Closer to customers: the Finnish multi-brand group accelerates the expansion of its direct sales – with more control, brand strength and digital proximity. Salomon and Arc’teryx are growing at double-digit rates, both online and in stores. Q3 brings tailwinds – and a raised forecast.
Amer Sports clearly exceeded expectations in the third quarter of 2025 and raised its annual targets. Revenue rose 30 percent to $1.76 billion, driven by strong demand in the core markets of the US and China and robust performance in all three brand segments. Adjusted operating profit was $275 million (+41%), with adjusted diluted earnings per share of $0.33. Gross margin rose to 56.8 percent in the third quarter. CFO Andrew Page cited the following reasons in the earnings call: “The margin expansion that you see will be driven primarily by gross margin expansion. And that gross margin expansion is driven primarily by mix shift – both channel and product and region mix shift.”
| Amer Sports - Income | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| Q3, ended Sept. 30 ($ million) | |||
| Revenue | 1,756.3 | 1,353.8 | 29.7% |
| Cost of goods sold | 758.1 | 606.5 | 25.0% |
| Gross profit | 998.2 | 747.3 | 33.6% |
| SG&A expenses | 776.6 | 586.5 | 32.4% |
| Impairment losses | 10.2 | – | – |
| Other operating income | 4.5 | 15.9 | -71.7% |
| Operating profit | 215.9 | 176.7 | 22.2% |
| Interest expense | 25.6 | 44.1 | -42.0% |
| Forex gains (net) & finance costs | 5.9 | -4.8 | – |
| Loss on debt extinguishment | – | – | – |
| Interest income | 1.5 | 1.1 | 36.4% |
| Net finance cost | 18.2 | 47.8 | -61.9% |
| Pre-tax | 197.7 | 128.9 | 53.4% |
| Tax | 51.3 | 72.7 | -29.4% |
| Net income | 146.4 | 56.2 | 160.5% |
| Diluted EPS | 0.25 | 0.11 | 127.3% |
| 9M, ended Sept. 30 ($ million) | |||
| Revenue | 4,465.1 | 3,547.8 | 25.9% |
| Cost of goods sold | 1,892.9 | 1,593.5 | 18.8% |
| Gross profit | 2,572.2 | 1,954.3 | 31.6% |
| SG&A expenses | 2,116.3 | 1,698.1 | 24.6% |
| Impairment losses | 13.1 | 2.5 | 424.0% |
| Other operating income | 31.0 | 23.5 | 31.9% |
| Operating profit | 473.8 | 277.2 | 70.9% |
| Interest expense | 77.6 | 154.9 | -49.9% |
| Forex gains (net) & finance costs | 16.5 | -24.0 | – |
| Loss on debt extinguishment | – | 14.3 | – |
| Interest income | 4.4 | 6.3 | -30.2% |
| Net finance cost | 56.7 | 186.9 | -69.7% |
| Pre-tax | 417.1 | 90.3 | 361.9% |
| Tax | 110.2 | 29.0 | 280.0% |
| Net income | 306.9 | 61.3 | 400.7% |
| Diluted EPS | 0.53 | 0.12 | 341.7% |
| Source: Amer Sports | |||
Outdoor boom fuels double-digit growth
The figures underscore what has long been evident in stores and online platforms: Salomon and Arc’teryx are in tune with the spirit of the times. Both brands again achieved double-digit growth in Q3 FY25 – in both the apparel and the footwear segments. Outdoor performance with Salomon grew by 36 percent ($724m), technical apparel with Arc’teryx and Peak Performance by 31 percent ($683m). The ball & racquet segment with Wilson also grew by 16 percent ($350m). “We continue to see very strong demand for our technical and outdoor brands – consumers are responding to innovation, performance and brand identity,” said Page in the earnings call.
Regional momentum remains strong
Geographically, the Helsinki-based company delivered broad-based growth, with particular momentum in Asia. In Greater China, sales rose 47 percent year-over-year in the third quarter, fueled by strong demand for Arc’teryx and Salomon. The rest of the Asia-Pacific region expanded by 54 percent, driven by a rise in DTC and continued footwear strength. EMEA posted 23 percent growth, supported by all brands. In the Americas, sales increased 18 percent; management still sees headroom in the region.
| Amer Sports - Revenues | ||||
|---|---|---|---|---|
| 2025 | 2024 | Change | ||
| Q3, ended Spet. 30 ($ million) | ||||
| Regions | ||||
| Americas | 574.2 | 487.8 | 17.7% | |
| Greater China | 461.5 | 312.9 | 47.5% | |
| EMEA | 528.5 | 428.5 | 23.3% | |
| Asia-Pacific | 192.1 | 124.6 | 54.2% | |
| Total | 1,756.3 | 1,353.8 | 29.7% | |
| Channels | ||||
| Wholesale | 1,033.8 | 874.0 | 18.3% | |
| DTC | 722.5 | 479.8 | 50.6% | |
| Total | 1,756.3 | 1,353.8 | 29.7% | |
| Segments | ||||
| Technical Apparel | 683.3 | 520.0 | 31.4% | |
| Outdoor Performance | 723.5 | 533.6 | 35.6% | |
| Ball & Racquet Sports | 349.5 | 300.2 | 16.4% | |
| Total | 1,756.3 | 1,353.8 | 29.7% | |
| 9M, ended Spet. 30 ($ million) | ||||
| Regions | ||||
| Americas | 1,434.3 | 1,274.6 | 12.5% | |
| Greater China | 1,317.7 | 914.2 | 44.1% | |
| EMEA | 1,209.6 | 1,022.2 | 18.3% | |
| Asia-Pacific | 503.5 | 336.8 | 49.5% | |
| Total | 4,465.1 | 3,547.8 | 25.9% | |
| Channels | ||||
| Wholesale | 2,409.1 | 2,113.6 | 14.0% | |
| DTC | 2,056.0 | 1,434.2 | 43.4% | |
| Total | 4,465.1 | 3,547.8 | 25.9% | |
| Segments | ||||
| Technical Apparel | 1,856.0 | 1,449.3 | 28.1% | |
| Outdoor Performance | 1,639.6 | 1,241.2 | 32.1% | |
| Ball & Racquet Sports | 969.5 | 857.3 | 13.1% | |
| Total | 4,465.1 | 3,547.8 | 25.9% | |
| Source: Amer Sports | ||||
Lifestyle and performance: Strong momentum at Salomon
When asked during the earnings call, CEO Guillaume Motte emphasized the strategic importance of Salomon. The brand currently has “great momentum” and occupies a “clearly differentiated position in the market.” It combines authentic performance, functional innovation and growing cultural significance – particularly in the interplay between mountain sports, urban lifestyle and design relevance. “This quarter is a good example of Salomon’s potential – and we believe this is just the start.” Growth is particularly strong in Asia and EMEA, while the foundations for further growth are currently being laid in the US.
Strategy in the portfolio: Focus on physical brand experience
DTC remains a key growth driver in Amer Sports’ portfolio. In Q3 FY25, direct sales grew by 51 percent, driven by strong online demand and accelerated global store expansion. Arc’teryx opened four new stores in the third quarter alone and plans to open around 25 more by the end of the year, most of them in North America and APAC. Salomon doubled the number of store openings from the previous year, opening 29 new stores in the third quarter alone, mainly in Asia. Wilson also drove forward its physical rollout. In total, the number of company-owned stores across the group rose by 39 percent to 631 locations. The focus is on metropolitan areas with high brand penetration and omnichannel potential. According to Page, the consistent expansion of the DTC infrastructure not only strengthens the group’s margin base, but also gives it more control over pricing, customer loyalty and brand presence.
DTC trend: Amer Sports in good company
On equal footing with customers: the footwear and apparel group is joining the DTC trend in the industry. What began at On Holding with flagship stores in Zurich, London and Shanghai has long been part of Asics’ global infrastructure. Amer Sports is now also rapidly pushing ahead with its DTC strategy. Away from intermediaries and toward direct contact with the target group – closer to the brand, closer to the customer. The focus is on Arc’teryx and Salomon. The goal is to make the brands tangible where their target groups live and train. This approach is no longer a unique selling point, but part of an industry trend: if you want to secure brand value and margins at the same time, there is no way around expanding direct sales. The Finnish multi-brand provider has also taken this direction – and is thus fully in line with the strategies of its competitors.
Guidance for 2025 revised upward
Amer Sports now expects adjusted earnings per share of $0.88 to $0.92 for the full year, based on an operating margin of 12.5 to 12.7 percent. The gross margin is expected to be around 58 percent. The Group expects:
- Technical Apparel: sales growth of 26 to 27 percent, segment margin around 21 percent
- Outdoor Performance: 28 to 29 percent growth, margin of 13 to 13.5 percent
- Ball & Racquet: 10 to 11 percent growth, margin of 3 to 4 percent
In the earnings call, management explained the conservative margin guidance for Outdoor Performance with pull-forward effects from Q3 shipments. Additionally, planned marketing investments in North America and around the Olympic Games weighed on the margin outlook. However, it continues to see potential for the fourth quarter, depending on how demand develops.
