AS: AS Delivers Robust 1Q Print; Finally Some Positivity This EPS Season, Stay OW

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AS: AS Delivers Robust 1Q Print; Finally Some Positivity This EPS Season, Stay OW

Equity Research

Flash Comment — May 19, 2026

Retailing, Specialty Softlines, and E-commerce

Amer Sports, Inc.

AS Delivers Robust 1Q Print; Finally Some Positivity This Overweight

EPS Season, Stay OW Price Target: $45.00

Ticker AS

Our Call Upside/(Downside) to Target 35.7%

While discretionary (mainly athletic) continues to be for sale, AS' 1Q print stands to be Price (05/18/2026) $33.15

one of the best we'll see this EPS season. We view this as a no holes release—with ample 52 Week Range $28.92 - 42.76

commentary on Salomon's accelerating US expansion plans very notable. Market Cap (MM) $18,686

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Delivering Some Good News In A Tough Consumer Backdrop. Traffic driven comp Ike Boruchow

acceleration experienced in 1Q is continuing 2QTD, with strong conversion on premium Equity Analyst | Wells Fargo Securities, LLC

Ike.Boruchow@wellsfargo.com | 212-214-8024

product offering and higher AUR driving improving store productivity, and new customer

acquisition on marketing investments and retail expansion. AS remains the highest-quality Paul Kearney

growth story in our coverage today with significant white-space opportunity globally and Associate Equity Analyst | Wells Fargo Securities, LLC Paul.D.Kearney@wellsfargo.com | 212-214-4837

continued execution against the retail and product innovation playbook.

Juliana Duque

Associate Equity Analyst | Wells Fargo Securities, LLC

1Q Takes. Top-line beat from all three segments and double-digit growth across Juliana.Duque@wellsfargo.com | 305-329-6767

geographies—with higher revenue ($1.95B vs. cons.