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Amer Sports First Quarter 2025
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2 FORWARD LOOKING STATEMENTS This presentation contains statements that constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Many of the forward-looking statements contained herein can be identified by the use of forward- looking words such as “anticipate,” “believe,” “may,” “will,” “expect,” “could,” “target,” “predict,” “potential,” “should,” “plan,” “intend,” “estimate” and “potential,” and similar expressions. Forward-looking statements appear in a number of places herein and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section titled “Item 3. Key Information—D. Risk Factors” in our Annual Report on Form 20-F. These risks and uncertainties include factors relating to: the strength of our brands; changes in market trends and consumer preferences; intense competition that our products, services and experiences face; harm to our reputation that could adversely impact our ability to attract and retain consumers and wholesale partners, employees, brand ambassadors, partners, and other stakeholders; reliance on technical innovation and high-quality products; general economic and business conditions worldwide, including due to inflationary pressures; the strength of our relationships with and the financial condition of our third-party suppliers, manufacturers, wholesale partners and consumers; ability to expand our DTC channel, including the expansion and success of our retail stores and e- commerce platforms; our plans to innovate, expand our product offerings and successfully implement our growth strategies that may not be successful, and implementation of these plans that may divert our operational, managerial and administrative resources; our international operations, including any related to political uncertainty and geopolitical tensions; changes in trade policies, including tariffs and other trade restrictions; our and our wholesale partners’ ability to accurately forecast demand for our products and our ability to manage manufacturing decisions; our third party suppliers, manufacturers and other partners, including their financial stability and our ability to find suitable partners to implement our growth strategy; the cost of raw materials and our reliance on third-party manufacturers; our distribution system and ability to deliver our brands’ products to our wholesale partners and consumers; climate change and sustainability-related matters, or legal, regulatory or market responses thereto; current and further changes to trade policies, tariffs, import/export regulations and, anti-competition regulations in the United States, EU, PRC and other jurisdictions, or our failure to comply with such regulations, may have a material adverse effect on our reputation, business, financial condition and results of operations; the use and reliance on artificial intelligence can potentially cause intellectual property rights issues, security vulnerabilities, harm our business reputation, negatively impact our operations and impact our financial results; ability to obtain approvals from PRC authorities to remain listed on the U.S. exchanges and offer securities in the future; ability to obtain, maintain, protect and enforce our intellectual property rights in our brands, designs, technologies and proprietary information and processes; ability to defend against claims of intellectual property infringement, misappropriation, dilution or other violations made by third parties against us; security breaches or other disruptions to our information technology (“IT”) systems; our reliance on a large number of complex IT systems; changes in government regulation and tax matters; our ability to remediate our material weakness in our internal control over financial reporting; our relationship with ANTA Sports Products Limited (“ANTA Sports”); our expectations regarding the time during which we will be a foreign private issuer; and other risk factors discussed under “Item 3. Key Information—D. Risk Factors” in our Annual Report on Form 20-F. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of an unanticipated event. 2
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3 Strong First Quarter 2025 • Strong results with revenues, adjusted margins and EPS well above expectations • Revenue increased 23% to $1,473 million in 1Q25, and strong momentum has continued into 2Q25 • Arc’teryx strong trends continue across regions, channels, and categories • Salomon footwear brand momentum accelerating globally, and Winter Sports Equipment had strong finish to Winter season • Ball & Racquet segment delivered healthy sales and profitability led by Wilson Tennis 360 • Company raises 2025 revenue and EPS expectations assuming current tariffs remain in effect for rest of year
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4 Confident in Our Future • Unique portfolio of premium sports & outdoor brands. High consumer engagement, conversion, and satisfaction but still small in size. • Arc’teryx generating strong growth and profitability for the outdoor industry, disruptive DTC model, and unique competitive position. • Salomon footwear has a unique value proposition and is experiencing a global inflection in brand momentum, but is still a small player within the global sneaker market. • Wilson and Winter Sports Equipment brands enjoy leading equipment market share, but still have small Softgoods franchises with large growth opportunities, especially Wilson Tennis 360. • Amer continues to deliver best-in-class performance in Greater China, with strong momentum across all three big brands. Premium outdoor segment in China remains healthy.
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5 Omni-comp 36% 26% 20% 29% 19% 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 Technical Apparel Q1 Highlights New mountain town store in Banff Very strong growth in Women’s Rebird service center pop-up at the Arc’teryx Academy in Mammoth Climbing community event in Seoul First ever Arc'teryx Academy in California at Mammoth Mountain Norvan LD 4 launch has been very successfulVeilance at FW25 Paris Fashion Week
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6 Shift from Equipment to Sneakers Winter sports equipment Footwear & apparel Outdoor Performance Q1 Highlights 54% 67% 46% 33% 2022 2024 Salomon XT Wisper x Sandy Liang collaboration Salomon continues strong expansion in China The global Salomon XT Wisper launch has been wildly successful Better than expected WSE results Salomon is enjoying strong brand heat in NYC Aeroglide 3 launched in March with new foam technology 1Q’25 Outdoor Performance +25% led by very strong growth led by Salomon footwear
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7 -14% 1% 11% 22% 12% 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 Revenue growth Ball & Racquet Q1 Highlights New Wilson store in Shenzhen Strongest US Open ever, with record sales Off-white x Wilson 3D basketball collab Wilson Softgoods doubled in 2024 New Clash racquet presentation in Chongqing store Wilson Softgoods continued its excellent growth New Vesper pickleball paddle launch Wilson Golf grew strongly in Q1 thanks to new Dynapower launch New Wilson store in Shanghai
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Financial Review
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Last Four Quarters Revenue Trends by Segment Technical Apparel 34% 34% 33% 28% 2Q24 3Q24 4Q24 1Q25 Outdoor Performance Ball & Racquet 11% 8% 13% 25% 2Q24 3Q24 4Q24 1Q25 1% 11% 22% 12% 16% 17% 23% 23% 2Q24 3Q24 4Q24 1Q25 Group 2Q24 3Q24 4Q24 1Q25
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Last Four Quarters Revenue Trends by Channel DTC 40% 41% 46% 39% 2Q24 3Q24 4Q24 1Q25 Wholesale 2% 8% 6% 12% 2Q24 3Q24 4Q24 1Q25
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Last Four Quarters Revenue Trends by Region EMEA 1% 4% 8% 12% 2Q24 3Q24 4Q24 1Q25 Greater ChinaAPAC 54% 56% 54% 43% 2Q24 3Q24 4Q24 1Q25 45% 47% 52% 49% 2Q24 3Q24 4Q24 1Q25 1% 7% 15% 12% 2Q24 3Q24 4Q24 1Q25 Americas
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12 Adjusted Gross Profit Margin 1 Bridge 1Q24 Pricing, Product Mix, Discounts, FX & Other Brand & Regional Mix Transportation, Logistics and Materials 1Q25 54.7% 58.0% (1) Adj. gross margin is a non-IFRS financial measure. See Appendix for reconciliation to nearest comparable IFRS financial measure.
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13 Adjusted SG&A 1 Bridge 1Q24 Technical Apparel Outdoor Performance Ball & Racquet HQ 1Q25 $527M $627M 44.2% of revenue 42.6% of revenue (1) Adj. SG&A is a non-IFRS financial measure. See Appendix for reconciliation to nearest comparable IFRS financial measure.
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14 Other Financial Items Q1’24 Adj. Operating margin 10.9 % Q1’25 15.8 % Adj. Net finance cost ($M) 62 17 Adj. Effective tax rate 24% 30% Adj. Net income to equity holders ($M) 50 148 Adj. Diluted EPS ($) 0.11 0.27 Note: Please refer to appendix for appendix for reconciliation of the non-IFRS measures presented to most directly comparable IFRS measures
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15 Technical Apparel 15 (1) Adjusted operating margin is a non-IFRS financial measure. See appendix for a reconciliation to the most directly comparable IFRS measure Revenue ($B) and Adjusted Operating Margin 17.3% 15.7% 19.7% Adjusted Operating Margin 21.0% 0.9 1.1 1.6 2.2 2.7 2021 2022 2023 2024 2025E ~32% CAGR ~21% • Revenues increased 28% in Q1 to $664 million led by Arc'teryx. • Q1 growth fueled by 31% DTC expansion, 22% wholesale growth and 19% omni-comp on top of 36% in Q1’24. • Peak Performance making good progress in shifting to more of a full-price and DTC oriented brand. • Strong growth across all geographies led by APAC, Greater China, the Americas, and then EMEA. • Broad-based strength across categories, including key opportunities in footwear and women’s. • Arc'teryx net new store openings were flat in Q1, as 4 openings were offset by the closure of 4 legacy locations. • Q1 segment adj. operating margin1 expanded 110 bps to 23.8% driven by SG&A leverage on strong sales growth.
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16 Outdoor Performance 16 (1) Adjusted operating margin is a non-IFRS financial measure. See appendix for a reconciliation to the most directly comparable IFRS measure 7.4% 8.3% 9.1% 9.4% Adjusted Operating Margin • Revenue increased 25% in Q1 to $502 million, driven by very strong performance in Salomon Softgoods and better-than- expected results in Winter Sports Equipment. • DTC grew 68% led by China and APAC, and wholesale growth accelerated to +9%. • Regionally, sales growth was led by Greater China and APAC, followed by EMEA. Americas sales were flat due to Enve divestiture in 2024. • Winter Sports Equipment finished the Winter season with strong sell-though and re-orders. • 14 net new Salomon brand store openings in Q1, majority in Greater China. • Q1 adj. segment operating margin1 expanded 990 bps to 14.7% driven by GM expansion thanks to channel, region, and product mix, and better product costs as well as SG&A leverage on strong growth. Revenue ($B) and Adjusted Operating Margin 1.2 1.4 1.7 1.8 2.1 2021 2022 2023 2024 2025E ~14% CAGR ~9.5%
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17 Ball & Racquet 17 • Revenue increased 12% in Q1 to $306 million driven by Softgoods, Racquet Sports and Golf. • Tennis 360 continued to experience very strong momentum across markets. • Golf experienced positive growth driven by successful Dynapower product launch and improving sales in Pro Golf Clubs • Both Inflatables and Baseball were roughly flat. • 2 net new Wilson brand store openings in 1Q, both in Korea. • B&R adj. segment operating margin1 improved 270 bps in Q1 to 6.6% driven by higher GM thanks to product, channel and region mix. (1) Adjusted operating margin is a non-IFRS financial measure. See appendix for a reconciliation to the most directly comparable IFRS measure 6.5% 5.9% 2.8% Adjusted Operating Margin 2.1% Revenue ($B) and Adjusted Operating Margin 0.9 1.0 1.1 1.2 1.2 2021 2022 2023 2024 2025E ~7% CAGR 3-4%
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18 Balance Sheet Update (1) Net debt is defined as loans from financial institutions less cash and cash equivalents 12/31/2024 ($M) Secured notes 800 Total debt 937 Cash 345 Net Debt 591 ST bank financing 137 Revolver 0 3/31/2025 ($M) 800 137 0 937 422 515 2024/2025 adjusted EBITDA (IFRS) 808 1,057 Leverage ratio 0.7x 0.5x
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19 Inventory Yearly and quarterly revenue and inventory change (in %) Sales growth Inventory growth Inventory and Sales growth 23% 18% 23% 21% 11% 15% 2023 2024 1Q 2025
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20 Cash Flows from Operating Activities -$92 $199 $422 2022 2023 2024 2025E In millions USD
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Guidance
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Amer Sports Well Positioned to Manage Higher Tariffs 22 • Our continued business momentum, diverse global footprint, clean balance sheet, and strong pricing power positions us well to navigate rising tariffs and associated macro uncertainties. • Our updated guidance assumes U.S. tariffs on imports from China stay at 30% for the rest of the year and Rest-of-World stays at 10%. • Given mitigation strategies already underway, we expect negligible impact to our P&L from higher tariffs in 2025. • Confident in our ability to fully mitigate over time entire annual impact under a wide range of tariff outcomes.
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U.S. Tariff Exposure Breakdown by Country and Brand 23 Ball & Racquet Incremental Tariff Exposure by Brand Amer Sports Group U.S. Revenue Broken down by Sourcing Country Work in progress Data reflecting F1.5 Sourcing Country China-to-US 8% EU-to-US 3% ROW-to-US 1% Total US Revenues 26% Vietnam-to-US 8% Rest of Asia-to-US 6% Technical Apparel Outdoor Performance Ball & Racquet
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24 Outlook: Full Year 2025 Other than revenue, all guidance figures reference adjusted amounts. Guidance assumes U.S. tariffs on imports from China stay at 30% for the rest of the year and Rest -of-World at 10%: • Reported revenue growth: 15 – 17% • Gross margin: 56.5 – 57% • Operating margin: 11.5 – 12% • Net finance cost: ~$120 million • Effective tax rate: 30 – 32% • Fully diluted share count: approximately 560 million • Fully diluted EPS: $0.67 – $0.72 • D&A: ~$350 million, including ~$180 million of ROU depreciation • CapEx: ~$300 million • Technical Apparel: 20 – 22% revenue growth; segment operating margin ~21% • Outdoor Performance: mid-teens revenue growth; segment operating margin ~9.5% • Ball & Racquet: mid-single-digit revenue growth; segment operating margin 3 – 4%
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25 Outlook: 2Q 2025 Other than revenue, all guidance figures reference adjusted amounts. Guidance assumes U.S. tariffs on imports from China stay at 30% for the rest of the year and Rest-of-World at 10%: • Reported revenue growth: 16 – 18% • Gross margin: 57 – 58% • Operating margin: 3 – 4% • Net finance cost: $25 – 30 million • Effective tax rate: 30 – 32% • Fully diluted share count: approximately 560 million • Fully diluted EPS: $0.00 – 0.02
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26 Q&A
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2828 Appendix 1. Adjusted gross profit reconciliation 2. Adjusted SG&A reconciliation 3. Adjusted net finance cost reconciliation 4. Adjusted income tax expense reconciliation 5. Adjusted net income reconciliation 6. Adjusted operating profit reconciliation 7. EBITDA, adjusted EBITDA and adjusted EBITDA margin reconciliation 8. P&L excluding non-IFRS adjustments and supporting IFRS reconciliations
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29 ADJUSTED GROSS PROFIT RECONCILIATION For the Three Months Ended March 31, 2025 and 2024 (Unaudited) For the Three Months Ended March 31, In millions 2025 2024 Gross Profit $ 851.1 $ 648.1 Depreciation and amortization on PPA fair value step up 3.6 3.7 Expenses related to certain legal proceedings (0.8) — Adjusted Gross Profit $ 853.9 $ 651.8 ADJUSTED SG&A RECONCILIATION (1) For the Three Months Ended March 31, 2025 and 2024 (Unaudited) For the Three Months Ended March 31, In millions 2025 2024 Selling, general and administrative expenses $ (641.9) $ (543.8) Depreciation and amortization on PPA fair value step up 6.9 7.0 Restructuring expenses 2.9 0.9 Expenses related to transaction activities 0.3 5.8 Expenses related to certain legal proceedings 0.0 — Share-based payments 5.0 3.4 Adjusted SG&A expenses $ (626.8) $ (526.7) (1) In the third quarter of 2024, the Company changed its presentation of credit card processing fees, which were previously recorded as contra-revenue and have been reclassified as selling, general and administrative expenses. Prior year amounts have been reclassified to conform with current period presentation.
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30 ADJUSTED NET FINANCE COST RECONCILIATION For the Three Months Ended March 31, 2025 and 2024 (Unaudited) For the Three Months Ended March 31, In millions 2025 2024 Net Finance Costs $ (16.6) $ (93.9) Expenses related to transaction activities — 18.0 Loss on debt extinguishment — 14.3 Adjusted Net Finance Costs $ (16.6) $ (61.6) ADJUSTED INCOME TAX EXPENSE RECONCILIATION For the Three and Twelve Months Ended December 31, 2024 and 2023 (Unaudited) For the Three Months Ended March 31, In millions 2025 2024 Income Tax Expense $ (59.5) $ (8.2) Depreciation and amortization on PPA fair value step up (2.6) (2.7) Restructuring expenses (0.7) (0.2) Expenses related to transaction activities (0.1) (2.9) Expenses related to certain legal proceedings 0.2 — Share-based payments (1.3) (0.9) Loss on debt extinguishment — (1.4) Adjusted Income Tax Expense $ (64.0) $ (16.3)
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31 ADJUSTED NET INCOME RECONCILIATION (1) For the Three Months Ended March 31, 2025 and 2024 (Unaudited; except per share information) For the Three Months Ended March 31, In millions (except for share and earnings per share information) 2025 2024 Net income attributable to equity holders of the Company $ 134.6 $ 5.1 Depreciation and amortization on PPA fair value step up 10.5 10.7 Restructuring expenses 2.9 0.9 Expenses related to transaction activities 0.3 23.9 Expenses related to certain legal proceedings (0.7) — Share-based payments 5.0 3.4 Loss on debt extinguishment — 14.3 Income tax expense on adjustments (4.5) (8.1) Adjusted net income attributable to equity holders of the Company $ 148.1 $ 50.2 Weighted-average dilutive shares outstanding 557,567,556 466,345,776 Adjusted total diluted earnings per share $ 0.27 $ 0.11 (1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals.
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32 ADJUSTED OPERATING PROFIT RECONCILIATION (1) For the Three Months Ended March 31, 2025 and 2024 (Unaudited) For the Three Months Ended March 31, In millions 2025 2024 Income before tax $ 197.6 $ 15.1 Depreciation and amortization on PPA fair value step up 10.5 10.7 Restructuring expenses 2.9 0.9 Expenses related to transaction activities 0.3 5.8 Expenses related to certain legal proceedings (0.7) — Share-based payments 5.0 3.4 Loss on debt extinguishment — 14.3 Interest expense 22.0 68.3 Foreign currency exchange losses, net & other finance costs (3.9) 14.0 Interest income (1.5) (2.7) Adjusted operating profit $ 232.2 $ 129.8 (1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals.
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33 EBITDA, ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN RECONCILIATION (1) For the Three Months Ended March 31, 2025 and 2024 (Unaudited) For the Three Months Ended March 31, In millions 2025 2024 Revenue $ 1,472.5 $ 1,192.5 Net income attributable to equity holders of the Company $ 134.6 $ 5.1 Net income attributable to non-controlling interests 3.5 1.8 Depreciation and amortization (2) 77.7 62.5 Interest expense (3) 22.0 68.3 Loss on debt extinguishment — 14.3 Foreign currency exchange (gains)/losses, net & other finance costs (3.9) 14.0 Interest income (1.5) (2.7) Income tax expense 59.5 8.2 EBITDA 291.9 171.5 Restructuring expenses 2.9 0.9 Expenses related to transaction activities 0.3 5.8 Expenses related to certain legal proceedings (0.7) — Share-based payments 5.0 3.4 Adjusted EBITDA $ 299.4 $ 181.6 Net income margin 9.1 % 0.4 % Adjusted EBITDA Margin 20.3 % 15.2 % (1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals. (2) Depreciation and amortization includes amortization expense for right-of-use assets capitalized under IFRS 16, Leases of $35.9 million and $26.5 million for the three months ended March 31, 2025 and 2024, respectively. (3) Total interest expense on lease liabilities under IFRS 16, Leases was $7.2 million and $4.2 million for the three months ended March 31, 2025 and 2024, respectively.
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34 1Q'25 Total Sales (M$) 1,472.5 Growth% 23.5% 1Q'24 12.8% Adj. Gross Profit 853.9 Adj. Gross Margin% 58.0% 54.7% Adj. SG&A 626.8 Adj. SG&A% 42.6% Other operating income 5.0 Adj. Operating Profit 232.2 Adj. OP Margin% 15.8% Adj. Net finance cost 16.6 Adj. Pretax Income 215.6 Adj. income tax (benefit) 64.0 Effective tax rate 29.7% Adj. Net Income 151.6 Minority interest Adj NI to Amer Shareholders Adj. Diluted EPS 0.27 Diluted share count 557.6 3.5 148.1 P&L excluding non-IFRS adjustments (1) (1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals. 44.2% 4.7 129.8 10.9% 61.6 68.3 16.3 23.8% 52.0 0.11 466.3 1.8 50.2 1,192.4 651.8 526.7
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35 Adjusted Gross Profit Reconciliation (1) In Millions Q1'25 Q1'24 Gross Profit $851.1 $648.1 Depreciation and amortization on PPA fair value step up 3.6 3.7 Expenses related to certain legal proceedings (0.8) - Adjusted Gross Profit $853.9 $651.8 (1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals.
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36 Adjusted SG&A Reconciliation (1) In Millions Q1'25 Q1'24 Selling, general and administrative ($641.9) ($543.9) Depreciation and amortization on PPA fair value step up 6.9 7.0 Restructuring expenses 2.9 0.9 Expenses related to transaction activities 0.3 5.8 Expenses related to certain legal proceedings 0.0 - Share based payments 5.0 3.4 Adjusted SG&A expenses ($626.8) ($526.7) (1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals.
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37 Adjusted Net Finance Cost Reconciliation (1) In Millions Q1'25 Q1'24 Net Finance Costs ($16.6) ($93.9) Expenses related to transaction activities - 18.0 Other adjustment - - Loss on debt extinguishment - 14.3 Adjusted Net Finance Costs ($16.6) ($61.6) (1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals.
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38 Adjusted Income Tax ExpenseReconciliation (1) In Millions Q1'25 Q1'24 Income Tax Expense ($59.5) ($8.2) Depreciation and amortization on PPA fair value step up (2.6) (2.7) Restructuring expenses (0.7) (0.2) Expenses related to transaction activities (0.1) (2.9) Expenses related to certain legal proceedings 0.2 - Share based payments (1.3) (0.9) Loss on debt extinguishment - (1.4) Adjusted Income Tax Expense ($64.0) ($16.3) (1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals.
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39 Adjusted Net Income Reconciliation (1) In Millions Q1'25 Q1'24 Net income attributable to equity holders of the company $134.6 $5.1 Depreciation and amortization on PPA fair value step up 10.5 10.7 Restructuring expenses 2.9 0.9 Expenses related to transaction activities 0.3 23.9 Expenses related to certain legal proceedings (0.7) - Share-based payments 5.0 3.4 Loss on debt extinguishment - 14.3 Income tax expense on adjustments (4.5) (8.1) Adjusted net income attributable to equity holders of the company $148.1 $50.2 (1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals.
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40 Adjusted Operating Profit Reconciliation (1) In Millions Q1'25 Q1'24 Income before tax $197.6 $15.1 Depreciation and amortization on PPA fair value step up 10.5 10.7 Restructuring expenses 2.9 0.9 Expenses related to transaction activities 0.3 5.8 Expenses related to certain legal proceedings (0.7) - Share-based payments 5.0 3.4 Loss on debt extinguishment - 14.3 Interest expense 22.0 68.3 Foreign currency exchange (gains)/losses, net & other finance costs (3.9) 14.0 Interest Income (1.5) (2.7) Adjusted operating profit $232.2 $129.8 (1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals.
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Adjusted gross profit margin, adjusted SG&A expenses, adjusted net finance costs, adjusted income tax expense, adjusted operating profit margin, adjusted EBITDA, adjusted net income attributable to equity holders of the Company, and adjusted diluted income per share are financial measures that are not defined under IFRS Accounting Standards. Adjusted gross profit margin is calculated as adjusted gross profit divided by revenue. Adjusted gross profit is calculated as gross profit excluding non-recurring items such as depreciation and amortization related to purchase price allocation (PPA) fair value step up resulting from the acquisition and delisting of Amer Sports in 2019, restructuring expenses, and expenses related to certain legal proceedings. Adjusted SG&A excludes non-recurring items such as depreciation and amortization on PPA fair value step up, restructuring expenses, expenses related to transaction activities, expenses related to certain legal proceedings, and certain share-based payments. Adjusted net finance costs is calculated as net finance costs excluding non-recurring items such as expenses related to transaction activities and loss on debt extinguishment. Adjusted income tax expense is calculated as income tax expense excluding the income tax expense resulting from each adjustment excluded from Adjusted net income. Adjusted operating profit margin is calculated as adjusted operating profit divided by revenue. Adjusted operating profit is calculated as income before tax with adjustments to exclude non-recurring items such as depreciation and amortization on PPA fair value step up, restructuring expenses, impairment losses on goodwill and intangible assets, expenses related to transaction activities, expenses related to certain legal proceedings, expenses related to certain share-based payments, interest expense, foreign currency exchange gains/(losses), net & other finance costs, loss on debt extinguishment, and interest income. EBITDA is calculated as net income attributable to equity holders of the Company, plus net income attributable to non-controlling interests, income tax expense, foreign currency exchange gains/(losses), net & other finance costs, interest expense, loss on debt extinguishment, and depreciation and amortization, less interest income. Adjusted EBITDA is calculated as EBITDA with adjustments to exclude non-recurring items such as restructuring expenses, impairment losses on goodwill and intangible assets, expenses related to transaction activities, expenses related to certain legal proceedings and certain share-based payments. Adjusted net income attributable to equity holders of the Company is calculated as net income attributable to equity holders of the Company with adjustments to exclude non-recurring items such as depreciation and amortization on PPA fair value step up, restructuring expenses, impairment losses on goodwill and intangible assets, expenses related to transaction activities, expenses related to certain legal proceedings, certain share-based payments, loss on debt extinguishment, other adjustments, and related income tax expense. “Omni-comp” reflects revenue growth on a constant currency basis from retail stores that have been open for at least 13 full fiscal months and from owned e-commerce websites. Remodeled stores are excluded from the comparable sales growth calculation for 13 months if a store: (i) changes its square footage by more than 20% or (ii) is closed for more than 60 days for the refit. Stores closed 60 days or less are excluded from the comparable sales growth calculation only for the months they are closed. The Company believes that these non IFRS measures, when taken together with its financial results presented in accordance with IFRS Accounting Standards, provide meaningful supplemental information regarding its operating performance and facilitate internal comparisons of its historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, adjusted EBITDA and adjusted net income are helpful to investors as they are measures used by management in assessing the health of the business and evaluating operating performance, as well as for internal planning and forecasting purposes. Non-IFRS financial measures however are subject to inherent limitations, may not be comparable to similarly titled measures used by other companies and should not be considered in isolation or as an alternative to IFRS measures. The supplemental tables below provide reconciliations of each non-IFRS financial measure presented to its most directly comparable IFRS Accounting Standards financial measure. The Company updated its definition of Adjusted Net Income in the period ended December 31, 2024, to include other adjustments related to non-cash foreign exchange losses on intercompany transactions and non-operational losses related to hedging arrangements, which are non-recurring and are not indicative of our ongoing performance. Prior period amounts have been recast to conform with current period presentation. NON-IFRS DISCLAIMER