Amer Sports Inc
(HAM:483)
€
23.2
+0.20 (+0.87%)
Market Cap: 13.33 Bil
Enterprise Value: 13.68 Bil
PE Ratio: 29.77
PB Ratio: 2.38
GF Score: 68/100 
Q2 2026 Amer Sports Inc Earnings Call Transcript
Aug 18, 2026 / 12:00PM GMT
Key Points
Positve
- Amer Sports Inc (AS) delivered over 30% revenue growth in Q2 2026, with all segments, geographies, and channels achieving strong double-digit growth.
- The company's three primary growth engines—Arcteryx, Salomon Softgoods, and Wilson Tennis 360—all eclipsed 20% growth, with technical apparel and outdoor performance growing more than 30%.
- Adjusted gross margin expanded 710 basis points to 65.8%, driven by a one-time tariff refund and over 300 basis points of underlying expansion from favorable mix and costs.
- Adjusted operating margin increased 730 basis points to 12.8%, and adjusted diluted EPS grew to $0.22 from $0.06 in the prior year.
- The company raised its full-year 2026 revenue growth guidance to approximately 24% and adjusted EPS guidance to $1.27-$1.30, reflecting strong momentum and confidence.
- D2C channel grew 40% and represented a record 55% of revenue, driven by strong performance across all three major brands.
- Salomon's epicenter strategy is working, with strong momentum in key global metros and successful expansion into U.S. wholesale partners like Nordstrom, Foot Locker, and JD Sports.
- Arcteryx continues to see strong growth in women's, with newness and seasonal colorways generating over 60% of women's sales, and the brand is expanding into new markets like Dick's Sporting Goods.
- Wilson Tennis 360 is accelerating, with strong racket launches (Blade V10 and Defy) and soft goods growth, leading to a 24% revenue increase in the segment.
- The company ended the quarter with $573 million of net cash and generated $339 million of operating cash flow in the first half, up from $108 million last year.
Negative
- The Q2 gross margin benefited from a one-time net tariff refund of $64.3 million (390 basis points), which may not be repeatable and could distort underlying performance.
- Ball & racket segment's 24% growth was partly driven by big product launches and related sell-in, and the company does not expect this level of growth to sustain.
- Adjusted SG&A expenses increased 20 basis points as a percentage of revenue, with deleverage in ball & racket due to investments in Wilson Tennis 360 and higher corporate expenses.
- Corporate expenses rose to $68 million from $45 million, driven by higher IT, personnel, and deferred compensation costs, which could pressure margins.
- Net finance costs were higher than guidance at $21 million due to hedging and currency losses, and full-year net finance cost guidance was raised to $85 million.
- The company faces potential tariff risks, as guidance assumes Section 301 tariff rates remain in place for the rest of 2026, and any changes could impact results.
- Technical apparel segment operating margin is expected to decline year-over-year in the back half, reflecting incremental investments and conservatism.
- The company is making significant investments in marketing, store openings, and IT, which could pressure near-term profitability if revenue growth slows.
- Inventory levels are up 19% year-over-year, which, while below sales growth, could indicate potential future markdown risks if demand softens.
- The company's guidance for Q3 revenue growth of 18-20% implies a deceleration from Q2's 32% growth, which may concern investors about sustainability.
Operator
Hello, everyone.
Thank you for joining us and welcome to the Amer Sports second quarter 2026 earnings call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again.
I will now hand the conference over to Omar Saad, Head of Investor Relations and Capital Markets. Please go ahead.
Omar Saad Amer Sports Inc;Senior Vice President of Group Investor Relations;Capital Markets
&
Welcome everyone.
Thanks for joining Armour Sports earning call for the second quarter of fiscal year 2026. Earlier this morning, we announced our financial results for the quarter ended June 30, 2026 and the release can be found on our IR website investors.armorsports.com.
A quick reminder to everyone that today's call will contain certain forward-looking statements within the meaning of the federal securities laws.
These forward-looking statements reflect our current
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