AmerSports管理层会议要点：构建可持续增长飞轮

Management Meeting KeyTakeaways: Building a DurableFlywheel of Growth WerecentlyhostedmeetingswithJamesZheng,CEO;AndrewPage, CFO; Omar Saad, SVP Group IR and Capital Markets;SilasLi,ChiefofStaff,HeadofGlobalCEOOffice,andmembers of the IR team in NYC. We came away with greaterconvictionintheLRPalgorithmanddurableglobalgrowthtrajectory. Market Cap (USD mn)19778Shares Outstanding (mn)581.38Free Float (%)30.5552 Wk Avg Daily Volume (mn)4.6Dividend Yield (%)N/AReturn on Equity TTM (%)8.83Current BVPS (USD)11.81Source: Bloomberg Boston,8-10September2026 RegisterNow Price PerformanceExchange-NYSE52 Week rangeUSD42.76-28.92 We recently hosted meetings in NYCwith James Zheng, CEO; Andrew Page, CFO; Omar Saad, SVPGroup IR and Capital Markets; Yiran Liu, Senior Manager Investor Relations; Silas Li, Chiefof Staff,Head ofGlobal cEooffice;and SaraKlossner,InvestorRelations and Capital MarketsManager.Pleasecontactustodiscussanyofthetopicsbelowinmoredetail. Building a durable flywheel of growth. We are increasingly convinced in AS's long-termgrowth story, underpinned by not one, not two, but now three global brand growthopportunities.Following ourmeetings with AS executive leadership,we came awayincrementallymoreconfidentthatthecompanyisastructural long-termcompounder,withmultiple levers for growth. Our roadshow reinforced our belief that AS is still in the early inningsof building globally scaled premium brands, with Arc'teryx and Salomon, in particular,benefitingfrom low brand awareness, limited distribution,and significant whitespaceopportunities across NorthAmerica and Europe,and China forSalomon.What stands out is thatmanagementcontinuestoprioritizelong-termvaluecreationovernear-termmarginmaximization, reinvesting excess gross profit into brand building, product innovation, anddistribution expansion while still delivering industry-leading growth and margin expansion.With Arc'teryx emerging as a global premium outdoorfranchise, Salomon creating a Source: LSEG Data&Analytics, BloombergLinktoBarclaysLiveforinteractivecharting U.S. Specialty Retail, Apparel&Footwear Adrienne Yih+1212 5265257adrienne.yih@barclays.comBCI, US Michael Vu+12125269568michael.vu@barclays.comBCI, US Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companiescovered inits research reports.As a result,investors should be aware that thefirm may haveaconflict of interest that could affect the objectivityof this report.Investors should consider thisreport as only a single factorin making theirinvestment decision. Angus Kelleher+1212526 0081angus.kelleherferguson@barclays.comBCI, US Pleaseseeanalyst certifications and importantdisclosures beginningonpage13.Completed: 20-Aug-26, 01:25 GMT Released: 20-Aug-26, 10:00 GMTRestricted -External through soft goods and Tennis 360, we continue to see a multi-year pathway to above-industryrevenue growth, market share gains, and sustained earnings upside. dislocated in the short run,fundamentals ultimately matter.The frustration amongbulls (countcash flow, and demonstrating that its portfolio of premium brands can scale acrossgeographies, channels, and categories. Yet the stock has not been rewarded in the way manycomparable growth stories have at a similar stage ofvalidation.While investors appreciate theexecution, the market continues to debate the durability of Arc'teryx's growth, the sustainabilityof Salomon's acceleration, China exposure,and whethertoday's valuation already reflectsmuchoftheopportunity.Formanyshareholders,thekeyquestionis no longerwhetherAScanexecute (it can...),but what additional proof points areneededforthe marketto fully embracethe company's potential as one ofthepremierlong-term growth stories in global consumer.Wecontinue to have faith that so long as AS continues to deliver double-digit market share gainsand drive profitable growth, over time investors will re-rate AS with the premium growthmultiple it deserves, in our view. September17InvestorDayasthenextpotentialcatalyst.Managementindicatedthe eventin Annecy, France will serve as a deeper strategic update on Salomon,similarin tone,format,andhorizonplanningtotheArc'teryxInvestorDayin2o25,providingadetailedbaselineofthebusiness, long-term growthframework,market opportunity,store expansion roadmap,keyperformance metrics, and visibility into the innovation pipeline. We expect the event to helpinvestors better appreciatethe scale of Salomon's long-term growth opportunity beyond itstraditional trail, hike performance offerings and current Sportstyle success. 4 Drivers of Future Growth. In summary, we see the biggest drivers for AS as the following:1) Arc'teryx and Salomon remain early in their North American growth journeys: both brandshave low awareness, limited distribution, and significant whitespace despite deliveringindustry-leading growth; 2) distribution expansion is increasing reach without compromisingcontinues to use selective wholesale partnerships as a brand-building tool rat