S&P Global Ratings has affirmed its BBB- long-term issuer credit rating on Amer Sports Inc. with a stable outlook after the group fully retired $720 million in senior secured notes (SSNs) due 2031. The agency also withdrew its separate issuer rating on the notes, which have now been repaid.
The debt paydown was funded by a $750 million (approximately €690 million) primary follow-on share offering, priced on 3 March 2026, with the notes redeemed on 16 March. S&P described the move as a liability management exercise linked to the non-deductibility of the SSN debt, rather than a change in the group’s financial policy. Amer Sports maintains a stated maximum net leverage target of 1.5x net debt to EBITDA.
A leaner balance sheet, a longer runway for investment
The transaction lowers S&P’s adjusted leverage estimate for 2026 to around 0.4x, from 1.1x in 2025, well within the company’s policy ceiling. S&P noted, however, that management may “opportunistically relever in the future,” leaving scope for acquisitions or further capital deployment.
That flexibility matters because Amer Sports has signalled significant near-term investment. S&P forecasts capital expenditure of approximately $550 million in 2026, earmarked for new store openings, emerging-market expansion, supply chain infrastructure and digital capabilities.
Momentum from Arc’teryx and Salomon carries into 2026
The affirmation also reflects Amer Sports’ recent trading performance. The group reported 2025 revenue of $6.6 billion, a 21 percent organic increase and ahead of S&P’s earlier forecast of around $6.3 billion. Volume growth across the Technical Apparel and Outdoor Performance segments drove the result.
S&P projects 2026 revenue of $7.3 billion–$7.5 billion, representing growth of 12 to 14 percent, supported by Arc’teryx and Salomon brand momentum, an expanded direct-to-consumer (DTC) retail presence and continued demand for premium products in Asia-Pacific, including Greater China, and the US.
ANTA relationship underpins the rating
S&P noted that the BBB- rating includes a one-notch uplift reflecting the group’s relationship with ANTA Sports, which held an approximately 42 percent equity stake as of 20 February 2026. Governance arrangements allow ANTA to nominate five of the 11 Amer Sports board members, including the chairman. The companies coordinate on procurement, logistics and back-office operations, and Amer Sports benefits from a master business services agreement covering IT support, e-commerce operations and management services.
