AS - Quick Take - Solid beat & raise; brand momentum/higher income customers remain key differentiators

研报英文原文证据摘录

AS - Quick Take - Solid beat & raise; brand momentum/higher income customers remain key differentiators

Truist Securities

Equity Research Report May 19, 2026

CONSUMER: Softlines Amer Sports, Inc. (AS)

AS - Quick Take - Solid beat & raise; brand momentum/higher Joseph Civello

212-590-0968 income customers remain key differentiators

Joseph.Civello@truist.com

Scot Ciccarelli, CFA While we believe long AS was a fairly-crowded position into the print (based on our investor

212-319-3920 conversations), we think the solid beat and raise should be enough for shares. Topline

Scot.Ciccarelli@truist.com momentum continued at +26% CC growth with upside vs Street driven largely by upside

at Salomon (Outdoor Performance $714mm vs Street’s $631mmE) while Arc’teryx also

Craig Larsen outperformed (Technical Apparel $885mm vs Street’s $869mmE). While accelerated SG&A

212-319-2120 was a sticking point to many investors with the 4Q print, but we believe the elevated

Craig.Larsen@truist.com investments they are making to fuel Salomon’s global growth opportunities are well worth it

as their expanding scale continues to represent the largest opportunity for profitability gains

(even with SG&A deleveraging ~70bps, op margins expanded ~160bps YOY to 17.4% vs

Street’s 14.6%E and EBIT $ grew 46% YOY). We remain bullish on their robust brand

Current Price (May 18, $33.15 momentum, leverage to higher income consumers, and still-limited awareness in the 2026)

US.

Stock Rating BUY We think guidance is solid/likely conservative and leaves room for upside - For 2Q, the Unchanged

company guided to 22%-24% total revenue growth (including 200bps-250bps of favorable

Price Target $49.00 FX), which came in ahead of Street’s prior ~20.6%E. They also expect EPS in the range of