Amer Sports delivered a strong second quarter in 2025, with sales growth, improved margins and higher operating profit. The company raised its outlook for the year, though analysts remain cautious.
Driven by solid demand for Wilson, Salomon and Arc’teryx, Amer Sports posted a robust Q2 FY25, clearly surpassing expectations and lifting its full-year guidance. The Finnish sporting goods company increased its gross margin to 58.5 percent, while adjusted operating profit rose by 130 percent. Despite these results, analysts remain cautious in their outlook.
| Amer - Income | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| Q2, ended June 30 ($ million) | |||
| Revenue | 1,236.3 | 1,001.4 | 23.5% |
| Cost of goods sold | 513.4 | 442.5 | 16.0% |
| Gross profit | 722.9 | 558.9 | 29.3% |
| SG&A expenses | 697.8 | 567.8 | 22.9% |
| Impairment losses | 2.6 | 1.2 | 116.7% |
| Other operating income | 21.2 | 1.6 | 1225.0% |
| Operating profit | 43.7 | -8.5 | – |
| Net finance cost | 21.9 | 45.2 | -51.5% |
| Pre-tax | 21.8 | -53.7 | – |
| Tax | -0.6 | -51.9 | 98.8% |
| Net income | 22.4 | -1.8 | – |
| Diluted EPS | 0.03 | -0.01 | – |
| H1, ended June 30 ($ million) | |||
| Revenue | 2,708.8 | 2,194.0 | 23.5% |
| Cost of goods sold | 1,134.8 | 986.9 | 15.0% |
| Gross profit | 1,574.0 | 1,207.1 | 30.4% |
| SG&A expenses | 1,339.7 | 1,111.7 | 20.5% |
| Impairment losses | 2.9 | 2.5 | 16.0% |
| Other operating income | 26.5 | 7.6 | 248.7% |
| Operating profit | 257.9 | 100.5 | 156.6% |
| Net finance cost | 38.5 | 139.1 | -72.3% |
| Pre-tax | 219.4 | -38.6 | – |
| Tax | 58.9 | -43.7 | – |
| Net income | 160.5 | 5.1 | 3047.1% |
| Diluted EPS | 0.27 | 0.00 | – |
| Source: Amer | |||
Technical Apparel and Outdoor Performance drive growth
Amer Sports generated in Q2 FY25 revenue of $1.236 billion, an increase of 23.5 percent over the same period last year. The Ball and Racquet Sports segment (Wilson) rose by 11 percent to $314 million. The Technical Apparel segment (Arc’teryx, Peak Performance) grew by 23 percent to $509 million, while Outdoor Performance (Salomon) increased by 35 percent to $414 million. The adjusted operating profit margin improved to 5.5 percent, and adjusted earnings per share reached $0.06 – significantly above expectations. Amer Sports now expects continued strong growth for the full year, particularly in the US, China and direct-to-consumer (DTC) sales.
The three core segments performed as follows:
-
Ball & Racquet Sports (Wilson): $314 million (+11%)
-
Technical Apparel (Arc’teryx, Peak Performance): $509 million (+24%)
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Outdoor Performance (Salomon): $414 million (+35%)
| Amer - Revenue | ||||
|---|---|---|---|---|
| 2025 | 2024 | Change | ||
| Q2, ended June 30 ($ million) | ||||
| Regions | ||||
| Americas | 395.4 | 371.9 | 6.3% | |
| Greater China | 410.2 | 289.6 | 41.6% | |
| EMEA | 276.2 | 233.1 | 18.5% | |
| Asia-Pacific | 154.5 | 106.8 | 44.7% | |
| Total | 1,236.3 | 1,001.4 | 23.5% | |
| Channels | ||||
| Wholesale | 595.4 | 544.8 | 9.3% | |
| DTC | 640.9 | 456.6 | 40.4% | |
| Total | 1,236.3 | 1,001.4 | 23.5% | |
| Segments | ||||
| Technical Apparel | 508.9 | 412.1 | 23.5% | |
| Outdoor Performance | 413.7 | 305.8 | 35.3% | |
| Ball & Racquet Sports | 313.7 | 283.5 | 10.7% | |
| Total | 1,236.3 | 1,001.4 | 23.5% | |
| H1, ended June 30 ($ million) | ||||
| Regions | ||||
| Americas | 860.1 | 786.8 | 9.3% | |
| Greater China | 856.2 | 601.2 | 42.4% | |
| EMEA | 681.1 | 593.8 | 14.7% | |
| Asia-Pacific | 311.4 | 212.2 | 46.7% | |
| Total | 2,708.8 | 2,194.0 | 23.5% | |
| Channels | ||||
| Wholesale | 1,375.3 | 1,239.6 | 10.9% | |
| DTC | 1,333.5 | 954.4 | 39.7% | |
| Total | 2,708.8 | 2,194.0 | 23.5% | |
| Segments | ||||
| Technical Apparel | 1,172.7 | 929.3 | 26.2% | |
| Outdoor Performance | 916.1 | 707.6 | 29.5% | |
| Ball & Racquet Sports | 620.0 | 557.1 | 11.3% | |
| Total | 2,708.8 | 2,194.0 | 23.5% | |
| Source: Amer | ||||
Arc’teryx drives growth, Salomon consolidates
The successful Arc’teryx brand remains at the heart of the Technical Apparel segment. Strong performance in North America, solid development in Greater China and an increasingly global focus in the Footwear segment are supporting growth. The women’s segment and technical innovations also contributed to the figures.
Salomon further expanded its market position in the footwear sector in Q2. The sport style line and technologies for trail and winter sports in particular drove growth. The company recorded robust demand in Asia, while Europe also remained stable.
As in the previous quarter, Amer Sports did not comment in detail on Peak Performance’s figures. However, the brand remains an important element of the diversification strategy and is developing “as expected” in EMEA and Asia.
“The inflection of Salomon footwear adds a strong second leg of growth to Arc’teryx’s already exceptional sales and margin trajectory, significantly elevating the long-term value creation potential of our portfolio of premium sports and outdoor brands.” CFO Andrew Page
Forecast raised – share price reacts positively
Following a strong Q2, management raised its full-year forecast: Amer Sports expects revenue growth of around 20 percent and adjusted earnings per share of $0.20–0.22 for Q3 FY25. The gross margin rose to 58.5 percent (+270 basis points) in Q2, while operating profit increased by 130 percent. The stock responded on the day of the announcement with a gain of over 4 percent in pre-market trading.
Analysts remain cautiously optimistic
UBS has confirmed its outlook for Amer Sports (buy rating with a price target of $50). Despite the convincing figures, analysts are urging caution and see a balanced upside/downside potential despite the positive results. Even if profitability continues to develop positively, potential trade barriers (e.g., tariffs) and currency effects could slow down the momentum.
