The following discussion and analysis of our financial condition and results of operations should be read in conjunction with "Special Note Regarding Forward-Looking Statements", Part I, Item 1 and Part II, Item 1A of this Quarterly Report on Form 10-Q. OVERVIEW As a global leader in designing, developing, marketing, and distributing outdoor, active and lifestyle products, our mission is to connect active people with their passions. We provide our products through our four brands: Columbia, SOREL, Mountain Hardwear, and prAna; and two major product categories consisting of apparel, accessories and equipment products, and footwear products. Apparel, accessories and equipment products are provided by our Columbia, Mountain Hardwear and prAna brands. Footwear products are provided by our Columbia and SOREL brands. We sell our products in 122 countries and operate in four geographic segments: U.S., LAAP, EMEA, and Canada. Our business is affected by the general seasonal trends common to the industry, including seasonal weather and discretionary consumer shopping and spending patterns. Our products are marketed on a seasonal basis, and our sales are weighted substantially toward the third and fourth quarters, while our operating costs are more equally distributed throughout the year. Company Wide Strategic Priorities We are committed to investing in our company wide strategic priorities to: •accelerate profitable growth; •create iconic products that are differentiated, functional and innovative; •drive brand engagement through increased, focused demand creation investments; •enhance consumer experiences by investing in capabilities to delight and retain consumers; •amplify marketplace excellence, with digitally-led, omni-channel, global distribution; and •empower talent that is driven by our core values. Ultimately, we expect our investments to enable market share capture across our brand portfolio, expand gross margin, improve selling, general and administrative expense efficiency, and drive improved operating margin over the long-term. ACCELERATE Growth Strategy ACCELERATE is a growth strategy intended to elevate the Columbia brand (the "Brand") by targeting a younger and more active consumer while maintaining those consumers that have known and trusted Columbia to offer high quality products at an exceptional value. It is a multi-year effort centered around several consumer-centric shifts to the Brand, product and marketplace strategies, as well as enhanced ways of working. To further the ACCELERATE Growth Strategy, the Columbia brand is sharpening its focus on areas that leverage our authenticity and heritage in outdoor performance and lifestyle. We believe successful operationalization of the ACCELERATE Growth Strategy can elevate the Brand and drive profitable growth. Through the ACCELERATE Growth Strategy, we are focused on achieving the following objectives: •steward existing consumer segments while focusing on bringing new younger and active consumers into the Brand; •elevate consumers' perception of the Brand; •create product based on a consumer-centric product construct; •enhance the positioning of the Brand globally, particularly in the U.S. marketplace; and •deliver integrated full-funnel marketing. COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 23 Table of Contents Business Environment and Trends The Columbia brand in the U.S. | The Columbia brand in the U.S. has been under pressure due to numerous factors, including brand perception, changes in consumer trends, and an increasingly competitive environment. While product functionality, quality and value remain important elements for consideration for some consumers, other consumers have increasingly shifted their preferences to also incorporate versatility and style for everyday wear. Athletic, athleisure, emerging outdoor, and other brands have capitalized on this casualization and style trend in the historical outdoor space. The Columbia brand's ACCELERATE Growth Strategy is intended to overcome certain of these headwinds and elevate the consumers' perception of the Brand to bring younger and more active consumers into the Brand, all while continuing to serve historical value-oriented consumers and to fuel sustainable long-term growth. To elevate consumers’ perception of the Columbia brand, in 2025, the Brand launched a new Brand marketing campaign, Engineered for Whatever, coupled with increased investment in demand creation, which we expect to maintain in seasons to come. Additionally, the Brand released new products designed with a younger, more active consumer in mind, and re-launched the U.S. Columbia.com website. These improvements, among others, are expected to elevate consumers' perception of the Columbia brand over time with the focus on younger and more active consumers becoming more pervasive and sustained within the Brand. The foundational shifts of the ACCELERATE Growth Strategy are starting to show tangible signs of traction with our target consumers. That said, we know it will take more time and work to bring the newness, innovation and elevated style to our product portfolio, marketing and distribution at the level we need in order to continue shifting consumers' perception of the Columbia brand in the U.S. U.S. Tariffs | On March 4, 2026, the CIT issued a ruling that importers that paid tariffs under IEEPA are due refunds and directed the CBP to begin the refund process for all importers who were subject to IEEPA duties. During the second quarter of 2026, we began receiving refunds of IEEPA tariffs, with the majority of cash owed received in June 2026. As of June 30, 2026, we received refunds of approximately $78 million for IEEPA tariffs previously paid, including interest. Of this amount, $62 million was recognized in earnings, including a benefit of $60 million recognized in cost of sales and $2 million recognized as interest income, and $15 million was recognized as a reduction to inventory. The future period benefit to gross margin of the $15 million is expected to be largely offset by anticipated accommodations to certain third-party factory partners. We absorbed much of the impact of IEEPA tariff costs related to Fall 2025 as the costs were realized. We continue to closely monitor and evaluate the changing tariff rates and trade restrictions and the potential impacts of these decisions on our business plans for 2026 and 2027 and any potential impacts on consumer demand. Geopolitical Uncertainty | We sell our products in 122 countries, and our ability to sell, import into and produce in certain markets is impacted by ongoing geopolitical tensions. The current domestic and international political environment, including volatile trade relations and heightened military action and diplomacy in the Middle East, have contributed to uncertainty surrounding the future state of the global economy. Macroeconomic Headwinds and Supply Chain Disruptions | The current global macroeconomic and geopolitical environment is creating a complex and challenging retail environment, which has, and may continue to have a negative impact on consumer and customer behavior and demand for our products. The conflict in the Middle East, which broke out in late February 2026, has contributed to macroeconomic headwinds, including volatility in energy and transportation costs, and heightened risk across international supply chains. These conditions have, and may continue to, put pressure on discretionary spending and consumer sentiment, which could impact consumer demand in the second half of 2026, as well as contribute to declines of consumer traffic at retail, including our direct-to-consumer ("DTC") brick-and-mortar ("B&M") business. The ongoing conflict in the Middle East has also led to order cancellations and reductions of forecasted orders for our Middle East distributor markets. Supply chain disruptions are expected to result in later receipt of Fall 2026 inventory and potentially limit our ability to fulfill wholesale orders and DTC demand. Additionally, a node within our supply chain has experienced congestion related to these events, which is contributing to our expectation of later Fall 2026 inventory receipts. RESULTS OF OPERATIONS The following discussion of our results of operations and liquidity and capital resources should be read in conjunction with Part I, Item 1 of this Quarterly Report on Form 10-Q. COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 24 Table of Contents Non-GAAP Financial Measure To supplement financial information reported in accordance with U.S. GAAP, we disclose constant-currency net sales information, which is a non-GAAP financial measure, to provide a framework to assess how the business performed excluding the effects of changes in foreign currency exchange rates against the U.S. dollar between comparable reporting periods. We calculate constant-currency net sales by translating net sales in foreign currencies for the current period into U.S. dollars at the exchange rates that were in effect during the comparable period of the prior year. Management believes that this non-GAAP financial measure reflects an additional and useful way of viewing an aspect of our operations that, when viewed in conjunction with our GAAP results, provides a more comprehensive understanding of our business and operations. In particular, investors may find the non-GAAP measure useful by reviewing our net sales results without the volatility of foreign currency exchange rates. This non-GAAP financial measure also facilitates management's internal comparisons to our historical net sales results and comparisons to competitors' net sales results. Constant-currency financial measures should be viewed in addition to, and not in lieu of or superior to, our financial measures calculated in accordance with GAAP. The following discussion includes references to constant-currency net sales, and we provide a reconciliation of this non-GAAP measure to the most directly comparable financial measure calculated in accordance with GAAP below. Results of Operations — Consolidated The following table presents the items in our unaudited Condensed Consolidated Statements of Operations, both in dollars and as a percentage of net sales: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except for percentage of net sales and per share amounts) 2026 2025 2026 2025 Net sales $ 614,362 100.0 % $ 605,246 100.0 % $ 1,393,375 100.0 % $ 1,383,698 100.0 % Cost of sales 255,930 41.7 % 308,138 50.9 % 639,981 45.9 % 690,533 49.9 % Gross profit 358,432 58.3 % 297,108 49.1 % 753,394 54.1 % 693,165 50.1 % Selling, general and administrative expenses 332,191 54.1 % 325,628 53.8 % 689,328 49.5 % 680,099 49.2 % Net licensing income 4,643 0.8 % 4,929 0.8 % 8,811 0.6 % 9,851 0.7 % Operating income (loss) 30,884 5.0 % (23,591) (3.9) % 72,877 5.2 % 22,917 1.7 % Interest income, net 6,216 1.0 % 4,838 0.8 % 11,099 0.8 % 11,655 0.8 % Other non-operating income (expense), net (815) (0.1) % 2,164 0.4 % (418) — % 3,715 0.3 % Income (loss) before income tax 36,285 5.9 % (16,589) (2.7) % 83,558 6.0 % 38,287 2.8 % Income tax expense (benefit) 9,732 1.6 % (6,393) (1.1) % 22,697 1.6 % 6,235 0.5 % Net income (loss) $ 26,553 4.3 % $ (10,196) (1.7) % $ 60,861 4.4 % $ 32,052 2.3 % Diluted earnings (loss) per share $ 0.52 $ (0.19) $ 1.17 $ 0.58 COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 25 Table of Contents Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Net Sales. Net sales by brand, product category and channel are summarized in the following table: Three Months Ended June 30, (in thousands, except for percentages) Reported Net Sales 2026 Adjust for Foreign Currency Translation Constant-currency Net Sales 2026 (1) Reported Net Sales 2025 Reported Net Sales % Change Constant-currencyNet Sales% Change (1) Brand net sales: Columbia $ 556,226 $ (921) $ 555,305 $ 548,345 1% 1% SOREL 16,282 (38) 16,244 18,826 (14)% (14)% prAna 23,325 (2) 23,323 20,537 14% 14% Mountain Hardwear 18,529 94 18,623 17,538 6% 6% Total $ 614,362 $ (867) $ 613,495 $ 605,246 2% 1% Product category net sales: Apparel, accessories and equipment $ 497,368 $ (370) $ 496,998 $ 494,302 1% 1% Footwear 116,994 (497) 116,497 110,944 5% 5% Total $ 614,362 $ (867) $ 613,495 $ 605,246 2% 1% Channel net sales: Wholesale $ 318,353 $ (798) $ 317,555 $ 317,218 —% —% Direct-to-consumer 296,009 (69) 295,940 288,028 3% 3% Total $ 614,362 $ (867) $ 613,495 $ 605,246 2% 1% (1) Constant-currency net sales is a non-GAAP financial measure. See "Non-GAAP Financial Measure" above for further information. Our global net sales increased, reflecting growth of the Columbia brand across most of our international markets, led by our international distributor and DTC e-commerce businesses, partially offset by continued softness in the U.S., primarily in the Columbia and SOREL brands across channels within those brands. Our global footwear net sales increased, reflecting growth of the Columbia brand across most regions, led by the U.S., partially offset by declines in the SOREL brand. Gross Profit. Gross profit is summarized in the following table: Three Months Ended June 30, (in thousands, except for percentages and basis points) 2026 2025 Change Gross profit $ 358,432 $ 297,108 $ 61,324 21 % Gross margin 58.3 % 49.1 % 920 bps Gross margin expanded primarily due to an approximate 980 bps benefit from the recovery of IEEPA tariffs previously paid, partially offset by an unfavorable decrease in channel profitability resulting from increased promotional activity within DTC B&M. COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 26 Table of Contents Selling, General and Administrative Expenses. SG&A expenses are summarized in the following table: Three Months Ended June 30, (in thousands, except for percentages and basis points) 2026 2025 Change Selling, general and administrative expenses $ 332,191 $ 325,628 $ 6,563 2 % Selling, general and administrative expenses as percent of net sales 54.1 % 53.8 % 30 bps SG&A expenses increased primarily due to the following factors: •higher omni-channel expenses of $11.5 million, reflecting higher DTC B&M expenses, including impairment charges related to underperforming retail stores, as well as the impact of new stores globally; partially offset by •lower expenses in targeted areas of the business resulting from our Profit Improvement Program actions taken last year. Interest Income, Net. Interest income, net is summarized in the following table: Three Months Ended June 30, (in thousands, except for percentages) 2026 2025 Change Interest income, net $ 6,216 $ 4,838 $ 1,378 28 % Interest income, net as a percent of net sales 1.0 % 0.8 % Interest income, net, increased, primarily reflecting interest received from the recovery of IEEPA tariffs previously paid. Income Tax Expense (Benefit). Income tax expense (benefit) and the related effective income tax rate are summarized in the following table: Three Months Ended June 30, (in thousands, except for percentages) 2026 2025 Change Income tax expense (benefit) $ 9,732 $ (6,393) $ 16,125 (252) % Effective income tax rate 26.8 % 38.5 % Our effective income tax rate decreased primarily due to a change in the geographic mix of earnings in the three months ended June 30, 2026, and our effective tax rate in the three months ended June 30, 2025 was favorably impacted by a tax benefit related to foreign currency losses. Diluted Earnings (Loss) Per Share. Diluted earnings (loss) per share is summarized in the following table: Three Months Ended June 30, 2026 2025 Change Diluted earnings (loss) per share $ 0.52 $ (0.19) $ 0.71 (374) % Diluted earnings per share increased, primarily reflecting an approximate $0.93 benefit from the recovery of IEEPA tariffs previously paid. COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 27 Table of Contents Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Net Sales. Net sales by brand, product category and channel are summarized in the following table: Six Months Ended June 30, (in thousands, except for percentages) Reported Net Sales 2026 Adjust for Foreign Currency Translation Constant-currency Net Sales 2026 (1) Reported Net Sales 2025 Reported Net Sales % Change Constant-currencyNet Sales% Change (1) Brand net sales: Columbia $ 1,246,375 $ (21,703) $ 1,224,672 $ 1,231,466 1% (1)% SOREL 53,445 (855) 52,590 61,031 (12)% (14)% prAna 49,986 (8) 49,978 48,651 3% 3% Mountain Hardwear 43,569 (31) 43,538 42,550 2% 2% Total $ 1,393,375 $ (22,597) $ 1,370,778 $ 1,383,698 1% (1)% Product category net sales: Apparel, accessories and equipment $ 1,120,461 $ (16,202) $ 1,104,259 $ 1,123,122 —% (2)% Footwear 272,914 (6,395) 266,519 260,576 5% 2% Total $ 1,393,375 $ (22,597) $ 1,370,778 $ 1,383,698 1% (1)% Channel net sales: Wholesale $ 719,425 $ (14,253) $ 705,172 $ 716,987 —% (2)% Direct-to-consumer 673,950 (8,344) 665,606 666,711 1% —% Total $ 1,393,375 $ (22,597) $ 1,370,778 $ 1,383,698 1% (1)% (1) Constant-currency net sales is a non-GAAP financial measure. See "Non-GAAP Financial Measure" above for further information. Our global net sales increased, reflecting growth of the Columbia brand across most of our international markets, led by our international distributor and Europe-direct businesses, partially offset by continued softness in the U.S., primarily in the Columbia and SOREL brands across channels within those brands. Net sales included a favorable 160 basis point impact from foreign currency translation. Our global footwear net sales increased, reflecting growth of the Columbia brand across most regions, including the U.S., partially offset by declines in the SOREL brand. Gross Profit. Gross profit is summarized in the following table: Six Months Ended June 30, (in thousands, except for percentages and basis points) 2026 2025 Change Gross profit $ 753,394 $ 693,165 $ 60,229 9 % Gross margin 54.1 % 50.1 % 400 bps Gross margin expanded primarily due to an approximate 430 bps benefit from the recovery of IEEPA tariffs previously paid, partially offset by an unfavorable decrease in channel profitability resulting from increased promotional activity within DTC B&M. COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 28 Table of Contents Selling, General and Administrative Expenses. SG&A expenses are summarized in the following table: Six Months Ended June 30, (in thousands, except for percentages and basis points) 2026 2025 Change Selling, general and administrative expenses $ 689,328 $ 680,099 $ 9,229 1 % Selling, general and administrative expenses as percent of net sales 49.5 % 49.2 % 30 bps SG&A expenses increased primarily due to the following factors: •higher omni-channel expenses of $18.6 million, reflecting higher DTC B&M expenses associated with new stores globally, the impact of variable expenses, and impairment charges related to underperforming retail stores; partially offset by •lower expenses in targeted areas of the business resulting from our Profit Improvement Program actions taken last year. Interest Income, Net. Interest income, net is summarized in the following table: Six Months Ended June 30, (in thousands, except for percentages) 2026 2025 Change Interest income, net $ 11,099 $ 11,655 $ (556) (5) % Interest income, net as a percent of net sales 0.8 % 0.8 % Interest income, net, decreased, primarily reflecting lower yields on decreased levels of cash, cash equivalents and short-term investments in the U.S., partially offset by interest received from the recovery of IEEPA tariffs previously paid. Income Tax Expense. Income tax expense and the related effective income tax rate are summarized in the following table: Six Months Ended June 30, (in thousands, except for percentages) 2026 2025 Change Income tax expense $ 22,697 $ 6,235 $ 16,462 264 % Effective income tax rate 27.2 % 16.3 % Our effective income tax rate increased primarily due to a change in the geographic mix of earnings in the six months ended June 30, 2026, and our effective tax rate in the six months ended June 30, 2025 was favorably impacted by a tax benefit related to foreign currency losses. Diluted Earnings Per Share. Diluted earnings per share is summarized in the following table: Six Months Ended June 30, (in thousands, except for percentages) 2026 2025 Change Diluted earnings per share $ 1.17 $ 0.58 $ 0.59 102 % Diluted earnings per share increased, primarily reflecting a $0.92 benefit from the recovery of IEEPA tariffs previously paid. Results of Operations — Segment Segment operating income includes net sales, cost of sales, segment SG&A expenses, and other segment items for each of our four reportable segments. For each reportable segment, other segment items include certain corporate expenses and net licensing income allocated to each of the reportable segments, as well as net licensing income directly attributable to each of the reportable segments. Refer to Note 3 in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information. COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 29 Table of Contents Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Net sales by geographic segment are summarized in the following table: Three Months Ended June 30, (in thousands, except for percentage changes) Reported Net Sales 2026 Adjust for Foreign Currency Translation Constant-currency Net Sales 2026 (1) Reported Net Sales 2025 Reported Net Sales % Change Constant-currencyNet Sales% Change (1) U.S. $ 320,086 $ — $ 320,086 $ 335,117 (4)% (4)% LAAP 125,933 1,529 127,462 112,333 12% 13% EMEA 143,115 (2,077) 141,038 130,562 10% 8% Canada 25,228 (319) 24,909 27,234 (7)% (9)% $ 614,362 $ (867) $ 613,495 $ 605,246 2% 1% (1) Constant-currency net sales is a non-GAAP financial measure. See "Non-GAAP Financial Measure" above for further information. Segment operating income (loss) for each reportable segment and unallocated corporate expenses are summarized in the following table: Three Months Ended June 30, (in thousands) 2026 2025 Change U.S. $ 68,023 $ 17,338 $ 50,685 LAAP 13,336 7,022 6,314 EMEA 20,407 21,630 (1,223) Canada (3,028) (1,954) (1,074) Total segment operating income 98,738 44,036 54,702 Unallocated corporate expenses 67,854 67,627 227 Operating income (loss) $ 30,884 $ (23,591) $ 54,475 U.S. U.S. segment operating income increased $50.7 million to $68.0 million, or 21.3% of net sales, for the second quarter of 2026 from $17.3 million, or 5.2% of net sales, for the comparable period in 2025. The increase in U.S. segment operating income was driven primarily by the recovery of IEEPA tariffs previously paid, partially offset by decreased net sales. U.S. net sales decreased $15.0 million, or 4%, for the second quarter of 2026, compared to the same period in 2025, driven primarily by declines in our U.S. wholesale and DTC B&M businesses, partially offset by slight growth in our U.S. DTC e-commerce business. We attribute the decline in our U.S. business to a combination of ongoing challenges as we seek to elevate the Columbia brand in the U.S. marketplace, as well as external factors, including geopolitical uncertainty and a difficult macroeconomic environment weighing on consumer sentiment. Decreased U.S. wholesale net sales primarily reflected lower Spring 2026 wholesale orders in response to weak sell-through performance during the Spring 2025 season. The decline in our U.S. DTC B&M business was impacted by store closures and decreased productivity from existing stores, including the impact of decreased traffic. As of June 30, 2026, our U.S. business operated 169 retail stores, compared to 171 retail stores for the comparable period in 2025. The underlying business trends within our U.S. business remain under pressure. U.S. segment gross margin expanded to 68.0% for the second quarter of 2026 from 50.5% for the comparable period in 2025, driven primarily by an approximate 1,875 bps benefit from the recovery of IEEPA tariffs previously paid, partially offset by an unfavorable decrease in channel profitability resulting from increased promotional activity. U.S. segment SG&A expenses increased as a percentage of net sales to 41.8% for the second quarter of 2026, compared to 40.1% for the same period in 2025, driven primarily by fixed SG&A expense deleverage on decreased net sales. In total, U.S. segment SG&A expenses were relatively flat as compared to the same period in 2025, driven primarily by higher DTC expenses, including impairment charges related to underperforming retail stores, offset by lower other expenses. LAAP COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 30 Table of Contents LAAP segment operating income increased $6.3 million to $13.3 million, or 10.6% of net sales, for the second quarter of 2026 from $7.0 million, or 6.3% of net sales, for the comparable period in 2025. The increase in LAAP segment operating income was primarily driven by increased net sales and gross profit. LAAP net sales increased $13.6 million, or 12% (13% constant-currency), for the second quarter of 2026, compared to the same period in 2025, with growth across all LAAP markets, led by our LAAP distributor and China businesses. The growth in LAAP distributor net sales was driven by healthy growth of Fall 2026 distributor orders, as well as a shift of Fall 2026 shipments into the second quarter of 2026, as compared to the same period in the prior year. The growth in China net sales was driven by solid DTC e-commerce demand, which we believe was attributable to the execution of our marketplace strategies, and favorable effects from foreign currency fluctuations, which more than offset constant-currency softness in our DTC B&M business amid a weakening macroeconomic environment and increased marketplace competition. LAAP segment gross margin expanded to 52.7% for the second quarter of 2026 from 52.0% for the comparable period in 2025, driven primarily by a decrease in inventory reserve provisions, partially offset by unfavorable region and channel mix. LAAP segment SG&A expenses decreased as a percentage of net sales to 36.7% for the second quarter of 2026, compared to 39.8% for the same period in 2025, driven primarily by fixed SG&A leverage on increased net sales. In total, LAAP segment SG&A expenses increased 3% for the second quarter of 2026, as compared to the same period in 2025. EMEA EMEA segment operating income decreased $1.2 million to $20.4 million, or 14.3% of net sales, for the second quarter of 2026 from $21.6 million, or 16.6% of net sales, for the comparable period in 2025. EMEA net sales increased $12.6 million, or 10% (8% constant-currency), for the second quarter of 2026, compared to the same period in 2025, with growth across our Europe-direct and EMEA distributor businesses. The growth in Europe-direct net sales was fueled by strong wholesale and DTC B&M performance which we believe was attributable to the execution of our marketplace strategies. The growth in Europe-direct's DTC B&M business was driven by contributions from new stores, as well as increased productivity from existing stores, aided by strategic promotional activity amid traffic headwinds, as compared to the same period in 2025. The growth in EMEA distributor net sales was driven by healthy growth of Fall 2026 distributor orders, which more than offset a shift in timing of shipments out of the second quarter of 2026, as compared to the same period in 2025. EMEA segment gross margin was flat at 43.1% for the second quarter of 2026, as compared to the same period in 2025. EMEA segment SG&A expenses increased as a percentage of net sales to 25.3% for the second quarter of 2026, compared to 22.9% in 2025, driven primarily by higher DTC expenses associated with new stores. In total, EMEA segment SG&A expenses increased 21% for the second quarter of 2026, as compared to the same period in 2025. Canada Canada segment operating loss increased $1.1 million to $3.0 million, or 12.0% of net sales, for the second quarter of 2026 from $2.0 million, or 7.2% of net sales, for the comparable period in 2025. Canada net sales decreased $2.0 million, or 7% (9% constant-currency), for the second quarter of 2026, compared to the same period in 2025, driven primarily by our Canada wholesale business, which reflected unfavorable shifts in timing of shipments and, to a lesser extent, lower Spring 2026 wholesale orders, partially offset by growth in our Canada DTC business, led by growth in DTC e-commerce. Canada segment gross margin expanded to 49.8% for the second quarter of 2026 from 48.1% for the comparable period in 2025, driven primarily by favorable channel mix with a higher portion of DTC net sales, which generally carry higher gross margins than wholesale net sales, as well as favorable other costs, including lower inbound freight costs, partially offset by unfavorable foreign exchange hedge rates. Canada segment SG&A expenses increased as a percentage of net sales to 48.3% for the second quarter of 2026, compared to 41.0% for the same period in 2025, driven primarily by fixed SG&A deleverage on decreased net sales. In total, Canada segment SG&A expenses increased 9% for the second quarter of 2026, as compared to the same period in 2025, driven primarily by higher DTC expenses, including impairment charges related to underperforming retail stores. Unallocated corporate expenses COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 31 Table of Contents Unallocated corporate expenses increased by $0.2 million to $67.9 million in the second quarter of 2026, from $67.6 million for the comparable period in 2025. Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Net sales by reportable segment are summarized in the following table: Six Months Ended June 30, (in thousands, except for percentage changes) Reported Net Sales 2026 Adjust for Foreign Currency Translation Constant-currency Net Sales 2026 (1) Reported Net Sales 2025 Reported Net Sales % Change Constant-currencyNet Sales% Change (1) U.S. $ 742,540 $ — $ 742,540 $ 806,298 (8)% (8)% LAAP 286,176 (1,719) 284,457 $ 264,543 8% 8% EMEA 288,464 (17,786) 270,678 $ 238,042 21% 14% Canada 76,195 (3,092) 73,103 $ 74,815 2% (2)% $ 1,393,375 $ (22,597) $ 1,370,778 $ 1,383,698 1% (1)% (1) Constant-currency net sales is a non-GAAP financial measure. See "Non-GAAP Financial Measure" above for further information. Segment operating income for each reportable segment and unallocated corporate expenses are summarized in the following table: Six Months Ended June 30, (in thousands) 2026 2025 Change U.S. $ 117,035 $ 83,292 $ 33,743 LAAP 40,231 33,352 6,879 EMEA 48,558 40,608 7,950 Canada 5,192 7,009 (1,817) Total segment operating income 211,016 164,261 46,755 Unallocated corporate expenses 138,139 141,344 (3,205) Operating income $ 72,877 $ 22,917 $ 49,960 U.S. U.S. segment operating income increased $33.7 million to $117.0 million, or 15.8% of net sales, for the six months ended June 30, 2026 from $83.3 million, or 10.3% of net sales, for the comparable period in 2025. The increase in U.S. segment operating income was driven primarily by the recovery of IEEPA tariffs previously paid, partially offset by decreased net sales. U.S. net sales decreased $63.8 million, or 8%, for the six months ended June 30, 2026, compared to the same period in 2025, driven by declines in our U.S. wholesale and DTC businesses. We attribute the decline in our U.S. business to a combination of ongoing challenges as we seek to elevate the Columbia brand in the U.S. marketplace and external factors, including geopolitical uncertainty and a difficult macroeconomic environment weighing on consumer sentiment. In addition, results were impacted by inventory supply constraints during the first quarter 2026 resulting from our decision to curtail Fall 2025 inventory purchases as a precautionary measure following prior-year U.S. tariff announcements. Decreased U.S. wholesale net sales primarily reflected lower Spring 2026 wholesale orders in response to weak sell-through performance during the Spring 2025 season. The decline in our U.S. DTC business included decreases within our U.S. DTC e-commerce and brick-and-mortar businesses. The decline in our U.S. DTC brick-and-mortar business was impacted by store closures and decreased productivity from existing stores, including the impact of decreased traffic. As of June 30, 2026, our U.S. business operated 169 retail stores, compared to 171 retail stores for the comparable period in 2025. The underlying business trends within our U.S. business remain under pressure. U.S. segment gross margin expanded to 56.9% for the six months ended June 30, 2026 from 49.7% for the comparable period in 2025, driven primarily by an approximate 800 bps benefit from the recovery of IEEPA tariffs previously paid, partially offset by the impact of incremental U.S. tariffs. U.S. segment SG&A expenses increased as a percentage of net sales to 36.5% for the six months ended June 30, COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 32 Table of Contents 2026, compared to 34.8% for the same period in 2025, driven primarily by fixed SG&A deleverage on decreased net sales. In total, U.S. segment SG&A expenses decreased 3% for the six months ended June 30, 2026, as compared to the same period in 2025. LAAP LAAP segment operating income increased $6.9 million to $40.2 million, or 14.1% of net sales, for the six months ended June 30, 2026 from $33.4 million, or 12.6% of net sales, for the comparable period in 2025. LAAP net sales increased $21.6 million, or 8% (8% constant-currency), for the six months ended June 30, 2026, compared to the same period in 2025, driven primarily by growth in our China, LAAP distributor and Korea businesses, partially offset by a decline in our Japan business. The growth in China net sales was driven by our China wholesale and DTC e-commerce businesses, as well as favorable effects from foreign currency fluctuations, which more than offset constant-currency softness in our DTC B&M business amid a weakening macroeconomic environment and increased marketplace competition. We believe the growth in our China wholesale and DTC e-commerce businesses was aided by the execution of our marketplace strategies. The growth in LAAP distributor net sales was driven by strong growth of Spring and Fall 2026 distributor orders and, to a lesser extent, a shift in timing of shipments into the first six months of 2026, as compared to the same period in 2025. The growth in Korea was led by the wholesale business, which we believe was attributable to the execution of our marketplace strategies and resilient outdoor category trends, despite a weakening macroeconomic environment, as compared to the same period in 2025. The decline in Japan net sales reflected unfavorable effects from foreign currency fluctuations, which more than offset constant-currency net sales growth within our wholesale and DTC e-commerce businesses, partially offset by declines in our DTC B&M business, compared to the same period in 2025. LAAP segment gross margin expanded to 55.1% for the six months ended June 30, 2026 from 54.5% for the comparable period in 2025, driven primarily by a decrease in inventory reserve provisions, partially offset by unfavorable region and channel mix. LAAP segment SG&A expenses decreased as a percentage of net sales to 36.0% for the six months ended June 30, 2026, compared to 37.0% for the same period in 2025, primarily driven by fixed SG&A leverage on increased net sales. In total, LAAP segment SG&A expenses increased 5% for the six months ended June 30, 2026, as compared to the same period in 2025. EMEA EMEA segment operating income increased $8.0 million to $48.6 million, or 16.8% of net sales, for the six months ended June 30, 2026 from $40.6 million, or 17.1% of net sales, for the comparable period in 2025. EMEA net sales increased $50.4 million, or 21% (14% constant-currency), for the six months ended June 30, 2026, compared to the same period in 2025, with growth across our Europe-direct and EMEA distributor businesses. The growth in Europe-direct net sales was fueled by strong wholesale and DTC B&M performance, which we believe was attributable to the execution of our marketplace strategies. The growth in Europe-direct's DTC B&M business was driven by increased productivity from existing stores, partially reflecting strategic promotional activity amid second quarter traffic headwinds, as well as contributions from new stores, as compared to the same period in 2025. The growth in EMEA distributor net sales was driven by healthy growth of Spring and Fall 2026 distributor orders, which more than offset a shift in timing of shipments out of the second quarter of 2026, as compared to the same period in 2025. EMEA segment gross margin expanded to 47.3% for the six months ended June 30, 2026 from 46.6% for the comparable period in 2025, driven primarily by favorable channel and region mix. EMEA segment SG&A expenses increased as a percentage of net sales to 27.1% for the six months ended June 30, 2026, compared to 26.0% for the same period in 2025, primarily driven by higher DTC B&M expenses, including personnel and rent expenses, as well as variable expenses from higher DTC sales. In total, EMEA segment SG&A expenses increased 26% for the six months ended June 30, 2026, as compared to the same period in 2025. Canada Canada segment operating income decreased $1.8 million to $5.2 million, or 6.8% of net sales, for the six months ended June 30, 2026 from $7.0 million, or 9.4% of net sales, for the comparable period in 2025. Canada net sales increased $1.4 million, or 2% (decrease of 2% constant-currency), for the six months ended June 30, 2026, compared to the same period in 2025. The increase in Canada net sales reflected growth in our DTC business and favorable effects from foreign currency fluctuations, partially offset by a decline in our wholesale business, compared to the same period in 2025. Canada segment gross margin contracted to 48.7% for the six months ended June 30, 2026 from 49.9% for the comparable period in 2025, driven primarily by an unfavorable decrease in channel profitability resulting from increased promotional activity. Canada segment SG&A COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 33 Table of Contents expenses increased as a percentage of net sales to 32.3% for the six months ended June 30, 2026, compared to 30.3% for the same period in 2025. In total, Canada segment SG&A expenses increased 8% for the six months ended June 30, 2026, as compared to the same period in 2025. Unallocated corporate expenses Unallocated corporate expenses decreased by $3.2 million to $138.1 million for the six months ended June 30, 2026 from $141.3 million for the comparable period in 2025. LIQUIDITY AND CAPITAL RESOURCES Our primary sources of liquidity include cash, cash equivalents, short-term investments, and available committed credit lines. Our liquidity is affected by the general seasonal trends common to the industry. Our products are marketed on a seasonal basis and our sales are weighted substantially toward the third and fourth quarters, while our operating costs are more equally distributed throughout the year. Our cash and cash equivalents and short-term investments balances generally are at their lowest level just prior to the start of the U.S. holiday season and increase during the fourth quarter from collection of wholesale business receivables and fourth quarter DTC sales. This trough cash position is impacted by the amount of product we order from our contract manufacturers in anticipation of customer demand and is more heavily impacted in advance of periods of expected high demand. Our cash position is also impacted by our capital allocation approach. In addition, our cash position is impacted by incremental tariff costs for U.S. product, which may fluctuate based on changes in trade policies. While we currently project having adequate liquidity to meet our short-term and long-term working capital needs, we have a $500.0 million committed credit facility on which we can draw, should it be needed, until we receive cash receipts in the fourth quarter. Refer to "Sources of Liquidity" below for further information regarding our domestic credit facility. Cash Flow Activities Cash flows are summarized in the following table: Six Months Ended June 30, (in thousands) 2026 2025 Change Net cash provided by (used in): Operating activities $ 37,457 $ (62,886) $ 100,343 Investing activities 237,275 110,582 126,693 Financing activities (183,700) (165,262) (18,438) Net effect of exchange rate changes on cash (755) 13,501 (14,256) Net increase (decrease) in cash and cash equivalents $ 90,277 $ (104,065) $ 194,342 The change in cash flows provided by operating activities for the six months ended June 30, 2026 was primarily driven by the recovery of approximately $78 million of IEEPA tariffs previously paid, as compared to the same period in 2025. The change in cash flows provided by investing activities for the six months ended June 30, 2026 was primarily driven by lower purchases of short-term investments, as compared to the same period in 2025. The change in cash flows used in financing activities for the six months ended June 30, 2026 was primarily driven by higher share repurchases of common stock, as compared to the same period in 2025. Sources of Liquidity Cash and cash equivalents and short-term investments As of June 30, 2026, we had cash and cash equivalents of $532.3 million and short-term investments of $92.3 million, compared to $442.0 million and $348.8 million, respectively, as of December 31, 2025. COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 34 Table of Contents Committed credit facilities In March 2026, we terminated our prior domestic credit agreement and, simultaneously, entered into a new Domestic Credit Agreement which provides for up to $500.0 million of borrowings pursuant to an unsecured, committed revolving credit facility. As of June 30, 2026, we were in compliance with all associated covenants and there was no balance outstanding under the facility. Refer to Note 7 in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information. Further, as of June 30, 2026, our European subsidiary had available an unsecured, committed overdraft facility, which provides for borrowings up to €3.0 million (approximately US$3.4 million). There was no balance outstanding under the facility. Uncommitted credit facilities As of June 30, 2026, collectively, our international subsidiaries had unsecured, uncommitted lines of credit, credit facilities and overdraft facilities, providing for borrowings up to approximately US$78.1 million. There were no balances outstanding under these facilities. Capital Requirements Our expected short-term and long-term cash needs are primarily for working capital and capital expenditures. We expect to meet these short-term and long-term cash needs primarily with cash and cash equivalents, short-term investments, cash flows from operations and, if needed, borrowings from our existing credit facilities, lines of credit and overdraft facilities. Our working capital management goals include maintaining an optimal level of inventory necessary to deliver goods on time to our customers and to satisfy end consumer demand, alleviating manufacturing capacity constraints, and driving efficiencies to minimize the cycle time from the purchase of inventory from our suppliers to the collection of accounts receivable balances from our customers. Inventory balances may be elevated in advance of periods of expected high demand. As of June 30, 2026, our inventory balance increased to $874.8 million, compared to $689.5 million as of December 31, 2025, primarily reflecting the alignment of inventory supply with anticipated seasonal demand. Our inventory balance as of December 31, 2025 also reflected prior-year decisions to proactively mitigate the impact of incremental tariffs, including accelerating the production, receipt and shipment of Fall 2025 inventory and curtailing Fall 2025 inventory purchases. We believe older season inventories represent a manageable portion of our total inventory mix. We have planned full-year 2026 capital expenditures of approximately $65 to $75 million. This includes investments in our DTC operations, including new stores and supply chain and digital capabilities to support our strategic priorities. Our actual capital expenditures may differ from the planned amounts depending on factors such as the timing of system implementations and new store openings and related construction. Our long-term goal is to maintain a strong balance sheet and a disciplined approach to capital allocation. Dependent upon our financial position, market conditions and our strategic priorities, our capital allocation approach includes: •investing in organic growth opportunities to drive long-term profitable growth; •returning at least 40% of free cash flow to shareholders through dividends and share repurchases; and •considering opportunistic mergers and acquisitions. Free cash flow is a non-GAAP financial measure. Free cash flow is calculated by reducing net cash flow from operating activities by capital expenditures. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures since it excludes certain mandatory expenditures. Management uses free cash flow as a measure to assess both business performance and overall liquidity. Other cash commitments Our inventory purchase obligations were $534.6 million as of June 30, 2026, compared to $523.8 million as of December 31, 2025. There have been no other significant changes to our other cash commitments as described in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025. CRITICAL ACCOUNTING ESTIMATES COLUMBIA SPORTSWEAR COMPANY | Q2 2026 FORM 10-Q | 35 Table of Contents The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. There have been no significant changes in our significant accounting policies described in Note 2 in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025. RECENT ACCOUNTING PRONOUNCEMENTS Refer to Note 1 in Part I, Item 1 of this Quarterly Report on Form 10-Q.