Gross margin expanded 160 basis points to 56.8 per cent, while adjusted gross margin improved 240 basis points to 57.9 per cent. SG&A expenses rose 32 per cent to $777 million, with adjusted SG&A up 30 per cent to $743 million.
Amer Sports has delivered a strong Q3 and 9M 2025, with Q3 revenue up 30 per cent to $1,756 million and broad-based regional and channel growth.
Margins improved sharply, while net income rose 156 per cent to $143 million.
9M revenue grew 26 per cent, with net income reaching $306.9 million.
Strong Salomon and Arc’teryx momentum led the company to raise its full-year revenue, margin and EPS outlook.
The operating profit increased 22 per cent to $216 million. Adjusted operating profit rose 41 per cent to $275 million. Operating margin declined 80 basis points to 12.3 per cent, but adjusted operating margin strengthened 130 basis points to 15.7 per cent. Segment-level adjusted operating margins were 19 per cent for Technical Apparel, 21.7 per cent for outdoor performance, and 7.6 per cent for Ball & Racquet, Amer Sports said in a press release.
The net income in Q3 attributable to equity holders rose 156 per cent to $143 million, delivering diluted EPS of $0.25. Adjusted net income increased 161 per cent to $185 million, or $0.33 adjusted diluted EPS.
Region-wise, Q3 revenue rose across all regions, with the Americas up 18 per cent to $574.2 million, Europe, Middle East and Africa (EMEA) increasing 23 per cent to $528.5 million, and Asia Pacific jumping 54 per cent to $192.1 million. Greater China led with a 47 per cent surge to $461.5 million.
Channel-wise, wholesale revenue rose 18 per cent to $1,033.8 million in Q3, while direct-to-consumer (DTC) soared 51 per cent to $722.5 million, reflecting strong brand demand and expanding consumer engagement.
Segment-wise, technical apparel revenue increased 31 per cent to $683 million; outdoor performance climbed 36 per cent to $724 million.
Inventory levels increased 28 per cent YoY to $1,710 million. Net debt stood at $800 million, with cash and cash equivalents at $353 million.
“Amer Sports’ strong momentum continued in the third quarter, as our unique portfolio of premium technical brands continues to create white space and take share in sports and outdoor markets around the world,” said James Zheng, CEO at Amer Sports. “All three segments performed extremely well led by exceptional Salomon footwear growth, an Arc’teryx omni-comp reacceleration, and solid growth from Wilson Tennis 360 and our Winter Sports Equipment franchises.”
For the first nine months (9M) of 2025, the company’s revenue rose 26 per cent to $4,465.1 million, an increase of 26 per cent YoY. Gross profit increased to $2,572.2 million from $1,954.3 million in the same period in 2024, reflecting stronger demand and improved margin execution.
SG&A expenses grew to $2,116.3 million, compared with $1,698.1 million in the prior-year period, while impairment losses totalled $13.1 million. Other operating income rose to $31 million from $23.5 million. Operating profit nearly doubled to $473.8 million, up from $277.2 million in 2024.
The net income in 9M period surged to $306.9 million, significantly higher than $61.3 million in the prior-year period. Net income attributable to equity holders rose to $295.9 million from $57.2 million. Basic and diluted earnings per share stood at $0.53, up from $0.12 last year.
For full-year 2025, Amer Sports expects revenue growth of 23–24 per cent, supported by around 100 basis points of favourable currency impact. The gross margin is forecast at approximately 58 per cent, with operating margin in the 12.5–12.7 per cent range. Fully diluted EPS is projected at $0.88–0.92.
Technical Apparel revenue is expected to rise 26–27 per cent with a 21 per cent segment operating margin. Outdoor Performance is forecast to grow 28–29 per cent with margin between 13–13.5 per cent, while Ball & Racquet revenue is set to grow 10–11 per cent with margin of 3–4 per cent.
Looking ahead to 2026, the company anticipates group revenue growth towards the high end of its long-term algorithm of low-double-digit to mid-teens annual growth, along with adjusted operating margin expansion of 30–70+ basis points annually.
“Salomon footwear continues to add a strong second leg of profitable growth to Arc’teryx’s already exceptional trajectory, significantly elevating the financial profile and long-term value creation potential of the Amer Sports portfolio,” said Andrew Page, CFO at Amer Sports. “All three operating segments delivered both sales and margin ahead of our expectations in the third quarter. Given our continued momentum we are raising our full year revenue, margin, and EPS expectations.”
“As we begin to look beyond this year, we expect to deliver 2026 Group revenue growth towards the high-end of our long-term algorithm of low-double-digit to mid-teens annual sales growth. And we expect to deliver adjusted operating margin expansion within our long-term algorithm of 30-70+ basis points annually,” added Page.
Fibre2Fashion News Desk (SG)
