Amer Sports Inc AS.N AS US: Momentum strengthened across brands

研报英文原文证据摘录

Global Markets Research

Amer Sports Inc AS.N AS US

18 August 2026

EQUITY: GENERAL CONSUMER

Momentum strengthened across brands

Rating

Remains

Beat-and-raise has almost become a norm for Amer;

reiterate Buy after a solid 2Q26

Target price

Increased from

USD 49.30

USD 52.10

Closing price

17 August 2026

USD 32.57

Implied upside

+60.0%

2Q26: another beat-and-raise quarter

Amer released its 2Q26 results (18 August) with solid sales and profitability numbers across all

three major segments. Quarterly revenue increased by 32% y-y to USD1.63bn (+30% y-y exFX), beating the Bloomberg consensus of USD1.54bn; Arc’teryx, Salomon and Wilson have all

delivered strong sales momentum, leading to 30%, 35% and 23% y-y growth (ex-FX) in TA, OP

and B&R segments, respectively. Thanks to an improvement in the gross margin (2Q26: 65.6%,

up by 7.1pp y-y), increased operating leverage and a 3.9pp positive impact from tariff refunds,

Amer has seen a 7.3pp y-y improvement in its adjusted operating margin to 12.8% and adjusted

operating profit of USD208mn, well ahead of consensus of USD108mn. Management raised its

full-year guidance again (Fig. 4 ) with 24% y-y FY26E revenue growth (from 20-22% previously),

gross margin of 60.5-61.0% (from 59.0-59.5% previously) and operating profit margin of 14.214.5% (from 13.4-13.7% previously). Amer has defended its brand equity well in 2Q26; the quick

growth of Wilson – leveraging new product launches/ increasing popularity of tennis – has not

only added another driver to Amer but also proven the success of Amer’s multi-brand strategy, in

our view. We reiterate our Buy rating and lift our TP to USD52.10 (from USD49.30).

Balanced portfolio of strengthening brands ensures solid growth

Amer has seen a rapid sales trajectory in Arc’teryx (CAGR FY22-26E of 34%) while Salomon

has become an important growth driver since 1Q25 (see our report: Advantages of owning

multiple alpha brands ). Arc’teryx, in our view, still holds strong brand momentum (e.g., Arc’teryx

has continued to grow in China against the country’s lukewarm consumption sentiment in 1H26).

Salomon – together with Wilson – should be at an early stage of growth with multiple sales

…