Dear Shareholders,
2025 was a remarkable year for Amer Sports and our teammates, partners, and shareholders. It gives me great pleasure to share with you some winning moments from the last 12 months, which was our first full year as a public company listed on the New York Stock Exchange.
Amer Sports Group delivered 27% growth in 2025, with broad-based strength across brand segments, regions, channels, and categories. Arc’teryx continued its very strong trajectory, Salomon Softgoods entered rapid growth mode, and Wilson Tennis 360 moved the needle in our Ball & Racquet segment.
We also delivered meaningful adjusted operating margin expansion from 11.1% in 2024 to 12.8% in 2025. We also continued to reduce our leverage ratio, effective tax rate, and interest expense, leading to very strong free cash flow generation.
2025 highlights
Arc’teryx
We continue to envision Arc’teryx as a truly global brand with significant runway in all major markets. In 2025, Arc’teryx delivered over 30% growth with strong trends across regions, channels, and categories. From a category perspective, Women’s and Footwear emerged as breakout growth stories and are expected to play a key role in the brand’s growth in upcoming years.
Footwear was a leading growth category for Arc’teryx in 2025, as consumers continue to respond positively to what we believe is the best line of technical performance footwear designed for mountain athletes. Women’s also generated extremely strong growth in 2025. We continue to enjoy rising brand awareness with women across regions, as we improve fit, style, color, function, and newness. Our Veilance sub-brand is still small, but grew double-digits in 2025, and we are very excited for the future of this unique brand.
Circularity and ReBIRD™ also continue to be at the heart of Arc’teryx. We opened 18 new ReBIRD™ centers in 2025, bringing the total to 43. Stores continue to be critical to how Arc’teryx engages with local consumers and communities. In 2025, we opened 24 net new stores, with nearly half in North America. Key new retail locations include the Rockefeller Center flagship store in New York City, and mountain town stores in Aspen, Park City, and Banff, just to name a few.
Salomon
2025 was a breakout year for the 79-year-old Salomon brand, which grew 35% to more than $2 billion of sales. The growth was driven by Salomon Softgoods, which entered rapid growth mode in 2025, with great momentum across regions and channels. Strong growth in footwear and apparel continued to lead Salomon’s transformation from its ski equipment heritage. The Softgoods category now represents 71% of the Outdoor Performance segment, up from 54% in 2022.
Footwear growth was led by Greater China and APAC, and we also experienced a clear growth inflection in Europe and North America led by our epicenter strategy. Our Sportstyle offering resonates strongly with younger and female consumers, and is critical to Salomon’s position as the modern outdoor sneaker brand. The success of our newest franchise, the XT-Whisper, is a great example of our evolution of our Sportstyle offering beyond the iconic XT-6.
Performance lines also had strong success in 2025. We believe our new GRVL franchise is helping to unlock the run category for Salomon like never before, evidenced by the traction Salomon is gaining in the run specialty channel in North America and EMEA. Even in China, which has been a Sportstyle-centric market, we are seeing growing demand for Salomon Performance products.
Salomon’s role as a premium partner of the 2026 Milano Cortina Winter Olympic and Paralympic Games was also a great moment for the brand.
Wilson
The Ball & Racquet segment had solid growth in 2025, accelerating to +13%, driven by strong trends in Wilson Tennis 360, which continues to resonate strongly with consumers, from performance racquets to our apparel and footwear offering. Softgoods sales nearly doubled in 2025, with strong momentum across all regions. Softgoods represented 15% of Ball & Racquet sales for the year ended December 31, 2025.
Wilson saw very strong trends in racquet sports, especially in performance racquets where Wilson continues to be the market leader. Launches in 2025 included the power racquet Ultra v5 and the RF Classics collection.
Baseball returned to growth driven by strong performance in bats led by successful product launches in fall 2025. The inflatables category had a more challenging year due to difficult market conditions.
Winter Sports Equipment
Our market-leading winter sports franchises grew double digits in 2025. The market remains healthy despite low snow in certain regions, and our brands continue to take market share globally. Bookings, participation, and enthusiasm for ski and snowboard are at record levels. In addition to strong market share in our core ski, boot, and binding franchises, we continue to see incremental growth opportunities in areas such as snowboarding and protective equipment.
The recent Milano Cortina 2026 Winter Olympic and Paralympic Games were a big moment for Amer Sports Group, especially Salomon, who outfitted all 27,000 official staff and volunteers head to toe. Between Salomon, Arc’teryx, Peak Performance, Armada, and also Atomic — which is the most successful Alpine ski racing brand in history — our brands sponsored approximately 250 athletes across the Olympic and Paralympic Games, winning an incredible 87 medals.
Improved capital structure
We further improved our leverage from 0.7x net-debt-to-adjusted EBITDA at 2024 year-end to 0.3x at year-end 2025.
Retail excellence
On a consolidated basis, direct-to-consumer (DTC) reached 49% of total revenues in 2025, up from 30% in 2022. We believe we have a unique opportunity to continue shifting our business from wholesale to DTC over time, while driving higher operating profitability.
Sustainability
In 2025, Amer Sports advanced its group wide Climate Program, with its net zero by 2050 targets validated by the Science Based Targets initiative, while maintaining an A– Climate rating in the CDP Corporate Questionnaire and achieving an A score in the CDP Supplier Engagement Assessment. We also strengthened our sustainability foundation through an updated Double Materiality Assessment, a TNFD aligned nature assessment, and continued progress in circularity across brands through repair, resale, and product innovation.
Looking forward:
We believe Amer Sports is uniquely positioned within the global sports and outdoor space, and several factors give me confidence for 2026 and beyond:
- First, we own a unique portfolio of premium, innovation-driven sports and outdoor brands.
- Second, Arc’teryx is a breakout brand, with leading growth and profitability for the outdoor industry driven by its disruptive DTC model.
- Salomon footwear has a compelling and unique brand position, but still only a small share of the global sneaker market.
- Wilson and Winter Sports Equipment franchises already have leading market positions, and we believe they will deliver slower long-term growth — except for Wilson Softgoods, which has significant growth potential.
- We have a strong, differentiated platform in Greater China, where we continue to deliver best-in-class performance across brands.
Thank you
In closing, I would like to express my gratitude to our dedicated teammates around the world. Their hard work, creativity, and passion are instrumental in shaping Amer Sports and driving our vision of becoming the best sporting goods company in the world.
I would also like to thank our shareholders, consumers, and business partners for their continued trust and support. Our success is a testament to your collective effort, and I am confident that our shared commitment to excellence will allow us to continue fulfilling our purpose of elevating the world through sport.
Sincerely,
James Zheng
CEO
