for the group.

Sep 18, 2025, 4:00 PM

Transcript

Amer Sports Updates Q3 2025 Guidance and Reiterates Long-Term Financial Algorithm

Guidance Update

Revenue Acceleration/Inflection

Amer Sports, Inc. has increased its financial guidance for the third quarter of 2025, now anticipating year-over-year revenue growth in the high 20s percentage and an adjusted operating margin at or above the high end of 12–13%.
The company reiterated its updated long-term financial algorithm, targeting an annual revenue CAGR for the Amer Sports Group in the low-double-digit to mid-teens and annual adjusted operating margin expansion of 30–70+ basis points over a 5+ year duration, using 2025 as the base year.
Segment-specific long-term annual revenue CAGRs include mid-teens for Technical Apparel, low-double-digit to mid-teens for Outdoor Performance, and mid-single-digits for Ball & Racquet.
This updated guidance and long-term algorithm were announced on September 18, 2025, coinciding with the company's Investor Day.

Sep 17, 2025, 11:26 PM

6-K

Puma: Pinault Family Explores Sale of 29% Stake

M&A

Takeover Bid

Demand Weakening

The Pinault family, through its holding company Artemis, is considering selling its approximately 29% stake in sportswear manufacturer Puma SE.
This potential sale follows a significant decline in Puma's market value, with its shares having lost over half their value in the past two years.
Advisors have reached out to potential buyers, including Chinese sportswear companies Anta Sports and Li Ning, as well as U.S. sportswear firms and Middle Eastern sovereign wealth funds.
Following news of the potential sale, Puma's share price surged between 12% and 18%.
The Pinault family's stake in Puma originated from a 2018 portfolio reshuffle when Kering, also controlled by Artemis, transitioned to focus solely on luxury brands.

Aug 25, 2025, 1:31 PM

Bloomberg

Amer Sports Public Offering Announcement

Amer Sports, Inc. announced that a selling shareholder affiliated with FountainVest Partners completed an underwritten public offering of 35,000,000 ordinary shares through a Form F-3 registration, with underwriters Goldman Sachs & Co. LLC and BofA Securities, Inc.
The underwriting agreement, dated May 28, 2025, confirms that the Company did not receive any proceeds from the sale, emphasizing the shareholder-led nature of the offering

May 30, 2025, 12:00 AM

6-K

Earnings Transcripts

Quarterly earnings call transcripts for Amer Sports.

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