Amer Sports (AS) Company Report

Anta Sports has agreed to acquire a 29.06% stake in Puma from the Pinault family's Artemis for €1.51 billion (approximately $1.79 billion), making it Puma's largest shareholder.
The acquisition involves purchasing 43 million shares at €35 each, which represents a 62% premium to Puma's recent share price, and will be financed using Anta's internal resources.
Anta intends to preserve Puma's brand identity and independent governance, will seek representation on Puma's supervisory board, and currently has no plans for a full takeover.
This transaction, expected to close by the end of 2026, is part of Anta's globalization strategy, aiming to strengthen Puma's international competitiveness and Chinese-market reach.

Jan 27, 2026, 12:52 AM

WSJ

ANTA Sports, Largest Shareholder of Amer Sports, Acquires Stake in PUMA

M&A

New Projects/Investments

ANTA Sports Products Limited, the largest shareholder of Amer Sports, Inc., will acquire a 29.06% stake in PUMA SE for 1.5 billion Euros in cash.
This transaction is a significant step in ANTA Sports' multi-brand globalization strategy and is expected to close by the end of 2026.
ANTA Sports will become the largest shareholder of PUMA and aims for appropriate representation on PUMA's supervisory board after the transaction.
ANTA Sports currently has no plans for a takeover bid of PUMA.

Jan 27, 2026, 12:23 AM

Press Release

Amer Sports: Anta Group Acquires PUMA Stake

M&A

New Projects/Investments

Anta Group, the largest shareholder of Amer Sports, Inc. , has agreed to acquire a 29.06% stake in PUMA SE from Groupe Artémis for 1.5 billion Euros in cash.
This acquisition is a key step in Anta Group's globalization strategy, aiming to enhance its global influence and competitiveness in the sports goods market.
The transaction is expected to be completed by the end of 2026, pending regulatory approvals.
Anta Group currently has no plans to launch a takeover bid for PUMA.

Jan 27, 2026, 12:21 AM

Press Release

Anta Group, Major Shareholder of Amer Sports, Acquires Stake in PUMA

M&A

New Projects/Investments

Anta Group, the largest shareholder of Amer Sports, Inc. (NYSE: AS), has announced an agreement to acquire 29.06% of PUMA SE shares from Groupe Artémis.
The acquisition is a cash transaction valued at 1.5 billion Euros.
This move is part of Anta Group's strategy to accelerate its multi-brand globalization and enhance its global market presence.
The transaction is anticipated to conclude by the end of 2026, subject to regulatory approvals.
Anta Group has no current plans to launch a tender offer for PUMA.

Jan 27, 2026, 12:20 AM

Press Release

ANTA Sports to Acquire Stake in PUMA

M&A

New Projects/Investments

ANTA Sports Products Limited is acquiring a 29.06% stake in PUMA SE from Groupe Artémis for EUR 1.5 billion in cash.
This acquisition makes ANTA Sports the largest shareholder of PUMA and is a significant step in its globalization strategy, enhancing its global reach and competitiveness.
The transaction is expected to close by the end of 2026, subject to regulatory approvals, and will be financed entirely with ANTA Sports’ internal cash resources.
ANTA Sports currently has no plans to make a takeover offer for PUMA and intends to seek adequate representation on PUMA's Supervisory Board.

Jan 27, 2026, 12:17 AM

Press Release

Amer Sports Reports Strong Q3 2025 Revenue and Earnings Growth, Completes Acquisition

Earnings

Revenue Acceleration/Inflection

M&A

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.