Q4 2025 Amer Sports Inc Earnings Call Transcript
Key Points
- Amer Sports Inc (AS) reported a strong 27% revenue growth in 2025, reaching $6.6 billion, with double-digit growth across all segments, regions, and channels.
- The Arc'teryx brand and Salomon surpassed the USD 2 billion sales mark, leading the company's growth.
- Technical Apparel segment saw a 34% revenue increase, driven by Arc'teryx, with strong growth in both wholesale and direct-to-consumer channels.
- Salomon's footwear and apparel experienced significant growth, with a 35% increase in sales, particularly strong in Asia and Europe.
- The company has a strong financial foundation, ending 2025 with $291 million of net debt and a net leverage ratio of only 0.3 times.
- Adjusted operating margin declined by 110 basis points in Q4 due to accelerated SG&A investments, particularly for Salomon.
- Outdoor Performance segment's adjusted operating profit margin contracted by 490 basis points to 6.2% due to increased SG&A investments.
- The company experienced a 33% year-over-year increase in inventories, slightly elevated compared to sales growth.
- Adjusted SG&A expense as a percentage of revenue deleveraged by 220 basis points in Q4, representing 45.5% of revenues.
- The effective tax rate is expected to increase to approximately 28% in 2026, up from the previous year.
Thank you for standing by. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Amer Sports fourth quarter full year fiscal earnings call. (Operator Instructions).
I would now like to turn the conference over to Omar Saad, Head of Investor Relations. You may begin.
Hello, everyone. Thanks for joining Amer Sports Earnings Call for the fourth quarter of fiscal year 2025. Earlier this morning, we announced our financial results for the quarter and year ended December 31, 2025, and the release can be found on our IR website, investors.amersports.com.
A quick reminder to everyone that today's call will contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations and beliefs only and are subject to certain risks and uncertainties that could cause actual results to differ materially. Please see the
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