Amer Sports, Inc.: Translating Search to Sales: 1Q26 Preview

研报英文原文证据摘录

Amer Sports, Inc.: Translating Search to Sales: 1Q26 Preview

Deutsche Bank

Research

Rating Company Date

Buy Amer Sports, Inc. 13 May 2026

North America Reuters Bloomberg Rating Buy

United States AS.N AS US Price target (USD) 50.00 Price at 11 May 26 34.50

52-week range 41.96 – 26.99

Consumer

Apparel, Footwear & Textiles Valuation & Risks

Translating Search to Sales: 1Q26 Preview

Krisztina Katai

AS will report 1Q26 results on May 19th BMO. Research Analyst

+1-212-250-0590

Heading into the 1Q26 print, sentiment on AS remains positive, with discretionary

investors gravitating towards global brands less exposed to EMEA in the wake of Nick Breckenridge

Research Associate

the Middle East conflict. We expect 1Q26 to be another strong quarter for AS, +1-212-250-9179

and see potential for a top-line beat after our channel checks pointed to: 1)

favorable weather conditions in EU and US during early 1Q; 2) a strong response Jessica Taylor

to product launches at both Arc’teryx and Salomon; and 3) accelerating Google Research Associate

+1-212-250-3165 search interest at both Arc’teryx and Salomon towards the end of 1Q. To the

latter, we highlight that US search interest for both brands grew triple digits YOY

in March and April, and momentum is carrying into May (see Page 2). That said,

investors will be increasingly focused on the translation to EBIT margin after 4Q’s Key changes

shortfall – a dynamic that we don’t see continuing into 2H26 as marketing Price target (USD) 49 50 2%

investments annualize and brand awareness grows.

Source: Deutsche Bank

All told, we continue to see AS as an innovative growth story in the early innings

of accelerating category disruption, and see a strong catalyst path ahead (margin-