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Amer Sports (AS +3%) is trading higher after delivering a strong Q1 report highlighted by accelerating growth across its premium outdoor portfolio and a sizable increase to FY26 guidance. While Q2 EPS guidance was only in line, investors are focusing on the company's raised full-year outlook and continued momentum at Arc'teryx and Salomon.

• Revenue surged 32.1% yr/yr to $1.95 bln, marking the company's strongest growth rate since its February 2024 IPO and reflecting broad-based demand strength across all three business segments.
• Technical Apparel, AS's largest business, climbed 33% yr/yr to $885 mln, driven by +19% omni-comp growth and especially strong DTC momentum as direct sales expanded 41%. Arc'teryx remained the key growth engine, with accelerating North America demand and strong double-digit omni-comps in the US.
• Management emphasized that Arc'teryx still has relatively low brand penetration in the US market, creating a long runway for growth. The company plans to increase investment in brand experience and community initiatives in 2026 to further boost awareness and conversion rates.
• Outdoor Performance delivered the fastest growth, with revenue jumping 42% to $714 mln, helped by strong global traction for Salomon softgoods and outdoor sneakers. Management noted that Salomon still commands only a small share of the massive global sneaker market despite rapidly improving demand trends. Ball & Racquet Sports was comparatively slower but still healthy, posting 13% revenue growth to $347 mln.
• Geographic momentum remained exceptionally strong, led by Asia-Pacific growth of 53% and Greater China growth of 45%, while EMEA accelerated to 27%. The Americas grew a solid 18%, with management particularly encouraged by improving North America trends.
• AS raised FY26 revenue growth guidance to +20-22% from +16-18%, a meaningful increase that signals management confidence in sustained demand trends despite a still uncertain global consumer backdrop.

Briefing.com Analyst Insight:

Amer Sports continues to separate itself from much of the broader athletic apparel group by delivering premium-brand growth that still appears to be in relatively early innings. The contrast with recent weakness from Nike (NKE) is especially notable, as AS is benefiting from strong full-price demand, accelerating DTC penetration, and growing brand heat in outdoor and performance categories. Arc'teryx increasingly looks like one of the strongest premium apparel brands globally, with growth and profitability metrics that compare favorably against larger peers. Meanwhile, Salomon gives AS another potentially outsized long-term growth vector in performance footwear. The key debate now shifts toward valuation and sustainability, as investors will want proof that current growth rates can persist as the business scales. Still, unlike several mature athletic brands facing slowing demand and promotional pressure, AS appears to have substantial whitespace remaining across geographies, categories, and consumer awareness.