Outlook

The outlooks below have been published in Amer Sports’ interim reports. These forecasts and estimates presented are based on the management’s judgment of the economic environment on that particular date. The actual results may differ significantly.

Interim Report Q3/2016 -October 20, 2016

In 2016, Amer Sports net sales in local currencies are expected to increase and EBIT margin excluding items affecting comparability to improve from 2015, despite challenging market conditions. The company will focus on growing the core business and accelerating in five prioritized areas: Apparel and Footwear, US, China, Business to Consumer, as well as digitally connected devices and services.

Interim Report Q2/2016 – July 28, 2016

In 2016, Amer Sports net sales in local currencies are expected to increase and EBIT margin excluding items affecting comparability to improve from 2015, despite challenging market conditions. The company will focus on growing the core business and accelerating in five prioritized areas: Apparel and Footwear, US, China, Business to Consumer, as well as digitally connected devices and services.

Interim Report Q1/2016 – April 22, 2016

In 2016, Amer Sports net sales in local currencies are expected to increase and EBIT margin excluding items affecting comparability to improve from 2015, despite challenging market conditions. The company will focus on growing the core business and accelerating in five prioritized areas: Apparel and Footwear, US, China, Business to Consumer, as well as digitally connected devices and services.

Financial statements 2015 – February 3, 2016

In 2016, Amer Sports’ net sales in local currencies are expected to increase and EBIT margin excluding non-recurring items is expected to improve from 2015, despite challenging market conditions. The company will focus on growing the core business and accelerating in five prioritized areas: Apparel and Footwear, US, China, Business to Consumer, as well as digitally connected devices and services.

Interim report Q3/2015 – October 22, 2015

In 2015, Amer Sports net sales in local currencies is expected to increase and EBIT margin excluding non-recurring items to improve from 2014, despite challenging market conditions. The company will continue to focus on apparel and footwear growth, consumer-driven product and marketing innovation, commercial expansion and operational excellence.

Interim report Q2/2015 – July 29, 2015

In 2015, Amer Sports net sales in local currencies is expected to increase and EBIT margin excluding non-recurring items to improve from 2014, despite challenging market conditions. The company will continue to focus on apparel and footwear growth, consumer-driven product and marketing innovation, commercial expansion and operational excellence.

Financial Statements 2014 – February 5, 2015

In 2015, Amer Sports net sales in local currencies is expected to increase and EBIT margin excluding non-recurring items to improve from 2014, despite challenging market conditions. The company will continue to focus on apparel and footwear growth, consumer-driven product and marketing innovation, commercial expansion and operational excellence.

Interim report Q3/2014 – October 23, 2014

Amer Sports expects global trading conditions to remain challenging, with some regional improvements. In 2014, Amer Sports’ net sales growth in local currencies is expected to meet at minimum the company’s long-term annual 5% growth target and EBIT excluding non-recurring items to improve from 2013. The company will continue to focus on the growth of Apparel and Footwear, consumer-driven product and marketing innovation, commercial expansion and operational excellence.

Interim report Q2/2014 – July 24, 2014

Amer Sports expects global trading conditions to remain challenging, with some regional improvements. In 2014, Amer Sports’ net sales growth in local currencies is expected to meet at minimum the company’s long-term annual 5% growth target and EBIT excluding non-recurring items to improve from 2013. The company will continue to focus on the growth of Apparel and Footwear, consumer-driven product and marketing innovation, commercial expansion and operational excellence.

Interim report Q1/2014 – April 24, 2014

Amer Sports expects global trading conditions to remain challenging, with some regional improvements. In 2014, Amer Sports’ net sales growth in local currencies is expected to meet at minimum the company’s long-term annual 5% growth target, and EBIT excluding non-recurring items is expected to improve from 2013. The company will continue to focus on softgoods growth, consumer-driven product and marketing innovation, commercial expansion and operational excellence.

Financial statements 2013 – January 28, 2014

Amer Sports expects global trading conditions to remain challenging, with some regional improvements. In 2014, Amer Sports’ net sales growth in local currencies is expected to meet at minimum the company’s long-term annual 5% growth target, and EBIT excluding non-recurring items is expected to improve from 2013. The company will continue to focus on softgoods growth, consumer-driven product and marketing innovation, commercial expansion and operational excellence.

Interim report Q3/2013 – October 24, 2013

In 2013, Amer Sports’ net sales growth in local currencies is expected to meet at minimum the company’s long-term annual 5% growth target and EBIT margin excluding non-recurring items is expected to improve from 2012. Amer Sports expects the trading environment to remain challenging in 2013. The company will continue to focus on softgoods growth, consumer-driven product and mar eting innovation, commercial expansion and operational excellence.

Interim report Q2/2013 – July 25, 2013

In 2013, Amer Sports’ net sales growth in local currencies is expected to meet at minimum the company’s long-term annual 5% growth target and EBIT margin excluding non-recurring items is expected to improve from 2012. Amer Sports expects the trading environment to remain challenging in 2013. The company will continue to focus on softgoods growth, consumer-driven product and marketing innovation, commercial expansion and operational excellence.

Interim report Q1/2013 – April 25, 2013

In 2013, Amer Sports’ net sales growth in local currencies is expected to meet at minimum the company’s long-term annual 5% growth target and EBIT margin excluding non-recurring items is expected to improve from 2012. Amer Sports expects the trading environment to remain challenging in 2013. The company will continue to focus on softgoods growth, consumer-driven product and marketing innovation, commercial expansion and operational excellence.

Financial results 2012 – January 31, 2013

Amer Sports expects the trading environment to remain challenging in 2013. The company will continue to focus on softgoods growth, consumer-driven product and marketing innovation, commercial expansion and operational excellence. In 2013, Amer Sports’ net sales in local currencies and EBIT excluding non-recurring items are expected to increase from 2012.

Interim report Q3/2012 – October 25, 2012

In 2012, Amer Sports’ net sales in local currencies are expected to increase from 2011 in line with the company’s annual 5% growth target. Amer Sports 2012 EBIT excluding non-recurring items is expected to be approximately at the level of 2011.

The outlook is based on an unchanged view on Winter Sports Equipment, Apparel and Footwear, and ongoing improvement in Sports Instruments and Fitness.

Interim report Q2/2012 – August 2, 2012

In 2012, Amer Sports’ net sales in local currencies are expected to increase from 2011 in line with the company’s annual 5% growth target.

For the full year, Apparel net sales growth is estimated to be over 20%. In Footwear, sales growth is estimated to be approximately 5% due to retailers’ inventory reduction. In Apparel and Footwear, the company no longer provides semi-annual pre-order figures as Amer Sports considers that these are not a reliable indicator of the future growth. In Winter Sports Equipment, Amer Sports has gained market shares and strengthened its market position but pre-orders for the season 2012/13 are down by 13% due to the late and mild winter in the previous season.

Amer Sports is continuously driving synergies and scale and continues to invest into future growth with focus on softgoods, sales coverage, emerging markets, and own retail. These investments support Amer Sports’ sales and gross margin improvement but require up-front operational expenses. Amer Sports 2012 EBIT excluding non-recurring items is expected to be approximately at the level of 2011 despite the uncertainty in the winter sports market and the ongoing investments into the future growth.

Interim report Q1/2012 – April 27, 2012

In 2012, Amer Sports will continue to invest into executing its long-term strategy and sustaining profitable growth with special focus on leveraging Amer Sports’ strong brands into apparel, footwear and accessories as well as on emerging markets expansion.

Amer Sports expects broad-based sales growth and profitability improvement across most business areas in 2012, with the exception of Winter Sports Equipment where pre-orders are expected to decline and profitability to be adversely impacted by the late and mild winter in season 2011/12, especially in North America and Southern Europe. However, the Winter Sports Equipment operational efficiency program which started in 2010 is proceeding ahead of plan and will partially help to mitigate the negative impacts of the expected pre-order decline.

Amer Sports’ net sales in local currencies are expected to increase from 2011 in line with the company’s annual 5% growth target. Leveraging Amer Sports’ brands into apparel, footwear and accessories continues to be the main growth driver for the company.

Financial results 2011 – January 31, 2012

In 2012, Amer Sports will continue to invest into executing its long-term strategy and sustaining profitable growth.

Amer Sports expects broad-based improvement across business areas in 2012. In Winter Sports Equipment, the slow start of the 2011/12 season due to the warm weather in key markets is expected to have an adverse impact on the 2012 pre-orders. Apparel and Footwear pre-orders for spring/summer are up by 28% and 14%, respectively. Overall, Amer Sports’ 2012 net sales in local currencies are expected to increase from 2011.

Interim report Q3/2011 – October 27, 2011

In 2011, Amer Sports expects its full-year net sales in local currencies to grow by approximately 9% and EBIT margin excluding non-recurring items to improve by approximately one percentage point from 2010.

The company will continue to invest into executing its long-term strategy and sustaining profitable growth. In Winter Sports Equipment, the solid improvement in pre-orders together with operational efficiency measures is expected to have a positive impact on the full-year profitability. Deliveries of pre-orders started 3-4 weeks earlier than in 2010 which impacted the third quarter positively but there is no change in the full-year outlook. In Apparel and Footwear, the deliveries peaked in the third quarter and the full-year outlook remains unchanged.

Interim report Q2/2011 – August 4, 2011

Amer Sports’ strategic development programs continue to contribute positively to the Group performance in 2011 and the company will continue to invest into executing the new strategy and sustaining profitable growth. In Footwear and Apparel, fall/winter pre-orders are indicating that the strong momentum will continue. In Winter Sports Equipment, solid improvement in pre-orders together with operational efficiency measures is expected to have a positive impact on the full-year profitability.

In 2011, Amer Sports expects its full-year net sales in local currencies to grow at a similar rate as in the first half of the year and EBIT margin excluding non-recurring items to improve by approximately one percentage point from 2010.

Interim report Q1/2011 – April 28, 2011

Amer Sports’ strategic development programs continue to contribute positively to the Group performance in 2011 and the company will continue investing into executing the new strategy and sustaining the growth. In Footwear and Apparel, fall/winter pre-orders are indicating that the strong momentum will continue. In Winter Sports Equipment, Amer Sports’ operational efficiency measures are expected to have a positive impact on the full-year profitability. The sporting goods market is estimated to continue to grow modestly in 2011, with sports specific and regional differences.

In 2011, Amer Sports expects its net sales to continue to clearly exceed the Group’s long-term financial target of 5% annual currency-neutral growth. EBIT margin excluding non-recurring items is expected to improve from the level of 2010 (2010 net sales EUR 1,740 million, EBIT margin excluding non-recurring items 6.2%).

Financial results 2010 – February 3, 2011

Amer Sports strategic development programs are expected to continue to contribute positively to the Group performance in 2011. The sporting goods market is estimated to continue the recovery started in 2010, with regional and sports specific differences. In Footwear and Apparel, spring/summer pre-orders are indicating that the 2010 strong momentum will continue.

Overall, Amer Sports expects its 2011 net sales to increase from 2010 and EBIT to improve.

Interim report Q3/2010 – October 28, 2010

Amer Sports expects its 2010 net sales to be approximately EUR 1.7 billion (2009: 1.5) and EBIT margin to be approximately 6% excluding non-recurring items.

The sporting goods market is expected to recover moderately, but with significant regional and sports area specific differences. Winter sports equipment market has recovered due to good snow conditions during previous winter season. Amer Sports’ this season pre-orders in Winter Sports Equipment were up approximately 15% compared to last year. In Apparel and Footwear, fall/winter pre-orders indicated a faster sales growth in the second half of the year compared to the first half, reflecting continuous improvement in the product offering and commercial gains.

Interim report Q2/2010 – August 5, 2010

Amer Sports expects its 2010 net sales to be approximately EUR 1.7 billion (2009: 1.5) and EBIT margin to improve to the mid-single-digit level.

The sporting goods market is expected to recover moderately, but with significant regional and sports area specific differences. Winter sports equipment market has recovered due to good snow conditions during previous winter season. Amer Sports’ next season pre-orders in Winter Sports Equipment are up approximately 15% compared to last year. In Apparel and Footwear, fall/winter pre-orders are indicating a faster sales growth in the second half of the year compared to the first half, reflecting continuous improvement in the product offering and commercial gains.

Amer Sports’ strategy is to drive profitable growth. Amer Sports continues to focus on improving its profitability through improved gross profit and tight cost control. Strict control over working capital will continue.

Interim report Q1/2010 – April 29, 2010

Amer Sports expects the sporting goods market to recover moderately, but with significant regional and sports area specific differences. The group strategy is to drive profitable growth. However, in light of the unpredictable market conditions, Amer Sports continues to focus on improving its profitability through improved gross profit and tight cost control. Strict control over working capital will continue with the notion that improvements similar to previous year are unlikely. Amer Sports expects its 2010 EBIT margin to improve to the mid-single-digit level.

Financial results 2009 – February 4, 2010

Amer Sports does not anticipate a quick recovery in the sporting goods market, and therefore the company’s key priority is to improve its profitability through gross margin improvements and continued tight cost control. The company will also continue to focus on strict working capital management, although an improvement similar to the previous year cannot be expected. Capital expenditures and other investments will remain at the previous year’s level. The company’s tax rate is expected to be approximately 20%.