Amer Sports Inc. (AS) Salomon Investor Day Takeaways

Equity Research 17 September 2026 | 6:39PM MDT

Amer Sports Inc. (AS): Salomon Investor Day Takeaways

We attended the Amer Sports Investor Day in Annecy, France on September 17th. At Brooke Roach, CFA | the event, AS updated its long-term financial targets and outlined a path for Goldman Sachs & Co. LLC Salomon to grow at a mid-teens CAGR (to >$5bn). Management expects Mentesnot Adamu broad-based growth at the Salomon brand across geographies, channels, and | product categories, but management sees particular opportunity in running, Goldman Sachs & Co. LLC

sportstyle, head to toe apparel, and DTC growth as key accelerators. This is Carly Chasen | supported by an expansion of the company’s key epicenter strategy to new cities Goldman Sachs & Co. LLC globally. Regarding near-term trends, management also raised its F3Q guidance for sales and operating profit margins and also clarified that the base from which EBIT margins will grow (FY26) is the ex-tariff base of 13.8-14.1%.

Key messages from the event included: (1) Salomon has moved beyond its legacy outdoor and winter sports equipment roots into a broader softgoods growth platform, with footwear now representing the majority of the business and sportstyle becoming a large growth engine. (2) Management positioned the brand’s long-term opportunity around category expansion from a $25bn core outdoor/WSE market into a $135bn performance and sport footwear opportunity, and over time a $300bn head-to-toe addressable market. (3) The company’s 2031 Salomon framework calls for mid-teens sales CAGR and 20-60bps+ of annual operating margin expansion, with growth expected to be broad-based across regions and supported by both category mix and channel mix. (4) Sportstyle remains the most visible unlock, and management emphasized franchise diversification beyond XT-6, disciplined marketplace management, and continued use of collaborations, capsules, and product newness to sustain heat. (5) Running is expected to become a more meaningful performance growth vector, with gravel positioned as Salomon’s next major bet and road expansion supported by technology transfer, athlete credibility, and the recently announced Ironman partnership. (6) At the Amer Sports portfolio level, management reiterated that the company has three growth engines in Arc’teryx, Salomon softgoods, and Wilson Tennis 360. The company continues to preserve flexibility to invest behind brand equity, DTC, marketing, IT, and talent. (7) Management indicated that M&A is not a priority and that share repurchase will only be utilized to offset dilution.

Our view: We step away from the event with increased confidence that Salomon has multiple increasingly balanced paths to sustain above-market growth. We were impressed by the playbook in performance running and the clearer articulation of brand differentiation and cadence of innovation. The company has a deep bench of

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Goldman Sachs Amer Sports Inc. (AS)

strong talent. Additionally, we were pleased to see management indicate an expansion of its successful key city epicenter strategy to additional cities. We believe the clear plans regarding management’s regional and product plans provide greater visibility to the structural long-term growth of the company. Importantly, we believe the long-term algorithm for Amer Sports and the Salomon business remain achievable and prudent. That said, we recognize a tough athletic backdrop that has weighed on multiple performance in the sector and believe continued execution will be required to drive stock outperformance from here. We reiterate our Buy rating.

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